Document:

EX-4.1

 Exhibit 4.1 

DESCRIPTION OF THE AMALGAMATED FINANCIAL CORP.’S SECURITIES REGISTERED 

PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934 

References to “we,” “us,” “our” and “Amalgamated Financial” herein refer to Amalgamated Financial Corp, a Delaware
public benefit corporation. 
 The following description includes summaries of the material terms of the Amalgamated Financial capital stock. Because
it is a summary, it may not contain all the information that is important to you. For a complete description, reference is made to the more detailed provisions of, and the descriptions are qualified in their entirety by reference to, the Amalgamated
Financial certificate of incorporation (“Certificate of Incorporation”), and the Amalgamated Financial bylaws (“Bylaws”), each of which is incorporated herein by reference and is filed as an exhibit to our Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission of which this Exhibit 4.1 is a part. We encourage you to read our Certificate of Incorporation and our Bylaws and the applicable provisions of the General
Corporation Law of the State of Delaware (the “DGCL”) 
 General 

The authorized capital stock of Amalgamated Financial consists of 70,000,000 shares of common stock, par value $0.01 per share, and 1,000,000 shares of
preferred stock, par value $0.01 per share. The outstanding shares of our common stock are fully paid and nonassessable. No shares of Amalgamated Financial preferred stock are currently outstanding. 

This summary of the material rights and features of Amalgamated Financial capital stock does not purport to be exhaustive and is qualified in its entirety by
reference to our Certificate of Incorporation and Bylaws, and to applicable Delaware law. 
 Common Stock 

Dividends. Subject to the rights and preferences of the holders of any outstanding shares of preferred stock, dividends may be declared and paid on
Amalgamated Financial common stock only out of Amalgamated Financial’s surplus (as defined and computed in accordance with the provisions of the DGCL) or if it has no such surplus, out of its net profits for the fiscal year in which the
dividend is declared and/or the preceding fiscal year. However, dividends may only be declared by the board of directors, and the board’s ability to declare dividends is subject to limitations under applicable law and regulation. 

Liquidation or Dissolution. In the event of any voluntary or involuntary liquidation, dissolution, or winding up of Amalgamated Financial, holders of
common stock are entitled to share equally and ratably in Amalgamated Financial’s assets, if any, remaining after the payment of all debts and liabilities and the liquidation preference of any outstanding preferred stock. 

Voting Powers. Holders of Amalgamated Financial common stock are entitled to one vote per share on all matters on which the holders of common stock are
entitled to vote. Under the Amalgamated Financial Bylaws, a majority in voting power of the shares of Amalgamated Financial entitled to vote at a meeting, present in person or represented by proxy, will constitute a quorum to transact business. Once
a quorum is present, except as otherwise provided by law, our Certificate of Incorporation, our Bylaws or in respect of the election of directors, all matters to be voted on by Amalgamated Financial’s stockholders must be approved by the
affirmative vote of the majority of shares present in person or represented by proxy at the meeting and entitled to vote on the matter. In the case of an election of directors, where a quorum is present, a majority of the votes cast at a meeting of
the stockholders by the holders of stock entitled to vote in the election will be sufficient to elect each director; provided, however, that if the number of nominees for director exceeds the number of directors to be elected, directors will
be elected by a plurality of the votes of the shares represented in person or by proxy and entitled to vote in the election. No holders of Amalgamated Financial common stock are entitled to cumulative voting. 

 Preemptive or Other Rights. Amalgamated Financial common stockholders have no preemptive or
subscription rights or other right to purchase, subscribe for or take any part of any shares of capital stock in Amalgamated Financial of any class or series. The rights, preferences, and privileges of common stockholders are subject to those of any
classes or series of preferred stock that Amalgamated Financial may issue in the future. 
 Preferred Stock 

Amalgamated Financial is authorized to issue “blank check” preferred stock, which may be issued in one or more series upon authorization of its board
of directors. The board of directors is authorized to fix the designation of the series, the number of authorized shares of any series, the relative powers, preferences and rights and the qualifications, limitations and restrictions applicable to
each series of preferred stock. The authorized shares of preferred stock are available for issuance without further action by the Amalgamated Financial stockholders, unless such action is required by applicable law or the rules of any stock exchange
on which Amalgamated Financial securities may be listed. 
 Transfer Agent and Registrar 

The transfer agent and registrar for Amalgamated Financial common stock is American Stock Transfer & Trust Company, LLC. 

Listing and Trading 
 Amalgamated Financial common stock
is listed on The Nasdaq Global Market under the symbol “AMAL”. 
 Anti-takeover Effects 

The provisions of our Certificate of Incorporation and Bylaws and the DGCL summarized in the following paragraphs may have anti-takeover effects and may delay,
defer, or prevent a tender offer or takeover attempt that a stockholder might consider to be in such stockholder’s best interest, including those attempts that might result in a premium over the market price for the shares held by stockholders,
and may make removal of management more difficult. 
 Authorized but Unissued Stock. Upon the affirmative vote of at least a majority of the entire
board of directors, the authorized but unissued shares of common stock and “blank check” preferred stock will be available for future issuance without stockholder approval. These additional shares may be used for a variety of corporate
purposes, including future public offerings to raise additional capital, corporate acquisitions, and employee benefit plans. The existence of authorized but unissued and unreserved shares of common stock and preferred stock may enable the board of
directors to issue shares to persons friendly to current management, which could render more difficult or discourage any attempt to obtain control of the company by means of a proxy contest, tender offer, merger or otherwise, and thereby protect the
continuity of the company’s management. 
 Number of Directors and Vacancies. Our Bylaws provide that the number of directors shall be fixed
from time to time by resolution of at least a majority of the total number of directors Amalgamated Financial would have if there were no vacancies then in office, but there may not be fewer than seven nor more than 21 directors. Our Bylaws provide
that all vacancies on the board of directors, including newly created directorships resulting from an increase in the authorized number of directors, may be filled by a majority of the remaining directors for the unexpired term. 

Ability to Call a Special Meeting. Special meetings of our stockholders may be called only (i) by a majority of the board of directors, the chair
of the board of directors, any vice chair of the board of directors, the president or the chief executive officer; or (ii) by the secretary, following written demand to call a special meeting of the stockholders from stockholders of record who
own at least two-thirds of all of the outstanding shares of common stock of Amalgamated Financial then entitled to vote on the matter or matters to be brought before the proposed special meeting. Any such
stockholder demand must also be in the form set forth in, and contain the information required by, our Bylaws. 
 Stockholder Proposals. For any
director nominations or any other business to be properly brought before an annual meeting by a stockholder, the stockholder must give written notice to the secretary of Amalgamated Financial (i) not later than the close of business on the 90th day, nor earlier than the close of business on the 120th day, in advance of the anniversary of the previous year’s annual meeting if the
meeting is to be held on a day that is not more than 30 days in advance of the anniversary of the previous year’s annual meeting or not later than 60 days after the anniversary 

 
of the previous year’s annual meeting; or (ii) with respect to any other annual meeting of stockholders, not earlier than the close of business on the 120th day prior to the annual meeting and not later than the close of business on the later of (A) the 90th day prior to the annual meeting and
(B) the close of business on the 10th day following the first date of public disclosure of the date of such meeting. In the case of a special meeting, the stockholder’s notice must be
delivered to the secretary of Amalgamated Financial not earlier than the close of business on the 120th day prior to the date of the special meeting and not later than the close of business on the
later of (1) the 90th day prior to such special meeting or (2) the 10th day following the day on which public announcement is first
made of the date of the special meeting. Any such stockholder’s notice must also be in the form set forth in, and contain the information required by, Amalgamated Financial’s Bylaws. 

Business Combinations under Delaware Law. Amalgamated Financial has not opted out of Section 203 of the DGCL in its Certificate of Incorporation.
Under Section 203 of the DGCL, subject to exceptions, Amalgamated Financial is prohibited from engaging in any business combination with any interested stockholder for a period of three years following the time that the stockholder became an
interested stockholder. For this purpose, an “interested stockholder” generally includes current and certain former holders of 15% or more of Amalgamated Financial’s outstanding stock. The provisions of Section 203 may encourage
companies interested in acquiring Amalgamated Financial to negotiate in advance with its board of directors. These provisions may make it more difficult to accomplish transactions which stockholders may otherwise deem to be in their best interests.

 Delaware Public Benefit Corporation 
 A Delaware
public benefit corporation indicates in its organizing documents a commitment to promoting one or more public benefits. In addition, benefit corporation directors have a fiduciary duty—established by statute—to consider a range of
stakeholders when making decisions, including but not limited to the corporation’s stockholders. Thus, while a benefit corporation is a for-profit entity, its directors are duty-bound to follow a
“triple bottom line” approach to running the business—pursing profit, promoting one or more public benefits, and considering a range of stakeholders (including the environment) affected by the corporation’s actions. Promoting a
public benefit is not just an optional, or discretionary activity. 
 As a Delaware public benefit corporation, the relevant Delaware statute imposes a
balancing test on Amalgamated Financial’s directors. It requires the directors to manage the corporation in a manner that balances (i) the stockholders’ pecuniary interests, (ii) the interests of those materially affected by the
corporation’s conduct, and (iii) the public benefits identified in the corporation’s certificate of incorporation. This tripartite balancing requirement means that the directors of a Delaware public benefit corporation must balance
the pecuniary interests of its stockholders with the interests of other persons, entities or communities and the specific public benefits identified in the certificate of incorporation. In addition, Amalgamated Financial must, at least every two
years, issue to stockholders a statement as to the corporation’s promotion of (i) the public benefits identified in the certificate of incorporation and (ii) the best interests of those materially affected by the corporation’s
conduct. Amalgamated Financial’s Certificate of Incorporation provides that its purpose includes creating a material positive impact on society and the environment, taken as a whole. 

Indemnification of Directors, Officers, and Employees; Limitation on Liability 

Amalgamated Financial’s Bylaws provide that it shall indemnify and hold harmless, to the fullest extent permitted by applicable law, any person who was or
is made or is threatened to be made a party or is otherwise involved in any action, suit, or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he or she, or a person for whom he or she is the legal
representative, is or was a director, officer, or employee of Amalgamated Financial or, while a director, officer, or employee of Amalgamated Financial, is or was serving at the request of Amalgamated Financial as a director, officer, or employee of
another corporation, partnership, joint venture, trust, enterprise or nonprofit entity, including service with respect to employee benefit plans, against all liability and loss suffered and expenses (including attorneys’ fees) actually and
reasonably incurred by such person. Notwithstanding the preceding sentence, Amalgamated Financial shall only be required to indemnify a person in connection with such a proceeding (or part thereof) commenced by such person if the commencement of
such proceeding (or part thereof) by the person was authorized in the specific case by Amalgamated Financial’s board of directors. 

 The foregoing right to indemnification includes the right to an advancement of expenses actually and
reasonably incurred by a director, officer, or employee of Amalgamated Financial in defending any such proceeding in advance of its final disposition, upon receipt of an undertaking by or on behalf of such person to repay all amounts so advanced if
it is ultimately determined by final adjudication from which there is no further right to appeal that such indemnitee is not entitled to be indemnified for such expenses. 

Amalgamated Financial’s Bylaws also provide that it may purchase and maintain insurance on behalf of any person who is or was a director, officer, or
employee of Amalgamated Financial, or is or was serving at the request of Amalgamated Financial as a director, officer, or employee of another corporation, partnership, joint venture, trust, enterprise, or nonprofit entity against any liability
asserted against him or her and incurred by him or her in any such capacity, or arising out of his or her status as such, whether or not Amalgamated Financial would have the power to indemnify him or her against such liability under the provisions
of the DGCL. 
 In addition, Amalgamated Financial’s Certificate of Incorporation provides that the liability of its directors to the corporation or
its stockholders for monetary damages for a breach of fiduciary duty as a director is eliminated or limited to the fullest extent permitted by applicable law, and that if applicable law is amended to authorize the further elimination or limitation
of the liability of a director, then the liability of the director shall be eliminated or limited to the fullest extent permitted by applicable law, as so amended. Further, as a Delaware public benefit corporation, the DGCL permits, and Amalgamated
Financial’s Certificate of Incorporation provides, that any disinterested failure by a director to satisfy his or her fiduciary duties shall not, for the purposes of Sections 102(b)(7) and 145 of the DGCL, or for the purposes of any use of the
term “good faith” in Amalgamated Financial’s Certificate of Incorporation or Bylaws in regard to the indemnification or advancement of expenses of officers, directors, and employees, constitute an act or omission not in good faith, or
a breach of the duty of loyalty. Finally, the DGCL provides that Amalgamated Financial’s director’s decision implicating the requirement under the DGCL that a director of a public benefit corporation balance the stockholders’
pecuniary interests, the best interests of those materially affected by Amalgamated Financial’s conduct, and the public benefit identified in Amalgamated Financial’s Certificate of Incorporation will be deemed to satisfy such
director’s fiduciary duties to stockholders and Amalgamated Financial if such director’s decision is both informed and disinterested and not such that no person of ordinary, sound judgment would approve. 

Stockholder Vote on Fundamental Issues 
 As a public
benefit corporation, Amalgamated Financial may not merge or consolidate with or into another entity if, as a result of such merger or consolidation, the shares in Amalgamated Financial would become, or be converted into or exchanged for the right to
receive, shares or other equity interests in a domestic or foreign corporation that is not a public benefit corporation or similar entity unless such merger or consolidation is approved by the holders of
two-thirds of the outstanding stock of Amalgamated Financial. Any other merger or consolidation, subject to certain exceptions contained in the DGCL, requires the approval of the holders of a majority of the
outstanding stock of Amalgamated Financial.EXHIBIT 10.3

    

    Phantom Unit Grant with DERs

    under the

    2008 Enterprise Products Long-Term Incentive Plan

    (Third Amendment and Restatement)

    

    

    

    

    Date of Grant:                                                                

    Name of Grantee:                                                          

      

    Number of Phantom Units Granted:                           

      
      

      

      Phantom Unit Grant Number:                                      

      

    

    

    Enterprise Products Company (the “Company”) is pleased to inform you that you have been granted under the 2008 Enterprise
      Products Long-Term Incentive Plan (Third Amendment and Restatement) (the “Plan”) the number of Phantom Units set forth above.  A Phantom Unit is a contractual right to receive, on or following its vesting, a Common Unit of Enterprise Products
      Partners L.P. (the “Partnership”). Each Phantom Unit granted to you also has a tandem Distribution Equivalent Right (“DER”) that entitles you to receive, on or as soon as reasonably practical following each Distribution Date (as defined below) on
      which the DER remains credited to you, an amount of cash equal to the cash distribution paid on a Common Unit on that Distribution Date. The terms of this grant are as follows:

    1. Vesting/Forfeiture of Phantom Units and DERs.  Subject to the further provisions of this agreement
        (this “Award Agreement”), (i) the Phantom Units hereby granted to you shall become vested on the Scheduled Vesting Dates in the percentages as set forth below or (ii) if you incur a Qualifying Termination (as defined below) prior to a Scheduled
        Vesting Date, all unvested Phantom Units then credited to you shall become 100% vested on the date of your Qualifying Termination.

    

    

    

    

    	
            SCHEDULED VESTING DATES

             

          	
            CUMULATIVE VESTED PERCENTAGE

             

          
	
            [               ], 20___

             

          	
            25%

             

          
	
            [               ], 20___

             

          	
            50%

             

          
	
            [               ], 20___

             

          	
            75%

             

          
	
            [               ], 20___

             

          	
            100%

             

          

    

    

    Notwithstanding the above, if prior to a Scheduled Vesting Date you cease to be an Employee, Director and/or Consultant (as applicable) for
      any reason other than your Qualifying Termination, all unvested Phantom Units and tandem DERs then credited to you automatically shall terminate (without payment) on the date of your termination of service; provided, however, notwithstanding the
      foregoing, if your termination of service date is on or after a Record Date (as defined below) and before the next Distribution Date applicable 

     

    

    
      -1-

      
        

    

    to such Record Date, your DERs shall continue to be credited to you until the first date following that next Distribution Date, when they
      shall automatically terminate.

    If a Phantom Unit becomes vested, its tandem DER automatically shall terminate concurrently with the payment of that
      vested Phantom Unit, except when the vested Phantom Unit is settled after the Record Date and before the next Distribution Date, in which case the DER in tandem with such vested Phantom Unit shall continue to be credited to you until the first date
      following the next Distribution Date, when it shall automatically terminate.

    2. Payment of Vested Phantom Units.  (a)  If a Phantom Unit becomes vested, then,
        subject to the further provisions of this Section 2, you will be paid one Common Unit in the Qualified Month (as defined below) that is coincident with or next following the date of the vesting event (but in all events payment shall be made before
        the end of the 60-day period following the Scheduled Vesting Date or the date of the Qualifying Termination, whichever is applicable).

    (b) If, however, the vesting event is your Qualifying Termination pursuant to Section 5(j)(ii), then, if the Release Period (as defined below) with respect to the
        Required Release (as defined below) begins in one calendar year and ends in a second calendar year, then any payments subject to Section 409A of the Internal Revenue Code (the “Code”) that would otherwise occur during the portion of the Release
        Period that falls within the first year will be delayed and paid in a lump sum in the second calendar year.

    (c) If you are a “specified employee” for purposes of Section 409A of the Code and payment hereunder upon your Qualifying Termination would subject you to the
        additional tax under Section 409A if the payment were made prior to the first date that is more than six months after your Qualifying Termination, such payment shall, instead, be paid to you in a lump sum (without interest) on the first business
        day that is more than six months after your Qualifying Termination,  or on such earlier date, if any, as may be permitted by Section 409A without incurring such additional tax.

    3. Payment of DERs.  On or as soon as reasonably practical (and not later than 30 days) following each
        Distribution Date, you will receive, with respect to each DER that remains credited to you on such Distribution Date, a cash payment from the Company in an amount equal to the cash distribution paid with respect to a Common Unit on that
        Distribution Date, provided that any DERs payable to you with respect to a Record Date that precedes your termination of employment shall in all events be paid to you no later than 60 days following such Record Date.

    4. No Transfers of Awards.  None of the Phantom Units or tandem DERs hereby granted to you (or any interest therein) may be transferred, pledged, or encumbered by you in any manner, except by will or the laws of descent and distribution. If, in the
        event of your divorce, legal separation or other dissolution of your marriage, your spouse or former spouse is awarded ownership of, a division of any community property interest in, or any other interest in any of the Phantom Units or DERs granted to you hereunder, then, notwithstanding anything in Section 1 above to the contrary, effective concurrently with such award or division,
        such “awarded” or “divided” Phantom Units and DERs automatically shall be forfeited and cancelled without payment to any person.

    5. Definitions.  Capitalized terms used in this Award Agreement shall have their respective meanings as
        provided in the Plan, with the exception that the capitalized terms set forth below shall have the following meanings:

    (a) “Affiliated Group” means and includes (individually, collectively or in any combination) (i) the Partnership, (ii) the Company, (iii) EPCO
        Holdings, Inc., (iv) Enterprise Products Holdings LLC, (v) Enterprise Products OLPGP, Inc., (vi) Enterprise Products Operating LLC, (vii) Dan Duncan LLC, (viii) the respective subsidiaries, parent entities or affiliates of any of the foregoing
        entities, (ix) any other entity (A) which is controlled, directly or indirectly, individually, collectively or in any combination, by the Company or any of the foregoing entities or (B) in which the Company or any of the foregoing entities has a
        direct or indirect ownership interest, 

     

      

    
      -2-

      
        

    

    (x) any other entity (A) which is controlled, directly or indirectly, by The Estate of
        Dan L. Duncan, Deceased, Dan L. Duncan’s descendants or any trusts for any of their respective benefit, individually, collectively or in any combination, or (B) in which any of them has a direct or indirect ownership interest, and (xi) any
        predecessors, subsidiaries, related entities, officers, directors, shareholders, parent entities, agents, attorneys, employees, successors, or assigns of any of the foregoing.

    (b) “Applicable Fiscal Year” means and includes (i) each fiscal year of the Company ending on, or within one year following, the Change of
        Control and (ii) the last full fiscal year of the Company ending immediately prior to the Change of Control, if the annual bonus for such fiscal year has not been paid to you prior to such Change of Control.

    (c) “Cause” means the occurrence of any of the following events:

    (i) the commission by you of a material act of willful misconduct, including, but not limited to, the willful violation of any material law,
        rule, regulation of a governmental entity or cease and desist order applicable to you or any Affiliated Group member (other than a law, rule or regulation relating to a minor traffic violation or a similar offense, as determined by the Committee,
        in its discretion), or an act which constitutes a breach by you of a fiduciary duty owed to any Affiliated Group member; or

    (ii) the commission by you of an act of dishonesty relating to the performance of your duties, your habitual unexcused absences from work, your
        willful failure to perform your duties in any material respect (other than any such failure resulting from your incapacity due to your physical or mental illness or disability), or your gross negligence in the performance or non-performance of your
        duties resulting in material damage or injury to any Affiliated Group member, its reputation or goodwill; provided, however, that in the event of your willful failure to perform your duties in any material respect, you shall be provided with
        written notice of such failure and be provided with a reasonable opportunity after such notice, in no event more than 30 days, to cure such failure to perform your duties; or

    (iii) any conviction of you for, or plea by you of other than not guilty to, any misdemeanor involving dishonesty, fraud or breach of trust (other
        than for a minor traffic violation or a similar offense, as determined by the Committee in its discretion) or any felony, whether or not in the line of duty.

    (d) “Change of Control” means the Duncan Interests shall cease, directly or indirectly, to control the General Partner (including for purposes of
        clarification, and without limitation, by control that may be deemed to exist based on (i) the facts that cause the Duncan Interests’ deemed control of the General Partner to exist as of the date of this Award Agreement (which existing control you
        hereby acknowledge and agree to by acceptance of this grant) or (ii) the Duncan Interests’ direct or indirect power to exercise a controlling influence over either the management or policies of the General Partner (as control and power are
        construed and used under rules and regulations promulgated by the SEC, including any presumptions used thereunder relating to control).

    (e) “Distribution Date” means, with respect to a DER, a date on which a cash distribution is paid on a Common Unit and such date occurs while the
        DER remains credited to you hereunder.

    (f) “Distribution Month” means a calendar month in which a Distribution Date occurs.

     

      

    
      -3-

      
        

    

    (g) “Duncan Interests” means, individually, collectively, or in any combination, The Estate of Dan L. Duncan, Deceased, Dan L. Duncan’s
        descendants, the heirs and/or legatees and/or distributees of Dan L. Duncan’s estate, and/or trusts (including, without limitation, one or more voting trusts) established for the benefit of Dan L. Duncan’s descendants, heirs and/or legatees and/or
        distributees.

    (h) “Good Reason” means any nonconsensual (i) material reduction in your authority, duties or responsibilities as in effect immediately prior to
        the Change of Control, (ii) reduction of more than 20% in (A) the rate of your annual base salary as in effect immediately prior to the Change of Control or (B) the amount of the annual bonus paid to you after the Change of Control with respect to
        an Applicable Fiscal Year when compared to the amount of the annual bonus paid to you by the Affiliated Group members (on a collective basis) prior to the Change of Control with respect to the last full fiscal year of the Company ending prior to
        the Change of Control; provided, however, that if you were employed by the Affiliated Group members, collectively, for less than the full period of such last fiscal year, the bonus paid to you for such partial year shall be annualized for this
        purpose; provided, further, that if the annual bonus for any Applicable Fiscal Year is not paid to you within 90 days of the end of such Applicable Fiscal Year, then such failure shall be deemed a more than 20% reduction for purposes of determining
        Good Reason and deemed to have occurred within one year after the Change of Control, or (iii) change in your primary office location of more than 50 miles from its location on the date immediately prior to the Change of Control; provided, however,
        to terminate due to Good Reason, you must notify the Company of the event that constitutes Good Reason within 60 days following its occurrence and you must provide the Company with 30 days following such notice to cure the Good Reason event.

    (i) “Qualified Month” means a calendar month during which the Partnership either (a) pays a cash distribution to holders of its Common Units or
        (b) is required to make adjustments to capital accounts upon the issuance of additional Common Units.

    (j) “Qualifying Termination” means:

    (i) you cease to be an Employee, Consultant or Director due to (1) your death or (2) your employment being terminated by an Affiliated Group
        member pursuant to its extended disability leave policy 12 months after you are determined to be disabled under its long-term disability plan; provided that your disability qualifies as a “disability” under Section 409A of the Code and you continue
        to be so disabled at the end of the extended 12-month disability leave period; or

    (ii) you (1) cease to be an Employee, Consultant or Director due to your retirement on or after (A) reaching age 62 and having 10 or more years of
        credited service as an Employee, Consultant and/or Director, or (B) reaching age 55 and the sum of your age and years of credited service as an Employee, Consultant and/or Director equals or exceeds 85, (2) have given the Company at least six
        months prior written notice of your retirement date, unless and to the extent such notice period is waived in whole or in part by the Company, in its sole discretion, (3) execute, within the Release Period, the Retirement and Release Agreement in
        the form required by the Company and such Retirement and Release Agreement becomes effective, and (4) comply, at the time of your retirement, with any applicable retirement policies then in effect; or

    (iii) you cease to be an Employee, Consultant or Director due to either (1) the termination of your employment by an Affiliated Group member on or
        within one year after a Change of Control for any reason other than for Cause or (2) the termination of your employment by you for Good Reason within 120 days following the date on which you have actual notice of the event that gives rise to your
        termination for Good Reason, provided that such Good Reason event occurs on or within one year after the Change of Control.

     

      

    
      -4-

      
        

    

    If the Phantom Unit is subject to Section 409A of the Code, the Qualifying Termination must be a “separation from service”
      for purposes of Section 409A.

    (k) “Record Date” means the date of record on which the Partnership determines the holder of a Common Unit for purposes of
        determining entitlement to receive the cash distribution that has been declared, but not yet paid, with respect to that Common Unit.

    (l) “Release Period” means the 21-day or 45-day consideration period, whichever is applicable, to your Required Release, as
        provided by 29 CFR §162.5.22(e) plus a seven (7) day revocation period.

    (m) “Required Release” means your release of certain claims as provided in the Retirement and Release Agreement, which is required
        for your retirement to be a Qualifying Termination pursuant to Section 5(j)(ii).

    6. No Right to Continued Service.  Nothing in this
        Award Agreement or in the Plan shall confer any right on you to continue as an Employee, Director or Consultant. A change in your status between Employee, Director and/or Consultant shall not be a termination of your service for purposes of this
        Award Agreement.

    7. Tax Withholding.  Notwithstanding anything in
        this Award Agreement to the contrary, to the extent that the grant, vesting or settlement of a Phantom Unit results in the receipt of compensation by you with respect to which an Affiliated Group member has a tax withholding obligation pursuant to
        any applicable law, then the Affiliated Group member shall withhold (or cause to be withheld) from such grant, vesting or settlement such number of Common Units as the Affiliated Group member determines is required to meet its tax withholding
        obligations under such applicable law unless you have made arrangements in advance to satisfy such tax withholding obligations in cash (a “Cash Withholding Election”); provided, however, that a Cash Withholding Election with respect to a particular
        tax withholding shall not be available to you if, at the time of such tax withholding, you are subject to Section 16 of the Securities Exchange Act of 1934, as amended.  Notwithstanding anything in this Award Agreement to the contrary, to the
        extent that the grant, vesting or settlement of a DER, or any cash “distribution” payment made with respect to a DER, results in the receipt of compensation by you with respect to which an Affiliated Group member has a tax withholding obligation
        pursuant to any applicable law, then the Affiliated Group member shall withhold (or cause to be withheld) from such grant, vesting, settlement or “distribution” payment (or any other compensation owed or credited to you) such amount of money as the
        Affiliated Group member determines is required to meet its tax withholding obligations under such applicable law.  Neither the Company nor any Affiliated Group member shall be liable to you for any tax, penalty, interest or other expense you may
        incur as a result of the Company’s or Affiliated Group member’s failure to comply with any such applicable law.

    8. Non-delivery of Common Units.  Notwithstanding
        any other provisions of this Award Agreement to the contrary, no Affiliated Group member shall be obligated to deliver hereunder any Common Units if counsel to the Company, the Partnership or the General Partner determines such delivery would
        violate (i) any law or regulation of any governmental authority, (ii) any agreement between the Company, the General Partner or the Partnership and any national securities exchange or market upon which the Common Units are listed, or (iii) any
        policy of any Affiliated Group member.

    9. Plan Controls.  The Phantom Units and DERs hereby granted are subject to the terms of the Plan, which is hereby incorporated by reference, including, without limitation, the
        ability of the Committee, in its discretion, to amend this Award Agreement without your consent, as provided in the Plan.  In the event of any conflict between the terms of this Award Agreement and the Plan, the Plan shall be the controlling
        document, with the sole exception that you shall not be considered an “at will” employee where the applicable state law governing your employment with the Affiliated Group member does not recognize the concept of employment “at will”.  The Plan, as
        in effect on the Date of Grant, is attached hereto as Exhibit A.

     

      

    
      -5-

      
        

    

    10. Clawback.  Notwithstanding any provision in this
        Award Agreement or the Plan to the contrary, by accepting this Award you agree that, to the extent required by any applicable law, including, without limitation, the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act of
        2010, SEC rule or applicable securities exchange listing standards (collectively, the “Law”), the Phantom Units and all amounts paid or payable pursuant to or with respect to the Phantom Units, including all Common Units and DER amounts, shall be
        subject to forfeiture, recovery, recoupment and/or cancellation to the extent necessary to comply with such Law, and you agree to fully cooperate with the Company in complying with such Law. This Section 10 shall survive the expiration or
        termination of this Award Agreement for such period as is necessary to comply with the Law and effectuate any forfeiture, recovery, recoupment or cancellation.

    11. Section 409A.  Payments under this Award
        Agreement are intended to be exempt, to the maximum extent possible, from Section 409A of the Code, and, to the extent subject to Section 409A, to comply with Section 409A.  For such purposes, the each payment hereunder shall be considered a
        separately identifiable payment.  The Company is authorized to construe and administer this Award Agreement in accordance with this intent.

    12. Governing Law.  This Award Agreement will be
        construed and interpreted in accordance with the laws of the State of Delaware without regard to conflict of law principles.

    ENTERPRISE PRODUCTS COMPANY

    

    

    

    

    

    

    By:                                                                         

    

    Senior Vice President, Human Resources

    

    

    

    

  

  -6-

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