SEC Contract Filing

Filing Date: 2019-04-18

Document Content:
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<DESCRIPTION>EX-10.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><U>Exhibit 10.1 </U></B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RETENTION BONUS AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Retention Bonus Agreement (&#147;Agreement&#148;) is made and entered into effective as of April&nbsp;15, 2019 (the &#147;Effective
Date&#148;), between Enterprise Products Company (&#147;Company&#148;) and A. James Teague (&#147;Employee&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company
and Employee desire to enter into this Agreement to provide a contingent retention payment to encourage Employee (i)&nbsp;to remain employed with the Company through May&nbsp;31, 2022 (the &#147;Completion Date&#148;), (ii) to continue to perform
Employee&#146;s duties in a highly effective manner, and (iii)&nbsp;to proactively support the business strategy of the Company and its Company Affiliates (as defined below); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the covenants set forth herein, the parties hereby agree as follows: </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Retention Payment</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A.&nbsp;&nbsp;&nbsp;&nbsp; Provided that Employee shall have remained continuously employed as an active fulltime employee of Company from the
Effective Date through the Completion Date (&#147;Retention Period&#148;), and provided that Employee continues to perform Employee&#146;s duties during the Retention Period in a highly effective manner, as determined by the key executives
(&#147;Management&#148;) of the Company (&#147;Performance Requirement&#148;), the Company shall pay Employee a cash retention bonus of $5,000,000, less all applicable withholding taxes and other required deductions on such payment, in a lump sum
within seven business days following the Completion Date (&#147;Retention Payment&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">B.&nbsp;&nbsp;&nbsp;&nbsp;If Employee incurs a
Qualifying Termination (as defined below) prior to the end of the Retention Period and Employee has met the Performance Requirement through Employee&#146;s termination date, the Company shall pay Employee (or in the event of Employee&#146;s death,
Employee&#146;s estate) a cash payment equal to a <FONT STYLE="white-space:nowrap">&#147;pro-rata</FONT> amount&#148; of the Retention Payment, less all applicable withholding taxes and other required deductions on such payment, in a lump sum within
seven business days following Employee&#146;s Qualifying Termination date (the <FONT STYLE="white-space:nowrap">&#147;Pro-rated</FONT> Amount&#148;). The <FONT STYLE="white-space:nowrap">Pro-rated</FONT> Amount shall be determined based on the
number of days Employee is employed during the Retention Period over the total number of days in the Retention Period. A &#147;Qualifying Termination&#148; means Employee&#146;s employment with the Company and its Company Affiliates is terminated
prior to the Completion Date (i)&nbsp;due to Employee&#146;s death or Disability (as defined below), or (ii)&nbsp;by the Company other than for Cause (as defined below). Employee&#146;s Qualifying Termination must constitute a &#147;separation from
service&#148;, as such term is defined by the Treasury Regulations under Section&nbsp;409A of the Internal Revenue Code of 1986, as amended (&#147;Section&nbsp;409A&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">C.&nbsp;&nbsp;&nbsp;&nbsp;If Employee&#146;s employment with the Company and the Company Affiliates terminates prior to the Completion Date
for any reason other than a Qualifying Termination, then, effective upon Employee&#146;s termination of employment, Employee shall cease to have any rights under this Agreement and no payment shall be due or payable to Employee pursuant to this
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">D.&nbsp;&nbsp;&nbsp;&nbsp;The determinations of whether there has been a Qualifying Termination of Employee&#146;s employment
and whether Employee has satisfied the Performance Requirement shall be determined by Management, in its good faith discretion, and such determination shall be binding for all purposes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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