operation of law, or any legal process.
B. Participation in the Plan does not confer any right of
continued TEPPCO employment or any right to receive any payment under the Plan.
C. Any unpaid Award Amount credited to a Participant shall be
forfeited in the following circumstances (unless the Committee, in its sole
discretion, determines otherwise):
1. The Participant engages in willful, deliberate or
gross misconduct during TEPPCO employment; or
2. If the Participant engages in activities competitive
with, or activities otherwise to the detriment of,
TEPPCO, the Partnership or PanEnergy, following
termination of TEPPCO employment.
VIII. NATURE OF PLAN
The obligation to make cash payments under the Plan shall be a
general, unsecured obligation of TEPPCO payable solely from the general assets
of TEPPCO, and no Participant shall have any interest in any assets of TEPPCO
by virtue of this Plan. Nothing in this Article VIII shall be construed to
prevent TEPPCO from implementing or setting aside funds in a grantor trust
subject to the claims of TEPPCO's creditors. The establishment and operation
of the Plan or the setting aside of any funds shall not be deemed to create a
trust. Legal and equitable title to any funds set aside for the purposes of
the Plan, other than any grantor trust subject to the claims of TEPPCO's
creditors, shall remain in TEPPCO and shall remain subject to the general
creditors of TEPPCO, present and future.
IX. AMENDMENT, SUSPENSION OR TERMINATION OF THE PLAN
The Board may at any time amend, suspend or terminate the