Document:

Exhibit

EXHIBIT 10.15
ENBRIDGE INC.

INCENTIVE STOCK OPTION PLAN (2007), as revised

1.    PURPOSE

The purpose of the Incentive Stock Option Plan (2007), as amended and restated (the “Plan”) is to:

		
	(a)
	focus Participants on the share price appreciation in alignment with the long-term focus of the Corporation;

		
	(b)
	assist in attracting, retaining, engaging and rewarding Participants, including officers, of the Corporation and its Subsidiaries; and

(c)     provide an opportunity for Participants to earn competitive total compensation.

2.    DEFINED TERMS

In this Plan (including any schedules to this Plan):

		
	(a)
	 “affiliate” has the meaning ascribed to that term in the Securities Act (Alberta);

		
	(b) 
	“associate” has the meaning ascribed to that term in the Securities Act (Alberta);

		
	(c)
	“Blackout Period” means a period of time imposed by the     Corporation where Participants holding Options may not trade in securities of the Corporation;

		
	(d) 
	“Board” means the Board of Directors of the Corporation;

		
	(e) 
	“CEO” means the Chief Executive Officer of the Corporation;

		
	(f) 
	“Change of Control” means:

		
	(i) 
	the sale to a person or acquisition by a person not affiliated with the Corporation or its Subsidiaries of assets of the Corporation or its Subsidiaries having a value greater than 50% of the fair market value of the assets of the Corporation and its Subsidiaries determined on a consolidated basis prior to such sale whether such sale or acquisition occurs by way of reconstruction, reorganization, recapitalization, consolidation, amalgamation, arrangement, merger, transfer, sale or otherwise;

		
	(ii) 
	any change in the holding, direct or indirect, of shares of the Corporation by a person not affiliated with the Corporation as a result of which such person, or a group of persons, or persons acting in concert, or persons associated or 

February 16, 2017

affiliated with any such person or group within the meaning of the Securities Act (Alberta), are in a position to exercise effective control of the Corporation whether such change in the holding of such shares occurs by way of takeover bid, reconstruction, reorganization, recapitalization, consolidation, amalgamation, arrangement, merger, transfer, sale or otherwise; and for the purposes of this Plan, a person or group of persons holding shares or other securities in excess of the number which, directly or following conversion thereof, would entitle the holders thereof to cast 20% or more of the votes attaching to all shares of the Corporation which, directly or following conversion of the convertible securities forming part of the holdings of the person or group of persons noted above, may be cast to elect directors of the Corporation shall be deemed, other than a person holding such shares or other securities in the ordinary course of business as an investment manager who is not using such holding to exercise effective control, to be in a position to exercise effective control of the Corporation;

		
	(iii) 
	any reconstruction, reorganization, recapitalization, consolidation, amalgamation, arrangement, merger, transfer, sale or other transaction involving the Corporation where shareholders of the Corporation immediately prior to such reconstruction, reorganization, recapitalization, consolidation, amalgamation, arrangement, merger, transfer, sale or other transaction hold less than 50% of the shares of the Corporation or of the continuing corporation following completion of such reconstruction, reorganization, recapitalization, consolidation, amalgamation, arrangement, transfer, sale or other transaction;

		
	(iv) 
	the Corporation ceases to be a distributing corporation as that term is defined in the Canada Business Corporations Act;

		
	(v) 
	any event or transaction which the Board, in its discretion, deems to be a Change of Control; or

		
	(vi)
	Incumbent Directors ceasing to be a majority of the Board;

provided that:

		
	(vii) 
	any transaction whereby shares held by shareholders of the Corporation are transferred or exchanged for units or securities of a trust, partnership or other entity which trust, partnership or other entity continues to own directly or indirectly all of the shares of the Corporation previously owned by the shareholders of the Corporation and the former shareholders of the Corporation continue to be beneficial holders of such units or securities in the same proportions following the transaction as they were beneficial holders of shares of the Corporation prior to the transaction will be deemed not to constitute a change of control; and

		
	(viii) 
	any change of control initiated or commenced by the Board (and whether or not such transaction was initiated or commenced by the Board shall be conclusively determined by the Board) will not constitute a change of control for purposes of this Plan;

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(g)    “Code” means the United States Internal Revenue Code of 1986, as amended;

		
	(h)
	“constructive dismissal” means, unless consented to by the Participant, any action that constitutes constructive dismissal of the Participant, including without limiting the generality of the foregoing:

		
	(i) 
	where the Participant ceases to be an officer of the Corporation, unless the Participant is appointed as an officer of a successor to a material portion of the assets of the Corporation;

		
	(ii) 
	a material decrease in the title, position, responsibilities, powers or reporting relationships of the Participant;

		
	(iii) 
	a reduction in the base salary (excluding any annual incentive bonus) ofthe Participant; or

		
	(iv) 
	any material reduction in the value of the Participant’s employee benefits,plans and programs (other than any annual incentive bonus);

		
	(i)
	“Corporation” means Enbridge Inc., and includes any successor entity thereto;

		
	(j)
	 “Director” means a director of the Corporation;

		
	(k)
	 “Double Trigger Date” has the meaning set forth in Section 7(i);

		
	(l) 
	“Fair Market Value” means, as of a particular day, the weighted average     of the board lot trading prices per Share on the Toronto Stock Exchange,     or the New York Stock Exchange, for the last five Trading Days immediately prior to such day;

		
	(m) 
	“For Cause” includes “just cause” as defined in the common law and also includes any circumstance in which the Participant shall have been     convicted of a criminal act of dishonesty resulting or intending to result directly or indirectly in gain or personal enrichment of the Participant;

		
	(n) 
	“Grant Date” has the meaning set forth in Section 6(c);

		
	(o)
	 “Grant Price” has the meaning set forth in Section 6(c);

		
	(p) 
	“HRC Committee” means the Human Resources & Compensation    Committee of the Board, established and duly authorized to act in     accordance with the By-Laws of the Corporation;

		
	(q) 
	“Incumbent Director” means any member of the Board who was a member of the Board immediately prior to the occurrence of the transaction, elections or appointments giving rise to a Change of Control and any successor to an Incumbent Director who was recommended for election at a meeting of shareholders of the Corporation, or elected or appointed to succeed any Incumbent Director, by the 

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affirmative vote of the Directors, which affirmative vote includes a majority of the Incumbent Directors then on the Board;

(r)    Insider” means:

(i)    an insider, as defined in the Securities Act (Alberta); and

(ii)     an associate of any person who is an insider by virtue of (i) above;

		
	(s) 
	“Notice Period” means the notice period for termination of employment agreed to between the Corporation (or its Subsidiary) and the Participant, or, in the absence of any such agreement, the notice period as communicated to the Participant by the Corporation (or its Subsidiary), which in no case will be less than the minimum statutory notice period that may be required under applicable employment standards legislation;

		
	(t) 
	“Option” means an Option to purchase Shares granted to the Participant in accordance with the terms and conditions of this Plan;

		
	(u) 
	“Participant” means any employee, including an officer, of the Corporation or a Subsidiary who has been designated by the HRC Committee to receive and be granted Options in accordance with Section    5;

(v)     “Plan” means the Incentive Stock Option Plan (2007) of the Corporation described in this document, and as the same may be duly amended or varied from time to time in accordance with the provisions of this Plan;

		
	(w) 
	“Retirement Plan” means a pension plan of the Corporation established or in effect from time to time which applies when an employee retires from the employment of the Corporation or any of its Subsidiaries;

(x)     “Share” means a common share in the capital of the Corporation;

(y)     “Share Reserve” has the meaning ascribed to that term in Section 4;

(z)     “Subsidiary” means:

		
	(i) 
	any corporation that is a subsidiary (as such term is defined in the Canada Business Corporations Act) of the Corporation, as such provision is from time to time amended, varied or re-enacted;

		
	(ii) 
	any partnership or limited partnership that is controlled by the Corporation (the Corporation will be deemed to control a partnership or limited partnership if the Corporation possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of such partnership or limited partnership, whether through the ownership of voting securities, by contract or otherwise); and

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	(iii) 
	subject to regulatory approval, any corporation, partnership, limited partnership, trust, limited liability company or other form of business entity that the HRC Committee determines ought to be treated as a subsidiary for purposes of the Plan, provided that the HRC Committee shall have the sole discretion to determine that any such entity has ceased to be a subsidiary for purposes of the Plan;

		
	(aa) 
	“Term” has the meaning ascribed to that term in Section 6;

		
	(bb) 
	“Trading Day” means any day on which the Toronto Stock Exchange or the New York Stock Exchange, as the case may be, is open for trading; and

		
	(cc)
	“United States Incentive Stock Option” has the meaning set forth in Section 8(a).

3.     GOVERNANCE

		
	(a) 
	Subject to any determinations or approvals required to be made by the Board, the HRC Committee will administer the Plan in its sole discretion. The HRC Committee shall have the full power and sole responsibility to interpret the provisions of the Plan and to make regulations and formulate administrative provisions for its implementation, and to make such changes in the regulations and administrative procedures as, from time to time, the HRC Committee deems proper and in the best interests of the Corporation. Such regulations and provisions may include the delegation to any Director or Directors or any officer or officers of the Corporation or its Subsidiaries of such administrative duties and powers of the HRC Committee as it may, in its sole discretion, deem fit. The determinations of the HRC Committee in the administration of the Plan shall be final and conclusive.

		
	(b) 
	The HRC Committee is also authorized to approve, for each Option granted under the Plan, the terms for vesting any Option granted under the Plan.

		
	(c) 
	Subject to Section 12, the HRC Committee may waive any restrictions with respect to participation in the Plan or vesting with respect to any specific Participants where, in the opinion of the HRC Committee, it is reasonable to do so and such waiver does not prejudice the rights of the Participant under the Plan.

		
	(d) 
	Subject to Section 12, the HRC Committee may amend the Plan for any general administrative matters, correct, remedy or reconcile any errors, inconsistencies or ambiguities, cashless exercise, vesting or termination provisions, and recommen to the Board for its approval any other amendments.

		
	(e) 
	Grants to Participants will be considered each year, unless otherwise determined in the sole discretion of the HRC Committee.

4.    SHARES AND SHARE RESERVE    

The Shares subject to the Options and other provisions of the Plan shall be authorized and unissued common shares of the Corporation. The total number of Shares initially 

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reserved to be issued under the Plan (and its predecessors) and the Performance Stock Option Plan (2007, as amended and restated in 2011) shall not exceed in the aggregate 52,000,000 (the “Initial Share Reserve”), subject to the adjustment provisions set forth in Section 9.  The total number of Shares added to the Initial Share Reserve and reserved to be issued under the Plan (and its predecessors) and the Performance Stock Option Plan (2007, as amended and restated in 2011) shall not exceed in the aggregate 19,000,000 Shares (the “Additional Share Reserve” and, together with the Initial Share Reserve, the “Share Reserve”), subject to the adjustment provisions set forth in Section 9.  For greater certainty, the threshold set forth above in respect of the Initial Share Reserve has been adjusted to give effect to the Corporation’s two (2) for one (1) split of the Shares effective May 25, 2011.  Shares subject to Options which are terminated, cancelled or expire prior to exercise shall be available for the grant of further Options hereunder.  In addition, the difference between (i) the number of Shares in respect of which an Option is being exercised and (ii) the number of Shares received under the Share Settled Option (as provided in Section 6(e)) shall be deemed not to be issued under the Plan and shall be available for the grant of further Options hereunder.

Any changes to the Share Reserve, including the Additional Share Reserve, shall be recommended by the CEO to the HRC Committee for its review and recommendation to the Board. Any increase in the Share Reserve, including the Additional Share Reserve, shall be subject to the approval of the shareholders of the Corporation in accordance with the rules of the Toronto Stock Exchange.

5.    PARTICIPATION AND GRANT OF OPTIONS

		
	(a)
	The CEO may from time to time recommend to the HRC Committee employees of the Corporation or its Subsidiaries for participation in the Plan and the extent and terms of their participation. The HRC Committee shall consider such recommendations and may approve such recommended employees for participation in the Plan and the extent and terms of their participation, subject to the following:

		
	(i) 
	the total number of Shares reserved for issuance to any one Participant pursuant to all security based compensation arrangements of the Corporation shall not exceed in the aggregate 5% of the number of Shares outstanding at the time of reservation;

		
	(ii) 
	the total number of Shares reserved for issuance to Insiders pursuant to all security based compensation arrangements of the Corporation shall not exceed 10% of the number of Shares outstanding at the time of reservation;

		
	(iii) 
	the total number of Shares issued to Insiders pursuant to all security based compensation arrangements of the Corporation within any one-year period shall not exceed 10% of the number of Shares outstanding at the time of 

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issuance (excluding any other shares issued under all security based compensation arrangements of the Corporation during such one-year period); and

		
	(iv)
	the total number of Shares issued to any one Insider and such Insider’s associates (as defined in the Securities Act (Alberta)) pursuant to all security based compensation arrangements of the Corporation within any one-year period shall not exceed 5% of the number of Shares outstanding at the time of issuance (excluding any other shares issued under all security based compensation arrangements of the Corporation during such one-year period).

For the purposes of (ii), (iii) and (iv) above, any entitlement to acquire Shares granted pursuant to the Plan prior to the Participant becoming an Insider are to be excluded from the calculation.

(b)     The CEO:

		
	(i)
	may issue inducement grants to any new employee of the Corporation, or a Subsidiary other than new employees that report directly to the CEO and may with the approval of the HRC Committee issue inducement grants to new employees that report directly to the CEO, provided that the number of Options comprising any such grant shall not exceed the lesser of: (i) the amount provided for in the policies of the HRC Committee from time to time; and (ii) 2% of the number of outstanding Shares (on a non-dilutive basis) at the applicable date, and such inducement grant will be reported to the HRC Committee at the next committee meeting; and

		
	(ii) 
	shall recommend to the HRC Committee specific grants to Participants who report directly to the CEO and the total grants for all other levels of Participants.

		
	(c) 
	The HRC Committee shall:

		
	(i) 
	determine and recommend to the Board, for its approval, the grant date of Options;

		
	(ii) 
	determine and recommend to the Board, for its approval, the grants to be made to the CEO; and

		
	(iii) 
	review and recommend to the Board, for its approval, any other grants made pursuant to the Plan.

		
	(d) 
	Directors who are not full-time employees of the Corporation or a Subsidiary shall not be eligible to become Participants.

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	(e) 
	A designated employee shall have the right not to participate in the Plan, and any decision not to participate shall not affect his or her employment with the Corporation or a Subsidiary. Participation in the Plan does not confer upon the Participant any right to continued employment with the Corporation or a Subsidiary.

		
	6.
	OPTION TERMS

		
	(a)
	Term

The term (“Term”) during which an Option shall be exercisable shall be fixed by the HRC Committee at the time of grant, but in no case shall a term exceed 10 years, and each Option shall be subject to earlier termination, as provided in Section 7; provided that when the Term expires in a Blackout Period the Term shall be extended to a date that is five Trading Days after the end of the Blackout Period.

(b)Exercise

An Option shall vest and become exercisable in accordance with the terms set by the HRC Committee at the time of grant. A Participant may exercise vested installments of his or her Option in whole or in part at any time and from time to time during the Term.

(c)Grant and Price

Subject to the following sentence, the price (the “Grant Price”) at which Shares will be issued to a Participant pursuant to the Option shall be determined on the date (the “Grant Date”) that the Option is awarded and the Grant Price shall not be less than 100% of the Fair Market Value determined as at the Grant Date. If an Option is awarded at a time when a Blackout Period is in effect, the Grant Price of the Option will be set on and the Grant Date will be the sixth Trading Day following the termination of the Blackout Period; provided that where another Blackout Period commences within such six Trading Days, the determination of the Grant Price and the Grant Date will be further postponed and will be set as provided above in this sentence (and so on from time to time).

(d)Payment

Participants shall be required to make payment in full for any Shares purchased upon the exercise, in whole or in part, of any Option granted under the Plan and no Shares shall be issued until full payment has been made. Payment must be in the currency of Canada or the United States of America.

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(e)Share Settled Options

If approved by the Board, in lieu of paying the Grant Price for the Shares to be issued pursuant to such exercise, the Participant may elect to acquire the number of Shares determined by subtracting the Grant Price from the Then Fair Market Value of the Shares on the date of exercise, multiplying the difference by the number of Shares in respect of which the Option was otherwise being exercised and then dividing that product by the Then Fair Market Value of the Shares. For this purpose, the “Then Fair Market Value” means the price at which the Shares could be sold or are sold on the Toronto Stock Exchange or the New York Stock Exchange on the date of exercise of the Option.  In such event, the number of Shares as so determined (and not the number of Shares to be issued under the Option) will be deemed to be issued under the Plan.

(f)Share Ownership Guidelines

If on exercise of any Options the number of Shares held by the Participant is less than the number of Shares to be held by him or her pursuant to any share ownership guidelines of the Corporation in effect from time to time and applicable to such Participant, then the Participant shall be required to retain Shares acquired on exercise of Options (net of Shares that are required to be sold by the Participant to meet any tax liabilities arising on exercise of the Options) to meet the requirements of such share ownership guidelines.

(g)Transferability

Options are not transferable or assignable other than by will or according to the laws of descent and distribution.

7.    TERMINATION

(a)Voluntary Termination

If a Participant voluntarily terminates his or her employment with the Corporation or a Subsidiary, all unexercised and vested Options held by such Participant as at the last day of such Participant’s employment with the Corporation (or its Subsidiary) shall remain exercisable until the earlier of: (i) 30 days following the Participant’s last day of employment with the Corporation (or its Subsidiary); and (ii) the expiry of the Term of the Options; following which any unexercised and vested Options shall be cancelled.

All unvested Options held by the Participant as at the last day of the Participant’s employment with the Corporation (or its Subsidiary) shall be cancelled on the Participant’s last day of employment with the Corporation (or its Subsidiary).

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(b)Involuntary Termination Not For Cause

If the employment of a Participant is terminated by the Corporation or a Subsidiary other than For Cause, all unexercised and vested Options held by such Participant as at the Participant’s last day of employment with the Corporation (or its Subsidiary) shall remain exercisable until the earlier of: (i) 30 days following the expiration of any Notice Period; and (ii) the expiry of the Term of the Options; following which any vested and unexercised Options shall be cancelled.

All unvested Options held by the Participant on the last day of employment with the Corporation (or its Subsidiary) shall continue to vest in accordance with the Plan and shall be exercisable until the earlier of: (i) 30 days following the expiry of the Notice Period; and (ii) the expiry of the Term of the Options; following which all vested and unexercised Options and all unvested Options shall be cancelled.

For the purposes of this subsection 7(b): (i) if a Participant’s employment terminates due to the constructive dismissal of the Participant; or (ii) if a Participant ceases to be employed by a Subsidiary of the Corporation because such Participant’s employer ceases to be a Subsidiary of the Corporation; then each such termination or cessation of being employed by a Subsidiary shall be treated as an involuntary termination by the Corporation or a Subsidiary other than For Cause.

(c)Involuntary Termination For Cause

If the employment of a Participant is terminated by the Corporation or a Subsidiary For Cause, all Options held by such Participant as at the date of such termination, whether vested or unvested, shall be cancelled on the Participant’s last day of active employment with the Corporation (or its Subsidiary).

(d)Death

If the employment of a Participant with the Corporation or a Subsidiary is terminated as a result of the death of such Participant, all unvested Options held by such Participant shall vest on the date of such Participant’s death. All outstanding Options held by such Participant as at the date of termination of the Participant shall remain exercisable until the earlier of: (i) 12 months following the date of such Participant’s death; and (ii) the expiry of the Term of the Options; following which any unexercised Options shall be cancelled.

(e)Retirement

If a Participant has attained the age of 55 and retires from his or her employment with the Corporation or a Subsidiary pursuant to a Retirement Plan and he or she 

February 16, 2017

is eligible for benefits under a Retirement Plan, all Options (vested and unvested) held by such Participant as at the Participant’s last day of employment with the Corporation (or its Subsidiary) shall continue in accordance with the Plan, including vesting as provided in the Plan; provided that Options may only be exercised until the earlier of: (i) three years following the date of such Participant’s retirement; and (ii) the expiry of the Term of the Options; following which any unexercised and vested Options and unvested Options shall be cancelled.

Notwithstanding the foregoing, should a Participant qualify for retirement under the definition provided within this subsection 7(e), and should the employment of such Participant with the Corporation or a Subsidiary be terminated by the Corporation (or its Subsidiary) for any reason other than For Cause, the provisions of subsection 7(b) will apply.

(f)Disability

If the employment of a Participant with the Corporation (or a Subsidiary) is terminated as a result of the “disability” of such Participant, all Options held by such Participant on the last day of the Participant’s employment with the Corporation (or its Subsidiary) shall continue in accordance with the terms of such Options as if the Participant continued to be actively employed by the Corporation (or its Subsidiary).

For purposes of the foregoing, a Participant shall be considered to be suffering from a “disability” if he or she is eligible for benefits under a Corporation-sponsored long term disability benefits plan.

(g)    Leaves of Absence

If a Participant is on a parental or other leave of absence approved by the Corporation or a Subsidiary for a period of greater than three months, all unexercised and vested Options held by such Participant as at the Participant’s last day of active employment prior to such parental or other leave shall continue to be exercisable in accordance with the terms of such Options, following which all unexercised and vested Options held by such Participant shall be cancelled. All unvested Options held by such Participant as at the Participant’s last day of active employment prior to such parental or other leave shall continue to vest during such Participant’s leave, provided that if the Participant does not return to active employment by the end of the leave, all vested and unvested Options as at the end of the leave of absence shall be treated in accordance with the second paragraph of subsection 7(a) on the assumption that the Participant’s last day of employment is the end of the leave of absence. Unless otherwise determined by the HRC Committee, no additional Option grants shall be made to any Participant during such Participant’s leave of absence.

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(h)Secondments

If a Participant is seconded to an entity other than a Subsidiary, the HRC Committee (in the case of Participants that report directly to the CEO) and the CEO (in the case of all other Participants) shall determine the manner in which all Options, vested and unvested, held by the Participant as at the date of the secondment shall be treated under the Plan.

(i)Double Trigger Change of Control

Any Option held by a Participant as at February 15, 2017 shall continue to be governed by the “Change of Control” provisions of subsection 7(i) of the particular version of the Plan document for the Incentive Stock Option Plan (2007), as subsequently amended, that was in effect on the date such Option was granted.  
With respect to any Option granted to a Participant on or after February 16, 2017, if the employment of a Participant with the Corporation or a Subsidiary is terminated by the Corporation (or its Subsidiary) other than For Cause (including if a Participant’s employment terminates due to the constructive dismissal of the Participant) within 2 years after the Change of Control, such Participant’s date of termination of employment being the “Double Trigger Date”, then the following provisions of this subsection 7(i) shall apply.  

All unvested Options held by a Participant as at the Double Trigger Date shall vest on the Double Trigger Date. 

(j)No Future Grants; No Cash Payment

Upon the occurrence of any of the foregoing events listed under subsections 7(a) to (f) in respect of a Participant, such Participant shall not be entitled to receive any further Option grants or the value of any grants foregone as a consequence of any such event and, except as set forth herein, shall not be entitled to receive any cash payment for the value of any unexercised Options, vested or unvested, held by the Participant as at the date of occurrence of such event.

		
	8.
	TERMS AND CONDITIONS OF UNITED STATES INCENTIVE STOCK OPTIONS

		
	(a) 
	Designated employees of any Subsidiary located in the United States of America may be granted “incentive stock options” within the meaning of Section 422 of the Code (“United States Incentive Stock Options”). The maximum number of Shares that may be issued under the Plan as United States Incentive Stock Options 

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shall not be greater than 2,000,000 Shares. An Option that is a United States Incentive Stock Option will be designated as such in the applicable Option agreement and no Option that is not so designated will be treated as a United States Incentive Stock Option under the Plan.

		
	(b) 
	No United States Incentive Stock Options shall be granted to any Participant if, as

a result of such grant, the aggregate Fair Market Value (as of the time the Option
is proposed to be granted) of the Shares covered by all the United States Incentive
Stock Options granted under this Plan, and any other plan of the Corporation or
any Subsidiary, to the Participant, which are or will become exercisable for the
first time by the Participant in a single calendar year, exceeds US $100,000 or
such amount as shall be specified in Section 422 of the Code.

		
	(c)
	The exercise price of a United States Incentive Stock Option shall not be less than 100% of Grant Price as at the Grant Date.

		
	(d) 
	No United States Incentive Stock Option may be granted under the Plan to any individual who, at the time the option is granted, owns stock possessing more than 10% of the total combined voting power of all classes of stock of his or her employer corporation or of its parent or subsidiary corporations (as such ownership may be determined for purposes of Section 422(b) (6) of the Code), unless (i) at the time such United States Incentive Stock Option is granted, the Grant Price is at least 110% of the Fair Market Value of the Shares subject thereto and (ii) the United States Incentive Stock Option by its terms is not exercisable after the expiration of five years from the date granted.

		
	(e) 
	Notwithstanding the provisions of this Section 8, exercise periods for United States Incentive Stock Options on the happening of an event described in Sections 7(b), (d), (e) and (f) shall be as set forth in the applicable Option agreement.

		
	(f) 
	United States Incentive Stock Options shall otherwise be subject to the terms and conditions as set forth in this Plan.

9.    ADJUSTMENTS

		
	(a)
	In the event that the number of outstanding Shares is increased or decreased, or changed into, or exchanged for a different number or kind of shares or other securities of the Corporation or another corporation, whether through a stock dividend, stock split, consolidation, recapitalization, amalgamation, reorganization, arrangement or other transaction effected without receipt of consideration, the HRC Committee or the Board may make appropriate adjustment in the number or kind of shares or securities available for Options pursuant to the Plan and, as regards Options previously granted or to be granted pursuant to the Plan, in the number and kind of shares or securities and the 

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purchase price thereof and the manner in which installments of the Options vest and become exercisable.

		
	(b) 
	The appropriate adjustments in the number of Shares under Option, the Grant Price per share and the period during which each Option may be exercised may be made by the Board in its discretion and in order to give effect to the adjustments in the number of shares of the Corporation resulting from the implementation and operation of the Shareholder Rights Plan Agreement dated as of November 9, 1995 between the Corporation and CIBC Mellon Trust Company, as amended, restated or revised from time to time.

10.    EFFECT OF REORGANIZATION

In the event of any take-over bid or any proposal, offer or agreement for a merger,
consolidation, amalgamation, arrangement, recapitalization, liquidation, dissolution or
similar transaction or other business combination that is not a Change of Control in which
the Corporation is not the surviving or continuing corporation (a “Reorganization”), all
Options granted hereunder and outstanding on the date of such Reorganization, shall be
assumed by the surviving or continuing corporation, provided that the HRC Committee
or the Board may make appropriate adjustment in the manner in which installments of the
Options become exercisable prior to such assumption. If, in the event of any such
Reorganization, provision for such assumption satisfactory to the HRC Committee or the
Board is not made by the surviving or continuing corporation, each Participant shall have
distributed to him or her within 30 days after the Reorganization in full satisfaction in the
case of an unexpired Option, or part thereof, whether or not exercisable, cash
representing the excess, if any, of the Fair Market Value of the Shares determined as at
the third Trading Day immediately preceding the closing date of such Reorganization
over the exercise price of such Option (less applicable tax withholdings).

11.    TAXES AND REPORTING

Notwithstanding anything else contained herein, each Participant shall be responsible for
the payment of all applicable taxes, including, but not limited to, income taxes payable in
connection with the exercise of any Options under the Plan and the Corporation, its
employees and agents shall bear no liability in connection with the payment of such
taxes.

12.     AMENDMENT OF THE PLAN

The HRC Committee may at any time recommend to the Board for its approval the
revision, suspension or discontinuance of this Plan in whole or in part. The Board may
also at any time amend, revise or repeal any terms of this Plan and any Option granted
under this Plan (any such change, an “amendment”) without obtaining approval of the
shareholders. Notwithstanding the foregoing, the Corporation will obtain the approval of
the shareholders of the Corporation for an amendment relating to:

February 16, 2017

		
	(a)
	the maximum number of shares reserved for issuance under the Plan;

		
	(b)
	a reduction in the Grant Price for any Options;

		
	(c)
	the cancellation of any Options and the reissue of or replacement of such Options with Options having a lower Grant Price;

		
	(d)
	an extension to the term of any Option;

		
	(e)
	any change allowing other than full-time employees of the Corporation or a Subsidiary to become Participants in the Plan;

		
	(f)
	any change whereby Options would become transferable or assignable other than by will or according to the laws of descent and distribution; or 

(g)    any amendment to this Section 12.

13.    CONFLICT WITH WRITTEN EMPLOYMENT AGREEMENT

In the event of a conflict between the terms of this Plan and the terms of any written
employment agreement between a Participant and the Corporation, the terms of the
written employment agreement shall prevail.

14.    EFFECTIVE DATE

This Plan was originally effective as of January 1, 2007, provided that any Option issued under this Plan may not be exercised until this Plan has been approved by the shareholders of the Corporation in accordance with the rules of the Toronto Stock Exchange (and where applicable, the rules of other stock exchanges on which the Shares may be listed and posted for trading); provided further that any Options issued under this Plan pursuant to the Additional Share Reserve may not be exercised until the shareholders of the Corporation approve the provisions of Section 4 providing for the Additional Share Reserve.  On the effective date, the Incentive Stock Option Plan (2002) (the “Prior Plan”) shall be discontinued, except with respect to unexercised Options outstanding under the Prior Plan. This Plan is amended and restated under the form of this Plan document to be effective as of February 16, 2017.

February 16, 2017Exhibit

EXHIBIT 10.16

ENBRIDGE INC.
DIRECTORS’ COMPENSATION PLAN 
November 3, 2015

Effective January 1, 2016

ENBRIDGE INC.
DIRECTORS’ COMPENSATION PLAN

1.    DEFINED TERMS
As used herein, the following terms shall have the following meanings, respectively:
“Beneficiary” means any person(s) designated by a Director as indicated on the Designation of Beneficiary Form, to receive any cash amount or Shares under this Plan in the event of the Director’s death;  
“Board” means the Board of Directors of the Corporation;
“Canadian Election Form” means the election form required to be submitted by the Canadian Taxpayers to the Corporation;
“Canadian Taxpayer” means a Director whose income is subject to Canadian federal income taxation;
“Code” means the U.S. Internal Revenue Code of 1986, as amended;
“Comparator Group” has the meaning set forth in Section 4;
“Compensation” has the meaning set forth in Section 7;
“Corporation” means Enbridge Inc., and includes any successor corporation thereto;
“Deferred Stock Unit Account” has the meaning set forth in Subsection 9(a);
“Deferred Stock Units” mean units credited to a Director in accordance with Subsection 9(b);
“Designation of Beneficiary Form” means the form attached hereto as Appendix “B”;
“Director” means a director of the Corporation;
“Dual-Taxed Member” means a Director that is both a U.S. Taxpayer and a Canadian Taxpayer;
“Estate” means the estate of a deceased Director;
“Governance Committee” means the Governance Committee of the Board;
“Market Value”, as of a particular day, means the weighted average of the trading price for one (1) Share on The Toronto Stock Exchange for the five (5) Trading Days immediately preceding that day;

2

“Payment Date” means the date on which Directors would normally receive payments of Compensation;
“Plan” means this Directors’ Compensation Plan effective January 1, 2016, as the same may be amended or varied from time to time;
“Retirement Date”, in respect of a Director, means the effective date on which the Director ceases to be a Director, for any reason whatsoever; 
“Share” means a common share of the Corporation;
“Trading Day” means any day, other than a Saturday or Sunday, on which The Toronto Stock Exchange is open for trading;
“Trustee” means the trustee engaged by the Corporation to hold Shares and all the rights, privileges and benefits conferred by this Plan in trust for the Directors;
“U.S. Election Form” means the election form required to be submitted by U.S. Taxpayers to the Corporation; and 
“U.S. Taxpayer” means a Director whose income is subject to U.S. federal income taxation.

		
	2.
	PURPOSE AND OBJECTIVES

(a)    The purpose of this Plan is to provide a compensation system for Directors. This Plan applies only to the members of the Board and does not apply to board members of affiliate organizations or employees of the Corporation or any of its subsidiaries.
		
	(b)
	The objectives of this Plan are: 

		
	(i)
	to compensate Directors commensurate with the risks, responsibilities and time commitments assumed by Board members;

		
	(ii)
	to attract and retain the services of the most qualified individuals to serve on the Board;

		
	(iii)
	to align the interests of Directors with the Corporation’s shareholders;

		
	(iv)
	to provide competitive levels of compensation by considering various pay components typically provided to directors; and

		
	(v)
	to deliver such compensation in a tax effective manner. 

		
	(c)
	The Board provides oversight and stewardship over this Plan through the Governance Committee and has overall responsibility for determining the philosophical framework of the Directors’ compensation program.

3

		
	3.
	ADMINISTRATION

The Governance Committee will administer this Plan in its discretion.  The Governance Committee shall have the power to interpret the provisions of this Plan and to make regulations and formulate administrative provisions for its implementation, and to make such changes in the regulations and administrative provisions as, from time to time, the Governance Committee deems proper and in the best interests of the Corporation.  Such regulations and provisions may include the delegation to any Director(s) or any officer(s) of the Corporation of such administrative duties and powers of the Governance Committee as it may see fit.  

		
	4.
	EXTERNAL BENCHMARKING

		
	(a)
	The Board supports maintaining a level of compensation for Directors that is competitive with compensation levels paid to directors of comparable public corporations; reflects the risks accompanying Board membership and the time commitments and responsibilities required of Directors, committee members and Board or Committee Chairs; and reflects the size and complexity of the Corporation’s business.

		
	(b)
	The Governance Committee will, from time to time, with the assistance of qualified external experts in the area of compensation benchmarking, review and determine the appropriate comparable public corporations against which comparisons are made (the “Comparator Group”) with the intention that such Comparator Group be consistent with the periodic evaluation of executive management compensation.

		
	(c)
	To the extent possible and appropriate, the Governance Committee shall align the Comparator Group with the group used to benchmark executive management compensation practices as approved by the Human Resources & Compensation Committee (refer to Enbridge Inc. senior management compensation policy Compensation Comparators).

		
	5.
	COMMUNICATION

The Board recognizes that Compensation is an important component of corporate governance and is committed to ensuring that the material terms of the compensation program are properly disclosed to shareholders and regulators.

		
	6.
	APPLICATION

This Plan applies to each individual while serving as a Director and, subject to Subsections 10(c), (d), (e), (f) and 11(a) (ii) and (iii), (c), (d) and (e), shall cease to apply on the Director’s Retirement Date.

		
	7.
	DIRECTORS’ COMPENSATION

		
	(a)
	General

4

The Board, on the recommendation of the Governance Committee, shall determine from time to time the amount of compensation to be paid to Directors (the “Compensation”) including, without limitation, amounts in respect of retainers (including the retainer for the Chair of the Corporation and Chairs of committees of the Board), Board meeting and committee meeting attendance fees, and any other amounts which the Board in its discretion considers to be appropriate. In addition, the Board shall determine the amount of expenses, if any, for which the Directors will be reimbursed. 
		
	(a)
	Fee Structure and Payment Particulars

		
	(i)
	Compensation will be made on the basis of a flat fee structure that incorporates all Board, committee, and Chair retainers as determined by the Board. The Board’s policy is to target flat fee levels at the 50th percentile of total compensation levels paid to directors of the Comparator Group (as defined in Section 4).

		
	(ii)
	As of January 1, 2016, Compensation shall be as set out in Appendix “A”.  Changes to Appendix “A” may be made by the Board following a recommendation of or consultation with the Governance Committee.  Upon any such change being approved by the Board, a new Appendix “A” incorporating the changes and effective as of the date established by the Board shall be attached to the Plan and become Appendix “A” for all purposes of the Plan.

		
	(iii)
	Compensation is paid quarterly, in arrears.  Directors who are principally resident in a country other than Canada shall be paid Compensation in the number of U.S. dollars equal to the number of Canadian dollars paid to other Directors.

		
	(iv)
	A percentage of the Compensation may be withheld in cases where a Director’s attendance at Board meetings or Committee meetings or both, falls below the established minimum. The Governance Committee will review the continuation of the Director on the Board if an inordinate number of meetings are missed. 

		
	(b)
	Forms of Payment

The Board, on the recommendation of the Governance Committee, shall determine the portion(s), if any, of the Compensation that a Director may elect to receive by way of cash, Shares or Deferred Stock Units. Until revised by the Board, each Director and Chair of the Board may, subject to requirements of minimum share ownership criteria, as set out in Appendix “A”, elect to receive Compensation as cash, Shares or Deferred Stock Units, in whole or in part, in the following multiples:  100%; 75%, 50% and 25% (totalling 100% of the Compensation payable to such Director).

5

		
	8.
	COMPENSATION - SHARES  

		
	(a)
	In respect of any amount of Compensation payable to a Director in Shares, funds sufficient for the purchase in the open market of such Shares shall be paid to the Trustee by the Corporation in trust for such Director from time to time, and shall be applied by the Trustee to the purchase of Shares, in the open market on a stock exchange, for that Director.  

		
	(b)
	The Shares to which a Director becomes entitled hereunder shall be calculated on the basis of the Market Value thereof two (2) weeks prior to the Payment Date.  

		
	(c)
	Certificates representing such Shares shall be registered in the name of the Director and held by the Trustee for the benefit of such Director and shall be delivered to such Director if and when requested by the Director.  

		
	(d)
	The Trustee shall maintain an account for each Director and credit to that account all Shares acquired by the Trustee for the Director under this Section 8 and debit to that account all such Shares delivered by the Trustee to the Director under this Section 8.  

		
	(e)
	A statement of account will be provided by the Trustee to each Director annually or in any event promptly after each purchase of Shares on such Director’s behalf, and will set out the number of Shares so purchased, the aggregate number of Shares held by the Trustee for such Director, and any information required by the Director for tax reporting purposes.  

		
	(f)
	Shares held by the Trustee may not be pledged, sold or otherwise disposed of by a Director.  

		
	9.
	COMPENSATION - DEFERRED STOCK UNITS

		
	(a)
	Deferred Stock Unit Account

An account, to be known as a “Deferred Stock Unit Account”, shall be maintained by the Corporation for each Director and will show the number of Deferred Stock Units credited to a Director, to four (4) decimal places, from time to time.
		
	(b)
	Crediting Deferred Stock Unit Account

In respect of any amount of Compensation payable to a Director in Deferred Stock Units, the number of Deferred Stock Units to be credited to that Director will be calculated by dividing the dollar amount of the quarterly Compensation payable to that Director in Deferred Stock Units on the Payment Date by the Market Value two (2) weeks prior to such date.
		
	(c)
	Additional Deferred Stock Units From Dividends On Shares

In addition to Subsection 9(b), whenever any cash dividend or other cash distribution is paid on the Shares, additional Deferred Stock Units will be credited to the Director’s 

6

Deferred Stock Unit Account.  The number of such additional Deferred Stock Units will be calculated by dividing the aggregate dividends that would have been paid to such Director if the Deferred Stock Units in the Director’s Deferred Stock Unit Account had been Shares, by the Market Value of a Share on the date on which the dividends are paid on the Shares, less the amount of any discount then in effect for the reinvestment of dividends under the Corporation’s Dividend Reinvestment and Share Purchase Plan.

		
	10.
	CANADIAN TAXPAYER - DEFERRED STOCK UNITS

This Section 10 only applies to Canadian Taxpayers:
		
	(a)
	Choice of Compensation Mix

		
	(i)
	The Directors shall select on or before December 31 of the preceding year in which Compensation will be earned, the portion of such Compensation to be received by the Director in cash, Shares or Deferred Stock Units in respect of that calendar year and, failing such election, the Director shall, subject to any minimum amounts of cash, Shares or Deferred Stock Units as set out in Appendix “A”, be deemed to have elected 100% in cash. 

		
	(ii)
	Where a Director joins the Board after January 1 in any year, such Director shall make his or her compensation mix election within thirty (30) days of his or her election or appointment to the Board. 

		
	(iii)
	In all cases, the Directors’ elections shall be irrevocable and shall remain in force from the date of such election until the date of the next election. 

		
	(b)
	Canadian Election Form

Each Director shall fill out a Canadian Election Form indicating their elected compensation mix and deliver such Canadian Election Form to the Corporation on the dates set out above. 
		
	(c)
	Elected Payment Date – Canadian Taxpayer

Except as provided in Subsection 10(e), the determined value of the Deferred Stock Units credited to the Deferred Stock Unit Account of a Director whose income is subject to Canadian income tax, net of required withholdings, shall be paid to that Director on a date to be agreed upon by that Director and the Corporation, provided that the payment date must be a date subsequent to the Retirement Date and may be no later than December 31 of the first calendar year commencing after that Retirement Date.
		
	(d)
	No Election Default

7

If no such payment date agreement is reached, pursuant to Subsection 10(c), the payment date will be December 31 of the first calendar year commencing after that Director’s Retirement Date.  
		
	(e)
	Payment on Death of a Canadian Taxpayer

		
	(i)
	When a Director dies, the value of the Deferred Stock Units credited to that Director’s Deferred Stock Unit Account, net of applicable withholdings, shall be paid to his or her Beneficiary as soon as practicable after the Director’s death, provided that the payment shall be made no later than December 31 of the first calendar year commencing after that Director’s Retirement Date.

		
	(ii)
	Notwithstanding the above, if the Beneficiary of the deceased Director has not been determined within sixty (60) days after the Director’s death, the Corporation shall make such payment to the Estate.

		
	(f)
	Determining Value for Canadian Taxpayers 

To determine the value of Deferred Stock Units for the purposes of a payment to a Director (or, where the Director has died, his or her Beneficiary or Estate, as the case may be) under Subsections 10(c), (d) or (e), a Deferred Stock Unit will be valued equal to the Market Value multiplied by the number of Deferred Stock Units (including fractional Units) credited to a Director’s Deferred Stock Unit Account on the following basis:
		
	(i)
	for Subsections 10 (c) and (d), the Market Value on the third (3rd) Trading Day before the elected payment date; and

		
	(ii)
	for Subsection 10(e), the Market Value on the next Trading Day after the Director’s death.  

		
	(g)
	Effect of Reorganization of the Corporation for Canadian Taxpayers

In the event of any merger, consolidation or other reorganization of the Corporation in which the Corporation is not the surviving or continuing corporation, all Deferred Stock Units granted hereunder and outstanding on the date of such reorganization shall be assumed by the surviving or continuing corporation.  If, in the event of any such merger, consolidation or other reorganization, provision for such assumption satisfactory to an owner of a Deferred Stock Unit granted under this Plan is not made by the surviving or continuing corporation, such owner shall have distributed to him or her within sixty (60) days after the reorganization, in full satisfaction, cash in payment of the Market Value on the Trading Day immediately preceding the day of such reorganization. 

		
	11.
	US TAXPAYER- DEFERRED STOCK UNITS

This Section 11 only applies to U.S. Taxpayers:

8

(a)    Choice of Compensation Mix and Election Payment Date
Directors shall elect on or before December 31 of the calendar year immediately preceding the calendar year in which Compensation will be earned:
		
	(i)
	the portion of such Compensation to be received by those Directors in cash, Shares or Deferred Stock Units in respect of that calendar year. If no election is made the Director shall, subject to any minimum amounts of cash, Shares or Deferred Stock Units as set out in Appendix “A”, be deemed to have elected 100% in cash;

		
	(ii)
	the date, to be agreed upon by each of the Directors and the Corporation for payment of such Director’s Deferred Stock Unit Account where such date may be any date after that Director’s Retirement Date, provided that the payment date is after that Retirement Date and no later than December 31 of the first calendar year commencing after that Retirement Date. If no such payment date is determined, the Corporation, at its sole discretion, shall pay the amount owing from Director’s Deferred Stock Unit Account within ninety (90) days following that Director’s Retirement Date; 

		
	(iii)
	where a Director joins the Board after January 1 in any year, such Director shall make his or her election for both compensation mix and payment date within thirty (30) days of his or her election or appointment to the Board; and 

		
	(iv)
	in all cases, the Directors’ elections shall be irrevocable and shall remain in force from the date of such election until the Director’s Retirement Date.

		
	(b)
	U.S. Election Form

Each Director shall fill out a U.S. Election Form indicating their elected compensation mix and payment date of their Deferred Stock Unit Account and deliver such U.S. Election Form to the Corporation. Such form shall be irrevocable. 
		
	(c)
	Specified Employee 

Notwithstanding Subsection 11 (a), if the payment of a Director’s Deferred Stock Unit Account would be subject to taxation or penalties under Code Section 409A because the timing of such payment is not delayed as provided in Section 409A for a “specified employee,” then if the Director is (1) a U.S. Taxpayer and (2) a  “specified employee” under Code Section 409A, any payment which that Director would otherwise be entitled to receive during the six (6) month period following the Director’s Retirement Date shall be delayed and paid within fifteen (15) days after the date that is six (6) months following the Director’s Retirement Date, or such earlier date upon which such amount can be paid under Code Section 409A without being subject to such taxation, such as upon that Director’s death.

9

		
	(d)
	Payment on Death of a U.S. Taxpayer 

		
	(i)
	When a Director dies, the value of the Deferred Stock Unit Account, credited to that Director’s Deferred Stock Unit Account, net of applicable withholdings, shall be paid to his or her Beneficiary not later than by the later of (i) the end of the calendar year of the Director’s Retirement Date, or (ii) ninety (90) days following that Director’s date of death, provided that the Beneficiary shall not be permitted to designate the taxable year in which such payment is made. 

		
	(ii)
	Notwithstanding the above, if the Beneficiary of the deceased Director has not been determined within sixty (60) days after the Director’s death, the Corporation shall make such payment to the Estate.

(e)    Determining Value for U.S. Taxpayers 
To determine the value of Deferred Stock Units for the purposes of a payment to a Director (or, where the Director has died, his or her Beneficiary or Estate, as the case may be) under Subsections 11(a)(ii), (iii), (c) or (d), a Deferred Stock Unit will be valued equal to the Market Value multiplied by the number of Deferred Stock Units (including fractional Units) credited to a Director’s Deferred Stock Unit Account on the following basis:
		
	(i)
	for Subsections 11(a)(ii)(iii) and (c), the Market Value on the third (3rd) Trading Day before the elected payment date; and 

		
	(ii) 
	for Subsection 11(d), the Market Value on the next Trading Day after the Director’s death.  

		
	(f)
	Dual-Taxed Members

In the event that a Director is both a U.S. Taxpayer and a Canadian Taxpayer at the time that the Director’s Deferred Stock Units become payable, the provisions of this Section 11(f) shall apply:
		
	(i)
	If the Director has made a valid election under Section 11(a) and (b) with regard to payment of the Director’s Deferred Stock Units, payment of such Director’s Deferred Stock Unit Account shall be made in accordance such election, subject to Section 11(c).

		
	(ii)
	If the Director has not made a valid election under Section 11(a) and (b) with regard to payment of the Director’s Deferred Stock Units, payment of such Director’s Deferred Stock Unit Account shall be made as of a date determined by the Corporation in its discretion, with such payment date to be within ninety (90) days following the Director’s Retirement Date, subject to the following:

		
	a.
	If the ninety (90) day period begins in one calendar year and ends in the following calendar year, the payment date within such 90-

10

day period shall be determined in the sole discretion of the Corporation, and the Director shall not be permitted to make a payment election under Section 10(c) and (d) of the Plan that applies for a Canadian Taxpayer; or
		
	b.
	If the ninety (90) day period begins and ends in the same calendar year, the Director shall be permitted to make a payment election under Section 10(c) and (d) of the Plan, but the payment date elected by the Director must fall within the 90-day period following the Director’s retirement Date.

(g)    Code Section 409A Compliance
With respect to any Director who is a U.S. Taxpayer, the Corporation intends that this Plan shall comply with the applicable provisions of Code Section 409A, or an exemption from the application of Code Section 409A, in order to prevent the inclusion in the gross income of such Director of any deferred amount in a taxable year that is prior to the taxable year in which such amount would otherwise be distributed or made available to such Director under the terms of this Plan.  This Plan shall be construed, interpreted and administered in a manner consistent with such intent.  In furtherance of this intent, to the extent that any term of this Plan is ambiguous, such term shall be interpreted to comply with Code Section 409A, or an exemption from the application of Code Section 409A, as determined by the Corporation.
		
	(h)
	Effect of Reorganization of the Corporation for U.S. Taxpayers and Dual-Taxed Members

In the event of any merger, consolidation or other reorganization of the Corporation where the surviving or continuing corporation does not assume all of the Director’s Deferred Stock Units that are outstanding on the date of such reorganization, and such event constitutes a “change in control” of the Corporation within the meaning of Code Section 409A, then the surviving or continuing corporation shall distribute to the Director, within sixty (60) days after the closing date of such event, in complete satisfaction of all the rights of the Director under this Plan, cash in full payment of the Market Value of the Director’s Deferred Stock Units as valued as of the Trading Day immediately preceding the closing date of such event. In the event that the Director is a Dual-Taxed Member, this Section 11(h) shall apply and Section 10(g) shall be inapplicable. 

		
	12.
	BROKERAGE COMMISSIONS

All brokerage commissions and other transaction costs in respect of Share purchases made under Section 8 of this Plan shall be paid by the Corporation.

11

		
	13.
	TAXES AND REPORTING

		
	(a)
	The Corporation shall deduct from all amounts otherwise payable to a Director (or Beneficiary or Estate, as the case may be) all amounts, including applicable taxes, that are required by law to be withheld with respect to amount otherwise payable. 

		
	(b)
	Notwithstanding anything else contained herein, each Director who participates in this Plan shall be responsible for:

		
	(i)
	the payment of all applicable taxes including, but not limited to, income taxes payable in connection with the acquisition, holding and delivery of Shares for or to a Director pursuant to this Plan and the payment of the value of the Deferred Stock Units, subject to deduction and remittance by the Corporation of applicable withholding taxes; and

		
	(ii)
	compliance with the continuous disclosure requirements of the applicable securities commissions or similar regulatory authorities in Canada and those exchanges upon which the Corporation’s Shares are traded, including, but not limited to, the preparation and filing of insider trading reports respecting the acquisition of Shares pursuant to this Plan, 

and the Corporation, its employees and agents shall bear no liability in connection with the payment of such taxes or the compliance with such disclosure requirements.

		
	14.
	DILUTION ADJUSTMENTS

In the event that the outstanding Shares of the Corporation shall be increased or decreased, or changed into, or exchanged for a different number or kind of shares or other securities of the Corporation or another corporation, whether through a stock dividend, stock split, consolidation, recapitalization, amalgamation, reorganization, arrangement or other transaction, the Governance Committee or the Board may make appropriate adjustments to the number or kind of shares or securities upon which Deferred Stock Units are based under this Plan, and as regards Deferred Stock Units previously granted or to be granted pursuant to this Plan, in the number or kind of shares or securities upon which Deferred Stock Units are based and the purchase price therefor.

		
	15.
	OPERATION OF RIGHTS PLAN

The appropriate adjustments in the number of Deferred Stock Units may be made by the Board in its discretion in order to give effect to the adjustments in the number of Shares of the Corporation resulting from the implementation and operation of the Shareholder Rights Plan Agreement originally dated as of November 9, 1995 and as amended from time to time.

		
	16.
	AMENDMENTS, ETC.

Subject to applicable regulatory approval, the Board may revise, suspend or discontinue this Plan in whole or in part.  No such revision, suspension, or discontinuance shall alter 

12

or impair the rights of a Director in respect of Deferred Stock Units or Shares previously granted or received under this Plan, without the consent of that Director.  

		
	17.
	PERIODIC REVIEW

The compensation available, and competitiveness of this Plan relative to the Comparator Group, will be reviewed:
		
	(a)
	 by external consultants every second year, commencing in 2015; and 

		
	(b)
	by internal management every second year, commencing in 2014.  

		
	18.
	EFFECTIVE DATE

This Plan is effective as of January 1, 2016, and may be amended from time to time.  Commencing January 1, 2016, no new Shares or Deferred Stock Units shall be granted or received under any previous “Directors’ Compensation Plan” for Enbridge Inc.  Any Shares or Deferred Stock Units previously granted or received under such previous compensation plans shall continue without alteration, including any previous elected payment date made by a Director, or impairment of the rights of a Director with respect to such Compensation.

13

APPENDIX “A”
to the Directors’ Compensation Plan
Retainer and Fees
		
	1.
	Flat Fee Schedule

The following table establishes the annual fee schedule for Directors and is effective as of January 1, 2016.
	
								
	 
	Elective Payment Form1

	Compensation Elements
	Annual Fee
	Before minimum share ownership
	After minimum share ownership

	Cash
	Shares
	DSUs
	Cash
	Shares
	DSUs2

	Board Retainer
	$235,000
	

Up to 50%
	

Up to 50%
	

50% to 100%
	

Up to 75%
	

Up to 75%
	

25% to 100%

	Additional Board Chair Retainer
	$260,000

	Additional Committee Chair Retainer:
AFRC
HRCC
S&R
GC 
CSR
	

$25,000
$20,000
$15,000
$10,000
$10,000

 
1 Directors may elect the form of payment in increments of 25% up to the percentage amounts specified in the table.
2. At least 25% of any retainer payable must be elected in the form of Deferred Stock Units.
		
	2.
	Penalty for Non-At\tendance

At the end of each year, the Governance Committee will review the record of attendance of Directors at Committee meetings and Board meetings.  The Chair of the Governance Committee along with the Board Chair, at their discretion, will recommend to the Board appropriate penalties for non-attendance by Directors at Committee and Board meetings.
		
	3.
	Travel Fees

A per diem allowance of $1,500 shall be paid in cash to Directors who travel from their home state or province to a meeting in another state or province.
		
	4.
	Share Ownership Requirement

Effective January 1, 2016, Directors shall hold a personal investment in Shares and Deferred Stock Units of at least three (3) times the amount of the annual Board Retainer, expressed in Canadian currencyand be required to achieve such investment within five (5) years of joining the Board.

14

APPENDIX “B”
to the Directors’ Compensation Plan
DESIGNATION OF BENEFICIARY FORM
	
				
	I,
	 
	 
	 (Director’s Name) for the purposes of

	designating a Beneficiary pursuant to the Directors’ Compensation Plan of Enbridge Inc. 

	hereby designate
	 
	name of Beneficiary (ies)) as my

	Beneficiary of the Compensation owed to me by the Corporation.

	 
	 
	 
	 

	At my own discretion, I make an additional designation should my Beneficiary not survive me.

	I designate as my contingent Beneficiary
	 

	(insert name of contingent Beneficiary) of the Compensation owed to me by the Corporation.

	
							
	I make this designation on the
	 
	day of
	 
	, 20
	.
	 

	
		
	 
	 

	 
	Signature

	
		
	 
	 

	 
	Print Name

Instructions:
This Designation of Beneficiary Form should be completed, signed and delivered to Enbridge Inc. as soon as possible once you have been appointed to the Board of the Corporation. Any changes to the above will require the delivery of an amended form.  

In the event that you would like to name a contingent beneficiary, should your primary beneficiary not survive you, please indicate above, a contingent beneficiary.

For questions regarding your Plan or Form, please call Tyler Robinson at (403) 231-5935.
For delivery to Enbridge Inc., please fax your Form to (403) 231-5929.

15

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