Document:

Contribution, Assumption and Conveyance Agreement

 Exhibit 10.36 
 CONTRIBUTION, ASSUMPTION AND CONVEYANCE AGREEMENT 
 THIS CONTRIBUTION, ASSUMPTION AND
CONVEYANCE AGREEMENT, dated as of November 1, 2006, is entered into by and between ENERGY TRANSFER EQUITY, L.P., a Delaware limited partnership (“ETE”) and ENERGY TRANSFER
INVESTMENTS, L.P., a Delaware limited partnership (“ETI”). The parties to this agreement are collectively referred to herein as the “Parties.” Capitalized terms used
herein shall have the meanings assigned to such terms in Section 1.1. 
 RECITALS 
 WHEREAS, ETI owns a 50% Class B limited partner interest (the “IDR Interest”) in Energy Transfer Partners GP, L.P.
(“ETP GP”); 
 WHEREAS, ETI is a party that certain Credit and Guaranty Agreement, dated as of April 24,
2006, as amended by that certain Amendment Number 1 to Credit and Guaranty Agreement, dated as of July 21, 2006, naming ETI, UBS AG, Stamford Branch, as Administrative Agent and Collateral Agent, UBS Securities LLC as Arranger and the lenders
from time to time party thereto (the “Lenders”) (the “Loan Agreement”); 
 WHEREAS, ETI proposes to
assign and transfer all of its rights and obligations under the Loan Agreement to ETE; 
 WHEREAS, ETI desires to assign all of its
rights and obligations under the Loan Agreement and ETE desires to accept such assignment and assume such obligations; 
 WHEREAS, ETI
desires to contribute the IDR Interest to ETE in exchange for 83,148,900 Class C common units in ETE (the “Class C Units”), the assumption of the Loan Agreement by ETE, and ETE desires to issue the Class C units and
accept the assignment of, and assume the obligations of ETI, the Loan Agreement in exchange for the IDR Interest; and 
 WHEREAS, the
Class C Units will have the characteristics set forth in Amendment No. 1 to the Third Amended and Restated Agreement of Limited Partnership of ETE, a copy of which is attached hereto as Exhibit A
(“Amendment No. 1”). 
 NOW, THEREFORE, in consideration of the
premises, warranties, covenants and agreements contained herein, the parties agree as follows: 
 ARTICLE 1 
 DEFINITIONS 
 Section 1.1 The following capitalized terms shall have the meanings given below. 
 (a)
“Agreement” means this Contribution and Conveyance Agreement. 
 (b)
“Common Unit” has the meaning assigned to such term in the ETE Partnership Agreement. 

 (c) “Closing” has the meaning specified in Section 3.1.

 (d) “Closing Date” has the meaning specified in Section 3.1. 
 (e) “ETE Partnership Agreement” means the Third Amended and Restated Agreement of Limited Partnership of ETE dated
as of February 8, 2006, as amended by Amendment No. 1, dated as of the Closing Date. 
 (f)
“ETP” means Energy Transfer Partners, L.P., a Delaware limited partnership. 
 (g) “ETP GP
Partnership Agreement” means the Amended and Restated Agreement of Limited Partnership of ETP GP, dated as of February 8, 2006. 
 (h) “ETP GP LLC Agreement” means the Amended and Restated Limited Liability Company Agreement Energy Transfer Partners, L.L.C., dated as of February 8, 2006. 
 (i) “Property” means any interest in any kind of property or asset, whether real, personal or mixed, or tangible
or intangible. 
 (j) “Material Adverse Effect” means, with respect to any party, any event or
condition that has had or could reasonably be expected to (i) have a material adverse effect on the financial condition, results of operations or business of such party, (ii) result in a breach or violation of any representation, warranty,
covenant or condition contained in this Agreement as a result of which a party has, or with notice, the lapse of time or both, is likely to have, the right to terminate this Agreement or (ii) impair or affect adversely such party’s ability
to perform its obligations under this Agreement or impair or delay completion of the transactions contemplated hereby. 
 (k)
“CCE Purchase Agreement” means the Purchase and Sale Agreement, dated as of September 14, 2006, among ETP and the Class B Members of CCE Holdings, LLC. 
 ARTICLE 2 
 CONTRIBUTIONS, ACKNOWLEDGMENTS AND DISTRIBUTIONS

 Section 2.1 Contribution of IDR Interest to ETE. Subject to the terms and conditions hereof, ETI hereby agrees
to contribute, grant, bargain, convey, assign, transfer, set over and deliver to ETE, its successors and assigns, for their use forever, all right, title and interest in and to the IDR Interest owned by ETI as a contribution to the capital of ETE
and ETE hereby agrees to accept such IDR Interest as a contribution to the capital of ETE. 
 Section 2.2 Issuance of Class C Units
and Assumption of Loan Agreement and ETP Promissory Note. Subject to the terms and conditions hereof, ETE hereby agrees to issue, grant, bargain, convey, assign, transfer, set over and deliver to ETI the Class C Units and to accept and
assume the Loan Agreement and all of the rights and obligations of ETI arising out of or related to the Loan Agreement in exchange for the contribution of the IDR Interest by ETI 

 and ETI hereby agrees to accept the Class C Units in exchange for its capital contribution of the IDR Interest to ETE.

 Section 2.3 Certificate Legends. The certificates evidencing the Class C Units delivered pursuant to Section 2.2
shall bear a legend substantially in the form set forth below and containing such other information as ETE may deem necessary or appropriate: 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. IT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH
ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE PARTNERSHIP THAT SUCH REGISTRATION IS NOT REQUIRED. 
 ARTICLE 3 
 CLOSING 
 Section 3.1
Time and Place. Subject to the terms and conditions hereof, the closing of the transactions contemplated hereby (the “Closing”) shall be held at the offices of Vinson & Elkins L.L.P., 2500 First City
Tower, 1001 Fannin, Houston, Texas 77002 at 3:00 p.m., Houston time, immediately following the satisfaction or waiver of the conditions contained in Article 7 or at such other place or time as the parties hereto may mutually agree. The date of the
Closing is referred to herein as the “Closing Date.” 
 Section 3.2 Deliveries at the Closing. At
the Closing, the following shall occur: 
 (a) ETI shall execute and deliver to ETE duly executed unit certificates or unit certificates
endorsed in blank whereby the IDR Interest is transferred to ETE; 
 (b) ETE shall execute and deliver Amendment No. 1 and shall deliver
to ETI the Class C Units; 
 (c) ETI shall deliver to ETE an officer’s certificate, dated the Closing Date, and executed by ETI,
reasonably satisfactory in form and substance to ETE, as to the matters set forth in Sections 7.1(a) and (b); 
 (d) ETE shall deliver to ETI
an officer’s certificate, dated the Closing Date, and executed by ETE, reasonably satisfactory in form and substance to ETI, as to the matters set forth in Sections 7.2(a) and (b); 
 (e) ETI and ETE shall execute and deliver to the other counterparts of the form of registration rights agreement attached as Exhibit B;

 (f) ETI shall deliver an executed consent of the lenders under the Loan Agreement, approving, ratifying and consenting to the assignment
and assumption set forth in Section 2.2; 

 (g) ETI shall deliver to ETE Investor Representation Letters, duly executed by each of ETI’s limited
and general partners, in the form attached hereto as Exhibit C; and 
 (h) Each Party shall execute such additional documents
as the other Party shall reasonably request to effectuate the transactions contemplated hereby. 
 ARTICLE 4 
 REPRESENTATIONS AND WARRANTIES OF ETI 
 ETI hereby represents and warrants to ETE that the statements contained in this Article 4 are correct and complete as of the date hereof. 
 Section 4.1 Existence. ETI (i) is a limited partnership duly organized, legally existing and in good standing under the laws of the State of Delaware and (ii) has all requisite power and
authority, and has all governmental licenses, authorizations, consents and approvals necessary, to own, lease, use and operate its Properties and carry on its business as its business is now being conducted, except where the failure to obtain such
licenses, authorizations, consents and approvals would not be reasonably likely to have a Material Adverse Effect. 
 Section 4.2
Authority. ETI has all necessary power and authority to execute, deliver and perform its obligations under this Agreement; and the execution, delivery and performance by ETI of this Agreement has been duly authorized by all necessary
action on its part; and this Agreement constitutes the legal, valid and binding obligations of ETI, enforceable in accordance with its terms. 
 Section 4.3 Approvals. Other than consents that have been obtained, ETI is not required to obtain any authorization, consent, approval, waiver, license, qualification or written exemption from, nor make any filing,
declaration, qualification or registration with, any court or governmental agency or body or any stock exchange authority or self regulatory organization (each, a “Governmental Authority”) or any other Person to consummate
the contribution and delivery of the IDR Interest being contributed by ETI to ETE or in connection with the execution, delivery or performance by ETI of this Agreement. 
 Section 4.4 No Breach. The execution and delivery of this Agreement, the compliance by ETI with all the provisions of, and the performance by ETI of its obligations under, this Agreement, and the
consummation of the transactions contemplated in this Agreement will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, (i) the constitutive documents of ETI, (ii) any
instrument, contract or other agreement to which ETI is a party or by which ETI is bound or to which any of its Properties or assets may be bound or subject, in each case, the breach or violation of which or default under which would be reasonably
expected to have a Material Adverse Effect on the ability of ETI to comply with its obligations hereunder, or (iii) any law or statute or any order, rule or regulation of any Governmental Authority, in each case having jurisdiction over ETI or
any of its properties. 
 Section 4.5 Financial Statements. ETI’s unaudited financial statements and any notes
thereto or schedules included therein (a) were prepared in accordance with generally accepted accounting principles applied on a consistent basis during the periods involved (except 

 as may be indicated in the notes thereto), and (b) fairly present (subject to normal, recurring and year-end audit
adjustments) in all material respects the consolidated financial position and status of the business of ETI as of the dates thereof and the consolidated results of its operations and cash flows for the periods then ended. 
 Section 4.6 No Material Adverse Changes. Since the date of ETI’s most recent balance sheet information, ETI has conducted its
business in the ordinary course, consistent with past practice, and there has been no change, event, occurrence, fact, circumstance or condition that has had or would be reasonably likely to have a Material Adverse Effect on the assets, liabilities,
financial condition, business, operations or affairs of ETI. 
 Section 4.7 Good Title. ETI is the record and beneficial
owner of, and has good and marketable title to, the IDR Interest, free and clear of all pledges, liens, claims, encumbrances, options, voting trusts or agreements, proxies or other claims or charges or adverse interests of any nature whatsoever
(other than resulting from this Agreement, the ETP GP Partnership Agreement, the ETP GP LLC Agreement or the Loan Agreement). 
 Section 4.8 Nature of the Investor. ETI (a) is an “accredited investor” as defined in Rule 501(a) of Regulation D promulgated under the Act, (b) is able to bear the economic risk of losing its entire
investment in the Class C Units, and (c) has knowledge and experience in financial and business matters such that it is capable of evaluating the risks and merits of this investment. 
 Section 4.9 Investment. ETI is acquiring the Class C Units for its own account, and not with a view to any distribution, resale,
subdivision, or fractionalization thereof in violation of the Securities Act or any other applicable domestic securities law, and ETI has no present plans to enter into any contract, undertaking, agreement or arrangement for any such distribution,
resale, subdivision, or fractionalization of the Class C Units in violation of the Securities Act or any other applicable domestic securities law. ETI acknowledges and agrees that, based in part upon its representations contained herein and in
reliance upon applicable exemptions, the purchase and sale of the Class C Units has not been registered under the Act or the securities laws of any other domestic or foreign jurisdiction and that accordingly, the Class C Units may not be offered for
sale, sold, or otherwise transferred in whole or in part, except in accordance with the terms of the Partnership Agreement and in compliance with all applicable laws, including securities laws, except that the Class C Units may be pledged in a bona
fide transaction. 
 Section 4.10 Receipt of Information. ETI has carefully reviewed the documents filed by ETE with the
Securities and Exchange Commission (the “Commission”) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) within the 18 months prior to the date of this Agreement, including
ETE’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, current reports on Form 8-K and other filings (the “Partnership Information”) and acknowledges that ETE has provided to ETI or its representatives all
agreements, documents, records and books that ETI or its representatives have requested relating to an investment in ETE. 

 ARTICLE 5 
 REPRESENTATIONS AND WARRANTIES OF ETE 
 ETE hereby represents and warrants to ETI that the
statements contained in this Article 5 are correct and complete as of the date hereof. 
 Section 5.1 Existence. ETE
(i) is a limited partnership duly organized, legally existing and in good standing under the laws of the State of Delaware and (ii) has all requisite power and authority, and has all governmental licenses, authorizations, consents and
approvals necessary, to own, lease, use and operate its Properties and carry on its business as its business is now being conducted, except where the failure to obtain such licenses, authorizations, consents and approvals would not be reasonably
likely to have a Material Adverse Effect. 
 Section 5.2 Valid Issuance of Purchased Units. ETE has taken all necessary
action to approve and adopt Amendment No. 1 as an amendment to the Third Amended and Restated Agreement of Limited Partnership of ETE, as amended as of the date of this Agreement (the “Partnership Agreement”) and no
approval of the limited partners of ETE is necessary for the approval and adoption of Amendment No. 1. At the Closing, Amendment No. 1 will be duly executed, delivered and adopted by ETE as an amendment to the Partnership Agreement. ETI,
when such Class C Units are delivered as provided in this Agreement, will be entitled to the rights of a unitholder of limited partner interests of ETE as conferred by the Partnership Agreement, as amended by Amendment No. 1, and applicable
law. The offer and sale of the Class C Units and the limited partner interests represented thereby have been duly authorized by ETE and, when issued and delivered to ETI against payment therefor in accordance with the terms of this Agreement, will
be validly issued, fully paid (to the extent required under the Partnership Agreement) and nonassessable (except as such nonassessability may be affected by such matters described under the caption “Description of Our Partnership
Agreement—Limited Liability” in ETE’s Registration Statement on Form S-1 (File No. 333-128097). 
 Section 5.3
Authority. ETE has all necessary power and authority to execute, deliver and perform its obligations under this Agreement; and the execution, delivery and performance by ETE of this Agreement has been duly authorized by all necessary
action on its part; and this Agreement constitutes the legal, valid and binding obligations of ETE, enforceable in accordance with its terms. No approval from the equity owners of ETE is required in connection with the transactions contemplated by
this Agreement, other than the approval by the holders of Common Units of a proposal to convert the Class C Units into Common Units on a one-for-one basis as specified in Amendment No. 1 to the extent required under the rules of the New York
Stock Exchange (the “Class C Unit Conversion”). 
 Section 5.4 Approvals. Other than the
listing of the Class C Units on the New York Stock Exchange and the Class C Unit Conversion, ETE is not required to obtain any authorization, consent, approval, waiver, license, qualification or written exemption from, nor make any filing,
declaration, qualification or registration with, any Governmental Authority or any other Person to consummate the sale and delivery of the Class C Units being sold by ETE to ETI or in connection with the execution, delivery or performance by ETE of
this Agreement. 

 Section 5.5 No Breach. The execution and delivery of this Agreement, the compliance by
ETE with all the provisions of, and the performance by ETE of its obligations under, this Agreement, and the consummation of the transactions contemplated in this Agreement will not conflict with or result in a breach or violation of any of the
terms or provisions of, or constitute a default under, (i) the constitutive documents of ETE, (ii) any instrument, contract or other agreement to which ETE is a party or by which ETE is bound or to which any of its Properties or assets may
be bound or subject, in each case, the breach or violation of which or default under which would be reasonably expected to have a Material Adverse Effect on the ability of ETE to comply with its obligations hereunder, or (iii) any law or
statute or any order, rule or regulation of any Governmental Authority. 
 Section 5.6 Legal Proceedings. There are no
legal or governmental proceedings pending to which ETE is a party or of which any property of ETE is the subject that, if determined adversely to ETE, would individually or in the aggregate have a Material Adverse Effect on ETE’s ability to
perform its obligations under this Agreement, and, to the best of ETE’s knowledge, no such proceedings are threatened or contemplated by any such Governmental Authority or threatened by others. 
 Section 5.7 Seller Commission Documents. ETE has filed with the Commission all forms, registration statements, reports, schedules and
statements required to be filed by it under the Exchange Act or the Securities Act within the 18 months prior to the date of this Agreement (all such documents, collectively the “Seller Commission Documents”). The Seller
Commission Documents, including, without limitation, any audited or unaudited financial statements and any notes thereto or schedules included therein, at the time filed (in the case of registration statements, solely on the dates of effectiveness)
(except to the extent corrected by a subsequently filed the Seller Commission Document filed prior to the date hereof) (a) complied as to form in all material respects with applicable accounting requirements and with the published rules and
regulations of the Commission with respect thereto, (b) did not, at the time they were filed, or, if amended, as of the date of such amendment, contain any untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading, (c) were prepared in accordance with generally accepted accounting principles applied on a
consistent basis during the periods involved (except as may be indicated in the notes thereto or, in the case of unaudited statements, as permitted by the applicable rules and regulations of the Commission), and (d) fairly present (subject in
the case of unaudited statements to normal, recurring and year-end audit adjustments) in all material respects the consolidated financial position and status of the business of ETE as of the dates thereof and the consolidated results of its
operations and cash flows for the periods then ended. 
 Section 5.8 No Material Adverse Changes. Except as disclosed in
the documents filed by ETE under the Exchange Act, since the date of ETE’s most recent Form 8-K (to the extent it contains financial results and balance sheet information) or Form 10-Q filing with the Commission, ETE and its subsidiaries have
conducted their respective businesses in the ordinary course, consistent with past practice, and there has been no change, event, occurrence, fact, circumstance or condition that has had or would be reasonably likely to have a Material Adverse
Effect on the assets, liabilities, financial condition, business, operations or affairs of ETE and its subsidiaries, taken as a whole. 

 ARTICLE 6 
 COVENANTS 
 Section 6.1 Other Agreements. 
 (a) ETE hereby agrees to prepare and cause to be filed as soon as reasonably practicable, and in any event within 30 days from the date
hereof, with the Commission a proxy statement (the “Proxy Statement”) providing for the submission for approval of the Class C Unit Conversion by ETE’s common unitholders. As promptly as practicable after comments are
received from the Commission thereon and after the furnishing by ETE of all information required to be contained therein, ETE shall, in consultation with ETI, prepare and the Company shall file the definitive, Proxy Statement with the Commission.
The Company shall notify ETI promptly of the receipt of any comments from the Commission or its staff and of any request by the Commission or its staff for amendments or supplements to the Proxy Statement or for additional information and shall
consult with ETI regarding all correspondence between the ETE and the Commission, with respect to the Proxy Statement. ETE shall use reasonable best efforts to have the Proxy Statement cleared by the Commission and shall thereafter mail to
ETE’s unitholders as promptly as possible the Proxy Statement and all other proxy materials for such meeting. The general partner of ETE (the “ETE General Partner”) shall take all actions in accordance with applicable
law and ETE’s constitutive documents, to duly call, give notice of, convene and hold as promptly as practicable a meeting of ETE’s unitholders for the purpose of considering and voting upon the conversion of the Class C Units to Common
Units on a one-for-one basis as specified in Amendment No. 1. To the fullest extent permitted by applicable law, the ETE General Partner shall recommend the approval of such conversion and include such recommendation in the Proxy Statement. ETE
agrees to use its best efforts to cause the listing on the NYSE of the Common Units issuable upon conversion of the Class C Units. 
 (b) Each party agrees that it will indemnify and hold harmless the other party from and against any and all claims, demands, or liabilities for broker’s, finder’s, placement, or other similar fees or commissions incurred by such
party or alleged to have been incurred by such party in connection with the purchase of the Class C Units or the consummation of the transactions contemplated by this Agreement. 
 Section 6.2 Information. ETI shall supply such information with respect to itself, its directors, officers and
shareholders as ETE may reasonably request for the purpose of preparation of the Proxy Statement. ETE shall supply to ETI such information with respect to itself, its directors, officers and unitholders and such other matters as ETI may reasonably
request for the purpose of preparation of any notice, form or other documents required to be filed with any Governmental Authority or delivered to ETI’s partners in connection with the transaction contemplated by this Agreement. 
 Section 6.3 Further Assurances. Each party agrees to execute, acknowledge and deliver such further instruments and to
do all such other acts as may be necessary or appropriate to carry out the purposes and intent of this Agreement. 

 ARTICLE 7 
 CONDITIONS 
 Section 7.1 Mutual Conditions. The respective obligations of
each Party to consummate the transactions contemplated by this Agreement at the Closing Date shall be subject to (i) the CCE Purchase Agreement being in full force and effect and (ii) all conditions to closing under the CCE Purchase
Agreement having been satisfied, other than the delivery of any closing items designated under Section 2.4 of the CCE Purchase Agreement. 
 Section 7.2 Conditions to Obligations of ETE. Notwithstanding any other provision of this Agreement, the obligations of ETE to effect the transactions contemplated by this Agreement shall be subject to the fulfillment at
or prior to the Closing Date of the following conditions: 
 (a) the representations and warranties of ETI contained in this
Agreement shall have been true and correct in all material respects as of the Closing Date, with the same effect as if made on and as of the Closing Date; 
 (b) the agreements and covenants of the ETI to be complied with or performed on or before the Closing Date pursuant to the terms hereof shall have been duly complied with or performed; and 
 (c) the Unit Purchase Agreement between ETE and ETP, dated as of November 1, 2006 (the “ETP Purchase
Agreement”) shall be in full force and effect, at the Closing Date, and all conditions to closing under the Purchase Agreement shall have been satisfied other than the delivery of closing items under Sections 2.02 and 2.03 of the
ETP Purchase Agreement. 
 Section 7.3 Conditions to Obligations of ETI. Notwithstanding any other provision of this
Agreement, the obligations of ETI to effect the transactions contemplated by this Agreement shall be subject to the fulfillment at or prior to the Closing Date of the following conditions: 
 (a) the representations and warranties of ETE contained in this Agreement shall have been true and correct in all material respects as of
the Closing Date, with the same effect as if made on and as of the Closing Date; and 
 (b) the agreements and covenants of
ETE to be complied with or performed on or before the Closing Date pursuant to the terms hereof shall have been duly complied with or performed. 
 ARTICLE 8 
 MISCELLANEOUS 
 Section 8.1 Costs. Each party hereto shall be responsible for the payment of the costs and expenses incurred by it in connection with the negotiation, execution, delivery and performance of this
Agreement and the transactions contemplated hereby. 

 Section 8.2 Headings; References; Interpretation. All Article and Section headings in
this Agreement are for convenience only and shall not be deemed to control or affect the meaning or construction of any of the provisions hereof. The words “hereof,” “herein” and “hereunder” and words of similar import,
when used in this Agreement, shall refer to this Agreement as a whole, including, without limitation, all Exhibits attached hereto, and not to any particular provision of this Agreement. All references herein to Articles, Sections and Exhibits
shall, unless the context requires a different construction, be deemed to be references to the Articles and Sections of this Agreement and the Exhibits attached hereto, and all such Exhibits attached hereto are hereby incorporated herein and made a
part hereof for all purposes. All personal pronouns used in this Agreement, whether used in the masculine, feminine or neuter gender, shall include all other genders, and the singular shall include the plural and vice versa. The use herein of the
word “including” following any general statement, term or matter shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters,
whether or not non-limiting language (such as “without limitation,” “but not limited to,” or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that could
reasonably fall within the broadest possible scope of such general statement, term or matter. 
 Section 8.3 Successors and
Assigns. The Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and assigns. 
 Section 8.4 No Third Party Rights. The provisions of this Agreement are intended to bind the Parties as to each other and are not intended to and do not create rights in any other person or confer upon any other person
any benefits, rights or remedies and no person is or is intended to be a third party beneficiary of any of the provisions of this Agreement. 
 Section 8.5 Counterparts. This Agreement may be executed in any number of counterparts, all of which together shall constitute one agreement binding on the parties hereto. 
 Section 8.6 Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware
applicable to contracts made and to be performed wholly within such state without giving effect to any otherwise applicable conflict of law principles thereof. 
 Section 8.7 Severability. If any of the provisions of this Agreement are held by any court of competent jurisdiction to contravene, or to be invalid under, the laws of any political body having
jurisdiction over the subject matter hereof, such contravention or invalidity shall not invalidate the entire Agreement. Instead, this Agreement shall be construed as if it did not contain the particular provision or provisions held to be invalid
and an equitable adjustment shall be made and necessary provision added so as to give effect to the intention of the Parties as expressed in this Agreement at the time of execution of this Agreement. 
 Section 8.8 Amendment or Modification. This Agreement may be amended or modified from time to time only by the written agreement of
all the Parties. Each such instrument shall be reduced to writing and shall be designated on its face as an Amendment to this Agreement. 

 Section 8.9 Integration. This Agreement and the instruments referenced herein
supersede all previous understandings or agreements among the Parties, whether oral or written, with respect to their subject matter. This document and such instruments contain the entire understanding of the Parties with respect to the subject
matter hereof and thereof. No understanding, representation, promise or agreement, whether oral or written, is intended to be or shall be included in or form part of this Agreement unless it is contained in a written amendment hereto executed by the
parties hereto after the date of this Agreement. 
 Section 8.10 Survival of Representations and Warranties. The
representations and warranties made in this Contribution Agreement shall survive the Effective Time for a period of one year. This Section 8.10 shall not limit the term of any covenant or agreement which by its terms contemplates performance
after the Closing Date. 
 Section 8.11 Deed; Bill of Sale; Assignment. To the extent required and permitted
by applicable law, this Agreement shall also constitute a “deed,” “bill of sale” or “assignment” of the assets and interests referenced herein. 

 IN WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the date first
above written. 
  

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

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

	Name:	 	John W. McReynolds
	Title:	 	President

 SIGNATURE PAGE TO 
 CONTRIBUTION, ASSUMPTION 
 AND 
 CONVEYANCE AGREEMENT 

 Exhibit A 
 Amendment No. 1 to ETE Partnership Agreement 

 Exhibit B 
 Form of Registration Rights Agreement 

 Exhibit C 
 Investor Representation Letter 
 November     , 2006

 Energy Transfer Equity, L.P. 
 2828 Woodside 
 Dallas, Texas 75204 
 Ladies and Gentlemen: 
 Reference is hereby made to that certain Contribution, Assumption and Conveyance Agreement, dated as of November 1, 2006 (the “Contribution
Agreement”), by and between Energy Transfer Equity, L.P., a Delaware limited partnership (“ETE”) and Energy Transfer Investments, L.P., a Delaware limited partnership (“ETI”). Capitalized terms that are used but not defined
herein are used with the meanings assigned to them in the Contribution Agreement. 
 The obligation of ETE to consummate the transactions
contemplated by the Contribution Agreement is subject to the execution and delivery of this letter by the undersigned to ETE. In connection with the Contribution Agreement, the undersigned hereby represents and warrants to ETE as follows:

 (a) the undersigned is an “accredited investor” as such term is defined in Rule 501 (but without regard to
subsection (a)(4) thereof) promulgated under the Securities Act of 1933, as amended (the “Securities Act”); 
 (b) the undersigned is acquiring the Class C Units issuable to the undersigned upon consummation of the Contribution Agreement for investment and for the undersigned’s own account and not with a view to, or for resale in connection
with, any distribution; 
 (c) the undersigned understands that such Class C Units have not been registered under the
Securities Act or under any state securities or blue sky laws, and, as a result, are subject to substantial restrictions on transfer; 
 (d) the undersigned acknowledges that appropriate legends will be placed on the certificates representing such Class C Units indicating the restrictions on transfer of such Class C Units; 
 (e) the undersigned acknowledges that such Class C Units must be held indefinitely unless subsequently registered under the Securities Act
and any applicable state securities or blue sky laws, or sold or otherwise transferred pursuant to exemptions from registration under the Securities Act and/or such state securities laws, and that the undersigned has no obligation to register such
Class C Units. 
 Very truly yours,Registration Rights Agreement

 Exhibit 10.38 
 REGISTRATION RIGHTS AGREEMENT 
 BY AND AMONG 
 ENERGY TRANSFER EQUITY, L.P., 
 AND

 ENERGY TRANSFER INVESTMENTS, L.P. 

 REGISTRATION RIGHTS AGREEMENT 
 THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of November 1, 2006, by and among ENERGY TRANSFER
EQUITY, L.P., a Delaware limited partnership (“ETE”), and ENERGY TRANSFER INVESTMENTS, L.P., a Delaware limited partnership (“ETI”). 
 This Agreement is made in connection with the Closing of the issuance and sale of the Class C Units to ETI pursuant to the Contribution, Assumption and Conveyance Agreement, dated as of November 1, 2006, by and
between ETE and ETI (the “Contribution Agreement”). ETE has agreed to enter into this Agreement pursuant to Section 3.2(f) of the Contribution Agreement. In consideration of the mutual covenants and agreements set forth herein
and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by each party hereto, the parties hereby agree as follows: 
 ARTICLE I. 
 DEFINITIONS 
 Section 1.01 Definitions. Capitalized terms used herein without definition shall have the meanings given to them in the Purchase Agreement.
The terms set forth below are used herein as so defined: 
 “Contribution Agreement” has the meaning specified therefor in
the Recital of this Agreement. 
 “Conversion Units” means the Common Units issuable upon conversion of the Class C
Units. 
 “Effectiveness Period” has the meaning specified therefore in Section 2.01(a) of this Agreement. 

“ETP” means Energy Transfer Partners, L.P., a Delaware limited partnership. 
 “Holder” means the record holder of any Registrable Securities. 
 “Losses” has the meaning specified therefor in Section 2.07(a) of this Agreement. 
 “Managing Underwriter” means, with respect to any Underwritten Offering, the book running lead manager of such Underwritten Offering.

 “Registrable Securities” means the Conversion Units until such time as such securities cease to be Registrable Securities
pursuant to Section 1.02 hereof. 
 “Registration Expenses” has the meaning specified therefor in Section 2.06(a)
of this Agreement. 
 “Selling Expenses” has the meaning specified therefor in Section 2.06(a) of this Agreement.

  

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 “Selling Holder” means a Holder who is selling Registrable Securities pursuant to a
registration statement. 
 “Shelf Registration” has the meaning specified therefor in Section 2.01(a) of this
Agreement. 
 “Shelf Registration Statement” has the meaning specified therefor in Section 2.01(a) of this Agreement.

 “Underwritten Offering” means an offering (including an offering pursuant to a Shelf Registration Statement) in which
Common Units are sold to an underwriter on a firm commitment basis for reoffering to the public or an offering that is a “bought deal” with one or more investment banks. 
 Section 1.02 Registrable Securities. Any Registrable Security will cease to be a Registrable Security when (a) a registration statement
covering such Registrable Security has been declared effective by the Commission and such Registrable Security has been sold or disposed of pursuant to such effective registration statement; (b) such Registrable Security has been disposed of
pursuant to any section of Rule 144 (or any similar provision then in force under the Securities Act); (c) such Registrable Security is held by ETE or one of its subsidiaries; or (d) such Registrable Security is eligible for resale under
Rule 144(k) under the Securities Act. 
 ARTICLE II. 
 REGISTRATION RIGHTS 
 Section 2.01 Shelf Registration. 
 (a) Shelf Registration. As soon as practicable following the Closing of the purchase of the Class C Units pursuant to the terms of the Purchase
Agreement, but in any event within 120 days of the Closing, ETE shall prepare and file a registration statement under the Securities Act to permit the public resale of the Registrable Securities from time to time as permitted by Rule 415 of the
Securities Act (the “Shelf Registration Statement”). ETE shall use its commercially reasonable efforts to cause the Shelf Registration Statement to become effective no later than 180 days after the date of the Closing (the
“Shelf Registration”). The Shelf Registration Statement filed pursuant to this Section 2.01(a) shall be on such appropriate registration form of the Commission as shall be selected by ETE; provided, however, that
if a prospectus supplement will be used in connection with the marketing of an Underwritten Offering from the Shelf Registration Statement and the Managing Underwriter at any time shall notify ETE in writing that, in the sole judgment of such
Managing Underwriter, inclusion of detailed information to be used in such prospectus supplement is of material importance to the success of the Underwritten Offering of such Registrable Securities, ETE shall use its commercially reasonable efforts
to include such information in such a prospectus supplement. ETE will cause the Shelf Registration Statement filed pursuant to this Section 2.01(a) to be continuously effective under the Securities Act until all Registrable Securities covered
by the Shelf Registration Statement have been distributed in the manner set forth and as contemplated in the Shelf Registration Statement or there are no longer any Registrable Securities outstanding (the “Effectiveness Period”).
The Shelf Registration Statement when declared effective 
  

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 (including the documents incorporated therein by reference) will comply as to form with all applicable requirements of
the Securities Act and the Exchange Act and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. 
 (b) Delay Rights. Notwithstanding anything to the contrary contained herein, ETE may, upon written notice to any Selling Holder whose Registrable
Securities are included in the Shelf Registration Statement, suspend such Selling Holder’s use of any prospectus which is a part of the Shelf Registration Statement (in which event the Selling Holder shall discontinue sales of the Registrable
Securities pursuant to the Shelf Registration Statement) if ETE or ETP, as the case may be, (i) is pursuing an acquisition, merger, reorganization, disposition or other similar transaction and determines in good faith that its ability to pursue
or consummate such a transaction would be materially adversely affected by any required disclosure of such transaction in the Shelf Registration Statement or (ii) has experienced some other material non-public event the disclosure of which at
such time, in the good faith judgment of ETE or ETP, as applicable, would materially adversely affect ETE or ETP, as applicable. Upon disclosure of such information or the termination of the condition described above, ETE shall provide prompt notice
to the Selling Holders whose Registrable Securities are included in the Shelf Registration Statement, and shall promptly terminate any suspension of sales it has put into effect and shall take such other actions to permit registered sales of
Registrable Securities as contemplated in this Agreement. 
 Section 2.02 Underwritten Offering. In the event that a Selling
Holder elects to dispose of Registrable Securities under the Shelf Registration Statement pursuant to an Underwritten Offering, ETE shall enter into an underwriting agreement in customary form with the Managing Underwriter or Underwriters, which
shall include, among other provisions, indemnities to the effect and to the extent provided in Section 2.07, and shall take all such other reasonable actions as are requested by the Managing Underwriter in order to expedite or facilitate the
registration and disposition of the Registrable Securities. In connection with any Underwritten Offering under this Agreement, ETE shall be entitled to select the Managing Underwriter or Underwriters. No Selling Holder may participate in such
Underwritten Offering unless such Selling Holder agrees to sell its Registrable Securities on the basis provided in such underwriting agreement and completes and executes all questionnaires, powers of attorney, indemnities and other documents
reasonably required under the terms of such underwriting agreement. Each Selling Holder may, at its option, require that any or all of the representations and warranties by, and the other agreements on the part of, ETE to and for the benefit of such
underwriters also be made to and for such Selling Holder’s benefit and that any or all of the conditions precedent to the obligations of such underwriters under such underwriting agreement also be conditions precedent to its obligations. No
Selling Holder shall be required to make any representations or warranties to or agreements with ETE or the underwriters other than representations, warranties or agreements regarding such Selling Holder and its ownership of the securities being
registered on its behalf and its intended method of distribution and any other representation required by law. If any Selling Holder disapproves of the terms of an underwriting, such Selling Holder may elect to withdraw therefrom by notice to ETE
and the Managing Underwriter; provided, however, that such withdrawal must be made up to and including the time of pricing of such offering to be effective. No such withdrawal or abandonment shall affect ETE’s obligation to pay
Registration Expenses. 
  

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 Section 2.03 Registration Procedures. In connection with its obligations contained in
Section 2.01, ETE will, as expeditiously as possible: 
 (a) prepare and file with the Commission such amendments and supplements to the
Shelf Registration Statement and the prospectus used in connection therewith as may be necessary to keep the Shelf Registration Statement effective for the Effectiveness Period and as may be necessary to comply with the provisions of the Securities
Act with respect to the disposition of all securities covered by the Shelf Registration Statement; 
 (b) furnish to each Selling Holder
(i) as far in advance as reasonably practicable before filing the Shelf Registration Statement or any supplement or amendment thereto, upon request, copies of reasonably complete drafts of all such documents proposed to be filed (including
furnishing or making available exhibits and each document incorporated by reference therein to the extent then required by the rules and regulations of the Commission), and provide each such Selling Holder the opportunity to object to any
information pertaining to such Selling Holder and its plan of distribution that is contained therein and make the corrections reasonably requested by such Selling Holder with respect to such information prior to filing the Shelf Registration
Statement or supplement or amendment thereto, and (ii) such number of copies of the Shelf Registration Statement and the prospectus included therein and any supplements and amendments thereto as such Persons may reasonably request in order to
facilitate the public sale or other disposition of the Registrable Securities covered by such Shelf Registration Statement or other registration statement; 
 (c) if applicable, use its commercially reasonable efforts to register or qualify the Registrable Securities covered by the Shelf Registration Statement under the securities or blue sky laws of such jurisdictions as
the Selling Holders or, in the case of an Underwritten Offering, the Managing Underwriter, shall reasonably request, provided that ETE will not be required to qualify generally to transact business in any jurisdiction where it is not then required
to so qualify or to take any action which would subject it to general service of process in any such jurisdiction where it is not then so subject; 
 (d) promptly notify each Selling Holder and each underwriter, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of (i) the filing of the Shelf Registration Statement or any prospectus
or prospectus supplement to be used in connection therewith, or any amendment or supplement thereto, and, with respect to such Shelf Registration Statement, when the same has become effective; and (ii) any written comments from the Commission
with respect to any filing referred to in clause (i) and any written request by the Commission for amendments or supplements to the Shelf Registration Statement or any prospectus or prospectus supplement thereto; 
 (e) immediately notify each Selling Holder and each underwriter, at any time when a prospectus relating thereto is required to be delivered under the
Securities Act, of (i) the happening of any event as a result of which the prospectus or prospectus supplement contained in the Shelf Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state
any material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing; (ii) the issuance or threat of issuance by the Commission of any stop order suspending
the effectiveness of the 
  

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 Shelf Registration Statement, or the initiation of any proceedings for that purpose; or (iii) the receipt by ETE of
any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the applicable securities or blue sky laws of any jurisdiction. Following the provision of such notice, ETE agrees to as promptly as
practicable amend or supplement the prospectus or prospectus supplement or take other appropriate action so that the prospectus or prospectus supplement does not include an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing and to take such other action as is necessary to remove a stop order, suspension, threat thereof or proceedings
related thereto; 
 (f) furnish to each Selling Holder copies of any and all transmittal letters or other correspondence with the Commission
or any other governmental agency or self-regulatory body or other body having jurisdiction (including any domestic or foreign securities exchange) relating to such offering of Registrable Securities; 
 (g) in the case of an Underwritten Offering, furnish upon request, (i) an opinion of counsel for ETE, dated the effective date of the closing under
the underwriting agreement, and (ii) a “comfort letter”, dated the effective date of the applicable registration statement or the date of any amendment or supplement thereto and a letter of like kind dated the date of the closing
under the underwriting agreement, in each case, signed by the independent public accountants who have certified ETE’s financial statements included or incorporated by reference into the applicable registration statement, and each of the opinion
and the “comfort letter” shall be in customary form and covering substantially the same matters with respect to such registration statement (and the prospectus and any prospectus supplement included therein) and as are customarily covered
in opinions of issuer’s counsel and in accountants’ letters delivered to the underwriters in Underwritten Offerings of securities, and such other matters as such underwriters may reasonably request; 
 (h) otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, and make available to its
security holders, as soon as reasonably practicable, an earnings statement covering the period of at least 12 months, but not more than 18 months, beginning with the first full calendar month after the effective date of such registration statement,
which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 promulgated thereunder; 
 (i)
make available to the appropriate representatives of the Managing Underwriter and Selling Holders access to such information and ETE personnel as is reasonable and customary to enable such parties to establish a due diligence defense under the
Securities Act; provided that ETE need not disclose any information to any such representative unless and until such representative has entered into a confidentiality agreement with ETE; 
 (j) cause all such Registrable Securities registered pursuant to this Agreement to be listed on each securities exchange or nationally recognized
quotation system on which similar securities issued by ETE are then listed; 
  

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 (k) use its commercially reasonable efforts to cause the Registrable Securities to be registered with or
approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of ETE to enable the Selling Holders to consummate the disposition of such Registrable Securities; 
 (l) provide a transfer agent and registrar for all Registrable Securities covered by such registration statement not later than the effective date of
such registration statement; and 
 (m) enter into customary agreements and take such other actions as are reasonably requested by the
Selling Holders or the underwriters, if any, in order to expedite or facilitate the disposition of such Registrable Securities. 
 Each
Selling Holder, upon receipt of notice from ETE of the happening of any event of the kind described in subsection (e) of this Section 2.03, shall forthwith discontinue disposition of the Registrable Securities until such Selling
Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by subsection (e) of this Section 2.03 or until it is advised in writing by ETE that the use of the prospectus may be resumed, and has received
copies of any additional or supplemental filings incorporated by reference in the prospectus, and, if so directed by ETE, such Selling Holder will, or will request the managing underwriter or underwriters, if any, to deliver to ETE (at ETE’s
expense) all copies in their possession or control, other than permanent file copies then in such Selling Holder’s possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice. 
 Section 2.04 Cooperation by Holders. ETE shall have no obligation to include in the Shelf Registration Statement units of a Holder who has
failed to timely furnish such information which, in the opinion of counsel to ETE, is reasonably required in order for the Shelf Registration Statement or any prospectus or prospectus supplement thereto, as applicable, to comply with the Securities
Act. 
 Section 2.05 Restrictions on Public Sale by Holders of Registrable Securities. Each Holder of Registrable Securities who
is included in the Shelf Registration Statement agrees not to effect any public sale or distribution of the Registrable Securities during the 120 calendar day period beginning on the date of a prospectus supplement filed with the Commission with
respect to the pricing of an Underwritten Offering, provided that (i) ETE gives written notice to such Holder of the date of the commencement and termination of such period with respect to any such Underwritten Offering and (ii) the
duration of the foregoing restrictions shall be no longer than the duration of the shortest restriction generally imposed by the underwriters on ETE or on the officers or directors or any other unitholder of ETE on whom a restriction is imposed.

 Section 2.06 Expenses. 
 (a) Certain Definitions. “Registration Expenses” means all expenses incident to ETE’s performance under or compliance with this Agreement to effect the registration of Registrable Securities in a Shelf
Registration, and the disposition of such securities, including, without limitation, all registration, filing, securities exchange listing and NYSE fees, all registration, filing, qualification and other fees and expenses of complying with
securities or blue sky laws, fees of the National Association of Securities Dealers, Inc., transfer taxes and fees of 
  

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 transfer agents and registrars, all word processing, duplicating and printing expenses, the fees and disbursements of
counsel and independent public accountants for ETE, including the expenses of any special audits or “comfort letters” required by or incident to such performance and compliance. Except as otherwise provided in Section 2.07 hereof, ETE
shall not be responsible for legal fees incurred by Holders in connection with the exercise of such Holders’ rights hereunder. In addition, ETE shall not be responsible for any “Selling Expenses,” which means all underwriting
fees, discounts and selling commissions allocable to the sale of the Registrable Securities. 
 (b) Expenses. ETE will pay all
Registration Expenses in connection with the Shelf Registration Statement filed pursuant to Section 2.01(a) of this Agreement, whether or not the Shelf Registration Statement becomes effective or any sale is made pursuant to the Shelf
Registration Statement. Each Selling Holder shall pay all Selling Expenses in connection with any sale of its Registrable Securities hereunder. 
 Section 2.07 Indemnification. 
 (a) By ETE. In the event of a registration of any Registrable Securities under
the Securities Act pursuant to this Agreement, ETE will indemnify and hold harmless each Selling Holder thereunder, its directors and officers of Registrable Securities thereunder and each Person, if any, who controls such Selling Holder or
underwriter within the meaning of the Securities Act and the Exchange Act, against any losses, claims, damages, expenses or liabilities (including reasonable attorneys’ fees and expenses) (collectively, “Losses”), joint or
several, to which such Selling Holder or underwriter or controlling Person may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such Losses (or actions or proceedings, whether commenced or threatened, in respect
thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the Shelf Registration Statement, any preliminary prospectus or final prospectus contained therein, or any amendment or
supplement thereof, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus, in light of the
circumstances under which they were made) not misleading, and will reimburse each such Selling Holder, its directors and officers, each such underwriter and each such controlling Person for any legal or other expenses reasonably incurred by them in
connection with investigating or defending any such Loss or actions or proceedings; provided, however, that ETE will not be liable in any such case if and to the extent that any such Loss arises out of or is based upon an untrue
statement or alleged untrue statement or omission or alleged omission so made in conformity with information furnished by such Selling Holder, such underwriter or such controlling Person in writing specifically for use in the Shelf Registration
Statement or any prospectus contained therein or any amendment or supplement thereof. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Selling Holder or any such director, officer or
controlling Person, and shall survive the transfer of such securities by such Selling Holder. 
 (b) By Each Selling Holder. Each
Selling Holder agrees severally and not jointly to indemnify and hold harmless ETE, its directors and officers, and each Person, if any, who controls ETE within the meaning of the Securities Act or of the Exchange Act to the same extent as the
foregoing indemnity from ETE to the Selling Holders, but only with respect to 
  

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 information regarding such Selling Holder furnished in writing by or on behalf of such Selling Holder expressly for
inclusion in the Shelf Registration Statement or any prospectus contained therein or any amendment or supplement thereof relating to the Registrable Securities; provided, however, that the liability of each Selling Holder shall not be
greater in amount than the dollar amount of the proceeds (net of any Selling Expenses) received by such Selling Holder from the sale of the Registrable Securities giving rise to such indemnification. 
 (c) Notice. Promptly after receipt by an indemnified party hereunder of notice of the commencement of any action, such indemnified party shall, if
a claim in respect thereof is to be made against the indemnifying party hereunder, notify the indemnifying party in writing thereof, but the omission so to notify the indemnifying party shall not relieve it from any liability which it may have to
any indemnified party other than under this Section 2.07. In any action brought against any indemnified party, it shall notify the indemnifying party of the commencement thereof. The indemnifying party shall be entitled to participate in and,
to the extent it shall wish, to assume and undertake the defense thereof with counsel reasonably satisfactory to such indemnified party and, after notice from the indemnifying party to such indemnified party of its election so to assume and
undertake the defense thereof, the indemnifying party shall not be liable to such indemnified party under this Section 2.07 for any legal expenses subsequently incurred by such indemnified party in connection with the defense thereof other than
reasonable costs of investigation and of liaison with counsel so selected; provided, however, that, (i) if the indemnifying party has failed to assume the defense and employ counsel or (ii) if the defendants in any such
action include both the indemnified party and the indemnifying party and counsel to the indemnified party shall have concluded that there may be reasonable defenses available to the indemnified party that are different from or additional to those
available to the indemnifying party, or if the interests of the indemnified party reasonably may be deemed to conflict with the interests of the indemnifying party, then the indemnified party shall have the right to select a separate counsel and to
assume such legal defense and otherwise to participate in the defense of such action, with the reasonable expenses and fees of such separate counsel and other reasonable expenses related to such participation to be reimbursed by the indemnifying
party as incurred. Notwithstanding any other provision of this Agreement, no indemnified party shall settle any action brought against it with respect to which it is entitled to indemnification hereunder without the consent of the indemnifying
party, unless the settlement thereof imposes no liability or obligation on, and includes a complete and unconditional release from all liability of, the indemnifying party. 
 (d) Contribution. If the indemnification provided for in this Section 2.07 is held by a court or government agency of competent jurisdiction
to be unavailable to ETE or any Selling Holder or is insufficient to hold them harmless in respect of any Losses, then each such indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by
such indemnified party as a result of such Losses as between ETE on the one hand and such Selling Holder on the other, in such proportion as is appropriate to reflect the relative fault of ETE on the one hand and of such Selling Holder on the other
in connection with the statements or omissions which resulted in such Losses, as well as any other relevant equitable considerations; provided, however, that in no event shall such Selling Holder be required to contribute an aggregate
amount in excess of the dollar amount of proceeds (net of Selling Expenses) received by such Selling Holder from the sale of Registrable Securities giving rise to such indemnification. The relative fault of ETE on the one hand and each Selling
Holder 
  

 9 

 on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact has been made by, or relates to, information supplied by such party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission. The parties hereto agree that it would not be just and equitable if contributions pursuant to this paragraph were to be determined by pro rata allocation or by any other method of allocation which does not take
account of the equitable considerations referred to in the first sentence of this paragraph. The amount paid by an indemnified party as a result of the Losses referred to in the first sentence of this paragraph shall be deemed to include any legal
and other expenses reasonably incurred by such indemnified party in connection with investigating or defending any Loss which is the subject of this paragraph. No person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who is not guilty of such fraudulent misrepresentation. 
 (e) Other Indemnification. The provisions of this Section 2.07 shall be in addition to any other rights to indemnification or contribution which an indemnified party may have pursuant to law, equity, contract or otherwise.

 Section 2.08 Rule 144 Reporting. With a view to making available the benefits of certain rules and regulations of the
Commission that may permit the sale of the Registrable Securities to the public without registration, ETE agrees to use its commercially reasonable efforts to: 
 (a) Make and keep public information regarding ETE available, as those terms are understood and defined in Rule 144 of the Securities Act, at all times from and after the date hereof; 
 (b) File with the Commission in a timely manner all reports and other documents required of ETE under the Securities Act and the Exchange Act at all
times from and after the date hereof; and 
 (c) So long as a Holder owns any Registrable Securities, furnish to such Holder forthwith upon
request a copy of the most recent annual or quarterly report of ETE, and such other reports and documents so filed as such Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing such Holder to sell any
such securities without registration. 
 Section 2.09 Transfer or Assignment of Registration Rights. The rights to cause ETE to
register Registrable Securities granted to ETI by ETE under this Article II may be transferred or assigned by ETI to one or more transferee(s) or assignee(s) of such Registrable Securities, provided that (a) ETE is given written notice prior to
any said transfer or assignment, stating the name and address of each such transferee and identifying the securities with respect to which such registration rights are being transferred or assigned, and (b) each such transferee assumes in
writing responsibility for its portion of the obligations of ETI under this Agreement. 
 Section 2.10 Information by Holder. Any
Holder or Holders of Registrable Securities included in any registration statement shall promptly furnish to ETE such information regarding 
  

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 such Holder or Holders and the distribution proposed by such Holder or Holders as ETE may reasonably request and as shall
be required in connection with any registration, qualification or compliance referred to herein. 
 ARTICLE III. 
 MISCELLANEOUS 
 Section 3.01
Communications. All notices and other communications provided for or permitted hereunder shall be made in writing by facsimile, courier service or personal delivery: 
 (a) if to ETI, at 2828 Woodside Street, Dallas, Texas 75204, 
 (b) if to ETE, at 2828 Woodside Street, Dallas, Texas 75204, notice of which is given in accordance with the provisions of this Section 3.01. 
 All such notices and communications shall be deemed to have been received at the time delivered by hand, if personally delivered; when receipt
acknowledged, if sent via facsimile or sent via Internet electronic mail; and when actually received, if sent by any other means. 
 Section 3.02 Successor and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties, including subsequent Holders of Registrable Securities to the extent
permitted herein. 
 Section 3.03 Assignment of Rights. All or any portion of the rights and obligations of ETI under this
Agreement may be transferred or assigned by ETI only in accordance with Section 2.09 hereof. 
 Section 3.04 Recapitalization,
Exchanges, etc. Affecting the Common Units. The provisions of this Agreement shall apply to the full extent set forth herein with respect to any and all units of ETE or any successor or assign of ETE (whether by merger, consolidation, sale of
assets or otherwise) which may be issued in respect of, in exchange for or in substitution of, the Registrable Securities, and shall be appropriately adjusted for combinations, recapitalizations and the like occurring after the date of this
Agreement. 
 Section 3.05 Specific Performance. Damages in the event of breach of this Agreement by a party hereto may be
difficult, if not impossible, to ascertain, and it is therefore agreed that each such Person, in addition to and without limiting any other remedy or right it may have, will have the right to an injunction or other equitable relief in any court of
competent jurisdiction, enjoining any such breach, and enforcing specifically the terms and provisions hereof, and each of the parties hereto hereby waives any and all defenses it may have on the ground of lack of jurisdiction or competence of the
court to grant such an injunction or other equitable relief. The existence of this right will not preclude any such Person from pursuing any other rights and remedies at law or in equity which such Person may have. 
 Section 3.06 Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in separate
counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same Agreement. 
  

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 Section 3.07 Headings. The headings in this Agreement are for convenience of reference only
and shall not limit or otherwise affect the meaning hereof. 
 Section 3.08 Governing Law. The laws of the State of Delaware
shall govern this Agreement without regard to principles of conflict of laws. 
 Section 3.09 Severability of Provisions. Any
provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or
affecting or impairing the validity or enforceability of such provision in any other jurisdiction. 
 Section 3.10 Entire
Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter
contained herein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to the rights granted by ETE set forth herein. This Agreement supersedes all prior agreements and
understandings between the parties with respect to such subject matter. 
 Section 3.11 Amendment. This Agreement may be amended
only by means of a written amendment signed by ETE and the Holders of a majority of the then outstanding Registrable Securities; provided, however, that no such amendment shall materially and adversely affect the rights of any Holder
hereunder without the consent of such Holder. 
 Section 3.12 No Presumption. In the event any claim is made by a party
relating to any conflict, omission, or ambiguity in this Agreement, no presumption or burden of proof or persuasion shall be implied by virtue of the fact that this Agreement was prepared by or at the request of a particular party or its counsel.

 [The remainder of this page is intentionally left blank.] 
  

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

  

			
	ENERGY TRANSFER INVESTMENTS, L.P.
		
	By:	 	ETI GP, LLC, its general partner
		
	By:	 	 /s/ John W. McReynolds

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

		 	John W. McReynolds, President

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