Document:

Exhibit 10.5

 

EMPIRE ENERGY GROUP LIMITED

 

ACN 002 148 361

 

IMPERIAL RESOURCES LLC

 

and

 

ENERGYCAP PTY LTD

 

ACN 601 893 109

 

and

 

BRUCE WILLIAM MCLEOD

 

 

 

AMENDED AND RESTATED

 

CONSULTANCY SERVICES DEED

 

 

 

    	 

    	 

    

 

THIS DEED is made this 19th day of September
2014.

 

BETWEEN:

 

EMPIRE ENERGY GROUP LIMITED ACN 002
148 361 and any Related Body Corporates of the Company including Imperial Resources, LLC (“Imperial”), each of
Level 7, 151 Macquarie Street, Sydney, NSW 2000, Australia (“Company”)

 

and

 

ENERGYCAP PTY LTD ACN 601 893 109
of Level 7, 151 Macquarie Street, Sydney, NSW 2000, Australia (“Consultant”)

 

and

 

BRUCE WILLIAM MCLEOD of 28 Rhodes
Ave, Naremburn, NSW 2065, Australia (“Employee”)

 

RECITALS:

 

		A.	The Company is listed on the ASX and Imperial is intended
to be listed on the NASDAQ Capital Market.

 

		B.	The Company and certain Related Body Corporates is involved in oil and gas exploration and production,
mineral exploration, investment and technology development.

 

		C.	The Company has engaged the Consultant to provide certain managerial, operational and technical
expertise and know-how to the Company certain Related Body Corporates in relation to the Business and to procure the services of
the Employee.

 

THE
PARTIES TO THIS DEED COVENANT AND AGREE as follows:

 

		1.	DEFINITIONS & INTERPRETATION

 

		1.1.	In this deed:

 

“Annual Fee”
means $796,000 (excluding GST) per annum, which includes the Annual Inventive Payment, or such greater amount approved by either
the Company or under the terms of this agreement;

 

“Annual Incentive
Payment” means up to $398,000 as calculated by the Annual Incentive Plan (“AIP”), Attachment A to this deed,
or any other additional incentive as approved by either the Company and Imperial or under the terms of this agreement;

 

“ASX” means
the Australian Securities Exchange as administered by Australian Securities Exchange Limited;

 

“Board”
means the board of directors of the Company;

 

“Business”
means the business of oil and gas, mineral exploration, investment and technology development (and all related and ancillary activities)
conducted by the Company or a Group Company from time to time;

“Commencement Date”
means the 1 January 2013, with deed amended on 19 September 2014;

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“Confidential Information”
means all Information disclosed or otherwise made available by the Company or a Group Company to the Consultant or the Employee,
including:

 

		(a)	information which is regarded by the Company as confidential
or can reasonably be inferred to be confidential from the circumstances in which it is disclosed;

 

		(b)	proprietary or confidential information of a third party
to whom the Company or any Group Company owes an obligation of confidentiality;

 

		(c)	information to the extent derived or produced partly or wholly from such information including
any calculation, conclusion, summary or computer modelling; and

 

		(d)	trade secrets or information which is capable of protection at law or equity as confidential information
or is otherwise confidential in nature,

 

whether the information was
disclosed or created before, on or after the date of this deed;

 

“Corporations Act”
means the Corporations Act 2001 (Cth);

 

“CPI” means
the consumer price index published by the Australian Bureau of Statistics for the Commonwealth of Australia (All Groups Index Numbers)
for Sydney or if that index is suspended or discontinued, the index substituted for it by the Australian Statistician;

 

“Exceptional Event
Payment” means a payment determined in accordance with the Exceptional Payment Event Schedule.

 

“Exceptional Event
Payment Schedule” means the schedule to this deed.

 

“Group Company”
means any Related Body Corporate of the Company;

 

"GST and GST Law"
means each have the meanings given to them in A New Tax System (Goods and Services Tax) Act 1999 (Cth);

 

“Initial Consultant
Fee” means the fee payable to the Consultant at the Commencement Date, which must be equal to or greater than 50% of
the Annual Fee, and may be changed, in writing, by the Company, Imperial and the Consultant at any time;

 

“Information”
means any information whatsoever regardless of its material form including data contained in documents, books, records or stored
electronically or in writing or by any other means, whether such information exists at the commencement of the Term or comes into
existence during the Term in relation to the business, operations, technology or other affairs of the Company or any Group Company
and including:

 

		(a)	details of employees, policies, procedures, manuals, handbooks, contracts and agreements, forms
designed, created or purchased by the Company or any Group Company, financial information, strategic information, information about
current and future projects;

 

		(b)	business plans, activities and/or operations of the Company, any Group Company or any third party
with which any of them deal;

 

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		(c)	the terms of this deed;

 

		(d)	any Intellectual Property Rights belonging to the Company;

 

		(e)	developments relating to existing and/or future developments, business opportunities and client
or customer lists or business practices; and

 

		(f)	all other matters relating to internal or external operations or plans;

 

"Insolvency Event"
means the happening of any of these events in relation to a person:

 

		(a)	an application is made to a court for an order (and is not stayed, withdrawn or dismissed within
7 days) or an order is made that the person be wound up; or

 

		(b)	an application is made to a court for an order appointing a liquidator or provisional liquidator
in respect of that person (and is not stayed, withdrawn or dismissed within seven days) or one of them is appointed, whether or
not under an order; or

 

		(c)	except to reconstruct or amalgamate while solvent on terms approved by the other parties, the person
enters into, or resolves to enter into, a scheme of arrangement, deed of arrangement or composition with, or assignment for the
benefit of, all or any class of its creditors, or it proposes a reorganisation, moratorium or other administration involving any
of them; or

 

		(d)	the person resolves to wind itself up, or otherwise dissolve itself, or gives notice of intention
to do so, except to reconstruct or amalgamate while solvent on terms approved by the other party or is otherwise wound up or dissolved;
or

 

		(e)	the person is or states that it is unable to pay its debts when they fall due; or

 

		(f)	the person fails or is taken to have failed to comply with a statutory demand as a result of the
operation of section 459F(1) of the Corporations Act; or

 

		(g)	the person is, or makes a statement from which it may be reasonably deduced that the person is,
the subject of an event described in section 459C(2)(b) or section 585 of the Corporations Act; or

 

		(h)	the person takes any step to obtain protection or is granted protection from its creditors under
any applicable legislation or an administrator is appointed to the person; or

 

		(i)	a person becomes an insolvent under administration as defined
in section 9 of the Corporations Act or action is taken which could result in that event; or

 

		(j)	anything analogous or having a substantially similar effect to any of the events specified in paragraphs
(a) to (i) of this definition (inclusive) happens under the law of any applicable jurisdiction;

 

“Intellectual Property
Rights” means all intellectual property rights of whatever nature including all rights conferred under statute, common
law or equity, including all copyrights, patent rights, trade mark rights (including any goodwill associated with those trade mark
rights), design rights and trade secrets and all other intellectual property as defined in article 2 of the convention establishing
the World Intellectual Property Organisation 1967;

 

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“Related Body Corporate”
has the meaning given to that term in the Corporations Act; and specifically includes Imperial.

 

“Services”
means the services to be discharged by the Consultant supplying the Employee to undertake all functions, duties, management roles
and authorities which the Company or Imperial would require of a person engaged to act as an executive director of the Company
or Chief Executive Officer of Imperial and includes such other services as the Board or the Board or Manager of Imperial as the
case may be, acting reasonably, may request; and

 

“Term” means
the term of this deed as determined in accordance with clause 4.

 

		1.2.	In this deed unless the context otherwise requires:

 

		(a)	words importing the singular include the plural and vice versa;

 

		(b)	words importing any gender include the other gender;

 

		(c)	references to persons include individuals, trusts, joint ventures, government agencies, associations,
corporations and other bodies corporate;

 

		(d)	references to a person include the legal personal representatives, successors and assigns of that
person;

 

		(e)	the words 'such as', 'including', 'particularly' and similar expressions are not used as, nor are
intended to be, interpreted as words of limitation;

 

		(f)	references to a party includes its successors and permitted assigns;

 

		(g)	references to a monetary amount is in Australian dollars;

 

		(h)	a reference to a statute, ordinance, code or other law includes regulations and other statutory
instruments under it and consolidations, amendments, re-enactments or replacements of any of them (whether of the same or any other
legislative authority having jurisdiction);

 

		(i)	references to this deed include this deed as varied, amended
or replaced, from time to time; and

 

		(j)	references to writing include any mode of representing or reproducing words in tangible and permanently
visible form, and includes facsimile transmission.

 

		1.3.	The headings in this deed do not affect its interpretation.

 

		1.4.	In the interpretation of this deed no rules of construction apply to the disadvantage of one party
because that party was responsible for the preparation of this deed or any part of it.

 

		2.	TERMINATION OF FORMER CONSULTANCY ARRANAGEMENT

 

		2.1.	The parties acknowledge and agree that this deed terminates
and supersedes all previous consulting agreements or arrangements between the parties on an from the Commencement Date but nothing
in this deed is intended to discontinue the tenure of:

 

		(a)	the Consultant’s engagement by the Company or Imperial; or

 

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		(b)	the Employee’s employment with the Consultant, in relation to the provision of services similar
to the Services, which commenced on 21 May 1996.

 

		2.2.	Termination of any previous consulting agreements or arrangements between the parties does not
extinguish or otherwise affect any rights of any party against any other which:

 

		(a)	arose or occurred prior to the time at which termination
was deemed to occur; or

 

		(b)	otherwise relate to or arise at any future time from
any breach or non-observance of obligations under such previous agreement or arrangement which arose prior to the time at which
termination occurred.

 

		3.	SERVICES

 

		3.1.	In consideration of the Company paying the Annual Fee, the Consultant must perform or cause to
be performed for the Company and Imperial all the Services and for this purpose it must make available the Employee to act as Executive
Chairman of the Company and Chief Executive Officer of Imperial.

 

		3.2.	Without limiting the manner in which the Consultant must provide the Services pursuant to this
deed, the Consultant must as a material term and condition of this deed:

 

		(a)	ensure that the Employee and Imperial is retained by
the Consultant in order to provide the Services to the Company throughout the Term; and

 

		(b)	rely upon, seek the advice of and procure the assistance of the Employee whenever necessary, in
order to ensure that the Services are provided to the Company and Imperial in the manner required by the provisions of this deed.

 

		3.3.	The Consultant, for the purposes of discharging its responsibilities,
duties and functions under this deed must procure and make available the services of the Employee during the Term for a sufficient
number of hours per week (during normal Business hours) as are required to provide the Services.

 

		3.4.	The parties acknowledge that the Consultant may subcontract out some or all of the Services with
the Company's written consent (such consent not to be unreasonably withheld).

 

		3.5.	It is expected that the Consultant will apply at least 75% of his time and efforts to the business
and operations of Imperial.

 

		4.	TERM

 

		4.1.	Subject to clauses 4.2 and 16, the Term will be a period of 60 months commencing on the Commencement
Date.

 

		4.2.	Subject to clause 16, the Term will be extended for a period or successive periods of 12 months
unless and until the Company or Imperial, only with respect to itself, gives the Consultant not less than 3 months' written notice
of its intention not to extend the Term.

  

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		5.	ELECTION AS DIRECTOR

 

		5.1.	The Employee has been duly elected a director and appointed as the Executive Chairman of the Company
(i) in accordance with the Company’s Constitution and (ii) duly appointed by the Chief Executive Officer of Imperial in accordance
with the Operating Agreement thereof. The Employee’s position will continue only as long as:

 

		(a)	the Employee is employed by the Consultant;

 

		(b)	the Consultant is engaged by the Company or Imperial as the case may be, under this deed; and

 

		(c)	the Employee is willing to so act.

 

		5.2.	The Employee may only exercise his powers as a director of the Company in the course of providing
the Services.

 

		6.	OTHER APPOINTMENTS

 

		6.1.	Subject to clause 11.3and the prior approval of the Board, the Employee may act as a director or
hold other office with such other companies or undertakings as from time to time and during such times as the Employee sees fit.
The Consultant will be entitled to retain for his own benefit all fees and emoluments of or associated with all those directorships
and other offices.

 

		6.2.	For as long as this deed continues in effect, the parties acknowledge that the Company may procure
the Consultant’s appointment as a consultant to all Group Companies on the same terms and conditions as this deed (as they
may be varied by agreement between the Consultant and each other contracting party).

 

		7.	REMUNERATION

 

		7.1.	(Annual Fee) In consideration of the obligations undertaken by the Consultant under
this deed, in accordance with clause 7.9, the Company and Imperial must pay the Consultant at least 50% of the Annual Fee in 12
monthly instalments in arrears. At the Commencement Date the Initial Consultant Fee shall be 50% of the Annual Fee.

 

		7.2.	(Annual Incentive Payment) Subject to adjustments set out in clause 7.5 and to the
extent permitted by law and the ASX Listing Rules (“Maximum Amount”), the Consultant will also be entitled to
some or all of the Annual Incentive Payment on an annual basis, or at an interim date during the year if this deed is terminated
(calculated on the last business day prior to the termination date), on the achievement of appropriate milestones as determined
(and communicated in writing to the Consultant) by the Company from time to time.

 

		7.3.	(Exceptional Event Payment) Subject to the extent permitted by law and the ASX and NASDAQ
Listing Rules, the Company and Imperial must pay the Consultant an Exceptional Event Payment when required under and in accordance
with the terms of the Exceptional Event Payment Schedule.

 

		7.4.	(No double payments) Where in any calendar year the Consultant receives an Exceptional Event
Payment and:

 

		(a)	in addition an Annual Incentive Payment with both being
calculated on the same event and if aggregated, the combined payment exceeds the Maximum Amount, then the Annual Incentive Payment
will be proportionally reduced by any amount above the Maximum Amount. (For clarity, if the Exceptional Event Payment is equal
to, or greater than the Maximum Amount, then the full amount of the Exceptional Event Payment would only be payable).

 

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		(b)	for events other than those on which the Exceptional Event Payment is calculated, an Annual Incentive
Payment will be payable, calculated by Parts B, C & D only of Attachment A of this deed.

 

		7.5.	(Annual Fee and Annual Incentive Payment adjustments) The Company and Imperial:

 

		(a)	will review the Annual Fee and maximum Annual Incentive Payment which may be paid under clause
7.2 so that for the next ensuing twelve (12) month period such respective amounts will be increased by the greater of 5% or the
percentage increase in the CPI since the immediately preceding Annual Fee or Annual Incentive Payment review date (or, in the case
of the first Annual Fee or Annual Incentive Payment review date, since the Commencement Date) (as the case may be); and

 

		(b)	notwithstanding paragraph (a), the Company and Imperial may from time to time increase (but not
decrease without the Consultant's prior written consent) the value of the Annual Fee and the maximum Annual Incentive Payment which
may be paid under clause 7.2.

 

		7.6.	(Expenses):

 

		(a)	The Company and Imperial, as the case may be, must reimburse the Consultant for all reasonable
corporate related out-of-pocket expenses properly incurred by the Consultant and/or Employee in the performance of the Services
including, without limitation, travel and accommodation expenses incurred in accordance with the Company’s approved travel
policy and other general expenses incurred by the Consultant and/or Employee in connection with the Services.

 

		(b)	All expenses incurred by the Consultant or the Employee
must be pre-approved by the Company or Imperial as the case may be, or will be deemed to be approved where part of an existing
approved expense of an ongoing project.

 

		(c)	The Consultant must seek payment from the Company or Imperial as the case may be for all expenses
by submitting a claim monthly in arrears and accompanied by adequate records documenting the expense. All valid claims must be
paid by the Company or Imperial within 14 days of presentation.

 

		7.7.	The Company and Imperial, as the case may be, acknowledge
that the Consultant may be rewarded for bringing benefits to the Company or Imperial as the case may be, which are beyond the
scope of services required to be provided by the Consultant pursuant to this deed.

 

		7.8.	In consideration of the payments to be made to the Consultant
under this deed, the Employee acknowledges and agrees that he is not entitled to any salary or other remuneration from the Company
or Imperial as the case may be (other than any statutory entitlements) and waives all rights to any such remuneration.

 

 

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		7.9.	All payments of the Annual Fee and the Annual Incentive
Payment shall be paid 75% by Imperial and 25% by the Company.

 

		8.	OWNERSHIP OF INTELLECTUAL PROPERTY

 

		8.1.	The parties agree that the Company or Imperial, as the
case may be owns all Intellectual Property Rights generated as a result of the performance of the Services on creation (including
partial creation), regardless of whether the Intellectual Property Rights arise before or during the Term or after termination.

 

		8.2.	Notwithstanding clause 8.1, if any Intellectual Property
Rights generated during the course of performing the Services are or become owned by the Consultant or the Employee (by operation
of law or otherwise) then each of the Consultant and/or the Employee (as the case may be):

 

		(a)	holds such Intellectual Property Rights on trust for
the Company or Imperial, as the case may be; and

 

		(b)	at the request of the Company or Imperial, as the case
may be must unconditionally assign all such Intellectual Property Rights to the Company or Imperial, as the case may be and execute
all documents and do anything necessary to give effect to this assignment.

 

		8.3.	The Consultant and the Employee each hereby provides its irrevocable consent to the Company and
Imperial in respect of any moral rights (as defined in the Copyright Act 1968 (Cth)) comprised in any Intellectual Property
Rights generated during the course of performing the Services so that the Company or Imperial, as the case may be can use and amend
such Information as it sees fit.

 

		9.	MOTOR VEHICLE

 

		9.1.	During the Term, the Company must provide to the Consultant a fully maintained motor vehicle for
the sole use of the Employee or the Consultant for the purpose of carrying out the Services.

 

		9.2.	The Company is responsible for any fringe benefits tax arising from any fringe benefit provided
by the Company to the Consultant under this deed.

 

		10.	PERFORMANCE

 

		10.1.	Nothing in this deed will be construed as authorising the Company or Imperial, as the case may
be or any person on its behalf to direct the Consultant or the Employee as to the manner in which the Services are to be performed.

 

		10.2.	The parties acknowledge that the Consultant and the Employee perform the Services as independent
contractors and not as employees of the Company or Imperial, as the case may be. This deed and any other contract arising as a
result of this deed will be properly construed as a contract for services and not an employment contract and the parties declare
that neither or any of them have the intention to create an employment contract between the Company or Imperial, as the case may
be and the Consultant or between the Company or Imperial, as the case may be and the Employee.

 

		10.3.	The Consultant and the Employee must not assign this deed or sub-contract the Services or otherwise
sub-let any or all of the obligations and benefits under this deed without the written approval of the Company or Imperial, as
the case may be.

 

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		10.4.	Any taxes, levies, imposts, deductions, charges, withholding and duties imposed by any authorities
on any matter relating to or connected with the Annual Fee is for the account of the Consultant or the Employee.

 

		11.	THE CONSULTANT’S COVENANTS

 

		11.1.	The Consultant hereby covenants with the Company and Imperial (and will ensure that the Employee
complies with the following as appropriate):

 

		(a)	with due care, diligence, skill and punctuality to duly
observe and perform all and singular the covenants, terms and conditions on the part of the Consultant contained or implied in
this deed;

 

		(b)	as an inducement to the Company and Imperial to enter into this deed, and as a material condition
of this deed, to make available to the Company and Imperial the Employee, and to procure that the Employee devotes such amount
of his working time and attention and skill to the affairs of the Company and Imperial as is necessary for the Consultant to duly
and punctually discharge its obligations in this deed;

 

		(c)	to protect and promote the Company’s and Imperial’s interests in all things to the
best of the Consultant’s skill, ability and judgement;

 

		(d)	to protect the Company's and Imperial’s Confidential Information and Intellectual Property
Rights;

 

		(e)	to obey and conform to all reasonable lawful orders and directions of the Board as from time to
time may be given;

 

		(f)	not to pledge the credit of the Company or Imperial except as is necessary to discharge its obligations
under this deed or to the extent that it may be specifically authorised so to do by the Company or Imperial from time to time;

 

		(g)	not to at any time either directly or indirectly deal with stock, supplies, money or credits from
time to time belonging or owing to the Business for its own use or benefit;

 

		(h)	to conduct all business and administrative aspects of the Business in all respects on behalf of
and in the name of the Company or Imperial and not in its own name;

 

		(i)	not to do or suffer any act or thing whereby the Business or any of the assets of it or any other
property of the Business or of the Company or Imperial may become liable to be seized in execution, charged or affected or whereby
the interests of the Business or the Company or Imperial may be prejudicially affected or impaired;

 

		(j)	to assume and exercise the powers and carry out the duties appropriate to its engagement as may
from time to time be assigned to the Consultant by the Board and the Consultant must at all times promote, develop and extend the
Business and interests of the Company or Imperial and do all things within the Consultant’s power to enhance and extend the
prosperity, business and reputation of the Company or Imperial;

  

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		(k)	to show the utmost good faith and devote its full attention to the Business and to the affairs
of the Company or Imperial and must use its best endeavours to promote develop and extend the Business and the interests of the
Company or Imperial generally and must diligently obey and observe all lawful directions of the Company or Imperial;

 

		(l)	not to hold out that it binds the Company or Imperial except in the course of providing the Services;

 

		(m)	to comply with all of the Company's and Imperial’s applicable policies and procedures; and

 

		(n)	to at all times comply with the companies and securities laws of Australia including, without limitation,
the Corporations Act and the ASX Listing Rules and all laws applicable to Imperial.

 

		11.2.	The Consultant warrants that the Employee is ordinarily
engaged by the Consultant for the performance of duties of a similar nature to that for which his services are required by the
Company and Imperial, and the Consultant warrants the skill and ability of the Employee to carry out the duties required of him
by the Company.

 

		11.3.	The Consultant will not and must ensure the Employee will not during the Term without the prior
written consent of the Company and Imperial (which consent must not be unreasonably withheld) be directly concerned either alone
or jointly with or as an employee, director or manager in any business, undertaking or activity which:

 

		(a)	competes or may reasonably be expected to compete with
the Business or any reasonably anticipated future business of the Company and Imperial; or

 

		(b)	may cause the Consultant or the Employee to fail to promptly
and diligently discharge the duties, obligations and responsibilities imposed on the Consultant or the Employee under the terms
of this deed.

 

		11.4.	Nothing in clause 11.3 will prevent the Consultant or the Employee from holding or acquiring shares,
options or securities of any description, personal investment in any company or trust, unless the holding of those shares or securities
is inconsistent with the objects of this clause or creates or may create a conflict between the interests of the Consultant and
or the Employee and interests of the Company and Imperial.

 

		12.	FURTHER COVENANTS

 

		12.1.	The Employee hereby covenants, undertakes and agrees with the Company and Imperial as an inducement
to the Company and Imperial to enter into this deed and also as a material condition of this deed that:

 

		(a)	he is and will remain an employee of the Consultant throughout
the Term; and

 

		(b)	he will devote sufficient working time and attention
and skill to the affairs of the Company and Imperial as is necessary for the Consultant to duly and punctually provide the Services
and discharge its obligations under this deed.

 

		12.2.	Each of the Consultant and the Employee agree, as separate covenants in favour of the Company,
and the Consultant agrees that it must ensure that:

 

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		(a)	without the prior written consent in writing of the Company and Imperial with respect to activities
arising after the date of this deed, the Employee will not during the Term:

 

		(i)	carry on business either alone or in partnership; or

 

		(ii)	be directly employed or actively involved in any trade
business or occupation whatsoever except as an employee, officer, agent or consultant of the Consultant in the performance of
the Services,

 

		where	such activities directly compete with the activities of
the Company or any Group Company;

 

		(b)	the Employee must not accept any payment or other benefit
in money or in kind from any person (other than the Company, Imperial or the Consultant) as an inducement or required for any
act or forbearance or in connection with any matter or business transacted by or on behalf of the Company or any Group Company;
and

 

		(c)	the Employee will not during the Term of this deed use
or disclose to any person any Information concerning this deed or relating directly to the Services or the operations of the Company
or Imperial except as required to perform the Services and in accordance with this deed.

 

		13.	THE COMPANY’S COVENANTS

 

The Company hereby covenants with the Consultant:

 

		(a)	to duly and punctually observe and perform all and singular
the covenants, terms and conditions on the part of the Company contained or implied in this deed or under applicable Australian
law;

 

		(b)	to give any reasonable assistance and do all things as reasonably requested by the Consultant as
is necessary to enable the Consultant to carry out its obligations and powers hereunder; and

 

		(c)	to furnish to the Consultant all pertinent data and information available to the Company without
charge and within a reasonable time and give such assistance as is reasonably be required by the Consultant or the Employee for
the carrying out of the Services.

 

		14.	INDEMNITY

 

		14.1.	With effect from the Commencement Date and to the maximum
extent permitted by law, the Company agrees to indemnify and keep indemnified:

 

		(a)	the Consultant against any liability incurred by the Consultant arising out of or in connection
with the performance of its obligations under this deed, unless the liability arises as the result of the gross negligence of the
Consultant;

 

		(b)	the Employee against liability to a person other than the Company or a Group Company, incurred
whether directly or indirectly by the Employee as an officer of the Company or any Group Company, unless the liability arises out
of conduct of the Employee involving a lack of good faith; and

 

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		(c)	the Consultant and the Employee against liability for costs and expenses incurred by the Consultant
or the Employee in the course of providing the Services:

 

		(i)	in defending proceedings, whether civil or criminal, in
which judgment is given in favour of the Consultant or the Employee or in which the Consultant or the Employee is acquitted; or

 

		(ii)	in connection with an application in relation to those
proceedings in which the Employee is granted relief by a Court under the Corporations Act.

 

		13.2	It is not necessary for the Consultant or the Employee to incur expense or to make payment before
enforcing any right of indemnity under this deed.

 

		15.	INSURANCE

 

		15.1.	The Company will during the Term effect a directors’ and officers’ insurance policy
in respect of the Employee’s tenure as a director of the Company.

 

		16.	TERMINATION

 

		16.1.	This deed may be terminated as follows:

 

		(a)	if:

 

		(i)	the Employee commits any act of dishonesty or fraud in
relation to the Services;

 

		(ii)	the Employee commits any serious misbehaviour or breach
of duty connected with the performance of the Services;

 

		(iii)	the Employee or the Consultant suffers an Insolvency
Event or is declared bankrupt (as the case may be);

 

		(iv)	the Consultant materially defaults in the performance
of any of its obligations under this deed, which default is incapable of remedy or which is not remedied within twenty eight (28)
days of the Company having served upon the Consultant a notice of default identifying the default and requesting that it be remedied;
or

 

		(v)	the Employee or Consultant engages in wilful misconduct
or acts in a manner which is grossly negligent or incompetent in the performance of the Services,

 

then each of the Company and
Imperial may forthwith terminate this deed with respect to itself effective immediately upon serving the Consultant with written
notice of termination;

 

		(b)	if the Company, Imperial and the Consultant decide by
mutual agreement to terminate this deed, upon the agreed date of termination;

 

		(c)	if the Consultant gives to the Company and Imperial three (3) months' notice (or such other period
as the parties may agree) in writing of the termination of this deed under this clause (and does not otherwise give a notice under
clauses 16.1(d) or 16.1(e)), termination will occur upon either:

  

    	Exhibit 10 5 - Form of  Consultancy Services.doc	12

    	 

    

  

		(i)	expiry of the three (3) month period of notice (during
which time the Services must continue to be performed under this deed); or

 

		(ii)	the payment of three (3) months' Annual Fee in lieu of
the worked period of notice provided for in paragraph (i) above;

 

		(d)	if the Employee is in ill health as certified by a medical
practitioner for a continuous period of ninety (90) days, or is totally and permanently incapacitated or dies, or retires on giving
to the Company, Imperial and the Consultant not less than six (6) months' notice at any time after having attained the age of
55 years, then the Company, Imperial or the Consultant may forthwith terminate this deed by serving the other with written notice
of termination;

 

		(e)	if the composition of the Board as at the Commencement
Date changes without the written agreement or approval of all members of the Board or if the Employee is removed as a director
of the Company by shareholders then the Consultant may forthwith terminate this deed by serving the Company with written notice
of termination within thirty (30) days of such change or removal;

 

		(f)	if:

 

		(i)	an Insolvency Event occurs in relation to the Company
or Imperial; or

 

		(ii)	the Company or Imperial is in breach of any regulation
of any government or regulatory authority which breach remains unremedied after twenty eight (28) days' notice thereof is given
by the Consultant to the Company or Imperial;

 

		(iii)	the Company or Imperial by any act or omission frustrates
the provisions and purposes of this deed; or

 

		(iv)	the Company or Imperial defaults in the performance of
any of its obligations under this deed and fails to remedy such default within twenty eight (28) days after service of a notice
of default by the Consultant identifying the default and requesting that it be remedied,

 

then the Consultant may terminate
this deed with respect to such entity effective immediately upon serving the Company or Imperial with written notice of termination.

 

		16.2.	For the avoidance of doubt, the parties expressly acknowledge that this deed will not terminate
upon the Employee ceasing to be a director of the Company PROVIDED THAT upon such event happening the Consultant agrees to thereafter
undertake for the benefit of the Company such services as the Board determines in substitution of the Services.

 

		16.3.	On termination of this deed the Consultant will forthwith deliver to the Company or Imperial all
Information or property of the Company and any Group Company including without limitation, documents, papers, materials, credit
cards, and other property (intellectual or otherwise) which may then be in its possession or under its power or control.

  

    	Exhibit 10 5 - Form of  Consultancy Services.doc	13

    	 

    

 

		17.	CONSEQUENCES OF TERMINATION

 

		17.1.	Termination of this deed by the Company, Imperial or the Consultant will be effective from the
relevant date specified in clause 16.1 from which time neither party has any claim against the other whether at law or in equity
save for antecedent breaches or accrued liability under this deed.

 

		17.2.	In consideration of this deed the Company, Imperial and the Consultant agree that:

 

		(a)	upon termination of this deed under clause 16.1(a) by
the Company and Imperial, the Company and Imperial will pay to the Consultant within seven (7) days of the date of termination
an amount equal to the aggregate unpaid Annual Fee and any other amounts owed under clause 7 accrued to the date of termination;

 

		(b)	upon termination of this deed under either of clauses
16.1(b) or 16.1(c), the Company will pay to the Consultant within seven (7) days of the date of termination a sum equal to the
aggregate of the then current Annual Fee, any unpaid Annual Fee in respect of the relevant calendar year, and any other amounts
owed under clause 7 accrued to the date of termination;

 

		(c)	upon termination of this deed under any of clauses 16.1(d),
16.1(e) or 16.1(f), the Company will pay to the Consultant within seven (7) days of the date of termination:

 

		(i)	a sum of money (which is to be by way of genuine payment
by lump sum payment in respect of past services rendered by the Consultant to the Company under any previous consulting arrangement,
this deed or otherwise) which is to be equal to the maximum sum calculated in accordance with section 200G(3) of the Corporations
Act as if as at the date of termination the Consultant was an employee of the Company; and

 

		(ii)	an amount equal to the aggregate of any unpaid Annual
Fee and any other amounts owed under clause 7 accrued to the date of termination; and

 

		(iii)	an amount equal to the aggregate of any unpaid Annual
Incentive Payment and any other amounts owed under clause 7 accrued to the date of termination.

 

		17.3.	No payment will be made under clause 17.2 if it would result in a contravention of a limit prescribed
by any statute or rules. If a termination benefit becomes payable under this deed which would contravene any statute or rules then
such benefit will be reduced (pro rata to the termination amounts payable thereunder) to the minimum extent necessary to meet the
prescribed limit.

 

		18.	CONFIDENTIALITY

 

		18.1.	Subject to clause 18.2, each of the Consultant and the Employee:

 

		(a)	must keep confidential all Confidential Information;

 

		(b)	may only use any Confidential Information for the purpose
of providing the Services or otherwise with the prior written consent of the Company or Imperial, as the case may be;

 

    	Exhibit 10 5 - Form of  Consultancy Services.doc	14

    	 

    

 

		(c)	must not copy any document that contains Confidential
Information or otherwise record or reproduce the Confidential Information in any material form except as is strictly necessary
for the purpose of this deed or otherwise with the consent of the Company or Imperial, as the case may be;

 

		(d)	acknowledges that it has no proprietary rights, title
or interest in, and will not acquire any licence, rights, title or interest in, the Confidential Information of the Company or
Imperial, as the case may be;

 

		(e)	following a request by the Company or Imperial, as the
case may be, or when the Confidential Information is no longer required for the purpose of the Consultant performing its obligations
or exercising its rights under this deed, must immediately return (or otherwise destroy) all Confidential Information belonging
to the Company or Imperial, as the case may be and certify that no Confidential Information of the Company or Imperial, as the
case may be, is retained; and

 

		(f)	acknowledges and agrees that a breach of this clause
18 may cause the Company or Imperial, as the case may be, irreparable damage for which monetary damages would not be an adequate
remedy. Accordingly, in addition to other remedies that may be available, the Company or Imperial, as the case may be, may seek
and obtain an injunctive relief against such a threatened breach.

 

		18.2.	The obligations in clause 18.1 do not apply:

 

		(i)	to the extent necessary to enable the Consultant or the
Employee to make any disclosure required by law or to defend either of themselves in any proceedings taken against them;

 

		(ii)	to the extent the Consultant or Employee can demonstrate
it was already known to either of them as at the time of the disclosure of the Confidential Information;

 

		(iii)	to the extent the Confidential Information was provided
to the Consultant or the Employee by a third party, provided that the source of such information was not known by the Consultant
or the Employee to be subject to an obligation of confidence to the Company or Imperial, as the case may be, in respect of the
information;

 

		(iv)	to the extent the Confidential Information was developed independently by the Consultant or the
Employee without violating the terms of this deed;

 

		(v)	to the extent it is necessary to disclose Confidential Information to a third party to enable the
Consultant or the Employee to perform its obligations under this deed, having first ensured that the third party agrees to keep
the Confidential Information confidential on terms at least as restrictive as set out in this clause;

 

		(vi)	to any disclosure consented to by the Company or Imperial, as the case may be, (such consent not
to be unreasonably withheld); or

 

		(vii)	where a portion of the Confidential Information has entered the public domain other than as a result
of a breach by the Consultant or the Employee of this deed, to that portion of the Confidential Information that has entered into
the public domain.

  

    	Exhibit 10 5 - Form of  Consultancy Services.doc	15

    	 

    

 

		18.3.	For the purposes of clause 18.2(vi), the consent of the Company or Imperial, as the case may be,
will be deemed to be unreasonably withheld if the consent of the Company or Imperial, as the case may be, is sought and withheld
in respect of any trade secrets, secret or confidential operations, processes or dealings or any information concerning the organisation,
business, finances, transactions or affairs of the Company or Imperial, as the case may be, which are or is in the possession of
any third party or parties otherwise than due to disclosure thereto by the Consultant or the Employee.

 

		18.4.	This clause 18 survives termination of this deed.

 

		19.	GST

 

		19.1.	Interpretation

 

Terms defined in the GST Law
have the same meaning when used in this clause.

 

		19.2.	Payments GST exclusive

 

Unless otherwise stated in
this deed, all payments to be made, and other consideration to be provided, for supplies made under this deed exclude GST.

 

		19.3.	Tax invoice

 

If GST is payable on a supply
made under this deed:

 

		(a)	the supplier must provide to the recipient a tax invoice for the supply complying with the GST
Law;

 

		(b)	despite any other provision of this deed, the recipient will not be obliged to pay for the supply
unless and until the recipient has received the tax invoice; and

 

		(c)	when the recipient is obliged to pay for the supply, the recipient must also pay to the supplier
an amount equal to the GST payable by the supplier on the supply.

 

		19.4.	Adjustment events, if:

 

		(a)	there is an adjustment event in relation to a supply; or

 

		(b)	the Australian Commissioner of Taxation lawfully adjusts the value of a supply for the purpose
of calculating GST; and

 

		(c)	that results in the amount of GST payable by the supplier on the supply being different from the
amount of GST previously recovered by the supplier from the recipient under clause 19.3,

 

the supplier must promptly
provide to the recipient an adjustment note for the amount in question and:

 

		(d)	if there has been an increasing adjustment, the recipient must within a reasonable period of receiving
the adjustment note pay to the supplier the amount of the increase; or

 

		(e)	if there has been a decreasing adjustment, the supplier must promptly refund to the recipient the
amount of the decrease.

 

    	Exhibit 10 5 - Form of  Consultancy Services.doc	16

    	 

    

 

		19.5.	Reimbursable amounts

 

If a party is required under
this deed to reimburse another party for any loss or expense incurred by that other party, the amount to be reimbursed will be
the sum of:

 

		(a)	the amount of the loss or expense, net of any input tax credits to which that other party may be
entitled in respect of the loss or expense; and

 

		(b)	if the receipt of the reimbursement is itself a taxable supply, any GST payable in respect of that
supply.

 

		19.6.	Withholdings

 

If the supplier has not provided
its Australian Business Number to the recipient, the recipient may withhold from any payment due to the supplier under this deed
any amount it is required to withhold by law because of that fact.

 

		20.	ARBITRATION

 

		20.1.	In the event of any dispute, controversy or claim arising from or connected with this deed (including
one regarding the existence, validity or termination of this deed or relating to any non-contractual or other obligation arising
out of or in connection with this deed) or the consequences of its nullity ("Dispute") failing resolution of the
Dispute within twenty one (21) days of the Dispute arising, will be referred to and finally resolved by arbitration under the Australian
Centre for International Commercial Arbitration (ACICA) Rules.

 

		20.2.	The arbitral tribunal will consist of one/ arbitrator who must be an Australian lawyer of at least
ten years' standing.

 

		20.3.	The seat of the arbitration will be Sydney, Australia, and the language of the arbitration must
be English.

 

		20.4.	The costs of the arbitrator will be borne by the Company if the dispute is resolved in favour of
the Consultant or by the Consultant if the dispute is resolved in favour of the Company.

 

		21.	ENTIRE AGREEMENT

 

This deed constitute the entire agreement between the parties relating to the subject matter hereof
and supersedes all previous agreements and communications with respect thereto.

 

			

 

		22.	EFFECT OF TERMINATION

 

The termination of this deed howsoever arising does not affect such of the provisions hereof as
are expressed to operate or have effect thereafter and is without prejudice to any right of action already accrued by either party
in respect of any breach of this deed by the other party.

 

		23.	NOTICES

 

		23.1.	Method of service

 

    	Exhibit 10 5 - Form of  Consultancy Services.doc	17

    	 

    

 

A notice under or in connection
with this deed must be in writing, in the English language and:

 

		(a)	delivered personally; or

 

		(b)	sent by prepaid post; or

 

		(c)	if being sent to an overseas destination, sent by prepaid airmail; or

 

		(d)	sent by fax; or

 

		(e)	sent by email,

 

to the party due to receive
the notice to its address, fax number or email address (as the case may be) given by the party to the other parties.

 

		23.2.	Deemed service

 

Unless there is evidence that
it was received earlier, a Notice is deemed to have been given (provided it has been sent in accordance with clause 23.1):

 

		(a)	if delivered personally, when left at the relevant address;

 

		(b)	if sent by post to a destination within the same country, 3 Business Days after posting it;

 

		(c)	if sent by airmail to a destination in a different country, 7 Business Days after posting it;

 

		(d)	if sent by fax, when confirmation of its transmission has been recorded by the sender's fax machine;
or

 

		(e)	if sent by email, when transmitted by the sender unless the sender receives a message from its
internet service provider or the recipient's mail server indicating that it has not been successfully transmitted,

 

but if the delivery or receipt
is after 5:00pm on a Business Day or on a day which is not a Business Day, the notice is to be taken as having been received at
9:00am on the next Business Day.

 

		24.	SEVERANCE

 

In the event of any part of this deed being or becoming void or unenforceable whether due to the
provisions of any statute or otherwise then that part is severed from this deed to the intent that all parts that are not or do
not become void or unenforceable remain in full force and effect and are unaffected by any severance.

 

		25.	AMENDMENT

 

This deed may be amended or varied only by agreement in writing signed by the parties. Unless the
context otherwise requires, a reference to this deed includes a reference to this deed as amended or varied from time to time.

 

		26.	COUNTERPARTS

 

This deed may be executed in
any number of counterparts, each of which, when executed, is an original. Those counterparts together make one instrument.

  

    	Exhibit 10 5 - Form of  Consultancy Services.doc	18

    	 

    

  

		27.	PROPER LAW

 

This deed is be governed by and construed in accordance with the laws of the State of New South
Wales and of the laws of the Commonwealth of Australia with respect to the Company and the laws of the State of Pennsylvania with
respect to Imperial, without giving effect to any choice of law rules or provisions, in each case applicable from time to time.

 

		28.	COSTS AND STAMP DUTY

 

The costs of and incidental to the preparation, stamping and execution of this deed and the transactions
contemplated by it will be borne by the Company.

 

		29.	NO ASSIGNMENT

 

The Consultant must not assign its interest in or any part of its interest in the deed to any other
entity (“Assignee”) except with the prior written consent of the Company and Imperial, which consent must not be unreasonably
withheld. It is unreasonable for the Company and Imperial to withhold its consent if the Assignee: (a) is financially sound; (b)
has a demonstrated record of the technical or financial expertise necessary to fully comply with the Company’s obligations
under this deed; and (c) is a legal corporate entity in a country to which the Employee has migrated or intends to migrate.

 

  

    	Exhibit 10 5 - Form of  Consultancy Services.doc	19

    	 

    

  

EXCEPTIONAL
EVENT PAYMENT SCHEDULE

 

To the extent permitted by law and the
ASX and NASDAQ Listing Rules, the Company must pay the Consultant the "Exceptional Event Payment" on the occurrence of
an "Exceptional Event" in accordance with this schedule.

 

BASIS OF EXCEPTIONAL EVENT PAYMENT

 

The Company recognises that the Consultant
has offered to the Company the opportunity to take a majority working interest in the two projects described below. Even though
this agreement may be terminated under the terms and conditions set out under this deed, the Company will remain obligated to assess
whether an Exceptional Event Payment is due and payable to the Consultant following each issue of the Company's half year or full
year report to ASX. If the Company, acting reasonably, determines that an Exceptional Event Payment is payable, it must pay it
to the Consultant as soon as reasonably possible.

 

EXCEPTIONAL EVENT

 

An "Exceptional Event"
will occur when, acknowledging the efforts of the Consultant, the Company monetises (whether by way of development, sale, joint
venture, spin-off, reverse merger or similar transaction) of:

 

		(a)	Oil and gas exploration assets situated in Northern Territory, Australia and held by the Company’s
wholly owned subsidiary Imperial Oil & Gas Pty Ltd,; and

 

		(b)	Marcellus and Utica Shale assets situated in the State of New York, United States of America and
held by the Company’s subsidiary Empire Energy E&P, LLC,

 

Then such that benefit received by the
Company in respect of the relevant asset (or part thereof) exceeds the book value of the asset (or part thereof) as recorded in
the Company's Consolidated Statements of Financial Position (including the Group Companies) immediately before the event, then:

 

		(i)	For (a) above the Company will be solely responsible
for any payment under the Exceptional Event; and

 

		(ii)	For (b) above the Company and Imperial will be responsible
for any payment under the Exceptional Event on the same proportional basis as set out in Clause 7.9 of this agreement

 

EXCEPTIONAL EVENT PAYMENT

 

The Exceptional Event Payment (“EEP”)
to the Consultant will be calculated as follows.

 

EEP = ΔBV * I%

 

Where:

 

		I%	is percentage (%) specified in the "Exceptional Event Table" below.

 

		ΔBV	is (EEV less BV).

 

		EEV	is the net transaction value (after all costs (including holdings costs), expenses and taxes associated
with the transaction) of the relevant asset that is the subject of the Exceptional Event

 

    	Exhibit 10 5 - Form of  Consultancy Services.doc	20

    	 

    

 

		BV	is the then existing book value of the relevant asset the subject of the Exceptional Event as per
the Company's Consolidated Statements of Financial Position immediately before the Exceptional Event.

 

		%ΔBV	is equal to (ΔBV / BV)%.

 

Exceptional
Event Payment (“EEP”) Table

 

	%ΔBV	 	I%
	<24.99%	 	0.0%
	25% to 99.9%	 	2.0%
	100% to 199.9%	 	2.5%
	200% to 299.9%	 	3.0%
	300% to 399.9%	 	3.5%
	400% to 499.9%	 	4.0%
	>500%	 	4.5%

 

 

    	Exhibit 10 5 - Form of  Consultancy Services.doc	21

    	 

    

SIGNED,
SEALED AND DELIVERED AS A DEED

 

	Executed by Empire Energy Group Limited (ACN 002 148 361) in accordance with section 127 of the Corporations Act 2001 (Cth):	 	 	 
	 	 	 	 
	 	 	 	 
	Signature of director	 	 	Signature of company secretary/director
	 	 	 	 
	 	 	 	 
	Full name of director	 	 	Full name of company secretary/director

 

	Executed by Imperial Resources, LLC	 	 	 
	a Delaware limited liability company:	 	 	 
	 	 	 	 
	 	 	 	 
	Signature of Manager	 	 	Signature of Secretary/Manager
	 	 	 	 
	 	 	 	 
	Full name of director	 	 	Full name of Secretary/Manager

 

	Executed by EnergyCap Pty Ltd (ACN 601 893 109) in accordance with section 127 of the Corporations Act 2001 (Cth) by its sole director:	 	 	 
	 	 	 	 
	 	 	 	 
	Signature of director	 	 	Signature of company secretary/director
	 	 	 	 
	 	 	 	 
	Full name of director	 	 	Full name of company secretary/director

 

	Signed, sealed and delivered by Bruce William McLeod in the presence of:	 	 	 
	 	 	 	 
	 	 	 	 
	Signature of witness	 	 	Signature of Bruce William McLeod
	 	 	 	 
	 	 	 	 
	Full name of witness	 	 	 

 

    	Exhibit 10 5 - Form of  Consultancy Services.doc	22

    	 

    

  

Attachment
A

 

EMPIRE ENERGY GROUP LIMITED (“Company”)

 

ANNUAL INCENTIVE PLAN THRESHOLDS FOR
INCENTIVE PAYMENTS 

 

FROM - 1 JANUARY 2013

 

This document sets out the basis on which
the Consultant is to be paid the Annual Incentive Plan (“AIP”) for the purposes of clause 7.2 of the Consultancy
Services Deed between Empire Energy Group Limited ("Company") Imperial Resources, LLC (“Imperial”)
and EnergyCap Pty Ltd ("Consultant") and Bruce William McLeod (the "Employee") dated as per the
Consultancy Deed to which this is part thereof, ("Consultancy Deed"). Capitalised terms used in this document
have the meanings given to them in the Consultancy Deed.

 

The Company and Imperial will be responsible
for any AIP on the same proportional basis as set out in Clause 7.9 of this agreement. The AIP will be paid in cash (“Cash”)
or fully paid unrestricted and fully vested shares (“Shares”) ofboth the Company and Imperial, or a combination
of both. The Company and the Consultant will agree to the split between the Cash and the Shares. If no mutual decision is made
the AIP will be paid 50% Cash and 50% Shares. If the Company and Imperial are unable to issue shares the AIP will be paid 100%
Cash.

 

The number of Shares allocated in respect
of the AIP will be based on the value of the AIP divided by the volume weighted average price for shares of the Company and Imperial,
if relevant, in the ten (10) trading days immediately prior to the AIP calculation The Shares will vest immediately after they
are awarded.

 

The AIP has two components:

 

		1.	Total Shareholder Return (“TSR”) calculated as set out below, Part A, as at
31 December each year, or on the such date that the Consultancy Deed is terminated under this deed.

 

		2.	Individually assessed incentives paid on achievement of individual key performance indicators,
which are in line with Company objectives and are set out below, Part B, C & D.

 

The award of the AIP is determined by the
remuneration committee, as per the formal metrics below. Awards under the AIP outside those determined under the formal metrics
may be made at the discretion of the Company and Imperial in the event of exceptional performance. Awards under the AIP (using
the formal metrics set out below) are to be determined by the Company and Imperial, (i) on an annual basis at the end of each financial
year, for the first time as at December 2013 (with Imperial participating for the first time as at December 2014); or (ii) at an
interim date during a financial year on the last business day prior to the termination of the deed. The Company and Imperial will
pay to the Consultant the aggregate amount of the AIP as calculated below:

 

Part AAIP on TSR

 

AIP is determined by comparison
of the Company’s TSR to the TSR of the following companies listed on the recognised securities exchanges for the same period.
Where the securities are listed on a foreign securities exchange, the foreign currency rate prevailing on the day of the determination
of the TSR will be utilised. Each year, the outlying performers (best two and worst two) will be excluded from the final Comparator
List. The amount of the incentive will then be paid based on the Company’s ranking relative to the remaining 20 companies
in the Comparator List.

 

    	Exhibit 10 5 - Form of  Consultancy Services.doc	23

    	 

    

 

Comparator List

 

	Company	 	ASX Ticker
	Antares Energy Limited	 	AZZ
	Austex Oil Limited	 	AOK
	AWE Limited	 	AWE
	Blue Energy Limited	 	BUL
	Buru Energy Limited	 	BRU
	Carnarvon Petroleum Limited	 	CVN
	Comet Ridge Limited	 	COI
	Cooper Energy Limited	 	COE
	Cue Energy Resources Limited 	 	CUE
	Double Eagle, Inc 	 	NASD:DBLE
	Entek Energy Limited	 	ETE
	Galilee Energy Limited	 	GLL
	Icon Energy Limited	 	ICN
	Lonestar Resources Limited percentile	 	LNR
	Molopo Energy Limited	 	MPO
	Neon Energy Limited	 	NEN
	Petsec Energy Limited	 	PSA
	Red Fork Energy Limited	 	RFE
	Strike Energy Limited	 	STX
	Sunbird Energy Limited	 	SNY
	Sundance Energy Australia Limited	 	SEA
	Tengasco Inc	 	NYSE:TGC
	US Energy Corp	 	NASD:USEG
	ZaZa Energy Corporation, Inc	 	NASD:ZAZA

 

The TSR is calculated including
share price growth, dividends and capital returns with adjustments for reconstructions, consolidations, rights and bonus issues.
Vesting will occur based on the Company’s ranking within the Comparator List as follows:

 

	Company performance 

versus Comparator List	 	TSR as a % of 

50% of Annual Fee
	0 to 20th percentile	 	10%
	30th percentile	 	25%
	40th percentile	 	40%
	50th percentile	 	55%
	60th percentile	 	70%
	70th percentile	 	80%
	80th percentile	 	90%
	90th percentile	 	95%
	100th percentile	 	100%

 

For example – if at the
time of TSR calculation the Company performance falls within 40th percentile of the Comparator List, the TSR calculation will be:

 

50% * Annual Fee * 40% (from
above table) = 50% * $796,000 * 40% = $159,200

 

    	Exhibit 10 5 - Form of  Consultancy Services.doc	24

    	 

    

 

Part BAIP on growth in net assets

 

AIP Payment equal to $20,000
for every 10% (or part thereof) increase in the 2P PV10 valuation of oil and gas assets (as provided under the Annual Economic
& Reserve Report prepared by qualified Petroleum Consultants) compared to the Written Down Book Value of Oil and Gas Properties
("BV") as per the Consolidated Statements of Financial Position at the time of review:

 

For period to 31 December, 2012,
(PV10–BV) was:

 

$138.3mm - $98.0mm = $40.3mm.

 

Part CAIP on growth in 2P reserves

 

AIP Payment equal to $20,000
for every 10% (or part thereof) growth in 2P Reserves (as provided under the annual Economic & Reserve Report prepared by qualified
Petroleum Consultants):

 

For the period to 31 December,
2012, 2P Reserves were:

 

= 11.3 mmBoe.

 

Part DAIP on growth in EBITDAX

 

AIP Payment equal to $15,000
for every 5% of increase in EBITDAX from previous base as reported to ASX. (EBITDAX includes will include the net proceeds of any
oil and gas properties sold by the Company or Imperial).

 

For the period to 31 December,
2012, EBITDAX was:

 

= $12.79mm.

 

    	Exhibit 10 5 - Form of Consultancy Services.doc	25EX-4.4

 Exhibit 4.4 
  

 
  

ENTERPRISE PRODUCTS OPERATING LLC 

AS ISSUER, 
 ENTERPRISE PRODUCTS
PARTNERS L.P. 
 AS PARENT GUARANTOR, 

and 
 WELLS FARGO BANK, 

NATIONAL ASSOCIATION, 
 AS TRUSTEE

  
  

TWENTY-SIXTH SUPPLEMENTAL INDENTURE 

Dated as of October 14, 2014 

to 
 Indenture dated as of
October 4, 2004 
  
  

2.55% Senior Notes due 2019 
 3.75%
Senior Notes due 2025 
 4.95% Senior Notes due 2054 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
		 	ARTICLE I	  			
		 	THE NOTES	  			
			
	 SECTION 1.1
	 	 Form.
	  	 	2	  
	 SECTION 1.2
	 	 Title, Amount, Stated Maturity and Interest.
	  	 	3	  
	 SECTION 1.3
	 	 Registrar and Paying Agent.
	  	 	4	  
	 SECTION 1.4
	 	 Transfer and Exchange.
	  	 	4	  
	 SECTION 1.5
	 	 Guarantee of the Notes.
	  	 	4	  
	 SECTION 1.6
	 	 Defeasance and Discharge.
	  	 	4	  
	 SECTION 1.7
	 	 Amendment to Section 4.12 of the Original Indenture.
	  	 	5	  
	 SECTION 1.8
	 	 Amendment to Section 4.13 of the Original Indenture.
	  	 	5	  
			
		 	ARTICLE II	  			
		 	REDEMPTION	  			
			
	 SECTION 2.1
	 	 Redemption.
	  	 	5	  
			
		 	ARTICLE III	  			
		 	MISCELLANEOUS PROVISIONS	  			
			
	 SECTION 3.1
	 	 Table of Contents, Headings, etc.
	  	 	5	  
	 SECTION 3.2
	 	 Counterpart Originals.
	  	 	6	  
	 SECTION 3.3
	 	 Governing Law.
	  	 	6	  
	 SECTION 3.4
	 	 Certain Trustee Matters.
	  	 	6	  

  

			
	Exhibit A	  	Form of the2.55% Senior Notes due 2019
	Exhibit B	  	Form of the 3.75% Senior Notes due 2025
	Exhibit C	  	Form of the 4.95% Senior Notes due 2054

  
 i 

 THIS TWENTY-SIXTH SUPPLEMENTAL INDENTURE dated as of October 14, 2014 (this
“Twenty-Sixth Supplemental Indenture”), is among Enterprise Products Operating LLC, a Texas limited liability company (the “Issuer”), Enterprise Products Partners L.P., a Delaware limited partnership (the “Parent
Guarantor”), and Wells Fargo Bank, National Association, a national banking association, as trustee (the “Trustee”). Each capitalized term used but not defined in this Twenty-Sixth Supplemental Indenture shall have the meaning
assigned to such term in the Original Indenture (as defined below). 
 RECITALS: 

WHEREAS, Enterprise Products Operating L.P. (the “Original Issuer”) and the Parent Guarantor have executed and delivered to the
Trustee an Indenture, dated as of October 4, 2004 (the “Original Indenture”), providing for the issuance by the Original Issuer from time to time of its debentures, notes, bonds or other evidences of indebtedness, issued and to be
issued in one or more series unlimited as to principal amount (the “Debt Securities”), and the guarantee by each Guarantor of the Debt Securities (the “Guarantee”); and 

WHEREAS, the Original Issuer, the Issuer and the Parent Guarantor have executed and delivered to the Trustee a Tenth Supplemental Indenture,
dated as of June 30, 2007, providing for the Issuer as the successor issuer; and 
 WHEREAS, the Original Indenture, as amended and
supplemented by the Tenth Supplemental Indenture, shall be referred to herein as the “Base Indenture”; and 
 WHEREAS, the Base
Indenture, as amended and supplemented from time to time, including without limitation pursuant to this Twenty-Sixth Supplemental Indenture, shall be referred to herein as the “Indenture”; and 

WHEREAS, on or before the date hereof the Issuer has issued several series of Debt Securities pursuant to previous supplements to the Base
Indenture; and 
 WHEREAS, the Issuer has duly authorized and desires to cause to be issued pursuant to the Indenture, three new series of
Debt Securities (collectively, the “Notes”), designated as set forth in this Twenty-Sixth Supplemental Indenture. 
 WHEREAS, all
of the Notes will be guaranteed by the Parent Guarantor as provided in Article XIV of the Original Indenture; and 
 WHEREAS, the Issuer
desires to cause the issuance of the Notes pursuant to Sections 2.01 and 2.03 of the Original Indenture, which sections permit the execution of indentures supplemental thereto to establish the form and terms of Debt Securities of any series; and

 WHEREAS, pursuant to Section 9.01 of the Original Indenture, the Issuer and the Parent Guarantor have requested that the Trustee
join in the execution of this Twenty-Sixth Supplemental Indenture to establish the form and terms of the Notes; and 
 WHEREAS, all things
necessary have been done to make the Notes, when executed by the Issuer and authenticated and delivered under the Indenture and duly issued by the Issuer, and 

 
the Guarantee of the Parent Guarantor, when the Notes are duly issued by the Issuer, the valid obligations of the Issuer and the Parent Guarantor, respectively, and to make this Twenty-Sixth
Supplemental Indenture a valid agreement of the Issuer and the Parent Guarantor, enforceable in accordance with the terms hereof; 
 NOW,
THEREFORE, the Issuer, the Parent Guarantor and the Trustee hereby agree that the following provisions shall supplement the Base Indenture: 

ARTICLE I 
 THE NOTES

 SECTION 1.1 Form. 

(1) The 2.55% Senior Notes due 2019 (as defined below) and the related Trustee’s certificate of authentication shall be substantially in
the form of Exhibit A to this Twenty-Sixth Supplemental Indenture; 
 (2) the 3.75% Senior Notes due 2025 (as defined below) and the
related Trustee’s certificate of authentication shall be substantially in the form of Exhibit B to this Twenty-Sixth Supplemental Indenture; and 

(3) the 4.95% Senior Notes due 2054 (as defined below) and the related Trustee’s certificate of authentication shall be substantially in
the form of Exhibit C to this Twenty-Sixth Supplemental Indenture; 
 in each case, with such appropriate insertions, omissions, substitutions and
other variations as are required or permitted by the Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as the Issuer may deem appropriate or as may be required or
appropriate to comply with any laws or with any rules made pursuant thereto or with the rules of any securities exchange or automated quotation system on which any of the Notes may be listed or traded, or to conform to general usage, or as may,
consistently with the Indenture, be determined by the officers executing such Notes, as evidenced by their execution thereof. 
 Such
Exhibits A, B and C are hereby incorporated into this Twenty-Sixth Supplemental Indenture. The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Twenty-Sixth Supplemental
Indenture, and to the extent applicable, the Issuer, the Parent Guarantor and the Trustee, by their execution and delivery of this Twenty-Sixth Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. 

The Notes shall be issued only as Registered Securities. The Notes shall be issued upon original issuance in whole in the form of one or more
Global Securities (the “Book-Entry Notes”). Each Book-Entry Note shall represent such of the Outstanding Notes as shall be specified therein and shall provide that it shall represent the aggregate amount of Outstanding Notes from time to
time endorsed thereon and that the aggregate amount of Outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Book-Entry Note to reflect the
amount, or 

  
 2 

 
any increase or decrease in the amount, of Outstanding Notes represented thereby shall be made by the Trustee in accordance with written instructions or such other written form of instructions as
is customary for the Depositary, from the Depositary or its nominee on behalf of any Person having a beneficial interest in the Book-Entry Note. The Issuer initially appoints The Depository Trust Company to act as Depositary with respect to the
Book-Entry Notes. 
 SECTION 1.2 Title, Amount, Stated Maturity and Interest. 

There are hereby established three new series of Debt Securities to be issued under the Indenture, that are designated respectively as: 

(1) the “2.55% Senior Notes due 2019”; 

(2) the “3.75% Senior Notes due 2025”; and 

(3) the “4.95% Senior Notes due 2054.” 

Each series of Notes is referred to herein as so designated. The Trustee shall initially authenticate and deliver for original issue: 

(a) 2.55% Senior Notes due 2019 in an initial aggregate principal amount of $800,000,000; 

(b) 3.75% Senior Notes due 2025 in an initial aggregate principal amount of $1,150,000,000; and 

(c) 4.95% Senior Notes due 2054 in an initial aggregate principal amount of $400,000,000; 

in each case, upon delivery to the Trustee of a Company Order for the authentication and delivery of such Notes. 

Notes of each series may be issued on any Business Day on or after October 14, 2014. The aggregate principal amount of each series
of the Notes that may be authenticated and delivered pursuant to the Indenture is unlimited. The aggregate principal amount of each series of the Notes to be issued under the Indenture may be increased at any time, and each such series of Notes may
be reopened for issuances of additional Notes of such series, upon a Company Order, without the consent of any Holder and without any further supplement or amendment to the Indenture; provided that no such additional Notes of any series may
be issued at a price that would cause such Notes to have “original issue discount” within the meaning of the Internal Revenue Code of 1986, as amended. Each such Company Order for the issuance of additional Notes shall specify the series
of the Notes to be issued, the principal amount of the Notes of such series to be authenticated, the date on which the additional Notes of such series are to be authenticated, and the name or names of the initial Holder or Holders thereof. The Notes
of each series issued on the date of this Twenty-Sixth Supplemental Indenture and any additional Notes of such series that may be issued after such date shall be part of the same series of Debt Securities for all purposes under the Indenture. 

  
 3 

 The Stated Maturity of each series of the Notes shall be as follows: 

 

			
	 Series of Notes
	  	 Stated Maturity

	2.55% Senior Notes due 2019	  	October 15, 2019
	3.75% Senior Notes due 2025	  	February 15, 2025
	4.95% Senior Notes due 2054	  	October 15, 2054

 The rate or rates at which the Notes of each series shall bear interest, the date or dates from which such
interest shall accrue, the dates on which any such interest shall be payable and the regular record date for any interest payable on any interest payment date, in each case, shall be as set forth in the form of Note of such series attached as an
exhibit to this Twenty-Sixth Supplemental Indenture. With respect to Notes of each series, payments of principal of, premium, if any, and interest due on any Notes representing Book-Entry Notes of such series on any interest payment date for Notes
of such series or at maturity of such Notes, will be made available to the Trustee by 11:00 a.m., New York City time, on such date, unless such date falls on a day that is not a Business Day, in which case such payments will be made available to the
Trustee by 11:00 a.m., New York City time, on the next Business Day. As soon as possible thereafter, the Trustee will make such payments to the Depositary. 

SECTION 1.3 Registrar and Paying Agent. 

The Issuer initially appoints the Trustee as Registrar and paying agent with respect to the Notes of each series. The office or agency in the
City and State of New York where Notes of each series may be presented for registration of transfer or exchange and the Place of Payment for the Notes shall initially be the corporate trust office of the Trustee located at Corporate Trust Services,
150 E. 42nd Street, 40th Floor, New York, New York 10017. 
 SECTION 1.4 Transfer and Exchange. 

With respect to each series of the Notes, the transfer and exchange of Book-Entry Notes or beneficial interests therein shall be effected
through the Depositary, in accordance with Section 2.15 of the Original Indenture and the rules and procedures of the Depositary therefor. 

SECTION 1.5 Guarantee of the Notes. 

In accordance with Article XIV of the Original Indenture, the Notes of each series will be fully, unconditionally and absolutely guaranteed on
an unsecured, unsubordinated basis by the Parent Guarantor. 
 SECTION 1.6 Defeasance and Discharge. 

The Notes of each series shall be subject to satisfaction and discharge and to both legal defeasance and covenant defeasance as contemplated by
Article XI of the Original Indenture. 

  
 4 

 SECTION 1.7 Amendment to Section 4.12 of the Original Indenture. 

The last paragraph of Section 4.12 of the Original Indenture is hereby amended and restated in relation solely to the Notes to read as
follows: 
 “Notwithstanding the foregoing provisions of this Section, the Parent Guarantor may, and may permit any Subsidiary to,
effect any Sale/Leaseback Transaction that is not excepted by clauses (a) through (d), inclusive, of this Section, provided that the Attributable Indebtedness from such Sale/Leaseback Transaction, together with the aggregate principal
amount of all other such Attributable Indebtedness deemed to be outstanding and all outstanding Indebtedness (other than the Debt Securities) secured by liens, other than Permitted Liens, upon Principal Properties or upon any capital stock of any
Restricted Subsidiary, do not exceed 10% of Consolidated Net Tangible Assets.” 
 SECTION 1.8 Amendment to Section 4.13 of the
Original Indenture. 
 The last sentence of Section 4.13 of the Original Indenture is hereby amended and restated in relation solely
to the Notes to read as follows: 
 “Notwithstanding the foregoing, the Parent Guarantor may, and may permit any Subsidiary to, create,
assume, incur or suffer to exist any lien, other than a Permitted Lien, upon any Principal Property or upon any capital stock of any Restricted Subsidiary to secure Indebtedness of the Parent Guarantor, the Company or any other Person (other than
the Debt Securities), without in any such case making effective provision whereby all the Debt Securities Outstanding under this Indenture are secured equally and ratably with, or prior to, such Indebtedness so long as such Indebtedness is secured;
provided that the aggregate principal amount of all Indebtedness then outstanding secured by such lien and all similar liens, together with the aggregate amount of Attributable Indebtedness deemed to be outstanding in respect of all Sale/Leaseback
Transactions (exclusive of any such Sale/Leaseback Transactions otherwise permitted under clauses (a) through (d) of Section 4.12), does not exceed 10% of Consolidated Net Tangible Assets.” 

ARTICLE II 
 REDEMPTION

 SECTION 2.1 Redemption. 

The Issuer, at its option, may redeem the Notes of each series in accordance with the provisions of paragraph 5 of the Notes of such series and
Article III of the Original Indenture. 
 ARTICLE III 

MISCELLANEOUS PROVISIONS 

SECTION 3.1 Table of Contents, Headings, etc. 

The table of contents and headings of the Articles and Sections of this Twenty-Sixth 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. 

  
 5 

 SECTION 3.2 Counterpart Originals. 

The parties may sign any number of copies of this Twenty-Sixth Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement. 
 SECTION 3.3 Governing Law. 

THIS TWENTY-SIXTH SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK. 
 SECTION 3.4 Certain Trustee Matters. 

The recitals contained herein shall be taken as the statements of the Issuer, and the Trustee assumes no responsibility for their correctness.
The Trustee makes no representations as to the validity or sufficiency of this Twenty-Sixth Supplemental Indenture or the Notes or the proper authorization or the due execution hereof or thereof by the Issuer. 

* * * 

  
 6 

 IN WITNESS WHEREOF, the parties hereto have caused this Twenty-Sixth Supplemental Indenture to be
duly executed as of the date first written above. 
  

					
	ENTERPRISE PRODUCTS OPERATING LLC,
	 as Issuer

		
	By:	 	ENTERPRISE PRODUCTS OLPGP, INC.,
		 	its Sole Manager
		
	By:	 	 /s/ Bryan F. Bulawa

		 	Name:	 	Bryan F. Bulawa
		 	Title:	 	Senior Vice President and Treasurer
	
	ENTERPRISE PRODUCTS PARTNERS L.P.,
	 as Parent Guarantor

		
	By:	 	ENTERPRISE PRODUCTS HOLDINGS LLC,
		 	its General Partner
		
	By:	 	 /s/ Bryan F. Bulawa

		 	Name:	 	Bryan F. Bulawa
		 	Title:	 	Senior Vice President and Treasurer
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	 as Trustee

		
	By:	 	 /s/ Patrick T. Giordano

		 	Name:	 	Patrick T. Giordano
		 	Title:	 	Vice President

 Twenty-Sixth Supplemental Indenture Signature Page 

 Exhibit A 

FORM OF NOTE 
 [FACE OF
SECURITY] 
 [THIS GLOBAL SECURITY SHALL IN ALL RESPECTS BE ENTITLED TO THE SAME BENEFITS AS DEFINITIVE DEBT SECURITIES UNDER THE INDENTURE. UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) (55 WATER STREET, NEW YORK, NEW YORK 10041) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]* 

[TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN.]* 

 

			
		  	Principal Amount
		
	No.             	  	
		
		  	 $         [which amount may be

increased or decreased by the Schedule

of Increases and Decreases in Global Security attached hereto.]*

 ENTERPRISE PRODUCTS OPERATING LLC 

2.55% SENIOR NOTE DUE 2019 

CUSIP 29379V BD4 
 ENTERPRISE
PRODUCTS OPERATING LLC, a Texas limited liability company (the “Company,” which term includes any successor under the Indenture hereinafter referred to), for value received, hereby promises to pay to
             or its registered assigns, the principal sum of             
($        ) U.S. dollars, [or such greater or lesser principal sum as is shown on the attached Schedule of Increases and Decreases in Global 

 

	*	To be included in a Book-Entry Note. 

  
 A-1 

 
Security]*, on October 15, 2019 in such coin and currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and
to pay interest thereon at an annual rate of 2.55% payable on April 15 and October 15 of each year, commencing on [Insert the first Interest Payment Date occurring after the date of issuance of this Security], to the person in whose
name this Debt Security (this “Security”) is registered at the close of business on the record date for such interest, which shall be the preceding April 1 or October 1, as the case may be (each, a “Regular Record
Date”), respectively, with interest accruing from and including [Insert the date of issuance of this Security, or if Debt Securities of this same series have been previously issued, insert the most recent Interest Payment Date on which
interest has been paid on Debt Securities of such series], or from and including the most recent date to which interest on this Security shall have been paid. 

Reference is made to the further provisions of this Security set forth on the reverse hereof. Such further provisions shall for all purposes
have the same effect as though fully set forth at this place. 
 The statements in the legends set forth in this Security are an integral
part of the terms of this Security and by acceptance hereof the Holder of this Security agrees to be subject to, and bound by, the terms and provisions set forth in each such legend. 

This Security shall not be valid or become obligatory for any purpose until the Trustee’s Certificate of Authentication hereon shall have
been manually signed by the Trustee under the Indenture. 

  
 A-2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed by its sole
manager. 
  

											
	Dated:	 	  
	 		 		 		 	
			
		 		 	ENTERPRISE PRODUCTS OPERATING LLC
					
		 		 		 	By:	 	ENTERPRISE PRODUCTS OLPGP, INC.,
		 		 		 		 	its sole manager
					
		 		 		 	By:	 	  

		 		 		 		 	Name:	 	Bryan F. Bulawa
		 		 		 		 	Title:	 	Senior Vice President and Treasurer

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION: 

This is one of the Debt Securities of the series designated herein referred to in the within-mentioned Indenture. 

 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	 as Trustee

		
	By:	 	  

		 	Authorized Signatory

  
 A-3 

 [REVERSE OF SECURITY] 

ENTERPRISE PRODUCTS OPERATING LLC 

2.55% SENIOR NOTE DUE 2019 
  

	1.	Interest. 

 The Company promises to pay interest on the principal amount of this Security
at the rate of 2.55% per annum. The Company will pay interest semi-annually on April 15 and October 15 of each year (each an “Interest Payment Date”). Interest will be computed on the basis of a 360-day year consisting of
twelve 30-day months. The Company shall pay interest (including post-petition interest in any proceeding under any applicable bankruptcy laws) on overdue installments of interest (without regard to any applicable grace period) and on overdue
principal and premium, if any, from time to time on demand at the same rate per annum, in each case to the extent lawful. 
  

	2.	Method of Payment. 

 The Company shall pay interest on the Securities (except Defaulted
Interest) to the persons who are the registered Holders at the close of business on the Regular Record Date immediately preceding the Interest Payment Date. Any such interest not so punctually paid or duly provided for (“Defaulted
Interest”) may be paid to the persons who are registered Holders at the close of business on a special record date for the payment of such Defaulted Interest, or in any other lawful manner not inconsistent with the requirements of any
securities exchange on which such Securities may then be listed if such manner of payment shall be deemed practicable by the Trustee, as more fully provided in the Indenture. The Company shall pay principal, premium, if any, and interest in such
coin or currency of the United States of America as at the time of payment shall be legal tender for payment of public and private debts. Payments in respect of a Global Security (including principal, premium, if any, and interest) will be made by
wire transfer of immediately available funds to the accounts specified by the Depositary. Payments in respect of Securities in definitive form (including principal, premium, if any, and interest) will be made at the office or agency of the Company
maintained for such purpose within The City of New York, which initially will be the corporate trust office of Wells Fargo Bank, National Association at Corporate Trust Services, 150 East 42nd Street, 40th Floor, New York, New York 10017, or, at the
option of the Company, payment of interest may be made by check mailed to the Holders on the relevant record date at their addresses set forth in the Debt Security Register of Holders or at the option of the Holder, payment of interest on Securities
in definitive form will be made by wire transfer of immediately available funds to any account maintained in the United States, provided such Holder has requested such method of payment and provided timely wire transfer instructions to the paying
agent. The Holder must surrender this Security to a paying agent to collect payment of principal. 
  

	3.	Paying Agent and Registrar. 

 Initially, Wells Fargo Bank, National Association will act
as paying agent and Registrar. The Company may change any paying agent or Registrar at any time upon notice to the Trustee and the Holders. The Company may act as paying agent. 

  
 A-4 

	4.	Indenture. 

 Reference is made hereby to (i) the Indenture dated as of
October 4, 2004 (the “Original Indenture”) among Enterprise Products Operating L.P., as issuer (the “Original Issuer”), Enterprise Products Partners L.P., as parent guarantor (the “Parent Guarantor”), and
Wells Fargo Bank, National Association, as trustee (the “Trustee”), (ii) the Tenth Supplemental Indenture thereto dated as of June 30, 2007 (the “Tenth Supplemental Indenture”), among the Original Issuer, the Company,
the Parent Guarantor and the Trustee, providing for the Company as the successor issuer and (iii) the Twenty-Sixth Supplemental Indenture thereto dated as of October 14, 2014 (the “Twenty-Sixth Supplemental Indenture”), among the
Company, the Parent Guarantor and the Trustee, providing for the issuance of Debt Securities of the series whose designation appears on the face hereof. The Original Indenture, as amended and supplemented by the Tenth Supplemental Indenture and the
Twenty-Sixth Supplemental Indenture, and as may be further duly amended and supplemented in accordance with the terms thereof, is referred to herein as the “Indenture.” Capitalized terms used but not defined herein shall have the
respective meanings given to such terms in the Indenture. 
 This Security is one of a duly authorized issue of Debt Securities of the
series designated by the Company as “2.55% Senior Notes due 2019” (such series of Debt Securities being referred to herein as the “Securities”), all of which are issued or to be issued under and pursuant to the Indenture. The
terms of the Securities include those stated in the Indenture, and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “TIA”). The Securities are subject to all such terms, and Holders of
Securities are referred to the Indenture and the TIA for a statement of such terms and a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company, the Parent Guarantor and the Holder
hereof. If and to the extent any provision of the Indenture limits, qualifies or conflicts with any other provision of the Indenture that is required to be included in the Indenture or is deemed applicable to the Indenture by virtue of the
provisions of the TIA, such required provision shall control. 
  

	5.	Optional Redemption. 

 At any time prior to September 15, 2019, the Securities are
redeemable, at the option of the Company, at any time in whole, or from time to time in part, at a redemption price (the “Make-Whole Price”) equal to the greater of: (i) 100% of the principal amount of the Securities to be redeemed;
or (ii) the sum of the present values of the remaining scheduled payments of principal and interest (at the rate in effect on the date of calculation of the Make-Whole Price) on the Securities to be redeemed (exclusive of interest accrued to
the date of redemption) discounted to the date of redemption (the “Redemption Date”) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Yield plus 15 basis points; plus, in either
case, accrued and unpaid interest to the Redemption Date. 
 The actual Make-Whole Price, calculated as provided above, shall be calculated
and certified to the Trustee and the Company by the Independent Investment Banker. 
 At any time on or after September 15, 2019, the
Securities are redeemable, at the option of the Company, at any time in whole, or from time to time in part, at a redemption price equal to 100% of the principal amount of the Securities to be redeemed plus accrued and unpaid interest to the
Redemption Date. 

  
 A-5 

 For purposes of determining the Make-Whole Price, the following definitions are applicable: 

“Treasury Yield” means, with respect to any Redemption Date applicable to the Securities, the rate per annum equal to the
semi-annual equivalent yield to maturity (computed as of the third Business Day immediately preceding such Redemption Date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the applicable Comparable Treasury Price for such Redemption Date. 
 “Comparable Treasury Issue” means
the United States Treasury security selected by the Independent Investment Banker as having a maturity comparable to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Securities to be redeemed; provided, however, that if no maturity is within three months before or
after the maturity date for such Securities, yields for the two published maturities most closely corresponding to such United States Treasury security will be determined and the treasury rate will be interpolated or extrapolated from those yields
on a straight line basis rounding to the nearest month. 
 “Independent Investment Banker” means any of Citigroup Global Markets
Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, DNB Markets, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBS Securities Inc., Scotia Capital (USA) Inc. and UBS Securities LLC and their respective
successors or, if no such firm is willing and able to select the applicable Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Trustee and reasonably acceptable to the Company. 

“Comparable Treasury Price” means, with respect to any Redemption Date, (a) the average of the Reference Treasury Dealer
Quotations for the Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (b) if the Independent Investment Banker obtains fewer than four Reference Treasury Dealer Quotations, the average of all such
quotations. 
 “Reference Treasury Dealer” means each of Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner &
Smith Incorporated, DNB Markets, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBS Securities Inc., Scotia Capital (USA) Inc. and UBS Securities LLC, so long as it is a primary U.S. government securities dealer in the United
States (a “Primary Treasury Dealer”) at the relevant time and, if it is not then a Primary Treasury Dealer, then a Primary Treasury Dealer selected by it, and in each case their respective successors; provided, however, that if any
of the foregoing shall not be a Primary Treasury Dealer at such time and shall fail to select a Primary Treasury Dealer, then the Company will substitute therefor another Primary Treasury Dealer. 

  
 A-6 

 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury
Dealer and any Redemption Date for the Securities, an average, as determined by an Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for the Securities (expressed in each case as a percentage of its
principal amount) quoted in writing to an Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 

Except as set forth above, the Securities will not be redeemable prior to their Stated Maturity and will not be entitled to the benefit of any
sinking fund. 
 Securities called for optional redemption become due on the Redemption Date. Notices of optional redemption will be mailed
at least 30 but not more than 60 days before the Redemption Date to each Holder of the Securities to be redeemed at its registered address. The notice of optional redemption for the Securities will state, among other things, the amount of Securities
to be redeemed, the Redemption Date, the redemption price or the method of calculating such redemption price and the place(s) that payment will be made upon presentation and surrender of Securities to be redeemed. Unless the Company defaults in
payment of the redemption price, interest will cease to accrue on the Redemption Date with respect to any Securities that have been called for optional redemption. If less than all the Securities are redeemed at any time, the Trustee will select the
Securities to be redeemed on a pro rata basis, by lot, or by such other method the Trustee deems fair and appropriate. 
 The Securities may
be redeemed in part in multiples of $1,000 only. Any such redemption will also comply with Article III of the Indenture. 
  

	6.	Denominations; Transfer; Exchange. 

 The Securities are to be issued in registered form,
without coupons, in denominations of $1,000 and integral multiples of $1,000 in excess thereof. A Holder may register the transfer of, or exchange, Securities in accordance with the Indenture. The Registrar may require a Holder, among other things,
to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Company hereby irrevocably undertakes to the Holder hereof to exchange this Security in accordance with the
terms of the Indenture without charge. 
  

	7.	Person Deemed Owners. 

 The registered Holder of a Security may be treated as the owner
of it for all purposes. 
  

	8.	Amendment; Supplement; Waiver. 

 Subject to certain exceptions, the Indenture may be
amended or supplemented, and any existing Event of Default or compliance with any provision may be waived, with the consent of the Holders of a majority in principal amount of the Outstanding Debt Securities of each series affected. Without consent
of any Holder of a Security, the parties thereto may amend or supplement the Indenture to, among other things, cure any ambiguity or omission, to correct any defect or inconsistency, or to make any other change that does not adversely affect the
rights of any Holder of a Security. Any such consent or waiver by the Holder of this Security (unless 

  
 A-7 

 
revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders and owners of this Security and any Securities which may be issued in exchange
or substitution herefor, irrespective of whether or not any notation thereof is made upon this Security or such other Securities. 
  

	9.	Defaults and Remedies. 

 Certain events of bankruptcy or insolvency are Events of Default
that will result in the principal amount of the Securities, together with premium, if any, and accrued and unpaid interest thereon, becoming due and payable immediately upon the occurrence of such Events of Default. If any other Event of Default
with respect to the Securities occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25% in aggregate principal amount of the Securities then Outstanding may declare the principal amount of all the Securities,
together with premium, if any, and accrued and unpaid interest thereon, to be due and payable immediately in the manner and with the effect provided in the Indenture. Notwithstanding the preceding sentence, however, if at any time after such a
declaration of acceleration has been made, the Holders of a majority in principal amount of the Outstanding Securities, by written notice to the Trustee, may rescind such declaration and annul its consequences if the rescission would not conflict
with any judgment or decree of a court already rendered and if all Events of Default with respect to the Securities, other than the nonpayment of the principal, premium, if any, or interest which has become due solely by such declaration
acceleration, shall have been cured or shall have been waived. No such rescission shall affect any subsequent default or shall impair any right consequent thereon. Holders of Securities may not enforce the Indenture or the Securities except as
provided in the Indenture. The Trustee may require indemnity or security satisfactory to it before it enforces the Indenture or the Securities. Subject to certain limitations, Holders of a majority in aggregate principal amount of the Securities
then Outstanding may direct the Trustee in its exercise of any trust or power with respect to the Securities. 
  

	10.	Trustee Dealings with Company. 

 The Trustee under the Indenture, in its individual or
any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates or any subsidiary of the Company’s Affiliates, and may otherwise deal with the Company or its Affiliates as if it were not the
Trustee. 
  

	11.	Authentication. 

 This Security shall not be valid until the Trustee signs the
certificate of authentication on the other side of this Security. 
  

	12.	Abbreviations and Defined Terms. 

 Customary abbreviations may be used in the name of a
Holder of a Security or an assignee, such as: TEN COM (tenant in common), TEN ENT (tenants by the entireties), JT TEN (joint tenants with right of survivorship and not as tenants in common), CUST (Custodian), and U/G/M/A (Uniform Gifts to Minors
Act). 

  
 A-8 

	13.	CUSIP Numbers. 

 Pursuant to a recommendation promulgated by the Committee on Uniform
Note Identification Procedures, the Company has caused CUSIP numbers to be printed on the Securities as a convenience to the Holders of the Securities. No representation is made as to the accuracy of such number as printed on the Securities and
reliance may be placed only on the other identification numbers printed hereon. 
  

	14.	Absolute Obligation. 

 No reference herein to the Indenture and no provision of this
Security or the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Security in the manner, at the respective times, at the rate and in
the coin or currency herein prescribed. 
  

	15.	No Recourse. 

 The general partner of the Parent Guarantor and its directors, officers,
employees and members, as such, shall have no liability for any obligations of any Guarantor or the Company under the Securities, the Indenture or any Guarantee or for any claim based on, in respect of, or by reason of, such obligations or their
creation. Each Holder by accepting the Securities waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Securities. 
  

	16.	Governing Law. 

 This Security shall be construed in accordance with and governed by the
laws of the State of New York. 
  

	17.	Guarantee. 

 The Securities are fully and unconditionally guaranteed on an unsecured,
unsubordinated basis by the Parent Guarantor as set forth in Article XIV of the Indenture, as noted in the Notation of Guarantee to this Security, and under certain circumstances set forth in the Original Indenture one or more Subsidiaries of the
Parent Guarantor may be required to join in such guarantee. 
  

	18.	Reliance. 

 The Holder, by accepting this Security, acknowledges and affirms that
(i) it has purchased the Security in reliance upon the separateness of Parent Guarantor and the general partner of Parent Guarantor from each other and from any other Persons, including Enterprise Products Company (formerly EPCO, Inc.), and
(ii) Parent Guarantor and the general partner of Parent Guarantor have assets and liabilities that are separate from those of other Persons, including Enterprise Products Company. 

  
 A-9 

 NOTATION OF GUARANTEE 

The Parent Guarantor (which term includes any successor Person under the Indenture), has fully, unconditionally and absolutely guaranteed, to
the extent set forth in the Indenture and subject to the provisions in the Indenture, the due and punctual payment of the principal of, and premium, if any, and interest on the Securities and all other amounts due and payable under the Indenture and
the Securities by the Company. 
 The obligations of the Parent Guarantor to the Holders of Securities and to the Trustee pursuant to its
Guarantee and the Indenture are expressly set forth in Article XIV of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee. 

 

					
	ENTERPRISE PRODUCTS PARTNERS L.P.
		
	By:	 	ENTERPRISE PRODUCTS HOLDINGS LLC,
		 	its General Partner
		
	By:	 	  

		 	Name:	 	Bryan F. Bulawa
		 	Title:	 	Senior Vice President and Treasurer

  
 A-10 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out
in full according to applicable laws or regulations: 

 

					
	TEN COM	  	–	  	as tenants in common
		  		  	
			
	TEN ENT	  	–	  	as tenants by entireties
			
	JT TEN	  	–	  	as joint tenants with right of survivorship and not as tenants in common

			
	UNIF GIFT MIN ACT –	  	  

		  	(Cust.)

			
	Custodian for:	  	  

		  	(Minor)
	under Uniform Gifts to

			
	Minors Act of	  	  

	  	(State)

 
 

  
 Additional abbreviations
may also be used though not in the above list. 
  

 
 ASSIGNMENT

 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

 

	
	PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE
	
	  

  
  

 
 Please print or type name and address including
postal zip code of assignee 
  
  

 
  
  

 
 the within Security and all rights thereunder,
hereby irrevocably constituting and appointing 
  
  

 
 to transfer said Security on the books of the
Company, with full power of substitution in the premises. 
  

							
	Dated	 	  
	 		 	  

		 		 		 	Registered Holder

  
 A-11 

 SCHEDULE OF INCREASES OR DECREASES 

IN GLOBAL
SECURITY† 

The following increases or decreases in this Global Security have been made: 

 

									
	Date of Exchange	 	Amount of
Decrease in
Principal
Amount of this
Global Security	 	Amount of
Increase in
Principal Amount
of this
Global Security	 	Principal Amount
of this Global
Security following
such decrease
(or increase)	 	Signature of
authorized officer
of Trustee or
Depositary
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

  

	†	To be included in a Book-Entry Note. 

  
 A-12 

 Exhibit B 

FORM OF NOTE 
 [FACE OF
SECURITY] 
 [THIS GLOBAL SECURITY SHALL IN ALL RESPECTS BE ENTITLED TO THE SAME BENEFITS AS DEFINITIVE DEBT SECURITIES UNDER THE INDENTURE. UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) (55 WATER STREET, NEW YORK, NEW YORK 10041) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]* 

[TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN.]* 

Principal Amount 
 No.
             
 $         [which amount
may be 
 increased or decreased by the Schedule 

of Increases and Decreases in Global Security attached hereto.]* 

ENTERPRISE PRODUCTS OPERATING LLC 

3.75% SENIOR NOTE DUE 2025 

CUSIP 29379V BE2 
 ENTERPRISE
PRODUCTS OPERATING LLC, a Texas limited liability company (the “Company,” which term includes any successor under the Indenture hereinafter referred to), for value received, hereby promises to pay to
             or its registered assigns, the principal sum of             
($        ) U.S. dollars, [or such greater or lesser principal sum as is shown on the attached Schedule of Increases and Decreases in Global Security]*, on February 15, 2025 in such coin and currency
of the United States of America as at 
  

	*	To be included in a Book-Entry Note. 

  
 B-1 

 
the time of payment shall be legal tender for the payment of public and private debts, and to pay interest thereon at an annual rate of 3.75% payable on February 15 and August 15 of
each year, commencing on [Insert the first Interest Payment Date occurring after the date of issuance of this Security], to the person in whose name this Debt Security (this “Security”) is registered at the close of business on the
record date for such interest, which shall be the preceding April 1 or October 1, as the case may be (each, a “Regular Record Date”), respectively, with interest accruing from and including [Insert the date of issuance of this
Security, or if Debt Securities of this same series have been previously issued, insert the most recent Interest Payment Date on which interest has been paid on Debt Securities of such series], or from and including the most recent date to which
interest on this Security shall have been paid. 
 Reference is made to the further provisions of this Security set forth on the reverse
hereof. Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 
 The statements in
the legends set forth in this Security are an integral part of the terms of this Security and by acceptance hereof the Holder of this Security agrees to be subject to, and bound by, the terms and provisions set forth in each such legend. 

This Security shall not be valid or become obligatory for any purpose until the Trustee’s Certificate of Authentication hereon shall have
been manually signed by the Trustee under the Indenture. 

  
 B-2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed by its sole
manager. 
  

											
	Dated:	 	  
	 		 		 		 	
			
		 		 	ENTERPRISE PRODUCTS OPERATING LLC
					
		 		 		 	By:	 	Enterprise Products OLPGP, Inc.,
		 		 		 		 	its sole manager
					
		 		 		 	By:	 	  

		 		 		 		 	Name:	 	Bryan F. Bulawa
		 		 		 		 	Title:	 	Senior Vice President and Treasurer

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION: 

This is one of the Debt Securities of the series designated herein referred to in the within-mentioned Indenture. 

 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	 as Trustee

		
	By:	 	  

		 	Authorized Signatory

  
 B-3 

 [REVERSE OF SECURITY] 

ENTERPRISE PRODUCTS OPERATING LLC 

3.75% SENIOR NOTE DUE 2025 
  

	1.	Interest. 

 The Company promises to pay interest on the principal amount of this Security
at the rate of 3.75% per annum. The Company will pay interest semi-annually on February 15 and August 15 of each year (each an “Interest Payment Date”). Interest will be computed on the basis of a 360-day year consisting of
twelve 30-day months. The Company shall pay interest (including post-petition interest in any proceeding under any applicable bankruptcy laws) on overdue installments of interest (without regard to any applicable grace period) and on overdue
principal and premium, if any, from time to time on demand at the same rate per annum, in each case to the extent lawful. 
  

	2.	Method of Payment. 

 The Company shall pay interest on the Securities (except Defaulted
Interest) to the persons who are the registered Holders at the close of business on the Regular Record Date immediately preceding the Interest Payment Date. Any such interest not so punctually paid or duly provided for (“Defaulted
Interest”) may be paid to the persons who are registered Holders at the close of business on a special record date for the payment of such Defaulted Interest, or in any other lawful manner not inconsistent with the requirements of any
securities exchange on which such Securities may then be listed if such manner of payment shall be deemed practicable by the Trustee, as more fully provided in the Indenture. The Company shall pay principal, premium, if any, and interest in such
coin or currency of the United States of America as at the time of payment shall be legal tender for payment of public and private debts. Payments in respect of a Global Security (including principal, premium, if any, and interest) will be made by
wire transfer of immediately available funds to the accounts specified by the Depositary. Payments in respect of Securities in definitive form (including principal, premium, if any, and interest) will be made at the office or agency of the Company
maintained for such purpose within The City of New York, which initially will be the corporate trust office of Wells Fargo Bank, National Association at Corporate Trust Services, 150 East 42nd Street, 40th Floor, New York, New York 10017, or, at the
option of the Company, payment of interest may be made by check mailed to the Holders on the relevant record date at their addresses set forth in the Debt Security Register of Holders or at the option of the Holder, payment of interest on Securities
in definitive form will be made by wire transfer of immediately available funds to any account maintained in the United States, provided such Holder has requested such method of payment and provided timely wire transfer instructions to the paying
agent. The Holder must surrender this Security to a paying agent to collect payment of principal. 
  

	3.	Paying Agent and Registrar. 

 Initially, Wells Fargo Bank, National Association will act
as paying agent and Registrar. The Company may change any paying agent or Registrar at any time upon notice to the Trustee and the Holders. The Company may act as paying agent. 

  
 B-4 

	4.	Indenture. 

 Reference is made hereby to (i) the Indenture dated as of
October 4, 2004 (the “Original Indenture”) among Enterprise Products Operating L.P., as issuer (the “Original Issuer”), Enterprise Products Partners L.P., as parent guarantor (the “Parent Guarantor”), and
Wells Fargo Bank, National Association, as trustee (the “Trustee”), (ii) the Tenth Supplemental Indenture thereto dated as of June 30, 2007 (the “Tenth Supplemental Indenture”), among the Original Issuer, the Company,
the Parent Guarantor and the Trustee, providing for the Company as the successor issuer and (iii) the Twenty-Sixth Supplemental Indenture thereto dated as of October 14, 2014 (the “Twenty-Sixth Supplemental Indenture”), among the
Company, the Parent Guarantor and the Trustee, providing for the issuance of Debt Securities of the series whose designation appears on the face hereof. The Original Indenture, as amended and supplemented by the Tenth Supplemental Indenture and the
Twenty-Sixth Supplemental Indenture, and as may be further duly amended and supplemented in accordance with the terms thereof, is referred to herein as the “Indenture.” Capitalized terms used but not defined herein shall have the
respective meanings given to such terms in the Indenture. 
 This Security is one of a duly authorized issue of Debt Securities of the
series designated by the Company as “3.75% Senior Notes due 2025” (such series of Debt Securities being referred to herein as the “Securities”), all of which are issued or to be issued under and pursuant to the Indenture. The
terms of the Securities include those stated in the Indenture, and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “TIA”). The Securities are subject to all such terms, and Holders of
Securities are referred to the Indenture and the TIA for a statement of such terms and a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company, the Parent Guarantor and the Holder
hereof. If and to the extent any provision of the Indenture limits, qualifies or conflicts with any other provision of the Indenture that is required to be included in the Indenture or is deemed applicable to the Indenture by virtue of the
provisions of the TIA, such required provision shall control. 
  

	5.	Optional Redemption. 

 At any time prior to November 15, 2024, the Securities are
redeemable, at the option of the Company, at any time in whole, or from time to time in part, at a redemption price (the “Make-Whole Price”) equal to the greater of: (i) 100% of the principal amount of the Securities to be redeemed;
or (ii) the sum of the present values of the remaining scheduled payments of principal and interest (at the rate in effect on the date of calculation of the Make-Whole Price) on the Securities to be redeemed (exclusive of interest accrued to
the date of redemption) discounted to the date of redemption (the “Redemption Date”) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Yield plus 20 basis points; plus, in either
case, accrued and unpaid interest to the Redemption Date. 
 The actual Make-Whole Price, calculated as provided above, shall be calculated
and certified to the Trustee and the Company by the Independent Investment Banker. 
 At any time on or after November 15, 2024, the
Securities are redeemable, at the option of the Company, at any time in whole, or from time to time in part, at a redemption price equal to 100% of the principal amount of the Securities to be redeemed plus accrued and unpaid interest to the
Redemption Date. 

  
 B-5 

 For purposes of determining the Make-Whole Price, the following definitions are applicable: 

“Treasury Yield” means, with respect to any Redemption Date applicable to the Securities, the rate per annum equal to the
semi-annual equivalent yield to maturity (computed as of the third Business Day immediately preceding such Redemption Date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the applicable Comparable Treasury Price for such Redemption Date. 
 “Comparable Treasury
Issue” means the United States Treasury security selected by the Independent Investment Banker as having a maturity comparable to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Securities to be redeemed; provided, however, that if no maturity is within three months
before or after the maturity date for such Securities, yields for the two published maturities most closely corresponding to such United States Treasury security will be determined and the treasury rate will be interpolated or extrapolated from
those yields on a straight line basis rounding to the nearest month. 
 “Independent Investment Banker” means any of
Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, DNB Markets, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBS Securities Inc., Scotia Capital (USA) Inc. and UBS Securities LLC and
their respective successors or, if no such firm is willing and able to select the applicable Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Trustee and reasonably acceptable to the
Company. 
 “Comparable Treasury Price” means, with respect to any Redemption Date, (a) the average of the Reference Treasury
Dealer Quotations for the Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (b) if the Independent Investment Banker obtains fewer than four Reference Treasury Dealer Quotations, the average of all
such quotations. 
 “Reference Treasury Dealer” means each of Citigroup Global Markets Inc., Merrill Lynch, Pierce,
Fenner & Smith Incorporated, DNB Markets, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBS Securities Inc., Scotia Capital (USA) Inc. and UBS Securities LLC, so long as it is a primary U.S. government securities
dealer in the United States (a “Primary Treasury Dealer”) at the relevant time and, if it is not then a Primary Treasury Dealer, then a Primary Treasury Dealer selected by it, and in each case their respective successors; provided,
however, that if any of the foregoing shall not be a Primary Treasury Dealer at such time and shall fail to select a Primary Treasury Dealer, then the Company will substitute therefor another Primary Treasury Dealer. 

  
 B-6 

 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury
Dealer and any Redemption Date for the Securities, an average, as determined by an Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for the Securities (expressed in each case as a percentage of its
principal amount) quoted in writing to an Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 

Except as set forth above, the Securities will not be redeemable prior to their Stated Maturity and will not be entitled to the benefit of any
sinking fund. 
 Securities called for optional redemption become due on the Redemption Date. Notices of optional redemption will be mailed
at least 30 but not more than 60 days before the Redemption Date to each Holder of the Securities to be redeemed at its registered address. The notice of optional redemption for the Securities will state, among other things, the amount of Securities
to be redeemed, the Redemption Date, the redemption price or the method of calculating such redemption price and the place(s) that payment will be made upon presentation and surrender of Securities to be redeemed. Unless the Company defaults in
payment of the redemption price, interest will cease to accrue on the Redemption Date with respect to any Securities that have been called for optional redemption. If less than all the Securities are redeemed at any time, the Trustee will select the
Securities to be redeemed on a pro rata basis, by lot, or by such other method the Trustee deems fair and appropriate. 
 The Securities may
be redeemed in part in multiples of $1,000 only. Any such redemption will also comply with Article III of the Indenture. 
  

	6.	Denominations; Transfer; Exchange. 

 The Securities are to be issued in registered form,
without coupons, in denominations of $1,000 and integral multiples of $1,000 in excess thereof. A Holder may register the transfer of, or exchange, Securities in accordance with the Indenture. The Registrar may require a Holder, among other things,
to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Company hereby irrevocably undertakes to the Holder hereof to exchange this Security in accordance with the
terms of the Indenture without charge. 
  

	7.	Person Deemed Owners. 

 The registered Holder of a Security may be treated as the owner
of it for all purposes. 
  

	8.	Amendment; Supplement; Waiver. 

 Subject to certain exceptions, the Indenture may be
amended or supplemented, and any existing Event of Default or compliance with any provision may be waived, with the consent of the Holders of a majority in principal amount of the Outstanding Debt Securities of each series affected. Without consent
of any Holder of a Security, the parties thereto may amend or supplement the Indenture to, among other things, cure any ambiguity or omission, to correct any defect or inconsistency, or to make any other change that does not adversely affect the
rights of any Holder of a Security. Any such consent or waiver by the Holder of this Security (unless 

  
 B-7 

 
revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders and owners of this Security and any Securities which may be issued in exchange
or substitution herefor, irrespective of whether or not any notation thereof is made upon this Security or such other Securities. 
  

	9.	Defaults and Remedies. 

 Certain events of bankruptcy or insolvency are Events of Default
that will result in the principal amount of the Securities, together with premium, if any, and accrued and unpaid interest thereon, becoming due and payable immediately upon the occurrence of such Events of Default. If any other Event of Default
with respect to the Securities occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25% in aggregate principal amount of the Securities then Outstanding may declare the principal amount of all the Securities,
together with premium, if any, and accrued and unpaid interest thereon, to be due and payable immediately in the manner and with the effect provided in the Indenture. Notwithstanding the preceding sentence, however, if at any time after such a
declaration of acceleration has been made, the Holders of a majority in principal amount of the Outstanding Securities, by written notice to the Trustee, may rescind such declaration and annul its consequences if the rescission would not conflict
with any judgment or decree of a court already rendered and if all Events of Default with respect to the Securities, other than the nonpayment of the principal, premium, if any, or interest which has become due solely by such declaration
acceleration, shall have been cured or shall have been waived. No such rescission shall affect any subsequent default or shall impair any right consequent thereon. Holders of Securities may not enforce the Indenture or the Securities except as
provided in the Indenture. The Trustee may require indemnity or security satisfactory to it before it enforces the Indenture or the Securities. Subject to certain limitations, Holders of a majority in aggregate principal amount of the Securities
then Outstanding may direct the Trustee in its exercise of any trust or power with respect to the Securities. 
  

	10.	Trustee Dealings with Company. 

 The Trustee under the Indenture, in its individual or
any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates or any subsidiary of the Company’s Affiliates, and may otherwise deal with the Company or its Affiliates as if it were not the
Trustee. 
  

	11.	Authentication. 

 This Security shall not be valid until the Trustee signs the
certificate of authentication on the other side of this Security. 
  

	12.	Abbreviations and Defined Terms. 

 Customary abbreviations may be used in the name of a
Holder of a Security or an assignee, such as: TEN COM (tenant in common), TEN ENT (tenants by the entireties), JT TEN (joint tenants with right of survivorship and not as tenants in common), CUST (Custodian), and U/G/M/A (Uniform Gifts to Minors
Act). 

  
 B-8 

	13.	CUSIP Numbers. 

 Pursuant to a recommendation promulgated by the Committee on Uniform
Note Identification Procedures, the Company has caused CUSIP numbers to be printed on the Securities as a convenience to the Holders of the Securities. No representation is made as to the accuracy of such number as printed on the Securities and
reliance may be placed only on the other identification numbers printed hereon. 
  

	14.	Absolute Obligation. 

 No reference herein to the Indenture and no provision of this
Security or the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Security in the manner, at the respective times, at the rate and in
the coin or currency herein prescribed. 
  

	15.	No Recourse. 

 The general partner of the Parent Guarantor and its directors, officers,
employees and members, as such, shall have no liability for any obligations of any Guarantor or the Company under the Securities, the Indenture or any Guarantee or for any claim based on, in respect of, or by reason of, such obligations or their
creation. Each Holder by accepting the Securities waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Securities. 
  

	16.	Governing Law. 

 This Security shall be construed in accordance with and governed by the
laws of the State of New York. 
  

	17.	Guarantee. 

 The Securities are fully and unconditionally guaranteed on an unsecured,
unsubordinated basis by the Parent Guarantor as set forth in Article XIV of the Indenture, as noted in the Notation of Guarantee to this Security, and under certain circumstances set forth in the Original Indenture one or more Subsidiaries of the
Parent Guarantor may be required to join in such guarantee. 
  

	18.	Reliance. 

 The Holder, by accepting this Security, acknowledges and affirms that
(i) it has purchased the Security in reliance upon the separateness of Parent Guarantor and the general partner of Parent Guarantor from each other and from any other Persons, including Enterprise Products Company (formerly EPCO, Inc.), and
(ii) Parent Guarantor and the general partner of Parent Guarantor have assets and liabilities that are separate from those of other Persons, including Enterprise Products Company. 

  
 B-9 

 NOTATION OF GUARANTEE 

The Parent Guarantor (which term includes any successor Person under the Indenture), has fully, unconditionally and absolutely guaranteed, to
the extent set forth in the Indenture and subject to the provisions in the Indenture, the due and punctual payment of the principal of, and premium, if any, and interest on the Securities and all other amounts due and payable under the Indenture and
the Securities by the Company. 
 The obligations of the Parent Guarantor to the Holders of Securities and to the Trustee pursuant to its
Guarantee and the Indenture are expressly set forth in Article XIV of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee. 

 

					
	ENTERPRISE PRODUCTS PARTNERS L.P.
		
	By:	 	ENTERPRISE PRODUCTS HOLDINGS LLC,
		 	its General Partner
		
	By:	 	  

		 	Name:	 	Bryan F. Bulawa
		 	Title:	 	Senior Vice President and Treasurer

  
 B-10 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out
in full according to applicable laws or regulations: 

 

					
	TEN COM	  	–	  	as tenants in common
		  		  	
			
	TEN ENT	  	–	  	as tenants by entireties
			
	JT TEN	  	–	  	as joint tenants with right of survivorship and not as tenants in common

 

			
	UNIF GIFT MIN ACT –	  	  

		  	(Cust.)

			
	Custodian for:	  	  

		  	(Minor)
	under Uniform Gifts to

			
	Minors Act of	  	  

	  	(State)

 
 

  
 Additional abbreviations
may also be used though not in the above list. 
  

 
 ASSIGNMENT

 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

 

	
	PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE
	
	  

  
  

 
 Please print or type name and address including
postal zip code of assignee 
  
  

 
  
  

 
 the within Security and all rights thereunder,
hereby irrevocably constituting and appointing 
  
  

 
 to transfer said Security on the books of the
Company, with full power of substitution in the premises. 
  

							
	Dated	 	  
	 		 	  

		 		 		 	Registered Holder

  
 B-11 

 SCHEDULE OF INCREASES OR DECREASES 

IN GLOBAL
SECURITY† 

The following increases or decreases in this Global Security have been made: 

 

									
	Date of Exchange	 	Amount of
Decrease in
Principal
Amount of this
Global Security	 	Amount of
Increase in
Principal Amount
of this
Global Security	 	Principal Amount
of this Global
Security following
such decrease
(or increase)	 	Signature of
authorized officer
of Trustee or
Depositary
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

  

	† 	To be included in a Book-Entry Note. 

  
 B-12 

 Exhibit C 

FORM OF NOTE 
 [FACE OF
SECURITY] 
 [THIS GLOBAL SECURITY SHALL IN ALL RESPECTS BE ENTITLED TO THE SAME BENEFITS AS DEFINITIVE DEBT SECURITIES UNDER THE INDENTURE. UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) (55 WATER STREET, NEW YORK, NEW YORK 10041) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]* 

[TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN.]* 

 

			
		  	Principal Amount
		
	No.             	  	

 $        [which amount may be 

increased or decreased by the Schedule 

of Increases and Decreases in Global Security attached hereto.]* 

ENTERPRISE PRODUCTS OPERATING LLC 

4.95% SENIOR NOTE DUE 2054 

CUSIP 29379V BF9 
 ENTERPRISE
PRODUCTS OPERATING LLC, a Texas limited liability company (the “Company,” which term includes any successor under the Indenture hereinafter referred to), for value received, hereby promises to pay
to            or its registered assigns, the principal sum of
            ($        ) U.S. dollars, [or such greater or lesser principal sum as is shown on the attached Schedule of Increases and Decreases
in Global Security]*, on October 15, 2054 in such coin and currency of the United States of America as at 
  

	*	To be included in a Book-Entry Note. 

  
 C-1 

 
the time of payment shall be legal tender for the payment of public and private debts, and to pay interest thereon at an annual rate of 4.95% payable on April 15 and October 15 of each
year, commencing on [Insert the first Interest Payment Date occurring after the date of issuance of this Security], to the person in whose name this Debt Security (this “Security”) is registered at the close of business on the
record date for such interest, which shall be the preceding April 1 or October 1, as the case may be (each, a “Regular Record Date”), respectively, with interest accruing from and including [Insert the date of issuance of this
Security, or if Debt Securities of this same series have been previously issued, insert the most recent Interest Payment Date on which interest has been paid on Debt Securities of such series], or from and including the most recent date to which
interest on this Security shall have been paid. 
 Reference is made to the further provisions of this Security set forth on the reverse
hereof. Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 
 The statements in
the legends set forth in this Security are an integral part of the terms of this Security and by acceptance hereof the Holder of this Security agrees to be subject to, and bound by, the terms and provisions set forth in each such legend. 

This Security shall not be valid or become obligatory for any purpose until the Trustee’s Certificate of Authentication hereon shall have
been manually signed by the Trustee under the Indenture. 

  
 C-2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed by its sole
manager. 
  

											
	Dated:	 	  
	 		 		 		 	
			
		 		 	ENTERPRISE PRODUCTS OPERATING LLC
					
		 		 		 	By:	 	Enterprise Products OLPGP, Inc.,
		 		 		 		 	its sole manager
					
		 		 		 	By:	 	  

		 		 		 		 	Name:	 	Bryan F. Bulawa
		 		 		 		 	Title:	 	Senior Vice President and Treasurer

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION: 

This is one of the Debt Securities of the series designated herein referred to in the within-mentioned Indenture. 

 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	 as Trustee

		
	By:	 	  

		 	Authorized Signatory

  
 C-3 

 [REVERSE OF SECURITY] 

ENTERPRISE PRODUCTS OPERATING LLC 

4.95% SENIOR NOTE DUE 2054 
  

	1.	Interest. 

 The Company promises to pay interest on the principal amount of this Security
at the rate of 4.95% per annum. The Company will pay interest semi-annually on April 15 and October 15 of each year (each an “Interest Payment Date”). Interest will be computed on the basis of a 360-day year consisting of
twelve 30-day months. The Company shall pay interest (including post-petition interest in any proceeding under any applicable bankruptcy laws) on overdue installments of interest (without regard to any applicable grace period) and on overdue
principal and premium, if any, from time to time on demand at the same rate per annum, in each case to the extent lawful. 
  

	2.	Method of Payment. 

 The Company shall pay interest on the Securities (except Defaulted
Interest) to the persons who are the registered Holders at the close of business on the Regular Record Date immediately preceding the Interest Payment Date. Any such interest not so punctually paid or duly provided for (“Defaulted
Interest”) may be paid to the persons who are registered Holders at the close of business on a special record date for the payment of such Defaulted Interest, or in any other lawful manner not inconsistent with the requirements of any
securities exchange on which such Securities may then be listed if such manner of payment shall be deemed practicable by the Trustee, as more fully provided in the Indenture. The Company shall pay principal, premium, if any, and interest in such
coin or currency of the United States of America as at the time of payment shall be legal tender for payment of public and private debts. Payments in respect of a Global Security (including principal, premium, if any, and interest) will be made by
wire transfer of immediately available funds to the accounts specified by the Depositary. Payments in respect of Securities in definitive form (including principal, premium, if any, and interest) will be made at the office or agency of the Company
maintained for such purpose within The City of New York, which initially will be the corporate trust office of Wells Fargo Bank, National Association at Corporate Trust Services, 150 East 42nd Street, 40th Floor, New York, New York 10017, or, at the
option of the Company, payment of interest may be made by check mailed to the Holders on the relevant record date at their addresses set forth in the Debt Security Register of Holders or at the option of the Holder, payment of interest on Securities
in definitive form will be made by wire transfer of immediately available funds to any account maintained in the United States, provided such Holder has requested such method of payment and provided timely wire transfer instructions to the paying
agent. The Holder must surrender this Security to a paying agent to collect payment of principal. 
  

	3.	Paying Agent and Registrar. 

 Initially, Wells Fargo Bank, National Association will act
as paying agent and Registrar. The Company may change any paying agent or Registrar at any time upon notice to the Trustee and the Holders. The Company may act as paying agent. 

  
 C-4 

	4.	Indenture. 

 Reference is made hereby to (i) the Indenture dated as of
October 4, 2004 (the “Original Indenture”) among Enterprise Products Operating L.P., as issuer (the “Original Issuer”), Enterprise Products Partners L.P., as parent guarantor (the “Parent Guarantor”), and
Wells Fargo Bank, National Association, as trustee (the “Trustee”), (ii) the Tenth Supplemental Indenture thereto dated as of June 30, 2007 (the “Tenth Supplemental Indenture”), among the Original Issuer, the Company,
the Parent Guarantor and the Trustee, providing for the Company as the successor issuer and (iii) the Twenty-Sixth Supplemental Indenture thereto dated as of October 14, 2014 (the “Twenty-Sixth Supplemental Indenture”), among the
Company, the Parent Guarantor and the Trustee, providing for the issuance of Debt Securities of the series whose designation appears on the face hereof. The Original Indenture, as amended and supplemented by the Tenth Supplemental Indenture and the
Twenty-Sixth Supplemental Indenture, and as may be further duly amended and supplemented in accordance with the terms thereof, is referred to herein as the “Indenture.” Capitalized terms used but not defined herein shall have the
respective meanings given to such terms in the Indenture. 
 This Security is one of a duly authorized issue of Debt Securities of the
series designated by the Company as “4.95% Senior Notes due 2054” (such series of Debt Securities being referred to herein as the “Securities”), all of which are issued or to be issued under and pursuant to the Indenture. The
terms of the Securities include those stated in the Indenture, and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “TIA”). The Securities are subject to all such terms, and Holders of
Securities are referred to the Indenture and the TIA for a statement of such terms and a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company, the Parent Guarantor and the Holder
hereof. If and to the extent any provision of the Indenture limits, qualifies or conflicts with any other provision of the Indenture that is required to be included in the Indenture or is deemed applicable to the Indenture by virtue of the
provisions of the TIA, such required provision shall control. 
  

	5.	Optional Redemption. 

 At any time prior to April 15, 2054, the Securities are
redeemable, at the option of the Company, at any time in whole, or from time to time in part, at a redemption price (the “Make-Whole Price”) equal to the greater of: (i) 100% of the principal amount of the Securities to be redeemed;
or (ii) the sum of the present values of the remaining scheduled payments of principal and interest (at the rate in effect on the date of calculation of the Make-Whole Price) on the Securities to be redeemed (exclusive of interest accrued to
the date of redemption) discounted to the date of redemption (the “Redemption Date”) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Yield plus 30 basis points; plus, in either
case, accrued and unpaid interest to the Redemption Date. 
 The actual Make-Whole Price, calculated as provided above, shall be calculated
and certified to the Trustee and the Company by the Independent Investment Banker. 
 At any time on or after April 15, 2054, the
Securities are redeemable, at the option of the Company, at any time in whole, or from time to time in part, at a redemption price equal to 100% of the principal amount of the Securities to be redeemed plus accrued and unpaid interest to the
Redemption Date. 

  
 C-5 

 For purposes of determining the Make-Whole Price, the following definitions are applicable: 

“Treasury Yield” means, with respect to any Redemption Date applicable to the Securities, the rate per annum equal to the
semi-annual equivalent yield to maturity (computed as of the third Business Day immediately preceding such Redemption Date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the applicable Comparable Treasury Price for such Redemption Date. 
 “Comparable Treasury
Issue” means the United States Treasury security selected by the Independent Investment Banker as having a maturity comparable to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Securities to be redeemed; provided, however, that if no maturity is within three months
before or after the maturity date for such Securities, yields for the two published maturities most closely corresponding to such United States Treasury security will be determined and the treasury rate will be interpolated or extrapolated from
those yields on a straight line basis rounding to the nearest month. 
 “Independent Investment Banker” means any of
Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, DNB Markets, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBS Securities Inc., Scotia Capital (USA) Inc. and UBS Securities LLC and
their respective successors or, if no such firm is willing and able to select the applicable Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Trustee and reasonably acceptable to the
Company. 
 “Comparable Treasury Price” means, with respect to any Redemption Date, (a) the average of the Reference Treasury
Dealer Quotations for the Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (b) if the Independent Investment Banker obtains fewer than four Reference Treasury Dealer Quotations, the average of all
such quotations. 
 “Reference Treasury Dealer” means each of Citigroup Global Markets Inc., Merrill Lynch, Pierce,
Fenner & Smith Incorporated, DNB Markets, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBS Securities Inc., Scotia Capital (USA) Inc. and UBS Securities LLC, so long as it is a primary U.S. government securities
dealer in the United States (a “Primary Treasury Dealer”) at the relevant time and, if it is not then a Primary Treasury Dealer, then a Primary Treasury Dealer selected by it, and in each case their respective successors; provided,
however, that if any of the foregoing shall not be a Primary Treasury Dealer at such time and shall fail to select a Primary Treasury Dealer, then the Company will substitute therefor another Primary Treasury Dealer. 

  
 C-6 

 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury
Dealer and any Redemption Date for the Securities, an average, as determined by an Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for the Securities (expressed in each case as a percentage of its
principal amount) quoted in writing to an Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 

Except as set forth above, the Securities will not be redeemable prior to their Stated Maturity and will not be entitled to the benefit of any
sinking fund. 
 Securities called for optional redemption become due on the Redemption Date. Notices of optional redemption will be mailed
at least 30 but not more than 60 days before the Redemption Date to each Holder of the Securities to be redeemed at its registered address. The notice of optional redemption for the Securities will state, among other things, the amount of Securities
to be redeemed, the Redemption Date, the redemption price or the method of calculating such redemption price and the place(s) that payment will be made upon presentation and surrender of Securities to be redeemed. Unless the Company defaults in
payment of the redemption price, interest will cease to accrue on the Redemption Date with respect to any Securities that have been called for optional redemption. If less than all the Securities are redeemed at any time, the Trustee will select the
Securities to be redeemed on a pro rata basis, by lot, or by such other method the Trustee deems fair and appropriate. 
 The Securities may
be redeemed in part in multiples of $1,000 only. Any such redemption will also comply with Article III of the Indenture. 
  

	6.	Denominations; Transfer; Exchange. 

 The Securities are to be issued in registered form,
without coupons, in denominations of $1,000 and integral multiples of $1,000 in excess thereof. A Holder may register the transfer of, or exchange, Securities in accordance with the Indenture. The Registrar may require a Holder, among other things,
to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Company hereby irrevocably undertakes to the Holder hereof to exchange this Security in accordance with the
terms of the Indenture without charge. 
  

	7.	Person Deemed Owners. 

 The registered Holder of a Security may be treated as the owner
of it for all purposes. 
  

	8.	Amendment; Supplement; Waiver. 

 Subject to certain exceptions, the Indenture may be
amended or supplemented, and any existing Event of Default or compliance with any provision may be waived, with the consent of the Holders of a majority in principal amount of the Outstanding Debt Securities of each series affected. Without consent
of any Holder of a Security, the parties thereto may amend or supplement the Indenture to, among other things, cure any ambiguity or omission, to correct any defect or inconsistency, or to make any other change that does not adversely affect the
rights of any Holder of a Security. Any such consent or waiver by the Holder of this Security (unless 

  
 C-7 

 
revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders and owners of this Security and any Securities which may be issued in exchange
or substitution herefor, irrespective of whether or not any notation thereof is made upon this Security or such other Securities. 
  

	9.	Defaults and Remedies. 

 Certain events of bankruptcy or insolvency are Events of Default
that will result in the principal amount of the Securities, together with premium, if any, and accrued and unpaid interest thereon, becoming due and payable immediately upon the occurrence of such Events of Default. If any other Event of Default
with respect to the Securities occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25% in aggregate principal amount of the Securities then Outstanding may declare the principal amount of all the Securities,
together with premium, if any, and accrued and unpaid interest thereon, to be due and payable immediately in the manner and with the effect provided in the Indenture. Notwithstanding the preceding sentence, however, if at any time after such a
declaration of acceleration has been made, the Holders of a majority in principal amount of the Outstanding Securities, by written notice to the Trustee, may rescind such declaration and annul its consequences if the rescission would not conflict
with any judgment or decree of a court already rendered and if all Events of Default with respect to the Securities, other than the nonpayment of the principal, premium, if any, or interest which has become due solely by such declaration
acceleration, shall have been cured or shall have been waived. No such rescission shall affect any subsequent default or shall impair any right consequent thereon. Holders of Securities may not enforce the Indenture or the Securities except as
provided in the Indenture. The Trustee may require indemnity or security satisfactory to it before it enforces the Indenture or the Securities. Subject to certain limitations, Holders of a majority in aggregate principal amount of the Securities
then Outstanding may direct the Trustee in its exercise of any trust or power with respect to the Securities. 
  

	10.	Trustee Dealings with Company. 

 The Trustee under the Indenture, in its individual or
any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates or any subsidiary of the Company’s Affiliates, and may otherwise deal with the Company or its Affiliates as if it were not the
Trustee. 
  

	11.	Authentication. 

 This Security shall not be valid until the Trustee signs the
certificate of authentication on the other side of this Security. 
  

	12.	Abbreviations and Defined Terms. 

 Customary abbreviations may be used in the name of a
Holder of a Security or an assignee, such as: TEN COM (tenant in common), TEN ENT (tenants by the entireties), JT TEN (joint tenants with right of survivorship and not as tenants in common), CUST (Custodian), and U/G/M/A (Uniform Gifts to Minors
Act). 

  
 C-8 

	13.	CUSIP Numbers. 

 Pursuant to a recommendation promulgated by the Committee on Uniform
Note Identification Procedures, the Company has caused CUSIP numbers to be printed on the Securities as a convenience to the Holders of the Securities. No representation is made as to the accuracy of such number as printed on the Securities and
reliance may be placed only on the other identification numbers printed hereon. 
  

	14.	Absolute Obligation. 

 No reference herein to the Indenture and no provision of this
Security or the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Security in the manner, at the respective times, at the rate and in
the coin or currency herein prescribed. 
  

	15.	No Recourse. 

 The general partner of the Parent Guarantor and its directors, officers,
employees and members, as such, shall have no liability for any obligations of any Guarantor or the Company under the Securities, the Indenture or any Guarantee or for any claim based on, in respect of, or by reason of, such obligations or their
creation. Each Holder by accepting the Securities waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Securities. 
  

	16.	Governing Law. 

 This Security shall be construed in accordance with and governed by the
laws of the State of New York. 
  

	17.	Guarantee. 

 The Securities are fully and unconditionally guaranteed on an unsecured,
unsubordinated basis by the Parent Guarantor as set forth in Article XIV of the Indenture, as noted in the Notation of Guarantee to this Security, and under certain circumstances set forth in the Original Indenture one or more Subsidiaries of the
Parent Guarantor may be required to join in such guarantee. 
  

	18.	Reliance. 

 The Holder, by accepting this Security, acknowledges and affirms that
(i) it has purchased the Security in reliance upon the separateness of Parent Guarantor and the general partner of Parent Guarantor from each other and from any other Persons, including Enterprise Products Company (formerly EPCO, Inc.), and
(ii) Parent Guarantor and the general partner of Parent Guarantor have assets and liabilities that are separate from those of other Persons, including Enterprise Products Company. 

  
 C-9 

 NOTATION OF GUARANTEE 

The Parent Guarantor (which term includes any successor Person under the Indenture), has fully, unconditionally and absolutely guaranteed, to
the extent set forth in the Indenture and subject to the provisions in the Indenture, the due and punctual payment of the principal of, and premium, if any, and interest on the Securities and all other amounts due and payable under the Indenture and
the Securities by the Company. 
 The obligations of the Parent Guarantor to the Holders of Securities and to the Trustee pursuant to its
Guarantee and the Indenture are expressly set forth in Article XIV of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee. 

 

					
	ENTERPRISE PRODUCTS PARTNERS L.P.
		
	By:	 	ENTERPRISE PRODUCTS HOLDINGS LLC,
		 	its General Partner
		
	By:	 	  

		 	Name:	 	Bryan F. Bulawa
		 	Title:	 	Senior Vice President and Treasurer

  
 C-10 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out
in full according to applicable laws or regulations: 

 

					
	TEN COM	  	–	  	as tenants in common
		  		  	
			
	TEN ENT	  	–	  	as tenants by entireties
			
	JT TEN	  	–	  	as joint tenants with right of survivorship and not as tenants in common

			
	UNIF GIFT MIN ACT –	  	  

		  	(Cust.)

			
	Custodian for:	  	  

		  	(Minor)
	under Uniform Gifts to

			
	Minors Act of	  	  

	  	(State)

 
 

  
 Additional abbreviations
may also be used though not in the above list. 
  

 
 ASSIGNMENT

 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

 

	
	PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE
	
	  

  
  

 
 Please print or type name and address including
postal zip code of assignee 
  
  

 
  
  

 
 the within Security and all rights thereunder,
hereby irrevocably constituting and appointing 
  
  

 
 to transfer said Security on the books of the
Company, with full power of substitution in the premises. 
  

							
	Dated	 	  
	 		 	  

		 		 		 	Registered Holder

  
 C-11 

 SCHEDULE OF INCREASES OR DECREASES 

IN GLOBAL
SECURITY† 

The following increases or decreases in this Global Security have been made: 

 

									
	Date of Exchange	 	Amount of
Decrease in
Principal
Amount of this
Global Security	 	Amount of
Increase in
Principal Amount
of this
Global Security	 	Principal Amount
of this Global
Security following
such decrease
(or increase)	 	Signature of
authorized officer
of Trustee or
Depositary
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

  

	† 	To be included in a Book-Entry Note. 

  
 C-12

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