Document:

EX-10.1

 Exhibit 10.1 

MIDCOAST ENERGY PARTNERS, L.P. 

2013 LONG-TERM INCENTIVE PLAN 

Performance Stock Unit Agreement 

This Performance Stock Unit Agreement (this “Agreement”) is made as of
                     , 20         between Midcoast Holdings, L.L.C. (the
“Company”) - the general partner of Midcoast Energy Partners, L.P. (the “Partnership”) - and the participant listed above (the “Participant”) pursuant to the Midcoast Energy Partners, L.P. 2013
Long-Term Incentive Plan (the “Plan”). 
 WHEREAS the Plan was established to: 

 

	 	•	 	 promote the interests of the Partnership and the Company, by providing incentive compensation awards denominated in or based on Units to Employees
to encourage superior performance; and, 

  

	 	•	 	 enhance the ability of the Partnership, the Company and their Affiliates to attract and retain the services of individuals who are essential for
the growth and profitability of the Partnership, the Company and their Affiliates and to encourage them to devote their best efforts to advancing the business of the Partnership, the Company and their Affiliates; 

AND WHEREAS the Participant has been designated under the provisions of the Plan as a plan participant; 

NOW THEREFORE in consideration of the premises and the covenants and agreements herein and other good and valuable consideration (the receipt
and sufficiency of which are hereby acknowledged), the parties hereto covenant and agree as follows: 
  

	1.	 The Participant acknowledges receipt of a copy of the Plan and hereby agrees that the terms and conditions of the Plan, as the same may be amended
or revised from time to time, will govern the performance stock units granted hereby (the “Performance Stock Units”) and shall be deemed to be incorporated by reference herein and to form a part of this Agreement. Each capitalized
term not otherwise defined herein shall have the meaning given to such term in the Plan. Where there is any conflict between the terms and conditions of this Agreement and the Plan with respect to the Performance Stock Units granted hereby, the
terms and conditions of the Plan shall prevail. 

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

	 	(a)	 “Board” means the board of directors or board of managers, as the case may be, of the Company. 

 

	 	(b)	 “Change in Control” means, and shall be deemed to have occurred upon one or more of the following events: 

 

	 	i.	 any “person” or “group” within the meaning of Sections 13(d) and 14(d)(2) of the Exchange Act, other than the Company or an
Affiliate of the Company (as determined immediately prior to such event), shall become the beneficial owner, by way of merger, acquisition, consolidation, recapitalization, reorganization or otherwise, of 50% or more of the combined voting power of
the equity interests in the Company or the Partnership or Enbridge Energy Partners LP or its general partner; 

  

	 	ii.	 the limited partners of the Partnership approve, in one or a series of transactions, a plan of complete liquidation of the Partnership;

  

	 	iii.	 the sale or other disposition by either the Company or the Partnership of all or substantially all of its assets in one or more transactions to any
Person other than the Company, the Partnership or an Affiliate of the Company or of the Partnership; 

	 	iv.	 a transaction resulting in a Person other than the Company or an Affiliate of the Company (as determined immediately prior to such event) being the
sole general partner of the Partnership; or 

  

	 	v.	 a Change of Control as defined in the Enbridge Inc. Performance Stock Unit Plan (2007), as amended (2012). 

Notwithstanding the foregoing, if a Change in Control constitutes a payment event with respect to any Award which provides for
the deferral of compensation and is subject to Section 409A, the transaction or event described in subsection (i), (ii), (iii) or (iv) above with respect to such Award must also constitute a “change in control event,” as
defined in Treasury Regulation §1.409A-3(i)(5), and as relates to the holder of such Award, to the extent required to comply with Section 409A. 
  

	 	(c)	 “Code” means the Internal Revenue Code of 1986, as amended. 

 

	 	(d)	 “Committee” means the Board, except that it shall mean such committee of the Board as may be appointed by the Board to administer
the Plan, or as necessary to comply with applicable legal requirements or listing standards. 

  

	 	(e)	 “DER” means the distribution equivalent rights as described in the Plan. 

 

	 	(f)	 “Disability” means, as determined by the Committee in its discretion exercised in good faith, a physical or mental condition of a
Participant that would entitle him or her to payment of disability income payments under the Partnership’s, the Company’s, or one of their Affiliates’ long-term disability insurance policy or plan, as applicable, for employees as then
in effect; or in the event that a Participant is not covered, for whatever reason, under any such long-term disability insurance policy or plan for employees of the Partnership, the Company, or one of their Affiliates or the Partnership, the
Company, or one of their Affiliates does not maintain such a long-term disability insurance policy, “Disability” means a total and permanent disability within the meaning of Section 22(e)(3) of the Code; provided, however, that if a
Disability constitutes a payment event with respect to any Award which provides for the deferral of compensation and is subject to Section 409A, then, to the extent required to comply with Section 409A, the Participant must also be
considered “disabled” within the meaning of Section 409A(a)(2)(C) of the Code. A determination of Disability may be made by a physician selected or approved by the Committee and, in this respect, Participants shall submit to an
examination by such physician upon request by the Committee. 

  

	 	(g)	 “Distributable Cash Flow per Unit” or “DCF/unit” has the meaning set forth in Schedule A. 

 

	 	(h)	 “Fair Market Value” means, as of a particular day, the weighted average of the board lot trading prices per Unit on the New York
Stock Exchange, for the last twenty trading days immediately prior to such day. 

  

	 	(i)	 “For Cause” means a finding by the Committee, before or after the Participant’s termination of Service, of:

  

	 	i.	 any material failure by the Participant to perform the Participant’s duties and responsibilities under any written agreement between the
Participant and the Partnership, the Company or its Affiliate(s); 

  

	 	ii.	 any act of fraud, embezzlement, theft or misappropriation by the Participant relating to the Partnership, the Company, or any of their Affiliates;

  

	 	iii.	 the Participant’s commission of a felony or a crime involving moral turpitude; 

 

	 	iv.	 any gross negligence or intentional misconduct on the part of the Participant in the conduct of the Participant’s duties and responsibilities
with the Partnership, the Company or any of their Affiliates or which adversely affects the image, reputation or business of the Partnership, the Company or their Affiliates; or 

	 	v.	 any material breach by the Participant of any agreement between the Partnership, the Company or any of its Affiliates, on the one hand, and the
Participant on the other. The findings and decision of the Committee with respect to such matter, including those regarding the acts of the Participant and the impact thereof, will be final for all purposes. 

 

	 	(j)	 “Maturity Date” means December 31 of the final year of the Term of the Performance Stock Units. 

 

	 	(k)	 “Maximum Number” means the maximum number of Performance Stock Units that may mature with respect to each grant, which maximum
number shall not exceed twice the sum of the initial grant plus the additional units granted with respect to Section 7 during the Term. 

  

	 	(l)	 “Maximum Performance Level” means the level of achievement of the performance measures established pursuant to Section 2(a)
which would result in the Maximum Number of Performance Stock Units granted to a Participant to mature. 

  

	 	(m)	 “Notice Period” means the notice period for termination of employment agreed to between the Partnership, the Company or any of
their Affiliates, and the Participant, or, in the absence of any such agreement, the minimum statutory notice period that may be required under applicable employment standards legislation. 

 

	 	(n)	 “Performance Multiplier” has the meaning set forth in Schedule A. 

 

	 	(o)	 “Performance on Yield” has the meaning set forth in Schedule A. 

 

	 	(p)	 “Performance Stock Unit” means a conditional right to payment which has been granted to a Participant to receive an amount of
money determined in accordance with the provisions of this Agreement. 

  

	 	(q)	 “Retirement Plan” means a pension plan of the Partnership, the Company or one of their Affiliates established or in effect from
time to time which applies when an employee retires from the employment of the Partnership, the Company or one of their Affiliates. 

  

	 	(r)	 “Target Performance Level” means, in respect of a Term, that level of achievement of the performance measures established pursuant
to Section 2(a) which would result in exactly 100% of the Performance Stock Units granted to a Participant to mature. 

  

	 	(s)	 “Term” means a fixed period not more than three years, commencing on January 1 of the first year of the Term and ending on
December 31 of the final year of the Term. 

  

	 	(t)	 “Threshold Performance Level” means in respect of a Term the level of achievement of the performance measures established pursuant
to Section 2(a) which would result in the minimum number of Performance Stock Units granted to a Participant to mature. 

  

	 	(u)	 “Unit” means a Class A Common Unit of the Partnership. 

 

	 	(v)	 “US Taxpayer” means an individual whose income is subject to U.S. federal income taxation. 

 

	 	(w)	 “Yield” has the meaning set forth in Schedule A. 

 

	2.	 The administration of the Performance Stock Unit plan shall be at the sole discretion of the Committee subject to the following:

  

	 	(a)	 the Committee will set the performance measures and the levels of achievement required for Threshold Performance Level, Target Performance Level
and Maximum Performance Level in consultation with the HRCC of the Enbridge Board. The Committee shall also have the authority to approve any amendments to such performance measures, the expected levels of performance and the Term; provided that no
amendment to the Term of any Performance Stock Unit shall be made which would cause the Participant to be subject to adverse tax treatment under Code Section 409A. 

	 	(b)	 Upon the Committee determining that achievement of applicable performance measures has been met following the Maturity Date, the Committee shall
approve payments under the Plan. 

  

	 	(c)	 The Committee shall have authority to waive any restrictions with respect to participation in the Plan or the maturity of grants under the Plan for
any specific Participants where, in the opinion of the Committee, it is reasonable to do so and does not prejudice the rights of the Participant under the Plan and it does not cause the Participant to be subject to adverse tax treatment under Code
Section 409A. 

  

	3.	 Subject to the terms and conditions hereinafter set forth, the Company hereby grants the above noted number of Performance Stock Units to the
Participant. 

  

	4.	 The Performance Stock Units granted hereunder shall have a Term commencing on
                     , 20         and terminating on
                     , 20        . 

 

	5.	 The number of Performance Stock Units that mature under this Agreement shall be dependent upon the achievement of the performance measures
established by the Committee, in consultation with the HRCC of the Enbridge Board, as described in Schedule A. Following the completion of a Term, the Committee, in consultation with the HRCC of the Enbridge Board, will review and determine the
extent to which the performance measures have been achieved and will approve the number of Performance Stock Units which have matured. Notwithstanding the foregoing, in no event shall the number of Performance Stock Units that mature in respect of a
particular grant exceed the Maximum Number in respect of such grant. 

  

	6.	 Solely for the purposes of facilitating the calculation of the amounts, if any, payable to the Participant pursuant hereto, the Company shall
maintain a separate account (the “PSU Account”) for the Participant to which shall be credited the number of Performance Stock Units granted to the Participant hereunder on the applicable date of grant. No cash payments will be made
by the Company at the time amounts are credited to the Participant’s PSU Account or at any time prior to the Maturity Date. At no time will the Company purchase Units represented by the Performance Stock Units. 

 

	7.	 Whenever cash distributions are paid on the Units, additional Performance Stock Units will be credited to the Participant’s PSU Account. The
number of such additional Performance Stock Units will be equal to the number of additional Units that the Participant would have received had the Performance Stock Units in the Participant’s PSU Account instead been an equivalent number of
DERs, as defined in the Plan. 

  

	8.	 Subject to Section 9 of this Agreement and all of the other provisions of the Plan and Agreement, at the Maturity Date of the Performance
Stock Units granted hereunder the Company shall pay to the Participant the amount provided for in Section 2 of this Agreement for each Performance Stock Unit credited to the PSU Account maintained for the Participant. The amount payable to each
Participant shall be determined by multiplying the sum of: 

  

	 	(a)	 the number of Performance Stock Units held by such Participant within their PSU Account on the Maturity Date of such Performance Stock Units;

 by 
  

	 	(b)	 the Performance Multiplier; 

and by 
  

	 	(c)	 the Fair Market Value of the Performance Stock Units as at the Maturity Date. 

In the event of the Participant’s legal incapacity, such payment will be made to the Participant’s legal guardian or
legal representative acting on behalf of the Participant in a fiduciary capacity under state law or court supervision. 
 The
amount payable will be subject to any proration that shall apply in accordance with Section 9. 

	9.	 In the event that the Participant, after the Grant Date and before the Maturity Date of their Performance Stock Units, terminates or suspends
employment due to any of the reasons outlined in this Section 9, the proration provisions corresponding to the reason of termination or suspension of employment shall apply. 

 

	 	(a)	 Voluntary Termination 

If a Participant voluntarily terminates his or her employment with the Partnership, the Company or one of their Affiliates, all
unpaid and matured Performance Stock Units held by such Participant as at the date of the Participant’s termination shall be payable in accordance with Section 11. 

All unmatured Performance Stock Units held by such Participant as at the date of the Participant’s termination shall be
cancelled as of the last day of such Participant’s employment with the Partnership, the Company or one of their Affiliates. 
  

	 	(b)	 Involuntary Termination Other than For Cause 

If the employment of a Participant with the Partnership, the Company or one of their Affiliates is terminated by the
Partnership, the Company or one of their Affiliates for any reason other than For Cause, all unpaid and matured Performance Stock Units held by such Participant as at the last day of the Participant’s employment with the Partnership, the
Company or one of their Affiliates shall be payable in accordance with Section 11. 
 A number of unmatured Performance
Stock Units held by such Participant on the last day of employment shall continue to mature in accordance with the Agreement. The number of unmatured Performance Stock Units that shall continue to mature shall be prorated based upon the number of
days of active employment of the Participant during the Term to the number of days in the Term (and for this purpose the Notice Period shall be counted as active employment). Such number of Performance Stock Units shall be paid in accordance with
Section 11. 
 All other unmatured Performance Stock Units held by such Participant shall be cancelled as at the last
day of the Notice Period. 
 For the purposes of this subsection 9(b), if a Participant’s employment terminates due to
the constructive dismissal of the Participant, such termination shall be treated as an involuntary termination by the Partnership, the Company or one of their Affiliates, other than For Cause. 

 

	 	(c)	 Involuntary Termination For Cause 

If the employment of a Participant is terminated by the Partnership, the Company or one of their Affiliates For Cause, all
unpaid Performance Stock Units held by such Participant as at the date of termination, whether matured or unmatured, shall be cancelled as of the Participant’s last day of employment with the Partnership, the Company or one of their Affiliates.

  

	 	(d)	 Death 

If the employment of a Participant with the Partnership, the Company or one of their Affiliates is terminated as a result of
the death of such Participant, all unpaid and matured Performance Stock Units held by the Participant as at the date of death shall be payable in accordance with Section 11. 

For the purposes of this subsection 9(d), the Vesting Date for all unmatured Performance Stock Units shall be the date of death
of the Participant. The number of unmatured Performance Stock Units held by such Participant as at the date of such Participant’s death that mature shall be prorated based on the number of days of active employment of the Participant during the
applicable Term to the total number of days in the Term. Such Performance Stock Units shall be paid in accordance with Section 11 within two and one half months, or as soon as reasonably possible thereafter, following the Participant’s
death on the assumption that the Target Performance Level is met. 
 Notwithstanding the foregoing, in no case will payment
be made later than two and one-half months following the original maturity date. 

	 	(e)	 Retirement 

If a Participant has attained the age of 55 and retires from his or her employment with the Partnership, the Company or one of
their Affiliates pursuant to a Retirement Plan and he or she is eligible for benefits under a Retirement Plan, all unpaid and matured Performance Stock Units held by such Participant as at the date of retirement shall be payable in accordance with
Section 11. 
 A number of unmatured Performance Stock Units held by the Participant as at the date of retirement shall
continue to mature in accordance with this Agreement. The number of unmatured Performance Stock Units that shall continue to mature shall be prorated based upon the number of days of active employment of the Participant during the Term to the number
of days in the Term. Such number of Performance Stock Units shall be paid in accordance with Section 11. 
 All other
unmatured Performance Stock Units held by such Participant shall be cancelled as at the date of retirement. 

Notwithstanding the foregoing, should a Participant qualify for retirement under the definition provided within this subsection
9(e), and should the employment of such Participant with the Company or an Affiliate be terminated by the Company (or its Affiliate) for any reason other than For Cause, the provisions of subsection 9(b) will apply. 

 

	 	(f)	 Disability 

If the employment of a Participant with the Partnership, the Company or one of their Affiliates is terminated as a result of
the Disability of such Participant, all Performance Stock Units held by such Participant as at the date of Disability, whether matured or unmatured, as of the last day of such Participant’s active employment with the Partnership, the Company or
one of their Affiliates prior to such Disability shall continue to be treated as if the Participant were actively employed by the Partnership, the Company or one of their Affiliates. 

 

	 	(g)	 Leaves of Absence 

If a Participant commences a parental or another leave approved by the Partnership, the Company or one of their Affiliates for
a period longer than three months, all unpaid and matured Performance Stock Units held by the Participant as at the last day of such Participant’s active employment with the Partnership, the Company or one of their Affiliates shall be payable
in accordance with Section 11. 
 A number of unmatured Performance Stock Units held by such Participant as at the
commencement of such Participant’s leave prorated based on the number of days of active employment of the Participant during the Term to the total number of days in the Term, shall continue to mature in accordance with the Agreement during such
Participant’s leave. Such number of Performance Stock Units shall be paid in accordance with Section 11. 
 All
other unmatured Performance Stock Units held by the Participant shall be cancelled. 
 Grants of Performance Stock Units may
be made to a Participant while such Participant is on a leave of absence for short term disability, family and medical leave or maternity, paternity, parental or adoption leave, but no grants of Performance Stock Units may be made to a Participant
while such Participant is on any other leave of absence. 
  

	 	(h)	 Secondments 

If a Participant is seconded to an entity other than an Affiliate of the Partnership or the Company, the Committee (in the case
of Participants that report directly to the Principal Executive Officer) and the Principal Executive Officer (in the case of all other Participants) shall determine the manner in which all Performance Stock Units held by the Participant as at the
date of the secondment shall be treated under the Agreement; provided that no such Performance Stock Units shall be treated in a manner that would cause the Participant to be subject to adverse tax treatment under Code Section 409A. 

 

	 	(i)	 Change in Control 

(1) Unpaid and Matured Performance Stock Units. If a Change in Control occurs, all unpaid and matured Performance Stock
Units held by a Participant as of the date of the Change in Control, where the Maturity Date is December 31 of the year prior to the Change in Control, shall continue to be payable in accordance with their terms, but in any event prior to the
date of the Change in Control. 
 (2) Continued Employment of Participant. If a Participant remains employed by the
Company or the acquirer of the business or assets of the Company, or any other successor in interest to the Company, following a Change in Control (the “Acquirer”) or by one of its Affiliates (applying the Affiliate definition as if
the Acquirer was the Company), all unmatured Performance Stock Units held by such Participant on the date of the Change in Control, shall be considered fully matured at the Target Performance Level (without reduction or proration for service), and
shall become payable, as of the Maturity Date, based on the Fair Market Value of the Units as of the date of the Change in Control, or as otherwise provided under Sections 9(a), 9(c), 9(d), 9(e), 9(f), and 9(g), as applicable, except as provided in
the next following paragraph. The Board shall, in its discretion, have the authority to consider such Performance Stock Units to be fully matured at a level greater than the Target Performance Level, if it does not cause the Participant to be
subject to taxation or penalties under Code Section 409A. 
 (3) Termination of Employment Following Change in
Control. If a Change in Control occurs, and the Participant’s employment with the Company or the Acquirer or by one of its Affiliates is terminated (i) by the Company, Acquirer or Affiliate for any reason other than For Cause, or
(ii) due to constructive dismissal, before the earlier of (x) the 12-month period beginning on the date of the Change in Control, or (y) the Maturity Date of a Performance Stock Unit, all unmatured Performance Stock Units shall be
considered fully matured at the Target Performance Level (without reduction or proration for service), and shall be payable immediately upon the Participant’s termination of employment date, based on the Fair Market Value of the Units as of the
date of the Change in Control, but in no event shall such payment be made later than two and one-half months following such Participant’s termination of employment date. The Board shall, in its discretion, have the authority to consider such
Performance Stock Units to be fully matured at a level greater than the Target Performance Level, if it does not cause the Participant to be subject to taxation or penalties under Code Section 409A. 

(4) Replacement Awards. Upon a Change in Control, Performance Stock Units shall be replaced at the discretion of the
Acquirer with either cash awards or with comparable awards based on the units of the surviving entity, on substantially the same terms and conditions as this Agreement, the value of which are based on the Unit value determined on the effective date
of the Change in Control, unless (i) such replacement is not possible or practical, as the Acquirer may, in its sole discretion, determine, or (ii) such replacement would subject the Participant to taxation or penalties under Code
Section 409A. 
 (5) Voluntary Termination of Employment. For purposes of clarity, if a Participant voluntarily
terminates his or her employment with the Company and all of its Affiliates, or the Acquirer and all of its Affiliates, as applicable, after the date of the Change in Control, all unmatured Performance Stock Units held by such Participant shall be
cancelled in accordance with Section 9(a), or shall be payable in accordance with Section 9(e) regarding retirement, if applicable. 
  

	 	(j)	 No Future Grants 

Upon the occurrence of any of the foregoing events listed under these subsections 9(a) to (f) in respect of a Participant,
such Participant shall not be entitled to receive any further Performance Stock Unit grants and, except as set forth herein, shall not be entitled to receive cash payment for the value of any unpaid Performance Stock Units, matured or unmatured,
held by the Participant as at the date of occurrence of such event. 

	10.	 In the event of a conflict between the terms of this Agreement and the terms of any written employment agreement between a Participant and the
Company, the terms of the written employment agreement shall prevail. 

  

	11.	 Unless otherwise provided in this Agreement, the amount payable to each Participant pursuant to Section 2 shall be paid after the approval of
the Committee and after the audited financial statements of the Partnership, the Company or one of their Affiliates, as the case may be, for the year ended on the applicable Maturity Date have been approved by the Board, but, in any event, not later
than two and one-half months after the Maturity Date. 

  

	12.	 The amount payable to each Participant pursuant to Section 2, unless otherwise provided in this Agreement or in the Plan, shall be paid in
cash in the currency of the United States of America. 

  

	13.	 Notwithstanding anything else contained herein, the Participant shall be solely responsible for the payment of all applicable taxes and penalties,
including, but not limited to, income taxes payable in connection with the payment of amounts payable as provided in Section 2 of this Agreement and any taxes and penalties under Code Section 409A, and neither the Partnership, the Company
nor any of their Affiliates, employees or agents shall bear any liability in connection with the payment of such taxes or have any obligation to indemnify or otherwise hold the Participant harmless from any or all such taxes or penalties. The
Company shall have the right to deduct from all cash payments made to the Participant any taxes required by law to be withheld with respect to such payments under applicable legislation. 

 

	14.	 The Performance Stock Units are not transferable other than by will or according to law of descent and distribution. 

 

	15.	 The Participant acknowledges and confirms receipt of any applicable incentive compensation clawback policy as referenced in subsection 8(o) of the
Plan, and agrees and acknowledges that the terms and conditions of any such policy govern the Performance Stock Units granted hereby. 

  

	16.	 In the event that the number of Units held by the Participant is less than the number of Units to be held by him or her pursuant to any unit
ownership guidelines of the Partnership, the Company or any of their Affiliates, in effect from time to time and applicable to such Participant, then the Participant shall be required to utilize any payments made with respect to any Performance
Stock Units (net of any amounts deducted pursuant to applicable withholding taxes) to acquire additional Units to increase the number of Units held by the Participant to meet the requirements of such unit ownership guidelines. 

 

	17.	 In the event of any non-cash distribution, Unit split, combination or exchange of Units, merger, consolidation or distribution (other than normal
cash distributions) of Partnership assets to unitholders, or any other change affecting the Units of the Partnership, other than an “equity restructuring” (within the meaning of ASC Topic 718), the Committee may make equitable adjustments,
if any, to reflect such change with respect to: 

  

	 	(a)	 the aggregate number of Performance Stock Units issued under the Plan; 

 

	 	(b)	 the number of Performance Stock Units outstanding and awarded to Participants; and 

 

	 	(c)	 the terms and conditions of any outstanding Performance Stock Units (including, without limitation, any applicable performance targets or criteria
with respect thereto). 

  

	18.	 The validity, construction and performance of this Agreement shall be governed by and construed in accordance with the laws of the State of
Delaware and the federal laws of the United States applicable therein. Any invalidity of any provision of this Agreement shall not affect the validity of any other provision. 

 

	19.	 The Company and the Participant agree that any question arising under the terms of this Agreement or the Plan as to interpretation, construction or
enforcement shall be referred to the Committee or the Board (or any successor thereto) and their decision shall be final and binding on both of the parties hereto. 

 

	20.	 None of the conditional rights granted to the Participant and represented by the Performance Stock Units shall vest unless and until an amount of
money is payable with respect thereto in accordance with the provisions of this Agreement. 

  

	21.	 Time shall be of the essence of this Agreement. 

  

	22.	 This Agreement shall, except as otherwise provided to the contrary in this Agreement or the Plan, inure to the benefit of and bind the successors
and assigns of the Company. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the businesses and/or assets of the Company to assume this Agreement in
the same manner and to the same extent that the Company would be required to perform if such succession had not taken place. This Agreement shall, except as otherwise provided to the contrary in this Agreement or the Plan, inure to the benefit of
and bind the heirs, executors, administrators and legal representatives of the Participant. 

  

	23.	 The Company, by execution of its proper officer, and the Participant, by their electronic acceptance as provided for pursuant to the terms of the
Participant Account Agreement and Electronic Access Agreement with the Plan Administrator, have caused this Agreement to be accepted and agreed to effective as of the date and year first written above. 

MIDCOAST HOLDINGS, L.L.C. 
 Principal Executive Officer 

 Schedule A: Grant Performance Measures 

Assessment of performance against the measures outlined in this Agreement will determine the “Performance Multiplier”.
The Performance Multiplier is calculated in accordance with the following equation: 
 50% Weight x Distributable Cash
Flow per Unit Multiplier; 
 PLUS 

50% Weight x Yield Relative to Peers Multiplier; 

EQUALS 

Performance Multiplier 

“Distributable Cash Flow per Unit” (“DCF/unit”) is defined as the Partnership’s distributable
cash flow to the limited partnership (after the general partner’s take) in 20        , divided by the number of Units of the Partnership outstanding as of December 31,
20        .  
 The Distributable Cash Flow per Unit Multiplier shall range between
0.00 and _.00 depending on the 20             DCF/unit performance levels outlined in the table below. 
  

															
	  		 Below

Threshold
		Threshold		Target		Maximum
	 	 	 	 	 
	DCF/unit		 		 		 		 
	 	 	 	 	 
	Multiplier		 		 		 		 

 The Distributable Cash Flow per Unit Multiplier between the DCF/unit thresholds in the above table will be
calculated on a linear basis. 

 “Yield” is defined as the actual cash distributions per unit (based on
the sum of the four quarterly distributions in 20        ), divided by, the Fair Market Value as of December 31, 20__.  

The Partnership’s Yield is measured relative to a comparator group which is comprised of issuers as set forth in the below table. 

 

	
	Yield Peers
	
  1.

	
  2.

	
  3.

	
  4.

	
  5.

	
  6.

	
  7.

	
  8.

	
  9.

	
  10.

 The Yield Relative to Peers Multiplier shall range between 0.0x and _.0x depending on the Partnership’s
Yield relative to the comparator group at the end of 20            outlined in the table below. 
  

									
	  		Threshold		Threshold		Target		Maximum
	Relative Yield in Final Year		 		 		 		 
	Multiplier		 		 		 		 

 The Yield Relative to Peers Multiplier between the relative yield thresholds in the above table will be
calculated on a linear basis. 
 In the event of a re-organization, merger or acquisition or other change that materially impacts the
suitability of a peer, the Committee may make any adjustments it deems necessary or advisable to the calculation of the Yield Relative to Peers performance measure to reflect the economic impact of such change.NEP.1Q.2015.EX10.1

Exhibit 10.1

NEE PARTNERS GUARANTY

THIS GUARANTY, dated as of July 1, 2014 (as the same may be modified or amended from time to time, this “Guaranty”), is made by NEXTERA ENERGY PARTNERS, LP, a Delaware limited partnership (the “Guarantor”), in favor of BANK OF AMERICA, N.A., as Collateral Agent for the Secured Parties under the Credit Agreement defined below (the “Guaranteed Party”).
W I T N E S S E T H:
WHEREAS, NEXTERA ENERGY US PARTNERS HOLDINGS, LLC, a Delaware limited liability company, and NEXTERA ENERGY CANADA PARTNERS HOLDINGS, ULC, an Ontario unlimited liability company (each, a “Borrower” and, together, the “Borrowers”), NEXTERA ENERGY OPERATING PARTNERS, LP, a Delaware limited partnership (“OpCo” and, together with the Borrowers, the “Loan Parties”), the Lenders parties thereto and the Guaranteed Party, as Administrative Agent and Collateral Agent for the Lenders, are parties to that certain Revolving Credit Agreement, dated as of July 1, 2014 (as the same may from time to time hereafter be modified or amended, the “Credit Agreement”) (capitalized terms used herein and not defined herein shall have the meanings given such terms in the Credit Agreement); and
WHEREAS, in consideration of the agreement of the Lenders to accept the audited financial statements of the Guarantor and its Subsidiaries, in lieu of the audited financial statements of OpCo and its Subsidiaries (the “OpCo Financials”), and for so long as OpCo Financials are not provided to the Lenders, the Guarantor has agreed to provide this Guaranty; and
WHEREAS, the execution and delivery by the Guarantor of this Guaranty is a condition precedent to the effectiveness of the Credit Agreement; and
NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Guarantor hereby agrees with and in favor of the Guaranteed Party as follows:
ARTICLE I.  GUARANTEE OF OBLIGATIONS.
Section 1.01    Guaranty.  The Guarantor hereby absolutely and unconditionally guarantees, as a guaranty of payment and performance and not merely as a guaranty of collection, prompt payment when due, whether at stated maturity, by required prepayment, upon acceleration, demand or otherwise, and at all times thereafter, of any and all of the Obligations, whether for principal, interest, premiums, fees, indemnities, damages, costs, expenses or otherwise, of each Loan Party to the Secured Parties, and whether arising under the Credit Agreement or under any other Loan Document, any Secured Cash Management Agreement or any Secured Hedge Agreement (including all renewals, extensions, amendments, refinancings and other modifications thereof and all costs, attorneys’ fees and expenses incurred by the Secured Parties in connection with the collection or enforcement thereof).  The Agents’ books and records showing the amount of the Obligations shall be admissible in evidence in any action or proceeding, and shall be binding upon the Guarantor, and conclusive for the purpose of establishing the amount of the Obligations.  This Guaranty shall not be affected by the genuineness, validity, regularity or enforceability of the Obligations or any instrument or agreement evidencing any Obligations, or by the existence, validity, enforceability, perfection, non-perfection or extent of any collateral therefor, or by any fact or circumstance relating to the Obligations which might otherwise constitute a defense to the obligations of the Guarantor under this Guaranty, and the Guarantor 

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hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to any or all of the foregoing.
Section 1.02    Rights of Secured Parties.  The Guarantor consents and agrees that the Secured Parties may, at any time and from time to time, without notice or demand, and without affecting the enforceability or continuing effectiveness hereof:  (a) amend, extend, renew, compromise, discharge, accelerate or otherwise change the time for payment or the terms of the Obligations or any part thereof; (b) take, hold, exchange, enforce, waive, release, fail to perfect, sell, or otherwise dispose of any security for the payment of this Guaranty or any Obligations; (c) apply such security and direct the order or manner of sale thereof as the Agents, the Issuing Banks and the Lenders in their sole discretion may determine; and (d) release or substitute one or more of any endorsers or other guarantors of any of the Obligations.  Without limiting the generality of the foregoing, the Guarantor consents to the taking of, or failure to take, any action which might in any manner or to any extent vary the risks of the Guarantor under this Guaranty or which, but for this provision, might operate as a discharge of the Guarantor.
Section 1.03    Certain Waivers.  The Guarantor waives (a) any defense arising by reason of any disability or other defense of any Loan Party or any other guarantor, or the cessation from any cause whatsoever (including any act or omission of any Secured Party) of the liability of any Loan Party; (b) any defense based on any claim that the Guarantor’s obligations exceed or are more burdensome than those of any Loan Party; (c) the benefit of any statute of limitations affecting the Guarantor’s liability hereunder; (d) any right to proceed against any Loan Party, proceed against or exhaust any security for the Obligations, or pursue any other remedy in the power of any Secured Party whatsoever; (e) any benefit of and any right to participate in any security now or hereafter held by any Secured Party; and (f) to the fullest extent permitted by law, any and all other defenses or benefits that may be derived from or afforded by applicable law limiting the liability of or exonerating guarantors or sureties.  The Guarantor expressly waives all setoffs and counterclaims and all presentments, demands for payment or performance, notices of nonpayment or nonperformance, protests, notices of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with respect to the Obligations, and all notices of acceptance of this Guaranty or of the existence, creation or incurrence of new or additional Obligations.
Section 1.04    Obligations Independent.  The obligations of the Guarantor hereunder are those of primary obligor, and not merely as surety, and are independent of the Obligations and the obligations of any other guarantor, and a separate action may be brought against the Guarantor to enforce this Guaranty whether or not any Loan Party or any other person or entity is joined as a party. 
Section 1.05    Subrogation.  The Guarantor shall not exercise any right of subrogation, contribution, indemnity, reimbursement or similar rights with respect to any payments it makes under this Guaranty until all of the Obligations and any amounts payable under this Guaranty have been indefeasibly paid and performed in full and the Commitments are terminated.  If any amounts are paid to the Guarantor in violation of the foregoing limitation, then such amounts shall be held in trust for the benefit of the Secured Parties and shall forthwith be paid to the Secured Parties to reduce the amount of the Obligations, whether matured or unmatured.

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Section 1.06    Termination; Reinstatement.  This Guaranty is a continuing and irrevocable guaranty of all Obligations now or hereafter existing and shall remain in full force and effect until the earlier of (a) the date upon which all Obligations and any other amounts payable under this Guaranty are indefeasibly paid in full in cash and the Commitments with respect to the Obligations are terminated, and (b) the delivery by OpCo to the Secured Parties of the OpCo Financials in accordance with Section 6.04 of the Credit Agreement (the earlier to occur of (a) or (b) being referred to herein as the “Termination Date”).  Notwithstanding the foregoing, this Guaranty shall continue in full force and effect or be revived, as the case may be, if any payment by or on behalf of any Loan Party or the Guarantor is made, or any of the Secured Parties exercises its right of setoff, in respect of the Obligations and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by any of the Secured Parties in their discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any debtor relief laws or otherwise, all as if such payment had not been made or such setoff had not occurred and whether or not the Secured Parties are in possession of or have released this Guaranty and regardless of any prior revocation, rescission, termination or reduction.  The obligations of the Guarantor under this paragraph shall survive termination of this Guaranty.
Section 1.07    Subordination.  The Guarantor hereby subordinates the payment of all obligations and indebtedness of the other Loan Parties owing to the Guarantor, whether now existing or hereafter arising, including but not limited to any obligation of the Loan Parties to the Guarantor as subrogee of the Secured Parties or resulting from the Guarantor’s performance under this Guaranty, to the indefeasible payment in full in cash of all Obligations.  If the Secured Parties so request, any such obligation or indebtedness of the Loan Parties to the Guarantor shall be enforced and performance received by the Guarantor as trustee for the Secured Parties and the proceeds thereof shall be paid over to the Secured Parties on account of the Obligations, but without reducing or affecting in any manner the liability of the Guarantor under this Guaranty.
Section 1.08    Stay of Acceleration.  If acceleration of the time for payment of any of the Obligations is stayed, in connection with any case commenced by or against the Guarantor or any Loan Party under any debtor relief laws, or otherwise, all such amounts shall nonetheless be payable by the Guarantor immediately upon demand by the Secured Parties.
Section 1.09    Condition of Loan Parties.  The Guarantor acknowledges and agrees that it has the sole responsibility for, and has adequate means of, obtaining from each Loan Party and any other guarantor such information concerning the financial condition, business and operations of such Loan Party and any such other guarantor as such Guarantor requires, and that none of the Secured Parties has any duty, and the Guarantor is not relying on the Secured Parties at any time, to disclose to the Guarantor any information relating to the business, operations or financial condition of any Loan Party or any other guarantor (the Guarantor waiving any duty on the part of the Secured Parties to disclose such information and any defense relating to the failure to provide the same).

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ARTICLE II.  NOTICES.
All notices, requests, demands and other communications provided for hereunder shall be in writing and mailed by registered or certified mail, postage prepaid, or telecopied (including email) or delivered to the Guarantor,  the Guaranteed Party and the Loan Parties at their respective address set forth below:
If to the Loan Parties: 
 
c/o NextEra Energy Operating Partners, LP 
700 Universe Boulevard 
Juno Beach, FL 33408-0428 
Attention:   
Telephone:   
Facsimile No.:  
If to the Guarantor:   
 
NextEra Energy Partners, LP 
700 Universe Boulevard 
Juno Beach, Florida 33408 
Attention: 
Telephone No.:   
Facsimile No.:    
If to the Guaranteed Party: 
Bank of America, N.A., 
   as Collateral Agent 
901 Main Street 
Mail Code:  TX1-491-14-11 
Dallas, Texas  75202 
Phone:  (214) 209-1162 
Fax:  (877) 511-6124 
Attention:  Ronaldo Naval 

or, as to any such party, at such other address as shall be designated by such party in a written notice to the other parties complying as to delivery with the terms of this Section.  All such notices, requests, demands and other communications shall be deemed to have been duly given or made, in the case of telecopied (including email) or delivered notice, when telecopied (or emailed) or actually delivered, or, in the case of registered or certified mail, on the third business day after the day on which mailed.
ARTICLE III.  COLLECTION COSTS.
The Guarantor shall be liable to the Guaranteed Party for, and shall pay to the Guaranteed Party on demand, all reasonable and documented costs (including without limitation reasonable and documented outside attorney’s fees and expenses) incurred by the Guaranteed Party in enforcing performance of or collecting any payments due under this Guaranty.
ARTICLE IV.  COVENANT.
Until the Termination Date, the Guarantor shall not create any Subsidiaries that are not also Subsidiaries of OpCo.

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ARTICLE V. REPRESENTATIONS AND WARRANTIES.
Section 5.01.  Partnership Existence and Business.  The Guarantor is a limited partnership duly organized and validly existing in good standing under the laws of the State of Delaware and is duly qualified to do business and is in good standing in each jurisdiction in which such qualification is necessary to execute, deliver and perform this Guaranty.
Section 5.02.  Authorization. The execution, delivery and performance of this Guaranty and the transactions contemplated hereby (i) are within the corporate or other authority of the Guarantor, (ii) have been duly authorized by all necessary corporate or other organizational proceedings, (iii) do not conflict with or result in any breach or contravention of any provision of any law, statute, rule or regulation to which the Guarantor is subject or any material judgment, order, writ, injunction, license or permit applicable to the Guarantor, except where any such conflict, breach, or contravention would not have a material adverse effect on (A) the financial position or results of operation of the Guarantor and its Subsidiaries, taken as a whole or (B) the Guarantor’s ability to perform its obligations under this Guaranty, and (iv) do not conflict with any provision of the corporate charter or bylaws of, or any material agreement or other material instrument binding upon, the Guarantor.  This Guaranty has been duly executed and delivered by the Guarantor.
Section 5.03.  Enforceability.   The execution and delivery by the Guarantor of this Guaranty will result in valid and legally binding obligations of the Guarantor, enforceable against it in accordance with the terms and provisions hereof, except as enforceability is limited by bankruptcy, insolvency, reorganization, receivership, moratorium or other laws affecting creditors' rights and remedies generally and general principles of equity.
Section 5.04.  Governmental Approvals. No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with (a) the execution, delivery or performance by, or enforcement against, the Guarantor of this Guaranty or (b) the exercise by the Guaranteed Party of its rights under this Guaranty. 
Section 5.05.  No Legal Bar.  The execution, delivery and performance by the Guarantor of this Guaranty and the making by the Guarantor of any payments hereunder will not violate any applicable Law or any material contractual obligation of the Guarantor and will not result in, or require, the creation or imposition of any Lien on any of the properties or revenues of the Guarantor pursuant to any applicable Law or any such contractual obligation except, in each case, where such violation, creation or imposition could not reasonably be expected to have a material adverse effect on its ability to perform its obligations hereunder.
Section 5.06.  No Proceeding or Litigation. There is no litigation or other legal proceeding pending, or, to the knowledge of the Guarantor, threatened against the Guarantor or any of its Subsidiaries that is reasonably likely to be determined adversely to the Guarantor or any of its Subsidiaries, and if determined adversely to the Guarantor or any of its Subsidiaries would reasonably be expected to result, in the failure of the Guarantor to comply with the provisions of this Guaranty or to materially impair the Guarantor’s right to carry on its business substantially as now conducted by it.  There is no litigation or other legal proceedings pending, or, to the knowledge of the Guarantor, threatened against the Guarantor that if determined adversely to the Guarantory could reasonably be expected to question the validity of this Guaranty or any actions taken or to be taken pursuant hereto.
Section 5.07.  Compliance With Other Instruments, Laws, Etc.  The Guarantor is not in violation of any provision of its charter documents, bylaws, or any agreement or instrument to which it is subject or by which it or any of its properties is bound or any material decree, order, judgment, statute, license, rule or regulation, in any of the foregoing cases in a manner that would have a material adverse effect on (i) the 

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financial position or results of operation of the Guarantor and its Subsidiaries, taken as a whole, or (ii) the Guarantor’s ability to perform its obligations under this Guaranty.
Section 5.08.   Independent Analysis.  The Guarantor has, independently and without reliance upon any Secured Party and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Guaranty.
ARTICLE VI.  ASSIGNMENT AND TRANSFER.  
This Guaranty shall be binding upon the Guarantor and the Guarantor’s successors and permitted assigns and shall inure to the benefit of and be enforceable by the Guaranteed Party and its successors and permitted assigns; provided that neither the Guaranteed Party nor the Guarantor may assign or grant participations in all or any part of the Guaranteed Obligations or this Guaranty without the prior written consent of the other party; provided further that, notwithstanding the foregoing provision to the contrary, the Guaranteed Party may assign its rights under this Guaranty to any Guaranteed Party or any Collateral Agent which succeeds the Guaranteed Party in such capacity pursuant to the provisions of the Credit Agreement or to any Person in connection with the exercise by the Collateral Agent of its rights or remedies under the Loan Documents, and the Guarantor agrees that (a) it will recognize the transferee or assignee as the beneficiary of this Guaranty for all purposes of this Guaranty and (b) it will perform all of its obligations under the Guarantee in accordance with the terms hereof for the benefit of such transferee or assignee.
ARTICLE VII.  MISCELLANEOUS.
Section 7.01. This Guaranty constitutes the sole and entire agreement between the Guarantor and the Guaranteed Party with respect to the subject matter hereof and supersedes and replaces any and all prior agreements, understandings, negotiations or correspondence between them with respect thereto, including without limitation any and all prior agreements executed by the Guarantor in favor of the Guaranteed Party with respect to any or all of the Guaranteed Obligations.
Section 7.02.  Words importing the singular number hereunder shall include the plural number and vice versa and any pronouns used herein shall be deemed to cover all genders.  The term “person” as used herein means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated association, or government (or any agency or political subdivision thereof).
Section 7.03.  Wherever possible, any provision in this Guaranty which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any one jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
Section 7.04.  No amendment or waiver of any provision of this Guaranty, nor consent to any departure by the Guarantor therefrom, shall be effective or binding upon the Guaranteed Party unless the Guaranteed Party shall first have given written consent thereto.  Any such amendment, waiver or consent which is so granted by the Guaranteed Party shall apply only to the specific occasion which is the subject of such amendment, waiver or consent and shall not apply to the occurrence of the same or any similar event on any future occasion.  No failure on the part of the Guaranteed Party to exercise, and no delay by the Guaranteed Party in exercising, any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right by the Guaranteed Party.  No notice to or demand on the Guarantor in any case by the Guaranteed Party hereunder shall entitle the Guarantor to any further notice or demand in any similar or other circumstances 

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or constitute a waiver of the rights of the Guaranteed Party to take any other or future action in any circumstances without notice or demand.  The remedies provided to the Guaranteed Party in this Guaranty are cumulative and not exclusive of any other remedies provided by Law.
Section 7.05.  This Guaranty may be executed in one or more counterparts and each such counterpart shall constitute an original and all such counterparts together shall constitute one and the same instrument.
Section 7.06.  All Section headings herein are for convenience of reference only and shall not limit or otherwise affect the meaning or interpretation of the provisions of this Guaranty.
Section 7.07.  The Guaranteed Party and the Guarantor agree that any legal action or proceeding by or against the Guarantor or with respect to or arising out of this Guaranty may be brought in or removed to the courts of the State of New York, in and for the County of New York, or of the United States of America for the Southern District of New York, as the Guaranteed Party may elect.  By execution and delivery of this Guaranty, the Guaranteed Party and the Guarantor accept, for themselves and in respect of their property, generally and unconditionally, the jurisdiction of the aforesaid courts.  The Guaranteed Party and the Guarantor irrevocably consent to the service of process out of any of the aforementioned courts in any manner permitted by Law.  The Guaranteed Party and the Guarantor hereby waive any right to stay or dismiss any action or proceeding under or in connection with this Guaranty brought before the foregoing courts on the basis of forum non-conveniens.
Section 7.08. This Guaranty and the rights and obligations of the Guaranteed Party and of the Guarantor shall be governed by and construed in accordance with the law of the State of New York without reference to principles of conflicts of laws (other than Section 5-1401 of the New York General Obligations Law).
Section 7.09.  The Obligations of the Guarantor under this Guaranty shall terminate on the Termination Date.
Section 7.10.  The Guarantor has reviewed the terms and provisions of the Credit Agreement and hereby consents to the terms of Section 2.13 of the Credit Agreement and agrees, to the extent it may effectively do so under applicable law and subject to the provisions of Section 2.13 of the Credit Agreement, that any Lender acquiring a participation, pursuant to such arrangements may exercise against the Guarantor rights of setoff or counterclaim with regard to such participation as fully as if such Lender were a direct creditor of the Guarantor in the amount of such participation . 
Section 7.11.  If an Event of Default shall have occurred and be continuing, each of the Lenders and their respective Affiliates is hereby authorized at any time and from time to time, subject to the provisions in Section 11.18 of the Credit Agreement, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by the Guarantor, against any and all of the obligations of the Guarantor now or hereafter existing under this Guaranty irrespective of whether or not the Guaranteed Party shall have made any demand under this Guaranty and although such obligations of the Guarantor may be contingent or unmatured or are owed to a branch or office or Affiliate of such Lender different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness.  The rights of the Lenders under this Section are in addition to other rights and remedies (including other rights of setoff) that the Guaranteed Party or the Lenders may have.  By acceptance of the benefits of this Guaranty, each Lender agrees to notify the Guarantor promptly after any such setoff and application, provided that the failure to give such notice shall not affect the validity of such setoff and application.

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IN WITNESS WHEREOF, the Guarantor has caused this Guaranty to be executed and delivered this Guaranty by its duly authorized officer as of the date first above written.
	
			
	NEXTERA ENERGY PARTNERS, LP

	 
	 
	 

	By:
	NEXTERA ENERGY PARTNERS GP, INC., its General Partner

	 
	 
	 

	 
	By:
	PAUL I. CUTLER

	 
	 
	Paul I. Cutler

	 
	 
	Treasurer and Assistant Secretary

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