Exhibit 10.4
TEXAS EASTERN PRODUCTS PIPELINE COMPANY, LLC
2005 PHANTOM UNIT PLAN
Effective January 1, 2005
TEXAS EASTERN PRODUCTS PIPELINE COMPANY, LLC
2005 PHANTOM UNIT PLAN
WHEREAS, Texas Eastern Products Pipeline Company, LLC, a Delaware limited liability company (“
TEPPCO ”), desires to establish the Texas Eastern Products Pipeline Company, LLC 2005 Phantom Unit Plan
(the “Plan”) for certain key employees so as to offer them a further incentive to increase the earnings of TEPPCO
Partners, L.P.;
WHEREAS, it is intended that the Plan shall constitute a bonus program within the meaning of
Department of Labor Regulation section 2510.3-2(c) that is exempt from coverage under the Employee
Retirement Income Security Act of 1974, as amended;
NOW, THEREFORE, TEPPCO adopts the Plan as follows:
TEXAS EASTERN PRODUCTS PIPELINE COMPANY, LLC
2005 PHANTOM UNIT PLAN
TABLE OF CONTENTS
Section
ARTICLE I - PLAN PURPOSE AND TERM
Purpose
1.1
Effective Date of Plan
1.2
ARTICLE II — DEFINITIONS
Account
2.1
Affiliate
2.2
Award
2.3
Award Agreement
2.4
TEXAS EASTERN PRODUCTS PIPELINE COMPANY, LLC
2005 PHANTOM UNIT PLAN
WHEREAS, Texas Eastern Products Pipeline Company, LLC, a Delaware limited liability company (“
TEPPCO ”), desires to establish the Texas Eastern Products Pipeline Company, LLC 2005 Phantom Unit Plan
(the “Plan”) for certain key employees so as to offer them a further incentive to increase the earnings of TEPPCO
Partners, L.P.;
WHEREAS, it is intended that the Plan shall constitute a bonus program within the meaning of
Department of Labor Regulation section 2510.3-2(c) that is exempt from coverage under the Employee
Retirement Income Security Act of 1974, as amended;
NOW, THEREFORE, TEPPCO adopts the Plan as follows:
TEXAS EASTERN PRODUCTS PIPELINE COMPANY, LLC
2005 PHANTOM UNIT PLAN
TABLE O