EX-10.3



 Exhibit 10.3 

EXCHANGE AGREEMENT 

This EXCHANGE AGREEMENT (this “Agreement”), dated as of August 5, 2015, is made by and among TerraForm Global, Inc., a
Delaware corporation (the “Corporation”), TerraForm Global, LLC, a Delaware limited liability company (“Global LLC”), SunEdison, Inc. (“SunEdison”) and the other Persons from time to time party
hereto in accordance with Section 4.1 hereof (collectively with SunEdison, the “Global LLC Unitholders”). 

WHEREAS, the parties hereto desire to provide for the exchange of certain Global LLC Units and Class B or Class B1 Common Stock, as
applicable, for shares of Class A Common Stock (each as defined herein), upon the election of a Global LLC Unitholder, whereby (a) such Global LLC Unitholder would surrender all or a portion of its Global LLC Units and a corresponding
number of shares of Class B or Class B1 Common Stock, as applicable, to Global LLC, (b) the Corporation will issue and contribute a corresponding number of shares of Class A Common Stock to Global LLC for delivery of such shares by Global
LLC to the exchanging Global LLC Unitholder, (c) Global LLC will issue a corresponding number of additional Class A Units (as defined herein) to the Corporation, (d) Global LLC will cancel the surrendered Global LLC Units and the
Corporation will cancel the corresponding shares of Class B or Class B1 Common Stock, as applicable (each as defined herein), and (e) Global LLC will deliver the shares of Class A Common Stock it receives from the Corporation to the
exchanging Global LLC Unitholder, in each case on the terms and subject to the conditions set forth herein. 
 WHEREAS, the parties hereto
desire that the exchange of Global LLC Units and the Class B or Class B1 Common Stock, as applicable, for shares of Class A Common Stock pursuant to this Agreement constitute a taxable sale or exchange, for federal income tax purposes, of
Global LLC Units by the applicable Global LLC Unitholder in exchange for Class A Common Stock (in conjunction with the cancellation of Class B or Class B1 Common Stock, as applicable). 

NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein and for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 

Section 1.1 Effective Time. This Agreement shall become effective immediately prior to the consummation of the initial public
offering of the Class A Common Stock on the date first above written (the “Effective Time”). 
 Section 1.2
Definitions. Capitalized terms used but not defined herein shall have the respective meanings ascribed thereto in the Global LLC Operating Agreement (as defined herein), and the following definitions shall be for all purposes, unless
otherwise clearly indicated to the contrary, applied to the terms used in this Agreement. 
 “Applicable Securities Laws”
means the Securities Act of 1933, as amended (the “Securities Act”), and any applicable securities laws of a state or foreign jurisdiction. 







 “Class A Common Stock” means the Class A common stock, par value $0.01 per
share, of the Corporation. 
 “Class A Units” means the Class A Units of Global LLC, with such rights and privileges
as set forth in the Global LLC Operating Agreement. 
 “Class B Common Stock” means the Class B common stock, par value
$0.01 per share, of the Corporation. 
 “Class B Units” means the Class B Units of Global LLC, with such rights and
privileges as set forth in the Global LLC Operating Agreement. 
 “Class B1 Common Stock” means the Class B1 common stock,
par value $0.01 per share, of the Corporation. 
 “Class B1 Units” means the Class B1 Units of Global LLC, with such rights
and privileges as set forth in the Global LLC Operating Agreement. 
 “Code” means the Internal Revenue Code of 1986, as
amended. 
 “Effective Time” has the meaning set forth in Section 1.1 of this Agreement. 

“Election of Exchange” has the meaning set forth in Section 2.1(b) of this Agreement. 

“Exchange” has the meaning set forth in Section 2.1(a) of this Agreement. 

“Exchange Date” has the meaning set forth in Section 2.1(b) of this Agreement. 

“Exchange Rate” means the number of shares of Class A Common Stock for which a Global LLC Unit is entitled to be
Exchanged. On the date of this Agreement, the Exchange Rate shall be 1, subject to adjustment pursuant to Section 2.2 of this Agreement. 

“Global LLC Operating Agreement” means the Amended and Restated Operating Agreement of Global LLC, dated on or about the date
hereof, as such agreement may be amended from time to time in accordance with the terms thereof. 
 “Global LLC Unit” means
each of the Class B and Class B1 Units of Global LLC now or hereafter held by any Global LLC Unitholder. 
 “Global LLC
Unitholder” means SunEdison and any Permitted Transferee to whom SunEdison (or another Permitted Transferee) transfers some or all of the Global LLC Units owned by such Person in accordance with the terms of the Global LLC Operating
Agreement (including Section 7.3 thereof). 
 “Governmental Entity” means any supra-national, national, state,
provincial or local governmental authority, court, government or self-regulatory organization, commission, tribunal or organization or any regulatory, administrative or other agency, or any political or other subdivision, department or branch of any
of the foregoing. 
 “IPO” means the closing of the initial public offering and sale by the Corporation of shares of
Class A Common Stock. 
 “Permitted Transferee” has the meaning given to such term in Section 4.1 of this
Agreement. 
 “Person” means any individual, partnership, corporation, limited liability company, trust or other entity,
including any Governmental Entity. 
 “Requisite Holders” means, as of the applicable determination date, each Global LLC
Unitholder, if any, who, together with its Affiliates and Permitted Transferees, beneficially owns at least a majority of the then outstanding Global LLC Units (excluding any Global LLC Units held by the Corporation or any of its subsidiaries). 


  
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 “Subsidiary” means, with respect to any Person, (i) a corporation a
majority of whose capital stock with the general voting power under ordinary circumstances to vote in the election of directors of such corporation (irrespective of whether or not, at the time, any other class or classes of securities shall have, or
might have, voting power by reason of the happening of any contingency) is, at the date of determination thereof, beneficially owned by such Person, by one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries thereof or
(ii) any other Person (other than a corporation), including a joint venture, a general or limited partnership or a limited liability company, in which such Person, one or more Subsidiaries thereof or such Person and one or more Subsidiaries
thereof, directly or indirectly, at the date of determination thereof, beneficially own at least a majority of the ownership interests entitled to vote in the election of directors, managers or trustees thereof (or other Persons performing such
functions) or act as the general partner or managing member of such other Person. 
 ARTICLE II 

Section 2.1 Exchange of Global LLC Units for Class A Common Stock. 

(a) Subject to compliance with Applicable Securities Laws, each Global LLC Unitholder shall be entitled at any time and from
time to time, upon the terms and subject to the conditions hereof and the Global LLC Operating Agreement, to surrender all or a portion of its Global LLC Units to Global LLC in exchange for the delivery by Global LLC to the exchanging Global LLC
Unitholder of a number of shares of Class A Common Stock that is equal to the product of the number of Global LLC Units surrendered multiplied by the Exchange Rate (each such exchange, an “Exchange”); provided that,
(i) each Exchange shall be for a minimum of the lesser of 1,000 Global LLC Units or all of the Global LLC Units held by such Global LLC Unitholder and (ii) such exchanging Global LLC Unitholder must be the record holder of the number of shares of
Class B or Class B1 Common Stock that is equal to the number of Global LLC Units surrendered. In connection with such exchange, (A) a corresponding number of shares of Class B or Class B1 Common Stock, as applicable, held by the exchanging Global
LLC Unitholder must be surrendered to Global LLC for delivery of such shares by Global LLC to the Corporation for cancellation, (B) the Corporation will issue and 

  
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contribute a corresponding number of shares of Class A Common Stock to Global LLC for delivery of such shares by Global LLC to the exchanging Global LLC Unitholder, (C) Global LLC will
issue a corresponding number of additional Class A Units to the Corporation, (D) Global LLC will cancel the surrendered Global LLC Units and the Corporation will cancel the corresponding shares of Class B or Class B1 Common Stock, as
applicable, and (E) Global LLC will deliver the shares of Class A Common Stock it receives from the Corporation to the exchanging Global LLC Unitholder. 

(b) A Global LLC Unitholder shall exercise its right to Exchange Global LLC Units as set forth in (a) above by
delivering to the Corporation and to Global LLC a written election of exchange in respect of the Global LLC Units to be Exchanged substantially in the form of Exhibit A hereto (an “Election of Exchange”), duly executed
by such holder or such holder’s duly authorized representative, in each case delivered during normal business hours at the principal executive offices of the Corporation and of Global LLC. An Election of Exchange may specify that the Exchange
is to be contingent (including as to timing) upon the occurrence of any transaction or event, including the consummation of a purchase by another Person (whether in a tender or exchange offer, an underwritten offering or otherwise) of shares of
Class A Common Stock or any merger, consolidation or other business combination. Subject to (i) Section 2.4(b) of this Agreement, (ii) the payment by the applicable Global LLC Unitholder of any amount required to be paid
under (c) and (iii) the surrender to Global LLC of the unit certificates, if any, and duly executed unit powers associated with the Global LLC Units subject to the Exchange, the Exchange shall be deemed to have been effected on
(A) the Business Day immediately following receipt of the applicable Election of Exchange or (B) such later date specified in or pursuant to the applicable Election of Exchange (such date specified in clause (A) or (B), as applicable,
the “Exchange Date”), and as promptly as practicable following the applicable Exchange Date, the Corporation shall deliver or cause to be delivered at the offices of the then-acting registrar and transfer agent of the Class A
Common Stock or, if there is no then-acting registrar and transfer agent of the Class A Common Stock, at the principal executive offices of Global LLC, the number of shares of Class A Common Stock deliverable upon such Exchange. Global LLC
shall then deliver or cause to be delivered such shares of Class A Common Stock to the relevant exchanging Global LLC Unitholder (or its designee). Notwithstanding anything herein to the contrary, any exchanging Global LLC Unitholder may
withdraw or amend an Election of Exchange, in whole or in part, prior to the effectiveness of the Exchange, at any time prior to 5:00 p.m., New York City time, on the second Business Day immediately preceding the Exchange Date (or any such later
time as may be required by applicable law) by delivery of a written notice of withdrawal to the Corporation and to Global LLC, specifying (1) the number of Global LLC Units being withdrawn, (2) the number of Global LLC Units, if any, as to
which the Election of Exchange remains in effect and (3) if such exchanging Global LLC Unitholder so determines, a new Exchange Date or any other new or revised information permitted in an Election of Exchange. On the Exchange Date, all rights
of the exchanging Global LLC Unitholder as a holder of such Global LLC Units shall cease and such Global LLC Units shall be cancelled, and Global LLC shall issue to the Corporation a number of Class A Units equal to the number of such Global
LLC Units cancelled. On the Exchange Date, the exchanging Global LLC Unitholder shall be treated for all purposes as having become the record holder of the 

  
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shares of Class A Common Stock to be exchanged for the cancelled Global LLC Units. In connection with the Exchange, the Corporation shall automatically cancel shares of Class B or B1 Common
Stock, as applicable, held by the exchanging Global LLC Unitholder, immediately after such shares of common stock are transferred to Global LLC, in an amount corresponding to the number of Global LLC Units being exchanged in accordance with this
Section 2.1. The Corporation shall take such actions as may be required to ensure the performance by Global LLC of its obligations under this (b) and the foregoing (a). 

(c) Global LLC, the Corporation and the exchanging Global LLC Unitholder shall bear their own expenses in connection with the
consummation of any Exchange, whether or not any such Exchange is ultimately consummated, except that Global LLC shall bear any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, any Exchange;
provided, however, that if any shares of Class A Common Stock are to be delivered in a name other than that of the Global LLC Unitholder that requested the Exchange, then such Global LLC Unitholder and/or the person in whose name
such shares are to be delivered shall pay to Global LLC the amount of any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, such Exchange or shall establish to the reasonable satisfaction of
Global LLC that such tax has been paid or is not payable. 
 (d) Each of the Corporation and Global LLC covenants and agrees
that it will not take any action that would pose a material risk that Global LLC could be treated as a “publicly traded partnership” for U.S. federal income tax purposes. Notwithstanding anything to the contrary herein, no Exchange shall
be permitted (and, if attempted, shall be void ab initio) if, in the opinion of legal counsel or a qualified tax advisor to Global LLC, such an Exchange would present a material risk that such Exchange would cause Global LLC to cease
to be classified as a partnership or to be classified as a “publicly traded partnership” within the meaning of Section 7704(b) of the Code for U.S. federal income tax purposes. 

(e) For the avoidance of doubt, and notwithstanding anything to the contrary herein, a Global LLC Unitholder shall not be
entitled to Exchange Global LLC Units to the extent the Corporation or Global LLC reasonably determines in good faith that such Exchange (i) would be prohibited by applicable law or regulation, including Applicable Securities Laws, or
(ii) would not be permitted under any other agreement between such Global LLC Unitholder and the Corporation or its subsidiaries (including the Global LLC Operating Agreement). 

Section 2.2 Adjustment. The Exchange Rate shall be adjusted accordingly if there is: (a) any subdivision (by any unit split,
unit distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse unit split, reclassification, reorganization, recapitalization or otherwise) of the Class A Units, Class B Units or Class B1 Units
that is not accompanied by an identical subdivision or combination of the Class A Common Stock; (b) any subdivision (by any stock split, stock dividend or distribution, reclassification, reorganization, recapitalization or otherwise) or
combination (by reverse stock split, reclassification, reorganization, recapitalization or otherwise) of the Class A Common 

  
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Stock that is not accompanied by an identical subdivision or combination of the Class A Units, Class B Units or Class B1 Units; (c) (1) any issuance of shares of
(x) Class A Common Stock by the Corporation or (y) Class A Units to the Corporation that is not accompanied by (2) the issuance of an identical number of (x) Class A Units to the Corporation (in the case of clause
(c)(1)(x)) or (y) shares of Class A Common Stock (in the case of clause (c)(1)(y)), as applicable; or (d) (1) any issuance of (x) shares of Class B or Class B1 Common Stock by the Corporation or (y) Class B or Class B1
Units to SunEdison or its Permitted Transferees that is not accompanied by (2) the issuance of an identical number of (x) Class B or Class B1 Units to SunEdison or to any Permitted Transferee of SunEdison (in the case of clause (d)(1)(x))
or (y) shares of Class B or Class B1 Common Stock to SunEdison or its Permitted Transferees (in the case of clause (d)(1)(y)). If there is (i) any reclassification, reorganization, recapitalization or other similar transaction in which the
Class A Common Stock is converted or changed into another security, securities or other property or (ii) and any subdivision (by any split, distribution or dividend, reclassification, reorganization, recapitalization or otherwise) or
combination (by reverse split, reclassification, recapitalization or otherwise) of such security, securities or other property that occurs after the effective time of such reclassification, reorganization, recapitalization or other similar
transaction, then upon any subsequent Exchange, an exchanging Global LLC Unitholder shall be entitled to receive the amount of such security, securities or other property that such exchanging Global LLC Unitholder would have received if such
Exchange had occurred immediately prior to the effective date of such reclassification, reorganization, recapitalization or other similar transaction, taking into account any adjustment as a result of any such subdivision (by any split, distribution
or dividend, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse split, reclassification, recapitalization or otherwise) of such security, securities or other property that occurs after the effective time of
such reclassification, reorganization, recapitalization or other similar transaction. For the avoidance of doubt, if there is any reclassification, reorganization, recapitalization or other similar transaction in which the Class A Common Stock
is converted or changed into another security, securities or other property, this Section 2.2 shall continue to be applicable, mutatis mutandis, with respect to such security or other property. This Agreement shall apply to the
Class A Units, Class B Units or Class B1 Units held by the Corporation, SunEdison and SunEdison’s Permitted Transferees as of the date hereof, as well as any Class A Units, Class B Units and Class B1 Units hereafter acquired by the
Corporation, SunEdison or any of SunEdison’s Permitted Transferees. This Agreement shall apply to, mutatis mutandis, and all references to “Class A Units,” “Class B Units” or “Class B1 Units” shall be deemed
to include, any security, securities or other property of Global LLC which may be issued in respect of, in exchange for or in substitution of Class A Units, Class B Units or Class B1 Units, as applicable, by reason of any distribution or
dividend, split, reverse split, combination, reclassification, reorganization, recapitalization, merger, exchange (other than an Exchange) or other transaction. 

Section 2.3 Class A Common Stock to be Issued. 

(a) If any Exchange in accordance with this Agreement is to be effected in a manner that would require registration under
Applicable Securities Laws and such required registration has not become effective or otherwise is unavailable, upon the request and with the reasonable cooperation of the Global LLC Unitholder requesting the Exchange, the Corporation shall use its
commercially reasonable efforts to promptly facilitate such Exchange pursuant to any reasonably available exemption from such 

  
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registration requirements. The Corporation shall use its commercially reasonable efforts to list the Class A Common Stock required to be delivered upon Exchange prior to such delivery upon
each national securities exchange or inter-dealer quotation system upon which the outstanding Class A Common Stock may be listed or traded at the time of such delivery. 

(b) The Corporation shall at all times reserve and keep available out of its authorized but unissued Class A Common Stock,
solely for the purpose of issuance upon an Exchange, such number of shares of Class A Common Stock as shall be deliverable upon any such Exchange; provided that nothing contained herein shall be construed to preclude Global LLC from
satisfying its obligations in respect of the Exchange of Global LLC Units by delivery of Class A Common Stock which is held in the treasury of the Corporation, in a manner consistent with the requirements of Treasury Regulations
Section 1.1032-3(c) so as to allow Global LLC to make such exchange without recognizing any gain or loss on the transaction for federal income tax purposes. 

(c) Prior to the effective date of this Agreement, the Corporation and Global LLC will take all such steps as may be required
to cause to qualify for exemption under Rule 16b-3(d) or (e), as applicable, under the Exchange Act, and be exempt for purposes of Section 16(b) under the Exchange Act, any acquisitions or dispositions of equity securities of the
Corporation (including derivative securities with respect thereto) and any securities which may be deemed to be equity securities or derivative securities of the Corporation for such purposes that result from the transactions contemplated by this
Agreement, by each Global LLC Unitholder who may reasonably be expected to be subject to the reporting requirements of Section 16(a) of the Exchange Act with respect to the Corporation upon the registration of any class of equity security of
the Corporation pursuant to Section 12 of the Exchange Act (with the authorizing resolutions specifying the name of each such Global LLC Unitholder whose acquisition or disposition of securities is to be exempted and the number of securities
that may be acquired and disposed of by each such person pursuant to this Agreement). 
 (d) If any Takeover Law (as defined
below) or other similar law or regulation becomes or is deemed to become applicable to this Agreement or any of the transactions contemplated hereby, the Corporation or Global LLC shall use their commercially reasonable efforts to render such law or
regulation inapplicable to all of the foregoing. 
 (e) Each of the Corporation and Global LLC covenants that all
Class A Common Stock issued upon an Exchange will, upon issuance, be validly issued, fully paid and non-assessable, will pass to the applicable exchanging Global LLC Unitholder free and clear of any liens, security interests and other
encumbrances other than any such liens, security interests or other encumbrances imposed by such exchanging Global LLC Unitholder and will not be subject to any preemptive right of stockholders of the Corporation or to any right of first refusal or
other right in favor of any person or entity. 
 (f) No Exchange shall impair the right of the exchanging Global LLC
Unitholder to receive any distributions payable on the Global LLC Units so exchanged in respect of a record date that occurs prior to the Exchange Date for such Exchange. For 

  
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the avoidance of doubt, no exchanging Global LLC Unitholder shall be entitled to receive, in respect of a single record date, distributions or dividends both on Global LLC Units exchanged by such
holder and on Class A Common Stock received by such holder in such Exchange. 
 Each Global LLC Unitholder acknowledges and agrees that the shares of
Class A Common Stock to be issued upon the occurrence of an Exchange in a transaction not registered under the Securities Act will constitute “restricted securities” as defined by Rule 144 promulgated under the Securities Act, and may
not be sold or transferred in the absence of an effective registration statement under the Securities Act and registration or qualification under other Applicable Securities Laws or an exemption from such registration or qualification and
certificates (or account entries in the case of book-entry securities) evidencing shares of Class A Common Stock issued upon an Exchange may bear an appropriate legend. 

Section 2.4 Withholding; Certification of Non-Foreign Status. 

(a) If the Corporation or Global LLC shall be required to withhold any amounts by reason of any Federal, State, local or
foreign tax rules or regulations in respect of any Exchange, the Corporation or Global LLC, as the case may be, shall be entitled to take such action as it deems appropriate in order to ensure compliance with such withholding requirements, including
at its option withholding shares of Class A Common Stock with a fair market value equal to the minimum amount of any taxes which the Corporation or Global LLC, as the case may be, may be required to withhold with respect to such Exchange. To
the extent that amounts (or property) are so withheld and paid over to the appropriate taxing authority, such withheld amounts (or property) shall be treated for all purposes of this Agreement as having been paid (or delivered) to the appropriate
Global LLC Unitholder. 
 (b) Notwithstanding anything to the contrary herein, each of Global LLC and the Corporation may, at
its own discretion, require as a condition to the effectiveness of an Exchange that an exchanging Global LLC Unitholder deliver to Global LLC or the Corporation, as the case may be, a certification of non-foreign status in accordance with Treasury
Regulation Section 1.1445-2(b). In the event Global LLC or the Corporation has required delivery of such certification but an exchanging Global LLC Unitholder is unable to do so, Global LLC shall
nevertheless deliver or cause to be delivered to the exchanging Global LLC Unitholder the Class A Common Stock in accordance with Section 2.1 of this Agreement, but subject to potential withholding as provided in (a). 

ARTICLE III 
 Section 3.1
Representations and Warranties of the Corporation and of Global LLC. Each of the Corporation and Global LLC represents and warrants that (i) it is a corporation or limited liability company duly incorporated or formed and is existing in
good standing under the laws of the State of Delaware, (ii) it has all requisite corporate or limited liability company power and authority to enter into and perform this Agreement and to consummate the transactions contemplated hereby and, in
the case of the Corporation, to issue the Class A 

  
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Common Stock in accordance with the terms hereof, (iii) the execution and delivery of this Agreement by it and the consummation by it of the transactions contemplated hereby (including, in
the case of the Corporation, the issuance of the Class A Common Stock) have been duly authorized by all necessary corporate or limited liability company action on its part, including all actions necessary to ensure that the acquisition of
shares of Class A Common Stock pursuant to the transactions contemplated hereby shall not be subject to any “moratorium,” “control share acquisition,” “business combination,” “fair price” or other form of
“anti-takeover laws and regulations” of any jurisdiction that may purport to be applicable to this Agreement or the transactions contemplated hereby (collectively, “Takeover Laws”), (iv) this Agreement constitutes a
legal, valid and binding obligation of it enforceable against it in accordance with its terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or
limiting creditors’ rights generally, and (v) the execution, delivery and performance of this Agreement by it and the consummation by it of the transactions contemplated hereby will not (A) result in a violation of its Certificate of
Incorporation or Bylaws or other organizational documents, (B) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment,
acceleration or cancellation of, any agreement, indenture or instrument to which it is a party, or (C) result in a violation of any law, rule, regulation, order, judgment or decree applicable to it or by which any property or asset of it is
bound or affected, except with respect to clauses (B) or (C) for any conflicts, defaults, accelerations, terminations, cancellations or violations, that would not reasonably be expected to have a material adverse effect on it or its
business, financial condition or results of operations. 
 Section 3.2 Representations and Warranties of the Global LLC
Unitholders. Each Global LLC Unitholder, severally and not jointly, represents and warrants that (i) it is duly incorporated or formed and, to the extent such concept exists in its jurisdiction of organization or formation, is in good
standing under the laws of such jurisdiction, (ii) it has all requisite legal capacity and authority to enter into and perform this Agreement and to consummate the transactions contemplated hereby, (iii) the execution and delivery of this
Agreement by it of the transactions contemplated hereby have been duly authorized by all necessary corporate or other entity action on the part of such Global LLC Unitholder, (iv) this Agreement constitutes a legal, valid and binding obligation
of such Global LLC Unitholder enforceable against it in accordance with its terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting
creditors’ rights generally and (v) the execution, delivery and performance of this Agreement by such Global LLC Unitholder and the consummation by such Global LLC Unitholder of the transactions contemplated hereby will not (A) result
in a violation of the Certificate of Incorporation or Bylaws or other organizational documents of such Global LLC Unitholder or (B) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a
default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which such Global LLC Unitholder is a party, or (C) result in a violation of any law, rule,
regulation, order, judgment or decree applicable to such Global LLC Unitholder, except with respect to clauses (B) or (C) for any conflicts, defaults, accelerations, terminations, cancellations or violations, that would not in any material
respect result in the unenforceability against such Global LLC Unitholder of this Agreement. 

  
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 ARTICLE IV 

Section 4.1 Additional Global LLC Unitholders. To the extent a Global LLC Unitholder (including SunEdison) validly transfers any
or all of its Global LLC Units to another person in a transaction in accordance with, and not in contravention of, the Global LLC Operating Agreement, then such transferee (each, a “Permitted Transferee”) shall have the right to
execute and deliver a joinder to this Agreement, in the form of Exhibit B hereto, whereupon such Permitted Transferee shall become a Global LLC Unitholder hereunder; provided, however, that such Permitted Transferee shall be
subject to any restrictions on Exchange that would have applied to the transferor. To the extent Global LLC issues Global LLC Units in the future, then the holder of such Global LLC Units shall have the right to execute and deliver a joinder to this
Agreement, substantially in the form of Exhibit B hereto, whereupon such holder shall become a Global LLC Unitholder hereunder. 

Section 4.2 Addresses and Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing
and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by courier service, by fax, or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the
following addresses (or at such other address for a party as shall be as specified in a notice given in accordance with this Section 4.2): 

(a) If to the Corporation or to Global LLC, to: 

7550 Wisconsin Avenue, 9th Floor 

Bethesda, Maryland 20814 
 Attn:
General Counsel 
 Facsimile: (240) 762-7900 

(b) If to any Global LLC Unitholder, to the address and other contact information set forth in the records of Global LLC from
time to time. 
 Section 4.3 Further Action. The parties shall execute and deliver all documents, provide all information and
take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 
 Section 4.4
Binding Effect; No Third Party Beneficiaries. This Agreement shall, from and after the Effective Time, be binding upon and inure to the benefit of all of the parties and their successors, executors, administrators, heirs, legal
representatives and permitted assigns, including, without limitation and without the need for an express assignment, any Permitted Transferee, provided that nothing herein shall be deemed to permit any assignment, transfer or other
disposition of Global LLC Units in violation of the terms of the Global LLC Operating Agreement or applicable law. This Agreement shall not be assignable by the Corporation or Global LLC without the prior written consent of SunEdison and the
Requisite Holders. In the event the Corporation or Global LLC or any of its successors or assigns (i) consolidates with or merges into any other person or entity and is not the continuing or surviving corporation or entity of such consolidation
or merger or (ii) transfers all or substantially all of its properties and assets to any person or entity, then and in either case, as a condition to such consolidation, merger or 

  
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transfer, proper provisions shall be made such that the successors and assigns of the Corporation or Global LLC, as the case may be, will assume its obligations set forth in this Agreement, and
this Agreement shall be enforceable against such successors and assigns. Nothing in this Agreement, express or implied, is intended to or shall confer upon anyone other than the parties and their respective successors and permitted assigns any
right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 
 Section 4.5 Severability. If any term
or other provision of this Agreement is held to be invalid, illegal or incapable of being enforced by any rule of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long
as the economic or legal substance of the transactions is not affected in any manner materially adverse to any party. Upon a determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall
negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated
to the fullest extent possible. 
 Section 4.6 Integration. This Agreement, together with the Global LLC Operating Agreement,
constitutes the entire agreement among the parties pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto. 

Section 4.7 Amendment. The provisions of this Agreement may be amended, supplemented, waived or modified only by the affirmative
vote or written consent of each of the Corporation, Global LLC, SunEdison and the Requisite Holders; provided, however, that no such amendment, supplement, waiver or modification shall (i) materially alter or change any rights or
obligations of any Global LLC Unitholders in a manner that is different or prejudicial relative to any other Global LLC Unitholders, without the prior written consent of at least two-thirds (2/3) in interest of the Global LLC Unitholders (based
on the number of Global LLC Units held by such holders) affected in such a different or prejudicial manner or (ii) alter, supplement or amend the Exchange Rate as adjusted from time to time pursuant to Section 2.2 hereof (or the
adjustments provided therein) without the prior written consent of each affected Global LLC Unitholder. Notwithstanding the foregoing, the Corporation, Global LLC and SunEdison, without the consent of any Requisite Holders, may amend, supplement,
waive or modify any term of this Agreement to cure any ambiguity, mistake, defect or inconsistency contained herein. 
 Section 4.8
Waiver. No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such
breach of any other covenant, duty, agreement or condition. 
 Section 4.9 Arbitration; Submission to Jurisdiction; Waiver of Jury
Trial. 
 (a) Any dispute, controversy or claim arising out of, relating to or in connection with this Agreement or the
transactions contemplated hereby (including the validity, scope and enforceability of this arbitration provision) shall be finally settled by arbitration. The arbitration shall take place in Wilmington, Delaware and be conducted in accordance with
the Commercial Arbitration Rules of the American Arbitration 

  
 11 








 
Association (the “AAA”) then in effect (except as they may be modified by mutual agreement of the Corporation, Global LLC, SunEdison and the Requisite Holders). The arbitration
shall be conducted by three neutral, impartial and independent arbitrators, who shall be appointed by the AAA, at least one of whom shall be a retired judge or a senior partner at one of the nationally recognized Delaware-based law firms. The
arbitration award shall be final and binding on the parties. Judgment upon the award may be entered by any court having jurisdiction thereof or having jurisdiction over the relevant party or its assets. The costs of the arbitration shall be borne by
the Corporation. Performance under this Agreement shall continue if reasonably possible during any arbitration proceedings. 

(b) Notwithstanding the provisions of paragraph (a), the parties hereto may bring an action or special proceeding in any court
of competent jurisdiction for the purpose of compelling a party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder, and/or enforcing an arbitration award and, for the purposes of this paragraph (b), each party
hereto (i) expressly consents to the application of paragraph (c) of this Section 4.9 to any such action or proceeding and (ii) agrees that proof shall not be required that monetary damages for breach of the provisions of
this Agreement would be difficult to calculate and that remedies at law would be inadequate. 
 (c) EACH PARTY HERETO
IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE OR ANY DELAWARE STATE COURT, IN EACH CASE, SITTING IN THE CITY OF WILMINGTON, DELAWARE FOR THE PURPOSE OF ANY JUDICIAL PROCEEDING BROUGHT IN
ACCORDANCE WITH THE PROVISIONS OF THIS SECTION 4.9, OR ANY JUDICIAL PROCEEDING ANCILLARY TO AN ARBITRATION OR CONTEMPLATED ARBITRATION ARISING OUT OF OR RELATING TO OR CONCERNING THIS AGREEMENT. Such ancillary judicial proceedings include any
suit, action or proceeding to compel arbitration, to obtain temporary or preliminary judicial relief in aid of arbitration, or to confirm an arbitration award. The parties acknowledge that the forum designated by this paragraph (c) have a
reasonable relation to this Agreement, and to the parties’ relationship with one another. 
 (d) The parties hereby
waive, to the fullest extent permitted by applicable law, any objection which they now or hereafter may have to personal jurisdiction or to the laying of venue of any such ancillary suit, action or proceeding brought in any court referred to in the
preceding paragraph of this Section 4.9 and such parties agree not to plead or claim the same, and agree that service of process upon such party in any such action, suit, demand or proceeding shall be effective if notice is given in
accordance with Section 4.2. 
 Section 4.10 Counterparts. This Agreement may be executed and delivered (including
by facsimile transmission or by e-mail delivery of a “.pdf” format data file) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed and delivered shall be deemed to be an
original but all of which taken together shall constitute one and the same agreement. Copies of executed counterparts transmitted by telecopy, by e-mail delivery of a “.pdf” format data file or other electronic transmission service shall
be considered original executed counterparts for purposes of this Section 4.10. 

  
 12 








 Section 4.11 Tax Treatment. This Agreement shall be treated as part of the
partnership agreement of Global LLC as described in Section 761(c) of the Code and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations promulgated thereunder. Each party hereto agrees to report each Exchange for U.S.
federal income tax purposes as a taxable sale or exchange of Class B or Class B1 Units by the applicable Global LLC Unitholder in exchange for Class A Common Stock (in conjunction with the cancellation of Class B or Class B1 Common Stock, as
applicable) and no party shall take a contrary position on any U.S. federal, state or local income tax return: (i) except as otherwise required by a “determination” as defined in Section 1313 of the Code, or (ii) unless such
party provides a written opinion by a nationally recognized accounting or law firm, which opinion is reasonably satisfactory to both SunEdison and Global LLC, that such Exchange should not be treated as a taxable sale or exchange for federal income
tax purposes. 
 Section 4.12 Specific Performance. The parties hereto agree that irreparable damage would occur in the event
that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to specific performance of the terms and provisions
hereof, in addition to any other remedy to which they are entitled at law or in equity. 
 Section 4.13 Independent Nature of Global
LLC Unitholders’ Rights and Obligations. The obligations of each Global LLC Unitholder hereunder are several and not joint with the obligations of any other Global LLC Unitholder, and no Global LLC Unitholder shall be responsible in any way
for the performance of the obligations of any other Global LLC Unitholder hereunder. The decision of each Global LLC Unitholder to enter into to this Agreement has been made by such Global LLC Unitholder independently of any other Global LLC
Unitholder. Nothing contained herein, and no action taken by any Global LLC Unitholder pursuant hereto, shall be deemed to constitute an action of the Global LLC Unitholders as a partnership, an association, a joint venture or any other kind of
entity, or create a presumption that the Global LLC Unitholders are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated hereby and the Corporation acknowledges that the Global LLC Unitholders
are not acting in concert or as a group, and the Corporation will not assert any such claim, with respect to such obligations or the transactions contemplated hereby. 

Section 4.14 Applicable Law. This Agreement shall be governed by, and construed in accordance with, the law of the State of
Delaware. 
 [Signature page to follow] 

  
 13 








 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered, all
as of the date first set forth above. 
  

			
	TERRAFORM GLOBAL, INC.
		
	By:	 	 /s/ Yana Kravtsova

	Name:	 	Yana Kravtsova
	Title:	 	Senior Vice President, General Counsel and Secretary
	
	TERRAFORM GLOBAL, LLC
		
	By:	 	 /s/ Yana Kravtsova

	Name:	 	Yana Kravtsova
	Title:	 	Senior Vice President, General Counsel and Secretary
	
	SUNEDISON, INC.
		
	By:	 	 /s/ Brian Wuebbels

	Name:	 	Brian Wuebbels
	Title:	 	Chief Financial Officer



  
 [Signature Page to
Exchange Agreement] 








 EXHIBIT A 

[FORM OF] 
 ELECTION OF EXCHANGE

 TerraForm Global, Inc. 
 TerraForm Global, LLC 

7550 Wisconsin Avenue, 9th Floor 
 Bethesda, Maryland 20814 

Attn: General Counsel 
 Facsimile: (240) 762-7900 

Reference is hereby made to the Exchange Agreement, dated as of July 23, 2014 (as amended, the “Exchange Agreement”), by
and among TerraForm Global, Inc., a Delaware corporation, TerraForm Global, LLC, a Delaware limited liability company, SunEdison, Inc., a Delaware corporation, and the other Persons from time to time party thereto (as Global LLC Unitholders).
Capitalized terms used but not defined herein shall have the meanings given to them in the Exchange Agreement. 
 The undersigned Global LLC
Unitholder hereby transfers to Global LLC for cancellation, the number of Global LLC Units set forth below in Exchange for shares of Class A Common Stock to be issued in its name as set forth below, as set forth in the Exchange Agreement. [The
foregoing transfers shall be [effective as of                     ][and][conditioned upon satisfaction of the following conditions:
    .]1 
  

					
	Legal Name of Global LLC Unitholder:				  

			
	Address:				  

			
	Number of Global LLC Units to be Exchanged:				  


 The undersigned hereby represents and warrants that (i) the undersigned has full legal capacity to
execute and deliver this Election of Exchange and to perform the undersigned’s obligations hereunder; (ii) this Election of Exchange has been duly executed and delivered by the undersigned and is the legal, valid and binding obligation of
the undersigned enforceable against it in accordance with the terms thereof or hereof, as the case may be, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and the availability of equitable
remedies; (iii) the Global LLC Units subject to this Election of Exchange are being transferred free and clear of any pledge, lien, security interest, encumbrance, equities or claim; (iv) no consent, approval, authorization, order,
registration or qualification of any third party or with any court or governmental agency or body having jurisdiction over the undersigned or the Global LLC Units subject to this Election of Exchange is required to be obtained by the undersigned for
the transfer of such Global LLC Units; and (v) the undersigned is the record 
  

	1 	 Insert Exchange Date and/or contingency, if applicable. 



  
 Exhibit A-1 








 
holder of shares of Class B or Class B1 Common Stock, as applicable, in an amount equal to at least the number of Global LLC Units subject to this Election of Exchange and will retain ownership
of such minimum number of shares of Class B or Class B1 Common Stock, as applicable, through the Exchange Date. 
 The undersigned hereby
irrevocably constitutes and appoints any officer of the Corporation or Global LLC as the attorney of the undersigned, with full power of substitution and resubstitution in the premises, to do any and all things and to take any and all actions that
may be necessary to (i) transfer to Global LLC (A) for cancellation by Global LLC, the Global LLC Units subject to this Election of Exchange and (B) for cancellation by the Corporation, the number of shares of Class B or Class B1
Common Stock, as applicable, equal to the number of Global LLC Units subject to this Election and Exchange (which such common stock will be cancelled immediately thereafter by the Corporation) and (ii) deliver to the undersigned the shares of
Class A Common Stock to be delivered in Exchange for such Global LLC Units. 
 IN WITNESS WHEREOF, the undersigned, by authority duly
given, has caused this Election of Exchange to be executed and delivered by the undersigned or by its duly authorized attorney. 
  

			
	Name:		  

	Dated:		



  
 Exhibit A-2 








 EXHIBIT B 

[FORM OF] 
 JOINDER AGREEMENT 

This Joinder Agreement (“Joinder Agreement”) is a joinder to the Exchange Agreement, dated as of
[            ], 201[  ] (as amended, the “Exchange Agreement”), by and among TerraForm Global, Inc., a Delaware corporation, TerraForm Global, LLC, a Delaware
limited liability company, SunEdison, Inc., a Delaware corporation, and the other Persons from time to time party thereto (as Global LLC Unitholders). Capitalized terms used but not defined in this Joinder Agreement shall have their meanings given
to them in the Exchange Agreement. This Joinder Agreement shall be governed by, and construed in accordance with, the law of the State of Delaware. In the event of any conflict between this Joinder Agreement and the Exchange Agreement, the terms of
this Joinder Agreement shall control. 
 The undersigned hereby joins and enters into the Exchange Agreement having acquired Global LLC
Units. By signing and returning this Joinder Agreement to the Corporation and to Global LLC, the undersigned (i) accepts and agrees to be bound by and subject to all of the terms and conditions of and agreements of a holder of Global LLC Units
contained in the Exchange Agreement, with all attendant rights, duties and obligations of a Global LLC Unitholder thereunder and (ii) makes each of the representations and warranties of a Global LLC Unitholder set forth in Section 3.2 of
the Exchange Agreement as fully as if such representations and warranties were set forth herein. The parties to the Exchange Agreement shall treat the execution and delivery hereof by the undersigned as the execution and delivery of the Exchange
Agreement by the undersigned and, upon receipt of this Joinder Agreement by the Corporation and by Global LLC, the signature of the undersigned set forth below shall constitute a counterpart signature to the signature page of the Exchange Agreement.

  

					
	 Name:
		  
		

  

							
	Address for Notices				With copies to:
			
	  
				  

			
	  
				  

			
	  
				  

				
	 Attention:
		  
				  



  
 Exhibit B-1