Document:

Exhibit 10.3

 Exhibit 10.3 
 CONSTELLATION ENERGY GROUP, INC. 
 INVESTOR RIGHTS AGREEMENT 
 December 17, 2008 

 TABLE OF CONTENTS 
  

							
	 	  	 	  	 	  	Page
	 1.
	  	 Definitions
	  	1
	 2.
	  	 Covenants of the Company
	  	2
		  	2.1  	  	 Delivery of Financial Statements
	  	2
		  	2.2  	  	 Inspection
	  	3
		  	2.3  	  	 Trading Activities
	  	3
		  	2.4  	  	 Cooperation
	  	3
	 3.
	  	 Miscellaneous
	  	4
		  	3.1  	  	 Successors and Assigns
	  	4
		  	3.2  	  	 Governing Law
	  	4
		  	3.3  	  	 Counterparts
	  	5
		  	3.4  	  	 Titles and Subtitles
	  	5
		  	3.5  	  	 Notices
	  	5
		  	3.6  	  	 Expenses
	  	6
		  	3.7  	  	 Amendments and Waivers
	  	6
		  	3.8  	  	 Severability
	  	6
		  	3.9  	  	 Termination
	  	6
		  	3.10	  	 Confidentiality
	  	6

  

 (i) 

 INVESTOR RIGHTS AGREEMENT 
 THIS INVESTOR RIGHTS AGREEMENT (this “Agreement”) is made as of December 17, 2008, by and between Constellation Energy Group,
Inc., a Maryland corporation (the “Company”) and EDF Development Inc., a Delaware corporation (the “Investor”). 
 RECITALS 
 WHEREAS, the Investor has, pursuant to that certain Series B Preferred Stock Purchase Agreement dated as of the
date hereof (the “Stock Purchase Agreement”) between the Company and the Investor, agreed to purchase shares of the Company’s Series B Preferred Stock, par value $0.01 per share (the “Series B Preferred
Stock”); 
 WHEREAS, in order to induce the Investor to invest funds in the Company, the Company agreed to grant the Investor
certain rights as set forth herein; 
 NOW, THEREFORE, in consideration of the promises, covenants, and conditions set forth herein, the
parties hereto hereby agree as follows: 
 1. Definitions. For the purposes of this Agreement: 
 (a) The term “Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by or under
direct or indirect common control with such Person. For the purposes of this definition, “control” when used with respect to any specified Person shall mean the power to direct the management and policies of such Person, directly or
indirectly, whether through ownership of voting securities, by contract or otherwise; and the terms “controlled by” and “controlled” have meanings correlative to the foregoing. 
 (b) The term “Contract” means any material note, bond, mortgage, indenture, deed of trust, license, franchise, permit, concession,
contract, lease or other instrument, obligation or agreement of any kind. 
 (c) The term “Holder” means any person owning
Series B Preferred Stock or any assignee thereof. 
 (d) The term “Joint Venture” of a Person shall mean any Person that is
not a Subsidiary of such first Person, in which such first Person or one or more of its Subsidiaries owns directly or indirectly any share, capital stock, partnership, membership or similar interest of any Person or any option therefore (together,
“Equity Interests”), other than Equity Interests that represent less than 5% of each class of the outstanding voting securities or other Equity Interests of such second Person, and in which the invested capital associated with such
first Person’s interest exceeds $100,000,000. 
 (e) The term “Person” means any individual, corporation, company,
limited liability company, partnership, association, trust, joint venture, group or any other entity or organization, including any government or political subdivision or any agency or instrumentality thereof. 

 (f) The term “SEC” shall mean the Securities and Exchange Commission. 
 (g) The term “Subsidiary” of a Person means any other Person of which at least a majority of the voting power represented by the
outstanding stock or other voting securities or interests having voting power under ordinary circumstances to elect directors or similar members of the governing body of such corporation or entity or fifty percent (50%) or more of the equity
interests in such corporation or entity shall at the time be owned or controlled, directly or indirectly, by such Person and/or by one or more of its Subsidiaries. 
 2. Covenants of the Company. 
 2.1 Delivery of Financial Statements. At any time that the Company is not required to
file periodic reports with the SEC, the Company shall deliver to the Investor: 
 (a) as soon as practicable, but in any event within ninety
(90) days after the end of each fiscal year of the Company, an income statement for such fiscal year, a balance sheet of the Company and statement of stockholder’s equity as of the end of such fiscal year, and a statement of cash flows for
such fiscal year, such year-end financial reports to be in reasonable detail, prepared in accordance with generally accepted accounting principles (“GAAP”), and audited and certified by (i) a “Big 4” independent (or
its successor) accounting firm selected by the Company or (ii) a Nationally recognized accounting firm reasonably acceptable to the Investor; 
 (b) as soon as practicable, but in any event within thirty (30) days after the end of each of the first three (3) quarters of each fiscal year of the Company, an unaudited income statement for such quarter, statement of cash flows
for such quarter and an unaudited balance sheet as of the end of such quarter; 
 (c) within thirty (30) days of the end of each month,
an unaudited income statement and statement of cash flows for such month, and a balance sheet for and as of the end of such month, in reasonable detail; 
 (d) with respect to the financial statements called for in subsections (b) and (c) of this Section 2.1, an instrument executed by the Chief Financial Officer or President of the Company and certifying
that such financial statements were prepared in accordance with GAAP consistently applied with prior practice for earlier periods (with the exception of footnotes that may be required by GAAP) and fairly present the financial condition of the
Company and its results of operation for the period specified, subject to year-end audit adjustment; 
 (e) notices of events that have or
may have a material effect on the Company as soon as practicable following the occurrence of any such event; and 
 (f) such other
information relating to the financial condition, business, prospects or corporate affairs of the Company as the Investor or any assignee of the Investor may from time to time reasonably request; provided, however, that the Company shall not be
obligated under this subsection (f) or any other subsection of Section 2.1 to provide information that it deems in good faith to be a trade secret or similar confidential information. 
  

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 2.2 Inspection. The Company shall permit each Investor, at such Investor’s expense, to visit
and inspect the Company’s properties, to examine its books of account and records and to discuss the Company’s affairs, finances and accounts with its officers, all at such reasonable times as may be requested by the Investor; provided,
however, that the Company shall not be obligated pursuant to this Section 2.2 to provide access to any information which it reasonably considers to be a trade secret or similar confidential information. 
 2.3 Trading Activities. With respect to the trading portfolio of the Company, its Subsidiaries and its Joint Ventures, including hedging, energy
and energy-related trading and commodity price risk transactions (the “Trading Activities”), the Company agrees, each as to itself and each of its Subsidiaries and its Joint Ventures: 
 (a) to conduct its Trading Activities in a manner substantially similar with current practice and in compliance with the risk parameters, limits and
guidelines, including daily value at risk and stop loss limits and liquidity guidelines, approved by the Company’s corporate risk management committee (the “Company Trading Guidelines”), attached hereto as Exhibit A;

 (b) to maintain the value-at-risk of the mark-to-market portfolios of the Company and its marketing and trading Subsidiaries and Joint
Ventures based on a four standard deviation move in prices and a one-day holding period (the “VaR”) within the VaR limits approved by the Company’s Board of Directors as set forth in Exhibit B to this Agreement (the
“Company Approved VaR Limit”); 
 (c) to comply with prudent policies, practices and procedures with respect to risk
management and trading limitations, including the Company Trading Guidelines. The Company will provide the Investor with a full and complete monthly report on its Trading Activities and its compliance with the Company Trading Guidelines and the
Company Approved VaR Limit and any other information concerning Trading Activities that the Investor may reasonably request. The Company will allow the Investor and its representatives reasonable access to the customer supply and global commodities
operations of the Company, its Subsidiaries and its Joint Ventures and their respective books and records, and develop appropriate procedures to permit the Investor and its representatives to monitor the Company’s, its Subsidiaries’ and
its Joint Ventures’ compliance with the Company Trading Guidelines. The Company will not amend or rescind the Company Trading Guidelines; 
 (d) the Company will not (nor will it permit any of its Subsidiaries or its Joint Ventures to) enter into, amend or otherwise modify any Contract which is subject to the Company Trading Guidelines in any manner which is not consistent with
the Company Trading Guidelines; and 
 (e) the Company shall not (and shall cause its Subsidiaries and its Joint Ventures not to) authorize
or enter into an agreement to do any of the actions prohibited by the foregoing. 
 2.4 Cooperation. The Company shall use
commercially reasonable efforts to timely provide to the Investor assistance and information the Investor reasonably requests in 

  

 3 

 
connection with any proposed private resale by the Investor of all or a portion of the shares of Series B Preferred Stock held by the Investor; provided,
however, that such transferee shall be required to enter into a confidentiality agreement with the Company on terms reasonably satisfactory to the Company. 
 3. Miscellaneous. 
 3.1 Successors and Assigns. Except as otherwise provided herein, 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 (including transferees of any shares of Series B Preferred Stock). The Investor is expressly permitted to assign any of its rights,
interests and obligations hereunder to an Affiliate of the Investor. 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. 
 3.2 Governing
Law. 
 (a) This Agreement shall be governed by and construed under the laws of the State of New York without giving effect to any
conflicts of laws that would apply the laws of another jurisdiction. 
 (b) In the event of any dispute arising out of or in connection with
this Agreement, including any dispute regarding existence, termination or validity, each Party shall have the right to have recourse to and shall be bound by the pre-arbitral referee procedure of the International Chamber of Commerce in accordance
with its rules for a Pre-Arbitral Referee Procedure. All disputes arising under or in connection with this Agreement (including as to existence, termination and validity) shall be finally settled under the Rules of Arbitration of the International
Chamber of Commerce (the “Rules”) by three arbitrators appointed in accordance with said Rules. The place of the pre-arbitral referee procedure and of the arbitration procedure shall be New York, New York, United States of America.
The proceedings before the arbitral tribunal (including with respect to the Pre-Arbitral Referee Procedure) shall be governed by the Rules. The rules of law to be applied by the arbitral tribunal to the merits of the dispute shall be the rules of
laws of the State of New York. The language of the arbitration shall be English. Evidence shall be provided in English and pleadings shall be done in English. The arbitral tribunal shall render its decision within six months from the date of
signature of the terms of reference. 
 (c) Any decision or award of the arbitral tribunal shall be final and binding upon the parties to the
arbitration proceeding. The parties waive to the extent permitted by applicable law any rights to appeal or to review of such award by any court or tribunal. The parties agree that the arbitral award may be enforced against the parties to the
arbitration proceeding or their assets wherever they may be found and that a judgment upon the arbitral award may be entered in any court having jurisdiction thereof. 
  

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 3.3 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the same instrument. 
 3.4 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. 
 3.5 Notices. All notices, requests and other communications to any party hereunder shall be in writing, by reliable overnight delivery service (with proof of service), hand delivery or certified or registered mail (return receipt
requested and first-class postage prepaid), or by facsimile, and shall be given: 
  

	 	(a)	if to the Company, to: 

 Constellation Energy Group, Inc.

 750 E. Pratt Street 
 Baltimore, Maryland 21202 
 Attention: Charles Berardesco 
 Fax: (410) 470-5766 
 with a copy to
(which shall not constitute notice): 
 Kirkland & Ellis LLP 
 Citigroup Center 
 153 East 53rd Street

 New York, New York 10022-4611 
 Attention: George Stamas 
                  Mark Director 
 Fax:
(202) 879-5200 
  

	 	(b)	if to the Purchaser, to: 

 EDF Development Inc.

 c/o Électricité de France International, S.A. 
 20, Place de la Défense 
 92050 Paris 
 France 
 Attention: Marianne Laigneau

 Phone: +33 1 56 65 39 71 
 Fax: +33 1 40 42 61 67 
 with a copy to (which shall not constitute notice): 
 Skadden, Arps, Slate, Meagher & Flom LLP 
 1440 New York Ave., N.W. 
 Washington, D.C. 20005 
 Attention: Michael P. Rogan 
 Jeremy D. London 
 Fax: (202) 661-8200 
  

 5 

 or such other address, facsimile number or email address as such party may hereafter specify by notice to the other
parties hereto. Each such notice, request or other communication shall be effective (i) if given by facsimile or email, when such facsimile or email is transmitted to the facsimile number or email address specified above and electronic
confirmation of transmission is received or (ii) if given by any other means, when delivered at the address specified in this Section 3.5. 
 3.6 Expenses. If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, 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. 
 3.7 Amendments and Waivers. Any term of this
Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the holders of at
least a majority of the Series B Preferred Stock then outstanding. Any amendment or waiver effected in accordance with this paragraph shall be binding upon each holder of Series B Preferred Stock then outstanding, each future holder of all such
Series B Preferred Stock and the Company. 
 3.8 Severability. If one or more provisions of this Agreement are held to be
unenforceable under applicable law, such provision shall be excluded from this Agreement, and the balance of the Agreement shall be interpreted as if such provision were so excluded, and shall be enforceable in accordance with its terms. 

3.9 Termination. This agreement shall terminate with respect to any Holder when such Holder Beneficially Owns no shares of Preferred Stock.

 3.10 Confidentiality. The Investor agrees to keep any information obtained hereunder confidential. 
 [Signature Page Follows] 
  

 6 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

  

			
	CONSTELLATION ENERGY GROUP, INC.
		
	By:	 	 /s/ Charles A. Berardesco

	Name:	 	Charles A. Berardesco
	Title:	 	Senior Vice President and General Counsel
	
	EDF DEVELOPMENT INC.
		
	By:	 	 /s/ Jean-Pierre Benque

	Name:	 	Jean-Pierre Benque
	Title:	 	President

  

 7Exhibit 10.4

 Exhibit 10.4 
 PAYMENT GUARANTY 
 This PAYMENT GUARANTY, dated as of December 17, 2008 (this
“Guaranty”), is made by Électricité de France SA, a société anonyme organized under the laws of France (“Guarantor”), in favor of Constellation Energy Group, Inc., a corporation organized
under the laws of the State of Maryland (“Seller”). 
 W I T N E S S E T H: 
 WHEREAS, on the date of this Guaranty, Seller, EDF Development, Inc., a corporation organized under the laws of the State of Delaware
(“Purchaser”), Électricité de France International, S.A., a société anonyme organized under the laws of France, and Constellation Energy Nuclear Group, LLC, a limited liability company organized under the
laws of the State of Maryland (the “Company”), have entered into that certain Master Put Option and Membership Interest Purchase Agreement, dated as of the date of this Guaranty (as it may be amended, modified or supplemented from
time to time in accordance with its terms, the “Master Agreement”), for the purchase by Purchaser of 49.99% of Seller’s membership interests in the Company; 
 WHEREAS, pursuant to the terms of the Master Agreement, Purchaser has granted Seller an irrevocable right to sell to Purchaser (the “Put
Option”), and Purchaser has assumed an obligation to purchase from Seller all, but not less than all, of Seller’s ownership interest in certain non-nuclear generation assets; 
 WHEREAS, in connection with the execution and delivery of the Master Agreement on the date of this Guaranty, Purchaser and Seller have entered into a
purchase agreement (the “Series B Preferred Purchase Agreement”) whereby Purchaser has agreed to purchase, upon the terms and subject to the conditions set forth in the Series B Preferred Purchase Agreement, nonconvertible
cumulative preferred stock of Seller; 
 WHEREAS, in connection with the execution of each of the Master Agreement and the Series B Preferred
Purchase Agreement, the parties hereto wish to enter into this Guaranty pursuant to which Guarantor agrees, subject to the terms, conditions and limitations stated herein, to provide a guaranty of the payment obligations of Purchaser under each of
the Master Agreement and the Series B Preferred Purchase Agreement. 
 WHEREAS, Guarantor is the parent company of Purchaser; and 

NOW, THEREFORE, in consideration of the mutual terms, conditions and other agreements set forth herein, the receipt and sufficiency of which are
hereby acknowledged, intending to be legally bound hereby, the parties hereto agree as follows: 
 Section 1. Except as otherwise
defined herein, capitalized terms used herein shall have the meanings given to them in each of the Master Agreement and the Series B Preferred Purchase Agreement. 
 Section 2. Guarantor hereby irrevocably, absolutely and unconditionally guarantees the full and prompt payment, as and when due and payable, of all of the 

 
Purchaser’s payment obligations to Seller under the Master Agreement and the Series B Preferred Purchase Agreement (collectively, the “Closing
Documents”), including, without limitation, the payment of any and all damages (other than any indirect, punitive, special or consequential damages as determined by the arbitral body under Section 11) arising under the Closing
Documents for which Purchaser is liable to Seller (the “Guaranteed Obligations”); provided that Guarantor’s aggregate liability under this Guaranty (including, without limitation, this Section 2) shall not, in any event
and under any circumstance and notwithstanding anything to the contrary contained in this Guaranty or any agreement or document related hereto, exceed the amount (such amount, the “Guaranty Limits”) that is equal to: 
 (a) With respect to the Master Agreement: 
 (1) During the period from the date hereof until (A) any Cash Redemption of the Series B Preferred and surrender of such Series B Preferred in accordance with Section 1.3(a) of the Master Agreement, or (B) if there has
occurred a Note Redemption, such time as the notes issued to Purchaser in connection therewith have been repaid or otherwise retired, $500,000,000 (including any and all liabilities related to the Put Option); and 
 (2) During the period after (A) any Cash Redemption of the Series B Preferred and surrender of such Series B Preferred in accordance with
Section 1.3(a) of the Master Agreement, or (B) if there has occurred a Note Redemption, such time as the notes issued to Purchaser in connection therewith have been repaid or otherwise retired, $1,500,000,000 (including any and all
liabilities related to the Put Option); and 
 (b) With respect to the Series B Preferred Purchase Agreement, $1,000,000,000. 
 For the avoidance of doubt, this Guaranty is subject to the terms of Section 9.12 of the Master Agreement, including clauses (a)(i)(B) and (a)(i)(C) thereof, and
this Guaranty is not intended to increase or otherwise modify the obligations of Purchaser thereunder. Guarantor agrees that, in the event that Purchaser fails to timely satisfy any of its payment obligations to Seller under the Closing Documents,
then Guarantor will pay (subject at all times to the Guaranty Limits), such Guaranteed Obligations in the place and stead of Purchaser. The Guarantor agrees that its guaranty constitutes a guaranty of payment when due and not of collection.

 Section 3. Guarantor represents and warrants to Seller as follows: 
 (a) It is duly organized, validly existing, and in good standing under the laws of France. It has the power and authority to execute and deliver this
Guaranty and to perform its obligations hereunder. 
 (b) The execution and delivery by it of this Guaranty and the performance of its
obligations hereunder have been duly authorized by all necessary corporate action. 
 (c) This Guaranty has been duly executed and delivered
by it and constitutes a valid and binding obligation of it, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and to general principles of
equity. 
  

 2 

 (d) The execution and delivery by it of this Guaranty, and the performance by it of its obligations
hereunder, do not and will not (i) violate or contravene any provision of its organizational documents, (ii) violate any law or order of any Governmental Authority to which it is subject, or (iii) conflict with or result in a breach
of any material term or provision of or constitute a default under or result in the maturing of any Indebtedness pursuant to any indenture, mortgage, deed of trust, loan agreement, or other instrument to which it is a party or by which its
properties are bound, except to the extent such conflict or breach under this clause (iii) would not have a material adverse effect on the business or operations of the Guarantor, or the ability of the Guarantor to perform its obligations
hereunder. 
 (e) No notice or filing with, or approval of, any Governmental Authority is required by it for the due execution, delivery or
performance of this Guaranty or for the validity or enforceability thereof. 
 (f) The payment obligations hereunder are unconditional and
unsubordinated general obligations of the Guarantor, and rank and will rank at least pari passu in priority of payment with all other present and future unsecured unsubordinated Indebtedness of Guarantor. 
 Section 4. The obligations of Guarantor hereunder shall remain in full force and effect without regard to, and shall not be affected or
impaired by any of the following, any of which may be taken without the consent of, or notice to, Guarantor: 
 (a) any exercise or
non-exercise by Seller of any right or privilege under the Closing Documents; 
 (b) any extension (including without limitation extensions
of time for payment), renewal, amendment, restructuring or restatement of, or any acceptance of late or partial payments under or other modification of terms under, the Closing Documents; 
 (c) any bankruptcy, insolvency, reorganization, dissolution, liquidation or similar proceeding relating to Purchaser or any affiliate of Purchaser (other
than Guarantor); 
 (d) the existence of any facts or circumstances which cause (or result in) any of the representations or warranties of
Purchaser under the Closing Documents to be inaccurate; 
 (e) any merger, consolidation, restructuring or termination of the corporate
existence of Purchaser; or 
 (f) the illegality, invalidity or unenforceability of any of all or any part of the Guaranteed Obligations.

 Section 5. The obligations of Guarantor hereunder are independent of the obligations of Purchaser and, in the event of any
default hereunder, a separate action or actions may be brought and prosecuted against Guarantor whether or not Purchaser is joined therein or a separate action or actions are brought against Purchaser. All remedies of Seller are cumulative.

 Section 6. Guarantor unconditionally and irrevocably waives: 
 (a) demands, protests, or notices as the same pertain to Purchaser; 
  

 3 

 (b) any right to require Seller to proceed against Purchaser or any other guarantor of the Guaranteed
Obligations, or to exhaust any security held by Seller or to pursue any other remedy; 
 (c) any right to assert against Seller, as a
defense, counterclaim, set-off, recoupment or cross claim in respect of the Guaranteed Obligations, any defense (legal or equitable) or other claim which Guarantor may now or at any time hereafter have against Purchaser or any other person;

 (d) any defense based upon an election of remedies by Seller, unless the same would excuse performance by Purchaser, under the Closing
Documents; and 
 (e) any duty of Seller to advise Guarantor of any information known to Seller regarding Purchaser or its ability to perform
under the Closing Documents. 
 Section 7. Guarantor’s obligations under Section 2 hereof constitute a continuing
guaranty and shall continue in full force and effect until termination of this Guaranty. This Guaranty shall immediately terminate: 
 (a)
With respect to the Master Agreement, upon the earliest of (i) all payments of Purchaser under the Master Agreement having been fully and irrevocably made, (ii) such time as Guarantor has made payments under this Guaranty in an aggregate
amount equal to the Guaranty Limits applicable to the Master Agreement, (iii) the occurrence of the Designated Interest Closing or (iv) if applicable, the termination of the Master Agreement pursuant to Section 8.1 of the Master
Agreement (other than a termination under Section 8.1(d) thereof); provided, that in the case of clauses (iii) and (iv), this Guaranty shall remain in effect (except, in the case of clause (iv), where the Master Agreement was
terminated pursuant to Section 8.1(c) thereof, in which case this Guaranty shall not continue in effect after the termination of the Master Agreement) with respect to Purchaser’s obligations under Article 2 of the Master Agreement and the
other surviving provisions of the Master Agreement, any applicable Asset Purchase Agreement and the other applicable Ancillary Documents, in each case, solely in respect of the Put Option until the termination of the Put Option pursuant to
Section 2.8 of the Master Agreement; and 
 (b) With respect to the Series B Preferred Purchase Agreement, upon the earlier to occur of
(i) payment of the purchase price under Section 2.2 of the Series B Preferred Stock Purchase Agreement and (ii) such time as Guarantor has made payments under this Guaranty in an aggregate amount equal to the Guaranty Limits
applicable to the Series B Preferred Stock Purchase Agreement. 
 Section 8. All notices, requests and other communications
hereunder must be in writing and will be deemed to have been duly given only if delivered personally or by facsimile transmission or mailed (first class postage prepaid) to the parties at the following addresses or facsimile numbers: 
  

							
		 	If to Guarantor:
		
		 	 Électricité de France

		 	 Tour EDF

  

 4 

							
		 	 20, Place de la Défense

		 	 92050 Paris

		 	 France

		 	 Attention:
	 	Marianne Laigneau
		 	 Telephone: +33 1 56 65 39 71

		 	 Fax: +33 1 40 42 61 67

		
		 	 with a copy to:

		
		 	 Skadden, Arps, Slate, Meagher & Flom LLP

		 	 1440 New York Ave., N.W.

		 	 Washington, D.C. 20005

		 	 Attention:
	 	Michael P. Rogan, Esq.
		 	 Fax: (202) 661-8200

				
		 	If to Seller:	 		 	
		
		 	 Charles Berardesco

		 	 General Counsel

		 	 Constellation Energy Group, Inc.

		 	 750 E. Pratt Street

		 	 Baltimore, Maryland 21202

		 	 Fax: (410) 470-5766

		
		 	 with a copy to:

		
		 	 Kirkland & Ellis LLP

		 	 Citigroup Center

		 	 153 East 53rd Street

		 	 New York, New York 10022-4611

		 	 Attention:
	 	George P. Stamas, Esq.
		 		 	Mark D. Director, Esq.
		 	 Fax: (202) 879-5200

 All such notices, requests and other communications will (i) if delivered personally to the address as
provided in this Section 8, be deemed given upon delivery, (ii) if delivered by facsimile transmission to the facsimile number as provided in this Section 8, be deemed given upon receipt, and (iii) if delivered by mail in the
manner described above to the address as provided in this Section 8, be deemed given upon receipt (in each case regardless of whether such notice, request or other communication is received by any other person to whom a copy of such notice,
request or other communication is to be delivered pursuant to this Section 8). Any party from time to time may change its address, facsimile number or other information for the purpose of notices to that party by giving notice specifying such
change to the other parties hereto. 
 Section 9. Notwithstanding anything to the contrary in this Guaranty or any certificate,
agreement or document related to this Guaranty, this Guaranty shall not confer any rights or remedies upon any person other than the parties hereto and their lawful successors and permitted assigns. 
  

 5 

 Section 10. This Guaranty shall be binding upon and inure to the benefit of the parties
hereto and their lawful successors and permitted assigns. This Guaranty, and any rights and obligations hereunder, may not be assigned or transferred by any party hereto without the prior written consent of the other parties hereto. 
 Section 11. In the event of any dispute arising out of or in connection with this Guaranty, including any dispute regarding existence,
termination or validity, each party shall have the right to have recourse to and shall be bound by the pre-arbitral referee procedure of the International Chamber of Commerce in accordance with its Rules for a Pre-Arbitral Referee Procedure. All
disputes arising out of or in connection with this Guaranty (including as to existence, termination and validity) shall be finally settled under the Rules of Arbitration of the International Chamber of Commerce by three arbitrators appointed in
accordance with said rules. The place of arbitration shall be New York, New York, United States of America. The rules of law to be applied by the arbitral tribunal to the merits of the dispute shall be the rules of laws of the State of New York. The
language of the arbitration shall be English. Evidence shall be provided in English and pleadings shall be done in English. Any decision or award of the arbitral tribunal shall be final and binding upon the parties to the arbitration proceeding. The
parties hereby waive to the extent permitted by applicable law any rights to appeal or to review of such award by any court or tribunal. The parties agree that the arbitral award may be enforced against the parties to the arbitration proceeding or
their assets wherever they may be found and that a judgment upon the arbitral award may be entered in any court having jurisdiction thereof. 
 Section 12. This Guaranty shall be governed by, and construed in accordance with, the law of the State of New York. 
 Section 13. This Guaranty embodies the entire agreement between Guarantor and Seller. There are no promises, terms, conditions or obligations other those contained herein, and this Guaranty shall supercede all previous
communications, representations or agreements, either verbal or written, between Guarantor and Seller. No amendment of any provision of this Guaranty shall be valid unless the amendment shall be in writing and signed by Seller and Guarantor.

 Section 14. Any term or provision of this Guaranty that is invalid or unenforceable in any situation in any jurisdiction shall
not affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term or provision in any other situation or in any other jurisdiction. 
 Section 15. This Guaranty may be executed and delivered (including via facsimile) in any number of counterparts, each of which will be deemed
an original, but all of which together will constitute one and the same instrument. 
 Section 16. This Guaranty shall be
effective from and after the date on which each of the Master Agreement and the Series B Preferred Purchase Agreement shall have been validly executed by each of the parties thereto. 
  

 6 

 IN WITNESS WHEREOF, Guarantor has executed this Guaranty as of the date first above written. 

 

			
	ÉLECTRICITÉ DE FRANCE SA
		
	By:	 	 /s/ Daniel Camus

	Name:	 	Daniel Camus
	Title:	 	Chairman

  

 7

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