Deferred Share Agreement, dated July 1, 2008



 Exhibit 10(ee) 
 DEFERRED SHARE AGREEMENT 
 This Deferred Share Agreement, dated as of
July 1, 2008 (this “Agreement”) by and among Energy Future Holdings Corp. (“EFH Corp.”) and Paul Keglevic (the “Executive”). 

WHEREAS, the Executive is employed by EFH Corp., pursuant to an employment agreement dated July 1, 2008 (the
“Employment Agreement”); 
 WHEREAS, in connection with Executive’s continued employment with EFH Corp.,
EFH Corp. has agreed to deliver 225,000 shares of common stock, no par value, of EFH Corp. (“Shares”) under the terms of this Agreement; 
 NOW, THEREFORE, in consideration of the foregoing and the respective representations, warranties, covenants and agreements set forth in this Agreement, and intending to be legally bound hereby, the
parties hereto agree as follows: 
 ARTICLE I 

DEFERRED SHARE AWARD 
 1.1 Number of Shares. Subject to the vesting requirements under Section 1.2(a), EFH Corp. shall deliver 225,000 Shares to the Executive on the Distribution Date; provided, however, that if,
after the date hereof and prior to the Distribution Date, there is a merger, spin-off, stock dividend, recapitalization, reorganization, stock split or other similar event that results in an adjustment to an outstanding Share, the number of Shares
to be delivered on the Distribution Date pursuant to this Section 1.1 shall be adjusted by the Board of Directors of EFH Corp. (or a committee thereof) in a manner which is necessary to reflect the effect of such event on the Shares, consistent
with the treatment of stockholders of EFH Corp. 
 1.2 Distribution Date. 

(a) Provided the Executive is employed on the third anniversary of the Effective Date (as defined by the Employment Agreement) of
Executive’s Employment Agreement with EFH Corp., the Shares shall vest and become nonforfeitable as to (i) 112,500 of the Shares on the date that is the third anniversary date of this Agreement and (ii) provided Executive is employed
on the fifth anniversary of the Effective Date of Executive’s Employment, the remaining 112,500 of the Shares shall vest and become nonforfeitable on the date that is the fifth anniversary date of this Agreement; provided that any
shares not yet vested shall become 100% vested and become nonforfeitable upon the first to occur of (x) immediately prior to a Change of Control (as defined in the 2007 Stock Incentive Plan for Key Employees of EFH Corp.) or (y) a
termination of Executive’s employment by EFH Corp. without Cause, by Executive for Good Reason or due to Executive’s death or Disability (“Cause,” “Good Reason” and “Disability” are defined as provided in the
Employment Agreement). The Shares shall be delivered to the Executive on the “Distribution Date”, which, subject to Section 3.3 below, shall be the earliest of the following dates: 

(1) the occurrence of Executive’s separation of service for any reason, or, if necessary to meet the distribution requirement of
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), the date that is six months and one day following such separation; and 







 (2) the occurrence of a change in the ownership or effective control of EFH Corp., or in the
ownership of a substantial portion of the assets of EFH Corp., occurring prior to Executive’s separation from service; and 
 (3) the 90th
day following the fifth anniversary date of the Agreement. 
 in each case within the meaning of, and interpreted in a manner consistent with
regulations under, Section 409A of the Code. 
 (b) In the event of the Executive’s death, any distribution to which
the Executive would be entitled shall be made to the Executive’s estate or in accordance with the Executive’s will, the designated beneficiary. 
 1.3 Dividends. If there is any dividend or distribution in respect of outstanding Shares, the Executive shall be entitled to receive a payment in respect of the Shares in the amount and form, and
at the time, that such payment would have been made had the Executive actually held the underlying Shares, subject to applicable withholding taxes. 
 1.4 Right to Diversify. If, prior to the Distribution Date, any of the Shares, had they been delivered to the Executive, would be released from the transfer restrictions contained in the Management
Stockholders Agreement and could have been sold by the Executive without violation of applicable law or EFH Corp.’s trading policy, then upon and following the time of such release, the Executive shall have the right (a “Diversification
Right”), exercisable by written notice to EFH Corp. and subject to reasonable administrative limitations, to convert his right to receive any or all of the Shares on the Distribution Date into a right to receive cash on the Distribution
Date. In addition, the Executive shall have a Diversification Right with respect to any Shares that he would have been permitted to sell under the Sale Participation Agreement had he actually owned the Shares. In the event the Executive exercises a
Diversification Right with respect to any Shares, the cash to be delivered to him on the Distribution Date shall equal the Fair Market Value (as defined in the Management Stockholders Agreement) of the Shares as to which the Diversification Right
was exercised on the date of such exercise, as subsequently credited with investment returns based on notional investments as selected by the Executive from time to time following exercise of the Diversification Right from among those that EFH Corp.
shall make available from among those notional investments under any nonqualified deferred compensation plan then maintained by EFH Corp. (or, if no such notional investments are made available, with compound annual interest equal to the prevailing
prime rate plus 2 percentage points, but in no event shall it exceed EFH Corp.’s borrowing rate). 

  
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 ARTICLE II 

ADDITIONAL AGREEMENTS 
 2.1 Additional Agreements. Simultaneously with the execution of this Agreement, the parties shall execute a Management Stockholders Agreement and a Sale Participation Agreement each of which shall
apply to the Shares subject to this Agreement. 
 2.2 Special Put Right. If the Executive’s employment with EFH
Corp. terminates for any reason prior to July 1, 2013, other than for Cause or without Good Reason (as defined in the Employment Agreement), he shall have the right (but not the obligation) to sell to EFH Corp. all (but not less than all) of
the Shares delivered pursuant to Section 1.2 for a purchase price of $3,200,000 (the “Special Put Right”). In the event the Executive intends to exercise the Special Put Right, he shall send written notice, postmarked on or
prior to the sixtieth day following termination of his employment, to EFH Corp. of his intention to sell the Shares in exchange for the applicable purchase price (“Put Option Notice”). The completion of the purchase shall take place
at the principal office of EFH Corp. no later than the twentieth business day (such date to be determined by EFH Corp.) after the giving of the Put Option Notice. The applicable purchase price shall be paid by delivery to the Executive of a check
payable to the order of the Executive against delivery of duly executed stock powers transferring the Shares. 
 ARTICLE
III 
 TAX MATTERS 
 3.1 Tax Withholding and Reporting. Upon any Distribution Date, EFH Corp. shall be entitled to withhold from any payment or distribution to the Executive an amount necessary to satisfy applicable
withholding taxes that become due by reason of such payment or distribution. EFH Corp. acknowledges that for income tax purposes, the Executive will not include into income any amount payable on the Distribution Date until payment is actually made
on the Distribution Date. EFH Corp. shall report and file all EFH Corp. tax returns and information reports (including Form W-2) consistent with such position. 
 3.2 Delivery Before Liquidity. If, on the Distribution Date, (i) Shares are to be delivered to the Executive, and (ii) the Executive cannot resell promptly within a reasonable time
thereafter such Shares either because there is no public market for the Shares, or the Executive is restricted under the Management Stockholders Agreement, EFH Corp. trading policies or applicable securities law from selling the Shares, EFH Corp.
shall, immediately repurchase such number of Shares that, on the Distribution Date, have a Fair Market Value equal to the minimum statutory tax withholding obligation attributable to delivery of the Shares. 

3.3 Tax Assessment Prior to Distribution Date. If there is a final tax assessment against the Executive that any amount otherwise
payable under this Agreement is taxable in a year prior to the year that includes the Distribution Date, EFH Corp. shall immediately pay or distribute the cash or Shares that otherwise would have been paid or delivered on the Distribution Date, and
if the Executive cannot promptly within a reasonable time thereafter resell such Shares either because there is no public market for the Shares, or the Executive is restricted under the Management Stockholders Agreement, EFH Corp. trading policies
or applicable securities law from selling the Shares, EFH Corp. shall immediately repurchase such number of Shares that, on the Distribution Date, have a Fair Market Value equal to the amount of such tax assessment (or, if such assessment exceeds
the Fair Market Value of all of the Shares, then all of the Shares will be repurchased). 

  
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 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF EFH CORP. 
 EFH Corp. hereby represents and warrants to the Executive as of the date hereof and the date of the Closing that: 
 4.1 Corporate Existence and Power. EFH Corp. is a corporation duly formed, validly existing and in good standing under the laws of the State of Delaware. 

4.2 Authorization. The execution, delivery and performance by EFH Corp. of this Agreement and the consummation of the transactions
contemplated hereby are within EFH Corp.’s corporate powers and have been duly authorized by all necessary action on the part of EFH Corp. This Agreement has been duly and validly executed and delivered by EFH Corp. Assuming this Agreement is
the valid and binding agreement of each of the Executive, this Agreement constitutes the legal, valid and binding agreement of EFH Corp., enforceable against EFH Corp. in accordance with its terms, except as limited by applicable bankruptcy,
insolvency, reorganization, moratorium, and other laws of general application affecting enforcement or creditors’ rights generally and general equitable principles. 
 4.3 Noncontravention. The execution, delivery and performance by EFH Corp. of this Agreement does not and will not (a) violate the certificate of incorporation of EFH Corp., (b) violate
any law, rule, regulation, judgment, injunction, order or decree applicable to or binding upon EFH Corp., (c) require any consent or other action by any person under, constitute a default under (with due notice or lapse of time or both), or
give rise to any right of termination, cancellation or acceleration of any right or obligation of EFH Corp. or to a loss of any benefit to which EFH Corp. is entitled under any provisions of any agreement or other instrument binding upon EFH Corp.
or any of its assets or properties or (d) result in the creation or imposition of any material mortgage, lien, pledge, charge, security interest or encumbrance on any property or asset of EFH Corp. 

4.4 Valid Issuance of Securities. The Shares which may be issued to the Executive hereunder will, when issued and delivered in
accordance with the terms hereof, have been duly and validly authorized and issued and will be fully paid and nonassessable. 

ARTICLE V 
 MISCELLANEOUS 
 5.1 Notices. All notices and other
communications required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed facsimile if sent during normal business hours of
the recipient, if not, then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid or (d) one (1) business day after deposit with a nationally
recognized overnight 

  
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courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to such party’s address as set forth below or at such other address or to such
other person as the party shall have furnished to each other party in writing in accordance with this provision: 
 if to EFH Corp., to: 
 Energy Future Holdings Corp. 

c/o Kohlberg Kravis Roberts & Co. L.P. 

9 West 57th Street, Suite 4200 
 New York, New York 10019 
 Attention: Marc Lipschultz 

Facsimile: (212) 750-0003 
 and 
 TPG Capital, L.P. 

301 Commerce Street, Suite 3300 
 Forth Worth, Texas 76102 
 Attention: Clive Bode 

Facsimile:(817) 871-4000 
 with copies to: 
 Simpson Thacher & Bartlett LLP

 425 Lexington Avenue 

New York, New York 10017 
 Attention: Andrew W. Smith 
 Facsimile: (212) 455-2502

 if to the Executive, at the Executive’s address on file with EFH Corp. 

5.2 Amendments and Waivers. Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is
in writing and is signed, in the case of an amendment, by each party to this Agreement, or in the case of a waiver, by the party against whom the waiver is to be effective. No failure or delay by any party in exercising any right, power or privilege
hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be
cumulative and not exclusive of any rights or remedies provided by law. 
 5.3 Successors and Assigns. The provisions of
this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, provided that no party may assign, delegate or otherwise transfer any of its rights or obligations under this
Agreement without the consent of (a) EFH Corp., in the case of assignment, delegation or transfer of any rights or obligations hereunder by the Executive, and (b) the Executive, in the case of assignment, delegation or transfer of any
rights or obligations hereunder by EFH Corp. 

  
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 5.4 Governing Law. This Agreement shall be governed by and construed in accordance
with the law of the State of Delaware, without giving effect to any otherwise governing principles of conflicts of law. 
 5.5
Jurisdiction; Arbitration. 
 (a) In the event of any controversy among the parties hereto arising out of, or relating
to, this Agreement which cannot be settled amicably by the parties, such controversy shall be finally, exclusively and conclusively settled by mandatory arbitration conducted expeditiously in accordance with the American Arbitration Association
rules by a single independent arbitrator. Such arbitration process shall take place in Dallas, Texas. The decision of the arbitrator shall be final and binding upon all parties hereto and shall be rendered pursuant to a written decision, which
contains a detailed recital of the arbitrator’s reasoning. Judgment upon the award rendered may be entered in any court having jurisdiction thereof. 
 (b) In the event of any arbitration or other disputes with regard to this Agreement or any other document or agreement referred to herein, each party to this Agreement shall pay its own legal fees and
expenses, unless otherwise determined by the arbitrator. If the Executive substantially prevails on any of his substantive legal claims, then EFH Corp. shall reimburse all legal fees and arbitration fees incurred by the Executive to arbitrate the
dispute. 
 5.6 Waiver Of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY
JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 5.7
Counterparts; Third Party Beneficiaries. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. No provision
of this Agreement shall confer upon any person other than the parties hereto any rights or remedies hereunder. 
 5.8 Entire
Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter of this Agreement and supersedes all prior agreements and understandings, both oral and written, between the parties with respect
to the subject matter of this Agreement. 
 5.9 Captions. The captions herein are included for convenience of reference
only and shall be ignored in the construction or interpretation hereof. 
 5.10 Severability. If one or more provisions
of this Agreement are held to be unenforceable under applicable law, such provision shall be deemed to be excluded from this Agreement and the balance of this Agreement shall be interpreted as if such provision were so excluded and shall be enforced
in accordance with its terms to the maximum extent permitted by law. 
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 IN WITNESS WHEREOF, each of the undersigned has executed this Agreement as of the date first
above written. 
  

			
	ENERGY FUTURE HOLDINGS CORP.
		
	By:	 	 /s/    RIZWAN CHAND

		 	Name:  Rizwan Chand
		 	Title:    Executive Vice President
	
	 /s/    PAUL KEGLEVIC

		 	Paul Keglevic


 [Signature Page to
Deferred Share Agreement] 

  
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