Document:

FSCAdministrationAgreementwithFSCCTLLCNovember2014EffectiveJanuary2015

ADMINISTRATION AGREEMENT
This Agreement (“Agreement”) is made as of January 1, 2015 by and between FIFTH STREET FINANCE CORP., a Delaware corporation (the “Company”), and FSC CT LLC, a Connecticut limited liability company (the “Administrator”).
W I T N E S S E T H:
WHEREAS, the Company is a closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “Investment Company Act”); and
WHEREAS, the Company previously engaged FSC, Inc., a New York corporation (the “Prior Administrator”) to provide administrative services to the Company; and
WHEREAS, the Administrator previously was FSC CT, Inc. and converted to FSC CT LLC, a Connecticut limited liability company; and
WHEREAS, effective as of the date first set forth above, the Company desires to retain the Administrator to provide administrative services to the Company in the manner and on the terms hereinafter set forth; and
WHEREAS, the Administrator is willing to provide administrative services to the Company on the terms and conditions hereafter set forth;
NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Company and the Administrator hereby agree as follows:
		
	1.
	Duties of the Administrator

(a)Employment of Administrator.  The Company hereby employs the Administrator to act as administrator of the Company, and to furnish, or arrange for others to furnish, the administrative services, personnel and facilities described below, subject to review by and the overall control of the Board of Directors of the Company (the “Board”), for the period and on the terms and conditions set forth in this Agreement.  The Administrator hereby accepts such employment and agrees during such period to render, or arrange for the rendering of, such services and to assume the obligations herein set forth subject to the reimbursement of costs and expenses provided for below.  The Administrator and such others shall for all purposes herein be deemed to be independent contractors and shall, unless otherwise expressly provided or authorized herein, have no authority to act for or represent the Company in any way or otherwise be deemed agents of the Company.
(b)Services.  The Administrator shall perform (or oversee, or arrange for, the performance of) the administrative services necessary for the operation of the Company.  Without limiting the generality of the foregoing, to the extent the Company so requires, the Administrator shall provide the Company with office facilities, equipment, clerical, bookkeeping 

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          January 2015

and record keeping services at such facilities and such other services as the Administrator, subject to review by the Board, shall from time to time determine to be necessary or useful to perform its obligations under this Agreement.  The Administrator shall also, on behalf of the Company, conduct relations with custodians, trustees, depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable.  The Administrator shall make reports to the Board of its performance of obligations hereunder and furnish advice and recommendations with respect to such other aspects of the business and affairs of the Company, in each case, as it shall determine to be desirable or as reasonably requested by the Board; provided that nothing herein shall be construed to require the Administrator to, and the Administrator shall not, provide any advice or recommendation relating to the securities and other assets that the Company should purchase, retain or sell or any other investment advisory services to the Company pursuant to this Agreement.  The Administrator shall provide portfolio collections functions for interest income, fees and warrants and be responsible for the financial and other records that the Company is required to maintain and shall prepare, print and disseminate reports to stockholders, and reports and other materials filed with the Securities and Exchange Commission (the “SEC”).  In addition, the Administrator will assist the Company in determining and publishing the Company’s net asset value, overseeing the preparation and filing of the Company’s tax returns, and generally overseeing the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others.  
		
	2.
	Records

The Administrator agrees to maintain and keep all books, accounts and other records of the Company that relate to activities performed by the Administrator hereunder and will maintain and keep such books, accounts and records in accordance with the Investment Company Act.  In compliance with the requirements of Rule 31a-3 under the Investment Company Act, the Administrator agrees that all records which it maintains for the Company shall at all times remain the property of the Company, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of the Agreement or otherwise on written request.  The Administrator further agrees that all records that it maintains for the Company pursuant to Rule 31a-1 under the Investment Company Act will be preserved for the periods prescribed by Rule 31a-2 under the Investment Company Act unless any such records are earlier surrendered as provided above.  Records shall be surrendered in usable machine-readable form.  The Administrator shall have the right to retain copies of such records subject to observance of its confidentiality obligations under this Agreement.
		
	3.
	Confidentiality

All confidential information provided by a party hereto, including nonpublic personal information (regulated pursuant to Regulation S-P of the SEC), shall be used by any other party hereto solely for the purpose of rendering services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to any third party, without the prior consent of such providing party.  The foregoing shall not be applicable to any information 

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          January 2015

that is publicly available when provided or thereafter becomes publicly available other than through a breach of this Agreement, or that is required to be disclosed to any regulatory or legal authority,  or legal counsel of the parties hereto, by judicial or administrative process or otherwise by applicable law or regulation.
		
	4.
	Compensation; Allocation of Costs and Expenses

In full consideration of the provision of the services of the Administrator, the Company shall reimburse the Administrator for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities hereunder.  The Company will bear all costs and expenses that are incurred in its operation, administration and transactions and not specifically assumed by Fifth Street Management LLC (the “Adviser”) pursuant to that certain Investment Advisory Agreement, dated as of May 2, 2011 (the “Investment Advisory Agreement”) by and between the Company and the Adviser.  Costs and expenses to be borne by the Company include, but are not limited to, fees and expenses relating to: organizational and offering expenses; the investigation and monitoring of the Company’s investments; the cost of calculating the Company’s net asset value; the cost of effecting sales and repurchases of shares of the Company’s common stock and other securities; management and incentive fees payable pursuant to the Investment Advisory Agreement; fees payable to third parties relating to, or associated with, making investments and valuing investments (including third-party valuation firms); transfer agent, trustee and custodial fees; interest payments and other costs related to the Company’s borrowings; fees and expenses associated with marketing efforts (including attendance at investment conferences and similar events); federal and state registration fees; any exchange listing fees; federal, state and local taxes; independent directors’ fees and expenses; brokerage commissions; costs of proxy statements, stockholders’ reports and notices; costs of preparing government filings, including periodic and current reports with the SEC; fidelity bond, liability insurance and other insurance premiums; and printing, mailing, independent accountants and outside legal costs and all other direct expenses incurred by either the Administrator or the Company in connection with administering the Company’s business , including payments under this Agreement.  
		
	5.
	Limitation of Liability of the Administrator; Indemnification

The Administrator (and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with the Administrator, including without limitation its members, and any person affiliated with its members to the extent they are providing services for or otherwise acting on behalf of the Administrator, Adviser or the Company) shall not be liable to the Company for any action taken or omitted to be taken by the Administrator in connection with the performance of any of its duties or obligations under this Agreement or otherwise as administrator for the Company, and the Company shall indemnify, defend and protect the Administrator (and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with the Administrator, including without limitation the Adviser, each of whom shall be deemed a third party beneficiary hereof) (collectively, the “Indemnified Parties”) and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts 

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          January 2015

reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company  or its security holders) arising out of or otherwise based upon the performance of any of the Administrator’s duties or obligations under this Agreement or otherwise as administrator for the Company.  Notwithstanding the preceding sentence of this Section 5 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Company or its security holders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of the Administrator’s duties or by reason of the reckless disregard of the Administrator’s duties and obligations under this Agreement (to the extent applicable, as the same shall be determined in accordance with the Investment Company Act and any interpretations or guidance by the SEC or its staff thereunder).
		
	6.
	Activities of the Administrator

The services of the Administrator to the Company are not to be deemed to be exclusive, and the Administrator and each of its affiliates is free to render services to others.  It is understood that directors, officers, employees and stockholders of the Company are or may become interested in the Administrator and its affiliates, as directors, officers, members, managers, employees, partners, stockholders or otherwise, and that the Administrator and directors, officers, members, managers, employees, partners and stockholders of the Administrator and its affiliates are or may become similarly interested in the Company as stockholders or otherwise.
		
	7.
	Duration and Termination of this Agreement

(a)    This Agreement shall become effective as of the first date above written.  This Agreement may be terminated at any time, without the payment of any penalty, upon 60 days’ written notice, by the vote of a majority of the outstanding voting securities of the Company, or by the vote of the Company’s directors or by the Administrator.
(b)    This Agreement shall remain in effect until January __, 2016, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (a) the vote of the Board, or by the vote of a majority of the outstanding voting securities of the Company and (b) the vote of a majority of the Company’s directors who are not parties to this Agreement or “interested persons” (as such term is defined in Section 2(a)(19) of the Investment Company Act) of any such party, in accordance with the requirements of the Investment Company Act and each of whom is an “independent director” under applicable securities exchange listing standards.
(c)    This Agreement may not be assigned by a party without the consent of the other party; provided, however, that the rights and obligations of the Company under this Agreement shall not be deemed to be assigned to a newly-formed entity in the event of the merger of the Company into, or conveyance of all of the assets of the Company to, such newly-formed entity; provided, further, however, that the sole purpose of that merger or conveyance is 

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to effect a mere change in the Company’s legal form into another limited liability entity.  The provisions of Section 5 of this Agreement shall remain in full force and effect, and the Administrator shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement.
		
	8.
	Amendments of this Agreement

This Agreement may be amended pursuant to a written instrument by mutual consent of the parties.
		
	9.
	Governing Law

This Agreement shall be construed in accordance with the laws of the State of New York and shall be construed in accordance with the applicable provisions of the Investment Company Act. To the extent the applicable laws of the State of New York, or any of the provisions herein, conflict with the provisions of the Investment Company Act, the latter shall control.
		
	10.
	Entire Agreement

This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof.
		
	11.
	Notices

Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

Remainder of Page Intentionally Left Blank

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          January 2015

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the date first above written.
FIFTH STREET FINANCE CORP.

By: /s/ Leonard M. Tannenbaum  
Name: Leonard M. Tannenbaum
Title:   Chief Executive Officer
    
FSC CT LLC

By:    /s/ Bernard D. Berman  
Name:  Bernard D. Berman    
Title:    President    

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January 2015BWP 14 Q4 Ex 10.1 to 8K ER

	
			
	Exhibit 10.1
	 
	Execution Version

                                        

Boardwalk Pipeline Partners 
Long-Term Incentive Plan

Phantom Unit Grant Agreement

Grantee:  ______________________    
Grant Date:    __________________, 20____

		
	1.
	Grant of Phantom Units with DERs.  

		
	(a)
	Effective as of the grant date set forth above (the “Grant Date”), Boardwalk Pipeline Partners, LP, a Delaware limited partnership (the “Partnership”), hereby grants to you ______Phantom Units under the Boardwalk Pipeline Partners Long-Term Incentive Plan (the “Plan”) on the terms and conditions set forth in this Phantom Unit Grant Agreement (this “Agreement”) and in the Plan. Capitalized terms used in this Agreement but not defined herein shall have the meanings assigned to them in the Plan, unless the context requires otherwise.  TO ACCEPT THIS AWARD, YOU MUST LOGIN TO CERIDIAN SELF-SERVICE AND MAKE A “TIME OF PAYMENT” ELECTION IN ACCORDANCE WITH PARAGRAPH 4 ON OR BEFORE MARCH 6, 2015.

		
	(b)
	This grant includes a tandem DER grant with respect to each Phantom Unit granted under this Agreement. The Partnership shall establish a DER bookkeeping account (“DER Account”) for you with respect to each Phantom Unit granted hereunder that shall be credited with an amount equal to all cash distributions, if any, paid by the Partnership with respect to a common unit of the Partnership (“Common Unit”) so long as such Phantom Unit is “outstanding” on the record date for the applicable distribution.

		
	2.
	Vesting.  

		
	(a)
	Subject to Paragraph 3 below, the Phantom Units will become vested in accordance with the following schedule so long as you remain an Employee of the Partnership or one of its Affiliates through each “Vesting Date” listed below:

	
		
	Vesting Date
	Percentage of Phantom Units
 Granted Under this Agreement
 that Become Vested

	December 1, 2016
	50%

	December 1, 2017
	50%

    

		
	(b)
	Except as otherwise provided in Paragraph 3, if you incur a termination of employment with the Partnership and its Affiliates that constitutes a “separation from service” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the Treasury regulations and other applicable guidance issued thereunder (a “Termination of Employment”) prior to December 1, 2017 (the “Final Vesting Date”), then the Phantom Units that have not become vested as of the date of your Termination of Employment shall automatically be forfeited in full without payment upon your Termination of Employment.  

		
	(c)
	Upon the vesting of a Phantom Unit, the amount credited to your tandem DER Account with respect to such Phantom Unit shall also vest.  If a Phantom Unit is forfeited, the amount credited to your tandem DER Account with respect to such Phantom Unit shall be forfeited at the same time.

		
	3.
	Events Occurring Prior to the Final Vesting Date.  

		
	(a)
	Death or Disability.  If you incur a Termination of Employment prior to the Final Vesting Date due to your death or a disability that entitles you to benefits under a long-term disability plan of the Partnership or an Affiliate (“Disability”), a pro-rata percentage of the Phantom Units granted hereunder will automatically become vested upon your Termination of Employment.  Such pro-rata percentage shall be equal to “A” divided by “B,” where “A” is the number of days in the period beginning on the Grant Date and ending on the date of your Termination of Employment, and “B” is the total number of days in the period beginning on the Grant Date and ending on the Final Vesting Date (the “Vesting Period”).  The remaining percentage of your Phantom Units that do not become vested as provided in the preceding sentence shall automatically be cancelled unpaid on your Termination of Employment.  Notwithstanding any deferral election you make pursuant to Paragraph 4(b), as soon as reasonably practicable (and, in all events, not later than 30 days) following your Termination of Employment due to your death or Disability, subject to Paragraph 5, the Partnership (or one of its Affiliates) shall pay to you (or, in the event of your death, to your estate or the person or persons who acquire the Phantom Units and tandem DERs granted hereunder by will or the laws of descent and distribution or otherwise by reason of your death), with respect to each Phantom Unit that becomes vested pursuant to this Paragraph 3(a), an amount of cash equal to the sum of (i) the average closing price of a Common Unit on the New York Stock Exchange (“NYSE”) for the last 30 trading days immediately preceding your Termination of Employment, and (ii) the cumulative amount credited to your DER Account maintained with respect to such vested Phantom Unit.  

		
	(b)
	Retirement.  If your Termination of Employment occurs one or more years after the Grant Date and prior to the Final Vesting Date and is due to your Retirement, then all of your Phantom Units that remain unvested will automatically become vested upon your Termination of Employment, subject to your continued compliance with the Noncompetition Restriction and the Non-solicitation Restriction set forth below.  

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Such Phantom Units (less the Retirement Tax Accelerated Phantom Units, as defined below) will be paid to you at the time you originally elected in accordance Paragraph 4 (i.e., the Regular Payment Dates if you elected “Payment Option A” or the Deferred Payment Date if you elected “Payment Option B”) so long as you have continuously complied with the Noncompetition Restriction and Non-solicitation Restriction through the applicable payment date(s).  However, certain tax withholding obligations must be satisfied with respect to your vested Phantom Units and tandem DERs on the later of the date that is (x) one year after the Grant Date or (y) one year after you file a Retirement Notice (as defined below).  To satisfy these tax withholding obligations, a portion of your vested Phantom Units (the “Retirement Tax Accelerated Phantom Units”) and tandem DERs will be accelerated and withheld in accordance with Paragraph 5 one year after you file a Retirement Notice.  As used in this Paragraph 3(b):
		
	(i)
	“Noncompetition Restriction” means that, during the period beginning on the Grant Date and ending on the Final Vesting Date (the “Award Period”), without the written consent of the Committee, you will not, directly or indirectly (other than on behalf of the Partnership or one or more of its Affiliates), carry on or engage in the business of providing transportation, storage or processing of natural gas or natural gas liquids or any other business in which the Partnership or any of its Affiliates is engaged and with respect to which you provide material services or for which you have material responsibility during the final two years of your employment (the “Business”) within the Restricted Area; accordingly, you acknowledge and agree that during the Award Period and within the Restricted Area, you will not be employed or engaged by (or otherwise provide services to) any business, entity or person that engages in the Business (other than the Partnership or one or more of its Affiliates), as doing so would constituting carrying on or engaging in the Business in violation of the restrictions set forth in this Paragraph 3(b)(i); 

		
	(ii)
	“Non-solicitation Restriction” means that during the Award Period, you will not, directly or indirectly, for yourself or any other person or entity, request or solicit in any manner, without the written consent of the Committee, any employee of the Partnership or any of its Affiliates with whom you had regular contact, or with whom you had a supervisory relationship (whether as a supervisor or supervisee) during the course of your employment with the Partnership or any of its Affiliates to terminate his or her employment with the Partnership or any of its Affiliates;

		
	(iii)
	“Restricted Area” means: (A) the State of Texas; (B) the following parishes within the State of Louisiana: Acadia, Allen, Ascension, Assumption, Avoyelles, Beauregard, Bienville, Bossier,  Caddo, Calcasieu, Caldwell, Cameron, Catahoula, Claiborne, Concordia, DeSoto, East Baton Rouge, East Carroll, East Feliciana, Evangeline, Franklin, Grant, Iberia, Iberville, 

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Jackson,  Jefferson, Jefferson Davis, Lafayette, Lafourche, LaSalle, Lincoln, Livingston, Madison, Morehouse, Natchitoches,  Orleans,  Ouachita,  Plaquemines, Pointe Coupee, Rapides, Red River, Richland, Sabine, St. Bernard, St. Charles, St. Helena, St. James, St. John, St. Landry, St. Martin, St. Mary, St. Tammany, Tangipahoa, Tensas, Terrebonne, Union, Vermilion, Vernon, Washington, Webster, West Baton Rouge, West Carroll, West Feliciana, and Winn; and (C) any other county in which you provide material services or for which you have material responsibility during the final two years of employment with the Partnership or any of its Affiliates; and
		
	(iv)
	“Retirement” means your Termination of Employment due to your resignation on or after reaching age 55 and having completed five or more years of continuous service with the Partnership and its Affiliates; provided, however, that such resignation will constitute a Retirement only if, at least one year prior to your desired retirement date, you file a written notice with the human resources department of the Partnership that (x) indicates you intend to retire and (y) specifies your intended retirement date (a “Retirement Notice”).  For the avoidance of doubt, if you incur a Termination of Employment after you file a Retirement Notice but prior to the date that is one year after you file such Retirement Notice, your Termination of Employment will not be considered a Retirement for purposes of this Agreement.

The Committee or its delegate shall have the sole discretion to determine whether your Termination of Employment is due to Retirement and whether you have violated the Noncompetition Restriction or Non-solicitation Restriction, and its determination on such matters shall be final and binding for all purposes.
You expressly acknowledge and agree that this Agreement creates an additional incentive for you to help build the Partnership’s goodwill and that the Phantom Units and DERs granted to you hereunder further align your interests with the Partnership’s long-term business interests.  You further acknowledge and agree that the Noncompetition Restriction and Non-solicitation Restriction are reasonable in all respects and reasonably related to the Partnership’s legitimate business interests, including the protection of its (and its Affiliates’) confidential information and goodwill.  Although you and the Partnership represent that the limitations as to time, geographic area, and scope of activity contained in the Noncompetition Restriction and Non-solicitation Restriction are reasonable and enforceable as written, if this is judicially determined not to be the case, then you and the Partnership specifically request that the limitations contained in this Agreement be reformed to the extent necessary to make the Noncompetition Restriction and Non-solicitation Restriction enforceable.
		
	(c)
	Change of Control.  If a Change of Control occurs during the Vesting Period and you incur a Qualified Termination on or after such Change of Control, then all of 

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the Phantom Units granted to you that have not previously become vested will automatically become vested upon your Qualified Termination, but will be paid at the time you originally elected in accordance Paragraph 4 (i.e., the Regular Payment Dates if you elected “Payment Option A” or the Deferred Payment Date if you elected “Payment Option B”).  As used in this Paragraph 3(c), a “Qualified Termination” means your Termination of Employment before the Final Vesting Date either (i) by the Partnership or any of its Affiliates for any reason other than due to (x) your material violation of the Partnership’s or one of its Affiliate’s code of conduct policy, (y) your death or (z) your Disability or (ii) by you as a result of a material diminution in your duties and responsibilities in the aggregate following a Change of Control as compared to your duties and responsibilities immediately before such Change of Control.
		
	(d)
	Other Terminations.  If your Termination of Employment occurs prior to the Final Vesting Date for any reason other than as provided in Paragraphs 3(a), (b) and (c) above, then all Phantom Units granted to you that remain unvested as of the date of your Termination of Employment shall automatically be forfeited on the date of your Termination of Employment without payment, unless and to the extent such forfeiture is waived by the Committee in its sole discretion.

		
	4.
	Payments.  To accept the Phantom Units and tandem DERs granted under this Agreement, you must login to https://sourceselfservice2.ceridian.com/bwp and elect, within 30 days following the Grant Date, the time at which your vested Phantom Units and tandem DERs, if any, shall be paid to you (i.e., Payment Option A or Payment Option B, as described in Paragraphs 4(a) and 4(b) and summarized in the chart below).   Your time of payment election will be irrevocable and cannot be changed once it is made.

	
			
	Vesting Date
	Payment Option A
	Payment Option B

	December 1, 2016
	Vested Phantom Units and tandem DERs paid in December 2016
	Vested Phantom Units and tandem DERs generally* deferred until December 2017

	December 1, 2017
	Vested Phantom Units and tandem DERs paid in December 2017
	Vested Phantom Units and tandem DERs paid in December 2017

*As described in Paragraph 4(b), a portion of the vested Phantom Units and tandem DERs will be accelerated and withheld to satisfy applicable tax withholding obligations.

		
	(a)
	Payment Option A:  If you elect “Payment Option A,” your vested Phantom Units will be paid as they become vested (i.e., 50% will be paid in December 2016 and 50% will be paid in December 2017).  In particular, on or as soon as reasonably practicable (and, in all events, not later than 30 days) each Vesting Date (the “Regular Payment Dates”), subject to Paragraph 5, the Partnership (or one of its Affiliates) shall pay to you, with respect to each vested Phantom Unit, an amount of cash equal to the sum of (i) the average closing price of a Common Unit on the NYSE for the last 30 trading days immediately preceding the applicable Regular Payment Date, 

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and (ii) the cumulative amount credited to your DER Account maintained with respect to such vested Phantom Unit.  
		
	(b)
	Payment Option B:  If you elect “Payment Option B,” except as otherwise provided in Paragraph 3(a), your vested Phantom Units will be deferred and paid to you within 30 days following the Final Vesting Date (the “Deferred Payment Date”).  In particular, as soon as reasonably practicable (and, in all events, not later than 30 days) following the Deferred Payment Date, subject to Paragraph 5, the Partnership (or one of its Affiliates) shall pay to you, with respect to each vested Phantom Unit (other than the Payment Option B Tax Accelerated Phantom Units, as defined below), an amount of cash equal to the sum of (x) the average closing price of a Common Unit on the NYSE for the last 30 trading days immediately preceding the Deferred Payment Date, and (y) the cumulative amount credited to your DER Account maintained with respect to such vested Phantom Unit.  However, if you elect “Payment Option B,” certain tax withholding obligations must still be satisfied with respect to your vested Phantom Units and tandem DERs at the time they become vested.  To satisfy these tax withholding obligations, a portion of your vested Phantom Units (the “Payment Option B Tax Accelerated Phantom Units”) and tandem DERs that you elect to defer will be accelerated and withheld in accordance with Paragraph 5 at the time of vesting.  For the avoidance of doubt, if you incur a Termination of Employment due to your death or Disability, any deferral election you make pursuant to this Paragraph 4(b) shall become null and void upon such Termination of Employment and any Phantom Units and tandem DERs that become vested upon such Termination of Employment will be paid in accordance with Paragraph 3(a).

		
	5.
	Withholding of Taxes.  To the extent that the vesting or payment of a Phantom Unit or its tandem DER granted hereunder results in the receipt of compensation income or wages by you with respect to which the Partnership (or one of its Affiliates) has a tax withholding obligation pursuant to applicable law, the Partnership (or its Affiliate) shall withhold, or cause to be withheld, from payments otherwise payable to you an amount equal to any tax or social security required to be withheld by reason of such resulting compensation income or wages, and to take such other action(s) as may be necessary in the opinion of the Partnership (or its Affiliate) to satisfy such withholding obligation.  You acknowledge and agree that none of the Board, the Committee, the Partnership or any of its Affiliates have made any representation or warranty as to the tax consequences to you as a result of the vesting or payment of the Phantom Units or tandem DERs granted hereunder.  You represent that you are in no manner relying on the Board, the Committee, the Partnership or any of its Affiliates or any of their respective managers, directors, officers, employees or authorized representatives (including, without limitation, attorneys, accountants, consultants, bankers, lenders, prospective lenders and financial representatives) for tax advice or an assessment of such tax consequences.  You represent that you have consulted with any tax consultants that you deem advisable with respect to the Phantom Units and tandem DERs granted hereunder.

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	6.
	No Rights as a Common Unit Holder.  Without limiting any provision of this Agreement, neither you nor any person claiming under or through you shall have any of the rights or privileges of a holder of Common Units (including, without limitation, any voting rights) as a result of the grant of the Phantom Units or tandem DERs hereunder.

		
	7.
	Limitations Upon Transfer.  All rights under this Agreement shall belong to you alone and may not be transferred, assigned, pledged, or hypothecated by you in any way (whether by operation of law or otherwise) other than by will or the laws of descent and distribution and such rights shall not be subject to execution, attachment, or similar process.  Upon any attempt by you to transfer, assign, pledge, hypothecate, or otherwise dispose of such rights contrary to the provisions in this Agreement or the Plan, or upon the levy of any attachment or similar process upon such rights, such rights shall immediately become null and void.

		
	8.
	Binding Effect.  This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Partnership and any person lawfully claiming under you.

		
	9.
	Entire Agreement.  This Agreement constitutes the entire agreement of the parties with regard to the subject matter hereof, and contains all the covenants, promises, representations, warranties and agreements between the parties with respect to the Phantom Units and tandem DERs granted hereunder.  Without limiting the scope of the preceding sentence, all prior understandings and agreements, if any, among the parties hereto relating to the subject matter hereof are hereby null and void and of no further force and effect. 

		
	10.
	Amendments.  The Committee may, in its sole discretion, amend this Agreement from time to time in any manner that is not inconsistent with the Plan; provided, however, that except as otherwise provided in the Plan or this Agreement, any such amendment that materially reduces your rights hereunder shall be effective only if it is in writing and signed by both you and an authorized officer of the general partner of the General Partner of the Partnership.

		
	11.
	Section 409A Compliance.  The terms of this Agreement shall be construed as necessary to comply with, or be exempt from, Section 409A of the Code and the Treasury regulations and other applicable guidance issued thereunder (collectively, “Section 409A”).  If a payment hereunder would be subject to the additional tax under Section 409A(a)(2)(B)(i) of the Code, then such payment shall be delayed and paid in a lump sum (without interest) on the earlier of (i) the first day that is more than six months after your Termination of Employment or (ii) your death.  For purposes of Section 409A, each payment provided under this Agreement shall be treated as a separate payment.  

		
	12.
	No Right to Employment.  Nothing in the Plan, nor the grant of the Phantom Units and tandem DERs pursuant to this Agreement, shall confer upon you the right to continued employment by the Partnership or any of its Affiliates or affect in any way the right of the Partnership or any of its Affiliates to terminate your employment at any time.  Unless otherwise provided in a written employment agreement or by applicable law, your employment by the Partnership and its Affiliates shall be on an at-will basis, and your employment relationship may be terminated at any time by either you or the Partnership or one of its Affiliates for any reason or for no reason whatsoever, with or without cause or 

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notice.  Any question as to whether and when there has been a termination of your employment, and the cause of such termination, shall be determined by the Committee or its delegate, and its determination shall be final and binding for all purposes.
		
	13.
	Clawback.  Notwithstanding any provision in this Agreement or the Plan to the contrary, to the extent required by (a) applicable law, including, without limitation, the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, any Securities and Exchange Commission rule or any applicable securities exchange listing standards and/or (b) any policy that may be adopted or amended by the Board from time to time, all Phantom Units and tandem DERs granted hereunder shall be subject to forfeiture, repurchase, recoupment and/or cancellation to the extent necessary to comply with such law(s) and/or policy.

		
	14.
	Governing Law.  This grant shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to conflicts of laws principles thereof.

If you disagree with any of the terms of this Agreement or choose not to accept the Phantom Units and tandem DERs granted hereunder, please contact Allison McLean on or before the close of business on March 6, 2015.  Otherwise, by making a time of payment election through Ceridian in accordance with Paragraph 4, you will be deemed to have (i) accepted the Phantom Units and tandem DERs granted hereunder and (ii) expressly acknowledged and agreed to all of the applicable terms and conditions set forth in this Agreement and in the Plan.
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8

IN WITNESS WHEREOF, this Agreement has been executed by an authorized officer of the general partner of the General Partner of the Partnership, effective for all purposes as provided above.
	
	
	BOARDWALK PIPELINE PARTNERS, LP

	 

	By:  Boardwalk GP, LP, its general partner

	 

	By:  Boardwalk GP, LLC, its general partner

	 

	By:  ________________________________

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