Document:

exv10w76

Exhibit 10.76

NON-CHANGE IN CONTROL SEVERANCE POLICY

This Non-Change in Control Severance Policy (“Policy”) is adopted as of December 18, 2009, by each
of the Affiliates of Con-way Inc. (the “Company”) listed on Schedule 1 hereto, as such
schedule may be amended from time to time (the “Affiliated Companies”). Capitalized terms used in
this Policy without definition have the meanings shown on Attachment 1.

This Policy sets forth the terms and conditions under which an executive in executive grade level
E-1 or E-2 (or, in the case of Con-way Freight Inc., executive grade levels X04 through X06)
employed by an Affiliated Company (each an “Executive” and collectively the “Executives”) is
eligible to receive certain severance payments and benefits from his or her Employer (as defined
herein) in the event of the Executive’s termination of employment in certain circumstances. Except
as provided in the following paragraph, this Policy supersedes (i) all prior severance agreements
between an Executive and the Company or any Affiliated Company and (ii) all prior severance plans,
policies and other severance arrangements of the Company or any Affiliated Company applicable to
the Executive.

This Policy is not intended to and does not address severance payments and benefits that may be
made available to Executives whose employment in terminated in connection with change in control
transactions. Accordingly, this Policy does not supersede or otherwise affect any severance
agreements, plans, policies or arrangements, whether now in effect or hereafter entered into or
established by any Affiliated Company, that provide for severance payments and benefits to be made
available to Executives whose employment is terminated in connection with change in control
transactions (as the term “change in control” is defined in such agreements, plans, policies or
arrangements). Without limiting the generality of the foregoing, this Policy does not supersede
or otherwise affect a Severance Agreement (Change in Control) dated as of December 18, 2009, if
entered into by an Executive and his or her Employer. In no event and under no circumstances shall
any Executive be entitled to receive severance payments and benefits both under any such change in
control agreement, plan, policy or arrangement and also under this Policy.

	1.	 	Qualifying Termination of Employment. An Executive will be eligible to receive the
severance payments and benefits described in this Policy solely in the event of an Involuntary
Termination by the Employer of the Executive’s employment with the Employer.

	2.	 	Severance Payments and Benefits. Subject to the other provisions of this Policy, if
an Executive incurs an Involuntary Termination the Executive shall be entitled to receive the
following from the Employer:

	 	(a)	 	Severance Payment.

	 	 	 	The Severance Payment is in lieu of any severance payment or benefit to which the Executive
may otherwise be entitled under any other severance plan or agreement of the Employer, the
Company or any Affiliated Company, except as otherwise provided in the third paragraph of
this Policy.

	 	(b)	 	Prorated Annual Bonus Amount, provided that the Executive has been employed for
at least one full calendar quarter during the year in which the Involuntary Termination
occurs.

1

 

	 	(c)	 	Health Benefits.

	 	(d)	 	Outplacement Services.

	 	 	In addition, if an Executive incurs an Involuntary Termination the Executive’s unvested
Qualifying Long-Term Incentive Awards will vest in accordance with and to the extent provided in
the Vesting Provisions. Awards made under the EIP prior to the date of this Policy shall vest,
if at all, in accordance with the terms of the applicable award agreement and any
performance-based awards that are not Qualifying Long-Term Incentive Awards shall not vest upon
an Involuntary Termination.

	3.	 	Waiver and Release; Agreement to Comply with Covenants. An Executive shall not be
eligible to receive a Severance Payment, Prorated Annual Bonus Amount, Health Benefits or
Outplacement Services under the Policy unless:

	 	(a)	 	the Executive (or, in the event of the death of the Executive, the executor, personal
representative or administrator of the Executive’s estate) first executes a written waiver
and release substantially in the form of Attachment 2 hereto after the Severance
Date and such release becomes effective prior to the time that the Executive (or the
Executive’s estate, as applicable) is to receive all or any part of the Severance Payment,
the Prorated Annual Bonus Amount, Health Benefits or Outplacement Services; and

	 	(b)	 	the Executive executes an agreement, in form and substance satisfactory to the
Employer, pursuant to which the Executive agrees to comply with each of the covenants set
forth on Attachment 3 for the following periods of time: (i) Non-Solicitation,
twenty-four (24) months after the Severance Date; and (ii) Confidential Information and
Non-Disparagement, period of unlimited duration.

	4.	 	Timing of Payments; Taxes. The Employer shall pay to the Executive the Severance
Payment and any Health Benefits that are payable in cash, in each case less amounts withheld
for Taxes as required under applicable law, on the earliest date or dates permitted under Code
section 409A, as determined by Tax Counsel or, in the absence of a determination by Tax
Counsel, on the date that is six (6) months and one (1) day after the Severance Date (or as
soon as practicable thereafter, but in no event later than ten (10) business days immediately
following such date). The Employer shall pay to the Executive the Prorated Annual Bonus
Amount, less
amounts withheld for Taxes as required under applicable law, on the earliest date or dates
permitted under Code section 409A, as determined by Tax Counsel, but in no event prior to the
end of the calendar year in which the Involuntary Termination occurs. The Employer shall use
good faith efforts to obtain from Tax Counsel the determinations contemplated by this Section 4.
The Executive shall be liable for the payment of all Taxes. The Employer shall be entitled to
withhold from amounts to be paid to the Executive hereunder any Taxes which it is from time to
time required to withhold.

	5.	 	Disputes and Controversies. In the event that the Executive or a dependent of the
Executive believes that he or she is not receiving the full amounts to which he or she is
entitled under the Policy, such person may make a claim to the Employer Board and the claims
procedure set forth in Section 15 of the EIP shall apply with the Employer Board treated as
the Committee. Although claims for amounts under this Policy are governed by claims
procedures under the EIP that also apply to ERISA-covered claims, neither this Policy nor any
amounts payable hereunder are, or are intended to be, governed by ERISA.

2

 

	 	 	Any further dispute or controversy arising under or in connection with the Policy which remains
after the final decision of the Employer Board shall be settled exclusively by arbitration,
conducted before a single neutral arbitrator in accordance with the American Arbitration
Association’s National Rules for Resolution of Employment Disputes as then in effect. Such
arbitration shall be conducted in the metropolitan area closest to where the Executive lives.
Judgment may be entered on the arbitrator’s award in any court having jurisdiction over such
metropolitan area; provided however, that the Executive shall be entitled to seek
specific performance of his/her right to be paid or to receive benefits hereunder during the
pendency of any dispute or controversy under or in connection with this Policy. The fees and
expenses of the arbitrator and the arbitration shall be borne by the Employer.

	 	 	If, for any legal reason, a controversy arising from or concerning the interpretation or
application of this Policy cannot be arbitrated as provided above, the parties agree that any
civil action shall be brought in United States District Court in the metropolitan area closest
to where the Executive lives or, only if there is no basis for federal jurisdiction, in state
court closest to where the Executive lives. The parties further agree that any such civil action
shall be tried to the court, sitting without a jury. The parties knowingly and voluntarily waive
trial by jury.

	 	 	Notwithstanding the foregoing, if at the time a dispute or controversy arises the Executive is
working outside of the United States, and if at such time the Executive maintains a residence in
the United States, the dispute or controversy will be resolved (i) by arbitration in the
metropolitan area closest to the Executive’s residence in the United States or (ii) by
litigation in the United States District Court in the metropolitan area closest to the
Executive’s residence in the United States or, only if there is no basis for federal
jurisdiction, in state court closest to the Executive’s residence in the United States. If the
Executive does not maintain a United States
residence at such time, the dispute or controversy will be subject to arbitration in San Mateo,
California or to litigation in the United States District Court for the Northern District of
California (or if such court does not have jurisdiction or will not accept jurisdiction, in any
court of general jurisdiction in California).

	6.	 	Fees and Expenses; Mitigation. The Employer shall pay to the Executive all legal
fees and expenses incurred by the Executive in seeking in good faith to obtain or enforce any
benefit or right provided by the Policy. Such payment shall be made within five (5) business
days after delivery of the Executive’s written requests for payment accompanied with such
evidence of fees and expenses incurred as the Employer reasonably may require. The Employer
shall not be obligated to pay legal fees and expenses incurred by any person other than the
Executive or the Executive’s successor in interest hereunder. However, the Employer shall be
obligated to pay legal fees and expenses incurred by the Executive on behalf of the
Executive’s dependents and legal fees and expenses incurred by the estate of the Executive on
behalf of the Executive or the Executive’s dependents.

	 	 	The Employer agrees that, if the Executive incurs an Involuntary Termination, the Executive is
not required to seek other employment or to attempt in any way to reduce any amounts payable to
the Executive hereunder. Further, the amount of any payment or benefit provided for in the
Policy shall not be reduced (except as provided in the definition of Health Benefits) by any
compensation earned by the Executive as the result of employment by another employer, by
retirement benefits, by offset against any amount claimed to be owed by the Executive to the
Employer, or otherwise.

3

 

	7.	 	NOTICE OF TERMINATION.

	 	(a)	 	Any Involuntary Termination shall be communicated by written notice from the Employer
to the Executive in accordance with Section 8(i), and shall follow the applicable
procedures set forth in this Section 7. A notice of termination for Cause shall include a
copy of a resolution duly adopted by the affirmative vote of not less than three-quarters
(3/4) of the entire membership of the Employer Board at a meeting of the Employer Board
which was called and held for the purpose of considering such termination (after reasonable
notice to the Executive of no less than thirty (30) days and an opportunity for the
Executive, together with the Executive’s counsel, to be heard before the Employer Board and
to have no less than thirty (30) days to substantially cure the acts or omissions that are
the basis for Executive’s termination of employment) finding that, in the good faith
opinion of the Employer Board, the Executive was guilty of conduct set forth in clause (i)
or (ii) of the definition of Cause herein, and specifying the particulars thereof in
detail.

	 	(b)	 	The notice of termination from the Employer shall specify the date of termination,
which shall not be less than ten (10) days from the date such notice of termination is
given. Once the Employer has specified a date of termination in a notice of termination,
the date of termination may not be changed except by
mutual consent of the Employer and the Executive.

	8.	 	General Provisions

	 	(a)	 	This Policy may be terminated or amended at any time in the sole discretion of the
Company; provided that such action shall not affect the rights under the Policy of
an Executive who incurs an Involuntary Termination prior to such action.

	 	 	 	Notwithstanding the proviso in the preceding paragraph, the Affiliated Companies intend
for the Policy to comply with the requirements of Code section 409A such that none of the
payments hereunder will result in compensation to be includible in an Executive’s income
pursuant to Code section 409A(a)(1)(A). The Policy shall be interpreted in a manner
consistent with such intent. If at any time any provision of the Policy would cause
compensation to be includible in an Executive’s income pursuant to Code section
409A(a)(1)(A), such provision shall be void, and the Executive’s Employer shall have the
unilateral right to amend the Policy retroactively for compliance with Code section 409A in
such a way as to achieve substantially similar economic results without causing such
inclusion. Any such amendment shall be binding on the Executive. In the event the Policy
does not comply with the requirements of Code section 409A, the Executive will be solely
responsible for any adverse tax consequences to the Executive.

	 	(b)	 	Except as otherwise provided herein or by law, no right or interest of the Executive
under the Policy shall be assignable or transferable, in whole or in part, either directly
or by operation of law or otherwise, including without limitation by execution, levy,
garnishment, attachment, pledge or in any manner; no attempted assignment or transfer
thereof shall be effective; and no right or interest of the Executive under the Policy
shall be liable for, or subject to, any obligation or liability of such Executive. When a
payment is due under the Policy to an Executive who is unable to care for his or her
affairs, payment may be made directly to the Executive’s legal guardian or personal
representative.

	 	(c)	 	If the Employer, the Company or any Affiliate is obligated pursuant to applicable law
or by virtue of being a party to a contract (other than this Policy) to pay severance pay,
a termination indemnity, notice pay or the like to an Executive or if the Employer, the
Company or any Affiliate

4

 

	 	 	 	is obligated by law to provide advance notice of separation
(“Notice Period”) to an Executive, then any Severance Payment made to the Executive
hereunder shall be reduced by the amount of any such severance pay, termination indemnity,
notice pay or the like, as applicable, and by the amount of any compensation received
during any Notice Period.

	 	(d)	 	Neither the entering into of this Policy, nor the payment of any benefits hereunder
shall be construed as giving an Executive, or any person whomsoever, the right to be
retained in the service of the Employer, and the Executive shall remain subject to
discharge to the same extent as if the Policy had never been
executed.
	 
	 	(e)	 	If any provision of the Policy shall be held invalid or unenforceable, such invalidity
or unenforceability shall not affect any other provisions hereof, and the Policy shall be
construed and enforced as if such provisions had not been included.
	 
	 	(f)	 	The Policy shall be binding upon and shall inure to the benefit of and be enforceable
by the Employer and its successors and assigns, and by an Executive and by the personal and
legal representatives, executors, administrators, successors, heirs, distributees, devisees
and legatees of the Executive. If an Executive shall die while any amount would still be
payable to the Executive (other than amounts which, by their terms, terminate upon the
death of the Executive) if the Executive had continued to live, all such amounts, unless
otherwise provided herein, shall be paid in accordance with the terms of the Policy to the
executors, personal representatives or administrators of the Executive’s estate.
	 
	 	(g)	 	The headings and captions herein are provided for reference and convenience only, shall
not be considered part of the Policy, and shall not be employed in the construction of the
Policy.
	 
	 	(h)	 	The Policy shall not be funded. No Executive shall have any right to, or interest in,
any assets of the Employer which may be applied by the Employer to the payment of benefits
or other rights under the Policy.
	 
	 	(i)	 	All notices and all other communications provided for in the Policy (i) shall be in
writing, (ii) shall be hand delivered, sent by overnight courier or by United States
registered mail, return receipt requested and postage prepaid, addressed, in the case of
the Employer, to the principal office of the Employer, attention President, and in the case
of the Company, to 2855 Campus Drive, San Mateo, California 94403, attention General
Counsel, and in the case of an Executive, to the last known address of the Executive, and
(iii) shall be effective only upon actual receipt.
	 
	 	(j)	 	This Policy shall be construed and enforced according to the laws of the State of
Delaware (without giving effect to the conflict of laws principles thereof) to the extent
not preempted by federal law, which shall otherwise control.

5

 

SCHEDULE 1

TO

NON-CHANGE IN CONTROL SEVERANCE POLICY

LIST OF AFFILIATED COMPANIES

 

 

ATTACHMENT 1

TO

NON-CHANGE IN CONTROL SEVERANCE POLICY

DEFINITIONS

“Affiliate” means an affiliate of the Company, as defined in Rule 12b-2 promulgated under
Section 12 of the Exchange Act, including any Business Unit.

“Board” means the Board of Directors of the Company.

“Cause” for termination by the Employer of an Executive’s employment means (i) fraud,
misappropriation or embezzlement by the Executive against the Employer, the Company or an
Affiliate, (ii) the willful and continued failure by the Executive to substantially perform the
Executive’s duties with the Employer (other than any such failure resulting from the Executive’s
incapacity due to Disability) after a written demand for substantial performance is delivered to
the Executive by or on behalf of the Employer Board, which demand specifically identifies the
manner in which the Employer Board believes that the Executive has not substantially performed the
Executive’s duties, or (ii) the willful engaging by the Executive in conduct which is demonstrably
and materially injurious to the Employer, the Company or an Affiliated Company, monetarily or
otherwise. For purposes of clauses (ii) and (iii) of this definition, no act, or failure to act, on
the Executive’s part shall be deemed “willful” unless done, or omitted to be done, by the Executive
not in good faith and without reasonable belief that the Executive’s act, or failure to act, was in
the best interest of the Employer, the Company or an Affiliated Company.

“COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended,
supplemented or substituted from time to time.

“Disability” means a physical or mental illness or condition causing an Executive’s
inability to substantially perform the Executive’s duties with the Employer.

“EIP” means the Company’s 2006 Equity and Incentive Plan, as amended from time to time, or
any successor plan.

“Employer” means, as to any Executive, the Affiliated Company that employs the Executive.

“Employer Board” means the Board of Directors of the Employer.

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

“Health Benefits” means HMO, insured or self-funded medical, dental, vision, prescription
drug and behavioral health benefits for an Executive and his or her dependents for a period of
twelve (12) months after the Severance Date. The Health
Benefits shall be substantially similar to those provided to Executive and Executive’s dependents
by or on behalf of the Executive’s Employer immediately prior to the Severance Date and shall to
the extent possible be provided at the Employer’s expense through COBRA, in accordance with the
applicable plans, programs or policies of the Company.

 

 

The Health Benefits shall be reduced to the extent benefits of same type are actually received by
or are made available to Executive and Executive’s dependents, as set forth below (and Executive
shall promptly notify Employer or any successor company of any such benefits):

	(a)	 	The Health Benefits shall be reduced to the extent benefits of the same type are actually
received by the Executive or the Executive’s dependents following the Executive’s termination
of employment with the Employer, with no applicable pre-existing condition exclusions; or

	(b)	 	The Health Benefits shall be reduced to the extent benefits of the same type are made
available to the Executive and Executive’s dependents (whether or not Executive elects to
actually receive such benefits) by a new employer of Executive following the Executive’s
termination of employment with the Employer, with no applicable pre-existing condition
exclusions are applicable;

provided, however, for avoidance of doubt, benefits made available to one or more of
Executive and Executive’s dependents by the employer of Executive’s spouse shall not reduce the
Health Benefits otherwise available, except to the extent the Executive’s spouse elects to receive
such benefits from his or her employer.

The Employer shall reimburse the Executive for the excess, if any, of the cost to the Executive of
Health Benefits over such cost immediately prior to the Severance Date.

If the Executive dies, the Employer shall continue to provide the Executive’s dependents with the
Health Benefits otherwise receivable on the same basis as if the Executive had survived.

If any such benefits are treated as deferred compensation subject to Code section 409A and the
Executive is a Specified Employee, the Executive shall pay the full cost of such benefits for the
first six months after the Severance Date and the Employer shall reimburse the Executive for such
payments as soon as practicable thereafter but not later than nine (9) months from the date the
Executive paid such costs.

“Involuntary Termination” means the actual termination of an Executive’s employment by the
Employer for any reason other than death, Disability, Cause or change in control.

“Outplacement Services” means professional outplacement services determined by the Employer
to be suitable to an Executive’s position. The maximum amount that the Employer will pay for such
services is $10,000. The outplacement services shall be made available until the earlier of (i)
such time as the aggregate cost to the Employer of the outplacement services reaches $10,000, and
(ii) the date on which the Executive
obtains another full-time job. The Employer will not pay the Executive cash in lieu of professional
outplacement services.

“Prorated Annual Bonus Amount” means, for any Executive, an amount equal to the product of
(i) the annual bonus payment that the Executive would have been eligible to receive for the
calendar year in which the Involuntary Termination occurred had the Executive remained employed by
the Employer for the entire calendar year, determined based on (A) the Executive’s Target Bonus and
(B) the Employer’s actual performance for that calendar year under the Executive Incentive Plan or
other annual incentive plan in which the Executive participates, multiplied by (ii) a
fraction, the numerator of which is the number of days during the calendar year that the Executive
was employed by the Employer and the denominator of which is 365.

 

 

“Qualifying Long-Term Incentive Award” means a long-term incentive award (whether
cash-based or equity-based, and whether payable in cash or in stock) (i) that is granted to the
Executive under the EIP after the date of this Agreement and (ii) that is not performance-based or,
if performance-based, is based solely on changes in the price of the Company’s common stock. As
used herein, “long-term incentive award” means an award with a vesting period that is longer than
one year in duration.

“Severance Date” means the date on which an Executive incurs an Involuntary Termination.

“Severance Payment” means a payment in an amount equal to an Executive’s annual base salary
as in effect immediately prior to the Severance Date.

“Specified Employee” has the meaning set forth in the Con-way Inc. 2005 Deferred
Compensation Plan for Executives and Key Employees, as amended and restated in December 2008 and as
subsequently amended from time to time.

“Target Bonus” means, for any calendar year, an amount equal to (i) the Executive’s Annual
Compensation (as defined in the Company’s Executive Incentive Plan) for that calendar year
multiplied by (ii) the Participation Percentage (as defined in the Executive Incentive
Plan) applicable to executives in the Executive’s grade level (i.e., E1, E2, E3, E4 or E5) for that
calendar year, as determined by the Compensation Committee of the Board. “Target Bonus” shall be
determined in the manner provided in the preceding sentence whether or not the Executive is a
participant in the Executive Incentive Plan during that calendar year, and shall not be based on
the Executive’s target bonus under any other annual incentive plan in which the Executive
participates during that calendar year. If during the calendar year for which the Target Bonus is
determined the Executive has not assigned to an executive grade level of E1, E2, E3, E4 or E5, the
Executive’s grade level for purposes of this definition shall be the grade level between E1 and E5
that the Compensation Committee of the Board has determined is equivalent to the Executive’s actual
grade level.

“Tax Counsel” means reputable outside tax counsel retained by the Employer and reasonably
acceptable to the Executive.

“Vesting Provisions” means:

	 	(a)	 	for each stock option, stock appreciation right (“SAR”) or similar award, and
for each non-performance-based restricted stock or restricted stock unit (“RSU”) award,
in each case that is a Qualifying Long-Term Incentive Award that is scheduled to vest
in installments over time, all unvested options, SARs or similar units, shares of
restricted stock or RSUs included in such award that are scheduled to vest on or
before the date that is twelve (12) months after the Severance Date shall vest;

	 	(b)	 	for each stock option, SAR or similar award, and for each non-performance-based
restricted stock or RSU award, in each case that is a Qualifying Long-Term Incentive
Award that is subject to cliff-vesting, a percentage of the award shall vest, with the
percentage determined by dividing twelve (12) months by the total number of months in
the cliff-vesting period; and

	 	(c)	 	for any other Qualifying Long-Term Incentive Award, no vesting shall occur upon
an Involuntary Termination.

 

 

	 	 	 	Example 1: On January 26, 2009 Executive A received a stock option grant that is
scheduled to vest in three equal installments, on January 1, 2010, January 1, 2011 and
January 1, 2012, respectively. Executive A incurs a Severance on December 20, 2009. On
the Severance Date the stock option installment scheduled to vest on January 1, 2010
would vest but the installments scheduled to vest on January 1, 2011 and January 1, 2012
(more than 12 months after the Severance Date) would not vest under the Vesting
Provisions.

Example 2: On January 26, 2009 Executive A received a grant of 10,000 restricted stock
units with 36 month cliff vesting. Executive A incurs a Severance on December 20, 2009. On the
Severance Date 3,333 restricted stock units (12 months/36 months) would vest under the Vesting
Provisions.

 

 

ATTACHMENT 2

TO

NON-CHANGE IN CONTROL SEVERANCE POLICY

FORM OF WAIVER AND RELEASE OF CLAIMS

WAIVER AND RELEASE OF CLAIMS

In consideration of, and subject to, the payment to be made to me by                      (the “Employer”)
of the “Severance Payment” and the “Prorated Target Bonus Amount” (in each case as defined in the
Non-Change in Control Severance Policy adopted by the Employer (the “Policy”), I hereby waive any
claims I may have for employment or re-employment by the Employer or any parent or subsidiary of
the Employer after the date hereof, and I further agree to and do release and forever discharge the
Employer and any parent or subsidiary of the Employer, and their respective past and present
officers, directors, shareholders, insurers, employees and agents from any and all claims and
causes of action, known or unknown, arising out of or relating to my employment with the Employer
or any parent or subsidiary of the Employer, or the termination thereof, including, but not limited
to, wrongful discharge, breach of contract, tort, fraud, the Civil Rights Acts, Age Discrimination
in Employment Act as amended by the Older Workers’ Benefits Protection Act, Employee Retirement
Income Security Act of 1974, Americans with Disabilities Act, or any other federal, state or local
legislation or common law relating to employment or discrimination in employment or otherwise;
provided however, that no claim that I may have against the Employer in any capacity other
than as an Employer shall be waived pursuant to this Waiver and Release.

Notwithstanding the foregoing or any other provision hereof, nothing in this Waiver and Release of
Claims shall adversely affect (i) my rights to ongoing Health Benefits under the terms of the
Policy; (ii) my rights to benefits (other than severance payments or benefits) under plans,
programs and arrangements of the Employer or any parent or subsidiary of the Employer; (iii) my
rights to indemnification under any indemnification agreement, applicable law or the certificates
of incorporation or bylaws of the Employer or any parent or subsidiary of the Employer, (iv) my
rights under any director’s and officers’ liability insurance policy covering me, (v) my workers
compensation rights, or (vi) my unemployment insurance rights.

I acknowledge that I have signed this Waiver and Release of Claims voluntarily, knowingly, of my
own free will and without reservation or duress, and that no promises or representations have been
made to me by any person to induce me to do so other than the promise of payment set forth in the
first paragraph above and the Employer’s acknowledgment of my rights reserved under the second
paragraph above.

I understand that this release will be deemed to be an application for benefits under the Policy
and that my entitlement thereto shall be governed by the terms and conditions of the Policy and any
applicable plan. I expressly hereby consent to such terms and conditions.

I acknowledge that (i) I am waiving any rights or claims I might have under the Age Discrimination
in Employment Act, as amended by the Older Workers Benefit Protection Act (“ADEA”); (ii) I have
received

 

 

consideration beyond that to which I was previously entitled; (iii) I have been given
forty-five (45) days to review and consider this Waiver and Release of Claims (unless I have signed
a written waiver of such review and consideration period); (iv) I have had the opportunity to
consult with an attorney or other advisor of my choice and have been advised by the Company to do
so if I choose; and (vi) I have been separately furnished a written schedule of all persons, listed
by job title and age, within the affected decisional unit who were selected and not selected for
the benefits extended by this Policy, as may be required by the ADEA. I may revoke this Waiver and
Release of Claims seven days or less after its execution by providing written notice to the
Employer.

I acknowledge that it is my intention and the intention of the Employer in executing this Waiver
and Release of Claims that the same shall be effective as a bar to each and every claim, demand and
cause of action hereinabove specified. In furtherance of this intention, I hereby expressly waive
any and all rights and benefits conferred upon me by the provisions of SECTION 1542 OF THE
CALIFORNIA CIVIL CODE, to the extent applicable to me, and expressly I consent that this Waiver and
Release of Claims shall be given full force and effect according to each and all of its express
terms and provisions, including as well those related to unknown and unsuspected claims, demands
and causes of action, if any, as well as those relating to any other claims, demands and causes of
action hereinabove specified. SECTION 1542 provides:

	 	 	 	“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR
SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF
KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE
DEBTOR.”

I acknowledge that I may hereafter discover claims or facts in addition to or different from those
which I now know or believe to exist with respect to the subject matter of this Waiver and Release
of Claims and which, if known or suspected at the time of executing this Waiver and Release of
Claims, may have materially affected this settlement.

Finally, I acknowledge that I have read this Waiver and Release of Claims and understand all of its
terms.

 

 

Signature

 

Name

 

Date Signed

 

 

ATTACHMENT 3

TO

NON-CHANGE IN CONTROL SEVERANCE POLICY

COVENANTS

Confidential Information. The Executive agrees that he or she shall not, directly or indirectly,
use, make available, sell, disclose or otherwise communicate to any person, other than in the
course of the Executive’s assigned duties and for the benefit of Employer, either during the period
of the Executive’s employment or at any time thereafter, any nonpublic, proprietary or confidential
information, knowledge or data relating to Employer, any of its subsidiaries, affiliated companies
or businesses, which shall have been obtained by the Executive during the Executive’s employment
with the Employer. This provision applies to, but is not limited to, the Employer’s, and its
parent’s, subsidiaries’, and affiliates’ legal matters, technical data, systems and programs,
financial and planning data, business development or strategic plans or data, marketing strategies,
software development, product development, pricing, customer information, trade secrets, personnel
information, and other privileged or confidential business information.

The foregoing shall not apply to information that (i) was known to the public prior to its
disclosure to the Executive; (ii) becomes known to the public subsequent to disclosure to the
Executive through no wrongful act of the Executive or any representative of the Executive; or (iii)
the Executive is required to disclose by applicable law, regulation or legal process (provided that
the Executive provides Employer with prior notice of the contemplated disclosure and reasonably
cooperates with the Executive at its expense in seeking a protective order or other appropriate
protection of such information). Notwithstanding clauses (i) and (ii) of the preceding sentence,
the Executive’s obligation to maintain such disclosed information in confidence shall not terminate
where only portions of the information are in the public domain.

Non-Solicitation. The Executive agrees that the Executive will not, directly or indirectly,
individually or on behalf of any other person, firm, corporation or other entity, knowingly
solicit, aid or induce any employee of the Employer to leave such employment in order to accept
employment with or render services to or with any other person, firm, corporation or other entity
unaffiliated with the Employer or knowingly take any action to materially assist or aid any other
person, firm, corporation or other entity in identifying or hiring any such employee.

Non-Disparagement. The Executive agrees that the Executive will not make, participate in the
making of, or encourage any other person to make, any statements, written or oral, that criticize
or disparage the Employer, the Company or any Affiliate, or their respective employees, officers,
directors, products or services. The Employer agrees that it shall use its best reasonable efforts
to assure that none of its executive officers or directors make, participate in the making of, or
encourage any other person
to make, any statements, written or oral, that criticize or disparage the Executive.
Notwithstanding the foregoing, statements made in the course of sworn testimony in administrative,
judicial or arbitral proceedings (including, without limitation, depositions in connection with
such proceedings) shall not be subject to this requirement.exv10w1

Exhibit 10.1

ENTERPRISE PRODUCTS

1998 LONG-TERM INCENTIVE PLAN

(Amended and Restated as of February 23, 2010)

     SECTION 1 Purpose of the Plan. The Enterprise Products 1998 Long-Term Incentive Plan,
as amended and restated hereby (the “Plan”), is intended to promote the interests of Enterprise
Products Company, a Texas corporation (the “Company”), and Enterprise Products Partners L.P., a
Delaware limited partnership (the “Partnership”), by encouraging employees and directors of the
Company and its Affiliates who perform services for the Company and/or the Partnership to acquire
or increase their equity interests in the Partnership and to provide a means whereby they may
develop a sense of proprietorship and personal involvement in the development and financial success
of the Partnership, and to encourage them to remain with the Company and its Affiliates and to
devote their best efforts to the business of Company and/or the Partnership, thereby advancing the
interests of Company, the Partnership and their respective stockholders or partners. The Plan is
also contemplated to enhance the ability of the Company and its Affiliates to attract and retain
the services of key individuals who are essential for the growth and profitability of the Company
and/or the Partnership.

     SECTION 2 Definitions.

     As used in the Plan, the following terms shall have the meanings set forth below:

     “Affiliate” means the Partnership and any entity (i) that controls, is controlled by or is
under common control with the Company or the Partnership or (ii) in which the Company or the
Partnership has a direct or indirect significant business interest, in each case, as determined by
the Committee in its discretion.

     “Award” means an Option, a Restricted Unit or a Phantom Unit granted under the Plan.

     “Board” means the Board of Directors of the Company.

     “Committee” means the Audit and Conflicts Committee of the Board of Directors of the General
Partner.

     “DER” means a contingent right, granted in tandem with a specific Phantom Unit award, to
receive an amount of cash equal to any cash distributions made by the Partnership with respect to a
Unit during the period such Phantom Unit is outstanding.

     “Director” means a “non-employee director”, as defined in Rule 16b-3, of the General Partner.

     “Employee” means any employee of the Company or an Affiliate.

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

     “Fair Market Value” means the closing sales price of a Unit on the date of grant of an Option
or the date of exercise (in whole or in part) of an Option, as applicable (or if there is no
trading in the Units on such date, on the next preceding date on which there was trading) as
reported in The Wall Street Journal (or other reporting service approved by the Committee). In the
event Units are not publicly traded at the time a determination of fair market value is required to
be made hereunder, the determination of fair market value shall be made in good faith by the
Committee.

     “General Partner” means Enterprise Products GP, LLC, the general partner of the Partnership.

     “Option” means an option to purchase Units granted under the Plan.

     “Participant” means any Employee or Director granted an Award under the Plan.

1

 

     “Person” means any individual, corporation, partnership, association, joint-stock company,
trust, unincorporated organization, government or political subdivision thereof or other entity.

     “Phantom Unit” means a notional or phantom unit granted under the Plan which upon vesting
entitles the holder to receive one Unit.

     “Restricted Unit” means a Unit granted under the Plan that is subject to forfeiture provisions
and restrictions on its transferability, if any, established by the Committee under the Plan.

     “Rule 16b-3” means Rule 16b-3 promulgated by the SEC under the Exchange Act, or any successor
rule or regulation thereto as in effect from time to time.

     “SEC” means the Securities and Exchange Commission, or any successor thereto.

     “Unit” means a Common Unit of the Partnership.

     SECTION 3 Administration. The Plan shall be administered by the Committee. A majority
of the Committee shall constitute a quorum, and the acts of the members of the Committee who are
present at any meeting thereof at which a quorum is present, or acts unanimously approved by the
members of the Committee in writing, shall be the acts of the Committee. Subject to the terms of
the Plan and applicable law, and in addition to other express powers and authorizations conferred
on the Committee by the Plan, the Committee shall have full power and authority to: (i) designate
Participants; (ii) determine the type or types of Awards to be granted to a Participant; (iii)
determine the number of Units to be covered by Awards; (iv) determine the terms and conditions of
any Award; (v) determine whether, to what extent, and under what circumstances Awards may be
settled, exercised, canceled, or forfeited; (vi) interpret and administer the Plan and any
instrument or agreement relating to an Award made under the Plan; (vii) establish, amend, suspend,
or waive such rules and regulations and appoint such agents as it shall deem appropriate for the
proper administration of the Plan; and (viii) make any other determination and take any other
action that the Committee deems necessary or desirable for the administration of the Plan. Unless
otherwise expressly provided in the Plan, all designations, determinations, interpretations, and
other decisions under or with respect to the Plan or any Award shall be within the sole discretion
of the Committee, may be made at any time and shall be final, conclusive, and binding upon all
Persons, including the Company, the Partnership, any Affiliate, any Participant, and any
beneficiary thereof.

     SECTION 4 Units Available for Awards.

     (a) Units Available. Subject to adjustment as provided in Section 4(c),
the number of Units with respect to which Awards may be granted under the Plan is 7,000,000. If any
Award is forfeited or otherwise terminates or is canceled without the delivery of Units, then the
Units covered by such Award, to the extent of such forfeiture, termination or cancellation, shall
again be Units with respect to which Awards may be granted. If any Award is exercised and less than
all of the Units covered by such Award are delivered in connection with such exercise, then the
Units covered by such Award which were not delivered upon such exercise shall again be Units with
respect to which Awards may be granted.

     (b) Sources of Units Deliverable Under Awards. Any Units delivered
pursuant to an Award shall consist, in whole or in part, of Units acquired in the open market, from
any Affiliate (including, without limitation, the Partnership) or other Person, or any combination
of the foregoing, as determined by the Committee in its discretion. If, at the time of exercise by
a Participant of all or a portion of such Participant’s Award, the Company determines to acquire
Units in the open market and the Company is prohibited, under applicable law, or the rules and/or
regulations promulgated by the Securities and Exchange Committee or the New York Stock Exchange or
the policies of the Company or an Affiliate, from acquiring Units in the open market, delivery of
any Units to the Participant in connection with such Participant’s exercise of an Award may be
delayed until such reasonable time as the Company is entitled to acquire, and does acquire, Units
in the open market.

2

 

     (c) Adjustments. In the event the Committee determines that any
distribution (whether in the form of cash, Units, other securities, or other property),
recapitalization, split, reverse split, reorganization, merger, consolidation, split-up, spin-off,
combination, repurchase, or exchange of Units or other securities of the Partnership, issuance of
warrants or other rights to purchase Units or other securities of the Partnership, or other similar
transaction or event affects the Units such that an adjustment is determined by the Committee to be
appropriate in order to prevent dilution or enlargement of the benefits or potential benefits
intended to be made available under the Plan, then the Committee shall, in such manner as it may
deem equitable, adjust any or all of (i) the number and type of Units (or other securities or
property) with respect to which Awards may be granted, (ii) the number and type of Units (or other
securities or property) subject to outstanding Awards, and (iii) the grant or exercise price with
respect to any Award; provided, that the number of Units subject to any Award shall always be a
whole number.

     SECTION 5 Eligibility. Any Employee and Director shall be eligible to be designated a Participant.

     SECTION 6 Awards.

     (a) Options. The Committee shall have the authority to determine the
Employees and Directors to whom Options shall be granted, the number of Units to be covered by each
Option, the exercise price therefor and the conditions and limitations applicable to the exercise
of the Option, including the following terms and conditions and such additional terms and
conditions, as the Committee shall determine, that are not inconsistent with the provisions or
intent of the Plan.

          (i) Exercise Price. The purchase price per Unit purchasable under an
Option shall be determined by the Committee at the time the Option is granted and may be equal to
or greater than its Fair Market Value as of the date of grant, as determined by the Committee, in
its discretion.

          (ii) Time and Method of Exercise. The Committee shall determine the time or
times at which an Option may be exercised in whole or in part, and the method or methods by which
any payment of the exercise price with respect thereto may be made or deemed to have been made,
which may include, without limitation, cash, check acceptable to the Company, a “cashless-broker”
exercise (through procedures approved by the Company), other property, a note from the Participant
(in a form and on terms acceptable to the Company, which may include such security arrangements as
the Company deems appropriate), or any combination thereof, having a value on the exercise date
equal to the relevant exercise price.

          (iii) Term. Each Option shall expire as provided in the grant agreement
for such Option.

     (b) Restricted Units. The Committee shall have the authority to determine
the Employees and Directors to whom Restricted Units shall be granted, the number of Restricted
Units to be granted to each such Participant, the period and the conditions (if any) under which
the Restricted Units may become vested or forfeited, which may include, without limitation, the
accelerated vesting upon the achievement of specified performance goals, and such other terms and
conditions as the Committee may establish with respect to such Award, including whether
distributions made by the Partnership with respect to the Restricted Units shall be subject to the
same forfeiture and other restrictions as the Restricted Unit. If distributions are so restricted,
such distributions shall be held by the Company, without interest, until the Restricted Unit vests
or is forfeited with the retained distributions then being paid or forfeited at the same time, as
the case may be. Absent such a restriction on distributions in the grant agreement, Partnership
distributions shall be paid currently to the holder of the Restricted Unit without restriction.

     (c) Phantom Units. The Committee shall have the authority to determine the
Employees and Directors to whom Phantom Units shall be granted, the number of Phantom Units to be
granted to each such Participant, the period during which the Award remains subject to forfeiture,
the conditions under which the Phantom Units may become vested or forfeited, and such other terms
and conditions as the Committee may establish with respect to such Award, including whether DERs
are granted with respect to such Phantom Units. Upon or as soon as reasonably practical following
the vesting of each Phantom Unit, the Participant shall be entitled to

3

 

receive payment thereof in a single lump sum no later than the fifteenth (15th) day of the
third (3rd) month following the date on which vesting occurs and the restrictions lapse. Should the
Participant die before receiving all amounts payable hereunder, the balance shall be paid to the
Participant’s estate by this date.

     (d) DERs. To the extent provided by the Committee in its discretion, a
grant of Phantom Units may include a tandem DER grant, which shall provide that such DERs shall be
paid currently to the Participant, be credited to a Company bookkeeping account (with or without
interest) and be subject to the same restrictions as the tandem Award, or be subject to such other
provisions or restrictions as determined by the Committee in its discretion and provided in such
grant agreement. To the extent DER’s are subject to any payment restrictions, any amounts not
previously paid shall be paid to the Participant at the time the payment restrictions lapse. Such
amounts shall be distributed in a single lump sum no later than the fifteenth (15th) day of the
third (3rd) month following the date on which the payment restrictions lapse. Should the
Participant die before receiving all amounts payable hereunder, the balance shall be paid to the
Participant’s estate by this date.

     (e) General.

          (i) Awards May Be Granted Separately or Together. Awards may, in the
discretion of the Committee, be granted either alone or in addition to, in tandem with, or in
substitution for any other Award granted under the Plan or any award granted under any other plan
of the Company or any Affiliate. Awards granted in addition to or in tandem with other Awards or
awards granted under any other plan of the Company or any Affiliate may be granted either at the
same time as or at a different time from the grant of such other Awards or awards.

          (ii) Limits on Transfer of Awards.

               (A) Each Option shall be exercisable only by the Participant during the
Participant’s lifetime, or by the person to whom the Participant’s rights shall pass by will or the
laws of descent and distribution.

               (B) No Award and no right under any such Award may be assigned, alienated,
pledged, attached, sold or otherwise transferred or encumbered by a Participant otherwise than by
will or by the laws of descent and distribution and any such purported assignment, alienation,
pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the
Company or any Affiliate.

          (iii) Unit Certificates. All certificates for Units or other securities of
the Partnership delivered under the Plan pursuant to any Award or the exercise thereof shall be
subject to such stop transfer orders and other restrictions as the Committee may deem advisable
under the Plan or the rules, regulations, and other requirements of the SEC, any stock exchange
upon which such Units or other securities are then listed, and any applicable federal or state
laws, and the Committee may cause a legend or legends to be put on any such certificates to make
appropriate reference to such restrictions.

          (iv) Consideration for Grants. Awards may be granted for no cash
consideration payable by a Participant or for such consideration payable by a Participant as the
Committee determines including, without limitation, such minimal cash consideration as may be
required by applicable law.

          (v) Delivery of Units or other Securities and Payment by Participant of
Consideration. No Units or other securities shall be delivered pursuant to any Award until
payment in full of any amount required to be paid pursuant to the Plan or the applicable Award
grant agreement (including, without limitation, any exercise price or tax withholding) is received
by the Company. Such payment may be made by such method or methods and in such form or forms as the
Committee shall determine, including, without limitation, cash, withholding of Units,
“cashless-broker” exercises with simultaneous sale, or any combination thereof; provided that the
combined value, as determined by the Committee, of all cash and cash equivalents and the fair
market value of any such property so tendered to, or withheld by, the Company, as of the date of
such tender, is at least
equal to the full amount required to be paid to the Company pursuant to the Plan or the
applicable Award agreement.

4

 

     SECTION 7 Amendment and Termination. Except to the extent prohibited by
applicable law and unless otherwise expressly provided in an Award agreement or in the Plan:

          (i) Amendments to the Plan. Except as required by applicable law or the
rules of the principal securities exchange on which the Units are traded and subject to Section
7(ii) below, the Board or the Committee may amend, alter, suspend, discontinue, or terminate the
Plan without the consent of any partner, Participant, other holder or beneficiary of an Award, or
other Person.

          (ii) Amendments to Awards. The Committee may waive any conditions or
rights under, amend any terms of, or alter any Award theretofore granted, provided no change, other
than pursuant to Section 7(iii), in any Award shall materially reduce the benefit to Participant
without the consent of such Participant.

          (iii) Adjustment or Termination of Awards Upon the Occurrence of Certain
Events. The Committee is hereby authorized to make adjustments in the terms and conditions of,
and the criteria (if any) included in, Awards in recognition of unusual or significant events
(including, without limitation, the events described in Section 4(c) of the Plan) affecting the
Partnership or the financial statements of the Partnership, of changes in applicable laws,
regulations, or accounting principles, or a change in control of the Company (as determined by its
Board) or the Partnership (as determined by the Committee), whenever the Committee determines that
such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or
potential benefits intended to be made available under the Plan. Such adjustments may include,
without limitation, accelerating the exercisability of an Award, accelerating the date on which the
Award will terminate and/or canceling Awards by the issuance or transfer of Units having a value
equal to the Option’s positive “spread.”

     SECTION 8 General Provisions.

     (a) No Rights to Awards. No Person shall have any claim to be granted any
Award, and there is no obligation for uniformity of treatment of Participants. The terms and
conditions of Awards need not be the same with respect to each recipient.

     (b) Termination of Employment. For purposes of the Plan, unless the Award
agreement provides to the contrary, a Participant shall not be deemed to have terminated employment
with the Company and its Affiliates or membership from the Board until such date as the Participant
is no longer either an Employee or a Director, i.e., a change in status from Employee to Director
or Director to Employee shall not be a termination.

     (c) No Right to Employment. The grant of an Award shall not be construed
as giving a Participant the right to be retained in the employ of the Company or any Affiliate or
to remain on the Board, as applicable. Further, the Company or an Affiliate may at any time dismiss
a Participant from employment, free from any liability or any claim under the Plan, unless
otherwise expressly provided in the Plan or in any Award agreement. Nothing in the Plan
or any Award agreement shall operate or be construed as constituting an employment agreement with
any Participant and each Participant shall be an “at will” employee, unless such Participant has
entered into a separate written employment agreement with the Company or an Affiliate.

     (d) Governing Law. The validity, construction, and effect of the Plan and
any rules and regulations relating to the Plan shall be determined in accordance with the laws of
the State of Delaware and applicable federal law, without giving effect to principles of conflicts
of law.

     (e) Severability. If any provision of the Plan or any Award is or becomes
or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Person or
Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee,
such provision shall be construed or deemed amended to conform to the applicable laws, or if it
cannot be construed or deemed amended without, in the

5

 

determination of the Committee, materially altering the intent of the Plan or the Award, such
provision shall be stricken as to such jurisdiction, Person or Award and the remainder of the Plan
and any such Award shall remain in full force and effect.

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

     (g) Unsecured Creditors. Neither the Plan nor any Award shall create or be
construed to create a fiduciary relationship between the Company or any Affiliate and a Participant
or any other Person. To the extent that any Person acquires a right to receive payments from the
Company or any Affiliate pursuant to an Award, such right shall be no greater than the right of any
general unsecured creditor of the Company or the Affiliate.

     (h) No Fractional Units. No fractional Units shall be issued or delivered
pursuant to the Plan or any Award, and any such fractional Units or any rights thereto shall be
canceled, terminated, or otherwise eliminated, without the payment of any consideration therefor.

     (i) Headings. Headings are given to the Sections and subsections of the
Plan solely as a convenience to facilitate reference. Such headings shall not be deemed in any way
material or relevant to the construction or interpretation of the Plan or any provision thereof.

     SECTION 9 Term of the Plan; Unitholder Approval. The Plan, as hereby amended and
restated, shall be effective on the date of its approval by the Unitholders of the Partnership and
shall continue until the earliest of (i) all available Units under the Plan have been paid to
Participants, (ii) the termination of the Plan by action of the Board or the Committee or (iii) the
10th anniversary of the date of the approval by the Unitholders of this amendment and restatement.
Notwithstanding anything in the Plan to the contrary, prior to the approval of this amendment and
restatement by the Unitholders of the Partnership, (i) no Restricted Units or Phantom Units may be
granted under the Plan and (ii) Options may not be granted under the Plan with respect to more
Units than the number available prior to the increase in available Units made by this amendment and
restatement.

     SECTION 10. Section 409A. Notwithstanding anything in this Plan to the contrary, if
any Plan provision or Award under the Plan would result in the imposition of an additional tax
under Code Section 409A and related regulations and United States Department of the Treasury
pronouncements (“Section 409A”), that Plan provision or Award will be reformed to the extent
practicable to avoid imposition of the applicable tax and no action taken to comply with Section
409A shall be deemed to adversely affect the Participant’s rights to an Award or require the
consent of the Participant. Notwithstanding any provisions in the Plan to the contrary, to the
extent that the Participant is a “specified employee” (as defined in Section 409A of the Code and
applicable regulatory guidance) subject to the six month delay under Section 409A in distributions
under the Plan, no distribution or payment that is subject to Section 409A of the Code shall be
made hereunder on account of such Participant’s “separation from service” (as defined in Section
409A of the Code and applicable regulatory guidance) before the date that is the first day of the
month that occurs six months after the date of the Participant’s separation from service (or, if
earlier, the date of death of the Participant or any other date permitted under Section 409A of the
Code and applicable regulatory guidance). Any such amount that is otherwise payable within the
six-month period following the Participant’s separation from service will be paid in a lump sum
without interest.

6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00169-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00169-of-00352.parquet"}]]