Company: PAM
Filing Date: 2025-04-16
Form Type: 20-F
Source: 0001292814-25-001504
Chunk: 10

Company: Pampa Energy Inc.
Filing Date: 2025-04-16
Form: 20-F
Item: Item 3
Chunk 10
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 from 0.02% to 0.2% (in cases of
delays or lack of payment of contributions to the contingency fund and insurance policies and for taking action without prior authorization
of the respective regulatory authorities); from 0.01% to 0.1% (in cases of failure to submit any requested information or failure to file
mandatory reports); from 0.03% to 0.3% (in cases of failure to keep routes and roads open to traffic and free from soil, air or water
pollution, and delays in the fulfillment of mandatory work) and from 1% to 10% (in cases of any actions considered by the regulatory authorities
as termination events under the concessions). In the event that the fines levied over a 12-month period exceed 20% of the gross amount
invoiced for power sales, the granting authority would be entitled to terminate the relevant concession agreement.

Performance guarantees. As security for the performance of their obligations under the respective concessions, HPPL deposited Ps.2.0 million for the benefit of
the relevant granting authority under the respective concession. Absent any set-off by the relevant granting authority in the event of
a breach or any other event of non-compliance under the terms of the respective concession agreement, the guarantee amounts would be released
to HPPL upon the expiration or termination of the respective concession agreement.

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Termination of concessions. HPPL’s concession agreements may be terminated for the following reasons (i) breach of material contractual and legal obligations,
in which case, HPPL, shall remain in charge of the concessions during a transitional period established by the granting authority, not
exceeding 12 months, and shall indemnify the Argentine Government for any damages caused (the granting authorities may also apply the
performance guarantee amounts toward the payment of any damages). Within 90 days following the receipt of the relevant termination notice,
a new company must be incorporated, which would be granted a similar concession and a public bidding process would be called for the purpose
of selling the shares of such newly-formed company. After deducting all fines, interest and withholdings for prospective claims, the balance
would be distributed to HPPL as the only compensation for the transfer of the concessions; (ii) certain bankruptcy events in respect of
HPPL, including any liquidation or winding-up proceedings, in which case the termination of the relevant concession shall be automatic;
(iii) force majeure