Document:

Form of Third Amended and Restated Administrative Services Agreement

 EXHIBIT 10.2 
  
  
 THIRD AMENDED AND RESTATED 
 ADMINISTRATIVE SERVICES AGREEMENT 
  
 (formerly called, EPCO AGREEMENT) 
  
 by and among 
  
 EPCO, INC. 
 (formerly known as Enterprise Products Company) 
  
 ENTERPRISE GP HOLDINGS L.P. 
  
 EPE HOLDINGS, LLC 
  
 ENTERPRISE PRODUCTS PARTNERS L.P. 
  
 ENTERPRISE PRODUCTS OPERATING L.P. 
  
 ENTERPRISE PRODUCTS GP, LLC 
  
 ENTERPRISE PRODUCTS OLPGP, INC. 
  
 TEPPCO PARTNERS, L.P. 
  
 TEXAS EASTERN PRODUCTS PIPELINE COMPANY, LLC 
  
 TE PRODUCTS PIPELINE COMPANY, LIMITED PARTNERSHIP 
  
 TEPPCO MIDSTREAM COMPANIES, L.P. 
  
 TCTM, L.P. 
  
 and 
  
 TEPPCO GP, INC. 

 TABLE OF CONTENTS 
  
  

					
	ARTICLE 1: DEFINITIONS
	1.1	  	Definitions	  	2
	1.2	  	Construction	  	2
	
	ARTICLE 2: SERVICES
	2.1	  	EPCO Services; Term	  	2
	2.2	  	EPCO Compensation	  	3
	2.3	  	Dispute Regarding Services or Calculation of Costs.	  	3
	2.4	  	Invoices	  	4
	2.5	  	Disputes; Default	  	4
	2.6	  	Input Regarding EPCO Services	  	4
	2.7	  	Limitation Regarding EPCO Services	  	4
	2.8	  	Representations Regarding Use of Services	  	4
	2.9	  	Warranties; Limitation of Liability	  	5
	2.10	  	Force Majeure	  	5
	2.11	  	Affiliates	  	5
	
	ARTICLE 3: USE OF NAME AND MARK
	3.1	  	Grant of License	  	5
	3.2	  	Reimbursement of Costs	  	5
	
	ARTICLE 4: EPCO’S INDEMNIFICATION FOR EXCLUDED LIABILITIES
	4.1	  	Indemnification	  	5
	4.2	  	Indemnification Procedures	  	6
	
	ARTICLE 5: OTHER AGREEMENTS
	5.1	  	Insurance Matters	  	6
	5.2	  	Sublease of Equipment	  	6
	5.3	  	EPCO’s Employees	  	6
	5.4	  	Business Opportunities	  	7
	5.5	  	Adoption of Policies and Procedures	  	9
	
	ARTICLE 6: MISCELLANEOUS
	6.1	  	Choice of Law; Submission to Jurisdiction	  	9
	6.2	  	Notices	  	9
	6.3	  	Entire Agreement; Supersedure	  	10
	6.4	  	Effect of Waiver of Consent	  	10
	6.5	  	Amendment or Modification	  	10
	6.6	  	Assignment	  	10
	6.7	  	Counterparts	  	10

  

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	6.8	  	Severability	  	10
	6.9	  	Further Assurances	  	10
	6.10	  	Withholding or Granting of Consent	  	10
	6.11	  	U.S. Currency	  	11
	6.12	  	Laws and Regulations	  	11
	6.13	  	Negation of Rights of Third Parties	  	11

  
 Exhibit A Defined Terms 
 Exhibit B Conflicts Policies and Procedures 
  

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 THIRD AMENDED AND RESTATED 
 ADMINISTRATIVE SERVICES AGREEMENT 
  
 THIS THIRD AMENDED AND RESTATED ADMINISTRATIVE SERVICES AGREEMENT (this “Agreement”) is entered into this             day of August, 2005,
but effective as of February 24, 2005 (the “Effective Date”), by and among EPCO, Inc., a Texas corporation, formerly known as Enterprise Products Company, (“EPCO”), Enterprise GP Holdings L.P., a Delaware
limited partnership (“EPE”), EPE Holdings, LLC, a Delaware limited liability company (“EPE GP”), Enterprise Products Partners L.P., a Delaware limited partnership (“EPD”), Enterprise Products
Operating L.P., a Delaware limited partnership (“EPD OLP”), Enterprise Products GP, LLC, a Delaware limited liability company (“EPD GP”), Enterprise Products OLPGP, Inc., a Delaware corporation (“EPD
OLPGP”), TEPPCO Partners, L.P., a Delaware limited partnership (“TPP”), Texas Eastern Products Pipeline Company, LLC, a Delaware limited liability company (“TPP GP”), TE Products Pipeline Company, Limited
Partnership, a Delaware limited partnership (“TE LP”), TEPPCO Midstream Companies, L.P., a Delaware limited partnership (“TEPPCO Midstream”), TCTM, L.P., a Delaware limited partnership (“TCTM”), and
TEPPCO GP, Inc., a Delaware corporation (“TEPPCO Inc.”). 
  
 R E C I T A L S 
  
 The
purpose of this Agreement is to amend and restate, in its entirety, that certain Second Amended and Restated Administrative Services Agreement (the “Second Amendment”), effective as of October 1, 2004, among certain of the
Parties hereto. 
  
 The Parties hereto (other than EPE, EPE GP,
EPD OLPGP, TPP, TPP GP, TE LP, TEPPCO Midstream, TCTM and TEPPCO Inc.) originally entered into that certain EPCO Agreement, dated as of July 31, 1998, in connection with the initial public offering of EPD units, pursuant to which EPCO and its
Affiliates (other than the EPD Partnership Entities) agreed to provide certain operational and financial support to the EPD Partnership Entities. 
  
 Effective as of December 10, 2003, EPD OLPGP succeeded EPD GP as the general partner of EPD OLP. 
  
 Effective as of January 1, 2004, the Parties hereto (other than EPE, EPE
GP, TPP, TPP GP, TE LP, TEPPCO Midstream, TCTM and TEPPCO Inc.) amended and restated the EPCO Agreement pursuant to the First Amended and Restated Administrative Services Agreement (the “First Amendment”), (i) to reduce the
operational and financial support provided by the EPCO Group to the EPD Partnership Entities, (ii) to change the manner in which the EPD Partnership Entities were charged for certain administrative, management, and operating services provided
by EPCO, from a fixed fee to allocating the cost of such services to the EPD Partnership Entities on a pro rata basis, (iii) to assign certain contract rights, initially retained by EPCO, but which related to assets owned by the EPD Partnership
Entities to the EPD Partnership Entities, and (iv) to reflect certain other understandings between the EPCO Group and the EPD Partnership Entities. 
  
 Effective as of June 21, 2004, EPCO assigned the Name and the Mark to EPD GP, and effective as of October 1, 2004, Enterprise GP assigned the
Name and Mark to EPD OLP. 
  

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 Effective October 1, 2004, the Parties hereto (other than EPE, EPE GP, TPP, TPP GP, TE LP, TEPPCO
Midstream, TCTM and TEPPCO Inc.) amended and restated the First Amendment to evidence, among other matters the terms and conditions upon which (i) the EPCO Group would provide certain services to the EPD Partnership Entities, (ii) EPD OLP
would license the use of the Name and the Mark to EPCO and (iii) EPCO would provide indemnification to the EPD Partnership Entities for certain matters. 
  
 On February 24, 2005, an Affiliate of EPCO acquired TPP GP. Effective February 24, 2005, the Parties to the Second Amendment executed Amendment
No. 1 to the Second Amendment to exclude the TPP Partnership Entities from the definition of EPCO Group and exclude such entities from the business opportunity agreements set forth in the Second Amendment. 
  
 On April 26, 2005, EPE filed a registration statement on Form S-1 and is
in the process of completing the initial public offering of its units. 
  
 The Parties hereto desire, by their execution of this Agreement, to evidence the terms and conditions pursuant to which (i) the EPCO Group will provide certain services to the EPE Partnership Entities, (ii) the EPCO Group will
provide certain services to the TPP Partnership Entities and (iii) a variety of additional matters will be handled among the EPCO Group, the EPE Partnership Entities, the EPD Partnership Entities and the TPP Partnership Entities. 
  
 A G R E E M E N T S 
  
 NOW, THEREFORE, in consideration of the premises and the covenants,
conditions, and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto hereby agree as follows: 
  
 ARTICLE 1: DEFINITIONS 
  
 1.1 Definitions. The definitions listed on Exhibit A shall be for all
purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this Agreement. 
  
 1.2 Construction. Unless the context requires otherwise: (a) any pronoun used in this Agreement shall include the corresponding masculine,
feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa; (b) references to Articles and Sections refer to Articles and Sections of this Agreement; (c) the terms
“include”, “includes”, “including” or words of like import shall be deemed to be followed by the words “without limitation”; and (d) the terms “hereof”, “herein” or
“hereunder” refer to this Agreement as a whole and not to any particular provision of this Agreement. The table of contents and headings contained in this Agreement are for reference purposes only, and shall not affect in any way the
meaning or interpretation of this Agreement. 
  
 ARTICLE 2:
SERVICES 
  
 2.1 EPCO Services; Term. During the
period beginning on the Effective Date and ending on December 31, 2010, subject to the terms of this Article 2 and Exhibit B to this Agreement and in exchange for the reimbursement described in Section 2.2, EPCO hereby 
  

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agrees to provide the Partnership Entities with such selling, general and administrative services and such management and operating services as may be
necessary to manage and operate the business, properties and assets of the Partnership Entities in accordance with Prudent Industry Practices; it being understood and agreed by the Parties that in connection with the provision of such services, EPCO
shall employ or otherwise retain the services of such personnel as may be necessary to cause the business, properties and assets of the Partnership Entities to be so managed and operated (individually, an “EPCO Service” and,
collectively, the “EPCO Services”). 
  
 2.2
EPCO Compensation. As compensation for the provision by EPCO of the EPCO Services to each of the Partnership Entities, EPCO shall be entitled to receive, and each of the Partnership Entities agrees to pay to EPCO, without duplication, an amount
equal to the sum of all costs and expenses (direct or indirect) incurred by EPCO which are directly or indirectly related to the business or activities of such Partnership Entity (including, without limitation, expenses, direct or indirect,
reasonably allocated to such Partnership Entity by EPCO). In addition, each of the Partnership Entities shall pay all sales, use, excise, value added or similar taxes, if any, that may be applicable from time to time in respect of the EPCO Services
provided to such Partnership Entity by EPCO. The aggregate amount payable by the Partnership Entities to EPCO pursuant to this Section 2.2 with respect to a given period of time shall be referred to herein as such entity’s
“Administrative Services Fee”. It is the intention of the Parties that, with the exception of Article V and the Retained Leases (as hereinafter defined) in the case of the EPD Partnership Entities, the Administrative Services Fee
with respect to the Partnership Entities represents fair and reasonable compensation to EPCO for the Partnership Entities’ allocable share of all general and administrative expenses, capital expenses and other costs for Shared Services borne or
performed by EPCO, or any of the other members of the EPCO Group, for the benefit of any Partnership Entity. 
  
 2.3 Dispute Regarding Services or Calculation of Costs. Should there be a dispute over the nature or quality of the EPCO Services, or the
calculation and allocation of any Administrative Services Fee, relating to any of the EPCO Services, EPCO and the applicable Partnership Entity or Entities shall first attempt to resolve such dispute, acting diligently and in good faith, using the
past practices of such Parties and documentary evidence of costs as guidelines for such resolution. If EPCO and the applicable Partnership Entity or Entities are unable to resolve any such dispute within thirty days, or such additional time as may
be reasonable under the circumstances, the dispute shall be referred to the Audit and Conflicts Committee of EPE GP, EPD GP or TPP GP, as applicable. EPCO shall provide to each of the Partnership Entities a quarterly statement indicating the total
EPCO costs and expenses allocated to all of the Partnership Entities and a detailed statement of the EPCO costs and expenses that are allocated to the particular group of Partnership Entities and representative of such Partnership Entities’
Administrative Service Fee (including an explanation of such allocation, which shall generally be consistent from period to period); provided that one group of Partnership Entities will not receive the allocation for another group of
Partnership Entities (e.g., the EPD Partnership Entities will not receive the detailed statement of the TPP Partnership Entities’ costs and expenses, and vice-versa). The Parties agree that the applicable Audit and Conflicts Committee shall
have the authority to settle any such dispute, in its sole discretion, recognizing that it is the intent of all Parties that all shared expenses or services be allocated among the EPCO Group and the applicable Partnership Entity or Entities on a
fair and reasonable basis. 
  

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 2.4 Invoices. EPCO shall invoice the applicable Billing Agent on or before the last day of each
month for the estimated Administrative Services Fee for the next succeeding month, plus or minus any adjustment necessary to correct prior estimated billings to actual billings. All invoices shall be due and payable on the last day of the month
which the invoice covers. Upon request from the applicable Billing Agent, EPCO shall furnish in reasonable detail a description of the EPCO Services performed for the corresponding Partnership Entity or Entities during any month or other relevant
period. 
  
 2.5 Disputes; Default. Notwithstanding any
provision of this Article 2 to the contrary, should the applicable Billing Agent fail to pay EPCO, when due, any amounts owing in respect of the applicable EPCO Services, except as set forth in the third succeeding sentence, upon 30 days’
notice, EPCO may terminate this Article 2 as to those EPCO Services that relate to the unpaid portion of the invoice. Should there be a dispute as to the propriety of invoiced amounts, the applicable Billing Agent shall pay all undisputed amounts on
each invoice, but shall be entitled to withhold payment of any amount in dispute and shall promptly notify EPCO of such disputed amount. EPCO shall promptly provide the applicable Billing Agent with records relating to the disputed amount so as to
enable EPCO and the applicable Partnership Entities to resolve the dispute. So long as such parties are attempting in good faith to resolve the dispute, EPCO shall not be entitled to terminate the EPCO Services that relate to the disputed amount.

  
 2.6 Input Regarding EPCO Services. Subject to the
Conflicts Policies and Procedures attached as Exhibit B, any records, information or other input from the Partnership Entities that is necessary for EPCO to perform any EPCO Services shall be submitted, upon EPCO’s written request therefor, to
EPCO by such Partnership Entities. If the Partnership Entities fail to supply such records, information or other input to EPCO and such failure renders EPCO’s performance of any EPCO Services unreasonably difficult, in EPCO’s reasonable
judgment, EPCO, upon reasonable notice to the applicable Partnership Entity, may refuse to perform such EPCO Services until such records, information or other input is supplied. 
  
 2.7 Limitation Regarding EPCO Services. The Partnership Entities acknowledge that EPCO shall only be required to
perform and provide (i) those EPCO Services with respect to the business of such Partnership Entities as operated on the Effective Date in the case of the EPD Partnership Entities and the TPP Partnership Entities, and as of the closing date of
EPE’s initial public offering, in the case of the EPE Partnership Entities, and (ii) such additional EPCO Services as may be mutually agreed orally or in writing by EPCO and the Partnership Entities, which agreement regarding additional or
fewer EPCO Services shall reflect an appropriate adjustment to the applicable Administrative Services Fee. EPCO shall not be required to perform any EPCO Services hereunder for the benefit of any Person other than the Partnership Entities.

  
 2.8 Representations Regarding Use of Services. The
Partnership Entities represent and agree that they will use the EPCO Services only in accordance with all applicable federal, state and local laws and regulations, and in accordance with the reasonable conditions, rules, regulations, and
specifications that may be set forth in any manuals, materials, documents, or instructions furnished from time to time by EPCO to such Partnership Entities. EPCO reserves the right to take all actions, including, without limitation, termination of
any portion of the EPCO 
  

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Services for any Partnership Entity that it reasonably believes is required to be terminated in order to assure compliance with applicable laws and
regulations. 
  
 2.9 Warranties; Limitation of Liability.
The EPCO Services shall be provided in accordance with the Services Standard. EXCEPT AS SET FORTH IN THE PRECEDING SENTENCE, EPCO MAKES NO (AND HEREBY DISCLAIMS AND NEGATES ANY AND ALL) WARRANTIES OR REPRESENTATIONS WHATSOEVER, EXPRESS OR IMPLIED,
WITH RESPECT TO THE EPCO SERVICES. IN NO EVENT SHALL EPCO OR ANY OF ITS AFFILIATES BE LIABLE TO ANY OF THE PERSONS RECEIVING ANY EPCO SERVICES OR TO ANY OTHER PERSON FOR ANY EXEMPLARY, PUNITIVE, INDIRECT, INCIDENTAL, CONSEQUENTIAL, OR SPECIAL
DAMAGES RESULTING FROM ANY ERROR IN THE PERFORMANCE OF SUCH SERVICE, REGARDLESS OF WHETHER THE PERSON PROVIDING SUCH SERVICE, ITS AFFILIATES, OR OTHERS MAY BE WHOLLY, CONCURRENTLY, PARTIALLY, OR SOLELY NEGLIGENT OR OTHERWISE AT FAULT, EXCEPT TO THE
EXTENT SUCH EXEMPLARY, PUNITIVE, INDIRECT, INCIDENTAL, CONSEQUENTIAL OR SPECIAL DAMAGES ARE PAID BY THE PARTY INCURRING SUCH DAMAGES TO A THIRD PARTY. 
  
 2.10 Force Majeure. EPCO shall have no obligation to perform the EPCO Services if its failure to do so is caused by or results from any act of God,
governmental action, natural disaster, strike, failure of essential equipment, or any other cause or circumstance, whether similar or dissimilar to the foregoing causes or circumstances, beyond the reasonable control of EPCO. 
  
 2.11 Affiliates. At its election, EPCO may cause one or more of its
Affiliates or third party contractors reasonably acceptable to the Party receiving any EPCO Services to provide such EPCO Services; provided, however, EPCO shall remain responsible for the provision of such EPCO Service in accordance with
this Agreement. 
  
 ARTICLE 3: USE OF NAME AND MARK

 3.1 Grant of License. Effective as of October 1, 2004, EPD OLP has granted EPCO a worldwide royalty-free, five year right
and license to use the Name and Mark pursuant to the License Agreement. 
  
 3.2 Reimbursement of Costs. EPD OLP shall reimburse EPCO for the cost of removing the Name and Mark from EPCO’s trucks in order to meet the schedule for removal of all Names and Marks on or before the end of the term of the
License Agreement. 
  
 ARTICLE 4: EPCO’S INDEMNIFICATION
FOR EXCLUDED LIABILITIES 
  
 4.1
Indemnification. From and after the date hereof and subject to the remaining provisions of this Article 4, EPCO shall indemnify, defend and hold harmless the Partnership Entities from and against any loss, cost, claim, liability,
prepayment or similar penalty, damage, expense, attorneys fees, judgment, award or settlement of any kind or nature whatsoever (other than out-of-pocket costs and expenses incurred by the Partnership Entities in connection with the discharge of
their obligations pursuant to Section 4.2(b)) (collectively, “Losses”) incurred by the Partnership Entities in connection with the Excluded Liabilities; provided, however, in no event 

  

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shall such indemnification obligation, or the term “Losses,” cover or include exemplary, punitive, special, consequential, indirect, or incidental
damages or lost profits suffered by the Partnership Entities in connection with the Excluded Liabilities, except to the extent such exemplary, punitive, special, consequential, indirect or incidental damages or lost profits are actually paid by any
Partnership Entity to a third party. 
  
 4.2 Indemnification
Procedures. 
  
 (a) EPCO shall have the right to control all
aspects of the defense of any claims (and any counterclaims) related to the Excluded Liabilities, including, without limitation, the selection of counsel, determination of whether to appeal any decision of any court and the settling of any such
matter or any issues relating thereto; provided, however, that no such settlement shall be entered into without the consent of the applicable Partnership Entities unless (i) it includes a full release of the applicable Partnership
Entities from such matter or issues, as the case may be or (ii) following such settlement there is no realistic scenario under which the applicable Partnership Entities could be held liable for such matter or issues. 
  
 (b) The Partnership Entities agree, at their own cost and expense, to
cooperate fully with EPCO with respect to all aspects of the defense of any claims related to the Excluded Liabilities, including, without limitation, the prompt furnishing to EPCO of any correspondence or other notice relating thereto that the
applicable Partnership Entities may receive, permitting the names of the applicable Partnership Entities to be utilized in connection with such defense and the making available to EPCO of any files, records or other information of the applicable
Partnership Entities that EPCO considers relevant to such defense; provided, however, that in connection therewith EPCO agrees to use reasonable efforts to minimize the impact thereof on the operations of such Partnership Entities. In no
event shall the obligation of the applicable Partnership Entities to cooperate with EPCO as set forth in the immediately preceding sentence be construed as imposing upon the applicable Partnership Entities an obligation to hire and pay for counsel
in connection with the defense of any claims related to the Excluded Liabilities. 
  
 ARTICLE 5: OTHER AGREEMENTS 
  
 5.1 Insurance Matters. EPCO hereby agrees to cause the Partnership Entities to be named as additional insureds in EPCO’s insurance program, as in effect from time to time. Subject to Section 2.5, each of the Partnership
Entities shall be allocated, and pay for, such insurance coverage in an amount equal to EPCO’s cost of insuring the assets and operations of such partnership entities. 
  
 5.2 Sublease of Equipment. Effective June 1, 1998, EPCO and EPD OLP entered into one or more Sublease Agreements
(the “Sublease Agreements”), pursuant to which EPCO agreed to sublease to EPD OLP the equipment covered by the Retained Leases. EPCO has assigned to EPD OLP all options held by EPCO to purchase any and all equipment subject to the
Sublease Agreements and the Retained Leases. 
  

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 5.3 EPCO’s Employees. 
  
 (a) The obligation of each Billing Agent to pay the Administrative Services Fee shall, as such obligation relates to
EPCO’s expenses incurred to compensate its employees providing the EPCO Services, reimburse EPCO for the appropriate pro rata cost of such employees’ salaries, wages, bonuses, benefits, social security and other taxes, workers compensation
insurance, retirement and insurance benefits, training, and other direct and indirect costs of such employee fringe benefits. The applicable Billing Agent shall not be obligated to pay any amount directly to EPCO’s employees; provided,
however, if EPCO ever fails to pay any employee providing EPCO Services within 30 days following the date such employee’s payment is due: 
  
 (i) the applicable Billing Agent or any Affiliate may (w) pay such employee directly, (x) employ such employee directly, (y) notify EPCO
and begin to pay all employees providing EPCO Services directly, or (z) notify EPCO that the portion of this Agreement relating to the EPCO Services is terminated and employ directly any or all of such employees, or employ such other
individuals as the applicable Billing Agent and its Affiliates may choose in their sole discretion, and 
  
 (ii) EPCO shall reimburse the applicable Billing Agent for any amount that such Billing Agent or its Affiliate paid to EPCO, for EPCO’s employees
providing the EPCO Services, that EPCO did not pay to, or on behalf of, such employees. 
  
 (b) Notwithstanding anything in Section 5.3(a) to the contrary, the applicable Billing Agent, shall have the right, at any time upon at least 90 days notice to EPCO, to terminate the portion of this Agreement
relating to the EPCO Services and to employ any or all of EPCO’s employees providing the EPCO Services directly, or employ such other individuals as the applicable Billing Agent or its Affiliates may choose in its sole discretion. 

  
 5.4 Business Opportunities. 
  
  
 (a) If any member of the EPCO Group, the EPE Partnership Entities or the EPD Partnership Entities (the “Business Opportunity Parties”) is offered by a third party, or discovers an opportunity to acquire from a third party,
Equity Securities (an “Equity Business Opportunity”), the Business Opportunity Party that is offered or discovers such Equity Business Opportunity shall promptly advise the Board of Directors of EPE GP and present such Equity
Business Opportunity to EPE. EPE shall be presumed to desire to acquire the Equity Securities until such time as EPE GP advises the EPCO Group and EPD GP (on behalf of the EPD Partnership Entities) that EPE has abandoned the pursuit of such Equity
Business Opportunity. In the event that the purchase price of the Equity Securities is reasonably likely to exceed $100 million, any decision to decline the Equity Business Opportunity shall be made by the Chief Executive Officer of EPE GP after
consultation with and subject to the approval of its Audit and Conflicts Committee. If the purchase price is reasonably likely to be less than $100 million, the Chief Executive Officer of EPE GP may make the determination to decline the Equity
Business Opportunity without consulting the Audit and Conflicts Committee of EPE GP. In the event that EPE abandons the Equity Business Opportunity and so notifies the EPCO Group and EPD GP (on behalf of the EPD Partnership Entities), EPD shall have
the second right to the pursue such Equity Business Opportunity. EPD shall be presumed to desire to acquire the equity securities until such time as EPD GP advises the EPCO Group that EPD 

  

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has abandoned the pursuit of such Equity Business Opportunity. In determining whether or not to pursue the Equity Business Opportunity, EPD will follow the
same procedures applicable to EPE, as described above but utilizing EPD GP’s Chief Executive Officer and Audit and Conflicts Committee. In the event that EPD abandons the Equity Business Opportunity and so notifies the EPCO Group, the EPCO
Group may either pursue the Equity Business Opportunity or offer the Equity Business Opportunity to EPCO Holdings Inc., a Delaware corporation (“EPCO Holdings”) or the TPP Partnership Entities, in either case, without any further
obligation to the Business Opportunity Parties. 
  
 (b) If any
Business Opportunity Party is offered by a third party, or discovers a business opportunity not covered by Section 5.4(a) (a “Non-Equity Securities Opportunity”), the Business Opportunity Party that is offered or discovers such
Non-Equity Securities Opportunity shall promptly advise the Board of Directors of EPD GP and present such Non-Equity Securities Opportunity to EPD. EPD shall be presumed to desire to pursue the Non-Equity Securities Opportunity until such time as
EPD GP advises the EPCO Group and EPE GP (on behalf of the EPE Partnership Entities) that EPD has abandoned the pursuit of such Non-Equity Securities Opportunity. In the event that the purchase price of the Non-Equity Securities Opportunity is
reasonably likely to exceed $100 million, any decision to decline the Non-Equity Securities Opportunity shall be made by the Chief Executive Officer of EPD GP after consultation with and subject to the approval of its Audit and Conflicts Committee.
If the purchase price is reasonably likely to be less than $100 million, the Chief Executive Officer of EPD GP may make the determination to decline the Non-Equity Securities Opportunity without consulting the Audit and Conflicts Committee of EPD
GP. In the event that EPD abandons the Non-Equity Securities Opportunity and so notifies the EPCO Group and EPE GP (on behalf of the EPE Partnership Entities), EPE shall have the second right to the pursue such Non-Equity Securities Opportunity. EPE
shall be presumed to desire to pursue the Non-Equity Securities Opportunity until such time as EPE GP advises the EPCO Group that EPE has abandoned the pursuit of such opportunity. In determining whether or not to pursue the Non-Equity Securities
Opportunity, EPE will follow the same procedures applicable to EPD, as described above but utilizing EPE GP’s Chief Executive Officer and Audit and Conflicts Committee. In the event that EPE abandons the Non-Equity Securities Opportunity and so
notifies the EPCO Group, the EPCO Group may either pursue the Non-Equity Securities Opportunity or offer the Non-Equity Securities Opportunity to EPCO Holdings or the TPP Partnership Entities, in either case, without any further obligation to the
Business Opportunity Parties. 
  
 (c) None of the EPCO Group, the
EPE Partnership Entities nor the EPD Partnership Entities shall have any obligation to present any Business Opportunity to any of the TPP Partnership Entities. None of the TPP Partnership Entities shall have any obligation to present any Business
Opportunity to the EPCO Group, the EPE Partnership Entities or the EPD Partnership Entities. 
  
 (d) Any Business Opportunity offered to or discovered by any EPCO employee solely responsible for the business and affairs of any of the TPP Partnership Entities shall not be subject to the Business Opportunity
agreements contained in this Section 5.4 other than Section 5.4(c). 
  

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 (e) Any Business Opportunity offered to or discovered by an EPCO employee solely responsible for the
business and affairs of any of the EPE Partnership Entities shall be considered a Business Opportunity of the EPE Partnership Entities for purposes of this Section 5.4. 
  
 (f) Any Business Opportunity offered to or discovered by an EPCO employee solely responsible for the business and affairs of
any of the EPD Partnership Entities shall be considered a Business Opportunity of the EPD Partnership Entities for purposes of this Section 5.4 
  
 (g) Any Business Opportunity offered to or discovered by any EPCO employee who performs Shared Services shall be allocated to the EPCO Group, the EPE
Partnership Entities, the EPD Partnership Entities and/or the TPP Partnership Entities: 
  
 (i) to the extent that the Business Opportunity is first presented to such employee in such employee’s capacity as a representative of the EPCO Group, the EPE Partnership Entities, the EPD Partnership Entities,
or the TPP Partnership Entities, such Business Opportunity shall be allocated to the Partnership Entities then represented by such employee; and 
  
 (ii) to the extent that the Business Opportunity is first presented to such employee in such employee’s individual capacity without regard to his
representation of any Partnership Entity, such Business Opportunity shall be allocated to the Partnership Entity for which such employee devotes the most significant amount of such employee’s time. 
  
 (h) EPCO has caused all EPCO employees who may receive Business Opportunities
to acknowledge and agree to comply with the Business Opportunity agreements set forth in this Section 5.4. 
  
 5.5 Adoption of Policies and Procedures. The Boards of Directors of EPCO, EPE GP, EPD GP and TPP GP have adopted the Conflicts Policies and
Procedures attached hereto as Exhibit B (the “Conflicts Policy”). EPCO agrees to, and agrees to use all reasonable efforts to cause its employees to, comply with the Conflicts Policy. 
  
 ARTICLE 6: MISCELLANEOUS 
  
 6.1 Choice of Law; Submission to Jurisdiction. This Agreement shall be
subject to and governed by the laws of the State of Texas. Each Party hereby submits to the exclusive jurisdiction of the state and federal courts in the State of Texas and to exclusive venue in Houston, Harris County, Texas. 
  
 6.2 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 by depositing same in the United States mail, addressed to the Party to be notified, postpaid, and registered or certified with return receipt requested or by
delivering such notice in person or by facsimile to such Party. Notice given by personal delivery or mail shall be effective upon actual receipt. Notice given by 
  

 9 

 
facsimile shall be effective upon actual receipt if received during the recipient’s normal business hours, or at the beginning of the recipient’s
next business day after receipt if not received during the recipient’s normal business hours. All notices to be sent to a Party pursuant to this Agreement shall be sent to or made at the address set forth below such Party’s signature to
this Agreement, or at such other address as such Party may stipulate to the other Parties in the manner provided in this Section 6.2. 
  
 6.3 Entire Agreement; Supersedure. This Agreement constitutes the entire agreement of the Parties relating to the matters contained herein,
superseding all prior contracts or agreements among the parties, whether oral or written, relating to the matters contained herein. 
  
 6.4 Effect of Waiver of Consent. No Party’s express or implied waiver of, or consent to, any breach or default by any Party in the performance
by such Party of its obligations hereunder shall be deemed or construed to be a consent or waiver to or of any other breach or default in the performance by such Party of the same or any other obligations of such Party hereunder. Failure on the part
of a Party to complain of any act of any Party or to declare any Party in default, irrespective of how long such failure continues, shall not constitute a waiver by such Party of its rights hereunder until the applicable statute of limitations
period has run. 
  
 6.5 Amendment or Modification. This
Agreement may be amended or modified from time to time only by the agreement of all the Parties affected by any such amendment; provided, however, that EPE, EPD and TPP may not, without the prior approval of its Audit and Conflicts Committee,
agree to any amendment or modification of this Agreement that, in the reasonable discretion of EPE GP, EPD GP, or TPP GP, as applicable, will materially and adversely affect the holders of units of EPE, EPD or TPP, as applicable. 
  
 6.6 Assignment. No Party shall have the right to assign or delegate
its rights or obligations under this Agreement without the consent of the other Parties. 
  
 6.7 Counterparts. This Agreement may be executed in any number of counterparts with the same effect as if all Parties had signed the same document. All counterparts shall be construed together and shall
constitute one and the same instrument. 
  
 6.8
Severability. If any provision of this Agreement or the application thereof to any Party or circumstance shall be held invalid or unenforceable to any extent, the remainder of this Agreement and the application of such provision to other Parties
or circumstances shall not be affected thereby and shall be enforced to the greatest extent permitted by law. 
  
 6.9 Further Assurances. In connection with this Agreement and all transactions contemplated by this Agreement, each Party hereto 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. 
  
 6.10 Withholding or Granting of Consent.
Unless the consent or approval of a Party is expressly required not to be unreasonably withheld (or words to similar effect), each Party may, with respect to any consent or approval that it is entitled to grant pursuant to this 
  

 10 

 
Agreement, grant or withhold such consent or approval in its sole and uncontrolled discretion, with or without cause, and subject to such conditions as it
shall deem appropriate. 
  
 6.11 U.S. Currency. 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. 
  
 6.12 Laws and Regulations.
Notwithstanding any provision of this Agreement to the contrary, no Party hereto shall be required to take any act, or fail to take any act, under this Agreement if the effect thereof would be to cause such Party to be in violation of any applicable
law, statute, rule or regulation. 
  
 6.13 Negation of Rights
of Third Parties. The provisions of this Agreement are enforceable solely by the Parties, and no limited partner of EPE, EPD or TPP or other Person shall have the right to enforce any provision of this Agreement or to compel any Party to comply
with the terms of this Agreement. 
  

 11 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed by their respective
authorized officers as of August     , 2005, to be effective as of the Effective Date. 
  

			
	EPCO, INC. (formerly known as Enterprise Products Company, a Texas corporation
		
	 By:
	 	 
	 	 	

	 Name:
	 	 Richard H. Bachmann

	 Title:
	 	 Executive Vice President and

	 	 	 Chief Legal Officer

	
	Address for Notice:
	 2707 North Loop West

	 Houston, Texas 77008

	 Facsimile No.: (713) 880-6631

  
 [signature page]

			
	ENTERPRISE GP HOLDINGS L.P.
	
	 EPE HOLDINGS, LLC

	 Individually and as Sole General Partner of

	 Enterprise GP Holdings L.P.

		
	 By:
	 	 
	 	 	

	 	 	 Michael A. Creel

	 	 	 President and Chief Executive Officer

	
	Address for Notice:
	 2727 North Loop West, Suite 101

	 Houston, Texas 77008

	 Facsimile No.: (713) 880-6570

	
	ENTERPRISE PRODUCTS PARTNERS L.P.
	
	ENTERPRISE PRODUCTS OPERATING L.P.
	
	ENTERPRISE PRODUCTS GP, LLC,
Individually and as Sole General Partner of
Enterprise Products Partners L.P., and
	
	ENTERPRISE PRODUCTS OLPGP, INC.,
Individually and as Sole General Partner of
Enterprise Products Operating L.P.
		
	 By:
	 	 
	 	 	

	 	 	 Michael A. Creel

	 	 	 Executive Vice President and

	 	 	 Chief Financial Officer

	
	Address for Notice:
	 2727 North Loop West, Suite 700

	 Houston, Texas 77008

	 Facsimile No.: (713) 880-6570

  
 [signature page]

			
	TEPPCO PARTNERS, L.P.
	
	TEXAS EASTERN PRODUCTS PIPELINE COMPANY, LLC
	Individually and as Sole General Partner of TEPPCO Partners, L.P.
		
	 By:
	 	 
	 	 	

	 	 	 Barry R. Pearl, President and Chief

	 	 	 Executive Officer

	
	Address for Notice:
	 2929 Allen Parkway, Suite 3200

	 Houston, Texas 77019

	 Facsimile No.:
                        

	
	TE PRODUCTS PIPELINE COMPANY, LIMITED PARTNERSHIP
	
	TEPPCO MIDSTREAM COMPANIES, L.P.
	
	TCTM, L.P.
	
	TEPPCO GP, Inc.
	Individually and as Sole General Partner of TE Products Pipeline Company, Limited Partnership, TEPPCO Midstream Companies, L.P. and TCTM, L.P.
		
	 By
	 	 
	 	 	

	
	Address for Notice:
	 2929 Allen Parkway, Suite 3200

	 Houston, Texas 77019

	 Facsimile No.:
                        

  
 [signature page]

 Exhibit A 
  

DEFINED TERMS 
  
 “Administrative Services Fee” shall have the meaning set forth in Section 2.2. 
  
 “Affiliate” shall mean, with respect to any Person,
any other Person that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with, the Person in question. As used herein, the term “control” means the possession, direct or
indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. Notwithstanding the foregoing, a Person shall only be considered an
“Affiliate” of the general partner of EPE, EPD or TPP, as applicable, if such Person owns, directly or indirectly, 50% or more of the voting securities of such general partner or otherwise possesses the sole power to direct or cause the
direction of the management and policies of such general partner. 
  
 “Agreement” shall mean this Third Amended and Restated Administrative Services Agreement, as it may be amended, modified, or supplemented from time to time. 
  
 “Audit and Conflicts Committee” means a committee of the Board of Directors of EPE GP, EPD GP or TPP GP, as
applicable, composed entirely of three or more directors who meet the independence, qualification and experience requirements established by the Securities Exchange Act and the rules and regulations of the Commission thereunder and by The New York
Stock Exchange, and with respect to EPD GP and TPP GP, at least two of whom also meet the S&P Criteria. 
  
 “Billing Agent” shall mean in the case of (i) the EPE Partnership Entities,
                    , (ii) in the case of the EPD Partnership Entities,
                    , and (iii) in the case of TPP,
                    . 
  
 “Business Opportunity” shall mean, collectively or individually, as the context may require, an Equity Business Opportunity and/or a
Non-Equity Securities Opportunity. 
  
 “Business
Opportunity Parties” shall have the meaning set forth in Section 5.4(a). 
  
 “Commission” shall mean the United States Securities and Exchange Commission. 
  
 “EPCO Group” shall mean EPCO and its Affiliates (other than the Partnership Entities). 
  
 “EPCO Holdings” shall have the meaning set forth in
Section 5.4(a). 
  
 “EPCO Services” shall
have the meaning set forth in Section 2.1. 
  
 “EPD” shall have the meaning set forth in the Preamble. 
  
 “EPD GP” shall have the meaning set forth in the Preamble. 
  
 “EPD OLP” shall have the meaning set forth in the Preamble. 
  

 A-1 

 “EPD OLPGP” shall have the meaning set forth in the Preamble. 
  
 “EPD Partnership Entities” shall mean EPD GP, EPD, EPD OLP
and any Affiliate controlled (and only so long as such Affiliates are controlled) by EPD GP, EPD or EPD OLP (as the term “control” is used in the definition of “Affiliate”). 
  
 “EPE” shall have the meaning set forth in the Preamble.

  
 “EPE GP” shall have the meaning set forth in
the Preamble. 
  
 “EPE Partnership Entities”
shall mean EPE GP, EPE and any Affiliate controlled (and only so long as such Affiliates are controlled) by EPE GP or EPE (as the term “control” is used in the definition of “Affiliate”) but excluding the EPD Partnership
Entities. 
  
 “Equity Business Opportunity” shall
have the meaning set forth in Section 5.4(a). 
  
 “Equity Securities” shall mean (i) general partner interests (or securities which have characteristics similar to general partner interests) and incentive distribution rights or similar rights in publicly traded
partnerships or interests in Persons that own or control such general partner or similar interests (collectively, “GP Interests”) and securities convertible, exercisable, exchangeable or otherwise representing ownership or control
of such GP Interests and (ii) incentive distribution rights and limited partner interests (or securities which have characteristics similar to incentive distribution rights or limited partner interests) in publicly traded partnerships or
interests in Persons that own or control such limited partner or similar interests (collectively, “non-GP Interests”); provided that such non-GP Interests are associated with GP Interests and are owned by the owners of GP
Interests or their respective Affiliates. 
  
 “Excluded
Liabilities” shall mean the following liabilities and obligations: 
  
 (a) all indebtedness of EPCO and its Affiliates other than the Partnership Entities for borrowed money; and 
  
 (b) any income tax liability of EPCO that may result from the consummation of the transactions contemplated by the First Amendment, the
Second Amendment or this Agreement. 
  
 “First
Amendment” shall have the meaning set forth in the Preamble. 
  
 “Independent Director” shall mean an individual who meets the independence, qualification and experience requirements of the New York Stock Exchange. 
  
 “License Agreement” shall mean that certain Trademark License Agreement, effective August 18, 2004, by
and between EPD OLP and EPCO. 
  
 “Losses” shall
have the meaning set forth in Section 4.1. 
  
 “Name” and “Mark” shall mean the name “Enterprise”, as described in Registration Number 1,236,995 registered on May 10, 1983 and issued by the United States Patent and 

  

 A-2 

 
Trademark Office, and the mark “Enterprise”, as described in Application Registration Number 1,292,612 registered on September 4, 1984 and
issued by the United States Patent and Trademark Office. 
  
 “Non-Equity Securities Opportunity” shall have the meaning set forth in Section 5.4(b). 
  
 “Party” shall mean any one of the Persons that executes this Agreement. 
  
 “Partnership Entity” or “Partnership Entities” shall mean the individual or collective
reference, as the context may require, to the EPD Partnership Entities, the EPE Partnership Entities and/or the TPP Partnership Entities. 
  
 “Person” means an individual or a corporation, limited liability company, partnership, joint venture, trust, unincorporated organization,
association, government agency or political subdivision thereof or other entity. 
  
 “Prudent Industry Practices” shall mean, at a particular time, any of the practices, methods and acts which, in the exercise of reasonable judgment, will result in the proper operation and maintenance
of the assets owned by a Party or its Affiliates and shall include, without limitation, the practices, methods and acts engaged in or approved by a significant portion of the industry at such time with respect to the assets of the same or similar
types as the assets owned by such Party or its Affiliates. Prudent Industry Practices are not intended to be limited to optimum practices, methods or acts, to the exclusion of all others, but rather represent a spectrum of possible practices,
methods and acts which could have been expected to accomplish the desired result at a commercially reasonable cost in a reliable, safe and timely fashion, in compliance with the applicable limited partnership agreement and limited liability company
agreement and in accordance with all applicable laws. Prudent Industry Practices are intended to entail the same standards as the Parties would, in the prudent management of their own properties, use from time to time. 
  
 “Retained Leases” shall mean the operating leases relating
to (i) one cogeneration unit, and (ii) approximately 100 rail cars, the liabilities of each of which were retained by EPCO in connection with the formation of EPD and EPD OLP. 
  
 “S&P Criteria” shall mean a duly appointed member of the Audit and Conflicts Committee who had not
been, at the time of such appointment or at any time in the preceding five years, (a) a direct or indirect legal or beneficial owner of interests in EPD or TPP, as applicable, or any of its Affiliates (excluding de minimis ownership
interests having a value of less than $1 million), (b) a creditor, supplier, employee, officer, director, family member, manager or contractor of EPD or TPP, as applicable, or any of its Affiliates, or (c) a person who controls (whether
directly, indirectly or otherwise) EPD or TPP, as applicable, or any of its Affiliates or any creditor, supplier, employee, officer, director, manager or contractor of EPD or TPP, as applicable, or any of its Affiliates. 
  
 “Second Amendment” shall have the meaning set forth in the
Preamble. 
  
 “Securities Act” shall mean the
Securities Act of 1933, as amended, supplemented or restated from time to time, and any successor to such statute. 
  

 A-3 

 “Securities Exchange Act” shall mean the Securities Exchange Act of 1934, as amended,
supplemented or restated from time to time, and any successor to such statute. 
  
 “Services Standard” shall mean, with respect to the performance of the EPCO Services, the good faith undertaking, on a commercially reasonable basis, to perform the EPCO Services (i) in the case
of the EPD Partnership Entities, at least the same quality and manner as EPCO Services were provided by EPCO or its Affiliates to the EPD Partnership Entities during calendar year 2004, (ii) in the case of the TPP Partnership Entities, at least
the same quality and manner as services were provided by Duke Energy Field Services LLC or its Affiliates to the TPP Partnership Entities during calendar year 2004 and (iii) in all material respects in compliance with applicable laws and
Prudent Industry Practices. 
  
 “Shared Services”
shall mean the performance of services for more than one of the groups of entities comprising the EPCO Group, the EPE Partnership Entities, the EPD Partnership Entities and the TPP Partnership Entities. 
  
 “Sublease Agreements” shall have the meaning set forth in
Section 5.2. 
  
 “TCTM” shall have the
meaning set forth in the Preamble. 
  
 “TELP”
shall have the meaning set forth in the Preamble. 
  
 “TEPPCO Midstream” shall have the meaning set forth in the Preamble. 
  
 “TEPPCO Inc.” shall have the meaning set forth in the Preamble. 
  
 “TPP” shall have the meaning set forth in the Preamble. 
  
 “TPP GP” shall have the meaning set forth in the Preamble. 
  
 “TPP Partnership Entities” shall mean TPP GP, TPP and any
Affiliate controlled (and only so long as such Affiliates are controlled) by TPP GP or TPP (as the term “control” is used in the definition of “Affiliate”). 
  

 A-4 

 Exhibit B 
  

Conflicts Policies and Procedures 
  
 Capitalized terms used but not defined in this Exhibit B shall have the meanings assigned to such terms in that certain Third Amended and Restated
Administrative Services Agreement, effective February 25, 2005, of which this Exhibit B forms a part. 
  
 This Exhibit B outlines the corporate governance structure and the policies and procedures that have been adopted by EPE GP, EPD GP and TPP GP to address
potential conflicts among, protect the confidential information of, and govern the sharing of EPCO personnel among, the Partnership Entities. 
  
 Corporate Governance 
  
 Boards of Directors – Each of EPE GP, EPD GP and TPP GP will have at least three Independent Directors on its board of directors. None of such
Independent Directors will overlap among EPE GP, EPD GP and TPP GP. Each of EPE GP, EPD GP and TPP GP will endeavor to maintain a majority of Independent Directors on its board of directors. Other than Dan L. Duncan, who may serve on the board of
directors of each of EPE GP and EPD GP, no director shall serve on more than one of the boards of directors of EPE GP, EPD GP and TPP GP. Notwithstanding the foregoing, Mr. Duncan and any one or more of the other individuals serving as
directors of EPE GP or EPD GP and any one or more of the individuals serving as directors of TPP GP may attend the meetings of the board of directors of the Partnership Entity of which Mr. Duncan and/or such individuals are not directors, but
only at the invitation of EPE GP, EPD GP or TPP GP, as applicable, and so long as no information concerning Commercial and Development Activities involving Potential Overlapping Assets is provided to Mr. Duncan and/or such individuals while in
attendance at such meetings. 
  
 Separate Commercial Management
and Employees – EPCO employees performing Commercial and Development Activities involving Potential Overlapping Assets for the EPE Partnership Entities and/or the EPD Partnership Entities, on the one hand, and the TPP Partnership Entities,
on the other hand, shall not overlap. EPCO employees performing Commercial and Development Activities which do not involve Potential Overlapping Assets for the EPE Partnership Entities, the EPD Partnership Entities and/or the TPP Partnership
Entities may overlap. 
  
 Shared Services – EPCO
employees may be assigned to perform Shared Services for all or any of the Partnership Entities. EPCO employees performing Shared Services may be appointed to officer positions (including executive officer positions) at more than one of EPE GP, EPD
GP and TPP GP or their respective controlled Affiliates. However, as stated above, EPCO employees performing Commercial and Development Activities for either the EPE Partnership Entities and/or the EPD Partnership Entities, on the one hand, or the
TPP Partnership Entities, on the other hand, may perform Shared Services for any group of Entities except to the extent that such Shared Services constitute Commercial and Development Activities involving Potential Overlapping Assets. As a result of
their performance of Shared Services, Shared Employees may obtain Commercial Information that relates to more than one of the groups of 

  

 B-1 

 
Partnership Entities. To the extent that any Shared Employee has Commercial Information that relates to the EPE Partnership Entities, EPD Partnership
Entities and the TPP Partnership Entities and involves Potential Overlapping Assets, such Shared Employee shall not engage in any activities to which such Commercial Information relates unless such activities are approved by both the Screening
Officer of the EPE Partnership Entities and the EPD Partnership Entities and the Screening Officer of the TPP Partnership Entities. 
  
 Duncan Ownership – Mr. Dan L. Duncan and his Affiliates own and control EPE GP, EPD GP and TPP GP. As a result of the potential
conflicts generated by this cross-ownership, Mr. Duncan shall limit his access to information and his ability to control the management of the TPP Partnership Entities as described below. 
  
 Information Screening for Shared Employees 
  
 To the fullest extent possible, Shared Employees should avoid access to
Commercial Information for any Partnership Entities for which they do not perform Commercial and Development Activities. To the extent that any Shared Employee who engages in Commercial and Development Activities becomes privy to Commercial
Information relating to Potential Overlapping Assets of any Partnership Entities for which such employee does not perform Commercial and Development Activities, such Shared Employee must report that fact and the nature of the Confidential
Information to the Screening Officers who will maintain a record of the name of the person, the date of the report, and the nature of the Commercial Information obtained by the Shared Employee. 
  
 Except as expressly permitted by the Screening Officers and to the extent
required to effectively perform the Shared Services, (i) Shared Employees shall not disclose Commercial Information relating to Potential Overlapping Assets of the TPP Partnership Entities to any director, officer or employee associated with
the EPE Partnership Entities or the EPD Partnership Entities; and (ii) Shared Employees shall not disclose Commercial Information relating to Potential Overlapping Assets of the EPE Partnership Entities or the EPD Partnership Entities to any
director, officer or employee associated with the TPP Partnership Entities. 
  
 Shared Employees should seek guidance on the foregoing restrictions from the Screening Officers to the extent that they are uncertain as to an appropriate course of action. 
  
 Information Screening for Dan L. Duncan 
  
 Mr. Duncan will be screened from any information relating to the
Potential Overlapping Assets of the TPP Partnership Entities except (a) information that the TPP Partnership Entities have made available to the public, (b) aggregated financial information and budgets of the TPP Partnership Entities and
(c) information related to environmental matters. The foregoing restrictions may be amended if it is determined that Mr. Duncan requires access to additional information concerning the TPP Partnership Entities and the Screening Officer of
the TPP Partnership Entities determines that the information would not be competitively sensitive. 
  
 Mr. Duncan will not participate in activities involving Commercial Information related to Potential Overlapping Assets of the TPP Partnership
Entities. All information to be provided to Mr. Duncan will first be given to the Screening Officer for the TPP Partnership Entities who will 

  

 B-2 

 
ensure that all Commercial Information relating to the Potential Overlapping Assets has been removed. 
  
 Definitions 
  
 For purposes of these policies and procedures, capitalized terms used but not defined above shall have the following
meanings: 
  
 “Commercial Information” shall
mean information about Commercial and Development Activities or other competitively sensitive information of any Partnership Entities. Commercial Information includes information regarding prices, costs, margins, volumes and contractual terms for
any particular customer, any method, tool or computer program used to determine prices for any asset; all plans or strategies used or adopted to negotiate, target or identify a particular customer for any asset; all information regarding plans and
prospective budgets to expand or build a new facility; all information regarding a proposal to buy an existing facility; capacity and capacity utilization of any facility. 
  
 “Commercial and Development Activities” shall mean operations of the Partnership Entities relating to
sales, marketing, or other services provided to customers; operation of or proposed changes to, such Partnership Entities’ assets; and the plans and strategies dealing with the business of such Partnership Entities. 
  
 “Independent Director” shall mean an individual directors
who meets the independence, qualification and experience requirements established by the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Securities and Exchange Commission thereunder and by The New York Stock
Exchange. 
  
 “Potential Overlapping Assets” shall mean
(i) with respect to the TPP Partnership Entities, the TE Products Pipeline (to the extent that such pipeline transports propane), the Val Verde Gathering System, the Chaparral Pipeline, the Quanah Pipeline and Mont Belvieu Storage Partners,
L.P. and (ii) with respect to the EPE Partnership Entities and the EPD Partnership Entities, the Lou-Tex NGL Pipeline, the Dixie Pipeline, the San Juan Gathering System, the Seminole Pipeline System and the natural gas liquids storage
facilities located at Mont Belvieu, Texas. 
  
 “Screening
Officer” shall mean any of Roy Monarch, Michael A. Creel or Richard H. Bachmann, in the case of the EPE Partnership Entities and the EPD Partnership Entities, and James C. Ruth, in the case of the TPP Partnership Entities. 
  
 “Shared Employees” shall mean EPCO employees providing
Shared Services. 
  
 “Shared Services” shall mean
services provided by EPCO employees to more than one of the groups of entities comprising the EPE Partnership Entities, the EPD Partnership Entities and the TPP Partnership Entities and such services shall include, but not be limited to, human
resources, information technology, financial and accounting services, legal services and such other services that do not involve Commercial and Development Activities 
  

 B-3Form of EPE Unit L.P. Agreement of Limited Partnership

 EXHIBIT 10.27 
  
  
  
  
 AGREEMENT OF LIMITED PARTNERSHIP 
  
 OF 
  
 EPE Unit L.P. 
  
  
  
  
 Dated as of 
  
 August     , 2005 

 TABLE OF CONTENTS 
  

					
	ARTICLE I
	
	DEFINITIONS
			
	1.01	  	Certain Definitions	  	1
	1.02	  	Other Definitions	  	5
	ARTICLE II
	
	ORGANIZATIONAL MATTERS
	2.01	  	Formation	  	5
	2.02	  	Name	  	5
	2.03	  	Registered Office; Registered Agent; Other Offices	  	5
	2.04	  	Purposes	  	6
	2.05	  	Certificate; Foreign Qualification	  	6
	2.06	  	Term	  	6
	2.07	  	Merger or Consolidation	  	6
	ARTICLE III
	
	PARTNERS; DISPOSITIONS OF INTERESTS
	3.01	  	Partners	  	6
	3.02	  	Representations and Warranties	  	6
	3.03	  	Restrictions on the Disposition of an Interest	  	7
	3.04	  	Additional Partners	  	8
	3.05	  	Interests in a Partner	  	9
	3.06	  	Spouses of Partners	  	9
	3.07	  	Vesting of Limited Partners	  	9
	ARTICLE IV
	
	CAPITAL CONTRIBUTIONS
	4.01	  	Initial and Additional Capital Contributions	  	9
	4.02	  	Return of Contributions	  	9
	4.03	  	Advances by General Partner	  	10
	4.04	  	Capital Accounts	  	10
	ARTICLE V
	
	ALLOCATIONS AND DISTRIBUTIONS
	5.01	  	Allocations	  	11
	5.02	  	Income Tax Allocations	  	13
	5.03	  	Distributions of Cashflow from EPE Units	  	13
	5.04	  	Distributions of Proceeds from Sales of EPE Units	  	14
	5.05	  	Restrictions on Distributions of EPE Units.	  	14

  

 i 

					
	ARTICLE VI
	
	MANAGEMENT AND OPERATION
	6.01	  	Management of Partnership Affairs	  	14
	6.02	  	Duties and Obligations of General Partner	  	15
	6.03	  	Release and Indemnification	  	15
	6.04	  	Power of Attorney	  	16
	ARTICLE VII
	
	RIGHTS OF OTHER PARTNERS
	7.01	  	Information	  	18
	7.02	  	Limitations	  	18
	7.03	  	Limited Liability	  	18
	ARTICLE VIII
	
	TAXES
	8.01	  	Tax Returns	  	18
	8.02	  	Tax Elections	  	18
	8.03	  	Tax Matters Partner	  	19
	ARTICLE IX
	
	BOOKS, RECORDS, REPORTS, AND BANK ACCOUNTS
	9.01	  	Maintenance of Books	  	19
	9.02	  	Financial Statements	  	19
	9.03	  	Bank Accounts	  	19
	ARTICLE X
	
	WITHDRAWAL, BANKRUPTCY, REMOVAL, ETC.
	10.01	  	Withdrawal, Bankruptcy, Etc. of General Partner	  	20
	10.02	  	Conversion of Interest	  	21
	ARTICLE XI
	
	DISSOLUTION, LIQUIDATION, AND TERMINATION
	11.01	  	Dissolution	  	21
	11.02	  	Liquidation and Termination	  	21
	11.03	  	Cancellation of Certificate	  	23

  

 ii 

					
	ARTICLE XII
	
	GENERAL PROVISIONS
	12.01	  	Offset	  	23
	12.02	  	Notices	  	23
	12.03	  	Entire Agreement; Supersedure	  	23
	12.04	  	Effect of Waiver or Consent	  	23
	12.05	  	Amendment or Modification	  	23
	12.06	  	Binding Effect; Joinder of Additional Parties	  	24
	12.07	  	Construction	  	24
	12.08	  	Further Assurances	  	24
	12.09	  	Indemnification	  	24
	12.10	  	Waiver of Certain Rights	  	24
	12.11	  	Counterparts	  	24
	12.12	  	Dispute Resolution	  	25
	12.13	  	No Effect on Employment Relationship	  	26
	12.14	  	Legal Representation	  	26

  

 iii 

 AGREEMENT OF LIMITED PARTNERSHIP 
 OF 
 EPE UNIT L.P. 
  
 This Agreement of Limited Partnership (this
“Agreement”) of EPE Unit L.P., a Delaware limited partnership (the “Partnership”), is made and entered into as of August     , 2005 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 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 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 the (i) the fifth Business Day following the payment date with respect to each distribution made by EPE with respect to EPE units, and (ii) the fifth Business
Day following the receipt of any proceeds by the Partnership from the disposition of EPE 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 

  

 1 

 
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.

  
 “Applicable
Percentage” means with respect to a disposition of less than all the EPE Units owned by the Partnership, the quotient (expressed as a percentage) of the number of EPE Units held by the Partnership immediately after such disposition
divided by the number of EPE Units held by the Partnership immediately before such disposition. 
  
 “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. 
  
 “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 EPE, 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. 
  
 “Closing Date” means the date on which EPE Units are sold to certain underwriters in connection with EPE’s initial public offering. 
  
 “Code” means the Internal Revenue Code of 1986, and any successor statute, as
amended from time to time. 
  
 “Default Interest Rate” means a varying per annum rate equal at any given time to the lesser of (a) four percentage points in excess of the General Interest Rate and (b) the maximum rate permitted by
applicable law. 
  
 “Disability” means the event whereby a Limited Partner becomes entitled to receive long-term disability benefits under the long-term disability plan of EPCO or any of its Affiliates. 
  

 2 

 “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, Dan L. Duncan, his wife, descendants, heirs and/or legatees and/or distributees of Dan L. Duncan’s estate, and/or trusts established for the
benefit of his wife, descendants, such legatees and/or distributees and/or their respective descendants, heirs, legatees and distributees. 
  
 “EPCO” means EPCO, Inc., a Texas corporation. 
  
 “EPD” means Enterprise Products Partners L.P., a Delaware limited partnership.

  
 “EPE” means
Enterprise GP Holdings L.P., a Delaware limited partnership. 
  
 “EPE Units” means partnership units representing limited partner interests in EPE. 
  
 “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
Holdings Inc., a Delaware corporation, 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. 
  
 “GP Capital Base” means
[$51,000,000], adjusted on each Adjustment Date as follows: 
  
 (i) increased by the GP Preference Return that has accrued since the previous Adjustment Date (or in the case of the first Adjustment Date, since the Closing Date); and 
  
 (ii) decreased by all distributions made to the General
Partner since the previous Adjustment Date (or in the case of the first Adjustment Date, since the Closing Date); and 
  
 “GP Preference Return” means the sum of the amounts determined for each day, equal to the GP Preference Return
Rate multiplied by the GP Capital Base. 
  
 “GP Preference Return Amount” means the aggregate GP Preference Return minus all prior distributions to the General Partner pursuant to Sections 5.03(a) and 5.04(a). 
  
 “GP Preference Return Rate” means
6  1/4% per annum divided by 365 or 366 days, as the case may be during such calendar year.

  

 3 

 “Limited Partner” means any Person executing (by power of
attorney or otherwise) this Agreement as of the date hereof as a limited partner or hereafter admitted to the Partnership as a limited partner as herein provided, but shall not include any Person who has ceased to be a limited partner in the
Partnership. 
  
 “LP Percentage
Interest” means with respect to each Limited Partner the quotient (expressed as a percentage) of (i) such Limited Partner’ Sharing Points, divided by (ii) the Sharing Points of all Limited Partners. For purposes of
calculating the LP Percentage Interest, Sharing Points attributable to interests in the Partnership that are forfeited pursuant to Section 3.07 shall be ignored. 
  
 “Net Income” and “Net Loss” mean, respectively, subject to
Section 4.04, an amount equal to the Partnership’s taxable income or loss 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; 
  
 (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 
  

 4 

 (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 any General Partner or Limited Partner. 
  
 “Partnership” has the meaning given it in the introductory paragraph. 
  
 “Person” has the meaning given it in
the Act. 
  
 “Qualifying
Termination” means the termination of a Limited Partner’s employment with EPCO and its Affiliates due to (i) death, (ii) receiving long-term disability benefits under the long-term disability plan of EPCO or any of its
Affiliates or (iii) retirement with the approval of the General Partner on or after reaching age 60. 
  
 “Regulations” means the regulations promulgated under Section 704 of the Code. 
  
 “Required Interest” means one or
more Limited Partners having among them more than 50% of the LP Percentage Interests of all Limited Partners in their capacities as such. 
  
 “Sharing Points” means, with respect to each Limited Partner, the number of Sharing Points granted by the General
Partner to such Limited 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 Closing Date, (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. Effective as of the
Closing Date, the Persons executing this Agreement hereby form a limited partnership for the purposes hereinafter set forth under and pursuant to the Act. 
  
 2.02 Name. The name of the Partnership is “EPE Unit 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. 
  

 5 

 2.04 Purposes. The purposes of the Partnership are to acquire, own, sell, exchange or otherwise
dispose of EPE 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 executed and caused to be filed effective as of 12:01 a.m. August     , 2005 with the Secretary of State of the
State of Delaware a Certificate of Limited Partnership containing information required by the Act and such other information as the General Partner deemed appropriate. Prior to conducting 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 commence on the Closing Date, and shall continue in existence until the close of Partnership business on the earliest to occur of (i) the fiftieth anniversary of the Closing Date, 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 and Limited Partners of the Partnership are the Persons executing (by power of attorney or otherwise) this
Agreement as of the date hereof as General Partner and Limited Partners, respectively, each of which is admitted to the Partnership as the General Partner or a Limited Partner, as the case may be, effective on the commencement of the term of the
Partnership. 
  
 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 

  

 6 

 
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. 
  
 3.03 Restrictions on the Disposition of an Interest. (a) No 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 Limited Partner may Dispose of
all of its interest upon the death of such Limited Partner or upon becoming a Bankrupt Partner, but in each case only after compliance with Sections 3.03(c), (d) and (e). The General Partner may not Dispose of all or a part of its interest
in the Partnership 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 such Sharing Points (no greater than the Sharing Points of the Partner 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 the Sharing Points of the Partner effecting such Disposition and the Person to which such interest is
Disposed after such Disposition (which together shall total the Sharing Points of the Partner 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 

  

 7 

 
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 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 of 1940, and (ii) unless such Disposition or admission would not result in the Partnership’s 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 of 1940, 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 EPE Units held by the Partnership were sold at a price equal to the closing sale price
per EPE 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 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, 

  

 8 

 
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. 
  
 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 Limited Partner’s interest in the Partnership shall vest on the Vesting Date, but only if (i) on such date the Limited Partner continues to be an active, full-time employee of EPCO or any of its Affiliates or (ii) prior to the
Vesting Date a Qualifying Termination has occurred with respect to the Limited Partner. At such time as any Limited Partner ceases, for any reason other than a Qualifying Termination, to be an active, full-time employee of EPCO or any of its
Affiliates prior to the Vesting Date, his unvested interest in the Partnership shall be forfeited. If a Limited Partner ceases to be an active, full-time employee 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 EPCO or any of its Affiliates for any of its other compensation or benefit plans or programs, the Limited Partner will be deemed to have terminated employment with EPCO and its Affiliates
and forfeited his unvested interest in the Partnership for purposes of this Agreement. The Capital Account attributable to any 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 Limited Partners in accordance with their respective LP Percentage Interests. 
  
 ARTICLE IV 
  
 CAPITAL CONTRIBUTIONS 
  
 4.01 Initial and Additional Capital Contributions. The General Partner has contributed [$51,000,000] to the Partnership. The Partnership will use all of such funds to purchase EPE Units on the Closing
Date. Subject to the provisions of applicable law or except as otherwise provided for herein, no Partner shall be liable for or obligated 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 [$51,000,000]. The initial Capital Account of each 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 

  

 9 

 
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 § 1.704-1(b)(2)(iv)(g), but excluding income and gain described
in Regulation § 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 § 1.704-1(b)(2)(iv)(g), but excluding items described in clause
(b)(iii) above and loss or deduction described in Regulation § 1.704-1(b)(4)(i). The Partners’ Capital Accounts also shall be maintained and adjusted as permitted by the provisions of Regulation § 1.704-1(b)(2)(iv)(f) and as
required by the other provisions of Regulation §§ 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 Regulation § 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 § 1.704-1(b)(2)(iv)(l). 
  

 10 

 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 General Partner until the General Partner’s Adjusted Capital Account equals the GP Capital Base; and 
  
 (B) Thereafter, to the Limited Partners in accordance with the LP Percentage Interests. 
  
 (ii) Net Loss: 
  
 (A) First, to the Limited Partners in accordance with the LP
Percentage Interests until the Adjusted Capital Accounts of the Limited Partners are reduced to zero; and 
  
 (B) Thereafter, to the General 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. 
  
 (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 

  

 11 

 
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. 
  
 (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 

  

 12 

 
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 § 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 § 1.704-1(b)(4)(i), using any allocation method permitted by Regulation § 1.704-3. 
  
 5.03 Distributions of Cashflow from EPE Units. Promptly following the receipt of any distributions with respect to EPE 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 

  

 13 

 
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 General Partner until the General Partner’s GP Preference Return Amount has been reduced to zero; and

  
 (b) Thereafter, to the Limited Partners in accordance with the
LP Percentage Interests. 
  
 5.04 Distributions of Proceeds
from Sales of EPE Units. Promptly following the receipt of any proceeds from the sale of any EPE 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 General Partner until the GP Preference Return Amount has been reduced to zero; 
  
 (b) Next, to the General Partner until the GP Capital Base is reduced to zero; and 
  
 (c) Thereafter, to the Limited Partners in accordance with the LP Percentage Interests. 
  
 5.05 Restrictions on Distributions of EPE 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 EPE Units held by the Partnership prior to the Vesting Date. 
  
 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 EPE Units, or (ii) temporary investments of 

  

 14 

 
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; 
  
 (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, ITS 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, 

  

 15 

 
WHETHER KNOWN OR UNKNOWN, AGAINST ANY INDEMNITEE IN CONNECTION WITH THE PARTNERSHIP AND/OR THE BUSINESS CONDUCTED 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, AND 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 

  

 16 

 
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 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. 
  

 17 

 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. 
  
 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; 

 

 18 

 (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. 
  
 8.03 Tax Matters Partner. 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. 
  
 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). 
  

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. 
  

 19 

 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 a Required Interest of the 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’s
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 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. 
  

 20 

 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 and a Required Interest; 
  
 (b) unless otherwise agreed to by the General Partner and a Required Interest 30 days following the occurrence of the Vesting Date;

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

 21 

 (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 EPE 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 EPE Units to the Partners rather than sell the EPE Units and distributed cash proceeds of such sale to the Partners (for such amounts in excess of the GP Preference Return Amount and the GP Capital Base). 
  
 For purposes of this Section 11.02(c), the “fair market value” of each EPE
Unit held by the Partnership on the Vesting Date shall be equal to the average of the closing sale prices per EPE 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 EPE Units are traded or if the EPE Units are not 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 

  

 22 

 
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 addresses given
on the signature page hereto 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. 
  
 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 and a Required Interest, and (b) no 

  

 23 

 
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, and all references to Exhibits are to Exhibits attached hereto, each of which is made a part hereof for all purposes. 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. 

 
 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. 
  

 24 

 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. 
  
 (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 

  

 25 

 
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. 
  

 26 

 (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 EPCO, the
General Partner or any Affiliate thereof any right to continued employment nor shall it interfere in any way with the right of EPCO, the General Partner or any of its Affiliates to terminate the employment of any employee at any time. 
  
 12.14 Legal Representation. This Agreement and related documents have
been prepared by Vinson & Elkins L.L.P., as counsel for the General Partner, and not as counsel for 

  

 27 

 
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. 
  

 28 

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

  

									
	 GENERAL PARTNER:
	 	 	 	 EPCO HOLDINGS INC.

				
	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 	 	 Name:

	 	 	 	 	 	 	 	 	 Title:

  

									
	 LIMITED PARTNERS:
	 	 	 	 All Limited Partners initially admitted as Limited Partners of the Partnership, pursuant to Powers of Attorney executed in favor of, and
granted and delivered to the General Partner
  
 EPCO HOLDINGS, INC.
 (pursuant to powers of attorney)

				
	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 	 	 Name:

	 	 	 	 	 	 	 	 	 Title:

  

 Signature Page 

 POWER OF ATTORNEY 
 For Executing Agreement of Limited Partnership of EPE Unit L.P. 
  
 Know all by these presents, that the undersigned hereby constitutes and appoints EPCO Holdings, Inc. 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 limited partner thereunder that certain Agreement of Limited Partnership of EPE Unit L.P. (the “Partnership Agreement”);

  

	 	(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                         . 
  
 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

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