Document:

EX-10.1

 Exhibit 10.1 
 EXCHANGE AND REDEMPTION AGREEMENT 
 This Exchange and
Redemption Agreement, dated as of August 7, 2013 (this “Agreement”), is by and among Energy Transfer Equity, L.P., a Delaware limited partnership (“ETE”), ETE
Common Holdings, LLC, a Delaware limited liability company (“ETE Holdings” and together with ETE, the “ETE Parties”), and Energy Transfer Partners, L.P., a Delaware limited partnership
(“ETP”). ETE, ETE Holdings and ETP are sometimes individually referred to herein as a “Party” and collectively referred to herein as the “Parties.” Defined terms used but not
defined herein have the meaning given to them in Annex A.  
 WHEREAS,
ETE Holdings is the record holder of 50,226,967 common units (the “Subject Units”) representing limited partner interests of ETP (“ETP Common Units”);  

WHEREAS, prior to the Closing (as defined herein), ETE will contribute (the “ETE Unit
Contribution”) to ETE Holdings 5,160,000 ETP Common Units (the “Contributed Units”) and, as a result, ETE Holdings will own 55,386,967 ETP Common Units; 

WHEREAS, the Parties desire that ETP redeem from ETE Holdings 50,160,000 of the Subject Units (the
“Redeemed Units”) in exchange for the issuance by ETP of 50,160,000 Class H Units representing limited partner interests of ETP (“Class H Units”), the terms of which will be set forth in Amendment
No. 5 (the “Partnership Agreement Amendment”) to the Second Amended and Restated Agreement of Limited Partnership of ETP in the form attached as Annex B hereto (as amended, the “Partnership
Agreement”), upon the terms set forth in this Agreement;  

WHEREAS, in connection with the issuance of the Class H Units, ETE Holdings, ETE and ETP will enter
into a Unitholders Agreement in the form attached as Annex C hereto (the “Unitholders Agreement”); and 
 WHEREAS, in connection with the issuance of the Class H Units, ETE Holdings and ETP will enter into a Fifth Amended and Restated Limited Liability Company Agreement of
Sunoco Partners LLC, a Delaware limited liability company (“Sunoco GP”), in the form attached as Annex D hereto (the “Amended Sunoco GP LLC Agreement”), and ETE Holdings and ETP will approve and
ETP will execute and file a Certificate of Amendment to the Certificate of Organization of Sunoco GP, in a form agreed to by the Parties and necessary to permit the adoption of the Amended Sunoco GP LLC Agreement, with the Department of State of the
Commonwealth of Pennsylvania (the “Charter Amendment” and, together with this Agreement, the Unitholders Agreement and the Amended Sunoco GP LLC Agreement, the “Transaction Documents”).

 Accordingly, the Parties agree as follows: 

  
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 ARTICLE I 
 REDEMPTION OF THE REDEEMED UNITS 
 Section 1.1 Redemption and
Cancellation of the Redeemed Units. Pursuant to the terms of this Agreement, at the Closing (as defined herein), ETP shall redeem all of ETE Holdings’ right, title and interest in and to the Redeemed Units, free and clear of all Liens
in exchange for the delivery by ETP of the Class H Units as provided for in Section 1.3. The closing of the redemption of the Redeemed Units hereunder, along with the other transactions contemplated by this Agreement (the
“Closing”), shall take place on the first Business Day following the date on which all conditions set forth in Sections 1.4, 1.5 and 1.6 have been met (or waived by the Parties) (other than conditions
which can only be satisfied as of the Closing Date, which shall have been met or waived on such date) (the “Closing Date”) at the offices of Vinson & Elkins L.L.P., 1001 Fannin Street, Suite 2500, Houston, Texas,
unless otherwise agreed to in writing by the Parties. Immediately after the Closing, ETP shall cancel the Redeemed Units. 

Section 1.2 Delivery of Redeemed Units. At the Closing, ETE Holdings shall deliver or cause to be delivered to
ETP the Redeemed Units to be redeemed by ETP pursuant to this Agreement, together with such other transfer documents or instruments that may be necessary, or which ETP may reasonably request, in order to deliver to ETP the Redeemed Units, free and
clear of all Liens. 
 Section 1.3 Consideration for Redemption. As consideration for the
redemption described in Section 1.1, at the Closing, upon delivery of the Redeemed Units as set forth in Section 1.2, ETP shall issue to ETE Holdings 50,160,000 Class H Units. 

Section 1.4 Mutual Conditions to Each Party’s Obligations. The respective obligations of each Party to
consummate the transactions contemplated by this Agreement shall be subject to the satisfaction on or prior to the Closing Date of each of the following conditions (any or all of which may be waived by a Party on behalf of itself in writing, in
whole or in part, to the extent permitted by applicable Law): 
 (a) no Law shall have been enacted or promulgated, and no
action shall have been taken, by any Governmental Authority of competent jurisdiction that temporarily, preliminarily or permanently restrains, precludes, enjoins or otherwise prohibits the consummation of the transactions contemplated by this
Agreement or makes the transactions contemplated by this Agreement illegal; and 
 (b) there shall not be pending any suit,
action or proceeding by any Governmental Authority seeking to restrain, preclude, enjoin or prohibit the transactions contemplated by this Agreement. 
 Section 1.5 Conditions to the ETE Parties’ Obligations. The obligation of the ETE Parties to consummate the transactions contemplated by this Agreement shall be subject to
the satisfaction on or prior to the Closing Date of each of the following conditions (any or all of which may be waived by the ETE Parties in writing, in whole or in part, to the extent permitted by applicable Law): 

(a) ETP shall have performed and complied in all material respects with the covenants and agreements contained in this Agreement that are
required to be performed and complied with by ETP on or prior to the Closing Date; 

  
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 (b) each of the representations and warranties of ETP contained in Article III shall
be true and correct in all material respects on and as of the Closing Date with the same effect as though such representations and warranties had been made on and as of the Closing Date; 

(c) ETE shall have entered into the ETE Term Loan Amendment; and 
 (d) ETP shall have executed and delivered the closing deliverables described in Section 1.8. 
 Section 1.6 Conditions to ETP’s Obligations. The obligation of ETP to consummate the transactions contemplated by this Agreement shall be subject to the satisfaction on or
prior to the Closing Date of each of the following conditions (any or all of which may be waived by ETP in writing, in whole or in part, to the extent permitted by applicable Law): 

(a) each of the ETE Parties shall have performed and complied in all material respects with the covenants and agreements contained in this
Agreement that are required to be performed and complied with by such ETE Party on or prior to the Closing Date; 
 (b) each of
the representations and warranties of the ETE Parties contained in Article II shall be true and correct in all material respects on and as of the Closing Date with the same effect as though such representations and warranties had been made on
and as of the Closing Date; and 
 (c) each of the ETE Parties shall have executed and delivered the closing deliverables
described in Section 1.7. 
 Section 1.7 ETE Parties Closing Deliverables. Upon the terms
of this Agreement, at the Closing, the ETE Parties shall deliver (or cause to be delivered): 
 (a) the Redeemed Units and
such other transfer documents or instruments that may be necessary to deliver to ETP the Redeemed Units in accordance with Section 1.2; 
 (b) a certificate, dated the Closing Date and signed by a duly authorized officer on behalf of ETE and ETE Holdings, in his or her capacity as such, stating that: 

 

	 	(i)	each of the ETE Parties has performed and complied in all material respects with the covenants and agreements contained in this Agreement that are required to be
performed and complied with by such ETE Party on or prior to the Closing Date; and 

  

	 	(ii)	each of the representations and warranties of the ETE Parties contained in Article II are true and correct on and as of the Closing Date in all material
respects; 

 (c) the Unitholders Agreement, which shall have been duly executed on behalf of ETE Holdings and ETE;

  
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 (d) the Amended Sunoco GP LLC Agreement, which shall have been duly executed on behalf of
ETE Holdings; and 
 (e) all other documents, instruments and writings required to be delivered by each of the ETE Parties at the
Closing under this Agreement. 
 Section 1.8 ETP Closing Deliverables. Upon the terms of this
Agreement, at the Closing, ETP shall deliver (or cause to be delivered): 
 (a) a certificate, dated the Closing Date and
signed by a duly authorized officer on behalf of ETP, in his or her capacity as such, stating that: 
  

	 	(i)	ETP has performed and complied in all material respects with the covenants and agreements contained in this Agreement that are required to be performed and complied
with by ETP on or prior to the Closing Date; and 

  

	 	(ii)	each of the representations and warranties of ETP contained in Article III are true and correct on and as of the Closing Date in all material respects;

 (b) the Unitholders Agreement, which shall have been duly executed on behalf of ETP; 

(c) the Partnership Agreement Amendment, which shall have been duly executed on behalf of the General Partner and which shall evidence the
issuance of the Class H Units to ETE Holdings; 
 (d) the Charter Amendment, which shall have been duly executed by ETP, as an
authorized member of Sunoco GP, and filed by ETP with the Department of State of the Commonwealth of Pennsylvania; 
 (e) the
Amended Sunoco GP LLC Agreement, which shall have been duly executed on behalf of ETP; and 
 (f) all other documents,
instruments and writings required to be delivered by ETP at the Closing under this Agreement. 
 ARTICLE II 

REPRESENTATIONS AND WARRANTIES OF THE ETE PARTIES 
 The ETE Parties jointly and severally represent and warrant to ETP as of the date hereof as follows: 
 Section 2.1 Organization. Each of the ETE Parties is an entity duly formed, validly existing and in good standing under the Laws of the State of Delaware. 

  
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 Section 2.2 Power and Authority; Enforceability. Each of the ETE
Parties has full limited partnership or limited liability company power and authority, as applicable, to execute and deliver each of the Transaction Documents, to the extent it is a party thereto, and consummate the transactions contemplated by the
Transaction Documents to which it is a party. The execution and delivery by the ETE Parties of the Transaction Documents and the consummation of the transactions contemplated thereby have been duly authorized by all requisite limited partnership or
limited liability company action, as applicable, on the part of the ETE Parties party thereto and no further consent, approval or action is required by or from ETE, the board of directors of ETE’s general partner, ETE’s unitholders, any of
ETE’s creditors or ETE Holdings in connection with the transactions contemplated hereby or thereby. Assuming this Agreement has been duly authorized, executed and delivered by ETP, this Agreement constitutes a legal, valid and binding
obligation of the ETE Parties, enforceable against the ETE Parties in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium and other Laws of general application affecting enforcement
of creditors’ rights generally and (ii) as limited by Laws relating to the availability of specific performance, injunctive relief or other equitable remedies (the “Enforceability Exceptions”). On the
Closing Date, assuming the Unitholders Agreement has been duly authorized, executed and delivered by ETP, the Unitholders Agreement will constitute a legal, valid and binding obligation of the ETE Parties, enforceable against the ETE Parties in
accordance with its terms, subject to the Enforceability Exceptions. On the Closing Date, assuming the Amended Sunoco GP LLC Agreement has been duly authorized, executed and delivered by ETP and the Charter Amendment has been duly authorized and
executed by ETP and filed by ETP with the Department of State of the Commonwealth of Pennsylvania, the Amended Sunoco GP LLC Agreement will constitute a legal, valid and binding obligation of ETE Holdings, enforceable against ETE Holdings in
accordance with its terms, subject to the Enforceability Exceptions. 
 Section 2.3 No
Conflicts. The execution, delivery and performance by each ETE Party of the Transaction Documents to which such ETE Party is a party, and the transactions contemplated thereby, do not and will not (a) violate any Law applicable to the
ETE Parties, (b) conflict with any provision of the certificate of formation, certificate of limited partnership, limited liability company agreement or partnership agreement, as applicable, of the ETE Parties, (c) require or make
necessary any consent, approval or other action of, or notice to, any Person under any agreement or other document or instrument to which the ETE Parties are a party or by which the ETE Parties, or any of the ETE Parties’ assets or properties,
are bound, except for (i) the consent required under the ETE Term Loan and (ii) those consents, approvals or other actions that have already been obtained or made, or (d) conflict with, or result in a violation of, any agreement or
other document or instrument to which the ETE Parties are a party or by which the ETE Parties, or any of the ETE Parties’ assets or properties, are bound. 
 Section 2.4 Redeemed Units. As of the date hereof, ETE Holdings is the record and beneficial owner of 50,226,967 ETP Common Units, and, after giving effect to the ETE Unit
Contribution, will be the record and beneficial owner of 55,386,967 ETP Common Units. After giving effect to the transactions contemplated hereby, ETE Holdings will be the record and beneficial owner of 5,226,967 ETP Common Units. The Subject Units
and the Contributed Units will constitute all of the ETP Common Units owned of record or beneficially by ETE Holdings immediately prior to giving effect to the transactions contemplated hereby. Upon delivery of the Redeemed Units to ETP at the
Closing and upon issuance of the Class H Units to  

  
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ETE Holdings as consideration as provided for in Section 1.3, ETE Holdings shall deliver the Redeemed Units to ETP free and clear of all Liens. None of the Redeemed Units are subject
to any voting trust or other contract, agreement, arrangement, commitment or understanding, written or oral, restricting or otherwise relating to the voting or disposition of the Redeemed Units, other than this Agreement and the organizational
documents of ETP. No proxies or powers of attorney have been granted with respect to the Redeemed Units, other than proxies or powers of attorney that (a) would not reasonably be expected to impair the ability of ETE Holdings to deliver the
Redeemed Units to ETP as contemplated hereby and (b) would not apply to the Redeemed Units after the delivery of the Redeemed Units to ETP pursuant to this Agreement. Except as contemplated herein, there are no outstanding warrants, options,
agreements, convertible or exchangeable securities or other commitments pursuant to which ETE Holdings is or may become obligated to transfer any of the Redeemed Units, except as (x) would not reasonably be expected to impair the ability of ETE
Holdings to deliver the Redeemed Units to ETP as contemplated hereby and (y) would not apply to the Redeemed Units after the delivery of the Redeemed Units to ETP pursuant to this Agreement. 

Section 2.5 Litigation. There is no action, suit, claim, proceeding or other legal, administrative or
arbitrational proceeding (“Proceeding”) pending or, to the knowledge of the ETE Parties, threatened against the ETE Parties, or against any officer, manager or director of the ETE Parties, in each case related
to the Redeemed Units or the transactions contemplated hereby. The ETE Parties are not a party or subject to any order, writ, injunction, judgment or decree of any court or Governmental Authority relating to the Redeemed Units or the transactions
contemplated hereby. 
 Section 2.6 Governmental Authorizations. Except for any filings that may
be required pursuant to Sections 13(d), 13(f) and 13(g) of the Exchange Act, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any Governmental Authority is required on the part
of the ETE Parties in connection with the execution, delivery and performance by the ETE Parties of the Transaction Documents to which they are a party or the delivery of the Redeemed Units to ETP pursuant to this Agreement. 

Section 2.7 Unregistered Securities. 

(a) Accredited Investor Status; Sophisticated Acquiror. ETE Holdings is an “accredited investor” within the meaning of
Rule 501 under the Securities Act and is able to bear the risk of its investment in the Class H Units. ETE Holdings has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of its
investment in the Class H Units. 
 (b) Cooperation. ETE Holdings shall cooperate reasonably with ETP to provide any
information required to be included in ETP’s securities filings. 
 (c) Acquiror Representation. ETE Holdings is
acquiring the Class H Units for its own account and not with a view to distribution in violation of any securities laws. ETE Holdings understands and acknowledges that there is no public trading market for the Class H Units and that none is expected
to develop. ETE Holdings has been advised and understands and acknowledges that the Class H Units have not been registered under the Securities Act or under 

  
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the “blue sky” laws of any jurisdiction and may be resold only if registered pursuant to the provisions of the Securities Act (or if eligible, pursuant to the provisions of Rule 144
promulgated under the Securities Act or pursuant to another available exemption from the registration requirements of the Securities Act) and any applicable state laws. ETE Holdings has been advised of and is aware of the provisions of Rule 144
promulgated under the Securities Act. 
 (d) Legends. ETE Holdings understands and acknowledges that, until such time as
the Class H Units have been registered pursuant to the provisions of the Securities Act, or the Class H Units are eligible for resale pursuant to Rule 144 promulgated under the Securities Act without any restriction as to the number of securities as
of a particular date that can then be immediately sold, the Class H Units will be subject to the transfer restrictions as contemplated by the Partnership Agreement. 
 Section 2.8 Acknowledgement. The ETE Parties acknowledge that they have made their own analysis of the fairness of the transactions contemplated hereby and have not relied on any
advice or recommendation by ETP or its partners, directors, officers, agents or affiliates with respect to their decision to enter into this Agreement and to consummate the transactions contemplated hereby. The ETE Parties have had sufficient
opportunity and time to investigate and review the business, management and financial affairs of ETP, and have had sufficient access to management of ETP, before their decision to enter into this Agreement, and further have had the opportunity to
consult with all advisers they deem appropriate or necessary to consult with in connection with this Agreement and any action arising hereunder, including tax and accounting advisers. The ETE Parties acknowledge that, in connection with their entry
into this Agreement and consummation of the transactions contemplated hereby, the ETE Parties have not relied on any representations or warranties of ETP, or any partner, director, officer, affiliate or representative of ETP, except for the
representations or warranties of ETP set forth in Article III of this Agreement and the documents delivered by ETP in connection with the transactions contemplated hereby. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF ETP 
 ETP represents and warrants to the ETE Parties as of the date hereof as follows: 

Section 3.1 Organization. ETP is a limited partnership duly formed, validly existing and in good standing under
the Laws of the State of Delaware. 
 Section 3.2 Power and Authority; Enforceability; Valid Issuance.

 (a) ETP has full limited partnership power and authority to execute and deliver the Transaction Documents and consummate the
transactions contemplated thereby. The execution and delivery by ETP of the Transaction Documents, the issuance of the Class H Units and the consummation of the transactions contemplated thereby have been duly authorized by all requisite limited
partnership or other organizational action on the part of ETP and no further consent, approval or action is required by or from ETP, the board of directors of the General Partner’s general partner, ETP’s unitholders or any of ETP’s
creditors in connection with the transactions contemplated hereby or thereby. Assuming this Agreement has been duly 

  
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authorized, executed and delivered by the ETE Parties, this Agreement constitutes a legal, valid and binding obligation of ETP, enforceable against ETP in accordance with its terms, subject to
the Enforceability Exceptions. On the Closing Date, assuming the Unitholders Agreement has been duly authorized, executed and delivered by the ETE Parties, the Unitholders Agreement constitutes a legal, valid and binding obligation of ETP,
enforceable against ETP in accordance with its terms, subject to the Enforceability Exceptions. On the Closing Date, assuming the Amended Sunoco GP LLC Agreement has been duly authorized, executed and delivered by ETE Holdings, the Amended Sunoco GP
LLC Agreement constitutes a legal, valid and binding obligation of ETP, enforceable against ETP in accordance with its terms, subject to the Enforceability Exceptions. 
 (b) The Class H Units have been duly authorized in accordance with the Partnership Agreement, and when issued and delivered in accordance with this Agreement, the Class H Units will be validly issued,
fully paid and non-assessable and free of any and all Liens and restrictions on transfer, other than restrictions on transfer that may be imposed by state or federal securities laws or the Partnership Agreement. 

Section 3.3 No Preemptive Rights, Registration Rights or Options. There are no (i) preemptive rights,
rights of first refusal, rights of first offer, purchase options, call options or other similar rights of any Person with respect to or under applicable Law or under the Partnership Agreement or any other organizational or constitutive instruments
of ETP relating to the Class H Units or (ii) restrictions upon the voting or transfer of the Class H Units. ETP has not granted registration rights for or relating to the registration of any Class H Units. 

Section 3.4 No Conflicts. The execution, delivery and performance by ETP of the Transaction Documents, and the
transactions contemplated thereby, do not and will not (a) violate any Law applicable to ETP, (b) conflict with any provision of the certificate of limited partnership or the Partnership Agreement of ETP, (c) require or make necessary
any consent, approval or other action of, or notice to, any Person under any agreement or other document or instrument to which ETP is a party or by which ETP, or any of ETP’s assets or properties, is bound, except for those that have been
obtained or made prior to the date hereof, or (d) conflict with, or result in a violation of, any agreement or other document or instrument to which ETP is a party or by which ETP, or any of ETP’s assets or properties, is bound.

 Section 3.5 Litigation. There is no Proceeding pending or, to the knowledge of ETP, threatened
against ETP, or against any officer, manager, partner or director of ETP, in each case related to the Redeemed Units, the Class H Units or the transactions contemplated hereby. ETP is not a party or subject to any order, writ, injunction, judgment
or decree of any court or Governmental Authority relating to the Redeemed Units, the Class H Units or the transactions contemplated hereby. 
 Section 3.6 Governmental Authorizations. Except for any filings that may be required pursuant to Sections 13(d), 13(f) and 13(g) of the Exchange Act, no consent, approval, order
or authorization of, or registration, qualification, designation, declaration or filing with, any Governmental Authority is required on the part of ETP in connection with the execution, delivery and performance by ETP of the Transaction Documents or
the issuance of the Class H Units. 

  
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 Section 3.7 Private Placement. Assuming the accuracy of the
representations and warranties set forth in Article II, the issuance of the Class H Units to ETE as contemplated herein is exempt from the registration requirements of the Securities Act. 

ARTICLE IV 

SURVIVAL 

All representations and warranties contained in this Agreement shall survive the execution, delivery and performance of this Agreement
for one year after the Closing Date. 
 ARTICLE V 
 COVENANTS 
  
 Section 5.1 Reasonable Best Efforts Prior to Closing. Prior to Closing, each of the Parties shall use its reasonable best efforts to take, or cause to be taken, all actions necessary or
appropriate to satisfy the conditions to Closing set forth in Article I hereunder and to consummate the transactions contemplated by this Agreement. 
 Section 5.2 Prohibition on Sale of Redeemed Units. Prior to Closing, ETE Holdings shall not sell, transfer, offer for sale, pledge, hypothecate or otherwise dispose of the Redeemed
Units. 
 ARTICLE VI 
 MISCELLANEOUS. 
 Section 6.1 Interpretation. Unless the
context of this Agreement otherwise requires: 
 (a) words of any gender include each other gender; 

(b) words using the singular or plural number also include the plural or singular number, respectively; 

(c) the terms “hereof,” “herein,” “hereby,” “hereto,” and similar words refer to this entire
Agreement and not to any particular Article, Section, Clause, Exhibit, or Schedule or any subdivision of this Agreement; 
 (d)
references to “Article,” “Section,” “Annex,” subsection or other subdivision are to the Articles, Sections, Annexes, subsections and other subdivisions respectively, of this Agreement unless explicitly provided
otherwise; 
 (e) the words “include” or “including” shall be deemed to be followed by “without
limitation” or “but not limited to” whether or not such words are followed by such phrases or phrases of like import; 

  
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 (f) references to “this Agreement” or any other agreement or document shall be
construed as a reference to such agreement or document as amended, modified or supplemented and in effect from time to time and shall include a reference to any document which amends, modifies or supplements it; and 

(g) the word “or” shall not be exclusive. 
 Section 6.2 No Third-Party Beneficiaries. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any Person other than the Parties hereto and
their respective successors or permitted assigns any legal or equitable right, remedy or claim under, in or in respect of this Agreement or any provision herein contained. 

Section 6.3 Assignment. None of the Parties may assign all or any part of this Agreement without the prior
written consent of the other Parties hereto. 
 Section 6.4 Amendment; Waiver. This Agreement
may not be amended, modified, supplemented, or restated, nor may any provision of this Agreement be waived, other than through a written instrument adopted, executed and agreed to by each of the Parties hereto. 

Section 6.5 Further Assurances. In connection with this Agreement and the transactions contemplated hereby, each
of the Parties shall execute and deliver all such future instruments and take such further action as may be reasonably necessary or appropriate to carry out the provisions of this Agreement and the intention of the parties. 

Section 6.6 Notices. Any notice, demand or communication required or permitted under this Agreement shall be in
writing and delivered personally, by reputable overnight delivery service or other courier or by certified mail, postage prepaid, return receipt requested, and shall be deemed to have been duly given (a) as of the date of delivery if delivered
personally or by overnight delivery service or other courier or (b) on the date receipt is acknowledged if delivered by certified mail, addressed as follows; provided that a notice of a change of address shall be effective only upon receipt
thereof: 
 If to either ETE Party to: 
 Energy Transfer Equity, L.P. 
 3738 Oak Lawn 

Dallas, Texas 75219 
 Telephone: (832) 668-1210 or (214) 981-0763 
 Facsimile:
(832) 668-1127 
 Attention: General Counsel 
 With a copy (not itself constituting notice) to: 
 Latham & Watkins LLP

 811 Main Street, Suite 3700 
 Houston, Texas 77002 
 Telephone: (713) 546-7410 

Facsimile: (713) 546-5401 
 Attention: William N. Finnegan IV 

  
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 If to ETP: 
 Energy Transfer Partners, L.P. 
 3738 Oak Lawn 

Dallas, Texas 75219 
 Telephone: (832) 668-1210 or (214) 981-0763 
 Facsimile:
(832) 668-1127 
 Attention: General Counsel 
 With a copy (not itself constituting notice) to: 
 Vinson & Elkins L.L.P.

 2500 First City Tower 
 1001 Fannin, Suite 2500 
 Houston, Texas 77002 

Telephone: (713) 758-3452 
 Facsimile: (713) 615-5650 
 Attention: W. Matthew Strock 

Section 6.7 Entire Agreement; Supersede. This Agreement, and any other writings referred to herein or delivered
pursuant hereto, constitutes the entire agreement among the Parties hereto with respect to the subject matter hereof and supersedes all prior contracts, agreements and understandings, whether oral or written, among the Parties with respect to the
subject matter hereof. 
 Section 6.8 Governing Law. This Agreement shall be governed by and
construed and interpreted in accordance with the Laws of the State of Delaware, without giving effect to the conflicts of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the Laws
of any jurisdiction other than the State of Delaware. 
 Section 6.9 Consent to Jurisdiction.
The Parties irrevocably submit to the exclusive jurisdiction of (a) the Chancery Court of the State of Delaware, and (b) any state appellate court therefrom within the State of Delaware (or, only if the Chancery Court of the State of
Delaware declines to accept jurisdiction over a particular matter, any state or federal court within the State of Delaware), for the purposes of any Proceeding arising out of this Agreement or the transactions contemplated hereby (and each agrees
that no such Proceeding relating to this Agreement or the transactions contemplated hereby shall be brought by it except in such courts). The Parties irrevocably and unconditionally waive (and agree not to plead or claim) any objection to the laying
of venue of any Proceeding arising out of this Agreement or the transactions contemplated hereby in (i) the Chancery Court of the State of Delaware, or (ii) any state appellate court therefrom within the State of Delaware (or, only if the
Chancery Court of the State of Delaware declines to accept jurisdiction over a particular matter, any state or federal court within the State of Delaware) or that any such Proceeding brought in any such court has been brought in an inconvenient
forum. Each of the Parties hereto also agrees that any final and  

  
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non-appealable judgment against a Party hereto in connection with any Proceeding shall be conclusive and binding on such Party and that such award or judgment may be enforced in any court of
competent jurisdiction, either within or outside of the United States. A certified or exemplified copy of such award or judgment shall be conclusive evidence of the fact and amount of such award or judgment. 

Section 6.10 Specific Performance. The Parties agree that irreparable damage would occur in the event that any
of the provisions of this Agreement were not performed prior to termination of this Agreement in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the Parties shall be entitled to an injunction or
injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in the Chancery Court of the State of Delaware without bond or other security being required, this being in addition to any
other remedy to which they are entitled at law or in equity. 
 Section 6.11 Waiver of Jury
Trial. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY ACTION OR PROCEEDING TO ENFORCE OR TO DEFEND ANY RIGHTS UNDER THIS AGREEMENT SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. 

Section 6.12 Headings. The descriptive headings used herein are inserted for convenience of reference only, do
not constitute a part of this Agreement, and shall not affect in any manner the meaning or interpretation of this Agreement. 
 Section 6.13 Counterparts. This Agreement may be executed in any number of counterparts (including facsimile counterparts), all of which together shall constitute a single
instrument. 
 Section 6.14 Effectiveness. This Agreement shall become effective when it shall
have been executed by the Parties hereto. 
 [signature page follows] 

  
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 IN WITNESS WHEREOF, each of the Parties have duly executed this Agreement as of the date
first written above. 
  

			
	ENERGY TRANSFER EQUITY, L.P.
		
	By:	 	LE GP, LLC,
		 	its general partner
		
	By:	 	/s/ John W. McReynolds       
	Name:	 	John W. McReynolds
	Title:	 	President

  

			
	ETE COMMON HOLDINGS, LLC
		
	By:	 	/s/ John W. McReynolds       
	Name:	 	John W. McReynolds
	Title:	 	President and Chief Financial Officer

  

			
	ENERGY TRANSFER PARTNERS, L.P.
		
	By:	 	ENERGY TRANSFER PARTNERS GP, L.P.,
		 	its general partner
		
	By:	 	ENERGY TRANSFER PARTNERS, L.L.C.,
		 	its managing member
		
	By:	 	/s/ Thomas P.Mason       
	Name:	 	Thomas P. Mason
	Title:	 	Senior Vice President and General Counsel

 [Exchange Agreement Signature Page] 

 ANNEX A 
 Definitions 
 As used in this Agreement, the following terms have the
meanings ascribed thereto below: 
 “Business Day” means any day that is not a Saturday,
Sunday or other day on which commercial banks in the State of Texas are authorized or obligated to be closed by applicable Laws. 
 “ETE Term Loan Amendment” means Amendment No. 3 to the ETE Term Loan. 
 “ETE Term Loan” means that certain Senior Secured Term Loan Agreement dated as of March 23, 2012 (as amended by that certain Amendment No. 1 to Senior
Secured Term Loan Agreement dated August 2, 2012 and that certain Amendment No. 2 to Senior Secured Term Loan Agreement dated April 25, 2013). 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “General Partner” means Energy Transfer Partners GP, L.P., the general partner of ETP.  

“Governmental Authority” means any federal, state, local or foreign government or any court,
arbitral tribunal, administrative or regulatory agency, self-regulatory organization (including the New York Stock Exchange) or other governmental authority, agency or instrumentality. 

“Law” means any applicable constitutional provisions, statute, act, code, common law, regulation,
rule, ordinance, order, decree, ruling, proclamation, resolution, judgment, decision, declaration, or interpretation or advisory opinion or letter of a domestic, foreign or international Governmental Authority.  

“Lien” means (i) any lien, hypothecation, pledge, collateral assignment, security interest,
charge or encumbrance of any kind, whether such interest is based on the common law, statute or contract, and whether such obligation or claim is fixed or contingent (including any agreement to give any of the foregoing) and any option, trust or
other preferential arrangement having the practical effect of any of the foregoing, other than in each case, the restrictions under applicable securities laws and the Partnership Agreement and (ii) any purchase option, right of first refusal,
right of first offer, call or similar right of a third party. 
 “Person”
means any natural person, corporation, limited partnership, general partnership, limited liability company, joint stock company, joint venture, association, company, estate, trust, bank trust company, land trust, business trust, or other
organization, whether or not a legal entity, custodian, trustee-executor, administrator, nominee or entity in a representative capacity and any Governmental Authority. 

“Securities Act” means the Securities Act of 1933, as amended. 

  
 A-1

 ANNEX B 
 Form of Partnership Agreement Amendment 

  
 B-1

 Annex B 
 AMENDMENT NO. 5 TO 
 SECOND AMENDED AND RESTATED AGREEMENT OF
LIMITED 
 PARTNERSHIP 
 OF 
 ENERGY TRANSFER PARTNERS, L.P. 

AUGUST [•], 2013 
 This Amendment No. 5 (this “Amendment No. 5”) to the Second Amended and Restated Agreement of Limited Partnership of Energy Transfer Partners, L.P. (the
“Partnership”), dated as of July 28, 2009, as amended by Amendment No. 1 thereto dated as of March 26, 2012, Amendment No. 2 thereto dated as of October 5, 2012, Amendment No. 3 thereto dated
April 15, 2013, and Amendment No. 4 thereto dated April 30, 2013 (as so amended, the “Partnership Agreement”) is hereby adopted effective as of August [•], 2013, by
Energy Transfer Partners GP, L.P., a Delaware limited partnership (the “General Partner”), as general partner of the Partnership. Capitalized terms used but not defined herein have the meaning given such terms in the
Partnership Agreement. 
 WHEREAS, Section 13.1(g) of the Partnership Agreement provides that the General
Partner, without the approval of any Partner, may amend any provision of the Partnership Agreement, to reflect an amendment that, in the discretion of the General Partner, is necessary or advisable in connection with the authorization of issuance of
any class or series of Partnership Securities pursuant to Section 5.6 of the Partnership Agreement; and 
 WHEREAS, in
connection with the transactions contemplated by the Exchange and Redemption Agreement dated as of August 7, 2013 by and among the Partnership, ETE Common Holdings, LLC, a Delaware limited liability company, and Energy Transfer Equity,
L.P., a Delaware limited partnership, the Partnership has agreed to issue limited partner interests designated as Class H Units having the rights, preferences and privileges set forth in this Amendment No. 5; and 

WHEREAS, the General Partner has determined that the authorization of issuance of the new class of Partnership Securities to be
designated as “Class H Units” provided for in this Amendment No. 5 will be in the best interests of the Partnership and beneficial to the Limited Partners, including the holders of the Common Units; and 

WHEREAS, the General Partner has determined, pursuant to Section 13.1(g) of the Partnership Agreement, that the amendments to the
Partnership Agreement set forth herein are necessary or advisable in connection with the authorization of the issuance of the Class H Units; and 

  
 B-2

 NOW THEREFORE, the General Partner does hereby amend the Partnership Agreement as follows:

 Section 1. Amendments. 
 (a) Section 1.1 of the Partnership Agreement is hereby amended to add or amend and restate the following definitions in the appropriate alphabetical order: 

(i) “Class H Units” means a limited partner Partnership Interest which shall confer upon the holder thereof
only the rights and obligations specifically provided in this Agreement with respect to Class H Units. 
 (ii)
“Exchange and Redemption Agreement” means that certain Exchange and Redemption Agreement, by and among the Partnership, ETE Holdings and Energy Transfer Equity, L.P., dated as of August 7, 2013. 

(iii) “ETE Holdings” means ETE Common Holdings, LLC, a Delaware limited liability company. 

(iv) “Percentage Interest” means as of any date of determination (a) as to the General Partner with respect
to its General Partner Interest, the product obtained by dividing (i) the Capital Account balance of the General Partner by (ii) the aggregate Capital Account balances of all Limited Partners and the General Partner, (b) as to any
holder of a Common Unit or Assignee holding Common Units, the product of (i) 100% less the percentages applicable to paragraphs (a) and (c) multiplied by (ii) the quotient of the number of Common Units held by such Unitholder or
Assignee divided by the total number of all Outstanding Common Units, and (c) as to the holders of additional Partnership Securities issued by the Partnership in accordance with Section 5.6, the percentage established as a part of such
issuance. The Percentage Interest with respect to an Incentive Distribution Right and a Class H Unit shall at all times be zero. 
 (v) “Sunoco Partners LLC” means Sunoco Partners LLC, a Pennyslvania limited liability company. 
 (vi) “SXL” means Sunoco Logistics Partners, L.P., a Delaware limited partnership. 
 (vii) “SXL GP Interest” means the General Partner Interest (as such term is defined in the SXL Partnership Agreement) issued by SXL to, and held by, Sunoco Partners LLC.

 (viii) “SXL GP Percentage” means 50.05% unless reduced pursuant to Section 5.12(b)(iv).

 (ix) “SXL IDRs” means the Incentive Distribution Rights (as such term is defined in the SXL
Partnership Agreement) issued by SXL to, and held by, Sunoco Partners LLC. 

  
 B-3

 (x) “SXL IDRs Percentage” means 50.05%. 

(xi) “SXL Partnership Agreement” means the Third Amended and Restated Agreement of Limited Partnership of SXL
dated as of January 26, 2010, as it may be amended from time to time. 
 (xii) “Unit” means a
Partnership Interest of a Limited Partner or Assignee in the Partnership and shall include Common Units, Class E Units and Class G Units, but shall not include (x) the general partner interest in the Partnership, (y) the Incentive
Distribution Rights or (z) the Class H Units. 
 (b) Article V of the Partnership Agreement is hereby amended by adding
a new Section 5.12 at the end thereof as follows: 
 “5.12 Establishment of Class H Units. 

(a) General. The General Partner hereby designates and creates a class of Partnership Securities to be designated
as “Class H Units” and initially consisting of a total of 50,160,000 Class H Units. The initial Class H Units shall be issued to ETE Holdings in exchange for 50,160,000 Common Units owned by ETE Holdings and currently
outstanding and certain cash consideration to be paid in accordance with the Exchange and Redemption Agreement, and the redeemed Common Units shall be cancelled upon the issuance of the Class H Units in accordance with the Exchange and
Redemption Agreement. In accordance with Section 5.6, the General Partner shall have the power and authority to issue additional Class H Units in the future. 

(b) Rights of Class H Units. The Class H Units shall have the following rights, preferences and
privileges and shall be subject to the following duties and obligations: 
 (i) Initial Capital Account.
The initial capital account with respect to each Class H Unit will be equal to the capital account of the Common Unit for which such Class H Unit was exchanged pursuant to the Exchange and Redemption Agreement. 

(ii) Allocations. 
 (A) The Class H Units shall not be entitled to receive any (i) Net Income allocations pursuant to Section 6.1(a), (ii) Net Loss allocations pursuant to Section 6.1(b),
(iii) Net Termination Gains and Net Termination Losses allocations pursuant to Section 6.1(c) or (iv) except as otherwise provided in Section 5.12(b)(ii)(B), special allocations pursuant to
Section 6.1(d). Allocations pursuant to Sections 6.1(a), 6.1(b), 6.1(c) and 6.1(d) (except as otherwise provided in Section 5.12(b)(ii)(B)) shall be made consistent with the fact that the
Class H Units are not Units and the holders of the Class H Units are not Unitholders and have no Percentage Interests with respect to their Class H Units. 

  
 B-4

 (B) For each taxable period, after the application of
Section 6.1(d)(iii)(A) but before the application of Section 6.1(d)(iii)(B), the holders of the Class H Units shall be allocated, pro rata in proportion to the number of Class H Units of each such holder, (1) the SXL GP
Percentage of (x) all Net Income or Net Losses (as such terms are defined and such amounts determined pursuant to the SXL Partnership Agreement), (y) all Net Termination Gains or Net Termination Losses (as such terms are defined and such
amounts determined pursuant to the SXL Partnership Agreement) and (z) any other items of income, gain, loss or deduction allocated to the Partnership by Sunoco Partners LLC with respect to the SXL GP Interest for such taxable period (including,
for the avoidance of doubt, any gain or loss allocable by the Partnership that is attributable to the sale of the SXL GP Interest) and (2) (x) gross income and gain until the aggregate amount of such items allocated pursuant to this
Section 5.12(b)(ii)(B)(2)(x) for the current taxable period and all previous taxable periods is equal to the cumulative amount of all distributions made to the holders of the Class H Units pursuant to
Section 5.12(b)(iii)(B)(2) and (y) the SXL IDRs Percentage of all Net Termination Gains or Net Termination Losses (as such terms are defined and such amounts determined pursuant to the SXL Partnership Agreement) and any other items
of income, gain, loss or deduction allocated to the Partnership by Sunoco Partners LLC with respect to the SXL IDRs for such taxable period other than gross income or gain that was allocated to Sunoco Partners with respect to the SXL IDRs pursuant
to Section 6.1(d)(iii)(B) of the SXL Partnership Agreement. 
 (C) For each taxable period, after
the application of Section 6.1(d)(iii)(A) but before the application of Section 6.1(d)(iii)(B), and after making the allocations provided for in Section 5.12(b)(ii)(B), the holders of the Class H Units shall be
allocated, pro rata in proportion to the number of Class H Units of each such holder gross income or gain until the aggregate amount of such items allocated to the holders of the Class H Units pursuant to this Section 5.12(b)(ii)(C) for
the current taxable period and all previous taxable periods is equal to the cumulative amount of all distributions made to the holders of the Class H Units pursuant to Section 5.12(b)(iii)(C). 

  
 B-5

 (D) The allocation provisions set forth in
Sections 5.12(b)(ii)(B) and 5.12(b)(ii)(C) shall be effective as of the first Business Day of the month during which the Class H Units are issued pursuant to the Exchange and Redemption Agreement, and the Class H Units will be
deemed to have been issued and outstanding, and the Common Units for which such Class H Units were exchanged shall be deemed to not be outstanding, on such first Business Day for purposes of Section 5.12(b)(ii)(B) and applying the
provisions of Section 6.2(g). 
   (iii) Distributions. 

(A) The holders of the Class H Units shall be entitled to receive distributions of Available Cash only to the extent set
forth in Section 5.12(b)(iii)(B) and, consistent with the fact that the Class H Units are not Units and the holders of the Class H Units are not Unitholders and have no Percentage Interests with respect to their Class H Units, shall not
be entitled to receive distributions of Available Cash pursuant to Sections 6.4 or 6.5. 
 (B)
Prior to making any distributions of Available Cash with respect to any Quarter pursuant to Sections 6.4 or 6.5, subject to Section 17-607 of the Delaware Act, Available Cash with respect to any Quarter that is deemed to be
either Operating Surplus or Capital Surplus and that would otherwise be distributed pursuant to Sections 6.4 or 6.5 will first be distributed to the holders of the Class H Units, pro rata in proportion to the number of Class H
Units of each such holder, as follows: 
 (1) first, an amount equal to the excess, if any, of (a) the SXL
GP Percentage of all amounts currently or previously distributed, in each case on or after August [•],
20131, to the Partnership by Sunoco Partners LLC with
respect to the SXL GP Interest (including any proceeds attributable to the sale of the SXL GP Interest) over (b) the cumulative amount of Available Cash previously distributed to the holders of Class H Units pursuant to this
Section 5.12(b)(iii)(B)(1); 
 (2) second, an amount equal to the excess, if any, of (a) the
SXL IDRs Percentage of all amounts currently or previously distributed, in each case on or after August [•],
20132, to the Partnership by Sunoco Partners LLC with
respect to the SXL IDRs (including any proceeds attributable to the sale of the SXL IDRs), over (b) the cumulative amount of Available Cash previously distributed to the holders of Class H Units pursuant to this
Section 5.12(b)(iii)(B)(2); and 
  

	1 	The date of this Amendment No. 5. 

	2 	 The date of this Amendment No. 5. 

  
 B-6

 (3) third, an amount equal to the excess, if any, of (a) the amount
set forth below under the column entitled “Distribution Amount” with respect to each completed Quarter specified below; provided, however, (i) in the event that, for any Quarter commencing on or after June 30, 2013 and ending on
or before March 31, 2017 as to which the amount of distributions relating to the Incentive Distribution Rights relinquished as a result of Section 6.4(d) exceeds the amount specified in the column below entitled “Adjustment
Amount,” then the amount of the distribution specified below under the caption “Distribution Amount” shall be increased by the amount of such excess for such Quarter and (ii) in the event that, for any Quarter commencing on or
after June 30, 2013 and ending on or before March 31, 2017 as to which the amount of distributions relating to the Incentive Distribution Rights relinquished as a result of Section 6.4(d) is less than the amount specified in
the column below entitled “Adjustment Amount,” then the amount of the distribution specified below under the caption “Distribution Amount” shall be reduced by the amount of such deficiency for such Quarter over (b) the
cumulative amount of Available Cash previously distributed to the holders of the Class H Units pursuant to this Section 5.12(b)(iii)(B)(3). 
  

									
	 Quarter Ending
	  	Distribution Amount	 	  	Adjustment Amount	 
	 September 30, 2013
	  	$	35,000,000	  	  	$	24,000,000	  
	 December 31, 2013
	  	$	35,000,000	  	  	$	24,000,000	  
	 March 31, 2014
	  	$	29,000,000	  	  	$	24,250,000	  
	 June 30, 2014
	  	$	29,000,000	  	  	$	24,250,000	  
	 September 30, 2014
	  	$	29,000,000	  	  	$	24,250,000	  
	 December 31, 2014
	  	$	29,000,000	  	  	$	24,250,000	  
	 March 31, 2015
	  	$	43,000,000	  	  	$	24,250,000	  
	 June 30, 2015
	  	$	31,000,000	  	  	$	12,250,000	  
	 September 30, 2015
	  	$	13,000,000	  	  	$	12,250,000	  
	 December 31, 2015
	  	$	13,000,000	  	  	$	12,250,000	  
	 March 31, 2016
	  	$	7,500,000	  	  	$	13,000,000	  
	 June 30, 2016
	  	$	7,500,000	  	  	$	13,000,000	  
	 September 30, 2016
	  	$	7,500,000	  	  	$	13,000,000	  
	 December 31, 2016
	  	$	7,500,000	  	  	$	13,000,000	  
	 March 31, 2017
	  	$	13,000,000	  	  	$	13,000,000	  

  
 B-7

 (C) Available Cash remaining after making the distributions required
pursuant to Section 5.12(b)(iii)(B) will be distributed as set forth in Sections 6.4 and 6.5. 
 (iv) Capital Contributions by Sunoco Partners LLC. To the extent that Sunoco Partners LLC is required or elects to make a capital contribution to SXL with respect to the SXL GP Interest and such
capital contribution is funded in whole or in part by the Partnership through a capital contribution by the Partnership to Sunoco Partners LLC, then the SXL GP Percentage shall be reduced proportionately based on the value of the SXL GP Interest at
the time of the capital contribution in order to reflect such capital contribution by the Partnership. 
 (v)
Voting Rights. Except as set forth in this Section 5.12(b)(v) and Section 13.3(c) and except to the extent the Delaware Act gives the Class H Units a vote as a class on any matter, the Class H Units shall not
have any voting rights. With respect to any matter on which the Class H Units are entitled to vote, each Class H Unit will be entitled to one vote on such matter. The General Partner shall not, without the affirmative vote or written
consent of holders of a majority of the Class H Units then Outstanding, (1) amend, alter, modify or change this Section 5.12 (or vote or consent or resolve to take such action) or (2) authorize the issuance of any class or
series of Partnership Securities with distribution rights prior to the Liquidation Date (as defined in the Partnership Agreement) that are senior to or on a parity with the Class H Units or that have allocation rights that are senior to or on a
parity with the allocations with respect to Net Termination Gains described in Sections 5.12(b)(ii)(B)(1)(y) and 5.12(b)(ii)(B)(2)(y). 
 (vi) Redemption and Conversion Rights. The Class H Units will be perpetual and shall not have any rights of redemption or conversion. 

(vii) Certificates; Book-Entry. Unless the General Partner shall determine otherwise, the Class H Units shall not
be evidenced by certificates. Any certificates relating to the Class H Units that may be issued will be in such form as the General Partner may approve. The Class H Units, subject to the satisfaction of any applicable legal, regulatory and
contractual requirements, may be assigned or transferred in a manner identical to and as if the Class H Units were Units in the Partnership. 
 (viii) Registrar and Transfer Agent. Unless and until the General Partner determines to assign the responsibility to another Person, the General Partner will act as the registrar and transfer agent
for the Class H Units. 

  
 B-8

 Section 2. Except as hereby amended, the Partnership Agreement shall remain in full
force and effect. 
 Section 3. This Amendment shall be governed by, and interpreted in accordance with, the laws of the
State of Delaware, all rights and remedies being governed by such laws without regard to principles of conflicts of laws. 

[Signature page follows] 

  
 B-9

 IN WITNESS WHEREOF, this Amendment has been executed as of the date first above written.

  

			
	 GENERAL PARTNER:
  

ENERGY TRANSFER PARTNERS GP, L.P.

		
	By:    	 	 Energy Transfer Partner, L.L.C.,
 its general partner

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  
 B-1

 ANNEX C 
 Form of Unitholders Agreement 

  
 C-1

 Execution Version 

UNITHOLDERS AGREEMENT 
 BY AND AMONG 
 ENERGY TRANSFER EQUITY, L.P., 

ETE COMMON HOLDINGS, LLC 
 AND 
 ENERGY TRANSFER PARTNERS, L.P. 

Dated as of August [•], 2013 

  
 C-2

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I. GENERAL
	  	 	2	 
			
	 Section 1.01.
	 	Defined Terms	  	 	2	 
	 Section 1.02.
	 	Interpretations	  	 	5	 
		
	 ARTICLE II. CERTAIN AGREEMENTS
	  	 	5	 
			
	 Section 2.01
	 	Right of First Refusal	  	 	5	 
	 Section 2.02
	 	SXL GP Interest Purchase Right	  	 	6	 
	 Section 2.03
	 	Governance Rights	  	 	7	 
	 Section 2.04
	 	Affiliate Transactions	  	 	9	 
	 Section 2.05
	 	Information Rights	  	 	10	 
		
	 ARTICLE III. MISCELLANEOUS
	  	 	11	 
			
	 Section 3.01
	 	Governing Law	  	 	11	 
	 Section 3.02
	 	Waiver of Jury Trial	  	 	11	 
	 Section 3.03
	 	Amendment	  	 	11	 
	 Section 3.04
	 	Waivers of Compliance; Consents	  	 	11	 
	 Section 3.05
	 	Notices	  	 	12	 
	 Section 3.06
	 	Assignment	  	 	13	 
	 Section 3.07
	 	No Third Party Beneficiaries	  	 	13	 
	 Section 3.08
	 	Entire Agreement	  	 	13	 
	 Section 3.09
	 	Severability	  	 	13	 
	 Section 3.10
	 	Representation by Counsel	  	 	13	 
	 Section 3.11
	 	Facsimiles; Counterparts	  	 	14	 
	 Section 3.12
	 	Expiration and Termination	  	 	14	 

  
 C-i

 UNITHOLDERS AGREEMENT 

THIS UNITHOLDERS AGREEMENT (the “Agreement”) is made as of the
[•] day of August 2013 (the “Effective Date”), by and among Energy Transfer Equity, L.P., a Delaware limited partnership (“ETE”), ETE Common Holdings, LLC, a
Delaware limited liability company (“ETE Holdings” and, together with ETE, the “ETE Parties”), and Energy Transfer Partners, L.P., a Delaware limited partnership (“ETP”). ETE,
ETE Holdings and ETP are sometimes referred to collectively as the “Parties” and individually as a “Party.” 
 WHEREAS, ETE owns all of the membership interests in ETE Holdings, and ETE Holdings owns 55,386,967 common units representing limited partner interests in ETP (the “ETP Common
Units”); 
 WHEREAS, ETP owns a controlling interest in Sunoco Partners LLC, a
Pennsylvania limited liability company (“Sunoco GP”), which owns a 2.0% general partner interest (the “SXL GP Interest”) and all of the incentive distribution rights (the “SXL
IDRs”) in Sunoco Logistics Partners, L.P., a Delaware limited partnership (“SXL”); 
 WHEREAS, pursuant to that certain Exchange and Redemption Agreement dated August 7, 2013 by and among ETE, ETE Holdings and ETP (the
“Exchange Agreement”), ETP will redeem 50,160,000 of the ETP Common Units owned by ETE Holdings in exchange for 50,160,000 newly issued Class H units representing limited partner interests in ETP (the “ETP Class H
Units”); 
 WHEREAS, in accordance with the terms of the ETP Class H Units set forth in
Amendment No. 5 to Second Amended and Restated Agreement of Limited Partnership of ETP dated the date hereof (the “ETP Partnership Agreement Amendment”), ETE Holdings will, among other things, be entitled to quarterly
distributions from ETP equal to (a) 50.05% of the cash distributions received by ETP with respect to ETP’s indirect interest in the SXL IDRs and the SXL GP Interest (including any proceeds attributable to the sale of the SXL IDRs or the
SXL GP Interest) and (b) a certain amount specified in the ETP Partnership Agreement Amendment; 
 WHEREAS,
concurrently with the execution of this Agreement, ETP and ETE Holdings are entering into a Fifth Amended and Restated Limited Liability Company Agreement of Sunoco GP; and 
 WHEREAS, ETE, ETE Holdings and ETP are entering into this Agreement to, among other things, set forth certain governance and other rights of the ETE Parties with respect to Sunoco GP and SXL, including
the SXL IDRs and the SXL GP Interest owned by Sunoco GP. 
 NOW, THEREFORE, for and in consideration of the premises and of the
mutual promises, representations, warranties, covenants, conditions and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows, each
intending to be legally bound: 

  
 C-1

 ARTICLE I. 
 GENERAL 
 Section 1.01. Defined Terms. As used herein:

 “Action” means any action, suit, arbitration, inquiry, proceeding, investigation,
condemnation or audit by or before any court or other Governmental Authority. 

“Affiliate(s)” has the meaning ascribed to it, on the date hereof, under Rule 405 of the Securities
Act. 
 “Affiliate Contract” means any contract, including any shared service
arrangements, between ETE or any of its Controlled Subsidiaries (other than ETP, its general partner or any of their respective Controlled Subsidiaries) or ETP or any of its Controlled Subsidiaries (other than SXL, Sunoco GP or any of their
respective Controlled Subsidiaries), on the one hand, and SXL, Sunoco GP or any of their respective Controlled Subsidiaries, on the other hand. 
 “Agreement” is defined in the preamble to this Agreement. 
 “Control” means, where used with respect to any Person, the possession, directly or indirectly, of the power to direct, or cause the direction of, the management and
policies of such Person, whether through ownership of Voting Interests, by contract or otherwise, and the term “Controlled” has a correlative meaning. 

“Damages” means any and all debts, losses, liabilities, duties, claims, damages, obligations,
payments (including those arising out of any demand, assessment, settlement, judgment or compromise relating to any actual or threatened Action), costs and reasonable expenses, including any reasonable attorneys’ fees and any and all reasonable
expenses whatsoever and howsoever incurred in investigating, preparing, or defending any Action, in all cases, whether matured or unmatured, absolute or contingent, accrued or unaccrued, liquidated or unliquidated, known or unknown.

 “Effective Date” is defined in the preamble to this Agreement.

 “ETE” is defined in the preamble to this Agreement. 

“ETE Holdings” is defined in the preamble to this Agreement. 

“ETE Parties” is defined in the preamble to this Agreement. 

“ETP” is defined in the preamble to this Agreement. 

“ETP Class H Units” is defined in the recitals to this Agreement. 

“ETP Common Units” is defined in the recitals to this Agreement. 

  
 C-2

 “ETP GP” means Energy Transfer Partners GP, L.P., a
Delaware limited partnership and the general partner of ETP. 
 “ETP GP LLC”
means Energy Transfer Partners, L.L.C., a Delaware limited liability company and the general partner of ETP GP. 

“ETP Partnership Agreement Amendment” is defined in the recitals to this Agreement.

 “Exchange Agreement” is defined in the recitals to this Agreement.

 “Governmental Authority” means any federal, state, local or foreign government
and/or any political subdivision thereof, including departments, courts, commissions, boards, bureaus, ministries, agencies or other instrumentalities. 
 “Information” is defined in Section 2.05(d). 

“Laws” means all laws, statutes, rules, regulations, ordinances, orders, decrees, requirements,
judgments and codes of Governmental Authorities. 
 “Lien” means any lien,
mortgage, security interest, pledge, charge, encumbrance, hypothecation or deposit arrangement or other arrangement having the practical effect of any of the foregoing. 

“Organizational Documents” means, with respect to any Person, the articles of incorporation,
certificate of incorporation, certificate of formation, certificate of limited partnership, bylaws, limited liability company agreement, operating agreement, partnership agreement, stockholders’ agreement and all other similar documents,
instruments or certificates executed, adopted or filed in connection with the creation, formation or organization of such Person, including any amendments thereto. 

“Parties” and “Party” are defined in the preamble to this Agreement.

 “Person” means any natural person, corporation, limited partnership, general
partnership, limited liability company, joint stock company, joint venture, association, company, estate, trust, bank trust company, land trust, business trust, or other organization, whether or not a legal entity, custodian, trustee-executor,
administrator, nominee or entity in a representative capacity and any Governmental Authority. 

“Purchase Right Acceptance Notice” is defined in Section 2.02(a). 

“ROFR Acceptance Notice” is defined in Section 2.01(a). 

“ROFR Accepting Party” is defined in Section 2.01(b). 

“ROFR Option Period” is defined in Section 2.01(a). 

“Sale Notice” is defined in Section 2.01(a). 

  
 C-3

 “Securities Act” means the Securities Act of 1933, as
amended. 
 “Selling Party” is defined in Section 2.01(a). 

“Subject Interest” is defined in Section 2.01(a). 

“Subsidiary” means, with respect to any Person, any corporation, limited liability company,
partnership, association or other business entity of which a majority of the Voting Interests are at the time owned or Controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination
thereof. 
 “Sunoco GP” is defined in the recitals to this Agreement.

 “SXL” is defined in the recitals to this Agreement. 

“SXL Board” is defined in Section 2.03(b). 

“SXL GP Interest” is defined in the recitals to this Agreement. 

“SXL GP Interest Owner” is defined in Section 2.02(a).  

“SXL IDRs” is defined in the recitals to this Agreement. 

“SXL Partnership Agreement” means the Third Amended and Restated Agreement of Limited Partnership of
Sunoco Logistics Partners, L.P. dated as of January 26, 2010, as amended by Amendment No. 1 thereto dated July 1, 2011 and Amendment No. 2 thereto dated November 21, 2011, as the same may be further amended or restated from
time to time. 
 “Transfer” of a security shall be deemed to have occurred if
a Person directly or indirectly: (i) sells, pledges, encumbers, grants an option with respect to, transfers, distributes or disposes of such security or any interest in such security; (ii) enters into an agreement or commitment
contemplating the possible sale of, pledge of, encumbrance of, grant of an option with respect to, transfer of, distribution of or disposition of such security or any interest therein; or (iii) deposits any such security or any interest therein
into a voting trust, or enters into a voting agreement or arrangement with respect to any such security or any interest therein; provided, however, that for purposes of this Agreement, a Transfer shall not include any pledge of any Subject Interest
by ETP or any of its Subsidiaries pursuant to the terms of any credit facility or other financing arrangement. 

“Transferee” means any Person that receives any of the Subject Interest through a Transfer.

 “Unit Swap Effective Date” means the date on which the transactions contemplated
by the Exchange Agreement are consummated. 
 “Voting Interests” of any
Person as of any date means (i) the equity interests of such Person pursuant to which the holders thereof have the general voting power under ordinary circumstances and are entitled to vote in the election of at least a majority of the board of
directors, managers or trustees of such Person (regardless of whether, at the time, equity interests of any other class or classes shall have, or might have, voting power by reason of the occurrence of any contingency) or (ii) with respect to a
partnership (whether general or limited), any general partner interest in such partnership. 

  
 C-4

 Section 1.02. Interpretations. In this Agreement, unless a clear contrary
intention appears: (i) the singular includes the plural and vice versa; (ii) reference to a Person includes such Person’s successors and assigns but, in the case of a Party, only if such successors and assigns are permitted by this
Agreement, and reference to a Person in a particular capacity excludes such Person in any other capacity; (iii) reference to any gender includes each other gender; (iv) references to any Section, Article, Annex, subsection and other
subdivision refer to the corresponding Sections, Articles, Annexes, subsections and other subdivisions of this Agreement unless expressly provided otherwise; (v) references in any Section or Article or definition to any clause means such clause
of such Section, Article or definition; (vi) “hereunder,” “hereof,” “hereto” and words of similar import are references to this Agreement as a whole and not to any particular provision of this Agreement;
(vii) the word “or” is not exclusive, and the word “including” (in its various forms) means “including without limitation”; (viii) references to “days” are to calendar days, which means any day of
the seven calendar day week; and (ix) all references to money refer to the lawful currency of the United States. The Table of Contents and the Article and Section titles and headings in this Agreement are inserted for convenience of reference
only and are not intended to be a part of, or to affect the meaning or interpretation of, this Agreement. 
 ARTICLE II.

 CERTAIN AGREEMENTS 
 Section 2.01. Right of First Refusal. 
 (a) If ETP or any
of its Subsidiaries (such entity, a “Selling Party”) receives a bona fide offer from a third party for a Transfer of all or any portion of (i) the membership interests of Sunoco GP owned directly or indirectly by the
Selling Party, (ii) the SXL GP Interest owned by the Selling Party or (iii) the SXL IDRs owned by the Selling Party (in each case, the “Subject Interest”), and the Selling Party wishes to accept such offer, the
Selling Party (and ETP on behalf of the Selling Party) must notify the ETE Parties in writing within twenty (20) days after receiving such offer (the “Sale Notice”). The Sale Notice must include a complete description of
the purchase price and other terms and conditions of the transaction in which the Selling Party proposes to Transfer the Subject Interest, including the name of the proposed Transferee and other consideration specified in the offer. The ETE Parties
shall have thirty (30) days (the “ROFR Option Period”) after receiving the Sale Notice in which to advise the Selling Party in writing (the “ROFR Acceptance Notice”) whether or not they will
acquire all of the Subject Interest upon the terms and conditions contained in the Sale Notice. A failure to advise the Selling Party in writing before the expiration of the ROFR Option Period as to whether or not the ETE Parties will acquire all of
the Subject Interest pursuant to the preceding sentence shall be deemed to constitute an election not to acquire the Subject Interest. 

  
 C-5

 (b) If, during the ROFR Option Period, the ETE Parties elect to acquire the Subject Interest
at the price and subject to the terms and conditions set forth in the Sale Notice (upon such election, the “ROFR Accepting Party”), then such ROFR Accepting Party and the Selling Party shall close such transaction no later
than the later to occur of (A) the closing date set forth in the Sale Notice and (B) ninety (90) days after the Selling Party receives the ROFR Acceptance Notice. 

(c) The right of first refusal created in this Section 2.01 is an option to acquire all, but not less than all, of the Subject
Interest offered for sale by the Selling Party. If the ETE Parties elect not to acquire the Subject Interest or the ETE Parties fail to make an election before the expiration of the ROFR Option Period, the Selling Party may Transfer the Subject
Interest to the proposed Transferee named in the Sale Notice upon the terms and conditions described in the Sale Notice and in accordance with this Section 2.01(c). If such Transfer does not occur on substantially the same terms and
conditions set forth in the Sale Notice, or if such Transfer is not consummated within one hundred twenty (120) days after the ETE Parties’ election not to acquire the Subject Interest, then such Transfer shall be null and void ab
initio and the Selling Party must again satisfy all of the requirements of this Section 2.01. 
 (d) Upon
consummation of any Transfer of any Subject Interest in accordance with this Section 2.01 (whether to an ETE Party or any other Person), such Transferee shall enter into a joinder agreement to become a Party to and be bound by this
Agreement and shall thereafter have all of the rights and obligations as a Selling Party hereunder other than with respect to this Section 2.01 and Section 2.02; provided, however, that this Agreement shall be amended as
necessary to provide that only the Parties who collectively own a controlling interest in the SXL GP Interest (whether directly or indirectly by owning membership interests of Sunoco GP) will be obligated to provide ETE the governance rights set
forth in Section 2.03 that relate to SXL. Notwithstanding the foregoing, all Transfers pursuant to this Section 2.01 must comply with the terms of this Agreement. 

Section 2.02. SXL GP Interest Purchase Right. 
 (a) If a Selling Party receives a bona fide offer from a third party for a Transfer of 50% or more of the SXL IDRs and the ETE Parties have elected to acquire all of such SXL IDRs in
accordance with Section 2.01, the ETE Parties shall also have the option to acquire all, but not less than all, of the SXL GP Interest, provided that such interest is then owned by ETP or any of its Subsidiaries (the owner of the SXL GP
Interest at such time referred to as the “SXL GP Interest Owner”). The ETE Parties shall advise the SXL GP Interest Owner in writing (the “Purchase Right Acceptance Notice”) of their intent to purchase
the SXL GP Interest prior to the expiration of the ROFR Option Period. A failure to advise the SXL GP Interest Owner of its election prior to the expiration of the ROFR Option Period shall be deemed to constitute an election not to acquire the SXL
GP Interest. 
 (b) If the ETE Parties elect to acquire the SXL GP Interest, the transaction shall close within
ninety (90) days after the SXL GP Interest Owner receives the Purchase Right Acceptance Notice. The purchase price for the SXL GP Interest shall be the fair market value of such 

  
 C-6

 
interest. For purposes of this Section 2.02(b), the fair market value of the SXL GP Interest shall be determined by agreement among the SXL GP Interest Owner and the ETE Parties or,
failing agreement within thirty (30) days following the date on which the SXL GP Interest Owner receives the Purchase Right Acceptance Notice, by an independent investment banking firm or other independent expert selected by the SXL GP Interest
Owner and the ETE Parties, which, in turn, may rely on other experts, and the determination of which shall be conclusive as to such matter. If the SXL GP Interest Owner and the ETE Parties cannot agree upon one independent investment banking firm or
other independent expert within forty-five (45) days following the date on which the SXL GP Interest Owner receives the Purchase Right Acceptance Notice, then the SXL GP Interest Owner shall designate an independent investment banking firm or
other independent expert and the ETE Parties shall designate an independent investment banking firm or other independent expert, and such firms or experts shall mutually select a third independent investment banking firm or independent expert within
ten (10) days following the date of designation, which third independent investment banking firm or other independent expert shall determine the fair market value of the SXL GP Interest. 

(c) ETP shall use its best efforts to cause its Subsidiaries (including Sunoco GP and SXL) to comply with Section 2.01 and
Section 2.02 as if such Subsidiaries were parties hereto and bound hereby. 
 Section 2.03. Governance
Rights. 
 (a) ETP, in its capacity as a member of Sunoco GP, shall not consent to or cause Sunoco GP to take or cause SXL to
take any of the following actions without having obtained the prior written consent of ETE: 
  

	 	(i)	merge or consolidate with, or sell or transfer all or substantially all of the assets of Sunoco GP or SXL to, any other Person or enter into any business combination
with any other Person; 

  

	 	(ii)	voluntarily liquidate or dissolve or, in the case of Sunoco GP, withdraw as the general partner of SXL; 

 

	 	(iii)	with respect to Sunoco GP, voluntarily declare bankruptcy, or file a petition or otherwise seek protection under any federal or state bankruptcy, insolvency or
reorganization Law; 

  

	 	(iv)	amend the Organizational Documents of Sunoco GP or SXL; 

  

	 	(v)	issue, sell, transfer or repurchase any equity interests in Sunoco GP, including any instrument convertible into or exchangeable or exercisable for equity interests in
Sunoco GP, or sell, transfer or otherwise dispose of any equity interests in SXL held by Sunoco GP, including any instruments convertible into or exchangeable or exercisable for equity interests in SXL, other than, in each case, any Transfer of a
Subject Interest that is subject to Section 2.01 or Section 2.02; 

  
 C-7

	 	(vi)	with respect to Sunoco GP, in its individual capacity, sell, exchange, transfer, lease or otherwise dispose of any assets of Sunoco GP, or acquire any assets, having a
fair market value of more than fifty million dollars ($50,000,000) in one or more related transactions in any consecutive twelve-month period, other than, in each case, any Transfer of a Subject Interest that is subject to Section 2.01
or Section 2.02; 

  

	 	(vii)	with respect to Sunoco GP, in its individual capacity, except for any expenses or costs as may be required to be incurred in the event of any emergency or to implement
any legally required maintenance or any costs or expenditures incurred in connection with the ordinary course payment of wages, salaries and other compensation to employees of Sunoco GP in their capacity as employees of Sunoco GP, make any
expenditures (or incur any costs) in excess of fifty million dollars ($50,000,000); 

  

	 	(viii)	enter into any new line of business or expend any substantial funds to explore and/or evaluate the entry into a new line of business; 

 

	 	(ix)	adopt or change any accounting policies of Sunoco GP other than as necessary for such policies to be consistent with generally accepted accounting principles and
federal securities laws; 

  

	 	(x)	incur or refinance any indebtedness of Sunoco GP or create arrangements permitting such incurrence, other than equipment leases or purchase money indebtedness in the
ordinary course of business; 

  

	 	(xi)	repay any material indebtedness of Sunoco GP, except upon maturity of any such indebtedness and in accordance with its terms; 

 

	 	(xii)	grant a Lien on, or otherwise encumber, any assets of Sunoco GP, other than those reasonably necessary in the ordinary course of business; and 

 

	 	(xiii)	initiate, settle, compromise or resolve any Damages or Actions of Sunoco GP (other than any state or federal regulatory proceedings) where the estimated amount in
controversy, or the settlement amount to be paid or received, with respect to any matter (or any series of related matters) is greater than twelve million dollars ($12,000,000). 

(b) ETP shall not take any action to cause the Board of Directors of Sunoco GP (the “SXL Board”) to
take any of the following actions on behalf of Sunoco GP, in its capacity as the general partner of SXL, without having obtained the prior written consent of ETE: 

 

	 	(i)	make any quarterly cash distribution to SXL’s unitholders except for (A) a cash distribution per common unit for any calendar quarter not less than 100%, and
not more than 102.5%, of the distribution per common unit for the immediately preceding calendar quarter and (ii) cash distributions with respect to the SXL IDRs in accordance with the terms of the SXL Partnership Agreement;

  
 C-8

	 	(ii)	cause SXL or any of its Subsidiaries to issue, sell, transfer or repurchase any equity interests in such entities, including any instrument convertible into or
exchangeable or exercisable for equity interests in such entities; 

  

	 	(iii)	cause SXL or any of its Subsidiaries to sell, exchange, transfer, lease or otherwise dispose of any assets any assets, having a fair market value of more than fifty
million dollars ($50,000,000) in one or more related transactions in any consecutive twelve-month period; 

  

	 	(iv)	except as may have been approved by the SXL Board or by the Board of Directors of any Subsidiary of SXL (or by any similar governing body or other party legally
entitled to authorize expenditures on behalf of a Subsidiary of SXL) prior to the Unit Swap Effective Date, and except for any expenses or costs as may be required to be incurred in the event of any emergency or to implement any legally required
maintenance, cause SXL or any of its Subsidiaries to make any expenditures (or incur any costs) in excess of fifty million dollars ($50,000,000); 

  

	 	(v)	cause SXL or any of its Subsidiaries to adopt or change any of its or their accounting policies other than as necessary for such policies to be consistent with
generally accepted accounting principles and federal securities laws; 

  

	 	(vi)	cause SXL or any of its Subsidiaries to incur or refinance any indebtedness or create arrangements permitting such incurrence, other than equipment leases or purchase
money indebtedness in the ordinary course of business; 

  

	 	(vii)	cause SXL or any of its Subsidiaries to repay any material indebtedness, except upon maturity of any such indebtedness and in accordance with its terms;

  

	 	(viii)	cause SXL or any of its Subsidiaries to grant a Lien on, or otherwise encumber, any assets, other than those reasonably necessary in the ordinary course of business;
and 

  

	 	(ix)	cause SXL or any of its Subsidiaries to initiate, settle, compromise or resolve any Damages or Actions (other than any state or federal regulatory proceedings) where
the estimated amount in controversy, or the settlement amount to be paid or received, with respect to any matter (or any series of related matters) is greater than twelve million dollars ($12,000,000). 

Section 2.04. Affiliate Transactions. Each of ETE and ETP agree that, without having obtained the prior written consent of the
other party, neither ETE or any of its Controlled Subsidiaries (other than ETP, its general partner or any of their respective Controlled Subsidiaries) nor ETP or any of its Controlled Subsidiaries (other than SXL, Sunoco GP or any of their
respective Controlled Subsidiaries) will enter into any Affiliate Contract with SXL, Sunoco GP or any of their respective Controlled Subsidiaries. 

  
 C-9

 Section 2.05. Information Rights. 

(a) Subject to Section 2.05(e), ETP shall provide the ETE Parties with the following information, in each case, to the extent
available to ETP: 
  

	 	(i)	notice and a reasonably detailed description of the occurrence of any event directly related to SXL or its Subsidiaries that ETP determines in its good faith judgment
is material to ETE, in each case within ten (10) days following the occurrence thereof; 

  

	 	(ii)	monthly operational and financial reports within twenty (20) days after the end of each month; 

 

	 	(iii)	unaudited financial statements of SXL within thirty (30) days after the end of each of the first three (3) quarters of SXL’s fiscal year;

  

	 	(iv)	annual audited financial statements of SXL within sixty (60) days after the end of SXL’s fiscal year; and 

 

	 	(v)	copies of all materials prepared for the members of the SXL Board concurrently with the delivery thereof to such members. 

(b) The annual and quarterly financial statements described above will include a description of the business activities that took place
during the period covered by the financial statements and a summary of SXL’s business plan for the following quarter. 
 (c)
Subject to Section 2.05(e), ETP shall permit the ETE Parties or their respective representatives to inspect any of the books of account and other records of SXL to which ETP has access as the controlling member of Sunoco GP and to
discuss the business and affairs of SXL with Sunoco GP’s officers and SXL’s independent public accountants, all subject to customary confidentiality provisions and at such reasonable times during Sunoco GP’s usual business hours and
upon reasonable prior notice (which shall not be less than twenty-four (24) hours). 
 (d) The ETE Parties shall not,
directly or indirectly, disclose to any Person any confidential information provided to the ETE Parties pursuant to this Section 2.05 (“Information”), which has not generally become available to the public, other
than as a result of a breach of this Agreement. Notwithstanding the foregoing, in the event that the ETE Parties are required by Law or applicable stock exchange rules to disclose any Information, such ETE Party shall (i) notify ETP as promptly
as practicable of the existence, terms and circumstances surrounding such a request, so that ETP may either waive such ETE Party’s compliance with the terms of this Section 2.05(d) or seek an appropriate protective order or other
remedy and (ii) if ETP seeks such a protective order, to provide such cooperation as ETP may reasonably request (at ETP’s sole expense). 

  
 C-10

 (e) Notwithstanding anything else in this Section 2.05, in the event that
(i) the Board of Directors of Sunoco GP determines in good faith, with the advice of outside legal counsel, that the provision by Sunoco GP to ETP of any of the information set forth in this Section 2.05 would be reasonably likely
to result in a breach of Sunoco GP’s obligations under the SXL Partnership Agreement or of any applicable Law or (ii) the Board of Directors of ETP GP LLC determines in good faith, with the advice of outside legal counsel, that the
provision by ETP to ETE of any of the information set forth in this Section 2.05 would be reasonably likely to result in a breach of Sunoco GP’s obligations under the SXL Partnership Agreement or of any applicable Law, then ETP
shall have no obligation to provide such information to ETE. 
 (f) For the avoidance of doubt, nothing in this
Section 2.05 shall affect the information rights of ETP and ETE Holdings, as members of Sunoco GP, under the Fifth Amended and Restated Limited Liability Company Agreement of Sunoco GP dated the date hereof, as the same may be amended
from time to time. 
 ARTICLE III. 
 MISCELLANEOUS 
 Section 3.01. Governing Law. This Agreement
shall be governed by and construed and interpreted in accordance with the Laws of the State of Delaware, without giving effect to any conflicts of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would
cause the application of the Laws of any jurisdiction other than the State of Delaware. 
 Section 3.02. Waiver of Jury
Trial. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 3.03. Amendment. This Agreement may be amended or modified only by written agreement of ETE, ETE Holdings and ETP.

 Section 3.04. Waivers of Compliance; Consents. Except as otherwise provided in this Agreement, any failure of any
of the Parties to comply with any obligation, covenant, agreement or condition in this Agreement may be waived by the Party or Parties entitled to the benefits thereof only by a written instrument signed by the Party or Parties granting such waiver,
but such waiver or failure to insist upon strict compliance with such obligation, covenant, agreement or condition shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. 

  
 C-11

 Section 3.05. Notices. Any notice, demand or communication required or permitted
under this Agreement shall be in writing and delivered personally, by reputable overnight delivery service or other courier or by certified mail, postage prepaid, return receipt requested, and shall be deemed to have been duly given (a) as of
the date of delivery if delivered personally or by overnight delivery service or other courier or (b) on the date receipt is acknowledged if delivered by certified mail, addressed as follows; provided that a notice of a change of address shall
be effective only upon receipt thereof and provided further that any notice, demand or communication delivered pursuant to this Section 3.05 shall also be made by facsimile or email, none of which shall constitute notice: 

If to the ETE Parties, to: 
 Energy Transfer Equity, L.P. 
 3738 Oak Lawn 

Dallas, Texas 75219 
 Facsimile: (214) 981-0706 
 Attention: General Counsel 

With a copy to (which copy shall not constitute notice): 
 Latham & Watkins LLP 
 811 Main Street, Suite 3700 

Houston, Texas 77002 
 Fax: (713) 546-5401 
 Attention: William N. Finnegan, IV 

Email: bill.finnegan@lw.com 
 If to ETP, to: 
 Energy Transfer Partners, L.P. 

3738 Oak Lawn 

Dallas, Texas 75219 
 Facsimile: (214) 981-0706 
 Attention: General Counsel 

with a copy to (which copy shall not constitute notice): 
 Vinson & Elkins L.L.P. 
 1001 Fannin, Suite 2500 

Houston, Texas 77002 
 Facsimile: (713) 615-5861 
 Attention: David Palmer Oelman 

                 W. Matthew Strock 

Email: doelman@velaw.com 
             mstrock@velaw.com 

  
 C-12

 Section 3.06. Assignment. This Agreement shall be binding upon and inure to the
benefit of the Parties and their successors and permitted assigns. No Party may assign or transfer this Agreement or any of its rights, interests or obligations under this Agreement, except in accordance with Section 2.01, without the
prior written consent of the other Parties. Any attempted assignment or transfer in violation of this Agreement shall be null, void and ineffective. Any permitted transferee of any Subject Interest pursuant to Section 2.01 shall be
included within the definition of Parties for purposes of this Agreement. 
 Section 3.07. No Third Party
Beneficiaries. This Agreement shall be binding upon and inure solely to the benefit of the Parties hereto and their respective successors and assigns. Except as provided herein, none of the provisions of this Agreement shall be for the benefit
of or enforceable by any third party, including any creditor of any Party or any of their Affiliates. No such third party shall obtain any right under any provision of this Agreement or shall by reason of any such provision make any claim in respect
of any liability (or otherwise) against any other Party. 
 Section 3.08. Entire Agreement. This Agreement and the
Exchange Agreement constitute the entire agreement and understanding of the Parties with respect to the subject matter hereof and supersede all prior agreements and understandings, both oral and written, among the Parties or between any of them with
respect to such subject matter. 
 Section 3.09. Severability. Whenever possible, each provision of this Agreement
shall be interpreted in such manner as to be effective and valid under applicable Law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable Law in any jurisdiction by any
Governmental Authority, (i) such invalidity, illegality or unenforceability shall not affect the validity, legality or enforceability of any other provision of this Agreement in such jurisdiction or affect the validity, legality or
enforceability of any provision in any other jurisdiction, (ii) such provision shall be invalid, illegal or unenforceable only to the extent of such prohibition or invalidity, (iii) to the extent any such provision is deemed to be invalid,
illegal or unenforceable, the Parties agree that such court or arbitrator shall modify such provision so that such provision shall be valid, legal and enforceable as originally intended to the greatest extent possible and (iv) to the extent
that the court or arbitrator does not modify such provision, the Parties agree that they shall endeavor in good faith to exercise or modify such provision so that such provision shall be valid, legal and enforceable as originally intended to the
greatest extent possible. 
 Section 3.10. Representation by Counsel. Each of the Parties agrees that it has been
represented by independent counsel of its choice during the negotiation and execution of this Agreement, and that it has executed the same upon the advice of such independent counsel. Each Party and its counsel cooperated in the drafting

  
 C-13

 
and preparation of this Agreement, and any and all drafts relating thereto shall be deemed the work product of the Parties and may not be construed against any Party by reason of its preparation.
Therefore, the Parties waive the application of any Law providing that ambiguities in an agreement or other document will be construed against the Party drafting such agreement or document. 

Section 3.11. Facsimiles; Counterparts. This Agreement may be executed by facsimile signatures by any Party and such signature
shall be deemed binding for all purposes hereof, without delivery of an original signature being thereafter required. This Agreement may be executed in counterparts, each of which, when executed, shall be deemed to be an original and all of which
together shall constitute one and the same document. 
 Section 3.12. Expiration and Termination. This Agreement and
all obligations of each Party hereunder shall terminate and have no further force and effect as of the earliest of (a) the date on which the aggregate beneficial ownership of ETE is less than 50% of the then outstanding Class H Units,
(b) the date on which the aggregate beneficial ownership of ETP is less than 50% of the then outstanding SXL IDRs and (c) the mutual written agreement of all Parties hereto. 

[signature page follows] 

  
 C-14

 IN WITNESS WHEREOF, the Parties hereto have entered into this Agreement as of the date first
written above. 
  

			
	ENERGY TRANSFER EQUITY, L.P.
		
	By:	 	LE GP, LLC, its general partner
		
	By:	 	  

		 	Name: John W. McReynolds
		 	Title: President
	
	ETE COMMON HOLDINGS, LLC
		
	By:	 	  

		 	Name: John W. McReynolds
		 	Title: President
	
	ENERGY TRANSFER PARTNERS, L.P.
		
	By:	 	Energy Transfer Partners, GP, L.P., its general partner
		
	By:	 	Energy Transfer Partners, L.L.C., its general partner
		
	By:    	 	  

		 	Name: Thomas Mason
		 	Title: Senior Vice President, General Counsel & Secretary

 [Signature Page to Unitholders Agreement] 

  
 C-15

 ANNEX D 
 Form of Amended Sunoco GP LLC Agreement 

  
 D-1

 Annex D 

 
  
 FIFTH AMENDED AND RESTATED 
 LIMITED LIABILITY COMPANY AGREEMENT

 OF 
 SUNOCO PARTNERS LLC 
 A Pennsylvania Limited Liability Company

 Dated as of 
 [•], 2013 
  

 

  
 D-2

 TABLE OF CONTENTS 

 

							
	 ARTICLE I DEFINITIONS
	  	 	3	  
			
	 Section 1.1
	    	Definitions	  	 	3	  
	 Section 1.2
	    	Construction	  	 	11	  
		
	 ARTICLE II ORGANIZATION
	  	 	12	  
			
	 Section 2.1
	    	Formation	  	 	12	  
	 Section 2.2
	    	Name	  	 	12	  
	 Section 2.3
	    	Registered Office; Registered Agent; Principal Office	  	 	12	  
	 Section 2.4
	    	Purpose	  	 	12	  
	 Section 2.5
	    	Foreign Qualification	  	 	13	  
	 Section 2.6
	    	Term	  	 	13	  
	 Section 2.7
	    	No State Law Partnership	  	 	13	  
	 Section 2.8
	    	Power of Attorney	  	 	13	  
		
	 ARTICLE III MEMBERSHIP
	  	 	14	  
			
	 Section 3.1
	    	Membership Interests; Additional Members	  	 	14	  
	 Section 3.2
	    	Access to Information	  	 	14	  
	 Section 3.3
	    	Liability	  	 	15	  
	 Section 3.4
	    	Withdrawal	  	 	15	  
		
	 ARTICLE IV DISPOSITION OF MEMBERSHIP INTERESTS
	  	 	15	  
			
	 Section 4.1
	    	General Restrictions	  	 	15	  
	 Section 4.2
	    	Admission of Assignee as a Member	  	 	15	  
	 Section 4.3
	    	Requirements Applicable to All Dispositions and Admissions	  	 	16	  
		
	 ARTICLE V CAPITAL CONTRIBUTIONS
	  	 	17	  
			
	 Section 5.1
	    	Capital Contributions	  	 	17	  
	 Section 5.2
	    	Loans	  	 	17	  
	 Section 5.3
	    	Return of Contributions	  	 	17	  
	 Section 5.4
	    	Capital Accounts	  	 	17	  
		
	 ARTICLE VI DISTRIBUTIONS AND ALLOCATIONS
	  	 	17	  
			
	 Section 6.1
	    	Distributions	  	 	17	  
	 Section 6.2
	    	Distributions on Dissolution and Winding Up	  	 	18	  
	 Section 6.3
	    	Allocations	  	 	18	  
	 Section 6.4
	    	Limitation on Distributions	  	 	21	  
		
	 ARTICLE VII MANAGEMENT
	  	 	21	  
			
	 Section 7.1
	    	Management by Board of Directors and Officers	  	 	21	  
	 Section 7.2
	    	Number; Qualification; Tenure	  	 	22	  
	 Section 7.3
	    	Regular Meetings	  	 	22	  
	 Section 7.4
	    	Special Meetings	  	 	22	  
	 Section 7.5
	    	Notice	  	 	23	  

  
 D-i

							
	 Section 7.6
	    	Action by Consent of Board or Committee of Board	  	 	23	  
	 Section 7.7
	    	Conference Telephone Meetings	  	 	23	  
	 Section 7.8
	    	Quorum	  	 	23	  
	 Section 7.9
	    	Vacancies; Increases in the Number of Directors	  	 	23	  
	 Section 7.10
	    	Committees	  	 	24	  
	 Section 7.11
	    	Removal	  	 	24	  
	 Section 7.12
	    	Administration of Incentive Plans	  	 	24	  
		
	 ARTICLE VIII OFFICERS
	  	 	25	  
			
	 Section 8.1
	    	Elected Officers	  	 	25	  
	 Section 8.2
	    	Election and Term of Office	  	 	25	  
	 Section 8.3
	    	Chairman of the Board	  	 	25	  
	 Section 8.4
	    	Chief Executive Officer	  	 	25	  
	 Section 8.5
	    	President	  	 	26	  
	 Section 8.6
	    	Chief Financial Officer	  	 	26	  
	 Section 8.7
	    	Vice Presidents	  	 	26	  
	 Section 8.8
	    	Treasurer	  	 	26	  
	 Section 8.9
	    	Secretary	  	 	27	  
	 Section 8.10
	    	Powers of Attorney	  	 	27	  
	 Section 8.11
	    	Delegation of Authority	  	 	27	  
	 Section 8.12
	    	Compensation	  	 	27	  
	 Section 8.13
	    	Removal	  	 	27	  
	 Section 8.14
	    	Vacancies	  	 	28	  
		
	 ARTICLE IX MEMBER MEETINGS
	  	 	28	  
			
	 Section 9.1
	    	Meetings	  	 	28	  
	 Section 9.2
	    	Notice of Meeting	  	 	28	  
	 Section 9.3
	    	Voting	  	 	28	  
	 Section 9.4
	    	Action by Consent of Members	  	 	28	  
		
	 ARTICLE X INDEMNIFICATION OF DIRECTORS, OFFICERS, EMPLOYEES AND AGENTS
	  	 	29	  
			
	 Section 10.1
	    	Indemnification	  	 	29	  
	 Section 10.2
	    	Liability of Indemnitees	  	 	30	  
		
	 ARTICLE XI TAXES
	  	 	31	  
			
	 Section 11.1
	    	Tax Returns	  	 	31	  
	 Section 11.2
	    	Tax Elections	  	 	31	  
	 Section 11.3
	    	Tax Matters Partner	  	 	31	  
		
	 ARTICLE XII BOOKS, RECORDS, REPORTS AND BANK ACCOUNTS
	  	 	32	  
			
	 Section 12.1
	    	Maintenance of Books	  	 	32	  
	 Section 12.2
	    	Reports	  	 	33	  
	 Section 12.3
	    	Bank Accounts	  	 	33	  
		
	 ARTICLE XIII DISSOLUTION, WINDING-UP AND TERMINATION
	  	 	33	  
			
	 Section 13.1
	    	Dissolution	  	 	33	  

  
 D-ii

							
	 Section 13.2
	    	Winding-Up and Termination	  	 	33	  
	 Section 13.3
	    	Deficit Capital Accounts	  	 	34	  
	 Section 13.4
	    	Certificate of Dissolution	  	 	34	  
		
	 ARTICLE XIV GENERAL PROVISIONS
	  	 	35	  
			
	 Section 14.1
	    	Offset	  	 	35	  
	 Section 14.2
	    	Notices	  	 	35	  
	 Section 14.3
	    	Entire Agreement; Superseding Effect	  	 	36	  
	 Section 14.4
	    	Effect of Waiver or Consent	  	 	36	  
	 Section 14.5.
	    	Amendment or Restatement	  	 	36	  
	 Section 14.6
	    	Binding Effect	  	 	36	  
	 Section 14.7
	    	Governing Law; Severability	  	 	36	  
	 Section 14.8
	    	Further Assurances	  	 	37	  
	 Section 14.9
	    	Waiver of Certain Rights	  	 	37	  
	 Section 14.10
	    	Counterparts	  	 	37	  
	 Section 14.11
	    	Jurisdiction	  	 	37	  

  
 D-iii

 FIFTH AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 
 OF 
 SUNOCO PARTNERS LLC 

This FIFTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT of SUNOCO PARTNERS LLC (the “Company”), dated
as of [•], 2013, is adopted, executed and agreed to by Energy Transfer Partners, L.P., a Delaware limited partnership (“ETP”) and ETE Common Holdings, LLC, a Delaware limited liability company (“ETE Holdings”),
as the Members (as defined herein) of the Company. 
 R E C I T A L S: 

WHEREAS, the Company was formed as a Pennsylvania limited liability company under and pursuant to the Pennsylvania
Limited Liability Company Law of 1994, as amended (the “Act”), on October 12, 2001 (the “Original Filing Date”) by the filing of a Certificate of Organization of a Domestic Limited Liability Company (as amended
from time to time, including by the filing of the Certificate Amendment (as defined below), the “Pennsylvania Certificate”) with the Pennsylvania Department of State on such date; 

WHEREAS, Sun Pipe Line Company of Delaware, a Delaware corporation (“Sun Delaware”), as the sole member, adopted,
executed and agreed to a Limited Liability Company Agreement (the “Prior Agreement”) relating to the Company on October 15, 2001; 
 WHEREAS, on February 8, 2002, Sun Delaware and the Company admitted Sun Pipe Line Company, a Texas corporation (“Sun Pipe Line”), Sunoco, Inc. (R&M), a Pennsylvania
corporation (“Sunoco R&M”), Atlantic Petroleum Corporation, a Delaware corporation (“Atlantic Petroleum”), and Atlantic Refining & Marketing Corp., a Delaware corporation (“Atlantic
Refining”), as members of the Company in exchange for their capital contributions and amended and restated the Prior Agreement (as amended and restated, the “First Amended and Restated Limited Liability Company Agreement”)
to, among other things, provide for a board of directors and officers of the Company; and 
 WHEREAS, on April 30,
2002, Sun Delaware, Sun Pipe Line, Sunoco R&M, Atlantic Petroleum and Atlantic Refining amended and restated the First Amended and Restated Limited Liability Company Agreement to, among other things, modify the composition of the compensation
committee of the Board of Directors (as amended and restated, the “Second Amended and Restated Limited Liability Company Agreement”); 
 WHEREAS, on January 1, 2003, Sun Delaware, Sun Pipe Line, Sunoco R&M, Atlantic Petroleum and Atlantic Refining entered into Amendment No. 1 to the Second Amended and Restated Limited
Liability Company Agreement to adjust their Membership Interests in the Company to reflect their agreement as to the value of their Capital Contributions; 
 WHEREAS, on November 10, 2003, Sun Delaware assigned its Membership Interest to Sun Pipe Line and Atlantic Petroleum assigned its Membership Interest to Atlantic Refining; 

  
 D-1

 WHEREAS, on August 1, 2004, Sunoco R&M, Sun Pipe Line and Atlantic Refining
entered into Amendment No. 2 to the Second Amended and Restated Limited Liability Company Agreement to modify certain provisions relating to the Conflicts Committee; 
 WHEREAS, on August 11, 2008, Sunoco R&M, Sun Pipe Line and Atlantic Refining entered into Amendment No. 3 to the Second Amended and Restated Limited Liability Company Agreement to
change the maximum number of Directors of the Company from nine to twelve; 
 WHEREAS, on July 1, 2011, Sunoco
R&M, Sun Pipe Line and Atlantic Refining amended and restated the Second Amended and Restated Limited Liability Company Agreement, as amended, to, among other things, reflect their Membership Interests and Sharing Ratios as a result of the
additional capital contribution by Sunoco R&M to the Company pursuant to a Contribution Agreement, dated June 29, 2011 and effective as of July 1, 2011, among Sunoco R&M, the Company, Sunoco Logistics Partners L.P., a Delaware
limited partnership (the “MLP”), and certain subsidiaries of the MLP (as amended and restated, the “Third Amended and Restated Limited Liability Company Agreement”); 

WHEREAS, on October 5, 2012, Sunoco R&M, Sun Pipe Line and Atlantic Refining assigned their respective Membership
Interests in the Company to ETP pursuant to a Contribution Agreement, dated October 5, 2012, by and among ETP, Sun Pipe Line, Atlantic Refining, Sunoco R&M, and, solely for purposes of Section 3.1 of such agreement, Energy Transfer
Partners GP, L.P., a Delaware limited partnership, Sam Acquisition Corporation, a Pennsylvania corporation, Energy Transfer Equity, L.P., a Delaware limited partnership, and Sunoco, Inc., a Pennsylvania corporation; 

WHEREAS, on July 11, 2013, ETP and the Company amended and restated the Third Amended and Restated Limited Liability Company
Agreement (as so amended and restated, the “Fourth Amended and Restated Limited Liability Company Agreement”), to, among other things, admit ETE Holdings as a member of the Company in exchange for a capital contribution by ETE
Holdings of Five Million Two Hundred Thousand Dollars ($5,200,000.00) (the “ETE Holdings Capital Contribution”); 
 WHEREAS, ETP and ETE Holdings desire to amend and restate in its entirety the Fourth Amended and Restated Limited Liability Company Agreement to, among other things, reflect the division of
governance rights and responsibility between the Members and the Board of Directors of the Company, and to concurrently file a corresponding amendment to the Pennsylvania Certificate (the “Certificate Amendment”); 

NOW, THEREFORE, in consideration of the covenants, conditions and agreements contained herein, the parties hereto hereby amend the
Fourth Amended and Restated Limited Liability Company Agreement and, as so amended, restate it in its entirety as follows: 

  
 D-2

 ARTICLE I 
 DEFINITIONS 
 Section 1.1 Definitions. 

(a) As used in this Agreement, the following terms have the respective meanings set forth below or set forth in the Sections referred to
below: 
 “Act” has the meaning given such term in the Recitals. 

“Adjusted Capital Account” means, with respect to any Member, the balance in such Member’s Capital Account as of the
end of the relevant fiscal year or other period, after giving effect to the following adjustments: 
 (a) Add to such Capital
Account the following items: 
 (i) The amount, if any, that such Member is obligated to contribute to the
Company upon liquidation of such Member’s interest; and 
 (ii) The amount that such Member is obligated
to restore or is deemed to be obligated to restore pursuant to Regulations Section 1.704-1(b)(2)(ii)(c) or the penultimate sentence of each of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5); and 

(b) Subtract from such Capital Account such Member’s share of the items described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6). 
 The foregoing definition of
Adjusted Capital Account is intended to comply with the provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by or
under direct or indirect common control with, such Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agreement” means this Fifth Amended and Restated Limited Liability Company Agreement of Sunoco Partners LLC, as amended
from time to time. 
 “Applicable Law” means (a) any United States federal, state, local or foreign law,
statute, rule, regulation, order, writ, injunction, judgment, decree or permit of any Governmental Authority and (b) any rule or listing requirement of any applicable national securities exchange or listing requirement of any national
securities exchange or Securities and Exchange Commission recognized trading market on which securities issued by the MLP are listed or quoted. 

  
 D-3

 “Assignee” means any Person that acquires a Membership Interest or any
portion thereof through a Disposition; provided, however, that an Assignee shall have no right to be admitted to the Company as a Member except in accordance with Article IV. The Assignee of a dissolved Member is the shareholder, partner, member or
other equity owner or owners of the dissolved Member to whom such Member’s Membership Interest is assigned by the Person conducting the liquidation or winding up of such Member. The Assignee of a Bankrupt Member is (a) the Person to whom
such Bankrupt Member’s Membership Interest is assigned by order of the court or other Governmental Authority having jurisdiction over the related Bankruptcy, or (b) in the event of a general assignment for the benefit of creditors, the
creditor to which such Membership Interest is assigned. 
 “Atlantic Petroleum” has the meaning given such term
in the Recitals. 
 “Atlantic Refining” has the meaning given to such term in the Recitals. 

“Bankruptcy” or “Bankrupt” means, with respect to any Person, that (a) such Person (i) makes a
general assignment for the benefit of creditors; (ii) files a voluntary bankruptcy petition; (iii) becomes the subject of an order for relief or is declared insolvent in any federal or state bankruptcy or insolvency proceedings;
(iv) files a petition or answer seeking for such Person a reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any Applicable Law; (v) files an answer or other pleading admitting or
failing to contest the material allegations of a petition filed against such Person in a proceeding of the type described in subclauses (i) through (iv) of this clause (a); or (vi) seeks, consents to or acquiesces in the appointment
of a trustee, receiver or liquidator of such Person or of all or any substantial part of such Person’s properties; or (b) a proceeding seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar
relief under any Applicable Law has been commenced against such Person and 120 Days have expired without dismissal thereof or with respect to which, without such Person’s consent or acquiescence, a trustee, receiver or liquidator of such Person
or of all or any substantial part of such Person’s properties has been appointed and 90 Days have expired without the appointment’s having been vacated or stayed, or 90 Days have expired after the date of expiration of a stay, if the
appointment has not previously been vacated. 
 “Board” has the meaning given such term in Section 7.1.

 “Business Day” means any day other than a Saturday, a Sunday or a day when banks in New York, New York are
authorized or required by Applicable Law to be closed. 
 “Capital Account” means the capital account maintained
for each Member on the Company’s books and records in accordance with the following provisions: 
 (a) To
each Member’s Capital Account there shall be added (i) such Member’s Capital Contributions, (ii) such Member’s allocable share of Net Profits and any items in the nature of income or gain that are specially allocated to such
Member pursuant to Section 6.3(b) or other provisions of this Agreement and (iii) the amount of any Company liabilities assumed by such Member or which are secured by any property distributed to such Member. 

  
 D-4

 (b) From each Member’s Capital Account there shall be subtracted
(i) the amount of (A) cash and (B) the Gross Asset Value of any Company assets (other than cash) distributed to such Member pursuant to any provision of this Agreement, (ii) such Member’s allocable share of Net Losses and
any other items in the nature of expenses or losses that are specially allocated to such Member pursuant to Section 6.3(b) or other provisions of this Agreement and (iii) liabilities of such Member assumed by the Company or which are
secured by any property contributed by such Member to the Company. 
 (c) In the event any membership interest is
transferred in accordance with the terms of this Agreement, the transferee shall succeed to the Capital Account of the transferor to the extent it relates to the transferred membership interest. 

(d) In determining the amount of any liability for purposes of subparagraphs (a) and (b) above, there shall be
taken into account Code Section 752(c) and any other applicable provisions of the Code and Regulations. 

(e) The foregoing provisions and the other provisions of this Agreement relating to the maintenance of Capital Accounts
are intended to comply with Regulations Sections 1.704-1(b) and 1.704-2 and shall be interpreted and applied in a manner consistent with such Regulations. In the event that the Board shall determine that it is prudent to modify the manner in which
the Capital Accounts, or any additions thereto or subtractions therefrom, are computed in order to comply with such Regulations, the Board may make such modification, provided that it is not likely to have a material effect on the amounts
distributable to any Member pursuant to Section 6.1 hereof upon the dissolution of the Company. 
 “Capital
Contribution” means, with respect to any Member, the total amount of cash and the initial Gross Asset Value of property (other than cash) contributed to the capital of the Company by such Member, whether as an initial Capital Contribution
or as an additional Capital Contribution. Any reference in this Agreement to the Capital Contribution of a Member shall include a Capital Contribution of its predecessor in interest. 

“Certificate Amendment” has the meaning given such term in the Recitals. 

“Certified Public Accountants” means a firm of independent public accountants selected from time to time by the Board.

 “Claim” means any and all judgments, claims, causes of action, demands, lawsuits, suits, proceedings,
Governmental investigations or audits, losses, assessments, fines, penalties, administrative orders, obligations, costs, expenses, liabilities and damages (whether actual, consequential or punitive), including interest, penalties, reasonable
attorneys’ fees, disbursements and costs of investigations, deficiencies, levies, duties and imposts. 

“Code” means the United States Internal Revenue Code of 1986, as amended from time to time. All references herein to
sections of the Code shall include any corresponding provision or provisions of succeeding law. 

  
 D-5

 “Common Units” means the common units of the MLP. 

“Company” has the meaning given such term in the introductory paragraph of this Agreement. 

“Company Minimum Gain” has the meaning set forth in Regulations Sections 1.704-2(b)(2) and 1.704-2(d)(1) for the phrase
“partnership minimum gain.” 
 “Compensation Committee” has the meaning given such term in
Section 7.12. 
 “Conflicts Committee” has the meaning given such term in Section 7.10(c). 

“Day” means a calendar day; provided, however, that, if any period of Days referred to in this Agreement shall end on a
Day that is not a Business Day, then the expiration of such period shall be automatically extended until the end of the next succeeding Business Day. 
 “Depreciation” means, for each fiscal year or other period, an amount equal to the depreciation, amortization or other cost recovery deduction allowable for federal income tax purposes
with respect to an asset for such fiscal year or other period, except that if the Gross Asset Value of an asset differs from its adjusted basis for federal income tax purposes at the beginning of such fiscal year or other period, Depreciation shall
be an amount that bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization or other cost recovery deduction for such fiscal year or other period bears to such beginning adjusted tax basis;
provided, however, that if the federal income tax depreciation, amortization or other cost recovery deduction for such fiscal year or other period is zero, Depreciation shall be determined with reference to such beginning Gross Asset Value using any
reasonable method selected by the Board. 
 “Director” or “Directors” has the meaning given
such term in Section 7.2. 
 “Dispose,” “Disposing” or “Disposition”
means, with respect to any asset (including a Membership Interest or any portion thereof), a sale, assignment, transfer, conveyance, gift, exchange or other disposition of such asset, whether such disposition be voluntary, involuntary or by
operation of Applicable Law. 
 “Disposing Member” has the meaning given such term in Section 4.2.

 “Dissolution Event” has the meaning given such term in Section 13.1(a). 

“Encumber,” “Encumbering” or “Encumbrance” means the creation of a security interest,
lien, pledge, mortgage or other encumbrance, whether such encumbrance be voluntary, involuntary or by operation of Applicable Law. 
 “ETE Holdings” has the meaning given such term in the introductory paragraph of this Agreement.
 “ETE Holdings Capital Contribution” has the meaning given such term in the Recitals. 

  
 D-6

 “ETP” has the meaning given such term in the introductory paragraph of this
Agreement. 
 “First Amended and Restated Limited Liability Company Agreement” has the meaning given such term
in the Recitals. 
 “Fourth Amended and Restated Limited Liability Company Agreement” has the meaning given such
term in the Recitals. 
 “GAAP” means generally accepted accounting principles. 

“Governmental Authority” or “Governmental” means any federal, state, local or foreign court or
governmental or regulatory agency or authority or any arbitration board, tribunal or mediator having jurisdiction over the Company or its assets or Members. 
 “Gross Asset Value” means, with respect to any asset, the asset’s adjusted basis for federal income tax purposes, except as follows: 

(a) The initial Gross Asset Value of any asset contributed by a Member to the Company shall be the gross fair market value
of such asset on the date of the contribution, as determined by the Board using such reasonable method of valuation as it may adopt. 
 (b) The Gross Asset Values of all Company assets immediately prior to the occurrence of any event described in subparagraphs (i) through (v) below shall be adjusted to equal their respective
gross fair market values, as determined by the Board using such reasonable method of valuation as it may adopt, as of the following times: 
 (i) the acquisition of an interest in the Company by a new Member or the acquisition of an additional interest in the Company by an existing Member, in either case in exchange for more than a de minimis
Capital Contribution, if the Board reasonably determines that such adjustment is necessary or appropriate to reflect the relative Membership Interests of the Members in the Company; 

(ii) the distribution by the Company to a Member of more than a de minimis amount of Company assets as consideration for
an interest in the Company, if the Board reasonably determines that such adjustment is necessary or appropriate to reflect the relative Membership Interests of the Members in the Company; 

(iii) the liquidation or dissolution of the Company within the meaning of Regulations
Section 1.704-1(b)(2)(ii)(g); 
 (iv) the grant of an interest in the Company (other than a de
minimis interest) as consideration for the provision of services to or for the benefit of the Company by an existing Member acting in a partner capacity, or by a new Member acting in a partner capacity or in anticipation of becoming a Member of the
Company, if the Board reasonably determines that such adjustment is necessary or appropriate to reflect the relative Membership Interests of the Members in the Company; and 

  
 D-7

 (v) at such other times as the Board shall reasonably determine necessary or
advisable in order to comply with Regulations Sections 1.704-1(b) and 1.704-2. 
 (c) The Gross Asset Value of
any Company asset distributed to a Member shall be the gross fair market value of such asset on the date of distribution as determined by the Board using such reasonable method of valuation as it may adopt. 

(d) The Gross Asset Values of Company assets shall be increased (or decreased) to reflect any adjustments to the adjusted
basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Regulations
Section 1.704-1(b)(2)(iv)(m); provided, however, that Gross Asset Values shall not be adjusted pursuant to this subparagraph (d) to the extent that an adjustment pursuant to subparagraph (b) above is made in connection with a
transaction that would otherwise result in an adjustment pursuant to this subparagraph (d). 
 (e) If the Gross
Asset Value of a Company asset has been determined or adjusted pursuant to subparagraph (a), subparagraph (b) or subparagraph (d) above, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with
respect to such Company asset for purposes of computing Net Profits and Net Losses. 
 “Incentive Plan” means
any plan or arrangement pursuant to which the Company may compensate its employees, consultants, directors and/or service providers. 
 “Indemnitee” means (a) any Person who is or was an Affiliate of the Company, (b) any Person who is or was a member, partner, officer, director, employee, agent or trustee of the
Company or any Affiliate of the Company and (c) any Person who is or was serving at the request of the Company or any Affiliate of the Company as an officer, director, employee, member, partner, agent, fiduciary or trustee of another Person;
provided, that a Person shall not be an Indemnitee by reason of providing, on a fee-for-services basis, trustee, fiduciary or custodial services. 
 “Independent Director” has the meaning given such term in Section 7.10(b). 
 “Majority Interest” means greater than 50% of the Sharing Ratios. 

“Member” means any Person executing this Agreement as of the date of this Agreement as a member of the Company or
hereafter admitted to the Company as a member as provided in this Agreement, but such term does not include any Person who has ceased to be a member in the Company. 

  
 D-8

 “Membership Interest” means, with respect to any Member, (a) that
Member’s status as a Member; (b) that Member’s share of the income, gain, loss, deduction and credits of, and the right to receive distributions from, the Company; (c) all other rights, benefits and privileges enjoyed by that
Member (under the Act, this Agreement or otherwise) in its capacity as a Member, including that Member’s rights to vote, consent and approve and otherwise to participate in the management of the Company, including through the Board; and
(d) all obligations, duties and liabilities imposed on that Member (under the Act, this Agreement or otherwise) in its capacity as a Member, including any obligations to make Capital Contributions. 

“Member Nonrecourse Debt” has the meaning set forth in Regulations Section 1.704-2(b)(4) for the phrase
“partner nonrecourse debt.” 
 “Member Nonrecourse Deductions” has the meaning set forth in
Regulations Section 1.704-2(i) for the phrase “partner nonrecourse deductions.” 
 “Minimum Gain”
means an amount, with respect to each Member Nonrecourse Debt, equal to the Company Minimum Gain that would result if such Member Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Regulations
Section 1.704-2(i). 
 “MLP” means Sunoco Logistics Partners L.P., a Delaware limited partnership, and any
successors thereto. 
 “Net Profits” or “Net Losses” means, for each fiscal year or other
period, an amount equal to the Company’s taxable income or loss for such fiscal year or period determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss, deduction or credit 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 Company that is exempt from federal income tax and not otherwise taken into account in computing Net Profits or Net Losses pursuant to this definition of Net Profits and Net Losses
shall increase the amount of such income and/or decrease the amount of such loss; 
 (b) Any expenditure of the
Company described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Net Profits or Net
Losses pursuant to this definition of Net Profits and Net Losses, shall decrease the amount of such income and/or increase the amount of such loss; 
 (c) Gain or loss resulting from any disposition of Company assets, where such gain or loss is recognized for federal income tax purposes, shall be computed by reference to the Gross Asset Value of the
Company assets disposed of, notwithstanding that the adjusted tax basis of such Company assets differs from its Gross Asset Value; 
 (d) In lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing such income or loss, there shall be taken into account Depreciation for such fiscal year or
other period; 

  
 D-9

 (e) To the extent an adjustment to the adjusted tax basis of any asset
included in Company assets pursuant to Code Section 734(b) or Code Section 743(b) is required pursuant to Regulations Section 1.704-1(b)(2)(iv)(m) to be taken into account in determining Capital Accounts as a result of a
distribution other than in liquidation of a Member’s interest, 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 the basis of the asset)
from the disposition of the asset and shall be taken into account for the purposes of computing Net Profits and Net Losses; 
 (f) If the Gross Asset Value of any Company asset is adjusted in accordance with subparagraph (b) or subparagraph (c) of the definition of “Gross Asset Value” above, the amount of such
adjustment shall be taken into account in the taxable year of such adjustment as gain or loss from the disposition of such asset for purposes of computing Net Profits or Net Losses; and 

(g) Notwithstanding any other provision of this definition of Net Profits and Net Losses, any items that are specially
allocated pursuant to Section 6.3(b) and Section 6.3(d)(ii) hereof shall not be taken into account in computing Net Profits or Net Losses. The amounts of the items of Company income, gain, loss or deduction available to be specially
allocated pursuant to Section 6.3(b) and Section 6.3(d)(ii) hereof shall be determined by applying rules analogous to those set forth in this definition of Net Profits and Net Losses. 

“Nonrecourse Deductions” has the meaning set forth in Regulations Sections 1.704-2(b)(1) and 1.704-2(c). 

“Nonrecourse Liability” has the meaning set forth in Regulations Sections 1.704-2(b)(3) and 1.752-1(a)(2). 

“Notices” has the meaning given such term in Section 14.2. 

“NYSE” has the meaning given such term in Section 7.10. 

“Operating Partnership” means Sunoco Logistics Partners Operations L.P., a Delaware limited partnership, and any
successors thereto. 
 “Original Filing Date” has the meaning given such term in the Recitals. 

“Partnership Agreement” means the Third Amended and Restated Agreement of Limited Partnership of the MLP, dated
January 26, 2010, as amended, or any successor agreement. 
 “Pennsylvania Certificate” has the meaning
given such term in the Recitals. 
 “Person” means any individual, firm, partnership, corporation, limited
liability company, association, joint-stock company, unincorporated organization, joint venture, trust, court, Governmental agency or any political subdivision thereof, or any other entity. 

“Prior Agreement” has the meaning given such term in the Recitals.

  
 D-10

 “Proper Officers” means those officers of the Company authorized by the
Board to act on behalf of the Company. 
 “Regulations” means the Income Tax Regulations promulgated under the
Code, as may be amended from time to time (including corresponding provisions of successor regulations). 
 “Retained
Assets” has the meaning given such term in the Partnership Agreement. 
 “Second Amended and Restated Limited
Liability Company Agreement” has the meaning given such term in the Recitals. 
 “Sharing Ratio” means,
subject in each case to adjustments in accordance with this Agreement or in connection with Dispositions of Membership Interests, (a) in the case of a Member executing this Agreement as of the date of this Agreement or a Person acquiring such
Member’s Membership Interest, the percentage specified for that Member as its Sharing Ratio on Exhibit A, and (b) in the case of Membership Interests issued pursuant to Section 3.1, the Sharing Ratio established pursuant thereto;
provided, however, that upon the issuance of new Membership Interests pursuant to Section 3.1, the Sharing Ratios of existing Members shall be adjusted so that the total of all Sharing Ratios shall always equal 100%. 

“Sun Delaware” has the meaning given such term in Recitals. 

“Sunoco R&M” has the meaning given such term in the Recitals. 

“Sun Pipe Line” has the meaning given such term in the Recitals. 

“Tax Matters Partner” has the meaning given such term in Section 11.3(a). 

“Term” has the meaning given such term in Section 2.6. 

“Third Amended and Restated Limited Liability Company Agreement” has the meaning given such term in the Recitals.

 “Withdraw,” “Withdrawing” or “Withdrawal” means the withdrawal, resignation
or retirement of a Member from the Company as a Member. Such terms shall not include any Dispositions of a Membership Interest (which are governed by Article IV), even though the Member making a Disposition may cease to be a Member as a result of
such Disposition. 
 (b) Other terms defined herein have the meanings so given them. 

Section 1.2 Construction.  
 Unless the context requires otherwise, (a) the gender of all words used in this Agreement includes the masculine, feminine and neuter, (b) the singular forms of nouns, pronouns and verbs shall
include the plural and vice versa, (c) all references to Articles and Sections refer to articles and sections in this Agreement, each of which is made a part for all purposes, and (d) the term “include” or “includes”
means includes, without limitation, and “including” means including, without limitation. 

  
 D-11

 ARTICLE II 
 ORGANIZATION 
 Section 2.1 Formation.  

Sun Delaware formed the Company as a Pennsylvania limited liability company by the filing of the Pennsylvania Certificate, dated as of the
Original Filing Date, with the Pennsylvania Department of State pursuant to the Act. 
 Section 2.2 Name.  

The name of the Company is “Sunoco Partners LLC” and all Company business must be conducted in that name or such other names
that comply with Applicable Law as the Board may select. 
 Section 2.3 Registered Office; Registered Agent; Principal Office.
 
 The name of the Company’s registered agent for service of process is CT Corporation System, and the address of
the Company’s registered office in the Commonwealth of Pennsylvania is 1818 Market Street, Suite 1500, Philadelphia, Pennsylvania 19103. The principal place of business of the Company shall be located at 1818 Market Street, Suite 1500,
Philadelphia, Pennsylvania 19103. The Board may change the Company’s registered agent or the location of the Company’s registered office or principal place of business as the Board may from time to time determine. 

Section 2.4 Purpose.  
 The purpose and nature of the business to be conducted by the Company shall be to (a) serve as the general partner of the MLP and, in connection therewith, to exercise all rights conferred upon the
Company as the general partner of the MLP in accordance with the Partnership Agreement; (b) engage directly in, or enter into or form any corporation, partnership, joint venture, limited liability company or other arrangement to engage
indirectly in, any business activity that the Company is permitted to engage in and, in connection therewith, to exercise all of the rights and powers conferred upon the Company pursuant to the agreements relating to such business activity;
(c) engage directly in, or enter into or form any corporation, partnership, joint venture, limited liability company or other arrangement to engage indirectly in, any business activity that is approved by Members holding a Majority Interest and
that lawfully may be conducted by a limited liability company organized pursuant to the Act and, in connection therewith, to exercise all of the rights and powers conferred upon the Company pursuant to the agreements relating to such business
activity; (d) guarantee, mortgage, pledge or encumber any or all of its assets in connection with any indebtedness of the Company or any Affiliate of the Company and (e) do anything necessary or appropriate to the foregoing, including the
making of capital contributions or loans to the MLP, the Operating Partnership or any of its subsidiaries. 
 The Company shall
be empowered to do any and all acts and things necessary, appropriate, proper, advisable, incidental to or convenient for the furtherance and accomplishment of the purposes and business described in this Section 2.4 and for the protection and
benefit of the Company. 

  
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 Section 2.5 Foreign Qualification. 

Prior to the Company’s conducting business in any jurisdiction other than Pennsylvania, the Board shall cause the Company to comply,
to the extent procedures are available and those matters are reasonably within the control of the Board, with all requirements necessary to qualify the Company as a foreign limited liability company in that jurisdiction. At the request of the Board,
the Members shall execute, acknowledge, swear to and deliver all certificates and other instruments conforming with this Agreement that are necessary or appropriate to qualify, continue and terminate the Company as a foreign limited liability
company in all such jurisdictions in which the Company may conduct business. 
 Section 2.6 Term. 

The period of existence of the Company (the “Term”) commenced on the Original Filing Date and shall end at such
time as a certificate of dissolution is filed with the Pennsylvania Department of State in accordance with Section 13.4. 

Section 2.7 No State Law Partnership. 
 The Members intend that the Company not be a partnership (including a limited partnership) or joint venture, and that no Member be a partner or joint venturer of any other Member, for any purposes other
than federal, state, local and foreign income tax purposes, and this Agreement may not be construed to suggest otherwise. 
 Section 2.8
Power of Attorney. 
 (a) Each Member and each Assignee hereby constitutes and appoints the Chief Executive Officer,
President and each Vice President, 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 Organizational Certificate and all amendments or restatements thereof) that the Board deems necessary or appropriate to form, qualify or continue the existence or qualification of the Company in
the Commonwealth of Pennsylvania and in all other jurisdictions in which the Company may conduct business or own property; (B) all certificates, documents and other instruments that the Board 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 Board deems necessary or
appropriate to reflect the dissolution and liquidation of the Company pursuant to the terms of this Agreement; (D) all certificates, documents and other instruments relating to the transfer of any Membership Interests; (E) all
certificates, documents and other instruments relating to the determination of the rights, preferences and privileges of any class or series of Membership Interests; and (F) all certificates, documents and other instruments (including
agreements and certificates of merger) relating to a merger or consolidation of the Company; and 

  
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 (ii) execute, swear to, acknowledge, deliver, file and record all ballots, consents,
approvals, waivers, certificates, documents and other instruments necessary or appropriate, in the sole discretion of the Board, to make, evidence, give, confirm or ratify any vote, consent, approval, agreement or other action that is made or given
by the Members hereunder or is consistent with the terms of this Agreement or is necessary to effectuate the terms or intent of this Agreement. 

Nothing contained in this Section 2.8 shall be construed as authorizing the Board or any officer to do any of the following except as expressly
provided for in this Agreement: (A) amend, change, modify or restate this Agreement; (B) dissolve or liquidate the Company, (C) determine the rights, preferences and privileges of any class or series of Membership Interests, or
(D) enter into a merger or consolidation of the Company. 
 (b) The foregoing power of attorney is hereby declared to be
irrevocable and a power coupled with an interest, and it shall survive and not be affected by the subsequent death, incompetency, disability, incapacity, dissolution, bankruptcy or termination of any Member or the transfer of any Membership
Interests and shall extend to a Member’s heirs, successors, assigns and representatives. 
 ARTICLE III 

MEMBERSHIP 

Section 3.1 Membership Interests; Additional Members. 
 As of the date hereof, the Members own Membership Interests in the Company with the Sharing Ratios as reflected in Exhibit A attached hereto. Persons may be admitted to the Company as Members on
such terms and conditions as the Board determines at the time of admission. The terms of admission or issuance must specify the Sharing Ratios applicable thereto and may provide for the creation of different classes or groups of Members having
different rights, powers and duties. The Board may reflect the creation of any new class or group in an amendment to this Agreement indicating the different rights, powers and duties, and such an amendment shall be approved by the Board and executed
by the Proper Officers. The current Members may also admit Persons to the Company as Members on such terms and conditions as the Members may determine in their own discretion at the time of admission. Any such admission is effective only after such
new Member has executed and delivered to the Members and the Company an instrument containing the notice address of the new Member, the Member’s ratification of this Agreement and agreement to be bound by it. 

Section 3.2 Access to Information. 
 Each Member shall be entitled to receive any information that it may request concerning the Company; provided, however, that this Section 3.2 shall not obligate the Company to create any information
that does not already exist at the time of such request (other than to convert 

  
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existing information from one medium to another, such as providing a printout of information that is stored in a computer database). Each Member shall also have the right, upon reasonable notice
and at all reasonable times during usual business hours, to inspect the properties of the Company and to audit, examine and make copies of the books of account and other records of the Company. Such right may be exercised through any agent or
employee of such Member designated in writing by it or by an independent public accountant, engineer, attorney or other consultant so designated. All costs and expenses incurred in any inspection, examination or audit made on such Member’s
behalf shall be borne by such Member. 
 Section 3.3 Liability. 

(a) No Member or Assignee shall be liable for the debts, obligations or liabilities of the Company. 

(b) The Company and the Members agree that the rights, duties and obligations of the Members in their capacities as members of the Company
are only as set forth in this Agreement and as otherwise arise under the Act. Furthermore, the Members agree that the existence of any rights of a Member, or the exercise or forbearance from exercise of any such rights, shall not create any duties
or obligations of the Member in their capacities as members of the Company, nor shall such rights be construed to enlarge or otherwise alter in any manner the duties and obligations of the Members. 

Section 3.4 Withdrawal. 
 A Member does not have the right or power to Withdraw. 
 ARTICLE IV

 DISPOSITION OF MEMBERSHIP INTERESTS 
 Section 4.1 General Restrictions. 
 A Member may not Dispose of
all or any portion of its Membership Interests except in strict accordance with this Article IV. References in this Article IV to Dispositions of a Membership Interest shall also refer to Dispositions of a portion of a Membership Interest. Any
attempted Disposition of a Membership Interest, other than in strict accordance with this Article IV, shall be, and is hereby declared, null and void ab initio. The Members agree that a breach of the provisions of this Article IV may
cause irreparable injury to the Company and to the other Members for which monetary damages (or other remedies at law) are inadequate in view of (a) the complexities and uncertainties in measuring the actual damages that would be sustained by
reason of the failure of a Member to comply with such provisions and (b) the uniqueness of the business and the relationship among the Members. Accordingly, the Members agree that the provisions of this Article IV may be enforced by specific
performance. 
 Section 4.2 Admission of Assignee as a Member. 

An Assignee has the right to be admitted to the Company as a Member, with the Membership Interests (and attendant Sharing Ratio)
so transferred to such Assignee, only if (a) the Member making the Disposition (a “Disposing Member”) has granted the Assignee either (i) all, but not less than all, of such Disposing Member’s Membership Interests or
(ii) the express right to be so admitted; and (b) such Disposition is effected in strict compliance with this Article IV. 

  
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 Section 4.3 Requirements Applicable to All Dispositions and Admissions. 

Any Disposition of Membership Interests and any admission of an Assignee as a Member shall also be subject to the following requirements,
and such Disposition (and admission, if applicable) shall not be effective unless such requirements are complied with; provided, however, that the Board, in its sole and absolute discretion, may waive any of the following requirements: 

(a) Disposition Documents. The following documents must be delivered to the Board and must be satisfactory, in form and substance,
to the Board: 
 (i) Disposition Instrument. A copy of the instrument pursuant to which the Disposition is effected.

 (ii) Ratification of this Agreement. With respect to any Disposition, an instrument, executed by the Disposing Member
and its Assignee, containing the following information and agreements, to the extent they are not contained in the instrument described in Section 4.3(a)(i): (A) the notice address of the Assignee; (B) the Sharing Ratios after the
Disposition of the Disposing Member and its Assignee (which together must total the Sharing Ratio of the Disposing Member before the Disposition); (C) the Assignee’s ratification of this Agreement and agreement to be bound by it; and
(D) representations and warranties by the Disposing Member and its Assignee that (1) the Disposition and admission is being made in accordance with Applicable Laws, and (2) the matters set forth in Section 4.3(a)(i) and this
Section 4.3(a)(ii) are true and correct. 
 (iii) Opinions. With respect to any Disposition, such opinions of counsel
regarding tax and securities law matters as the Board, in its sole discretion, may require. 
 (b) Payment of Expenses.
The Disposing Member and its Assignee shall pay, or reimburse the Company for, all reasonable costs and expenses incurred by the Company in connection with the Disposition and admission of the Assignee as a Member, including the legal fees incurred
in connection with the legal opinions referred to in Section 4.3(a)(iii). 
 (c) No Release. No Disposition of Membership
Interests shall effect a release of the Disposing Member from any liabilities to the Company or the other Members arising from events occurring prior to the Disposition. 

  
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 ARTICLE V 
 CAPITAL CONTRIBUTIONS 
 Section 5.1 Capital Contributions. 

Contemporaneously with the adoption by the Members of this Agreement, each Member, as a result of its Capital Contributions, shall be
deemed to have a Membership Interest in the Company with the Sharing Ratio as set forth next to the Member’s name on Exhibit A. 

Section 5.2 Loans. 

If the Company does not have sufficient cash to pay its obligations, any Member(s) that may agree to do so with the consent of the Board
may advance all or part of the needed funds to or on behalf of the Company. An advance described in this Section 5.2 constitutes a loan from the Member to the Company, bears interest at a rate determined by the Board from the date of the
advance until the date of payment and is not a Capital Contribution. 
 Section 5.3 Return of Contributions. 

Except as expressly provided herein, no Member is entitled to the return of any part of its Capital Contributions or to be paid interest
in respect of either its Capital Account or its Capital Contributions. An unrepaid Capital Contribution is not a liability of the Company or of any Member. A Member is not required to contribute or to lend any cash or property to the Company to
enable the Company to return any Member’s Capital Contributions. 
 Section 5.4 Capital Accounts. 

An individual Capital Account shall be established and maintained for each Member in accordance with Treasury Regulation
Section 1.704-1(b)(2)(iv). A Member that has more than one class or series of Membership Interest shall have a single Capital Account that reflects all such class, classes or series of Membership Interests, regardless of the classes or series
of Membership Interests owned by such Member and regardless of the time or manner in which such Membership Interests were acquired. Upon the Disposition of all or a portion of a Membership Interest, the Capital Account of the Disposing Member that
is attributable to such Membership Interest shall carry over to the Assignee in accordance with the provisions of Treasury Regulation Section 1.704-1(b)(2)(iv)(l). 
 ARTICLE VI 
 DISTRIBUTIONS AND ALLOCATIONS 

Section 6.1 Distributions. 
 Except as otherwise provided in Section 6.2, the Company shall distribute to the Members, within 45 days following the end of each Quarter, all funds of the Company, except for funds that all of the
Members determine are needed for the payment of existing or foreseeable Company obligations and expenditures. All such distributions made pursuant to this Section 6.1 shall be made to all Members simultaneously in proportion to their respective
Sharing Ratios (at the time the amounts of such distributions are determined) at such times as shall be determined by all of the Members, subject to this Section 6.1; provided, however, any loans from Members pursuant to Section 5.2 shall
be repaid prior to any distributions to Members pursuant to this Section 6.1. 

  
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 Section 6.2 Distributions on Dissolution and Winding Up. 

Upon the dissolution and winding up of the Company, after adjusting the Capital Accounts for all distributions made under
Section 6.1 and all allocations under this Article VI, all available proceeds distributable to the Members as determined under Section 13.2 shall be distributed to all of the Members in amounts equal to the Members’ positive Capital
Account balances. 
 Section 6.3 Allocations. 
 (a) Allocations of Net Profits and Losses. Except as otherwise provided in this Section 6.3: 
 (i) Net Profits (and items thereof) for any fiscal period shall be allocated to the Members in proportion to their respective Sharing Ratios. 

(ii) Net Losses (and items thereof) for any fiscal period shall be allocated to the Members in proportion to their respective Sharing
Ratios. 
 (b) Regulatory Allocations. Notwithstanding the foregoing provisions of this Section 6.3, the following special
allocations shall be made in the following order of priority: 
 (i) Minimum Gain Chargeback. If there is a net decrease
in Company Minimum Gain during any taxable year, then each Member shall be allocated items of Company income and gain for such taxable year (and, if necessary, for subsequent years) in an amount equal to such Member’s share of the net decrease
in Company Minimum Gain, determined in accordance with Regulations Section 1.704-2(g)(2). This Section 6.3(b)(i) is intended to comply with the minimum gain chargeback requirement of Regulations Section 1.704-2(f) and shall be
interpreted consistently therewith. 
 (ii) Member Minimum Gain Chargeback. If there is a net decrease in Minimum Gain
attributable to a Member Nonrecourse Debt during any taxable year, then each Member who has a share of the Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(5), shall be
specially allocated items of Company income and gain for such taxable year (and, if necessary, for subsequent years) in an amount equal to such Member’s share of the net decrease in Minimum Gain attributable to such Member Nonrecourse Debt,
determined in a manner consistent with the provisions of Regulations Section 1.704-2(i)(4). This Section 6.3(b)(ii) is intended to comply with the partner nonrecourse debt minimum gain chargeback requirement of Regulations
Section 1.704-2(i)(4) and shall be interpreted consistently therewith. 

  
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 (iii) Qualified Income Offset. If any Member unexpectedly receives an adjustment,
allocation, or distribution of the type contemplated by Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), then items of income and gain shall be allocated to all such Members (in proportion to the amounts of their respective deficit
Adjusted Capital Accounts) in an amount and manner sufficient to eliminate the deficit balance in the Adjusted Capital Account of such Member as quickly as possible. It is intended that this Section 6.3(b)(iii) qualify and be construed as a
“qualified income offset” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 
 (iv) Limitation on Allocation of Net Loss. If the allocation of Net Loss (or items of loss or deduction) to a Member as provided in Section 6.3(a)(ii) would create or increase an Adjusted
Capital Account deficit, then there shall be allocated to such Member only that amount of Net Loss (or items of loss or deduction) as will not create or increase an Adjusted Capital Account deficit. The Net Loss (or items of loss or deduction) that
would, absent the application of the preceding sentence, otherwise be allocated to such Member shall be allocated to the other Members in proportion to their respective Sharing Ratios, subject to the limitations of this Section 6.3(b)(iv).

 (v) Certain Additional Adjustments. To the extent that an adjustment to the adjusted tax basis of any Company asset
pursuant to Code Section 734(b) or Code Section 743(b) is required, pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(2) or Regulations Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts
as the result of a distribution to a Member in complete liquidation of its interest, 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 gain or loss shall be specially allocated to the Members in accordance with their respective Sharing Ratios in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(2) applies, or to the Members to
whom such distribution was made in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies. 
 (vi)
Nonrecourse Deductions. The Nonrecourse Deductions for each taxable year shall be allocated to the Members in proportion to their respective Sharing Ratios. 
 (vii) Member Nonrecourse Deductions. The Member Nonrecourse Deductions shall be allocated each year to the Member that bears the economic risk of loss (within the meaning of Regulations
Section 1.752-2) for the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable. 
 (viii)
Curative Allocations. The allocations set forth in Sections 6.3(b)(i), (ii), (iii), (iv), (v), (vi) and (vii) (the “Regulatory Allocations”) are intended to comply with certain requirements of Regulations Sections
1.704-1(b) and 1.704-2(i). Notwithstanding the provisions of Section 6.3(a), the Regulatory Allocations shall be taken into account in allocating other items of income, gain, loss and deduction among the Members so that, to the extent possible,
the net amount of such allocations of other items and the Regulatory Allocations to each Member shall be equal to the net amount that would have been allocated to each such Member if the Regulatory Allocations had not occurred. 

  
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 (c) Tax Allocations. 

(i) Except as provided in Section 6.3(c)(ii), for income tax purposes under the Code and the Regulations each Company item of income,
gain, loss, deduction and credit shall be allocated among the Members as its correlative item of “book” income, gain, loss, deduction or credit is allocated pursuant to this Section 6.3. 

(ii) Tax items with respect to any Company asset that is contributed to the Company with a Gross Asset Value that varies from its basis in
the hands of the contributing Member immediately preceding the date of contribution shall be allocated among the Members for income tax purposes pursuant to Regulations promulgated under Code Section 704(c) so as to take into account such
variation. The Company shall account for such variation using any method approved under Code Section 704(c) and the applicable Regulations as chosen by the Board. If the Gross Asset Value of any Company asset is adjusted pursuant to the
definition of “Gross Asset Value” herein, subsequent allocations of income, gain, loss, deduction and credit with respect to such Company asset shall take account of any variation between the adjusted basis of such Company asset for
federal income tax purposes and its Gross Asset Value in a manner consistent with Code Section 704(c) and the applicable Regulations using any method approved under Code Section 704(c) and the applicable Regulations as chosen by the Board.
Allocations pursuant to this Section 6.3(c)(ii) are solely for purposes of federal, state and local taxes and shall not affect, or in any way be taken into account in computing, any Member’s Capital Account or share of Net Profits, Net
Losses and any other items or distributions pursuant to any provision of this Agreement. 
 (d) Other Tax Provisions.

 (i) All items of income, gain, loss, deduction or credit shall be allocated, and all distributions shall be made, to the
Persons shown on the records of the Company to have been Members as of the last calendar day of the period for which the allocation or distribution is to be made. Notwithstanding the foregoing, if during any taxable year there is a change in any
Member’s Sharing Ratio, the Members agree that their allocable shares of such items for the taxable year shall be determined on any method determined by the Board to be permissible under Code Section 706 and the related Treasury
Regulations to take account of the Members’ varying Sharing Ratios. 
 (ii) In the event that the Code or any Regulations
require allocations of items of income, gain, loss, deduction or credit different from those set forth in this Section 6.3, the Board is hereby authorized to make new allocations in reliance on the Code and such Regulations, and no such new
allocation shall give rise to any claim or cause of action by any Member. 
 (iii) For purposes of determining a Member’s
proportional share of the Company’s “excess nonrecourse liabilities” within the meaning of Regulations Section 1.752-3(a)(3), each Member’s interest in Net Profits shall be such Member’s Sharing Ratio. 

  
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 (e) Withholding. The Company may withhold distributions or portions thereof if it is
required to do so by any applicable rule, regulation, or law, and each Member hereby authorizes the Company to withhold from or pay on behalf of or with respect to such Member any amount of federal, state, local or foreign taxes that the Board
determines that the Company is required to withhold or pay with respect to any amount distributable or allocable to such Member pursuant to this Agreement. Any amount paid on behalf of or with respect to a Member pursuant to this Section 6.3(e)
shall be treated as having been distributed to such Member as an advance against the next distributions that would otherwise be made to such Member, and such amount shall be satisfied by offset from such next distributions. Each Member will furnish
the Board with such information as may reasonably be requested by the Board from time to time to determine whether withholding is required, and each Member will promptly notify the Board if such Member determines at any time that it is subject to
withholding. 
 Section 6.4 Limitation on Distributions. 
 Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not make a distribution to any Member on account of its interest in the Company if such distribution would
violate any Applicable Law. 
 ARTICLE VII 
 MANAGEMENT 
 Section 7.1 Management by Board of Directors and Officers.

 (a) Except as otherwise provided herein, the business and affairs of the Company shall be managed under the direction of the
Board of Directors of the Company (the “Board”). The Board shall possess all rights and powers which are possessed by “managers” under the Act and otherwise by Applicable Law, subject to the other provisions provided herein.
Except as otherwise provided for herein, the Members hereby consent to the exercise by the Board of all such powers and rights conferred on it by the Act or otherwise by Applicable Law with respect to the management and control of the Company.

 (b) Except as otherwise specifically provided in this Agreement, the authority and functions of the Board, on the one hand,
and of the officers, on the other hand, shall be identical to the authority and functions of the board of directors and officers, respectively, of a corporation organized under the Business Corporation Law of 1988, as amended, of the Commonwealth of
Pennsylvania. The officers shall be vested with such powers and duties as are set forth in Article VIII and as are specified by the Board from time to time. Accordingly, except as otherwise specifically provided in this Agreement, the day-to-day
activities of the Company shall be conducted on the Company’s behalf by the officers who shall be agents of the Company. In addition to the powers and authority expressly conferred on the Board by this Agreement, the Board may exercise all such
powers of the Company and do all such acts and things as are not restricted by this Agreement, the Partnership Agreement, the Act or Applicable Law. 
 (c) Notwithstanding anything herein to the contrary, the Members have exclusive authority over the internal business and affairs of the Company that do not relate to the management and control of the MLP
and its subsidiaries. For illustrative purposes, the internal business and affairs of the Company where the Members shall have exclusive authority include (i) the amount and timing of distributions paid by the Company, (ii) the issuance or
repurchase of 

  
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any equity interests in the Company, (iii) the prosecution, settlement or management of any claim made directly against the Company, (iv) the decision to sell, convey, transfer or
pledge any asset of the Company, (v) the decision to amend, modify or waive any rights relating to the assets of the Company and (vi) the decision to enter into any agreement to incur an obligation of the Company other than an agreement
entered into for and on behalf of the MLP for which the Company is liable exclusively by virtue of the Company’s capacity as general partner of the MLP or of any of its Affiliates. 

(d) Notwithstanding anything herein to the contrary, the Members shall have exclusive authority to cause the Company to exercise the
rights of the Company as general partner of the MLP (or those exercisable after the Company ceases to be the general partner of the MLP) where (a) the Company makes a determination or takes or declines to take any other action in its individual
capacity under the Partnership Agreement or (b) where the Partnership Agreement permits the Company to make a determination or take or decline to take any other action free of any fiduciary obligation to the MLP or at the option of the Company
(or some other variation of that phrase). For illustrative purposes, a list of provisions where the Company would be acting in its individual capacity or is permitted to act free of any fiduciary obligation to the MLP or at its option is contained
in Exhibit B hereto, which list is not intended to be comprehensive. 
 (e) In addition, notwithstanding anything herein to the
contrary, without obtaining the written consent of the Members holding a Majority Interest, the Company shall not take any action to (i) amend the Partnership Agreement, (ii) cause the MLP to merge or consolidate with any party,
(iii) sell or cause the MLP to sell all or substantially all of the assets of the MLP or (iv) cause the MLP to voluntarily liquidate or dissolve. 
 Section 7.2 Number; Qualification; Tenure. 
 The number of
directors constituting the Board shall be between three and twelve (each a “Director” and, collectively, the “Directors”), unless otherwise fixed from time to time pursuant to a resolution adopted by a majority of
the Directors. A Director need not be a Member. Each Director shall be elected or approved by the Members and shall serve as a Director of the Company for a term of one year (or their earlier death or removal from office) or until their successors
are elected and qualified. 
 Section 7.3 Regular Meetings. 

Regular meetings of the Board shall be held at such time and place as shall be designated from time to time by resolution of the Board.
Notice of such regular quarterly and annual meetings shall not be required. 
 Section 7.4 Special Meetings. 

A special meeting of the Board may be called at any time at the written request of (a) the Chairman of the Board or (b) any
three Directors. 

  
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 Section 7.5 Notice. 
 Written notice of all special meetings of the Board must be given to all Directors at least two Business Days prior to any special meeting of the Board. All notices and other communications to be given to
Directors shall be sufficiently given for all purposes hereunder if in writing and delivered by hand, courier or overnight delivery service or three days after being mailed by certified or registered mail, return receipt requested, with appropriate
postage prepaid, or when received in the form of a telegram or facsimile, and shall be directed to the address or facsimile number as such Director shall designate by notice to the Company. Neither the business to be transacted at, nor the purpose
of, any regular or special meeting of the Board need be specified in the notice of such meeting, except for amendments to this Agreement, as provided herein. Attendance of a Director at a meeting shall constitute waiver of notice of such meeting,
except where such Director attends the meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully called or convened. A meeting may be held at any time without notice if all the
Directors are present or if those not present waive notice of the meeting either before or after such meeting. 
 Section 7.6 Action by
Consent of Board or Committee of Board. 
 To the extent permitted by Applicable Law, the Board, or any committee of the
Board, may act without a meeting so long as all members of the Board or committee shall have executed a written consent with respect to any action taken in lieu of a meeting. 
 Section 7.7 Conference Telephone Meetings. 
 Directors or members of
any committee of the Board may participate in a meeting of the Board or such committee by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and such
participation in a meeting shall constitute presence in person at such meeting. 
 Section 7.8 Quorum. 

A majority of all Directors, present in person or participating in accordance with Section 7.7, shall constitute a quorum for the
transaction of business, but if at any meeting of the Board there shall be less than a quorum present, a majority of the Directors present may adjourn the meeting from time to time without further notice. Except as otherwise required by Applicable
Law, all decisions of the Board, or any committee of the Board, shall require the affirmative vote of a majority of all Directors of the Board, or any committee of the Board, respectively. The Directors present at a duly organized meeting may
continue to transact business until adjournment, notwithstanding the withdrawal of enough Directors to leave less than a quorum. 

Section 7.9 Vacancies; Increases in the Number of Directors. 
 Unless otherwise provided in this Agreement, vacancies and newly created directorships resulting from any increase in the number of Directors may be filled by a majority of the Directors then in office,
although less than a quorum, or a sole remaining Director; and any Director so chosen shall hold office until the next annual election and until his successor shall be duly elected and shall qualify, unless sooner displaced. 

  
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 Section 7.10 Committees. 

(a) The Board may establish committees of the Board and may delegate any of its responsibilities, except as otherwise prohibited by
Applicable Law, to such committees. 
 (b) The Board shall have an audit committee comprised of three Directors, all of whom
shall be Independent Directors. Such audit committee shall establish a written audit committee charter in accordance with the rules of the New York Stock Exchange (the “NYSE”), as amended from time to time. “Independent
Director” shall mean Directors meeting the independence and experience requirements as set forth most recently by the NYSE. 
 (c) The Board shall have a conflicts committee (the “Conflicts Committee”) comprised of at least two Directors, all of whom shall be Independent Directors and none of whom shall be
(i) security holders, officers or employees of the Company, (ii) officers, directors or employees of any Affiliate of the Company or (iii) holders of any ownership interest in the MLP, the Operating Partnership or any of its
subsidiaries other than Common Units. Any matter approved by the Conflicts Committee in the manner provided for in the Partnership Agreement shall be conclusively deemed to be fair and reasonable to the MLP, and not a breach by the Company or the
Directors of any fiduciary or other duties owed to the MLP by the Company or the Directors. 
 (d) A majority of any committee,
present in person or participating in accordance with Section 7.7, shall constitute a quorum for the transaction of business of such committee. 
 (e) A majority of any committee may determine its action and fix the time and place of its meetings unless the Board shall otherwise provide. Notice of such meetings shall be given to each member of the
committee in the manner provided for in Section 7.5. The Board shall have power at any time to fill vacancies in, to change the membership of or to dissolve any such committee. Nothing herein shall be deemed to prevent the Board from appointing
one or more committees consisting in whole or in part of persons who are not Directors; provided, however, that no such committee shall have or may exercise any authority of the Board. 
 Section 7.11 Removal. 
 Any Director or the entire Board may be
removed, with or without cause, by the Members holding a Majority Interest. 
 Section 7.12 Administration of Incentive Plans.

 Incentive Plans shall be administered by the Board acting as an administrative committee of the whole or by another
administrative committee comprised of Directors appointed from time to time by the Board (in each case, the “Compensation Committee”). 

  
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 ARTICLE VIII 
 OFFICERS 
 Section 8.1 Elected Officers. 

The officers of the Company shall serve at the pleasure of the Board. Such officers shall have the authority and duties delegated to each
of them, respectively, by the Board from time to time. The elected officers of the Company shall be a Chairman of the Board, a Chief Executive Officer, a President, a Chief Financial Officer, a Secretary, a Treasurer and such other officers
(including, without limitation, Executive Vice Presidents, Senior Vice Presidents and Vice Presidents) as the Board from time to time may deem proper. The Chairman of the Board shall be chosen from among the Directors. All officers elected by the
Board shall each have such powers and duties as generally pertain to their respective offices, subject to the specific provisions of this Article VIII. The Board or any committee thereof may from time to time elect or appoint, as the case may be,
other officers (including one or more Assistant Secretaries and Assistant Treasurers) and agents, as may be necessary or desirable for the conduct of the business of the Company. Such other officers and agents shall have such duties and shall hold
their offices for such terms as shall be provided in this Agreement or as may be prescribed by the Board or such committee, as the case may be. 

Section 8.2 Election and Term of Office. 
 The officers of the Company shall be elected annually by the Board at the regular meeting of the Board held after the annual meeting of the Members or at such time and for such term as the Board shall
determine. Each officer shall hold office until such person’s successor shall have been duly elected and shall have qualified or until such person’s death or until he shall resign or be removed pursuant to Section 8.13. 

Section 8.3 Chairman of the Board. 
 The Chairman of the Board shall preside at all meetings of the Members and of the Board. If the Chairman is unable to preside at a meeting of the Board and the Chief Executive Officer is also unable to
preside at such meeting pursuant to Section 8.4, then the Directors may appoint another Director to preside at such meeting. The Directors also may elect a Vice-Chairman to act in the place of the Chairman upon his absence or inability to act.

 Section 8.4 Chief Executive Officer. 
 The Chief Executive Officer shall be responsible for the general management of the affairs of the Company and shall perform all duties incidental to such person’s office that may be required by law
and all such other duties as are properly required of him by the Board. He shall make reports to the Board and the Members and shall see that all orders and resolutions of the Board and of any committee thereof are carried into effect. The Chief
Executive Officer shall have full authority to execute all deeds, mortgages, bonds, contracts, documents or other instruments except in cases where the execution thereof shall be expressly delegated by the Board or by this Agreement to some other
officer or agent of the Company or shall be required by law to be otherwise executed. The Chairman of the Board may serve in the capacity of Chief 

  
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Executive Officer. If the Chairman of the Board does not so serve, then the Chief Executive Officer, if he is also a Director, shall, in the absence of or because of the inability to act of the
Chairman of the Board, perform all duties of the Chairman of the Board and preside at all meetings of the Board. 
 Section 8.5
President. 
 The Chief Executive Officer may serve in the capacity of President. If the Chief Executive Officer does not
so serve, then the President shall assist the Chief Executive Officer in the administration and operation of the Company’s business and general supervision of its policies and affairs. The President shall have full authority to execute all
deeds, mortgages, bonds, contracts, documents or other instruments, except in cases where the execution thereof shall be expressly delegated by the Board or this Agreement to some other officer or agent of the Company or shall be required by law to
be otherwise executed. 
 Section 8.6 Chief Financial Officer. 

The Chief Financial Officer shall be responsible for financial reporting for the Company and shall perform all duties incidental to such
person’s office that may be required by law and all such other duties as are properly required of him by the Board. He shall make reports to the Board and shall see that all orders and resolutions of the Board and of any committee thereof
relating to financial reporting are carried into effect. 
 Section 8.7 Vice Presidents. 

Each Executive Vice President and Senior Vice President and any Vice President, in the order of seniority, unless otherwise determined by
the Board, shall have such of the authority and perform such of the duties of the President as may be provided in this Agreement or assigned to them by the Board or the President. Vice Presidents shall assist the President in the performance of the
duties assigned to the President and, in assisting the President, each Vice President shall for such purpose have the powers of the President. 

Section 8.8 Treasurer. 
 (a) The Treasurer shall exercise general supervision over the receipt, custody and disbursement of corporate funds. The Treasurer shall cause the funds of the Company to be deposited in such banks as may
be authorized by the Board, or in such banks as may be designated as depositories in the manner provided by resolution of the Board. The Treasurer shall, in general, perform all duties incident to the office of Treasurer and shall have such further
powers and duties and shall be subject to such directions as may be granted or imposed from time to time by the Board. 
 (b)
Assistant Treasurers shall have such of the authority and perform such of the duties of the Treasurer as may be provided in this Agreement or assigned to them by the Board or the Treasurer. Assistant Treasurers shall assist the Treasurer in the
performance of the duties assigned to the Treasurer and, in assisting the Treasurer, each Assistant Treasurer shall for such purpose have the powers of the Treasurer. 

  
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 Section 8.9 Secretary. 
 (a) The Secretary shall keep or cause to be kept, in one or more books provided for that purpose, the minutes of all meetings of the Board, the committees of the Board and the Members. The Secretary shall
(i) see that all notices are duly given in accordance with the provisions of this Agreement and as required by law; (ii) be custodian of the records and the seal of the Company and affix and attest the seal to all documents to be executed
on behalf of the ompany under its seal; (iii) see that the books, reports, statements, certificates and other documents and records required by law to be kept and filed are properly kept and filed; and (iv) in general, perform all the
duties incident to the office of Secretary and such other duties as from time to time may be assigned to the Secretary by the Board. 
 (b) Assistant Secretaries shall have such of the authority and perform such of the duties of the Secretary as may be provided in this Agreement or assigned to them by the Board or the Secretary. Assistant
Secretaries shall assist the Secretary in the performance of the duties assigned to the Secretary and, in assisting the Secretary, each Assistant Secretary shall for such purpose have the powers of the Secretary. 

Section 8.10 Powers of Attorney. 
 The Company may grant powers of attorney or other authority as appropriate to establish and evidence the authority of the officers and other Persons. 

Section 8.11 Delegation of Authority. 
 Unless otherwise provided by resolution of the Board, only the Chief Executive Officer and President shall have the power or authority to delegate to any Person such officer’s rights and powers as an
officer to execute ordinary course of business contracts on behalf of the Company. 
 Section 8.12 Compensation. 

The officers shall receive such compensation for their services as may be approved by the Board. In addition, the officers and agents
shall be entitled to be reimbursed for out-of-pocket costs and expenses incurred in the course of their service hereunder. The Directors shall be entitled to be reimbursed for out-of-pocket costs and expenses reasonably incurred in the course of
their service hereunder. 
 Section 8.13 Removal. 
 Any officer elected, or agent appointed, by the Board may be removed by the affirmative vote of a majority of the Board whenever, in their judgment, the best interests of the Company would be served
thereby. No elected officer shall have any contractual rights against the Company for compensation by virtue of such election beyond the date of the election of such person’s successor, such person’s death, such person’s resignation
or such person’s removal, whichever event shall first occur, except as otherwise provided in an employment contract or under an employee deferred compensation plan. 

  
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 Section 8.14 Vacancies. 

A newly created elected office and a vacancy in any elected office because of death, resignation or removal may be filled by the Board
for the unexpired portion of the term at any meeting of the Board. 
 ARTICLE IX 

MEMBER MEETINGS 

Section 9.1 Meetings. 
 Except as otherwise provided in this Agreement, all acts of the Members to be taken hereunder shall be taken in the manner provided in this Article IX. An annual meeting of the Members for the transaction
of such business as may properly come before the meeting shall be held at such time and place as the Board shall specify in the notice of the meeting, which shall be delivered to each Member at least 10 and not more than 60 days prior to such
meeting. Special meetings of the Members may be called by the Board or by any Member. A Member shall call a meeting by delivering to the Board one or more requests in writing stating that the signing Member wishes to call a meeting and indicating
the general or specific purposes for which the meeting is to be called. 
 Section 9.2 Notice of Meeting. 

Notice of a meeting called pursuant to Section 9.1 shall be given to the Members in writing by mail or other means of written
communication in accordance with Section 14.2. The notice shall be deemed to have been given at the time when deposited in the mail or sent by other means of written communication. Attendance of a Member at a meeting shall constitute a waiver
of notice of such meeting, except where a Member attends the meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully called or convened. 

Section 9.3 Voting. 

Any matter to be acted upon by the Members shall require the affirmative vote or consent of holders of a Majority Interest. 

Section 9.4 Action by Consent of Members. 
 Any action that may be taken at a meeting of the Members may be taken without a meeting if an approval in writing setting forth such action is signed by the Members holding not less than the minimum
percentage of the Sharing Ratios that would be necessary to authorize or take such action at a meeting at which all the Members entitled to vote on such matter were present and voted. 

  
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 ARTICLE X 
 INDEMNIFICATION OF DIRECTORS, 
 OFFICERS, EMPLOYEES AND AGENTS

 Section 10.1 Indemnification. 
 (a) To the fullest extent permitted by law but subject to the limitations expressly provided in this Agreement, all Indemnitees shall be indemnified and held harmless by the Company from and against any
and all losses, claims, damages, liabilities, joint or several, expenses (including legal fees and expenses), judgments, fines, penalties, interest, settlements or other amounts arising from any and all claims, demands, actions, suits or
proceedings, whether civil, criminal, administrative or investigative, in which any Indemnitee may be involved, or is threatened to be involved, as a party or otherwise, by reason of its status as an Indemnitee; provided, that in each case the
Indemnitee acted in good faith and in a manner that such Indemnitee reasonably believed to be in, or not opposed to, the best interests of the Company and, with respect to any criminal proceeding, had no reasonable cause to believe its conduct was
unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction or upon a plea of nolo contendere, or its equivalent, shall not create a presumption that the Indemnitee acted in a manner contrary to that
specified above. Any indemnification pursuant to this Section 10.1 shall be made only out of the assets of the Company. 

(b) To the fullest extent permitted by law, expenses (including legal fees and expenses) incurred by an Indemnitee who is indemnified
pursuant to Section 10.1(a) in defending any claim, demand, action, suit or proceeding shall, from time to time, be advanced by the Company prior to the final disposition of such claim, demand, action, suit or proceeding upon receipt by the
Company of any undertaking by or on behalf of the Indemnitee to repay such amount if it shall be determined that the Indemnitee is not entitled to be indemnified as authorized in this Section 10.1. 

(c) The indemnification provided by this Section 10.1 shall be in addition to any other rights to which an Indemnitee may be entitled
under any agreement, as a matter of law or otherwise, both as to actions in the Indemnitee’s capacity as an Indemnitee and as to actions in any other capacity, and shall continue as to an Indemnitee who has ceased to serve in such capacity and
shall inure to the benefit of the heirs, successors, assigns and administrators of the Indemnitee. 
 (d) The Company may
purchase and maintain insurance on behalf of the Company, its Affiliates and such other Persons as the Company shall determine, against any liability that may be asserted against or expense that may be incurred by such Person in connection with the
Company’s activities or such Person’s activities on behalf of the Company, regardless of whether the Company would have the power to indemnify such Person against such liability under the provisions of this Agreement. 

(e) For purposes of this Section 10.1, (i) the Company shall be deemed to have requested an Indemnitee to serve as fiduciary of
an employee benefit plan whenever the performance by it of its duties to the Company also imposes duties on, or otherwise involves services by, it to the plan or participants or beneficiaries of the plan; (ii) excise taxes assessed on

  
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an Indemnitee with respect to an employee benefit plan pursuant to applicable law shall constitute “fines” within the meaning of Section 10.1(a); and (iii) action taken or
omitted by the Indemnitee with respect to any employee benefit plan in the performance of its duties for a purpose reasonably believed by it to be in the interest of the participants and beneficiaries of the plan shall be deemed to be for a purpose
that is in, or not opposed to, the best interests of the Company. 
 (f) An Indemnitee shall not be denied indemnification in
whole or in part under this Section 10.1 because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement. 

(g) The provisions of this Section 10.1 are for the benefit of the Indemnitees, their heirs, successors, assigns and administrators
and shall not be deemed to create any rights for the benefit of any other Persons. 
 (h) No amendment, modification or repeal of
this Section 10.1 or any provision hereof shall in any manner terminate, reduce or impair the right of any past, present or future Indemnitee to be indemnified by the Company, nor the obligations of the Company to indemnify any such Indemnitee
under and in accordance with the provisions of this Section 10.1 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such
amendment, modification or repeal, regardless of when such claims may arise or be asserted. 
 Section 10.2 Liability of
Indemnitees. 
 (a) Notwithstanding anything to the contrary set forth in this Agreement, no Indemnitee shall be liable for
monetary damages to the Company or any other Persons who have acquired membership interests in the Company, for losses sustained or liabilities incurred as a result of any act or omission if such Indemnitee acted in good faith. 

(b) To the extent that, at law or in equity, an Indemnitee has duties (including fiduciary duties) and liabilities relating thereto to the
Company, such Indemnitee acting in connection with the Company’s business or affairs shall not be liable to the Company or to any Member for its good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to the
extent that they restrict or otherwise modify the duties and liabilities of an Indemnitee otherwise existing at law or in equity, are agreed by the Members to replace such other duties and liabilities of such Indemnitee. 

(c) Any amendment, modification or repeal of this Section 10.2 or any provision hereof shall be prospective only and shall not in any
way affect the limitations on the liability to the Company, and the Company’s directors, officers and employees under this Section 10.2 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising
from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. 

  
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 ARTICLE XI 
 TAXES 
 Section 11.1 Tax Returns. 

The Tax Matters Partner of the Company shall prepare and timely file (on behalf of the Company) all federal, state, local and foreign tax
returns required to be filed by the Company. Each Member shall furnish to the Company all pertinent information in its possession relating to the Company’s operations that is necessary to enable the Company’s tax returns to be timely
prepared and filed. The Company shall bear the costs of the preparation and filing of its returns. 
 Section 11.2 Tax Elections.

 (a) The Company shall make the following elections on the appropriate tax returns: 

(i) to adopt as the Company’s fiscal year the calendar year; 

(ii) to adopt the accrual method of accounting; 

(iii) if a distribution of the Company’s property as described in Section 734 of the Code occurs or upon a
transfer of Membership Interest as described in Section 743 of the Code occurs, on request by notice from any Member, to elect, pursuant to Section 754 of the Code, to adjust the basis of the Company’s properties; 

(iv) to elect to amortize the organizational expenses of the Company ratably over a period of 60 months as permitted by
Section 709(b) of the Code; and 
 (v) any other election the Board may deem appropriate. 

(b) Neither the Company nor any Member shall make an election for the Company 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, local or foreign law and no provision of this Agreement (including Section 2.7) shall be construed to sanction or approve such an election.

 Section 11.3 Tax Matters Partner. 
 (a) ETP will act as the “tax matters partner” of the Company pursuant to Section 6231(a)(7) of the Code (the “Tax Matters Partner”). The Tax Matters Partner shall take such
action as may be necessary to cause to the extent possible each Member to become a “notice partner” within the meaning of Section 6223 of the Code. The Tax Matters Partner shall inform each Member of all significant matters that may
come to its attention in its capacity as Tax Matters Partner by giving notice thereof on or before the fifth Business Day after becoming aware thereof and, within that time, shall forward to each Member copies of all significant written
communications it may receive in that capacity. 
 (b) The Tax Matters Partner shall take no action without the authorization of
the Board, other than such action as may be required by Applicable Law. Any cost or expense incurred by the Tax Matters Partner in connection with its duties, including the preparation for or pursuance of administrative or judicial proceedings,
shall be paid by the Company. 

  
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 (c) The Tax Matters Partner shall not enter into any extension of the period of limitations
for making assessments on behalf of the Members without first obtaining the consent of the Board. The Tax Matters Partner shall not bind any Member to a settlement agreement without obtaining the consent of such Member. Any Member that enters into a
settlement agreement with respect to any Company item (as described in Section 6231(a)(3) of the Code) shall notify the other Members of such settlement agreement and its terms within 90 Days from the date of the settlement. 

(d) No Member shall file a request pursuant to Section 6227 of the Code for an administrative adjustment of Company items for any
taxable year without first notifying the other Members. If the Board consents to the requested adjustment, the Tax Matters Partner shall file the request for the administrative adjustment on behalf of the Members. If such consent is not obtained
within 30 Days from such notice, or within the period required to timely file the request for administrative adjustment, if shorter, any Member may file a request for administrative adjustment on its own behalf. Any Member intending to file a
petition under Sections 6226, 6228 or other Section of the Code with respect to any item involving the Company shall notify the other Members of such intention and the nature of the contemplated proceeding. In the case where the Tax Matters Partner
is intending to file such petition on behalf of the Company, such notice shall be given within a reasonable period of time to allow the Members to participate in the choosing of the forum in which such petition will be filed. 

(e) If any Member intends to file a notice of inconsistent treatment under Section 6222(b) of the Code, such Member shall give
reasonable notice under the circumstances to the other Members of such intent and the manner in which the Member’s intended treatment of an item is (or may be) inconsistent with the treatment of that item by the other Members. 

ARTICLE XII 

BOOKS, RECORDS, REPORTS AND BANK ACCOUNTS 
 Section 12.1 Maintenance of Books. 
 (a) The Board shall cause to be
kept a record containing the minutes of the proceedings of the meetings of the Board and of the Members, appropriate registers and such books of records and accounts as may be necessary for the proper conduct of the business of the Company.

 (b) The books of account of the Company shall be (i) maintained on the basis of a fiscal year that is the calendar year,
(ii) maintained on an accrual basis in accordance with GAAP, consistently applied, and (iii) audited by the Certified Public Accountants at the end of each calendar year. 

  
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 Section 12.2 Reports. 
 With respect to each calendar year, the Board shall prepare, or cause to be prepared, and deliver, or cause to be delivered, to each Member: 

(a) Within 120 Days after the end of such calendar year, a profit and loss statement and a statement of cash flows for such year, a
balance sheet and a statement of each Member’s Capital Account as of the end of such year, together with a report thereon of the Certified Public Accountants; and 
 (b) Such federal, state, local and foreign income tax returns and such other accounting, tax information and schedules as shall be necessary for the preparation by each Member on or before June 15
following the end of each calendar year of its income tax return with respect to such year. 
 Section 12.3 Bank Accounts.

 Funds of the Company shall be deposited in such banks or other depositories as shall be designated from time to time by the
Board. All withdrawals from any such depository shall be made only as authorized by the Board and shall be made only by check, wire transfer, debit memorandum or other written instruction. 

ARTICLE XIII 
 DISSOLUTION, WINDING-UP AND TERMINATION 
 Section 13.1 Dissolution. 

(a) The Company shall dissolve and its affairs shall be wound up on the first to occur of the following events (each, a
“Dissolution Event”): 
 (i) the unanimous consent of the Members; or 

(ii) entry of a decree of judicial dissolution of the Company under Section 8972 of the Act. 

(b) No other event shall cause a dissolution of the Company. 
 Section 13.2 Winding-Up and Termination. 
 (a) On the occurrence of a
Dissolution Event of the type described in Section 13.1(a)(i) or Section 13.1(a)(ii), the Board shall act as liquidator. The liquidator shall proceed diligently to wind up the affairs of the Company and make final distributions as provided
herein and in the Act. The costs of winding up shall be borne as a Company expense. Until final distribution, the liquidator shall continue to operate the Company properties with all of the power and authority of the Members. The steps to be
accomplished by the liquidator are as follows: 

  
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 (i) as promptly as possible after dissolution and again after final winding up, the
liquidator shall cause a proper accounting to be made by a recognized firm of certified public accountants of the Company’s assets, liabilities and operations through the last day of the month in which the dissolution occurs or the final
winding up is completed, as applicable; 
 (ii) the liquidator shall discharge from Company funds all of the debts, liabilities
and obligations of the Company (including all expenses incurred in winding up) or otherwise make adequate provision for payment and discharge thereof (including the establishment of a cash escrow fund for contingent liabilities in such amount and
for such term as the liquidator may reasonably determine); and 
 (iii) all remaining assets of the Company shall be distributed
to the Members as follows: 
 (A) the liquidator may sell any or all Company property, including to Members, and any resulting
gain or loss from each sale shall be computed and allocated to the Capital Accounts of the Members in accordance with the provisions of Article VI; 
 (B) with respect to all Company property that has not been sold, the fair market value of that property shall be determined and the Capital Accounts of the Members shall be adjusted to reflect the manner
in which the unrealized income, gain, loss and deduction inherent in property that has not been reflected in the Capital Accounts previously would be allocated among the Members in accordance with Article VI if there were a taxable disposition of
that property for the fair market value of that property on the date of distribution; and 
 (C) Company property (including
cash) shall be distributed among the Members in accordance with Section 6.2; and those distributions shall be made by the end of the taxable year of the Company during which the liquidation of the Company occurs (or, if later, 90 Days after the
date of the liquidation). 
 (b) The distribution of cash or property to a Member in accordance with the provisions of this
Section 13.2 constitutes a complete return to the Member of its Capital Contributions and a complete distribution to the Member of its Membership Interest and all the Company’s property. To the extent that a Member returns funds to the
Company, it has no claim against any other Member for those funds. 
 Section 13.3 Deficit Capital Accounts. 

No Member will be required to pay to the Company, to any other Member or to any third party any deficit balance that may exist from time
to time in the Member’s Capital Account. 
 Section 13.4 Certificate of Dissolution. 

On completion of the distribution of Company assets as provided herein, the Members (or such other Person or Persons as the Act may
require or permit) shall file a certificate of dissolution with the Pennsylvania Department of State, cancel any other filings made pursuant to Section 2.5 and take such other actions as may be necessary to terminate the existence of the
Company. Upon the filing of such certificate of dissolution, the existence of the Company shall terminate (and the Term shall end), except as may be otherwise provided by the Act or by Applicable Law. 

  
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 ARTICLE XIV 
 GENERAL PROVISIONS 
 Section 14.1 Offset. 

Whenever the Company is to pay any sum to any Member, any amounts that Member owes the Company may be deducted from that sum before
payment. 
 Section 14.2 Notices. 
 All notices, demands, requests, consents, approvals or other communications (collectively, “Notices”) required or permitted to be given hereunder or that are given with respect to this Agreement
shall be in writing and shall be personally served, delivered by reputable air courier service with charges prepaid, or transmitted by hand delivery, telegram, telex or facsimile, addressed as set forth below, or to such other address as such party
shall have specified most recently by written notice. Notice shall be deemed given on the date of service or transmission if personally served or transmitted by telegram, telex or facsimile. Notice otherwise sent as provided herein shall be deemed
given upon delivery of such notice: 
 To the Company: 

Sunoco Partners LLC 
 1818 Market Street, Suite 1500 
 Philadelphia, Pennsylvania
19103-1699 
 Attn: General Counsel and Secretary 

Fax: (866) 244-5696 
 To ETP: 
 Energy Transfer Partners, L.P. 

3738 Oak Lawn Avenue 
 Dallas, Texas 75219 
 Attn: Thomas P. Mason, Senior Vice President,
General Counsel and Secretary 
 Fax: (214) 981-0706 

To ETE Holdings: 
 ETE Common Holdings, LLC 
 3738 Oak Lawn Avenue 

Dallas, Texas 75219 
 Attn: Thomas P. Mason, Senior Vice President, General Counsel and Secretary 
 Fax: (214) 981-0706 

  
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 Section 14.3 Entire Agreement; Superseding Effect. 

This Agreement constitutes the entire agreement of the Members and their Affiliates relating to the Company and the transactions
contemplated hereby, and supersedes all provisions and concepts contained in all prior contracts or agreements among the Members or any of their Affiliates with respect to the Company, whether oral or written. 

Section 14.4 Effect of Waiver or Consent. 
 Except as otherwise provided in this Agreement, a waiver or consent, express or implied, to or of any breach or default by any Member in the performance by that Member of its obligations with respect to
the Company is not a consent or waiver to or of any other breach or default in the performance by that Member of the same or any other obligations of that Member with respect to the Company. Except as otherwise provided in this Agreement, failure on
the part of a Member to complain of any act of any Member or to declare any Member in default with respect to the Company, irrespective of how long that failure continues, does not constitute a waiver by that Member of its rights with respect to
that default until the applicable statute-of-limitations period has run. 
 Section 14.5 Amendment or Restatement. 

This Agreement or the Pennsylvania Certificate may be amended or restated only by a written instrument executed (or, in the case of the
Pennsylvania Certificate, approved) by all Members. 
 Section 14.6 Binding Effect. 

Subject to the restrictions on Dispositions set forth in this Agreement, this Agreement is binding on and shall inure to the benefit of
the Members and their respective successors and permitted assigns. 
 Section 14.7 Governing Law; Severability. 

THIS AGREEMENT IS GOVERNED BY AND SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAW OF THE COMMONWEALTH OF PENNSYLVANIA, EXCLUDING ANY
CONFLICT-OF-LAWS RULE OR PRINCIPLE THAT MIGHT REFER THE GOVERNANCE OR THE CONSTRUCTION OF THIS AGREEMENT TO THE LAW OF ANOTHER JURISDICTION. In the event of a direct conflict between the provisions of this Agreement and any mandatory, non-waivable
provision of the Act, such provision of the Act shall control. If any provision of the Act provides that it may be varied or superseded in a limited liability company agreement (or otherwise by agreement of the members or managers of a limited
liability company), such provision shall be deemed superseded and waived in its entirety if this Agreement contains a provision addressing the same issue or subject matter. If any provision of this Agreement or the application thereof to any Member
or circumstance is held invalid or unenforceable to any extent, (a) the remainder of this Agreement and the application of that provision to other Members or circumstances is not affected thereby, and (b) the Members shall negotiate in
good faith to replace that provision with a new provision that is valid and enforceable and that puts the Members in substantially the same economic, business and legal position as they would have been in if the original provision had been valid and
enforceable. 

  
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 Section 14.8 Further Assurances. 

In connection with this Agreement and the transactions contemplated hereby, each Member shall execute and deliver any additional
documents and instruments and perform any additional acts that may be necessary or appropriate to effectuate and perform the provisions of this Agreement and those transactions. 
 Section 14.9 Waiver of Certain Rights. 
 Each Member irrevocably
waives any right it may have to maintain any action for dissolution of the Company or for partition of the property of the Company. 

Section 14.10 Counterparts. 
 This Agreement may be executed in any number of counterparts with the same effect as if all signing parties had signed the same document. All counterparts shall be construed together and constitute the
same instrument. 
 Section 14.11 Jurisdiction. 
 Any and all Claims arising out of, in connection with or in relation to (i) the interpretation, performance or breach of this Agreement, or (ii) any relationship before, at the time of entering
into, during the term of, or upon or after expiration or termination of this Agreement, between the parties hereto, shall be brought in any court of competent jurisdiction in the Commonwealth of Pennsylvania. Each party hereto unconditionally and
irrevocably consents to the jurisdiction of any such court over any Claims and waives any objection that such party may have to the laying of venue of any Claims in any such court. 

[Remainder of Page Intentionally Left Blank] 

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

			
	MEMBERS:
	
	ENERGY TRANSFER PARTNERS, L.P.
	
	By: Energy Transfer Partners GP, L.P., its general partner
		
		 	By: Energy Transfer Partners, L.L.C., its general partner
		 	
		 	By:                            
                                         
 
		 	        Thomas P. Mason
		 	        Senior Vice President, General Counsel and         Secretary
	
	ETE COMMON HOLDINGS, LLC
		
		 	By:                            
                                         
 
		 	        John W. McReynolds
		 	        President and Chief Financial Officer

 [Signature Page to Amended Sunoco GP LLC Agreement] 

  
 D-38

 EXHIBIT A 

 

					
	Member	  	Sharing Ratio	 
	 Energy Transfer Partners, L.P.
	  	 	99.9	% 
	 ETE Common Holdings, LLC
	  	 	0.1	% 

 A-1 to Exhibit D 

 EXHIBIT B 
 The following are provisions of the Partnership Agreement where the Company is permitted to act at its option or free of any fiduciary obligation to the Partnership or would be acting in its individual
capacity. Capitalized terms used but not defined in this Exhibit B have the meanings assigned to them in the Partnership Agreement. 
 (f) Section 2.4 (“Purpose and Business”), with respect to decisions to propose or approve the conduct by the Partnership of any business; 

(g) Sections 4.6(a) and (b) (“Transfer of the General Partner’s General Partner Interest”),
solely with respect to the decision by the Company to transfer its general partner interest in the Partnership; 
 (h)
Section 4.7 (“Transfer of Incentive Distribution Rights”); 
 (i) Section 5.9
(“Limited Preemptive Right”); 
 (j) Section 7.5(e) (“Outside Activities”),
relating to the right of the Company and its Affiliates to purchase Units or other Partnership Securities and exercise rights related thereto); 
 (k) Section 7.7 (“Indemnification”), solely with respect to any decision by the Company to exercise its rights as an “Indemnitee” (as defined in the Partnership
Agreement); 
 (l) Section 7.12 (“Registration Rights of the General Partner and its Affiliates”),
solely with respect to any decision to exercise registration rights of the Company; 
 (m) Section 11.1
(“Withdrawal of the General Partner”), solely with respect to the decision by the Company to withdraw as General Partner of the Partnership and to give notices required thereunder; 

(n) Section 11.3(a) and (b) (“Interest of Departing General Partner and Successor General
Partner”); and 
 (o) Section 15.1 (“Right to Acquire Limited Partner Interests”).

 B-1 to Exhibit DEX-10.23

 Exhibit 10.23 
 BASIC LEASE INFORMATION 
 The following Basic Information is incorporated into and made a
part of this lease. Each reference in this lease to any of the Basic Lease Information shall mean the respective information set forth below and shall be construed to incorporate all of the terms provided under the particular lease paragraph(s)
pertaining to such information. In the event of a conflict between any Basic Lease Information and the lease, the lease shall control. 

IDENTIFICATION DATE OF LEASE: 01/21/13 
  

									
	1.	  	Name of Building:	  	 Echelon IV
	  	Address:	  	 9430 Research Blvd. / Austin, TX 78759

					
	2.	  	Owner/Lessor:	  	 Echelon Holdings, Ltd.
	  	Address:	  	 1005 Congress #150 / Austin, TX 78701

													
							
	3.	  	Suite Number:	  	 400
	  		  		  		  	

  

																			
	4.	  	Usable SF:	  	 16,105
	  		  	Add-On Factor:	  	 13.846%
	  		  	Rentable SF:	  	 18,335
	  	
		  	Total Bldg. SF:	  	 67,225
	  		  	Pro Rata Share:	  	 27.27%
	  		  		  		  	

  

																	
	5.	  	Lessee Name:	  	 Bankrate, Inc.

																	
		 	   a)	 	Lessee is [    ] an individual(s), [    ] several individuals, [    ] a general partnership,
[    ] a limited partnership, [X] a corporation, [    ] a joint venture, [    ] a professional association, [    ] sole proprietorship, [    ] a
limited liability company

																	
		 	    b)	 	Lessee Address for Notice:	  	 9430 Research Blvd Suite 400 Austin, TX 78759

															
		 	    c)	 	Lessee Contact Person:	 	 Bruce Zanca
	 	Phone:	 	 917/368-8648
	 	Email:	  	 bzanca@bankrate.com

		 	    d)	 	Lessee Taxpayer ID#:	 	  
	 	SS#:	 	 N/A
	 	DL#/State:	  	 N/A

  

							
	6.	  	Lease Term:	 	 sixty four (64)
	  	full calendar months

													
		 	   Commencement Date:	  	 08/01/2013
	  		  	Expiration Date:	  	 11/30/2018
	  	
		 	   Rent Commencement Date:	  	 12/01/13
	  		  		  		  	

													
		 	   Additional rent (under Section 32.1) Commencement Date:	 	 01/01/2014
	  		  	Expiration Date:	  	 11/30/2018
	  	

  

					
	7.	 	Base Rent:	 	

  

													
	Term	  	Monthly
Rent	 	  	Term Rent	 	  	Annual Rent psf	 
	 08/01/2013 to 11/30/2013
	  	$	0.00	  	  	$	0.00	  	  	$	0.00	  
	 12/01/2013 to 09/30/2014
	  	$	28,526.67	  	  	$	285,266.70	  	  	$	18.67	  
	 10/01/2014 to 11/30/2014
	  	$	33,614.17	  	  	$	67,228.33	  	  	$	22.00	  
	 12/01/2014 to 11/30/2015
	  	$	34,378.13	  	  	$	412,537.50	  	  	$	22.50	  
	 12/01/2015 to 11/30/2016
	  	$	35,142.08	  	  	$	421,705.00	  	  	$	23.00	  
	 12/01/2016 to 11/30/2017
	  	$	35,906.04	  	  	$	430,872.50	  	  	$	23.50	  
	 12/01/2017 to 11/30/2018
	  	$	36,670.00	  	  	$	440,040.00	  	  	$	24.00	  

  

							
	Late Charge:	  	 5% of monthly base rent.
	  	Date assessed:	  	 Five (5) days after due date.

  

							
	8.	 	Expense Stop:	 	 2013 Base Year
	  	per square foot per year

									
		 	  a)	 	Estimated Operating Expenses Per Budget	    	 2013 Base Year / sq.ft./year
	 	
		 	  b)	 	Less Expense Stop	    	 2013 Base Year / sq.ft./year
	 	
		 	  c)	 	Estimated Initial Pass-Thru	    	 $0.00/sq.ft./year
	 	
		 	  d)	 	Estimated Monthly Pass-Thru	    	 $0.00/mo
	 	
		 		 	(Subject to annual adjustment for actual expenses)	 	

  

									
	9.	 	Parking:	 	Number of Covered Assigned Spaces:	  	 N/A
	  	
		 		 	Number of Uncovered Assigned Spaces:	  	 five (5)
	  	

  

											
	10.	 	Security Deposit:	  	 a)	  	Amount:	 	 $36,670.00
	  	

													
		 	b)	 	Paid by Cash:	 	    X    	 	Yes             	 	No                	 	

															
		 	c)	 	Irrevocable Letter of Credit:	 	$            	 	    Rec’d:            	 	    Yes             	 	No            	 	

									
		 	d)	 	Bank Issuing Letter of Credit:	 	
                    
                     
	 	
		 	e)	 	Expiration of Letter of Credit:	 	
                    
                     
	 	
		 	f)	 	Bank Contact Person:	 	
                    
                     
	 	

  
 Lessor
                     

Lessee                     

  
 Page 1 of 2

 Basic Lease Information for Bankrate, Inc. 

 

			
	11.	 	Lessee Finish Out Provisions:

			
	a)	 	                     As Is
	b)	 	$12.50    /sq. ft. of net rentable area allowance
	c)	 	$229,187.50 total allowance (actual amount)
	d)	 	Amount of overage owed by Lessee $         Payment Schedule:
NA        

					
	e)	 	Notes:	 	 See Exhibit E.

  

			
	12.	 	Special Conditions (Exhibit J)

					
	a)	 	Current Financials received:    X    Yes             
No
	b)	 	Consumer Report received:
            Yes        X     No
	c)	 	Notes:	  	 See Exhibit J.

  

			
	13.	 	Guaranty Information
		 	This lease      is     X     is not (check one) guaranteed by others. The name and title of each
guarantor is shown below and on the signature page(s) at the end of this lease.

  

			
	14.	 	Lessee Signature Requirements
		 	Lessee is [    ] an individual(s), [    ] several individuals, [    ] a general partnership, [    ] a
limited partnership, [X] a corporation, [    ] a joint venture, [    ] a professional association, [    ] sole proprietorship, [    ] a limited liability company (check
one).
		
		 	Such partnership, joint venture, unincorporated association, or corporation is organized or chartered under the laws of the State of Delaware.
		
		 	Lessee’s name stated at the beginning of this lease (    ) is or (X) is not an assumed name. If so, has an assumed name certificate name been
received?      Yes      No      N/A

  

			
	15.	 	This Basic Lease Information Form is a part of the above described lease.

  

			
	16.	 	Signatures:

  

					
	LESSOR	 		 	LESSEE
			
	 ECHELON HOLDINGS, LTD.
	 		 	 Bankrate, Inc.

	Printed name of company or firm	 		 	Printed name of company or firm
			
	 JOEL SHER
	 		 	  

	Printed name of person signing	 		 	Printed name of person signing
			
	  
	 		 	  

	Authorized Person’s Signature	 		 	Authorized Person’s Signature
			
	 VICE PRESIDENT, AUSTIN ECHELON, INC.
 GENERAL PARTNER,
 ECHELON HOLDINGS, LTD.
	 		 	  

	Title of person signing	 		 	Title of person signing
			
	  
	 		 	  

	Date signed (must be filled in)	 		 	Date signed (must be filled in)

  
 Lessor
                     

Lessee                     

  
 Page 2

 Basic Lease Information for Bankrate, Inc. 

 

 INDEX TO OFFICE LEASE 

ECHELON HOLDINGS, LTD. (Lessor) and 

CREDITCARDS.COM, INC. (Lessee) 

 

					
	SECTION	 	TITLE	  	Lease Page
		
	GUARANTOR	 	

							
	 1.1
	 	 The Leased Premises.
	  	 	5	  
	 1.2
	 	 Use.
	  	 	5	  
	 1.3
	 	 Usable Area.
	  	 	5	  
	 1.4
	 	 Rentable Area.
	  	 	5	  
	 2.1
	 	 Base Rent and Additional Rents.
	  	 	5	  
	 3.1
	 	 Date and Place of Payment.
	  	 	5	  
	 3.2
	 	 Late Payments.
	  	 	6	  
	 3.3
	 	 Security Deposit.
	  	 	6	  
	 4.1
	 	 Term, Possession, and Anniversary.
	  	 	6	  
	 4.2
	 	 Acknowledgement of Lease.
	  	 	7	  
	 4.3
	 	 Delivery of Possession.
	  	 	7	  
	 5.1
	 	 Lessee Finish-Out.
	  	 	7	  
	 6.1
	 	 Quiet Possession.
	  	 	7	  
	 7.1
	 	 Utilities and Services by Lessor.
	  	 	7	  
	 7.2
	 	 Utilities and Services by Lessee.
	  	 	8	  
	 7.3
	 	 Interruption of Utilities or Services.
	  	 	8	  
	 7.4
	 	 Extra Electricity.
	  	 	8	  
	 7.5
	 	 Extra Heating or Air Conditioning.
	  	 	8	  
	 8.1
	 	 Maintenance and Repairs by Lessor
	  	 	8	  
	 8.2
	 	 Maintenance and Repairs by Lessee
	  	 	9	  
	 8.3
	 	 Telecommunications.
	  	 	9	  
	 9.1
	 	 Access, Keys, Locks, and Security.
	  	 	9	  
	 9.2
	 	 Parking.
	  	 	9	  

							
	 10.1
	 	 Occupancy, Nuisance, and Hazards.
	  	 	10	  
	 11.1
	 	 Taxes.
	  	 	10	  
	 12.1
	 	 Insurance.
	  	 	10	  
	 12.2
	 	 Waiver of Subrogation.
	  	 	11	  
	 12.3
	 	 Hold Harmless.
	  	 	11	  
	 13.1
	 	 Alterations by Lessee.
	  	 	11	  
	 13.2
	 	 Americans With Disabilities Act.
	  	 	11	  
	 14.1
	 	 Removal of Property by Lessee.
	  	 	12	  
	 15.1
	 	 Subletting and Assignment.
	  	 	12	  
	 16.1
	 	 Destruction by Fire or Other Casualty.
	  	 	12	  
	 17.1
	 	 Condemnation.
	  	 	13	  
	 18.1
	 	 Default by Lessor.
	  	 	13	  
	 19.1
	 	 Default by Lessee.
	  	 	13	  
	 20.1
	 	 Lien for Rent.
	  	 	15	  
	 21.1
	 	 Attorney’s Fees, Interest, and Other Expenses.
	  	 	15	  
	 22.1
	 	 Nonwaiver.
	  	 	15	  
	 23.1
	 	 Building Rules.
	  	 	15	  
	 24.1
	 	 Transfer of Ownership by Lessor.
	  	 	15	  
	 25.1
	 	 Mortgages.
	  	 	16	  
	 26.1
	 	 Surrender of Premises.
	  	 	16	  
	 27.1
	 	 Holding Over.
	  	 	16	  
	 28.1
	 	 Signs and Building Name.
	  	 	16	  
	 28.2
	 	 Relocation of Lessee.
	  	 	16	  
	 29.1
	 	 Notices.
	  	 	16	  

  

			
	  
 ECHELON IV

BANKRATE, INC.
	  	 Lessor
                    

Lessee
                    

  
 Page 3

  

 Basic Lease Information for Bankrate, Inc. 

 

							
	 30.1
	 	 Estoppel Certificates.
	  	 	17	  
	 31.1
	 	 Successors.
	  	 	17	  
	 31.2
	 	 Leasing Agent Commissions.
	  	 	17	  
	 32.1
	 	 Building Operating Expense.
	  	 	17	  
	 33.1
	 	 Representations and Warranties by Lessor.
	  	 	17	  
	 34.1
	 	 Representations and Warranties by Lessee.
	  	 	17	  
	 35.1
	 	 Place of Performance.
	  	 	17	  
	 36.1
	 	 Miscellaneous.
	  	 	18	  
	 37.1
	 	 Special Conditions.
	  	 	18	  
	 38.1
	 	 Exhibit List.
	  	 	18	  
	 39.1
	 	 Lease Dates and Authority to Sign.
	  	 	18	  

							
	 Exhibit A:
	 	 Floor Plan of Lessee’s Office Space
	  	 	20	  
	 Exhibit B:
	 	 Legal Description of Office Building
	  	 	21	  
	 Exhibit C:
	 	 Building Operating Expense Passthrough Calculations
	  	 	22	  
	 Exhibit D:
	 	 Acknowledgement of Lease
	  	 	24	  
	 Exhibit E:
	 	 Construction by Lessor
	  	 	26	  

							
	 Exhibit F-1:
	 	 Office Building Parking Rules
	  	 	29	  
	 Exhibit F-2:
	 	 Office Building Rules
	  	 	30	  

							
	 Exhibit G:
	 	 Estoppel Certificate
	  	 	33	  
	 Exhibit H:
	 	 Office Lease Guaranty
	  	 	34	  
	 Exhibit I:
	 	 Certificate of Corporate Resolution Authorizing Lease or Guaranty
	  	 	36	  
	 Exhibit J:
	 	 Special Conditions
	  	 	37	  
	 Exhibit K:
	 	 Hazardous Materials Statement
	  	 	39	  
	 Exhibit L:
	 	 Acknowledgement of Receipt of Agency Disclosure
	  	 	40	  

  

			
	  
 ECHELON IV

BANKRATE, INC.
	  	 Lessor
                    

Lessee
                    

  
 Page 4

  

 Basic Lease Information for Bankrate, Inc. 

 

 OFFICE LEASE 
 ECHELON IV 
 This is a Lease Agreement made and entered into between Lessor
Name Specified in Basic Lease Information #2, as “Lessor”, and Lessee Name Specified in Basic Lease Information #5, as “Lessee”, whether one or more. 

 

	1.1	The Leased Premises. 

 Lessor hereby
leases to Lessee, and Lessee hereby leases from Lessor the “Leased Premises” which consists of “Lessee’s Office Space” and “Common Areas” as defined below. 
 (a) Lessee’s Office Space. “Lessee’s Office Space”, to which Lessee shall have exclusive use rights, consists of suite(s) Specified in Basic Lease Information #3,
representing the office space outlined and shaded on the floor plan contained in Exhibit A. Such space is located in the building on a tract of land, legally described by lot and block or metes and bounds in Exhibit B. The street address of the
building is Specified in Basic Lease Information #1. 
 (b) Common Areas. The “common area”, to which Lessee
shall have non-exclusive use rights, consists of (1) the interior common area located in the above described building, i.e., areas normally accessible to tenants such as the hallways, stairwells, elevators, lobby, restrooms, and snack bar
areas, and (2) the exterior common area located outside the building on the above described land, i.e., loading areas, sidewalks, driveways, parking garage, parking areas, and other open areas (if any), subject to paragraph 9.2 on parking.

  

	1.2	Use. 

 Lessee’s Office Space may be
used only for general office and administrative purposes. The name of Lessee’s business is Specified in Basic Lease Information #5. 
  

	1.3	Usable Area. 

 Lessee’s approximate
“usable area” is Specified in Basic Lease Information #4. It is the office space outlined and shaded in Exhibit A. Such area is measured from the interior of the exterior walls and the exterior glass lines of the building to
the middle of the remaining perimeter walls of the office space. 
  

	1.4	Rentable Area. 

 Lessee’s approximate
“rentable area” is Specified in Basic Lease Information #4. It consists of Lessee’s “usable area” as defined above, plus Lessee’s prorata share of the building common areas as set forth in Basic
Lease Information #4. Building common areas are defined as all corridors, restrooms, snack bars, building equipment rooms, telephone closets, janitor closets, enclosed lobby, entrance areas, and other public areas in the building, excluding
elevator shafts, stairwells, vertical chases, and enclosed parking areas. 
  

	2.1	Base Rent and Additional Rents. 

 Lessee
shall pay to Lessor a “base rent” Specified in Basic Lease Information #7 per calendar year, which amounts to the sum(s) Specified in Basic Lease Information #7 per calendar month. Such base rent is equivalent
to the sums Specified in Basic Lease Information #7 per square foot per year for Lessee’s rentable area. The base rent is subject to adjustment as provided in paragraph 32.1. Additional rent (representing Lessee’s prorata
share of building operating expenses over the expense stop Specified in Basic Lease Information #8) shall be paid in accordance with paragraph 32.1. Building operating expenses up to such expense stop amount shall be paid by Lessor.

  

	3.1	Date and Place of Payment. 

 The monthly
rent and one-twelfth of Lessee’s share of estimated building operating expenses under paragraph 32.1 shall be due on the first day of each calendar month without demand. Partial months shall be prorated. All rent and other sums are due
in the county where the building is located at the address designated by Lessor from time to time. All sums due by Lessee are without right of setoff or deduction, except as may be otherwise specifically set forth herein. Monies mailed are
considered timely paid only if received by Lessor by the due date; 

  

			
	  
 ECHELON IV

BANKRATE, INC.
	  	 Lessor
                    

Lessee
                    

  
 Page 5

  

 Basic Lease Information for Bankrate, Inc. 

 

 
however rents postmarked one or more days before due date and received after the due date shall be considered as timely received by Lessor. Rent and late payment charges shall be paid without
notice or demand. All other sums shall be due upon delivery of written notice in accordance with paragraph 29.1. 
  

	3.2	Late Payments. 

 If any rent payment or
other sum due by Lessee to Lessor is received and accepted by Lessor later than five (5) days after its due date, Lessee shall pay a late charge of 5% of such rent payment or other sum until such rent or other sum is paid. Late charges shall be
considered liquidated damages for Lessor’s time inconvenience and overhead (except for attorneys fees and litigation costs) in collecting late rent. Lessor’s acceptance of late rent or other sum shall not constitute permission for Lessee
to pay the rent or other sum late thereafter and shall not constitute a waiver of Lessor’s remedies for subsequent late payments. Late payment charges are due immediately upon notice or demand. All payments shall be by check or money order on a
local bank, not cash. For each returned check, Lessee shall pay all applicable bank charges incurred by Lessor plus $50.00. Payments of any kind received by Lessor on behalf of Lessee may be applied at Lessor’s option to nonrent items first,
then to rent. Payment of rent by Lessee shall be an independent covenant. If Lessee has not timely paid rentals and other sums due on two or more occasions, or if a check from Lessee is returned for insufficient funds or no account, Lessor may for
the next 12 months require that all rent and other sums due be paid by cashier’s check, certified check, money order or wire transfer, without prior notice. 
  

	3.3	Security Deposit. 

 At the time of
execution of this lease, Lessee shall deposit with Lessor cash in the sum Specified in Basic Lease Information #10 to secure performance of Lessee’s obligations under this lease. Lessor shall have a lien on the security deposit
for that purpose. If Lessee fails to pay rent or other sums when due under this lease and such failure is not cured within the applicable notice and cure period therefor, Lessor may apply any cash security deposit toward amounts due and unpaid by
Lessee. In lieu of a cash security deposit, Lessee may furnish Lessor at time of execution of this lease an irrevocable letter of credit in the sum Specified in Basic Lease Information #10-c on a financial institution in Austin, Texas,
expiring no sooner than the lease expiration date. Lessor may draw against such letter of credit by affidavit stating the amount due and unpaid by Lessee and the nature of Lessee’s default under this lease following the expiration of any
applicable notice and cure periods therefor. If the letter of credit is not renewed or extended 30 days before its expiration date, Lessor may by affidavit draw down the entire amount to serve as a cash security deposit. Lessee shall immediately
restore the security deposit to its original amount after any portion of it is applied to amounts due and unpaid by Lessee. The Security Deposit or any balance thereof shall be returned to Lessee no later than sixty (60) days following the
expiration of the Term. 
  

	4.1	Term, Possession, and Anniversary. 

 The
initial lease term shall be for the number of full calendar months from commencement date, plus the remainder of the last month. The commencement date of this lease shall be the later of (a) August 1, 2013; or (b) five (5) days
after Lessor delivers possession of Lessee’s Office Space to Lessee and gives Lessee written notice that Lessor’s work (as described in Exhibit E) is substantially complete (provided that if Lessor delivers possession of Lessee’s
Office Space to Lessee with Lessor’s Work substantially complete in advance of August 1, 2013 and Lessee occupies the space and conducts its business therefrom; it being agreed that the conduct of business shall not include Lessee’s
early move-in of its furniture and equipment), then the commencement date shall be the date that Lessee commences the conduct of business at the Leased Premises. Lessor’s anticipated delivery date of possession is August 1,
2013 (based on the deadlines set forth in Exhibit E). If the delivery of possession of Lessee’s Office Space is delayed, the commencement date, rent commencement date, date for commencement of additional rent (under Section 32.1),
anniversary dates and expiration date shall all be likewise delayed, subject to clause (a) of the immediately preceding sentence. Notwithstanding the foregoing, if for any reason other than force majeure or a Lessee Delay (hereinafter defined)
the completion of Lessor’s work as set forth in Exhibit E is not substantially completed and possession of Lessee’s Office Space is not delivered to Lessee by August 1, 2013, then upon the occurrence of the actual Commencement Date,
Lessee shall be entitled to a rental credit equal to 50% of the Base Rent due for each day that elapses between August 1, 2013 (as extended by any Lessee Delays or force majeure) and the actual Commencement Date (which 50% credit shall be
applied after the free rent period has expired). For example, if Lessor tenders possession of the Premises on September 1, 2013 and there are no Lessee Delays and no force majeure delays, then the free rent period shall expire on 12/31/13 and
Lessee shall receive a credit of $14,263.34 against Base Rent for January, 2014); and (ii) if 

  

			
	  
 ECHELON IV

BANKRATE, INC.
	  	 Lessor
                    

Lessee
                    

  
 Page 6

  

 Basic Lease Information for Bankrate, Inc. 

 

 
the delay exceeds six (6) months (except to the extent caused by a Lessee Delay or a force majeure delay), Lessee shall have the right to terminate this Lease upon written notice to Lessor
from and after the expiration of such 6 month period until Lessor actual delivers possession of the Leased Premises to Lessee with Lessor’s Work completed and Lessor shall promptly refund to Lessee any Excess payments made by Lessee pursuant to
Exhibit E. 
 A “Lessee Delay” shall mean and include any delay caused by Lessee, in whole or in part, in the completion of
Lessor’s work as set forth on Exhibit E attached hereto, including, without limitation, a delay resulting from a failure of Lessee to adhere to the time periods set forth in the Work Letter attached hereto as Exhibit “E”. 

  

	4.2	Acknowledgement of Lease. 

 Upon the
actual Commencement Date, Lessor and Lessee shall execute a recordable acknowledgment of this lease which is attached as Exhibit D and which will confirm the Commencement Date, ending date, annual anniversary date of the lease, and approximate
square footage in Lessee’s Office Space. 
  

	4.3	Delivery of Possession. 

 Lessor shall
deliver keys and/or access cards or codes and possession of Lessee’s Office Space to Lessee on the Lease Commencement Date stated in paragraph 4.1 unless otherwise agreed in writing by the parties. Lessee shall not be liable for rent until
Lessor delivers possession of the Leased Premises to Lessee in accordance with Section 4.1 above. If there is a delay in delivery of possession, the dates Specified in Basic Lease Information #6 and 7 above shall be adjusted; and
neither Lessor nor Lessor’s agents shall otherwise be liable for any damages; and the lease shall not terminate, except as otherwise provided for in Section 4.1 above. Internal construction shall, to the extent “readily
achievable”, comply with state and federal architectural barrier standards. 
  

	5.1	Lessee Finish-Out. 

 (Check one):

  

			
	         	  	(a) Lessor shall provide no tenant finish-out or improvements since Lessee has taken Lessee’s Office Space “as is”.
		
	   X   	  	(b) Lessor shall perform any special construction described in Exhibit E. Costs of tenant finish-out or special construction shall be paid for pursuant to such
exhibit.

  

	6.1	Quiet Possession. 

 If Lessee is current
and in compliance with all of Lessee’s obligations under this lease, Lessee shall be entitled to peaceful and quiet possession and enjoyment of Lessee’s Office Space, subject to the terms and conditions of this lease. Lessee shall have
access to the building parking garage, if applicable and common parking areas at all times, subject to parking fees and the rules referred to in paragraphs 9.2 and 23.1. Lessor shall make diligent efforts to have all other tenants in the building
comply with building rules. Otherwise, failure of other tenants to comply with such rules shall not be considered a default by Lessor. Construction noise or vibrations shall not be considered a default by Lessor. 

 

	7.1	Utilities and Services by Lessor. 

 Except
where otherwise stated in this lease, Lessor shall pay for and furnish in a timely and diligent manner to Lessee the following utilities (subject to Lessee being required to pay for same directly to the utility provider) and services and no others,
subject to paragraph 32.1 regarding Lessee’s payment of Lessee’s prorata share of building operating expenses. 
  

	(a)	air conditioning and heating as reasonably required for comfortable use and occupancy under normal office conditions from 7:00 a.m. to 6:00 p.m. on Monday
through Friday, and from 8:00 a.m. to 12:00 p.m. on Saturday, but not on Sunday, New Year’s Day, Memorial Day, July 4th, Labor Day, Thanksgiving or Christmas so long as these times and dates comply with present and future governmental
laws or guidelines, including utilities such as electricity, gas, and water necessary for operation of same; provided that Lessee’s mechanical room containing its computer servers and the HVAC system serving the same shall be submetered and the
electricity therefor shall be paid directly by Lessee to Lessor; 

  

			
	  
 ECHELON IV

BANKRATE, INC.
	  	 Lessor
                    

Lessee
                    

  
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 Basic Lease Information for Bankrate, Inc. 

 

	(b)	water and wastewater services for common areas; 

  

	(c)	janitorial and cleaning services for the building five days a week; 

  

	(d)	electricity for standard office equipment and lighting; 

  

	(e)	trash collection services (dumpster or garbage cans); 

  

	(f)	pest control services as needed in the reasonable judgment of Lessor; 

  

	(g)	landscaping and parking lot maintenance services; 

  

	(h)	repair and maintenance services pursuant to paragraph 8.1; 

  

	(i)	replacement of fluorescent light bulbs and ballasts in building standard lighting fixtures (but not incandescent light bulbs for nonstandard fixtures or for
Lessee’s lamps); and 

  

	(j)	elevator service, if there is an elevator in the building. 

  

	7.2	Utilities and Services by Lessee. 

 If
applicable, Lessee shall pay for all utilities and services not expressly furnished by Lessor under paragraph 7.1. Lessee shall pay for all electricity consumed through any individual electrical meter(s) or submeter(s) serving Lessee’s Office
Space. Costs of such utilities are not considered building operating expenses to be allocated among all tenants under paragraph 32.1. Service through individual electrical meters which exclusively serve Lessee’s Office Space shall be in the
name of Lessee. Lessor reserves the right to submeter electricity and/or water. Any electricity or water submetering shall be billed to and paid by Lessee at Lessor’s average cost per KWH or gallon, and no more. If the water bill from the
utility company includes wastewater charges, Lessee’s liability for water submetering shall include corresponding wastewater costs (if any). 
  

	7.3	Interruption of Utilities or Services. 

Temporary interruption or malfunction of utilities, services, and/or telephones shall not render Lessor liable for damages, rent abatements, or release of
any Lessee obligation. Lessor shall use diligent efforts to have such utilities and services restored as soon as reasonably possible. 
  

	7.4	Extra Electricity. 

 There shall be no
extra electricity charges for typewriters, facsimile machines, word processors, dictating equipment, adding machines, desk top calculators, lamps, or other standard 110 volt office equipment. However, Lessee shall pay Lessor, monthly as billed,
electricity charges which are submetered; for example, Lessee’s mechanical room containing its computer servers and the HVAC system serving the same. 
  

	7.5	Extra Heating or Air Conditioning. 

 If
Lessee requests air conditioning or heating after the hours as set forth in paragraph 7.1(a), Lessor may charge Lessee the extra hourly fee for after-hour air conditioning or heating as charged to other tenants in the building. 

 

	8.1	Maintenance and Repairs by Lessor 

 Lessor
shall operate, maintain and, except as provided in Section 8.2 hereof, make all necessary repairs and replacements (both structural and nonstructural) to the Building (including, without limitation, any and all mechanical, electrical, plumbing,
sanitary, sprinkler, heating, ventilation and air conditioning, security, life-safety, elevator and other service systems or facilities of the Building and Common Areas), in good working order and condition and in conformance with standards
applicable to comparable office buildings (it being understood that the costs thereof shall be included in building operating expenses in accordance with and subject to the provisions of Exhibit C). In furtherance of the following, Lessor shall
repair and/or replace, as needed, the following items as a building expense under paragraph 32.1, so long as they are building standard items: light bulbs, ballasts, and fixtures; plumbing; hardware; doors; and wall and window coverings. Lessor
shall use diligence to provide for the reasonable cleaning, maintenance, repair, reconnection of interrupted utilities or services, and landscaping of common areas, subject to any reimbursement obligations of Lessee under paragraph 8.2. Lessor may
rekey at any time and unless due to a Lessee default Lessor shall provide Lessee, at Lessor’s cost, the same number of keys Lessee possessed prior to such re-keying. Lessor may temporarily close any part of the common facilities if reasonably
necessary for repairs or construction. Repairs and maintenance shall be in accordance with applicable governmental requirements. 

  

			
	  
 ECHELON IV

BANKRATE, INC.
	  	 Lessor
                    

Lessee
                    

  
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 Basic Lease Information for Bankrate, Inc. 

 

	8.2	Maintenance and Repairs by Lessee 

 Lessee
shall promptly reimburse Lessor for the cost of repairing or replacing appliances, non-building standard items and the cost of repairing or replacing damage which is caused inside Lessee’s Office Space by Lessee, Lessee’s agents,
employees, family, or licensees, invitees, visitors, or customers or outside Lessee’s Office Space by Lessee or Lessee’s employee’s, agents, or contractors. Cost of repair shall include 5% for supervision fee. Lessor may require
advance payment therefor prior to repair or replacement. Lessor shall have right of approval of all repairmen or maintenance personnel. Lessee shall not damage or allow other persons listed above to damage any portion of the Leased Premises. Lessee
shall pay for replacement of all non-building standard light bulbs and for unstopping any drains or water closets in Lessee’s Office Space. If Lessee or Lessee’s workmen or contractors are permitted to repair, alter, or modify
Lessee’s Office Space, Lessee shall warrant that no mechanic or materialman’s lien shall be filed against the Leased Premises and that all such contractors shall provide evidence of liability insurance as required by Lessor. All such work
shall be in accordance with applicable governmental requirements. 
  

	8.3	Telecommunications. 

 All
telecommunications equipment necessary to serve Lessee shall be located in Lessee’s Office Space and paid for by Lessee, or, at Lessor’s option and at Lessee’s expense, in a lockable enclosure in a common area location designated by
Lessor (provided Lessee has full access to the same). Lessee may not require Lessor to install or allow others to install telecommunication lines or equipment elsewhere in the building. Lessee expressly waives any rights to require same under any
circumstances. 
  

	9.1	Access, Keys, Locks, and Security. 

 (a)
Access. Lessee shall have access to Lessee’s Office Space at all times. Lessor shall have access to Lessee’s Office Space at reasonable times for reasonable business purposes upon prior written notice to Lessee (and Lessor shall be
accompanied by a representative of Lessee at all times) except notice shall not be necessary in the event of an emergency threatening life or property or the lawful exercise of Lessor’s remedies in case of default by Lessee. Lessor may show
Lessee’s Office Space one hundred eighty (180) days before the lease expiration date or the date Lessee gives notice to vacate, whichever is earlier; subject to the same terms of access set forth above. Lessor shall use reasonable
good-faith efforts to minimize any disruptions to Lessee’s business caused by Lessor’s access. 
 (b) Keys. Lessor shall
furnish Lessee up to twelve (12) keys or access codes or cards for Lessee’s Office Space, up to twelve (12) keys or access codes or cards for the main exterior entry doors of the building if such door is locked after hours, and one
(1) key or access code or card to Lessee’s mailbox in the building. An initial deposit of $10.00 may be charged for each mailbox key and office key, or access card. Additional or replacement keys or access codes or cards shall be furnished
at the same amount charged to other tenants in the building at the time of Lessee’s request. Lessor shall not be liable for risk of loss resulting from Lessee’s keys, access codes, or cards being stolen, lost or used by unauthorized
persons. Lessor reserves the right to rekey or change locks for security reasons if the same number of new keys are timely furnished to Lessee. 

(c) Locks. Lessee may not add locks, change locks, or rekey locks without written permission of Lessor. Locks may be changed at Lessee’s
request and expense. If locks to Lessee’s Office Space are changed, Lessor may specify kind and brand of locks, placement, installation, master key compatibility, etc. If Lessee or any of Lessee’s employees lock themselves out of
Lessee’s suite, said person must call a fellow-employee to gain access. Neither Lessor nor the management company personnel are authorized to unlock a door after hours except for emergency or cleaning purposes. 

(d) Security. Lessor shall have no duty to provide any security services of any kind unless expressly provided in this lease. Lessor shall not be
liable to Lessee or Lessee’s employees, family, customers, invitees, contractors, or agents for injury, damage, or loss to person or property caused by criminal conduct of other persons, including theft, burglary, assault, vandalism or other
crimes. Lessee shall lock its Office Space doors when the last person leaves such Office Space for the day. 
  

	9.2	Parking. 

 (a) Lessor shall have sole
control over parking. Parking rules, if applicable, are contained in attached Exhibit F-1. If vehicles are parked in violation of Lessor parking rules or in violation of state statutes, Lessor may exercise vehicle removal remedies under Article
6701g-2 of the Texas Civil Statutes upon compliance with statutory notice. There shall be no Assigned parking spaces unless agreed in writing by Lessor. 

  

			
	  
 ECHELON IV

BANKRATE, INC.
	  	 Lessor
                    

Lessee
                    

  
 Page 9

  

 Basic Lease Information for Bankrate, Inc. 

 

 (b) Lessor shall have sole control over the parking of all vehicles (including but not limited to cars,
trucks, recreational vehicles, trailers, bicycles and motor cycles) and shall designate parking areas and building service areas. Parking rules are contained in attached Exhibit F-1. 

 

	10.1	Occupancy, Nuisance, and Hazards. 

Lessee’s Office Space shall be occupied only by Lessee or Lessee’s employees, agents, family, licensees, invitees, visitors, and/or contractors
(it being agreed that Lessee’s vacation of or failure to occupy the Leased Premises at all times shall not be a default hereunder so long as Lessee is not otherwise in default under this Lease). Lessee and Lessee’s agents, employees,
family, licensees, invitees, visitors, and contractors shall comply with all federal, state, and local laws relating to occupancy or to criminal conduct while such persons are on the Leased Premises. Lessee and the persons listed above shall not
(1) use, occupy, or permit the use or occupancy of the Leased Premises for any purpose which is directly or indirectly forbidden by such laws or which may be dangerous to life or property, (2) permit any public or private nuisance,
(3) disturb the quiet enjoyment of other tenants, (4) do anything which might emit offensive odors or fumes, (5) make undue noise or vibrations, (6) permit anything which would cancel insurance coverage or increase the insurance
rate on the building or contents, or (7) otherwise damage the Leased Premises. 
  

	11.1	Taxes. 

 Lessor shall be responsible for
timely payment of all taxes and assessments against the building subject to Lessee’s obligation to pay Lessor for Lessee’s share thereof, on a prorata square foot basis, as additional rent pursuant to paragraph 32.1. Lessee shall timely
pay all taxes assessed against Lessee’s furniture, equipment, fixtures, or other personal property in Lessee’s Office Space. 
  

	12.1	Insurance. 

 Lessor and Lessee shall
comply with the respective insurance obligations as set forth below: 
 (a) Lessor. Lessor shall maintain (1) fire and extended
coverage insurance, including vandalism and malicious mischief, on the office building, and (2) comprehensive general liability insurance. The amounts shall be as required by Lessor’s mortgagee or as Lessor may deem reasonably appropriate,
whichever is greater. Lessor shall have no responsibility to maintain fire and extended coverage insurance on Lessee’s contents. 
 (b)
Lessee. Lessee shall provide Lessee’s own public liability insurance for its operations on the Leased Premises in an amount equal to the minimum “primary coverage” amount required by Lessor’s insurance carrier as a
condition for purchasing umbrella liability insurance by Lessor. In no event shall such coverage be less than $1,000,000. Upon written notice by Lessor to Lessee, such dollar amount of Lessee’s liability policy shall be increased by the amount
of any increase required by Lessee’s carrier for “primary coverage” under an umbrella liability policy. Lessee is encouraged to maintain fire and extended coverage insurance (including theft, vandalism and malicious mischief) on the
contents in Lessee’s Office Space, including fixtures, furniture, equipment, supplies, inventory, and other personal property. Such property is not covered by Lessor’s insurance. 
 (c) Insurance certificates. Lessee shall provide Lessor with a certificate of Lessee’s insurance or a copy thereof as required above within 7 days after Lessee initially occupies Lessee’s
Office Space or any portion thereof. Lessor and Lessor’s managing agent (if any) shall be named as additional insureds on Lessee’s liability insurance policy. Upon written request by Lessor, changes in the name of Lessor or Lessor’s
managing agent shall be reflected on such certificate. 
 (d) Notice from Lessee’s Insurance Carrier. All policies of insurance to
be provided by Lessee shall contain a provision (to the extent legally permitted) that the insurance company shall give Lessor 10 days’ written notice to Lessor, in advance of (1) any cancellation or non-renewal of the policy, (2) any
reduction in the policy amount, and (3) any deletion of additional insureds. 

  

			
	  
 ECHELON IV

BANKRATE, INC.
	  	 Lessor
                    

Lessee
                    

  
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 Basic Lease Information for Bankrate, Inc. 

 

	12.2	Waiver of Subrogation. 

 (a) If waiver of
subrogation is not contained in the form language of the insurance policy, Lessor and Lessee may require that the other party’s fire, casualty, or liability insurance policy contain a waiver of subrogation clause. FOR PURPOSES OF WAIVER OF
SUBROGATION, LESSOR AND LESSEE RELEASE EACH OTHER AND THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AND AGENTS FROM ANY CLAIMS BASED ON NEGLIGENCE OR OTHERWISE, FOR LOSS, DAMAGE, OR INJURY WHICH OCCUR HEREAFTER AND ARE INSURED AGAINST UNDER
INSURANCE POLICIES CARRIED BY LESSOR AND/OR LESSEE. The foregoing shall not apply to losses, damages, or injuries that are in excess of policy limits or that are not covered due to a deductible clause in the policy. 

(b) Upon written request, Lessor and Lessee shall furnish to each other copies of the policies of insurance referred to in this lease, including any
waivers of subrogation, or satisfactory evidence of same. 
  

	12.3	Hold Harmless. 

 To the extent that it is
not covered by Lessor or Lessor’s insurance, Lessee shall indemnify Lessor for and shall hold Lessor harmless from all fines, claims, liabilities, and suits (including costs and expenses of defending against same) resulting from any breach or
nonperformance of the lease by Lessee or Lessee’s agents, employees, family, licensees, or invitees. To the extent that it is not covered by Lessee’s insurance, Lessor shall indemnify Lessee for and shall hold Lessee harmless from all
fines, claims, liabilities, and suits (including costs and expenses of defending against same) resulting from any breach or nonperformance of the lease by Lessor or Lessor’s agents, employees, family, licensees, or invitees. To the extent that
it is not covered by Lessor or Lessee’s insurance, Lessor and Lessee shall not be liable to the other or the other’s agents, employees, or family for any damage to personal property resulting from any act, omission, or negligence of any
other tenant, visitor, or occupant of the office building. 
  

	13.1	Alterations by Lessee. 

 Lessee may not
make any alterations, improvements, doorlock changes, or other modifications of any kind to the Leased Premises without Lessor’s written consent. Consent for governmentally required changes or cosmetic alterations which exceed $10,000 may not
be unreasonably withheld. “Alterations” include but are not limited to improvements glued, screwed, nailed, or otherwise permanently attached to the building, structural changes, roof and wall penetrations, and all plumbing, electrical,
and HVAC changes. Requests for Lessor’s approval shall be in writing and shall be detailed to Lessor’s reasonable satisfaction. The foregoing shall be done only by Lessor’s contractors or employees or by third parties approved by
Lessor in writing. Lessee shall pay in advance for any requested alterations, improvements, lock changes, or other modifications which are approved and performed by Lessor. If same are performed by Lessee with Lessor’s permission, Lessee shall
not allow any liens to be placed against the buildings as a result of such additions or alterations. Alterations, improvements, and modifications done at Lessee’s request shall comply with all applicable laws. Changes in Lessee’s
alterations or improvements in Lessee’s space which may be later required by governmental action shall also be paid for by Lessee. Notwithstanding anything contained herein to the contrary, Lessee shall be permitted to make decorative
alterations or improvements such as painting, wall coverings, floor coverings or other cosmetic alterations for which no building permit is required and in the aggregate cost of less than $10,000 without the prior written consent of Lessor.

  

	13.2	Americans With Disabilities Act. 

 Lessor
shall be responsible for any requirements under the Americans with Disabilities Act or similar state or local laws as relate to any common area entrance and exit doorways and elevators and any doors into Lessee’s Office Space and to structural
building items that Lessor is required to maintain under the terms of this lease. Lessor agrees to indemnify Lessee for any liability Lessee shall incur as a result of Lessor’s failure to comply with the provisions of this paragraph. Lessee
agrees to cooperate fully with Lessor to enable Lessor to timely comply with the provisions of this paragraph and to immediately forward to Lessor any notice Lessee receives regarding complaints, injuries, or claims by anyone claiming that those
items which are the responsibility of Lessor do not comply with the provisions of the Americans with Disabilities Act. Lessee shall be responsible for any requirements under such architectural barrier laws as they relate to Lessee’s positioning
of Lessee’s furnishings and equipment within Lessee’s Office Space. Lessee agrees to indemnify Lessor for any liability Lessor shall incur as a result of Lessee’s failure to comply with the provisions of this paragraph. 

  

			
	  
 ECHELON IV

BANKRATE, INC.
	  	 Lessor
                    

Lessee
                    

  
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 Basic Lease Information for Bankrate, Inc. 

 

	14.1	Removal of Property by Lessee. 

 Lessee
may remove its trade fixtures, furniture, and equipment only if (1) such removal is made on or prior to the end of the lease term, (2) Lessee is not in default under this lease at time of removal, and (3) Lessee notifies Lessor in
advance of such removal in writing and coordinates the same with property management and in accordance with Building rules. Lessee shall pay all costs of removal. Lessee shall have no rights to property remaining on the Leased Premises after
moveout. Lessee may not remove any alterations as defined in paragraph 13.1 or improvements such as wall-to-wall carpeting, book shelves, window coverings, drapes, cabinets, paneling, counters, kitchen or breakroom built-ins, shelving, wall
covering, and anything else attached to the floor, walls, or ceilings. If Lessor requests in writing, Lessee shall, immediately prior to moving out, remove any alterations, fixtures, equipment, and other property installed by Lessee. Lessee shall
pay for cleaning or repairing damage caused by Lessee’s removal of any property. 
  

	15.1	Subletting and Assignment. 

 Lessee may
not sublet, assign, pledge, or mortgage this lease and may not grant licenses, commissions, or other rights of occupancy to all or any part of the Leased Premises without Lessor’s prior written approval which shall not be unreasonably withheld.
Sublessee’s financial strength, reputation, personnel, and length of sublease or assignment shall be important factors in Lessor’s approval. Subject to the following paragraph, sale, transfer, or merger of the majority of the voting shares
or voting partnership interests in Lessee (if a corporation or partnership) shall be considered an assignment; likewise for issuance of treasury stock or admission of a new general partner. However, if Lessor gives such approval, Lessor shall be
entitled to, after subtracting any costs incurred by Lessee in connection with such transfer, 50% of any excess between Lessee’s rental per square foot under the lease and the rental per square foot under the sublease or assignment. The
foregoing is in consideration of additional management performed or to be performed by Lessor under such sublease or assignment. In addition to the foregoing, Lessor may charge Lessee a one-time fee equal to $750 plus actual out-of-pocket expenses,
for such additional administrative, investigative, and management services. Violation of this lease by sublessees or assignees shall be deemed a violation by Lessee. Approval by Lessor of any sublease or assignment shall not release Lessee from any
obligation under this lease and shall not constitute approval for subsequent subletting or assignment. Sublessees or assignees shall be liable for all of Lessee’s obligations under this lease unless otherwise specified in writing. Upon default
by Lessee, any Sublessee shall pay all sublease rentals and other sums due Lessor, direct to Lessor, to be credited against sums owed to Lessor by Lessee under this lease. Unless otherwise agreed in writing, no sublease or assignment shall be valid
unless (1) a copy of this lease is attached thereto, (2) the sublessee or assignee agrees in writing to be liable for all of Lessee’s obligations under this lease, and (3) Lessor’s written approval is attached to the
sublease or assignment. At any time, Lessor may, at Lessor’s option, release Lessee from further liability for all or any portion of Lessee’s Office Space that has been subleased or assigned to a third party; and Lessor may terminate the
lease to the extent that it applies to such space and enter into a new direct lease with such assignee or sublessee. 
 Notwithstanding anything
to the contrary set forth above, Lessee may, with prior written notice to Lessor but without the prior written approval of Lessor and without being subject to any of the provisions of the preceding paragraph, sublet or assign this lease or grant
licenses, commissions, or other rights of occupancy to all or any part of the Leased Premises to the parent entity of Lessee, to any affiliate or wholly owned subsidiary of either Lessee or its parent entity, to any entity succeeding to
substantially all of the assets of Lessee as a result of a consolidation or merger, or to any entity to which all or substantially all of the assets or voting capital stock of Lessee have been sold or transferred (the foregoing shall collectively be
referred to herein as a “Permitted Transfer”). Any such sublessee or assignee shall be bound by all of the terms, covenants and provisions set forth herein. Lessee (except in the event of a merger where the assignee becomes the surviving
entity) and such sublessee or assignee shall be jointly and severally liable hereunder after any such sublease or assignment. 
 16.1
Destruction by Fire or Other Casualty. 
 (a) Total destruction, rent abatement, and restoration. If Lessee’s Office Space is
totally damaged by fire or other casualty so that it cannot reasonably be used by Lessee and if this lease is not terminated as provided in subparagraph (d) below, there shall be a total abatement of Lessee’s rent and Lessee’s
obligation to pay office building operating expenses until Lessee’s Office Space is restored by Lessor and Lessee. 
 (b) Partial
destruction, rent abatement, and restoration. If Lessee’s Office Space is partially destroyed or damaged by fire or other hazard so that it can be only partially used by Lessee for the purposes allowed in this lease and if this lease is not
terminated as provided in subparagraph (d) below, there shall be a partial abatement of Lessee’s rent and Lessee’s obligation to pay office building operating expenses which fairly and reasonably corresponds to the time and extent to
which Lessee’s Office Space cannot reasonably be used by Lessee. 

  

			
	  
 ECHELON IV

BANKRATE, INC.
	  	 Lessor
                    

Lessee
                    

  
 Page 12

  

 Basic Lease Information for Bankrate, Inc. 

 

 (c) Restoration. Lessor’s obligation to restore shall be limited to the condition of the
Leased Premises existing prior to the casualty. Lessor shall proceed with diligence to restore. During restoration, Lessee shall continue business to the extent practical in Lessee’s reasonable judgment. 

(d) Lease termination. If Lessee’s Office Space or the office center is so badly damaged that restoration and repairs cannot be completed
within 6 months after the fire or casualty, then this lease may be terminated as of the date of the destruction by either Lessor or Lessee by serving written notice upon the other. Termination notice must be delivered within 30 days after the
casualty. If this Lease is not so terminated and Lessor fails to diligently complete such reconstruction within such 6 month period, Lessee may terminate this Lease by giving written notice to Lessor at any time thereafter up until the date that
Lessor actually delivers the Leased Premises with all reconstruction completed as evidenced by a certificate of occupancy for the common area and Lessee’s Office Space, as applicable. 

 

	17.1	Condemnation. 

 If the Leased Premises or
any material portion thereof, including any portion of the parking lot is taken by condemnation and if the Leased Premises is thereby reasonably rendered unusable for Lessee’s business use and activities, this lease shall automatically
terminate as of the date title vests in the condemning authority pursuant to such taking or acquisition; and Lessor and Lessee shall be relieved of all further obligations under this lease. Lessor shall be entitled to recover from the condemning
authority the full amount of Lessor’s interest in this lease and in the property which is taken in condemnation; provided, however, if Lessee is not in default hereunder on the day of taking or acquisition by the condemning authority, Lessee
shall be allowed to recover from the condemning authority, at Lessee’s own expense, the value of Lessee’s remaining leasehold interest and Lessee’s trade fixtures, if any, which are taken in condemnation; but not otherwise. Lessee
shall be responsible for Lessee’s own attorney’s fees and for proving its own damages. 
  

	18.1	Default by Lessor. 

 Lessee shall be
entitled to recover actual damages and terminate this lease if (1) Lessor fails to pay any sum due and owing to Lessee within 7 days after written demand from Lessee, or (2) Lessor remains in default on any other obligation for 7 days
after Lessee’s written demand for performance. However, Lessor shall not be in default if Lessor promptly commences to cure such noncompliance and diligently proceeds in good faith to cure same after receiving written notice of such default. If
taxes and utilities are not timely paid, Lessee may pay same to the extent that it is necessary to avert foreclosure or cutoff and Lessee shall be entitled to offset such amounts against base rent and additional rent next due and owing. If Lessor
fails to perform any covenant, term or condition of this lease that Lessor is obligated to perform and, as a consequence of such nonperformance, Lessee shall recover a money judgment against Lessor, such judgment shall be satisfied only out of
Lessor’s equity in the property, which shall include any proceeds therefrom, and/or Lessee shall be entitled to offset such amounts against base rent and additional rent next due and owing. Lessor shall have no personal liability whatsoever for
any deficiency, and no other property or assets of Lessor shall be subject to levy, execution or other enforcement procedures as a result of such judgment. 
  

	19.1	Default by Lessee. 

 If Lessee defaults,
Lessor shall have any or all remedies set forth below. 
 (a) Definition of default. The occurrence of any of the following shall
constitute a default by Lessee: (1) failure to pay rent or any other sum due by Lessee under this lease within 7 days after written demand therefor by Lessor; (2) failure to vacate on or before the last day of the lease term, renewal term,
or extension period; (3) failure to pay rent in advance on a daily basis in the event of unlawful holdover by Lessee; (4) intentionally deleted; (5) acquisition of Lessee’s interest in the lease by a third party by judicial or
non-judicial process; or (6) failure to comply with any other provision of the lease (including rules) if such failure to comply is not cured as soon as possible after delivery of written notice by Lessor to Lessee. However, Lessee shall not be
in default under subclause (6) above if Lessee promptly commences to cure such noncompliance and diligently proceeds in good faith to cure same after receiving written notice of such default. 

  

			
	  
 ECHELON IV

BANKRATE, INC.
	  	 Lessor
                    

Lessee
                    

  
 Page 13

  

 Basic Lease Information for Bankrate, Inc. 

 

 (b) Utilities and services. If Lessee is in default for nonpayment of rent or other sums due and
if Lessee fails to pay same in full within 3 days after Lessor hand delivers to Lessee or to Lessee’s representative written notice of Lessor’s intent to terminate utilities or services which are furnished by Lessor, then Lessor may
terminate such utilities or services after such 3-day notice period, without further notice, if permitted under applicable law. Lessor’s right to terminate such utilities or services shall occur automatically and without notice if Lessee’s
rent is accelerated under subparagraph (d) below. 
 (c) Intentionally Deleted. 

(d) Acceleration. If (i) Lessee is in default for nonpayment of rent or other sums due hereunder (i.e. – after the expiration of the
7-day period referred to in Section 19.1(a)(1), above), and if Lessee fails to pay the same in full within 3 business days after Lessor delivers to Lessee a written notice of Lessor’s intent to accelerate in accordance with paragraph 29.1,
or (ii)Lessee is lawfully evicted or properly “locked out” under Texas law in the event of a default which remains uncured after the expiration of any applicable notice and cure period, all remaining base rents for the remainder of the
lease term shall be accelerated immediately and automatically, without demand or notice provided that (i) Lessor shall take commercially reasonable efforts to mitigate its damages as provided in subsection (g) below, and (ii) any
rents received from a replacement tenant shall reduce Lessee’s obligations hereunder. Such acceleration rights are in consideration of the rentals for the entire term being payable in monthly installments rather than in one lump sum at the
beginning of the lease term. 
 (e) Termination of possession. If Lessee is in default as defined in subparagraph (a) above which
default remains uncured following the expiration of the notice and cure period set forth in subsection (a) above, and if Lessee remains in default for 3 days after Lessor gives notice of such default to Lessee, Lessor may (with or without
demand for performance) terminate Lessee’s right of possession by giving one day’s written notice to vacate; and Lessor shall be entitled to immediate possession without termination of Lessee’s obligations under the lease.
Lessor’s repossession shall not be considered an election to terminate this lease unless written notice of such intention to terminate is given to Lessee by Lessor. Repossession may be by voluntary agreement or by eviction lawsuit. Commencement
of an eviction lawsuit shall not preclude other Lessor remedies under this lease or other laws. 
 (f) Reletting costs. If Lessee is in
default under this lease and if Lessor terminates Lessee’s right of possession without terminating this lease and Lessee’s space is released, Lessee shall pay upon Lessor’s demand the following: (1) all costs of reletting (which
in no event shall be less than one month’s rent), including leasing commissions, rent concessions (whether in the form of assuming or buying out lease remainders elsewhere, free rent for a period of time, or reduced rental rates), utilities
during the vacancy, advertising costs, administrative overhead, and all costs of repair, remodeling, or redecorating for replacement tenants in Lessee’s Office Space, (2) all rent and other indebtedness due from Lessee to Lessor through
the date of termination of Lessee’s right of possession, and (3) all rent and other sums required to be paid by Lessee during the remainder of the entire lease term, subject to the acceleration paragraphs above. 

(g) Mitigation by Lessor. Upon eviction or termination of possession without the lease being terminated by Lessor, Lessor shall make reasonable
efforts to relet the Leased Premises. After deduction of reasonable expenses incurred by Lessor, Lessee shall receive credit for any rentals received by Lessor through reletting the Leased Premises during the remainder of the lease term or renewal
or extension period. Such deductible expenses may include real estate commissions, attorney’s fees, and all other expenses in connection with reletting. Lawsuit to collect amounts due by Lessee under this lease may be brought from time to time
on one or more occasions without the necessity of Lessor’s waiting until the expiration of the lease term. If judgment for accelerated rents is recovered, Lessor shall give credit against such judgment for subsequent payments made by Lessee and
subsequent rentals received by Lessor from other tenants of Lessee’s Office Space, less lawful deductions and expenses of reletting. 
 (h)
Termination of lease. Lessor may terminate this lease (as contrasted to termination of possession rights only) upon default by Lessee which remains uncured following any applicable notice and cure periods therefor or at any time after
Lessor’s lawful re-entry or repossession following default by Lessee which remains uncured following any applicable notice and cure periods therefor. Lessor’s agents have authority to terminate the lease only by written notice given
pursuant to paragraph 29.1. 
 (i) Damages. In addition to other remedies, Lessor may recover actual damages incurred. 

  

			
	  
 ECHELON IV

BANKRATE, INC.
	  	 Lessor
                    

Lessee
                    

  
 Page 14

  

 Basic Lease Information for Bankrate, Inc. 

 

	20.1	Lien for Rent. 

 (a) Notwithstanding
anything to the contrary in this lease, Lessor’s landlord lien (statutory or otherwise) shall be subordinate to any existing security interest and any future purchase money security interests on Lessee’s personal property. Lessor shall
cooperate in signing lien subordinations in accordance with the foregoing. Any lien subordination shall be on forms reasonably acceptable to Lessor. 
 (b) Subject to the limitations of subparagraph (a) above, Lessee gives to Lessor a contractual lien on all of Lessee’s property which may be found on the Leased Premises to secure payment of all
monies and damages owed by Lessee under the lease to the extent owned by Lessee. Such lien also covers all insurance proceeds on such property. Lessee shall not remove such property while rent or other sums remain due and unpaid to Lessor and such
property shall not be removed until all Lessee’s obligations under the lease have been complied with. This lien is in addition to Lessor’s statutory lien under Section 54.021 of the Texas Property Code. If Lessee is in default for
nonpayment of rent or any other sums due by Lessee which remains uncured following any applicable notice and cure periods therefor, Lessor’s representatives may peacefully enter the Leased Premises and remove and store all property. If Lessor
removes any property under this lien, Lessor shall leave the following information in a conspicuous place inside Lessee’s Office Space: (1) written notice of exercise of lien, (2) a list of items removed, (3) the name of
Lessor’s representative who removed such items, and (4) the date of such removal. Lessor shall be entitled to reasonable charges for packing, removing, or storing abandoned or seized property, and may sell same at public or private sale
(subject to any properly recorded chattel mortgage or recorded financing statement) after 30 days’ written notice of time and place of sale is given to Lessee by certified mail, return receipt requested. Upon request by Lessor, Lessee shall
acknowledge the above lien rights by executing a UCC-1 form or similar form reflecting same. 
  

	21.1	Attorney’s Fees, Interest, and Other Expenses. 

 If Lessee or Lessor is in default and if the nondefaulting party places the lease in the hands of an attorney in order to enforce lease rights or remedies, the nondefaulting party may recover reasonable
attorney’s fees from the defaulting party even if suit has not been filed. In any lawsuit enforcing lease rights, the prevailing party shall be entitled to recover reasonable attorney’s fees from the nonprevailing party, plus all
out-of-pocket expenses. Trial shall be to judge only. All delinquent sums due by Lessor or Lessee shall bear interest at the maximum lawful rate of interest, compounded annually, not to exceed 12%, from date of default until paid, plus any late
payment fees. Late payment fees as set forth in paragraph 3.2 shall be considered reasonable liquidated damages for the time, trouble, inconvenience, and administrative overhead expense incurred by Lessor in collecting late rentals, such elements of
damages being uncertain and difficult to ascertain. Late payment fees shall not be liquidated damages for attorney’s fees or for Lessor’s loss of use of such funds during the time of delinquency. 

 

	22.1	Nonwaiver. 

 The acceptance of monies past
due or the failure to complain of any action, nonaction, delayed payment, or default, whether singular or repetitive, shall not constitute a waiver of rights or obligations under the lease. Lessor’s or Lessee’s waiver of any right or any
default shall not constitute waiver of other rights, violations, defaults, or subsequent rights, violations, or defaults under this lease. No act or omission by Lessor or Lessor’s agents shall be deemed an acceptance or surrender of the Leased
Premises, and no agreement by Lessor to accept a surrender of the Leased Premises shall be valid unless it is in writing and signed by a duly authorized agent of Lessor. 

 

	23.1	Building Rules. 

 Lessor’s rules for
the office building are attached as Exhibit F-2 and are subject to reasonable change if the changes are applicable to all tenants of the office building. Separate parking rules are contained in paragraph F-1. Lessee agrees to provide a copy of the
Office Building Rules (Exhibit F-2) to each of Lessee’s employees. 
  

	24.1	Transfer of Ownership by Lessor. 

 If
Lessor transfers ownership of the office building (other than as security for a mortgage) and if Lessor has delivered to the transferee all of Lessee’s security deposits and any prepaid rents, Lessor shall be released from all liability under
the lease; and such transferee shall become liable as Lessor. Such right to be released of liability shall accrue to subsequent owners only if such transfer is in good faith and for consideration. 

  

			
	  
 ECHELON IV

BANKRATE, INC.
	  	 Lessor
                    

Lessee
                    

  
 Page 15

  

 Basic Lease Information for Bankrate, Inc. 

 

	25.1	Mortgages. 

 Unless otherwise provided in
this lease, Lessee shall subordinate and attorn to mortgage liens now or hereafter on the office building. Lessee agrees to execute, from time to time, documentation therefor which is necessary in the reasonable judgment of Lessor. Other than the
provisions already set forth in this lease, there are no special lease provisions which are required by lienholders of the office building. This lease shall be subordinate to all existing and future mortgages; provided that so long as Lessee is not
in default of its obligations under this Lease beyond any applicable notice and cure periods, such mortgagee, its successors or assigns shall not disturb Lessee’s occupancy and use of the Leased Premises. However, such mortgagees may at any
time subordinate their lien to this lease by filing a subordination notice in the county real property records without necessity of notice to Lessee. Lessee waives and holds any mortgagee or holder of a security interest harmless from all claims of
Lessee against Lessor arising prior to such mortgagee succeeding to the Lessor’s ownership interest in the property. 
  

	26.1	Surrender of Premises. 

 When Lessee moves
out, Lessee shall surrender Lessee’s Office Space in the same condition as on the date of lease commencement by Lessee (as changed or improved from time to time in accordance with this lease), less ordinary wear and casualty loss. Removal of
property from the Leased Premises is subject to paragraph 14.1. Upon surrender, Lessee shall provide Lessor with all of Lessee’s keys, access codes and cards to the Leased Premises and the combination to all safes and vaults, if any in the
Leased Premises. 
  

	27.1	Holding Over. 

 If Lessee remains in
possession of the Leased Premises after the expiration or mutually-agreed termination date of the lease, without the execution by Lessor and Lessee of a new lease or a renewal or extension of the lease, then (1) Lessee shall be deemed to be
occupying the Leased Premises as a tenant-at-sufferance on a daily basis, subject to all obligations of the lease, (2) Lessee shall pay rent for the entire holdover period at one hundred fifty percent (150%) of the then-current rental rate
(3) Lessee shall be subject to all other remedies of Lessor as provided in paragraph 19.1, (4) Lessee shall indemnify Lessor for actual damages, including lost rentals, storage expenses, and attorney’s fees, and (5) at
Lessor’s sole option, Lessee may extend the lease term for a period of one month at the then current rental rates for the office building, as reasonably determined by Lessor, by hand delivering written notice to Lessee or to Lessee’s
Office Space while Lessee is holding over. Holdover rents shall be immediately due on a daily basis and delinquent without notice or demand; and the prior written notice and waiting period requirements of this lease shall not be necessary in order
for Lessor to exercise remedies thereunder. 
  

	28.1	Signs and Building Name. 

 Except for
standard suite signage and building directory listings, there shall be no signs, symbols, or identifying marks on or in the building, halls, elevators, staircases, entrances, parking areas, landscape areas, doors, walls, or windows without prior
written approval of Lessor. If the lease term is less than twelve (12) months, the cost of initial suite signage for Lessee’s space and initial directory strips shall be at Lessee’s expense. All signs or lettering shall conform to the
sign and lettering criteria established by Lessor. Unless otherwise stated in the rules, suite signage and building directory changes shall be done exclusively by Lessor and at Lessee’s expense. Lessor may remove all unapproved signs without
prior notice to Lessee and at Lessee’s expense. Lessor may change the name of the building upon six months’ written notice to Lessee. 
  

	28.2	Intentionally deleted. 

  

	29.1	Notices. 

 Whenever written notice is
required or permitted under this lease, such notice shall be in writing and shall be either (a) hand delivered personally to the party being notified, or (b) delivered at such party’s mailing address by certified mail, return receipt
requested, postage prepaid or reputable overnight courier. The mailing address of Lessor shall be the address to which Lessee normally mails or delivers the monthly rent unless Lessor notifies Lessee of a different address in writing. The mailing
address of Lessee shall be Lessee’s Office Space under this lease; provided that a copy is also provided directly to Bankrate, Inc., 11760 US Highway One Suite 200, North Palm Beach., FL 33408 ATTN: Bruce Zanca and Gunster, Yoakley &
Stewart, P.A., 450 East Las Olas Blvd., Suite 1400, Fort Lauderdale, FL 33301, Attn: Danielle DeVito-Hurley, Esq. However, if Lessee moves out, it shall be Lessee’s last address known by Lessor. Hand delivered notice is required only when
expressly required in the lease. Notice by noncertified mail is sufficient if actually received by the addressee or an employee or agent of addressee. The term “notice” shall be inclusive of notices, billings, requests, and demands.
Attorneys shall be authorized to give and receive notices on behalf of their respective clients. 

  

			
	  
 ECHELON IV

BANKRATE, INC.
	  	 Lessor
                    

Lessee
                    

  
 Page 16

  

 Basic Lease Information for Bankrate, Inc. 

 

	30.1	Estoppel Certificates. 

 From time to
time, upon 20 days’ prior written request from Lessor, Lessee shall execute and deliver to Lessor the estoppel certificate attached as Exhibit G. The form in Exhibit G may be changed as reasonably required by a prospective purchaser or lender.
If any statement in the estoppel certificate form is contrary to the facts existing at the time of execution of such form, Lessee may correct same before signing. Reasonable modifications in the form may be made as requested by a prospective
lienholder or purchaser. The estoppel certificate may be conclusively relied upon by Lessor and by any prospective lienholder or purchaser of the Leased Premises. If Lessee fails to comply with the foregoing by the end of such 20-day period, it
shall be conclusively presumed that (1) this lease is in full force and effect without any subleases or assignments and is unamended or modified except for amendments verified by affidavit of Lessor to the prospective lienholder or purchaser,
(2) no rents, security deposits, or other charges have been prepaid, (3) the statements contained in the estoppel certificate form (Exhibit G) are correct, (4) there are no uncured defaults by Lessor, (5) Lessee has no right of
offset or rescission, and (6) any prospective purchaser or lienholder may conclusively rely on such silence or noncompliance by Lessee and may conclusively assume no Lessor defaults within the 120 days following Lessee’s receipt of
Lessor’s request for an estoppel certificate. 
  

	31.1	Successors. 

 This lease shall bind and
inure to the benefit of the parties, any guarantors of this lease, and their respective successors and assigns. 
  

	31.2	Leasing Agent Commissions. 

 No leasing
commission shall be due by Lessor to any leasing agent unless in writing. Commission agreements executed by Lessor shall be binding on subsequent building owners if the tenant of the lease in question is in possession at the time of transfer of
building ownership. Lessor shall indemnify, defend and hold harmless Lessee from and against any claims arising from Lessor’s failure to pay any sums due under any commission agreement executed by Lessor in connection with this Lease.

  

	32.1	Building Operating Expense. 

 In addition
to the monthly base rent in paragraph 2.1, Lessee shall pay additional rent on a monthly basis, equivalent to Lessee’s prorata share of actual building operating expenses as per Exhibit C which exceed the actual building operating expenses for
the base year 2013. Lessee’s responsibility for payment of building operating costs shall be subject to the expense stop referred to in Basic Lease Information #8. “Building” includes multiple buildings in a
building complex if they are operated as a single office building complex (provided that Lessee’s prorata share shall be adjusted to reflect the rentable square footage of the Leased Premises divided by the rentable square footage of all of the
buildings in the building complex). 
  

	33.1	Representations and Warranties by Lessor. 

Lessor warrants that Lessor is the sole owner of the land and improvements comprising the office building and that Lessor has full right to enter into
this lease. Lessor’s duties and warranties are limited to those expressly stated in this lease and shall not include any implied duties or implied warranties, now or in the future. No representations or warranties have been made by Lessor other
than those expressly contained in this lease. 
  

	34.1	Representations and Warranties by Lessee. 

Lessee warrants to Lessor that (1) the financial statements of Lessee heretofore furnished to Lessor are true and correct to the best of
Lessee’s knowledge, (2) there has been no significant adverse change in Lessee’s financial condition since the date of the financial statements, (3) the financial statements fairly represent the financial condition of Lessee upon
those dates and at the time of execution hereof, (4) there are no delinquent taxes due and unpaid by Lessee, and (5) Lessee and none of the officers or partners of Lessee (if Lessee is a corporation or partnership) have ever declared
bankruptcy. Lessee warrants that Lessee has made no material misrepresentation or material omission of facts regarding Lessee’s financial condition or business operations. All financial statements must be dated and signed by Lessee. Lessee
acknowledges that Lessor has relied on the above information furnished by Lessee to Lessor and that Lessor would not have entered into this lease otherwise. 
  

	35.1	Place of Performance. 

 Unless otherwise
expressly stated in this lease, all obligations under this lease, including payment of rent and other sums due, shall be performed in the county where the office building is located, at the address designated from time to time by Lessor. 

  

			
	  
 ECHELON IV

BANKRATE, INC.
	  	 Lessor
                    

Lessee
                    

  
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 Basic Lease Information for Bankrate, Inc. 

 

	36.1	Miscellaneous. 

 This lease contains the
entire agreement of the parties. NO OTHER WRITTEN OR ORAL PROMISES OR REPRESENTATIONS HAVE BEEN MADE, AND NONE SHALL BE BINDING. This lease supersedes and replaces any previous lease between the parties on Lessee’s Office Space,
including any renewals or extensions thereunder. Except for reasonable changes in written rules, this lease shall not be amended or changed except by written instrument, signed by both Lessor and Lessee. LESSOR’S AGENTS DO NOT AND WILL NOT
HAVE AUTHORITY TO (1) MAKE EXCEPTIONS, CHANGES OR AMENDMENTS TO THIS LEASE, OR FACTUAL REPRESENTATIONS NOT EXPRESSLY CONTAINED IN THIS LEASE, (2) WAIVE ANY RIGHT, REQUIREMENT, OR PROVISION OF THIS LEASE, OR (3) RELEASE LESSEE FROM ALL
OR PART OF THIS LEASE, UNLESS SUCH ACTION IS IN WRITING AND SIGNED BY BOTH PARTIES TO THIS LEASE. Multiple lessees shall be jointly and severally liable under this lease. Notices, requests, or agreements to, from, or with one of multiple lessees
shall be deemed to be to, from, or with all such Lessees. Under no circumstances shall Lessor or Lessee be considered an agent of the other. Nonsubstantial errors in space footage calculations shall entitle the parties to correct the rental figures
in the lease and adjust rentals previously paid to present Owner accordingly, but not to terminate the lease. The lease shall not be construed against either party more or less favorably by reason of who drafted the lease or changes in the lease.
Texas law applies. If any date of performance or exercise of a right ends on a Saturday, Sunday, or state holiday, such date shall be automatically extended through the next business day. Time is of the essence; and all performance dates, time
schedules, and conditions precedent to exercising a right shall be strictly adhered to without delay except where otherwise expressly provided. If any provision of this lease is invalid under present or future laws, the remainder of this lease shall
not be affected. 
  

	37.1	Special Conditions. 

 Additional
provisions of this lease are set forth in Exhibit J. 
  

	38.1	Exhibit List. 

 The exhibits attached to
this lease are listed below. All exhibits are a part of this lease except for those which have been lined out or which have been shown below as omitted. 
  

			
	Exhibit A	    	Floor Plan of Lessee’s Office Space (paragraph 1.1)
	Exhibit B	    	Legal Description of Office Building (paragraph 1.1)
	Exhibit C	    	Building Operating Expense Passthrough Calculations (paragraphs 2.1 and 32.1)
	Exhibit D	    	Acknowledgment of Lease (paragraph 4.2)
	Exhibit E	    	Construction by Lessor (paragraph 5.1)
	Exhibit E-1	    	Space Plan
	Exhibit F-1	    	Parking Rules (paragraphs 9.2 and 23.1)
	Exhibit F-2	    	Building Rules (paragraph 23.1)
	Exhibit G	    	Estoppel Certificate (paragraph 30.1)
	Exhibit H	    	Lease Guaranty (paragraph 37.1)
	Exhibit I	    	Corporate Resolution Authorizing Lease or Guaranty (paragraphs 37.1 and 39.1)
	Exhibit J	    	Special Conditions (paragraph 37.2)
	Exhibit K	    	Hazardous Materials Statement
	Exhibit L	    	Acknowledgment of Receipt of Agency Disclosure

 39.1 Lease Dates and Authority to Sign. 

The “identification” date of this lease is the 21st day of January 2013 (the same date as at the top of Basic Lease Information). The “effective date” on which this lease becomes binding is the date on which the lease has been
signed by Lessor, Lessee, and any guarantors. The names and signatures of all parties are shown below; and all persons signing have been duly authorized to sign. IF LESSEE IS A CORPORATION, A CORPORATE RESOLUTION AUTHORIZING LESSEE TO EXECUTE THIS
LEASE IS ATTACHED AS EXHIBIT I. Corporate seals are unnecessary under Texas law. 

  

			
	  
 ECHELON IV

BANKRATE, INC.
	  	 Lessor
                    

Lessee
                    

  
 Page 18

  

 Basic Lease Information for Bankrate, Inc. 

 

					
	LESSOR	 		 	LESSEE
			
	 ECHELON HOLDINGS, LTD.
	 		 	 Bankrate, Inc.

	Printed name of company or firm (if applicable)	 		 	Printed name of company or firm (if applicable)
			
	 JOEL SHER
	 		 	  

	Printed name of person signing	 		 	Printed name of person signing
			
	  
	 		 	  

	Signature	 		 	Signature
			
	 VICE PRESIDENT, AUSTIN ECHELON, INC.,
 GENERAL PARTNER
 ECHELON HOLDINGS, LTD.
	 		 	  

	Title of person signing (if applicable)	 		 	Title of person signing (if applicable)
			
	  
	 		 	  

	Date signed (Please initial all pages and exhibits)	 		 	Date signed (Please initial all pages and exhibits)

  

			
	  
 ECHELON IV

BANKRATE, INC.
	  	 Lessor
                    

Lessee
                    

  
 Page 19

  

 Basic Lease Information for Bankrate, Inc. 

 

 Exhibit A: Floor Plan of Lessee’s Office Space 

(see paragraph 1.1 of lease) 

The parties agree that the floor plan below is a true and correct diagram of Lessee’s Office Space referred to in paragraph 1.1. 

Echelon IV, Suite 400 
 18,335 RSF 
  
  

 
 

 

  

			
	  
 ECHELON IV

BANKRATE, INC.
	  	 Lessor
                    

Lessee
                    

  
 Page 20

  

 Basic Lease Information for Bankrate, Inc. 

 

 Exhibit B: Legal Description of Office Building 

by lot, block, subdivision, and county or 
 by metes and bounds description 
 (see paragraph 1.1 of lease) 

ECHELON IV: 
 Lot 1 of The
Echelon, Section 3, an addition in Travis County, Texas, as recorded in Volume 84, Page 151B, Plat records of Travis County, Texas. 

  

			
	  
 ECHELON IV

BANKRATE, INC.
	  	 Lessor
                    

Lessee
                    

  
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 Basic Lease Information for Bankrate, Inc. 

 

 Exhibit C: Building Operating Expense Passthrough Calculations 

(see paragraphs 2.1 and 32.1 of lease) 
 Page One of Two 
 (a) “ESTIMATED” PRORATA BUILDING OPERATING EXPENSES. On or before the
beginning of each calendar year, Lessor shall calculate the estimated building operating expenses for that calendar year, according to the criteria in subparagraph (c) below. One-twelfth of Lessee’s prorata share of estimated building
operating expenses which are in excess of any expense stop shall be due on the first of each month as additional rent. 
 (b) YEAR-END
ADJUSTMENT FOR OVERPAYMENT OR UNDERPAYMENT BY LESSEE BECAUSE OF DIFFERENCES BETWEEN “ESTIMATED” AND “ACTUAL” BUILDING OPERATING EXPENSES. After each calendar year of the lease term and renewal or extension periods, Lessor shall
determine the actual building operating expenses for that calendar year. If it is then determined that actual building operating expenses were less than estimated expenses and that Lessee’s monthly payments of estimated expenses over
Lessee’s expense stop figure were too much, Lessor shall promptly credit to Lessee the excess amount paid by Lessee (or promptly refund the difference to Lessee following the expiration or earlier termination of the Lease for reasons other than
following a default by Lessee). If it is determined that actual building operating expenses were more than estimated expenses and that Lessee’s monthly payments of estimated expenses over Lessee’s expense stop figure were insufficient,
Lessor shall invoice Lessee for the amount of Lessee’s underpayment. Payment thereof shall be due within thirty (30) days following delivery of invoice to Lessee. Payment may be made prior to or with the next scheduled rental payment, but
not later. The foregoing calculations and adjustments may also be made one or more times during the calendar year, at Lessor’s option. 

(c) DEFINITION OF BUILDING OPERATING EXPENSES. Building operating expenses for each calendar year shall include: all ad valorem taxes, assessments and
related government charges becoming due on the building and on-site personal property used in operation of the building in such period; utilities; insurance premiums for fire, extended coverage, vandalism, and liability on the building and personal
property used in building management; landscape expenses; janitorial expenses; window cleaning; supplies; painting, roof repairs, window replacement, and other maintenance expenses; licenses; permits; advertising; maintenance salaries and bonuses;
payroll taxes; management office overhead and management fees; and all other managerial, administrative and operating expenses which are reasonably related to the operation of the building and utilities serving same. No such category shall include
more than 12 months’ worth of expenses. Building operating expenses shall also include the following improvements if amortized over the useful life of such improvements for IRS purposes together with interest at 12% per annum on the
unamortized cost: (i) improvements to reduce operating expenses, (ii) improvements required by governmental agencies following completion of the building, and (iii) carpeting, floor covering, draperies, and wall coverings for the
common areas of the building. Building operating expenses shall be calculated on an accrual basis in accordance with generally accepted accounting principles, consistently applied. The word “building” as referred to above shall include the
building, parking areas, parking garage (if any), and common areas. 
 Building operating expenses shall not include: principal and interest
payments on mortgages; depreciation or improvements which IRS requires to be depreciated (except as provided above); expenses of repairing damage of the type normally covered by fire, vandalism, flood, and EC insurance; any expense paid or
reimbursed from insurance proceeds; costs of repairing damage for which Lessor is entitled to reimbursement from others; remodeling costs for new or existing tenants; common area improvements or personal property required by other tenants to be
made, purchased, or furnished to such tenants; utility and air conditioning or heating costs or other expenses which are separately billed to specific tenants; franchise and income taxes of Lessor; leasing commissions; expenses of marketing vacant
space in the building; legal fees; structural repairs to roof, foundation, and walls; asbestos removal; and installation of sprinklers, fire alarms, and smoke detector systems. 
 If utilities and taxes included in “Building Operating Expense” are not payable, billed or otherwise due so as to allow an accurate calculation of said factors annually, then Lessor, in its
reasonable discretion, may estimate and prorate said expenses on an annual basis, and said factors shall be properly adjusted by Lessor when they actually become due and payable. Otherwise, expenses must be supported by invoices and actually paid.

 (d) DEFINITION OF PRORATA SHARE. Lessee’s prorata share of estimated and actual building operating expenses is the percentage result of
dividing “Lessee’s rentable area” (which is set forth in Basic Lease Information #4) by the total rentable area in the entire building. 
 (e) DELAY IN IMPLEMENTATION. At Lessor’s option, adjustments may be delayed. Lessor’s delay in implementing such adjustments shall not waive Lessor’s right thereto, and the most recent
monthly rental figures shall continue to be 

  
 EXHIBIT C
(cont’d) 
  

			
	  
 ECHELON IV

BANKRATE, INC.
	  	 Lessor
                    

Lessee
                    

  
 Page 22

  

 Basic Lease Information for Bankrate, Inc. 

 

 Page Two of Two 

 

 
paid during such delay. If Lessor delays in timely calculating adjustments, such adjustments shall be retroactive to the respective date on which Lessor had a right to make such adjustment; and
such delayed rent adjustments shall become due within thirty (30) days following written notice to Lessee. 
 (f) EXAMINATION OF RECORDS.
Upon reasonable notice to Lessor in writing, Lessee may examine or audit Lessor’s accounting records for building operating expenses for the year immediately preceding and other data used in calculating additional rents or rent adjustments.
Examination or audit of building operating expenses for a particular year may be conducted no later than 180 days after Lessee’s receipt of a reconciliation notice or statement of building operating expenses for that year. If not examined or
audited within the 180-day period, such reconciliation shall be deemed as accepted and agreed to by all parties. All costs and expenses of the examination or audit shall be paid by Lessee unless the same shows that Lessor overstated building
operating expenses for the audited year by more than five percent (5%), in which case Lessor shall pay all reasonable costs and expenses of the examination or audit 

  

			
	  
 ECHELON IV

BANKRATE, INC.
	  	 Lessor
                    

Lessee
                    

  
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 Basic Lease Information for Bankrate, Inc. 

 

 Exhibit D: Acknowledgement of Lease 

Page One of Two 

(TO BE SIGNED AT MOVE-IN) 

The undersigned parties acknowledge that the lease described below is in full force and effect and that Lessee has taken possession of the space.

  

					
	Date of lease:	  	 January 21, 2013
	  	
	Lessor:	  	 Echelon Holdings, Ltd.
	  	
	Lessee:	  	 Bankrate, Inc.
	  	
	Guarantor:	  	 Bankrate, Inc.
	  	
	Building name:	  	 Echelon IV
	  	
	Suite No.:	  	 400
	  	
	Building address:	  	 9430 Research Blvd.
	  	
	City/County/State/Zip:	  	 Austin / Travis / Texas / 78759
	  	
	Legal description of property:	  	 See Exhibit B of Lease
	  	

 The commencement date, annual anniversary date, and ending date of the initial lease term as defined in paragraph 4.1 of
above lease are as follows: 
  

			
	Commencement date (month, day, year):	  	 August 1, 2013

	Annual Anniversary date (month, day):	  	 December 1

	Ending date (month, day, year):	  	 November 30, 2018

 The parties acknowledge that the lease has not been amended or modified and that this acknowledgment may be filed of
record with the Texas Secretary of State or the county where the building is located in order to record (1) Lessee’s possession rights to the Leased Premises, and (2) Lessor’s contractual landlord lien rights over all personal
property therein and any security deposit posted by Lessee. The entire lease is hereby affirmed and incorporated herein. The lease will cease to be an encumbrance to Lessor’s title if Lessor files an affidavit of record, stating that Lessee no
longer occupies the premises and that Lessee’s right of possession has been lawfully terminated. 
  

					
	LESSOR	 		 	LESSEE
	(To be signed at move-in)	 		 	(To be signed at move-in)
			
	 ECHELON HOLDINGS, LTD.
	 		 	 BANKRATE, INC.

	Printed name of company or firm (if applicable)	 		 	Printed name of company or firm (if applicable)
			
	 JOEL SHER
	 		 	  

	Printed name of person signing	 		 	Printed name of person signing
			
	  
	 		 	  

	Signature	 		 	Signature
			
	 VICE PRESIDENT, AUSTIN ECHELON, INC.,
 GENERAL PARTNER
 ECHELON HOLDINGS, LTD.
	 		 	  

	Title of person signing (if applicable)	 		 	Title of person signing (if applicable)
			
	  
	 		 	  

	Date signed	 		 	Date signed

  

			
	  
 ECHELON IV

BANKRATE, INC.
	  	 Lessor
                    

Lessee
                    

  
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 Basic Lease Information for Bankrate, Inc. 

 

 EXHIBIT D (cont’d) 

Page Two of Two 
  

  

 STATE OF TEXAS 
 COUNTY OF                      
 This instrument was acknowledged before me on                      by
                                         on
behalf of the above stated LESSOR and in the above stated capacity. 
  

	
	  

	Notary Public for the State of Texas

 
			
	Printed name of notary	 	  

	My commission expires	 	  

 STATE OF TEXAS 
 COUNTY OF                      
 This instrument was acknowledged before me on                      by
                                         on
behalf of the above stated LESSEE and in the above stated capacity. 
  

	
	  

	Notary Public for the State of Texas

 
			
	Printed name of notary	 	  

	My commission expires	 	  

  

			
	  
 ECHELON IV

BANKRATE, INC.
	  	 Lessor
                    

Lessee
                    

  
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 Basic Lease Information for Bankrate, Inc. 

 

 Exhibit E: Construction by Lessor 

(see paragraph 5.1 of lease) 
  

			
	Lessor	  	 Echelon Holdings, Ltd.

	Lessee	  	 Bankrate, Inc.

	Date of lease	  	 January 21, 2013

	Office Space	  	 400

	Building name / address	  	 Echelon IV / Austin, Texas 78759

  

	1.	Interior Improvements. 

Reference herein to “Interior Improvements” shall include all work to be done in Lessee’s Office Space pursuant to
the Interior Improvements Plans (defined in paragraph 2 below), including, but not limited to, partitioning, doors, ceilings, floor coverings, wall finishes (including paint, wallpaper, fabric and all other coverings), electrical (including
lighting, switching, telephones, outlets, etc.), computer cabling and phone wiring, plumbing, heating, ventilating and air conditioning, fire protection, cabinets, and other millwork, and any other improvements required by Lessee which are
specifically included in the Interior Improvements Plans. Lessor and Lessee hereby agree that unless otherwise agreed to, the design architect for the Interior Improvements will be STG Architects (the “Interior Design Architect”)
and the general contractor for the construction of the Interior Improvements will be mutually selected by Lessee and Lessor (the “Contractor”). 
  

	2.	Interior Improvements Plans. 

 Attached hereto as Exhibit E-1 is Lessee’s space plan and materials and finishes for the layout and construction of Interior Improvements in Lessee’s Office Space, which has been approved by
Lessor and Less ee(the “Space Plan”). Interior Design Architect shall prepare final working drawings and specifications for the Interior Improvements based on the Space Plan and submit the same to Lessee for Lessee’s approval
by no later than March 18, 2013. Such final working drawings and specifications are referred to herein as the “Interior Improvements Plans”. A copy of the Interior Improvements Plans, and each revised version thereof, shall
also be submitted to Lessor for Lessor’s reasonable approval simultaneously with submission to Lessee. Lessee and Lessor shall promptly review each version of the Interior Improvements Plans and deliver any comments to the Interior Design
Architect expeditiously, and in no event later than five (5) days after receipt of the same. So long as the Interior Improvements Plans are substantially consistent with the Space Plan, the Interior Improvements Plans shall be finally approved
by Lessee and Lessor not later than March 31, 2013. After final approval of the Interior Improvements Plans by Lessor and Lessee, Lessor shall promptly solicit at least three (3) bids for the construction of the Interior Improvements and
Lessor and Lessee shall promptly and in no event later than 2 business days following receipt of the third bid, mutually select the Contractor. Interior Design Architect shall promptly submit the Interior Improvement Plans to the appropriate
governmental body for plan checking and issuance of a building permit. Lessor and Lessee agree that, as part of the contract price, Contractor shall be obligated to restore and/or reconnect any existing lines or cabling that are cut or disconnected
during construction as Lessee intends to utilize the same. The Interior Design Architect, with Lessee’s cooperation, shall cause to be made to the Interior Improvements Plans any changes necessary to obtain the building permit. Lessor’s
approval of the Interior Improvements Plans shall create or impose no liability or responsibility on Lessor for their completeness, design sufficiency or compliance with all applicable laws, rules and regulations of governmental agencies or
authorities. Lessee shall work together with the Interior Design Architect, Lessor and the Contractor diligently to finally approve the Interior Improvements Plans and the final pricing for the construction of the Interior Improvements not later
than April 30, 2013. For purposes of Section 4.1 of the Lease regarding Lessee Delays, Lessee will be held strictly to the foregoing time periods and such time periods will not be tolled or extended due to Lessee’s failure to finally
approve the Interior Improvements Plans and the final pricing for the construction of the Interior Improvements so long as the same is substantially consistent with the Space Plan and the delay is not caused by any failure of the Lessor, Interior
Design Architect or Contractor in meeting the above time periods. 
  

	3.	Final Pricing and Drawing Schedule. 

 Concurrently with the plan checking, Lessor shall have prepared a final pricing for Lessee’s approval, taking into account any modifications which may be required to reflect changes in Interior
Improvements Plans required by the city or county in which the Leased Premises are located. After final approval of the Interior Improvement Plans, no further changes 

  

			
	  
 ECHELON IV

BANKRATE, INC.
	  	 Lessor
                    

Lessee
                    

  
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may be made thereto without the prior written approval from both Lessor and Lessee, and then only after agreement by Lessee to pay any excess costs resulting from the design and/or construction
of such changes to the extent that the total cost of the Interior Improvements exceeds the Allowance (hereinafter defined). 
  

	4.	Construction of Interior Improvements. 

 After the Interior Improvement Plans have been prepared and approved, the final pricing has been approved, a building permit for the Interior Improvements has been issued, the Contractor shall begin and
thereafter diligently proceed with the construction and installation of the Interior Improvements in accordance with Interior Improvement Plans and consistent with local industry custom and procedure. Lessor shall supervise the completion of such
work (at no cost to Lessee, it being agreed that Lessor shall provide construction management at no cost to Lessee) and shall secure substantial completion of the work in a timely manner. The cost of such work shall be paid as provided in
Section 5 below. Lessor shall not be liable for any direct or indirect damages as a result of delays in construction beyond Lessor’s reasonable control arising as a result of acts of God or delays by Lessee or Lessee’s agents
or employees. Lessor’s work shall be performed (a) in a good and workmanlike manner and free from defects, (b) substantially in accordance with the plans attached hereto, and (c) in compliance with all applicable laws, rules,
regulations, permits and approvals. All materials and equipment installed as part of Lessor’s work shall be of first quality and at least equal to the applicable standards for the Building then established by Lessor, and no such materials or
equipment shall be subject to any lien or other encumbrance. Lessee shall have the right to physically inspect Lessor’s work prior to accepting possession on the Commencement Date and Lessor shall cause the Contractor to promptly repair or
complete any minor “punch-list” items that are not complete as of such date; it being understood that Lessee shall present all “punch-list” items in one (1) list. 

 

	5.	Payment for the Interior Improvements. 

Lessee shall be responsible for the entire cost of the design, construction and permitting of the Interior Improvements. In order to defray a portion of
the cost of the Interior Improvements, however, Lessor hereby grants to Lessee an “Allowance” in the amount of Two Hundred Twenty-Nine Thousand One Hundred Eighty-Seven and 50/100 Dollars ($229,187.50), which is based on
$12.50 per rentable square foot within the Premises. 
 In the event that the cost of installing the Interior Improvements,
as established by the final pricing schedule agreed upon by Lessor and Lessee pursuant to subparagraph 2 above, shall exceed the Allowance, the excess (the “Excess”) shall be paid by Lessee to Lessor one-half ( 1/2) upon commencement of the work and one-half ( 1/2) upon completion or occupancy by Lessee, whichever is the earlier. Further, Lessor shall not be obligated to commence
construction of the Interior Improvements until Lessor is in receipt of payment of the first  1/2 of such Excess. If the actual costs for construction of the Interior Improvements are less than the above-referenced
allowance, the Lessee will not receive a credit for the unspent portion of the allowance. 
 Lessee may
exchange up to the first four (4) months of abated rent and obtain $28,526.67 in additional improvement allowance for each month of returned abated rent. 
 If Lessee provides written notice prior to the Lease commencement date to Lessor that Lessee agrees to increase the initial Lease Term Specified in Basic Lease Information #6, then
(i) the Allowance shall be increased by an additional $0.20833 per rentable square foot for each additional month that Lessee agrees to increase the initial Lease Term; (ii) Lessee shall continue to have the right to exchange up to the
first four (4) months of abated rent and obtain $28,526.67 in additional improvement allowance for each month of returned abated rent; (iii) Lessee shall continue have the renewal option set forth on Exhibit J; and (iv) Base Rent for
each additional 12 months of increased Lease Term (or prorata portion thereof) shall increase by $0.50 per rentable square foot for each additional 12 month period (or prorate portion thereof). 

  

			
	  
 ECHELON IV

BANKRATE, INC.
	  	 Lessor
                    

Lessee
                    

  
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 Basic Lease Information for Bankrate, Inc. 

 

 EXHIBIT E-1: SPACE PLAN 
 Improvements: 
  
 

 

  

			
	  
 ECHELON IV

BANKRATE, INC.
	  	 Lessor
                    

Lessee
                    

  
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 Basic Lease Information for Bankrate, Inc. 

 

 Exhibit F-1: Office Building Parking Rules 

(see paragraph 9.2 of lease) 
 It
is the desire of Lessor to maintain and operate the parking garage and parking areas in an orderly manner. The following rules and regulations apply to all tenants in the building and their agents, employees, family, licensees, invitees, visitors,
and contractors unless otherwise stated. Lessor reserves the right to rescind these rules, make reasonable changes, or make other reasonable rules and regulations for the safety, care, and cleanliness of the parking garage, if applicable, and
parking areas and for the preservation of good order. 
 1. TRAFFIC SIGNS. All persons parking in the parking areas and parking garage shall
observe posted signs and markings regarding speed, stop signs, traffic lanes, reserved parking, no parking, parking stripes, etc. 
 2. LESSEE
EMPLOYEE AND CUSTOMER PARKING. Lessees and their employees and customers [ X ] may OR [    ] may not park without charge. 

3. TRASH. All persons parking in the parking garage or parking areas shall refrain from throwing trash, ashtray contents, or other debris on the garage
floor or parking areas. 
 4. FLAT TIRES. All vehicle owners and all persons parking in the parking garage or parking areas shall be responsible
for promptly repairing flat tires or other conditions of the vehicle which cause unsightliness in the reasonable judgment of Lessor. 
 5.
REMOVAL OF UNAUTHORIZED VEHICLES. If vehicles are blocking driveways or passageways or parked in violation of these rules and regulations or state statutes, Lessor may exercise vehicle removal remedies under Article 6701g-1 and 6701g-2 upon
compliance with statutory notice. 
 6. SECURITY. Lessor shall use reasonable diligence in the maintenance of existing lighting in the parking
garage or parking areas. Lessor shall have no duty for additional lighting or any security measures in the parking areas, including the parking garage. 
 7. PARKING OF EMPLOYEE VEHICLES. Lessor may from time to time designate specific areas in which vehicles owned by Lessee and Lessee’s employees, sublessees, assignees, licensees, and concessionaires
shall be parked. Lessee shall use best efforts to see that such vehicles are parked in such areas. Upon request by Lessor, Lessee shall furnish Lessor a complete list of license numbers of all vehicles operated by Lessee and the above listed
persons. Lessor may charge reasonable parking fees for such vehicles not parked in the designated areas. 
 8. PARKING OF TRUCKS AND DELIVERY
VEHICLES. Without Lessor’s prior written approval, no trailers or large trucks may be parked in the parking areas except for temporary loading or unloading. Service and delivery vehicles may be parked in loading zones only when necessary.

 9. TIMELY PAYMENT OF PARKING RENT. If applicable, Lessee shall be entitled to monthly parking rights in the parking garage only upon timely
payment of the then current monthly parking rent, in advance. Lessee may rent less than the allowed number of spaces. Lessee may rent more than the allowed number of spaces if available in the reasonable judgment of Lessor. 

10. CONTROL DEVICES. Lessor reserves the right to install or utilize any reasonable system of entry and exit control devices in marked loading areas.

  

			
	  
 ECHELON IV

BANKRATE, INC.
	  	 Lessor
                    

Lessee
                    

  
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 Basic Lease Information for Bankrate, Inc. 

 

 Exhibit F-2: Office Building Rules 

(see paragraphs 9.2 and 23.1 of lease) 
 Page One of Three 
 LESSEE AGREES TO PROVIDE A COPY OF THESE RULES TO EVERY
EMPLOYEE 
 It is the desire of Lessor to maintain in the building the highest standard of dignity and good taste consistent with
comfort and convenience for all tenants. Any action or condition not meeting this high standard should be reported directly to the building manager. Cooperation by all tenants will be sincerely appreciated. The following rules and regulations apply
to all tenants in the building and their agents, employees, family, licensees, invitees, visitors, and contractors unless otherwise stated. Pursuant to paragraph 23.1 of the lease, Lessor reserves the right to rescind these rules, make reasonable
modification thereto, and make other reasonable rules and regulations for the safety, care, and cleanliness of the building and for the preservation of good order (so long as such rescission, modification or promulgation of new rules is uniformly
and consistently applied to all tenants). 
 1. DELIVERIES AND MOVEMENT OF FURNITURE. Movement into or out of the building of furniture,
equipment shall be restricted to hours, stairways, and elevators designated by Lessor. Unless Lessor notifies Lessee otherwise, only the freight elevator may be used for such purposes, and such elevator may be used only during regular business hours
without prior approval of Lessor. All such movement and delivery shall be under the supervision of the building manager and carried out in a manner agreed between Lessee and the building manager, by prearrangement. Prearrangement shall include time,
method, routing, and any limitations imposed for reasons of safety or nondisturbance of others. The hold harmless and indemnification provisions of paragraph 12.3 shall apply to the foregoing. Lessor may require that movement of furniture or
equipment which interferes with normal building traffic shall be made at hours other than normal business hours. 
 2. OBSTRUCTION OF
PASSAGEWAYS. None of the passageways, outside entries, exterior doors, elevators, hallways, or stairways shall be locked or obstructed. No rubbish, trash, litter, or materials of any nature may be emptied or thrown into these areas. These areas may
be used only for ingress and egress. 
 3. DOORS AND DOORLOCKS. When Lessee’s corridor doors are not in use, Lessee shall use its best
efforts to keep them closed on all floors where Lessee is a partial tenant on the floor. No additional locks shall be placed on any doors in Lessee’s Office Space without written consent of Lessor. Lessee shall not change, alter, or replace
locks provided by Lessor on doors in the building, except with written permission of the building manager. All necessary keys shall be furnished by Lessor, and Lessor shall be entitled to have a key for every door in Lessee’s Office Space
(excluding any vaults or safes). Lessee shall surrender all keys upon termination of Lessee’s right of occupancy; and at such time, Lessee shall give Lessor the combination to all vaults or combination locks remaining in Lessee’s Office
Space after surrender by Lessee. 
 4. SAFES. Safes and other heavy articles shall be carried onto the Leased Premises only at such times and in
such manner as prescribed by Lessor. Lessor shall have the right to specify weight limitations and positioning of safes or other heavy articles. Any damage done to the building by installation, presence, or removal of a safe or other article owned
or controlled by Lessee on the Leased Premises, shall be paid for by Lessee. 
 5. REMOVAL OF FURNITURE. Removal of furniture or equipment from
Lessee’s Office Space shall require presentation of written authorization by an authorized representative of Lessor. Security guards, watchmen, janitors, and other building employees will have the right to challenge all persons leaving the
building with such items. 
 6. INSTALLATION AND REPAIR WORK. Lessee shall refer all contractors, contractors’ representatives, and
installation technicians who render any service on or to Lessee’s Office Space, to the building manager for approval and supervision before performance of any service. This provision shall apply to all work performed in the building, including
installation of telephones, electrical lines, and other electrical devices where such installation affects the floors, walls, woodwork, trim, windows, ceilings, mechanical equipment, or any other part of the building. If Lessee desires telephone or
other electronic connections, Lessee shall notify Lessor; and Lessor shall then direct installation servicemen as to where and how wires may be introduced. Without such directions, no such installations shall be permitted. 

  
 EXHIBIT F-2
(cont’d) 
  

			
	  
 ECHELON IV

BANKRATE, INC.
	  	 Lessor
                    

Lessee
                    

  
 Page 30

  

 Basic Lease Information for Bankrate, Inc. 

 

 Page Two of Three 

 

 7. HAZARDOUS MATERIALS. Lessee shall not place or install, on the Leased Premises or any part of the
building, any explosive, gasoline, kerosene, oil, acids, caustics, or any other inflammable, explosive, or hazardous materials without written consent of the building manager. Lessee shall not operate electric space heaters, stoves, engines, or
other equipment not typical of an office building without written consent of the building manager. 
 8. ENTRY BY LESSOR. Lessor shall have the
right to enter for the purposes set forth in paragraph 9.1 of the lease at all times subject to the terms set forth in paragraph 9.1. 
 9.
PLUMBING. Plumbing fixtures and appliances shall be used only for the purposes for which they were constructed. No sweeping, rubbish, rags, or other unsuitable materials may be thrown or placed in plumbing fixtures or appliances. The cost of any
stoppage or damage resulting from negligence or improper use of these fixtures and appliances by Lessee or Lessee’s agents, employees, family, invitees, licensees, or visitors shall be paid for by the Lessee. 

10. WINDOWS. Lessee shall not allow windows within Lessee’s Office Space to be opened at any time, except in emergencies. Nothing shall be thrown
out of the windows of the building or down the stairwells or other passages. Lessor reserves the right to cause any or all windows of the building to be locked, sealed, closed, or otherwise made inoperable, or to install permanent or temporary
screens thereon, and to include the cost thereof with the operating expenses of the building. 
 11. THEFT AND DAMAGES. Lessor shall not be
responsible for lost or stolen personal property, equipment, money, or jewelry from Lessee’s Office Space or from the public areas of the building, regardless of whether such loss occurs when the area is locked against entry. Lessor will not be
liable to Lessee, or Lessee’s employees, customers, or invitees for any damages or losses to persons or property caused by other Lessees in the building or for damages or losses caused by theft, burglary, assault, vandalism, or other crimes.
Lessor shall not be liable for personal injury or loss of Lessee’s property from fire, flood, water leaks, rain, hail, ice, snow, smoke, lightning, wind, explosions, or interruption of utilities unless such injury or damage is caused by
negligence of Lessor. LESSOR STRONGLY RECOMMENDS THAT LESSEE SECURE LESSEE’S OWN INSURANCE TO PROTECT AGAINST THE ABOVE OCCURRENCES. 
 12. ANIMALS. No birds, fowl, or animals (except guide dogs for handicapped persons) shall be brought into or kept in or about the building or common areas. 

13. BICYCLES AND OTHER VEHICLES. No bicycles, motorcycles, or similar vehicles shall be allowed in the building. No trailers or large trucks may be
parked in the building parking areas except for temporary loading or unloading. 
 14. RESIDENTIAL USE. No sleeping, cooking (except that use of
microwave ovens and equipment for brewing coffee, tea, hot chocolate, and similar beverages is permitted), clothes cleaning, or laundering is permitted on the Leased Premises without written consent of Lessor. 

15. INTOXICATION. Lessor reserves the right to exclude or expel from the building any person who in the reasonable judgment of Lessor, is intoxicated or
under the influence of liquor or drugs, or who shall in any manner do any act in violation of any rules of the building. 
 16. DISTURBANCES.
Lessee shall not obstruct, disturb, or interfere with the rights of other Lessees or occupants or in any way injure or annoy them. Lessee shall not make any noises by any means which, in the reasonable judgment of Lessor, are likely to disturb other
Lessees or occupants of the building. 
 17. COMPLIANCE WITH SAFETY AND SANITATION LAWS. Lessee shall comply with all laws relating to fire,
safety, and sanitation, and shall comply with any requirements of Lessor’s insurance company with respect to fire prevention, safety standards, and sanitation. 
 18. CLEANING. Lessee shall not employ any person or persons without written consent of Lessor, for the purpose of cleaning or maintaining of the Leased Premises. Lessee shall cooperate with Lessor’s
employees, agents, and cleaning personnel in keeping Lessee’s premises neat and clean. Any special cleaning requested by Lessee and performed by Lessor or Lessor’s employees, agents, or contractors shall be paid for by Lessee. 

  

			
	  
 ECHELON IV

BANKRATE, INC.
	  	 Lessor
                    

Lessee
                    

  
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 Basic Lease Information for Bankrate, Inc. 

 

 EXHIBIT F-2 (cont’d) 

Page Three of Three 
  

  

 19. SOLICITING. Canvassing, soliciting, or peddling in the building is prohibited without written
permission of Lessor, and Lessee shall cooperate to prevent same. 
 20. SIGNS. No signs, fixtures, or notices of any kind may be displayed
except by written consent of Lessor. All signs shall conform to the requirements of paragraph 28.1 of the lease. 
 21. NOTICE OF PERSONAL
INJURIES OR UTILITY OR MECHANICAL PROBLEMS. Lessee shall give prompt notice to the building manager, to the best of Lessee’s knowledge, of any significant accidents involving injury to persons or property, including plumbing, electrical,
heating, air conditioning, stairwell, corridor, and elevator problems and/or personal injury and property damage caused thereby. 
 22. REQUESTS
BY LESSEE. Except in emergencies, requests by Lessee shall be attended to only after written request by Lessee to the building management. Lessor’s employees are not allowed to perform or do anything outside their regular duties unless pursuant
to special orders from Lessor. Lessee may not contract with Lessor’s employees for the performance of paid or free services to Lessee. If, at the request of Lessee, Lessor or Lessor’s agents furnish services, goods, labor, or material to
Lessee which are not required to be furnished by Lessor under this lease, Lessee shall pay for same upon delivery of a written statement therefor to Lessee. 
 23. BUILDING ACCESS. Anyone who does not reasonably satisfy a building security guard (if any) that he has a right to enter the building may be excluded by the guard. Lessor shall not be liable for
damages for any good faith error with regard to admission or exclusion from the building of any person. In case of fire, destruction, invasion, mob, riot, or other commotion, Lessor reserves the right to prevent access to the building by closing the
doors or otherwise. 
 24. REQUEST FOR EXTRA AIR CONDITIONING. Requests for heating or air conditioning before or after the hours of operation
stated in paragraph 7.1 of the lease must be received at the management office at least 24 hours in advance. 
 25. LEASE PROVISIONS REGARDING
LESSEE’S CONDUCT. Lessee shall comply with all the provisions of paragraph 9.2 regarding parking and paragraph 10.1 regarding occupancy, nuisance, and hazards. 
 26. ELEVATORS. Lessor shall not be liable for damages from stoppage of elevators for repair, service, or improvements. Nor shall Lessor be liable for delays of any duration in connection with elevator
repair, service, or improvements. 
 27. SMOKING. This is a non-smoking building; smoking is not permitted anywhere inside the building.

 28. ICE, SLEET, SNOW, OR WATER. Lessor shall have no duty to remove, in whole or in part, ice, sleet, snow, or water from parking lots,
walkways, sidewalks, or stairs, regardless whether they are covered, uncovered, inside, or outside of buildings. At Lessor’s option, Lessor may remove such ice, sleet, snow, or water at any time, in whole or in part, with or without notice to
anyone. 

  

			
	  
 ECHELON IV

BANKRATE, INC.
	  	 Lessor
                    

Lessee
                    

  
 Page 32

  

 Basic Lease Information for Bankrate, Inc. 

 

 Exhibit G: Estoppel Certificate 

(see paragraph 30.1 of lease) 
 Page One of Two 
 This form is not to be executed at time of lease
execution. 
 The purpose of this certificate is to confirm the current status of matters relating to the lease described below. It is for
the benefit of the owner or prospective purchaser or mortgagee of the building in which the Leased Premises are located. 
 1. The undersigned
is the Lessee under a lease between                     , as Lessor, and
                                        , as
Lessee, dated                      on Leased Premises locally known as the
                     building and located at
                    , in                     ,
Texas. A copy of the fully executed lease and any amendments or modifications thereto are attached. There are no other modifications or amendments to the above described lease. The dates of any amendments or modifications are: (put “none”
if inapplicable)
                                        . All of
the statements contained herein are to the best of Lessee’s knowledge. 
 2. There are no unfulfilled written or verbal promises,
representations, or warranties by Lessor. 
 3. There are no subleases of the Leased Premises or any portions thereof. 

4. The lease (together with any amendments or modifications referred to above) is in good standing and in full force and effect. Lessor is not in
default. Lessee agrees to give notice of any Lessor default to any purchaser or lender making written requests to Lessee for same. 
 5. Except
for rents (if any) which may be due under the lease for the current month, there are no rents or other charges which have been prepaid by the undersigned Lessee to Lessor under the lease other than the following: 

 
  
  

 
 6. The amount of security deposit currently posted
by Lessee with Lessor is $         in the form of (    ) cash or (    ) an irrevocable, unconditional letter of credit issued by
                     in favor of Lessor which is still valid. 
 7. Lessee acknowledges that the space being leased consists of          rentable square feet according to the lease, that the improvements to be constructed by
Lessor have been satisfactorily completed, that the lease space has been accepted by Lessee, that Lessee now occupies the lease space, and that the commencement date for the lease term was
                    . 
 8. There are no
rentals which are due and unpaid. Rentals are fully paid (if required by the lease) through the last day of the month in which this estoppel certificate has been executed. 
 9. There are no known offsets or credits against rentals except as expressly provided by the terms of the lease. There is no known right of rescission and no known defense to Lessee’s future
obligations to pay the specified rentals at the times and in accordance with the lease terms. Lessee has not received any concession (rental or otherwise) or similar compensation not expressed in the lease which is presently in effect. 

10. Lessee has no options or rights of refusal regarding the Leased Premises or additional rental space other than as set out in the lease. 

11. Lessee has not: (a) made a general assignment for the benefit of creditors; and (b) commenced any case, proceeding or other action seeking
reorganization, arrangement, adjustment, liquidation, dissolution, or composition of it or its debts under any law relating to bankruptcy, insolvency, reorganization, or relief of debtors; or (c) had any involuntary case, proceeding, or other
action commenced against it which seeks to have an order for relief entered against it, as debtor, or seeks reorganization, arrangement, adjustment, liquidation, dissolution, or composition of it or its debts under any law relating to bankruptcy,
insolvency, reorganization, or relief of debtors; or (d) concealed, removed, 

  

			
	  
 ECHELON IV

BANKRATE, INC.
	  	 Lessor
                    

Lessee
                    

  
 Page 33

  

 Basic Lease Information for Bankrate, Inc. 

 

 EXHIBIT G (cont’d) 

Page Two of Two 
  

  

 
or permitted to be concealed or removed, any part of its property, with intent to hinder, delay, or defraud its creditors or any of them, or made or suffered a transfer of any of its property
which may be fraudulent under any bankruptcy, fraudulent conveyance, or similar law; or made any transfer of its property to or for the benefit of a creditor at a time when other creditors similarly situated have not been paid; or (e) had a
trustee, receiver, custodian or other similar official appointed for or take possession of all or any part of its property or had any court take jurisdiction of any other of its property. 
 12. Lessee agrees to furnish Lessor with estoppel letters on this form within 20 days (stating the then-current facts) after written request by Lessor or subsequent owners of the building. 

13. Lessee acknowledges that, upon 10 days’ prior written request of Lessor’s mortgagee at any time after foreclosure proceedings or a deed in
lieu of foreclosure, Lessee shall attorn to the mortgage or foreclosure purchaser by recognizing such new owner as Lessor under the lease provided that such purchaser shall recognize the rights of tenant under the lease as long as tenant is not in
default. The agreement of Lessee to attorn shall survive any foreclosure sale or deed in lieu of foreclosure. Lessee shall, upon 10 days’ written notice from Lessor’s mortgagee anytime before or after foreclosure sale, execute,
acknowledge, and deliver to Lessor’s mortgagee all instruments and certificates that in the reasonable judgment of Lessor’s mortgagee may be necessary or proper to confirm such attornment. 

14. Lessee acknowledges that this estoppel certificate and the statements therein may be conclusively relied upon by Lessor and by any prospective
purchaser or lien holder of the Leased Premises. 
 15. The form of this estoppel certificate may vary, depending on lender or purchaser
requirements. It is agreed that this certificate may be modified to conform to reasonable requests by lenders or purchasers. 
 16. This
agreement shall be binding upon and shall inure to the benefit of the Lessor, any present or future mortgagee, any prospective buyer or master Lessee of the property, and their successors and assigns. 

Dated this      day of             , 20    .

  

			
	LESSEE	 	  

 
			
		
	By	 	  

 
			
		
	Printed name of signatory	 	  

 
			
		
	Title	 	  

  

			
	  
 ECHELON IV

BANKRATE, INC.
	  	 Lessor
                    

Lessee
                    

  
 Page 34

  

 Basic Lease Information for Bankrate, Inc. 

 

 Exhibit H: Office Lease Guaranty 

Intentionally Deleted 

  

			
	  
 ECHELON IV

BANKRATE, INC.
	  	 Lessor
                    

Lessee
                    

  
 Page 35

  

 Basic Lease Information for Bankrate, Inc. 

 

 Exhibit I: Certificate of Corporate Resolution Authorizing Lease or Guaranty

 (see paragraphs 37.1 and 39.1 of lease) 
 The undersigned, as secretary of the corporation named below, certifies that the president or the vice president of the corporation are authorized to execute a lease for office space on behalf of the
corporation and/or to guarantee performance of a lease for office space, described below: 
  

					
	Date of lease:	  	 January 21, 2013
	  	
	Lessor:	  	 Echelon Holdings, Ltd.
	  	
	Lessee:	  	 Bankrate, Inc.
	  	
	Guarantor, if any (not Lessee’s name):	  	 Bankrate, Inc.
	  	
	Building name:	  	 Echelon IV
	  	
	Suite No.:	  	 400
	  	
	Building address:	  	 9430 Research Blvd.
	  	
	City/County/State/Zip:	  	 Austin / Travis / Texas / 78759
	  	

 The president or vice president is authorized on behalf of the Corporation to execute and deliver to the Lessor all
instruments reasonably necessary for the lease. The corporation is duly organized and is in good standing under the laws of the State of Delaware, and there are no proceedings pending to forfeit the corporation’s charter or right to do business
in Texas. The undersigned further certifies that the names and respective titles of the officers of the corporation were as follows: 
  

					
	  
	 	  
	 	 President

			
	  
	 	  
	 	 Vice President

			
	  
	 	  
	 	 Secretary

			
	  
	 	  
	 	 Treasurer

 WITNESS MY HAND this      day of
            , 20     
  

	
	  

	Typed name of corporation
	
	  

	Signature of secretary of corporation
	
	  

	Printed name of secretary

 STATE OF TEXAS 
 COUNTY OF                      
 This instrument was acknowledged before me on                      by
                                         on
behalf of the above corporation and in the above stated capacity. 
  

	
	  

	Notary Public for the State of Texas

 
			
	Printed name of notary	 	  

	My commission expires	 	  

  

			
	  
 ECHELON IV

BANKRATE, INC.
	  	 Lessor
                    

Lessee
                    

  
 Page 36

  

 Basic Lease Information for Bankrate, Inc. 

 

 Exhibit J: Special Conditions 

(see special conditions paragraph 37.1 of lease) 
 The following special conditions shall apply to this lease and shall prevail on any other provisions to the contrary. 
 FINANCIAL STATEMENTS/CONSUMER CREDIT REPORT. Prior to execution of this lease and thereafter from time to time, Lessee shall, upon written request, furnish to Lessor a financial statement of Lessee’s
condition and/or a Consumer Credit Report in a reasonably satisfactory form. All financial statements and/or credit reports shall be originally signed and dated by Lessee or Lessee’s agent and be current within 90 days. If Lessee is a publicly
traded corporation, the foregoing obligations of Lessee to provide financial statements shall be inapplicable, but Lessee shall reasonably cooperate with Lessor, at no cost to Lessee, to assist Lessor in obtaining Lessee’s most recent annual
and quarterly reports. 
 EARLY ACCESS: Provided the following have occurred 1) Lessor and Lessee have executed this Lease Agreement, 2) Lessee
has provided Lessor the Security Deposit per Item 10, Page 1 of this Lease Agreement, and 3) Lessee has provided Lessor proof of insurance per Section 12.1 of this Lease Agreement, Lessee may have Early Access to the Leased Premises
commencing July 1, 2013 solely for the purpose of installing furniture, fixtures and telephone and data equipment. Lessee acknowledges and agrees that Lessee, Lessee’s agents or any other third-party performing on behalf of Lessor will not
interfere with Lessor completing Lessor’s Work. Lessee will not be obligated to pay any Base Rent or Pass-Thru Rent for the Early Access period. If Lessee has early access per this paragraph, all terms and conditions of the Lease shall apply as
if the term of the Lease had commenced, including, but not limited to, Lessee’s and Lessee’s vendors’ indemnification and insurance obligations under the Lease. 
 RENEWAL OPTION. Lessee shall have the option to renew this Lease immediately after the initial lease term per Paragraph 6 on Page 1 of this Lease Agreement (the “ Renewal Option”) for one
(1) period of sixty (60) months each (the “Renewal Term”), provided that Lessee delivers to Lessor written notice of Lessee’s exercise of such Renewal Option two hundred seventy (270) days prior to the expiration of the
Lease Term. This Renewal Option shall be null and void if Lessee is in default beyond any applicable cure period allowed by this Lease, either at the time of such notice of renewal or at the end of the Lease Term. If Lessee exercises the Renewal
Option two hundred seventy (270) days or more prior to the end of the Lease Term, Lessee will be committed to leasing the space for the Renewal Term. Base Rent shall be the then current fair market rental rate for comparable office space in
Austin. Any Renewal Option notice given by Lessee shall apply to the entire Leased Premises. This Renewal Option is not transferable to any assignee, sublessee or any other successor in interest to the initial Lessee under this Lease, except for a
Permitted Transfer. Any termination of the Lease shall also terminate this Renewal Option. Provided Lessee has exercised the aforementioned Renewal Option, Lessee will have one (1) additional Renewal Option for an additional period of sixty
(60) months immediately after the expiration of the first Renewal Option per the same terms and conditions excepting the Base Rent shall be at the then current fair market rental rate for comparable office space in Austin. Thereafter, Lessor
will have no further obligations to grant Lessee an option to renew. 
 The definition of Fair Market Rate shall be that rate charged for space
of comparable size and condition in comparable office buildings in the area immediately surrounding the Building, taking into consideration the location, quality and age of the Building, floor level, extent of leasehold improvements (existing or to
be provided), rental abatements, lease takeovers/assumptions, moving expenses and other concessions, term of lease, extent of service to be provided, distinction between “gross” and “net” lease, base year or the amounts allowed
for escalation purposes (expense stop), or any other relevant term or condition. Fair market rent shall be determined after taking into account all relevant concessions provided for in comparable transactions. Comparable transactions will be defined
as those completed in the prior six months of similar building quality and tenant creditworthiness. The net fair market rate shall be determined by “stripping out” the amortized value of benefits provided in comparable transactions (such
as free rent, work allowance, etc.). In the event Lessor and Lessee are unable to agree upon the fair market rent, they shall submit to “baseball” arbitration. 
 PARKING. Lessee, its employees and invitees shall have the non-exclusive right to use the parking area at a ratio of 3.33 spaces per 1,000 rentable square feet on a “first come first serve
basis” and in common with other tenants in the building at no charge. Five (5) such parking spaces shall be reserved and marked for Lessee’s exclusive use along the northeast side of the building. 

EXTERIOR PARAPET SIGNAGE. Lessee, at Lessee’s sole cost and expense, shall be allowed to install a mutually agreeable building parapet sign. Lessee
shall be responsible for all maintenance, accommodation of building repairs/capital improvements, operating expenses and consequential damage that may occur as a result of its installation, maintenance, operation or removal. Lessee shall be
responsible for removal of parapet signage and restoration of the building upon Lessee’s lease termination or vacating the Leased Premises. 

  

			
	  
 ECHELON IV

BANKRATE, INC.
	  	 Lessor
                    

Lessee
                    

  
 Page 37

  

 Basic Lease Information for Bankrate, Inc. 

 

 COMMON AREA CORRIDOR. Lessor, at Lessor’s expense, shall provide new lighting
in the 4th floor corridor and elevator lobby to match the
current 3rd floor lighting. 

  

			
	  
 ECHELON IV

BANKRATE, INC.
	  	 Lessor
                    

Lessee
                    

  
 Page 38

  

 Basic Lease Information for Bankrate, Inc. 

 

 Exhibit K: Hazardous Materials Statement 

Various materials utilized in the construction of any improvements to the property or in the use thereof, past or present, may contain materials that
have been or may in the future be determined to be hazardous. For example, some electrical transformers and other electrical components can contain PCBs, and asbestos may have been used in a wide variety of building components such as fire-proofing,
air duct insulation, acoustical tiles, spray-on acoustical materials, linoleum, floor tiles and plaster. Such substances may be present on or in soils, underground water, building components or other portions of the Leased Premises in areas that may
or may not be accessible or noticeable. 
 Current federal, state and local laws and regulations may require the clean-up of such hazardous or
undesirable materials. 
 Lessor, real estate brokers, and leasing agents in this transaction have no expertise with respect to hazardous
materials and have not made, nor will any of their statements constitute representations, either express or implied, regarding the existence or nonexistence of hazardous materials in or on the Leased Premises. 

  

			
	  
 ECHELON IV

BANKRATE, INC.
	  	 Lessor
                    

Lessee
                    

  
 Page 39

  

 Basic Lease Information for Bankrate, Inc. 

 

 Exhibit L: Acknowledgement of Receipt of Agency Disclosure 

Approved by the Texas Real Estate Commission for Voluntary Use 

Texas law requires all real estate licensees to give the following information about brokerage 

services to prospective buyers, tenants, sellers and landlords. 

Information About Brokerage Services 

 

 Before working with a real estate broker, you should know that the duties of a broker depend on whom the
broker represents. If you are as prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner’s agent. A broker who acts as a subagent
represents the owner in cooperation with the listing broker. A broker who acts as a buyer’s agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in
locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly. 
 IF THE BROKER REPRESENTS THE OWNER: 
 The broker becomes the owner’s agent by entering
into an agreement with the owner, usually through a written listing agreement, or by agreeing to act as a subagent by accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or
subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner’s agent anything the buyer would not want the owner to know because an owner’s agent must
disclose to the owner any material information known to the agent. 
 IF THE BROKER REPRESENTS THE BUYER: 

The broker becomes the buyer’s agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement.
A buyer’s agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer’s agent anything the owner would not want the buyer to know because a buyer’s
agent must disclose to the buyer any material information known to the agent. 
 IF THE BROKER ACTS AS AN INTERMEDIARY: 

A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License Act. The broker must obtain the written
consent of each party to the

 
transaction to act as an intermediary. The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an
intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction: 

(1) shall treat all parties honestly; 
 (2) may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner; 

(3) may not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to
do so by the buyer; and 
 (4) may not disclose any confidential information or any information that a party specifically
instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or if the information materially relates to the condition of the
property. 
 With the parties’ consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under
The Texas Real Estate License Act and associated with the broker to communicate with and carry out instruction so one party and another person who is licensed under that Act and associated with the broker to communicate with an carry out instruction
of the other party. 
 If you choose to have a broker represent you, 
 you should enter into a written agreement with the broker that clearly establishes the broker’s obligations and your obligations. The agreement should state how and by whom the broker will be paid.
You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and
responsibilities of the broker, you should resolve those questions before proceeding. 

 

 
  

Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records.

  

			
	  

	Lessee Signature	  	Date        

 Texas Real Estate Brokers and Salesmen are licensed and regulated by the Texas Real Estate Commission (TREC). If you have
a question or complaint regarding a real estate licensee, you should contact TREC at P.O. Box 12188, Austin, Texas 78711-2188 or 512-465-3960. 

  

			
	  
 ECHELON IV

BANKRATE, INC.
	  	 Lessor
                    

Lessee
                    

  
 Page 40

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