Document:

Second Supplemental Indenture

 Exhibit 4.1 
 EXECUTION VERSION 
 ENERGY TRANSFER EQUITY, L.P.,

 as Issuer, 
 and 
 U.S. BANK NATIONAL ASSOCIATION, 

as Trustee 
  

 
 SECOND
SUPPLEMENTAL INDENTURE 
 Dated as of February 16, 2012 

to 

INDENTURE 

Dated as of September 20, 2010 
 As Supplemented by a First Supplemental Indenture 
 Dated as of
September 20, 2010 
  
  

7.500% Senior Notes due 2020 

 THIS SECOND SUPPLEMENTAL INDENTURE (this “Second Supplemental Indenture”), dated
as of February 16, 2012 (the “Effective Date”), is between Energy Transfer Equity, L.P., a Delaware limited partnership (the “Partnership”) and U.S. Bank National Association, as trustee (the “Trustee”).

 RECITALS 
 WHEREAS, the Partnership has executed and delivered to the Trustee an Indenture, dated as of September 20, 2010 (the “Base Indenture”), as supplemented by a First Supplemental Indenture,
dated as of September 20, 2010 (the “First Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), pursuant to which the Partnership has duly issued 7.500% Senior Notes due 2020 in the aggregate
principal amount of $1,800,000,000, of which $1,800,000,000 in aggregate principal amount are outstanding as of the Effective Date (the “Notes”); 
 WHEREAS, pursuant to Section 9.02 of the Base Indenture as supplemented by Section 7.8 of the First Supplemental Indenture, the Partnership and the Trustee may amend or supplement certain terms
of the Indenture with the written consent of the Holders (as defined in the Base Indenture) of at least a majority in aggregate principal amount of the Notes then outstanding; 
 WHEREAS, the Partnership has solicited consents (the “Consent Solicitation”) to certain amendments to the Indenture (the “Proposed Amendments”) pursuant to the Consent Solicitation
Statement dated February 8, 2012 (the “Consent Solicitation Statement”); 
 WHEREAS, the Partnership has obtained
consents to the Proposed Amendments to the Indenture from the Holders of at least a majority in aggregate principal amount of the Notes as of the date hereof (the “Requisite Consent”); 

WHEREAS, pursuant to Section 9.02 of the Base Indenture, the Partnership has requested that the Trustee join in the execution of
this Second Supplemental Indenture; 
 WHEREAS, the execution and delivery of this Second Supplemental Indenture have been duly
authorized by the parties hereto, and all conditions and requirements necessary to make this Second Supplemental Indenture a valid and binding agreement of the Partnership enforceable in accordance with its terms have been duly performed and
complied with; and 
 WHEREAS, the Partnership has heretofore delivered or is delivering contemporaneously herewith to the
Trustee (i) a copy of the Board Resolution (as defined in the Base Indenture) authorizing the execution of this Second Supplemental Indenture, (ii) confirmation from D.F. King & Co., Inc., as information and tabulation agent for
the Consent Solicitation (the “Information and Tabulation Agent”), of the receipt from Holders of the Requisite Consent, (iii) the Officers’ Certificate and the Opinion of Counsel described in Sections 9.02, 11.04 and 11.05 of
the Base Indenture, and (iv) a written request to execute this Second Supplemental Indenture. 

  
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 NOW, THEREFORE, for and in consideration of the premises and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties have hereby agreed, for the equal and proportionate benefit of all Holders of the Notes, as follows: 

ARTICLE I 

RELATION TO INDENTURE; DEFINITIONS 
 Section 1.1 Relation to Indenture. 
 With respect to the Notes,
this Second Supplemental Indenture constitutes an integral part of the Indenture. 
 Section 1.2 Generally.

 The rules of interpretation set forth in the Indenture shall be applied hereto as if set forth in full herein. 

Section 1.3 Definition of Certain Terms. 
 Capitalized terms used herein and not otherwise defined herein shall have the respective meanings ascribed thereto in the Indenture. 

ARTICLE II 

AMENDMENTS TO THE INDENTURE 
 Section 2.1 Effectiveness of Second Supplemental Indenture. 

This Second Supplemental Indenture shall become effective as of the date hereof provided that the amendments to the Indenture set
forth in Sections 2.2, 2.3 and 2.4 below shall not become operative unless and until the Partnership pays the Consent Consideration (as defined in the Consent Solicitation Statement) through the Information and Tabulation Agent to each Holder
entitled to receive Consent Consideration pursuant to the Consent Solicitation Statement. 
 Section 2.2
Amendments to Section 1.3 of the First Supplemental Indenture. 
 (a) The definition of “Non-Recourse
Indebtedness” in Section 1.3 of the First Supplemental Indenture is hereby deleted in its entirety and replaced with the following: 
 “Non-Recourse Indebtedness” means Indebtedness (1) as to which neither the Partnership nor any of its Restricted Subsidiaries nor any Excluded Entity is directly or indirectly liable (as a
guarantor or otherwise), or constitutes the lender, and (2) no default with respect to which (including any rights that the holders thereof may have to take enforcement action against any Person) would permit (upon notice, lapse of time or
both) any holder of any other Indebtedness of the Partnership or any of its Restricted Subsidiaries or any Excluded Entity to declare a default on such other Indebtedness or cause the payment thereof to be accelerated or payable prior to its stated
maturity. 

  
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 (b) The definition of “Project Finance Subsidiary” in Section 1.3 of the
First Supplemental Indenture is hereby deleted in its entirety and replaced with the following: 
 “Project
Finance Subsidiary” means any special purpose Subsidiary of the Partnership that (1) the Partnership designates as a “Project Finance Subsidiary” by written notice to the Trustee and is formed for the sole purpose of developing,
financing and operating the infrastructure and capital projects of such Subsidiary, (2) has no Indebtedness other than Non-Recourse Indebtedness, (3) is a Person with respect to which neither the Partnership nor any of its Restricted
Subsidiaries nor any Excluded Entity has any direct or indirect obligation (A) to subscribe for additional Capital Stock or (B) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified
levels of operating results, and (4) has not guaranteed or otherwise directly provided credit support for any Indebtedness of the Partnership or any of its Restricted Subsidiaries or any Excluded Entity. 

(c) The definition of “Restricted Subsidiary” in Section 1.3 of the First Supplemental Indenture is hereby deleted in its
entirety and replaced with the following: 
 “Restricted Subsidiary” means any Subsidiary of the
Partnership (other than (i) Project Finance Subsidiaries, (ii) Regency and its Subsidiaries, (iii) ETP and its Subsidiaries, (iv) SUG Holdco and its Subsidiaries and (v) any entity that would be deemed to be a Subsidiary of
any combination of the entities in clauses (ii) through (iv) if such entities were treated as a single Person (with each such deemed Subsidiary, Regency, ETP, SUG and SUG Holdco being referred to individually as an “Excluded
Entity”)) that owns or leases, directly or indirectly through ownership in another Subsidiary, any Principal Property. 

(d) The following definitions are inserted in proper alphabetical sequence in Section 1.3 of the First Supplemental Indenture as new
defined terms: 
 “Excluded Entity” shall have the meaning given to such term in the definition of
“Restricted Subsidiary.” 
 “SUG” means Southern Union Company, a Delaware corporation, and
its successors. 
 “SUG Holdco” means ETE Sigma Holdco Corporation, a Delaware corporation, and its
successors, which is the parent entity of SUG. 
 Section 2.3 Amendment to Section 3.1 of the First
Supplemental Indenture. 
 (a) The text of Section 3.1 of the First Supplemental Indenture is hereby deleted in its
entirety and replaced with the following: 
 If at any time following the Issue Date, any Subsidiary of the
Partnership guarantees or becomes a co-obligor with respect to any obligations of the Partnership in respect of any Indebtedness, or if at any time following the Issue Date, any Restricted Subsidiary of the Partnership otherwise incurs any
Indebtedness (excluding, for the 

  
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avoidance of doubt, any intercompany Indebtedness between the Partnership or any Subsidiary or Subsidiaries of the Partnership on the one hand and such Restricted Subsidiary on the other), then
the Partnership will cause such Subsidiary or Restricted Subsidiary, as the case may be, to promptly execute and deliver to the Trustee a supplemental indenture to the Indenture in a form satisfactory to the Trustee pursuant to which such Subsidiary
or Restricted Subsidiary will guarantee all obligations of the Partnership with respect to the Notes and the Indenture in accordance with Article X of the Base Indenture; provided, however, that prior to November 2, 2012, ETE GP Acquirer LLC
and ETE Services Company, LLC may guarantee the obligations of the Partnership in respect of the Credit Facility without guaranteeing any obligations of the Partnership with respect to the Notes. 

Section 2.4 Amendment to Section 3.3 of the First Supplemental Indenture. 

(a) The text of Section 3.3 of the First Supplemental Indenture is hereby deleted in its entirety and replaced with the following:

 If at any time following any release of a Subsidiary (that is not a Restricted Subsidiary) from its Subsidiary
Guarantee pursuant to Section 10.04(a)(ii), such Subsidiary again guarantees or becomes a co-obligor with respect to any obligations of the Partnership in respect of any Indebtedness of the Partnership, then the Partnership will cause such
Subsidiary to again become a Subsidiary Guarantor by executing and delivering a supplemental indenture to the Indenture, in a form satisfactory to the Trustee, providing for the Guarantee by such Subsidiary Guarantor of the Partnership’s
obligations under the Notes and all other obligations of the Partnership under the Indenture, in accordance with Article X of the Base Indenture. If at any time following any release of a Subsidiary (that is a Restricted Subsidiary) from its
Subsidiary Guarantee pursuant to Section 10.04(a)(ii), such Subsidiary again incurs any Indebtedness (excluding, for the avoidance of doubt, any intercompany Indebtedness between the Partnership or any Subsidiary or Subsidiaries of the
Partnership on the one hand and such Restricted Subsidiary on the other), then the Partnership will cause such Subsidiary to again become a Subsidiary Guarantor by executing and delivering a supplemental indenture to the Indenture, in a form
satisfactory to the Trustee, providing for the Guarantee by such Subsidiary Guarantor of the Partnership’s obligations under the Notes and all other obligations of the Partnership under the Indenture, in accordance with Article X of the Base
Indenture. 
 ARTICLE III 
 MISCELLANEOUS PROVISIONS 
 Section 3.1 Ratification of
Indenture. 
 The Indenture, as supplemented by this Second Supplemental Indenture, is in all respects ratified and
confirmed, and this Second Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided. 

  
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 Section 3.2 Trustee Not Responsible for Recitals. 

The recitals contained herein shall be taken as the statements of the Partnership, and the Trustee assumes no responsibility for the
correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this Second Supplemental Indenture. 
 Section 3.3 Headings. 
 The headings of the Articles and
Sections of this Second Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms or provisions hereof. 

Section 3.4 Counterpart Originals. 
 The parties may sign any number of copies of this Second Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 

Section 3.5 Severability. 
 In case any provision in this Second Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby. 
 Section 3.6 Successors and Assigns. 

This Second Supplemental Indenture shall inure to the benefit of and be binding upon the parties hereto and each of their respective
successors and permitted assigns. Without limiting the generality of the foregoing, this Second Supplemental Indenture shall inure to benefit of all Holders from time to time. Nothing expressed or mentioned in this Second Supplemental Indenture is
intended to or shall be construed to give any Person, other than the parties hereto, their respective successor and assigns, and the Holders, any legal or equitable right, remedy or claim under or in respect of this Second Supplemental Indenture or
any provision herein contained. 
 Section 3.7 Governing Law. 

THIS SECOND SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

[signature pages follow] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be
duly executed as of the day and year first above written. 
  

			
	ISSUER:
	
	ENERGY TRANSFER EQUITY, L.P.,
		
	By:	 	LE GP, LLC
	Its:	 	General Partner
		
	By:	 	/s/ John W. McReynolds
	Name:	 	John W. McReynolds
	Title:	 	President and Chief Financial Officer

  
 [SIGNATURE
PAGE TO SECOND SUPPLEMENTAL INDENTURE] 

  

			
	TRUSTEE:
	
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	/s/ Mauri J. Cowen
	Name:	 	Mauri J. Cowen
	Title:	 	Vice President

  
 [SIGNATURE
PAGE TO SECOND SUPPLEMENTAL INDENTURE]Exhibit 10.51

 Exhibit 10.51 

 
 

 
  

	
	February 14, 2012

 RB, Inc. 

365 West Passaic Street 
 Rochelle Park, NJ 07662

 Gentlemen: 
 We
refer to our letter agreement, dated September 12, 2011, regarding the retention by Kid Brands, Inc. (the “Company”) of the services of Raphael Benaroya (the “Agreement”). Pursuant to the Agreement, RB, Inc. has been
providing to the Company the services of Raphael Benaroya, an employee of RB, Inc., who has served as interim Executive Chairman of the Company and has performed the duties of chief executive of the Company. Pursuant to its original terms, the
Agreement was to expire on December 31, 2011. 
 We hereby request that the Agreement be extended on a month-to-month
basis, effective as of January 1, 2012 (the “Extension Period”). The Extension Period may be terminated by either the Company or RB, Inc. at any time upon ten (10) days written notice to the other party. As total compensation
hereunder, RB, Inc. shall be paid $100,000 for each calendar month during the Extension Period. Upon termination of this Agreement, any fee payable for the month of termination will be prorated to reflect the actual number of days in such month
during which this Agreement was in effect. 
 It is understood that Mr. Benaroya shall not be paid director fees for the
period during which he is serving as Executive Chairman and he shall not be entitled to participate in any bonus program, employee benefit plan or other compensation arrangement whatsoever with the Company. RB, Inc. will be reimbursed for its
reasonable expenses incurred for its services under this agreement. 
 This agreement shall be governed by the laws of New
Jersey and may not be amended except by a written agreement entered into between RB, Inc. and the Company. 

 RB, Inc. 
 February 14, 2012 
 Page Two 

If RB, Inc. is in agreement with the terms hereof, please sign, and have Mr. Benaroya sign to acknowledge his agreement, and return
the duplicate copy of the letter attached hereto. 
  

	
	Very truly yours,
	
	/s/ Fred Horowitz            
	Fred Horowitz
	Chairman, Compensation Committee
	of the Board of Directors

 Agreed and accepted 
 this 14th day
of February 2012 
  

			
	RB, Inc.
	
	/s/ Raphael Benaroya            
	By:	 	Raphael Benaroya
		 	President

 Agreed and accepted 
 this 14th day
of February 2012 
  

	
	/s/ Raphael Benaroya
	Raphael Benaroya

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