Document:

EX-4.6

 Exhibit 4.6 
  

 
  

SUNNOVA ENERGY CORPORATION 

as Issuer 
 12.00% Senior Secured
Notes due 2018 
  
  

INDENTURE 
 Dated as of
April 24, 2017 
  
  

and 
 Wilmington Trust, National
Association 
 as Trustee and Collateral Trustee 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	    	 	  	Page	 
		
	 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	 
	 Section 1.01
	    	 Definitions
	  	 	1	 
	 Section 1.02
	    	 Other Definitions
	  	 	20	 
	 Section 1.03
	    	 Rules of Construction
	  	 	21	 
	 Section 1.04
	    	 No Incorporation by Reference of Trust Indenture Act
	  	 	21	 
		
	 ARTICLE II THE NOTES
	  	 	22	 
	 Section 2.01
	    	 Amount of Notes
	  	 	22	 
	 Section 2.02
	    	 Form and Dating
	  	 	22	 
	 Section 2.03
	    	 Execution and Authentication
	  	 	23	 
	 Section 2.04
	    	 Registrar and Paying Agent
	  	 	24	 
	 Section 2.05
	    	 Paying Agent to Hold Money and PIK Notes in Trust
	  	 	24	 
	 Section 2.06
	    	 Holder Lists
	  	 	25	 
	 Section 2.07
	    	 Transfer and Exchange
	  	 	25	 
	 Section 2.08
	    	 Replacement Notes
	  	 	26	 
	 Section 2.09
	    	 Outstanding Notes
	  	 	26	 
	 Section 2.10
	    	 Cancellation
	  	 	27	 
	 Section 2.11
	    	 Defaulted Interest
	  	 	27	 
	 Section 2.12
	    	 CUSIP Numbers, ISINs, Etc.
	  	 	27	 
	 Section 2.13
	    	 Calculation of Principal Amount of Notes
	  	 	28	 
	 Section 2.14
	    	 Temporary Notes
	  	 	28	 
	 Section 2.15
	    	 Payment Net of Taxes
	  	 	28	 
		
	 ARTICLE III REDEMPTION
	  	 	32	 
	 Section 3.01
	    	 Redemption
	  	 	32	 
	 Section 3.02
	    	 Applicability of Article
	  	 	32	 
	 Section 3.03
	    	 Notices to Trustee
	  	 	32	 
	 Section 3.04
	    	 Selection of Notes to Be Redeemed
	  	 	32	 
	 Section 3.05
	    	 Notice of Redemption
	  	 	33	 
	 Section 3.06
	    	 Effect of Notice of Redemption
	  	 	34	 
	 Section 3.07
	    	 Deposit of Redemption Price
	  	 	35	 
	 Section 3.08
	    	 Notes Redeemed in Part
	  	 	35	 
	 Section 3.09
	    	 Mandatory Redemption Upon IPO
	  	 	35	 
		
	 ARTICLE IV COVENANTS
	  	 	36	 
	 Section 4.01
	    	 Payment of Notes
	  	 	36	 
	 Section 4.02
	    	 Reports and Other Information
	  	 	36	 
	 Section 4.03
	    	 Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock
	  	 	38	 
	 Section 4.04
	    	 Limitation on Restricted Payments
	  	 	40	 
	 Section 4.05
	    	 Dividend and Other Payment Restrictions Affecting Subsidiaries
	  	 	41	 
	 Section 4.06
	    	 Asset Sales
	  	 	43	 
	 Section 4.07
	    	 Transactions with Affiliates
	  	 	44	 
	 Section 4.08
	    	 Change of Control
	  	 	46	 

 TABLE OF CONTENTS 

(cont’d) 
  

							
	 Section 4.09
	    	 Pro Rata Payments
	  	 	48	 
	 Section 4.10
	    	 Liens
	  	 	48	 
	 Section 4.11
	    	 Maintenance of Office or Agency
	  	 	48	 
	 Section 4.12
	    	 Further Assurances; Impairment of Security Interest
	  	 	49	 
	 Section 4.13
	    	 Use of Proceeds
	  	 	49	 
	 Section 4.14
	    	 Existence; Business and Properties
	  	 	50	 
	 Section 4.15
	    	 Maintenance of Insurance
	  	 	50	 
	 Section 4.16
	    	 Payment of Taxes, etc.
	  	 	51	 
	 Section 4.17
	    	 Compliance with Laws
	  	 	51	 
	 Section 4.18
	    	 HoldCo Covenant
	  	 	51	 
	 Section 4.19
	    	 Accounting Firms
	  	 	51	 
	 Section 4.20
	    	 Stock Commitment
	  	 	51	 
	 Section 4.21
	    	 [Reserved]
	  	 	52	 
	 Section 4.22
	    	 Minimum Liquidity
	  	 	52	 
		
	 ARTICLE V SUCCESSOR COMPANY
	  	 	52	 
	 Section 5.01
	    	 When Issuer May Merge or Transfer Assets
	  	 	52	 
		
	 ARTICLE VI DEFAULTS AND REMEDIES
	  	 	53	 
	 Section 6.01
	    	 Events of Default
	  	 	53	 
	 Section 6.02
	    	 Acceleration
	  	 	56	 
	 Section 6.03
	    	 Other Remedies
	  	 	56	 
	 Section 6.04
	    	 Waiver of Past Defaults
	  	 	57	 
	 Section 6.05
	    	 Control by Majority
	  	 	57	 
	 Section 6.06
	    	 Limitation on Suits
	  	 	57	 
	 Section 6.07
	    	 Contractual Rights of the Holders to Receive Payment
	  	 	58	 
	 Section 6.08
	    	 Collection Suit by Trustee
	  	 	58	 
	 Section 6.09
	    	 Trustee May File Proofs of Claim
	  	 	58	 
	 Section 6.10
	    	 Priorities
	  	 	59	 
	 Section 6.11
	    	 Undertaking for Costs
	  	 	59	 
	 Section 6.12
	    	 Waiver of Stay or Extension Laws
	  	 	59	 
		
	 ARTICLE VII TRUSTEE
	  	 	60	 
	 Section 7.01
	    	 Duties of Trustee
	  	 	60	 
	 Section 7.02
	    	 Rights of Trustee
	  	 	61	 
	 Section 7.03
	    	 Individual Rights of Trustee
	  	 	63	 
	 Section 7.04
	    	 Trustee’s Disclaimer
	  	 	63	 
	 Section 7.05
	    	 Notice of Defaults
	  	 	63	 
	 Section 7.06
	    	 [Reserved]
	  	 	64	 
	 Section 7.07
	    	 Compensation and Indemnity
	  	 	64	 
	 Section 7.08
	    	 Replacement of Trustee
	  	 	65	 
	 Section 7.09
	    	 Successor Trustee by Merger
	  	 	66	 
	 Section 7.10
	    	 Eligibility; Disqualification
	  	 	66	 

  
 ii 

 TABLE OF CONTENTS 

(cont’d) 
  

							
		
	 ARTICLE VIII DISCHARGE OF INDENTURE; DEFEASANCE
	  	 	66	 
	 Section 8.01
	    	 Discharge of Liability on Notes; Defeasance
	  	 	66	 
	 Section 8.02
	    	 Conditions to Defeasance
	  	 	67	 
	 Section 8.03
	    	 Application of Trust Money
	  	 	69	 
	 Section 8.04
	    	 Repayment to Issuer
	  	 	69	 
	 Section 8.05
	    	 Reserved
	  	 	69	 
	 Section 8.06
	    	 Reinstatement
	  	 	69	 
		
	 ARTICLE IX AMENDMENTS AND WAIVERS
	  	 	70	 
	 Section 9.01
	    	 Without Consent of the Holders
	  	 	70	 
	 Section 9.02
	    	 With Consent of the Holders
	  	 	71	 
	 Section 9.03
	    	 Revocation and Effect of Consents and Waivers
	  	 	72	 
	 Section 9.04
	    	 Notation on or Exchange of Notes
	  	 	73	 
	 Section 9.05
	    	 Trustee to Sign Amendments
	  	 	73	 
	 Section 9.06
	    	 Additional Voting Terms; Calculation of Principal Amount
	  	 	73	 
		
	 ARTICLE X [Intentionally Omitted]
	  	 	74	 
		
	 ARTICLE XI [Intentionally Omitted]
	  	 	74	 
		
	 ARTICLE XII [Intentionally Omitted]
	  	 	74	 
		
	 ARTICLE XIII COLLATERAL AND SECURITY
	  	 	74	 
	 Section 13.01
	    	 Security Interest
	  	 	74	 
	 Section 13.02
	    	 Concerning the Trustee
	  	 	75	 
	 Section 13.03
	    	 Authorization of Actions to be Taken
	  	 	75	 
	 Section 13.04
	    	 [Reserved]
	  	 	76	 
	 Section 13.05
	    	 [Reserved]
	  	 	76	 
	 Section 13.06
	    	 Collateral Trust Agreement
	  	 	76	 
	 Section 13.07
	    	 Release of Liens in Respect of Notes
	  	 	76	 
		
	 ARTICLE XIV MISCELLANEOUS
	  	 	77	 
	 Section 14.01
	    	 [Intentionally Omitted
	  	 	77	 
	 Section 14.02
	    	 Notices
	  	 	77	 
	 Section 14.03
	    	 [Intentionally Omitted]
	  	 	78	 
	 Section 14.04
	    	 Certificate and Opinion as to Conditions Precedent
	  	 	78	 
	 Section 14.05
	    	 Statements Required in Certificate or Opinion
	  	 	78	 
	 Section 14.06
	    	 When Notes Disregarded
	  	 	79	 
	 Section 14.07
	    	 Rules by Trustee, Paying Agent and Registrar
	  	 	79	 
	 Section 14.08
	    	 Legal Holidays
	  	 	79	 
	 Section 14.09
	    	 Governing Law
	  	 	79	 
	 Section 14.10
	    	 No Recourse Against Others
	  	 	79	 
	 Section 14.11
	    	 Successors
	  	 	79	 
	 Section 14.12
	    	 Multiple Originals
	  	 	79	 
	 Section 14.13
	    	 Table of Contents; Headings
	  	 	80	 
	 Section 14.14
	    	 Indenture Controls
	  	 	80	 
	 Section 14.15
	    	 Severability
	  	 	80	 
	 Section 14.16
	    	 Waiver of Jury Trial
	  	 	80	 

  
 iii 

 TABLE OF CONTENTS 

(cont’d) 
  

 Appendix A – Provisions Relating to Notes 

EXHIBIT INDEX 
 Exhibit A – Form of Note 

Exhibit B – Form of Transferee Letter of Representation 

SCHEDULES 
  

			
	Schedule 4.03 –	  	Liens and Intercompany Indebtedness Existing on the Closing Date
	Schedule 4.04 –	  	Investments Existing on the Closing Date
	Schedule 4.07 –	  	Affiliate Transactions in Effect on the Closing Date

  

  
 iv 

 INDENTURE, dated as of April 24, 2017, between Sunnova Energy Corporation, a Delaware
corporation (together with its successors and assigns, the “Issuer”), and Wilmington Trust, National Association, as trustee (the “Trustee”) and collateral trustee (the “Collateral Trustee”).

 WHEREAS, on the date hereof, the Issuer has entered into a Purchase Agreement by and among the Issuer and the investors (the
“Investors”) listed on the signature pages thereto (the “Purchase Agreement”) providing for the purchase of Notes (as defined below) pursuant to this Indenture. 

Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the holders of the Issuer’s
12.00% Senior Secured Notes due 2018 issued as of the date hereof (the “Initial Notes,” and together with the PIK Notes and the Additional Notes, each as defined herein, the “Notes”): 

ARTICLE I 
 DEFINITIONS
AND INCORPORATION BY REFERENCE 
 Section 1.01 Definitions. 

“Additional Notes” means any additional Notes (other than any PIK Notes) that may be issued after the Closing Date. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control
with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by
agreement or otherwise; provided, that, ECP shall be an Affiliate of the Issuer for all purposes under this Agreement until the time such Person owns less than 5% of the outstanding Voting Stock of the Issuer. 

“AP5 Term Loan” means that certain Loan Agreement, dated as of November 14, 2014, by and among Sunnova Asset Portfolio 5
Holdings, LLC, the Issuer, Wilmington Trust, National Association, as administrative agent, and the lenders party thereto, as amended or restated from time to time. 

“AP6 Facility” means the facility, entered into on April 22, 2016, by and among Sunnova AP 6 Warehouse II, LLC, as
Borrower, Sunnova Management, LLC as Manager and Servicer, Sunnova Asset Portfolio 6, LLC, as Seller, Goldman Sachs Bank USA, as Agent, the Lenders from time to time party thereto, GreatAmerica Portfolio Services Group LLC, as Back-Up Servicer,
Wilmington Trust, National Association, as Paying Agent, and U.S. Bank National Association, as Custodian, as may be amended from time to time. 

“Asset Sale” means the sale, conveyance, transfer or other disposition (whether in a single transaction or a series of
related transactions) of property or assets (including by way of Sale/Leaseback Transactions) of the Issuer (each referred to in this definition as a “disposition”), whether in a single transaction or a series of related transactions;
provided, that, any such sale or other disposition to any Subsidiary of the Issuer of any assets acquired from any other Subsidiary and contributed to the Issuer shall not be deemed to be an Asset Sale. 

 Notwithstanding the foregoing, none of the following items will be deemed to be an Asset Sale: 

(a) the issuance or sale of Equity Interests of any Subsidiary of the Issuer; 

(b) a disposition of Cash Equivalents or Investment Grade Securities in the ordinary course of business (whether now owned or hereafter
acquired); 
 (c) the disposition of all or substantially all of the assets of the Issuer in a manner permitted pursuant to
Section 5.01 or any disposition that constitutes a Change of Control provided that the Issuer has complied with its obligations with respect to a Change of Control Offer under this Indenture; 

(d) any disposition arising from foreclosure, casualty, condemnation or any similar action or transfers by reason of eminent domain with
respect to any property or other asset of the Issuer or the exercise of termination rights under any lease, sublease, license, sublicense, concession or other agreement of the Issuer; 

(e) the lease, license, assignment or sublease of any real or personal property in the ordinary course of business; 

(f) the sale, disposition or consignment of (i) energy, inventory and other goods held for sale, obsolete, worn out, used or surplus
property, equipment, vehicles and other assets (other than accounts receivable) in the ordinary course of business (including any asset) that is no longer necessary, used or useful for the business of the Issuer or is replaced by equipment of at
least comparable value and use, (ii) assets no longer economically practicable or commercially reasonable to maintain (as determined in good faith by the management of the Issuer), and (iii) dispositions to landlords of improvements made
to leased real property pursuant to customary terms of leases entered into in the ordinary course of business; 
 (g) any grant in the
ordinary course of business of any license of patents, trademarks, know-how or any other intellectual property, including but not limited to, grants of franchises or licenses, franchise or license master
agreements and/or area development agreements; 
 (h) the making of any payment or Investment that is permitted to be made, and is made,
under Section 4.04 or the making of any Permitted Investment; and 
 (i) dispositions in connection with the
granting of a Lien that is permitted under Section 4.10 and the exercise by any Person in whose favor a Permitted Lien is granted of any of such Person’s rights in respect of such Permitted Lien. 

“Annual Budget” means the annual budget prepared in accordance with Section 6.8(e) of the Investors Agreement. 

  
 2 

 “Board of Directors” means, as to any Person, the board of directors or
managers, as applicable, of such Person or any direct or indirect parent of such Person (or, if such Person is a partnership, the board of directors or other governing body of the general partner of such Person) or any duly authorized committee
thereof. 
 “Business Day” means a day other than a Saturday, Sunday or other day on which banking institutions are
authorized or required by law to close in New York City or the place of payment. 
 “Capital Stock” means: 

(1) in the case of a corporation, corporate stock or shares, including Preferred Stock; 

(2) in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock; 
 (3) in the case of a partnership or limited liability company,
partnership or membership interests (whether general or limited); and 
 (4) any other interest or participation that confers
on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such debt securities
include any right of participation with Capital Stock. 
 “Capitalized Lease Obligation” means, at the time any
determination thereof is to be made, the amount of the liability in respect of a capital lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) prepared in
accordance with GAAP. 
 “Cash Equivalents” means: 

(1) U.S. dollars, pounds sterling, euros, the national currency of any member state in the European Union or such local
currencies held by an entity from time to time in the ordinary course of business; 
 (2) securities issued or directly and
fully guaranteed or insured by the U.S. government or any country that is a member of the European Union or any agency or instrumentality thereof in each case maturing not more than two years from the date of acquisition; 

(3) certificates of deposit, time deposits and eurodollar time deposits with maturities of one year or less from the date of
acquisition, bankers’ acceptances, in each case with maturities not exceeding one year and overnight bank deposits, in each case with any commercial bank having capital and surplus in excess of $250 million and whose long-term debt is
rated “A” or the equivalent thereof by Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency); 

  
 3 

 (4) repurchase obligations for underlying securities of the types described
in clauses (2) and (3) above entered into with any financial institution meeting the qualifications specified in clause (3) above; 

(5) readily marketable direct obligations issued by any state or commonwealth of the United States of America or any political
subdivision thereof having one of the two highest rating categories obtainable from either Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency) in each case with maturities not exceeding two
years from the date of acquisition; 
 (6) Indebtedness or Preferred Stock issued by Persons with a rating of “A”
or higher from S&P, “A2” or higher from Moody’s or “Baa1” or higher from Fitch (or reasonably equivalent ratings of another internationally recognized ratings agency) with maturities of 24 months or less from the date of
acquisition and in each case in a currency permitted under clause (1) or (2) above; 
 (7) Investments
with average maturities of 12 months or less from the date of acquisition in money market funds rating of “A” or higher from S&P, “A2” or higher from Moody’s or “Baa1” or higher from Fitch (or reasonably
equivalent ratings of another internationally recognized ratings agency) with maturities of 24 months or less from the date of acquisition and in each case in a currency permitted under clause (1) or (2) above; 

(8) commercial paper having one of the two highest ratings obtainable from Moody’s or S&P and, in each case, maturing
within one year after the date of acquisition; and 
 (9) investment funds investing at least 95% of their assets in
securities of the types described in clauses (1) through (8) above. 
 “Change of Control” means the occurrence of any
of the following: 
 (1) the sale, lease or transfer, in one or a series of related transactions, of all or substantially all
of the assets of the Issuer and its Subsidiaries, taken as a whole, to a Person other than any of the Permitted Holders; 

(2) the Issuer becomes aware (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy,
vote, written notice or otherwise) of the acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), including any group acting for the purpose of
acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), other than any of the Permitted Holders, in a single transaction or in a related series of
transactions, by way of merger, consolidation, amalgamation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor
provision), of more than 50% of the total voting power of the Voting Stock of the Issuer or HoldCo; 
 (3) any sale of any
Equity Interests of the Issuer or HoldCo owned directly or indirectly by the Sponsor which causes the Sponsor to beneficially own (within the meaning of Rule 13d-3 under the Exchange Act, or any successor
provision) less than 90% of the Voting Sock of the Issuer owned by the Sponsor on the Closing Date. 

  
 4 

 (4) in the event that any HoldCo is created, HoldCo ceases to beneficially
own 100% of the Capital Stock of the Issuer; 
 (5) the first day on which a majority of the members of the Board of
Directors of the Issuer are not Continuing Directors; or 
 (6) the adoption or approval of a plan for the liquidation or
dissolution of the Issuer. 
 Notwithstanding the provisions of clauses (1), (2), (4), (5) and (6) above, a Change
of Control shall not occur as a result of any internal reorganization in connection with an IPO which complies with the provisions of clause (3) above. 

“Closing Date” means April 24, 2017, the date on which the Initial Notes are originally issued. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Collateral” means all property of any kind which is subject to a Lien in favor of the Collateral Trustee for the benefit of
itself, the Trustee and the holders or which under the terms of any Security Document, is purported to be subject to such a Lien for purposes of securing the Obligations under the Note Documents. 

“Collateral Trust Agreement” means the Collateral Trust Agreement, dated as of the Closing Date, among the Issuer, the
Collateral Trustee and the Trustee, as representative for the Notes, as the same may be amended, supplemented, replaced (whether upon or after termination or otherwise) or otherwise modified from time to time. 

“Collateral Trustee” means Wilmington Trust, National Association, a national banking association, in its capacity as
Collateral Trustee under the Collateral Trust Agreement, until a successor replaces it in accordance with the terms of the Collateral Trust Agreement and, thereafter, means the successor. 

“Consent to Collateral Assignment” means that certain Consent to Collateral Assignment, dated the date hereof, among Energy
Capital Partners III, LP, Energy Capital Partners III-A, LP, Energy Capital Partners III-B, LP, Energy Capital Partners III-C,
LP, And Energy Capital Partners III-D, LP, as Consenting Parties, the Collateral Trustee and the Issuer. 

“Consolidated Subsidiaries” means, for any Person, any Subsidiary or other entity the accounts of which would be consolidated
with those of such Person in its consolidated financial statements in accordance with GAAP. 
 “Contingent Obligations”
means, with respect to any Person, any obligation of such Person guaranteeing any leases, dividends or other obligations that do not constitute Indebtedness (“primary obligations”) of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, including, without limitation, any obligation of such Person, whether or not contingent: 

  
 5 

 (1) to purchase any such primary obligation or any property constituting
direct or indirect security therefor; 
 (2) to advance or supply funds: 

(a) for the purchase or payment of any such primary obligation; 

(b) or to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency
of the primary obligor; or 
 (3) to purchase property, securities or services primarily for the purpose of assuring the
owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof. 

“Continuing Director” means, as of any date of determination, any member of the Board of Directors of the Issuer:
(1) who was a member of such Board of Directors on the date of this Indenture; or (2) whose election to such Board of Directors or whose nomination for election was approved or consented to by a majority of the Continuing Directors who
were members of such Board of Directors at the time of such nomination or election or who were appointed by the Sponsor in accordance with the terms of the Investors Agreement. 

“Corporate Trust Office” means the designated office of the Trustee in the United States of America at which at any time its
corporate trust business relating to this Indenture shall be administered, which office at the date of this Indenture is located at 15950 North Dallas Parkway, Suite 550, Dallas, Texas 75248, Attention: Sunnova Energy Corporation Administrator, or
such other address as the Trustee may designate from time to time by notice to the holders and the Issuer, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to
time by notice to the holders and the Issuer). 
 “Default” means any event which is, or after notice or passage of time or
both would be, or would give rise to, an Event of Default. 
 “Disqualified Stock” means, with respect to any Person, any
Capital Stock of such Person which, by its terms (or by the terms of any security into which it is convertible or for which it is redeemable or exchangeable), or upon the happening of any event: 

(1) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than as a result of a
change of control or asset sale); 
 (2) is convertible or exchangeable for Indebtedness or Disqualified Stock of such Person
or any of its Subsidiaries; or 
 (3) is redeemable at the option of the holder thereof, in whole or in part (other than
solely as a result of a change of control or asset sale); 

  
 6 

 in each case prior to 91 days after the earlier of the maturity date of the Notes or the date the Notes are
no longer outstanding; provided, however, that only the portion of Capital Stock which so matures or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at the option of the holder thereof prior to such date shall be
deemed to be Disqualified Stock; provided, further however, that if such Capital Stock is issued to any employee or to any plan for the benefit of employees of the Issuer or its Subsidiaries or by any such plan to such
employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by such Person in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s
termination, death or disability; provided, further, that any class of Capital Stock of such Person that by its terms authorizes such Person to satisfy its obligations thereunder by delivery of Capital Stock that is not Disqualified
Stock shall not be deemed to be Disqualified Stock. 
 “ECP” means Energy Capital Partners III LP, Energy Capital Partners III-A, LP, Energy Capital Partners III-B, LP, Energy Capital Partners III-C, LP, and Energy Capital Partners III-D, LP, and any other investment vehicles managed or controlled by Energy Capital Partners (including portfolio companies), and any Affiliates thereof. 

“Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any
debt security that is convertible into, or exchangeable for, Capital Stock). 
 “Exchange Act” means the Securities
Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder. 
 “Excluded Taxes”
means any of the following Taxes imposed on or with respect to a holder or required to be withheld or deducted from a payment to a holder: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits
Taxes, in each case, (i) imposed as a result of a holder being organized under the laws of, or having its principal office or its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or
(ii) that are Other Connection Taxes, (b) withholding Taxes imposed on amounts payable to or for the account of a holder with respect to an applicable interest in a Note pursuant to a law in effect on the date on which (i) such holder
acquires such interest in the Note or (ii) such holder changes its lending office, except in each case to the extent that, pursuant to Section 2.15, amounts with respect to such Taxes were payable either to such
holder’s assignor immediately before such holder acquired such interest in the Note or to such holder immediately before it changed its lending office, (c) Taxes attributable to a holder’s failure to comply with
Section 2.15(f) and (d) any Taxes imposed under FATCA. 
 “Fair Market Value” means, with
respect to any asset or property, the price which could be negotiated in an arm’s-length transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue
pressure or compulsion to complete the transaction as determined by the Issuer in good faith or, with respect to valuations in excess of $10 million, by the Chief Financial Officer or the Board of Directors of the Issuer in good faith. 

  
 7 

 “FATCA” means Sections 1471 through 1474 of the Code, as of the date of
this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreement entered into pursuant to
Section 1471(b)(1) of the Code, and any intergovernmental agreement entered into in connection with the implementation of such sections of the Code and any fiscal or regulatory legislation, rules or practices adopted thereunder. 

“Foreign Holder” means a holder that is not a “United States Person” within the meaning of section 7701(a)(30) of
the code. 
 “GAAP” means generally accepted accounting principles in the United States set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (“FASB”) or in such other statements by such
other entity as have been approved by a significant segment of the accounting profession, which are in effect on the Closing Date. For the purposes of this Indenture, the term “consolidated” with respect to any Person shall mean
such Person consolidated with its Subsidiaries. 
 “Governmental Authority” means any nation, sovereign or government, any
state, province, territory or other political subdivision thereof, and any entity or authority exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including a central bank or stock
exchange. 
 “guarantee” means a guarantee (other than by endorsement of negotiable instruments for collection in the
ordinary course of business), direct or indirect, in any manner (including, without limitation, letters of credit and reimbursement agreements in respect thereof), of all or any part of any Indebtedness or other obligations. The amount of any
guarantee shall be deemed to be an amount equal to the stated or determinable amount of the Indebtedness in respect of which such guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as
determined by such person in good faith. 
 “Hedging Obligations” means, with respect to any Person, the obligations of
such Person under: 
 (1) currency exchange, interest rate or commodity swap agreements (including commodity swaps, commodity
options, forward commodity contracts, basis differential swaps, spot contracts, fixed-price physical delivery contracts or other similar agreements or arrangements), currency exchange, interest rate or commodity cap agreements and currency exchange,
interest rate or commodity collar agreements; and 
 (2) other agreements or arrangements designed to protect such Person
against fluctuations in currency exchange, interest rates, SREC prices or retail electricity prices. 
 “HoldCo” has the
meaning set forth in Section 4.18 hereto. 
 “holder” or “noteholder” means the
Person in whose name a Note is registered on the Registrar’s books. 
 “Incur” means issue, assume, guarantee, incur
or otherwise become liable for; provided, however, that any Indebtedness or Capital Stock of a Person existing at the time such person becomes a Subsidiary (whether by merger, amalgamation, consolidation, acquisition or otherwise)
shall be deemed to be Incurred by such Person at the time it becomes a Subsidiary. 

  
 8 

 “Indebtedness” means, with respect to any Person: 

(1) the principal of any indebtedness of such Person, whether or not contingent, (a) in respect of borrowed money,
(b) evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or, without duplication, reimbursement agreements in respect thereof), (c) representing the deferred and unpaid purchase price
of any property (except any such balance that constitutes (i) a trade payable or similar obligation to a trade creditor Incurred in the ordinary course of business, (ii) any earn-out obligations
until such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP, (iii) any such obligations under ERISA or liabilities associated with customer prepayments, (iv) liabilities accrued in the ordinary
course of business), which purchase price is due more than twelve months after the date of placing the property in service or taking delivery and title thereto, and (v) any such balance or unpaid purchase price to the extent that it is either
required to be or at the option of such Person may be satisfied solely through the issuance of Equity Interests of the Issuer that are not Disqualified Stock), (d) in respect of Capitalized Lease Obligations, or (e) representing any Hedging
Obligations, other than Hedging Obligations that are incurred in the normal course of business and not for speculative purposes, and that do not increase the Indebtedness of the obligor outstanding at any time other than as a result of fluctuations
in interest rates, commodity prices or foreign currency exchange rates or by reason of fees, indemnities and compensation payable thereunder, if and to the extent that any of the foregoing indebtedness (other than Hedging Obligations) would appear
as a liability on a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP; 
 (2)
to the extent not otherwise included, any obligation of such Person to be liable for, or to pay, as obligor, guarantor or otherwise, the Indebtedness referred to in clause (1) of another Person (other than by endorsement of negotiable
instruments for collection in the ordinary course of business); and 
 (3) to the extent not otherwise included, Indebtedness
of the type referred to in clause (1) of another Person secured by a Lien on any asset owned by such Person (whether or not such Indebtedness is assumed by such Person); provided, however, that the amount of such Indebtedness will
be the lesser of: (a) the Fair Market Value of such asset at such date of determination; and (b) the amount of such Indebtedness of such other Person; 

provided, however, that notwithstanding the foregoing, Indebtedness shall be deemed not to include (1) accrued expenses and Contingent
Obligations, in each case, Incurred in the ordinary course of business and not in respect of borrowed money, (2) deferred or prepaid revenues, (3) purchase price holdbacks in respect of a portion of the purchase price of an asset to
satisfy warranty or other unperformed obligations of the respective seller, (4) obligations in respect of surety and bonding requirements of the Issuer and its Subsidiaries, (5) trade and other ordinary course payables, accrued expenses
and intercompany liabilities arising in the ordinary course of business, (6) in the case of the Issuer and its Subsidiaries, intercompany liabilities in connection 

  
 9 

 
with cash management, tax and accounting operations of the Issuer and its Subsidiaries, (7) asset retirement obligations, (8) obligations in respect of environmental reclamation or site
rehabilitation and (9) workers’ compensation obligations (including superannuation, pensions and retiree medical care) that are not delinquent by more than 90 days. 

Notwithstanding anything in this Indenture to the contrary, Indebtedness shall not include, and shall be calculated without giving effect to,
the effects of FASB Accounting Standards Codification (ASC) 815 and related interpretations to the extent such effects would otherwise increase or decrease an amount of Indebtedness for any purpose under this Indenture as a result of accounting for
any embedded derivatives created by the terms of such Indebtedness; and any such amounts that would have constituted Indebtedness under this Indenture but for the application of this sentence shall not be deemed an Incurrence of Indebtedness under
this Indenture. 
 “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any
payment made by or on account of any obligation of Issuer under any Note Document and (b) to the extent not otherwise described in clause (a), Other Taxes. 

“Indenture” means this Indenture, as amended or supplemented from time to time. 

“Initial Notes” means each series of Notes issued on the Closing Date. 

“Interest Payment Date” has the meaning set forth in Exhibit A hereto. 

“Investment Grade Securities” means: 

(1) securities issued or directly and fully guaranteed or insured by the U.S. government or any agency or instrumentality
thereof (other than Cash Equivalents); 
 (2) securities that have a rating equal to or higher than Baa3 (or equivalent) by
Moody’s and BBB- (or equivalent) by S&P, but excluding any debt securities or loans or advances between and among the Issuer and its Subsidiaries; 

(3) investments in any fund that invests exclusively in investments of the type described in clauses (1) and (2) which
fund may also hold immaterial amounts of cash pending investment and/or distribution; and 
 (4) corresponding instruments in
countries other than the United States customarily utilized for high quality investments and in each case with maturities not exceeding two years from the date of acquisition. 

“Investments” means, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in
the form of loans (including guarantees of loans), advances or capital contributions (excluding accounts receivable, trade credit and advances to customers and commission, travel and similar advances to officers, employees and consultants made in
the ordinary course of business and any assets or securities received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss and any prepayments
and other credits to suppliers made in the ordinary course of business), purchases or other acquisitions for consideration of 

  
 10 

 
Indebtedness, Equity Interests or other securities issued by any other Person and investments that are required by GAAP to be classified on the balance sheet of such Person in the same manner as
the other investments included in this definition to the extent such transactions involve the transfer of cash or other property. 

“IPO” means a primary offer and sale of Equity Interests of the Issuer or HoldCo in an underwritten public offering for cash
pursuant to a registration statement that has been declared effective by the Commission pursuant to the Securities Act (other than a registration statement on Form S-4 or Form
S-8 or otherwise relating to Equity Interests of the Issuer or HoldCo issuable under any employee benefit plan), by a reputable nationally recognized investment bank pursuant to which the Equity Interests will
be listed on the Nasdaq National Market, the Nasdaq Global Select Market or the New York Stock Exchange and excluding any secondary offering unless the IPO Proceeds (as defined herein) from the primary component of such offering are sufficient to
redeem in full the entire outstanding aggregate principal amount of the Notes and to pay all accrued and unpaid interest in accordance with Section 3.09 hereof. 

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or similar encumbrance of any
kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or
give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code, PPSA or equivalent statutes of any jurisdiction); provided, that, in no event shall an operating lease or an
agreement to sell be deemed to constitute a Lien. 
 “Liquidity” shall mean the aggregate amount of Unrestricted Cash of
the Issuer and its Subsidiaries at such date. 
 “Management Group” means the Management Investors, as such term is defined
in the Investors Agreement. 
 “Material Adverse Effect” means a material adverse change in, or material adverse effect on
(a) the business, operations, Property or financial condition of the Issuer and its Subsidiaries, taken as a whole, excluding the effect of events, developments and circumstances affecting the electric utility industry generally or (b) the
ability of the Issuer to perform any of its material obligations under the Note Documents. 
 “Moody’s” means
Moody’s Investors Service, Inc. or any successor to the rating agency business thereof. 
 “Net Proceeds” means the
aggregate cash proceeds received by the Issuer in respect of any Asset Sale (including, without limitation, any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise, but only as and
when received, but excluding the assumption by the acquiring person of Indebtedness relating to the disposed assets or other consideration received in any other non-cash form), net of the direct costs relating
to such Asset Sale (including, without limitation, legal, accounting and investment banking fees, and brokerage and sales commissions), and any relocation expenses Incurred as a result thereof, taxes paid or payable as a result thereof (after taking
into account any available tax 

  
 11 

 
credits or deductions and any tax sharing arrangements related solely to such disposition), amounts required to be applied to the repayment of principal, premium, if any, and interest on
Indebtedness required (other than pursuant to Section 4.06(b)) to be paid as a result of such transaction, amounts paid in connection with the termination of Hedging Obligations related to Indebtedness repaid with such
proceeds, and any deduction of appropriate amounts to be provided by the Issuer as a reserve in accordance with GAAP against any liabilities associated with the asset disposed of in such transaction and retained by the Issuer after such sale or
other disposition thereof, including, without limitation, pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification obligations associated with such transaction. 

“Note Documents” means this Indenture, the Notes, the Collateral Trust Agreement, the Security Documents and the HoldCo
Guaranty, if any. 
 “Note Liens” means the Liens securing the Obligations under the Notes pursuant to the Security
Documents. 
 “Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements (including,
without limitation, reimbursement obligations with respect to letters of credit and bankers’ acceptances), damages and other liabilities payable under the documentation governing any Indebtedness (including interest, fees, expenses, indemnity
claims and other monetary obligations accrued during the pendency of an insolvency proceeding, whether or not constituting an allowed claim in such proceeding); provided, that, Obligations with respect to the Notes shall not include fees or
indemnifications in favor of third parties other than the Trustee, Collateral Trustee and the holders of the Notes. 

“Officer” means the chairman of the Board of Directors, chief executive officer, chief financial officer, president, any
executive vice president, senior vice president or vice president, the treasurer or the secretary of the Issuer. 
 “Officers’
Certificate” means a certificate signed on behalf of the Issuer by two Officers of the Issuer that meets the requirements set forth in this Indenture. 

“Opinion of Counsel” means a written opinion from legal counsel who is acceptable to the Trustee. The counsel may be an
employee of or counsel to the Issuer. 
 “Other Connection Taxes” means Taxes imposed as a result of a present or former
connection between a holder and the jurisdiction imposing such Tax (other than connections arising from such holder having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a
security interest under, engaged in any other transaction pursuant to or enforced any Note Document, or sold or assigned an interest in, a Note or any Note Document). 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Note Document, except any such Taxes that
are Other Connection Taxes imposed with respect to an assignment. 

  
 12 

 “Permitted Holder” means, at any time, each of (i) the Sponsor and
(ii) the Management Group. 
 “Permitted Investments” means: 

(1) any Investment in Cash Equivalents or Investment Grade Securities; 

(2) loans and advances in the ordinary course of business to officers, directors, employees or consultants of the Issuer or any
of its Subsidiaries in an aggregate outstanding amount, taken together with all other advances made pursuant to this clause (2), not to exceed $2.5 million; 

(3) any Investment acquired by the Issuer (a) in exchange for any other Investment or accounts receivable held by the
Issuer or any Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of or settlement of delinquent accounts and disputes with or judgments against the Issuer of such other Investment or accounts
receivable, (b) as a result of a foreclosure by the Issuer or any Subsidiary with respect to any secured Investment or other transfer of title with respect to any secured Investment in default; (c) as a result of the settlement, compromise
or resolution of litigation, arbitration or other disputes; or (d) in settlement of debts created in the ordinary course of business; 

(4) any Investments in the Issuer or by the Issuer in a Subsidiary of the Issuer; 

(5) Investments consisting of the licensing or contribution of intellectual property pursuant to joint marketing arrangements
with other Persons; 
 (6) (x) guarantees issued in accordance with Section 4.03 and
(y) guarantees of performance or other obligations (other than Indebtedness) arising in the ordinary course of business; 

(7) Investments consisting of or to finance purchases and acquisitions of inventory, supplies, materials, services or equipment
or purchases of contract rights or licenses or leases of intellectual property; 
 (8) any Investment by the Issuer or any of
its Subsidiaries in a Person (including in the Equity Interests of such Person) if as a result of such Investment (a) such Person becomes a Subsidiary or (b) such Person, in one transaction or a series of related transactions, is merged,
amalgamated or consolidated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, the Issuer or a Subsidiary, and, in each case, any Investment held by such Person; provided, that, such Investment
was not acquired by such Person in contemplation of such acquisition, merger, consolidation or transfer; 
 (9) any
Investment in securities or other assets not constituting cash, Cash Equivalents or Investment Grade Securities and received in connection with an Asset Sale made pursuant to Section 4.06; 

(10) Investments existing on the Closing Date set forth on Schedule 4.04; 

  
 13 

 (11) Investments consisting of prepaid expenses, negotiable instruments held
for collection and lease, utility and workers’ compensation, performance and other similar deposits made in the ordinary course of business by the Issuer or any Subsidiary; 

(12) Investments represented by Hedging Obligations, in each case as permitted under Section 4.03(b);

 (13) Investments in the ordinary course of business consisting of endorsements for collection or deposit and customary
trade arrangements with customers which are not past due by more than 30 days; 
 (14) receivables owing to the Issuer or any
Subsidiary created or acquired in the ordinary course of business and payable or dischargeable in accordance with customary trade terms which do not extend for more than 30 days; 

(15) any Investments received in compromise or resolution of obligations of trade creditors or customers that were incurred in
the ordinary course of business of the Issuer or any of its Subsidiaries, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer; and 

(16) other Investments having an aggregate Fair Market Value when taken together with all other Investments made pursuant to
this clause (16) that are at that time outstanding, not to exceed $2 million. 
 “Permitted Liens” means, with
respect to any Person: 
 (1) pledges or deposits and other Liens granted by such Person under workmen’s compensation
laws, unemployment insurance laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits of cash or U.S.
government bonds to secure surety or appeal bonds, performance and return of money bonds, or deposits as security for contested taxes or import duties or for the payment of rent, in each case Incurred in the ordinary course of business and not
securing Indebtedness; 
 (2) Liens imposed by law, such as landlord’s, carriers’, warehousemen’s,
mechanics’, materialmen’s, repairmen’s, construction or other like Liens securing obligations that are not overdue by more than 30 days or that are being contested in good faith by appropriate proceedings or other Liens arising out of
judgments or awards against such Person with respect to which such Person shall then be proceeding with an appeal or other proceedings for review; 

(3) Liens for taxes, assessments or other governmental charges not yet overdue by more than 30 days or that are being contested
in good faith by appropriate proceedings and, in each case, for which adequate reserves have been established in accordance with GAAP; 

  
 14 

 (4) Liens (a) in favor of issuers of performance and surety bonds or
bid bonds or with respect to other regulatory requirements or letters of credit, bankers’ acceptances or similar obligations issued pursuant to the request of and for the account of such Person in the ordinary course of its business and
(b) securing other obligations in respect of surety and bonding requirements; provided, however, that such obligations do not constitute Indebtedness for borrowed money; 

(5) the Note Liens securing the Notes, any increase in principal amount as the result of a PIK Payment and any PIK Notes in
respect thereof (including any Additional Notes issued in compliance with the provisions of this Indenture); 
 (6) Liens
existing on the Closing Date set forth on Schedule 4.03; 
 (7) Liens on assets or property at the time the Issuer
acquired the assets or property, including any acquisition by means of a merger, amalgamation or consolidation with or into the Issuer; provided, however, that such Liens are not created or Incurred in connection with, or in
contemplation of, such acquisition; provided, further, however, that the Liens may not extend to any other property owned by the Issuer; 

(8) Liens on inventory or other goods and proceeds of any Person securing such Person’s obligations in respect of
documentary letters of credit, bank guarantees or bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 

(9) Liens in favor of the Issuer or a Subsidiary; 

(10) pledges and deposits and other Liens made in the ordinary course of business to secure liability to insurance carriers;

 (11) leases or subleases, and licenses or sublicenses (including with respect to intellectual property) granted to others
in the ordinary course of business; 
 (12) Liens in favor of a client’s creditors on equipment, inventory or fixtures
of the Issuer or any of its Subsidiaries leased in the ordinary course of business to such client; 
 (13) judgment and
attachment Liens not giving rise to an Event of Default and notices of lis pendens and associated rights related to litigation being contested in good faith by appropriate proceedings and for which adequate reserves have been made; 

(14) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale or purchase of
goods entered into in the ordinary course of business; 
 (15) Liens (i) arising by virtue of any statutory or common
law provisions relating to banker’s Liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a depository or financial institution, (ii) attaching
to commodity trading accounts or other commodity brokerage accounts incurred in the ordinary course of business or (iii) encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to brokerage accounts
incurred in the ordinary course of business and not for speculative purposes; 

  
 15 

 (16) Liens on securities that are the subject of repurchase agreements
constituting Cash Equivalents under clause (4) of the definition thereof; 
 (17) Liens securing insurance premium
financing arrangements, deposits made or other security provided to secure liabilities to insurance brokers, insurance carriers under insurance or self-insurance arrangements in the ordinary course of business; 

(18) Liens securing Hedging Obligations so long as the related Indebtedness is permitted to be incurred under this Indenture;

 (19) Liens arising from Uniform Commercial Code (or equivalent statutes) financing statement filings regarding operating
leases or accounts in connection with any transactions otherwise permitted under this Indenture; 
 (20) Liens on cash, Cash
Equivalents or other property arising in connection with the defeasance, discharge or redemption of Indebtedness; and 
 (21)
Liens incurred with respect to Indebtedness that does not exceed in aggregate principal amount, at any one time outstanding, $2 million, determined as of the date of such incurrence or issuance; provided, that, such Liens incurred
pursuant to this clause (21) do not secure any Indebtedness for borrowed money other than such Indebtedness issued pursuant to subordination arrangements reasonably satisfactory to the holders. 

“Permitted Tax Distributions” means, with respect to any year in which the Issuer is a member of a consolidated, combined,
unitary or similar group for U.S. federal or other applicable Tax purposes that includes a HoldCo, payments to HoldCo in an aggregate amount with respect to such year that does not exceed the sum of (i) any franchise, capital stock, minimum or
other similar Taxes that are required to be paid by HoldCo to maintain its corporate existence and (ii) the lesser of (A) the income, franchise or similar Taxes that the Issuer and its Subsidiaries would have been required to pay for such
year if they paid such Taxes on a separate return basis and (B) the net amount of such Taxes that such HoldCo actually owes to the appropriate taxing authority, in each case, taking into account any carryovers and carrybacks of tax attributes
(such as net operating losses) of the Issuer and its Subsidiaries applied from other taxable years in accordance with applicable law. 

“Person” means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock
company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 
 “PIK
Interest” means interest payable by increasing the principal amount of the Notes or by issuing PIK Notes. 
 “Pledge
Agreement” means that certain Pledge and Security Agreement, dated as of the date hereof, by and between the Issuer and the Collateral Trustee. 

“Preferred Stock” means any Equity Interest with preferential right of payment of dividends or upon liquidation, dissolution,
or winding up. 

  
 16 

 “Preferred Stock Commitment” means the funding commitment from certain
existing stockholders of the Issuer to fund $40 million of additional Preferred Stock subscriptions. 
 “Property”
means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible, including, without limitation, cash, securities, accounts and contract rights. 

“S&P” means S&P Global Ratings or any successor to the rating agency business thereof. 

“Sale/Leaseback Transaction” means an arrangement providing for the leasing by the Issuer of any real or tangible personal
property, which property has been or is to be sold or transferred by the Issuer to a third Person in contemplation of such leasing. 

“SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Securitization Transaction” means the issuance of approximately $254,750,000 aggregate principal amount of
its Series 2017-1 solar asset backed notes due 2049 by Helios Issuer, LLC, a wholly-owned subsidiary of the Issuer. 

“Security Agreement” means that certain Security Agreement, dated as of the date hereof, by and between the Issuer and the
Collateral Trustee. 
 “Security Documents” means the Collateral Trust Agreement, each joinder agreement required by the
Collateral Trust Agreement, the Security Agreement, the Pledge Agreement, the Trademark Security Agreement, the Consent to Collateral Assignment and all security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust,
collateral agency agreements, control agreements or other grants or transfers for security executed and delivered by the Issuer or HoldCo, if applicable, creating (or purporting to create) a perfected first-priority Note Lien upon Collateral in
favor of the Collateral Trustee, in each case, as amended, modified, renewed, restated or replaced, in whole or in part, from time to time, in accordance with its terms and the provisions of the Collateral Trust Agreement. 

“Similar Business” means any business, the majority of whose revenues are derived from (i) the business or activities of
the Issuer and its Subsidiaries as of the Closing Date and (ii) any business that is a natural outgrowth or a reasonable extension, development or expansion of any such business or any business similar, reasonably related, incidental,
complementary or ancillary to any of the foregoing. 
 “Sponsor” means one or more investment funds affiliated with ECP and
any of their respective Affiliates other than any portfolio companies. 
 “SRECs” means solar renewable energy
certificates. 

  
 17 

 “Stated Maturity” means, with respect to any Note, the date specified in
such Note as the fixed date on which the final payment of principal of such Note is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the repurchase of such Note at the option of the
holder thereof upon the happening of any contingency beyond the control of the issuer unless such contingency has occurred). 

“Subordinated Indebtedness” means any Indebtedness of the Issuer which is by its terms subordinated in right of payment to
the Notes. 
 “Subsidiary” means, with respect to any Person, (1) any corporation, association or other business
entity (other than a partnership, joint venture or limited liability company) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of
directors, managers or trustees thereof is at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof, and (2) any partnership, joint
venture or limited liability company of which (x) more than 50% of the capital accounts, distribution rights, total equity and voting interests or general and limited partnership interests, as applicable, are owned or controlled, directly or
indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof, whether in the form of membership, general, special or limited partnership interests or otherwise, and (y) such Person or any
Subsidiary of such Person is a controlling general partner or otherwise controls such entity. 
 “Taxes” means any and all
present or future taxes, duties, levies, imposts, assessments, deductions, withholdings or other similar charges imposed by any Governmental Authority whether computed on a separate, consolidated, unitary, combined or other basis and any interest,
fines, penalties or additions to tax with respect to the foregoing. 
 “Tax Equity Transaction” means the transaction
involving the entrance of Sunnova TEP I, LLC, Sunnova TEP I Holdings, LLC, Sunnova TEP I Developer, LLC, Sunnova TE Management I, LLC, Sunnova TEP I Manager, LLC and Firstar Development, LLC, into certain agreements, including the Master
Development, Purchase and Sale Agreement dated March 2, 2017, and Sunnova TEP I, LLC’s Amended and Restated Limited Liability Company Agreement dated March 2, 2017, relating to a tax equity financing with a commitment of approximately
$80 million, and any similar future tax equity financings involving any Subsidiary and a third-party investor (including pursuant to which the Issuer provides a performance guarantee). 

“TIA” means the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) as in effect on the date of this Indenture.

 “Trademark Security Agreement” means the Trademark Security Agreement, dated as of the date hereof, between the Issuer
and the Collateral Trustee. 
 “Trust Officer” means: 

(1) any officer within the corporate trust department of the Trustee or the Collateral Trustee, as the case may be, including
any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee or the Collateral Trustee, as the case may be, who customarily performs functions similar to those performed by
the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject; and 

  
 18 

 (2) who shall have direct responsibility for the administration of this
Indenture or Collateral Trust Agreement, as the case may be. 
 “Trustee” means the party named as such in this Indenture
until a successor replaces it and, thereafter, means the successor. 
 “Uniform Commercial Code” or “UCC”
means the New York Uniform Commercial Code as in effect from time to time. 
 “Unrestricted Cash” shall mean cash or cash
equivalents (including Permitted Investments) of the Issuer and any of its Subsidiaries that would not appear as “restricted” on a consolidated balance sheet of the Issuer; provided that, such Unrestricted Cash shall exclude any cash and
cash equivalents of the Issuer or any of its Subsidiaries that are (a) set aside in a segregated cash collateral or escrow account for the benefit of a party other than the Issuer or any of its Subsidiaries, the Trustee or the Collateral
Trustee, (b) subject to an account control or securities account control agreement in favor of a third party other than the Collateral Trustee, or (c) any amounts held at the Issuer’s Subsidiaries that are not payable to the Issuer as
a result of any cash sweep or any other mandatory prepayment provisions at such Subsidiary. 
 “U.S. Government
Obligations” means securities that are: 
 (1) direct obligations of the United States of America for the timely
payment of which its full faith and credit is pledged; or 
 (2) obligations of a Person controlled or supervised by and
acting as an agency or instrumentality of the United States of America, the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in each case, are not callable or
redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any such U.S. Government Obligations or a specific
payment of principal of or interest on any such U.S. Government Obligations held by such custodian for the account of the holder of such depository receipt; provided, that, (except as required by law) such custodian is not authorized to make
any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligations or the specific payment of principal of or interest on the U.S. Government
Obligations evidenced by such depository receipt. 
 “USA Patriot Act” means the USA PATRIOT ACT, Title III of Pub. L. 107-56 (signed into law October 26, 2001). 
 “Voting Stock” of any Person as of any
date means the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person. 

  
 19 

 “Warehouse Financings” means, collectively, the warehouse facility, entered
into by Sunnova LAP Holdings, LLC, Sunnova LAP I, LLC and Sunnova LAP II, LLC, each wholly-owned Subsidiaries of the Issuer, with an initial borrowing capacity of $260,000,000 and the warehouse facility, entered into by EZ-Own Portfolio, LLC, a wholly-owned Subsidiary of the Issuer, with an initial borrowing capacity of $100 million. 

Section 1.02 Other Definitions. 

 

			
	 Term
	  	Section
	$	  	1.03
	Alternate Offer	  	4.08(f)
	Affiliate Transaction	  	4.07(a)
	Agent Members	  	2.1(b)
	Authentication Order	  	2.03
	Bankruptcy Law	  	6.01
	Change of Control Offer	  	4.08(b)
	Change of Control Payment	  	4.08(a)
	covenant defeasance option	  	8.01(b)
	Custodian	  	6.01
	Definitive Note	  	Appendix A
	Depository	  	Appendix A
	Event of Default	  	6.01
	Global Notes	  	Appendix A
	Global Notes Legend	  	Appendix A
	HoldCo	  	4.18
	HoldCo Guaranty	  	4.18
	IAI	  	Appendix A
	Issuer	  	Preamble
	legal defeasance option	  	8.01(b)
	Notes	  	Preamble
	Notes Custodian	  	Appendix A
	Notice of Default	  	6.01
	Paying Agent	  	2.04(a)
	Permitted Indebtedness	  	4.03(b)
	protected purchaser	  	2.08
	QIB	  	Appendix A
	Registrar	  	2.04(a)
	Regulation S	  	Appendix A
	Regulation S Global Notes	  	Appendix A
	Regulation S Notes	  	Appendix A
	Restricted Notes Legend	  	Appendix A
	Rule 144A	  	Appendix A
	Rule 144A Global Notes	  	Appendix A
	Rule 144A Notes	  	Appendix A
	Rule 501	  	Appendix A
	Successor Company	  	5.01(a)(i)
	Transfer Restricted Definitive Notes	  	Appendix A    
	Transfer Restricted Global Notes	  	Appendix A
	Transfer Restricted Notes	  	Appendix A
	U.S. dollars	  	1.03(j)
	Unrestricted Definitive Notes	  	Appendix A
	Unrestricted Global Notes	  	Appendix A

  
 20 

 Section 1.03 Rules of Construction.
Unless the context otherwise requires: 
 (a) a term has the meaning assigned to it; 

(b) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(c) “or” is not exclusive; 

(d) “including” means including without limitation; 

(e) words in the singular include the plural and words in the plural include the singular; 

(f) unsecured Indebtedness shall not be deemed to be subordinate or junior to Secured Indebtedness merely by virtue of its nature as unsecured
Indebtedness; 
 (g) the principal amount of any non-interest bearing or other discount security at
any date shall be the principal amount thereof that would be shown on a balance sheet of the Issuer dated such date prepared in accordance with GAAP; 

(h) the principal amount of any Preferred Stock shall be (i) the maximum liquidation value of such Preferred Stock or (ii) the
maximum mandatory redemption or mandatory repurchase price with respect to such Preferred Stock, whichever is greater; 
 (i) unless
otherwise specified herein, all accounting terms used herein shall be interpreted, all accounting determinations hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared in accordance with GAAP; and

 (j) “$” and “U.S. dollars” each refer to United States dollars, or such other money of the United States of
America that at the time of payment is legal tender for payment of public and private debts. 

Section 1.04 No Incorporation by Reference of Trust Indenture Act. This Indenture is
not qualified under the TIA, and the TIA shall not apply to or in any way govern the terms of this Indenture. As a result, no provisions of the TIA are incorporated into this Indenture. 

  
 21 

 ARTICLE II 

THE NOTES 

Section 2.01 Amount of Notes. The aggregate maximum principal amount of Notes which
may be authenticated and delivered under this Indenture is $80,000,000 and any increases thereof as the result of payment of PIK Interest. 

The Issuer may from time to time on or after the Closing Date issue (i) up to $1,800,000 in principal amount of Additional Notes (and any
increases thereof as a result of payment of PIK Interest) in connection with the exercise by one or more stockholders of the Issuer of preemptive rights under the Investors Agreement and (ii) any other Additional Notes with the consent of a
majority in aggregate principal amount of the holders. With respect to any such Notes issued after the Closing Date, there shall be (a) established in or pursuant to a resolution of the Board of Directors and (b) set forth or determined in
the manner provided in an Officers’ Certificate: 
 (1) the aggregate principal amount of such Notes; 

(2) the issue price and issuance date of such Notes, including the date from which interest on such Notes shall accrue, which
Notes may be issued in one or more series as designated by the Issuer; and 
 (3) if applicable, that such Notes shall be
issuable in whole or in part in the form of one or more Global Notes and, in such case, the respective depositaries for such Global Notes, the form of any legend or legends which shall be borne by such Global Notes in addition to or in lieu of those
set forth in Exhibit A hereto and any circumstances in addition to or in lieu of those set forth in Section 2.2 of Appendix A in which any such Global Note may be exchanged in whole or in part for Notes registered, or any transfer of such
Global Note in whole or in part may be registered, in the name or names of Persons other than the depository for such Global Note or a nominee thereof. 

If any of the terms of any Notes are established by action taken pursuant to a resolution of the Board of Directors, a copy of an appropriate
record of such action shall be certified by the Secretary or any Assistant Secretary of the Issuer and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate or an indenture supplemental hereto setting forth the terms
of the Notes. 
 The Initial Notes, the PIK Notes and each series of Additional Notes, except as otherwise set forth herein with respect to
redemptions, will be treated as a single class for all purposes under this Indenture, including, without limitation, waivers, amendments and offers to purchase; provided, that, if any PIK Notes or Additional Notes are not fungible with the
Initial Notes for U.S. federal income tax, securities law or other purposes, the PIK Notes or Additional Notes, as applicable, will have a separate CUSIP number, if applicable. 

Section 2.02 Form and Dating. Provisions relating to the Notes are set forth in
Appendix A, which is hereby incorporated in and expressly made a part of this Indenture. The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A hereto, which is hereby incorporated in and
expressly made a part of this 

  
 22 

 
Indenture. The Notes may have notations, legends or endorsements required by law, stock exchange rule, agreements to which the Issuer is subject, if any, or usage (provided that any such
notation, legend or endorsement is in a form acceptable to the Issuer). Each Note shall be dated the date of its authentication. The Notes shall be issuable only in registered form without interest coupons and in minimum denominations of $2,000 and
any integral multiples of $1,000 in excess thereof; provided, that, Notes may be issued in denominations of less than $2,000 solely to accommodate book-entry positions that have been created by the Depository in denominations of less than
$2,000 (or if any PIK Interest has been paid, in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof). For the avoidance of doubt, the Initial Notes and any PIK Notes issued prior to obtaining DTC eligibility in
accordance with Section 4.21 shall be issued in the form of Definitive Notes. 
 Section 2.03
Execution and Authentication. The Trustee shall authenticate and make available for delivery upon a written order of the Issuer signed by one Officer of the Issuer (an “Authentication Order”), subject to the terms
of this Indenture, Notes in an aggregate principal amount to be determined at the time of issuance and specified therein. Such Authentication Order shall specify the amount of separate Note certificates to be authenticated, the principal amount of
each of the Notes to be authenticated, the date on which the original issue of Notes is to be authenticated, the registered holder of each of the Notes and delivery instructions. 

One Officer shall sign the Notes for the Issuer by manual or facsimile signature. 

If an Officer whose signature is on a Note no longer holds that office at the time the Trustee authenticates the Note, the Note shall be valid
nevertheless. 
 A Note shall not be valid until an authorized signatory of the Trustee manually signs the certificate of authentication on
the Note. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 
 The Trustee will, upon
receipt of an Authentication Order, authenticate Notes for original issue that may be validly issued under this Indenture, including any PIK Notes and Additional Notes. The aggregate principal amount of Notes outstanding at any time may not exceed
the aggregate principal amount of Notes authorized for issuance by the Issuer pursuant to one or more Authentication Orders, except as provided in Section 2.05 hereof. 

The Trustee may appoint one or more authenticating agents reasonably acceptable to the Issuer to authenticate the Notes. Any such appointment
shall be evidenced by an instrument signed by an Officer of the Issuer, a copy of which shall be furnished to the Trustee. Unless limited by the terms of such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do
so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as any Registrar, Paying Agent or agent for service of notices and demands. 

  
 23 

 Section 2.04 Registrar and Paying
Agent. 
 (a) The Issuer shall maintain (i) an office or agency where Notes may be presented for registration of transfer or for
exchange (the “Registrar”) and (ii) an office or agency where Notes may be presented for payment (the “Paying Agent”). The Registrar shall keep a register of the Notes (including the name and address of each
holder, and such holder’s right to the principal of, and stated interest on, the Notes) and of their transfer and exchange that complies with the requirements of Sections 163(f), 871(h) and 881(c)(2) of the Code and the Treasury regulations
issued thereunder. The Issuer may have one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any
co-registrars. The term “Paying Agent” includes the Paying Agent and any additional paying agents. The Issuer initially appoints the Trustee as Registrar, Paying Agent and the Notes Custodian
with respect to the Global Notes and DTC as Depository with respect to the Global Notes. 
 (b) The Issuer may enter into an appropriate
agency agreement with any Registrar or Paying Agent not a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to such agent. The Issuer shall notify the Trustee in writing of the name and address of
any such agent not party to this Indenture. If the Issuer fails to maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.07. The
Issuer may act as Paying Agent or Registrar. 
 (c) The Issuer may remove any Registrar or Paying Agent upon written notice to such Registrar
or Paying Agent and to the Trustee and the holders; provided, however, that no such removal shall become effective until (i) if applicable, acceptance of an appointment by a successor Registrar or Paying Agent, as the case may be,
as evidenced by an appropriate agreement entered into by the Issuer and such successor Registrar or Paying Agent, as the case may be, and delivered to the Trustee or (ii) notification to the Trustee that the Trustee shall serve as Registrar or
Paying Agent until the appointment of a successor in accordance with clause (i) above. The Registrar or Paying Agent may resign at any time upon written notice to the Issuer and the Trustee. 

Section 2.05 Paying Agent to Hold Money and PIK Notes in Trust. On or prior to 10:00
am, New York City time on each due date of the principal of, premium (if any) and interest on any Note, the Issuer shall deposit with each Paying Agent (or if the Issuer is acting as Paying Agent, segregate and hold in trust for the benefit of the
Persons entitled thereto) a sum sufficient to pay such principal and cash interest, and increase the principal amount of the Notes or issue PIK Notes to pay PIK Interest pursuant to an Authentication Order delivered to the Trustee specifying the PIK
Note amount to be issued on the applicable interest payment date, when so becoming due. The Issuer shall require each Paying Agent (other than the Trustee) to agree in writing that a Paying Agent shall hold in trust for the benefit of holders or the
Trustee all money held by a Paying Agent for the payment of principal of, premium (if any) and interest on the Notes, and shall notify the Trustee of any default by the Issuer in making any such payment. If the Issuer acts as Paying Agent, it shall
segregate the money held by it as Paying Agent and hold it in trust for the benefit of the Persons entitled thereto. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed
by such Paying Agent. Upon complying with this Section 2.05, a Paying Agent shall have no further liability for the money delivered to the Trustee. While any default continues, the

  
 24 

 
Trustee may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Issuer) will have no further liability for the
money. Upon any bankruptcy or reorganization proceedings relating to the Issuer, the Trustee will serve as Paying Agent for the Notes. 

Section 2.06 Holder Lists. The Trustee shall preserve in as current a form as is
reasonably practicable the most recent list available to it of the names and addresses of holders. If the Trustee is not the Registrar, the Issuer shall furnish, or cause the Registrar to furnish, to the Trustee, in writing at least five Business
Days before each Interest Payment Date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of holders. 

Section 2.07 Transfer and Exchange. The Notes shall be issued in registered form and
shall be transferable only upon the surrender of a Note for registration of transfer and in compliance with Appendix A. When a Note is presented to the Registrar with a request to register a transfer, the Registrar shall register the transfer as
requested if its requirements therefor are met. When Notes are presented to the Registrar with a request to exchange them for an equal principal amount of Notes of other denominations, the Registrar shall make the exchange as requested if the same
requirements are met. To permit registration of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate, upon receipt of an Authentication Order, Notes at the Registrar’s request. The Issuer may require payment of a
sum sufficient to pay all taxes, assessments or other governmental charges in connection with any transfer or exchange pursuant to this Section 2.07 (other than any such transfer taxes, assessments or similar governmental
charge payable upon exchanges pursuant to Sections 2.14, 3.08, 3.09, 0 and 9.04 of this Indenture). The Issuer shall not be required to make, and the Registrar need not register, transfers or exchanges of Notes
selected for redemption (except, in the case of Notes to be redeemed in part, the portion thereof not to be redeemed) or transfers or exchanges of any Notes for a period of 15 days before a selection of Notes to be redeemed or between a record date
and the interest payment date. Prior to the due presentation for registration of transfer of any Note, the Issuer, the Trustee, the Paying Agent and the Registrar may deem and treat the Person in whose name a Note is registered as the absolute owner
of such Note for the purpose of receiving payment of principal of, premium (if any) and interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Issuer, the Trustee, the Paying Agent
or the Registrar shall be affected by notice to the contrary. 
 Any holder of a beneficial interest in a Global Note shall, by acceptance
of such beneficial interest, agree that transfers of beneficial interests in such Global Note may be effected only through a book-entry system maintained by (a) the holder of such Global Note (or its agent) or (b) any holder of a
beneficial interest in such Global Note, and that ownership of a beneficial interest in such Global Note shall be required to be reflected in a book entry. 

All Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and shall be entitled to
the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange. 

  
 25 

 The Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Depository participants, members or beneficial
owners of interests in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine
the same to determine substantial compliance as to form with the express requirements hereof. 
 None of the Trustee, Registrar or Paying
Agent shall have any responsibility for any actions taken or not taken by the Depository. 

Section 2.08 Replacement Notes. If a mutilated Note is surrendered to the Registrar or
if the holder of a Note claims that the Note has been lost, destroyed or wrongfully taken, the Issuer shall issue and, upon receipt of an Authentication Order, the Trustee shall authenticate a replacement Note if the requirements of Section 8-405 of the Uniform Commercial Code are met, such that the holder (a) satisfies the Issuer and the Trustee within a reasonable time after such holder has notice of such loss, destruction or
wrongful taking and the Registrar does not register a transfer prior to receiving such notification, (b) makes such request to the Issuer and the Trustee prior to the Note being acquired by a protected purchaser as defined in Section 8-303 of the Uniform Commercial Code (a “protected purchaser”) and (c) satisfies any other reasonable requirements of the Issuer and the Trustee. If required by the Trustee or the Issuer,
such holder shall furnish an indemnity bond or security sufficient in the judgment of the Trustee, with respect to the Trustee, and the Issuer, with respect to the Issuer, to protect the Issuer, the Trustee, the Paying Agent and the Registrar from
any loss or liability that any of them may suffer if a Note is replaced and subsequently presented or claimed for payment. The Issuer and the Trustee may charge the holder for their expenses in replacing a Note (including without limitation,
attorneys’ fees and disbursements in replacing such Note). In the event any such mutilated, lost, destroyed or wrongfully taken Note has become or is about to become due and payable, the Issuer in its discretion may pay such Note instead of
issuing a new Note in replacement thereof. 
 Every replacement Note is an additional obligation of the Issuer. 

The provisions of this Section 2.08 are exclusive and shall preclude (to the extent lawful) all other rights and
remedies with respect to the replacement or payment of mutilated, lost, destroyed or wrongfully taken Notes. 

Section 2.09 Outstanding Notes. Notes outstanding at any time are all Notes
authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation and those described in this Section 2.09 as not outstanding. Subject to Section 14.06, a
Note does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note. 

  
 26 

 If a Note is replaced pursuant to Section 2.08 (other than a
mutilated Note surrendered for replacement), it ceases to be outstanding unless the Trustee and the Issuer receive proof satisfactory to them that the replaced Note is held by a protected purchaser. A mutilated Note ceases to be outstanding upon
surrender of such Note and replacement thereof pursuant to Section 2.08. 
 If a Paying Agent segregates and holds
in trust, in accordance with this Indenture, on a redemption date or maturity date money sufficient to pay all principal, premium (if any) and interest payable on that date with respect to the Notes (or portions thereof) to be redeemed or maturing,
as the case may be, and no Paying Agent is prohibited from paying such money to the holders on that date pursuant to the terms of this Indenture, then on and after that date such Notes (or portions thereof) cease to be outstanding and interest on
them ceases to accrue. 
 Section 2.10 Cancellation. The Issuer at any time may
deliver Notes to the Trustee for cancellation. The Registrar and each Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel all Notes
surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall dispose of canceled Notes in accordance with its customary procedures. The Issuer may not issue new Notes to replace Notes they have redeemed, paid or
delivered to the Trustee for cancellation. Certification of the cancellation of all canceled Notes shall be delivered to the Issuer upon request. The Trustee shall not authenticate Notes in place of canceled Notes other than pursuant to the terms of
this Indenture. 
 Section 2.11 Defaulted Interest. If the Issuer defaults in a
payment of interest on the Notes, the Issuer shall pay the defaulted interest then borne by the Notes (plus interest on such defaulted interest to the extent lawful) in any lawful manner. The Issuer shall pay the defaulted interest to the
Persons who are holders on a subsequent special record date. The Issuer shall fix or cause to be fixed any such special record date and payment date, which specified record date shall not be less than ten (10) days prior to the payment date for
such defaulted interest and shall promptly mail or cause to be mailed to each affected holder, at least fifteen (15) days before the special record date, a notice that states the special record date, the payment date and the amount of defaulted
interest to be paid. The Issuer shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid on the Notes and the date of the proposed payment, and at the same time the Issuer shall deposit with the Trustee an amount
of money equal to the aggregate amount proposed to be paid in respect of such defaulted interest, or make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when so deposited to be held in
trust for the benefit of the Persons entitled to such defaulted interest as provided in this Section 2.11. 

Section 2.12 CUSIP Numbers, ISINs, Etc. The Issuer in issuing the Notes may use CUSIP
numbers, ISINs and “Common Code” numbers (if then generally in use), and the Trustee shall use any such CUSIP numbers, ISINs and “Common Code” numbers in notices of redemption as a convenience to holders; provided,
however, that any such notice may state that no representation is made as to the correctness of such numbers, either as printed on the Notes or as contained in any notice of a redemption that reliance may be placed only on the other
identification numbers printed on the Notes and that any such redemption shall not be affected by any defect in or omission of such numbers. The Issuer shall promptly advise the Trustee in writing of any change in any such CUSIP numbers, ISINs and
“Common Code” numbers applicable to the Notes. 

  
 27 

 Section 2.13 Calculation of Principal Amount
of Notes. The aggregate principal amount of the Notes, at any date of determination, shall be the principal amount of the Notes at such date of determination. With respect to any matter requiring consent, waiver, approval or other action of
the holders of a specified percentage of the principal amount of all the Notes, such percentage shall be calculated, on the relevant date of determination, by dividing (a) the principal amount, as of such date of determination, of Notes, the
holders of which have so consented, by (b) the aggregate principal amount, as of such date of determination, of the Notes then outstanding, in each case, as determined in accordance with the preceding sentence,
Section 2.09 and Section 14.06 of this Indenture. 

Section 2.14 Temporary Notes. In the event that Definitive Notes are to be issued under
the terms of this Indenture, until such Definitive Notes are ready for delivery, the Issuer may prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form
of Definitive Notes but may have variations that the Issuer considers appropriate for temporary Notes. Without unreasonable delay, the Issuer shall prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate Definitive Notes
and deliver them in exchange for temporary Notes upon surrender of such temporary Notes at the office or agency of the Issuer, without charge to the Holder. 

Section 2.15 Payment Net of Taxes. 

(a) For purposes of this Section 2.15, the term “applicable law” includes FATCA. 

(b) Any and all payments by or on account of any obligation of the Issuer under any Note Document shall be made without deduction or
withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of the Issuer) requires the deduction or withholding of any Tax from any such payment by the Issuer, then the Issuer
shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable
by Issuer shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 2.15), each holder
receives an amount equal to the sum it would have received had no such deduction or withholding been made. 
 (c) Without duplication of any
obligation under Section 2.15(b), Issuer shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of each holder timely reimburse it for the payment of, any Other Taxes.

  
 28 

 (d) Without duplication of any obligation under Section 2.15(b) or
(c), Issuer shall indemnify each holder, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this
Section 2.15) payable or paid by such holder or required to be withheld or deducted from a payment to such holder and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes
were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to Issuer by a holder shall be conclusive absent manifest error. 

(e) As soon as practicable after any payment of Taxes by Issuer to a Governmental Authority pursuant to this
Section 2.15, Issuer shall deliver to the applicable holder the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other
evidence of such payment reasonably satisfactory to such holder. 
 (f) Status of Holders. 

(i) If a holder is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Note
Document, it shall deliver to Issuer, at the time or times reasonably requested by Issuer, such properly completed and executed documentation reasonably requested by Issuer as will permit such payments to be made without withholding or at a reduced
rate of withholding. In addition, each holder, if reasonably requested by Issuer, shall deliver such other documentation prescribed by applicable law or reasonably requested by Issuer as will enable Issuer to determine whether or not such holder is
subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation other than such documentation set forth in
Section 2.15(f)(ii)(A), (ii)(B) and (ii)(D) below shall not be required if in a holder’s reasonable judgment such completion, execution or submission would subject such holder to any material unreimbursed
cost or expense or would materially prejudice the legal or commercial position of such holder. 
 (ii) Without limiting the
generality of the foregoing: 
 (A) any holder that is a U.S. Person shall deliver to Issuer on or prior to the date on
which such holder becomes a holder under this Indenture (and from time to time thereafter upon the reasonable request of Issuer), executed originals of IRS Form W-9 certifying that such holder is exempt from
United States federal backup withholding tax; 
 (B) any Foreign Holder shall, to the extent it is legally entitled to do
so, deliver to Issuer (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Holder becomes a holder under this Agreement (and from time to time thereafter upon the reasonable request of
Issuer), whichever of the following is applicable: 

  
 29 

 (1) in the case of a Foreign Holder claiming the benefits of an income tax
treaty to which the United States is a party (x) with respect to payments of interest under any Note Document, executed originals of IRS Form W-8BEN or W-8BEN-E establishing an exemption from, or reduction of, United States federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other
applicable payments under any Note Document, IRS Form W- 8BEN or W-8BEN-E establishing an exemption from, or reduction of, United
States federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty; 

(2) executed originals of IRS Form W-8ECI; 

(3) in the case of a Foreign Holder claiming the benefits of the exemption for portfolio interest under Section 881(c) of
the Code, (x) a certificate to the effect that such Foreign Holder is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of Issuer within the meaning of
Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN or W-8BEN-E; or 

(4) to the extent a Foreign Holder is not the beneficial owner, executed originals of IRS Form
W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or
W-8BEN-E, a U.S. Tax Compliance Certificate (with appropriate modifications so that the certifications apply to such Foreign Holder and/or to each beneficial owner, as
applicable) and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Holder is a partnership and one or more direct or indirect partners of such Foreign Holder are claiming the portfolio
interest exemption, such Foreign Holder may provide a U.S. Tax Compliance Certificate on behalf of each such direct and indirect partner; 

(C) any Foreign Holder shall, to the extent it is legally entitled to do so, deliver to Issuer (in such number of copies as
shall be requested by the recipient) on or prior to the date on which such Foreign Holder becomes holder under this Agreement (and from time to time thereafter upon the reasonable request of Issuer), executed originals of any other form prescribed
by applicable law as a basis for claiming exemption from or a reduction in United States federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit Issuer to determine the
withholding or deduction required to be made; and 

  
 30 

 (D) if a payment made to any holder under any Note Document would be
subject to United States federal withholding Tax imposed by FATCA if such holder were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable),
such holder shall deliver to Issuer at the time or times prescribed by law and at such time or times reasonably requested by Issuer such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the
Code) and such additional documentation reasonably requested by Issuer as may be necessary for Issuer to comply with its obligations under FATCA and to determine that such holder has complied with such holder’s obligations under FATCA or to
determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

Each holder agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it
shall update such form or certification or promptly notify Issuer in writing of its legal inability to do so. 
 (g) If any party determines,
in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.15 (including by the payment of additional amounts pursuant to this
Section 2.15), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 2.15 with respect to the Taxes giving rise
to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (g) (plus any penalties, interest or
other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (g), in no event will
the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the indemnified party in a less favorable net after-Tax
position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to
such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to apply for a refund or make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the
indemnifying party or any other Person. 
 (h) Each party’s obligations under this Section 2.15 shall survive
the assignment of rights by, or the replacement of, each holder, and the repayment, satisfaction or discharge of all of the Notes. 
 (i) The
Issuer shall, at its own cost and expense, be permitted to replace any holder that requests reimbursement for amounts owing pursuant to this Section 2.15 with a replacement holder; provided, that (i) prior to
any such replacement, such holder shall not have 

  
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withdrawn such request for payment of such amounts, (ii) the replacement holder shall purchase, at par, all Notes and other amounts owing to such replaced holder on or prior to the date of
replacement, (iii) such replacement will thereafter result in a reduction of amounts owing by the Issuer pursuant to this Section 2.15 and (iv) the replacement shall not conflict with applicable law. 

ARTICLE III 
 REDEMPTION

 Section 3.01 Redemption. The Notes, or any series of Notes, may be redeemed,
in whole or from time to time in part, subject to the conditions and at the redemption prices set forth in Paragraph 5 of the form of Note set forth in Exhibit A hereto, which is hereby incorporated by reference and made a part of this
Indenture, together with accrued and unpaid interest, if any, to, but excluding, the redemption date; provided, that, any such redemption shall be for an aggregate principal amount of Notes not less than $5,000,000 or such lesser amount that
represents the aggregate outstanding principal amount of the Notes at such time. 
 Section 3.02
Applicability of Article. Redemption of Notes at the election of the Issuer or otherwise, as permitted or required by any provision of this Indenture, shall be made in accordance with Paragraph 5 of the form of Note set forth in
Exhibit A hereto and this Article III. 
 Section 3.03 Notices to Trustee. If
the Issuer elects to redeem Notes pursuant to the optional redemption provisions of Paragraph 5 of the Note or the Issuer is required to redeem the Notes in accordance with Section 3.09 hereof, the Issuer shall notify the Trustee in an
Officers’ Certificate of (i) the Section of this Indenture pursuant to which the redemption shall occur, (ii) the redemption date, (iii) the principal amount and applicable series of Notes to be redeemed and (iv) the
redemption price. The Issuer shall give notice to the Trustee provided for in this paragraph at least 30 days but not more than 60 days before a redemption date if the redemption is an optional redemption pursuant to Paragraph 5 of the Note;
provided, notice may be given more than 60 days prior to a redemption date if issued in accordance with Section 8.01. The Issuer, subject to Section 3.05(b), may also include a request in
such Officers’ Certificate that the Trustee gives the notice of redemption in the Issuer’s name and at its expense and setting forth the information to be stated in such notice as provided in Section 3.05. Any
such notice may be canceled at any time prior to notice of such redemption being mailed to any holder or otherwise delivered in accordance with the applicable procedures of the Depository and shall thereby be void and of no effect. The Issuer shall
deliver to the Trustee such documentation and records as shall enable the Trustee to select the Notes to be redeemed pursuant to Section 3.04. 

Section 3.04 Selection of Notes to Be Redeemed. In the case of any partial redemption,
selection of the Notes for redemption will be made (a) by the Trustee on a pro rata basis or as otherwise required in compliance with the requirements of the principal national securities exchange, if any, on which the Notes are listed (and the
Issuer shall notify the Trustee of any such listing), or if the Notes are not so listed, on a pro rata basis to the extent practicable or by lot or by such other method as the Trustee shall deem fair

  
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and appropriate (and, in such manner that complies with the requirements of the Depository, if applicable with respect to each applicable series of Notes to be redeemed) and (b) coupons and
in minimum denominations of $2,000 and any integral multiples of $1,000 in excess thereof; provided, that, Notes may be issued in denominations of less than $2,000 solely to accommodate book-entry positions that have been created by the
Depository in denominations of less than $2,000 (or if any PIK Interest has been paid, in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof). For the avoidance of doubt, the Initial Notes and any PIK Notes issued
prior to obtaining DTC eligibility in accordance with Section 4.21 shall be issued in the form of Definitive Notes. 

Section 3.05 Notice of Redemption. 

(a) At least fifteen (15) but not more than sixty (60) days before a redemption date pursuant to either
Section 3.09 or Paragraph 5 of the Note, the Issuer will send to the Depository in accordance with Applicable Procedures or shall mail or cause to be mailed by first-class mail, or otherwise deliver in accordance with the
procedures of the Depository, a notice of redemption to each holder whose Notes are to be redeemed at its registered address (with a copy to the Trustee), except that redemption notices may be mailed or otherwise delivered more than sixty
(60) days prior to the redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to Article VIII. 

Any such notice shall identify the Notes to be redeemed and shall state: 

(i) the redemption date; 

(ii) the redemption price and the amount of accrued and unpaid interest to, but excluding, the redemption date; 

(iii) the name and address of the Paying Agent; 

(iv) if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the
redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion of the original Note shall be issued (or transferred by book entry) in the name of the holder thereof upon cancellation of the
original Note; 
 (v) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption
price, plus accrued and unpaid interest, if any; 
 (vi) if fewer than all the outstanding Notes of such series are to
be redeemed, the certificate numbers and principal amounts of the particular Notes to be redeemed, the aggregate principal amount of Notes to be redeemed and the aggregate principal amount of such series of Notes to be outstanding after such partial
redemption; 
 (vii) that, unless the Issuer defaults in making such redemption payment or the Paying Agent is prohibited
from making such payment pursuant to the terms of this Indenture, interest on Notes (or portion thereof) called for redemption ceases to accrue on and after the redemption date; 

  
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 (viii) the CUSIP number, ISIN and/or “Common Code” number, if any,
printed on the Notes being redeemed; 
 (ix) that no representation is made as to the correctness or accuracy of the CUSIP
number or ISIN and/or “Common Code” number, if any, listed in such notice or printed on the Notes; and 
 (x) any
condition precedent applicable to the redemption. 
 (b) At the Issuer’s request, the Trustee shall deliver the notice of redemption in
the Issuer’s name and at the Issuer’s expense. In such event, the Issuer shall notify the Trustee of such request at least five (5) Business Days prior to the date such notice is to be provided to holders. If any of the Notes are in
the form of a Global Note, then the Issuer, or the Trustee at the Issuer’s request, shall modify the notice to be given pursuant to this Section 3.04 and the method of delivery of such notice to the extent necessary to
accord with the Applicable Procedures that apply to the redemption of Global Notes and beneficial interests in Global Notes. 
 (c) Notice of
any optional redemption of the Notes in connection with a corporate transaction may, at the Issuer’s discretion be given prior to the completion of such corporate transaction, and any such redemption or notice may, at the Issuer’s
discretion, be subject to one or more conditions precedent, including, but not limited to, the completion of the related corporate transaction. In addition, if such redemption or purchase is subject to satisfaction of one or more conditions
precedent, such notice shall describe each such condition, and if applicable, shall state that, in the Issuer’s discretion, the redemption date may be extended until such time as any or all such conditions shall be satisfied or waived, or such
redemption or purchase may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date, or by the redemption date as so extended. The Issuer shall provide written
notice to the Trustee prior to the close of business two Business Days prior to the redemption date if any such redemption has been rescinded or delayed, and upon receipt the Trustee shall provide such notice to each holder of the Notes in the same
manner in which the notice of redemption was given. 
 Section 3.06 Effect of Notice of
Redemption. Once notice of redemption is mailed or otherwise delivered in accordance with Section 3.05, Notes called for redemption become due and payable on the redemption date and at the redemption price stated in
the notice, unless any conditions precedent have not been satisfied or waived. Upon surrender to the Paying Agent, such Notes shall be paid on the redemption date at the redemption price stated in the notice, plus accrued and unpaid interest,
if any, to, but not including, the redemption date and such Notes shall be cancelled by the Trustee; provided, however, that if the redemption date is after a regular Record Date and on or prior to the Interest Payment Date, the
accrued interest shall be payable to the holder of the redeemed Notes registered on the relevant Record Date. Failure to give notice or any defect in the notice to any holder shall not affect the validity of the notice to any other holder. 

  
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 Section 3.07 Deposit of Redemption
Price. With respect to any Notes called for redemption, prior to 10:00 a.m., New York City time, on the redemption date, the Issuer shall deposit with the Paying Agent (or, if the Issuer is the Paying Agent, shall segregate and hold in
trust) money sufficient to pay the redemption price of and accrued and unpaid interest (including accrued and unpaid PIK Interest which for the avoidance of doubt shall be paid in cash), if any, to, but not including, the redemption date on all
Notes or portions thereof to be redeemed on that date (including any PIK Notes or any increased principal amount of Notes sufficient to pay PIK Interest) other than Notes or portions of Notes called for redemption that have been previously delivered
by the Issuer to the Trustee for cancellation. On and after the redemption date, interest shall cease to accrue on Notes or portions thereof called for redemption so long as the Issuer has deposited with the Paying Agent funds sufficient to pay the
redemption price of, plus accrued and unpaid interest (including accrued and unpaid PIK Interest which for the avoidance of doubt shall be paid in cash), if any, on, the Notes to be redeemed, unless the Paying Agent is prohibited from making
such payment pursuant to the terms of this Indenture. The Paying Agent shall promptly return to the Issuer any money deposited with the Paying Agent in excess of the amounts necessary to pay such amounts. 

Section 3.08 Notes Redeemed in Part. If any Note of any series is to be redeemed in
part only, the notice of redemption relating to such Note shall state the portion of the principal amount thereof to be redeemed. Upon surrender and cancellation of a Note that is redeemed in part, the Issuer shall execute and the Trustee shall,
upon receipt of an Authentication Order, authenticate for the holder (at the Issuer’s expense) a new Note equal in principal amount to the unredeemed portion of the Note surrendered and cancelled. 

Section 3.09 Mandatory Redemption Upon IPO. 

(a) Upon an IPO, HoldCo shall contribute the proceeds to the Issuer, if applicable, and the Issuer shall be required to apply the net cash
proceeds received from any such IPO after deduction of all discounts, underwriters’ commissions and other reasonable expenses directly related to the IPO (the “IPO Proceeds”) to, upon 10 days’ prior written notice to the
Trustee and the holders given within 5 days upon the closing of such IPO, redeem the maximum principal amount of Notes that is at least $2,000 and an integral multiple of $1,000 in excess thereof (or if a PIK Payment has been made, in the amount of
$1.00 or any integral multiple of $1.00 in excess thereof) that may be purchased out of the IPO Proceeds (the “IPO Redemption”) at a redemption price in cash (the “IPO Redemption Price”) in an amount equal to 100%
of the principal amount thereof, plus accrued and unpaid interest, together with an amount of cash equal to all accrued and unpaid PIK Interest, to, but excluding, the mandatory redemption date, and will be payable in cash, to the date fixed for the
mandatory redemption, in accordance with the procedures set forth in this Section 3.09. 
 (b) An IPO Redemption
shall be conducted in compliance with this Article III, including Section 3.03 through Section 3.08 hereof. 

  
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 ARTICLE IV 

COVENANTS 

Section 4.01 Payment of Notes. The Issuer shall promptly pay the principal of and cash
interest and increase the principal amount of the Notes or issue PIK Notes to pay the PIK Interest on the Notes on the dates and in the manner provided in the Notes and in this Indenture. An installment of principal of, cash interest and any PIK
Notes or any increased principal amount of Notes sufficient to pay all PIK Interest shall be considered paid on the date due if on such date the Trustee or the Paying Agent holds as of 10:00 a.m., New York City time, money sufficient to pay
all principal and cash interest then due, and upon delivery of an Authentication Order to the Trustee on or prior to the date the payment is due of any PIK Notes to be authenticated and delivered or any increased principal amount of the applicable
Global Notes sufficient to pay all PIK Interest then due, and the Trustee or the Paying Agent, as the case may be, is not prohibited from paying such money to the holders on that date pursuant to the terms of this Indenture. Any payment of principal
or interest shall be applied ratably among all series of Notes for which principal or interest is due and owing on such date. 
 The Issuer
shall pay interest (including, to the extent legally allowed, post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate specified therefor in the Notes, and it shall pay interest (including, to the extent
legally allowed, post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period) at the same rate borne by the Notes to the extent lawful. 

The Issuer shall provide the Trustee, Paying Agent (if other than the Trustee) and the holders of Notes, written notice of its calculation of
cash interest and PIK Interest pursuant to paragraph 1 of the Notes, no less than 10 Business Days prior to the relevant Interest Payment Date, which notice shall specify the amount to be paid as cash interest and the amount to be paid as PIK
Interest, if any. 
 Section 4.02 Reports and Other Information. 

(a) So long as any Notes are outstanding, the Issuer will provide to the Trustee and, upon request for so long as any Notes are outstanding,
the Issuer will provide to the beneficial owners of Notes, a copy of all of the information and reports referred to below: 

(i) within one hundred and twenty (120) days after the end of each fiscal year of the Issuer, the audited consolidated
balance sheet and related consolidated statements of operations, stockholders’ equity and cash flows of the Issuer and its Consolidated Subsidiaries as of the end of and for such year, setting forth in each case in comparative form the figures
for the previous fiscal year, all reported on by a firm of independent public accountants registered with the PCAOB (without qualification and without any qualification or exception as to the scope of such audit) to the effect that such consolidated
financial statements present fairly in all material respects the financial condition and results of operations of the Issuer and its Consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied; 

  
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 (ii) within five (5) Business Days of delivery (if any) to
Issuer’s stockholders pursuant to the Investors Agreement, a draft Annual Budget for the succeeding calendar year and any modifications thereto; 

(iii) within sixty (60) days after the end of the first three fiscal quarters of each fiscal year of the Issuer, the
consolidated balance sheet and related consolidated statements of operations and cash flows of the Issuer and its Consolidated Subsidiaries as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth
in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified pursuant to an Officers’ Certificate as presenting fairly
in all material respects the financial condition and results of operations of the Issuer and its Consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal
year-end audit adjustments and the absence of footnotes; 
 (iv) concurrently with
any delivery of financial statements under clause (i) or (iii) above, an Officers’ Certificate certifying, to such Officer’s knowledge, as to whether a Default has occurred and, if a Default has occurred, specifying the details
thereof and any action taken or proposed to be taken with respect thereto; and 
 (v) within ten (10) Business Days
after the occurrence of such an event, a current report that contains a brief summary of the material terms, facts and/or circumstances involved to the extent not otherwise publicly disclosed: (A) completion of a merger of the Issuer with or
into another Person or a material acquisition or disposition of assets by the Issuer outside the ordinary course of business or (B) the institution of, or material development under, bankruptcy proceedings under the U.S. Bankruptcy Code or
similar proceedings under state or federal law with respect to the Issuer. 
 (b) Notwithstanding the foregoing, (i) the Issuer will not
be required to deliver any information, certificates or reports that would otherwise be required by (A) Section 302 or Section 404 of the Sarbanes-Oxley Act of 2002, or related Items 307 or 308 of Regulation S-K, or (B) Item 10(e) of Regulation S-K promulgated by the SEC with respect to any non-generally accepted accounting principles
financial measures contained therein, and (ii) such information will not be required to contain financial information required by Rule 3-09, Rule 3-10 or Rule 3-16 of Regulation S-X. 
 (c) The Issuer shall, for so long as any
Notes remain outstanding during any period when neither it nor another Reporting Person is subject to Section 13 or 15(d) of the Exchange Act, or otherwise permitted to furnish the SEC with certain information pursuant to Rule 12g3-2(b) of the Exchange Act, furnish to the holders of the Notes and to prospective investors, upon their request in writing, the information required to be delivered pursuant to Rule 144A(d)(4)
under the Securities Act. 

  
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 (d) Notwithstanding the foregoing, the Issuer will be deemed to have delivered such
information referred to in this Section 4.02 to the holders, prospective investors, market makers, securities analysts and the Trustee for all purposes of this Indenture if the Issuer has filed reports containing such
information with the SEC via the EDGAR filing system (or any successor system) and such reports are publicly available. In addition, the requirements of this Section 4.02 shall be deemed satisfied and the Issuer will be
deemed to have delivered such information referred to this Section 4.02 to the Trustee for all purposes of this Indenture by the posting of reports that would be required to be provided on the Issuer’s website (or that
of any of the Issuer’s parent companies). The Trustee shall have no obligation to monitor, on a continuing basis or otherwise, whether the Issuer (or any of the Issuer’s parent companies) complies with such covenants with respect to any
such reports, document or information or whether the Issuer posts such reports, information and documents on its website or the SEC’s EDGAR service, or to collect any such information from the Issuer’s (or any of the Issuer’s parent
companies) website or the SEC’s EDGAR service. 
 (e) Delivery of reports, information and documents to the Trustee pursuant to this
Section 4.02 is for informational purposes only, and the Trustee’s receipt thereof shall not constitute constructive notice of any information contained therein or determinable from information contained therein,
including the Issuer’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely conclusively on the Officers’ Certificates). The Trustee shall have no liability or responsibility for the content, filing
or timeliness of any report delivered or filed under or in connection with this Indenture or the transactions contemplated hereunder. 

Section 4.03 Limitation on Incurrence of Indebtedness and Issuance of Disqualified
Stock. 
 (a) The Issuer shall not directly or indirectly, including, but not limited to, through the provision of a guarantee or
other credit support by the Issuer, Incur any Indebtedness or issue any shares of Disqualified Stock. 
 (b) The limitations set forth in
Section 4.03(a) shall not apply to the following (“Permitted Indebtedness”): 

(i) the Incurrence by the Issuer of Indebtedness represented by the Notes (including PIK Interest); 

(ii) Indebtedness Incurred by the Issuer constituting reimbursement obligations with respect to letters of credit and bank
guarantees issued in the ordinary course of business, including without limitation letters of credit in respect of workers’ compensation claims, health, disability or other benefits to employees or former employees or their families or
property, casualty or liability insurance or self-insurance, or other Indebtedness with respect to reimbursement type obligations regarding workers’ compensation claims; 

  
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 (iii) obligations pursuant to any unsecured guarantee of the obligations of
any Subsidiary, including any guarantee made in connection with the Securitization Transaction, Tax Equity Transaction and the Warehouse Financings; provided, that, this clause shall not permit any guarantee or incurrence of Indebtedness for
borrowed money; 
 (iv) Hedging Obligations of the Issuer that are not Incurred for speculative purposes; 

(v) obligations (including reimbursement obligations with respect to letters of credit, bank guarantees warehouse receipts and
similar instruments) in respect of tenders, statutory obligations, leases, governmental contracts, trade contracts, stay, performance, bid, appeal and surety bonds, completion guarantees and similar obligations provided by the Issuer in the ordinary
course of business or consistent with past practice or industry practice; 
 (vi) Indebtedness arising from the honoring by a
bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business; provided, that, such Indebtedness is extinguished within five (5) Business Days of its
Incurrence; 
 (vii) Indebtedness in respect of Obligations of the Issuer to pay the deferred purchase price of goods or
services or progress payments in connection with such goods and services; provided, that, such obligations are incurred in connection with open accounts extended by suppliers on customary trade terms in the ordinary course of business and not
in connection with the borrowing of money or any Hedging Obligations; 
 (viii) (A) the intercompany Indebtedness set
forth on Schedule 4.03 and (B) the incurrence by the Issuer of intercompany Indebtedness owed to any Subsidiary; provided, that, any Indebtedness incurred under this clause (viii) shall be expressly subordinated to the
Notes and pledged as part of the Collateral; and 
 (ix) to the extent constituting Disqualified Stock, (A) the issuance
of Capital Stock of the Issuer to any employee, director, officer, manager or consultant, and (B) the exchange for or the conversion of any Capital Stock of the Issuer into another form of Capital Stock of the Issuer; provided, that, the
aggregate Indebtedness incurred under this clause (ix) shall not exceed $1,000,000 annually. 
 (c) This covenant shall not
restrict (i) the ability of any Subsidiary of the Issuer to refinance or Incur any Indebtedness, and (ii) the incurrence by the Issuer of Indebtedness contemporaneously with, and for purposes of, the discharge in whole of the Notes and
other Obligations outstanding under the Note Documents, provided, that, the Issuer shall have issued a notice of redemption pursuant to the provisions of Article III hereof, and the only condition set forth therein shall be the receipt
of proceeds sufficient to redeem the Notes and to pay all other Obligations outstanding under the Note Documents. 

  
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 Section 4.04 Limitation on Restricted
Payments. 
 (a) The Issuer shall not directly or indirectly: 

(i) declare or pay any dividend or make any distribution on account of any of the Issuer’s Equity Interests, including any
payment made in connection with any merger, amalgamation or consolidation involving the Issuer or any cash payment made to the holders of any shares of Preferred Stock of the Issuer; 

(ii) purchase or otherwise acquire or retire for value any Equity Interests of the Issuer or HoldCo; 

(iii) apply any Net Proceeds from Asset Sales for any purposes other than as permitted under this Indenture; or 

(iv) make any Investment other than a Permitted Investment. 

(b) The provisions of Section 4.04(a) shall not prohibit: 

(i) a Restricted Payment to pay for the repurchase, retirement or other acquisition for value of Equity Interests of the Issuer
or HoldCo held by any future, present or former holder, including any employee, director, officer, manager or consultant of the Issuer or HoldCo or any Subsidiary of the Issuer pursuant to any management equity plan or stock option plan or any other
management or employee benefit plan or other agreement or arrangement, including in connection with the withholding portion granted or awarded for payable taxes; provided, however, that the aggregate Restricted Payments made under this
clause (i) do not exceed $1 million in any calendar year, with unused amounts in any calendar year being permitted to be carried over to succeeding calendar years subject to a maximum of $2 million in any calendar year;
provided, further, however, that such amount in any calendar year may be increased by an amount not to exceed the cash proceeds of key man life insurance policies received by the Issuer or HoldCo (to the extent contributed to
the Issuer) after the Closing Date; 
 (ii) the payment, defeasance, repurchase, redemption or other acquisition or
retirement for value of any Subordinated Indebtedness pursuant to provisions similar to those described in Section 4.06 and Section 4.08; provided, that, all Notes tendered by holders
of the Notes in connection with a Change of Control Offer or required to be redeemed or purchased pursuant to Section 4.06(b) have been repurchased, redeemed or acquired for value; 

(iii) issuance of any Capital Stock of the Issuer to HoldCo; 

 
 (iv) the repayment of intercompany debt among the Issuer
and any Subsidiaries that was permitted to be incurred under this Indenture; 

  
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 (v) redemptions, repurchases, retirements or other acquisitions of Equity
Interests deemed to occur upon exercise or conversion of stock appreciation rights, restricted stock, unit options, restricted units, phantom units, warrants, incentives, rights to acquire Equity Interests or other derivative securities, stock
options or warrants or other securities convertible into or exchangeable for Equity Interests if such Equity Interests represent all or a portion of the exercise price of such options or warrants or other securities convertible into or exchangeable
for Equity Interests; provided, however, that it shall be a Restricted Payment if any portion of such exercise or conversion price is payable in cash; 

(vi) cash payments in lieu of the issuance of fractional shares in connection with the exercise of warrants, options or other
securities convertible into or exchangeable for Capital Stock of the Issuer, any of its Subsidiaries or any direct or indirect parent companies; provided, however, that the aggregate Restricted Payments made under this clause
(vi) do not exceed $50,000; 
 (vii) Permitted Tax Distributions; and 

(viii) so long as no Default or Event of Default has occurred and is continuing or would occur as a consequence thereof, other
Restricted Payments in an aggregate amount not to exceed $3 million since the Closing Date. 
 (c) Subject to the last paragraph of
Section 4.07, this covenant shall not restrict the ability of any Subsidiary of the Issuer to make any of the payments described in Section 4.04(a). 

Section 4.05 Dividend and Other Payment Restrictions Affecting Subsidiaries. The Issuer
shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or consensual restriction on the ability of the Issuer or such Subsidiary
of the Issuer to: 
 (a) (i) pay dividends or make any other distributions to the Issuer or any Subsidiary of the Issuer (1) on its
Capital Stock; or (2) with respect to any other interest or participation in, or measured by, its profits or (ii) pay any Indebtedness owed to the Issuer or any Subsidiary of the Issuer; 

(b) make loans or advances to the Issuer or any Subsidiary of the Issuer; or 

(c) sell, lease or transfer any of its properties or assets to the Issuer or any Subsidiary of the Issuer, except in each case for such
encumbrances or restrictions existing under or by reason of: 
 (i) (A) contractual encumbrances or restrictions in
effect on the Closing Date (including the AP5 Term Loan, provided that the Issuer shall repay and extinguish such Indebtedness no later the next succeeding Business Day following the Closing Date) and (B) contractual encumbrances or
restrictions pursuant to the Securitization Transaction, Tax Equity Transaction and the Warehouse Financing and any contractual encumbrances or restrictions that are similar to the foregoing, contractual encumbrances or restrictions under other
financing transactions that are similar to the foregoing, or any amendments, modifications, restatements, renewals, supplements, refundings, replacements or refinancings of such agreements or instruments similar to any of the foregoing; including in
each case, for the avoidance of doubt, any scheduled or mandatory amortizations, restrictions on dividends or cash sweep provisions thereunder; 

  
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 (ii) this Indenture, the Notes or the other Note Documents; 

(iii) applicable law or any applicable rule, regulation or order or the terms of any license, authorization, concession or
permit provided by any Governmental Authority; 
 (iv) any agreement or other instrument of a Person acquired (or assumed in
connection with the acquisition of property) by the Issuer or any Subsidiary of the Issuer which was in existence at the time of such acquisition (but not created in contemplation thereof or to provide all or any portion of the funds or credit
support utilized to consummate such acquisition), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person and its Subsidiaries, or the property or assets of the Person and
its Subsidiaries, so acquired; 
 (v) contracts or agreements for the sale of assets, including any restriction with respect
to a Subsidiary of the Issuer imposed pursuant to an agreement entered into for the sale or disposition of the Capital Stock or assets of such Subsidiary of the Issuer; 

(vi) Secured Indebtedness otherwise permitted to be Incurred pursuant to Section 4.03 and
Section 4.04. that limit the right of the debtor to dispose of the assets securing such Indebtedness; 

(vii) restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary
course of business; 
 (viii) purchase money obligations for property acquired and Capitalized Lease Obligations in the
ordinary course of business that impose restrictions of the nature discussed in clause (c) above on the property so acquired; 

(ix) customary provisions contained in leases, subleases, licenses, sublicenses and other similar agreements entered into in
the ordinary course of business or consistent with past practice or industry norm; 
 (x) in the case of clause
(c) above, any encumbrance or restriction that restricts in a customary manner the subletting, assignment or transfer of any property or asset that is subject to a lease, license or similar contract, or the assignment or transfer of any
such lease, license (including, without limitation, licenses of intellectual property) or other contracts; 

  
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 (xi) Disqualified Stock or Preferred Stock of such Subsidiaries of the
Issuer issued prior to or following the Closing Date in compliance with this Indenture; 
 (xii) customary restrictions and
conditions contained in the document relating to any Lien so long as such Lien is a Permitted Lien and such restrictions or conditions relate only to the specific asset subject to such Lien; 

(xiii) agreements governing Hedging Obligations incurred in the ordinary course of business; and 

(xiv) any encumbrances or restrictions of the type referred to in Section 4.05(a), (b) or
(c) above imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (i) through
(xiii) above; provided, that, such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Issuer, not materially more restrictive with
respect to such dividend and other payment restrictions than those contained in the dividend or other payment restrictions prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing. 

For purposes of determining compliance with this Section 4.05, (i) the priority of any Preferred Stock in receiving
dividends or liquidating distributions prior to dividends or liquidating distributions being paid on common stock shall not be deemed a restriction on the ability to make distributions on Capital Stock and (ii) the subordination of loans or
advances made to the Issuer or a Subsidiary to other Indebtedness Incurred by the Issuer or any such Subsidiary shall not be deemed a restriction on the ability to make loans or advances. 

Section 4.06 Asset Sales. 

(a) The Issuer shall not make an Asset Sale, unless (x) the Issuer receives consideration at the time of such Asset Sale at least equal to
the Fair Market Value of the assets sold or otherwise disposed of, and (y) at least 75% of the consideration therefor received by the Issuer is in the form of Cash Equivalents; provided, that, the amount of: 

(i) any liabilities (as shown on the Issuer’s most recent balance sheet or in the notes thereto, or if incurred or accrued
subsequent to the date of such balance sheet, such liabilities that would have been reflected on the Issuer’s balance sheet or in the footnotes thereto if such incurrence or accrual had taken place on or prior to the date of such balance sheet,
as determined in good faith) of the Issuer (other than liabilities that are by their terms subordinated to the Notes) that are assumed by the transferee of any such assets or that are otherwise cancelled or terminated in connection with the
transaction with such transferee; 
 (ii) any securities, notes or other obligations or other securities or assets received
by the Issuer from such transferee that are converted by the Issuer into cash within 180 days of the receipt thereof (to the extent of the cash received); and 

  
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 (iii) Indebtedness of any Subsidiary of the Issuer that is no longer a
Subsidiary of the Issuer as a result of such Asset Sale, to the extent that the Issuer and each other Subsidiary of the Issuer is released from any guarantee of payment of such Indebtedness in connection with the Asset Sale; shall be deemed to be
Cash Equivalents for the purposes of this Section 4.06(a). 
 (b) With respect to any Asset Sale by the Issuer,
(A) no Permitted Holder shall purchase or acquire any asset which is the subject of such Asset Sale without the consent of the holders of a majority in aggregate principal amount of the Notes and (B) immediately after the Issuer’s
receipt of the Net Proceeds of any Asset Sale, the Issuer shall use all of the Net Proceeds to redeem the maximum principal amount of Notes that may be redeemed out of the Net Proceeds in accordance with the provisions of this Indenture or via open
market purchases at or above par. 
 (c) The Issuer will comply with the requirements of Rule 14e-1
under the Exchange Act and any other securities laws and regulations to the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to Section 4.06(b). To the extent that the
provisions of any securities laws or regulations conflict with the provisions of this Indenture, the Issuer will comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations described in this
Indenture by virtue thereof. 
 (d) Any redemption pursuant to Section 4.06(b) shall be conducted in compliance
with Article III of the Indenture, including Section 3.03 through Section 3.08 thereof at the price specified in paragraph 5 of the Notes. 

Section 4.07 Transactions with Affiliates. 

(a) The Issuer shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, make any payment to, or sell, lease,
transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction or series of transactions, contract, agreement, understanding, loan, advance or guarantee
with, or for the benefit of, any Affiliate of the Issuer (each of the foregoing, an “Affiliate Transaction”) unless: 

(i) such Affiliate Transaction is on terms, taken as a whole, that are not materially less favorable to the Issuer or the
relevant Subsidiary of the Issuer than those that could have been obtained in a comparable transaction by the Issuer or such Subsidiary with an unrelated Person; 

(ii) such Affiliate Transaction is consented to by the holders of a majority in aggregate principal amount of the then
outstanding Notes (including Additional Notes, if any) voting as a single class; and 
 (iii) the Issuer delivers to the
Trustee a resolution adopted in good faith by the majority of the Board of Directors of the Issuer, approving such Affiliate Transaction and set forth in an Officers’ Certificate certifying that such Affiliate Transaction complies with clause
(i) and (ii) above and that all conditions precedent have been met. 

  
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 (b) The provisions of Section 4.07(a) shall not apply to the
following: 
 (i) transactions between or among the Issuer and/or any of its Subsidiaries (or an entity that becomes a
Subsidiary of the Issuer as a result of such transaction); 
 (ii) the Preferred Stock Commitment, issuances of Equity
Interests to fund the equity contribution required under Section 4.20 hereof and any issuance of Equity Interests in the Issuer which otherwise complies with the provisions of this Indenture (but excluding, for the
avoidance of doubt, any issuance of Equity Interests in a Subsidiary to any Affiliate), and those Affiliate Transactions in effect on the Closing Date set forth on Schedule 4.07 and any amendment or replacement of any of such agreements so
long as such amendment or replacement agreement is no less advantageous to the Issuer or a Subsidiary, taken as a whole, in any material respect than the agreement so amended or replaced. 

(iii) Restricted Payments permitted by Section 4.04 and Permitted Investments; 

(iv) the payment of customary fees,
out-of-pocket costs and reimbursement of expenses paid to, and indemnity provided on behalf of, officers, directors, managers, employees or consultants of the Issuer,
any Subsidiary of the Issuer, or HoldCo; 
 (v) transactions with customers, clients, suppliers or purchasers or sellers of
goods or services, or transactions otherwise relating to the purchase or sale of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of this Indenture, which are fair to the Issuer and the
Subsidiaries in the reasonable determination of the Board of Directors or the senior management of the Issuer, or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party; 

(vi) the issuances of securities or other payments, awards or grants in cash, securities or otherwise, in each case pursuant to
or in connection with the funding of employment arrangements, stock option and stock ownership plans or similar employee benefit plans approved by the Board of Directors of the Issuer or any direct or indirect parent of the Issuer or of a
Subsidiary, as appropriate, in good faith; 
 (vii) any contribution to the capital of the Issuer; 

(viii) transactions permitted by, and complying with, Section 5.01; 

(ix) any employment agreements entered into by the Issuer or any Subsidiary in the ordinary course of business, and advances to
or reimbursements of expenses incurred by employees for moving, entertainment and travel expenses and similar expenditures in the ordinary course of business; and 

  
 45 

 (x) licenses of, or other grants of rights to use, intellectual property
granted by the Issuer or any Subsidiary in the ordinary course of business or consistent with industry practice. 
 Notwithstanding anything to the contrary
contained in this Section 4.07, the Issuer shall not enter into any agreement (including without limitation, the acquisition of any Equity Interests of any Subsidiary or any purchase or other acquisition of assets which are
the subject of any Asset Sale) with the Sponsor or any portfolio company of the Sponsor without the consent of the holders of a majority in aggregate principal amount of the then outstanding Notes (including Additional Notes, if any) voting as a
single class. 
 Section 4.08 Change of Control. 

(a) Subject to Section 4.08(i), upon the occurrence of a Change of Control, each holder shall have the right to
require the Issuer to repurchase all or any part of such holder’s Notes at a purchase price in cash equal to 100% of the principal amount thereof, including any PIK Notes or any increased principal amount of Notes as payment for PIK Interest,
plus accrued and unpaid cash interest together with an amount of cash equal to all accrued and unpaid PIK Interest, if any, to, but excluding, the date of repurchase (the “Change of Control Payment”) (subject to the right of
the holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date), in accordance with the terms contemplated in this Section 4.08. 

(b) Within three (3) days, or as soon as practical, after the Issuer gains knowledge of the Change of Control, except to the extent that
the Issuer has exercised its right to redeem the Notes in accordance with Article III of this Indenture, the Issuer shall mail (or with respect to Global Notes, to the extent permitted or required by Applicable Procedures, send
electronically) a notice (a “Change of Control Offer”) to each holder with a copy to the Trustee (or deliver a notice pursuant to the procedures of the Depository) stating: 

(i) that a Change of Control has occurred and that such holder has the right to require the Issuer to repurchase such
holder’s Notes for the Change of Control Payment (subject to the right of the holders of record on the relevant Record Date to receive interest on the relevant Interest Payment Date); 

(ii) the circumstances regarding such Change of Control; 

(iii) the repurchase date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is sent);

 (iv) the instructions determined by the Issuer, consistent with this Section 4.08, that a holder
must follow in order to have its Notes purchased; and 
 (v) that all Notes accepted for payment pursuant to the Change of
Control Offer will cease to accrue interest after the payment date. 
 (c) Holders electing to have a Note purchased shall be required to
surrender the Note, with an appropriate form duly completed, to the Issuer at the address specified in the notice at least three Business Days prior to the purchase date. The holders shall be entitled to withdraw

  
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their election if the Trustee or the Issuer receives not later than two Business Days prior to the purchase date a facsimile or electronic transmission or letter setting forth the name of the
holder, the principal amount of the Note which was delivered for purchase by the holder and a statement that such holder is withdrawing his election to have such Note purchased. Holders whose Notes are purchased only in part shall be issued new
Notes equal in principal amount to the unpurchased portion of the Notes surrendered. 
 (d) On the purchase date, all Notes purchased by the
Issuer under this Section 4.08 shall be delivered to the Trustee for cancellation, and the Issuer shall pay the purchase price plus accrued and unpaid interest to the holders entitled thereto. 

(e) A Change of Control Offer may be made in advance of a Change of Control, and conditioned upon such Change of Control, if a definitive
agreement is in place for the Change of Control at the time of making of the Change of Control Offer. 
 (f) Notwithstanding the foregoing
provisions of this Section 4.08, the Issuer shall not be required to make a Change of Control Offer upon a Change of Control if: (i) a third party makes the Change of Control Offer in the manner, at the times and
otherwise in compliance with the requirements set forth in this Section 4.08 applicable to a Change of Control Offer made by the Issuer and purchases all Notes validly tendered and not withdrawn under such Change of Control
Offer; (ii) a notice of redemption of all outstanding Notes has been given pursuant to Section 3.05, unless and until there is a default in payment of the applicable redemption price; or (iii) in connection with
or in contemplation of any Change of Control, the Issuer has made an offer to purchase (an “Alternate Offer”) any and all Notes validly tendered at a cash price equal to or higher than the Change of Control Payment and have
purchased all Notes properly tendered in accordance with the terms of the Alternate Offer. 
 (g) Notes repurchased by the Issuer pursuant to
a Change of Control Offer will have the status of Notes issued but not outstanding or will be retired and canceled at the option of the Issuer. Notes purchased by a third party pursuant to the preceding clause (f) will have the status of Notes
issued and outstanding. 
 (h) If holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do
not withdraw such Notes in a Change of Control Offer and the Issuer, or any third party making a Change of Control Offer in lieu of the Issuer as set forth in this Section 4.08, purchase all of the Notes validly tendered
and not withdrawn by such holders, the Issuer or such third party will have the right, upon not less than thirty (30) nor more than sixty (60) days’ prior notice, given not more than thirty (30) days following such purchase
pursuant to the Change of Control Offer as set forth in this Section 4.08, to redeem all Notes that remain outstanding following such purchase at a price in cash equal to the Change of Control Payment. 

(i) A Note shall be deemed to have been accepted for purchase at the time the Trustee, directly or through an agent, mails or delivers payment
therefor to the surrendering holder. 
 (j) The Issuer shall comply, to the extent applicable, with the requirements of Section 14(e) of
the Exchange Act and any other securities laws or regulations in connection with the repurchase of Notes pursuant to this Section 4.08. To the extent that the provisions of any securities laws or regulations conflict with
provisions of this Section 4.08, the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.08 by
virtue of such compliance. 

  
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 Section 4.09 Pro Rata Payments. The
Issuer will not, and will not permit any of its Subsidiaries to, directly or indirectly, pay or cause to be paid, any consideration to or for the benefit of any holder of Notes for, or as an inducement to, any consent, waiver or amendment of any of
the terms or provisions of this Indenture, the Notes or the Security Documents unless such consideration is offered to be paid and is paid to all holders of the Notes that consent, waive or agree to amend in the time frame set forth in the
solicitation documents relating to such consent, waiver or agreement. The Issuer will not, and will not permit any of its Affiliates, to pay any interest, principal or premium, if any, purchase price of any Note when due at its Stated Maturity, upon
optional redemption, upon optional repurchase (in the open market or otherwise), upon required repurchase, upon declaration or otherwise unless such interest, principal or premium, if any, or purchase price is offered to be paid and is paid pro rata
to all holders of the Notes. 
 Section 4.10 Liens. 

(a) The Issuer shall not directly or indirectly, create or Incur any Lien (except Permitted Liens) on any asset or property of the Issuer
securing Indebtedness of the Issuer unless the Notes are equally and ratably secured with (or on a senior basis to, in the case of obligations subordinated in right of payment to the Notes) the obligations so secured until such time as such
obligations are no longer secured by a Lien. 
 (b) Any Lien that is granted to secure the Notes under
Section 4.10(a) shall be automatically released and discharged at the same time as the release of the Lien that gave rise to the obligation to secure the Notes under such Section 4.10(a). 

Section 4.11 Maintenance of Office or Agency. 

(a) The Issuer shall maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee or Registrar) where
Notes may be surrendered for registration of transfer or for exchange. The Issuer shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Issuer shall fail to
maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations and surrenders may be made at the Corporate Trust Office of the Trustee as set forth in
Section 14.02. 
 (b) The Issuer may also from time to time designate one or more other offices or agencies where
the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Issuer of its
obligation to maintain an office or agency for such purposes. The Issuer shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

(c) The Issuer hereby designates the Corporate Trust Office of the Trustee or its agent as such office or agency of the Issuer in accordance
with Section 2.04. 

  
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 Section 4.12 Further Assurances; Impairment
of Security Interest. 
 (a) The Issuer will not take any action, or omit to take any action, which action or omission would have the
result of materially impairing the security interest with respect to the Collateral for the benefit of the Collateral Trustee, the Trustee and the holders except as expressly set forth in this Indenture or the Security Documents. 

(b) The Issuer shall at its sole cost and expense, execute and deliver all such agreements and instruments and take all further action as
necessary or as the Collateral Trustee or the Trustee shall reasonably request to assure and confirm that the Collateral Trustee holds, for the benefit of itself, the Trustee, and the holders of Notes Obligations, duly created and enforceable and
perfected Note Liens upon the Collateral (including any acquired Property or other Property required by any Security Document to become, Collateral after the Closing Date), in each case, as contemplated by, and with the Lien priority required under,
the Security Documents, and in connection with any merger, consolidation or sale of assets of the Issuer, the property and assets of the Person which is consolidated or merged with or into the Issuer, to the extent that they are property or assets
of the types which would constitute Collateral under the Security Documents, shall be treated as after-acquired property and the Issuer shall take such action as may be reasonably necessary to cause such property and assets to be made subject to the
Note Liens, in the manner and to the extent required under the Security Documents. 
 (c) At any time and from time to time, in each case at
the direction of the holders in accordance with this Indenture and the Security Documents, the Issuer shall promptly execute, acknowledge and deliver such Security Documents, instruments, certificates, financing statements, notices and other
documents, and take such other actions as shall be reasonably required, or that the Collateral Trustee may reasonably request, to create, perfect, protect, assure or enforce the Liens and benefits intended to be conferred, in each case as
contemplated by the Note Documents for the benefit of the holders. 
 (d) In addition to the Collateral, from and after the Closing Date, if
the Issuer acquires any Property that constitutes Collateral requiring any supplemental security document for such collateral or other actions to achieve a perfected Lien on such collateral, the Issuer shall promptly (but not in any event no later
than the date that is twenty (20) Business Days (or, in the case of real property, thirty (30) days) after which such Property is acquired), to the extent permitted by applicable law, execute and deliver to the Collateral Trustee
appropriate Security Documents (or amendments thereto) in such form as shall be necessary to grant the Collateral Trustee a valid and enforceable perfected Lien on such Collateral or take such other actions in favor of the Collateral Trustee as
shall be reasonably necessary to grant a valid and enforceable perfected Lien on such Collateral to the Collateral Trustee, for the benefit of itself, the Trustee and holders of the Notes, subject to the terms of this Indenture and the other Note
Documents. 
 Section 4.13 Use of Proceeds. The Issuer will use the proceeds of any
Notes Issued on or after the Closing Date to fund capital expenditures, repay all of the obligations outstanding under the AP5 Term Loan existing on the Closing Date or the next succeeding Business Day, and for other general corporate purposes of
the Issuer. 

  
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 Section 4.14 Existence; Business and
Properties. 
 (a) The Issuer will do, and will cause each Subsidiary of the Issuer to do, or cause to be done, all things necessary
to preserve and keep in full force and effect its existence, corporate rights and authority, except to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect and except as otherwise permitted under
this Indenture. 
 (b) The Issuer will not and will cause each of its Subsidiaries not to, engage in any business activity or undertake any
other activity, except any activity (i) relating to the business it is currently conducting, and any Similar Business, (ii) relating to the offering, sale or issuance of the Notes, the incurrence of Indebtedness represented by the Notes or
permitted by the terms of any Note Document, (iii) undertaken with the purpose of fulfilling any obligations under the Notes or any security documents or other agreements relating to the Notes, (iv) directly related to the establishment
and/or maintenance of the Issuer’s corporate existence, (v) performing any act incidental to or necessary in connection with any of the above or (vi) other activities that are not specified in (i) through (v) above that are de
minimis in nature. 
 Section 4.15 Maintenance of Insurance. The Issuer will, and
will cause each of its Subsidiaries to, at all times maintain in full force and effect, pursuant to self-insurance arrangements or with insurance companies that the Issuer believes (in the good faith judgment of the management of the Issuer) are
financially sound and reputable at the time the relevant coverage is placed or renewed, insurance in at least such amounts (after giving effect to any self-insurance which the Issuer believes (in the good faith judgment of management of the Issuer)
is reasonable and prudent in light of the size and nature of its business) and against at least such risks (and with such risk retentions) as the Issuer believes (in the good faith judgment of management of the Issuer) is reasonable and prudent in
light of the size and nature of its business; and will furnish to the Trustee, upon written request from the Trustee, information presented in reasonable detail as to the insurance so carried. The Issuer shall use commercially reasonable efforts
(taking into consideration any limitations contained in such policies or applicable to the Issuer or any of its Subsidiaries, including in any Material Contracts (as such term is defined in the Purchase Agreement)) to cause the Collateral Trustee to
be listed as an additional insured on any such liability insurance held by the Issuer with respect to the assets of the Issuer as their interests may appear and, if property insurance is obtained, the Collateral Trustee to be listed as a co-loss payee under any such property insurance held by the Issuer with respect to the assets of the Issuer; provided, that, so long as no Event of Default has occurred and is then continuing, the Collateral
Trustee will provide any proceeds of such property insurance to the Issuer to the extent that the Issuer undertakes to apply such proceeds to the reconstruction, replacement or repair of the property insured thereby or are otherwise applied in a
manner permitted hereunder. The Issuer shall deliver to the Trustee within 20 Business Days following the Closing Date (or such later date as the Trustee may reasonably agree), copies of insurance certificates evidencing the insurance required to be
maintained by the Issuer and the Subsidiaries pursuant to this Section 4.15. 

  
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 Section 4.16 Payment of Taxes, etc.
The Issuer shall, and shall cause each of its Subsidiaries to, pay its obligations in respect of all Tax liabilities, assessments and governmental charges, before the same shall become delinquent or in default, except where (i) the amount or
validity thereof is being contested in good faith by appropriate proceedings and the Issuer or a Subsidiary thereof has set aside on its books adequate reserves therefor in accordance with GAAP or (ii) the failure to make such payment could not
reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect. 

Section 4.17 Compliance with Laws. The Issuer shall, and shall cause each of its
Subsidiaries to, comply with all laws, rules, regulations and judgments, writs, injunctions, decrees and orders of any Governmental Authority, whether now in effect or hereafter enacted, applicable to it or its property (including without limitation
the USA Patriot Act), except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect; provided, that, this Section 4.17 shall not apply to laws related to Taxes, which are
the subject of 0. 
 Section 4.18 HoldCo Covenant. In the event that a holding
company is established for the sole purpose of holding the Equity Interests in the Issuer (any such company, “HoldCo”), such HoldCo shall provide a guarantee of the Issuer’s obligations under the Notes and this Indenture (the
“HoldCo Guaranty”) and shall pledge the Equity Interests in the Issuer to secure the Notes Obligations. HoldCo shall not Incur any Indebtedness or Liens, or engage in any business activities or own any property other than
(i) the execution and delivery of the Note Documents and the consummation of the transactions contemplated thereby, (ii) the ownership of Capital Stock of the Issuer and, indirectly, any other subsidiary of the Issuer,
(iii) activities and contractual rights incidental to maintenance of its corporate existence and its ownership of the Issuer, and (iv) performance of its obligations under the Note Documents to which it is a party and all documents and
agreements related thereto and any obligations incidental thereto. 
 Section 4.19 Accounting
Firms. The Issuer shall not appoint or change the Issuer’s independent auditor to an independent registered public accounting firm other than Deloitte & Touche LLP, Ernst & Young LLP, KPMG LLP or PricewaterhouseCoopers
LLP, or their respective successors. 
 Section 4.20 Stock Commitment. 

(a) On or Prior to December 1, 2017, the Issuer shall deliver evidence to the Trustee of the funding of the Preferred Stock Commitment,
subject to Section 4.20(c). 
 (b) On or prior to the first anniversary of the Closing Date, the Issuer shall
deliver evidence to the Trustee of the funding of an additional subscription by any or all of the Issuer’s existing or new stockholders for Equity Interests of the Issuer (other than Disqualified Stock) resulting in net proceeds to the Issuer
(taken together with the amount funded in respect of the Preferred Stock Commitment) of at least $80,000,000, subject to Section 4.20(c). 

(c) Notwithstanding the foregoing, the Issuer shall not be in breach of its obligations under this Section 4.20 to
the extent that failure to satisfy any such obligations results solely from (i) with respect to Section 4.20(a), any holder of the Notes not funding its pro rata 

  
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portion of the Preferred Stock Commitment, or (ii) with respect to Section 4.20(b), any holder of the Notes not funding its pro rata portion of the Preferred Stock
Commitment; provided however, that the amounts required to be funded under Section 4.20(a) and Section 4.20(b) shall only be reduced by the amounts not funded by holders of the Notes
based on such holder of Notes’ pro rata portion of the Preferred Stock Commitment. 
 Section 4.21
[Reserved]. 
 Section 4.22 Minimum Liquidity. The Issuer will not,
as of the last Business Day of each calendar month prior to the date that ECP has funded its pro rata portion of the Preferred Stock Commitment, permit the Liquidity of the Issuer and its Subsidiaries to be less than $8,000,000, calculated
(x) as of the last Business Day of each calendar month as well as (y) on a 30-day average for the preceding 30 days prior to the last Business Day of such calendar month, in each case, certified
pursuant to an Officers’ Certificate to be delivered to the Trustee, and if requested by beneficial holders, to such beneficial holders, by the 15th of the immediately following month to which such Officers’ Certificate relates;
provided that, if the Issuer shall fail to maintain compliance with this Section 4.22 on any date, then, on or prior to the date that is five (5) Business Days after the earlier of (i) the date the Issuer
obtains knowledge of such non-compliance and (ii) the date of receipt by the Issuer of notice from the Trustee of such non-compliance, the Issuer’s equity
holders, any of their Affiliates or any other Person shall have the right to make any equity investment to the Issuer during such five (5) Business Day period (such right, the “Equity Cure Right”), and upon receipt by the
Issuer of such equity investment, this Section 4.22 shall be recalculated giving effect to such equity investment and such equity investment, if so designated by the Issuer, shall be included as unrestricted cash for
purposes of calculating Unencumbered Cash; provided further, that the Equity Cure Right shall not be exercised more than two times during the term of this Indenture. 

ARTICLE V 
 SUCCESSOR
COMPANY 
 Section 5.01 When Issuer May Merge or Transfer Assets. 

(a) The Issuer may not, directly or indirectly, consolidate, amalgamate or merge with or into or wind up or convert into (whether or not the
Issuer is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions, to any Person unless: 

(i) the Issuer is the surviving Person or the Person formed by or surviving any such consolidation, amalgamation, merger,
winding up or conversion (if other than the Issuer) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a corporation, partnership, limited liability company or similar entity organized or
existing under the laws of the United States, any state thereof, the District of Columbia (the Issuer or such Person, as the case may be, being herein called the “Successor Company”); 

  
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 (ii) the Successor Company (if other than the Issuer) expressly assumes all
the obligations of the Issuer under this Indenture and the other Note Documents, pursuant to supplemental indentures, amendments, joinders or other documents or instruments, as applicable; 

(iii) immediately after giving effect to such transaction (and treating any Indebtedness which becomes an obligation of the
Successor Company, or any Subsidiary as a result of such transaction as having been Incurred by the Successor Company, or the Issuer or such Subsidiary at the time of such transaction) no Default shall have occurred and be continuing; 

(iv) the Successor Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each
stating that such consolidation, merger, amalgamation or transfer and such supplemental indentures, amendments, joinders or other documents or instruments, as applicable (if any) comply with this Indenture and the other Note Documents; and 

(v) any Collateral owned by or transferred to the Person formed by or surviving any such consolidation or merger (if other than
the Issuer) or the Person to which such sale, assignment, transfer, conveyance or other disposition has been made continues to constitute Collateral under the Note Documents, subject to the Note Liens, except as permitted by this Indenture or the
other Note Documents. 
 Except in the case of a lease, the Successor Company (if other than the Issuer) will succeed to, and be substituted
for, the Issuer under this Indenture and the Notes, and in such event the Issuer will automatically be released and discharged from its obligations under this Indenture and the Notes. Notwithstanding the foregoing clause (iii) of this
Section 5.01, the Issuer may merge, consolidate or amalgamate with an Affiliate solely for the purpose of reincorporating the Issuer in another state of the United States, the District of Columbia, any territory of the
United States or any province or territory thereof or any subdivision thereof or may convert into a corporation, partnership, limited liability company or similar entity, so long as the amount of Indebtedness of the Issuer is not increased thereby.
Notwithstanding the foregoing, this Section 5.01 shall not apply to an IPO, including with respect to any merger or amalgamation of some or all of the Issuer and its Subsidiaries undertaken in connection with such IPO;
provided, that, the effectiveness of such reorganization shall be conditioned upon the completion of such IPO. 
 ARTICLE VI

 DEFAULTS AND REMEDIES 

Section 6.01 Events of Default. An “Event of Default” occurs with
respect to Notes if: 
 (a) there is a default in any payment of interest on any Note when the same becomes due and payable, and such default
continues for a period of seven (7) days; 

  
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 (b) there is a default in the payment of principal or premium, if any, of any Note when due
at its Stated Maturity, upon optional redemption, upon required repurchase, upon declaration of acceleration or otherwise; 
 (c) there is a
failure of the Issuer (i) to meet its obligations under Section 4.20(a), after taking into account Section 4.20(c); (ii) to meet its obligations under
Section 4.20(b), after taking into account Section 4.20(c), or (iii) to meet its obligations under Section 4.22 for five (5) days after receipt of written notice
given by the Trustee or the holders of not less than 33% in principal amount of the Notes then outstanding (with a copy to the Trustee) to comply with such obligations; 

(d) there is a failure by the Issuer or any Subsidiary of the Issuer for sixty (60) days after receipt of written notice given by the
Trustee or the holders of not less than 33% in principal amount of the Notes then outstanding (with a copy to the Trustee) to comply with its 
 other
obligations, covenants or agreements (other than a default referred to in clauses (a), (b) and (c) above) contained in the Note Documents; 

(e) there is a failure by the Issuer or any Subsidiary to pay any Indebtedness, in each case within any applicable grace period after final
maturity or the acceleration of any such Indebtedness by the holders thereof because of a default, in each case, if the total amount of such Indebtedness unpaid or accelerated exceeds $5 million or its foreign currency equivalent; 

(f) the Issuer, or any Subsidiary of the Issuer with more than $5.0 million in liabilities outstanding at such time, pursuant to or within
the meaning of any Bankruptcy Law: 
 (i) commences a voluntary case; 

(ii) consents to the entry of an order for relief against it in an involuntary case; 

(iii) consents to the appointment of a Custodian of it or for any substantial part of its property; or 

(iv) makes a general assignment for the benefit of its creditors or takes any comparable action under any foreign laws relating
to insolvency; 
 (g) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(i) is for relief against the Issuer, or any Subsidiary of the Issuer with more than $5.0 million in liabilities
outstanding at such time, in an involuntary case; 
 (ii) appoints a Custodian of the Issuer, or any Subsidiary of the Issuer
with more than $5.0 million in liabilities outstanding at such time, or for any substantial part of its property; or 

  
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 (iii) orders the winding up or liquidation of the Issuer, or any Subsidiary
of the Issuer with more than $5.0 million in liabilities outstanding at such time, or any similar relief is granted under any foreign laws and the order or decree remains unstayed and in effect for sixty (60) days; 

(h) there is a failure by the Issuer or any Subsidiary of the Issuer to pay final and non-appealable
judgments aggregating in excess of $5.0 million or (net of any amounts which are covered by enforceable insurance policies issued by a carrier who has not disclaimed coverage, or self-insurance or reinsurance agreements), which judgments are
not discharged, waived or stayed for a period of sixty (60) days, 
 (i) the occurrence of any of the following: 

(ii) except as permitted by the Note Documents, any Security Document establishing the Note Liens ceases for any reason to be
enforceable; provided, that, 
 it will not be an Event of Default under this clause (i)(a) if the sole result of the failure
of one or more Security Documents to be fully enforceable is that any Note Lien purported to be granted under such Security Documents on Collateral, individually or in the aggregate, having a Fair Market Value of not more than $5.0 million,
ceases to be enforceable; provided further that if such failure is susceptible to cure, no Event of Default shall arise with respect thereto until 30 days after any officer of the Issuer becomes aware of such failure, which failure has
not been cured during such time period; 
 (iii) except as permitted by the Note Documents, any Note Lien purported to be
granted under any Security Document on Collateral, individually or in the aggregate, having a Fair Market Value in excess of $5.0 million, ceases to be an enforceable and perfected Lien, subject only to Permitted Liens; provided, that,
if such failure is susceptible to cure, no Event of Default shall arise with respect thereto until 30 days after any officer of the Issuer becomes aware of such failure, which failure has not been cured during such time period; 

(iv) if a HoldCo is formed after the Closing Date, any guarantee of the Obligations of the Issuer by HoldCo ceases to be in
full force and effect, is declared null and void in a judicial proceeding or HoldCo denies or disaffirms its obligations under this Indenture or its guarantee; 

(v) the Issuer, or any Person acting on behalf of the Issuer, denies or disaffirms in writing any obligation of the Issuer set
forth in or arising under any Security Document establishing Note Lien; or 
 (vi) any of the representations and warranties
set forth in Article IV of the Purchase Agreement shall prove to have been incorrect in any material respect when made or deemed made (or if already qualified by materiality or Material Adverse Effect (as that term is defined in the Purchase
Agreement), incorrect in any respect when made or deemed made). 

  
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 The foregoing shall constitute Events of Default whatever the reason for any such Event of
Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body. 

However, a default under clause (c) or (d) above shall not constitute an Event of Default until the Trustee or the holders of at least
33% in principal amount of outstanding Notes notify the Issuer, with a copy to the Trustee, of the default and the Issuer does not cure such default within the time specified in clauses (c) or (d) hereof after receipt of such notice. Such
notice must specify the Default, demand that it be remedied and state that such notice is a “Notice of Default.” The Issuer shall deliver to the Trustee, within five (5) Business Days after the occurrence thereof,
written notice in the form of an Officers’ Certificate of any event which is, or with the giving of notice or the lapse of time or both would become, an Event of Default, its status and what action the Issuer is taking or proposes to take with
respect thereto. 
 The term “Bankruptcy Law” means Title 11, United States Code or any similar U.S. Federal, provincial,
territorial or state bankruptcy, insolvency or reorganization law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 

Section 6.02 Acceleration. If an Event of Default (other than an Event of Default
specified in Section 6.01 (f) or (g) with respect to the Issuer) occurs with respect to the Notes and is continuing, the Trustee by notice to the Issuer or the holders of at least 33% in principal amount of all
outstanding Notes under this Indenture (with a copy to the Trustee) by notice to the Issuer may declare the principal of, premium, if any, and accrued but unpaid interest on all the Notes to be due and payable. Upon such a declaration, such
principal, interest and premium, if any, shall be due and payable immediately. If an Event of Default specified in Section 6.01(f) or (g) with respect to the Issuer occurs, the principal of, premium, if
any, and interest on all the Notes will become immediately due and payable without any declaration or other act on the part of the Trustee or any holders. 

In the event of any Event of Default specified in Section 6.01(e), but provided that there has been no declaration
of acceleration with respect to such Event of Default, such Event of Default and all consequences thereof (excluding, however, any resulting payment default) shall be annulled, waived and rescinded, automatically and without any action by the
Trustee or the holders of the Notes, if within twenty (20) days after such Event of Default arose the Issuer delivers an Officers’ Certificate to the Trustee stating that (x) the Indebtedness or guarantee that is the basis for such
Event of Default has been discharged or (y) the holders thereof have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event of Default or (z) the default that is the basis for such Event of
Default has been cured, it being understood that in no event shall an acceleration of the principal amount of the Notes as described above be annulled, waived or rescinded upon the happening of any such events. For the avoidance of doubt, an
acceleration of the Notes hereunder may not be annulled without the consent of a majority of the holders. 

Section 6.03 Other Remedies. If an Event of Default occurs and is continuing, the
Trustee may pursue any available remedy at law or in equity to collect the payment of principal of, premium (if any) or interest on the Notes or to enforce the performance of any provision of the Notes, this Indenture. 

  
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 The Trustee may maintain a proceeding even if it does not possess any of the Notes or does
not produce any of them in the proceeding. A delay or omission by the Trustee or any holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the
Event of Default. No remedy is exclusive of any other remedy. To the extent required by law, all available remedies are cumulative. 

Section 6.04 Waiver of Past Defaults. Provided the Notes are not then due and payable
by reason of a declaration of acceleration, the holders of a majority in principal amount of all outstanding Notes under the Indenture by written notice to the Trustee, on behalf of all holders, may waive an existing Event of Default and its
consequences except (a) an Event of Default in the payment of the principal of or interest on a Note, (b) an Event of Default arising from the failure to redeem or purchase any Note when required pursuant to the terms of this Indenture or
(c) an Event of Default in respect of a provision that under Section 9.02 cannot be amended without the consent of each holder affected. When an Event of Default is waived, it is deemed cured and the Issuer, the
Trustee and the holders will be restored to their former positions and rights under this Indenture, but no such waiver shall extend to any subsequent or other Default or impair any consequent right. 

Section 6.05 Control by Majority. The holders of a majority in principal amount of all
outstanding Notes under the Indenture may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. However, the Trustee may refuse to follow
any direction that conflicts with law or this Indenture, any other Note Document, or, subject to Section 7.01, that the Trustee determines is unduly prejudicial to the rights of any other holder or that would involve the
Trustee in personal liability. Prior to taking any action under this Indenture, the Trustee shall be entitled to security or indemnification satisfactory to it against all losses and expenses caused by taking or not taking such action or following
such direction. 
 Section 6.06 Limitation on Suits. 

(a) No holder may pursue any remedy with respect to this Indenture unless: 

(i) such holder has previously given the Trustee written notice that an Event of Default is continuing; 

(ii) holders of at least 33% in principal amount of all the outstanding Notes under the Indenture have requested the Trustee in
writing to pursue the remedy; 
 (iii) such holders have offered the Trustee security or indemnity satisfactory to it against
any loss, liability or expense; 

  
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 (iv) the Trustee has not complied with such request within sixty
(60) days after the receipt of the request and the offer of security or indemnity; and 
 (v) the holders of a majority
in principal amount of all the outstanding Notes under the Indenture have not given the Trustee a direction inconsistent with such request within such 60-day period; and 

(b) A holder may not use this Indenture to prejudice the rights of another holder or to obtain a preference or priority over another holder (it
being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such holders). 

Section 6.07 Contractual Rights of the Holders to Receive Payment. Notwithstanding any
other provision of this Indenture, the contractual right of any holder to receive payment of principal of, premium (if any) and interest on the Notes held by such holder, on or after the respective due dates expressed or provided for in the Notes,
or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such holder. 

Section 6.08 Collection Suit by Trustee. If an Event of Default specified in
Section 6.01(a) or (b) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Issuer or any other obligor on the Notes for the whole amount of
principal of, premium (if any), and interest then due and owing (together with interest on overdue principal and (to the extent lawful) on any unpaid interest at the rate provided for in the Notes) and the amounts provided for in
Section 7.07. 
 Section 6.09 Trustee May File Proofs of
Claim. The Trustee may file such proofs of claim, statements of interest and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation, expenses
disbursements and advances of the Trustee (including counsel, agents, accountants, experts or such other professionals as the Trustee deems necessary, advisable or appropriate)) and the holders allowed in any judicial proceedings relative to the
Issuer, its creditors or its property, shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and to participate as a member, voting or otherwise, of any official
committee of creditors appointed in such matters and, unless prohibited by law or applicable regulations, may vote on behalf of the holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in
any such judicial proceeding is hereby authorized by each holder to make payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the holders, to pay to the Trustee any amount due it for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.07. To the extent that the payment of any such compensation,
expenses, disbursement and advances of the Trustee, its agents, its counsel and any other amounts due to the Trustee under Section 7.07 hereof out of the estate in any such proceeding shall be denied for any reason, payment
of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that 

  
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the holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or agreement or otherwise. Nothing herein contained shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf of any holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any holder, or to authorize the Trustee to vote in
respect of the claim of any holder in any such proceeding. 
 Section 6.10
Priorities. Any money or property collected by the Trustee pursuant to this Article VI and any other money or property distributable in respect of the Issuer’s obligations under this Indenture after an Event of Default
shall be applied in the following order: 
 FIRST: to the Trustee, the Collateral Trustee, and the agents and attorneys of the Trustee and
Collateral Trustee for amounts due hereunder, including but not limited to payment of all compensation, expenses and liabilities incurred and all advances made by the Trustee or Collateral Trustee and the costs and expenses of collection; 

SECOND: to the holders for amounts due and unpaid on the Notes for principal, premium, if any, and interest, ratably, without preference or
priority of any kind, according to the amounts due and payable on the Notes for principal and interest, respectively; and 
 THIRD: to the
Issuer. 
 The Trustee may fix a record date and payment date for any payment to the holders pursuant to this
Section 6.10. At least fifteen (15) days before such record date, the Trustee shall send to each holder and the Issuer a notice that states the record date, the payment date and the amount to be paid. 

Section 6.11 Undertaking for Costs. In any suit for the enforcement of any right or
remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court of competent jurisdiction in its discretion may require the filing by any party litigant in the suit of an undertaking to pay
the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or
defenses made by the party litigant. This Article VI does not apply to a suit by the Trustee, a suit by a holder pursuant to Section 6.07 or a suit by holders of more than 10% in principal amount of the Notes. 

Section 6.12 Waiver of Stay or Extension Laws. The Issuer (to the extent it may
lawfully do so) shall not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or
the performance of this Indenture; and the Issuer (to the extent that they may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and shall not hinder, delay or impede the execution of any power herein granted to the
Trustee, but shall suffer and permit the execution of every such power as though no such law had been enacted. 

  
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 ARTICLE VII 

TRUSTEE 

Section 7.01 Duties of Trustee. 

(a) The Trustee, prior to the occurrence of an Event of Default with respect to the Notes and after the curing or waiving of all Events of
Default which may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested
in it by this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b) Except during the continuance of an Event of Default: 

(i) the duties of the Trustee shall be determined solely by the express provisions of this Indenture and Trustee undertakes to
perform such duties and only such duties as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Trustee (it being agreed that the permissive right of the Trustee to do
things enumerated in this Indenture shall not be construed as a duty); and 
 (ii) in the absence of bad faith on its part,
the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. The Trustee
shall be under no duty to make any investigation as to any statement contained in any such instance, but may accept the same as conclusive evidence of the truth and accuracy of such statement or the correctness of such opinions. However, in the case
of certificates or opinions required by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this
Indenture (but shall not be required to verify and need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 

(c) The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful
misconduct, except that: 
 (i) this paragraph does not limit the effect of paragraph (b) of this
Section 7.01; 
 (ii) the Trustee shall not be liable for any error of judgment made in good faith
by a Trust Officer unless it is proved in a court of competent jurisdiction that the Trustee was negligent in ascertaining the pertinent facts; 

(iii) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a
direction received by it pursuant to Section 6.05; and 

  
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 (iv) no provision of this Indenture shall require the Trustee to expend or
risk its own funds or otherwise Incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers. 

(d) Every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this
Section 7.01. 
 (e) The Trustee shall not be liable for interest on any money or U.S. Government Obligations
received by it except as the Trustee may agree in writing with the Issuer. 
 (f) Money held in trust by the Trustee need not be segregated
from other funds except to the extent required by law. 
 (g) Every provision of this Indenture relating to the conduct or affecting the
liability of or affording protection to the Trustee shall be subject to the provisions of this Section 7.01. 

Section 7.02 Rights of Trustee. 

(a) The Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper person.
The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or refrains from acting, it may
require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officers’ Certificate or Opinion of Counsel. 

(c) The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent appointed
with due care. 
 (d) The Trustee shall not be responsible or liable for any action it takes or omits to take in good faith which it believes
to be authorized or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute willful misconduct or negligence. 

(e) The Trustee may consult with counsel of its own selection and the advice or opinion of such counsel or any Opinion of Counsel with respect
to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or
opinion of such counsel. 
 (f) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the
Issuer shall be sufficient if signed by an Officer of the Issuer. 
 (g) The Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, debenture, note or other paper or document unless requested in writing to do so by the holders of not
less than a majority in principal amount of the Notes at the time outstanding and indemnified in accordance with Section 6.05, but the Trustee, in its 

  
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discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it
shall be entitled to examine the books, records and premises of the Issuer, personally or by agent or attorney, at the expense of the Issuer and shall Incur no liability of any kind by reason of such inquiry or investigation. 

(h) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the holders pursuant to this Indenture, unless such holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be Incurred by it in compliance with
such request or direction. 
 (i) The rights, privileges, protections, immunities and benefits given to the Trustee, including its right to
be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

(j) The Trustee shall not be responsible or liable for any action taken or omitted by it in good faith at the direction of the holders of not
less than a majority in principal amount of the Notes as to the time, method and place of conducting any proceedings for any remedy available to the Trustee or the exercising of any power conferred by this Indenture. 

(k) Any action taken, or omitted to be taken, by the Trustee in good faith pursuant to this Indenture upon the request or authority or consent
of any person who, at the time of making such request or giving such authority or consent, is the holder of any Note shall be conclusive and binding upon future holders of Notes and upon Notes executed and delivered in exchange therefor or in place
thereof. 
 (l) The Trustee shall not be deemed to have notice of any Default, Event of Default or failure to fund a Draw Down Request Amount
unless a Trust Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a Default or failure to fund is received by a Trust Officer of the Trustee at the Corporate Trust Office of the Trustee,
and such notice references the Notes and this Indenture. 
 (m) The Trustee may request that the Issuer deliver an Officers’ Certificate
setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any Person authorized to sign an Officers’
Certificate, including any Person specified as so authorized in any such certificate previously delivered and not superseded. 
 (n) The
Trustee shall not be responsible or liable for punitive, special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood
of such loss or damage and regardless of the form of actions. 
 (o) The Trustee shall not be required to give any bond or surety in respect
of the execution of the trusts and powers under this Indenture. 

  
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 (p) The Trustee shall not be responsible or liable for any failure or delay in the
performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fire; flood; terrorism; wars and other
military disturbances; sabotage; epidemics; riots; interruptions; loss or malfunction of utilities, computer (hardware or software) or communication services; accidents; labor disputes; and acts of civil or military authorities and governmental
action; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

(q) The Trustee shall have no duty to monitor or provide notice to the holders of the Notes of any failure to fund a Draw Down Request Amount.

 Section 7.03 Individual Rights of Trustee. The Trustee in its individual or any
other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest (as
defined in the TIA) after a Default has occurred and is continuing, it must eliminate such conflict with 90 days or resign. Any Paying Agent or Registrar may do the same with like rights. However, the Trustee must comply with
Section 7.10. 
 Section 7.04
Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the
Issuer’s use of the proceeds from the Notes, and it shall not be responsible for any statement of the Issuer in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Trustee’s
certificate of authentication. The Trustee shall not be charged with knowledge of any Default or Event of Default under Sections 6.01 (c), (d), (e), (f), (g), (h) or (i) or of the identity of any
Subsidiary of the Issuer unless either (a) a Trust Officer shall have actual knowledge thereof or (b) the Trustee shall have received written notice thereof in accordance with Section 14.02 hereof from the Issuer
or any holder. In accepting the trust hereby created, the Trustee acts solely as Trustee under this Indenture and not in its individual capacity and all persons, including without limitation the holders of Notes and the Issuer having any claim
against the Trustee arising from this Indenture shall look only to the funds and accounts held by the Trustee hereunder for payment except as otherwise provided herein. 

Section 7.05 Notice of Defaults. If a Default or Event of Default occurs and is
continuing and is actually known to a Trust Officer or the Trustee, the Trustee shall send, or deliver electronically if held by the Depository, to each holder of the Notes notice of the Default or Event of Default within the later of ninety
(90) days after it occurs or thirty (30) days after it is actually known to a Trust Officer or written notice if it is received by the Trustee. Except in the case of a Default in the payment of principal of, premium (if any) or interest on
any Note, the Trustee may withhold notice if and so long as the Trustee in good faith determines that withholding notice is in the interests of the noteholders. The Issuer shall deliver to the Trustee, annually, a certificate indicating whether the
signers thereof know of any Default or Event of Default that occurred during the previous year. The Issuer also shall deliver to the Trustee, within thirty (30) days after the occurrence thereof, written notice of any event which would
constitute certain Defaults or Events of Default, their status and what action the Issuer is taking or proposes to take in respect thereof. 

  
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 Section 7.06 [Reserved]. 

Section 7.07 Compensation and Indemnity. The Issuer shall pay to the Trustee from time
to time compensation for the Trustee’s acceptance of this Indenture and its services hereunder. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall reimburse the
Trustee upon request for all reasonable out-of-pocket expenses, disbursements and advances Incurred or made by it, including costs of collection, in addition to the
compensation for its services, except any such disbursements, advances or expenses as may be attributable to its negligence, willful misconduct or bad faith as determined by a court of competent jurisdiction. Such expenses shall include the
reasonable compensation and expenses, disbursements and advances of the Trustee’s agents, counsel, accountants and experts. The Issuer shall indemnify the Trustee or any predecessor Trustee and their directors, officers, employees and agents
against any and all loss, liability, claim, damage or expense (including reasonable attorneys’ fees, disbursements, expenses and Taxes (other than Taxes based upon, measured by or determined by the income of the Trustee)) Incurred by or in
connection with the acceptance or administration of this trust and the performance of its duties hereunder, including the costs and expenses of enforcing this Indenture against any Issuer (including this Section 7.07) and
defending itself against or investigating any claim (whether asserted by any Issuer, any holder or any other Person). The obligation to pay such amounts shall survive the payment in full or defeasance of the Notes or the removal or resignation of
the Trustee. The Trustee shall notify the Issuer of any claim for which it may seek indemnity promptly upon obtaining actual knowledge thereof; provided, however, that any failure so to notify the Issuer shall not relieve the Issuer of
its indemnity obligations hereunder. The Issuer shall defend the claim and the indemnified party shall provide reasonable cooperation at the Issuer’s expense in the defense. Such indemnified parties may have separate counsel and the Issuer
shall pay the fees, disbursements and expenses of such counsel; provided, however, that the Issuer shall not be required to pay such fees, disbursements and expenses if it assumes such indemnified parties’ defense and, in such
indemnified parties’ reasonable judgment, there is no actual or potential conflict of interest between the Issuer and such parties in connection with such defense. The Issuer need not reimburse any expense or indemnify against any loss,
liability or expense Incurred by an indemnified party through such party’s own willful misconduct, negligence or bad faith. 
 To
secure the Issuer’s payment obligations in this Section 7.07, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee other than money or property held in trust to pay
principal of and interest on particular Notes. 
 The Issuer’s payment obligations pursuant to this
Section 7.07 shall survive the satisfaction or discharge of this Indenture, any rejection or termination of this Indenture under any Bankruptcy Law or the resignation or removal of the Trustee. Without prejudice to any
other rights available to the Trustee under applicable law, when the Trustee Incurs expenses after the occurrence of a Default specified in Section 6.01(f) or (g) with respect to the Issuer, the expenses
(including the charges and expenses of the Trustee’s agents and counsel) are intended to constitute expenses of administration under the Bankruptcy Law. 

  
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 Section 7.08 Replacement of Trustee.

 (a) The Trustee may resign at any time with respect to one or all series of Notes by so notifying the Issuer. The holders of a majority in
principal amount of the Notes may remove the Trustee by so notifying the Trustee and may appoint a successor Trustee. The Issuer shall remove the Trustee if: 

(i) the Trustee fails to comply with Section 7.10; 

(ii) the Trustee is adjudged bankrupt or insolvent, or an order for relief is entered with respect to the Trustee under any
Bankruptcy Law; 
 (iii) a receiver or other public officer takes charge of the Trustee or its property; or 

(iv) the Trustee otherwise becomes incapable of acting. 

(b) If the Trustee resigns, is removed by the Issuer or by the holders of a majority in principal amount of the Notes and such holders do not
reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Issuer shall promptly appoint a successor Trustee. 

(c) A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon the resignation or removal of the
retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall send a notice of its succession to the holders. The retiring Trustee
shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.07. 

(d) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee or the
holders of 10% in principal amount of the Notes may petition at the expense of the Issuer any court of competent jurisdiction for the appointment of a successor Trustee. 

(e) If the Trustee fails to comply with Section 7.10, unless the Trustee’s duty to resign is stayed as provided
in Section 310(b) of the TIA, any holder who has been a bona fide holder of a Note for at least six months may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

  
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 (f) Notwithstanding the replacement of the Trustee pursuant to this
Section 7.08, the Issuer’s obligations under Section 7.07 shall continue for the benefit of the retiring Trustee. 

Section 7.09 Successor Trustee by Merger. If the Trustee consolidates with, merges or
converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation or banking association without any further act
shall be the successor Trustee. 
 In case at the time such successor or successors by merger, conversion or consolidation to the Trustee
shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes
so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Trustee;
and in all such cases such certificates of authentication shall have the full force which it is anywhere in the Notes or in this Indenture. 

Section 7.10 Eligibility; Disqualification. There will at all times be a Trustee
hereunder that is a corporation or association organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate Trustee power, that is subject to supervision
or examination by federal or state authorities and that has a combined capital and surplus of at least $100.0 million as set forth in its most recent published annual report of condition. 

ARTICLE VIII 
 DISCHARGE
OF INDENTURE; DEFEASANCE 
 Section 8.01 Discharge of Liability on Notes;
Defeasance. 
 (a) This Indenture shall be discharged and shall cease to be of further effect (except as to surviving rights and
immunities of the Trustee and rights of registration or of transfer or exchange of Notes, as expressly provided for in this Indenture) as to all outstanding Notes when: 

(i) either (A) all the Notes theretofore authenticated and delivered (except lost, stolen or destroyed Notes which have
been replaced or paid and Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust) have been delivered to the Trustee for
cancellation or (B) all of the Notes not theretofore delivered to the Trustee for cancellation (1) have become due and payable, (2) will become due and payable at their Stated Maturity within one year or (3) if redeemable at the
option of the Issuer, are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer, and the Issuer has irrevocably
deposited or caused to be deposited with the Trustee funds in U.S. dollars in an amount sufficient to pay and discharge the entire Indebtedness on the Notes not theretofore delivered to the Trustee for cancellation,

  
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for principal of, premium, if any, and interest (including PIK interest which for the avoidance of doubt shall be paid in cash) on the Notes to the date of maturity or redemption, as the case may
be, together with irrevocable written instructions from the Issuer directing the Trustee to apply such funds to the payment thereof at maturity or redemption, as the case may be; 

(ii) the Issuer has paid all other sums payable under this Indenture; and 

(iii) the Issuer has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel stating that all
conditions precedent under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with. 
 (b)
Subject to Section 8.01(c) and Section 8.02, the Issuer at any time may terminate (i) all of its obligations under the Notes and this Indenture with respect to the holders of the Notes
(“legal defeasance option”), and (ii) its obligations under Sections 4.02, 4.03, 4.04, 4.05, 4.06, (c), 4.08 and 4.10 and the operation of
Section 5.01 for the benefit of the holders of the Notes, and Sections 6.01(c), 6.01(d), 6.01(e), 6.01(f), 6.01(g) (in the case of Sections 6.01(f) and 6.01(g) with respect
to Subsidiaries of the Issuer only), 6.01(h) and 6.01(i) (“covenant defeasance option”). The Issuer may exercise its legal defeasance option notwithstanding its prior exercise of its covenant defeasance option.

 If the Issuer exercises its legal defeasance option, payment of the Notes so defeased may not be accelerated because of an Event of
Default. If the Issuer exercises its covenant defeasance option, payment of the Notes so defeased may not be accelerated because of an Event of Default specified in Sections 6.01(c), 6.01(d), 6.01(e), 6.01(f),
6.01(g) (with respect to Subsidiaries of the Issuer only), 6.01(h) and 6.01(i). 
 Upon satisfaction of the conditions
set forth herein and upon request of the Issuer, the Trustee shall acknowledge in writing the discharge of those obligations that the Issuer terminates. 

(c) Notwithstanding clauses (a) and (b) above, the Issuer’s obligations in Sections 2.04, 2.05, 2.06,
2.07, 2.08 and 2.09 and Article VII, including, without limitation, Sections 7.07, 7.08 and 7.09, and in this Article VIII and the rights and immunities of the Trustee under this Indenture
shall survive until the Notes have been paid in full. Thereafter, the Issuer’s obligations in Sections 7.07, 7.08 and 8.06 and the rights and immunities of the Trustee under this Indenture shall survive such satisfaction
and discharge. 
 Section 8.02 Conditions to Defeasance. 

(a) The Issuer may exercise its legal defeasance option or its covenant defeasance option only if: 

(i) the Issuer irrevocably deposits in trust with the Trustee cash in U.S. Dollars, U.S. Government Obligations or a
combination thereof sufficient, or a combination thereof sufficient, to pay the principal of and premium (if any) and interest on the Notes (including an amount of cash equal to all accrued and unpaid PIK Interest to the applicable date) when due at
maturity or redemption, as the case may be; 

  
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 (ii) the Issuer delivers to the Trustee a certificate from a nationally
recognized firm of independent accountants expressing their opinion that the payments of principal and interest when due and without reinvestment on the deposited U.S. Government Obligations plus any deposited money without investment will provide
cash at such times and in such amounts as will be sufficient to pay principal, premium, if any, and interest when due on all the Notes to maturity or redemption, as the case may be; 

(iii) no Default (other than resulting from borrowing funds to be applied to make such deposit and the granting of Liens in
connection therewith) shall have occurred or is continuing on the date of such deposit; 
 (iv) the deposit does not
constitute a default under any other material agreement or instrument binding on the Issuer; 
 (v) in the case of the legal
defeasance option, the Issuer shall have delivered to the Trustee an Opinion of Counsel stating, subject to customary assumptions and qualifications, that (A) the Issuer has received from, or there has been published by, the Internal Revenue
Service a ruling, or (B) since the date of this Indenture there has been a change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the holders will
not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit and defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the
case if such deposit and defeasance had not occurred; 
 (vi) such exercise does not impair the right of any holder to
receive payment of principal of, premium, if any, and interest on such holder’s Notes on or after the due dates therefore or to institute suit for the enforcement of any payment on or with respect to such holder’s Notes; 

(vii) in the case of the covenant defeasance option, the Issuer shall have delivered to the Trustee an Opinion of Counsel to
the effect, subject to customary assumptions and qualifications, that the holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit and defeasance and will be subject to U.S. federal income tax
on the same amounts, in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred; and 

(viii) the Issuer delivers to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent to the defeasance and discharge of the Notes to be so defeased and discharged as contemplated by this Article VIII have been complied with. 

  
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 All of the Collateral will be released from the Lien securing the Notes, as provided under
Section 13.07 hereof, upon the exercise of the Issuer’s legal defeasance option or covenant defeasance option in accordance with the provisions described above. 

(b) Before or after a deposit, the Issuer may make arrangements satisfactory to the Trustee for the redemption of such Notes at a future date
in accordance with Article III. 
 Section 8.03 Application of Trust Money.
The Trustee shall hold in trust money or U.S. Government Obligations (including proceeds thereof) deposited with it pursuant to this Article VIII. The Trustee shall apply the deposited money and the money from U.S. Government Obligations
through each Paying Agent and in accordance with this Indenture to the payment of principal of and cash interest (together with an amount of cash equal to accrued and unpaid PIK Interest) on the Notes so discharged or defeased. 

Section 8.04 Repayment to Issuer. Each of the Trustee and each Paying Agent shall
promptly turn over to the Issuer upon request any money or U.S. Government Obligations held by it as provided in this Article VIII that, in the written opinion of a nationally recognized firm of independent public accountants delivered to the
Trustee (which delivery shall only be required if U.S. Government Obligations have been so deposited), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent discharge or defeasance in accordance with
this Article VIII. 
 Subject to any applicable abandoned property law, the Trustee and each Paying Agent shall pay to the Issuer
upon written request any money held by them for the payment of principal or interest that remains unclaimed for two (2) years, and, thereafter, holders entitled to the money must look to the Issuer for payment as general creditors, and the
Trustee and each Paying Agent shall have no further liability with respect to such monies. 

Section 8.05 Reserved. 

Section 8.06 Reinstatement. If the Trustee or any Paying Agent is unable to apply any
money or U.S. Government Obligations in accordance with this Article VIII by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such
application, the Issuer’s obligations under this Indenture and the Notes so discharged or defeased shall be revived and reinstated as though no deposit had occurred pursuant to this Article VIII until such time as the Trustee or any
Paying Agent is permitted to apply all such money or U.S. Government Obligations in accordance with this Article VIII; provided, however, that, if the Issuer has made any payment of principal of, or interest on, any such Notes
because of the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the holders of such Notes to receive such payment from the money or U.S. Government Obligations held by the Trustee or any Paying Agent. 

  
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 ARTICLE IX 

AMENDMENTS AND WAIVERS 

Section 9.01 Without Consent of the Holders. 

(a) The Issuer, the Trustee and the Collateral Trustee (if applicable with respect to the Security Documents) may amend this Indenture and the
Notes without notice to or consent of any holder: 
 (i) to cure any ambiguity, omission, mistake, defect or inconsistency;

 (ii) to provide for the assumption by a Successor Company (with respect to the Issuer) of the obligations of the Issuer
under this Indenture and the Notes; 
 (iii) to provide for uncertificated Notes in addition to or in place of certificated
Notes, provided, however, that the uncertificated Notes are issued in registered form for purposes of Sections 163(f), 871(h) and 881(c)(2) of the Code, or in a manner such that the uncertificated Notes are described in
Section 163(f)(2)(B) of the Code; 
 (iv) to add a guarantee or other obligor with respect to the Notes; 

(v) to add to the covenants of the Issuer for the benefit of the holders or to surrender any right or power herein conferred
upon the Issuer; 
 (vi) to make any change that would provide any additional rights or benefits to the holders or does not
adversely affect the rights of any holder; 
 (vii) to provide for the issuance of Additional Notes subject to the
limitations set forth in this Indenture, which shall have terms substantially identical in all material respects to the Initial Notes, and which shall be treated, together with any outstanding Initial Notes, as a single issue of securities; 

(viii) to provide for the issuance of PIK Notes or the increase of the principal amount of the Notes to pay PIK Interest in
accordance with the terms of this Indenture; 
 (ix) in the event that any PIK Notes are issued as Definitive Notes, to make
appropriate amendments to this Indenture to reflect an appropriate minimum denomination of certificated PIK Notes and establish minimum redemption amounts for certificated PIK Notes; 

(x) to clarify the procedures for adjustment of any series of Notes in accordance with the terms thereof upon the occurrence of
any Draw Down Request Amount not being funded in accordance with the terms of the Purchase Agreement; 
 (xi) to release or
subordinate Liens on Collateral in accordance with the Note Documents; 

  
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 (xii) to confirm and evidence the release, termination or discharge of any
Lien with respect to or securing the Notes when such release, termination or discharge is provided for in accordance with this Indenture and the other Note Documents; 

(xiii) to add any Collateral, to secure the payments due to the holders or to evidence the release, termination or discharge of
any Liens, in each case as provided in this Indenture or the other Note Documents, as applicable; 
 (xiv) to make, complete
or confirm any grant of Collateral permitted or required by this Indenture or any of the Security Documents establishing Note Liens; or 

(xv) to evidence or provide for the acceptance of appointment under this Indenture of a successor Trustee; or 

(xvi) to comply with the rules of any applicable depositary. 

After an amendment under this Section 9.01 becomes effective, the Issuer shall mail, or otherwise deliver in accordance with the
procedures of the Depository, to the holders a notice briefly describing such amendment. The failure to give such notice to all holders, or any defect therein, shall not impair or affect the validity of an amendment under this
Section 9.01. 
 Section 9.02 With Consent of the Holders.
Except as set forth in the next sentence and in the last paragraph of this Section 9.02, the Issuer, the Trustee and the Collateral Trustee (if applicable with respect to the Security Documents) may amend this Indenture,
the Notes and the Security Documents with the consent of the Issuer and the holders of at least a majority in principal amount of all the Notes then outstanding under the Indenture voting as a single class (including consents obtained in connection
with a tender offer or exchange for the Notes), and any existing Default or Event of Default or compliance with any provision of this Indenture or the Notes, or the Security Documents or may be waived with the consent of the holders of a majority in
aggregate principal amount of the then outstanding Notes (including Additional Notes, if any) voting as a single class. Sections 2.09 and 14.06 hereof shall determine which Securities are considered to be “outstanding” for
purposes of this Section 9.02. However, without the consent of each holder of an outstanding Note affected, an amendment may not: 

(a) reduce the principal amount of Notes whose holders must consent to an amendment; 

(b) reduce the rate of or extend the time for payment of interest on any Note (other than in accordance with the explicit terms of any series
of Notes), or reduce the portion of the accrued interest on any payment date that is required to be paid in cash; 
 (c) reduce the principal
of or change the Stated Maturity of any Note; 

  
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 (d) reduce the price payable upon the redemption of any Note or change the time at which any
Note may be redeemed in accordance with Article III and Sections 5 and 9 of the Notes; 
 (e) make any Note payable in money other
than that stated in such Note; 
 (f) expressly subordinate the Notes or the Note Liens to any other Indebtedness of the Issuer; 

(g) impair the contractual right of any holder to receive payment of principal of, premium, if any, and interest on such holder’s Notes on
or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such holder’s Notes; or 

(h) make any change in Section 9.01 or Section 9.02. 

It shall not be necessary for the consent of the holders under this Section 9.02 to approve the particular form of
any proposed amendment, but it shall be sufficient if such consent approves the substance thereof. 
 After an amendment under this
Section 9.02 becomes effective, the Issuer shall mail, or otherwise deliver in accordance with the procedures of the Depository, to the holders a notice briefly describing such amendment. The failure to give such notice to
all holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 9.02. 

In addition, the following amendments, supplements to or waivers of the provisions of this Indenture or any Note Documents, will require the
consent of the holders of at least 66 2/3% in aggregate principal amount of the Notes then outstanding: 
 (i) the release of all or
substantially all of the Collateral from the Liens securing the Notes; 
 (j) any changes to Section 4.03 and any
definitions related thereto; 
 (k) any changes to Section 4.04 and any definitions related thereto; 

(l) any changes to Section 4.09 and any definitions related thereto; and 

(m) any changes to the definition of “Change of Control” and the provisions of Section 4.08. 

Section 9.03 Revocation and Effect of Consents and Waivers. 

(a) A consent to an amendment or a waiver by a holder of a Note shall bind the holder and every subsequent holder of that Note or portion of
the Note that evidences the same debt as the consenting holder’s Note, even if notation of the consent or waiver is not made on the Note. However, any such holder or subsequent holder may revoke the consent or waiver as to such holder’s
Note or portion of the Note if the Trustee receives the notice of revocation before the date on which the Trustee receives an Officers’ Certificate from the Issuer certifying that the 

  
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requisite principal amount of Notes have consented. After an amendment or waiver becomes effective, it shall bind every holder. An amendment or waiver becomes effective upon the (i) receipt
by the Issuer or the Trustee of consents by the holders of the requisite principal amount of securities, (ii) satisfaction of conditions to effectiveness as set forth in this Indenture and any indenture supplemental hereto containing such
amendment or waiver and (iii) execution of such amendment or waiver (or supplemental indenture) by the Issuer and the Trustee. 
 (b)
The Issuer may, but shall not be obligated to, fix a record date for the purpose of determining the holders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a
record date is fixed, then notwithstanding the immediately preceding paragraph, those Persons who were holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any
consent previously given or to take any such action, whether or not such Persons continue to be holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date. The Issuer shall inform the
Trustee in writing of the fixed record date if applicable. 
 Section 9.04 Notation on or
Exchange of Notes. If an amendment, supplement or waiver changes the terms of a Note, the Issuer may require the holder of the Note to deliver it to the Trustee. The Trustee may place an appropriate notation on the Note regarding the changed
terms and return it to the holder. Alternatively, if the Issuer or the Trustee so determine, the Issuer in exchange for the Note shall issue and, upon receipt of an Authentication Order signed by an Officer, the Trustee shall authenticate a new Note
that reflects the changed terms. Failure to make the appropriate notation or to issue a new Note shall not affect the validity of such amendment, supplement or waiver. 

Section 9.05 Trustee to Sign Amendments. The Trustee shall sign any amendment,
supplement or waiver authorized pursuant to this Article IX if the amendment does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing such amendment,
the Trustee shall be entitled to receive indemnity satisfactory to it and shall be provided with, and (subject to Section 7.01) shall be fully protected in relying upon, (i) an Officers’ Certificate stating that
such amendment, supplement or waiver is authorized or permitted by this Indenture and that such amendment, supplement or waiver is the legal, valid and binding obligation of the Issuer, enforceable against it in accordance with its terms, subject to
customary exceptions, and complies with the provisions hereof, (ii) an Opinion of Counsel stating that such amendment, supplement or waiver is authorized or permitted by this Indenture and that such amendment, supplement or waiver is the legal,
valid and binding obligation of the Issuer, enforceable against it in accordance with its terms, subject to customary exceptions, and complies with the provisions hereof, and (iii) if such amendment, supplement or waiver is executed pursuant to
Section 9.02, evidence reasonably satisfactory to the Trustee of the consent of the holders required to consent thereto. 

Section 9.06 Additional Voting Terms; Calculation of Principal Amount. All Notes issued
under this Indenture shall vote and consent together on all matters (as to which any of such Notes may vote) as one class and no Notes will have the right to vote or consent as a separate class on any matter. Determinations as to whether holders of
the requisite aggregate principal amount of Notes have concurred in any direction, waiver or consent shall be made in accordance with this Article IX and Section 2.13 and
Section 14.06. 

  
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 ARTICLE X 

[Intentionally Omitted] 

ARTICLE XI 

[Intentionally Omitted] 

ARTICLE XII 

[Intentionally Omitted] 

ARTICLE XIII 
 COLLATERAL
AND SECURITY 
 Section 13.01 Security Interest. 

(a) The due and punctual payment of the Obligations on the Notes, when and as the same shall be due and payable, whether on an Interest Payment
Date, at maturity, by acceleration, repurchase, redemption or otherwise, and interest on the overdue principal of, premium, if any, and interest (to the extent permitted by law) on the Notes and performance and payment of all other obligations of
the Issuer to the holders of the Notes or the Trustee and/or the Collateral Trustee under the Note Documents, according to the terms hereunder or thereunder (collectively, the “Notes Obligations”), are secured, as provided in the
Security Documents. The Issuer consents and agrees to be bound by the terms of the Security Documents to which it is a party, as the same may be in effect from time to time, and agrees to perform its obligations thereunder in accordance therewith.
The Issuer hereby agrees that the Collateral Trustee shall hold the Collateral on behalf of and for the benefit of itself, the Trustee and all of the holders. The Issuer shall deliver to the Trustee copies of all Security Documents and all notices
and other documents delivered to the Collateral Trustee pursuant to this Indenture and the Security Documents. 
 (b) Each holder of the
Notes, by its acceptance thereof, consents and agrees to the terms of the Security Documents (including, without limitation, the provisions providing for foreclosure and release of Collateral and amendments to the Security Documents) as the same may
be in effect or may be amended from time to time in accordance with their terms and authorizes and appoints the Collateral Trustee to enter into the Collateral Trust Agreement and authorizes and appoints (and directs the Trustee to authorize and
appoint) Wilmington Trust, National Association, as the Collateral Trustee. Each holder of the Notes further directs the Collateral Trustee (and authorizes the Trustee to direct the Collateral Trustee) to enter into the Security Documents (including
any amendments thereto) and to perform its obligations and exercise its rights thereunder in accordance therewith, subject to the terms and conditions thereof, including, without limitation, the limitations on duties of the Collateral Trustee
provided in the Collateral Trust Agreement. The Trustee, the Collateral Trustee and each holder of the Notes, by accepting the Notes and the benefits of the Note Documents, acknowledges that, as more fully set forth in the Security Documents, the
Collateral as now or hereafter constituted shall be held for the benefit of all the holders of Note Obligations, the Collateral Trustee and the Trustee. 

  
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 Section 13.02 Concerning the
Trustee. 
 (a) The Trustee shall not be obligated to take any action (or to direct the Collateral Trustee to take any action) under
the Collateral Trust Agreement or any other Security Document without the written direction of the holders in accordance with this Indenture. 

(b) Neither the Trustee nor any of its officers, directors, employees, attorneys or agents shall be responsible or liable (i) for the
legality, enforceability, effectiveness or sufficiency of the Security Documents, for the creation, perfection, priority, sufficiency, maintenance, renewal or protection of any Lien, or for any defect or deficiency as to any such matters, or
(ii) for any failure to demand, collect, foreclose or realize upon or otherwise enforce any of the Liens or Security Documents or any delay in doing so, or (iii) for the validity or sufficiency of the Collateral or any agreement or
assignment contained therein, for the validity of the title, for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral. 

(c) The rights, privileges, protections, immunities and benefits given to the Trustee under this Indenture, including, without limitation, its
right to be indemnified and compensated and all other rights, privileges, protections, immunities and benefits set forth in this Indenture are extended to the Trustee when acting under the Collateral Trust Agreement and the other Note Documents and
to the Collateral Trustee when acting under the Collateral Trust Agreement and the other Note Documents. 
 (d) Neither the Trustee nor the
Collateral Trustee will not be responsible for filing any financing or continuation statements or recording any documents or instruments at any time or times or otherwise perfecting or maintaining the perfection of any Liens on the Collateral. 

Section 13.03 Authorization of Actions to be Taken. 

(a) Subject to the provisions of Section 7.01 and Section 7.02 hereof and the Security
Documents, the Trustee, upon the written direction of the holders holding a majority of the aggregate outstanding principal amount of the Notes shall direct, on behalf of the holders, the Collateral Trustee to take all actions it deems necessary or
appropriate in order to: 
 (i) foreclose upon or otherwise enforce any or all of the Liens on the Collateral; 

(ii) enforce any of the terms of the Security Documents to which the Collateral Trustee is a party; or 

(iii) collect and receive payment of any and all Obligations. 

(b) At the Issuer’s sole cost and expense and subject to the Trustee and the Collateral Trustee having been indemnified by the holders
and/or the Issuer, the Trustee is authorized and empowered (but is not obligated) to direct the Collateral Trustee to institute and maintain, such suits and proceedings as may be reasonably expedient to preserve or protect its interests and the
interests of the holders of Notes in the Collateral, including the power to institute and maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or other governmental enactment, rule or order that may be
unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment, rule or order would impair the security interest hereunder or be prejudicial to the interests of holders or the Trustee. 

  
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 Section 13.04 [Reserved]. 

Section 13.05 [Reserved]. 

Section 13.06 Collateral Trust Agreement. This Article XIII and the provisions
of each Security Document are subject to the terms, conditions and benefits set forth in the Collateral Trust Agreement. The Issuer consents to, and agrees to be bound by, the terms of the Collateral Trust Agreement, as the same may be in effect
from time to time, and to perform its obligations thereunder in accordance with the terms therewith. Each holder of Notes, by its acceptance of the Notes (a) agrees that it will be bound by, and will take no actions contrary to, the provisions
of the Collateral Trust Agreement and (b) authorizes and instructs the Trustee, on behalf of each holder of Notes Obligations, to execute and deliver the Collateral Trust Agreement (and to direct the Collateral Trustee to execute and deliver
the Collateral Trust Agreement) subjecting such holders of Notes Obligations to the terms of the Collateral Trust Agreement and to perform its obligations thereunder. 

Section 13.07 Release of Liens in Respect of Notes. The Collateral Trustee’s Note
Liens upon the Collateral will no longer secure the Notes outstanding under this Indenture or any other Notes Obligations, and the right of the holders to the benefits and proceeds of the Collateral Trustee’s Liens on the Collateral will
terminate and be discharged: 
 (i) in whole, upon satisfaction and discharge of this Indenture in accordance with Article
VIII hereof; 
 (ii) in whole, upon the exercise of a legal defeasance option or a covenant defeasance option of the
Notes in accordance with Article XIII hereof; 
 (iii) in whole, upon payment in full in cash and discharge of all
Notes outstanding under this Indenture and all other Notes Obligations that are outstanding, due and payable under this Indenture and the other Note Documents at the time the Notes are paid in full in cash and discharged (other than contingent
indemnity obligations for which no claim has been made); 
 (iv) as to any Collateral of the Issuer that is sold, transferred
or otherwise disposed of by the Issuer to a Person that is not (either before or after such sale, transfer or disposition) the Issuer or a Subsidiary of the Issuer in a transaction or other circumstance that complies with
Section 4.06 and is permitted by all of the other Note Documents, at the time of such sale, transfer or other disposition or to the extent of the interest sold, transferred or otherwise disposed of; or 

(v) in whole or in part, with the consent of the holders of the requisite aggregate principal amount of Notes in accordance
with Article IX hereof. 

  
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 In addition, the Collateral Trustee’s Liens on the Collateral will be released upon the terms and
subject to the conditions set forth in Section 3.2 of the Collateral Trust Agreement. 
 ARTICLE XIV 

MISCELLANEOUS 

Section 14.01 [Intentionally Omitted.] 

Section 14.02 Notices. 

(a) Any notice or communication required or permitted hereunder shall be in writing and delivered in person, via facsimile or mailed by
first-class mail addressed as follows: 
 if to the Issuer: 

Sunnova Energy Corporation 
 20
Greenway Plaza, Suite 475 
 Houston, Texas 77046 

Attention: George H. Fidde 

with a copy to: 

Latham & Watkins LLP 

885 Third Avenue 
 New York, NY
10022-4834 
 Attention: Matthew Henegar 

if to the Collateral Trustee or the Trustee: 

Wilmington Trust, National Association 

15950 North Dallas Parkway, Suite 550 

Dallas, Texas 75248 
 Attention:
Sunnova Energy Corporation Administrator 
 Fax: (888) 316-6238 

Notwithstanding the foregoing, any notice or communication delivered to the Trustee or Collateral Trustee shall be deemed effective only upon actual receipt
thereof. The Issuer, the Collateral Trustee or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications. 

(b) Any notice or communication mailed to a holder shall be mailed, first class mail, to the holder at the holder’s address as it appears
on the registration books of the Registrar and shall be sufficiently given if so mailed within the time prescribed. 
 (c) Failure to mail a
notice or communication to a holder or any defect in it shall not affect its sufficiency with respect to other holders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it,
except that notices to the Trustee are effective only if received. 

  
 77 

 (d) If the Issuer mails or otherwise delivers a notice or communication to the holders, it
shall also mail or otherwise deliver a copy to the Trustee at the same time. 
 The Trustee may, in its sole discretion,
agree to accept and act upon instructions or directions pursuant to this Indenture sent by e-mail, facsimile transmission or other similar electronic methods. If the party elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall
be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are
inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without
limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. 
 Notwithstanding
anything to the contrary contained herein, as long as the Notes are in the form of a Global Note, notice to the holders shall be made electronically in accordance with procedures of the Depository and shall be sufficiently given if so made in
accordance with such procedures. 
 Section 14.03 [Intentionally Omitted] 

Section 14.04 Certificate and Opinion as to Conditions Precedent. Upon any request or
application by the Issuer to the Trustee to take or refrain from taking any action under this Indenture, the Issuer shall furnish to the Trustee at the request of the Trustee: 

(a) an Officers’ Certificate in form reasonably satisfactory to the Trustee, Paying Agent, or Collateral Trustee, as applicable, (which
shall include the statements set forth in Section 14.05) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been
complied with; and, 
 (b) an Opinion of Counsel in form reasonably satisfactory to the Trustee, Paying Agent, or Collateral Trustee, as
applicable, (which shall include the statements set forth in Section 14.05) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been complied with; provided, however, that such
Opinion of Counsel shall not be required to be furnished in connection with the issuance of the Initial Notes on the Closing Date. 

Section 14.05 Statements Required in Certificate or Opinion. Each certificate or
opinion with respect to compliance with a covenant or condition provided for in this Indenture shall include: 
 (a) a statement that the
individual making such certificate or opinion has read such covenant or condition; 
 (b) a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

  
 78 

 (c) a statement that, in the opinion of such individual, he has made such examination or
investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(d) a statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied with; provided,
however, that with respect to matters of fact an Opinion of Counsel may rely on an Officers’ Certificate or certificates of public officials. 

Section 14.06 When Notes Disregarded. In determining whether the holders of the
required aggregate principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuer, or by any Affiliate of the Issuer shall be disregarded and deemed not to be outstanding, except that, for the purpose of
determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes which the Trustee actually knows are so owned or has received written notice thereof are so owned shall be so disregarded. Subject to
the foregoing, only Notes outstanding at the time shall be considered in any such determination. 

Section 14.07 Rules by Trustee, Paying Agent and Registrar. The Trustee may make
reasonable rules for action by or a meeting of the holders. The Registrar and a Paying Agent may make reasonable rules and set reasonable requirements for their functions. 

Section 14.08 Legal Holidays. If a payment date is not a Business Day, payment shall be
made on the next succeeding day that is a Business Day, and no interest shall accrue on any amount that would have been otherwise payable on such payment date if it were a Business Day for the intervening period. If a regular Record Date is not a
Business Day, the Record Date shall not be affected. 
 Section 14.09 Governing Law.
THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 

Section 14.10 No Recourse Against Others. No director, officer, employee, manager,
incorporator or holder of any Equity Interests (except, if applicable, HoldCo) in the Issuer or any direct or indirect parent companies, as such, shall have any liability for any obligations of the Issuer under the Notes or this Indenture or for any
claim based on, in respect of, or by reason of, such obligations or their creation. Each holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 

Section 14.11 Successors. All agreements of the Issuer in this Indenture and the Notes
shall bind its successors. All agreements of the Trustee in this Indenture shall bind its successors. 

Section 14.12 Multiple Originals. The parties may sign any number of copies of this
Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Indenture. The exchange of copies of this Indenture and of signature pages by facsimile or email
(in PDF format or 

  
 79 

 
otherwise) transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures
of the parties hereto transmitted by facsimile or email (in PDF format or otherwise) shall be deemed to be their original signatures for all purposes. 

Section 14.13 Table of Contents; Headings. The table of contents, cross-reference sheet
and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

Section 14.14 Indenture Controls. If and to the extent that any provision of the Notes
limits, qualifies or conflicts with a provision of this Indenture, such provision of this Indenture shall control. 

Section 14.15 Severability. In case any provision in this Indenture shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to the extent of such invalidity, illegality or
unenforceability. 
 Section 14.16 Waiver of Jury Trial. EACH OF THE ISSUER AND THE
TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 

[Remainder of page intentionally left blank.] 

  
 80 

 IN WITNESS WHEREOF, the parties have caused this Indenture to be duly executed as of the
date first written above. 
  

			
	SUNNOVA ENERGY CORPORATION, as Issuer
		
	By:	 	/s/ Jordan Kozar
		 	 Name: Jordan Kozar
 Title: Chief Financial
Officer

 [Signature Page to Indenture] 

 IN WITNESS WHEREOF, the parties have caused this Indenture to be duly executed as of the
date first written above. 
  

			
	 WILMINGTON TRUST, NATIONAL

ASSOCIATION, not in its individual capacity, but solely as Trustee and Collateral Trustee

		
	By:	 	/s/ Shawn P. Goffinet
		 	 Name: Shawn P. Goffinet
 Title: Assistant
Vice President

 [Signature Page to Indenture] 

 Schedule 4.03 

Liens and Intercompany Indebtedness Existing on the Closing Date 

Liens Existing on the Closing Date 
 1. Liens granted
under that certain Pledge Agreement, dated August 27, 2013, by and between Sunnova Energy Corporation and Texas Capital Bank, National Association, as administrative agent. 

2. Liens granted under that certain Pledge Agreement, dated July 31, 2014, by and between Sunnova Energy Corporation and Texas Capital Bank, National
Association, as administrative agent. 
 3. Liens granted under that certain Transfer and Contribution Agreement, dated April 22, 2016, by and between
Sunnova Energy Corporation and Sunnova Asset Portfolio 6 Holdings, LLC, as supplemented from time to time prior to the date hereof. 
 Intercompany
Indebtedness Existing on the Closing Date 
 Sunnova TEP I Developer, LLC borrowed $3,500,000 from Sunnova Energy Corporation in April 2017. 

  
 83 

 Schedule 4.04 

Investments Existing on the Closing Date 

The Tax Equity Transaction. 

 Schedule 4.07 

Affiliate Transactions 
 John Berger, the
CEO of Sunnova Energy Corporation has entered into or will enter into an EZ Own Loan with Sunnova Energy Corporation. The terms of the EZ Own Loan will be for 25 years at an interest rate of 5.99%. The EZ Own Loan will finance the purchase of a
solar power system for John’s personal home. See attached. 

 APPENDIX A 

PROVISIONS RELATING TO NOTES 

1. Definitions. 
 1.1
Definitions. 
 Capitalized terms used but not otherwise defined in this Appendix A shall have the meanings assigned to them in the
Indenture. For the purposes of this Appendix A the following terms shall have the meanings indicated below: 
 “Applicable
Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depository, Euroclear and Clearstream that apply to such transfer or exchange. 

“Clearstream” means Clearstream Banking, S.A. 

“Definitive Note” means a certificated Initial Note, PIK Note or Additional Note (bearing the Restricted Notes Legend if the
transfer of such Note is restricted by applicable law) that does not include the Global Notes Legend. 
 “Depository” means
The Depository Trust Company, its nominees and their respective successors. 
 “Euroclear” means Euroclear Bank, S.A./N.V.,
as operator of the Euroclear system. 
 “Global Notes Legend” means the legend set forth under that caption in Exhibit A to
this Indenture. 
 “IAI” means an institutional “accredited investor” as described in Rule 501(a)(1), (2), (3) or
(7) under the Securities Act. 
 “Notes Custodian” means the custodian with respect to a Global Note (as appointed by
the Depository) or any successor person thereto, who shall initially be the Trustee. 
 “Purchase Agreement” means the
Purchase Agreement dated as of April 24, 2017, among the Issuer and the purchaser(s) party thereto. 
 “QIB” means a
“qualified institutional buyer” as defined in Rule 144A. 
 “Regulation S” means Regulation S under the
Securities Act. 
 “Regulation S Notes” means all Notes offered and sold outside the United States in reliance on
Regulation S. 
 “Restricted Notes Legend” means the legend set forth in Section 2.2(g)(i) herein. 

  
 Appendix A-1 

 “Restricted Period” means, with respect to any Notes, the period of 40
consecutive days beginning on and including the later of (a) the day on which such Notes are first offered to persons other than distributors (as defined in Regulation S under the Securities Act) in reliance on Regulation S, notice of which day
shall be promptly given by the Issuer to the Trustee, and (b) the Closing Date, and with respect to any Notes that are Transfer Restricted Notes, it means the comparable period of 40 consecutive days. 

“Rule 501” means Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 

“Rule 144A” means Rule 144A under the Securities Act. 

“Rule 144A Notes” means all Notes offered and sold to QIBs in reliance on Rule 144A. 

“Transfer Restricted Definitive Notes” means Definitive Notes that bear or are required to bear or are subject to the
Restricted Notes Legend. 
 “Transfer Restricted Global Notes” means Global Notes that bear or are required to bear or are
subject to the Restricted Notes Legend. 
 “Transfer Restricted Notes” means the Transfer Restricted Definitive Notes and
Transfer Restricted Global Notes. 
 “Unrestricted Definitive Notes” means Definitive Notes that are not required to bear,
or are not subject to, the Restricted Notes Legend. 
 “Unrestricted Global Notes” means Global Notes that are not required
to bear, or are not subject to, the Restricted Notes Legend. 
 1.2 Other Definitions. 

 

					
	Term:	  	Defined in Section:	 
	 Agent Members
	  	 	2.1	(b) 
	 Global Notes
	  	 	2.1	(b) 
	 Regulation S Global Notes
	  	 	2.1	(b) 
	 Rule 144A Global Notes
	  	 	2.1	(b) 

 2. The Notes. 

2.1 Form and Dating; Global Notes. 

(a) The Notes will be (i) privately placed by the Issuer pursuant to the Purchase Agreement and (ii) sold, initially only to
(1) QIBs and (2) IAIs. Such Notes may thereafter be transferred to, among others, QIBs, purchasers in reliance on Regulation S and, except as set forth below, IAIs in accordance with Rule 501. 

  
 Appendix A-2 

 (b) Rule 144A Notes initially shall be represented by one or more Notes in definitive, fully
registered, global form without interest coupons (collectively, the “Rule 144A Global Notes”). 
 Regulation S Notes
initially shall be represented by one or more Notes in fully registered, global form without interest coupons (collectively, the “Regulation S Global Notes”), which shall be registered in the name of the Depository or the nominee of
the Depository for the accounts of designated agents holding on behalf of Euroclear or Clearstream. 
 The term “Global
Notes” means the Rule 144A Global Notes and the Regulation S Global Notes. The Global Notes shall bear the Global Note Legend. The Global Notes initially shall (i) be registered in the name of the Depository or the nominee of such
Depository, in each case for credit to an account of an Agent Member, (ii) be delivered to the Trustee as custodian for such Depository and (iii) bear the Restricted Notes Legend. 

Members of, or direct or indirect participants in, the Depository (collectively, the “Agent Members”) shall have no rights
under this Indenture with respect to any Global Note held on their behalf by the Depository, or the Trustee as its custodian, or under the Global Notes. The Depository may be treated by the Issuer, the Trustee and any agent of the Issuer or the
Trustee as the absolute owner of the Global Notes for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from giving effect to any written
certification, proxy or other authorization furnished by the Depository, or impair, as between the Depository and its Agent Members, the operation of customary practices governing the exercise of the rights of a holder of any Note. 

(ii) Transfers of Global Notes shall be limited to transfer in whole, but not in part, to the Depository, its successors or
their respective nominees. Interests of beneficial owners in the Global Notes may be transferred or exchanged for Definitive Notes only in accordance with the applicable rules and procedures of the Depository and the provisions of Section 2.2.
In addition, a Global Note shall be exchangeable for Definitive Notes if (x) the Depository (1) notifies the Issuer that it is unwilling or unable to continue as depository for such Global Note and the Issuer thereupon fail to appoint a
successor Depository within 90 days or (2) has ceased to be a clearing agency registered under the Exchange Act or (y) there shall have occurred and be continuing an Event of Default with respect to such Global Note and a request has been
made for such exchange; provided, that, in no event shall the Regulation S Global Note be exchanged by the Issuer for Definitive Notes prior to (x) the expiration of the Restricted Period and (y) the receipt by the Registrar of any
certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act. In all cases, Definitive Notes delivered in exchange for any Global Note or beneficial interests therein shall be registered in the names, and issued in any approved
denominations, requested by or on behalf of the Depository in accordance with its customary procedures. 
 (iii) In
connection with the transfer of a Global Note as an entirety to beneficial owners pursuant to subsection (i) of this Section 2.1(b), such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Issuer shall
execute, and, upon receipt of an Authentication Order signed by an Officer, the Trustee shall authenticate and make available for delivery, to each beneficial owner identified by the Depository in writing in exchange for its beneficial interest in
such Global Note, an equal aggregate principal amount of Definitive Notes of authorized denominations. 

  
 Appendix A-3 

 (iv) Any Transfer Restricted Note delivered in exchange for an interest in a
Global Note pursuant to Section 2.2 shall, except as otherwise provided in Section 2.2, bear the Restricted Notes Legend. 

(v) Notwithstanding the foregoing, through the Restricted Period, a beneficial interest in a Regulation S Global Note may be
held only through Euroclear or Clearstream unless delivery is made in accordance with the applicable provisions of Section 2.2. 

(vi) The holder of any Global Note may grant proxies and otherwise authorize any Person, including Agent Members and Persons
that may hold interests through Agent Members, to take any action which a holder is entitled to take under this Indenture or the Notes. 

2.2 Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole except as set forth in Section 2.1(b).
Global Notes will not be exchanged by the Issuer for Definitive Notes except under the circumstances described in Section 2.1(b)(ii). Global Notes also may be exchanged or replaced, in whole or in part, as provided in Section 2.08
of this Indenture. Beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.2(b). 
 (b)
Transfer and Exchange of Beneficial Interests in Global Notes. The transfer and exchange of beneficial interests in the Global Notes shall be effected through the Depository, in accordance with the provisions of this Indenture and the
applicable rules and procedures of the Depository. Beneficial interests in Transfer Restricted Global Notes shall be subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Beneficial
interests in Global Notes shall be transferred or exchanged only for beneficial interests in Global Notes. Transfers and exchanges of beneficial interests in the Global Notes also shall require compliance with either subparagraph (i) or (ii)
below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 
 (i) Transfer of
Beneficial Interests in the Same Global Note. Beneficial interests in any Transfer Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Transfer Restricted Global Note in
accordance with the transfer restrictions set forth in the Restricted Notes Legend; provided, however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in a Regulation S Global Note may not be
made to a U.S. Person or for the account or benefit of a U.S. Person. A beneficial interest in an Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note.
No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.2(b)(i). 

  
 Appendix A-4 

 (ii) All Other Transfers and Exchanges of Beneficial Interests in Global
Notes. In connection with all transfers and exchanges of beneficial interests in any Global Note that is not subject to Section 2.2(b)(i), the transferor of such beneficial interest must deliver to the Registrar (1) a written order
from an Agent Member given to the Depository in accordance with the applicable rules and procedures of the Depository directing the Depository to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the
beneficial interest to be transferred or exchanged and (2) instructions given in accordance with the applicable rules and procedures of the Depository containing information regarding the Agent Member account to be credited with such increase.
Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount
of the relevant Global Note pursuant to Section 2.2(i). 
 (iii) Transfer of Beneficial Interests to Another
Restricted Global Note. A beneficial interest in a Transfer Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Transfer Restricted Global Note if the transfer complies
with the requirements of Section 2.2(b)(ii) above and the Registrar receives the following: 
 (A) if the transferee
will take delivery in the form of a beneficial interest in a Rule 144A Global Note, then the transferor must deliver a certificate in the form attached to the applicable Note; and 

(B) if the transferee will take delivery in the form of a beneficial interest in a Regulation S Global Note, then the
transferor must deliver a certificate in the form attached to the applicable Note. 
 (iv) Transfer and Exchange of
Beneficial Interests in a Transfer Restricted Global Note for Beneficial Interests in an Unrestricted Global Note. A beneficial interest in a Transfer Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an
Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.2(b)(ii) above and the
Registrar receives the following: 
 (A) if the holder of such beneficial interest in a Transfer Restricted Global Note
proposes to exchange such beneficial interest for a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form attached to the applicable Note; or 

(B) if the holder of such beneficial interest in a Transfer Restricted Global Note proposes to transfer such beneficial
interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form attached to the applicable Note, 

and, in each such case, if the Issuer or the Registrar so requests or if the applicable rules and procedures of the Depository so require, an
Opinion of Counsel in form reasonably acceptable to the Issuer and the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein

  
 Appendix A-5 

 
and in the Restricted Notes Legend are no longer required in order to maintain compliance with the Securities Act. If any such transfer or exchange is effected pursuant to this subparagraph
(iv) at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication Order of the Issuer in the form of an Officers’ Certificate in accordance with
Section 2.01, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred or exchanged pursuant to this
subparagraph (iv). 
 (v) Transfer and Exchange of Beneficial Interests in an Unrestricted Global Note for Beneficial
Interests in a Transfer Restricted Global Note. Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest in a Transfer Restricted
Global Note. 
 (c) Transfer and Exchange of Beneficial Interests in Global Notes for Definitive Notes. A beneficial interest in a
Global Note may not be exchanged for a Definitive Note except under the circumstances described in Section 2.1(b)(ii). A beneficial interest in a Global Note may not be transferred to a Person who takes delivery thereof in the form of a
Definitive Note except under the circumstances described in Section 2.1(b)(ii). In any case, beneficial interests in Global Notes shall be transferred or exchanged only for Definitive Notes. 

(d) Transfer and Exchange of Definitive Notes for Beneficial Interests in Global Notes. Transfers and exchanges of Definitive Notes for
beneficial interests in the Global Notes also shall require compliance with either subparagraph (i), (ii), (iii) or (iv) below, as applicable and, in all circumstances, in accordance with the procedures of the applicable depository: 

(i) Transfer Restricted Definitive Notes to Beneficial Interests in Transfer Restricted Global Notes. If any holder of a
Transfer Restricted Definitive Note proposes to exchange such Transfer Restricted Definitive Note for a beneficial interest in a Transfer Restricted Global Note or to transfer such Transfer Restricted Definitive Note to a Person who takes delivery
thereof in the form of a beneficial interest in a Transfer Restricted Global Note, then, upon receipt by the Registrar of the following documentation: 

(A) if the holder of such Transfer Restricted Definitive Note proposes to exchange such Transfer Restricted Note for a
beneficial interest in a Transfer Restricted Global Note, a certificate from such holder in the form attached to the applicable Note; 

(B) if such Transfer Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A under the Securities
Act, a certificate from such holder in the form attached to the applicable Note; 
 (C) if such Transfer Restricted
Definitive Note is being transferred to a Non U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904 under the Securities Act, a certificate from such holder in the form attached to the applicable Note; 

  
 Appendix A-6 

 (D) if such Transfer Restricted Definitive Note is being transferred
pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144 under the Securities Act, a certificate from such holder in the form attached to the applicable Note; 

(E) if such Transfer Restricted Definitive Note is being transferred to an IAI in reliance on an exemption from the
registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate from such holder in the form attached to the applicable Note, including the certifications, certificates and Opinion
of Counsel, if applicable; or 
 (F) if such Transfer Restricted Definitive Note is being transferred to the Issuer or a
Subsidiary thereof, a certificate from such holder in the form attached to the applicable Note, 
 the Trustee shall cancel the Transfer
Restricted Definitive Note, and increase or cause to be increased the aggregate principal amount of the appropriate Transfer Restricted Global Note. If any such transfer or exchange is effected pursuant to this subparagraph (i) at a time when
an Restricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication Order of the Issuer in the form of an Officers’ Certificate, the Trustee shall authenticate one or more Restricted Global Notes in
an aggregate principal amount equal to the aggregate principal amount of Transfer Restricted Notes transferred or exchanged pursuant to this subparagraph (i). 

(ii) Transfer Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A holder of a Transfer
Restricted Definitive Note may exchange such Transfer Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note or transfer such Transfer Restricted Definitive Note to a Person who takes delivery thereof in the form of a
beneficial interest in an Unrestricted Global Note only if the Registrar receives the following: 
 (A) if the holder of such
Transfer Restricted Definitive Note proposes to exchange such Transfer Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form attached to the applicable Note; or 

(B) if the holder of such Transfer Restricted Definitive Notes proposes to transfer such Transfer Restricted Definitive Note to
a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form attached to the applicable Note, 

and, in each such case, if the Issuer or the Registrar so requests or if the applicable rules and procedures of the Depository so require, an
Opinion of Counsel in form reasonably acceptable to the Issuer and the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Notes
Legend are no longer required in order to maintain compliance with the Securities Act. Upon satisfaction of the conditions of this subparagraph (ii), the 

  
 Appendix A-7 

 
Trustee shall cancel the Transfer Restricted Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. If any such transfer or
exchange is effected pursuant to this subparagraph (ii) at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication Order of the Issuer in the form of an Officers’
Certificate, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of Transfer Restricted Notes transferred or exchanged pursuant to this subparagraph (ii). 

(iii) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A holder of an Unrestricted
Definitive Note may exchange such Unrestricted Definitive Note for a beneficial interest in an Unrestricted Global Note or transfer such Unrestricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an
Unrestricted Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the
Unrestricted Global Notes. If any such transfer or exchange is effected pursuant to this subparagraph (iii) at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication Order
of the Issuer in the form of an Officers’ Certificate, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of Unrestricted Definitive Notes transferred or
exchanged pursuant to this subparagraph (iii). 
 (iv) Unrestricted Definitive Notes to Beneficial Interests in Transfer
Restricted Global Notes. An Unrestricted Definitive Note cannot be exchanged for, or transferred to a Person who takes delivery thereof in the form of, a beneficial interest in a Transfer Restricted Global Note. 

(e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a holder of Definitive Notes and such holder’s
compliance with the provisions of this Section 2.2(e), the Registrar shall register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting holder shall present or surrender to the
Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such holder or by its attorney, duly authorized in writing. In addition, the requesting holder
shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.2(e). 

(i) Transfer Restricted Definitive Notes to Transfer Restricted Definitive Notes. A Transfer Restricted Note may be
transferred to and registered in the name of a Person who takes delivery thereof in the form of a Transfer Restricted Definitive Note if the Registrar receives the following: 

(A) if the transfer will be made pursuant to Rule 144A under the Securities Act, then the transferor must deliver a certificate
in the form attached to the applicable Note; 

  
 Appendix A-8 

 (B) if the transfer will be made pursuant to Rule 903 or Rule 904 under the
Securities Act, then the transferor must deliver a certificate in the form attached to the applicable Note; 
 (C) if the
transfer will be made pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144 under the Securities Act, a certificate in the form attached to the applicable Note; 

(D) if the transfer will be made to an IAI in reliance on an exemption from the registration requirements of the Securities Act
other than those listed in subparagraphs (A) through (C) above, a certificate in the form attached to the applicable Note; and 

(E) if such transfer will be made to the Issuer or a Subsidiary thereof, a certificate in the form attached to the applicable
Note. 
 (ii) Transfer Restricted Definitive Notes to Unrestricted Definitive Notes. Any Transfer Restricted
Definitive Note may be exchanged by the holder thereof for an Unrestricted Definitive Note or transferred to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note if the Registrar receives the following: 

(A) if the holder of such Transfer Restricted Definitive Note proposes to exchange such Transfer Restricted Definitive Note for
an Unrestricted Definitive Note, a certificate from such holder in the form attached to the applicable Note; or 
 (B) if the
holder of such Transfer Restricted Definitive Note proposes to transfer such Notes to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form attached to the applicable
Note, 
 and, in each such case, if the Issuer or the Registrar so requests, an Opinion of Counsel in form reasonably acceptable to the
Issuer and the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Notes Legend are no longer required in order to maintain
compliance with the Securities Act. 
 (iii) Unrestricted Definitive Notes to Unrestricted Definitive Notes. A holder
of an Unrestricted Definitive Note may transfer such Unrestricted Definitive Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note at any time. Upon receipt of a request to register such a transfer, the
Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the holder thereof. 
 (iv)
Unrestricted Definitive Notes to Transfer Restricted Definitive Notes. An Unrestricted Definitive Note cannot be exchanged for, or transferred to a Person who takes delivery thereof in the form of, a Transfer Restricted Definitive Note. 

  
 Appendix A-9 

 At such time as all beneficial interests in a particular Global Note have been exchanged for
Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance with
Section 2.10 of the Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial
interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depository at the
direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note
shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depository at the direction of the Trustee to reflect such increase. 

(g) Legends. 

(i) Except as permitted by the following paragraph (ii) or (iii), each Note certificate evidencing the Global Notes and
any Definitive Notes (and all Notes issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form (each defined term in the legend being defined as such for purposes of the legend only): 

“THIS SECURITY IS SUBJECT TO THAT CERTAIN PURCHASE AGREEMENT DATED AS OF APRIL 24, 2017 (THE “PURCHASE
AGREEMENT”) WHICH CONTAINS ADDITIONAL RESTRICTIONS ON TRANSFER. THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE PURCHASE AGREEMENT. THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH BELOW.
BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN
OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2) AGREES THAT IT WILL NOT WITHIN [IN THE CASE OF RULE 144A NOTES: ONE YEAR] [IN THE CASE OF REGULATION S NOTES: 40 DAYS] AFTER THE LATER OF THE ORIGINAL CLOSING
DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) RESELL OR OTHERWISE TRANSFER THIS SECURITY 

  
 Appendix A-10 

 
EXCEPT (A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) INSIDE THE UNITED STATES TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT,
(C) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 903 OR RULE 904 UNDER THE SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) IN
ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE ISSUER SO REQUESTS), OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND
(3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S.
PERSON” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.” 
 Each Definitive Note shall bear the following additional
legend: 
 “IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH
CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.” 

(ii) Upon any sale or transfer of a Transfer Restricted Definitive Note, the Registrar shall permit the holder thereof to
exchange such Transfer Restricted Note for a Definitive Note that does not bear the legends set forth above and rescind any restriction on the transfer of such Transfer Restricted Definitive Note if the holder certifies in writing to the Registrar
that its request for such exchange was made in reliance on Rule 144 (such certification to be in the form set forth on the reverse of the Initial Note). 

(iii) Upon a sale or transfer after the expiration of the Restricted Period of any Initial Note acquired pursuant to Regulation
S, all requirements that such Initial Note bear the Restricted Notes Legend shall cease to apply and the requirements requiring any such Initial Note be issued in global form shall continue to apply. 

(iv) In addition to the foregoing, each Note certificate evidencing the Global Notes and any Definitive Notes (and all Notes
issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form: 

  
 Appendix A-11 

 “THIS NOTE WAS ISSUED WITH ORIGINAL ISSUE DISCOUNT WITHIN THE MEANING
OF SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. YOU MAY CONTACT JORDAN D. KOZAR AT 281.417.0916, WHO WILL PROVIDE YOU WITH ANY REQUIRED INFORMATION REGARDING THE ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE
DATE AND YIELD TO MATURITY OF THIS NOTE.” 
 (h) Cancellation or Adjustment of Global Note. At such time as all beneficial
interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by
the Trustee in accordance with Section 2.10 of this Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof
in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by
the Depository at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note,
such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depository at the direction of the Trustee to reflect such increase. 

(i) Obligations with Respect to Transfers and Exchanges of Notes. 

(i) To permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee shall, upon receipt of an
Authentication Order, authenticate, Definitive Notes and Global Notes at the Registrar’s request. 
 (ii) No service
charge shall be made for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than any such
transfer taxes, assessments or similar governmental charge payable upon exchanges pursuant to Sections 2.14, 3.08, 3.09, 4.08 and 9.04 of this Indenture). 

(iii Prior to the due presentation for registration of transfer of any Note, the Issuer, the Trustee, a Paying Agent or the
Registrar may deem and treat the person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Note and for all other purposes whatsoever, whether or not such
Note is overdue, and none of the Issuer, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary. 

(iv) All Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and
shall be entitled to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange. 

  
 Appendix A-12 

 (j) No Obligation of the Trustee. 

(i) The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a
participant in the Depository or any other Person with respect to the accuracy of the records of the Depository or its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes or with respect to the
delivery to any participant, member, beneficial owner or other Person (other than the Depository) of any notice (including any notice of redemption or repurchase) or the payment of any amount, under or with respect to such Notes. All notices and
communications to be given to the holders and all payments to be made to the holders under the Notes shall be given or made only to the registered holders (which shall be the Depository or its nominee in the case of a Global Note). The rights of
beneficial owners in any Global Note shall be exercised only through the Depository subject to the applicable rules and procedures of the Depository. The Trustee may rely and shall be fully protected in relying upon information furnished by the
Depository with respect to its members, participants and any beneficial owners. 
 (ii) The Trustee shall have no obligation
or duty to monitor, determine or inquire as to compliance with any securities laws or restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers
between or among Depository participants, members or beneficial owners in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly
required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

  
 Appendix A-13 

 EXHIBIT A 

[FORM OF FACE OF NOTE] 

[Global Notes Legend] 
 UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR
SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

[Restricted Notes Legend for Notes Offered in Reliance on Regulation S] 

BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON, NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON,
AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT. 
 [Restricted Notes
Legend] 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE
SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF, THE HOLDER
(1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH
REGULATION S UNDER THE SECURITIES ACT, (2) AGREES THAT IT WILL NOT WITHIN [IN THE CASE OF RULE 144A NOTES: ONE YEAR] [IN THE CASE OF REGULATION S NOTES: 40 DAYS] AFTER THE LATER OF THE ORIGINAL CLOSING DATE HEREOF AND THE LAST DATE ON WHICH THE
ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) RESELL OR OTHERWISE 

  
 Exhibit A-1 

 TRANSFER THIS SECURITY EXCEPT (A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) INSIDE THE UNITED
STATES TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 903 OR RULE 904 UNDER THE SECURITIES ACT, (D) PURSUANT TO THE
EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE ISSUER SO
REQUESTS), OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. AS USED
HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT. 

[Definitive Notes Legend] 

“IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS
SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.” 
 [Original Issue
Discount Legend] 
 “THIS NOTE WAS ISSUED WITH ORIGINAL ISSUE DISCOUNT WITHIN THE MEANING OF SECTIONS 1272, 1273 AND 1275 OF THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED. YOU MAY CONTACT JORDAN D. KOZAR AT 281.417.0916, WHO WILL PROVIDE YOU WITH ANY REQUIRED INFORMATION REGARDING THE ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE AND YIELD TO MATURITY OF THIS
NOTE.” 

  
 Exhibit A-2 

 [FORM OF NOTE] 

SUNNOVA ENERGY CORPORATION 
 No. [ ] 

CUSIP No. 

ISIN No. _ 

$[     ] 

12.00% Senior Secured Note due 2018 
 SUNNOVA
ENERGY CORPORATION, a Delaware corporation, promises to pay to [            ] or its registered assigns, the principal sum of
$                 [or such other amount as is set forth on the Schedule of Increases or Decreases in Global Note attached hereto]1 on [October 24], 2018. 
 Interest Payment Dates: [March 30], [June 30], [September
30] and [December 30], 
 Record Dates: [March 15], [June 15], [September 15] and [December 15] 

Additional provisions of this Note are set forth on the other side of this Note. 

 

	1 	 [Use the Schedule of Increases or Decreases language if Note is in Global Form.] 

  
 Exhibit A-3 

 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed manually or
in facsimile by its duly authorized officers. 
  

			
	SUNNOVA ENERGY CORPORATION,
		
	By:	 	 
		 	 Name:
 Title:

 Dated: [insert applicable date of issuance] 

  
 Exhibit A-4 

 TRUSTEE’S CERTIFICATE OF 

AUTHENTICATION 
 WILMINGTON TRUST, NATIONAL
ASSOCIATION 
 as Trustee, certifies that this is 

one of the Notes 
 referred to in
the Indenture. 
 By:
                                        
                     
 Authorized
Signatory 
 Dated: [insert applicable date of issuance] 
  

 

	*/	 If the Note is to be issued in global form, add the Global Notes Legend and the attachment from Exhibit
A captioned “TO BE ATTACHED TO GLOBAL NOTES - SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE.” 

  
 Exhibit A-5 

 [FORM OF REVERSE SIDE OF NOTE] 

12.00% Senior Secured Note Due 2018 
  

	1.	 Interest 

SUNNOVA ENERGY CORPORATION, a Delaware corporation (together with its successors and assigns, the “Issuer”), promises to pay
interest on the principal amount of this Note (including any PIK Notes and increase in principal as a result of the payment of PIK Interest) at the annual rate of 6.00% payable in cash (“cash interest”) plus (2) 6.00% (the
“PIK Interest”), payable by increasing the principal amount of the outstanding Notes represented by one or more Global Notes or, with respect to Definitive Notes represented by individual certificates, if any, by issuing additional
“PIK Notes” in certificated form, in each case by rounding up to the nearest $1.00. The Issuer shall pay interest quarterly on [March 30], [June 30], [September 30] and [December 30] of each year (each an “Interest Payment
Date”), commencing [June 30, 2017]. Any PIK Notes issued in certificated form will be dated as of the applicable interest payment date and will bear interest from and after such date. Following an increase in the principal amount of the
outstanding Notes as a result of a PIK Payment, the Notes will accrue interest on such increased principal amount from and after the related interest payment date of such PIK Payment. References herein and in the Indenture to the “principal
amount” of the Notes include any increase in the principal amount of the outstanding Notes as a result of a PIK Payment. On any interest payment date on which the Issuers pay PIK Interest with respect to a Global Note, the principal amount of
such Global Note will increase by an amount equal to the interest payable, rounded up to the nearest $1.00, to be allocated for the credit of the holders pro rata in accordance with their interests and rounded to the nearest $1.00 in accordance with
the procedures of The Depository Trust Company (“DTC”). Interest on the Notes shall accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from
the date of initial issuance, until the principal hereof is due; provided, that, if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such
next succeeding Interest Payment Date. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. The Issuer shall pay interest (including, to
the extent legally allowed, post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate borne by the Notes, and it shall pay interest (including, to the extent legally allowed, post-petition interest in any
proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period) at the same rate to the extent lawful. 
  

	2.	 Method of Payment 

The Issuer shall pay interest on the Notes (except defaulted interest) to the Persons who are registered holders at the close of business on
[March 15], [June 15], [September 15] and [December 15] (each a “Record Date”) immediately preceding the Interest Payment Date even if Notes are canceled after the Record Date and on or before the Interest Payment Date (whether or
not a Business Day). Holders must surrender Notes to the Paying Agent to collect principal payments. The Issuer shall pay principal, premium, if any, and interest in money of the United States of America that at the time of payment is legal tender
for payment of public and private debts. Payments in respect of the Notes represented by a Global Note (including principal, 

  
 Exhibit A-6 

 
premium, if any, and interest) shall be made by wire transfer of immediately available funds to the accounts specified by DTC or any successor depository. The Issuer shall make all payments in
respect of a Definitive Note (including principal, premium, if any, and interest) at the office of the Paying Agent, except that, at the option of the Issuer, payment of interest may be made by mailing a check to the registered address of each
holder thereof; provided, however, that payments on the Notes may also be made by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such holder elects payment by wire transfer by giving
written notice to the Trustee or Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). 

At all times, PIK Interest on the Notes will be payable: (i) with respect to Notes represented by one or more Global Notes registered in
the name of, or held by, DTC (or any successor depositary) or its nominee on the relevant record date, by increasing the principal amount of the outstanding Global Notes, effective as of the applicable interest payment date, by an amount equal to
the amount of PIK Interest for the applicable interest period (rounded up to the nearest whole dollar) (“PIK Payment”) at the request of the Issuers to authenticate or increase the Global Note and (ii) with respect to
Definitive Notes, if any, by issuing PIK Notes in certificated form, dated as of the applicable interest payment date, in an aggregate principal amount equal to the amount of PIK Interest for the applicable interest period (rounded up to the nearest
whole dollar), and the Trustee will, at the request of the Issuers, authenticate and deliver such PIK Notes in certificated form for original issuance to the holders on the relevant Record Date, as shown by the records of the register of holders.

  

	3.	 Paying Agent and Registrar 

Initially, Wilmington Trust, National Association, as trustee under the Indenture (the “Trustee”), will act as Paying Agent
and Registrar. The Issuer may appoint and change any Paying Agent or Registrar without notice. The Issuer may act as Paying Agent or Registrar. 
  

	4.	 Indenture and Security Documents 

The Issuer issued the Notes under an Indenture dated as of April 24, 2017 (the “Indenture”), between the Issuer, the
Trustee and the Collateral Trustee. Capitalized terms used herein are used as defined in the Indenture, unless otherwise indicated. The terms of the Notes include those stated in the Indenture. The Notes are subject to all terms and provisions of
the Indenture, and the holders (as defined in the Indenture) are referred to the Indenture for a statement of such terms and provisions. If and to the extent that any provision of the Notes limits, qualifies or conflicts with a provision of the
Indenture, such provision of the Indenture shall control. 
 The Notes are senior secured obligations of the Issuer. The Initial Notes, the
PIK Notes and any Additional Notes are treated as a single class of securities under the Indenture except as otherwise set forth therein. The Indenture imposes certain limitations on the ability of the Issuer and its Subsidiaries to, among other
things, make certain Investments and other Restricted Payments, pay dividends and other distributions, Incur Indebtedness, enter into consensual restrictions upon the payment of certain dividends and distributions by such Subsidiaries, issue or sell
shares of capital stock of the Issuer and such Subsidiaries, enter into or permit certain transactions with Affiliates, create or Incur Liens and make Asset Sales. The Indenture also imposes limitations on the ability of the Issuer to consolidate or
merge with or into any other Person or convey, transfer or lease all or substantially all of its property. 

  
 Exhibit A-7 

 The Notes are secured by Note Liens on the Collateral pursuant to the Security Documents.
The rights of the holders in the Collateral are subject to the terms of the Collateral Trust Agreement. 
  

	5.	 Redemption 

At any time following the Closing Date the Issuer may redeem the Notes at its option, in whole at any time or in part from time to time, upon
not less than 15 nor more than 60 days’ prior notice mailed by first-class mail, or otherwise delivered in accordance with the procedures of DTC to each holder’s registered address (with a copy to the Trustee), at a redemption price equal
to 100% of the aggregate principal amount of the notes redeemed, plus accrued and unpaid cash interest, together with an amount of cash equal to all accrued and unpaid PIK Interest, on the Notes, to, but excluding, the redemption date
(subject to the right of holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date occurring on or prior to the redemption date); provided, that, any such redemption shall be for an aggregate
principal amount of Notes not less than $5,000,000 or such lesser amount that represents the aggregate outstanding principal amount of the Notes. 
  

	6.	 Mandatory Redemption 

Except for the IPO Redemption pursuant to Paragraph 9 below and the required redemption upon certain asset sales, the Issuer will not be
required to make any mandatory redemption payments or sinking fund payments with respect to the Notes. 
  

	7.	 Notice of Redemption 

Notices of redemption will be mailed by first class mail at least 15 but not more than 60 days before the redemption date, to each holder of
Notes to be redeemed at its registered address (with a copy to the Trustee) or otherwise in accordance with the procedures of DTC except that redemption notices may be mailed more than 60 days prior to the redemption date if the notice is issued in
connection with a defeasance of the Notes or a satisfaction and discharge of the Indenture pursuant to Article VIII thereof. If money sufficient to pay the redemption price of and accrued and unpaid interest on all Notes (or portions thereof) to be
redeemed on the redemption date is deposited with a Paying Agent on or before the redemption date and certain other conditions are satisfied, on and after such date, interest ceases to accrue on such Notes (or such portions thereof) called for
redemption. 
 Notice of any optional redemption of the Notes in connection with a corporate transaction may, at the Issuer’s
discretion be given prior to the completion of such corporate transaction, and any such redemption or notice may, at the Issuer’s discretion, be subject to one or more conditions precedent, including, but not limited to, the completion of the
related corporate transaction. In addition, if such redemption or purchase is subject to satisfaction of one or more conditions precedent, such notice shall describe each such condition, and if applicable, shall state that, in the Issuer’s
discretion, the redemption date may be extended until such time as any or all 

  
 Exhibit A-8 

 
such conditions shall be satisfied or waived, or such redemption or purchase may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been
satisfied by the redemption date, or by the redemption date as so extended. The Issuer shall provide written notice to the Trustee prior to the close of business two Business Days prior to the redemption date if any such redemption has been
rescinded or delayed, and upon receipt the Trustee shall provide such notice to each holder of the Notes in the same manner in which the notice of redemption was given. 
  

	8.	 Repurchase of Notes at the Option of the Holders upon Change of Control; Mandatory Redemption upon Asset
Sales 

 Upon the occurrence of a Change of Control, each holder shall have the right to require the Issuer to
repurchase all or any part of such holder’s Notes at a purchase price in cash equal to 100% of the principal amount thereof, including any PIK Notes or any increased principal amount of Notes as payment for PIK Interest, plus accrued and unpaid
cash interest, together with an amount of cash equal to all accrued and unpaid PIK Interest, on the Notes, to, but excluding, the date of repurchase (subject to the right of the holders of record on the relevant Record Date to receive interest due
on the relevant Interest Payment Date), in accordance with the terms contemplated in Section 4.08 if the Indenture. 
 In accordance
with Section 4.06 of the Indenture, the Issuer will be required to redeem or purchase Notes upon the occurrence of certain asset sales. Any such redemption shall be conducted in compliance with Article III of the Indenture, including
Section 3.03 through Section 3.08 thereof. 
  

	9.	 Mandatory Redemption Upon IPO 

Upon an IPO, HoldCo shall contribute the proceeds to the Issuer, if applicable, and the Issuer shall be required to apply the net cash proceeds
received from any such IPO after deduction of all discounts, underwriters’ commissions and other reasonable expenses directly related to the IPO (the “IPO Proceeds”) to, upon 10 days’ prior written notice to the Trustee
and the holders given within 5 days upon the closing of such IPO, redeem the maximum principal amount of Notes that is at least $2,000 and an integral multiple of $1,000 in excess thereof (or if a PIK Payment has been made, in the amount of $1.00 or
any integral multiple of $1.00 in excess thereof) that may be purchased out of the IPO Proceeds (the “IPO Redemption”) at a redemption price in cash (the “IPO Redemption Price”) in an amount equal to 100% of the
principal amount thereof, plus accrued and unpaid interest, together with an amount of cash equal to all accrued and unpaid PIK Interest, to, but excluding, the mandatory redemption date, and will be payable in cash, to the date fixed for the
mandatory redemption, in accordance with the procedures set forth in Section 3.09 of the Indenture. 
 An IPO Redemption shall be
conducted in compliance with Article III of the Indenture, including Section 3.03 through Section 3.08 thereof. 
  

	10.	 Denominations; Transfer; Exchange 

The Notes are in registered form, without coupons, in minimum denominations of $2,000 principal amount and integral multiples of $1,000 in
excess thereof (or if a PIK Payment 

  
 Exhibit A-9 

 
has been made, in the amount of $1.00 or any integral multiple of $1.00 in excess thereof). A holder shall register the transfer of or exchange of the Notes in accordance with the Indenture. Upon
any registration of transfer or exchange, the Registrar and the Trustee may require a holder, among other things, to furnish appropriate endorsements or transfer documents and the Issuer may require a holder to pay any taxes required by law or
permitted by the Indenture. The Registrar need not register the transfer of or exchange any Notes selected for redemption (except, in the case of a Note to be redeemed in part, the portion of the Note not to be redeemed) or to transfer or exchange
any Notes for a period of 15 days prior to a selection of Notes to be redeemed or between a Record Date and the related Interest Payment Date 
  

	11.	 Persons Deemed Owners 

The registered holder of this Note shall be treated as the owner of it for all purposes. 

 

	12.	 Unclaimed Money 

If money for the payment of principal or interest remains unclaimed for two years, the Trustee or the Paying Agent shall pay the money back to
the Issuer at its written request unless an abandoned property law designates another Person. After any such payment, the holders entitled to the money must look to the Issuer for payment as general creditors and the Trustee and a Paying Agent shall
have no further liability with respect to such monies. 
  

	13.	 Discharge and Defeasance 

Subject to certain conditions set forth in the Indenture, the Issuer at any time may terminate some of or all of its obligations under the
Notes and the Indenture if the Issuer deposits with the Trustee money or U.S. Government Obligations for the payment of principal and interest on the Notes to redemption or maturity, as the case may be. 

 

	14.	 Amendment; Waiver 

Subject to certain exceptions set forth in the Indenture, (a) the Indenture or the Notes may be amended with the written consent of the
holders of at least a majority in aggregate principal amount of all the outstanding Notes under the Indenture and (b) any past default or compliance with any provisions may be waived with the written consent of the holders of at least a
majority in principal amount of all the outstanding Notes under the Indenture. Subject to certain exceptions set forth in the Indenture, without the consent of any holder, the Issuer and the Trustee may amend the Indenture or the Notes (i) to
cure any ambiguity, omission, defect or inconsistency; (ii) to provide for the assumption by a Successor (with respect to the Issuer) of the obligations of the Issuer under the Indenture and the Notes; (iii) to provide for uncertificated
Notes in addition to or in place of certificated Notes, provided, however, that the uncertificated Notes are issued in registered form for purposes of Sections 163(f), 871(h) and 881(c)(2) of the Code, or in a manner such that the
uncertificated Notes are described in Section 163(f)(2)(B) of the Code; (iv) to add a guarantee or obligor with respect to the Notes; (v) to add to the covenants of the Issuer for the benefit of the holders or to surrender any right
or power herein conferred upon the Issuer; (vi) to make any change that would provide any additional rights or benefits to the holders or does not adversely affect the rights of any holder; (vii) to provide for the issuance of Additional
Notes, which shall have terms substantially identical in all material respects to the Initial Notes, and which 

  
 Exhibit A-10 

 
shall be treated, together with any outstanding Initial Notes, as a single issue of securities; (viii) to provide for the issuance of PIK Notes or the increase of the principal amount of the
Notes to pay PIK Interest in accordance with the terms of this Indenture; (ix) in the event that any PIK Notes are issued as Definitive Notes, to make appropriate amendments to this Indenture to reflect an appropriate minimum denomination of
certificated PIK Notes and establish minimum redemption amounts for certificated PIK Notes; (x) to clarify the procedures for adjustment of any series of Notes in accordance with the terms thereof upon the occurrence of any Draw Down Request
Amount not being funded in accordance with the terms of the Purchase Agreement; (xi) to release or subordinate Liens on Collateral in accordance with the Note Documents; (xii) to confirm and evidence the release, termination or discharge
of any Lien with respect to or securing the Notes when such release, termination or discharge is provided for in accordance with this Indenture and the other Note Documents; (xiii) to add any Collateral, to secure the payments due to the
holders or to evidence the release, termination or discharge of any Liens, in each case as provided in this Indenture or the other Note Documents, as applicable; (xiv) to make, complete or confirm any grant of Collateral permitted or required
by this Indenture or any of the Security Documents establishing Note Liens; or (xv) to evidence or provide for the acceptance of appointment under the Indenture of a successor Trustee. The following amendments, supplements to or waivers of the
provisions of the Indenture or any Note Documents will require the written consent of the holders of at least 66 2/3% in aggregate principal amount of the Notes then outstanding: (i) the release of all or substantially all of the Collateral
from the Liens securing the Notes; (ii) any changes to Section 4.03 of the Indenture and any definitions related thereto; (iii) any changes to Section 4.04 of the Indenture and any definitions related thereto; (iv) any
changes to Section 4.09 of the Indenture and any definitions related thereto; and (v) any changes to the definition of “Change of Control” and the provisions of Section 4.08 of the Indenture. 

 

	15.	 Defaults and Remedies 

If an Event of Default (other than a Default relating to certain events of bankruptcy, insolvency or reorganization of the Issuer) occurs and
is continuing, the Trustee or the holders of at least 33% in principal amount of all outstanding Notes under the Indenture by notice to the Issuer (with a copy to the Trustee) m ay declare the principal of, premium, if any, and accrued but unpaid
interest on all the Notes under the Indenture to be due and payable. Upon such a declaration, such principal and interest will be due and payable immediately. If an Event of Default relating to certain events of bankruptcy, insolvency or
reorganization of the Issuer occurs, the principal of, premium, if any, and interest on all the Notes will become immediately due and payable without any declaration or other act on the part of the Trustee or any holders. The holders of a majority
in principal amount of all outstanding Notes under the Indenture may rescind any such acceleration with respect to the Notes and its consequences. 

If an Event of Default occurs and is continuing, the Trustee shall be under no obligation to exercise any of the rights or powers under the
Indenture at the request or direction of any of the holders unless such holders have offered to the Trustee indemnity or security satisfactory to the Trustee against any loss, liability or expense and certain other conditions are complied with. No
holder may pursue any remedy with respect to the Indenture unless (i) such holder has previously given the Trustee notice that an Event of Default is continuing, (ii) holders of at least 33% in principal amount of all the outstanding Notes
under the Indenture have requested the Trustee to pursue the remedy, (iii) such holders have offered the Trustee security or indemnity 

  
 Exhibit A-11 

 
satisfactory to it against any loss, liability or expense, (iv) the Trustee has not complied with such request within 60 days after the receipt of the request and the offer of security or
indemnity, and (v) the holders of a majority in principal amount of all the outstanding Notes under the Indenture have not given the Trustee a direction inconsistent with such request within such 60-day
period. Subject to certain restrictions, the holders of a majority in principal amount of all outstanding Notes under the Indenture are given the right to direct the time, method and place of conducting any proceeding for any remedy available to the
Trustee or of exercising any trust or power conferred on the Trustee. The Trustee, however, may refuse to follow any direction that conflicts with law or the Indenture or that the Trustee determines is unduly prejudicial to the rights of any other
holder or that would involve the Trustee in personal liability. Prior to taking any action under the Indenture, the Trustee shall be entitled to indemnification reasonably satisfactory to it against all losses and expenses caused by taking or not
taking such action. 
  

	16.	 Trustee Dealings with the Issuer 

The Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with
and collect obligations owed to it by the Issuer or its Affiliates and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Trustee. 

 

	17.	 No Recourse Against Others 

No director, officer, employee, manager, incorporator or holder of any Equity Interests (except, if applicable, HoldCo) in the Issuer or any
direct or indirect parent companies, as such, will have any liability for any obligations of the Issuer under the Notes or the Indenture, as applicable, or for any claim based on, in respect of, or by reason of, such obligations or their creation.
Each holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 
  

	18.	 Authentication 

This Note shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of
authentication on the other side of this Note. 
  

	19.	 Abbreviations 

Customary abbreviations may be used in the name of a holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the
entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 
  

	20.	 Governing Law 

THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF
CONFLICTS OF LAW. 

  
 Exhibit A-12 

	21.	 CUSIP Numbers; ISINs 

The Issuer has caused CUSIP numbers and ISINs to be printed on the Notes and have directed the Trustee to use CUSIP numbers and ISINs in
notices of redemption as a convenience to the holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other
identification numbers placed thereon. 
 The Issuer will furnish to any holder of Notes upon written request and without charge to the
holder a copy of the Indenture which has in it the text of this Note. 

  
 Exhibit A-13 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign
and transfer this Note to: 
  
  

(Print or type assignee’s name, address and zip code) 
  

 
 (Insert assignee’s soc. sec. or
tax I.D. No.) 
 and irrevocably appoint                  agent to transfer
this Note on the books of the Issuer. The agent may substitute another to act for him. 
  

			
	Date:
                                         
               	  	Your Signature:
                                         
           

  
  

Sign exactly as your name appears on the other side of this Note. 

Signature Guarantee: 
  

			
	Date:
                                         
   	  	  

	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee	  	Signature of Signature Guarantee

  
 Exhibit A-14 

 CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR 

REGISTRATION OF TRANSFER RESTRICTED NOTES 
 This
certificate relates to $             principal amount of Notes held in (check applicable space)             book-entry or
            definitive form by the undersigned. 
 The undersigned (check one box below): 

 

	☐	 has requested the Registrar by written order to deliver in exchange for its beneficial interest in the Global
Note held by the Depository a Note or Notes in definitive, registered form of authorized denominations and an aggregate principal amount equal to its beneficial interest in such Global Note (or the portion thereof indicated above);

  

	☐	 has requested the Registrar by written order to exchange or register the transfer of a Note or Notes.

 In connection with any transfer of any of the Notes evidenced by this certificate occurring while this Note is still a Transfer
Restricted Definitive Note or a Transfer Restricted Global Note, the undersigned confirms that such Notes are being transferred in accordance with its terms: 

CHECK ONE BOX BELOW 
  

					
	(1)	  	☐	  	to the Issuer; or
			
	(2)	  	☐	  	to the Registrar for registration in the name of the holder, without transfer; or
			
	(3)	  	☐	  	pursuant to an effective registration statement under the Securities Act of 1933; or
			
	(4)	  	☐	  	inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933) that purchases for its own account or for the account of a qualified institutional buyer to whom
notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act of 1933; or
			
	(5)	  	☐	  	outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act of 1933 and such Note shall be held immediately after the transfer
through Euroclear or Clearstream until the expiration of the Restricted Period (as defined in the Indenture); or
			
	(6)	  	☐	  	to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933) that has furnished to the Trustee a signed letter containing certain representations and
agreements; or
			
	(7)	  	☐	  	pursuant to another available exemption from registration provided by Rule 144 under the Securities Act of 1933.

  
 Exhibit A-15 

 Unless one of the boxes is checked, the Registrar will refuse to register any of the Notes
evidenced by this certificate in the name of any Person other than the registered holder thereof; provided, however, that if box (5), (6) or (7) is checked, the Issuer or the Registrar may require, prior to registering any such
transfer of the Notes, such legal opinions, certifications and other information as the Issuer or the Registrar have reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to,
the registration requirements of the Securities Act of 1933. 
  

			
	Date:
                                         
               	  	Your Signature:
                                         
           

 Sign exactly as your name appears on the other side of this Note. 

Signature Guarantee: 
  

			
	Date:
                                         
   	  	  

	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee	  	Signature of Signature Guarantee

  
 Exhibit A-16 

 TO BE COMPLETED BY PURCHASER IF (4) ABOVE IS CHECKED. 

The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises
sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, and is aware that the sale to it is being made in reliance on Rule
144A and acknowledges that it has received such information regarding the Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the
undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

			
	Date:
                                         
               	  	  

		  	NOTICE: To be executed by an executive officer

  
 Exhibit A-17 

 [TO BE ATTACHED TO GLOBAL NOTES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

The initial principal amount of this Global Note is $ . The following increases or decreases in this Global Note have been made: 

 

									
	 Date of Exchange
	  	Amount of decrease
in Principal Amount
of this Global Note	  	Amount of increase
in Principal Amount
of this Global Note	  	Principal amount of
this Global Note
following such
decrease or
increase	  	Signature of
authorized signatory
of Trustee or Notes
Custodian

 

  
 Exhibit A-18 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.08 (Change of Control) of the Indenture, check the
box: 
 Change of Control ☐ 

If you want to elect to have only part of this Note purchased by the Issuer pursuant to Section 4.08 (Change of Control) of the
Indenture, state the amount ($2,000 or any integral multiple of $1,000 in excess thereof) (or if a PIK Payment has been made, in the amount of $1.00 or an integral multiple of $1.00 in excess thereof): 

$ 
  

									
	Date:	 	  
	  	                    	  	Your Signature:	 	  

		 		  		  		 	(Sign exactly as your name appears on the other side of this Note)

  

			
	Signature Guarantee:  	  	  

Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable
to the Trustee

  

  
 Exhibit A-19 

 EXHIBIT B 

[FORM OF TRANSFEREE LETTER OF REPRESENTATION] 

TRANSFEREE LETTER OF REPRESENTATION 

Sunnova Energy Corporation 
 20 Greenway Plaza, Suite 475 

Houston, Texas 77046 
 Attention: George H. Fidde Fax: [•]

 Ladies and Gentlemen: 
 This certificate is
delivered to request a transfer of $[ ] principal amount of the 12.00% Senior Secured Notes due 2018 (the “Notes”) of Sunnova Energy Corporation (collectively with its successors and assigns, the “Issuer”). 

Upon transfer, the Notes would be registered in the name of the new beneficial owner as follows: 

Name: _________________________ 
 Address:
_________________________ 
 Taxpayer ID Number: _________________________ 

The undersigned represents and warrants to you that: 

1. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act
of 1933, as amended (the “Securities Act”)), purchasing for our own account or for the account of such an institutional “accredited investor” at least $100,000 principal amount of the Notes, and we are acquiring the
Notes not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of
our investment in the Notes, and we invest in or purchase securities similar to the Notes in the normal course of our business. We, and any accounts for which we are acting, are each able to bear the economic risk of our or its investment. 

2. We understand that the Notes have not been registered under the Securities Act and, unless so registered, may not be sold except as
permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Notes to offer, sell or otherwise transfer such Notes prior to the date that is one year after the later of the date of
original issue and the last date on which the Issuer or any affiliate of the Issuer was the owner of such Notes (or any predecessor thereto) (the “Resale Restriction Termination Date”) only (a) in the United States to a person
whom we reasonably believe is a qualified institutional buyer (as defined in Rule 144A under the Securities Act) in a transaction meeting the requirements of Rule 144A, (b) outside the United States in an offshore transaction in accordance with
Rule 904 of Regulation S under the Securities Act, (c) pursuant to an exemption from registration under the 

  
 Exhibit B-1 

 
Securities Act provided by Rule 144 thereunder (if applicable) or (d) pursuant to an effective registration statement under the Securities Act, in each of cases (a) through (d) in
accordance with any applicable securities laws of any state of the United States. In addition, we will, and each subsequent holder is required to, notify any purchaser of the Note evidenced hereby of the resale restrictions set forth above. The
foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination Date. If any resale or other transfer of the Notes is proposed to be made to an institutional “accredited investor” prior to the Resale
Restriction Termination Date, the transferor shall deliver a letter from the transferee substantially in the form of this letter to the Issuer and the Trustee, which shall provide, among other things, that the transferee is an institutional
“accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act and that it is acquiring such Notes for investment purposes and not for distribution in violation of the Securities Act. Each
purchaser acknowledges that the Issuer and the Trustee reserve the right prior to the offer, sale or other transfer prior to the Resale Restriction Termination Date of the Notes pursuant to clause 2(b), 2(c) or 2(d) above to require the delivery of
an opinion of counsel, certifications or other information satisfactory to the Issuer and the Trustee. 
 Dated: ________________________ 

 

							
		 	 TRANSFEREE:
	 	  
	 	,

							
				
		 	 By
	 	  
	 	

  
 Exhibit B-2EX-4.7

 Exhibit 4.7 

FIRST SUPPLEMENTAL INDENTURE 

This First Supplemental Indenture (this “Supplemental Indenture”), dated as of November 21, 2017 (the “Effective
Date”), is by and among Sunnova Energy Corporation (the “Issuer”) and Wilmington Trust, National Association, as trustee (the “Trustee”), relating to those certain 12.00% Senior Secured Notes due 2018 (each
a “Note” and collectively, the “Notes”) of the Issuer, issued pursuant to the Indenture, dated as of April 24, 2017 (the “Indenture”), by and between the Issuer, the Trustee and Wilmington
Trust, National Association, as collateral trustee. 
 INTRODUCTION 

WHEREAS, the Board of Directors of the Issuer has approved the Issuer’s issuance of up to $40,000,000 of a new series of senior
convertible preferred equity (together with the proceeds of any liquidation preference, whether now existing or hereinafter accruing, in respect thereof, the “Senior Convertible Preferred Equity”) pursuant to the Certificate of
Incorporation of the Issuer (as amended and restated from time to time, the “Restated Certificate”), attached hereto as Exhibit A-1, and as further described pursuant
to that certain Unanimous Written Consent in Lieu of a Meeting of the Board of Directors of the Issuer, dated as of November 6, 2017, attached hereto as Exhibit A-2; 

WHEREAS, the Board of Directors of the Issuer has approved and the holders of the Notes have consented to the Issuer’s incurrence of up
to $15,000,000 in new subordinated indebtedness (together with any PIK payments in respect thereof, the “New Subordinated Indebtedness”) pursuant to the promissory note (the “New Subordinated Indebtedness Note”)
attached hereto as Exhibit B; 
 WHEREAS, the Issuer wishes that the Trustee acknowledge and agree to a limited waiver of the notice
period set forth in Section 3.03 of the Indenture in order to waive the requirement that the Issuer provide notice to the Trustee at least 30 days in advance of the redemption date (as contemplated therein) and instead provide such notice at
least 15 days in advance of the redemption date, subject to the terms and conditions hereof; 
 WHEREAS, the Issuer wishes that the Trustee
acknowledge and agree, if and to the extent that each of the issuance of the Senior Convertible Preferred Equity, any future issuances of Equity Interests permitted under Section 4.07(b)(ii) of the Indenture and the execution, delivery and
performance of any related subscription agreements with the Sponsors constitute a Default or a breach of any limitation set forth in the last sentence of Section 4.07 of the Indenture, that such breach or Default is deemed to be waived; 

WHEREAS, the Issuer wishes that, in connection with the bring down of the representations and warranties set forth in the Note Documents
pursuant to Section 3 hereof; 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 WHEREAS, Section 9.03 of the Indenture provides that a waiver to the Indenture shall
become effective upon the requisite consents of the holders of the Notes, the receipt by the Trustee of the Opinion of Counsel and Officers’ Certificate required under Sections 9.05 and 14.04 of the Indenture and the execution by the Trustee of
the waiver; and WHEREAS, all actions and documents required for the execution and delivery of this Supplemental Indenture have been provided and this Supplemental Indenture is authorized pursuant to the Indenture, as applicable. 

NOW, THEREFORE, the Issuer and the Trustee hereby agree as follows: 

Section 1. Defined Terms; Other Definitional Provisions. As used in this Supplemental Indenture, each of the terms defined
in the opening paragraph and the Recitals above shall have the meanings assigned to such terms therein. Each term defined in the Indenture and used herein without definition shall have the meaning assigned to such term in the Indenture, unless
expressly provided to the contrary. Article, Section, Schedule, and Exhibit references are to Articles and Sections of and Schedules and Exhibits to this Supplemental Indenture, unless otherwise specified. The words “hereof”,
“herein”, and “hereunder” and words of similar import when used in this Supplemental Indenture shall refer to this Supplemental Indenture as a whole and not to any particular provision of this Supplemental Indenture. The term
“including” means “including, without limitation”. Paragraph headings have been inserted in this Supplemental Indenture as a matter of convenience for reference only and it is agreed that such paragraph headings are not a part of
this Supplemental Indenture and shall not be used in the interpretation of any provision of this Supplemental Indenture. 
 Section 2.
Consent and Acknowledgement 
 (a) Subject to the terms and conditions of this Supplemental Indenture and pursuant to
Section 9.02 of the Indenture, the Issuer and the Trustee acknowledge and agree that (i) the issuance of the Senior Convertible Preferred Equity, (ii) any future issuances of Equity Interests of the Issuer to the Sponsor or any
portfolio company of the Sponsor that conform to the requirements of Section 4.07(b)(ii) of the Indenture and (iii) the execution, delivery and performance of any related subscription agreements with the Sponsor for such Equity Interests,
if and solely to the extent that such actions are prohibited under the last sentence of Section 4.07 of the Indenture, such breach of such prohibition (and the resulting Default) is hereby deemed to be waived; provided, however,
that (1) the foregoing shall not permit issuances of Equity Interests of the Issuer to any portfolio company of the Sponsor to the extent that such portfolio companies would beneficially own more than twenty percent (20%) in the aggregate of
the outstanding Voting Stock of the Issuer (calculated on a fully diluted basis) and (2) nothing contained in this Supplemental Indenture shall be deemed to permit the Issuer to declare or pay any dividend or make any distribution on account of
any such Equity Interests or to make any cash payment to the holders of any such Equity Interests, except, for the avoidance of doubt, as permitted by Section 4.04 of the Indenture. 

(b) The parties hereby acknowledge and agree that, together with the funding of the Preferred Stock Commitment on October 3, 2017 in
accordance with Section 4.20(a) of the Indenture, upon the funding of the Senior Convertible Preferred Equity on or about the date hereof resulting in net proceeds of at least $40,000,000 to the Issuer, the Issuer shall have satisfied the
covenant to fund an additional subscription by any or all of the Issuer’s stockholders for Equity Interests of the Issuer (other than Disqualified Stock) resulting in net proceeds to the Issuer (taken together with the amount funded in respect
of the Preferred Stock Commitment) of at least $80,000,000 in accordance with Section 4.20(b) of the Indenture. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 2 - 

 (c) The parties agree, to the extent the incurrence of the New Subordinated Indebtedness is,
or when incurred was, a breach or a Default of Sections 4.03 and 4.07 of the Indenture, such breach or Default is deemed to be waived. 
 (d)
The Trustee acknowledges the terms and conditions of the New Subordinated Indebtedness and consents to the Issuer’s entry into, incurrence of and performance of its obligations thereunder (the consents and waivers set forth in Section 2(c)
and this Section 2(d), collectively, the “Consent and Waiver”); provided, however, that the Consent and Waiver is specific to the New Subordinated Indebtedness as described and authorized under this Supplemental Indenture and,
until the Notes have been paid in full, no refinancing, modification or cash payment (whether at Maturity or otherwise) of the New Subordinated Indebtedness or transfer or assignment of the rights or obligations with respect thereto by the Issuer or
the Sponsors shall be permitted hereunder and any such refinancing, modification, transfer, cash payment or assignment shall be a breach of the Indenture and this Agreement. 

(e) The Issuer and the Trustee hereby consent to a limited waiver of the notice period in Section 3.03 of the Indenture in order to waive
the requirement that the Issuer provide notice to the Trustee at least 30 days in advance of the redemption date (as contemplated therein) and instead provide such notice at least 15 days in advance of the redemption date. 

(f) With respect to the Notice of Conditional Full Redemption, dated September 14, 2017, delivered by the Issuer to the holders of Notes
(as it may be supplemented from time to time), and the related notice in the form of an Officers’ Certificate, the Issuer and the Trustee hereby consent to a limited waiver of the notice period in Section 3.05(b) of the Indenture in order
to waive the requirement that the Issuer provide notice to the Trustee at least 5 Business Days prior to the date on which the Trustee will provide notice to holders (as contemplated therein) and instead provide such notice on the same Business Day
on which the Trustee will provide notice to holders of Notes, subject to the terms and conditions hereof and provided that the Trustee has received a draft of the notice in form satisfactory to it prior to the date such notice is to be sent by the
Trustee. 
 Section 3. Representations and Warranties 

(a) The Issuer hereby represents and warrants that: (i) after giving effect to this Supplemental Indenture and the First Amendment to
Purchase Agreement, dated as of the date hereof, by and among the Issuer and the holders of the Notes, the representations and warranties contained in Article III of the Purchase Agreement and in each other Note Document are true and correct
in all material respects, except for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect, which such representation and warranty shall be true and correct in all respects, on and as of the
Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects, except for any representation and warranty that is qualified
by materiality or reference to Material Adverse Effect, which such representation and warranty shall 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 3 - 

 
be true and correct in all respects, as of such earlier date; (ii) after giving effect to this Supplemental Indenture, no Event of Default has occurred and is continuing; (iii) the
execution, delivery and performance of this Supplemental Indenture are within the corporate power and authority of Issuer and have been duly authorized by appropriate corporate action and proceedings; (iv) this Supplemental Indenture
constitutes the legal, valid, and binding obligation of the Issuer enforceable in accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the rights of creditors
generally and general principles of equity; (v) there are no governmental or other third party consents, licenses and approvals required in connection with the execution, delivery, performance, validity and enforceability of this Supplemental
Indenture; and (vi) the security interests under the Security Documents are valid and subsisting and secure the Issuer’s obligations under the Notes Documents. 

Section 4. Acknowledgements and Agreements. 

(a) The Issuer does hereby adopt, ratify, and confirm Indenture and the other Note Documents and acknowledges and agrees that the Indenture and
the other Note Documents are and remain in full force and effect, and the Issuer acknowledges and agrees that its respective liabilities and obligations under the Indenture and the other Note Documents are not impaired in any respect by this
Supplemental Indenture. 
 (b) The Issuer hereby also agrees and acknowledges that no course of dealing and no delay in exercising any right,
power, or remedy conferred to the Trustee Indenture or in any other Note Documents or now or hereafter existing at law, in equity, by statute, or otherwise shall operate as a waiver of or otherwise prejudice any such right, power, or remedy. 

(c) For the avoidance of doubt, the Issuer hereby also agrees and acknowledges that Section 2 above shall not operate
as a waiver of or otherwise prejudice any of the rights and remedies of the Trustee otherwise other than as expressly provided in Section 2. The Trustee hereby expressly reserves all of its rights, remedies, and claims
under the Note Documents. Nothing in this Supplemental Indenture shall constitute a waiver or relinquishment of (i) any Default or Event of Default under any of the Note Documents, (ii) any of the agreements, terms or conditions contained
in any of the Note Documents (other than this Supplemental Indenture), (iii) any rights or remedies of the Trustee with respect to the Note Documents (other than this Supplemental Indenture) or (iv) the rights of the Trustee to collect the
full amounts owing under the Note Documents as and when such amounts are due and payable under the terms of the Note Documents. 
 (d) This
Supplemental Indenture is a Note Document for the purposes of the provisions of the other Note Documents. Without limiting the foregoing, any breach of representations, warranties, and covenants under this Supplemental Indenture shall be a Default
or Event of Default, as applicable, under the Indenture. 
 (e) The Issuer shall indemnify and hold harmless the Trustee from and against any
and all damages, losses, costs, and expenses (including, without limitation, legal fees and expenses) relating to this Supplemental Indenture in accordance with Section 7.07 of the Indenture. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 4 - 

 (f) The Issuer covenants and agrees to pay the Trustee’s fees and expenses in
connection with the execution and delivery of this Supplemental Indenture in accordance with Section 7.07 of the Indenture. 

Section 5. Conditions to Effectiveness. This Supplemental Indenture shall become effective and enforceable against the
parties hereto on the Effective Date, with respect to the consents granted in Sections 2(a) and 2(b) herein, and as of August 25, 2017, with respect to the consents granted in Sections 2(c) through 2(f) herein, upon
the satisfaction of the following conditions precedent: 
 (a) the Trustee shall have received this Supplemental Indenture duly executed by
the Issuer and the Trustee; 
 (b) the Issuer shall have paid on the Effective Date all costs and expenses which are payable pursuant to
Section 7.07 of the Indenture; and 
 (c) the Trustee shall have received the documents required to be delivered to it pursuant to the
Indenture, including evidence of the consent of Cede & Co., nominee for The Depository Trust Company, to the execution and delivery of this Supplemental Indenture. 

Section 6. Counterparts. This Supplemental Indenture may be signed in any number of counterparts and by different parties
hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Transmission by facsimile or other electronic transmission of an executed
counterpart of this Supplemental Indenture shall be deemed to constitute due and sufficient delivery of such counterpart. 
 Section 7.
Successors and Assigns. This Supplemental Indenture shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted pursuant to the Purchase Agreement and Indenture. 

Section 8. Invalidity. In the event that any one or more of the provisions contained in this Supplemental Indenture shall
for any reason be held invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Supplemental Indenture. 

Section 9. Governing Law. This Supplemental Indenture shall be governed by and construed in accordance with the internal
procedural and substantive laws of the State of New York, without giving effect to the choice of law provisions of such state that would cause the application of the laws of any other jurisdiction. 

Section 10. Record Date. The Issuer informs the Trustee that the voting record date for purposes of this Supplemental
Indenture shall be November 7, 2017 (the “Record Date”). 
 Section 11. Entire Agreement. THIS
SUPPLEMENTAL INDENTURE, THE INDENTURE AND THE OTHER NOTE DOCUMENTS CONSTITUTE THE ENTIRE UNDERSTANDING AMONG THE PARTIES HERETO WITH RESPECT TO THE SUBJECT MATTER HEREOF AND SUPERSEDE ANY PRIOR AGREEMENTS, WRITTEN OR ORAL, WITH RESPECT THERETO.
THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 
 [The remainder of this page has been left blank intentionally.] 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 - 5 - 

 
			
	ISSUER:
	
	SUNNOVA ENERGY CORPORATION
		
	By:	 	 /s/ Jordan Kozar

	Name: Jordan Kozar
	Title:   Chief Financial Officer

 Signature Page to 

Supplemental Indenture 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
			
	TRUSTEE:
	
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Shawn Goffinet

	Name: Shawn Goffinet
	Title:   Assistant Vice President

 Signature Page to 

Supplemental Indenture 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Exhibit A-1 

Certificate of Incorporation 

[Attached] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

Delaware 
 The First
State 
 I, JEFFREY W. BULLOCK, SECRETARY OF STATE OF THE STATE OF DELAWARE, DO HEREBY CERTIFY THE ATTACHED IS A TRUE AND CORRECT COPY OF
THE RESTATED CERTIFICATE OF “SUNNOVA ENERGY CORPORATION”, FILED IN THIS OFFICE ON THE NINTH DAY OF NOVEMBER, A.D. 2017, AT 1:11 O`CLOCK P.M. 

A FILED COPY OF THIS CERTIFICATE HAS BEEN FORWARDED TO THE NEW CASTLE COUNTY RECORDER OF DEEDS. 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 FIFTH AMENDED AND RESTATED 

CERTIFICATE OF INCORPORATION 

OF 
 SUNNOVA ENERGY
CORPORATION 
 Sunnova Energy Corporation, a corporation organized and existing under the laws of the State of Delaware, hereby
certifies: 
 FIRST. The name of the corporation is Sunnova Energy Corporation. The corporation’s original Certificate of Incorporation
was filed with the Secretary of State of the State of Delaware on October 22, 2012. The corporation’s Amended and Restated Certificate of Incorporation was filed with the Secretary of State of the State of Delaware on November 21,
2012. The corporation’s Second Amended and Restated Certificate of Incorporation was filed with the Secretary of State of the State of Delaware on December 20, 2013. The corporation’s Third Amended and Restated Certificate of
Incorporation was filed with the Secretary of State of the State of Delaware on March 16, 2016. The corporation’s Fourth Amended and Restated Certificate of Incorporation was filed with the Secretary of State of the State of Delaware on
April 24, 2017. 
 SECOND. This Fifth Amended and Restated Certificate of Incorporation was duly adopted in accordance with Sections
242 and 245 of the General Corporation Law of the State of Delaware, and in accordance with Article Fourth, restates, integrates and amends the provisions of the corporation’s Certificate of Incorporation, as amended and restated. 

THIRD. Upon the filing of this Fifth Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware,
the series of stock that was designated as the “Convertible Preferred Stock” in the Fourth Amended and Restated Certificate of Incorporation shall be redesignated as the “Series A Convertible Preferred Stock”. All references to
the previously designated “Convertible Preferred Stock” in this Fifth Amended and Restated Certificate of Incorporation have been adjusted to reflect the foregoing. 

FOURTH. This Fifth Amended and Restated Certificate of Incorporation hereby amends and restates the corporation’s Fourth Amended and
Restated Certificate of Incorporation to read in its entirety as set forth in Annex A hereto. 
 [REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 IN WITNESS WHEREOF, the undersigned has executed this Fifth Amended and Restated Certificate of
Incorporation on this 9th of November 2017. 
  

			
	SUNNOVA ENERGY CORPORATION
		
	By:	 	 /s/ William J. (John) Berger

		 	Name: William J. (John) Berger
		 	Title: Chief Executive Officer

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Annex A 

FIFTH AMENDED AND RESTATED 

CERTIFICATE OF INCORPORATION 

OF 
 SUNNOVA ENERGY
CORPORATION 
  
  

ARTICLE I 
 NAME 

Section I.1 The name of the Corporation is “Sunnova Energy Corporation” (the “Corporation”). 

ARTICLE II 
 REGISTERED
AGENT 
 Section II.1 The address of the registered office of the Corporation in the State of Delaware is 251 Little Falls Drive,
Wilmington, New Castle County, Delaware 19808. The registered agent at that address is Corporation Service Company. 
 ARTICLE III

 PURPOSE 
 Section
III.1 The nature of the business and the purposes to be conducted and promoted by the Corporation shall be to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of the State of Delaware (as
amended from time to time, the “DGCL”). 
 ARTICLE IV 

AUTHORIZED CAPITAL STOCK 

Section IV.1 The total number of shares of capital stock which the Corporation shall have the authority to issue shall be (i) one hundred
and sixteen million (116,000,000) shares of convertible preferred stock having a par value of $0.01 per share (“Convertible Preferred Stock”), (a) of which one hundred and five million (105,000,000) shares are designated as the
“Series A Convertible Preferred Stock” and (b) of which eleven million (11,000,000) shares are designated as the “Series B Convertible Preferred Stock”; and (ii) one hundred and eighty million
(180,000,000) shares of common stock having a par value of $0.01 per share (“Common Stock”). The voting power, preferences and relative participating, optional or other special rights and the qualifications, limitations or
restrictions of the above classes of stock are as specified below. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-1 

 Section IV.2 COMMON STOCK 

The Corporation shall have two classes of Common Stock: Series A Common Stock and Series B Common Stock. The Corporation shall have the
authority to issue one hundred and sixty million (160,000,000) shares of Series A Common Stock and twenty million (20,000,000) shares of Series B Common Stock. 

The designations and the powers, preferences and rights of the Common Stock are as follows 

(a) Voting. 

(i) The holders of shares of Series A Common Stock shall be entitled to one vote for each share of Series A Common Stock upon
all matters presented to the stockholders and shall have the right to vote for the election of directors and for all other purposes; provided, however, that except as otherwise required by law, holders of Series A Common Stock, as
such, shall not be entitled to vote on any amendment to this Certificate of Incorporation that relates solely to the terms of one or more outstanding series of Convertible Preferred Stock, if the holders of such affected series are entitled, either
separately or together with the holders of one or more other such series, to vote thereon pursuant to the Certificate of Incorporation or pursuant to the DGCL. 

(ii) The holders of shares of Series B Common Stock shall be nonvoting and shall not have the right to vote on any matter
involving the Corporation, except as required by applicable law. 
 (iii) The number of authorized shares of Common Stock, or
of any class or classes of Common Stock, may be increased or decreased (but not below the number of shares thereof then outstanding) by the affirmative vote of the holders of shares of capital stock of the Corporation representing a majority of the
votes represented by all outstanding shares of capital stock of the Corporation entitled to vote, irrespective of the provisions of Section 242(b)(2) of the DGCL. 

(b) Dividends. The holders of the Common Stock shall be entitled to such dividends in respect thereof (on a pro rata
basis based upon the number of then-outstanding shares of Common Stock) as may from time to time be declared by the Board of Directors of the Corporation (the “Board of Directors”), but only when and as declared by the Board of
Directors, out of any funds legally available for declaration of dividends, and subject to any provisions of this Certificate of Incorporation, any Certificate of Designation and any resolutions of the Board of Directors adopted pursuant to
authority contained herein and therein requiring that dividends be declared, paid or set aside upon the outstanding shares of Convertible Preferred Stock of any series or upon the outstanding shares of any other class of capital stock ranking senior
to the Common Stock as to dividends or that the Corporation fulfill any obligations it may have with respect to the redemption of any outstanding Convertible Preferred Stock as a condition to the declaration and/or payment of any dividend on the
Common Stock; provided, however, that no dividends may be declared, paid or set aside upon the outstanding shares of Common Stock unless and until all declared and unpaid dividends upon the outstanding shares of Convertible Preferred
Stock, if any, have been paid. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-2 

 (c) Liquidation. In the event of the voluntary or involuntary
liquidation, dissolution or winding up of the affairs of the Corporation, the holders of the Common Stock shall be entitled to share pro rata (based upon the number of then-outstanding shares of Common Stock) in the net assets available for
distribution to holders of Common Stock after satisfaction of the prior claims of the holders of shares of Convertible Preferred Stock of any series and shares of any other class of capital stock ranking senior to the Common Stock as to assets, in
accordance with the provisions of this Certificate of Incorporation, any Certificate of Designation and any resolutions of the Board of Directors adopted pursuant to authority herein contained. 

(d) Uncertificated Shares. Nothing in this Certificate of Incorporation or any Certificate of Designation limits or will
be interpreted to limit the power of the Board of Directors under the DGCL to provide that some or all of any or all classes or series of Convertible Preferred Stock or Common Stock shall be uncertificated. 

Section IV.3 CONVERTIBLE PREFERRED STOCK 

One hundred and five million (105,000,000) shares of the authorized and unissued Convertible Preferred Stock of the Corporation are hereby
designated as the “Series A Convertible Preferred Stock” (the “Series A Preferred Stock”) and eleven million (11,000,000) shares of the authorized and unissued Convertible Preferred Stock of the Corporation are hereby
designated as the “Series B Convertible Preferred Stock” (the “Series B Preferred Stock”). 
 The designations
and the powers, preferences and rights, and restrictions, qualifications and limitations, of the Convertible Preferred Stock are as follows: 

(a) Dividends. 

(i) From and after the date of the issuance of any shares of Series A Preferred Stock, dividends in the amount of 6% per annum
on the sum of the Series A Preferred Original Issue Price (as defined below) plus the amount of previously accrued dividends, measured quarterly, shall accrue on such shares of Series A Preferred Stock (subject to appropriate adjustment in the event
of any stock dividend, stock split, combination or other similar recapitalization with respect to the Series A Preferred Stock) (all such accrued dividends, the “Accruing Series A Preferred Dividends”). Accruing Series A Preferred
Dividends shall accrue quarterly, whether or not declared, and shall be cumulative; provided, however, that except as set forth in the following sentence of this Section IV.3(a)(i) or in
Section IV.3(b)(i), such Accruing Series A Preferred Dividends shall be payable in cash only when, as and if declared by the Board of Directors and the Corporation otherwise shall be under no obligation to pay such Accruing
Series A Preferred Dividends. The Corporation shall not declare, pay or set aside any dividends on Common Stock (other than dividends on shares of Common Stock payable in shares 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-3 

 
of Common Stock) unless (in addition to the obtaining of any consents required elsewhere in the Certificate of Incorporation) the holders of the Series A Preferred Stock then outstanding shall
first receive, or simultaneously receive, a dividend on each outstanding share of Series A Preferred Stock in an amount equal to the sum of (i) the amount of the aggregate Accruing Series A Preferred Dividends then accrued on such share of
Series A Preferred Stock and not previously paid, and (ii) that dividend per share of Series A Preferred Stock as would equal the product of (1) the dividend payable on each share of Series A Common Stock and (2) the number of shares
of Series A Common Stock issuable upon conversion of a share of Series A Preferred Stock, in each case calculated on the record date for determination of holders entitled to receive such dividend. The “Series A Preferred Original Issue
Price” shall mean $5.3246735 per share, subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Series A Preferred Stock. 

(ii) From and after the date of the issuance of any shares of Series B Preferred Stock, the Company shall automatically
increase the Series B Preferred Original Issue Price (as defined below) of each outstanding share of Series B Preferred Stock, on a quarterly basis, by an amount equal to 14% per annum (the “Series B PIK Accretion”). The
“Series B Preferred Original Issue Price” shall mean $3.73 per share, subject to appropriate adjustment for any Series B PIK Accretion and in the event of any stock dividend, stock split, combination or other similar
recapitalization with respect to the Series B Preferred Stock. 
 (b) Liquidation, Dissolution or Winding Up; Certain
Mergers, Consolidations and Asset Sales. 
 (i) Preferential Payments to Holders of Convertible Preferred Stock.
Upon voluntary or involuntary liquidation, dissolution or winding up of the Corporation or any Deemed Liquidation Event (as defined below), subject to the rights of any class or series of capital stock of the Corporation ranking senior to the
Convertible Preferred Stock in respect of payments on liquidation, dissolution or winding up of the Corporation or any Deemed Liquidation Event: 

(A) Each holder of shares of Series B Preferred Stock then outstanding shall be entitled to payment out of the assets of the
Corporation available for distribution to its stockholders, prior and in preference to the holders of Series A Preferred Stock, Common Stock and any other class or series of capital stock of the Corporation ranking junior to the Series B Preferred
Stock by reason of their ownership thereof in respect of payment on liquidation, dissolution or winding up or any Deemed Liquidation Event, in an amount per share of Series B Preferred Stock (such amount, the “Series B Liquidation
Preference”) equal to the greater of (1) the Series B Preferred Original Issue Price, or (2) such amount per share as would have been payable had all shares of Series B Preferred Stock been converted into Series A Common Stock
pursuant to Section IV.3(d) immediately prior to such liquidation, dissolution, winding up or Deemed 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-4 

 
Liquidation Event (the amount payable pursuant to this sentence is hereinafter referred to as the “Series B Preferred Liquidation Amount”). If upon any such liquidation,
dissolution or winding up of the Corporation or Deemed Liquidation Event, the assets of the Corporation available for distribution to its stockholders shall be insufficient to pay the holders of shares of Series B Preferred Stock the full amount to
which they shall be entitled under this Section IV.3(b)(i)(A) Section IV.3(b)(i), the holders of shares of Series B Preferred Stock shall share ratably in any distribution of the assets available for distribution in proportion to the
respective amounts which would otherwise be payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full. 

(B) After the payment of all preferential amounts required to be paid to the holders of Series B Preferred Stock, each holder
of shares of Series A Preferred Stock then outstanding shall be entitled to payment out of the assets of the Corporation available for distribution to its stockholders, prior and in preference to the holders of Common Stock and any other class or
series of capital stock of the Corporation ranking junior to the Series A Preferred Stock by reason of their ownership thereof in respect of payment on liquidation, dissolution or winding up or any Deemed Liquidation Event, in an amount per share of
Series A Preferred Stock (such amount, the “Series A Liquidation Preference”) equal to the greater of (1) the sum of (x) the Series A Preferred Original Issue Price, plus (y) any Accruing Series A Preferred Dividends
accrued but unpaid to the date fixed for liquidation, dissolution or winding up or of the Deemed Liquidation Event (it being understood that the Series A Liquidation Preference as of any date shall for all purposes hereunder be deemed to include
Accruing Series A Preferred Dividends that have accrued thereon, whether or not declared, since the dividend payment date immediately preceding the date of such liquidation, dissolution or winding up or Deemed Liquidation Event to the extent unpaid
as of such date) or (2) such amount per share as would have been payable had all shares of Series A Preferred Stock been converted into Series A Common Stock pursuant to Section IV.3(d) immediately prior to such liquidation, dissolution,
winding up or Deemed Liquidation Event (the amount payable pursuant to this sentence is hereinafter referred to as the “Series A Preferred Liquidation Amount”). If upon any such liquidation, dissolution or winding up of the
Corporation or Deemed Liquidation Event, the assets of the Corporation available for distribution to its stockholders shall be insufficient to pay the holders of shares of Series A Preferred Stock the full amount to which they shall be entitled
under this Section IV.3(b)(i)(B), the holders of shares of Series A Preferred Stock shall share ratably in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable in
respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-5 

 (ii) Payments to Holders of Common Stock. In the event of any
voluntary or involuntary liquidation, dissolution or winding up of the Corporation or Deemed Liquidation Event, after the payment of all preferential amounts required to be paid to the holders of shares of Convertible Preferred Stock, the remaining
assets of the Corporation available for distribution to its stockholders shall be distributed among the holders of shares of Common Stock, pro rata based on the number of shares held by each such holder. 

(iii) Deemed Liquidation Events. 

(A) Each of the following events shall be considered a “Deemed Liquidation Event” unless the holders of at
least 75% of the outstanding shares of Series A Preferred Stock and Series B Preferred Stock (with the shares of Series A Preferred Stock and Series B Preferred Stock voting on an “as converted basis” as if such shares had been converted
into Series A Common Stock pursuant to Section IV.3(d) (whether or not such shares of Series B Preferred Stock are then convertible)) elect otherwise by written notice sent to the Corporation at least three (3) days prior to the effective date
of any such event: 
 (1) a merger or consolidation in which 

(I) the Corporation is a constituent party or 

(II) a subsidiary of the Corporation is a constituent party and the Corporation issues shares of its capital stock pursuant to
such merger or consolidation, except any such merger or consolidation involving the Corporation or a subsidiary in which the shares of capital stock of the Corporation outstanding immediately prior to such merger or consolidation continue to
represent, or are converted into or exchanged for shares of capital stock that represent, immediately following such merger or consolidation, at least a majority, by voting power, of the capital stock of (1) the surviving or resulting
corporation; or (2) if the surviving or resulting corporation is a wholly owned subsidiary of another corporation immediately following such merger or consolidation, the parent corporation of such surviving or resulting corporation; or 

(2) the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related
transactions, by the Corporation or any subsidiary of the Corporation of all or substantially all the assets of the Corporation and its subsidiaries taken as a whole, or the sale or disposition (whether by merger, consolidation or otherwise) of one
or more subsidiaries of the Corporation if substantially all of the assets of the Corporation and 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-6 

 
its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of
the Corporation; 
 provided, however, that a transaction or series of related transactions shall not constitute a Deemed
Liquidation Event if its sole purpose is to change the state of the Corporation’s incorporation or to create a holding company that will be owned in substantially the same proportions by the stockholders who held the Corporation’s
securities immediately prior to such transaction or series of related transactions. 
 (B) The Corporation shall not have
the power to effect a Deemed Liquidation Event referred to in Section IV.3(b)(iii)(A)(1)(1) unless the agreement or plan of merger or consolidation for such transaction (the “Merger Agreement”) provides that the consideration
payable to the stockholders of the Corporation shall be allocated among the holders of capital stock of the Corporation in accordance with Section IV.3(b)(i) and Section IV.3(b)(ii). 

(C) In the event of a Deemed Liquidation Event referred to in Section IV.3(b)(iii)(A)(1)(II) or Section
IV.3(b)(iii)(A)(2), if the Corporation does not effect a dissolution of the Corporation under the DGCL within ninety (90) days after such Deemed Liquidation Event, then (i) the Corporation shall send a written notice to each holder of
Convertible Preferred Stock no later than the ninetieth (90th) day after the Deemed Liquidation Event advising such holders of their right (and the requirements to be met to secure such right) pursuant to the terms of the following clause
(ii) to require the redemption of such shares of Convertible Preferred Stock; and (ii) if the holders of at least 75% of the then outstanding shares of Series A Preferred Stock and Series B Preferred Stock (with the shares of Series A
Preferred Stock and Series B Preferred Stock voting on an “as converted basis” as if such shares had been converted into Series A Common Stock pursuant to Section IV.3(d) (whether or not such shares of Series B Preferred Stock are
then convertible)) so request in a written instrument delivered to the Corporation not later than one hundred twenty (120) days after such Deemed Liquidation Event, the Corporation shall use the consideration received by the Corporation for
such Deemed Liquidation Event (net of any retained liabilities associated with the assets sold or technology licensed, as determined in good faith by the Board of Directors), together with any other assets of the Corporation available for
distribution to its stockholders, all to the extent permitted by Delaware law governing distributions to stockholders (the “Available Proceeds”), on the one hundred fiftieth (150th) day after such Deemed Liquidation Event, to
redeem all outstanding shares of Convertible Preferred Stock at a price per share equal 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-7 

 
to Series A Preferred Liquidation Amount or the Series B Preferred Liquidation Amount, as applicable. Notwithstanding the foregoing, in the event of a redemption pursuant to the preceding
sentence, if the Available Proceeds are not sufficient to redeem all outstanding shares of Convertible Preferred Stock, the Corporation shall ratably redeem each holder’s shares of Convertible Preferred Stock to the fullest extent of such
Available Proceeds in conformity with the priorities set forth in Section IV.3(b)(i) and Section IV.3(b)(ii), and shall redeem the remaining shares as soon as it may lawfully do so under the DGCL governing distributions to
stockholders. Prior to the distribution or redemption provided for in this Section IV.3(b)(iii)(C), the Corporation shall not expend or dissipate the consideration received for such Deemed Liquidation Event, except to discharge expenses
incurred in connection with such Deemed Liquidation Event or in the ordinary course of business. 
 (D) If the amount deemed
paid or distributed under this Section IV.3(b)(iii) is made in property other than in cash, the value of such distribution shall be the fair market value of such property, determined as follows: 

(1) For securities not subject to investment letters or other similar restrictions on free marketability, 

(I) if traded on a securities exchange, the value shall be deemed to be the average of the closing prices of the securities on
such exchange or market over the thirty (30) day period ending three (3) days prior to the closing of such transaction; 

(II) if actively traded over-the-counter, the
value shall be deemed to be the average of the closing bid prices over the thirty (30) day period ending three (3) days prior to the closing of such transaction; or 

(III) if there is no active public market, the value shall be the fair market value thereof, as determined in good faith by
the Board of Directors of the Corporation. 
 (2) The method of valuation of securities subject to investment letters or
other similar restrictions on free marketability (other than restrictions arising solely by virtue of a stockholder’s status as an affiliate or former affiliate) shall take into account an appropriate discount (as determined in good faith by
the Board of Directors) from the market value as determined pursuant to clause (1) above so as to reflect the approximate fair market value thereof. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-8 

 (3) If holders of at least 75% of the then outstanding shares of Series A
Preferred Stock and Series B Preferred Stock (with the shares of Series A Preferred Stock and Series B Preferred Stock voting on an “as converted basis” as if such shares had been converted into Series A Common Stock pursuant to Section
IV.3(d) (whether or not such shares of Series B Preferred Stock are then convertible)) object to the valuation determined by the Board of Directors, then the value shall be the fair market value as mutually determined by the Corporation and such
holders of Convertible Preferred Stock, and if the Corporation and such holders are unable to reach agreement, then the fair market value shall be established by an independent nationally recognized investment bank reasonably acceptable to both the
Corporation and such holders of Convertible Preferred Stock. 
 (E) In the event of a Deemed Liquidation Event pursuant to
Section IV.3(b)(iii)(A)(1)(I), if any portion of the consideration payable to the stockholders of the Corporation is payable only upon satisfaction of contingencies (the “Additional Consideration”), the
Merger Agreement shall provide that (a) the portion of such consideration that is not Additional Consideration (such portion, the “Initial Consideration”) shall be allocated among the holders of capital stock of the Corporation
in accordance with Section IV.3(b)(i) and Section IV.3(b)(ii) as if the Initial Consideration were the only consideration payable in connection with such Deemed Liquidation Event; and (b) any Additional Consideration which becomes
payable to the stockholders of the Corporation upon satisfaction of such contingencies shall be allocated among the holders of capital stock of the Corporation in accordance with Section IV.3(b)(i) and Section IV.3(b)(ii) after taking
into account the previous payment of the Initial Consideration as part of the same transaction. For the purposes of this Section IV.3(b)(iii)(E), consideration placed into escrow or retained as holdback to be available for
satisfaction of indemnification or similar obligations in connection with such Deemed Liquidation Event shall be deemed to be Additional Consideration. 

(c) Voting. On any matter presented to the stockholders of the Corporation for their action or consideration at any
meeting of stockholders of the Corporation (or by written consent of stockholders in lieu of meeting): 
 (i) Each holder of
outstanding shares of Series A Preferred Stock shall be entitled to cast the number of votes equal to the number of whole shares of Series A Common Stock into which the shares of Series A Preferred Stock held by such holder are convertible as of the
record date for determining stockholders entitled to vote on such matter. Except as provided by law or by the other provisions of the Certificate of Incorporation, holders of Series A Preferred Stock shall vote together with the holders of those
shares of Series B Preferred Stock and Common Stock entitled to vote on a particular matter, as a single class. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
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 (ii) Notwithstanding anything to the contrary, until the expiration or early
termination of the waiting period pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with respect to the acquisition of Series B Preferred Stock by Energy Capital Partners III-C, LP
(“ECP III-C”) as contemplated by the Subscription Agreements (the “Series B Subscription Agreements”), dated as of November 9, 2017, by and between the Corporation, one
the one hand, and ECP III-C and the other holders of the Series B Preferred Stock, on the other hand (the “HSR Act Approval”), each holder of outstanding shares of Series B Preferred Stock
shall not be entitled to any voting rights. Upon obtaining HSR Act Approval, each holder of outstanding shares of Series B Preferred Stock shall be entitled to cast the number of votes equal to the number of whole shares of Series A Common Stock
into which the shares of Series B Preferred Stock held by such holder are convertible as of the record date for determining stockholders entitled to vote on such matter (with the shares of Series B Preferred Stock voting on an “as converted
basis” as if such shares had been converted into Series A Common Stock pursuant to Section IV.3(d) (whether or not such shares of Series B Preferred Stock are then convertible)). Except as provided by law or by the other provisions of
the Certificate of Incorporation, holders of Series B Preferred Stock shall vote together with the holders of those shares of Series A Preferred Stock and Common Stock entitled to vote on a particular matter, as a single class. 

(d) Optional Conversion. The holders of the Convertible Preferred Stock shall have conversion rights as follows (the
“Conversion Rights”): 
 (i) Right to Convert. 

(A) Conversion Ratio. 

(1) Each share of Series A Preferred Stock shall be convertible, at the option of the holder thereof, at any time and from
time to time, and without the payment of additional consideration by the holder thereof, into such number of fully paid and non-assessable shares of Series A Common Stock as is determined by dividing the
Series A Preferred Original Issue Price by the Series A Preferred Conversion Price (as defined below) in effect at the time of conversion. The “Series A Preferred Conversion Price” shall initially be equal to $5.3246735. Such
initial Series A Preferred Conversion Price, and the rate at which shares of Series A Preferred Stock may be converted into shares of Series A Common Stock, shall be subject to adjustment as provided below. 

(2) Upon obtaining HSR Act Approval, each share of Series B Preferred Stock shall be convertible, at the option of the holder
thereof, at any time and from time to time, at or after the earlier of (i) November 9, 2018, and (ii) immediately prior to the consummation of a “Sale of the Company” (as defined in the Investors Agreement (as defined
below)), and without the payment 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-10 

 
of additional consideration by the holder thereof, into such number of fully paid and non-assessable shares of Series A Common Stock as is determined by
dividing the Series B Preferred Original Issue Price by the Series B Preferred Conversion Price (as defined below) in effect at the time of conversion. The “Series B Preferred Conversion Price” shall initially be equal to $3.73.
Such initial Series B Preferred Conversion Price, and the rate at which shares of Series B Preferred Stock may be converted into shares of Series A Common Stock, shall be subject to adjustment as provided below. 

(B) Termination of Conversion Rights. In the event of a liquidation, dissolution or winding up of the Corporation or a
Deemed Liquidation Event, the Conversion Rights shall terminate at the close of business on the last full day preceding the date fixed for the payment of any such amounts distributable on such event to the holders of the applicable series of
Convertible Preferred Stock. 
 (ii) Fractional Shares. No fractional shares of Series A Common Stock shall be issued
upon conversion of the Convertible Preferred Stock. In lieu of any fractional shares to which the holder would otherwise be entitled, the Corporation shall pay cash equal to such fraction multiplied by the fair market value of a share of Series A
Common Stock as determined in good faith by the Board of Directors. Whether or not fractional shares would be issuable upon such conversion shall be determined on the basis of the total number of shares of Convertible Preferred Stock that the holder
is at the time converting into Series A Common Stock and the aggregate number of shares of Series A Common Stock issuable upon such conversion. 

(iii) Mechanics of Conversion. 

(A) Notice of Conversion. In order for a holder of Convertible Preferred Stock to voluntarily convert shares of
Convertible Preferred Stock into shares of Series A Common Stock, such holder shall (i) provide written notice to the Corporation’s transfer agent at the office of the transfer agent for the Convertible Preferred Stock (or at the principal
office of the Corporation if the Corporation serves as its own transfer agent) that such holder elects to convert all or any number of such holder’s shares of Convertible Preferred Stock and, if applicable, any event on which such conversion is
contingent and (ii) if such holder’s shares are certificated, surrender the certificate or certificates for such shares of Convertible Preferred Stock (or, if such registered holder alleges that such certificate has been lost, stolen or
destroyed, a lost certificate affidavit and agreement reasonably acceptable to the Corporation to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such
certificate), at the office of the transfer agent for the Convertible Preferred Stock (or at the principal office of the Corporation if the Corporation serves as its own transfer agent). Such 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-11 

 
notice shall state such holder’s name or the names of the nominees in which such holder wishes the shares of Series A Common Stock to be issued. If required by the Corporation, any
certificates surrendered for conversion shall be endorsed or accompanied by a written instrument or instruments of transfer, in form reasonably satisfactory to the Corporation, duly executed by the registered holder or his, her or its attorney duly
authorized in writing. The close of business on the date of receipt by the transfer agent (or by the Corporation if the Corporation serves as its own transfer agent) of such notice and, if applicable, certificates (or lost certificate affidavit and
agreement) shall be the time of conversion (the “Conversion Time”), and the shares of Series A Common Stock issuable upon conversion of the specified shares shall be deemed to be outstanding of record as of such date. The
Corporation shall, as soon as practicable after the Conversion Time (i) issue and deliver to such holder of Convertible Preferred Stock, or to his, her or its nominees, a notice of issuance of uncertificated shares and may, upon written
request, issue and deliver a certificate for the number of full shares of Series A Common Stock issuable upon such conversion in accordance with the provisions hereof and, may, if applicable and upon written request, issue and deliver a certificate
for the number (if any) of the shares of Convertible Preferred Stock represented by any surrendered certificate that were not converted into Series A Common Stock, (ii) pay in cash such amount as provided in Section IV.3(d)(ii) in lieu
of any fraction of a share of Series A Common Stock otherwise issuable upon such conversion and (iii) pay all applicable declared but unpaid dividends on the shares of Convertible Preferred Stock converted. 

(B) Reservation of Shares. The Corporation shall, at all times when the Convertible Preferred Stock shall be
outstanding, reserve and keep available out of its authorized but unissued capital stock, for the purpose of effecting the conversion of the Convertible Preferred Stock, such number of its duly authorized shares of Series A Common Stock as shall
from time to time be sufficient to effect the conversion of all outstanding Convertible Preferred Stock; and if at any time the number of authorized but unissued shares of Series A Common Stock shall not be sufficient to effect the conversion of all
then outstanding shares of the Convertible Preferred Stock, the Corporation shall take such corporate action as may be necessary to increase its authorized but unissued shares of Series A Common Stock to such number of shares as shall be sufficient
for such purposes, including, without limitation, engaging in best efforts to obtain the requisite stockholder approval of any necessary amendment to the Certificate of Incorporation. Before taking any action which would cause an adjustment reducing
the Series A Preferred Conversion Price or the Series B Preferred Conversion Price, as applicable, below the then par value of the shares of Series A Common Stock issuable upon conversion of the Convertible Preferred Stock, the Corporation will take
any corporate action which may, in the opinion of its counsel, be necessary in order that the Corporation may validly and legally issue fully paid and non-assessable shares of Series A Common Stock at such
adjusted Series A Preferred Conversion Price or Series B Preferred Conversion Price, respectively. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-12 

 (C) Effect of Conversion. All shares of Convertible Preferred Stock
which shall have been surrendered for conversion as herein provided shall no longer be deemed to be outstanding and all rights with respect to such shares shall immediately cease and terminate at the Conversion Time, except only the right of the
holders thereof to receive shares of Series A Common Stock in exchange therefor, to receive payment in lieu of any fraction of a share otherwise issuable upon such conversion as provided Section IV.3(d)(ii) and to receive payment of any
dividends declared but unpaid thereon. Any shares of Convertible Preferred Stock so converted shall be retired and cancelled and may not be reissued as shares of such series, and the Corporation may thereafter take such appropriate action (without
the need for stockholder action) as may be necessary to reduce the authorized number of shares of Convertible Preferred Stock accordingly. 

(D) No Further Adjustment. Upon any such conversion, no adjustment to the Series A Preferred Conversion Price shall be
made for any declared but unpaid dividends on the Series A Preferred Stock surrendered for conversion or the Series A Common Stock delivered upon conversion. 

(E) Taxes. The Corporation shall pay any and all issue and other similar taxes that may be payable in respect of any
issuance or delivery of shares of Series A Common Stock upon conversion of shares of Convertible Preferred Stock pursuant to this Section IV.3(d). The Corporation shall not, however, be required to pay any tax which may be payable in respect
of any transfer involved in the issuance and delivery of shares of Series A Common Stock in a name other than that in which the shares of Convertible Preferred Stock so converted were registered, and no such issuance or delivery shall be made unless
and until the person or entity requesting such issuance has paid to the Corporation the amount of any such tax or has established, to the reasonable satisfaction of the Corporation, that such tax has been paid. 

(iv) Adjustments to Conversion Price for Diluting Issues. 

(A) Special Definitions. For purposes of this ARTICLE TV, the following definitions shall apply: 

(1) “Options” shall mean rights, options or warrants to subscribe for, purchase or otherwise acquire Common
Stock or Convertible Securities. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-13 

 (2) “Series B Convertible Preferred Original Issue Date”
shall mean the date on which the first share of Series B Preferred Stock was issued. 
 (3) “Convertible
Securities” shall mean any evidences of indebtedness, shares or other securities directly or indirectly convertible into or exchangeable for Common Stock, but excluding Options. 

(4) “Additional Shares of Common Stock” shall mean all shares of Common Stock issued (or, pursuant to
Section IV.3(d)(iv)(C) below, deemed to be issued) by the Corporation after the Series B Convertible Preferred Original Issue Date, other than (x) the following shares of Common Stock and (y) shares of Common
Stock deemed issued pursuant to the following Options and Convertible Securities (clauses (x) and (y), collectively, “Exempt Securities”): 

(I) shares of Common Stock or Convertible Preferred Stock issued or issuable under the Purchase and Exchange Agreement, dated
as of March 16, 2016, by and among the Corporation and the initial holders of Convertible Preferred Stock party thereto (the “Purchase and Exchange Agreement”) or under the Series B Subscription Agreements (or any preemptive
rights with respect thereto); shares of Common Stock, Options or Convertible Securities issued by reason of a dividend, stock split, split-up or other distribution on shares of Common Stock that is covered by
Section IV.3(d)(v), (vi), (vii) or (viii); 
 (II) shares of Common Stock,
Options or Convertible Securities issued or issuable upon conversion of any of the Convertible Preferred Stock, or as a dividend or distribution on the Convertible Preferred Stock; 

(III) shares of Common Stock, Options or Convertible Securities issued or issuable upon the conversion of any Convertible
Security (but only to the extent that the original issuance of such Convertible Security was subject to adjustment pursuant to this Section IV.3(d)(iv)); 

(IV) shares of Common Stock, Options or Convertible Securities issued or issuable to employees or directors of, or consultants
or advisors to, the Corporation or any of its subsidiaries (including any shares of Common Stock, Options or Convertible Securities issued upon the conversion or exchange thereof) pursuant to any plan, agreement or arrangement approved by the Board
of Directors; 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-14 

 (V) shares of Common Stock, Options or Convertible Securities issued or
issuable pursuant to the acquisition of another entity by the Corporation by merger, purchase of substantially all of the assets or a business line, unit or division or other reorganization or pursuant to a joint venture agreement, provided that
such issuances are approved by the Board of Directors; or 
 (VI) shares of Common Stock, Options or Convertible Securities
issued or issuable in any firmly underwritten public offering of shares of Common Stock, Options or Convertible Securities of the Corporation pursuant to a registration statement under the Securities Act of 1933 (an “IPO”). 

(B) No Adjustment of Conversion Price. No adjustment in the Series A Preferred Conversion Price or the Series B
Preferred Conversion Price shall be made as the result of the issuance or deemed issuance of Additional Shares of Common Stock if the Corporation receives written notice from the holders of at least 75% of the then outstanding shares of Series A
Preferred Stock and Series B Preferred Stock (with the shares of Series A Preferred Stock and Series B Preferred Stock voting on an “as converted basis” as if such shares had been converted into Series A Common Stock pursuant to Section
IV.3(d) (whether or not such shares of Series B Preferred Stock are then convertible)) agreeing that no such adjustment shall be made as the result of the issuance or deemed issuance of such Additional Shares of Common Stock. 

(C) Deemed Issue of Additional Shares of Common Stock. 

(1) If the Corporation at any time or from time to time after the Series B Convertible Preferred Original Issue Date shall
issue any Options or Convertible Securities (excluding Options or Convertible Securities which are themselves Exempt Securities) or shall fix a record date for the determination of holders of any class of securities entitled to receive any such
Options or Convertible Securities, then the maximum number of shares of Common Stock (as set forth in the instrument relating thereto, assuming the satisfaction of any conditions to exercisability, convertibility or exchangeability but without
regard to any provision contained therein for a subsequent adjustment of such number) issuable upon the exercise of such Options or, in the case of Convertible Securities and Options therefor, the conversion or exchange of such Convertible
Securities, shall be deemed to be Additional Shares of Common Stock issued as of the time of such issue or, in case such a record date shall have been fixed, as of the close of business on such record date. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-15 

 (2) If the terms of any Option or Convertible Security, the issuance of
which resulted in an adjustment to the Series A Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock) pursuant to the terms of
Section IV.3(d)(iv)(D), are revised as a result of an amendment to such terms or any other adjustment pursuant to the provisions of such Option or Convertible Security (but excluding automatic adjustments to such terms
pursuant to anti-dilution or similar provisions of such Option or Convertible Security) to provide for either (1) any increase or decrease in the number of shares of Common Stock issuable upon the exercise, conversion and/or exchange of any
such Option or Convertible Security or (2) any increase or decrease in the consideration payable to the Corporation upon such exercise, conversion and/or exchange, then, effective upon such increase or decrease becoming effective, the Series A
Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock) computed upon the original issue of such Option or Convertible Security (or upon the
occurrence of a record date with respect thereto) shall be readjusted to such Series A Preferred Conversion Price or the Series B Preferred Conversion Price, as applicable, as would have obtained had such revised terms been in effect upon the
original date of issuance of such Option or Convertible Security. Notwithstanding the foregoing, no readjustment pursuant to this clause (2) shall have the effect of increasing the Series A Preferred Conversion Price or the Series B Preferred
Conversion Price to an amount which exceeds the lower of (i) the Series A Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock) in
effect immediately prior to the original adjustment made as a result of the issuance of such Option or Convertible Security, or (ii) the Series A Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred
Conversion Price (in the case of the Series B Preferred Stock) that would have resulted from any issuances of Additional Shares of Common Stock (other than deemed issuances of Additional Shares of Common Stock as a result of the issuance of such
Option or Convertible Security) between the original adjustment date and such readjustment date. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-16 

 (3) If the terms of any Option or Convertible Security (excluding Options
or Convertible Securities which are themselves Exempt Securities), the issuance of which did not result in an adjustment to the Series A Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion
Price (in the case of the Series B Preferred Stock) pursuant to the terms of Section IV.3(d)(iv)(D) (either because the consideration per share (determined pursuant to Section IV.3(d)(iv)(E)) of the Additional Shares
of Common Stock subject thereto was equal to or greater than the Series A Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock) then in
effect, or because such Option or Convertible Security was issued before the Series B Convertible Preferred Original Issue Date), are revised after the Series B Convertible Preferred Original Issue Date as a result of an amendment to such terms or
any other adjustment pursuant to the provisions of such Option or Convertible Security (but excluding automatic adjustments to such terms pursuant to anti-dilution or similar provisions of such Option or Convertible Security) to provide for either
(1) any increase in the number of shares of Common Stock issuable upon the exercise, conversion or exchange of any such Option or Convertible Security or (2) any decrease in the consideration payable to the Corporation upon such exercise,
conversion or exchange, then such Option or Convertible Security, as so amended or adjusted, and the Additional Shares of Common Stock subject thereto (determined in the manner provided in Section IV.3(d)(iv)(C)(1) shall be
deemed to have been issued effective upon such increase or decrease becoming effective. 
 (4) Upon the expiration or
termination of any unexercised Option or unconverted or unexchanged Convertible Security (or portion thereof) which resulted (either upon its original issuance or upon a revision of its terms) in an adjustment to the Series A Preferred Conversion
Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock) pursuant to the terms of Section IV.3(d)(iv)(D), the Series A Preferred Conversion
Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock) shall be readjusted to such Series A Preferred Conversion Price (in the case of the Series A Preferred
Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock) as would have obtained had such Option or Convertible Security (or portion thereof) never been issued. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-17 

 (5) If the number of shares of Common Stock issuable upon the exercise,
conversion and/or exchange of any Option or Convertible Security, or the consideration payable to the Corporation upon such exercise, conversion and/or exchange, is calculable at the time such Option or Convertible Security is issued or amended but
is subject to adjustment based upon subsequent events, any adjustment to the Series A Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock)
provided for in this Section IV.3(d)(iv)(C) shall be effected at the time of such issuance or amendment based on such number of shares or amount of consideration without regard to any provisions for subsequent adjustments (and any subsequent
adjustments shall be treated as provided in clauses (2) and (3) of this Section IV.3(d)(iv)(C)). If the number of shares of Common Stock issuable upon the exercise, conversion and/or exchange of any Option or
Convertible Security, or the consideration payable to the Corporation upon such exercise, conversion and/or exchange, cannot be calculated at all at the time such Option or Convertible Security is issued or amended, any adjustment to the Series A
Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock) that would result under the terms of this Section IV.3(d)(iv)(C)) at the time of
such issuance or amendment shall instead be effected at the time such number of shares and/or amount of consideration is first calculable (even if subject to subsequent adjustments), assuming for purposes of calculating such adjustment to the Series
A Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock) that such issuance or amendment took place at the time such calculation can first be
made. 
 (D) Adjustment of Conversion Price Upon Issuance of Additional Shares of Common Stock. In the event the
Corporation shall at any time after the Series B Convertible Preferred Original Issue Date issue Additional Shares of Common Stock (including Additional Shares of Common Stock deemed to be issued pursuant to
Section IV.3(d)(iv)(C)), without consideration or for a consideration per share less than the Series A Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in
the case of the Series B Preferred Stock) in effect immediately prior to such issue, then the Series A Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B
Preferred Stock) shall be reduced, concurrently with such issue, to a price (calculated to the nearest one-hundredth of a cent) determined in accordance with the following formula: 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-18 

 CP2 = CP1* (A + B) ÷ (A + C). 
 For purposes of the foregoing formula, the following
definitions shall apply: 
 (1) “CP2” shall mean the
Series A Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock) in effect immediately after such issue of Additional Shares of Common Stock;

 (2) “CP1” shall mean the Series A Preferred Conversion
Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock) in effect immediately prior to such issue of Additional Shares of Common Stock; 

(3) “A” shall mean the number of shares of Common Stock outstanding immediately prior to such issue of Additional
Shares of Common Stock (treating for this purpose as outstanding all shares of Common Stock issuable upon exercise of Options outstanding immediately prior to such issue or upon conversion or exchange of Convertible Securities (including the
Convertible Preferred Stock) outstanding (assuming exercise of any outstanding Options therefor) immediately prior to such issue); 

(4) “B” shall mean the number of shares of Common Stock that would have been issued if such Additional Shares of
Common Stock had been issued at a price per share equal to CPI (determined by dividing the aggregate consideration received by the Corporation in respect of such issue by CPO; and 

(5) “C” shall mean the number of such Additional Shares of Common Stock issued in such transaction. 

(E) Determination of Consideration. For purposes of this Section IV.3(d)(iv), the consideration received by the
Corporation for the issue of any Additional Shares of Common Stock shall be computed as follows: 
 (1) Cash and
Property: Such consideration shall: 
 (I) insofar as it consists of cash, be computed at the aggregate amount of cash
received by the Corporation, excluding amounts paid or payable for accrued interest; 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-19 

 (II) insofar as it consists of property other than cash, be computed at the
fair market value thereof at the time of such issue, as determined in good faith by the Board of Directors; and 
 (III) in
the event Additional Shares of Common Stock are issued together with other shares or securities or other assets of the Corporation for consideration which covers both, be the proportion of such consideration so received, computed as provided in
clauses (I) and (II) above, as determined in good faith by the Board of Directors. 
 (2) Options and Convertible
Securities. The consideration per share received by the Corporation for Additional Shares of Common Stock deemed to have been issued pursuant to Section IV.3(d)(iv)(C), relating to Options and Convertible Securities, shall be determined
by dividing: 
 (I) The total amount, if any, received or receivable by the Corporation as consideration for the issuance of
such Options or Convertible Securities, plus the minimum aggregate amount of additional consideration (as set forth in the instruments relating thereto, without regard to any provision contained therein for a subsequent adjustment of such
consideration) payable to the Corporation upon the exercise of such Options or the conversion or exchange of such Convertible Securities, or in the case of Options for Convertible Securities, the exercise of such Options for Convertible Securities
and the conversion or exchange of such Convertible Securities, by 
 (II) the maximum number of shares of Common Stock (as
set forth in the instruments relating thereto, without regard to any provision contained therein for a subsequent adjustment of such number) issuable upon the exercise of such Options or the conversion or exchange of such Convertible Securities, or
in the case of Options for Convertible Securities, the exercise of such Options for Convertible Securities and the conversion or exchange of such Convertible Securities. 

(F) Multiple Closing Dates. In the event the Corporation shall issue on more than one date Additional Shares of Common
Stock that are a part of one transaction or a series of related transactions and that would result in an adjustment to the Series A Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price
(in the case of the Series B Preferred Stock) pursuant to the terms of 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-20 

 
Section IV.3(d)(iv)(D), and such issuance dates occur within a period of no more than 90 days from the first such issuance to the final such issuance, then, upon the final such issuance,
the Series A Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock) shall be readjusted to give effect to all such issuances as if they
occurred on the date of the first such issuance (and without giving effect to any additional adjustments as a result of any such subsequent issuances within such period). 

(v) Adjustment for Stock Splits and Combinations. If the Corporation shall at any time or from time to time after the
Series B Convertible Preferred Original Issue Date effect a subdivision of the outstanding Common Stock, the Series A Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of
the Series B Preferred Stock) in effect immediately before that subdivision shall be proportionately decreased so that the number of shares of Common Stock issuable on conversion of each share of such series shall be increased in proportion to such
increase in the aggregate number of shares of Common Stock outstanding. If the Corporation shall at any time or from time to time after the Series B Convertible Preferred Original Issue Date combine the outstanding shares of Common Stock, the Series
A Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock) in effect immediately before the combination shall be proportionately increased so
that the number of shares of Common Stock issuable on conversion of each share of such series shall be decreased in proportion to such decrease in the aggregate number of shares of Common Stock outstanding. Any adjustment under this subsection shall
become effective at the close of business on the date the subdivision or combination becomes effective. 
 (vi) Adjustment
for Certain Dividends and Distributions. In the event the Corporation at any time or from time to time after the Series B Convertible Preferred Original Issue Date shall make or issue, or fix a record date for the determination of holders of
Common Stock entitled to receive, a dividend or other distribution payable on the Common Stock in additional shares of Common Stock, then and in each such event the Series A Preferred Conversion Price (in the case of the Series A Preferred Stock) or
the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock) in effect immediately before such event shall be decreased as of the time of such issuance or, in the event such a record date shall have been fixed, as of the
close of business on such record date, by multiplying the Series A Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock) then in effect by a
fraction: 
 (A) the numerator of which shall be the total number of shares of Common Stock issued and outstanding
immediately prior to the time of such issuance or the close of business on such record date, and 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-21 

 (B) the denominator of which shall be the total number of shares of Common
Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date plus the number of shares of Common Stock issuable in payment of such dividend or distribution. 

Notwithstanding the foregoing (a) if such record date shall have been fixed and such dividend is not fully paid or if such distribution is
not fully made on the date fixed therefor, the Series A Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock) shall be recomputed accordingly
as of the close of business on such record date and thereafter the Series A Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock) shall be
adjusted pursuant to this subsection as of the time of actual payment of such dividends or distributions; and (b) no such adjustment shall be made if the holders of Convertible Preferred Stock simultaneously receive a dividend or other
distribution of shares of Series A Common Stock in a number equal to the number of shares of Series A Common Stock as they would have received if all outstanding shares of Convertible Preferred Stock had been converted into Series A Common Stock on
the date of such event. 
 (vii) Adjustments for Other Dividends and Distributions. In the event the Corporation at
any time or from time to time after the Series B Convertible Preferred Original Issue Date shall make or issue, or fix a record date for the determination of holders of Common Stock entitled to receive, a dividend or other distribution payable in
securities of the Corporation (other than a distribution of shares of Common Stock in respect of outstanding shares of Common Stock) or in other property and the provisions of Section IV.3(a) do not apply to such dividend or distribution,
then and in each such event the holders of Convertible Preferred Stock shall receive, simultaneously with the distribution to the holders of Common Stock a dividend or other distribution of such securities or other property in an amount equal to the
amount of such securities or other property as they would have received if all outstanding shares of Convertible Preferred Stock had been converted into Series A Common Stock on the date of such event. 

(viii) Adjustment for Merger or Reorganization, etc. If there shall occur any reorganization, recapitalization,
reclassification, consolidation or merger involving the Corporation in which the Common Stock (but not the Convertible Preferred Stock) is converted into or exchanged for securities, cash or other property (other than a transaction covered by
Section IV.3(d)(iv), (vi) or (vii)), then, following any such reorganization, recapitalization, reclassification, consolidation or merger, each share of Convertible Preferred Stock shall thereafter be convertible in lieu of the Series
A Common Stock into which it was convertible prior to such event into the kind and amount of securities, cash or other property which a holder of the number of shares of Series A Common Stock of the Corporation issuable upon conversion of one share
of Convertible Preferred Stock immediately prior to such reorganization, recapitalization, reclassification, consolidation or merger 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-22 

 
would have been entitled to receive pursuant to such transaction; and, in such case, appropriate adjustment (as determined in good faith by the Board of Directors) shall be made in the
application of the provisions in this Section IV.3(d) with respect to the rights and interests thereafter of the holders of the Convertible Preferred Stock, to the end that the provisions set forth in this Section IV.3(d) (including
provisions with respect to changes in and other adjustments of the Series A Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock)) shall
thereafter be applicable, as nearly as reasonably may be, in relation to any securities or other property thereafter deliverable upon the conversion of the Convertible Preferred Stock. For the avoidance of doubt, nothing in this Section
IV.3(d)(viii) shall be construed as preventing the holders of Convertible Preferred Stock from seeking any appraisal rights to which they are otherwise entitled under the DGCL in connection with a merger triggering an adjustment hereunder, nor
shall this Section IV.3(d)(viii) be deemed conclusive evidence of the fair value of the shares of Convertible Preferred Stock in any such appraisal proceeding. 

(ix) Certificate as to Adjustments. Upon the occurrence of each adjustment or readjustment of the Series A
Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock) pursuant to this Section IV.3(d), the Corporation at its expense shall, as
promptly as reasonably practicable but in any event not later than 10 days thereafter, compute such adjustment or readjustment in accordance with the terms hereof and furnish to each holder of Convertible Preferred Stock a certificate setting forth
such adjustment or readjustment (including the kind and amount of securities, cash or other property into which the Convertible Preferred Stock is convertible) and showing in detail the facts upon which such adjustment or readjustment is based. The
Corporation shall, as promptly as reasonably practicable after the written request at any time of any holder of Convertible Preferred Stock (but in any event not later than 10 days thereafter), furnish or cause to be furnished to such holder a
certificate setting forth (i) the Series A Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock) then in effect, and (ii) the
number of shares of Series A Common Stock and the amount, if any, of other securities, cash or property which then would be received upon the conversion of Convertible Preferred Stock. 

(x) Notice of Record Date. In the event: 

(A) the Corporation shall take a record of the holders of its Common Stock (or other capital stock or securities at the time
issuable upon conversion of the Convertible Preferred Stock) for the purpose of entitling or enabling them to receive any dividend or other distribution, or to receive any right to subscribe for or purchase any shares of capital stock of any class
or any other securities, or to receive any other security; or 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-23 

 (B) of any capital reorganization of the Corporation, any reclassification
of the Common Stock of the Corporation, or any Deemed Liquidation Event; or 
 (C) of the voluntary or involuntary
dissolution, liquidation or winding-up of the Corporation, 
 then, and in each such case, the
Corporation will send or cause to be sent to the holders of the Convertible Preferred Stock a notice specifying, as the case may be, (i) the record date for such dividend, distribution or right, and the amount and character of such dividend,
distribution or right, or (ii) the effective date on which such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up is proposed to take place, and the
time, if any is to be fixed, as of which the holders of record of Common Stock (or such other capital stock or securities at the time issuable upon the conversion of the Convertible Preferred Stock) shall be entitled to exchange their shares of
Common Stock (or such other capital stock or securities) for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or
winding-up, and the amount per share and character of such exchange applicable to the Convertible Preferred Stock and the Common Stock. Such notice shall be sent at least 10 days prior to the record date or
effective date for the event specified in such notice. 
 (e) Mandatory Conversion. 

(i) Trigger Events. Upon either (x) the closing of the sale of shares of Common Stock to the public at a price of
at least 1.25 times the Series A Preferred Original Issue Price (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Common Stock) with aggregate gross
proceeds, net of the underwriting discount and commissions, to the Corporation of not less than $100 million, in a firm commitment underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as
amended, or (y) the date and time, or the occurrence of an event, specified by vote or written consent of the holders of at least 75% of the then outstanding shares of Series A Preferred Stock and Series B Preferred Stock (with the shares of
Series A Preferred Stock and Series B Preferred Stock voting on an “as converted basis” as if such shares had been converted into Series A Common Stock pursuant to Section 1V.3(d) (whether or not such shares of Series B Preferred
Stock are then convertible)) (the time of such closing, or the date and time specified or the time of the event specified in such vote or written consent is referred to herein as the “Mandatory Conversion Time”), then (A) upon
an event specified in clause (x) or (y) above, all outstanding shares of Series A Preferred Stock and Series B Preferred Stock shall automatically be converted into shares of Series A Common Stock, in each case at the then effective conversion
rate as calculated pursuant to Section IV.3(d)(i)(A) and (B) such shares of Series A Preferred Stock and Series B Preferred Stock converted pursuant to this Section IV.3(e)(i) may not be reissued by the Corporation. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-24 

 (ii) Procedural Requirements. All holders of record of shares of
Series A Preferred Stock and Series B Preferred Stock shall be sent written notice of the Mandatory Conversion Time and the place designated for mandatory conversion of all such shares of Series A Preferred Stock and Series B Preferred Stock
pursuant to this Section 1V.3(e). Such notice need not be sent in advance of the occurrence of the Mandatory Conversion Time. Upon receipt of such notice, each holder of shares of Series A Preferred Stock and Series B
Preferred Stock in certificated form shall surrender his, her or its certificate or certificates for all such shares (or, if such holder alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement
reasonably acceptable to the Corporation to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such certificate) to the Corporation at the place designated in
such notice. If so required by the Corporation, any certificates surrendered for conversion shall be endorsed or accompanied by written instrument or instruments of transfer, in form reasonably satisfactory to the Corporation, duly executed by the
registered holder or by his, her or its attorney duly authorized in writing. All rights with respect to the Series A Preferred Stock and Series B Preferred Stock converted pursuant to Section IV.3(e)(i), including the
rights, if any, to receive notices and vote (other than as a holder of Series A Common Stock), will terminate at the Mandatory Conversion Time (notwithstanding the failure of the holder or holders thereof to surrender any certificates at or prior to
such time), except only the rights of the holders thereof, upon surrender of any certificate or certificates of such holders (or lost certificate affidavit and agreement) therefor, to receive the items provided for in the next sentence of this
Section IV.3(e)(ii). As soon as practicable after the Mandatory Conversion Time and, if applicable, the surrender of any certificate or certificates (or lost certificate affidavit and agreement) for Series A Preferred Stock and Series B
Preferred Stock, the Corporation shall (a) issue and deliver to such holder, or to his, her or its nominees, a notice of issuance of uncertificated shares and may, upon written request, issue and deliver a certificate for the number of full
shares of Common Stock issuable upon such conversion in accordance with the provisions hereof and (b) pay cash as provided in Section IV.3(d)(ii) in lieu of any fraction of a share of Series A Common Stock and Series B Preferred Stock
otherwise issuable upon such conversion and the payment of any declared but unpaid dividends on the shares of Series A Preferred Stock and Series B Preferred Stock converted. Such converted Series A Preferred Stock and Series B Preferred Stock shall
be retired and cancelled and may not be reissued as shares of such series, and the Corporation may thereafter take such appropriate action (without the need for stockholder action) as may be necessary to reduce the authorized number of shares of
Series A Preferred Stock and Series B Preferred Stock accordingly. 
 (f) Redemption. 

(i) General. At any time after the ninety-first (91st) day after
the earlier of the maturity date of the Senior Notes (as defined below) (but only if all obligations under the Senior Notes have been repaid in full on such date) or the date the Senior Notes are no longer outstanding, and unless prohibited by
Delaware law 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-25 

 
governing distributions to stockholders, shares of Series B Preferred Stock may be redeemed by the Corporation, in its sole and absolute discretion, at a price equal to the Series B Preferred
Original Issue Price per share (the “Redemption Price”), and the date of such redemption shall be referred to as the “Redemption Date.” If on the Redemption Date Delaware law governing distributions to stockholders
prevents the Corporation from redeeming all shares of Series B Preferred Stock to be redeemed, the Corporation shall ratably redeem the maximum number of shares that it may redeem consistent with such law, and shall redeem the remaining shares as
soon as it may lawfully do so under such law. “Senior Notes” shall mean such notes set forth in the Indenture dated as of April 24, 2017, by and between the Corporation and Wilmington Trust, National Association, as Trustee and
Collateral Trustee. 
 (ii) Redemption Notice. The Corporation shall send written notice of the redemption (the
“Redemption Notice”) to each holder of record of Series B Preferred Stock not less than five (5) days prior to the Redemption Date. The Redemption Notice shall state: 

(A) the number of shares of Series B Preferred Stock held by the holder that the Corporation shall redeem on the Redemption
Date specified in the Redemption Notice; 
 (B) the Redemption Date and the Redemption Price; 

(C) the date upon which the holder’s right to convert such shares terminates (as determined in accordance with Section
IV.3(f)(iii)); and 
 (D) for holders of shares in certificated form, that the holder is to surrender to the
Corporation, in the manner and at the place designated, his, her or its certificate or certificates representing the shares of Series B Preferred Stock to be redeemed. 

(iii) Termination of Conversion Rights. In the event of a notice of redemption of any shares of Series B Preferred Stock
pursuant to Section IV.3(f)(ii), the Conversion Rights of the shares of Series B Preferred Stock designated for redemption shall terminate at the close of business on the last full day preceding the Redemption Date, unless
the Redemption Price is not fully paid on such Redemption Date, in which case the Conversion Rights for such shares of Series B Preferred Stock shall continue until such price is paid in full. 

(iv) Surrender of Certificates; Payment. On or before the Redemption Date, each holder of shares of Series B Preferred
Stock to be redeemed on the Redemption Date, unless such holder has exercised his, her or its right to convert such shares as provided in Section IV.3(d), shall, if a holder of shares in certificated form, surrender the certificate or
certificates representing such shares (or, if such registered holder alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement reasonably acceptable to the Corporation to

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-26 

 
indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such certificate) to the Corporation, in the manner
and at the place designated in the Redemption Notice, and thereupon the Redemption Price for such shares shall be payable to the order of the person whose name appears on such certificate or certificates as the owner thereof. In the event less than
all of the shares of Series B Preferred Stock represented by a certificate are redeemed, a new certificate, instrument, or book entry representing the unredeemed shares of Series B Preferred Stock shall promptly be issued to such holder. 

(v) Rights Subsequent to Redemption. If the Redemption Notice shall have been duly given, and if on the Redemption Date
the Redemption Price payable upon redemption of the shares of Series B Preferred Stock to be redeemed on the Redemption Date is paid or tendered for payment or deposited with an independent payment agent so as to be available therefor in a timely
manner, then notwithstanding that any certificates evidencing any of the shares of Series B Preferred Stock so called for redemption shall not have been surrendered, dividends with respect to such shares of Series B Preferred Stock shall cease to
accrue after the Redemption Date and all rights with respect to such shares shall forthwith after the Redemption Date terminate, except only the right of the holders to receive the Redemption Price without interest upon surrender of any such
certificate or certificates therefor. 
 (g) Redeemed or Otherwise Acquired Shares. Any shares of Series B Preferred
Stock that are redeemed or otherwise acquired by the Corporation or any of its subsidiaries shall be automatically and immediately cancelled and retired and shall not be reissued, sold or transferred. Neither the Corporation nor any of its
subsidiaries may exercise any voting or other rights granted to the holders of Series B Preferred Stock following redemption. 

(h) Series B Preferred Stock Protective Provisions. At any time when at least fifty (50) percent of the shares of
Series B Preferred Stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Series B Preferred Stock) originally issued pursuant to the Series B
Subscription Agreement are outstanding, the Corporation shall not, either directly or indirectly, without (in addition to any other vote required by law or the Certificate of Incorporation) the written consent or affirmative vote of the holders of
at least fifty (50) percent of the then outstanding shares of Series B Preferred Stock, given in writing or by vote at a meeting, consenting or voting (as the case may be) separately as a class, and any such act or transaction entered into
without such consent or vote shall be null and void ab initio, and of no force or effect: 
 (i) purchase, redeem or exchange
or retire for value (or permit any subsidiary to purchase, redeem, exchange or retire for value) any shares of capital stock of the Corporation; or 

(ii) pay or declare any dividend or make any distribution or payment on any shares of capital stock of the Corporation; 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-27 

 other than, in the case of clauses (i) and (ii), (x) redemptions of or dividends or
distributions on the Series B Preferred Stock or (y) conversion of the Convertible Preferred Stock, in each case as expressly authorized herein. 

ARTICLE V 
 ADDITIONAL
POWERS OF THE CORPORATION 
 Section V.1 In furtherance of and not in limitation of powers conferred by statute, it is further provided
that: 
 (a) subject to the limitations and exceptions, if any, contained in the
By-laws of the Corporation (the “By-laws”), the By-laws may be adopted, amended or repealed by the Board of
Directors; 
 (b) elections of directors need not be by written ballot; and 

(c) subject to any applicable requirements of law, the books of the Corporation may be kept outside the State of Delaware at
such location as may be designated by the Board of Directors or in the By-laws. 
 ARTICLE VI

 EXISTENCE 

Section VI.1 The Corporation is to have perpetual existence. 

ARTICLE VII 

INDEMNIFICATION 
 Section
VII.1 The Corporation shall indemnify and hold harmless, to the fullest extent not prohibited by the DGCL, each person (a “Covered Person”) who is or was made or is threatened to be made a party or is otherwise involved in any
action, suit or proceeding (each, a “proceeding”) by reason of the fact that he or she, or a person for whom he or she is the legal representative, is or was an executive officer or director of the Corporation, against all
liability, claims, damages, costs and losses suffered and expenses (including attorneys’ fees) reasonably incurred by such Covered Person. The Corporation may, in its sole and absolute discretion, indemnify such other persons as it may deem
desirable or necessary, to the fullest extent not prohibited by the DGCL. For purposes of this ARTICLE VII, each of the Chief Executive Officer, the President, the Chief Financial Officer, the Senior Vice Presidents, the Treasurer and the Secretary
of the Corporation shall be deemed to be an executive officer. 
 Section VII.2 The Corporation shall, to the fullest extent not prohibited
by the DGCL, pay the expenses, including attorneys’ fees, incurred by a Covered Person in defending any proceeding in advance of final disposition; provided, however, that to the extent required by the DGCL, such payment of
expenses in advance of the final disposition of the proceeding shall be made only upon receipt of an undertaking by the Covered Person to repay all amounts so advanced if it should ultimately be determined that the Covered Person is not entitled to
be indemnified under this ARTICLE VII or otherwise. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-28 

 Section VII.3 The rights conferred on any Covered Person pursuant to this ARTICLE VII shall
not be deemed exclusive of any other rights such Covered Person may have or hereafter be entitled under any statute, this Certificate of Incorporation, the By-laws, any agreement, any vote of stockholders or
disinterested directors or otherwise. 
 Section VII.4 The rights conferred on any Covered Person pursuant to this ARTICLE VII shall
continue as to a person who has ceased to be a Covered Person (or other person indemnified hereunder) and shall inure to the benefit of the heirs, executors, administrators, legatees and distributees of such person. 

Section VII.5 The Corporation shall have power to purchase and maintain insurance on behalf of any person who is or was a director, officer,
employee or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, against
any liability asserted against such person and incurred by such person in any such capacity, or arising out of such person’s status as such, whether or not the Corporation would have the power to indemnify such person against such liability
under the provisions of this ARTICLE VII, the By-laws, the DGCL, or any other applicable law. 

Section VII.6 The provisions of this ARTICLE VII shall be a contract between the Corporation, on the one hand, and each Covered Person and any
other person entitled to indemnification hereunder, on the other hand, pursuant to which the Corporation and each such Covered Person or other person intend to be, and shall be, legally bound. No amendment, repeal or modification of this ARTICLE VII
shall affect any rights or obligations with respect to any state of facts then or theretofore existing or any proceeding theretofore or thereafter brought or threatened based in whole or in part upon any such state of facts. 

Section VII.7 If a claim for indemnification (following the final disposition of such action, suit or proceeding) or advancement of expenses
under this ARTICLE VII is not paid in full within thirty (30) days after a written claim therefor by the Covered Person has been received by the Corporation, the Covered Person may file suit to recover the unpaid amount of such claim and, if
successful in whole or in part, shall be entitled to be paid the expense of prosecuting such claim. In any such action, the Corporation shall have the burden of proving that the Covered Person is not entitled to the requested indemnification or
advancement of expenses under applicable law. 
 Section VII.8 The Corporation hereby acknowledges that the Investors (as defined in the
Second Amended & Restated Investors Agreement, dated as of November 9, 2017, by and among the Corporation and the stockholders of the Corporation party thereto (as amended from time to time, the “Investors
Agreement”)), the ECP Directors and the Non-ECP Directors (each as defined in the Investors Agreement) and their respective heirs or representatives (each, an “Indemnitee”) may have
certain rights to indemnification, advancement of expenses and/or insurance provided by or on behalf of the Investors or their affiliates (collectively, the “Indemnitors”) and that, notwithstanding anything to the contrary contained
herein (including as set forth in this ARTICLE VII): (i) the Corporation is the indemnitor of first resort and the Indemnitors are the indemnitors of last resort in connection with any claims for indemnification from the Indemnitees,
(ii) the Corporation will be required to advance the full amount of expenses incurred by each Indemnitee and will be liable for the full amount of all losses, judgments, penalties, fines and 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-29 

 
amounts paid in settlement to the extent legally permitted and as required by this ARTICLE VII without regard to any rights each Indemnitee may have against any particular Indemnitor, and
(iii) the Corporation irrevocably waives, relinquishes and releases the Indemnitors from any and all claims against the Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. Notwithstanding anything to
the contrary herein, no advancement or payment by any Indemnitor on behalf of an Indemnitee with respect to any claim for which such Indemnitee has sought indemnification or advancement of expenses from the Corporation will affect the foregoing and
such Indemnitor will have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of such Indemnitee against the Corporation. The Indemnitees and Indemnitors are express third party
beneficiaries of the terms of this Section VII.8. 
 ARTICLE VIII 

LIMITATIONS ON LIABILITY 

Section VIII.1 No member of the Board of Directors shall be personally liable to the Corporation or its stockholders for monetary damages for
breach of fiduciary duty as a director, except, if required by the DGCL, for liability: (i) for any breach of the director’s duty of loyalty to the Corporation or its stockholders; (ii) for acts or omissions not in good faith or which
involve intentional misconduct or a knowing violation of law; (iii) under Section 174 of the DGCL; or (iv) for any transaction from which the director derived an improper personal benefit. If the DGCL or any other law of the State of
Delaware is amended after approval by the stockholders of this ARTICLE VIII to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability of a director of the Corporation shall be eliminated or
limited to the fullest extent permitted by the DGCL as so amended. 
 Section VIII.2 Neither the amendment nor repeal of this ARTICLE VIII
shall eliminate or reduce the effect of this ARTICLE VIII in respect of any matter occurring, or any cause of action, suit or claim that, but for this ARTICLE VIII would accrue or arise, prior to such amendment or repeal. 

ARTICLE IX 
 CORPORATE
OPPORTUNITIES 
 Section IX.1 The Corporation renounces, to the fullest extent permitted by law, any interest or expectancy of the
Corporation in, or in being offered an opportunity to participate in, any Excluded Opportunity. An “Excluded Opportunity” is any matter, transaction or interest that is presented to, or acquired, created or developed by, or which
otherwise comes into the possession of (i) any director of the Corporation who is not an employee of the Corporation or any of its subsidiaries, or (ii) any holder of Convertible Preferred Stock or any of its affiliates or any of their
respective partners, members, managers, directors, equityholders, employees or agents, other than someone who is an employee of the Corporation or any of its subsidiaries (collectively, “Covered Persons”), unless such matter,
transaction or interest is presented to, or acquired, created or developed by, or otherwise comes into the possession of, a Covered Person expressly and solely in such Covered Person’s capacity as a director of the Corporation. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-30 

 ARTICLE X 

AMENDMENT 
 Section X.1 The
Corporation reserves the right to amend, alter, change or repeal any provision contained in this Certificate of Incorporation, in the manner now or hereafter prescribed by statute, and this Certificate of Incorporation and all rights conferred upon
stockholders herein are granted subject to this reservation. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-31 

 Exhibit A-2 

Unanimous Written Consent 

[Attached] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Unanimous Written Consent 

In Lieu of a Meeting of the Board of Directors of 

SUNNOVA ENERGY CORPORATION 

November 9, 2017 
 The
undersigned, being all of the members of the Board of Directors (the “Board”) of Sunnova Energy Corporation, a Delaware corporation (the “Company”), do hereby, pursuant to Section 141(f) of the
General Corporation Law of the State of Delaware, waive notice of a meeting and do hereby consent to, affirm, ratify and adopt the actions and resolutions of the Company as set forth in Exhibit A, attached hereto, in lieu of a special meeting
of the Board, such resolutions to have the same force and effect as if duly adopted at a meeting of the Board which was duly called and held. 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 IN WITNESS WHEREOF, the undersigned directors have executed this content as of the date set
forth above. 
  

	
	 /s/ William J. Berger

	William J. Berger
	
	 /s/ Michael C. Morgan

	Michael C. Morgan
	
	 /s/ C. Park Shaper

	C. Park Shaper
	
	 /s/ Doug Kimmelman

	Doug Kimmelman
	
	 /s/ Rahman D’Argenio

	Rahman D’Argenio
	
	 /s/ Rahul Advani

	Rahul Advani
	
	 /s/ Matthew DeNichilo

	Matthew DeNichilo

 (Signature Page to the SEC UWC – Series B Preferred Stock) 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Unanimous Written Consent 

In Lieu of a Meeting of the Board of Directors of 

SUNNOVA ENERGY CORPORATION 

November 9, 2017 

WHEREAS, the Board of Directors (the “Board”) of Sunnova Energy Corporation, a Delaware corporation (the
“Company”), have reviewed a draft of the Form of Subscription Agreement, pursuant to which the Company proposes to issue up to an aggregate 10,724,000 shares of a newly created series of Series B Convertible Preferred Stock,
par value $0.01 per share, of the Company (the “Series B Convertible Preferred Stock”), in one or more issuances, at a price of $3.73 per share, to certain of its existing stockholders, a draft of which ash been provided to
the Board (each, together with all schedules, exhibits and agreements thereto and contemplated therein, a “Subscription Agreement” and together the “Subscription Agreements”) in an offering exempt from
the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”); 
 WHEREAS,
the Board deems the Subscription Agreements and the transactions contemplated thereby to be advisable and in the Company’s best interests; and 

WHEREAS, in connection with the transactions contemplated by the Subscription Agreements, the Board deems it advisable and in the
Company’s best interests to authorize and empower the officers of the Company (the “Company Authorized Officers”), for and on behalf of the Company, to take, or cause to be taken, any and all actions and to enter into,
and execute deliver any agreements, instruments and other documents as may be necessary, appropriate or advisable to effectuate and carry out the following resolutions and the transactions contemplated herein 

Amendment and Restatement of the Company’s Certificate of Incorporation 

WHEREAS, in connection with the Subscription Agreements and to provide for the issuance of the Series B Convertible Preferred Stock
pursuant to the Subscription Agreements and any additional securities issuable upon conversion thereof, the Stockholders have been presented with a draft of the Fifth Amended and Restated Certificate of Incorporation of the Corporation in
substantially the form presented to the Board and set forth in Annex A (the “Restated Certificate”) which Restated Certificate will amend and restate the Corporation’s Certificate of Incorporation as currently in
effect (the “Existing Certificate”) to, among other things,(i) rename the existing class of Convertible Preferred Stock to be the “Series A Convertible Preferred Stock” (the “Series A Convertible
Preferred Stock”), (ii) create and authorize a new series of preferred stock of the Company designated as the “Series B Convertible Preferred Stock,” par value $0.01 per share, of the Company with the rights, preferences and
limitations as set forth in the Restated Certificate, (iii) establish 11,000,000 authorized of shares of Series B Convertible Preferred Stock, (iv) increase the authorized shares of Common Stock from 170,000,000 to 180,000,000 and
(v) increase the authorized shares of Series A Common Stock from 150,000,000 to 160,000,000; 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 WHEREAS, the Corporation’s adoption of the Restated Certificate is a condition
to the Closing (as defined in the Subscription Agreement); and 
 WHEREAS, the Board has declared the advisability of the Restated
Certificate and determined it is in the best interests of the Corporation and its stockholders to amend and restate the Existing Certificate in the form of the Restated Certificate; 

NOW, THEREFORE, BE IT RESOLVED, that the Board hereby authorizes, approves, adopts and ratifies in all respects the Restated
Certificate; and further 
 RESOLVED, that the Existing Certificate be amended and restated to read as set forth in the Restated
Certificate to, among other things, (i) rename the existing class of Convertible Preferred Stock to be the “Series A Convertible Preferred Stock”, (ii) create and authorize a new series of preferred stock of the Company designated as
the “Series B Convertible Preferred Stock,” par value $0.01 per share, of the Company with the rights, preferences and limitations as set forth in the Restated Certificate, (iii) establish 11,000,000 authorized shares of Series B
Convertible Preferred Stock, (iv) increase the authorized shares of Common Stock from 170,000,000 to 180,000,000 and (v) increase the authorized shares of Series A Common Stock from 150,000,000 to 160,000,000; and further 

RESOLVED, that in accordance with the provisions of the Restated Certificate and subject to the approval of the Company’s
stockholder of the Restated Certificate, the aggregate number of shares of capital stock that the Company shall have authority to issue is (i) 11,000,000 shares of Series B Convertible Preferred Stock, (ii) 105,000,000 shares of Series A Convertible
Preferred Stock, and (iii) 180,000,000 shares of Common Stock, including 160,000,000 shares of Series A Common Stock and 20,000,000 shares of Series B Common Stock; and further 

RESOLVED, that the Company Authorized Officers are and each of them hereby is authorized and directed to deliver on behalf of the
Company, the Restated Certificate to the stockholders of the Company for approval, in such form and with such changes as may be approved by such Company Authorized Officer; and further 

RESOLVED, that, if approved by the stockholders of the Company, the Company Authorized Officers are and each of them hereby is
authorized and instructed to promptly execute and file with the appropriate Delaware authorities the Restated Certificate and any other documents he or they deem necessary or appropriate to effect and accomplish the effects of the Restated
Certificate, including payment of all fees and charges of the Delaware authorities and legal fees incurred thereto; 
 Subscription Agreements;
Issuance of Series B Convertible Preferred Stock 
 WHEREAS, the Board has been presented with a draft of the Form of
Subscription Agreement, pursuant to which the Company proposes to issue and sell up to an aggregate 10,724,000 shares of Series B Convertible Preferred Stock, in one or more issuances, on the terms set forth in the Subscription Agreements to certain
of its existing stockholders at an original issue price of at least $3.73 per share and having an initial conversion price of at least $3.73 per share; 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 WHEREAS, pursuant to Section 6.8(h) of that certain Amended and Restated
Investors Agreement, dated as of April 26, 2016, by and among the Company and stockholders of the Company named therein (the “Investors Agreement”), the Company may not enter into agreements with or for the benefit of
any Affiliate of the Company or any of its Subsidiaries without the prior affirmative vote of 70% of the Board members, such vote to include the affirmative vote of at least one Non-ECP Director that is not
the Chief Executive Officer or President of the Company (a “Board Supermajority”); and 
 WHEREAS, pursuant
to Section 4.1(g) of the Investors Agreement, the Company may comply with the provisions of Article IV of the Investors Agreement with respect to any Preemptive Rights Offer by making an offer to sell to the Principal Investors that do not
participate in the initial offering of the Series B Convertible Preferred Stock (and do not waive their related preemptive rights) their respective Proportionate Percentage (as defined in the Investors Agreement) of Series B Convertible Preferred
Stock; 
 WHEREAS, in connection with the closing of the sale of Series B Convertible Preferred Stock pursuant to the Subscription
Agreements, the Company may be required under Article IV of the Investors Agreement to offer shares of Series B Convertible Preferred Stock to certain Principal Investors (as defined in the Investors Agreement) on the terms set forth in such Article
IV (the “Preemptive Rights Offers”); 
 WHEREAS, certain of the Company’s existing investors, including
the ECP Investors (as defined in the Investors Agreement), are expected to subscribe, in one or more issuances, for the Series B Convertible Preferred Stock pursuant to the Subscription Agreements; and 

WHEREAS, the Board has determined that the Subscription Agreements, the transactions contemplated by the Subscription Agreements and
any related Preemptive Rights Offers are in the best interests of the Company, including the issuance and sale of up to an aggregate 10,724,000 shares of Series B Convertible Preferred Stock, in one or more issuances, on the terms set forth in the
Subscription Agreements to certain of the existing stockholders; 
 NOW, THEREFORE, BE IT RESOLVED, that the execution and delivery
by the Company of the Subscription Agreements and the performance of the transactions contemplated by the Subscription Agreements, including the issuance of the Series B Convertible Preferred Stock (a) are in furtherance of the proper purposes
of the Company, (b) will benefit the Company and (c) are hereby approved, authorized and ratified in all respects; and further 

RESOLVED, that (a) the Board hereby adopts, approves and authorizes the form, terms and provisions of the Subscription Agreements
and (b) each of the Company Authorized Officers be and each of them hereby is authorized and empowered to enter into, execute and deliver the Subscription Agreements with such amendments, supplements, modifications and other changes thereto as
shall be approved by any such Company Authorized Officer, such Company Authorized Officer’s execution and delivery thereof to be conclusive evidence of the approval of the Board; and further 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 RESOLVED, that the Board hereby authorizes and approves in all respects the issuance
and sale of up to an aggregate 10,724,000 shares of a newly created series of Series B Convertible Preferred Stock, in one or more issuances, at an original issue price of at least $3.73 per share and having an initial conversion price of at least
$3.73 per share to certain of the existing stockholders, including the ECP Investors, in the manner provided in and in exchange for the consideration described in each of the Subscription Agreements, and such shares, when issued in accordance with
the Subscription Agreement against payment therefor, shall constitute validly issued, fully paid and non-assessable shares of Series B Convertible Preferred Stock; and further 

Reservation of Series A Common Stock 

RESOLVED, that an aggregate of 10,724,000 shares of the authorized but unissued shares of the Company’s Series A Common Stock are
hereby reserved for issuance upon conversion of such Series B Convertible Preferred Stock issuable pursuant to the rights of the Series B Convertible Preferred Stock contained in the Restated Certificate, subject to adjustment from time to time, and
when such shares of Series A Common Stock (and any additional shares of Series A Common Stock that may be issued pursuant to the rights of the Series B Convertible Preferred Stock contained in the Restated Certificate) are issued upon conversion of
such Series A Convertible Preferred Stock, such shares of Series A Common Stock shall be validly issued, fully paid and nonassessable; and further 

RESOLVED, that the Company shall at all times reserve and keep available out of its authorized but unissued shares of Series A Common
Stock such number of shares as shall from time to time be sufficient to effect the conversion of the Series B Convertible Preferred Stock, subject to adjustment from time to time; and further 

RESOLVED, that Company Authorized Officers are and each of them hereby is authorized and directed to perform all acts or obligations,
to execute, deliver or file all such additional agreements, certificates, instruments and other documents which such Company Authorized Officer deems necessary or desirable to implement transactions contemplated by the Subscription Agreements, to
carry out the purposes and intent of these resolutions, to perform the obligations of the Company under the Subscription Agreements and to consummate the closing of the transactions contemplated thereby; and further 

RESOLVED, that the Board authorizes and directs the reservation of 10,724,000 shares of Series A Common Stock to be issued as may be
necessary or appropriate at such time and in such specific amounts with respect to the conversion of shares of Series B Convertible Preferred Stock pursuant to the Restated Certificate, and upon such issuance, such Series A Common Stock shall be
duly authorized, validly issued, fully paid and non-assessable; and further 
 Blue Sky Filings 

RESOLVED, that the Company Authorized Officers be, and each of them individually hereby is, authorized and empowered, in the name and on
behalf of the Company, to take such actions as they deem necessary, appropriate or desirable to obtain all consents and approvals and otherwise to comply with the federal securities laws and the securities or Blue Sky laws of the various states and
jurisdictions in which such consent, approval or compliance is 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
necessary in connection with the offering of Series B Convertible Preferred Stock contemplated hereby; and that the form of any resolution required by any state or other authority to be filed in
connection with the offering of Series B Convertible Preferred Stock contemplated hereby is approved and adopted if, in the opinion of any of the Company Authorized Officers, upon advice of counsel, the adoption of such resolution is necessary,
appropriate or desirable for the success of the offering of Series B Convertible Preferred Stock contemplated hereby; and that the Company Authorized Officers be, and each of them individually hereby is, authorized and empowered to date and execute
any such form of resolution or certificate with respect to such resolutions, and to apply the company seal thereto, and to file copies of all such resolutions in the form so executed with the minutes of the proceedings of the Board, and thereupon
such resolutions shall be deemed to have been adopted by the Board with the same force and effect as if presented to and adopted by the Board; and further 

Investor Agreement 

WHEREAS, in connection with the transactions contemplated by the Subscription Agreements, the Board has determined it is in the best
interests of the Company to enter into an amendment and restatement of the Investors Agreement, in substantially the form presented to the Board as set forth in Annex B (the “Restated Investor Agreement”), by and among
the parties thereto; 
 NOW THEREFORE BE IT RESOLVED, that the execution and delivery by the Company of the Restated Investor
Agreement and the performance of the transactions contemplated by the Restated Investor Agreement (a) are in furtherance of the proper purposes of the Company, (b) will benefit the Company and (c) are hereby approved, authorized and
ratified in all respects, and further 
 RESOLVED, that (a) the Board hereby adopts, approves and authorizes the form, terms and
provisions of the Restated Investor Agreement and (b) each of the Company Authorized Officers be and each of them hereby is authorized and empowered to enter into, execute and deliver the Restated Investor Agreement with such amendments,
supplements, modifications and other changes thereto as shall be approved by any such Company Authorized Officer, such Company Authorized Officer’s execution and delivery thereof to be conclusive evidence of the approval of the Board; and
further 
 First Supplemental Indenture to Senior Secured Notes Indenture; 

First Amendment to Purchase Agreement 

WHEREAS, the Company previously issued its 12.00% Senior Secured Notes due 2018 (the “Senior Secured Notes”)
pursuant to the Indenture, dated as of April 24, 2017, by and between the Company, Wilmington Trust, National Association (the “Trustee”), as trustee and collateral trustee (as amended and modified from time to time,
including by the Waiver and Consent Agreement (as defined below), the “Indenture”); 
 WHEREAS, execution of
a waiver, consent or similar agreement under the Indenture in order to permit the issuance of the Series B Convertible Preferred Stock pursuant to the Subscription Agreements is a condition to closing in the Subscription Agreements; 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 WHEREAS, the Board has been presented with a draft of a First Supplemental Indenture
(the “First Supplemental Indenture”) to be entered into among the Company, the Trustee and certain holders of the Senior Secured Notes (the “Noteholders”), pursuant to which the Noteholders would
consent to, among other things, (i) the issuance of the Series B Preferred Stock and agree that such issuance shall be permitted under the last sentence of Section 4.07 of the Indenture so long as such issuance conforms to the requirements
of Section 4.07(b)(ii) of the Indenture and (ii) any future issuances of Equity Interests of the Issuer that conform to the requirements of Section 4.03 and Section 4.07(b)(ii) of the Indenture; and 

WHEREAS, the Company and certain of the Noteholders are parties to that certain Purchase Agreement, dated as of April 24, 2017
(the “Purchase Agreement”); 
 WHEREAS, the Board has been presented with a draft of a First Amendment to
Purchase Agreement (the “First Amendment to Purchase Agreement”) to be entered into among the Company and the Noteholders; 

WHEREAS, certain of the Noteholders are Affiliates (as defined in the Investors Agreement) of the Company and, pursuant to
Section 6.8(h) of the Investors Agreement, the Company may not enter into agreements with or for the benefit of any Affiliate of the Company or any of its Subsidiaries without the prior affirmative vote of a Board Supermajority; 

NOW THEREFORE BE IT RESOLVED, that the negotiation, execution and delivery by the Company of each of the First Supplemental Indenture
and the First Amendment to Purchase Agreement (a) is in furtherance of the proper purposes of the Company, (b) will benefit the Company and (c) is hereby approved, authorized and ratified in all respects; and further 

RESOLVED, that the form, terms and provisions of each of the First Supplemental Indenture and the First Amendment to Purchase Agreement
are hereby approved in all respects and the Company Authorized Officers be and each of them hereby is authorized and empowered to execute and deliver each of the First Supplemental Indenture and the First Amendment to Purchase Agreement with such
changes therein, additions thereto and deletions therefrom as shall be approved by any such Company Authorized Officer, such Company Authorized Officer’s execution and delivery thereof to be conclusive evidence of the approval of the Board; and
further 
 Miscellaneous 

RESOLVED, that all prior actions of the Company Authorized Officers, or any of them, and any representative of the Company acting in
connection with the direction of any Company Authorized Officer, in connection with the transactions contemplated by these resolutions be, and each of them hereby is, approved, ratified and confirmed; and further 

RESOLVED, that the Company Authorized Officers be, and each of them hereby is, authorized and empowered to take or cause to be taken
all such further action and to sign, execute, acknowledge, certify, attest, deliver, accept, record and file all such further documents, amendments, amendments and restatements, supplements, certificates and instruments in the name and on behalf of
the Company as such officer, in such officer’s sole discretion, may determine to be necessary, desirable or advisable to fulfil the intent and accomplish the purposes of the foregoing resolutions, such determinations to be conclusively
evidenced by the taking of any such further action or the execution and delivery of any such further documents; and further 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 RESOLVED, that the foregoing powers and authorizations shall continue in full force
and effect until revoked in writing by the Company; and further 
 RESOLVED, that each Company Authorized Officer is hereby
authorized, empowered and directed to cause the Company to perform its obligations under the Subscription Agreement, the Restated Investors Agreement and the Waiver and Consent Agreement in accordance with their respective terms. 

[Remainder of Page Intentionally Left Blank] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Annex A 

Restated Certificate 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 FIFTH AMENDED AND RESTATED 

CERTIFICATE OF INCORPORATION 

OF 
 SUNNOVA ENERGY
CORPORATION 
 Sunnova Energy Corporation, a corporation organized and existing under the laws of the State of Delaware, hereby
certifies: 
 FIRST. The name of the corporation is Sunnova Energy Corporation. The corporation’s original Certificate of Incorporation
was filed with the Secretary of State of the State of Delaware on October 22, 2012. The corporation’s Amended and Restated Certificate of Incorporation was filed with the Secretary of State of the State of Delaware on November 21,
2012. The corporation’s Second Amended and Restated Certificate of Incorporation was filed with the Secretary of State of the State of Delaware on December 20, 2013. The corporation’s Third Amended and Restated Certificate of
Incorporation was filed with the Secretary of State of the State of Delaware on March 16, 2016. The corporation’s Fourth Amended and Restated Certificate of Incorporation was filed with the Secretary of State of the State of Delaware on
April 24, 2017. 
 SECOND. This Fifth Amended and Restated Certificate of Incorporation was duly adopted in accordance with Sections
242 and 245 of the General Corporation Law of the State of Delaware, and in accordance with Article Fourth, restates, integrates and amends the provisions of the corporation’s Certificate of Incorporation, as amended and restated. 

THIRD. Upon the filing of this Fifth Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware,
the series of stock that was designated as the “Convertible Preferred Stock” in the Fourth Amended and Restated Certificate of Incorporation shall be redesignated as the “Series A Convertible Preferred Stock”. All references to
the previously designated “Convertible Preferred Stock” in this Fifth Amended and Restated Certificate of Incorporation have been adjusted to reflect the foregoing. 

FOURTH. This Fifth Amended and Restated Certificate of Incorporation hereby amends and restates the corporation’s Fourth Amended and
Restated Certificate of Incorporation to read in its entirety as set forth in Annex A hereto. 
 [REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 IN WITNESS WHEREOF, the undersigned has executed this Fifth Amended and Restated Certificate of
Incorporation on this 9th of November 2017. 
  

					
	SUNNOVA ENERGY CORPORATION

 
					
		
	By:	 	 /s/ Jordan Kozar

		 	Name:	 	Jordan Kozar
		 	Title:	 	Chief Financial Officer

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Annex A 

FIFTH AMENDED AND RESTATED 

CERTIFICATE OF INCORPORATION 

OF 
 SUNNOVA ENERGY
CORPORATION 
  
  

ARTICLE I 
 NAME 

Section I.1 The name of the Corporation is “Sunnova Energy Corporation” (the “Corporation”). 

ARTICLE II 
 REGISTERED
AGENT 
 Section II.1 The address of the registered office of the Corporation in the State of Delaware is 2711 Centerville Road, Suite
400, Wilmington, New Castle County, Delaware 19808. The registered agent at that address is Corporation Service Company. 
 ARTICLE III

 PURPOSE 
 Section
III.1 The nature of the business and the purposes to be conducted and promoted by the Corporation shall be to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of the State of Delaware (as
amended from time to time, the “DGCL”). 
 ARTICLE IV 

AUTHORIZED CAPITAL STOCK 

Section IV.1 The total number of shares of capital stock which the Corporation shall have the authority to issue shall be (i) one hundred
and sixteen million (116,000,000) shares of convertible preferred stock having a par value of $0.01 per share (“Convertible Preferred Stock”), (a) of which one hundred and five million (105,000,000) shares are designated as
the “Series A Convertible Preferred Stock” and (b) of which eleven million (11,000,000) shares are designated as the “Series B Convertible Preferred Stock”; and (ii) one hundred and eighty million
(180,000,000) shares of common stock having a par value of $0.01 per share (“Common Stock”). The voting power, preferences and relative participating, optional or other special rights and the qualifications, limitations or
restrictions of the above classes of stock are as specified below. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-1 

 Section IV.2 COMMON STOCK 

The Corporation shall have two classes of Common Stock: Series A Common Stock and Series B Common Stock. The Corporation shall have the
authority to issue one hundred and sixty million (160,000,000) shares of Series A Common Stock and twenty million (20,000,000) shares of Series B Common Stock. 

The designations and the powers, preferences and rights of the Common Stock are as follows 

(a) Voting. 

(i) The holders of shares of Series A Common Stock shall be entitled to one vote for each share of Series A Common Stock upon
all matters presented to the stockholders and shall have the right to vote for the election of directors and for all other purposes; provided, however, that except as otherwise required by law, holders of Series A Common Stock, as
such, shall not be entitled to vote on any amendment to this Certificate of Incorporation that relates solely to the terms of one or more outstanding series of Convertible Preferred Stock, if the holders of such affected series are entitled, either
separately or together with the holders of one or more other such series, to vote thereon pursuant to the Certificate of Incorporation or pursuant to the DGCL. 

(ii) The holders of shares of Series B Common Stock shall be nonvoting and shall not have the right to vote on any matter
involving the Corporation, except as required by applicable law. 
 (iii) The number of authorized shares of Common Stock, or
of any class or classes of Common Stock, may be increased or decreased (but not below the number of shares thereof then outstanding) by the affirmative vote of the holders of shares of capital stock of the Corporation representing a majority of the
votes represented by all outstanding shares of capital stock of the Corporation entitled to vote, irrespective of the provisions of Section 242(b)(2) of the DGCL. 

(b) Dividends. The holders of the Common Stock shall be entitled to such dividends in respect thereof (on a pro rata
basis based upon the number of then-outstanding shares of Common Stock) as may from time to time be declared by the Board of Directors of the Corporation (the “Board of Directors”), but only when and as declared by the Board of
Directors, out of any funds legally available for declaration of dividends, and subject to any provisions of this Certificate of Incorporation, any Certificate of Designation and any resolutions of the Board of Directors adopted pursuant to
authority contained herein and therein requiring that dividends be declared, paid or set aside upon the outstanding shares of Convertible Preferred Stock of any series or upon the outstanding shares of any other class of capital stock ranking senior
to the Common Stock as to dividends or that the Corporation fulfill any obligations it may have with respect to the redemption of any outstanding Convertible Preferred Stock as a condition to the declaration and/or payment of any dividend on the
Common Stock; provided, however, that no dividends may be declared, paid or set aside upon the outstanding shares of Common Stock unless and until all declared and unpaid dividends upon the outstanding shares of Convertible Preferred
Stock, if any, have been paid. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-2 

 (c) Liquidation. In the event of the voluntary or involuntary
liquidation, dissolution or winding up of the affairs of the Corporation, the holders of the Common Stock shall be entitled to share pro rata (based upon the number of then-outstanding shares of Common Stock) in the net assets available for
distribution to holders of Common Stock after satisfaction of the prior claims of the holders of shares of Convertible Preferred Stock of any series and shares of any other class of capital stock ranking senior to the Common Stock as to assets, in
accordance with the provisions of this Certificate of Incorporation, any Certificate of Designation and any resolutions of the Board of Directors adopted pursuant to authority herein contained. 

(d) Uncertificated Shares. Nothing in this Certificate of Incorporation or any Certificate of Designation limits or will
be interpreted to limit the power of the Board of Directors under the DGCL to provide that some or all of any or all classes or series of Convertible Preferred Stock or Common Stock shall be uncertificated. 

Section IV.3 CONVERTIBLE PREFERRED STOCK 

One hundred and five million (105,000,000) shares of the authorized and unissued Convertible Preferred Stock of the Corporation are hereby
designated as the “Series A Convertible Preferred Stock” (the “Series A Preferred Stock”) and eleven million (11,000,000) shares of the authorized and unissued Convertible Preferred Stock of the Corporation are hereby
designated as the “Series B Convertible Preferred Stock” (the “Series B Preferred Stock”). 
 The designations
and the powers, preferences and rights, and restrictions, qualifications and limitations, of the Convertible Preferred Stock are as follows: 

(a) Dividends. 

(i) From and after the date of the issuance of any shares of Series A Preferred Stock, dividends in the amount of 6% per annum
on the sum of the Series A Preferred Original Issue Price (as defined below) plus the amount of previously accrued dividends, measured quarterly, shall accrue on such shares of Series A Preferred Stock (subject to appropriate adjustment in the event
of any stock dividend, stock split, combination or other similar recapitalization with respect to the Series A Preferred Stock) (all such accrued dividends, the “Accruing Series A Preferred Dividends”). Accruing Series A Preferred
Dividends shall accrue quarterly, whether or not declared, and shall be cumulative; provided, however, that except as set forth in the following sentence of this Section IV.3(a) or in
Section IV.3(b)(i), such Accruing Series A Preferred Dividends shall be payable in cash only when, as and if declared by the Board of Directors and the Corporation otherwise shall be under no obligation to pay such Accruing
Series A Preferred Dividends. The Corporation shall not declare, pay or set aside any dividends on Common Stock (other than dividends on shares of Common Stock payable in shares 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-3 

 
of Common Stock) unless (in addition to the obtaining of any consents required elsewhere in the Certificate of Incorporation) the holders of the Series A Preferred Stock then outstanding shall
first receive, or simultaneously receive, a dividend on each outstanding share of Series A Preferred Stock in an amount equal to the sum of (i) the amount of the aggregate Accruing Series A Preferred Dividends then accrued on such share of
Series A Preferred Stock and not previously paid, and (ii) that dividend per share of Series A Preferred Stock as would equal the product of (1) the dividend payable on each share of Series A Common Stock and (2) the number of shares
of Series A Common Stock issuable upon conversion of a share of Series A Preferred Stock, in each case calculated on the record date for determination of holders entitled to receive such dividend. The “Series A Preferred Original Issue
Price” shall mean $5.3246735 per share, subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Series A Preferred Stock. 

(ii) From and after the date of the issuance of any shares of Series B Preferred Stock, the Company shall automatically
increase the Series B Preferred Original Issue Price (as defined below) of each outstanding share of Series B Preferred Stock, on a quarterly basis, by an amount equal to 14% per annum (the “Series B PIK Accretion”). The
“Series B Preferred Original Issue Price” shall mean $3.73 per share, subject to appropriate adjustment for any Series B PIK Accretion and in the event of any stock dividend, stock split, combination or other similar
recapitalization with respect to the Series B Preferred Stock. 
 (b) Liquidation, Dissolution or Winding Up; Certain
Mergers, Consolidations and Asset Sales. 
 (i) Preferential Payments to Holders of Convertible Preferred Stock.
Upon voluntary or involuntary liquidation, dissolution or winding up of the Corporation or any Deemed Liquidation Event (as defined below), subject to the rights of any class or series of capital stock of the Corporation ranking senior to the
Convertible Preferred Stock in respect of payments on liquidation, dissolution or winding up of the Corporation or any Deemed Liquidation Event: 

(A) Each holder of shares of Series B Preferred Stock then outstanding shall be entitled to payment out of the assets of the
Corporation available for distribution to its stockholders, prior and in preference to the holders of Series A Preferred Stock, Common Stock and any other class or series of capital stock of the Corporation ranking junior to the Series B Preferred
Stock by reason of their ownership thereof in respect of payment on liquidation, dissolution or winding up or any Deemed Liquidation Event, in an amount per share of Series B Preferred Stock (such amount, the “Series B Liquidation
Preference”) equal to the greater of (1) the Series B Preferred Original Issue Price, or (2) such amount per share as would have been payable had all shares of Series B Preferred Stock been converted into Series A Common Stock
pursuant to Section IV.3(d) immediately prior to such liquidation, dissolution, winding up or Deemed Liquidation Event (the 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-4 

 
amount payable pursuant to this sentence is hereinafter referred to as the “Series B Preferred Liquidation Amount”). If upon any such liquidation, dissolution or winding up of
the Corporation or Deemed Liquidation Event, the assets of the Corporation available for distribution to its stockholders shall be insufficient to pay the holders of shares of Series B Preferred Stock the full amount to which they shall be entitled
under this Section IV.3(b)(i) Section IV.3(b)(i), the holders of shares of Series B Preferred Stock shall share ratably in any distribution of the assets available for distribution in proportion to the respective amounts
which would otherwise be payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full. 

(B) After the payment of all preferential amounts required to be paid to the holders of Series B Preferred Stock, each holder
of shares of Series A Preferred Stock then outstanding shall be entitled to payment out of the assets of the Corporation available for distribution to its stockholders, prior and in preference to the holders of Common Stock and any other class or
series of capital stock of the Corporation ranking junior to the Series A Preferred Stock by reason of their ownership thereof in respect of payment on liquidation, dissolution or winding up or any Deemed Liquidation Event, in an amount per share of
Series A Preferred Stock (such amount, the “Series A Liquidation Preference”) equal to the greater of (1) the sum of (x) the Series A Preferred Original Issue Price, plus (y) any Accruing Series A Preferred Dividends
accrued but unpaid to the date fixed for liquidation, dissolution or winding up or of the Deemed Liquidation Event (it being understood that the Series A Liquidation Preference as of any date shall for all purposes hereunder be deemed to include
Accruing Series A Preferred Dividends that have accrued thereon, whether or not declared, since the dividend payment date immediately preceding the date of such liquidation, dissolution or winding up or Deemed Liquidation Event to the extent unpaid
as of such date) or (2) such amount per share as would have been payable had all shares of Series A Preferred Stock been converted into Series A Common Stock pursuant to Section IV.3(d) immediately prior to such liquidation, dissolution,
winding up or Deemed Liquidation Event (the amount payable pursuant to this sentence is hereinafter referred to as the “Series A Preferred Liquidation Amount”). If upon any such liquidation, dissolution or winding up of the
Corporation or Deemed Liquidation Event, the assets of the Corporation available for distribution to its stockholders shall be insufficient to pay the holders of shares of Series A Preferred Stock the full amount to which they shall be entitled
under this Section IV.3(b)(i)(B), the holders of shares of Series A Preferred Stock shall share ratably in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable in
respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-5 

 (ii) Payments to Holders of Common Stock. In the event of any
voluntary or involuntary liquidation, dissolution or winding up of the Corporation or Deemed Liquidation Event, after the payment of all preferential amounts required to be paid to the holders of shares of Convertible Preferred Stock, the remaining
assets of the Corporation available for distribution to its stockholders shall be distributed among the holders of shares of Common Stock, pro rata based on the number of shares held by each such holder. 

(iii) Deemed Liquidation Events. 

(A) Each of the following events shall be considered a “Deemed Liquidation Event” unless the holders
of at least 75% of the outstanding shares of Series A Preferred Stock and Series B Preferred Stock (with the shares of Series A Preferred Stock and Series B Preferred Stock voting on an “as converted basis” as if such shares had been
converted into Series A Common Stock pursuant to Section IV.3(d) (whether or not such shares of Series B Preferred Stock are then convertible)) elect otherwise by written notice sent to the Corporation at least three (3) days prior to the
effective date of any such event: 
 (1) a merger or consolidation in which 

(I) the Corporation is a constituent party or 

(II) a subsidiary of the Corporation is a constituent party and the Corporation issues shares of its capital stock pursuant to
such merger or consolidation, except any such merger or consolidation involving the Corporation or a subsidiary in which the shares of capital stock of the Corporation outstanding immediately prior to such merger or consolidation continue to
represent, or are converted into or exchanged for shares of capital stock that represent, immediately following such merger or consolidation, at least a majority, by voting power, of the capital stock of (1) the surviving or resulting
corporation; or (2) if the surviving or resulting corporation is a wholly owned subsidiary of another corporation immediately following such merger or consolidation, the parent corporation of such surviving or resulting corporation; or 

(2) the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related
transactions, by the Corporation or any subsidiary of the Corporation of all or substantially all the assets of the Corporation and its subsidiaries taken as a whole, or the sale or disposition (whether by merger, consolidation or otherwise) of one
or more subsidiaries of the Corporation if substantially all of the assets of the Corporation and 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-6 

 
its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of
the Corporation; 
 provided, however, that a transaction or series of related transactions shall not constitute a Deemed
Liquidation Event if its sole purpose is to change the state of the Corporation’s incorporation or to create a holding company that will be owned in substantially the same proportions by the stockholders who held the Corporation’s
securities immediately prior to such transaction or series of related transactions. 
 (B) The Corporation shall not have
the power to effect a Deemed Liquidation Event referred to in Section IV.3(b)(iii)(A)(1)(I) unless the agreement or plan of merger or consolidation for such transaction (the “Merger Agreement”) provides that the consideration
payable to the stockholders of the Corporation shall be allocated among the holders of capital stock of the Corporation in accordance with Section IV.3(b)(i) and Section IV.3(b)(ii). 

(C) In the event of a Deemed Liquidation Event referred to in Section IV.3(b)(iii)(A)(1)(II) or
Section IV.3(b)(iii)(A)(2), if the Corporation does not effect a dissolution of the Corporation under the DGCL within ninety (90) days after such Deemed Liquidation Event, then (i) the Corporation shall send a
written notice to each holder of Convertible Preferred Stock no later than the ninetieth (90th) day after the Deemed Liquidation Event advising such holders of their right (and the requirements to be met to secure such right) pursuant to the terms
of the following clause (ii) to require the redemption of such shares of Convertible Preferred Stock; and (ii) if the holders of at least 75% of the then outstanding shares of Series A Preferred Stock and Series B Preferred Stock (with the
shares of Series A Preferred Stock and Series B Preferred Stock voting on an “as converted basis” as if such shares had been converted into Series A Common Stock pursuant to Section IV.3(d) (whether or not such shares of Series B Preferred
Stock are then convertible)) so request in a written instrument delivered to the Corporation not later than one hundred twenty (120) days after such Deemed Liquidation Event, the Corporation shall use the consideration received by the
Corporation for such Deemed Liquidation Event (net of any retained liabilities associated with the assets sold or technology licensed, as determined in good faith by the Board of Directors), together with any other assets of the Corporation
available for distribution to its stockholders, all to the extent permitted by Delaware law governing distributions to stockholders (the “Available Proceeds”), on the one hundred fiftieth (150th) day after such Deemed Liquidation
Event, to redeem all outstanding shares of Convertible Preferred Stock at a price per share equal to Series A Preferred Liquidation Amount or the Series B Preferred 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-7 

 
Liquidation Amount, as applicable. Notwithstanding the foregoing, in the event of a redemption pursuant to the preceding sentence, if the Available Proceeds are not sufficient to redeem all
outstanding shares of Convertible Preferred Stock, the Corporation shall ratably redeem each holder’s shares of Convertible Preferred Stock to the fullest extent of such Available Proceeds in conformity with the priorities set forth in
Section IV.3(b)(i) and Section IV.3(b)(ii), and shall redeem the remaining shares as soon as it may lawfully do so under the DGCL governing distributions to stockholders. Prior to the distribution or redemption provided for in this
Section IV.3(b)(iii)(C), the Corporation shall not expend or dissipate the consideration received for such Deemed Liquidation Event, except to discharge expenses incurred in connection with such Deemed Liquidation Event or in the ordinary
course of business. 
 (D) If the amount deemed paid or distributed under this
Section IV.3(b)(iii) is made in property other than in cash, the value of such distribution shall be the fair market value of such property, determined as follows: 

(1) For securities not subject to investment letters or other similar restrictions on free marketability, 

(I) if traded on a securities exchange, the value shall be deemed to be the average of the closing prices of the securities on
such exchange or market over the thirty (30) day period ending three (3) days prior to the closing of such transaction; 

(II) if actively traded over-the-counter, the
value shall be deemed to be the average of the closing bid prices over the thirty (30) day period ending three (3) days prior to the closing of such transaction; or 

(III) if there is no active public market, the value shall be the fair market value thereof, as determined in good faith by
the Board of Directors of the Corporation. 
 (2) The method of valuation of securities subject to investment letters or
other similar restrictions on free marketability (other than restrictions arising solely by virtue of a stockholder’s status as an affiliate or former affiliate) shall take into account an appropriate discount (as determined in good faith by
the Board of Directors) from the market value as determined pursuant to clause (1) above so as to reflect the approximate fair market value thereof. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-8 

 (3) If holders of at least 75% of the then outstanding shares of Series A
Preferred Stock and Series B Preferred Stock (with the shares of Series A Preferred Stock and Series B Preferred Stock voting on an “as converted basis” as if such shares had been converted into Series A Common Stock pursuant to Section
IV.3(d) (whether or not such shares of Series B Preferred Stock are then convertible)) object to the valuation determined by the Board of Directors, then the value shall be the fair market value as mutually determined by the Corporation and such
holders of Convertible Preferred Stock, and if the Corporation and such holders are unable to reach agreement, then the fair market value shall be established by an independent nationally recognized investment bank reasonably acceptable to both the
Corporation and such holders of Convertible Preferred Stock. 
 (E) In the event of a Deemed Liquidation Event pursuant to
Section IV.3(b)(iii)(A)(1)(I), if any portion of the consideration payable to the stockholders of the Corporation is payable only upon satisfaction of contingencies (the “Additional Consideration”), the Merger Agreement shall
provide that (a) the portion of such consideration that is not Additional Consideration (such portion, the “Initial Consideration”) shall be allocated among the holders of capital stock of the Corporation in accordance with
Section IV.3(b)(i) and Section IV.3(b)(ii) as if the Initial Consideration were the only consideration payable in connection with such Deemed Liquidation Event; and (b) any Additional Consideration which becomes payable to the
stockholders of the Corporation upon satisfaction of such contingencies shall be allocated among the holders of capital stock of the Corporation in accordance with Section IV.3(b)(i) and Section IV.3(b)(ii) after taking into account
the previous payment of the Initial Consideration as part of the same transaction. For the purposes of this Section IV.3(b)(iii)(E), consideration placed into escrow or retained as holdback to be available for satisfaction
of indemnification or similar obligations in connection with such Deemed Liquidation Event shall be deemed to be Additional Consideration. 

(c) Voting. On any matter presented to the stockholders of the Corporation for their action or consideration at any
meeting of stockholders of the Corporation (or by written consent of stockholders in lieu of meeting): 
 (i) Each holder of
outstanding shares of Series A Preferred Stock shall be entitled to cast the number of votes equal to the number of whole shares of Series A Common Stock into which the shares of Series A Preferred Stock held by such holder are convertible as of the
record date for determining stockholders entitled to vote on such matter. Except as provided by law or by the other provisions of the Certificate of Incorporation, holders of Series A Preferred Stock shall vote together with the holders of those
shares of Series B Preferred Stock and Common Stock entitled to vote on a particular matter, as a single class. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-9 

 (ii) Notwithstanding anything to the contrary, until the expiration or early
termination of the waiting period pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with respect to the acquisition of Series B Preferred Stock by Energy Capital Partners III-C, LP
(“ECP III-C”) as contemplated by the Subscription Agreements (the “Series B Subscription Agreements”), dated as of November [•], 2017, by and between the
Corporation, one the one hand, and ECP III-C and the other holders of the Series B Preferred Stock, on the other hand (the “HSR Act Approval”), each holder of outstanding shares of Series B
Preferred Stock shall not be entitled to any voting rights. Upon obtaining HSR Act Approval, each holder of outstanding shares of Series B Preferred Stock shall be entitled to cast the number of votes equal to the number of whole shares of Series A
Common Stock into which the shares of Series B Preferred Stock held by such holder are convertible as of the record date for determining stockholders entitled to vote on such matter (with the shares of Series B Preferred Stock voting on an “as
converted basis” as if such shares had been converted into Series A Common Stock pursuant to Section IV.3(d) (whether or not such shares of Series B Preferred Stock are then convertible)). Except as provided by law or by the other
provisions of the Certificate of Incorporation, holders of Series B Preferred Stock shall vote together with the holders of those shares of Series A Preferred Stock and Common Stock entitled to vote on a particular matter, as a single class. 

(d) Optional Conversion. The holders of the Convertible Preferred Stock shall have conversion rights as follows (the
“Conversion Rights”): 
 (i) Right to Convert. 

(A) Conversion Ratio. 

(1) Each share of Series A Preferred Stock shall be convertible, at the option of the holder thereof, at any time and from
time to time, and without the payment of additional consideration by the holder thereof, into such number of fully paid and non-assessable shares of Series A Common Stock as is determined by dividing the
Series A Preferred Original Issue Price by the Series A Preferred Conversion Price (as defined below) in effect at the time of conversion. The “Series A Preferred Conversion Price” shall initially be equal to $5.3246735. Such
initial Series A Preferred Conversion Price, and the rate at which shares of Series A Preferred Stock may be converted into shares of Series A Common Stock, shall be subject to adjustment as provided below. 

(2) Upon obtaining HSR Act Approval, each share of Series B Preferred Stock shall be convertible, at the option of the holder
thereof, at any time and from time to time, at or after the earlier of (i) November [•], 2018, and (ii) immediately prior to the consummation of a “Sale of the Company” (as defined in the Investors Agreement (as defined
below)), and without the payment 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-10 

 
of additional consideration by the holder thereof, into such number of fully paid and non-assessable shares of Series A Common Stock as is determined by
dividing the Series B Preferred Original Issue Price by the Series B Preferred Conversion Price (as defined below) in effect at the time of conversion. The “Series B Preferred Conversion Price” shall initially be equal to $3.73.
Such initial Series B Preferred Conversion Price, and the rate at which shares of Series B Preferred Stock may be converted into shares of Series A Common Stock, shall be subject to adjustment as provided below. 

(B) Termination of Conversion Rights. In the event of a liquidation, dissolution or winding up of the Corporation or a
Deemed Liquidation Event, the Conversion Rights shall terminate at the close of business on the last full day preceding the date fixed for the payment of any such amounts distributable on such event to the holders of the applicable series of
Convertible Preferred Stock. 
 (ii) Fractional Shares. No fractional shares of Series A Common Stock shall be issued
upon conversion of the Convertible Preferred Stock. In lieu of any fractional shares to which the holder would otherwise be entitled, the Corporation shall pay cash equal to such fraction multiplied by the fair market value of a share of Series A
Common Stock as determined in good faith by the Board of Directors. Whether or not fractional shares would be issuable upon such conversion shall be determined on the basis of the total number of shares of Convertible Preferred Stock that the holder
is at the time converting into Series A Common Stock and the aggregate number of shares of Series A Common Stock issuable upon such conversion. 

(iii) Mechanics of Conversion. 

(A) Notice of Conversion. In order for a holder of Convertible Preferred Stock to voluntarily convert shares of
Convertible Preferred Stock into shares of Series A Common Stock, such holder shall (i) provide written notice to the Corporation’s transfer agent at the office of the transfer agent for the Convertible Preferred Stock (or at the principal
office of the Corporation if the Corporation serves as its own transfer agent) that such holder elects to convert all or any number of such holder’s shares of Convertible Preferred Stock and, if applicable, any event on which such conversion is
contingent and (ii) if such holder’s shares are certificated, surrender the certificate or certificates for such shares of Convertible Preferred Stock (or, if such registered holder alleges that such certificate has been lost, stolen or
destroyed, a lost certificate affidavit and agreement reasonably acceptable to the Corporation to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such
certificate), at the office of the transfer agent for the Convertible Preferred Stock (or at the principal office of the Corporation if the Corporation serves as its own transfer agent). Such 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-11 

 
notice shall state such holder’s name or the names of the nominees in which such holder wishes the shares of Series A Common Stock to be issued. If required by the Corporation, any
certificates surrendered for conversion shall be endorsed or accompanied by a written instrument or instruments of transfer, in form reasonably satisfactory to the Corporation, duly executed by the registered holder or his, her or its attorney duly
authorized in writing. The close of business on the date of receipt by the transfer agent (or by the Corporation if the Corporation serves as its own transfer agent) of such notice and, if applicable, certificates (or lost certificate affidavit and
agreement) shall be the time of conversion (the “Conversion Time”), and the shares of Series A Common Stock issuable upon conversion of the specified shares shall be deemed to be outstanding of record as of such date. The
Corporation shall, as soon as practicable after the Conversion Time (i) issue and deliver to such holder of Convertible Preferred Stock, or to his, her or its nominees, a notice of issuance of uncertificated shares and may, upon written
request, issue and deliver a certificate for the number of full shares of Series A Common Stock issuable upon such conversion in accordance with the provisions hereof and, may, if applicable and upon written request, issue and deliver a certificate
for the number (if any) of the shares of Convertible Preferred Stock represented by any surrendered certificate that were not converted into Series A Common Stock, (ii) pay in cash such amount as provided in Section IV.3(d)(ii) in lieu
of any fraction of a share of Series A Common Stock otherwise issuable upon such conversion and (iii) pay all applicable declared but unpaid dividends on the shares of Convertible Preferred Stock converted. 

(B) Reservation of Shares. The Corporation shall, at all times when the Convertible Preferred Stock shall be
outstanding, reserve and keep available out of its authorized but unissued capital stock, for the purpose of effecting the conversion of the Convertible Preferred Stock, such number of its duly authorized shares of Series A Common Stock as shall
from time to time be sufficient to effect the conversion of all outstanding Convertible Preferred Stock; and if at any time the number of authorized but unissued shares of Series A Common Stock shall not be sufficient to effect the conversion of all
then outstanding shares of the Convertible Preferred Stock, the Corporation shall take such corporate action as may be necessary to increase its authorized but unissued shares of Series A Common Stock to such number of shares as shall be sufficient
for such purposes, including, without limitation, engaging in best efforts to obtain the requisite stockholder approval of any necessary amendment to the Certificate of Incorporation. Before taking any action which would cause an adjustment reducing
the Series A Preferred Conversion Price or the Series B Preferred Conversion Price, as applicable, below the then par value of the shares of Series A Common Stock issuable upon conversion of the Convertible Preferred Stock, the Corporation will take
any corporate action which may, in the opinion of its counsel, be necessary in order that the Corporation may validly and legally issue fully paid and non-assessable shares of Series A Common Stock at such
adjusted Series A Preferred Conversion Price or Series B Preferred Conversion Price, respectively. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-12 

 (C) Effect of Conversion. All shares of Convertible Preferred Stock
which shall have been surrendered for conversion as herein provided shall no longer be deemed to be outstanding and all rights with respect to such shares shall immediately cease and terminate at the Conversion Time, except only the right of the
holders thereof to receive shares of Series A Common Stock in exchange therefor, to receive payment in lieu of any fraction of a share otherwise issuable upon such conversion as provided Section IV.3(d)(ii) and to receive payment of any
dividends declared but unpaid thereon. Any shares of Convertible Preferred Stock so converted shall be retired and cancelled and may not be reissued as shares of such series, and the Corporation may thereafter take such appropriate action (without
the need for stockholder action) as may be necessary to reduce the authorized number of shares of Convertible Preferred Stock accordingly. 

(D) No Further Adjustment. Upon any such conversion, no adjustment to the Series A Preferred Conversion Price shall be
made for any declared but unpaid dividends on the Series A Preferred Stock surrendered for conversion or the Series A Common Stock delivered upon conversion. 

(E) Taxes. The Corporation shall pay any and all issue and other similar taxes that may be payable in respect of any
issuance or delivery of shares of Series A Common Stock upon conversion of shares of Convertible Preferred Stock pursuant to this Section IV.3(d). The Corporation shall not, however, be required to pay any tax which may be payable in respect
of any transfer involved in the issuance and delivery of shares of Series A Common Stock in a name other than that in which the shares of Convertible Preferred Stock so converted were registered, and no such issuance or delivery shall be made unless
and until the person or entity requesting such issuance has paid to the Corporation the amount of any such tax or has established, to the reasonable satisfaction of the Corporation, that such tax has been paid. 

(iv) Adjustments to Conversion Price for Diluting Issues. 

(A) Special Definitions. For purposes of this ARTICLE IV, the following definitions shall apply: 

(1) “Options” shall mean rights, options or warrants to subscribe for, purchase or otherwise acquire Common
Stock or Convertible Securities. 
 (2) “Series B Convertible Preferred Original Issue Date” shall
mean the date on which the first share of Series B Preferred Stock was issued. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-13 

 (3) “Convertible Securities” shall mean any evidences of
indebtedness, shares or other securities directly or indirectly convertible into or exchangeable for Common Stock, but excluding Options. 

(4) “Additional Shares of Common Stock” shall mean all shares of Common Stock issued (or, pursuant to
Section IV.3(d)(iv)(C) below, deemed to be issued) by the Corporation after the Series B Convertible Preferred Original Issue Date, other than (x) the following shares of Common Stock and (y) shares of Common Stock deemed issued
pursuant to the following Options and Convertible Securities (clauses (x) and (y), collectively, “Exempt Securities”): 

(I) shares of Common Stock or Convertible Preferred Stock issued or issuable under the Purchase and Exchange Agreement, dated
as of March 16, 2016, by and among the Corporation and the initial holders of Convertible Preferred Stock party thereto (the “Purchase and Exchange Agreement”) or under the Series B Subscription Agreements (or any preemptive
rights with respect thereto); 
 (II) shares of Common Stock, Options or Convertible Securities issued by reason of a
dividend, stock split, split-up or other distribution on shares of Common Stock that is covered by Section IV.3(d)(v), (vi), (vii) or (viii); 

(III) shares of Common Stock, Options or Convertible Securities issued or issuable upon conversion of any of the Convertible
Preferred Stock, or as a dividend or distribution on the Convertible Preferred Stock; 
 (IV) shares of Common Stock,
Options or Convertible Securities issued or issuable upon the conversion of any Convertible Security (but only to the extent that the original issuance of such Convertible Security was subject to adjustment pursuant to this
Section IV.3(d)(iv)); 
 (V) shares of Common Stock, Options or Convertible Securities issued or
issuable to employees or directors of, or consultants or advisors to, the Corporation or any of its subsidiaries (including any shares of Common Stock, Options or Convertible Securities issued upon the conversion or exchange thereof) pursuant to any
plan, agreement or arrangement approved by the Board of Directors; 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-14 

 (VI) shares of Common Stock, Options or Convertible Securities issued or
issuable pursuant to the acquisition of another entity by the Corporation by merger, purchase of substantially all of the assets or a business line, unit or division or other reorganization or pursuant to a joint venture agreement, provided that
such issuances are approved by the Board of Directors; or 
 (VII) shares of Common Stock, Options or Convertible Securities
issued or issuable in any firmly underwritten public offering of shares of Common Stock, Options or Convertible Securities of the Corporation pursuant to a registration statement under the Securities Act of 1933 (an “IPO”). 

(B) No Adjustment of Conversion Price. No adjustment in the Series A Preferred Conversion Price or the Series B
Preferred Conversion Price shall be made as the result of the issuance or deemed issuance of Additional Shares of Common Stock if the Corporation receives written notice from the holders of at least 75% of the then outstanding shares of Series A
Preferred Stock and Series B Preferred Stock (with the shares of Series A Preferred Stock and Series B Preferred Stock voting on an “as converted basis” as if such shares had been converted into Series A Common Stock pursuant to Section
IV.3(d) (whether or not such shares of Series B Preferred Stock are then convertible)) agreeing that no such adjustment shall be made as the result of the issuance or deemed issuance of such Additional Shares of Common Stock. 

(C) Deemed Issue of Additional Shares of Common Stock. 

(1) If the Corporation at any time or from time to time after the Series B Convertible Preferred Original Issue Date shall
issue any Options or Convertible Securities (excluding Options or Convertible Securities which are themselves Exempt Securities) or shall fix a record date for the determination of holders of any class of securities entitled to receive any such
Options or Convertible Securities, then the maximum number of shares of Common Stock (as set forth in the instrument relating thereto, assuming the satisfaction of any conditions to exercisability, convertibility or exchangeability but without
regard to any provision contained therein for a subsequent adjustment of such number) issuable upon the exercise of such Options or, in the case of Convertible Securities and Options therefor, the conversion or exchange of such Convertible
Securities, shall be deemed to be Additional Shares of Common Stock issued as of the time of such issue or, in case such a record date shall have been fixed, as of the close of business on such record date. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-15 

 (2) If the terms of any Option or Convertible Security, the issuance of
which resulted in an adjustment to the Series A Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock) pursuant to the terms of
Section IV.3(d)(iv)(D), are revised as a result of an amendment to such terms or any other adjustment pursuant to the provisions of such Option or Convertible Security (but excluding automatic adjustments to such terms
pursuant to anti-dilution or similar provisions of such Option or Convertible Security) to provide for either (1) any increase or decrease in the number of shares of Common Stock issuable upon the exercise, conversion and/or exchange of any
such Option or Convertible Security or (2) any increase or decrease in the consideration payable to the Corporation upon such exercise, conversion and/or exchange, then, effective upon such increase or decrease becoming effective, the Series A
Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock) computed upon the original issue of such Option or Convertible Security (or upon the
occurrence of a record date with respect thereto) shall be readjusted to such Series A Preferred Conversion Price or the Series B Preferred Conversion Price, as applicable, as would have obtained had such revised terms been in effect upon the
original date of issuance of such Option or Convertible Security. Notwithstanding the foregoing, no readjustment pursuant to this clause (2) shall have the effect of increasing the Series A Preferred Conversion Price or the Series B Preferred
Conversion Price to an amount which exceeds the lower of (i) the Series A Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock) in
effect immediately prior to the original adjustment made as a result of the issuance of such Option or Convertible Security, or (ii) the Series A Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred
Conversion Price (in the case of the Series B Preferred Stock) that would have resulted from any issuances of Additional Shares of Common Stock (other than deemed issuances of Additional Shares of Common Stock as a result of the issuance of such
Option or Convertible Security) between the original adjustment date and such readjustment date. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-16 

 (3) If the terms of any Option or Convertible Security (excluding Options
or Convertible Securities which are themselves Exempt Securities), the issuance of which did not result in an adjustment to the Series A Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion
Price (in the case of the Series B Preferred Stock) pursuant to the terms of Section IV.3(d)(iv)(D) (either because the consideration per share (determined pursuant to Section IV.3(d)(iv)(E)) of the Additional Shares
of Common Stock subject thereto was equal to or greater than the Series A Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock) then in
effect, or because such Option or Convertible Security was issued before the Series B Convertible Preferred Original Issue Date), are revised after the Series B Convertible Preferred Original Issue Date as a result of an amendment to such terms or
any other adjustment pursuant to the provisions of such Option or Convertible Security (but excluding automatic adjustments to such terms pursuant to anti-dilution or similar provisions of such Option or Convertible Security) to provide for either
(1) any increase in the number of shares of Common Stock issuable upon the exercise, conversion or exchange of any such Option or Convertible Security or (2) any decrease in the consideration payable to the Corporation upon such exercise,
conversion or exchange, then such Option or Convertible Security, as so amended or adjusted, and the Additional Shares of Common Stock subject thereto (determined in the manner provided in Section IV.3(d)(iv)(C)(1) shall be deemed to have
been issued effective upon such increase or decrease becoming effective. 
 (4) Upon the expiration or termination of any
unexercised Option or unconverted or unexchanged Convertible Security (or portion thereof) which resulted (either upon its original issuance or upon a revision of its terms) in an adjustment to the Series A Preferred Conversion Price (in the case of
the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock) pursuant to the terms of Section IV.3(d)(iv)(D), the Series A Preferred Conversion Price (in the case of the Series A
Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock) shall be readjusted to such Series A Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred
Conversion Price (in the case of the Series B Preferred Stock) as would have obtained had such Option or Convertible Security (or portion thereof) never been issued. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-17 

 (5) If the number of shares of Common Stock issuable upon the exercise,
conversion and/or exchange of any Option or Convertible Security, or the consideration payable to the Corporation upon such exercise, conversion and/or exchange, is calculable at the time such Option or Convertible Security is issued or amended but
is subject to adjustment based upon subsequent events, any adjustment to the Series A Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock)
provided for in this Section IV.3(d)(iv)(C) shall be effected at the time of such issuance or amendment based on such number of shares or amount of consideration without regard to any provisions for subsequent adjustments (and any subsequent
adjustments shall be treated as provided in clauses (2) and (3) of this Section IV.3(d)(iv)(C)). If the number of shares of Common Stock issuable upon the exercise, conversion and/or exchange of any Option or Convertible Security, or the
consideration payable to the Corporation upon such exercise, conversion and/or exchange, cannot be calculated at all at the time such Option or Convertible Security is issued or amended, any adjustment to the Series A Preferred Conversion Price (in
the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock) that would result under the terms of this Section IV.3(d)(iv)(C)) at the time of such issuance or amendment
shall instead be effected at the time such number of shares and/or amount of consideration is first calculable (even if subject to subsequent adjustments), assuming for purposes of calculating such adjustment to the Series A Preferred Conversion
Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock) that such issuance or amendment took place at the time such calculation can first be made. 

(D) Adjustment of Conversion Price Upon Issuance of Additional Shares of Common Stock. In the event the Corporation
shall at any time after the Series B Convertible Preferred Original Issue Date issue Additional Shares of Common Stock (including Additional Shares of Common Stock deemed to be issued pursuant to Section IV.3(d)(iv)(C)), without consideration or for
a consideration per share less than the Series A Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock) in effect immediately prior to such
issue, then the Series A Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock) shall be reduced, concurrently with such issue, to a price
(calculated to the nearest one-hundredth of a cent) determined in accordance with the following formula: 

CP2 = CP1* (A + B) ÷ (A +
C). 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-18 

 For purposes of the foregoing formula, the following definitions shall apply: 

(1) “CP2” shall mean the Series A Preferred Conversion Price
(in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock) in effect immediately after such issue of Additional Shares of Common Stock; 

(2) “CP1” shall mean the Series A Preferred Conversion Price
(in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock) in effect immediately prior to such issue of Additional Shares of Common Stock; 

(3) “A” shall mean the number of shares of Common Stock outstanding immediately prior to such issue of Additional
Shares of Common Stock (treating for this purpose as outstanding all shares of Common Stock issuable upon exercise of Options outstanding immediately prior to such issue or upon conversion or exchange of Convertible Securities (including the
Convertible Preferred Stock) outstanding (assuming exercise of any outstanding Options therefor) immediately prior to such issue); 

(4) “B” shall mean the number of shares of Common Stock that would have been issued if such Additional Shares of
Common Stock had been issued at a price per share equal to CP1 (determined by dividing the aggregate consideration received by the Corporation in respect of such issue by CP1); and 

(5) “C” shall mean the number of such Additional Shares of Common Stock issued in such transaction. 

(E) Determination of Consideration. For purposes of this Section IV.3(d)(iv), the
consideration received by the Corporation for the issue of any Additional Shares of Common Stock shall be computed as follows: 

(1) Cash and Property: Such consideration shall: 

(I) insofar as it consists of cash, be computed at the aggregate amount of cash received by the Corporation, excluding amounts
paid or payable for accrued interest; 
 (II) insofar as it consists of property other than cash, be computed at the fair
market value thereof at the time of such issue, as determined in good faith by the Board of Directors; and 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-19 

 (III) in the event Additional Shares of Common Stock are issued together
with other shares or securities or other assets of the Corporation for consideration which covers both, be the proportion of such consideration so received, computed as provided in clauses (I) and (II) above, as determined in good faith by the
Board of Directors. 
 (2) Options and Convertible Securities. The consideration per share received by the
Corporation for Additional Shares of Common Stock deemed to have been issued pursuant to Section IV.3(d)(iv)(C), relating to Options and Convertible Securities, shall be determined by dividing: 

(I) The total amount, if any, received or receivable by the Corporation as consideration for the issuance of such Options or
Convertible Securities, plus the minimum aggregate amount of additional consideration (as set forth in the instruments relating thereto, without regard to any provision contained therein for a subsequent adjustment of such consideration) payable to
the Corporation upon the exercise of such Options or the conversion or exchange of such Convertible Securities, or in the case of Options for Convertible Securities, the exercise of such Options for Convertible Securities and the conversion or
exchange of such Convertible Securities, by 
 (II) the maximum number of shares of Common Stock (as set forth in the
instruments relating thereto, without regard to any provision contained therein for a subsequent adjustment of such number) issuable upon the exercise of such Options or the conversion or exchange of such Convertible Securities, or in the case of
Options for Convertible Securities, the exercise of such Options for Convertible Securities and the conversion or exchange of such Convertible Securities. 

(F) Multiple Closing Dates. In the event the Corporation shall issue on more than one date Additional Shares of Common
Stock that are a part of one transaction or a series of related transactions and that would result in an adjustment to the Series A Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price
(in the case of the Series B Preferred Stock) pursuant to the terms of Section IV.3(d)(iv)(D), and such issuance dates occur within a period of no more than 90 days from the first such issuance to the final such issuance,
then, upon the final such issuance, the Series A Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock) shall be readjusted to give effect to
all such issuances as if they occurred on the date of the first such issuance (and without giving effect to any additional adjustments as a result of any such subsequent issuances within such period). 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-20 

 (v) Adjustment for Stock Splits and Combinations. If the Corporation
shall at any time or from time to time after the Series B Convertible Preferred Original Issue Date effect a subdivision of the outstanding Common Stock, the Series A Preferred Conversion Price (in the case of the Series A Preferred Stock) or the
Series B Preferred Conversion Price (in the case of the Series B Preferred Stock) in effect immediately before that subdivision shall be proportionately decreased so that the number of shares of Common Stock issuable on conversion of each share of
such series shall be increased in proportion to such increase in the aggregate number of shares of Common Stock outstanding. If the Corporation shall at any time or from time to time after the Series B Convertible Preferred Original Issue Date
combine the outstanding shares of Common Stock, the Series A Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock) in effect immediately
before the combination shall be proportionately increased so that the number of shares of Common Stock issuable on conversion of each share of such series shall be decreased in proportion to such decrease in the aggregate number of shares of Common
Stock outstanding. Any adjustment under this subsection shall become effective at the close of business on the date the subdivision or combination becomes effective. 

(vi) Adjustment for Certain Dividends and Distributions. In the event the Corporation at any time or from time to time
after the Series B Convertible Preferred Original Issue Date shall make or issue, or fix a record date for the determination of holders of Common Stock entitled to receive, a dividend or other distribution payable on the Common Stock in additional
shares of Common Stock, then and in each such event the Series A Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock) in effect immediately
before such event shall be decreased as of the time of such issuance or, in the event such a record date shall have been fixed, as of the close of business on such record date, by multiplying the Series A Preferred Conversion Price (in the case of
the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock) then in effect by a fraction: 

(A) the numerator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the
time of such issuance or the close of business on such record date, and 
 (B) the denominator of which shall be the total
number of shares of Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date plus the number of shares of Common Stock issuable in payment of such dividend or distribution. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-21 

 Notwithstanding the foregoing (a) if such record date shall have been fixed and such
dividend is not fully paid or if such distribution is not fully made on the date fixed therefor, the Series A Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the
Series B Preferred Stock) shall be recomputed accordingly as of the close of business on such record date and thereafter the Series A Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price
(in the case of the Series B Preferred Stock) shall be adjusted pursuant to this subsection as of the time of actual payment of such dividends or distributions; and (b) no such adjustment shall be made if the holders of Convertible Preferred
Stock simultaneously receive a dividend or other distribution of shares of Series A Common Stock in a number equal to the number of shares of Series A Common Stock as they would have received if all outstanding shares of Convertible Preferred Stock
had been converted into Series A Common Stock on the date of such event. 
 (vii) Adjustments for Other Dividends and
Distributions. In the event the Corporation at any time or from time to time after the Series B Convertible Preferred Original Issue Date shall make or issue, or fix a record date for the determination of holders of Common Stock entitled to
receive, a dividend or other distribution payable in securities of the Corporation (other than a distribution of shares of Common Stock in respect of outstanding shares of Common Stock) or in other property and the provisions of Section
IV.3(a) do not apply to such dividend or distribution, then and in each such event the holders of Convertible Preferred Stock shall receive, simultaneously with the distribution to the holders of Common Stock a dividend or other distribution of
such securities or other property in an amount equal to the amount of such securities or other property as they would have received if all outstanding shares of Convertible Preferred Stock had been converted into Series A Common Stock on the date of
such event. 
 (viii) Adjustment for Merger or Reorganization, etc. If there shall occur any reorganization,
recapitalization, reclassification, consolidation or merger involving the Corporation in which the Common Stock (but not the Convertible Preferred Stock) is converted into or exchanged for securities, cash or other property (other than a transaction
covered by Section IV.3(d)(iv), (vi) or (vii)), then, following any such reorganization, recapitalization, reclassification, consolidation or merger, each share of Convertible Preferred Stock shall thereafter be convertible in
lieu of the Series A Common Stock into which it was convertible prior to such event into the kind and amount of securities, cash or other property which a holder of the number of shares of Series A Common Stock of the Corporation issuable upon
conversion of one share of Convertible Preferred Stock immediately prior to such reorganization, recapitalization, reclassification, consolidation or merger would have been entitled to receive pursuant to such transaction; and, in such case,
appropriate adjustment (as determined in good faith by the Board of Directors) shall be made in the application of the provisions in this Section IV.3(d) with respect to 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-22 

 
the rights and interests thereafter of the holders of the Convertible Preferred Stock, to the end that the provisions set forth in this Section IV.3(d) (including provisions with respect
to changes in and other adjustments of the Series A Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock)) shall thereafter be applicable, as
nearly as reasonably may be, in relation to any securities or other property thereafter deliverable upon the conversion of the Convertible Preferred Stock. For the avoidance of doubt, nothing in this Section IV.3(d)(viii) shall be construed
as preventing the holders of Convertible Preferred Stock from seeking any appraisal rights to which they are otherwise entitled under the DGCL in connection with a merger triggering an adjustment hereunder, nor shall this Section
IV.3(d)(viii) be deemed conclusive evidence of the fair value of the shares of Convertible Preferred Stock in any such appraisal proceeding. 

(ix) Certificate as to Adjustments. Upon the occurrence of each adjustment or readjustment of the Series A Preferred
Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock) pursuant to this Section IV.3(d), the Corporation at its expense shall, as promptly as
reasonably practicable but in any event not later than 10 days thereafter, compute such adjustment or readjustment in accordance with the terms hereof and furnish to each holder of Convertible Preferred Stock a certificate setting forth such
adjustment or readjustment (including the kind and amount of securities, cash or other property into which the Convertible Preferred Stock is convertible) and showing in detail the facts upon which such adjustment or readjustment is based. The
Corporation shall, as promptly as reasonably practicable after the written request at any time of any holder of Convertible Preferred Stock (but in any event not later than 10 days thereafter), furnish or cause to be furnished to such holder a
certificate setting forth (i) the Series A Preferred Conversion Price (in the case of the Series A Preferred Stock) or the Series B Preferred Conversion Price (in the case of the Series B Preferred Stock) then in effect, and (ii) the
number of shares of Series A Common Stock and the amount, if any, of other securities, cash or property which then would be received upon the conversion of Convertible Preferred Stock. 

(x) Notice of Record Date. In the event: 

(A) the Corporation shall take a record of the holders of its Common Stock (or other capital stock or securities at the time
issuable upon conversion of the Convertible Preferred Stock) for the purpose of entitling or enabling them to receive any dividend or other distribution, or to receive any right to subscribe for or purchase any shares of capital stock of any class
or any other securities, or to receive any other security; or 
 (B) of any capital reorganization of the Corporation, any
reclassification of the Common Stock of the Corporation, or any Deemed Liquidation Event; or 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-23 

 (C) of the voluntary or involuntary dissolution, liquidation or winding-up of the Corporation, 
 then, and in each such case, the Corporation will send or cause to be
sent to the holders of the Convertible Preferred Stock a notice specifying, as the case may be, (i) the record date for such dividend, distribution or right, and the amount and character of such dividend, distribution or right, or (ii) the
effective date on which such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up is proposed to take place, and the time, if any is to be fixed, as of
which the holders of record of Common Stock (or such other capital stock or securities at the time issuable upon the conversion of the Convertible Preferred Stock) shall be entitled to exchange their shares of Common Stock (or such other capital
stock or securities) for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up, and the amount per share
and character of such exchange applicable to the Convertible Preferred Stock and the Common Stock. Such notice shall be sent at least 10 days prior to the record date or effective date for the event specified in such notice. 

(e) Mandatory Conversion. 

(i) Trigger Events. Upon either (x) the closing of the sale of shares of Common Stock to the public at a price of
at least 1.25 times the Series A Preferred Original Issue Price (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Common Stock) with aggregate gross
proceeds, net of the underwriting discount and commissions, to the Corporation of not less than $100 million, in a firm commitment underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as
amended, or (y) the date and time, or the occurrence of an event, specified by vote or written consent of the holders of at least 75% of the then outstanding shares of Series A Preferred Stock and Series B Preferred Stock (with the shares of
Series A Preferred Stock and Series B Preferred Stock voting on an “as converted basis” as if such shares had been converted into Series A Common Stock pursuant to Section IV.3(d) (whether or not such shares of Series B Preferred
Stock are then convertible)) (the time of such closing, or the date and time specified or the time of the event specified in such vote or written consent is referred to herein as the “Mandatory Conversion Time”), then (A) upon
an event specified in clause (x) or (y) above, all outstanding shares of Series A Preferred Stock and Series B Preferred Stock shall automatically be converted into shares of Series A Common Stock, in each case at the then effective conversion
rate as calculated pursuant to Section IV.3(d)(i)(A) and (B) such shares of Series A Preferred Stock and Series B Preferred Stock converted pursuant to this Section IV.3(e)(i) may not be reissued by the Corporation. 

(ii) Procedural Requirements. All holders of record of shares of Series A Preferred Stock and Series B Preferred Stock
shall be sent written notice of the Mandatory Conversion Time and the place designated for mandatory conversion of 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-24 

 
all such shares of Series A Preferred Stock and Series B Preferred Stock pursuant to this Section IV.3(e). Such notice need not be sent in advance of the occurrence of
the Mandatory Conversion Time. Upon receipt of such notice, each holder of shares of Series A Preferred Stock and Series B Preferred Stock in certificated form shall surrender his, her or its certificate or certificates for all such shares (or, if
such holder alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement reasonably acceptable to the Corporation to indemnify the Corporation against any claim that may be made against the Corporation
on account of the alleged loss, theft or destruction of such certificate) to the Corporation at the place designated in such notice. If so required by the Corporation, any certificates surrendered for conversion shall be endorsed or accompanied by
written instrument or instruments of transfer, in form reasonably satisfactory to the Corporation, duly executed by the registered holder or by his, her or its attorney duly authorized in writing. All rights with respect to the Series A Preferred
Stock and Series B Preferred Stock converted pursuant to Section IV.3(e)(i), including the rights, if any, to receive notices and vote (other than as a holder of Series A Common Stock), will terminate at the Mandatory
Conversion Time (notwithstanding the failure of the holder or holders thereof to surrender any certificates at or prior to such time), except only the rights of the holders thereof, upon surrender of any certificate or certificates of such holders
(or lost certificate affidavit and agreement) therefor, to receive the items provided for in the next sentence of this Section IV.3(e)(ii). As soon as practicable after the Mandatory Conversion Time and, if applicable, the surrender of any
certificate or certificates (or lost certificate affidavit and agreement) for Series A Preferred Stock and Series B Preferred Stock, the Corporation shall (a) issue and deliver to such holder, or to his, her or its nominees, a notice of
issuance of uncertificated shares and may, upon written request, issue and deliver a certificate for the number of full shares of Common Stock issuable upon such conversion in accordance with the provisions hereof and (b) pay cash as provided
in Section IV.3(d)(ii) in lieu of any fraction of a share of Series A Common Stock and Series B Preferred Stock otherwise issuable upon such conversion and the payment of any declared but unpaid dividends on the shares of Series A Preferred
Stock and Series B Preferred Stock converted. Such converted Series A Preferred Stock and Series B Preferred Stock shall be retired and cancelled and may not be reissued as shares of such series, and the Corporation may thereafter take such
appropriate action (without the need for stockholder action) as may be necessary to reduce the authorized number of shares of Series A Preferred Stock and Series B Preferred Stock accordingly. 

(f) Redemption. 

(i) General. At any time after the ninety-first (91st) day after
the earlier of the maturity date of the Senior Notes (as defined below) (but only if all obligations under the Senior Notes have been repaid in full on such date) or the date the Senior Notes are no longer outstanding, and unless prohibited by
Delaware law governing distributions to stockholders, shares of Series B Preferred Stock may be redeemed by the Corporation, in its sole and absolute discretion, at a price equal to the Series B Original Issue Price per share (the
“Redemption Price”), and the date 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-25 

 
of such redemption shall be referred to as the “Redemption Date.” If on the Redemption Date Delaware law governing distributions to stockholders prevents the Corporation from
redeeming all shares of Series B Preferred Stock to be redeemed, the Corporation shall ratably redeem the maximum number of shares that it may redeem consistent with such law, and shall redeem the remaining shares as soon as it may lawfully do so
under such law. “Senior Notes” shall mean such notes set forth in the Indenture dated as of April 24, 2017, by and between the Corporation and Wilmington Trust, National Association, as Trustee and Collateral Trustee. 

(ii) Redemption Notice. The Corporation shall send written notice of the redemption (the “Redemption
Notice”) to each holder of record of Series B Preferred Stock not less than five (5) days prior to the Redemption Date. The Redemption Notice shall state: 

(A) the number of shares of Series B Preferred Stock held by the holder that the Corporation shall redeem on the Redemption
Date specified in the Redemption Notice; 
 (B) the Redemption Date and the Redemption Price; 

(C) the date upon which the holder’s right to convert such shares terminates (as determined in accordance with Section
IV.3(f)(iii)); and 
 (D) for holders of shares in certificated form, that the holder is to surrender to the
Corporation, in the manner and at the place designated, his, her or its certificate or certificates representing the shares of Series B Preferred Stock to be redeemed. 

(iii) Termination of Conversion Rights. In the event of a notice of redemption of any shares of Series B Preferred Stock
pursuant to Section IV.3(f)(ii), the Conversion Rights of the shares of Series B Preferred Stock designated for redemption shall terminate at the close of business on the last full day preceding the Redemption Date, unless
the Redemption Price is not fully paid on such Redemption Date, in which case the Conversion Rights for such shares of Series B Preferred Stock shall continue until such price is paid in full. 

(iv) Surrender of Certificates; Payment. On or before the Redemption Date, each holder of shares of Series B Preferred
Stock to be redeemed on the Redemption Date, unless such holder has exercised his, her or its right to convert such shares as provided in Section IV.3(d), shall, if a holder of shares in certificated form, surrender the certificate or
certificates representing such shares (or, if such registered holder alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement reasonably acceptable to the Corporation to indemnify the Corporation
against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such certificate) to the Corporation, in the manner and at the place designated in the Redemption

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-26 

 
Notice, and thereupon the Redemption Price for such shares shall be payable to the order of the person whose name appears on such certificate or certificates as the owner thereof. In the event
less than all of the shares of Series B Preferred Stock represented by a certificate are redeemed, a new certificate, instrument, or book entry representing the unredeemed shares of Series B Preferred Stock shall promptly be issued to such holder.

 (v) Rights Subsequent to Redemption. If the Redemption Notice shall have been duly given, and if on the Redemption
Date the Redemption Price payable upon redemption of the shares of Series B Preferred Stock to be redeemed on the Redemption Date is paid or tendered for payment or deposited with an independent payment agent so as to be available therefor in a
timely manner, then notwithstanding that any certificates evidencing any of the shares of Series B Preferred Stock so called for redemption shall not have been surrendered, dividends with respect to such shares of Series B Preferred Stock shall
cease to accrue after the Redemption Date and all rights with respect to such shares shall forthwith after the Redemption Date terminate, except only the right of the holders to receive the Redemption Price without interest upon surrender of any
such certificate or certificates therefor. 
 (g) Redeemed or Otherwise Acquired Shares. Any shares of Series B
Preferred Stock that are redeemed or otherwise acquired by the Corporation or any of its subsidiaries shall be automatically and immediately cancelled and retired and shall not be reissued, sold or transferred. Neither the Corporation nor any of its
subsidiaries may exercise any voting or other rights granted to the holders of Series B Preferred Stock following redemption. 

(h) Series B Preferred Stock Protective Provisions. At any time when at least fifty (50) percent of the shares of
Series B Preferred Stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Series B Preferred Stock) originally issued pursuant to the Series B
Subscription Agreement are outstanding, the Corporation shall not, either directly or indirectly, without (in addition to any other vote required by law or the Certificate of Incorporation) the written consent or affirmative vote of the holders of
at least fifty (50) percent of the then outstanding shares of Series B Preferred Stock, given in writing or by vote at a meeting, consenting or voting (as the case may be) separately as a class, and any such act or transaction entered into
without such consent or vote shall be null and void ab initio, and of no force or effect: 
 (i) purchase, redeem or exchange
or retire for value (or permit any subsidiary to purchase, redeem, exchange or retire for value) any shares of capital stock of the Corporation; or 

(ii) pay or declare any dividend or make any distribution or payment on any shares of capital stock of the Corporation; 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-27 

 other than, in the case of clauses (i) and (ii), (x) redemptions of or dividends or
distributions on the Series B Preferred Stock or (y) conversion of the Convertible Preferred Stock, in each case as expressly authorized herein. 

ARTICLE V 
 ADDITIONAL
POWERS OF THE CORPORATION 
 Section V.1 In furtherance of and not in limitation of powers conferred by statute, it is further provided
that: 
 (a) subject to the limitations and exceptions, if any, contained in the
By-laws of the Corporation (the “By-laws”), the By-laws may be adopted, amended or repealed by the Board of
Directors; 
 (b) elections of directors need not be by written ballot; and 

(c) subject to any applicable requirements of law, the books of the Corporation may be kept outside the State of Delaware at
such location as may be designated by the Board of Directors or in the By-laws. 
 ARTICLE VI

 EXISTENCE 

Section VI.1 The Corporation is to have perpetual existence. 

ARTICLE VII 

INDEMNIFICATION 
 Section
VII.1 The Corporation shall indemnify and hold harmless, to the fullest extent not prohibited by the DGCL, each person (a “Covered Person”) who is or was made or is threatened to be made a party or is otherwise involved in any
action, suit or proceeding (each, a “proceeding”) by reason of the fact that he or she, or a person for whom he or she is the legal representative, is or was an executive officer or director of the Corporation, against all
liability, claims, damages, costs and losses suffered and expenses (including attorneys’ fees) reasonably incurred by such Covered Person. The Corporation may, in its sole and absolute discretion, indemnify such other persons as it may deem
desirable or necessary, to the fullest extent not prohibited by the DGCL. For purposes of this ARTICLE VII, each of the Chief Executive Officer, the President, the Chief Financial Officer, the Senior Vice Presidents, the Treasurer and the Secretary
of the Corporation shall be deemed to be an executive officer. 
 Section VII.2 The Corporation shall, to the fullest extent not prohibited
by the DGCL, pay the expenses, including attorneys’ fees, incurred by a Covered Person in defending any proceeding in advance of final disposition; provided, however, that to the extent required by the DGCL, such payment of
expenses in advance of the final disposition of the proceeding shall be made only upon receipt of an undertaking by the Covered Person to repay all amounts so advanced if it should ultimately be determined that the Covered Person is not entitled to
be indemnified under this ARTICLE VII or otherwise. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-28 

 Section VII.3 The rights conferred on any Covered Person pursuant to this ARTICLE VII shall
not be deemed exclusive of any other rights such Covered Person may have or hereafter be entitled under any statute, this Certificate of Incorporation, the By-laws, any agreement, any vote of stockholders or
disinterested directors or otherwise. 
 Section VII.4 The rights conferred on any Covered Person pursuant to this ARTICLE VII shall
continue as to a person who has ceased to be a Covered Person (or other person indemnified hereunder) and shall inure to the benefit of the heirs, executors, administrators, legatees and distributees of such person. 

Section VII.5 The Corporation shall have power to purchase and maintain insurance on behalf of any person who is or was a director, officer,
employee or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, against
any liability asserted against such person and incurred by such person in any such capacity, or arising out of such person’s status as such, whether or not the Corporation would have the power to indemnify such person against such liability
under the provisions of this ARTICLE VII, the By-laws, the DGCL, or any other applicable law. 

Section VII.6 The provisions of this ARTICLE VII shall be a contract between the Corporation, on the one hand, and each Covered Person and any
other person entitled to indemnification hereunder, on the other hand, pursuant to which the Corporation and each such Covered Person or other person intend to be, and shall be, legally bound. No amendment, repeal or modification of this ARTICLE VII
shall affect any rights or obligations with respect to any state of facts then or theretofore existing or any proceeding theretofore or thereafter brought or threatened based in whole or in part upon any such state of facts. 

Section VII.7 If a claim for indemnification (following the final disposition of such action, suit or proceeding) or advancement of expenses
under this ARTICLE VII is not paid in full within thirty (30) days after a written claim therefor by the Covered Person has been received by the Corporation, the Covered Person may file suit to recover the unpaid amount of such claim and, if
successful in whole or in part, shall be entitled to be paid the expense of prosecuting such claim. In any such action, the Corporation shall have the burden of proving that the Covered Person is not entitled to the requested indemnification or
advancement of expenses under applicable law. 
 Section VII.8 The Corporation hereby acknowledges that the Investors (as defined in the
Second Amended & Restated Investors Agreement, dated as of November [•], 2017, by and among the Corporation and the stockholders of the Corporation party thereto (as amended from time to time, the “Investors
Agreement”)), the ECP Directors and the Non-ECP Directors (each as defined in the Investors Agreement) and their respective heirs or representatives (each, an “Indemnitee”) may have
certain rights to indemnification, advancement of expenses and/or insurance provided by or on behalf of the Investors or their affiliates (collectively, the “Indemnitors”) and that, notwithstanding anything to the contrary contained
herein (including as set forth in this ARTICLE VII): (i) the Corporation is the indemnitor of first resort and the Indemnitors are the indemnitors of last resort in connection with any claims for indemnification from the Indemnitees, (ii) the
Corporation will be required to advance the full amount of expenses incurred by each Indemnitee and will be liable for the full amount of all losses, judgments, 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-29 

 
penalties, fines and amounts paid in settlement to the extent legally permitted and as required by this ARTICLE VII without regard to any rights each Indemnitee may have against any particular
Indemnitor, and (iii) the Corporation irrevocably waives, relinquishes and releases the Indemnitors from any and all claims against the Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof.
Notwithstanding anything to the contrary herein, no advancement or payment by any Indemnitor on behalf of an Indemnitee with respect to any claim for which such Indemnitee has sought indemnification or advancement of expenses from the Corporation
will affect the foregoing and such Indemnitor will have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of such Indemnitee against the Corporation. The Indemnitees and
Indemnitors are express third party beneficiaries of the terms of this Section VII.8. 
 ARTICLE VIII 

LIMITATIONS ON LIABILITY 

Section VIII.1 No member of the Board of Directors shall be personally liable to the Corporation or its stockholders for monetary damages for
breach of fiduciary duty as a director, except, if required by the DGCL, for liability: (i) for any breach of the director’s duty of loyalty to the Corporation or its stockholders; (ii) for acts or omissions not in good faith or which
involve intentional misconduct or a knowing violation of law; (iii) under Section 174 of the DGCL; or (iv) for any transaction from which the director derived an improper personal benefit. If the DGCL or any other law of the State of
Delaware is amended after approval by the stockholders of this ARTICLE VIII to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability of a director of the Corporation shall be eliminated or
limited to the fullest extent permitted by the DGCL as so amended. 
 Section VIII.2 Neither the amendment nor repeal of this ARTICLE VIII
shall eliminate or reduce the effect of this ARTICLE VIII in respect of any matter occurring, or any cause of action, suit or claim that, but for this ARTICLE VIII would accrue or arise, prior to such amendment or repeal. 

ARTICLE IX 
 CORPORATE
OPPORTUNITIES 
 Section IX.1 The Corporation renounces, to the fullest extent permitted by law, any interest or expectancy of the
Corporation in, or in being offered an opportunity to participate in, any Excluded Opportunity. An “Excluded Opportunity” is any matter, transaction or interest that is presented to, or acquired, created or developed by, or which
otherwise comes into the possession of (i) any director of the Corporation who is not an employee of the Corporation or any of its subsidiaries, or (ii) any holder of Convertible Preferred Stock or any of its affiliates or any of their
respective partners, members, managers, directors, equityholders, employees or agents, other than someone who is an employee of the Corporation or any of its subsidiaries (collectively, “Covered Persons”), unless such matter,
transaction or interest is presented to, or acquired, created or developed by, or otherwise comes into the possession of, a Covered Person expressly and solely in such Covered Person’s capacity as a director of the Corporation. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-30 

 ARTICLE X 

AMENDMENT 
 Section X.1 The
Corporation reserves the right to amend, alter, change or repeal any provision contained in this Certificate of Incorporation, in the manner now or hereafter prescribed by statute, and this Certificate of Incorporation and all rights conferred upon
stockholders herein are granted subject to this reservation. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-31 

 Annex B 

Investor Agreement 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 A-1 

 SECOND AMENDED AND RESTATED 

INVESTORS AGREEMENT 
 Dated
as of November 9, 2017 
 by and among 

SUNNOVA ENERGY CORPORATION 

and 
 THE OTHER PARTIES HERETO

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
	 ARTICLE I CERTAIN DEFINED TERMS
	  	 	2	 
		
	 ARTICLE II REPRESENTATIONS AND WARRANTIES
	  	 	12	 
	 Section 2.1
	  	Investor Representations and Warranties	  	 	12	 
		
	 ARTICLE III GENERAL RESTRICTIONS ON DISPOSITION OF SUNNOVA SECURITIES
	  	 	12	 
	 Section 3.1
	  	Transfer of Securities	  	 	12	 
	 Section 3.2
	  	Transfer Notice	  	 	13	 
	 Section 3.3
	  	Legending Requirement	  	 	13	 
	 Section 3.4
	  	Right of First Offer	  	 	14	 
	 Section 3.5
	  	Drag-Along Right	  	 	16	 
	 Section 3.6
	  	Tag-Along Right	  	 	17	 
	 Section 3.7
	  	Cooperation	  	 	18	 
	 Section 3.8
	  	Right to Public Offering	  	 	20	 
		
	 ARTICLE IV PREEMPTIVE RIGHTS
	  	 	21	 
	 Section 4.1
	  	Sale of Securities	  	 	21	 
	 Section 4.2
	  	Exempt Securities	  	 	23	 
		
	 ARTICLE V RIGHTS TO REPURCHASE SHARES
	  	 	24	 
	 Section 5.1
	  	Call Right	  	 	24	 
	 Section 5.2
	  	Involuntary Transfers	  	 	25	 
	 Section 5.3
	  	Repurchase Disability	  	 	27	 
	 Section 5.4
	  	Set-Off	  	 	28	 
		
	 ARTICLE VI BOARD OF DIRECTORS
	  	 	28	 
	 Section 6.1
	  	Size of the Board	  	 	28	 
	 Section 6.2
	  	Composition of the Board	  	 	29	 
	 Section 6.3
	  	Board Observers	  	 	30	 
	 Section 6.4
	  	Vacancies; Removal	  	 	31	 
	 Section 6.5
	  	Expenses	  	 	31	 
	 Section 6.6
	  	Confidentiality Duties	  	 	32	 
	 Section 6.7
	  	No Liability for Election of Recommended Directors	  	 	32	 
	 Section 6.8
	  	Reserved Board Decisions	  	 	32	 
	 Section 6.9
	  	Reserved Investor Decisions	  	 	33	 
	 Section 6.10
	  	Vote to Increase Authorized Common Stock	  	 	34	 
		
	 ARTICLE VII COVENANTS OF THE COMPANY
	  	 	34	 
	 Section 7.1
	  	Information Rights	  	 	34	 
	 Section 7.2
	  	Inspection Rights	  	 	35	 
	 Section 7.3
	  	Budget Process	  	 	35	 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 i 

							
	 ARTICLE VIII CERTAIN TAX MATTERS
	  	 	35	 
	 Section 8.1
	  	Certain Tax Matters	  	 	35	 
		
	 ARTICLE IX TERMINATION OF AGREEMENT
	  	 	36	 
	 Section 9.1
	  	Events of Termination	  	 	36	 
	 Section 9.2
	  	Transfer of All Securities	  	 	36	 
		
	 ARTICLE X MISCELLANEOUS PROVISIONS
	  	 	36	 
	 Section 10.1
	  	Entire Agreement	  	 	36	 
	 Section 10.2
	  	Successors and Assigns	  	 	37	 
	 Section 10.3
	  	Amendments; Waivers	  	 	37	 
	 Section 10.4
	  	Notices	  	 	37	 
	 Section 10.5
	  	Equitable Remedies	  	 	38	 
	 Section 10.6
	  	Confidentiality	  	 	38	 
	 Section 10.7
	  	Public Announcements	  	 	39	 
	 Section 10.8
	  	Governing Law; Jurisdiction	  	 	40	 
	 Section 10.9
	  	WAIVER OF JURY TRIAL	  	 	40	 
	 Section 10.10
	  	No Third Party Beneficiaries	  	 	40	 
	 Section 10.11
	  	No Voting Trusts	  	 	40	 
	 Section 10.12
	  	Further Assurances	  	 	41	 
	 Section 10.13
	  	Titles and Subtitles	  	 	41	 
	 Section 10.14
	  	Other Interpretive Matters	  	 	41	 
	 Section 10.15
	  	Severability	  	 	41	 
	 Section 10.16
	  	Spousal Consent	  	 	41	 
	 Section 10.17
	  	Attorneys’ Fees	  	 	41	 
	 Section 10.18
	  	Delays or Omissions	  	 	41	 
	 Section 10.19
	  	Opportunities	  	 	42	 
	 Section 10.20
	  	Employment Rights	  	 	42	 
	 Section 10.21
	  	Offsets	  	 	42	 
	 Section 10.22
	  	Counterparts and Signatures	  	 	42	 
	 Section 10.23
	  	Effectiveness	  	 	43	 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 ii 

 SECOND AMENDED AND RESTATED INVESTORS AGREEMENT 

THIS SECOND AMENDED AND RESTATED INVESTORS AGREEMENT (as amended, supplemented and/or restated from time to time, this
“Agreement”) is entered into as of November 9, 2017 (the “Effective Date”) by and among Sunnova Energy Corporation, a Delaware corporation (the “Company”), the stockholders of the Company
listed on Schedule I, and each other Person (as defined below) who executes a Joinder Agreement (as defined below) from time to time. 

RECITALS 
 WHEREAS,
each Preferred Stock Investor (as defined below) party hereto holds Preferred Stock (as defined below) in the respective amounts set forth opposite such Preferred Stock Investor’s name on Schedule I; 

WHEREAS, certain employees, consultants and directors of the Company or one or more Subsidiaries (each, a “Management
Investor”) currently hold shares of Series A Common Stock (as defined below); 
 WHEREAS, the Company has issued or may
hereafter issue to certain Management Investors shares of Series B Common Stock (as defined below) as a result of the exercise by such Management Investors of vested Options (as defined below) (“Vested Options”); 

WHEREAS, the Company and the then holders of its Preferred Stock and Common Stock (as defined below) previously entered into that
certain Investors Agreement, dated as of March 16, 2016 (the “Original Agreement”), setting forth certain rights and restrictions with respect to the Sunnova Securities (as defined below); 

WHEREAS, the Company and the then holders of its Preferred Stock and Common Stock previously entered into that certain Amended and
Restated Investors Agreement, dated as of April 26, 2016 (the “First Amended and Restated Agreement”), setting forth certain rights and restrictions with respect to the Sunnova Securities; 

WHEREAS, in connection with the offering and issuance of a new series of Preferred Stock to the Principal Investors (as defined below),
the Company and the Principal Investors wish to amend and restate the First Amended and Restated Agreement in its entirety as set forth herein effective as of the Effective Date. 

NOW THEREFORE, in consideration of the mutual covenants and agreements of the parties hereto, and of the mutual benefits to be gained
by the performance thereof, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties for themselves, and their heirs, executors, administrators, successors and assigns, do hereby
covenant and agree as follows: 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 ARTICLE I 

CERTAIN DEFINED TERMS 
 As
used in this Agreement, the following terms have the following meanings: 
 “Additional Election Amount” has the meaning
set forth in Section 4.1(b). 
 “Affiliate” means, with respect to any specified Person, any
other Person who, directly or indirectly, controls, is controlled by, or is under common control with such Person, including, without limitation, any general partner, managing member, officer or director of such Person or any venture capital or
private equity fund now or hereafter existing that is controlled by one or more general partners or managing members of, or shares the same management company with, such Person, which with respect to the Company shall include, but not be limited to,
the Subsidiaries. For purposes of this Agreement, (i) “Affiliates” of GSO Funds shall (x) include any funds managed, advised or sub-advised by GSO Capital Partners LP or any of its Affiliates
and (y) exclude any portfolio companies in which any funds managed, advised or sub-advised by GSO Capital Partners LP or any of its Affiliates have invested and (ii) “Affiliates” of the ECP
Investors shall (x) include any funds managed, advised or sub-advised by Energy Capital Partners III, LLC or any of its Affiliates and (y) exclude any portfolio companies in which any funds managed,
advised or sub-advised by Energy Capital Partners III, LLC or any of its Affiliates have invested. 

“Agreement” has the meaning set forth in the Caption. 

“as-converted basis” means, when used with respect to the Series A Common Stock,
those shares of Series A Common Stock that would be outstanding after the conversion of all Preferred Stock (assuming all such Preferred Stock is then convertible). 

“Bankruptcy” means, with respect to a Person, (i) the entry of a decree or order for relief against such Person by a
court of competent jurisdiction in any involuntary case brought against such Person under any Debtor Relief Laws, (ii) the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator or other similar agent under applicable
Debtor Relief Laws for such Person or for any substantial part of its assets or property, (iii) the ordering of the winding up or liquidation of such Person’s affairs, (iv) the filing of a petition in any such involuntary bankruptcy
case, which petition remains undismissed for a period of 60 days or which is not dismissed or suspended pursuant to Section 305 of the Federal Bankruptcy Code (or any corresponding provision of any future United States bankruptcy law), (v) the
commencement by such Person of a voluntary case under any applicable Debtor Relief Law now or hereafter in effect, (vi) the consent by such Person to the entry of an order for relief in an involuntary case under any Debtor Relief Law or to the
appointment of or the taking of possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar agent under any applicable Debtor Relief Law for such Person or for any substantial part of its assets or property or
(vii) the making by such Person of any general assignment for the benefit of its creditors. 
 “Board” means the Board
of Directors of the Company. 
 “Board Adjustment Event” has the meaning set forth in
Section 6.2(a)(ii). 
 “Board Supermajority” has the meaning set forth in
Section 6.8. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 2 

 “Business Day” means any day of the year on which national banking
institutions in Houston, Texas are open to the public for conducting business and are not required or authorized to close. 
 “Call
Notice” has the meaning set forth in Section 5.1(a). 
 “Call Repurchase Price” has the
meaning set forth in Section 5.1(a). 
 “Call Right” has the meaning set forth in
Section 5.1(a). 
 “Cause” has the meaning set forth in the employment agreement, if any, between
a Management Investor and the Company, or, if there is not such agreement, means, with respect to any Management Investor (i) such Management Investor’s willful failure to substantially perform such Management Investor’s material
duties (other than any such failure resulting from such Management Investor’s Disability), (ii) such Management Investor’s willful failure to carry out, or comply with, in any material respect, any lawful and reasonable directive of the
Board, (iii) such Management Investor’s commission at any time of any act or omission that results in, or may reasonably be expected to result in, a conviction, plea of no contest, plea of nolo contendere or imposition of unadjudicated
probation for any felony or crime involving moral turpitude, excluding driving or traffic-related felonies, (iv) such Management Investor’s indictment for any driving or traffic-related felony where the effect of such indictment is
materially adverse to the Company or its operations, reputation or conditions, (v) such Management Investor’s unlawful use (including being under the influence) or possession of illegal drugs on the Company’s premises or while
performing such Management Investor’s duties and responsibilities, (vi) such Management Investor’s commission at any time of any act of fraud, embezzlement, misappropriation, material misconduct, conversion of assets of the Company or
breach of fiduciary duty against the Company (or any predecessor thereto or successor thereof) or (vii) such Management Investor’s material breach of this Agreement, any employment agreement or offer letter executed by each of such
Management Investor and the Company or any equity award agreement between such Management Investor and the Company; and which, in the case of clauses (i), (ii) and (vii), continues beyond thirty (30) days after the Company has provided such
Management Investor written notice of such failure or breach (to the extent that, in the reasonable judgment of the Board, such failure or breach can be cured by such Management Investor). For purposes of this definition, the term
“Company” shall mean Sunnova Energy Corporation and any of its Subsidiaries or Affiliates as may employ the Management Investor from time to time, and any successor(s) thereto. Whether or not an event giving rise to “Cause”
occurs will be determined by the Board. 
 “Code” means the United States Internal Revenue Code of 1986, as amended. 

“Commencement Date” has the meaning set forth in Section 3.4(h)(i). 

“Common Stock” means the Series A Common Stock and the Series B Common Stock. 

“Company” has the meaning set forth in the Caption. 

“Confidential Information” has the meaning set forth in Section 10.6. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 3 

 “Debtor Relief Laws” means any bankruptcy, insolvency or other similar law,
including any solvency action brought by the State of Texas, generally affecting the rights of creditors and relief of debtors now or hereafter in effect. 

“Disability” has the meaning set forth in the employment agreement, if any, between a Management Investor and the Company,
or, if there is not such agreement, means, with respect to any Management Investor, such Management Investor’s inability to engage in any substantial gainful activity, even with reasonable accommodation, by reason of any medically determinable
physical or mental impairment that can be expected to result in death or that can be expected to last for a continuous period of not less than twelve (12) months. 

“Disability Notice” has the meaning set forth in Section 5.3(b). 

“Drag-Along Investors” has the meaning set forth in Section 3.5(a). 

“Drag-Along Notice” has the meaning set forth in Section 3.5(a). 

“Drag-Along Right” has the meaning set forth in Section 3.5(a). 

“Drag-Along Sale” has the meaning set forth in Section 3.5(a). 

“Drag Breach Notice” has the meaning set forth in Section 3.5(a). 

“Drag Breaching Investor” has the meaning set forth in Section 3.5(a). 

“ECP Call Right” has the meaning set forth in Section 5.1(c). 

“ECP Involuntary Transfer Repurchase Right” has the meaning set forth in Section 5.2(c). 

“ECP Director” has the meaning set forth in Section 6.2(a)(i)(1). 

“ECP Investors” means Energy Capital Partners III, LP, Energy Capital Partners III-A,
LP, Energy Capital Partners III-B, LP, Energy Capital Partners III-C, LP, Energy Capital Partners III-D, LP, Energy Capital
Partners III (Sunnova Co-Invest), LP and any Affiliated funds thereof. 
 “ECP
Representative” means Energy Capital Partners GP III, LP, a Delaware limited partnership, or, upon written notice to the Company from the ECP Investors, any other Person appointed in lieu of Energy Capital Partners GP III, LP (or any
subsequent ECP Representative) to be the “ECP Representative” by the ECP Investors. 
 “Election Notice” has the
meaning set forth in Section 4.1(b). 
 “Election Period” has the meaning set forth in
Section 4.1(b). 
 “Eligible Shares” has the meaning set forth in
Section 5.1(c). 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 4 

 “Entity” means any association, corporation, general partnership, limited
partnership, limited liability company, joint stock association, joint venture, firm, trust, business trust, cooperative and foreign associations of like structure. 

“Equity Incentive Plan” means any stock option, stock issuance, stock appreciation rights, restricted stock, phantom stock,
stock purchase plan or other equity incentive plan for the directors, officers and/or employees of, and/or consultants to, the Company and/or its Subsidiaries. 

“Estate” means and includes the executors or administrators of a deceased Investor, and any and all Persons who may claim any
interest in the Investor’s property under such deceased Investor’s will or by virtue of any laws of descent and distribution. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 “Exempt Securities” has the meaning set forth in Section 4.2. 

“Exempt Transfer” has the meaning set forth in Section 3.1(b). 

“Fair Market Value” of Common Stock, as of any date of determination, shall be determined by the Board as follows: 

(i) if the Common Stock is listed on one or more national securities exchanges registered with the U.S. Securities and Exchange Commission
under Section 6 of the Exchange Act, each share of Common Stock to be repurchased shall be valued at the closing price of a share of Common Stock on the principal exchange on which the shares are then trading on the most recent trading day
preceding such date of determination; or 
 (ii) if the Common Stock is not publicly traded on a national securities exchange registered with
the U.S. Securities and Exchange Commission under Section 6 of the Exchange Act, the Fair Market Value of the Common Stock to be repurchased shall be reasonably determined in good faith by the Board. 

“Financing Documents” has the meaning set forth in Section 5.3(a)(iii). 

“First Amended and Restated Agreement” has the meaning set forth in the recitals. 

“GAAP” means generally accepted accounting principles as in effect from time to time. 

“Gain” has the meaning set forth in Section 5.4. 

“Governmental Authority” means any domestic or foreign government or political subdivision thereof, whether on a
transnational, federal, state or local level and whether executive, legislative or judicial in nature, including any agency, authority, board, bureau, commission, court, department or other instrumentality thereof. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 5 

 “GSO Funds” means FS Investment Corporation, a Maryland corporation, FS
Investment Corporation II, a Maryland corporation, FS Investment Corporation III, a Maryland corporation, FS Energy and Power Fund, a Delaware statutory trust, and each of their respective Subsidiaries. 

“Initial Closing” has the meaning set forth in the Purchase and Exchange Agreement. 

“Investors” means all Persons who hold issued and outstanding Sunnova Securities and who have executed this Agreement or a
Joinder Agreement. 
 “Involuntary Transfer” has the meaning set forth in Section 5.2(a). 

“Involuntary Transfer Notice” has the meaning set forth in Section 5.2(a). 

“Involuntary Transfer Repurchase Notice” has the meaning set forth in Section 5.2(b). 

“Involuntary Transfer Repurchase Price” has the meaning set forth in Section 5.2(b). 

“Involuntary Transfer Repurchase Right” has the meaning set forth in Section 5.2(b). 

“Involuntary Transferee” has the meaning set forth in Section 5.2(a). 

“IPO Investors” has the meaning set forth in Section 3.8(a). 

“IPO Notice” has the meaning set forth in Section 3.8(c). 

“Joinder Agreement” means a Joinder Agreement substantially in the form attached hereto as Exhibit A. 

“Lien” means any security interest, lien, pledge, claim, charge, escrow, encumbrance, option, right of first offer, right of
first refusal, preemptive right, mortgage, indenture, security agreement or other similar agreement, arrangement, contract, commitment, understanding or obligation whether written or oral and whether or not relating in any way to credit or the
borrowing of money. 
 “Lock-up Expiration Date” has the meaning set forth in
Section 3.1(a). 
 “Management Investor” has the meaning set forth in the recitals. 

“New Interest” has the meaning set forth in Section 4.1(a). 

“Non-ECP Director” has the meaning set forth in
Section 6.2(a)(i)(2). 
 “Non-ECP Investors” means all
Investors other than the ECP Investors. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 6 

 “Non-ECP Lead Investor Group” means
Triangle Peak Partners II, LP, SEIS Holdings LLC and MTP Energy Master Fund Ltd. 
 “Notice” has the meaning set forth in
Section 10.4. 
 “Observer” has the meaning set forth in Section 6.3.

 “Offer” means a bona fide, arms’ length written offer from a Person other than the Company or an Affiliate of the
Transferring Investor. 
 “Offer Period” has the meaning set forth in Section 3.4(b). 

“Offered Securities” has the meaning set forth in Section 3.2. 

“Offeror” means any Person who has made an Offer to a Transferring Investor to purchase any Sunnova Securities owned by such
Transferring Investor. 
 “Option” means an option to purchase Series B Common Stock issued to a Management Investor
pursuant to an Equity Incentive Plan. 
 “Original Agreement” has the meaning set forth in the recitals. 

“Original Agreement Date” means March 16, 2016. 

“Other Investments” has the meaning set forth in Section 10.19. 

“Permitted Transferee” means, (i) in the case of an Investor who is a natural Person, (a) an Investor’s Estate
and heirs, (b) any estate planning trust of an Investor or such Investor’s Permitted Transferee provided that the Investor is the trustee of such trust, (c) such other personal estate or tax planning vehicle or device of which the
Investor is the controlling Person with respect to the voting and the disposition of the Sunnova Securities held thereby or (d) pursuant to those certain Amended and Restated Pledge and Security Agreements entered into by and between certain
employees of the Company and Greenway LoanCo, LLC, dated as of even date herewith, and (ii) in the case of an Investor that is not a natural Person, (a) any wholly owned Subsidiary of such Investor, (b) any Entity of which such
Investor is a wholly owned Subsidiary (each an “Investor’s Parent”), (c) any Entity which is a wholly owned Subsidiary of such Investor’s Parent, and (d) any Entity controlled or managed by the Person(s) directly or
indirectly controlling or managing such Investor or an Affiliate of such managing or controlling Person, but in any event excluding any portfolio companies. For purposes of the foregoing clause (d), a Person has the ability to control or manage
another Person if such first Person (A) is the sole general partner of such second Person, (B) has the right (by contract or by law) to designate for election a majority of the members on the board of directors, board of managers or
similar governing body of such second Person or (C) has the right to manage such second Person pursuant to a management agreement, investment advisory agreement or similar agreement. Notwithstanding the foregoing, with respect to any Person set
forth in clause (ii) of this definition, such Person shall not be a Permitted Transferee if any Transfer to such Person requires the consent, approval, order or authorization of any regulatory body under applicable law or any third party. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 7 

 “Person” means any individual or Entity. 

“Preemptive Right” has the meaning set forth in Section 4.1(a). 

“Preemptive Right Closing Date” has the meaning set forth in Section 4.1(d). 

“Preemptive Right Election Amount” has the meaning set forth in Section 4.1(b). 

“Preemptive Right Notice” has the meaning set forth in Section 4.1(b). 

“Preemptive Right Participating Principal Investor” has the meaning set forth in Section 4.1(c).

 “Preferred Stock” means the Series A Convertible Preferred Stock and the Series B Convertible Preferred Stock of the
Company, as more fully described in the Restated Certificate. 
 “Preferred Stock Investor” means any Person who holds
Preferred Stock. 
 “Principal Investor” means any Investor that owns Convertible Preferred Stock or Series A Common Stock.
With respect to any Principal Investor who is also a Management Investor, he or she will only be considered a Principal Investor with respect to his or her Series A Common Stock. 

“Proportionate Percentage” means, (i) for purposes of Section 3.4, the fraction, expressed as a
percentage, the numerator of which is the total number of shares of Series A Common Stock held by the applicable Principal Investor (calculated on a fully-diluted as-converted basis) and the denominator of
which is the total number of shares of Series A Common Stock held by all Principal Investors other than the Transferring Investor (calculated on a fully-diluted as-converted basis), (ii) for purposes of
Section 3.6, the fraction, expressed as a percentage, the numerator of which is the total number of shares of Series A Common Stock and Series B Common Stock being purchased from the Transferring Investor (calculated on a
fully-diluted as-converted basis), and the denominator of which is the total number of shares of Series A Common Stock and Series B Common Stock held by the Transferring Investor (calculated on a fully-diluted
as-converted basis) and (iii) for purposes of Article IV, the fraction, expressed as a percentage, the numerator of which is the total number of shares of Series A Common Stock held by the
applicable Investor (calculated on a fully-diluted as-converted basis) and the denominator of which is the total number of shares of Series A Common Stock then outstanding (calculated on a fully-diluted as-converted basis). 
 “Public Sale” means any sale of Common Stock pursuant to a public
offering registered under applicable securities laws. 
 “Purchase and Exchange Agreement” means that certain Purchase and
Exchange Agreement, dated as of March 16, 2016, by and among the Company and the other parties thereto, as amended, supplemented and/or restated from time to time. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 8 

 “Qualified Public Offering” means any sale of Common Stock pursuant to an
underwritten public offering registered under applicable securities laws (i) for which the aggregate gross cash proceeds to be received by the Company from such offering (without deducting underwriting discounts, expenses and commissions) are
at least $100,000,000 at a per share public offering price of at least $6.6558 (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or similar recapitalization affecting any shares of Common Stock) and
(ii) pursuant to which the Common Stock is listed for trading on the New York Stock Exchange, the Nasdaq Global Select Market or the Nasdaq Global Market. 

“Registration Rights Agreement” has the meaning set forth in Section 3.8(a). 

“Reinstatement Notice” has the meaning set forth in Section 5.3(b). 

“Renounced Business Opportunities” has the meaning set forth in Section 10.19. 

“Representatives” has the meaning set forth in Section 10.6. 

“Repurchase Deadline” has the meaning set forth in Section 5.1(a). 

“Repurchase Disability” has the meaning set forth in Section 5.3(a). 

“Required IPO” has the meaning set forth in Section 3.8(a). 

“Required IPO Structure” has the meaning set forth in Section 3.8(b). 

“Requisite Investors” means Investors holding at least 75% of the outstanding Series A Common Stock on a fully-diluted as-converted basis at the time of determination. 
 “Restated Bylaws” means the Amended
and Restated Bylaws of the Company dated as of the Original Agreement Date, as amended, restated or supplemented from time to time. 

“Restated Certificate” means the Fifth Amended and Restated Certificate of Incorporation of the Company, dated as of
November 9, 2017, as amended, restated or supplemented from time to time. 
 “Restrictive Covenants” has the meaning
set forth in Section 5.1(a). 
 “ROFO Offer” has the meaning set forth in
Section 3.4(b). 
 “Russell Gordy Investors” means Minion Trail Ltd. and Elk Mountain, Ltd. 

“Sale of the Company” means (a) any sale (in one or a series of related transactions) of the equity of the Company
following which any Person (or group of Persons acting in concert), other than the Investors on the date of this Agreement and their Permitted Transferees, beneficially owns, directly or indirectly, a majority of the combined voting power of the
outstanding voting securities of the Company, (b) any sale (in one or a series of related transactions) of all or substantially all of the assets of the Company and its Subsidiaries taken as a whole or (c) any plan of reorganization,
recapitalization, merger or consolidation involving the Company or any of its Subsidiaries, except for a reorganization, recapitalization, merger or consolidation where the Investors on the date of this Agreement and their Permitted Transferees
collectively beneficially own, directly or indirectly, a majority of the combined voting power of the outstanding voting securities of the company resulting from such reorganization, recapitalization, merger or consolidation. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 9 

 “Secondary PSA” has the meaning set forth in the recitals. 

“Securities” means, with respect to any Person, such Person’s capital shares or other equity interests or any options,
warrants or other securities that are directly or indirectly convertible into, or exercisable or exchangeable for, such Person’s capital shares or other equity or equity-linked interests, including phantom shares and share appreciation rights.

 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 “Series A Common Stock” means the voting Series A Common Stock of the Company, as more fully described in the Restated
Certificate. 
 “Series B Common Stock” means the non-voting Series B Common Stock
of the Company, as more fully described in the Restated Certificate. 
 “Spousal Consent” has the meaning set forth in
Section 10.16. 
 “Subsidiary” means with respect to any Person, any Entity in which such Person,
directly or indirectly (including, without limitation through one or more Subsidiaries), (a) holds stock or other ownership interests representing more than fifty percent (50%) of the economic interest of all outstanding stock or ownership interests
of such Entity or (b) has the right to control such Entity. The term “control,” as used in the immediately preceding sentence, means the possession, directly or indirectly, of the power to direct or cause the direction of the
management or policies of the controlled Entity. For purposes of this Agreement, the Subsidiaries of the Company as of the date hereof include, without limitation, each of Sunnova Intermediate Holdings, LLC, Sunnova Energy Yield GP, LLC, Sunnova
Energy Yield LP, Sunnova Management, LLC, Sunnova TE Management I, LLC, Sunnova SSA Management, LLC, Sunnova SLA Management, LLC, Sunnova ABS Holdings, LLC, Sunnova ABS Management, LLC, Sunnova Energy Puerto Rico, LLC, Sunnova Asset Portfolio 4,
LLC, Sunnova Lease Vehicle 3, LLC, Sunnova Lease Vehicle 3-BG, LLC, Sunnova Leave Vehicle 3-HI, LLC, Sunnova Asset Portfolio 5 Holdings, LLC, Sunnova Asset Portfolio 5,
LLC, Sunnova AP5-A, LLC, Helios Depositor, LLC, Helios Issuer, LLC, Sunnova Asset Portfolio 6 Holdings, LLC, Sunnova Asset Portfolio 6, LLC, Sunnova AP 6 Warehouse II, LLC, Sunnova Asset Portfolio 7 Holdings,
LLC, Sunnova EZ-Own Portfolio, LLC, Sunnova LAP Holdings, LLC, Sunnova LAP I, LLC, Sunnova LAP II, LLC, Sunnova TEP I Developer, LLC, Sunnova TEP I Holdings, LLC, Sunnova SAP I, LLC, Sunnova TEP I Manager, LLC
and Sunnova TEP I, LLC, Sunnova Helios II Issuer, LLC and Sunnova Helios II Depositor, LLC. 
 “Sunnova Securities” means
any Securities of the Company. 
 “Supplemental Preemptive Notice” has the meaning set forth in
Section 4.1(c). 
 “Tag-Along Investor” has the meaning
set forth in Section 3.6(a). 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 10 

 “Tag-Along Notice” has the meaning
set forth in Section 3.6(a). 
 “Tag-Along Right” has the
meaning set forth in Section 3.6(a). 
 “Tag-Along Sale”
has the meaning set forth in Section 3.6(a). 
 “Tag-Along
Securities” has the meaning set forth in Section 3.6(a). 
 “Termination of Employment”
means, with respect to any Management Investor, the time when the employee-employer relationship between such Management Investor and the Company or one of its Subsidiaries is terminated for any reason, with or without Cause, including, but not by
way of limitation, a termination by resignation, discharge, Disability, death or retirement, but excluding a termination where there is a simultaneous re-employment by the Company or one of its Subsidiaries.
The committee appointed to administer the Equity Incentive Plan (or the Board) shall determine the effect of all matters and questions relating to Termination of Employment, including, but not by way of limitation, all questions of whether a
particular leave of absence constitutes a Termination of Employment. Termination of Employment. 
 “Third Party Offering
Period” has the meaning set forth in Section 4.1(e). 
 “Transaction Agreements” means
this Agreement and the Registration Rights Agreement. 
 “Transfer” means any direct or indirect transfer, assignment,
pledge, encumbrance, hypothecation or similar disposition of, either voluntarily or involuntarily, by operation of law or otherwise, or entrance into any contract, option or other arrangement or understanding with respect to the sale, transfer,
assignment, pledge, encumbrance, hypothecation or similar disposition of, any Sunnova Securities owned by a Person, or of any beneficial or economic interest therein. 

“Transfer” when used as a verb shall have a correlative meaning. 

“Transferor” and “Transferee” mean a Person who makes or receives a Transfer, respectively. 

“Transfer Notice” has the meaning set forth in Section 3.2. 

“Transferring Investor” has the meaning set forth in Section 3.2. 

“Unsubscribed Amount” has the meaning set forth in Section 4.1(c). 

“Vested Options” has the meaning set forth in the recitals. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 11 

 ARTICLE II 

REPRESENTATIONS AND WARRANTIES 

Section 2.1 Investor Representations and Warranties. Each of the Investors represents and warrants, severally and not jointly, to
each of the other Investors and to the Company that: 
 (a) Organization and Standing. If the Investor is an Entity, the Investor has
been duly formed, organized or incorporated, as applicable, and is duly organized, validly existing and in good standing under the laws of its jurisdiction of formation, organization or incorporation, as applicable. 

(b) Authority; Execution and Delivery; Enforceability. Each Investor has full power and authority to enter into the Transaction
Agreements to which it is a party. The execution and delivery by the Investor of the Transaction Agreements to which it is a party has been duly authorized by all necessary action. If the Investor is an Entity, all action on the part of the officers
of Investor necessary for the execution and delivery of the Transaction Agreements to which the Investor is a party and the performance of all obligations of the Investor under the Transaction Agreements to which the Investor is a party to be
performed as of the Effective Date has been taken or will be taken prior to the Effective Date. The Transaction Agreements to which the Investor is a party, when executed and delivered by the Investor and all other signatories thereto in accordance
with the terms thereof, shall constitute the valid and legally binding obligations of the Investor, enforceable against it in accordance with their terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance or other laws of general application relating to or affecting the enforcement of creditors’ rights generally or (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other
equitable remedies. 
 ARTICLE III 

GENERAL RESTRICTIONS ON DISPOSITION OF SUNNOVA SECURITIES 

Section 3.1 Transfer of Securities. 

(a) Except for Transfers to Permitted Transferees or Transfers by Principal Investors pursuant to a Public Sale, no Investor shall Transfer
Common Stock, Preferred Stock or other Sunnova Securities prior to the second (2nd) anniversary of the Original Agreement Date (the “Lock-up
Expiration Date”) without the prior affirmative vote of a Board Supermajority. 
 (b) After the
Lock-up Expiration Date, no Investor shall Transfer any Sunnova Securities except pursuant to (i) in the case of Principal Investors, a Public Sale, (ii) a Transfer to a Permitted Transferee,
(iii) in the case of Principal Investors, a Transfer which has complied with Sections 3.2, 3.4, 3.5 and 3.6 or (iv) a right or obligation of a Drag-Along Investor or
Tag-Along Investor under Sections 3.5 and 3.6 (each of the foregoing other than clause (iii), an “Exempt Transfer”). 

(c) The provisions of this Agreement shall be binding upon all Sunnova Securities now owned or hereafter acquired by each Investor and shall be
binding upon all subsequent holders of Sunnova Securities who execute a Joinder Agreement or execute a counterpart signature page to this Agreement. Except for Transfers that constitute Public Sales,

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 12 

 
neither the Company nor any Investor shall Transfer any Sunnova Securities to a Person not already a party to this Agreement as an Investor (including Permitted Transferees) unless and until
(i) such Person executes and delivers to the Company a Joinder Agreement or counterpart signature page to this Agreement pursuant to which such Person will thereupon become a party to, and be bound by and obligated to comply with the terms and
provisions of, this Agreement and (ii) such Transfer is otherwise made in compliance with this Agreement. Upon the execution of Joinder Agreement or counterpart signature page to this Agreement, a Transferee of a Management Investor shall be
deemed to be a Management Investor for all purposes of this Agreement except that, (A) in the case of a Transfer to a Permitted Transferee, all provisions that relate to Termination of Employment of a Management Investor and the effects thereof
shall continue to apply to such Management Investor transferor and not to such Permitted Transferee and (B) in the case of a Transfer to a Person other than a Permitted Transferee, Article V of this Agreement shall cease to apply
following such Transfer (other than Section 5.1(b), which shall continue to apply). 
 (d) Any attempted Transfer
of Sunnova Securities other than in accordance with this Agreement shall be null and void and the Company shall not recognize any such Transfer and shall not reflect on its records any change in record ownership of Sunnova Securities pursuant to any
such Transfer. In the event that any Investor materially breaches or violates the terms of this Article III and such breach or violation is not promptly cured (or waived by the other Investors), such Investor (and its attempted Transferee)
shall have no voting rights as an equity holder in the Company (including, without limitation, pursuant to Section 6.9 hereof) unless and until such time as such breach or violation is cured (or waived by the other
Investors). 
 Section 3.2 Transfer Notice. In advance of any proposed Transfer of Sunnova Securities, other than an Exempt
Transfer, the transferring Investor (the “Transferring Investor”) shall deliver written notice to the Company and each other Investor stating that the Transferring Investor desires to Transfer Sunnova Securities. Such notice (the
“Transfer Notice”) shall be provided prior to the proposed Transfer and shall disclose the number of Sunnova Securities to be sold (the “Offered Securities”). 

Section 3.3 Legending Requirement. Unless otherwise determined by the Board (upon advice from legal counsel), each certificate
evidencing Sunnova Securities, if any, shall be stamped or otherwise imprinted with a legend containing substantially the following terms: 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO AN INVESTORS AGREEMENT DATED AS OF NOVEMBER 9, 2017, BY AND AMONG THE
ISSUER OF SUCH SECURITIES (THE “COMPANY”) AND THE COMPANY’S INVESTORS, AS THE SAME MAY BE AMENDED, SUPPLEMENTED AND/OR RESTATED FROM TIME TO TIME. THE TERMS OF SUCH INVESTORS AGREEMENT INCLUDE, AMONG OTHER THINGS, RESTRICTIONS ON
TRANSFERS. A COPY OF SUCH INVESTORS AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST.” 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 13 

 Section 3.4 Right of First Offer. 

(a) At any time after the Lock-up Expiration Period, and subject to the terms and conditions specified
in this Section 3.4, each Principal Investor shall have a right of first offer if any other Investor proposes to Transfer any Sunnova Securities owned by it to any third party, excluding Permitted Transferees. Each time the
Transferring Investor proposes to Transfer any Offered Securities (other than Transfers to a Permitted Transferee and Transfers made pursuant to a Public Sale), the Transferring Investor shall first offer the Offered Securities to the Principal
Investors (other than such Transferring Investor) in accordance with the provisions of this Section 3.4. 
 (b) The
Transferring Investor shall provide a Transfer Notice to the Principal Investors stating its intention to Transfer the Offered Securities. Within thirty (30) days (the “Offer Period”) after receipt of the Transfer Notice by the
Principal Investors, each Principal Investor, either alone or with one or more other Principal Investors, shall have a right to make an offer to purchase (i) all, but not less than all, of the Offered Securities or (ii) their Proportionate
Percentage of Offered Securities (the “ROFO Offer”), provided that if the Transferring Investor is transferring greater than twenty-five percent (25%) of the Series A Common Stock (calculated on a fully-diluted as-converted basis), the ROFO Offer must be an offer to purchase all of the Offered Securities. 
 (c) Each
ROFO Offer (i) shall set forth the proposed amount and form of consideration and terms and conditions of payment offered by the Investor or Investors and a summary of any other material terms pertaining to the Transfer and (ii) must remain
open for at least sixty (60) days following the date on which the Transferring Investor receives the ROFO Offer. 
 (d) If the
Transferring Investor does not receive any ROFO Offer within the Offer Period, or if all Principal Investors inform the Transferring Investor in writing that they will not be exercising their right of first offer rights hereunder, then the
Transferring Investor may, subject to the requirements of Sections 3.4(h) and 3.6, transfer all of the Offered Securities to a third party at a price and on terms and conditions acceptable to such Transferring Investor. 

(e) If the Transferring Investor receives only one ROFO Offer within the Offer Period, the Transferring Investor may accept or reject such ROFO
Offer in its sole discretion. If the Transferring Investor receives more than one ROFO Offer for all of the Offered Securities, the Transferring Investor may accept the highest such ROFO Offer and reject the other ROFO Offers or reject all ROFO
Offers in its sole discretion. If the Transferring Investor receives more than one ROFO Offer and at least one such ROFO Offer is for a Principal Investor’s Proportionate Percentage of the Offered Securities, the Transferring Investor may
accept one or more of the highest ROFO Offer(s) and reject the other ROFO Offers or reject all ROFO Offers in its sole discretion; provided that, if the Transferring Investor accepts one or more Principal Investors’ ROFO Offers for their
respective Proportionate Percentages of the Offered Securities, then the Company shall notify the remaining Principal Investors of such acceptance and the remaining Principal Investors shall have the opportunity to make a new ROFO Offer within five
(5) Business Days of receipt of such notice from the Company for the Offered Securities which are not subject to any accepted ROFO Offer. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 14 

 (f) If a Transferring Investor accepts a ROFO Offer, then the Transferring Investor and the
applicable Principal Investor shall negotiate in good faith to consummate the ROFO Offer as promptly as reasonably practicable and in any event within sixty (60) days from the date of the ROFO Offer, and shall not transfer any Offered
Securities described in such ROFO Offer to any third party purchaser. 
 (g) If the Transferring Investor rejects all ROFO Offers from the
Principal Investors, or if the Transferring Investor does not accept ROFO Offers with respect to all Offered Securities, then the Transferring Investor may, subject to the requirements of Sections 3.4(h) and 3.6, sell any Offered
Securities which are not subject to any accepted ROFO Offer to a third party purchaser at a price higher than that offered in all of the rejected ROFO Offers, and on such terms and conditions which, when taken as a whole, are at least as favorable
in the aggregate to the Transferring Investor as those set forth in the most favorable rejected ROFO Offer. 
 (h) The Transferring Investor
may only sell Offered Securities to a third party purchaser as permitted under Section 3.4(d) and Section 3.4(g), and the Transferring Investor shall: 

(i) enter into a letter of intent or similar arrangement with such third party purchaser within sixty (60) days from the
date that is the later of (x) the date of the last ROFO Offer and (y) the expiration of the Offer Period (such later date, the “Commencement Date”); 

(ii) enter into a definitive agreement with such third party purchaser within one hundred twenty (120) days of the
Commencement Date; and 
 (iii) consummate such sale within one hundred eighty (180) days of the Commencement Date;
provided that to the extent the Transferring Investor has used commercially reasonable efforts to obtain all required approvals and consents prior to the expiration of such 180-day period, the Transferring
Investor may extend such 180-day period by up to sixty (60) days if necessary to obtain any required regulatory approvals or third party consents. 

(i) If the Transferring Investor does not meet any of the deadlines described in Section 3.4(h), then any proposed
transfer by such Transferring Investor shall once again be subject to the terms and conditions of this Section 3.4. 

(j) In the event of a potential sale by a Transferring Investor to a third party purchaser pursuant to the terms of
Section 3.4(h), the directors and officers of the Company shall (i) permit such potential third party purchaser, after executing a confidentiality agreement in a form satisfactory to the Board, to conduct a due
diligence review of the Company and its business, operations, prospects, assets, liabilities, financial condition and results of operations, and (ii) make available the officers and technical personnel of the Company, during normal business
hours, upon reasonable advance notice and at such Transferring Investor’s sole cost and expense, for the purpose of making presentations to, and answering questions from, such potential third party purchaser. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 15 

 Section 3.5 Drag-Along Right. 

(a) After the Lock-up Expiration Date, except for any Transfer to a Permitted Transferee, if any
Principal Investor or group of Principal Investors desires to make a Transfer of Sunnova Securities constituting seventy-five percent (75%) or more of the outstanding Series A Common Stock (on a fully-diluted,
as-converted basis) to any third party and such Transferring Investor(s) has satisfied the requirements of Section 3.4, each remaining Investor (the “Drag-Along Investors”) shall, at the option of the Transferring Investor(s) (the “Drag-Along Right”), Transfer their Sunnova Securities (including Series B Common Stock issuable upon exercise
of any Vested Options and any options that vest as a result of the consummation of the Transfer to the third party but not including any Series B Common Stock issuable upon exercise of any unvested Options) on the same terms and conditions as the
Transfer of Offered Securities in the proposed Transfer (a “Drag-Along Sale”). The Company may require a Management Investor that is a Drag-Along Investor to exercise such Management Investor’s Vested Options, in whole or in
part, prior to or simultaneously with the closing of any transaction or transactions described in this Section 3.5. If the Transferring Investor(s) elects to exercise its Drag-Along Right under this
Section 3.5, then it shall so notify each Drag-Along Investor in writing (“Drag-Along Notice”). Each Drag-Along Notice shall (i) set forth the number of Offered Securities, (ii) specify in
reasonable detail the identity of the Offeror, (iii) specify in reasonable detail the amount and type of consideration (including, if the consideration consists in whole or in part of non-cash
consideration, such information available to the Transferring Investor as may be reasonably necessary for the Drag-Along Investors and the Company to properly analyze the economic value and investment risk of such
non-cash consideration) and (iv) specify any other material terms and conditions of the proposed Transfer. Upon receipt of any Drag-Along Notice, each Drag-Along Investor shall, subject to the provisions
of this Section 3.5, cooperate and use its commercially reasonable efforts to facilitate the Transfer and shall sign such instruments and take such action as may be reasonably required to consummate the Transfer. If, and
only if, a Drag-Along Investor breaches the immediately preceding sentence and has not cured such breach within five (5) Business Days after receipt of written notice thereof from the Transferring Investor with a specific explanation of the
alleged breach and the required corrective action (such notice a “Drag Breach Notice” and such Drag-Along Investor, a “Drag Breaching Investor”), then such Drag Breaching Investor is deemed to hereby make,
constitute and appoint the Transferring Investor, with full power of substitution and re-substitution, as such Drag Breaching Investor’s true and lawful attorney-in-fact for it and in its name, place and stead and for its use and benefit, to sign, execute, certify, acknowledge, swear to, file and record any and all documents and to take any actions to the
extent required to be taken by the Drag Breaching Investor pursuant to the immediately preceding sentence and set forth in the Drag Breach Notice. The parties hereto acknowledge that any such power of attorney is coupled with an interest and is
irrevocable. Notwithstanding the foregoing, in the event that more than fifty percent (50%) of the proceeds to be received by the Drag-Along Investors is not cash, the Transferring Investor will not have the right to exercise the Drag-Along Right
unless approved by a Board Supermajority. 
 (b) The proceeds of the Drag-Along Sale shall be allocated to the Transferring Investors and the
Drag-Along Investors in accordance with Article IV.3(b) of the Restated Certificate as if (A) such transfer were a Deemed Liquidation Event (as defined in the Restated Certificate) and (B) the Offered Securities sold in accordance with
this Section 3.5 were the only Sunnova Securities outstanding. For purposes of this Section 3.5(b), a Management Investor that 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 16 

 
holds Vested Options that are not exercised prior to or simultaneously with the closing of the transaction shall receive, with respect to such Vested Options, the consideration that would
otherwise be payable with respect to the shares of Series B Common Stock underlying such Vested Options, minus the aggregate exercise price of such Vested Options. 

Section 3.6 Tag-Along Right. 

(a) After the Lock-up Expiration Date, except for any Transfer to a Permitted Transferee and any
proposed Transfer governed by Section 3.5, if any Investor or group of Investors desires to make a Transfer of (x) thirty-five percent (35%) or more, with respect to Tag-Along
Rights of Principal Investors and (y) fifty percent (50%) or more, with respect to Tag-Along Rights of Management Investors, of the outstanding Series A Common Stock (on a fully-diluted as-converted basis) (as described herein, a “Tag-Along Sale”), each other Investor (a “Tag-Along
Investor”) shall have the right (the “Tag-Along Right”) to require that the proposed purchaser in connection with the Tag-Along Sale purchase
such Tag-Along Investor’s Proportionate Percentage of its Sunnova Securities (including Series B Common Stock issuable upon exercise of any Vested Options and any options that vest as a result of the
consummation of the Transfer to the third party but not including any Series B Common Stock issuable upon exercise of any unvested Options) (the “Tag-Along Securities”), on the same terms and
conditions as the Tag-Along Sale as set forth in the Transfer Notice, which, for purposes of this Section 3.6(a), shall (i) disclose the Offered Securities and (ii) specify
in reasonable detail the amount and type of consideration (including, if the consideration consists in whole or in part of non-cash consideration, such information available to the Transferring Investor as may
be reasonably necessary for the other Investors to properly analyze the economic value and investment risk of such non-cash consideration) and the other terms and conditions of the proposed Transfer. The
Company may require a Management Investor that is a Tag-Along Investor to exercise such Management Investor’s Vested Options, in whole or in part, prior to or simultaneously with the closing of the
transaction or transactions described in this Section 3.6. If a Tag-Along Investor elects to exercise its Tag-Along Right under this
Section 3.6, then he, she or it shall so notify the Transferring Investor in writing (the “Tag-Along Notice”) within five (5) Business Days after the later of
(i) the expiration of the Tag-Along Investor’s Offer Period, as applicable, and (ii) the last day on which the Transferring Investors are required to send notice of the exercise of Drag-Along
Rights, if applicable. In the event that the purchaser in the Tag-Along Sale does not purchase all the Tag-Along Securities pursuant to this
Section 3.6, then the Transferring Investor shall not be permitted to sell any of its Offered Securities to such purchaser unless the Transferring Investor purchases from the
Tag-Along Investors all of the Tag-Along Securities, at the price and on comparable terms to what the Tag-Along Investors would
have received if the purchaser in the Tag-Along Sale had purchased all such Tag-Along Securities. 

(b) The proceeds of the Tag-Along shall be allocated to the Transferring Investors and the Tag-Along Investors in accordance with Article IV.3(b) of the Restated Certificate as if (A) such transfer were a Deemed Liquidation Event (as defined in the Restated Certificate) and (B) the Offered
Securities sold in accordance with this Section 3.6 were the only Sunnova Securities outstanding. For purposes of this Section 3.6(b), a Management Investor that holds Vested Options that are not
exercised prior to or simultaneously with the closing of the transaction shall receive, with respect to such Vested Options, the consideration that would otherwise be payable with respect to the shares of Series B Common Stock underlying such Vested
Options, minus the aggregate exercise price of such Vested Options. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 17 

 Section 3.7 Cooperation. 

(a) In the event of (i) the exercise of a Drag-Along Right pursuant to Section 3.5, each Investor, or
(ii) the exercise of a Tag-Along Right pursuant to Section 3.6, each Tag Along Investor exercising its Tag Along Right, shall consent to and raise no objections against the
transaction and shall take all actions that the Board reasonably deems necessary or desirable in connection with the consummation of the transaction. Without limiting the generality of the foregoing, each such Investor agrees to: (A) execute
any purchase agreement, merger agreement or other agreement entered into with the purchaser and any ancillary agreement with respect thereto; (B) vote the Sunnova Securities held by the Investor in favor of the transaction; and (C) refrain
from the exercise of, and waive, dissenters’ appraisal rights with respect to the transaction. 
 (b) The obligations of the Drag-Along
Investors and Tag-Along Investors are subject to the following terms and conditions: 

(i) subject to Section 3.7(b)(v), if any Investor is given an option as to the form and amount of
consideration to be received, all Drag-Along Investors or Tag-Along Investors, as applicable, shall be given the same option; 

(ii) no Drag-Along Investor or Tag-Along Investor, as applicable, shall be required to
provide any representations, warranties or indemnities in connection with the Transfer, other than customary (including with respect to qualifications) representations and warranties, subject to any exceptions set forth on a disclosure schedule,
concerning (i) such Investor’s valid title to and ownership of the Sunnova Securities, free and clear of all Liens (excluding those arising under applicable securities laws), (ii) such Investor’s authority, power and right to enter
into and consummate such Transfer, and (iii) the absence of any violation of law to which such Investor is subject or by which its assets are bound, which in each case shall be on a several basis, and not on a joint or joint and several basis;
provided that such representations, warranties or indemnities shall not be required to be made or given unless the Transferring Investors make or give such representations, warranties or indemnities; 

(iii) no Drag-Along Investor or Tag-Along Investor, as applicable, shall be liable for,
or obligated with respect to, the inaccuracy of any representation, warranty or covenant made by another Person other than the Company in connection with the Transfer; 

(iv) no Drag-Along Investor or Tag-Along Investor, as applicable, or any of its
Affiliates (other than an Investor that is an employee or consultant of the Company or one or more of its Subsidiaries) shall be required to execute an agreement with a non-competition, non-solicitation, no-hire or other similar restrictive covenant provisions applicable to such Investor or any of its Affiliates, and any confidentiality provision shall be
substantially similar to the confidentiality provision to which the Investors or any of their Affiliates is subject hereunder; 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 18 

 (v) unless otherwise approved by a Board Supermajority, no Drag-Along
Investor or Tag-Along Investors, as applicable, will have any liability in respect of such Transfer for any breach in excess of its ratable share of any purchase price escrow, except for the Investor’s
representations and warranties with respect to itself set forth in Section 3.7(b)(ii), which liability for breaches of such representation and warranties will not exceed the net purchase price actually received by such
Investor, other than in the case of fraud; 
 (vi) any indemnification obligations will be on a several, and not joint, basis
and a Drag-Along Investor’s or Tag-Along Investor’s, as applicable, aggregate liability will not exceed the net purchase price actually received by such Investor and shall be allocated among the
Investors in a manner necessary to preserve the liquidation preference of the Convertible Preferred Stock, such that any such indemnification obligations shall be allocated first to the holders of Common Stock on a pro rata basis, with any remainder
being allocated to the holders of the Convertible Preferred Stock on a pro rata basis, other than in the case of fraud; and 

(vii) if all or part of the consideration proposed to be paid to Investors in a Transfer includes securities with respect to
which no registration statement covering the issuance of such securities has been declared effective under the Securities Act, then each Investor that is not then an “accredited investor” (as such term is defined in Rule 501 under the
Securities Act) may be required (notwithstanding Section 3.7(b)(i)), at the request and election of the Transferring Investor, to (i) appoint a purchaser representative (as defined in Rule 501 under the Securities Act)
reasonably acceptable to such Transferring Investor or (ii) accept cash in lieu of any securities such Investor would otherwise receive in an amount equal to the fair market value of such securities. For the avoidance of doubt, any Transfer
contemplated by this Section 3.7(b)(vii) that would result in any Drag-Along Investor receiving less than fifty percent (50%) of the aggregate consideration such Drag-Along Investor
is entitled to receive under this Section 3.7(b)(vii) in a form other than cash must be approved by a Board Supermajority. 

(c) Each Investor participating in a Drag-Along Sale or Tag-Along Sale shall bear its pro rata share of
the costs of any transaction in which it sells Sunnova Securities (based upon the net proceeds received by such Investor in such transaction), allocated pro rata among the Investors in a manner necessary to preserve the liquidation preference of the
Convertible Preferred Stock, such that any such costs shall be allocated first to the holders of Common Stock on pro rata basis, with any remainder being allocated to the holders of the Convertible Preferred Stock on a pro rata basis, to the extent
such costs are incurred for the benefit of all holders of Sunnova Securities and are not otherwise paid by the Company or the acquiring party. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 19 

 Section 3.8 Right to Public Offering. 

(a) Pursuant to the Registration Rights Agreement dated as of the Original Agreement Date (as such agreement may be amended from time to time,
the “Registration Rights Agreement”), by and among the Company and the Investors, certain Investors (the “IPO Investors”) shall have the right, upon the terms and subject to the conditions set forth in the
Registration Rights Agreement and this Section 3.8, to cause the Company to consummate an initial public offering (a “Required IPO”). 

(b) In furtherance of such Required IPO, the Company shall, upon written request of the IPO Investor(s), implement a structure for the Required
IPO as determined by the IPO Investor(s) (the “Required IPO Structure”). The Company shall cooperate in the Required IPO Structure as requested by the IPO Investor(s). 

(c) Anything contained herein to the contrary notwithstanding, if at any time the IPO Investor(s) exercise their rights pursuant to the
Registration Rights Agreement to cause a Required IPO, each other Investor shall consent to and raise no objections to the Required IPO. The IPO Investor(s) shall provide to each other Investor a notice (the “IPO Notice”), at least forty-five (45) days prior to the consummation of the proposed Required IPO, setting forth the proposed terms of such Required IPO. 

(d) Upon the delivery of such IPO Notice, each Investor shall take all necessary and desirable actions reasonably requested by the Board or the
IPO Investor(s) in connection with the consummation of the Required IPO, including executing such documents (including any necessary amendments to this Agreement and the Registration Rights Agreement) and taking such other actions reasonably
necessary to (i) establish the Required IPO Structure; (ii) provide customary representations, warranties and indemnities with respect to (A) matters of ownership and title to the Sunnova Securities owned by such Investors and
(B) the due authorization or capacity and due and valid execution and delivery by such Investors of documentation in respect of the Required IPO, as are executed by the IPO Investors; (iii) provide indemnities, covenants, conditions,
escrow agreements and other reasonable provisions and agreements relating to such Required IPO (it being understood and agreed that no Investor shall be required to enter into a non-competition covenant); and
(iv) subject to Section 3.8(e), to pay its pro rata portion (based on participation in such Required IPO) of the fees and expenses incurred in connection with such Required IPO, provided that (x) each Investor
that has a right to sell Sunnova Securities in such Required IPO and elects to sell Sunnova Securities in such Required IPO will receive the same form and amount of consideration per Sunnova Security, and (y) no Investor shall be required to
incur indemnification obligations in connection with such Required IPO other than those set forth in the Registration Rights Agreement or the applicable underwriting agreement. 

(e) Without limiting the foregoing, each Investor shall take all necessary actions reasonably requested by the Board or the IPO Investor(s) in
connection with the consummation of such initial public offering, including, without limitation, (i) compliance with the requirements of all laws and regulatory bodies that have jurisdiction over such initial public offering,
(ii) compliance with the listing and other rules governing the securities exchange on which the Common Stock will be listed and waiving any approval rights in connection with such initial public offering, provided that in no event shall any
Investor be required to take any action which would be in violation of or contravene any law, rule, regulation or other limitation of any governmental or regulatory body having jurisdiction over such Investor as reasonably determined by such
Investor’s legal counsel and (iii) taking such actions as may be necessary to effect a reorganization of the Company in anticipation of such initial public offering. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 20 

 ARTICLE IV 

PREEMPTIVE RIGHTS 

Section 4.1 Sale of Securities. 

(a) Except as set forth in Section 4.1(g), if the Company proposes to issue or causes to be issued
(i) additional Sunnova Securities or any Securities of a Subsidiary of the Company (in each case other than Exempt Securities) or (ii) debt securities to any Investor or its Affiliates (determined without regard to the last sentence of the
definition of “Affiliate”) (collectively, a “New Interest”), each Principal Investor shall have the right (the “Preemptive Right”), to purchase such Investor’s Proportionate Percentage of such New
Interest at the time of the Preemptive Right Notice (defined below) and in accordance with the following procedures. 
 (b) The Company shall
give each Principal Investor at least twenty (20) Business Days (the “Election Period”) prior written notice (the “Preemptive Right Notice”) of any proposed issuance of New Interests, which notice shall set
forth in reasonable detail the proposed terms and conditions thereof and shall offer to each such Principal Investor the opportunity to purchase its Proportionate Percentage of such New Interests at the same price, on the same terms and conditions
and at the same time as the New Interests are proposed to be issued by the Company. If any such Principal Investor wishes to exercise its Preemptive Right, it must do so by delivering an irrevocable written notice (an “Election
Notice”) to the Company before the end of the Election Period, which notice shall set forth (i) the dollar amount of New Interests such Principal Investor desires to purchase in connection with such Preemptive Notice, up to such
Principal Investor’s Proportionate Percentage (the “Preemptive Right Election Amount”) and (ii) if such Principal Investor desires to purchase more than its Proportionate Percentage, the maximum dollar amount of New
Interests such Principal Investor desires to purchase (the excess of such maximum dollar amount over the dollar amount of such Principal Investor’s Proportionate Percentage, such Principal Investor’s “Additional Election
Amount”) which such Additional Election Amount, together with the dollar amount of such Principal Investor’s Proportionate Percentage, shall not exceed the dollar amount of the New Interests being offered. 

(c) If one or more of such Principal Investors entitled to the Preemptive Right fails to subscribe for all of its Proportionate Percentage (the
New Interests that comprise any such unsubscribed portions of such Principal Investor’s Proportionate Percentage, the “Unsubscribed Amount”), the Company shall deliver written notice thereof (a “Supplemental Preemptive
Notice”) to each Principal Investor that delivered an Election Notice requesting an Additional Election Amount (a “Preemptive Right Participating Principal Investor”), which notice shall set forth (i) the Unsubscribed
Amount and (ii) the Additional Election Amount required to be funded by the Preemptive Right Participating Principal Investor based on its Election Notice, provided, however, that if the sum of all Additional Election Amounts of
the Preemptive Right Participating Principal Investors set forth in the Election Notices exceeds the Unsubscribed Amount, then the Additional Election Amount of each Preemptive Right Participating Principal Investor shall be reduced to an amount
equal to the product of (x) the Unsubscribed Amount and (y) a fraction (expressed as a percentage), the numerator of which is the amount of such Preemptive Right Participating Principal Investor’s Additional Election Amount and the
denominator of which is the sum of all Additional Election Amounts requested by the Preemptive Right Participating Principal Investors in the Election Notices delivered to the Company pursuant to Section 4.1(b). 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 21 

 (d) At closing (which shall occur eleven (11) Business Days after the end of the
Election Period or such other date as the Company and the Principal Investors who deliver an Election Notice pursuant to Section 4.1(b) may agree (such closing date, the “Preemptive Right Closing Date”)),
each Principal Investor who delivers an Election Notice to the Company shall (i) purchase, for cash, the Preemptive Right Election Amount of New Interests indicated in the Election Notice of such Principal Investor, plus, if applicable, all or
a portion of such Principal Investor’s Additional Election Amount of New Interests to the extent set forth in the Supplemental Preemptive Notice delivered to such Principal Investor pursuant to Section 4.1(c),
and (ii) take all appropriate actions and execute such other instruments, in each case as shall be reasonably requested by the Company in connection with such New Interests. If any Principal Investor who delivers an Election Notice pursuant
to Section 4.1(b) fails to make full payment to the Company on or prior to the Preemptive Right Closing Date for the purchase of its Preemptive Share Election Amount and Additional Election Amount (if any) of New Interests,
as required under this Section 4.1(d), (a) such Principal Investor shall be entitled to purchase only such portion of its Preemptive Share Election Amount and Additional Election Amount (if any) covered by the dollar amount
actually paid by such Principal Investor, (b) the portion of such Principal Investor’s Preemptive Share Election Amount and Additional Election Amount (if any) not so purchased shall be treated as an Unsubscribed Amount and the Company
shall deliver a new Supplemental Preemptive Notice to each of the other Preemptive Right Participating Principal Investors with respect to such Unsubscribed Amount, (c) such Principal Investor’s election to purchase any additional New
Interests pursuant to this Article IV shall be deemed null and void and (d) each other Principal Investor with a Preemptive Right any such additional New Interests not purchased (if any) shall be deemed to be part of the Unsubscribed
Amount. 
 (e) If, following the end of the Election Period, there remains any Unsubscribed Amount that has not been subscribed for by one or
more Principal Investors pursuant to Section 4.1(c) (or if following the Preemptive Right Closing Date there exists any Unsubscribed Amount), then for a period not exceeding one hundred eighty (180) days following the
expiration of the Election Period (the “Third Party Offering Period”), any or all of such Unsubscribed Amount may be issued and sold to any purchaser at a price not less than the price at which they were offered to the Principal
Investors and pursuant to other terms and conditions no more favorable in the aggregate to the purchasers thereof than those offered to the Principal Investors, in each case as specified in the Preemptive Right Notice. Any Unsubscribed Amount not so
issued and sold to any purchaser during the Third Party Offering Period will thereafter again be subject to the Preemptive Rights provided for in this Article IV. 

(f) If, in any instance, a Principal Investor elects not to exercise such Principal Investor’s rights under this Article IV, such
election shall not constitute a waiver of such Principal Investor’s rights in the case of any subsequent transaction by the Company giving rise to the issuance of a Preemptive Right Notice hereunder. 

(g) Notwithstanding anything herein in this Article IV to the contrary, if the Board determines that compliance with the time periods
described in this Article IV would not be in the best interests of the Company because of the liquidity needs of the Company or to comply with covenants under any indebtedness of the Company, then, in lieu of offering any Sunnova Securities
to the Principal Investors entitled to the Preemptive Right at the time such Sunnova Securities are otherwise being issued or sold to a purchaser of Sunnova Securities, the Company 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 22 

 
may comply with the provisions of this Article IV by making an offer to sell to such Principal Investors their Proportionate Percentage (calculated as if the such Sunnova Securities had
not been issued or sold) of the aggregate amount of such Sunnova Securities (including any Sunnova Securities offered pursuant to this Section 4.1(g)) promptly, and in no event later than thirty (30) Business Days,
after such sale is consummated. In such event, for all purposes of this Article IV, each such Principal Investor’s Proportionate Percentage shall be determined taking into consideration the actual number of securities sold so as to
achieve the same economic effect as if such offer would have been made prior to such sale. 
 (h) Notwithstanding anything in this Agreement
to the contrary, any Principal Investor that is also a Management Investor shall lose his or her Preemptive Right on the date of such Management Investor’s Termination of Employment. 

Section 4.2 Exempt Securities. The rights of the Investors under Section 4.1 shall not apply to the
following Sunnova Securities (the “Exempt Securities”): 
 (a) Common Stock or Preferred Stock issued or issuable pursuant
to the Purchase and Exchange Agreement (including pursuant to Section 9.2 thereof); 
 (b) Sunnova Securities issued by reason of a
dividend, stock split, split-up or other distribution on shares of Common Stock that is covered by Section IV.3(d)(v), (vi), (vii) or (viii) of the Restated Certificate; 

(c) Sunnova Securities issued or issuable upon conversion of any of the Preferred Stock, or as a dividend or distribution on the Preferred
Stock; 
 (d) Sunnova Securities issued or issuable upon the conversion of any debenture, warrant, option or other convertible security (but
only to the extent that the original issuance of such debenture, warrant, option or other convertible security was subject to the preemptive rights set forth in this Section 4.1); 

(e) Sunnova Securities issued or issuable to employees or directors of, or consultants or advisors to, the Company (including any Sunnova
Securities issued upon the conversion, exercise or exchange thereof) pursuant to any plan approved by the Board; 
 (f) Sunnova Securities
issued or issuable pursuant to the acquisition of another Entity by the Company by merger, purchase of substantially all of the assets or a business line, unit or division or other reorganization or pursuant to a joint venture agreement, provided
that such issuances are approved by the Board; 
 (g) Any Securities of a Subsidiary of the Company issued to the Company or any Subsidiary
of the Company; or 
 (h) Sunnova Securities issued or issuable in any firmly underwritten public offering of the Company pursuant to a
registration statement under the Securities Act, including issuances solely for the purposes of effecting a Required IPO Structure in accordance with the terms of this Agreement and the Registration Rights Agreement. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 23 

 ARTICLE V 

RIGHTS TO REPURCHASE SHARES 

Section 5.1 Call Right. 

(a) The Company shall have the option to repurchase any Sunnova Securities held by any Management Investor or his or her Permitted Transferees
(the “Call Right”), exercisable any time during the period beginning on the date of such Management Investor’s Termination of Employment and ending on the date (the “Repurchase Deadline”) that is the first
anniversary of the later of (i) the date of such Termination of Employment and (ii) the date of the exercise of any Vested Options held by such Management Investor as of the date of such Termination of Employment; provided,
however, that, notwithstanding the foregoing, in no event shall the Company purchase any Sunnova Securities pursuant to the Call Right prior to the day immediately following the six (6) month anniversary of the date such Management
Investor first purchased such Sunnova Securities (whether pursuant to the exercise of Vested Options or otherwise). The Call Right may be exercised more than once and may be exercised with respect to some or all of the Sunnova Securities outstanding
on the date of any Call Notice. The repurchase price payable by the Company upon exercise of the Call Right (“Call Repurchase Price”) shall be the Fair Market Value of the Sunnova Securities subject to the Call Right on the date of
the repurchase; provided, however, that, notwithstanding the foregoing, in the event of (A) except for Management Investors’ Series A Common Stock or any Management Investors’ Series B Common Stock acquired prior to the
date hereof, a Management Investor’s resignation prior to the second (or third, in the case of the Chief Executive Officer of the Company) anniversary of the later of the date hereof and such Management Investor’s date of hire by the
Company, (B) a Management Investor’s Termination of Employment at any time by the Company for Cause or (C) material breach by a Management Investor of any restrictive covenant (other than a nondisparagement covenant) in any employment
agreement, Equity Incentive Plan or equity award agreement or other document to which such Management Investor is subject (“Restrictive Covenants”), the Call Repurchase Price shall be the lesser of (x) Fair Market Value of the
Sunnova Securities subject to the Call Right on the date of the repurchase and (y) the purchase price paid by such Management Investor for such Sunnova Securities (or if no purchase price was paid, the price per Sunnova Security equal to the
par value per Sunnova Security); provided, further, that a resignation of a Management Investor for Good Reason as defined in and pursuant to such Management Investor’s employment agreement with the Company shall be deemed to be a
Termination of Employment by the Company or without Cause for purposes of determining the Call Repurchase Price. The Call Right shall be exercised by written notice to the Management Investor given in accordance with
Section 10.4 of this Agreement (a “Call Notice”) on or prior to the Repurchase Deadline. 
 (b) In
addition, the Company shall have a Call Right effective immediately prior to any Sale of the Company to occur following the date hereof. For purposes of the exercise of any such Call Right, the determination of Fair Market Value shall be made
without regard to any discounts for illiquidity or lack of control. 
 (c) In the event that the Company elects not to exercise its Call
Right under Section 5(a) with respect to all of the Sunnova Securities then held by a Management Investor or his or her Permitted Transferees (the “Eligible Shares”), (i) the Company shall provide written
notice to the ECP Investors on or at any time prior to the Repurchase Deadline of (A) the 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 24 

 
Company’s decision not to purchase all of the Eligible Shares and (B) the number of Eligible Shares that were not purchased by the Company and (ii) the ECP Investors, for so long
as the ECP Investors collectively own 40% (or, following the ECP Investors’ satisfaction of their commitment to purchase the full number of the Additional Shares, 50%) or more of the outstanding Series A Common Stock (on a fully-diluted as-converted basis), shall have the option to purchase some or all of such Eligible Shares (the “ECP Call Right”) at the Call Repurchase Price; provided that a Board Adjustment Event has not
occurred. The ECP Call Right shall be exercised by a Call Notice on or prior to the later of (x) the thirtieth (30th) day following receipt by the ECP Investors of the written notice under clause (i) above and (y) the Repurchase
Deadline. 
 (d) Subject to Section 5.3 below, the repurchase of Sunnova Securities pursuant to the exercise of a
Call Right or ECP Call Right shall take place on a date specified by the Company or the ECP Investors, as applicable, but in no event following the later of (i) the sixtieth (60th) day following the date of the Call Notice and (ii) if
applicable, the tenth (10th) day following the receipt by the Company of all necessary governmental approvals. On such date, the Management Investor or his or her Permitted Transferees shall transfer the Sunnova Securities subject to the Call Notice
to the Company or the ECP Investors, as applicable, free and clear of all liens and encumbrances, by delivering the certificates representing the Sunnova Securities to be purchased, duly endorsed for transfer to the Company or the ECP Investors, as
applicable, or accompanied by a stock power duly executed in blank, and the Company or the ECP Investors, as applicable, shall pay to such Management Investor the Call Repurchase Price. The Management Investor shall use all commercially reasonable
efforts to assist the Company or the ECP Investors, as applicable, in order to expedite all proceedings described in this Article 5. 

Section 5.2 Involuntary Transfers. 

(a) In the case of any transfer of title or beneficial ownership of Sunnova Securities upon default, foreclosure, forfeit, divorce, court order
or otherwise, other than by a voluntary decision on the part of a Management Investor (each, an “Involuntary Transfer”), such Management Investor shall promptly (but in no event later than two (2) days after the Involuntary
Transfer) furnish written notice (the “Involuntary Transfer Notice”) to the Company indicating that the Involuntary Transfer has occurred, specifying the name and last known address, phone number, facsimile number and email address
of the person to whom the shares were transferred (the “Involuntary Transferee”), giving a detailed description of the circumstances giving rise to, and stating the legal basis for, the Involuntary Transfer. 

(b) Upon the receipt of the Involuntary Transfer Notice, and for sixty (60) days thereafter, the Company shall have the right to
repurchase, and the Involuntary Transferee shall have the obligation to sell, any of the Sunnova Securities acquired by the Involuntary Transferee for a repurchase price equal to the Fair Market Value of such Sunnova Securities as of the date of the
repurchase (the “Involuntary Transfer Repurchase Price” and such right, the “Involuntary Transfer Repurchase Right”). The Involuntary Transfer Repurchase Right shall be exercised by written notice (the
“Involuntary Transfer Repurchase Notice”) to the Involuntary Transferee given in accordance with Section 10.4 of this Agreement on or prior to the last date on which the Involuntary Transfer Repurchase
Right may be exercised by the Company. The Involuntary Transfer Repurchase Right may be exercised more than once and may be exercised with respect to some or all of the Sunnova Securities. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 25 

 (c) In the event that the Company elects not to exercise its Involuntary Transfer Repurchase
Right under Section 5.2(b) with respect to all of the Sunnova Securities, (i) the Company shall provide written notice to the ECP Investors on or at any time prior to sixtieth (60th) day after receipt of the Involuntary Transfer Notice of (A) the Company’s decision not to purchase all of the Sunnova Securities acquired by the Involuntary Transferee and (B) the
number of Sunnova Securities that were not purchased by the Company and (ii) the ECP Investors, for so long as the ECP Investors collectively own 40% (or, following the ECP Investors’ satisfaction of their commitment to purchase the full
number of the Additional Shares, 50%) or more of the outstanding Series A Common Stock (on a fully-diluted as-converted basis), shall have the option to purchase, and the Involuntary Transferee shall have the
obligation to sell, some or all of such Sunnova Securities (the “ECP Involuntary Transfer Repurchase Right”) at the Involuntary Transfer Repurchase Price; provided that a Board Adjustment Event has not occurred. The ECP
Involuntary Transfer Repurchase Right shall be exercised by delivery of an Involuntary Transfer Repurchase Notice on or prior to the thirtieth (30th) day following receipt by the ECP Investors of the written notice under clause (A) above. The
ECP Involuntary Transfer Repurchase Right may be exercised more than once and may be exercised with respect to some or all of the Sunnova Securities. 

(d) Subject to Section 5.3 below, the repurchase of Sunnova Securities pursuant to the exercise of the Involuntary
Transfer Repurchase Right or ECP Involuntary Transfer Repurchase Right shall take place on a date specified by the Company or the ECP Investors, as applicable, but in no event following the later of the sixtieth (60th) day following the date of the Involuntary Transfer Repurchase Notice or the tenth (10th) day following the receipt by the Company of all
necessary governmental approvals. On such date, the Involuntary Transferee shall transfer the Sunnova Securities subject to the Involuntary Transfer Repurchase Notice to the Company or the ECP Investors, as applicable, free and clear of all liens
and encumbrances, by delivering the certificates representing the Sunnova Securities to be purchased, duly endorsed for transfer to the Company or the ECP Investors, as applicable, or accompanied by a stock power duly executed in blank, and the
Company or the ECP Investors, as applicable, shall pay the Involuntary Transfer Repurchase Price to the Involuntary Transferee. The Involuntary Transferee shall use all commercially reasonable efforts to assist the Company or the ECP Investors, as
applicable, in order to expedite all proceedings described in this Section 5.2. If the Involuntary Transferee does not transfer the Sunnova Securities to the Company as required, the Company will cancel such Sunnova
Securities and deposit the funds in a non-interest bearing account and make payment upon delivery. 

(e) In addition to the restrictions set forth elsewhere in this Agreement, if the Company and the ECP Investors do not elect to purchase all of
the Sunnova Securities pursuant to the exercise of the Involuntary Transfer Repurchase Right and the ECP Involuntary Transfer Repurchase Right, respectively, the Involuntary Transferee shall agree in writing to be bound by the terms and conditions
of this Agreement pursuant to an instrument of assumption reasonably satisfactory in form and substance to the Board. Upon the execution of an instrument of assumption by such Involuntary Transferee, such Involuntary Transferee shall be deemed to be
a Management Investor for all purposes of this Agreement except that Article 5 shall cease to apply following such Transfer (other than Section 5.2, which shall continue to apply). If the Involuntary Transferee fails
to execute an instrument of assumption in accordance with this Section 5.2(e) within thirty (30) days of receiving notice from the Company, the Company shall have the option to repurchase

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 26 

 
some or all of the Sunnova Securities held by the Involuntary Transferee for Fair Market Value at any time upon notice to the Involuntary Transferee, and if the Involuntary Transferee fails to
transfer any such Sunnova Securities to the Company, the Company will cancel such Sunnova Securities and deposit the funds in a non-interest bearing account and make payment upon delivery. 

Section 5.3 Repurchase Disability. 

(a) Notwithstanding anything to the contrary herein, except as otherwise provided by Section 5.3(c), the Company
shall not be permitted to purchase any Sunnova Securities held by any Management Investor or Involuntary Transferee upon exercise of the Call Right or the Involuntary Transfer Repurchase Right if the Board determines that: 

(i) the purchase of Sunnova Securities would render the Company or its Subsidiaries unable to meet their obligations in the
ordinary course of business taking into account any pending or proposed transactions, capital expenditures or other budgeted cash outlays by the Company, including, without limitation, any proposed acquisition of any other entity by the Company or
any of its Subsidiaries; 
 (ii) the Company is prohibited from purchasing the Sunnova Securities by applicable law
restricting the purchase by a corporation of its own shares; or 
 (iii) the purchase of Sunnova Securities would constitute
a breach of, default, or event of default under, or is otherwise prohibited by, the terms of any loan agreement or other agreement or instrument to which the Company or any of its Subsidiaries is a party (the “Financing Documents”)
or the Company is not able to obtain the requisite consent of any of its senior lenders to the purchase of the Sunnova Securities. 
 The events described
in (i) through (iii) above each constitute a “Repurchase Disability.” 
 (b) Except as otherwise provided by
Section 5.3(c), in the event of a Repurchase Disability, the Company shall notify in writing the Management Investor or Involuntary Transferee with respect to whom the Call Right or the Involuntary Transfer Repurchase Right
has been exercised (a “Disability Notice”). The Disability Notice shall specify the nature of the Repurchase Disability. The Company shall thereafter repurchase the Sunnova Securities described in the Call Notice or Involuntary
Transfer Repurchase Notice as soon as reasonably practicable after all Repurchase Disabilities cease to exist (or the Company may elect, but shall have no obligation, to cause its nominee to repurchase the Sunnova Securities while any Repurchase
Disabilities continue to exist). In the event the Company suspends its obligations to repurchase the Sunnova Securities pursuant to a Repurchase Disability: (i) the Company shall provide written notice to each applicable Management Investor or
Involuntary Transferee as soon as practicable after all Repurchase Disabilities cease to exist (the “Reinstatement Notice”); (ii) the Fair Market Value of the Sunnova Securities subject to the Call Notice or Involuntary Transfer
Repurchase Notice shall be determined as of the date the Reinstatement Notice is delivered to the Management Investor or Involuntary Transferee, which Fair Market Value shall be used to determine the Call Repurchase Price or Involuntary Transfer
Repurchase Price in the manner described above; and (iii) the repurchase shall occur on a date specified by the Company within ten (10) days following the determination of the Fair Market Value of the Sunnova Securities to be repurchased
as provided in clause (ii) above. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 27 

 (c) Notwithstanding Section 5.3(a) and
Section 5.3(b), in the event of a Repurchase Disability, then, in the sole discretion of the Board, the Company may purchase the Sunnova Securities subject to the Call Right or Involuntary Transfer Repurchase Right, as
applicable, and, in lieu of cash consideration, issue a promissory note to such Management Investor in the amount of the Call Repurchase Price or Involuntary Transfer Purchase Price, as applicable, the terms of which promissory note shall be
acceptable to the Company’s senior lenders and shall not result in a breach or violation of any of the Financing Documents. The promissory note shall (i) bear compound interest at the prime rate as published in the Wall Street Journal
on the date such payment is due and owing from such date to the date such payment is made, (ii) have a term of no more than three (3) years and (iii) have such other reasonable terms and conditions as may be determined by the
Company. All payments of interest accrued under the promissory note shall be paid only at the date of payment by the Company of the principal amount of such promissory note. 

Section 5.4 Set-Off. If any Management Investor is determined by final judicial
determination (or final determination of binding arbitration) to have materially breached any Restrictive Covenant following the exercise by the Company or the ECP Investors of the Call Right or the ECP Call Right, respectively, then such Management
Investor shall immediately return any Gain realized with respect to the Sunnova Securities repurchased by the Company or the ECP Investors pursuant to the Call Right or the ECP Call Right. For purposes of this Agreement, “Gain”
shall mean an amount equal to the excess, if any, of the Call Repurchase Price for the Sunnova Securities repurchased over the purchase price, if any, paid by such Management Investor for such Sunnova Securities. Each Management Investor consents to
a deduction (to the extent permitted by applicable law and not prohibited by Section 409A of the Code) from any amounts the Company or any of its Affiliates may owe such Management Investor from time to time (including, without limitation
amounts owed to such Management Investor as wages or other compensation, fringe benefits or vacation pay), to the extent of the amounts such Management Investor owes the Company pursuant to this Section 5.4. Whether or not
the Company elects to make any set-off in whole or in part, if the Company does not recover by means of set-off the full amount owed by a Management Investor pursuant to
this Section 5.4, such Management Investor shall immediately pay the unpaid balance to the Company. 

ARTICLE VI 
 BOARD OF
DIRECTORS 
 Section 6.1 Size of the Board. Each Investor shall vote all of his, her or its Sunnova Securities and shall
take all other necessary or desirable actions within his, her or its control (whether in such Investor’s capacity as a shareholder of the Company or otherwise, and including attendance at meetings in person or by proxy for purposes of obtaining
a quorum and execution of written consents in lieu of meetings), and the Company shall take all necessary and desirable actions within its control (including calling special Board and shareholder meetings), so the size of the Board shall be set and
remain at seven (7) directors and may be increased or decreased only with the written consent of (a) the Requisite Investors, following (b) approval of the Board including at least one ECP Director and one Non-ECP Director. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 28 

 Section 6.2 Composition of the Board. 

(a) Each Investor shall vote all of his, her or its Sunnova Securities and shall take all other necessary or desirable actions within his, her
or its control (whether in such Investor’s capacity as a shareholder of the Company or otherwise, and including attendance at meetings in person or by proxy for purposes of obtaining a quorum and execution of written consents in lieu of
meetings), and the Company shall take all necessary and desirable actions within its control (including calling special Board and shareholder meetings) to effect the appointment of directors as set forth in this
Section 6.2(a). 
 (i) Initial Directors. From and after the Initial Closing and until such
time as any event set forth in Section 6.2(a)(iii) has occurred: 
 (1) the ECP Investors shall be
entitled to designate four (4) natural Persons to serve on the Board (any natural Person designated by the ECP Investors, an “ECP Director”) as follows: (A) one (1) director nominated by Energy Capital Partners III, LP,
who shall initially be Rahul Advani, (B) one (1) director nominated by Energy Capital Partners III-A, LP, who shall initially be Rahman D’Argenio, (C) one (1) director nominated by Energy
Capital Partners III-B, LP, who shall initially be Matthew DeNichilo, and (D) one (1) director nominated by Energy Capital Partners III-D, LP, who shall initially
be Doug Kimmelman. 
 (2) the Non-ECP Lead Investor Group, on behalf of the Non-ECP Investors, shall be entitled to designate three (3) natural Persons to serve on the Board (any natural Person designated by the Non-ECP Lead Investor Group on
behalf of the Non-ECP Investors, and any replacement thereof designated by Russell Gordy pursuant to Section 6.4(b), a “Non-ECP
Director”). The initial Non-ECP Directors shall initially be William J. Berger, Michael Morgan and C. Park Shaper. 

(3) Provided that William J. Berger, the current Chief Executive Officer of the Company, is appointed as a Non-ECP Director, Mr. Berger shall be the initial Chairman of the Board until his earlier termination or replacement in accordance with the Restated Bylaws. 

(ii) [Reserved] 

(iii) Additional Board Adjustments. 

(1) At such time as the ECP Investors (together with their Permitted Transferees) fail to hold Sunnova Securities representing
more than thirty percent (30%) of the Series A Common Stock of the Company (calculated on a fully-diluted as-converted basis), then the ECP Investors shall be entitled to designate two (2) ECP Directors
(with Energy Capital Partners III, LP and Energy Capital Partners III-D, LP losing their rights to designate a director) and the Non-ECP Lead Investor Group, on behalf of the
Non-ECP Investors, shall be entitled to designate five (5) Non-ECP Directors. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 29 

 (2) At such time as the Non-ECP
Investors (together with their Permitted Transferees) fail to hold Sunnova Securities representing more than thirty percent (30%) of the Series A Common Stock of the Company (calculated on a fully-diluted
as-converted basis), then the Non-ECP Lead Investor Group, on behalf of the Non-ECP Investors, shall be entitled to designate two
(2) Non-ECP Directors and the ECP Investors shall be entitled to designate five (5) ECP Directors (with Energy Capital Partners III-D being entitled to
designate such additional director). 
 (b) Each Investor hereby votes all of his, her or its Sunnova Securities in favor of the election of
each Board nominee set forth in Section 6.2(a). In the absence of any designation from the Persons or groups with the right to designate a director as set forth in Section 6.2(a), the director
previously designated by them and then serving shall be reelected if still eligible to serve as provided herein. 
 (c) From and after the
execution of this Agreement, each Investor shall vote all of his, her or its Sunnova Securities and shall take all other necessary or desirable actions within his, her or its control (whether in such Investor’s capacity as a shareholder of the
Company or otherwise, and including attendance at meetings in person or by proxy for purposes of obtaining a quorum and execution of written consents in lieu of meetings), and the Company shall take all necessary and desirable actions within its
control (including calling special Board and stockholder meetings), to give effect to the provisions of Sections 6.3, 6.4 and 6.5. 

(d) In addition to any requirements set forth in the Restated Bylaws, (i) any quorum of the Board shall require the presence of at least
one Non-ECP Director and one ECP Director and (ii) the Non-ECP Lead Investor Group shall be entitled to designate one
Non-ECP Director to serve on each committee of the Board and the ECP Investors shall be entitled to designate one ECP Director to serve on each committee of the Board. 

Section 6.3 Board Observers. For so long as any Principal Investor holds Sunnova Securities representing at least five percent
(5%) of the outstanding Common Stock of the Company on a fully-diluted as-converted basis, the Company shall invite a representative designated by such Investor (an “Observer”) to attend all
meetings of the Board in a nonvoting observer capacity and, in this respect, shall give such representative copies of all notices, minutes, consents and other materials that it provides to its directors at the same time and in the same manner as
provided to such directors; provided, however, that such Observer shall agree to hold in confidence and trust and to act in a fiduciary manner with respect to all information so provided; provided, further, that the Company reserves
the right to withhold any information and to exclude such Observer from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its
counsel or result in disclosure of trade secrets or a conflict of interest, or if such Investor or its Observer is a competitor of the Company. The rights described in this Section 6.3 shall terminate and be of no further
force or effect upon consummation of a Qualified Public Offering. Notwithstanding the foregoing, (i) the members of the Board may engage in discussions with one another outside of any meetings of the Board without the need to include any
Observer in such discussions or otherwise inform any Observer of such discussions; (ii) the Board may take actions by unanimous written consent without giving prior notice to any Observer, so long as such Observer is provided contemporaneous
notice of such actions and (iii) at any meeting of the Board attended by any Observer, prior to the consummation of such meeting, the Board may sit in executive session without the presence of such Observer for purposes of discussion, vote or
otherwise. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 30 

 Section 6.4 Vacancies; Removal. 

(a) The directors designated pursuant to Section 6.2(a) shall be elected at any annual or special meeting of the
shareholders of the Company (or by written consent in lieu of a meeting of the shareholders) and shall serve until their successors are duly elected and qualified or until their earlier resignation or removal. 

(b) Subject to Section 6.4(c), (i) any director elected pursuant to Section 6.2(a) may be
removed during his or her term of office, with or without cause, by and only by, the affirmative vote or written consent of the Persons entitled to designate such director pursuant to Sections 6.2(a) and (ii) the Investors shall not vote
or consent to remove any director nominated and elected pursuant to Section 6.2(a) unless the Persons entitled to nominate such director shall consent to, approve and recommend such removal. Notwithstanding the immediately
preceding sentence, for so long as (A) no more than one Non-ECP Investor and its Affiliates has an aggregate Proportionate Percentage greater than the Russell Gordy Investors and their Affiliates under
the control of Russell Gordy and (B) no director nominated by Russell Gordy is serving on the Board, Russell Gordy may remove one Non-ECP Director (other than William J. Berger), with or without cause,
and nominate such director’s replacement on behalf of the Non-ECP Investors; provided that the Non-ECP Lead Investor Group may remove, with or without cause,
and replace any Non-ECP Director nominated pursuant to this sentence if at any time the condition set forth in clause (A) of this sentence fails to be satisfied. 

(c) Upon the Non-ECP Lead Investor Group’s or the ECP Investors’ loss of the right to appoint
a Non-ECP Director or ECP Director, as applicable, pursuant to Section 6.2(a), the Non-ECP Lead Investor Group or the ECP Investor, as
applicable, losing such right shall, within five (5) calendar days, designate in writing to the other, as applicable, and the Chairman of the Board which Person is removed from the Board; provided, however, that immediately upon
the loss of such right in accordance with Section 6.2(a), the Chairman of the Board shall not permit an action of the Board to be voted upon or taken by written consent until the appropriate number of directors shall have
been properly adjusted in accordance with Section 6.2(a). In the event that the Non-ECP Lead Investor Group or the ECP Investor, as applicable, losing the right to appoint a director
shall fail to designate which Person is removed in the timeframe required pursuant to the foregoing sentence, (i) the Non-ECP Lead Investor Group, on behalf of the
Non-ECP Investors, in the case of a loss of an ECP Director and (ii) the ECP Representative, on behalf of the ECP Investors, in the case of a loss of a Non-ECP
Director, shall have the right in its sole discretion to designate to the Chairman of the Board and the party losing such right which Person is removed as a director of the Board. 

(d) Any vacancies created by the resignation, removal or death of a director elected pursuant to Section 6.2(a) shall
be filled pursuant to the provisions of this Article VI. 
 Section 6.5 Expenses. The Company shall or shall cause a
Subsidiary to pay or reimburse each director on the Board and on the board of directors of each Subsidiary for the reasonable out-of-pocket expenses incurred by such
director in connection with attending meetings of the Board or such Subsidiary’s board of directors or attending any other activities in connection with the fulfillment of such director’s duties. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 31 

 Section 6.6 Confidentiality Duties. Notwithstanding any applicable fiduciary
duties, any director designated pursuant to Section 6.2(a) shall be and is hereby authorized to disclose to the Person who nominated such director pursuant to Section 6.2(a), confidential
information of the Company and its Subsidiaries to the extent such disclosure is in furtherance of such nominating Person’s administration of its investment in the Company in the ordinary course of its business. 

Section 6.7 No Liability for Election of Recommended Directors. No Investor, nor any Affiliate of any Investor, shall have any
liability as a result of designating a Person for election as a director for any act or omission by such designated Person in his or her capacity as a director of the Company, nor shall any Investor have any liability as a result of voting for any
such designee in accordance with the provisions of this Agreement. 
 Section 6.8 Reserved Board Decisions. Notwithstanding
anything to the contrary contained in this Agreement and except for actions reasonably required to exercise rights and otherwise comply with Section 3.5 (to the extent such actions treat all Investors in a like manner), the
Company shall not take and shall not permit its controlled Subsidiaries to take, and, with respect to any other Subsidiaries, shall take all reasonably necessary or desirable actions within the Company’s control (whether in the Company’s
capacity as an equity holder or otherwise) to prevent any of the following actions without the prior affirmative vote of 70% of the Board members present at a meeting at which a quorum is present, such vote to include the affirmative vote of at
least one Non-ECP Director that is not the Chief Executive Officer or President of the Company (a “Board Supermajority”): 

(a) the acquisition, disposition, encumbrance or transfer of any assets of the Company or its Subsidiaries to a third party in a transaction or
series of transactions with a value in excess of $100 million and not in the ordinary course of business other than to one or more wholly owned Subsidiaries of the Company; 

(b) other than (i) budgeted or Board-approved draws and repayments under existing debt facilities, (ii) trade credit incurred in the
ordinary course of business and (iii) portfolio-level or Subsidiary financings that are on a non-recourse basis to the Company (other than any such financings in this clause (iii) entered into with
any Investor or its Affiliates (determined without regard to the last sentence of the definition of “Affiliate”)), the incurrence, assumption, prepayment, voluntary prepayment or redemption of any indebtedness, including guarantees, or the
entering into of finance or operating leases by the Company or its Subsidiaries in a transaction or series of transactions in excess of $100 million (except for refinancings on market terms); 

(c) the issuance of any Securities (other than pursuant to an Equity Incentive Plan or the Purchase and Exchange Agreement) of the Company or
any Subsidiary of the Company to any Person other than the Company or any wholly owned Subsidiary of the Company; 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 32 

 (d) the approval, declaration or making of any dividend payment of the cash proceeds of the
issuance of Preferred Stock under the Purchase and Exchange Agreement to any Person other than the Company or any wholly owned Subsidiary of the Company; 

(e) the approval or adoption of an annual budget or making any changes to an approved annual budget, provided, that if within 30 days
after commencement of any fiscal year an annual budget has not been approved pursuant to this Section 6.8(e) for such fiscal year, then the Company shall (i) other than with respect to capital expenditures, continue to
operate pursuant to the annual operating budget for the previous fiscal year with a variance of no greater than 5% in the aggregate and no greater than 10% on any given line item and (ii) only incur capital expenditures to the extent necessary
to comply with law or regulatory requirements or for emergency expenses; 
 (f) the incurrence of expenses that would result in either
(i) aggregate expenses exceeding the amount budgeted therefor in the approved annual budget by 10% or more, or (ii) individual line item expenses exceeding the amount budgeted therefor in the approved annual budget by 25% or more; 

(g) engaging in any line of business substantially different from those lines of business conducted by the Company and any of its Subsidiaries
on the date hereof; 
 (h) entering into, amending, modifying or consummating any transaction, agreement or arrangement, directly or
indirectly, with or for the benefit of a director, officer, employee, shareholder or other Affiliate of the Company or any of its Subsidiaries (in each case, other than any such transaction, agreement or arrangement with a Subsidiary of the
Company), other than any one or more series of related transactions, agreements or arrangements (i) that involve consideration in an amount not exceeding $1,000,000 annually or $2,000,000 in the aggregate and (ii) entered into in the
ordinary course of business and on terms and conditions to the Company or the applicable Subsidiary not less favorable, in the aggregate, than the terms and conditions which would apply in a similar transaction negotiated on an arms-length basis
with an unaffiliated third party, provided, however, that (A) for purposes of this Section 6.8(h), the vote of any interested director (including any director who is a director, officer, employee,
relative of or similarly affiliated with a person with an interest in the applicable transaction, agreement or arrangement) shall be excluded and approval of the proposed transaction shall require the affirmative vote of 70% of the Board members
that are not interested directors and (B) the Investors hereby approve, and a Board Supermajority shall be deemed to have approved, the documents set forth on Schedule II; or 

(i) entry into any agreement or commitment with respect to any of the foregoing. 

Section 6.9 Reserved Investor Decisions. Notwithstanding anything to the contrary contained in this Agreement and except for
actions reasonably required to exercise rights and otherwise comply with Section 3.5 (to the extent such actions treat all Investors in a like manner), the Company shall not take and shall not permit its controlled Subsidiaries to take, and,
with respect to any other Subsidiaries, shall take all reasonably necessary or desirable actions within the Company’s control (whether in the Company’s capacity as an equity holder or otherwise) to prevent, any of the following actions
without the prior affirmative vote of the Requisite Investors (on a fully-diluted as-converted basis): 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 33 

 (a) amending or altering, or repealing, this Agreement or any amendment of the
Company’s or its Subsidiaries’ organizational documents which disproportionately and negatively impacts any Investor or group of Investors; 

(b) increasing or decreasing the size of the Board except as otherwise expressly provided for in this Agreement; 

(c) filing for voluntary Bankruptcy of the Company; 

(d) appointing or removing the Company’s auditors or approving any material change in the accounting methods or tax policy of the Company
(except as required by any governmental entity or applicable law or regulation, or as may be required under U.S. GAAP); or 
 (e)
consummating a Sale of the Company. 
 Section 6.10 Vote to Increase Authorized Common Stock. Each Investor shall vote all of
his, her or its Sunnova Securities and shall take all other necessary or desirable actions within his, her or its control (whether in such Investor’s capacity as a shareholder of the Company or otherwise, and including attendance at meetings in
person or by proxy for purposes of obtaining a quorum and execution of written consents in lieu of meetings), and the Company shall take all necessary and desirable actions within its control (including calling special Board and shareholder
meetings), to increase the number of authorized shares of Common Stock from time to time as necessary to ensure that there will be sufficient shares of Common Stock available (i) for conversion of all of the shares of Preferred Stock
outstanding at any given time and (ii) for the Company to satisfy its indemnity obligations under the Purchase and Exchange Agreement. 

ARTICLE VII 
 COVENANTS
OF THE COMPANY 
 Section 7.1 Information Rights. The Company shall deliver to each Principal Investor: 

(a) as soon as available, but in any event within one hundred twenty (120) days after the end of each fiscal year of the Company,
comparative financial statements as of and for the most recent fiscal year of the Company and the immediately preceding fiscal year, including a consolidated balance sheet of the Company and its Subsidiaries as at the end of such fiscal year, a
statement of retained earnings, an income statement and a statement of cash flows for such period, all in reasonable detail, prepared in accordance with U.S. GAAP, audited by an independent public accounting firm, and accompanied by an
auditor’s report prepared in accordance with U.S. GAAP, which shall state that (i) the financial statements have been prepared in accordance with U.S. GAAP applied on a basis consistent with that of the preceding fiscal year, and present
fairly and accurately the financial position of the Company and its Subsidiaries as of their date and the results of operations and cash flows for the periods covered thereby and (ii) the audit by such accountants in connection with such
financial statements has been made in accordance with U.S. GAAP; 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 34 

 (b) as soon as available, but in any event within sixty (60) days after the end of each
of the first three fiscal quarters of each year, unaudited financial statements as of and for the most recent fiscal quarter, including a consolidated balance sheet of the Company and its Subsidiaries as at the end of each such period, an income
statement and a statement of cash flows for such period, all in reasonable detail, prepared in accordance with U.S. GAAP, and, in the case of the first, second and third fiscal quarterly periods, for the period from the beginning of the current
fiscal year to the end of such quarterly period, setting forth in each case, in comparative form, the figures for the corresponding period of the previous fiscal year, all in reasonable detail and certified by the chief financial officer of the
Company that such financial statements were prepared in accordance with U.S. GAAP applied on a basis consistent with that of preceding periods and, except as otherwise stated therein, fairly present the financial position of the Company and its
Subsidiaries as of their date and the results of operations and cash flows for the periods covered thereby, subject to (i) there being no footnotes contained therein and (ii) any changes resulting from
year-end audit adjustments; and 
 (c) as soon as available, but in any event within thirty
(30) days after the end of each month, an unaudited consolidated balance sheet of the Company and its wholly owned Subsidiaries as at the end of each such month, an income statement and a statement of cash flows of the Company and its wholly
owned Subsidiaries for such period and, in each case, for the period from the beginning of the current fiscal year to the end of such monthly period, setting forth in each case, in comparative form, the figures for the corresponding period of the
previous fiscal year, all in reasonable detail, provided, however, that the Company shall use commercially reasonable efforts to cause its non-wholly owned Subsidiaries to produce the monthly
financial statements described above and to the extent such Subsidiaries produce such monthly financial statements, the Company shall, to the extent not prohibited by applicable law or confidentiality obligations, provide to Investors such monthly
financial statements as soon as available, but in any event within thirty (30) days after receipt of such financial statements. 

Section 7.2 Inspection Rights. The Company will permit each Principal Investor holding Sunnova Securities representing at least
five percent (5)% of the outstanding Common Stock of the Company on a fully-diluted as-converted basis and such Persons as it may designate, at such Investor’s expense, to examine its books and records
and discuss the affairs, finances and accounts of the Company with the Company’s officers, employees and public accountants (and the Company hereby authorizes said accountants to discuss with such holder and such designees such affairs,
finances and accounts), during normal business hours and upon reasonable notice. 
 Section 7.3 Budget Process. The Company
shall cause the appropriate members of the Company’s management to prepare and deliver to the Board, at least forty-five (45) days before the last day of each fiscal year, a draft budget for the Company’s upcoming fiscal year. 

ARTICLE VIII 
 CERTAIN
TAX MATTERS 
 Section 8.1 Certain Tax Matters. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 35 

 (a) If reasonably requested by any Investor in writing, the Company shall within a
reasonable period of time provide such Investor with a duly executed statement pursuant to Treasury Regulation Section 1.897-2(h) informing such Investor whether or not the Sunnova Securities held by such
Investor constitute a “United States real property interest” (and shall comply with the related notice requirements in Treasury Regulation Section 1.897-2(h)(2)). 

(b) The Company hereby agrees not to treat the Preferred Stock as “preferred stock” for purposes of Section 305 of the Code. In
addition, the Company hereby agrees not to treat the Accruing Series A Preferred Dividends or the Series B PIK Accretion (each as defined in the Restated Certificate) as dividends or as distributions of the Company’s stock or distributions of
property for purposes of Sections 301 and 305 of the Code, unless and until such Accruing Series A Preferred Dividends or Series B PIK Accretion are actually declared and paid by the Company in cash. The Company shall prepare and file all tax
information reports and other returns in a manner consistent with this Section 8.1(b). 
 (c) [Reserved]. 

(d) Each Investor agrees to provide the Company from time to time with any information available to such Investor that is reasonably requested
by the Company and reasonably necessary for the Company to determine whether the Company is a “tax-exempt” controlled entity within the meaning of Section 168(h)(6)(F)(iii) of the Code.
Notwithstanding the foregoing, it is understood and agreed that (i) no Investor will be required by the previous sentence to provide any information that is not in its possession at the time such Investor receives the request from the Company
and (ii) no Investor has a duty under this Section 8.1(d) to make inquiries of its direct or indirect owners. 

ARTICLE IX 
 TERMINATION
OF AGREEMENT 
 Section 9.1 Events of Termination. Except as expressly provided herein, this Agreement shall automatically
terminate upon the first to occur of (a) a Sale of the Company and (b) a Qualified Public Offering of the type described in clause (i) of the definition of such term. 

Section 9.2 Transfer of All Securities. Upon the Transfer in accordance with the terms of this Agreement by any Investor of all
Sunnova Securities owned by such Investor, such Investor shall have no further rights or privileges under this Agreement or otherwise be entitled to the benefits hereof. However, such Transfer shall not relieve such Investor or the Investor’s
successors or assigns from liability hereunder in the event of a breach by any such Investor of the Investor’s duties hereunder prior to such Transfer. 

ARTICLE X 
 MISCELLANEOUS
PROVISIONS 
 Section 10.1 Entire Agreement. This Agreement (including the Exhibits hereto), the Restated Certificate, the
Restated Bylaws and the other Transaction Agreements contain the entire agreement and understanding between the parties hereto with respect to the subject matter hereof and supersede all prior agreements and understandings relating to such subject
matter. No party shall be liable or bound to any other party in any manner by any representations, warranties or covenants relating to such subject matter except as specifically set forth in this Agreement (including the Exhibits hereto), the
Restated Certificate, the Restated Bylaws and the other Transaction Agreements. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 36 

 Section 10.2 Successors and Assigns. The terms and conditions of this Agreement
shall inure to the benefit of and be binding upon the respective successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors
and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 

Section 10.3 Amendments; Waivers. 

(a) Except as expressly set forth herein, the provisions of this Agreement may only be amended with the prior written consent of the Requisite
Investors; provided, however, that the Company may update Schedule I from time to time, without consent, to reflect Transfers of Sunnova Securities made in accordance with this Agreement, and the Company will, from time
to time, distribute to the Investors a revised Schedule I to reflect any such updates; provided, further, that the Company may enter into one or more Joinder Agreements to reflect Transfers permitted by this Agreement;
provided, further that (i) any amendment that by it terms affects the rights or obligations of any Principal Investor in a manner that is materially adverse to such Principal Investor and substantially different relative to the
other Investors shall require the written consent of such Principal Investor and (ii) the prior written consent of the Company shall be required, in the event that any such amendment imposes a burden or obligation on the Company or adversely
affects a benefit or right of the Company under this Agreement. 
 (b) Any waiver, permission, consent or approval of any kind or nature by
any party hereto, of any breach or default under this Agreement, or any waiver of any provision of this Agreement by any party hereto, must be in writing and shall be effective only in the specific instance and for the specific purpose given, and
shall be effective only to the extent in such writing specifically set forth, and the same shall not operate or be construed as a waiver of any subsequent breach, default, provision or condition of this Agreement by any party hereto, including the
party to whom originally given. 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. 
 Section 10.4 Notices. All notices or other communications required or
permitted to be given hereunder shall be in writing and shall be deemed effectively given upon the earlier of actual receipt, or (a) when so delivered by hand, (b) when sent, if sent by electronic mail or facsimile during normal business
hours of the recipient, and if not sent during normal business hours, then on the recipient’s next business day, (c) if by registered or certified mail, return receipt requested, postage prepaid, three days after mailing or (d) one
(1) Business Day after deposit with a nationally recognized overnight courier, freight prepaid, specifying next Business Day delivery, with written verification of receipt, as follows or to such other address as shall be given in writing by any
party to the other: 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 37 

 If to the Company, to: 

Sunnova Energy Corporation 
 20
East Greenway Plaza, Suite 475 
 Houston, Texas 77046 

Attention: Chief Executive Officer 

If to an Investor, to the address set forth on Schedule I, or to such other address as the Party to whom such notice or other
communication is to be given may have furnished to each other Party in writing in accordance herewith. 
 Each of the ECP Investors has designated the ECP
Representative to act as its representative with respect to the making of, and the delivery and receipt of, all notices, elections, approvals, requests or other instructions or determinations (each, a “Notice”) and to otherwise act
on behalf of any or all of the ECP Investors with respect to any Notices delivered in connection with this Agreement. The ECP Investors shall cause the ECP Representative to act at the direction of the ECP Investors holding a majority of Sunnova
Securities (calculated on a fully-diluted as-converted basis) held by all of the ECP Investors with respect to all such Notices. Each of the Company and the other Investors shall direct any Notice to be made
to any ECP Investor to the ECP Representative and agree that any Notice delivered under this Agreement by the ECP Representative shall be deemed to be a Notice delivered by the ECP Investors. Any Notice made to the ECP Representative (referencing
the ECP Investors) shall be deemed to have been made to the ECP Investors in the form and at the time made to the ECP Representative. 

Section 10.5 Equitable Remedies. The Sunnova Securities are agreed to be unique, and recognizing that the remedy at law for any
breach or threatened breach by a party hereto of the covenants and conditions set forth herein would be inadequate, and further recognizing that any such breach or threatened breach would cause immediate, irreparable and permanent damage to the
parties, the extent of which would be impossible or difficult to ascertain, the parties hereto agree that in the event of any such breach or threatened breach, and in addition to any and all remedies at law or otherwise provided herein, any party
hereto may specifically enforce the terms of this Agreement and may obtain temporary and/or permanent injunctive relief (including a mandatory injunction) without the necessity of proving actual damage or the lack of an adequate remedy at law and,
to the extent permissible under applicable rules, provision and statutes, a temporary injunction may be granted immediately upon the commencement of any suit hereunder regardless of whether the breaching party or parties have actually received
notice thereof. Such remedy shall be cumulative and not exclusive, and shall be in addition to any other remedy or remedies available to the parties. 

Section 10.6 Confidentiality. Each Investor agrees to, and shall instruct its Affiliates, directors, officers, employees, agents,
advisors and representatives (“Representatives”) to, hold confidential, and not knowingly and deliberately use in any manner detrimental to the Company or any of its Subsidiaries, all information they may have or obtain concerning
the Company or any of its Subsidiaries and their respective assets, business, operations, financial performance or 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 38 

 
prospects or the arrangements among the Investors and the Company (“Confidential Information”), provided, however, that the term “Confidential Information” does not
include information that (a) is already in such party’s possession, provided that such information is not subject to another confidentiality agreement with or other obligation of secrecy to any Person known to such party, (b) is or
becomes generally available to the public other than as a result of a disclosure, directly or indirectly, by such party or such party’s Representatives, (c) is or becomes available to such party on a
non-confidential basis from a source other than any of the parties hereto or any of their respective Representatives, provided that such source is not known by such party to be bound by a confidentiality
agreement with or other obligation of secrecy to any Person or (d) is developed by such Person without the use of Confidential Information, provided further, however, that nothing herein shall prevent any party hereto from disclosing
Confidential Information (i) upon the order of any court or administrative agency, (ii) upon the request or demand of any regulatory agency or authority having jurisdiction over such party, (iii) to the extent required by law or
regulation (it being understood and agreed that, in the case of clause (i), (ii) or (iii), unless prohibited by law, regulation or any regulatory authority or in the case of required periodic disclosure under applicable securities laws, to the
extent not prohibited by applicable law, such party shall notify the other parties hereto of the proposed disclosure as far in advance of such disclosure as practicable and use reasonable efforts to ensure that any information so disclosed is
accorded confidential treatment, when and if available), (iv) to the extent necessary in connection with any suit, action or proceeding relating to this Agreement or the exercise of any remedy hereunder, (v) to such party’s Representatives
that need to know such information and who agree to keep such information confidential on the terms set forth in this Section 10.6, (vi) to potential purchasers of the Company or of the Sunnova Securities held by an
Investor, (vii) to potential investors in connection with fundraising purposes on the part of an Investor (or its controlling equity holder or any Person who manages, advises or sub-advises such
Investor), (viii) to the limited partners, investors or other direct or indirect equity owners of, or prospective investors of, such party or its Affiliates or its or their Representatives or (ix) to the current or prospective financing sources
of an Investor, provided that, prior to disclosing any Confidential Information to a potential purchaser or investor pursuant to clauses (vi), (vii), (viii) or (ix), such potential purchaser or investor will have entered into a customary
confidentiality agreement. Notwithstanding the foregoing, in the event that an Investor instructs its Representatives to comply with this Section 10.6 and such Representative fails to comply, the Investor shall be fully
liable for any breach of this Section 10.6 by its Representatives as though committed by the Investor itself. The obligations of each Investor under this Section 10.6 shall terminate on the one
(1) year anniversary of first to occur of (I) the date such Investor ceases to be a party to this Agreement and (II) the termination of this Agreement. 

Section 10.7 Public Announcements. Each party hereto will coordinate in good faith any and all press releases and other public
relations matters with respect to this Agreement, the Purchase and Exchange Agreement and the transactions contemplated hereby and thereby. Unless otherwise required by law or the rules of any stock exchange or regulatory authority, no party hereto
may issue any press release or otherwise make any public announcement or comment on this Agreement, the Purchase and Exchange Agreement or the transactions contemplated hereby or thereby without prior written consent of the Requisite Investors,
provided that unless otherwise required by law or the rules of any stock exchange or regulatory authority no such press release, public announcement or comment shall identify any Investor or its Affiliates or otherwise make any public
statement with respect to any Investor or its Affiliates without the prior written consent 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 39 

 
of such Investor; provided, further that nothing in this Section 10.7 shall prohibit the Investors or any of their Affiliates or Representatives from making
disclosures of customary information regarding the transactions contemplated by this Agreement, the Investors’ investment in the Company, the financial performance and operations of the Company and its Subsidiaries and such other information
relevant to the Investors’ investment in the Company to the limited partners, investors or other direct or indirect equity owners of, or prospective investors of, the Investors or their Affiliates who are under customary duties or obligations
of confidentiality. 
 Section 10.8 Governing Law; Jurisdiction. This Agreement shall be governed by and construed in accordance
with the internal laws of the State of Delaware without regard to the conflicts of law principles of such State. The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the courts of the State of Delaware sitting in
New Castle County and to the jurisdiction of the United States District Court sitting in Wilmington, Delaware for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any
suit, action or other proceeding arising out of or based upon this Agreement except in the courts of the State of Delaware sitting in New Castle County or the United States District Court sitting in Wilmington, Delaware and (c) hereby waive,
and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from
attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such
court. 
 Section 10.9 WAIVER OF JURY TRIAL. EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE OTHER TRANSACTION AGREEMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL
DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS AGREEMENT, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.
THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL
AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 
 Section 10.10
No Third Party Beneficiaries. Nothing expressed or implied in this Agreement is intended or shall be construed to confer upon or give any Person, other than the parties hereto, and their permitted successors and assigns, any right or remedies
under or by reason of this Agreement, except as expressly provided herein. 
 Section 10.11 No Voting Trusts. No Investor shall
grant any proxy or become a party to any voting trust or other agreement which is inconsistent with, conflicts with or violates any provision of this Agreement. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 40 

 Section 10.12 Further Assurances. The parties shall execute and deliver all
documents, provide all information and take or refrain from taking such actions as may be reasonably necessary or appropriate to achieve the purposes of this Agreement. 

Section 10.13 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to
be considered in construing or interpreting this Agreement. 
 Section 10.14 Other Interpretive Matters. For purposes of this
Agreement, (a) when calculating the period of time before which, within which or following which any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period is excluded, and if
the last day of such period is a non-Business Day, the period in question ends on the next succeeding Business Day, (b) unless the context otherwise requires, all references in this Agreement to any
“Article,” “Section” or “Exhibit” are to the corresponding Article, Section or Exhibit of this Agreement, (c) the word “including,” or any variation thereof, means “including, without
limitation” and does not limit any general statement that it follows to the specific or similar items or matters immediately following it and (d) all references to dollar amounts are expressed in United States Dollars. As used herein, the
singular shall include the plural, the plural shall include the singular and any use of the male or female gender shall include the other gender, all wherever the same shall be applicable and when the context shall admit or require. 

Section 10.15 Severability. If any provision of this Agreement (or any portion thereof) or the application of any such provision
(or any portion thereof) to any Person or circumstance shall be held invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision hereof
(or the remaining portion thereof) or the application of such provision to any other Persons or circumstances. 
 Section 10.16
Spousal Consent. Each Investor who is an individual and is married as of the date hereof or the date of execution of a Joinder Agreement represents and warrants that he or she has delivered to the Company the spousal consent in the form
attached hereto as Exhibit B (a “Spousal Consent”), executed by his or her spouse. Additionally, to the extent not previously delivered and if requested by the Company, each Investor who is an individual shall cause his or
her spouse, as applicable, to execute and deliver a Spousal Consent. The signature of a spouse on a Spousal Consent shall not be construed as making such spouse a shareholder of the Company or a party to this Agreement except as may otherwise be set
forth in such consent. Each Investor who is an individual will certify his or her marital status to the Company at the Company’s request. 

Section 10.17 Attorneys’ Fees. If any action at law or in equity (including arbitration) is necessary to
enforce or interpret the terms of any of the Transaction Agreements, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled.

 Section 10.18 Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party under
this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting
party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of any similar breach or default thereafter occurring, nor shall any waiver 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 41 

 
of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part
of any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such
writing. All remedies, either under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative. 

Section 10.19 Opportunities. The Company, on behalf of itself and its Subsidiaries, and each of the Investors
(a) acknowledges and affirms that the Principal Investors (other than the Management Investors) and their Affiliates and Representatives, including any director of the Company, (i) have participated (directly or indirectly) and will
continue to participate (directly or indirectly) in private equity, venture capital and other direct investments in corporations, joint ventures, limited liability companies and other entities (“Other Investments”), including Other
Investments engaged in various aspects of the power generating business (and related services businesses) that may, are or will be competitive with the Company’s business or that could be suitable for the Company; (ii) have interests in,
participate with, aid and maintain seats on the board of directors or similar governing bodies of, Other Investments; (iii) may develop or become aware of business opportunities for Other Investments; and (iv) may or will have conflicts of
interest or potential conflicts of interest; (b) hereby renounces and disclaims any interest or expectancy in any business opportunity (including any Other Investments or any other opportunities that may arise in connection with the
circumstances described in the foregoing clauses (i) – (iv)) (collectively, the “Renounced Business Opportunities”); and (c) acknowledges and affirms that none of the Principal Investors (other than the Management
Investors) or any of their Affiliates or Representatives, including any director of the Company, shall have any obligation to communicate or offer any Renounced Business Opportunity to the Company, and any of the Principal Investors (other than the
Management Investors) or their Affiliates or Representatives may pursue a Renounced Business Opportunity. 
 Section 10.20
Employment Rights. Nothing contained in this Agreement (a) obligates the Company or any Affiliate of the Company to employ any Management Investor in any capacity whatsoever or (b) prohibits or restricts the Company or any Affiliate
of the Company from terminating the employment, if any, of any Management Investor at any time or for any reason whatsoever. Each Management Investor hereby acknowledges and agrees that, except as may otherwise be set forth in any written agreement
between the Company and such Management Investor, neither the Company nor any other person has made any representations or promises whatsoever to such Management Investor concerning his or her employment or continued employment by the Company or any
Affiliate of the Company. 
 Section 10.21 Offsets. The Company shall be permitted, to the extent not prohibited by
Section 409A of the Code, to offset and reduce from any amounts payable to a Management Investor the amount of any indebtedness or other obligation or payment owing to the Company by the Management Investor. 

Section 10.22 Counterparts and Signatures. This Agreement may be executed in one or more counterparts, all of which shall be
considered one and the same agreement, and shall become effective when one or more such counterparts have been signed by each of the parties and delivered to the other parties. A facsimile, electronic mail (including pdf or any electronic signature
complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall have the same force and effect as an original signature. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 42 

 Section 10.23 Effectiveness. The First Amended and Restated Agreement is hereby
amended, restated and superseded in all respects by this Agreement. 
 *
            *             * 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 43 

 Execution Version 

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly authorized officers or agents, or by
themselves, as of the date first set forth above. 
  

			
	SUNNOVA ENERGY CORPORATION
		
	By:	 	 /s/ William J. Berger

		 	Name: William J. Berger
		 	Title: Chief Executive Officer

 [Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 
					
	ELK MOUNTAIN, LTD.
		
	By:	 	Gordy Oil Company, its general partner
			
		 	By:	 	 /s/ Russell D. Gordy

		 		 	Name: Russell D. Gordy
		 		 	Title: President

 [Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 
	
	 /s/ Lynda K. Attaway

	Lynda K. Attaway

 [Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 
					
	JACKSON LEIGH VENTURES, LLC
		
	By:	 	 /s/ William J. Berger

		 	Name:	 	William J. Berger
		 	Title:	 	

 [Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 
	
	 /s/ Gerritt L. Ewing, Jr.

	Gerritt L. Ewing, Jr.

 [Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 
	
	 /s/ Jordan E. Frugé

	Jordan E. Frugé

 [Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 
			
	MOELLER INVESTMENT FAMILY
	LIMITED PARTNERSHIP
		
	By:	 	Racing Cloud Consulting LLC
		 	Its general partner
		
	By:	 	 /s/ Debra Moeller

		 	Name: Debra Moeller
		 	Title: President

 [Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 
	
	 /s/ Esmeralda Martinez

	Esmeralda Martinez

 [Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 
	
	 /s/ Mark Poche

	Mark Poche

 [Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 
	
	 /s/ Richard A. Rabinow

	Richard A. Rabinow

 [Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 
			
	REBECCA RABINOW MANAGEMENT TRUST
		
	By:	 	 /s/ Richard A. Rabinow

		 	Name: Richard A. Rabinow
		 	Title: Trustee

 [Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 
			
	1811 PESIKOFF FAMILY TRUST
		
	By:	 	  

		 	Name:                                     
                                         
    
		 	Title:                                     
                                         
      

 [Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 
			
	TRIANGLE PEAK PARTNERS II, LP
		
	By:	 	 /s/ Michael C. Morgan

		 	Name: Michael C. Morgan
		 	Title: Manager

 [Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 
			
	SEIS HOLDINGS LLC
		
	By:	 	 /s/ Ronald H. Jacob, Jr.

		 	Name: Ronald H. Jacob, Jr.
		 	Title: President

 [Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 
			
	CGK HOLDINGS LLC
		
	By:	 	 /s/ David Kinder

		 	Name: David Kinder
		 	Title: President

 [Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 
			
	THE BOARD OF TRUSTEES OF THE LELAND STANFORD JUNIOR UNIVERSITY (DAPER II)
		
	By:	 	  

		 	Name:                                     
                                         
    
		 	Title:                                     
                                         
      

 [Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 
			
	MTP ENERGY MASTER FUND LTD.
		
	By:	 	MTP Energy Management LLC
		 	Its Investment Manager
		
	By:	 	Magnetar Financial LLC
		 	Its Sole Member
		
	By:	 	 /s/ Benjamin Paull

		 	Name: Benjamin Paull
		 	Title: Chief Financial Officer

 [Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 
			
	BCP-IIIJ, LP, A TEXAS LIMITED PARTNERSHIP
		
	By:	 	Brock Capital Group, LLC,
		 	as general partner
		
	By:	 	  

		 	Name:                                     
                                         
    
		 	Title:                                     
                                         
      
	
	BCP-IVC, LP, A TEXAS LIMITED PARTNERSHIP
		
	By:	 	Brock Capital Group, LLC,
		 	as general partner
		
	By:	 	  

		 	Name:                                     
                                         
    
		 	Title:                                     
                                         
      

 [Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 
			
	PORTCULLIS PARTNERS, LP
		
	By:	 	Portcullis G.P., LLC,
		 	Its general partner
		
	By:	 	  

		 	Name:                                     
                                         
    
		 	Title:                                     
                                         
      

 [Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 
	
	 /s/ Fayez Sarofim

	Fayez Sarofim

 [Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 
			
	FSI NO. 2 CORPORATION
		
	By:	 	  

		 	Name:                                     
                                         
    
		 	Title:                                     
                                         
      

 [Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 
	
	 /s/ William J. Berger

	William J. Berger

 [Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 
			
	FS INVESTMENT CORPORATION
		
	By:	 	GSO/Blackstone Debt Funds
		 	Management LLC as Sub-Adviser
		
	By:	 	 /s/ Marisa Beeney

		 	Name: Marisa Beeney
		 	Title: Authorized Signatory

 [Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 
			
	FS INVESTMENT CORPORATION II
		
	By:	 	GSO/Blackstone Debt Funds
		 	Management LLC as Sub-Adviser
		
	By:	 	 /s/ Marisa Beeney

		 	Name: Marisa Beeney
		 	Title: Authorized Signatory

 [Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 
			
	FS INVESTMENT CORPORATION III
		
	By:	 	GSO/Blackstone Debt Funds
		 	Management LLC as Sub-Adviser
		
	By:	 	 /s/ Marisa Beeney

		 	Name: Marisa Beeney
		 	Title: Authorized Signatory

 [Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 
			
	FS ENERGY AND POWER FUND
		
	By:	 	GSO Capital Partners LP as Sub-Adviser
		
	By:	 	 /s/ Marisa Beeney

		 	Name: Marisa Beeney
		 	Title:  Authorized Signatory

 [Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 
			
	GLADWYNE FUNDING LLC
		
	By:	 	FS Energy and Power Fund, as Sole Member and by GSO Capital Partners LP, as Sub-Adviser
		
	By:	 	 /s/ Marisa Beeney

		 	Name: Marisa Beeney
		 	Title: Authorized Signatory

 [Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 
			
	ORIX PUBLIC FINANCE, LLC
		
	By:	 	  

		 	Name:                                     
                                         
    
		 	Title:                                     
                                         
      

 [Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 
			
	MINION TRAIL, LTD.
		
	By:	 	 /s/ Russell D. Gordy

		 	Name: Russell D. Gordy
		 	Title: President, Gordy Oil & C., General Partner

 [Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 
	
	 /s/ Brian Kerrigan

	Brian Kerrigan

 [Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 
	
	 /s/ David Kinder

	David Kinder

 [Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 
	
	 /s/ Todd A. Reppert

	Todd A. Reppert

 [Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 
	
	 /s/ Kevin T. Howell

	Kevin T. Howell

 [Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 
	
	 /s/ Michael Snyder

	Michael Snyder

 [Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 
			
	BA AND MS KERRIGAN, LLC
		
	By:	 	  

		 	Name:                                     
                                         
    
		 	Title:                                     
                                         
      

 [Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 
					
	ENERGY CAPITAL PARTNERS III, LP
		
	By:	 	Energy Capital Partners GP III, LP
	Its:	 	General Partner
			
		 	By:	 	Energy Capital Partners III, LLC
		 	Its:	 	General Partner
			
		 	By:	 	ECP ControlCo, LLC
		 	Its:	 	managing member
		
	By:	 	 /s/ Rahman D’Argenio

		 	Name: Rahman D’Argenio
		 	Title: Partner
	
	ENERGY CAPITAL PARTNERS III-A, LP
		
	By:	 	Energy Capital Partners GP III, LP
	Its:	 	General Partner
			
		 	By:	 	Energy Capital Partners III, LLC
		 	Its:	 	General Partner
			
		 	By:	 	ECP ControlCo, LLC
		 	Its:	 	managing member
		
	By:	 	 /s/ Rahman D’Argenio

		 	Name: Rahman D’Argenio
		 	Title: Partner

 [Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 
					
	ENERGY CAPITAL PARTNERS III-B, LP
		
	By:	 	Energy Capital Partners GP III, LP
	Its:	 	General Partner
			
		 	By:	 	Energy Capital Partners III, LLC
		 	Its:	 	General Partner
			
		 	By:	 	ECP ControlCo, LLC
		 	Its:	 	managing member
		
	By:	 	 /s/ Rahman D’Argenio

		 	Name: Rahman D’Argenio
		 	Title: Partner
	
	ENERGY CAPITAL PARTNERS III-C, LP
		
	By:	 	Energy Capital Partners GP III, LP
	Its:	 	General Partner
			
		 	By:	 	Energy Capital Partners III, LLC
		 	Its:	 	General Partner
			
		 	By:	 	ECP ControlCo, LLC
		 	Its:	 	managing member
		
	By:	 	 /s/ Rahman D’Argenio

		 	Name: Rahman D’Argenio
		 	Title: Partner

 [Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 
					
	ENERGY CAPITAL PARTNERS III-D, LP
		
	By:	 	Energy Capital Partners GP III, LP
	Its:	 	General Partner
			
		 	By:	 	Energy Capital Partners III, LLC
		 	Its:	 	General Partner
			
		 	By:	 	ECP ControlCo, LLC
		 	Its:	 	managing member
		
	By:	 	 /s/ Rahman D’Argenio

		 	Name: Rahman D’Argenio
		 	Title: Partner
	
	ENERGY CAPITAL PARTNERS III (SUNNOVA CO-INVEST), LP
		
	By:	 	Energy Capital Partners GP III, LP
	Its:	 	General Partner
			
		 	By:	 	Energy Capital Partners III, LLC
		 	Its:	 	General Partner
			
		 	By:	 	ECP ControlCo, LLC
		 	Its:	 	managing member
		
	By:	 	 /s/ Rahman D’Argenio

		 	Name: Rahman D’Argenio
		 	Title: Partner

 [Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 EXHIBIT A 

FORM OF JOINDER AGREEMENT 

This JOINDER AGREEMENT (this “Agreement”), dated as of _________________________________, 20____, is entered into by
and between Sunnova Energy Corporation, a Delaware corporation (the “Company”) and ____ ____________ (“Joining Party”). 

All defined terms not otherwise defined herein have the meanings ascribed to such terms in the Investors Agreement (as hereinafter defined).

 RECITALS 

WHEREAS, the Company and certain other shareholders (the “Original Investors”) are parties to a Second Amended and
Restated Investors Agreement dated as of November 9, 2017, pursuant to which the Company and the Original Investors granted each other certain rights (as amended, supplemented and/or restated, the “Investors Agreement”); 

WHEREAS, in accordance with the terms of the Investors Agreement, upon the Transfer of any Sunnova Securities, the Transferee must join
the Investors Agreement as an Investor thereunder; 
 WHEREAS, [Joining Party has purchased] [________ _____ has Transferred to
Joining Party] Sunnova Securities pursuant to [____________________]; and 
 WHEREAS, Joining Party desires to be bound by and
enjoy the benefits of the Investors Agreement. 
 NOW, THEREFORE, for good and valuable consideration, receipt and adequacy of which
are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 
 1. Joining Party acknowledges receipt
of a copy of the Investors Agreement and, after review and examination thereof, agrees to be bound by the restrictions and agreements contained therein in the capacity of an “Investor”. 

2. The Company hereby (a) accepts Joining Party’s agreement to be bound by the Investors Agreement and (b) agrees that Joining
Party is hereby a party to the Investors Agreement and as such shall have all rights provided to Investors under the Investors Agreement. 

3. All notices to the Joining Party should be delivered to the following address: 

[Signature Page to Second Amended and Restated Investors Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 [Name] 

[Address] [Address] 
 Attention:
[_______________________] 
 Tel: [_____________] 

Fax: [_____________] 
 E-mail: [ ] 
 4. The provisions of Article VIII of the Investor Agreement are hereby incorporated
herein as if set forth herein. 
 * * * 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 IN WITNESS WHEREOF, the parties hereto have caused this Joinder Agreement to be duly
executed by their respective authorized officers as of the date first set forth above. 
  

					
	SUNNOVA ENERGY CORPORATION

 
					
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	[JOINING PARTY]
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 [Signature Pages to Joinder Agreement] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 EXHIBIT B 

FORM OF SPOUSAL CONSENT AND PROXY 

The undersigned is the spouse of              , who is party to: 

 

	 	i.	 that certain Amended and Restated Investors Agreement, dated as of November 9, 2017, by and among Sunnova
Energy Corporation, the other parties thereto and each Person who becomes a party thereto from time to time (as amended, supplemented and/or restated from time to time, the “Investors Agreement”); and 

 

	 	ii.	 that certain Registration Rights Agreement, dated as of March 16, 2016, by and among Sunnova Energy
Corporation, the other parties thereto and each Person who becomes a party thereto from time to time (as amended, supplemented and/or restated from time to time, the “Registration Rights Agreement”). 

The undersigned hereby executes this Spousal Consent and Proxy for the purpose of consenting to (i) the Investors Agreement and
(ii) the Registration Rights Agreement and binding any community property interest or marital property interest that he or she may have in any of the Sunnova Securities. By execution hereof, the undersigned represents and warrants that he or
she has read (a) the Investors Agreement, (b) the Registration Rights Agreement and (c) this Spousal Consent and Proxy and consents to each of their terms. 

Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Investors Agreement. 

Date:____________________, 2_____ 
  

			
	  

		
	     Name:
	 	  

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 SCHEDULE I 

INVESTORS 
  

					
	 Name
	  	 Address
	  	 Preferred Stock

	Elk Mountain, Ltd.	  	100 Waugh Drive, #400
Houston, TX 77007	  	7,561,322
			
	Energy Capital Partners III, LP	  	 51 John F Kennedy
 Pkwy #200, Short Hills,

NJ 07078
	  	968,320
			
	Energy Capital Partners III-A, LP	  	 51 John F Kennedy
 Pkwy #200, Short Hills,

NJ 07078
	  	32,596,992
			
	Energy Capital Partners III-B, LP	  	 51 John F Kennedy
 Pkwy #200, Short Hills,

NJ 07078
	  	3,936,621
			
	Energy Capital Partners III-C, LP	  	 51 John F Kennedy
 Pkwy #200, Short Hills,

NJ 07078
	  	13,476,104
			
	Energy Capital Partners III-D, LP	  	 51 John F Kennedy
 Pkwy #200, Short Hills,

NJ 07078
	  	16,631,743
			
	Energy Capital Partners III (Co-Invest), LP	  	 51 John F Kennedy
 Pkwy #200, Short Hills,

NJ 07078
	  	2,817,074
			
	Lynda K. Attaway	  	1116 Rymer Switch
Friendswood, TX 77546	  	20,148
			
	Jackson Leigh Ventures, LLC	  	3775 Arnold St.
Houston, TX 77005	  	
			
	Gerritt L. Ewing, Jr.	  	4110 Blue Bonnet Dr.
Houston, TX 77025	  	19,154
			
	Jordan E. Frugé	  	 730 Omar
  

Houston, TX 77009
	  	29,729
			
	BA and MS Brian Kerrigan, LLC	  	 6139 Doliver Dr.,
 Houston, TX 77057
	  	47,889
			
	Moeller Investment Family Limited Partnership	  	 98 W. Racing Cloud Ct. The
 Woodlands, TX
77381
	  	25,935
			
	Esmeralda Martinez	  	25818 Riverside Creek Dr.
Richmond, TX 77406	  	4,787

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

1 

					
	Mark Poche	  	3411 S. Halls Point Ct.
Missouri City, TX 77459	  	16,519
			
	Richard A. Rabinow	  	3711 San Felipe #12-I
Houston, TX 77027	  	19,157
			
	Rebecca Rabinow Management Trust	  	3711 San Felipe #12-I
Houston, TX 77027	  	23,131
			
	 1811 Pesikoff Family Trust (formerly the
 Sarah
Rabinow Management Trust)
	  	1811 North Blvd.
Houston, TX 77098	  	23,131
			
	Triangle Peak Partners II, LP	  	P.O. Box 3788
Carmel, CA 93921	  	2,052,791
			
	SEIS Holdings LLC	  	501 Bering Dr, #220
Houston, TX 77057	  	1,724,093
			
	CGK Holdings LLC	  	501 Bering Dr. #220
Houston, TX 77057	  	162,835
			
	 The Board of Trustees of the Leland
 Stanford
Junior University (DAPER II)
	  	 635 Knight Way
  

Stanford, CA, 94305-7297
	  	32,789
			
	MTP Energy Master Fund Ltd	  	 c/o MTP Energy Management
 LLC 1603 Orrington
Ave.,
 13th Floor Evanston, IL 60201
	  	1,027,577
			
	BCP-IVC, LP	  	 4349 Crow Rd.
  

Beaumont, TX 77706
	  	1,800,370
			
	BCP-IIIJ, LP	  	 4349 Crow Rd.
  

Beaumont, TX 77706
	  	
			
	FS Investment Corporation	  	 c/o GSO / Blackstone Debt
 Funds Management
LLC
  
 345 Park Avenue, 31st Floor

New York, NY 10154
	  	18,182
			
	FS Investment Corporation II	  	 c/o GSO / Blackstone Debt
 Funds Management
LLC
  
 345 Park Avenue, 31st Floor

New York, NY 10154
	  	36,363

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 2 

					
			
	FS Investment Corporation III	  	 c/o GSO / Blackstone Debt
 Funds Management
LLC
  
 345 Park Avenue, 31st Floor

New York, NY 10154
	  	54,543
			
	FS Energy and Power Fund	  	 c/o GSO / Blackstone Debt
 Funds Management
LLC
  
 345 Park Avenue, 31st Floor

New York, NY 10154
	  	578,468
			
	Gladwyne Funding LLC	  	 2929 Arch Street, Suite 675
 Philadelphia, PA
19104
	  	
			
	Portcullis Partners, LLC	  	 11 Greenway Plaza, Suite 2000
 Houston, TX
77046
	  	108,117
			
	Fayez Sarofim	  	 P.O. Box 52830 Houston,
 TX 77052
	  	119,247
			
	FSI No. 2 Corporation	  	 P.O. Box 52830 Houston,
 TX 77052
	  	119,247
			
	William J. Berger	  	 3775 Arnold
  

Houston, TX 77005
	  	51,729
			
	William J. Berger, IRA	  	 3775 Arnold
  

Houston, TX 77005
	  	16,212
			
	Orix Public Finance	  	 1717 Main Street, Suite 900,
  

Dallas, Texas 75201
	  	51,674
			
	Minion Trail, Ltd.	  	100 Waugh Drive, #400
Houston, TX 77007	  	
			
	Brian A. Kerrigan	  	6139 Doliver Dr., Houston,
TX 77057	  	
			
	David Kinder	  	510 Bering Dr, #220
Houston, TX 77057	  	
			
	Todd A. Reppert	  	 718 W. Creekside Dr.,
 Houston, TX
77024
	  	
			
	Kevin T. Howell	  	1619 S. 2nd St., Austin,
TX 78704	  	
			
	Michael Snyder	  	 1130 Cocoanut Rd.,
 Boca Raton, FL
33432
	  	

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 3 

 Execution Version 

 

 SCHEDULE II 

APPROVED AFFILIATE AGREEMENTS 

Observer Rights Letters dated as of March 16, 2016, between Sunnova Energy Corporation and the investors party thereto. 

Observer Rights Letter dated as of April 26, 2016, between Sunnova Energy Corporation and the investors party thereto. 

VCOC Letters dated as of March 16, 2016, between Sunnova Energy Corporation and each of Energy Capital Partners III, LP, Energy Capital Partners III-A, LP, Energy Capital Partners III-B, LP, Energy Capital Partners III-C, LP, and Energy Capital Partners III-D, LP. 
 Purchase Order of Seller with NextGrid Technologies LLC, issued May 12, 2015, pertaining to $2,818,080
of meters. 
 Letter of Intent between Seller and NextGrid Technologies, LLC dated June 23, 2015, relating to the provision of Novaquotes Support and
Development services to Seller. 
 Letter of Intent between Seller and NextGrid Technologies, LLC dated June 23, 2015, relating to the provision of
distribution and pre-provisioning services to Seller. 
 Letter of Intent between Seller and NextGrid Technologies,
LLC dated June 23, 2015, relating to the agreement between the parties to continue to develop and negotiate a Master Services Agreement to govern the services, rights and obligations of both parties. 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 Exhibit B 

New Subordinated Indebtedness Note 

[Attached] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 Execution Version 

 

 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933
OR ANY STATE SECURITIES LAWS, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT OR AN
AVAILABLE EXEMPTION UNDER THE SECURITIES ACT OF 1933 AND COMPLIANCE WITH STATE SECURITIES LAWS. 
 SUBORDINATED CONVERTIBLE PROMISSORY
NOTE 
 (Bridge Loan Note – Sunnova) 

$15,000,000.00 (plus any amounts owing in respect of PIK Interest as set forth on Schedule I) 

Effective as of August 25, 2017 

New York, New York 
 FOR VALUE
RECEIVED, Sunnova Energy Corporation, a Delaware corporation (“Maker”), having a notice address of 20 E. Greenway Plaza, Suite 475, Houston, Texas 77046, hereby promises to pay pursuant to this promissory note (this
“Note”) to Energy Capital Partners III, LP, Energy Capital Partners III-A, LP, Energy Capital Partners III-B, LP, Energy Capital Partners III-C, LP and Energy Capital Partners III-D, LP (collectively, the “Holders” and, each individually, a “Holder”), on the earlier of
(i) the first date on which all of the 12.00% Senior Secured Notes due 2018 (the “2018 Notes”) issued pursuant to the Indenture, dated as of April 24, 2017 (the “Indenture”), by and between the Company and
Wilmington Trust, National Association, as trustee (the “2018 Notes Trustee”) and collateral trustee, have been repaid in full and are no longer outstanding, and (ii) November 30, 2018 (such date being referred to as the
“Maturity Date”), the principal amounts set forth on Schedule I hereto next to each such Holder’s name, together with any and all accrued and unpaid interest on such outstanding principal amounts; provided, that,
notwithstanding the foregoing all amounts payable hereunder shall become immediately due and payable upon (x) the institution of, or material development under, bankruptcy proceedings under the U.S. Bankruptcy Code or similar proceedings under
state or federal law with respect to the Maker (subject to the Subordination Provisions (as defined below)) or (y) the initial funding under the Facility (as defined below); provided further, that, all amounts outstanding under the 2018
Notes are repaid and all obligations thereunder are extinguished in full in connection and contemporaneously with such initial funding. 

Interest shall accrue from the effective date hereof until the entire balance is paid (or converted, as provided below) on the unpaid
principal balance of this Note at the interest rate (“Interest Rate”) of twelve percent (12%) per annum. Interest shall be paid quarterly in arrears on March 31, June 30, September 30 and December 31 of each
year, until and including the Maturity Date, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes shall accrue from the most recent Interest Payment
Date or, if no interest has been paid, from the date of issuance. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. At all
times prior to the repayment of the 2018 Notes, interest shall be payable solely by increasing the then outstanding principal amount of this Note by the entire amount of the interest payment due on the applicable Interest Payment

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
Date (“PIK Interest”). Following an increase in the principal amount of this Note on the applicable Interest Payment Date by the amount of the PIK Interest, this Note will bear
interest on such increased principal amount from and after such Interest Payment Date. For clarity, unless the context otherwise requires, references to any principal amount of this Note includes any increase in the principal amount of this Note as
a result of the payment of PIK Interest. Upon the occurrence of the Maturity Date, all unpaid principal, accrued interest and other amounts owing hereunder shall be immediately due, payable and collectible by the Holders pursuant to applicable law.
This Note shall not, under any circumstances, be payable in cash, except on and after the repayment in full of the 2018 Notes. 

Notwithstanding any provision to the contrary herein, Maker may not, at any time, prepay all or any portion of this Note, except in connection
with (x) any conversion into shares of the Company’s Convertible Preferred Stock pursuant to the terms hereof or (y) repayment in connection and contemporaneously with the initial funding of the Facility (as defined in the term sheet
attached hereto as Exhibit A) pursuant to the terms hereof. 
 Unless earlier converted, on and after the Maturity Date, an amount
equal to the principal amount of this Note and any accrued and unpaid interest, in each case, as of the Maturity Date, shall be payable in lawful money of the United States of America and in immediately available funds at the office of each Holder
set forth on Schedule I, unless another place of payment shall be specified in writing by a Holder to Maker. Notwithstanding the foregoing, upon and subject to the affirmative written election of the Majority Holders (as defined below)
delivered to the Maker not later than five (5) business days prior to the date of conversion, the entire balance then outstanding hereunder shall be converted into that number of shares of the Company’s Convertible Preferred Stock as is
equal to (i) an amount equal to the principal amount of this Note and any accrued and unpaid interest, in each case, as of the date of conversion, divided by (ii) the lesser of $5.3246735 (as appropriately adjusted for any stock splits,
combinations, recapitalizations or the like affecting the Convertible Preferred Stock after the date hereof) and the Conversion Price. 

For purposes of this Note, the term “Conversion Price” shall mean an amount equal to the lowest purchase price per share of
Convertible Preferred Stock issued at any time from and after the date of this Note and until the date of conversion. 
 In the event that
any balance of this Note is converted into shares of the Company’s Convertible Preferred Stock pursuant to the terms hereof, (x) each Holder’s outstanding commitments under the Subscription Documents for Convertible Preferred Stock of
the Company, dated April 24, 2017, by and between such Holder and the Company (the “Subscription Agreements”), shall be deemed reduced to the amount equal to (i) the applicable Aggregate Purchase Price (as defined in the
Subscription Agreements) minus (ii) the initial principal balance of this Note (not including any increase thereto in respect of PIK Interest) held by such Holder and repaid pursuant to such conversion and (y) the number of shares of
Convertible Preferred Stock subject to such Subscription Agreements shall be reduced by a number of shares of Convertible Preferred Stock equal to the initial principal balance of this Note (not including any increase thereto in respect of PIK
Interest) repaid pursuant to such conversion divided by $5.3246735 (as appropriately adjusted for any stock splits, combinations, recapitalizations or the like affecting the Convertible Preferred Stock after the date hereof), rounded down.

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 2 

 Anything in this Note to the contrary notwithstanding, the Maker hereby covenants and
agrees, and the Holders likewise hereby covenant and agree, that the indebtedness and all other obligations, whether now or hereafter outstanding, of the Maker under this Note (the “Subordinated Debt”) shall be junior and
subordinate to the extent and in the manner set forth in clauses (a) through (m) below (collectively, the “Subordination Provisions”) to the Maker’s Obligations (as defined in the Indenture), whether now or hereafter
outstanding with respect to the 2018 Notes and related documents (the “Senior Indebtedness”). 
 (a) The
Subordinated Debt is subordinated in all respects and subject in right of payment to the Senior Indebtedness such that the (i) payment in full, in cash of the principal of and interest and fees (including interest and fees accruing during the
pendency of any insolvency or liquidation proceeding) regardless of whether allowed or allowable in an Insolvency Proceeding (as defined below) on the Senior Indebtedness and regardless of whether then due or payable and (ii) payment in full,
in cash of all other Senior Indebtedness that is then due and payable or otherwise accrued and owing at or prior to the time such principal and interest are paid (including any contingent indemnification obligations to the extent then asserted) (the
“Payment in Full”) of the Senior Indebtedness shall occur before any Holder is entitled to receive any payment or distribution on account of the Subordinated Debt of assets, properties or cash of Maker or any other person of any
kind or character, whether (A) a payment, purchase or other acquisition or retirement for cash, property or securities (other than PIK Interest in respect of this Note) or (B) by way of cancellation, forgiveness or offset of the
indebtedness owing by Maker against any indebtedness owed by any Holder or (C) payable or deliverable by reason of the payment of any other indebtedness of Maker being subordinated to the payment of this Note and, in any case, shall include any
assets of any kind or character received by the Holders in connection with the realization of any security for this Note (each, a “Distribution”) (including interest (other than PIK Interest)) on account of the Subordinated Debt
and, in that connection, unless and until the Payment in Full of the Senior Indebtedness occurs, no payment or Distribution (including interest (other than PIK Interest)) with respect to this Note shall be made by or on behalf of the Maker;
provided, that, nothing in this clause (a) or any other provision of this Note shall be construed to prohibit the refinancing, replacement or repayment of all or any portion of the unpaid principal balance of this Note with (or the
conversion of all of any portion of the unpaid principal balance of this Note into) common or non-”disqualified preferred” (as customarily defined) equity interests of Maker. No Holder shall initiate
or cooperate or join with any other person in any proceeding challenging (1) the validity or enforceability of any documents in connection with the Senior Indebtedness or any indebtedness governed thereby, (2) any payment or distribution
received by any holder of Senior Indebtedness or any agent therefor (each, a “Senior Debtholder”) for application to all or any part of the Senior Indebtedness or (3) the existence, validity, perfection or priority of any
actual or purported lien claimed by any Senior Debtholder in any collateral or any other property in which Maker has rights from time to time. 

(b) In the event of any insolvency, bankruptcy or receivership case or proceeding or any dissolution, winding up, liquidation,
reorganization or other similar proceedings relative to Maker or its assets (whether voluntary or involuntary and whether in bankruptcy, insolvency or receivership proceedings or otherwise) or upon an assignment

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 3 

 
for the benefit of creditors, or any other marshaling of the assets of Maker or its assets (each of the foregoing, an “Insolvency Proceeding”), then Payment in Full shall occur
before the Holders shall be entitled to receive or retain any payment or Distribution (including interest (other than PIK Interest)) with respect to this Note. In any such proceedings, any payment or Distribution (including interest (other than PIK
Interest)) to which the Holders would be entitled if this Note and the Subordinated Debt were not subordinated to the Senior Indebtedness shall be paid by the Maker or by the agent or other person making such payment or distribution, or by the
Holders if and to the extent received by the Holders, directly to the 2018 Notes Trustee to be allocated as set forth in the terms of the Senior Indebtedness or if not so allocated, pro rata based on the outstanding principal amount thereof.
Following commencement of and during the continuance of an Insolvency Proceeding, each of the Holders may (i) prove its claim or, if applicable, its interest, in the Subordinated Debt, (ii) file any necessary responsive or defensive
pleadings in opposition to any motion, claim, adversary proceeding or other pleading objecting to, or otherwise seeking the disallowance of, the amounts due under this Note or otherwise impairing any of the Holders’ rights under this Note or,
except as otherwise limited or prohibited by the Subordination Provisions, file any motions pertaining to the Subordinated Debt, and (iii) vote on any plan of reorganization or other dispositive plan that is consistent with the rights and
priorities of the Senior Debtholders under the Subordination Provisions. Nothing in this clause (b) or any other provision of this Note shall be construed to prohibit the refinancing, replacement or repayment of all or any portion of the
amounts due under this Note with (or the conversion of all of any portion of the amounts due under this Note into) common equity or non-”disqualified preferred” equity interests of Maker pursuant to
this clause (b). 
 (c) Until the Payment in Full of Senior Indebtedness, if any Holder receives any payment or Distribution
(including interest but excluding PIK Interest) in respect of the Subordinated Debt, then such payment or Distribution shall be promptly paid over or delivered to 2018 Notes Trustee with any necessary endorsement and the payment shall be deemed
never to have been made in respect of the Subordinated Debt. 
 (d) The Holders shall not exercise any rights or remedies
under this Note, including, without limitation, any action (A) to take from or for the account of the Maker or any other person, by set-off or in any other manner, the whole or any part of any moneys
which may now or hereafter be owing by the Maker or any such person with respect to the Senior Indebtedness or the Subordinated Debt (including but not limited to the amounts due on account of this Note), (B) to sue for payment of the Senior
Indebtedness or the Subordinated Debt, or to initiate or participate with others in any suit, action or proceeding against the Maker or any other person to (i) enforce payment of or to collect the whole or any part of the amounts due with
respect to the Senior Indebtedness or the Subordinated Debt or (ii) commence judicial enforcement of any of the rights and remedies under the 2018 Notes (or other applicable loan or credit agreement) or applicable law with respect to the Senior
Indebtedness or under this Note or applicable law with respect to the amounts due hereunder or thereunder, (C) to accelerate the Senior Indebtedness (or any portion thereof) or the Subordinated Debt (or any portion thereof), (D) to cause the
Maker to honor any redemption or mandatory prepayment obligation related to this Note, or (E) to take any action under the provisions of any state or federal law, including, without limitation, the

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 4 

 
Uniform Commercial Code, or under any contract or agreement, to enforce, foreclose upon, take possession of or sell any property or assets of the Maker or any other person, including the
collateral securing the Senior Indebtedness (each, an “Enforcement Action”), until Payment in Full has occurred. Notwithstanding anything in this Note to the contrary, whether or not any Senior Indebtedness is outstanding:
(1) the Holders may file proofs of claim and statements of interest against Maker in any Insolvency Proceeding in a manner consistent with the Subordination Provisions; (2) the Holders may take any action required to toll the expiration of
any statute of limitation; and (3) take any other actions to preserve or protect the validity and enforceability of rights of the Holders with respect to the Subordinated Debt not expressly prohibited in these Subordination Provisions. Any
distributions or other proceeds of any Enforcement Action obtained by or for the benefit of the Holders shall in any event be held in trust by it for the benefit of the 2018 Notes Trustee and promptly paid or delivered to the 2018 Notes Trustee in
the form received until Payment in Full has occurred. 
 (e) Until Payment in Full, each Holder hereby acknowledges and
agrees that any Senior Debtholder may at any time and from time to time without the consent of or notice to any Holder, and without incurring responsibility to any Holder or impairing or releasing the subordination provided in the Subordination
Provisions or the obligations hereunder of any Holder to any Senior Debtholder, do any one or more of the following: (i) extend, renew, modify, waive or amend the terms of any Senior Indebtedness; (ii) sell, exchange, release or otherwise
deal with any property pledged, mortgaged or otherwise securing Senior Indebtedness; (iii) release any guarantor or any other person liable in any manner for Senior Indebtedness or amend or waive the terms of any guaranty of Senior
Indebtedness; (iv) exercise or refrain from exercising any rights against Maker or any other person; (v) apply any sums by whomever paid or however realized to Senior Indebtedness; (vi) change the manner, place or terms of payment or
extend the time of payment of, or renew or alter, Senior Indebtedness or any instrument evidencing the same or any agreement under which Senior Indebtedness is outstanding or secured; and (vii) take any other action which otherwise might be
deemed to impair the rights of the Senior Debtholders. Any and all of such actions may be taken by the Senior Debtholders without incurring responsibility to any Holder and without impairing or releasing the obligations of any Holder to the Senior
Debtholders. 
 (f) Any subsequent Holder of this Note agrees, by its acceptance hereof, that obligations of the Maker
hereunder are junior and subordinate to the Senior Indebtedness to the extent and in the manner set forth in the Subordination Provisions. 

(g) No right of any present or future Senior Debtholder to enforce subordination as provided in the Subordination Provisions
will at any time in any way be prejudiced or impaired by any act or failure to act on the part of Maker or by any act or failure to act, in good faith, by any Senior Debtholder, or by any noncompliance by Maker with the terms of this Note regardless
of any knowledge thereof that any such Senior Debtholder may have or otherwise be charged with. The Subordination Provisions are intended to be for the benefit of, and shall be enforceable directly by, the 2018 Notes Trustee or any Senior
Debtholder, and no other person other than the 2018 Notes Trustee, any Senior Debtholder or the parties hereto shall have or be entitled to assert rights or benefits hereunder. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 5 

 (h) Until Payment in Full, so long as any Senior Indebtedness is
outstanding, in the event that any Holder shall fail to file a proof of claim following any Insolvency Proceeding of Maker within 5 days prior to the deadline to file proofs of claim in the applicable Insolvency Proceeding, such Holder shall
irrevocably appoint the 2018 Notes Trustee as its attorney in fact, and grant the 2018 Notes Trustee a power of attorney with full substitution, in the name of Holder, for the use and benefit of the Senior Debtholders, to file such proof of claim on
its behalf in connection with such Insolvency Proceeding. 
 (i) Until Payment in Full, if, in any Insolvency Proceeding,
debt obligations of the reorganized debtor secured by liens upon any property of the reorganized debtor are distributed, pursuant to a plan of reorganization or similar dispositive restructuring plan, on account of both the Senior Indebtedness and
the Subordinated Debt, then, to the extent the debt obligations distributed on account of the Senior Indebtedness and on account of the Subordinated Debt are secured by liens upon the same assets or property, the Subordination Provisions will
survive the distribution of such debt obligations pursuant to such plan and will apply with like effect to the liens securing such debt obligations. 

(j) Following the Payment in Full of the Senior Indebtedness, the Holders shall be subrogated to the rights of the Senior
Debtholders (or their agent or representative) to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of, and interest on, and all other amounts in respect of, the
Subordinated Debt shall be paid in full; however, such right of subrogation shall not be exercised as to any collateral or other property acquired prior to Payment in Full by the 2018 Notes Trustee, the Senior Debtholders or their respective
affiliates in connection with an Enforcement Action or an Insolvency Proceeding. For purposes of such subrogation, no payments or distributions to the Senior Debtholders (or their agent or representative) of any cash, property or securities to which
the Holders would be entitled except for these Subordination Provisions, and no payments over pursuant to these Subordination Provisions to the Senior Debtholders (or their agent or representative) by the Holders, shall be deemed to be a payment or
distribution by Maker to or on account of the Senior Indebtedness except to the extent constituting such a payment or distribution pursuant to the terms of the Indenture or constituting a Payment In Full; it being understood and agreed that the
Subordination Provisions are solely for the purpose of defining the relative rights of the Senior Debtholders (or their agent or representative) on the one hand, and the Holders on the other hand. 

(k) Until Payment in Full has occurred, no amendment or waiver of any provision of this Note, shall directly or indirectly
(s) modify the Subordination Provisions, (t) increase the Interest Rate in respect of the Subordinated Debt, (u) shorten the scheduled final maturity of the Subordinated Debt, (v) modify the principal repayment or prepayment
provisions of the Subordinated Debt in a manner that would require a repayment or prepayment not required as of the date hereof, (w) change any covenants, defaults, or events of default (including the addition of covenants, defaults, or events
of default not contained in the Note as in effect on the date hereof) to restrict Maker from making payments in respect of any Senior Indebtedness, (x) increase the principal balance of the Subordinated Debt (other than as a result of the
accrual of interest, accretion or the payment of PIK Interest pursuant to the terms of the Note as in effect as of the date hereof), or (y) 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 6 

 
convert the payment of any accrual or PIK Interest to cash pay interest, in each case, without the prior written consent of the 2018 Notes Trustee and each of the Senior Debtholders. Until
Payment in Full has occurred, Maker shall not grant (and no Holder shall accept the benefit of) a lien or security interest on any collateral to secure any portion of the Subordinated Debt. 

(l) For the avoidance of doubt, nothing herein shall: (i) impair, as between the Maker and the Holders, the obligation of
the Maker, which is absolute and unconditional, to pay principal of and interest on the Note as set forth herein; or (ii) affect the relative rights of the Holders and creditors of the Maker other than their rights in relation to the Senior
Debtholders. 
 (m) No implied covenants or obligations shall be read into this Note against the 2018 Notes Trustee. The 2018
Notes Trustee shall not be deemed to owe any fiduciary duty to the Holders as a result of this Note and the 2018 Notes Trustee shall not be liable to any Holder of Notes if it shall pay over or deliver to holders of the 2018 Notes, the Issuer or any
other Person money or assets which are delivered to the 2018 Notes Trustee hereunder. 
 Any waiver shall be in writing and effective
against a Holder if signed by the applicable Holder. No delay or omission on the part of the Holders in exercising any right shall operate as a waiver of such right or any other right. A waiver on any one occasion shall not be construed as a bar to
or waiver of any right on any future occasion. All rights and remedies of the Holders with respect to this Note and the obligations hereunder, whether evidenced hereby or by any other instrument or papers, shall be cumulative and may be exercised
singularly, alternatively, successively or concurrently at such time or at such times as the Holders deems expedient. 
 The Holders shall
not have the right to transfer or assign any of their rights or obligations under this Note without the prior written consent of the Maker and any proposed assignment or transfer without consent shall be void ab initio; provided, however, that
transfers or assignments of this Note (but not increases in principal amount, other than as the result of PIK Interest) shall be permitted (a) to holders of Series A Common Stock or Convertible Preferred Stock that is required pursuant to
Section 4.1(g) of that certain Investors Agreement, dated as of March 16, 2016, by and among the Maker and certain other parties thereto (the “Investors Agreement”) or (b) to Energy Capital Partners III (Sunnova Co-Invest), LP or any other Permitted Transferee, as defined in and in accordance with the Investors Agreement. 

This Note and all obligations of Maker hereunder shall be binding upon the successors and assigns of Maker, and shall, together with the
rights and remedies of the Holders, inure to the benefit of each Holder, any future holder of any of the indebtedness and their respective successors and assigns. This Note may be amended by the Maker and Holders holding a majority of the then
outstanding principal amount under this Note (the “Majority Holders”). Notwithstanding the foregoing, the Interest Rate and Maturity Date cannot be amended without the written consent of all Holders and the principal amount owed to
a Holder under this Note cannot be amended without such Holder’s written consent. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 7 

 The Maker and the Holders intend to comply at all times with applicable usury laws. If at
any time such laws would render usurious any amounts due under this Note under applicable law, then it is Maker’s and the Holders’ express intention that (i) the Maker not be required to pay interest on this Note at a rate in excess
of the maximum lawful rate, (ii) that the provisions of this paragraph shall control over all other provisions of this Note which may be in apparent conflict hereunder, (iii) that such excess amount shall be immediately credited to the
principal balance of this Note, and (iv) the provisions hereof shall immediately be reformed and the amounts thereafter decreased, so as to comply with the then applicable usury law, but so as to permit the recovery of the fullest amount
otherwise due under this Note. 
 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. Maker
agrees that any suit for the enforcement of this Note may be brought in the courts of the State of New York or any federal court sitting therein and consents to the non-exclusive jurisdiction of such court and
to service of process in any such suit being made upon Maker by mail at the address specified in the first paragraph of this Note (or such other address as Maker may provide written notice of to the Holders). Maker hereby waives any objection that
it may now or hereafter have to the venue of any such suit or any such court or that such suit is brought in an inconvenient court. 
 EACH
PARTY HERETO WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS NOTE, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THE PERFORMANCE OF ANY SUCH RIGHTS OR OBLIGATIONS. Except as prohibited
by law, Maker waives any right which it may have to claim or recover in any litigation referred to in the preceding sentence any special, exemplary, punitive or consequential damages or any damages other than, or in addition to, actual damages. Each
party (i) certifies that neither the other parties nor their respective representatives, agents or attorneys has represented, expressly or otherwise, that such party would not, in the event of litigation, seek to enforce the foregoing waivers
and (ii) acknowledges that, in entering into this Note, each party is relying upon, among other things, the waivers and certifications contained in this Note. 

If any term of this Note shall be held to be invalid, illegal or unenforceable, the validity of all other terms hereof shall in no way be
affected thereby, and this Note shall be construed and be enforceable as if such invalid, illegal or unenforceable term had not been included herein. This Note may be executed in any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Note by facsimile or by
electronic portable document format shall be effective as delivery of a manually executed counterpart of this Note. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 8 

 IN WITNESS WHEREOF, the Maker has executed and delivered this Note on August 25,
2017. 
  

			
	SUNNOVA ENERGY CORPORATION
		
	By:	 	 /s/ Jordan Kozar

		 	Name: Jordan Kozar
		 	Title: Chief Financial Officer

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
			
	ACCEPTED:
	
	ENERGY CAPITAL PARTNERS III, LP
		
	By:	 	 Energy Capital Partners GP III, LP,
 its general
partner

		
	By:	 	 Energy Capital Partners III, LLC,
 its general
partner

		
	By:	 	 ECP ControlCo, LLC,
 its managing
member

		
	By:	 	 /s/ Rahman D’Argenio

		 	Name: Rahman D’Argenio
		 	Title: Managing Member
	
	ENERGY CAPITAL PARTNERS III-A, LP
ENERGY CAPITAL PARTNERS III, LP
		
	By:	 	 Energy Capital Partners GP III, LP,
 its general
partner

		
	By:	 	 Energy Capital Partners III, LLC,
 its general
partner

		
	By:	 	 ECP ControlCo, LLC,
 its managing
member

		
	By:	 	 /s/ Rahman D’Argenio

		 	Name: Rahman D’Argenio
		 	Title: Managing Member
	
	ENERGY CAPITAL PARTNERS III-B, LP
		
	By:	 	 Energy Capital Partners GP III, LP,
 its general
partner

		
	By:	 	 Energy Capital Partners III, LLC,
 its general
partner

		
	By:	 	 ECP ControlCo, LLC,
 its managing
member

		
	By:	 	 /s/ Rahman D’Argenio

		 	Name: Rahman D’Argenio
		 	Title: Managing Member

 [Signature Page to Note] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
			
	ACCEPTED:
	
	ENERGY CAPITAL PARTNERS III, LP
		
	By:	 	 Energy Capital Partners GP III, LP,
 its general
partner

		
	By:	 	 Energy Capital Partners III, LLC,
 its general
partner

		
	By:	 	 ECP ControlCo, LLC,
 its managing
member

		
	By:	 	 /s/ Rahman D’Argenio

		 	Name: Rahman D’Argenio
		 	Title: Managing Member
	
	ENERGY CAPITAL PARTNERS III-A, LP
ENERGY CAPITAL PARTNERS III, LP
		
	By:	 	 Energy Capital Partners GP III, LP,
 its general
partner

		
	By:	 	 Energy Capital Partners III, LLC,
 its general
partner

		
	By:	 	 ECP ControlCo, LLC,
 its managing
member

		
	By:	 	 /s/ Rahman D’Argenio

		 	Name: Rahman D’Argenio
		 	Title: Managing Member
	
	ENERGY CAPITAL PARTNERS III-B, LP
		
	By:	 	 Energy Capital Partners GP III, LP,
 its general
partner

		
	By:	 	 Energy Capital Partners III, LLC,
 its general
partner

		
	By:	 	 ECP ControlCo, LLC,
 its managing
member

		
	By:	 	 /s/ Rahman D’Argenio

		 	Name: Rahman D’Argenio
		 	Title: Managing Member

 [Signature Page to Note] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 
			
	ENERGY CAPITAL PARTNERS III-C, LP
		
	By:	 	 Energy Capital Partners GP III, LP,
 its general
partner

		
	By:	 	 Energy Capital Partners III, LLC,
 its general
partner

		
	By:	 	 ECP ControlCo, LLC,
 its managing
member

		
	By:	 	 /s/ Rahman D’Argenio

		 	Name: Rahman D’Argenio
		 	Title: Managing Member
	
	ENERGY CAPITAL PARTNERS III-D, LP
		
	By:	 	 Energy Capital Partners GP III, LP,
 its general
partner

		
	By:	 	 Energy Capital Partners III, LLC,
 its general
partner

		
	By:	 	 ECP ControlCo, LLC,
 its managing
member

		
	By:	 	 /s/ Rahman D’Argenio

		 	Name: Rahman D’Argenio
		 	Title: Managing Member

 [Signature Page to Note] 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 SCHEDULE I 
  

					
	 Holders and Addresses
	  	 Principal Amount
	  	 PIK Interest Amount

	Energy Capital Partners III, LP 
51 JFK Parkway 
Suite 200 Short Hills, NJ 07078 
Attn: General Counsel 
Fax: (973) 671-6101	  	$[***]	  	$[***]
			
	Energy Capital Partners III-A, LP 
51 JFK Parkway 
Suite 200 
Short Hills, NJ 07078 
Attn: General Counsel 
Fax: (973) 671-6101	  	$[***]	  	$[***]
			
	Energy Capital Partners III-B, LP 
51 JFK Parkway 
Suite 200 
Short Hills, NJ 07078 
Attn: General Counsel 
Fax: (973) 671-6101	  	$[***]	  	$[***]
			
	Energy Capital Partners III-C, LP 
51 JFK Parkway 
Suite 200 
Short Hills, NJ 07078 
Attn: General Counsel 
Fax: (973) 671-6101	  	$[***]	  	$[***]
			
	Energy Capital Partners III-D, LP 
51 JFK Parkway 
Suite 200 
Short Hills, NJ 07078 
Attn: General Counsel 
Fax: (973) 671-6101	  	$[***]	  	$[***]

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 EXHIBIT A 

Term Sheet 
 (See attached) 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 The following is intended to summarize certain basic terms of the proposed Term Loan Facility. It is not
intended as a definitive list of all our requirements in connection with the financing. This summary term sheet does not constitute a commitment, a contract to provide a commitment, or an offer to enter into a contract regarding the proposed Term
Loan Facility on these or any other terms. Such commitment, contract, or offer is subject to, among other things, completing our due diligence, the final customary approval of the ARCC Investment Committees and other accounts and investment vehicles
managed by Ares Management, and delivery of final loan documentation satisfactory to Ares Management. These summary terms and conditions are confidential and should be treated as such and should not be discussed with any other party, except for the
Sponsor(s) and its advisors. 
  
  

SUNNOVA INTERMEDIATE HOLDINGS, LLC 

PRELIMINARY SUMMARY TERMS AND CONDITIONS 

$200 MILLION TERM LOAN 

August 18, 2017 
  

 
  

			
	Parent:	  	Sunnova Energy Corporation (“SEC” and “Parent”), which owns assets and LLC interests per the Org Chart
		
	NewCo:	  	[Sunnova Holdings] (“NewCo”), which owns 100% of the equity interests in Parent
		
	Borrower:	  	Sunnova Intermediate Holdings, LLC or a newly-formed wholly-owned entity, which owns assets and LLC interests per the Org Chart, and which shall be a bankruptcy-remote SPV.
		
	Org Chart:	  	See Appendix D
		
	Management	  	Sunnova Management LLC, Sunnova TE Management I LLC, Sunnova SSA Management LLC, and Sunnova
		
	Entities:	  	SLA Management LLC
		
	 Asset Portfolios:
	  	 Wholly-Owned Assets: All solar assets which are wholly-owned by Borrower (in certain instances alongside third-party tax equity
investors) including:
  

•  LV3, AP4, AP5, AP6, AP7, Sunnova TEP I Developer, and

 
 •  All newly formed entities
which are, directly or indirectly, wholly-owned by Borrower

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 1 

			
		  	 Partially-Owned Assets: All solar assets which are partially-owned by Borrower alongside third-party (cash) equity investors
including:
  
 •  Sunnova Energy
Yield GP LLC (“YieldCo Entity”), and
  

•  All newly formed subsidiaries formed for the purpose of owning and/or managing assets whereby SEC
(or Borrower) does not own 100% of the economic interests and “customer relationship”

		
	Managing Sponsor:	  	Energy Capital Partners (“ECP”)
		
	Sponsors:	  	All investors owning Convertible Preferred Stock or Common Stock in NewCo including but not limited to: ECP, Elk Mountain, Minion Trails, GSO/Franklin Square, Brock Capital Group, Triangle Peak Partners, SEIS / CGK Holdings, and
Magnetar Capital
		
	Administrative Agent:	  	Ares Capital Corporation (“ARCC” or “Agent”)
		
	Arrangers:	  	Investment vehicles and accounts managed by Ares Management, L.P. (“Ares Mgmt”) and investment vehicles and accounts managed by Melody Capital Partners, LP (“Melody”)
		
	Lenders:	  	Ares Mgmt, Melody and other third-party lender assignees reasonably satisfactory to Ares Mgmt and Melody, provided that no such Lender shall be a “Disqualified Lender”.
		
	Disqualified	  	Each entity listed as a “Disqualified Lender”, as provided in writing by the Borrower to Ares Mgmt and Melody
		
	Lender:	  	prior to the Closing Date and on each anniversary of the Closing Date.
		
	Initial Commitments:	  	$135 million by ARCC; $65 million by Melody
		
	Facility:	  	The principal terms of the Term Loan (“TL” or “Facility”) are outlined below:
		
	Commitment:	  	$200 million, fully funded on the Closing Date; $50 million under the Incremental Facility
		
	Incremental Facility:	  	For 18 months following the Closing Date, the Borrower may elect by written notice to the Arrangers (the “Increase Notice”) to increase the Commitment by $50 million to be funded in not more than two draws (such
amount, the “Incremental Facility”), subject to the satisfaction of the following conditions: (i) no event of default exists or would exist after giving effect to any such increase, (ii) the representations and warranties in the
Facility shall be accurate in all material respects after giving effect to any

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 2 

			
		  	 such increase, (iii) subject to the following paragraph, receipt of additional commitments from the Lenders or one or more other
financial institutions, and (iv) the Lenders shall have received all organizational documents (including resolutions of the Borrower and any guarantors) it may reasonably request relating to the corporate or other necessary authority for such
increase and the validity of such increase, and other organizational matters relevant thereto, all in form and substance reasonably acceptable to the Lenders. Borrower may not elect to increase the Commitment within 90 days of the Closing Date.

 
 Until the date that is 30 days after receipt of an Increase Notice (“ROFR
Period”), the Arrangers shall have a right of first refusal to participate in the Incremental Facility. During the ROFR Period, the Borrower and its affiliates may not seek commitments from new lenders (the “New Lenders”). After the
ROFR Period, the Borrower and its affiliates may seek commitments from New Lenders. If the Incremental Facility is not closed within 120 days of the receipt of the Increase Notice, the ROFR Period is thereby reinstated.

 
 If the Arrangers elect to participate in the Incremental Facility, (x) an upfront
fee/OID equal to [***]% of the Incremental Facility shall be paid to each Arranger in the Incremental Facility based on their pro rata commitment, (y) the Interest Rate applicable to the Incremental Facility shall remain as set forth below and
(z) the Warrants issued to the Arrangers shall be as described below.
  
 Subject
to the following bullets, the Incremental Facility shall have the same terms and conditions as the Facility12

 
 •  If the Incremental Facility
includes a higher upfront fee/OID, the Arrangers shall be paid (x) the difference of such upfront fee/OID and [***]%, multiplied by (y) the Commitment; provided that the New Lenders shall not be paid an upfront fee/OID greater than [***]%
of the Incremental Facility commitment.
  

•  If the Incremental Facility includes a higher interest rate, such higher interest rate shall apply
to the Facility with respect to the original Commitment, but there will be no change in the Minimum Cash Interest (as it relates to the Facility).

 

	1 	 NOTE: For the avoidance of doubt, incremental lenders which are New Lenders shall not have any right or
flexibility to modify any term except for Fees, Interest Rate and Warrants. 

	2 	 NOTE: For simplicity, “Arrangers” is used to mean the Lenders on the Closing Date in the
“Incremental Facility” and “Warrant” sections of this term sheet . To the extent the Arrangers syndicate post-closing, the “true-ups” will be appropriately adjusted between the
Arrangers and the lenders to whom the Arrangers syndicated. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 3 

			
		  	 •  If the Incremental Facility grants more Initial Warrants to the New Lenders (on
a per dollar of commitment basis) than were granted to the Arrangers on the Closing Date, the Arrangers shall receive additional Initial Warrants (on a per dollar of commitment basis) pro rata in an amount equal to the difference between the amount
of additional Initial Warrants granted to the New Lenders and the amount of Initial Warrants granted to the Arrangers on the Closing Date.
  

•  If the Incremental Facility grants more Additional Warrants to the New Lenders (on a per dollar of
commitment basis) than the amount set on the Closing Date to be granted to the Arrangers, the amount of Additional Warrants entitled to be received by the Arrangers shall be increased (on a per dollar of commitment basis) to match the amount granted
to the New Lenders. The cap of 6.0% will also be increased proportionately.3

		
	Closing Date:	  	September 5, 2017
		
	Upfront Fee/OID:	  	[***]% of the Commitment to be funded on the Closing Date to be paid to the Lenders as of the Closing Date, based on their pro-rata commitment
		
	Tenor:	  	4.5 years
		
	Interest Rate:	  	12.0%
		
	Payment Date:	  	Quarterly for interest and scheduled principal amortization
		
	Minimum Cash	  	Minimum cash interest based on the below schedule:

  

			
	 Date
	  	 Minimum Cash Interest

		
	Prior to 12/31/18	  	[***]%
		
	Following 12/31/18	  	[***]%

  

			
	PIK Option:	  	 Borrower may exercise the PIK option subject to:
  

i.   Satisfying the Minimum Cash Coupon

 
 ii.  No event of default exists

 
 iii.   The total outstanding
balance of the TL not exceeding 120% of the total funded amount
  

iv.   No occurrence or continuation of Turbo Amortization (i.e. PIK allowed during the 120-day Liquidity Cure Period, however, failure to cure the Liquidity Breach will eliminate eligibility of the PIK Option).

  

	3 	 NOTE: Sunnova confirms the excel example sent by Ares on August 1; to be reflected in definitive documents.

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 4 

			
	Administrative Agent Fee:	  	$[***] per annum, payable in advance in equal quarterly installments
		
	Mandatory Amortization:	  	Mandatory amortization based on the below schedule, to be paid quarterly:

  

			
	 Date
	  	 Mandatory Amortization

	 Prior to
 6/30/19
	  	None
		
	 6/30/19
	  	[***]% of draws
		
	 9/30/19
	  	[***]% of draws
		
	 12/31/19
	  	[***]% of draws
		
	 3/31/20
	  	[***]% of draws
		
	 6/30/20
	  	[***]% of draws
		
	 9/30/20
	  	[***]% of draws
		
	 12/31/20
	  	[***]% of draws
		
	 3/31/21
	  	[***]% of draws
		
	 6/30/21
	  	[***]% of draws
		
	 9/30/21
	  	[***]% of draws

  

			
	Prepayment Premium:	  	In the event the principal repayments and Interest received by the Lenders (excluding, for purposes of calculating the Prepayment Premium, Upfront Fee/OID, Default Interest, and gains associated with the Warrants) result in a return
on investment to the Lender below the Minimum ROI, then upon repayment or prepayment of the Term Loan (including upon acceleration), the Borrower will make a true-up payment such that the Lender, after taking
the true-up payment into account, will achieve the Minimum ROI on cumulative drawn amounts on the Facility. The Prepayment Premium will be calculated and paid at the earlier of maturity of the Facility and the
repayment in full in cash of the Facility.
		
	Minimum ROI:	  	1.40

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 5 

			
	Warrant:	  	Initial Warrant
		
		  	On the Closing Date, the Arrangers will be issued warrants to purchase 2% of the Conv Pref of NewCo on a fully-diluted basis as of date of exercise, at an exercise price of $0.01 per share, which will have a 7-year term from the Closing Date and will be exercisable in part or in full at any time during such term. If ECP converts its Conv Pref to common stock, such warrants shall become exercisable into common stock (or
dragged into common stock if ECP coverts after the Arrangers have exercised their warrants for Conv Pref). For the avoidance of doubt, only the Arrangers shall be allocated Initial Warrants. If the Arrangers participate in the Incremental Facility,
the Arrangers will be issued additional warrants on the foregoing terms to purchase an additional 0.5% of the Conv Pref of NewCo on a fully-diluted basis as of date of exercise, at an exercise price of $0.01 per share, which will have a 7-year term from the Closing Date and will be exercisable in part or in full at any time during such term.
		
		  	Additional Warrants
		
		  	On each anniversary of the Closing Date until the Maturity Date (or the earlier repayment of the Loans in full), then-current Lenders will be granted on a pro rata basis additional warrants to purchase 1.0% (or, if the Arrangers
have participated in the Incremental Facility, 1.25%) of the Conv Pref of NewCo at an exercise price of $0.01 per share, which will have a 7-year term from the Closing Date and will be exercisable in part or
in full at any time during such term; provided, that, in no event shall the Initial Warrants and the Additional Warrants granted in connection with the Facility exceed 6.0% of the Conv Pref of NewCo (or, if the Arrangers have participated in the
Incremental Facility, 7.5% and subject to increase if the Incremental Facility grants more Additional Warrants to the New Lender). For the avoidance of doubt, Additional Warrants shall only be granted to then-current Lenders who are Lenders with
respect to the original Commitment, unless the Borrower has agreed separately to grant Additional Warrants to New Lenders with respect to the Incremental Facility.
		
		  	Springing Warrant
		
		  	In the event of an Event of Default that has not been cured for 180 days, then-current Lenders will be issued, on a pro-rata basis based on outstanding Term Loans owing to such lenders, an
additional warrant to purchase 5.0% of the Conv Pref of NewCo on a fully diluted basis as of date of exercise, at an exercise price of $0.01 per share (the “Springing Warrants” and, collectively with the Initial Warrant and the Additional
Warrants, the “Warrants”).

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 6 

			
		  	The Springing Warrants will have a 7-year term (from the Closing Date) and will be exercisable in part or in full at any time during such term.
		
		  	Subject to the following sentence, the Springing Warrants shall be reduced to 0% of the Conv Pref of NewCo if the Borrower achieves Goldman Success (as defined below) within 6 months of the Closing Date. If the Springing Warrants
have been reduced to 0% as a result of achieving Goldman Success, the Springing Warrants will be reinstated (on the original terms) in the event of a Warehouse CoC Violation (as defined in Appendix A).
		
		  	“Goldman Success” means any of the following (a) amending the AP6 facility (i) to eliminate or modify (such modification to be reasonably satisfactory to the Lenders) the standstill requirement with respect to
the pledge of Sunnova Asset Portfolio 6 Holdings, LLC (“AP6H”), Sunnova Asset Portfolio 6, LLC (“AP6”), Sunnova AP 6 Warehouse II, LLC (“AP6 Warehouse”) (provided that failure to eliminate or modify such standstill
requirement as it relates to AP6 and AP6 Warehouse shall not prevent the reduction of Springing Warrants to 0% of Conv Pref of NewCo) and Borrower and (ii) to eliminate the change of control with respect to foreclosure on equity in AP6H, AP6,
AP6 Warehouse (provided that failure to eliminate such change of control requirement as it relates to AP6 and AP6 Warehouse shall not prevent the reduction of Springing Warrants to 0% of Conv Pref of NewCo) and Borrower (which can be subject to
customary limitations (such as transferee satisfying creditworthiness and operational requirements)); for the avoidance of doubt, an amendment substantially similar to the provisions negotiated in the amendments to the SSA/SLA Warehouse Facilities
as of the Closing Date would satisfy this clause (a)(ii)), or (b) refinancing the AP6 facility and opening a new warehouse on similar terms whereby the change of control triggers are subject to customary limitations (such as transferee
satisfying creditworthiness and operational requirements).
		
		  	Warrant-holder Rights (all Warrants)
		
		  	The Warrants will have, among other things: (i) information rights that are equivalent to the TL, and (ii) customary minority protections substantially equivalent to the rights of the
non-ECP investors.
		
		  	The Warrants will also be subject to weighted average anti-dilution protection on substantially the same terms as the Convertible Preferred Stock, which protection shall apply on a post-exercise basis.
		
	Use of Proceeds:	  	To repay the Magnetar notes, pay fees and expenses incurred in connection with the Facility, deposit cash with Borrower and Parent to achieve the balances set forth in clause (iii) of the Conditions Precedent, to repay a
$15 million shareholder loan and thereafter for general corporate purposes. Incremental facility shall be used to first prepay all “Class C Notes” issued by Helios Issuer, LLC (“Helios Repayment”) and, if there are
excess proceeds following the Helios Repayment, for general corporate purposes of the Borrower.

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 7 

			
	Cash Management:	  	 •  Borrower Deposit Account Control Agreement (“DACA”)

 
 •  Borrower will open a
“Waterfall Account” (“WA”) and a “Multi-Purpose Account” (“MPA”), which shall each be subject to a DACA and under the control of the Lenders for the purpose of perfecting a security interest therein.

 
 •  All of Borrower’s
subsidiaries will direct distributions into the MPA
  

•  With respect to the net proceeds of individual asset sales actually received by the Borrower,
amounts below $5 million will be deposited into the MPA, and amounts equal to and greater than $5 million will be deposited into the WA whereby. In each case, the Borrower will have the option to exercise the Asset Sale Proceeds Sharing
mechanism
  
 •  Cash will be
run through the WA quarterly. The Borrower shall cause enough funds on deposit in the MPA to be run through the WA to pay the items listed in clauses (i) through (v) below.

 
 •  Waterfall Account
(WA)
  

i.   Administrative expenses of Borrower entity

 
 ii.  All fees, costs, charges and
expenses due to the Lenders and Administrative Agent
  

iii.   To the Lenders, TL Interest

 
 iv.   To the Lenders, TL
Mandatory Amortization
  
 v.  To the
Lenders, to satisfy all Mandatory Prepayments and Turbo Amortization
  

vi.   To the Lenders, any Optional Prepayments

 
 vii.  To SEC, Minimum Parent
Distributions (unless an Event of Default has occurred and is continuing)
  

viii.  To SEC, Additional Parent Distributions (unless an Event of Default has occurred and is
continuing)

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 8 

			
		  	 ix.   Asset Sale Proceeds Sharing. If Borrower elects to exercise the Asset Sales
Proceeds Sharing mechanism, every $1.00 of net asset sale proceeds shall be distributed:
  

a.   $0.50 to the Lenders as a prepayment

 
 b.  $0.50 to the Parent as an Asset
Sale Parent Distribution
  
 x.  All
excess amounts shall be deposited into the MPA
  

•  Multi-Purpose Account (MPA)

 
 •  Borrower may utilize cash in
this account as necessary throughout the quarter and to conduct ordinary business including but not limited to:
  

•  Funding deposits with channel partners and/or acquiring new assets

 
 •  Repaying/refinancing
subsidiary debt and/or funding equity cures for underlying subsidiaries
  

•  General administrative and operations expenses of the Borrower and of any subsidiary

		
	Parent	  	“Asset Sale Parent Distributions” shall be defined as those amounts eligible to be distributed to Parent pursuant to clause (ix)(b) of the Waterfall Account above
		
	Distributions	  	 “Minimum Parent Distributions” shall be defined as $6.0 million per quarter for the 2017 calendar year; $7.0 million per
quarter for the 2018 calendar year; and $8.0 million per quarter thereafter until the Maturity Date. Minimum Parent Distributions shall not accrue if not able to be fully paid in any quarter.

 
 “Additional Parent Distributions” shall be defined as:

 
 •  Prior to and until the end of
4Q’18, $0; and
  

•  Thereafter, the amount set forth below corresponding to the applicable Lenders’ Return on
Investment and CLTV, which amount shall not accrue if not able to be fully paid in any quarter:

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 9 

 
									
	 	  	 	  	 Return On Investment

		  		  	<=0.50x	  	0.50 - 1.00x	  	>= 1.00x
	Cons. LTV	  	>= 80.0%	  	$0.0	  	$0.0 mm	  	$2.0 mm
	  	75.0% – 80.0%	  	$0.0	  	$1.5 mm	  	$4.0 mm
	  	<= 75.0%	  	$1.5 mm	  	$2.0 mm	  	$6.0 mm

  

			
	Reporting:	  	 Usual and customary for transactions of this type including but not limited to:

 
 i.   documentation for
amendments of existing indebtedness and issuances of debt and equity at any downstream subsidiary of the Borrower
  

ii.  all reporting materials related to performance of assets and notices of material events (including,
but not limited to, defaults, events of default, litigation and material adverse changes) distributed to investors or lenders of Asset Portfolios including lenders, tax equity, and cash equity investors

 
 iii.   Quarterly and annual
unaudited and audited financial statements of Borrower and Parent
  

iv.   Within 10 business days after month end, Borrower shall report the cash balance of Borrower,
Parent, and each of Borrower’s wholly-owned subsidiaries
  

v.  Copies of asset sale documents other than to Borrower or another subsidiary, where such asset sale was
in excess of $5.0 million.
  

vi.   If Unlevered Asset Value of an asset sale is greater than $50 million, then the Borrower
must provide to the Lenders at least 7 business days’ prior to execution of definitive documents notice of the transaction and summary details (target portfolio, identity of buyer, equity structure, term sheet, consideration, CLTV levels both pre-deal and pro forma). Further, in the next quarterly reporting period, Borrower must provide analysis showing implied discount rate and provide commentary to the extent there is material variance from the 7.0%
Discount Rate used under this Facility (it being understood that quarterly board packages or special meetings shall address this requirement).

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 10 

			
		  	 vii.  To the extent the Borrower initiates a cash equity sale process either directly
or with an advisor/banker, Borrower shall share all marketing materials (CIM, model reports, etc.) with the Lenders (such obligation will be only to track asset sale activity and shall not provide Lenders any right to participate in the
process).

		
	Board Observation Rights:	  	Ares, Melody and any other lender that is a lender on the Closing Date with a commitment of at least $50 million (such other lender subject to the approval of the Borrower/Managing Sponsor prior to the Closing Date) shall be
granted board observation rights (other than customary exclusions, including those related to attorney-client privilege and matters directly related to the Facility); provided, that, such observation rights granted to each of Ares, Melody and any
other lender on the Closing Date with a commitment of at least $50 million shall terminate upon its respective transfer of more than 50% of its position in the Facility.
		
	SEC Liquidity Test:	  	 To the extent aggregate cash at Parent is below $15.0 million as of any month-end period, which
amount can include the Minimum Parent Distribution expected within the succeeding 90 day period (such event, a “Liquidity Breach”), the Borrower will be subject to Turbo Amortization beginning 120 days following a Liquidity Breach
Following a Liquidity Breach and prior to the commencement of Turbo Amortization, the Sponsors shall have the right to cure such event (“Liquidity Cure Period”) by satisfying either of the following:

 
 i.   Sponsors collectively
funding an equity contribution (or issuing new equity) to cause the aggregate cash balance at SEC to exceed $20.0 million for 5 consecutive business days; or
  

ii.  SEC demonstrating an aggregate average cash balance of $20.0 million over any trailing 30-day period.
  
 For the avoidance of doubt, during
the Liquidity Cure Period:
  

•  any Mandatory Amortization payments due shall remain an obligation

 
 •  the existence of the
Liquidity Breach will not constitute an Event of Default
  

•  the Borrower will be eligible to fund Parent Distributions (to the extent permitted)

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 11 

			
		  	Failure to exercise a cure during the Liquidity Cure Period shall result in, subject to the following sentence, an irrevocable trigger of Turbo Amortization whereby the Mandatory Amortization schedule will be revised to reflect an
additional $10.0 million payment every 3 months, whereby the first such Turbo Amortization payment would be due on the last day of the fiscal quarter ending after the end of the Liquidity Cure Period. Borrower shall be permitted one time to
stop Turbo Amortization (and return to the Mandatory Amortization schedule in effect immediately prior to the trigger of Turbo Amortization) by making a prepayment of the Term Loan in an amount equal to at least $25 million.
		
		  	 For the avoidance of doubt, upon the occurrence and during the continuation of Turbo Amortization:

 
 •  the existence of Turbo
amortization will not constitute an Event of Default
  

•  the Borrower will be eligible for Minimum Parent Distributions (to the extent
permitted)
  
 •  the Borrower
will not be eligible for other Parent Distributions

		
	Asset Sale Transaction:	  	 Any transaction per below:
  

YieldCo

		
		  	A public or private offering in operating assets held by the YieldCo Entity
		
		  	Portfolio Sale
		
		  	 A sale of assets or equity interests by Borrower or its subsidiaries to a third-party equity investor or into a newly-formed entity which is
not a wholly-owned entity by Borrower
  

•  “Full Portfolio Sale” - transactions resulting in no residual economic interests to
SEC
  
 •  “Minority
Portfolio Sale” - transactions resulting in all of the following:
  

i.   Borrower retaining at least 50.1% of the economic rights via an equity structure whereby SEC
and the new investor are allocated cash-flows on a pro-rata basis and new investor is not allocated cash exceeding 50.0% of available cash (for the avoidance of doubt, a customary tax equity partnership shall
be permitted by this clause (i) irrespective of the cash allocations under such partnership);

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 12 

			
		  	 ii.  SEC retaining the same affiliate transactions which existed prior to the
transaction (including but not limited to asset management, collections, etc.);
  

iii.   SEC retains the “customer relationship”; and

 
 iv.   Exercise of the
Lenders’ remedies following an Event of Default subject only to customary limitations (such as transferee satisfying creditworthiness and operational requirements).
  

•  “Passive Preferred Sales” - transactions whereby a new investor is granted an allocation
of cash which exceeds 50.0% of available cash or has a preferred claim on cash which would be expected to exceed 50.0% of available cash in any year over the next seven (7) years, provided that customary tax equity partnerships will not be
considered Passive Preferred Sales
  

•  “Other Portfolio Sales” - transactions resulting in either of the following:

 
 i.   SEC does not retain
affiliate transaction role performed historically (asset management, collections, etc.)
  

ii.  SEC does not retain the “customer relationship”.

 
 “Core Assets” shall be defined as (i) Wholly-Owned Assets and
(ii) assets owned through a vehicle which has executed a Minority Portfolio Sale. For the avoidance of doubt, Core Assets will not include assets whereby definitive documentation has been executed that would be deemed (x) Full Portfolio
Sale, (y) Other Portfolio Sales or (z) Passive Preferred Sale.

		
		  	Consolidated Loan to Value (“CLTV”) shall be tested quarterly beginning on December 31, 2017 and the Borrower shall have a CLTV equal to or less than the levels set forth in Appendix C.
		
	CLTV Covenant:	  	 Numerator shall be the sum of all debt of the Borrower (including the TL) and Borrower’s share of all debt at subsidiaries

 
 •  Disregards tax equity

 
 •  With respect to indebtedness
secured by assets which are Partially-Owned Assets, the numerator shall be adjusted to capture Borrower’s pro-rata share of debt

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 13 

			
		 	 Denominator shall be the sum of:
  

•  Unlevered Asset Value, defined as the present value of the sum of:

 
 •  Contracted Cash Flows
(defined as the aggregate amount of payments expected to be received by a subsidiary of Borrower pursuant to binding and enforceable contracts with customers), plus
  

•  Hedged SRECs (defined as the aggregate amount of payments expected to be received by a subsidiary
of Borrower pursuant to binding and enforceable SREC sale agreements), less
  

•  asset-level operating expenses reasonably expected to be incurred (provided that such assumptions
may not vary by more than 10% relative to historical levels on a portfolio basis per MW and/or per system)
  

•  100% of
Work-in-Process (“WIP”) Capex which has been funded
  

•  Adjusted Cash defined as:
  

•  Aggregate cash held at Parent, Borrower and all entities which are wholly-owned by Borrower

 
 •  75% of market value of
publicly traded equity securities (VWAP over 30 trailing days)

		
		 	 As it relates to Unlevered Asset Value above:
  

•   Projections shall be subject to the actual contracted end dates and subject to a maximum
projection end date of 25 years from the covenant calculation date (“Max Asset Tenor”), regardless of actual contract tenor remaining; no residual value will be included

 
 •   Projections shall be
adjusted to be net of cash allocations to:
  

•  tax equity investors
  

•  third-party cash equity investors in connection with Partially-Owned Assets

 
 •   Discount Rate used to
derive Unlevered Asset Value shall be defined as 7.0%
  

•   Projections shall assume

 
 •  0.50% annual degradation

 
 •  0.35% annual default rate
assumptions

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 14 

			
	  
  

Equity Cures:
	  	 •  97.5% production case assumption

 
 Sponsor shall be permitted to make unlimited equity cures to satisfy any Minimum Cash
Coupon or Mandatory Amortization payments
  
 Sponsor shall be permitted to make
unlimited equity cures upon the breach of the CLTV Covenant. Following the first six equity cures for breach of the CLTV Covenant, the Borrower shall make a $15 million partial prepayment of the Facility (with the proceeds of the cure or other
unrestricted cash on hand) with each additional equity cure.
  
 For the avoidance of
doubt, Sponsor shall be permitted to raise outside capital to facilitate the exercise of its cure rights.

		
	Negative	  	Usual and customary for transactions of this type, including but not limited to:
		
	Covenants:	  	 i.   Restricted debt incurrence and amendments set forth under Appendix A; SEC
shall not be permitted
  

ii.  Corporate Expenses (including but not limited to (a) Sunnova SG&A and (b) Corporate
CapEx as laid out in the Base Case Model) shall only be incurred by NewCo, SEC and the Management Entities; no G&A shall be incurred at Borrower or subsidiaries except for Approved Affiliate Transactions (as defined below)

 
 iii.   No Asset Sale
Transactions allowed by the Borrower or a subsidiary thereof except for Permitted Asset Sales to enter into a debt financing transaction (such restriction shall not apply to NewCo).

 
 iv.   Usual and customary
restricted payments including:
  

a.   Subsidiaries shall not make restricted payments other than upstreaming cash to Borrower

 
 b.  NewCo shall not make payments to
any class of equity or indebtedness while the Facility remains outstanding, other than mandatory cash distributions required by the Investors Rights Agreement; for the avoidance of doubt, there shall be no limitations on distributions made by SEC to
NewCo to pay reasonable accounting, administrative and other expenses of NewCo and mandatory cash distributions required by the Investors Rights
Agreement.4

  

	4 	 NOTE: Parties to agree on reasonable cap in long form documentation. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 15 

			
		  	 v.  Mergers / Acquisitions

 
 a.   Borrower shall be allowed
to acquire portfolios of operating assets under lease, PPA, or loan agreements and equity interests in entities (including tax equity partnerships) all or substantially all of whose assets consist of the foregoing assets or equity, however, shall
not acquire any companies or platforms which are in the business of origination, development, construction, management, customer acquisition, or any other such business
  

b.  Borrower shall not acquire or merge with new companies or platforms, unless such transaction is an
Approved Merger/Acquisition (to be defined in the definitive documents)
  

vi.   Approved Affiliate Transactions (defined as transactions with affiliates of the Borrower that
are on terms no less favorable to the affiliate than would be obtained in a comparable arm’s length transaction with a person that is not an affiliate or are on terms substantially similar to existing affiliate transactions. All existing
affiliate transactions shall be deemed to be “Approved Affiliate Transactions”). For the avoidance of doubt, no intercompany loans made by Borrower, SEC or NewCo will be permitted without prior Lender approval and there shall be no
restrictions on intercompany loans between or among any Subsidiary of the Borrower and/or any Management Entity.
  

a.   Management Entities shall continue to provide services under existing affiliate transactions,
however, no changes to economic terms shall be permitted (except for an 2% annual growth rate)
  

b.  Management Entities shall be allowed to enter into similar transactions to support future asset growth
that are Approved Affiliate Transactions.
  

vii.  Parent and NewCo shall not form any new subsidiaries unless such subsidiaries are wholly-owned by
Borrower (alongside third-party tax equity investors).
  

viii.  Parent shall not own any assets through Sunnova Energy Yield GP, LLC or another yield co entity

 
 ix.   Underwriting
Criteria:
  
 a.   Borrower
shall not modify its Underwriting Policy (as in effect on the closing date) unless and to the extent that such modification (i) would not reasonably be expected to result in a breach or default under any of its subsidiaries’ senior secured
credit facilities or (ii) is otherwise consistent with the applicable provisions of such senior secured credit facilities.

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 16 

			
		  	 b.  In addition, no customer for any solar asset shall have a FICO Score of less than
[***] at origination; provided, that the Borrower may deploy up to $40 million in additional capital in assets with FICO Scores of at least [***] at origination.

		
	Permitted Asset Sales:	  	 A sale:
  

i.   by Borrower to a Subsidiary or by a Subsidiary to Borrower or another Subsidiary;

 
 ii.  of obsolete, worn-out or replaced property not used or useful in its business;
  

iii.   of equipment to customers in the ordinary course of business;

 
 iv.   the sale of defaulted
accounts arising in the ordinary course of business in connection with the compromise or collection thereof and not in connection with any financing transaction; or
  

v.  whereby Pro Forma for the asset sale (which may take the form of a Minority Portfolio Sale,
Passive

		
		  	 Preferred Sale or Other Portfolio Sale), the Borrower:
  

a.   Would remain in compliance with the CLTV covenant minus a 2.5% adjustment;.

 
 b.  CLTV level would not increase by
more than 10.0% relative to previous quarter, unless it would remain in compliance with the CLTV covenant minus a 5.0% adjustment;
  

c.   Would remain in compliance with the Portfolio Diversification Requirement set forth in Appendix
A;
  
 d.  Shall remain in compliance
with all Affirmative Covenants and Negative Covenants, and
  

e.   Shall maintain a ratio between levered equity value of Core Assets (unlevered Asset Value of
Core Assets, less Debt of Asset Portfolios) and balance of Term Loans of not less than:

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 17 

 
			
	 Date
	  	 Level

	9/30/2017	  	[***]
		
	12/31/2017	  	[***]
		
	3/31/2018	  	[***]
		
	6/30/2018	  	[***]
		
	9/30/2018	  	[***]
		
	12/31/2018	  	[***]
		
	3/31/2019	  	[***]
		
	6/30/2019	  	[***]
		
	9/30/2019	  	[***]
		
	12/31/2019	  	[***]
		
	3/31/2020	  	[***]
		
	6/30/2020	  	[***]
		
	9/30/2020	  	[***]
		
	12/31/2020	  	[***]
		
	3/31/2021	  	[***]
		
	6/30/2021	  	[***]
		
	9/30/2021	  	[***]
		
	12/31/2021	  	[***]
		
	3/31/2022	  	[***]

  

			
		 	For the avoidance of doubt, when performing the CLTV calculation to determine whether a Passive Preferred Sale satisfies the foregoing clauses (a) through (e), (x) all operating portfolios and debt associated with such Passive
Preferred Sale shall be excluded from the numerator and denominator of such calculation (and shall remain ineligible for future CLTV calculations) and (y) cash proceeds from such sale may be included as Borrower cash in the denominator of such
calculation.

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 18 

			
		  	For the avoidance of doubt, the Equity Cures shall not enable the Borrower to qualify for any of the above for purposes of effecting a Permitted Asset Sale, provided, however the Borrower may exercise an Optional Prepayment at any
time, and to the extent the Borrower can demonstrate that following such prepayment it can qualify under all of the above then such sale shall be deemed permitted.
		
		  	No asset sales under clause (v) above are permitted during the continuation of an Event of Default
		
	Affirmative Covenants:	  	 Usual and customary for transactions of this type. Borrower shall cause each of its Subsidiaries to distribute all cash that each such
Subsidiary is permitted to distribute under applicable law, its organizational documents, and the applicable debt financings and tax equity partnership documents; provided that each Subsidiary may retain cash in an amount, in the Borrower’s
reasonable discretion, necessary or advisable for working capital purposes, capital expenditures or the prudent operation of such Subsidiary’s business.
  

Borrower shall use commercially reasonable efforts to achieve TCB Success and CIT Success.

 
 “TCB Success” means an amendment to the AP4 facility that eliminates
(a) the change of control with respect to foreclosure on equity in Borrower and AP4 (which can be subject to customary limitations (such as transferee satisfying creditworthiness and operational requirements)) and (b) the event of default
under the TCB facility triggered by acceleration of the TL and prepayment, repurchase, defeasance or redemption prior to the stated maturity.

		
		  	“CIT Success” means an amendment to the TEP I facility that eliminates the change of control with respect to foreclosure on equity in Borrower and TEP I Developer (which can be subject to customary limitations (such as
transferee satisfying creditworthiness and operational requirements)).
		
	Base Case Model:	  	Model sent by management labeled “[☐]”
		
	Conditions Precedent:	  	 Conditions precedent to closing the Facility shall include, but not be limited to the following:

 
 i.   investment committee
approval of ARCC, other Ares Mgmt committees and Melody,
  

ii.  satisfactory completion of customary legal diligence and documentation,

 

iii.   pro-forma balances of

 
 a.   $70 million cash at
Borrower

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 19 

			
		  	 b.  $25 million cash at Parent after giving effect to a distribution of loan
proceeds to the Parent on the Closing Date5
  

c.   Funded WIP of $100 million;

 
 iv.   execution of Org Chart
consolidation under Borrower, including sale of AP3 assets to AP6 warehouse6,
  

v.  repayment of Magnetar bridge loan,

 
 vi.   ECP shall evidence
historical funding of $375.0 million (inclusive of $300mm Conv Pref and $75mm secondary purchases) by ECP and ECP related co-investors,

 
 vii.  Minimum systems in service of
37,465,
  
 viii.  Management shall
provide the Administrative Agent the CLTV calculations as of June 30, 2017 with detail broken down for each portfolio, and
  

ix.   In respect of the SSA and SLA Warehouse Facilities, Borrower shall deliver a consent (in a
form to be agreed) from Credit Suisse providing that the exercise of remedies by the Lenders shall not result in a breach of the change of control covenants under such facilities.78

		
	Security:	  	 The Facility will be secured by perfected first liens on:
  

•  100% of the equity interests in Parent owned by NewCo.9
  

•  All assets of Parent including but not limited to:

 
 •  All equity interests in
Borrower
  
 •  all bank
accounts including the account which receives payments on behalf of the Management Entities

 

	5 	 NOTE: The amounts in clauses (iii)(a) and (b) are subject to final confirmation from ARCC after review of
(i) latest model and (ii) reconciliation of net changes in working capital (and collateral value) increase/decrease net of shareholder loan repayment. 

	6 	 NOTE: The lenders understand that some assets (with an EPC cost of $1.7M) will remain in AP3.

	7 	 NOTE: AP4 facility to be amended so this facility can qualify as a “Qualified Parent Credit
Facility”. 

	8 	 Note: NewCo structure subject to ongoing legal review (including review of revised corporate docs of SEC and
amendments to senior financings). 

	9 	 NOTE: Qualified transferee requirements and approval rights applicable to post-foreclosure matters, including
operational management and servicing, to be discussed with Credit Suisse. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 20 

			
		  	 •  pledges of its membership interests in all subsidiaries which exist as of the
Closing Date, and in newly-formed entities following the Closing Date
  

•  All assets of Borrower including but not limited to:

 
 •  all bank accounts including
the accounts governed by the DACA
  

•  pledges of its membership interests in all subsidiaries which exist as of the Closing Date not
pledged to an existing lender (provided that such pledge shall exclude any assets pledged under the existing senior financings or subject to a negative pledge or other restrictions on liens under the existing senior financings), and in newly-formed
entities directly owned by Borrower
  

•  Bank accounts held by TEP I Developer, AP6 and any other applicable Subsidiary that hold cash
intended to fund WIP obligations; provided, that such lien shall be released when WIP is transferred to a Subsidiary subject to a debt or tax equity senior financing.

		
	Guaranty:	  	SEC will provide a guaranty of Borrower’s obligation to pay the Prepayment Premium to the initial Lenders under the Facility.
		
	Mandatory Prepayments	  	 Including but not limited to:
  

i.   Change of Control; and
  

ii.  100% of extraordinary proceeds received by Borrower (including, but not limited to, insurance
proceeds and casualty proceeds following exercise of customary reinvestment rights).

		
	Optional Prepayments:	  	Borrower shall have the right to partially prepay the loan at any time without premium or penalty (except as set forth below); provided that such prepayments are not less than $5 million (or, if less, the remaining balance of
the Facility) other than in the case of Optional Prepayments made with the proceeds of transactions under clause (v) of Permitted Asset Sales. All such prepayment shall repay accrued PIK at par and, with respect to the optional repayment of the
loan in full, shall include the Prepayment Premium.
		
	Change of Control:	  	See Appendix B.

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 21 

			
	Events of Default:	  	 Usual and customary for financings of this type including but not limited to the following:

 
 i.   Payment default caused by
the failure to pay the Minimum Cash Coupon, Mandatory Amortization and Turbo Amortization (subject to Equity Cures) under the Facility
  

ii.  Cross-Acceleration to all financings which sit downstream of SEC whereby the indebtedness has
notional par value that exceeds $25 million
  

iii.   Cross-Default to financings that sit downstream of SEC with indebtedness that has a notional
par value exceeding $25 million; the Cross-Default triggers shall be subject to a 60-day grace period (other than with respect to clause (d)) and shall be limited to:

 
 a.   Payment default of
interest or mandatory principal payments
  

b.  Financial covenants (i.e., debt service coverage ratio, where applicable) to the extent that failure
to satisfy such covenant is a default under the senior facility
  

c.   Solely with respect to warehouse facilities and term securitizations (including the Goldman
Sachs and Credit Suisse facilities), the occurrence of any event that causes or would cause (absent a waiver or amendment) a cash sweep, cash trap or rapid amortization event (i.e., “full sweep event” or “early amortization
event”)
  
 d.  A warehouse
facility shall have a balance of greater than $25 million and such facility is maturing within 30 days
  

iv.   Breach of the CLTV Covenant (subject to 10-day cure
period from delivery of financial statements for the applicable quarter)
  

v.  Breach of certain other Negative Covenants and Affirmative Covenants (with grace periods usual and
customary for financings of this type and to be agreed upon, as applicable)
  

vi.   Removal of SEC or any SEC affiliate as a manager of (x) any partnership or joint venture
with a cash or tax equity investor or (y) any other vehicle subject to a Minority Portfolio Sale, if the value of the Asset Portfolio held by such partnership, joint venture or other vehicle exceeds $25 million

 

		
	Default Interest:	  	3.0% in excess of the applicable Interest Rate upon the occurrence of an Event of Default.

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 22 

			
		
	Bankruptcy:	  	Compliance with separateness covenants that are usual and customary for structured finance transactions, including a requirement of affirmative approval by an independent director of bankruptcy actions by the Borrower.10
		
	Step-In Rights:	  	Upon the occurrence and during the continuation of an Event of Default, the Lender shall have the right to exercise remedies that are usual and customary for financings of this type, including, but not limited to, foreclosing on the
equity of the Borrower and foreclosing on the assets of the Borrower (including any equity owned by the Borrower).
		
	Expenses:	  	Per the mandate letter executed April 20, 2017 (as amended on June 29, 2017, July 28 2017 and as further amended, amended and restated, or otherwise modified from time to time, “Mandate Letter”).
		
	Representations and Warranties:	  	Usual and customary for transactions of this type
		
	Required Lenders:	  	50.01%
		
	Assignments:	  	 Prior to the occurrence of any of the below events, any assignment of the Loans shall require the consent (not to be unreasonably withheld)
of the Administrative Agent (other than assignments of the Loans by Lenders to related funds and to investors of such Lender or of such related fund), provided that no such assignment shall be to a Disqualified Lender. Participations shall be
permitted.
  
 Following the occurrence of any of the following, the Loans may be
assigned to any entity with the consent (not to be unreasonably withheld) of the Administrative Agent:
  

i.   Bankruptcy of the Borrower, Parent or NewCo

 
 ii.  Bankruptcy of any subsidiary of
Borrower (wholly-owned or partially owned) whereby any class of creditors has indebtedness which has notional par value exceeding $25 million
  

iii.   Event of Default which has not been cured for 60 days

 
 iv.   Liquidity Breach which
has not been cured for 120 days

		
	Governing Law:	  	State of New York

  

	10 	 NOTE: Parties to discuss independent directors at Management Entities. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 23 

 APPENDIX A 

RESTRICTED DEBT INCURRENCE AND AMENDMENTS 

Borrower shall not, and shall not permit any subsidiary to issue Indebtedness (including any Indebtedness which was incurred prior to the acquisition of such
subsidiary directly or indirectly by the Borrower, which shall be deemed to be issued upon the acquisition of such subsidiary), or amend the terms of the most recently executed agreement, to the extent such execution causes any of the following:

  

	i.	 Portfolio Diversification Requirement – Any class of creditors under a single financing
agreement entered into after the Closing Date would be secured by assets (“Asset Pool”) the value of which exceeds 33% of the total asset pool value (such values calculated utilizing the Discount Rate) controlled or owned by SEC and no two
pools in aggregate exceed 60%. 

  

	ii.	 Anti-Layering - The security of the transaction reflects security or a guarantee that is deemed
as 2nd lien, mezzanine debt, structurally subordinated, unsecured or preferred (i.e. junior capital) including Passive Preferred Sales whereby the underlying downstream assets are encumbered by another class of creditors or preferred equity
investors, provided, however, that the following shall be permitted (subject to satisfying all other requirements under this Appendix A including (i), (iii), and (iv)): 

 

	 	•	 	 Debt transactions commonly known as “back-leverage” whereby the lender is subordinated to tax equity,
and 

  

	 	•	 	 “B” and “C” tranches related to securitizations 

For the avoidance of doubt, (x) no debt shall be incurred by Borrower or any other subsidiary of SEC which sits between SEC and any other
class of creditors of any Asset Pool, whether Wholly-Owned Assets or Partially-Owned Assets, (y) the security of the transaction may not include a lien on any assets that are pledged to the Lender as security for the Facility and (z) the
Borrower shall be permitted to do Passive Preferred Sales (and other preferred equity sales) so long as they are treated and qualified as Permitted Asset Sales. 

The Borrower will not permit any subsidiary to enter into any financing after the Closing Date that contains a change of control or assignment
provision that would be triggered by a foreclosure on the equity interests in SEC. 
 The Borrower will cause each subsidiary to use
commercially reasonable efforts not to enter into any financing after the Closing Date that contains a change of control or assignment provision that would be triggered by a foreclosure on the equity interests in Borrower or other downstream entity
(provided, that, such foreclosure can be subject to customary limitations (such as transferee satisfying creditworthiness and operational requirements)). “Warehouse CoC Violation” means the entry of a warehouse or aggregation financing
that contains such a restriction. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 24 

	iii.	 Value Creation 

  

	 	•	 	 Asset Pool - The weighted average interest rate for the Asset Pool is less than 200 basis points below the
weighted average unlevered asset yield (“Unlevered Asset Yield” or “UAY”) whereby UAY is calculated as Sunnova’s internal underwriting model post-tax equity; 

 

	iv.	 Leverage Guidelines 

  

	 	•	 	 The principal amount of the debt obligation for a single Asset Pool to exceed an advance rate of, prior to
12/31/19, 80.0% and, thereafter, 85.0% (except for in each case existing senior facilities and refinancings thereof that provide for a higher advance rate) when utilizing a market standard methodology included but not limited to PV-6 of Aggregate Discounted Solar Asset Balance (“ADSAB”) 

  

	 	•	 	 Any transaction which causes the CLTV level to increase by more than 10.0% relative to the previous
quarter’s actual level 

  

	 	•	 	 No re-leveraging of assets that were subject to the “Class C
Notes” issued by Helios Issuer, LLC until after 9/30/18 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 25 

 APPENDIX B 

CHANGE OF CONTROL DEFINITION 

“Change of Control” means: 
  

	i.	 the consummation of a transaction or a series of transactions after which a person or two or more persons
acting in concert (in each case, other than the Existing Owners and their respective affiliates) obtains a majority of seats on the board of directors or equivalent governing body of NewCo; 

 

	ii.	 the consummation of a transaction or a series of transactions after which a person or two or more persons
acting in concert (in each case, other than the Existing Owners and their respective affiliates) shall acquire or hold beneficial ownership, directly or indirectly, of equity securities of NewCo representing (x) more than 50% of the combined
voting power of all equity securities of NewCo entitled to vote in the election of the members of the board of directors or equivalent governing body of NewCo or (y) more than 50% of the equity value of all equity securities of NewCo; or

  

	iii.	 a transaction or a series of transactions in which ECP or any of its affiliates directly or indirectly
transfers or otherwise disposes any of its interests in NewCo. 

 provided, however, that the following shall not constitute a Change of
Control: 
  

	i.	 transfers of any class of securities in NewCo among or to other affiliates; 

 

	ii.	 upon a Qualified IPO one or more of the Existing Owners and their respective affiliates collectively hold,
directly or indirectly, equity securities of NewCo representing more than 35% of the combined voting power of all equity securities of NewCo entitled to vote in the election of the members of the board of directors or equivalent governing body of
NewCo. 

 “Existing Owners” shall mean, collectively, Energy Capital Partners III, LP, Energy Capital Partners III-A, LP, Energy Capital Partners III-B, LP, Energy Capital Partners III-C, LP and Energy Capital Partners III-D, LP, any other existing owners of Sunnova as of Closing and each of their Permitted Transferees (as defined in the Investors Agreement, dated as of the Third Restatement Effective Date, by and among Sunnova
and the other signatories thereto). 
 “Qualified IPO” shall mean a firm commitment underwritten initial public offering of securities of NewCo or
any entity into which securities of NewCo may be converted into, contributed for, or exchanged for (an “IPO Entity”) pursuant to an effective registration statement filed under the Securities Act of 1933, as amended, with aggregate gross
proceeds, net of the underwriting discount and commissions, to NewCo or IPO Entity, as applicable, of not less than $100 million. 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 26 

 APPENDIX C 

CLTV COVENANT 
  

					
	9/30/2017	  	 	NA	 
		
	12/31/2017	  	 	[***]%	 
		
	3/31/2018	  	 	[***]%	 
		
	6/30/2018	  	 	[***]%	 
		
	9/30/2018	  	 	[***]%	 
		
	12/31/2018	  	 	[***]%	 
		
	3/31/2019	  	 	[***]%	 
		
	6/30/2019	  	 	[***]%	 
		
	9/30/2019	  	 	[***]%	 
		
	12/31/2019	  	 	[***]%	 
		
	3/31/2020	  	 	[***]%	 
		
	6/30/2020	  	 	[***]%	 
		
	9/30/2020	  	 	[***]%	 
		
	12/31/2020	  	 	[***]%	 
		
	3/31/2021	  	 	[***]%	 
		
	6/30/2021	  	 	[***]%	 
		
	9/30/2021	  	 	[***]%	 
		
	12/31/2021	  	 	[***]%	 
		
	3/31/2022	  	 	[***]%	 

  
 [***] = Certain confidential
information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  
 27 

 APPENDIX D - ORG CHART 

 
 

 

  
 [***] = Certain confidential information
contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended.

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