Document:

EX-10.02

 Exhibit 10.02 
 EXECUTION COPY 
 SECOND AMENDED AND RESTATED 

FIVE-YEAR CREDIT AGREEMENT 
 Dated as of April 5, 2013 
 Among 

DTE GAS COMPANY, 
 as Borrower 
 and 

THE INITIAL LENDERS NAMED HEREIN, 
 as Initial Lenders 
 and 

JPMORGAN CHASE BANK, N.A., 
 as Administrative Agent 
 and 

 

					
	BARCLAYS BANK PLC,	 	CITIBANK, N.A.,	 	BANK OF AMERICA, N.A.,
			
	as Co-Syndication Agent	 	as Co-Syndication Agent	 	as Co-Syndication Agent

 and 
 THE BANK OF NOVA SCOTIA, 
 as Documentation Agent 

 
  

 
  

			
	J.P. MORGAN SECURITIES LLC,	 	MERRILL LYNCH, PIERCE, FENNER & SMITH, INCORPORATED,

as Co-Lead Arrangers and Joint Book Runners 
  

 
  

 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	  	Page	 
		
	 ARTICLE I: DEFINITIONS AND ACCOUNTING TERMS
	  	 	2	  
				
		 	SECTION 1.01.	 	Certain Defined Terms	  	 	2	  
				
		 	SECTION 1.02.	 	Computation of Time Periods	  	 	16	  
				
		 	SECTION 1.03.	 	Accounting Terms	  	 	16	  
				
		 	SECTION 1.04.	 	Amendment and Restatement of the Existing Credit Agreement	  	 	16	  
		
	 ARTICLE II: AMOUNTS AND TERMS OF THE REVOLVING CREDIT ADVANCES
	  	 	17	  
				
		 	SECTION 2.01.	 	Commitment	  	 	17	  
				
		 	SECTION 2.02.	 	Making the Revolving Credit Advances	  	 	17	  
				
		 	SECTION 2.03.	 	Fees	  	 	18	  
				
		 	SECTION 2.04.	 	Termination or Reduction of the Commitments; Increase of the Commitments	  	 	19	  
				
		 	SECTION 2.05.	 	Repayment of Revolving Credit Advances	  	 	20	  
				
		 	SECTION 2.06.	 	Interest on Revolving Credit Advances	  	 	20	  
				
		 	SECTION 2.07.	 	Interest Rate Determination	  	 	20	  
				
		 	SECTION 2.08.	 	Optional Conversion of Revolving Credit Advances	  	 	22	  
				
		 	SECTION 2.09.	 	Prepayments of Revolving Credit Advances	  	 	22	  
				
		 	SECTION 2.10.	 	Increased Costs	  	 	22	  
				
		 	SECTION 2.11.	 	Illegality	  	 	24	  
				
		 	SECTION 2.12.	 	Payments and Computations	  	 	25	  
				
		 	SECTION 2.13.	 	Taxes	  	 	26	  
				
		 	SECTION 2.14.	 	Sharing of Payments, Etc.	  	 	29	  
				
		 	SECTION 2.15.	 	Use of Proceeds	  	 	29	  
				
		 	SECTION 2.16.	 	Noteless Agreement; Evidence of Indebtedness	  	 	29	  
				
		 	SECTION 2.17.	 	Defaulting Lenders	  	 	30	  

  
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	 ARTICLE III: CONDITIONS TO EFFECTIVENESS AND LENDING
	  	 	31	  
				
		 	SECTION 3.01.	 	Conditions Precedent to Effectiveness of this Agreement	  	 	31	  
				
		 	SECTION 3.02.	 	Conditions Precedent to Each Borrowing	  	 	32	  
				
		 	SECTION 3.03.	 	Determinations Under Section 3.01	  	 	33	  
		
	 ARTICLE IV: REPRESENTATIONS AND WARRANTIES
	  	 	33	  
				
		 	SECTION 4.01.	 	Representations and Warranties of the Borrower	  	 	33	  
		
	 ARTICLE V: COVENANTS OF THE BORROWER
	  	 	36	  
				
		 	SECTION 5.01.	 	Affirmative Covenants	  	 	36	  
				
		 	SECTION 5.02.	 	Negative Covenants	  	 	38	  
		
	 ARTICLE VI: EVENTS OF DEFAULT
	  	 	40	  
				
		 	SECTION 6.01.	 	Events of Default	  	 	40	  
		
	 ARTICLE VII: THE AGENT
	  	 	42	  
				
		 	SECTION 7.01.	 	Authorization and Action	  	 	42	  
				
		 	SECTION 7.02.	 	Agent’s Reliance, Etc.	  	 	42	  
				
		 	SECTION 7.03.	 	JPMCB and Affiliates	  	 	43	  
				
		 	SECTION 7.04.	 	Lender Credit Decision	  	 	43	  
				
		 	SECTION 7.05.	 	Indemnification	  	 	43	  
				
		 	SECTION 7.06.	 	Successor Agent	  	 	43	  
				
		 	SECTION 7.07.	 	Co-Syndication Agents and Documentation Agent	  	 	44	  
		
	 ARTICLE VIII: MISCELLANEOUS
	  	 	44	  
				
		 	SECTION 8.01.	 	Amendments, Etc.	  	 	44	  
				
		 	SECTION 8.02.	 	Notices, Etc.	  	 	44	  
				
		 	SECTION 8.03.	 	No Waiver; Remedies	  	 	47	  
				
		 	SECTION 8.04.	 	Costs and Expenses; Damage Waiver	  	 	47	  

  
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		 	SECTION 8.05.	 	Right of Set-off	  	 	49	  
				
		 	SECTION 8.06.	 	Binding Effect	  	 	49	  
				
		 	SECTION 8.07.	 	Assignments, Designations and Participations	  	 	49	  
				
		 	SECTION 8.08.	 	Confidentiality	  	 	54	  
				
		 	SECTION 8.09.	 	Governing Law	  	 	54	  
				
		 	SECTION 8.10.	 	Execution in Counterparts; Integration	  	 	54	  
				
		 	SECTION 8.11.	 	Jurisdiction, Etc.	  	 	54	  
				
		 	SECTION 8.12.	 	Waiver of Jury Trial	  	 	55	  
				
		 	SECTION 8.13.	 	USA Patriot Act Notification	  	 	55	  
				
		 	SECTION 8.14.	 	Severability	  	 	55	  
				
		 	SECTION 8.15.	 	No Advisory or Fiduciary Responsibility	  	 	55	  

  
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 SCHEDULES AND EXHIBITS 
 Schedules 

					
			
	Schedule I	  	-	  	List of Applicable Lending Offices
			
	Pricing Schedule	  		  	
			
	Exhibits	  		  	
			
	Exhibit A	  	-	  	Form of Note (If Requested)
			
	Exhibit B	  	-	  	Form of Notice of Borrowing
			
	Exhibit C	  	-	  	Form of Assignment and Assumption
			
	Exhibit D	  	-	  	Form of Certificate by Borrower
			
	Exhibit E-1	  	-	  	Form of Opinion of Counsel to Borrower
			
	Exhibit E-2	  	-	  	Form of Opinion of Hunton & Williams LLP
			
	Exhibit F	  	-	  	Form of Compliance Certificate
			
	Exhibit G	  	-	  	Form of Lender Supplement
			
	Exhibit H	  	-	  	Form of Conversion Notice
			
	Exhibit I	  	-	  	Form of Prepayment Notice

  
 iv 

 This SECOND AMENDED AND RESTATED FIVE-YEAR CREDIT AGREEMENT (this
“Agreement”) dated as of April 5, 2013 is entered into among DTE GAS COMPANY (f/k/a Michigan Consolidated Gas Company), a Michigan corporation (the “Borrower”), the banks, financial institutions and other
institutional lenders (the “Initial Lenders”) listed on the signature pages hereof, and JPMORGAN CHASE BANK, N.A. (“JPMCB”), as Administrative Agent (the “Agent”) for the Lenders (as hereinafter
defined). 
 PRELIMINARY STATEMENT 
 WHEREAS, the Borrower, the lenders party thereto and JPMCB, as administrative agent, are currently party to the Amended and Restated Five-Year Credit Agreement, dated as of October 21, 2011 (the
“Existing Credit Agreement”). 
 WHEREAS, the Borrower, the Lenders, the Departing Lenders (as hereinafter
defined), and the Agent have agreed (a) to enter into this Agreement in order to (i) amend and restate the Existing Credit Agreement in its entirety; (ii) re-evidence the “Obligations” under, and as defined in, the Existing
Credit Agreement, which shall be repayable in accordance with the terms of this Agreement; and (iii) set forth the terms and conditions under which the Lenders will, from time to time, make loans to or for the benefit of the Borrower and
(b) that each Departing Lender shall cease to be a party to the Existing Credit Agreement, as evidenced by its execution and delivery of its Departing Lender Signature Page. 

WHEREAS, it is the intent of the parties hereto that this Agreement not constitute a novation of the obligations and liabilities of the
parties under the Existing Credit Agreement or be deemed to evidence or constitute full repayment of such obligations and liabilities, but that this Agreement amend and restate in its entirety the Existing Credit Agreement and re-evidence the
obligations and liabilities of the Borrower outstanding thereunder, which shall be payable in accordance with the terms hereof. 

WHEREAS, it is also the intent of the Borrower to confirm that all obligations under the applicable “Loan Documents” (as
referred to and defined in the Existing Credit Agreement) shall continue in full force and effect as modified or restated by the Loan Documents (as referred to and defined herein) and that, from and after the Effective Date, all references to the
“Credit Agreement” contained in any such existing “Loan Documents” shall be deemed to refer to this Agreement. 

  
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 NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements
contained herein, the parties hereto hereby agree, subject to the satisfaction of the conditions set forth in Article III, as follows: 
 ARTICLE I: 
 DEFINITIONS AND ACCOUNTING TERMS 

SECTION 1.01. Certain Defined Terms. As used in this Agreement, the following terms shall have the following meanings (such
meanings to be equally applicable to both the singular and plural forms of the terms defined): 

“Affiliate” means, as to any Person, any other Person that, directly or indirectly, controls, is
controlled by or is under common control with such Person or is a director or officer of such Person. For purposes of this definition, the term “control” (including the terms “controlling”, “controlled by” and
“under common control with”) of a Person means the possession, direct or indirect, of the power to vote 25% or more of the Voting Stock of such Person or to direct or cause the direction of the management and policies of such Person,
whether through the ownership of Voting Stock, by contract or otherwise. 
 “Agent” has the
meaning specified in the recital of parties to this Agreement. 
 “Agent’s Account” means
the account of the Agent maintained by the Agent at JPMCB with its office at 10 South Dearborn Street, Mail Code IL1-0010, Chicago, IL 60603, ABA/Routing No. 021 000 021, Account Name: Loan Processing DP, Account No.: 900 811 3381 C3115,
Attention: April Yebd. 
 “Agents” means the Agent and each Co-Syndication Agent, collectively.

 “Agent Parties” has the meaning specified in Section 8.02(b). 

“Anti-Money Laundering Laws” has the meaning specified in Section 4.01(p). 

“Applicable Lending Office” means, with respect to each Lender, such Lender’s Domestic Lending
Office in the case of a Base Rate Advance and such Lender’s Eurodollar Lending Office in the case of a Eurodollar Rate Advance. 
 “Applicable Margin” means, as of any date, (i) with respect to all Base Rate Advances, the percentage rate per annum which is applicable at such time with respect to Base Rate
Advances as set forth in the Pricing Schedule, and (ii) with respect to all Eurodollar Rate Advances, the percentage rate per annum which is applicable at such time with respect to Eurodollar Rate Advances as set forth in the Pricing Schedule.

 “Applicable Percentage” means, as of any date, the percentage rate per annum at which
Facility Fees are accruing on each Lender’s Commitment (without regard to usage) at such time as set forth in the Pricing Schedule. 
 “Approved Fund” means any Person (other than a natural person) that (a) is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the
ordinary course of its business, (b) has a combined capital and surplus of at least $500,000,000, and (c) is administered or managed by (x) a Lender, (y) an Affiliate of a Lender or (z) an entity or an Affiliate of an entity
that administers or manages a Lender. 
 “Arrangers” means, collectively, J.P. Morgan Securities
LLC and Merrill Lynch, Pierce, Fenner, & Smith, Incorporated, in their capacities as co-lead arrangers and joint book runners for the credit facility evidenced by this Agreement. 

  
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 “Assignment and Assumption” means an assignment and
assumption entered into by a Lender and an Eligible Assignee, and accepted by the Agent, in substantially the form of Exhibit C hereto. 
 “Audited Statements” means the Consolidated balance sheets of the Borrower as at December 31, 2012, and the related Consolidated statements of income and cash flows of the Borrower
for the fiscal year then ended, accompanied by the opinion thereon of the Borrower’s independent public accountants. 
 “Bankruptcy Event” means, with respect to any Person, such Person (a) becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee,
administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Agent, has taken any action in furtherance
of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment or (b) has a parent company that has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee,
custodian, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business, appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or
acquiescence in any such proceeding or appointment; provided that, a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or
instrumentality thereof; provided, further, that such ownership interest does not result in or provide such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on
its assets or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person. 

“Base Rate” means a fluctuating interest rate per annum equal to, for any day, the highest of:

 (a) the Prime Rate in effect on such day; 

(b) the Eurodollar Rate for a one month Interest Period on such day (or if such day is not a Business Day, the immediately
preceding Business Day) plus 1%; or 
 (c) 1/2 of 1% per annum above the Federal Funds Rate in effect on
such day. 
 “Base Rate Advance” means a Revolving Credit Advance that bears interest as
provided in Section 2.06(a)(i). 
 “Borrower” has the meaning specified in the recital of
parties to this Agreement. 

  
 3 

 “Borrowing” means a borrowing consisting of simultaneous
Revolving Credit Advances of the same Type and (in the case of Eurodollar Rate Advances) having the same Interest Period, made by each of the Lenders pursuant to Section 2.01. 

“Business Day” means a day of the year on which banks are not required or authorized by law to close in
New York City or Chicago, Illinois and, if the applicable Business Day relates to any Eurodollar Rate Advances, on which dealings are carried on in the London interbank market. 

“Capitalization” means the sum of (a) Total Funded Debt plus (b) Consolidated Net Worth.

 “Commitment” means, for each Lender, the obligation of such Lender to make Revolving Credit
Advances to the Borrower in an aggregate amount not exceeding the amount set forth opposite such Lender’s name on Schedule I hereto or if such Lender has entered into any Assignment and Assumption, set forth for such Lender in the Register
maintained by the Agent pursuant to Section 8.07(d), as such amount may be modified from time to time pursuant to the terms hereof. 
 “Communications” has the meaning specified in Section 8.02(b). 
 “Confidential Information” means information that the Borrower furnishes to the Agent or any Lender designated as confidential, but does not include any such information that is or
becomes generally available to the public or that is or becomes available to the Agent or such Lender from a source other than the Borrower. 
 “Consolidated” refers to the consolidation of accounts in accordance with GAAP. 
 “Consolidated Net Worth” means, as of any date of determination, the consolidated total stockholders’ equity, including capital stock (but excluding treasury stock and capital stock
subscribed and unissued), additional paid-in capital and retained earnings (but excluding the Excluded Pension Effects) of the Borrower and its Subsidiaries determined in accordance with GAAP. 

“Convert”, “Conversion” and “Converted” each refers to a conversion of
Revolving Credit Advances of one Type into Revolving Credit Advances of the other Type pursuant to Section 2.07 or 2.08. 
 “Co-Syndication Agents” means, collectively, Barclays Bank PLC, Citibank, N.A., and Bank of America, N.A., in their capacities as co-syndication agents for the credit facility evidenced
by this Agreement. 
 “Credit Agreements” means, collectively, this Agreement, the DTE Energy
Credit Agreement and the DTE Electric Credit Agreement. 
 “Debt” of any Person means, without
duplication, (a) all indebtedness of such Person for borrowed money, (b) all obligations of such Person for the deferred purchase price of property or services (other than trade payables not overdue by more than 60 days

  
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incurred in the ordinary course of such Person’s business), (c) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments, (d) all
obligations of such Person created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the
event of default are limited to repossession or sale of such property), (e) all obligations of such Person as lessee under leases that have been or should be, in accordance with GAAP, recorded as capital leases, (f) all obligations,
contingent or otherwise, of such Person in respect of acceptances, letters of credit or similar extensions of credit, (g) all obligations of such Person in respect of Hedge Agreements, (h) all Debt of others referred to in clauses (a)
through (g) above or clause (i) below guaranteed directly or indirectly in any manner by such Person, or in effect guaranteed directly or indirectly by such Person through an agreement (1) to pay or purchase such Debt or to advance or
supply funds for the payment or purchase of such Debt, (2) to purchase, sell or lease (as lessee or lessor) property, or to purchase or sell services, primarily for the purpose of enabling the debtor to make payment of such Debt or to assure
the holder of such Debt against loss, (3) to supply funds to or in any other manner invest in the debtor (including any agreement to pay for property or services irrespective of whether such property is received or such services are rendered)
or (4) otherwise to assure a creditor against loss (all such obligations under this clause (h) being “Guaranteed Obligations”), and (i) all Debt referred to in clauses (a) through (h) above secured by
(or for which the holder of such Debt has an existing right, contingent or otherwise, to be secured by) any Lien on property (including, without limitation, accounts and contract rights) owned by such Person, even though such Person has not assumed
or become liable for the payment of such Debt. See the definition of “Nonrecourse Debt” below. 

“Default” means any Event of Default or any event that would constitute an Event of Default but for the
requirement that notice be given or time elapse or both. 
 “Defaulting Lender” means any Lender
that (a) has failed, within two Business Days of the date required to be funded or paid, to (i) fund any portion of its Revolving Credit Advances, or (ii) pay over to the Agent or any other Lender any other amount required to be paid
by it hereunder, unless, in the case of clause (i) above, such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has
not been satisfied, (b) has notified the Borrower, the Agent or any other Lender in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement
(unless, in the good faith determination of the Agent, such position is based on such Lender’s good faith determination that a condition precedent to funding a loan under this Agreement cannot be satisfied) or generally under other agreements
in which it commits to extend credit, (c) has failed, within three Business Days after request by the Agent or any other Lender, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will
comply with its obligations to fund prospective Revolving Credit Advances under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon the Agent’s and Borrower’s receipt of
such certification, or (d) has become the subject of a Bankruptcy Event; provided that, if a Bankruptcy Event shall 

  
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have occurred with respect to a Lender solely by reason of events relating to a parent company of such Lender, the Agent may, in its discretion, determine that such Lender is not a
“Defaulting Lender” if and for so long as the Agent is satisfied that such Lender will continue to perform its funding obligations hereunder. 
 “Departing Lender” means each lender under the Existing Credit Agreement that executes and delivers to the Agent a Departing Lender Signature Page. 

“Departing Lender Signature Page” means each signature page to this Agreement on which it is indicated
that the Departing Lender executing the same shall cease to be a party to the Existing Credit Agreement to which it is a party on the Effective Date. 
 “Designating Lender” has the meaning specified in Section 8.07(h). 
 “Disclosed Litigation” has the meaning specified in Section 4.01(f). 
 “Domestic Lending Office” means, with respect to any Lender, the office of such Lender specified as its “Domestic Lending Office” opposite its name on Schedule I hereto or
in the Assignment and Assumption pursuant to which it became a Lender, or such other office of such Lender as such Lender may from time to time specify to the Borrower and the Agent. 

“DTE Electric” means DTE Electric Company (f/k/a The Detroit Edison Company), a Michigan corporation
wholly owned by DTE Energy. 
 “DTE Electric Credit Agreement” means that certain Second Amended
and Restated Five-Year Credit Agreement, dated as of the date hereof, by and among DTE Electric, as borrower, the financial institutions from time to time party thereto as lenders, and Barclays Bank PLC, as administrative agent for the lenders, as
the same may be amended, restated, supplemented or otherwise modified from time to time. 
 “DTE
Energy” means DTE Energy Company, a Michigan corporation. 
 “DTE Energy Credit
Agreement” means that certain Second Amended and Restated Five-Year Credit Agreement, dated as of the date hereof, by and among DTE Energy, as borrower, the financial institutions from time to time party thereto as lenders, and Citibank,
N.A., as administrative agent for the lenders, as the same may be amended, restated, supplemented or otherwise modified from time to time. 
 “Effective Date” has the meaning specified in Section 3.01. 
 “Eligible Assignee” means (i) a Lender; (ii) an Affiliate of a Lender; (iii) a commercial bank organized under the laws of the United States, or any State thereof, and
having a combined capital and surplus of at least $500,000,000; (iv) a savings and loan association or savings bank organized under the laws of the United States, or any State thereof, and having a combined capital and surplus of at least
$500,000,000; (v) a commercial bank organized under the laws of any other country that is a member of the Organization for Economic Cooperation and Development or has concluded special 

  
 6 

 
lending arrangements with the International Monetary Fund associated with its General Arrangements to Borrow, or a political subdivision of any such country, and having a combined capital and
surplus of at least $500,000,000, so long as such bank is acting through a branch or agency located in the United States; (vi) the central bank of any country that is a member of the Organization for Economic Cooperation and Development;
(vii) a finance company, insurance company or other financial institution or fund (whether a corporation, partnership, trust or other entity) that is engaged in making, purchasing or otherwise investing in commercial loans in the ordinary
course of its business and having a combined capital and surplus of at least $500,000,000; (viii) an Approved Fund; and (ix) any other Person approved by the Agent and, so long as no Event of Default shall be continuing, the Borrower, such
approval not to be unreasonably withheld or delayed by either party; provided, however, that neither the Borrower nor an Affiliate of the Borrower shall qualify as an Eligible Assignee. 

“Enterprises” means DTE Enterprises, Inc., a Michigan corporation wholly owned by DTE Energy. 

“Environmental Action” means any action, suit, demand, demand letter, claim, notice of non-compliance or
violation, notice of liability or potential liability, investigation, proceeding, consent order or consent agreement relating in any way to any Environmental Law, Environmental Permit or Hazardous Materials or arising from alleged injury or threat
of injury to the environment, including, without limitation, (a) by any governmental or regulatory authority for enforcement, cleanup, removal, response, remedial or other actions or damages and (b) by any governmental or regulatory
authority or any third party for damages, contribution, indemnification, cost recovery, compensation or injunctive relief. 
 “Environmental Law” means any federal, state, local or foreign statute, law, ordinance, rule, regulation, code, order, judgment, decree or judicial or agency interpretation, policy or
guidance relating to pollution or protection of the environment or natural resources, including, without limitation, those relating to the use, handling, transportation, treatment, storage, disposal, release or discharge of Hazardous Materials.

 “Environmental Permit” means any permit, approval, identification number, license or other
authorization required under any Environmental Law. 
 “ERISA” means the Employee Retirement
Income Security Act of 1974, as amended from time to time, and the regulations promulgated and rulings issued thereunder. 
 “ERISA Affiliate” means any Person that for purposes of Title IV of ERISA is a member of the Borrower’s controlled group, or under common control with the Borrower, within the
meaning of Section 414 of the Internal Revenue Code. 
 “ERISA Event” means (a) (i)
the occurrence of a reportable event, within the meaning of Section 4043 of ERISA, with respect to any Plan unless the 30-day notice requirement with respect to such event has been waived by the PBGC, or (ii) the

  
 7 

 
requirements of subsection (1) of Section 4043(b) of ERISA (without regard to subsection (2) of such Section) are met with respect to a contributing sponsor, as defined in
Section 4001(a)(13) of ERISA, of a Plan, and an event described in paragraph (9), (10), (11), (12) or (13) of Section 4043(c) of ERISA is reasonably expected to occur with respect to such Plan within the following 30 days;
(b) the application for a minimum funding waiver with respect to a Plan; (c) the provision by the administrator of any Plan of a notice of intent to terminate such Plan pursuant to Section 4041(a)(2) of ERISA (including any such
notice with respect to a plan amendment referred to in Section 4041(e) of ERISA); (d) the cessation of operations at a facility of the Borrower or any ERISA Affiliate in the circumstances described in Section 4062(e) of ERISA;
(e) the withdrawal by the Borrower or any ERISA Affiliate from a Multiple Employer Plan during a plan year for which it was a substantial employer, as defined in Section 4001(a)(2) of ERISA; (f) the conditions for the imposition of a
lien under Section 302(f) of ERISA shall have been met with respect to any Plan; (g) the adoption of an amendment to a Plan requiring the provision of security to such Plan pursuant to Section 307 of ERISA; or (h) the institution
by the PBGC of proceedings to terminate a Plan pursuant to Section 4042 of ERISA, or the occurrence of any event or condition described in Section 4042 of ERISA that constitutes grounds for the termination of, or the appointment of a
trustee to administer, a Plan. 
 “Eurocurrency Liabilities” has the meaning assigned to that
term in Regulation D of the Board of Governors of the Federal Reserve System, as in effect from time to time. 
 “Eurodollar Lending Office” means, with respect to any Lender, the office of such Lender specified as its “Eurodollar Lending Office” opposite its name on Schedule I hereto
or in the Assignment and Assumption pursuant to which it became a Lender (or, if no such office is specified, its Domestic Lending Office), or such other office of such Lender as such Lender may from time to time specify to the Borrower and the
Agent. 
 “Eurodollar Rate” means, for any Interest Period for each Eurodollar Rate Advance
comprising part of the same Borrowing, an interest rate per annum equal to the rate per annum obtained by dividing (a) the rate appearing on Reuters Screen LIBOR01 Page (or on any successor or substitute page of the Service, or any successor to
or substitute for the Service, providing rate quotations comparable to those currently provided on such page of the Service, as determined by the Agent after consultation with the Borrower from time to time for purposes of providing quotations of
interest rates applicable to U.S. dollar deposits in the London interbank market) at approximately 11:00 A.M. (London time) two Business Days prior to the commencement of such Interest Period, as the rate for U.S. dollar deposits with a maturity
comparable to such Interest Period, or in the event that such rate is not available at such time for any reason, the average (rounded upward to the nearest whole multiple of 1/16 of 1% per annum, if such average is not such a multiple) of the
rate per annum at which deposits in U.S. dollars are offered by the principal office of each of the Reference Banks in London, England to prime banks in the London interbank market at 11:00 A.M. (London time) two Business Days before the first
day of such Interest Period in an amount approximately equal to such Reference Bank’s Eurodollar Rate Advance comprising part of such Borrowing to be outstanding during such Interest Period and for a period equal to

  
 8 

 
such Interest Period, by (b) a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage for such Interest Period, subject, however, to the provisions of
Section 2.07. 
 “Eurodollar Rate Advance” means a Revolving Credit Advance that bears
interest as provided in Section 2.06(a)(ii). 
 “Eurodollar Rate Reserve Percentage” for
any Interest Period for all Eurodollar Rate Advances comprising part of the same Borrowing means the reserve percentage applicable two Business Days before the first day of such Interest Period under regulations issued from time to time by the Board
of Governors of the Federal Reserve System (or any successor) for determining the maximum reserve requirement (including, without limitation, any emergency, supplemental or other marginal reserve requirement) for a member bank of the Federal Reserve
System in New York City with respect to liabilities or assets consisting of or including Eurocurrency Liabilities (or with respect to any other category of liabilities that includes deposits by reference to which the interest rate on Eurodollar
Rate Advances is determined) having a term equal to such Interest Period. 
 “Events of Default”
has the meaning specified in Section 6.01. 
 “Excluded Pension Effects” means the non-cash
effects on Consolidated Net Worth resulting from the implementation of FASB Statement of Financial Accounting Standards No. 158, Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans, an amendment of FASB
Statements No. 87, 88, 106, and 132(R), dated September 2006. 
 “Excluded Short-Term Debt”
means Debt of the Borrower or any of its Subsidiaries having an original maturity of not more than 365 days in an aggregate amount of not more than $450,000,000. 

“Existing Credit Agreement” has the meaning specified in the preliminary statements of this Agreement.

 “Existing Mortgage” has the meaning specified in Section 5.02(a)(vi). 

“Facility Fee” has the meaning specified in Section 2.03(a). 

“FATCA” means Sections 1471 through 1474 of the Internal Revenue 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 Internal Revenue Code. 
 “Federal Funds Rate” means, for any
period, a fluctuating interest rate per annum equal for each day during such period to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as
published for such day (or, if such day is not a Business Day, for 

  
 9 

 
the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for such day
on such transactions received by the Agent from three federal funds brokers of recognized standing selected by it. 
 “Financial Officer” of any Person means the chief executive officer, president, chief financial officer, any vice president, controller, assistant controller, treasurer or any assistant
treasurer of such Person. 
 “Funded Debt” means, as to any Person, without duplication:
(a) all Debt of such Person for borrowed money or which has been incurred in connection with the acquisition of assets (excluding (i) contingent reimbursement obligations in respect of letters of credit and bankers’ acceptances,
(ii) Nonrecourse Debt, (iii) Junior Subordinated Debt, (iv) Mandatorily Convertible Securities, and (v) Hybrid Equity Securities), (b) all capital lease obligations of such Person and (c) all Guaranteed Obligations of
Funded Debt of other Persons. 
 “GAAP” means generally accepted accounting principles in the
United States of America. 
 “Governmental Authority” means the government of the United States
of America or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing,
regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank) and any group or body charged with setting financial accounting or
regulatory capital rules or standards (including, without limitation, the Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking Supervision or any successor or similar authority to any of the
foregoing). 
 “Guaranteed Obligations” has the meaning specified in clause (h) of
the definition of “Debt”. 
 “Hazardous Materials” means (a) petroleum and
petroleum products, by-products or breakdown products, radioactive materials, asbestos-containing materials, polychlorinated biphenyls and radon gas and (b) any other chemicals, materials or substances designated, classified or regulated as
hazardous or toxic or as a pollutant or contaminant under any Environmental Law. 
 “Hedge
Agreements” means interest rate swap, cap or collar agreements, interest rate future or option contracts, currency swap agreements, currency future or option contracts and other similar agreements. 

“Hybrid Equity Securities” means any securities issued by the Borrower or its Subsidiary or a financing
vehicle of the Borrower or its Subsidiary that (i) are classified as possessing a minimum of “intermediate equity content” by S&P, Basket C equity credit by Moody’s, and 50% equity credit by Fitch and (ii) require no
repayments or 

  
 10 

 
prepayments and no mandatory redemptions or repurchases, in each case, prior to at least 91 days after the later of the termination of the Commitments and the repayment in full of the Revolving
Credit Advances and all other amounts due under this Agreement. 
 “Identified Reports on Form
8-K” means those certain reports of DTE Energy on Form 8-K filed or furnished with the Securities and Exchange Commission on January 2, 2013, February 1, 2013, February 7, 2013, February 20,
2013, March 4, 2013 and March 19, 2013. 
 “Initial Lenders” has the meaning
specified in the recital of parties to this Agreement. 
 “Interest Period” means, for each
Eurodollar Rate Advance comprising part of the same Borrowing, the period commencing on the date of such Eurodollar Rate Advance or the date of the Conversion of any Base Rate Advance into such Eurodollar Rate Advance and ending on the last day of
the period selected by the Borrower pursuant to the provisions below and, thereafter, with respect to Eurodollar Rate Advances, each subsequent period commencing on the last day of the immediately preceding Interest Period and ending on the last day
of the period selected by the Borrower pursuant to the provisions below. The duration of each such Interest Period shall be one, two, three or six months, as the Borrower may, upon notice received by the Agent not later than 11:00 A.M. (New
York City time) on the third Business Day prior to the first day of such Interest Period, select; provided, however, that: 
 (i) the Borrower may not select any Interest Period that ends after the Termination Date then in effect; 
 (ii) Interest Periods commencing on the same date for Eurodollar Rate Advances comprising part of the same Borrowing shall be of the same duration; 

(iii) whenever the last day of any Interest Period would otherwise occur on a day other than a Business Day, the last day
of such Interest Period shall be extended to occur on the next succeeding Business Day, provided, however, that, if such extension would cause the last day of such Interest Period to occur in the next following calendar month, the last
day of such Interest Period shall occur on the next preceding Business Day; and 
 (iv) whenever the first day of
any Interest Period occurs on a day of an initial calendar month for which there is no numerically corresponding day in the calendar month that succeeds such initial calendar month by the number of months equal to the number of months in such
Interest Period, such Interest Period shall end on the last Business Day of such succeeding calendar month. 

“Internal Revenue Code” means the Internal Revenue Code of 1986, as amended from time to time, and the
regulations promulgated and rulings issued thereunder. 
 “JPMCB” has the meaning specified in
the recital of parties to this Agreement. 

  
 11 

 “Junior Subordinated Debt” means (a) subordinated
junior deferrable interest debentures of the Borrower, (b) the related preferred securities, if applicable, of Subsidiaries of the Borrower and (c) the related subordinated guarantees, if applicable, of the Borrower, in each case, from
time to time outstanding. 
 “Lender Supplement” has the meaning specified in
Section 2.04(c). 
 “Lenders” means the Initial Lenders and each Person that shall become a
party hereto pursuant to Section 8.07(a), (b) and (c). For the avoidance of doubt, the term “Lenders” excludes Departing Lenders. 
 “Lien” means any lien, security interest or other charge or encumbrance of any kind, or any other type of preferential arrangement, including, without limitation, the lien or retained
security title of a conditional vendor and any easement, right of way or other encumbrance on title to real property. 
 “Loan Documents” means this Agreement and the Notes. 
 “Mandatorily Convertible Securities” means any mandatorily convertible equity-linked securities issued by the Borrower or its Subsidiary, so long as the terms of such securities require
no repayments or prepayments and no mandatory redemptions or repurchases, in each case prior to at least 91 days after the later of the termination of the Commitments and the repayment in full of the Revolving Credit Advances and all other amounts
due under this Agreement. 
 “Material Adverse Change” means any material adverse change in the
business, condition (financial or otherwise), operations, performance or properties of the Borrower and its Subsidiaries taken as a whole. 
 “Material Adverse Effect” means a material adverse effect on (a) the business, condition (financial or otherwise), operations, performance or properties of the Borrower and its
Subsidiaries taken as a whole, or (b) the ability of the Borrower to perform its obligations under any Loan Document to which it is a party. 
 “Moody’s” means Moody’s Investors Service, Inc. 
 “Moody’s Rating” is defined in the Pricing Schedule. 
 “Multiemployer Plan” means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, to which the Borrower or any ERISA Affiliate is making or accruing an obligation to make
contributions, or has within any of the preceding five plan years made or accrued an obligation to make contributions. 
 “Multiple Employer Plan” means a single employer plan, as defined in Section 4001(a)(15) of ERISA, that (a) is maintained for employees of the Borrower or any ERISA Affiliate
and at least one Person other than the Borrower and the ERISA Affiliates or (b) was so maintained and in respect of which the Borrower or any ERISA Affiliate could have liability under Section 4064 or 4069 of ERISA in the event such plan
has been or were to be terminated. 

  
 12 

 “Nonrecourse Debt” means Debt of the Borrower or any of its
Subsidiaries in respect of which no recourse may be had by the creditors under such Debt against the Borrower or such Subsidiary in its individual capacity or against the assets of the Borrower or such Subsidiary, other than (a) to assets which
were purchased or refinanced by the Borrower or such Subsidiary with the proceeds of such Debt, (b) to the proceeds of such assets, or (c) if such assets are held by a Subsidiary formed solely for such purpose, to such Subsidiary or the
equity interests in such Subsidiary. 
 “Note” has the meaning specified in Section 2.16.

 “Notice of Borrowing” has the meaning specified in Section 2.02(a). 

“Obligations” means all unpaid principal of and accrued and unpaid interest on Revolving Credit Advances,
all accrued and unpaid fees and all expenses, reimbursements, indemnities and other obligations of the Borrower to the Lenders or to any Lender, the Agent or any indemnified party arising under the Loan Documents. 

“OFAC” has the meaning specified in Section 4.01(o). 

“Other Taxes” has the meaning specified in Section 2.13(b). 

“Participant Register” has the meaning specified in Section 8.07(e). 

“PATRIOT Act” has the meaning specified in Section 3.01(f). 

“PBGC” means the Pension Benefit Guaranty Corporation (or any successor). 

“Person” means an individual, partnership, corporation (including a business trust), joint stock company,
trust, unincorporated association, joint venture, limited liability company or other entity, or a government or any political subdivision or agency thereof. 
 “Plan” means a Single Employer Plan or a Multiple Employer Plan. 
 “Platform” has the meaning specified in Section 8.02(b). 
 “Pricing Schedule” means the Pricing Schedule identifying the Applicable Margin and the Applicable Percentage attached hereto identified as such. 

“Prime Rate” means the rate of interest per annum publicly announced from time to time by JPMCB as its
prime rate in effect at its principal office in New York City, with each change therein effective from and including the date such change is publicly announced as being effective. 

“Property” of a Person means any and all property, whether real, personal, tangible, intangible, or
mixed, of such Person, or other assets owned by such Person. 

  
 13 

 “Pro Rata Share” means, with respect to a Lender, a portion
equal to a fraction the numerator of which is such Lender’s Commitment and the denominator of which is the aggregate of all the Lenders’ Commitments; provided that, in the case of Section 2.17 when a Defaulting Lender shall
exist (other than, for purposes of clarity, a Lender that is attempting to cure its “Defaulting Lender” status pursuant to the last sentence of Section 2.17), “Pro Rata Share” shall mean a portion equal to a fraction the
numerator of which is such Lender’s Commitment and the denominator of which is the aggregate of all the Lender’s Commitments (disregarding any such Defaulting Lender’s Commitment). If the Commitment has terminated or expired, the Pro
Rata Shares shall be determined based upon the Commitments most recently in effect, giving effect to any assignments and to any Lender’s status as a Defaulting Lender at the time of determination. 

“Receivables Purchase Documents” means those documents entered into in connection with any series of
receivables purchase or sale agreements generally consistent with terms contained in comparable structured finance transactions pursuant to which the Borrower or any of its Subsidiaries, in their respective capacities as sellers or transferors of
any receivables, sell or transfer to SPCs all of their respective rights, title and interest in and to certain receivables for further sale or transfer to other purchasers of or investors in such assets (and the other documents, instruments and
agreements executed in connection therewith), as any such agreements may be amended, restated, supplemented or otherwise modified from time to time, or any replacement or substitution therefor. 

“Receivables Purchase Facility” means any securitization facility made available to the Borrower or any
of its Subsidiaries, pursuant to which receivables of the Borrower or any of its Subsidiaries are transferred to one or more SPCs, and thereafter to certain investors, pursuant to the terms and conditions of the Receivables Purchase Documents.

 “Reference Banks” means Citibank, N.A., Barclays Bank PLC, JPMCB and their
respective successors. 
 “Register” has the meaning specified in Section 8.07(d).

 “Required Lenders” means, subject to Section 2.17, at any time, Lenders owed more than
fifty percent (50%) of the then-aggregate unpaid principal amount of the Revolving Credit Advances owing to the Lenders, or, if no such principal amount is then outstanding, Lenders having more than fifty percent (50%) of the Commitments.

 “Revolving Credit Advance” means an advance by a Lender to the Borrower as part of a
Borrowing, and refers to a Base Rate Advance or a Eurodollar Rate Advance (each of which shall be a “Type” of Revolving Credit Advance). 
 “S&P” means Standard & Poor’s Ratings Group, a division of the McGraw Hill Companies. 

“S&P Rating” is defined in the Pricing Schedule. 

  
 14 

 “SEC Reports” means the following reports and financial
statements: 
 (i) DTE Energy’s Annual Report on Form 10-K for the year ended December 31, 2012, as
filed with or sent to the Securities and Exchange Commission; and 
 (ii) the Identified Reports on Form 8-K,
including therein the Audited Statements of the Borrower. 
 “Service” means Reuters Monitor
Money Rate Service. 
 “Significant Subsidiary” means any Subsidiary of the Borrower
(A) the total assets (after intercompany eliminations) of which exceed 30% of the total assets of the Borrower and its Subsidiaries or (B) the net worth of which exceeds 30% of the Consolidated Net Worth, in each case as shown on the
audited Consolidated financial statements of the Borrower as of the end of the fiscal year immediately preceding the date of determination. 
 “Single Employer Plan” means a single employer plan, as defined in Section 4001(a)(15) of ERISA, that (a) is maintained for employees of the Borrower or any ERISA Affiliate and
no Person other than the Borrower and the ERISA Affiliates or (b) was so maintained and in respect of which the Borrower or any ERISA Affiliate could have liability under Section 4069 of ERISA in the event such plan has been or were to be
terminated. 
 “SPC” means any special purpose entity established for the purpose of purchasing
receivables in connection with a receivables securitization transaction permitted under the terms of this Agreement. 
 “SPV” has the meaning specified in Section 8.07(h). 
 “Subsidiary” of any Person means any corporation, partnership, joint venture, limited liability company, trust or estate of which (or in which) more than 50% of (a) the issued and
outstanding capital stock having ordinary voting power to elect a majority of the Board of Directors of such corporation (irrespective of whether at the time capital stock of any other class or classes of such corporation shall or might have voting
power upon the occurrence of any contingency), (b) the interest in the capital or profits of such limited liability company, partnership or joint venture or (c) the beneficial interest in such trust or estate is at the time directly owned
or controlled by such Person, by such Person and one or more of its other Subsidiaries or by one or more of such Person’s other Subsidiaries. 
 “Taxes” has the meaning specified in Section 2.13(a). 
 “Termination Date” means the earlier of (a) April 5, 2018, and (b) the date of termination in whole of the Commitments pursuant to Section 2.04 or 6.01. 

“Total Funded Debt” means all Funded Debt of the Borrower and its Consolidated Subsidiaries, on a
consolidated basis, as determined in accordance with GAAP. 

  
 15 

 “Voting Stock” means capital stock issued by a corporation,
or equivalent interests in any other Person, the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person, even if the right so to vote
has been suspended by the happening of such a contingency. 
 “Withdrawal Liability” has the
meaning specified in Part I of Subtitle E of Title IV of ERISA. 
 SECTION 1.02. Computation of Time
Periods. In this Agreement in the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each mean
“to but excluding”. 
 SECTION 1.03. Accounting Terms. Except as otherwise expressly provided herein, all terms
of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the Agent that the Borrower requests an amendment to any provision hereof to eliminate
the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such
purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall
have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed,
and all computations of amounts and ratios referred to herein shall be made (i) without giving effect to any election under Accounting Standards Codification 825-10-25 (formerly referred to as Statement of Financial Accounting Standards 159)
(or any other Financial Accounting Standard having a similar result or effect) to value any Debt or other liabilities of DTE Energy or any of its Subsidiaries at “fair value”, as defined therein and (ii) without giving effect to any
treatment of Debt in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Debt in
a reduced or bifurcated manner as described therein, and such Debt shall at all times be valued at the full stated principal amount thereof. 
 SECTION 1.04. Amendment and Restatement of the Existing Credit Agreement. The parties to this Agreement agree that, upon (i) the execution and delivery by each of the parties hereto of this
Agreement and (ii) satisfaction of the conditions set forth in Section 3.01, the terms and provisions of the Existing Credit Agreement shall be and hereby are amended, superseded and restated in their entirety by the terms and provisions
of this Agreement. This Agreement is not intended to and shall not constitute a novation. All “Loans” made and “Obligations” incurred under the Existing Credit Agreement which are outstanding on the Effective Date shall continue
as Obligations under (and shall be governed by the terms of) this Agreement and the other Loan Documents. Without limiting the foregoing, upon the effectiveness hereof: (a) all references in the “Loan Documents” (as defined in the
Existing Credit Agreement) to the “Agent”, the “Credit Agreement” and the “Loan Documents” shall be deemed to refer to the Agent, this Agreement and the Loan Documents, (b) all obligations 

  
 16 

 
constituting “Obligations” with any Lender or any Affiliate of any Lender which are outstanding on the Effective Date shall continue as Obligations under this Agreement and the other
Loan Documents, (c) the Agent shall make such reallocations, sales, assignments or other relevant actions in respect of each Lender’s credit and loan exposure under the Existing Credit Agreement as are necessary in order that each such
Lender’s outstanding Revolving Credit Advances hereunder reflect such Lender’s Pro Rata Share of the outstanding aggregate Revolving Credit Advances on the Effective Date, (d) the Existing Revolving Credit Advances (as defined in
Section 2.01) of each Departing Lender shall be repaid in full (accompanied by any accrued and unpaid interest and fees thereon), each Departing Lender’s “Commitment” under the Existing Credit Agreement shall be terminated and
each Departing Lender shall not be a Lender hereunder, and (e) the Borrower hereby agrees to compensate each Lender (including each Departing Lender) for any and all losses, costs and expenses incurred by such Lender in connection with the sale
and assignment of any Eurodollar Rate Advances (including the “Eurodollar Rate Advances” under the Existing Credit Agreement) and such reallocation described above, in each case on the terms and in the manner set forth in
Section 8.04(c) hereof. 
 ARTICLE II: 
 AMOUNTS AND TERMS OF THE REVOLVING CREDIT ADVANCES 
 SECTION 2.01.
Commitment. Each Lender severally agrees, on the terms and conditions hereinafter set forth, to make Revolving Credit Advances to the Borrower from time to time on any Business Day during the period from the Effective Date until the
Termination Date in an aggregate amount not to exceed at any time outstanding such Lender’s Commitment. Each Borrowing shall be in an aggregate amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof, or the remaining
balance of Commitments available for a Borrowing, if such balance is less than $5,000,000, and shall consist of Revolving Credit Advances of the same Type made on the same day by the Lenders ratably according to their respective Commitments. Within
the limits of each Lender’s Commitment, the Borrower may borrow under this Section 2.01, prepay pursuant to Section 2.09 and reborrow under this Section 2.01. 

SECTION 2.02. Making the Revolving Credit Advances. (a) Each Borrowing shall be made on notice, given not later than
11:00 A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing in the case of a Borrowing consisting of Eurodollar Rate Advances, or 10:00 A.M. (New York City time) on the Business Day of the proposed
Borrowing in the case of a Borrowing consisting of Base Rate Advances, by the Borrower to the Agent, which shall give to each Lender prompt notice thereof by telecopier or telex. Each such notice of a Borrowing (a “Notice of
Borrowing”) shall be by telephone, confirmed immediately in writing signed by a Financial Officer in substantially the form of Exhibit B hereto, specifying therein the requested (i) date of such Borrowing, (ii) Type of
Revolving Credit Advances comprising such Borrowing, (iii) aggregate amount of such Borrowing, (iv) in the case of a Borrowing consisting of Eurodollar Rate Advances, initial Interest Period for each such Revolving Credit Advance and
(v) wire transfer instructions. Each Lender shall, before 12:00 noon (New York City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Agent at the Agent’s Account, in same day
funds, such Lender’s ratable portion of such Borrowing. After the Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Agent will make such funds available to the Borrower as
specified in the Notice of Borrowing. 

  
 17 

 (b) Anything in subsection (a) above to the contrary notwithstanding, (i) the
Borrower may not select Eurodollar Rate Advances for any Borrowing if the aggregate amount of such Borrowing is less than $5,000,000 or if the obligation of the Lenders to make Eurodollar Rate Advances shall then be suspended pursuant to
Section 2.07 or 2.11(a) and (ii) at no time shall the aggregate number of all Borrowings comprising Eurodollar Rate Advances outstanding hereunder be greater than ten. 

(c) Each Notice of Borrowing shall be irrevocable and binding on the Borrower. In the case of any Borrowing that the related Notice of
Borrowing specifies is to be comprised of Eurodollar Rate Advances, the Borrower shall indemnify each Lender against any loss, cost or expense incurred by such Lender as a result of any failure to fulfill on or before the date specified in such
Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without limitation, any loss (excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of
deposits or other funds acquired by such Lender to fund the Revolving Credit Advance to be made by such Lender as part of such Borrowing when such Revolving Credit Advance, as a result of such failure, is not made on such date. 

(d) Unless the Agent shall have received notice from a Lender prior to the time of any Borrowing that such Lender will not make available
to the Agent such Lender’s ratable portion of such Borrowing, the Agent may assume that such Lender has made such portion available to the Agent on the date of such Borrowing in accordance with subsection (a) of this Section 2.02 and
the Agent may, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such ratable portion available to the Agent, such Lender and the
Borrower severally agree to repay to the Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to the Borrower until the date such amount is repaid to the Agent,
at (i) in the case of the Borrower, the interest rate applicable at the time to Revolving Credit Advances comprising such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Agent such
corresponding amount, such amount so repaid shall constitute such Lender’s Revolving Credit Advance as part of such Borrowing for purposes of this Agreement. 
 (e) The failure of any Lender to make the Revolving Credit Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Revolving
Credit Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Revolving Credit Advance to be made by such other Lender on the date of any Borrowing. 

SECTION 2.03. Fees. 
 (a) Facility Fee. The Borrower agrees to pay to the Agent for the account of each Lender a facility fee (the “Facility Fee”) on the aggregate amount of such Lender’s
Commitment from the date hereof in the case of each Initial Lender and from the effective date 

  
 18 

 
specified in the Assignment and Assumption pursuant to which it became a Lender in the case of each other Lender until all of the Obligations have been paid in full and the Commitments under this
Agreement have been terminated at a rate per annum equal to the Applicable Percentage in effect from time to time, payable in arrears quarterly on the last Business Day of each March, June, September and December, and on the Termination Date.

 (b) Agent’s Fees. The Borrower shall pay to the Agent for its own account such fees as may from time to time be
agreed between the Borrower and the Agent. 
 SECTION 2.04. Termination or Reduction of the Commitments; Increase of the
Commitments. (a) The Commitments shall be automatically terminated on the Termination Date. 
 (b) The Borrower shall
have the right, upon at least three Business Days’ notice to the Agent, to terminate in whole or reduce ratably in part the unused portions of the respective Commitments of the Lenders, provided that each partial reduction shall be in
the aggregate amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof, or the remaining balance, if less than $5,000,000. Once terminated, a Commitment or portion thereof may not be reinstated. 

(c) At any time prior to the Termination Date the Borrower may, on the terms set forth below, request that the Commitments hereunder be
increased; provided, however, that (i) an increase in the Commitments hereunder may only be made at a time when no Default shall have occurred and be continuing, (ii) the “Commitments” under each of the DTE Energy
Credit Agreement and the DTE Electric Credit Agreement (as such term is defined in each of the respective Credit Agreements) must be simultaneously increased by a ratable portion (in proportion to the aggregate “Commitments” under each
such Credit Agreement (as such term is defined in each of the respective Credit Agreements)) pursuant to and in accordance with Section 2.04(c) of each thereof, and (iii) in no event shall the aggregate “Commitments” under all
Credit Agreements (as such term is defined in each of the respective Credit Agreements) (x) exceed $2,000,000,000, or (y) be increased pursuant to Section 2.04(c) of each Credit Agreement by an aggregate amount in excess of
$200,000,000. In the event of such a requested increase in the Commitments, any Lender or other financial institution which the Borrower and the Agent invite to become a Lender or to increase its Commitment may set the amount of its Commitment at a
level agreed to by the Borrower and the Agent. In the event that the Borrower and one or more of the Lenders (or other financial institutions) shall agree upon such an increase in the Commitments (i) the Borrower, the Agent and each Lender or
other financial institution increasing its Commitment or extending a new Commitment shall enter into a supplement to this Agreement (each, a “Lender Supplement”) substantially in the form of Exhibit G setting forth, among
other things, the amount of the increased Commitment of such Lender or the new Commitment of such other financial institution, as applicable, and (ii) the Borrower shall furnish, if requested, new or amended and restated Notes, as applicable,
to each financial institution that is extending a new Commitment and each Lender that is increasing its Commitment. No such Lender Supplement shall require the approval or consent of any Lender whose Commitment is not being increased. Upon the
execution and delivery of such Lender Supplements as provided above and the occurrence of the “Effective Date” specified therein, and upon satisfaction of such other conditions as the Agent may reasonably specify, the financial
institutions that are extending 

  
 19 

 
new Commitments and the Lenders that are increasing their Commitments (including, without limitation, the Agent administering the reallocation of the aggregate Revolving Credit Advances ratably
among the Lenders after giving effect to each such increase in the Commitments, and the delivery of certificates, evidence of corporate authority and legal opinions on behalf of the Borrower), this Agreement shall be deemed to be amended
accordingly. 
 SECTION 2.05. Repayment of Revolving Credit Advances. The Borrower shall repay to the Agent for the
ratable account of the Lenders on the Termination Date the aggregate principal amount of the Revolving Credit Advances then outstanding and all other unpaid Obligations. 
 SECTION 2.06. Interest on Revolving Credit Advances. (a) Scheduled Interest. The Borrower shall pay interest on the unpaid principal amount of each Revolving Credit Advance owing to
each Lender from the date of such Revolving Credit Advance until such principal amount shall be paid in full, at the following rates per annum: 
 (i) Base Rate Advances. During such periods as such Revolving Credit Advance is a Base Rate Advance, a rate per annum equal at all times to the sum of (x) the Base Rate in effect from time to
time plus (y) the Applicable Margin in effect from time to time, payable in arrears quarterly on the last Business Day of each March, June, September and December during such periods and on the date such Base Rate Advance shall be
Converted or paid in full. 
 (ii) Eurodollar Rate Advances. During such periods as such Revolving Credit
Advance is a Eurodollar Rate Advance, a rate per annum equal at all times during each Interest Period for such Revolving Credit Advance to the sum of (x) the Eurodollar Rate for such Interest Period for such Revolving Credit Advance plus
(y) the Applicable Margin in effect from time to time, payable in arrears on the last day of such Interest Period and, if such Interest Period has a duration of more than three months, on each day that occurs during such Interest Period every
three months from the first day of such Interest Period and on the date such Eurodollar Rate Advance shall be Converted or paid in full. 
 (b) Default Interest. (i) Upon the occurrence and during the continuance of an Event of Default, the Borrower shall pay interest on the unpaid principal amount of each Revolving Credit Advance
owing to each Lender, payable in arrears on the dates referred to in clause (a)(i) or (a)(ii) above, at a rate per annum equal at all times to 2% per annum above the rate per annum required to be paid on such Revolving Credit Advance
pursuant to clause (a)(i) or (a)(ii) above, and (ii) the Borrower shall pay, to the fullest extent permitted by law, interest on the amount of any interest, fee or other amount payable hereunder that is not paid when due, from the date
such amount shall be due until such amount shall be paid in full, payable in arrears on the date such amount shall be paid in full and on demand, at a rate per annum equal at all times to 2% per annum above the rate per annum required to be
paid on Base Rate Advances pursuant to clause (a)(i) above. 
 SECTION 2.07. Interest Rate Determination.
(a) If applicable, each Reference Bank agrees to furnish to the Agent timely information for the purpose of determining each 

  
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Eurodollar Rate. If any one or more of the Reference Banks shall not furnish such timely information to the Agent for the purpose of determining any such interest rate, the Agent shall determine
such interest rate on the basis of timely information furnished by the remaining Reference Banks. The Agent shall give prompt notice to the Borrower and the Lenders of the applicable interest rate determined by the Agent for purposes of
Section 2.06(a)(i) or (ii), and the rate, if any, furnished by each Reference Bank for the purpose of determining the interest rate under Section 2.06(a)(ii). 
 (b) If, with respect to any Eurodollar Rate Advances, the Required Lenders notify the Agent that the Eurodollar Rate for any Interest Period for such Eurodollar Rate Advances will not adequately reflect
the cost to such Required Lenders of making, funding or maintaining their respective Eurodollar Rate Advances for such Interest Period, the Agent shall forthwith so notify the Borrower and the Lenders, whereupon (i) each Eurodollar Rate Advance
will automatically, on the last day of the then existing Interest Period therefor, Convert into a Base Rate Advance, and (ii) the obligation of the Lenders to make, or to Convert Revolving Credit Advances into, Eurodollar Rate Advances shall be
suspended until the Agent shall notify the Borrower and the Lenders that the circumstances causing such suspension no longer exist. 
 (c) If the Borrower shall fail to select the duration of any Interest Period for any Eurodollar Rate Advances in accordance with the provisions contained in the definition of “Interest Period”
in Section 1.01, the Agent will forthwith so notify the Borrower and the Lenders and such Eurodollar Rate Advances will automatically, on the last day of the then existing Interest Period therefor, Convert into Base Rate Advances. 

(d) On the date on which the aggregate unpaid principal amount of Eurodollar Rate Advances comprising any Borrowing shall be reduced, by
payment or prepayment or otherwise, to less than $5,000,000, such Eurodollar Rate Advances shall automatically Convert into Base Rate Advances. 
 (e) Upon the occurrence and during the continuance of any Event of Default, (i) each Eurodollar Rate Advance will automatically, on the last day of the then existing Interest Period therefor, Convert
into a Base Rate Advance and (ii) the obligation of the Lenders to make, or to Convert Revolving Credit Advances into, Eurodollar Rate Advances shall be suspended. 
 (f) If the Service is not available or a rate does not timely appear on the Service and fewer than two Reference Banks furnish timely information to the Agent for determining the Eurodollar Rate for any
Eurodollar Rate Advances: 
 (i) the Agent shall forthwith notify the Borrower and the Lenders that the interest
rate cannot be determined for such Eurodollar Rate Advances, 
 (ii) with respect to Eurodollar Rate Advances,
each such Eurodollar Rate Advance will automatically, on the last day of the then existing Interest Period therefor, Convert into a Base Rate Advance (or if such Advance is then a Base Rate Advance, will continue as a Base Rate Advance), and

 (iii) the obligation of the Lenders to make Eurodollar Rate Advances or to Convert Revolving Credit Advances
into Eurodollar Rate Advances shall be suspended until the Agent shall notify the Borrower and the Lenders that the circumstances causing such suspension no longer exist. 

  
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 SECTION 2.08. Optional Conversion of Revolving Credit Advances. The Borrower may on
any Business Day, upon notice given to the Agent not later than 11:00 A.M. (New York City time) on the third Business Day prior to the date of the proposed Conversion and subject to the provisions of Sections 2.07 and 2.11(a), Convert all
Revolving Credit Advances of one Type comprising the same Borrowing into Revolving Credit Advances of the other Type (it being understood that such Conversion of a Revolving Credit Advance or of its Interest Period does not constitute a repayment or
prepayment of such Revolving Credit Advance); provided, however, that any Conversion of Eurodollar Rate Advances into Base Rate Advances shall be made only on the last day of an Interest Period for such Eurodollar Rate Advances, any
Conversion of Base Rate Advances into Eurodollar Rate Advances shall be in an amount not less than the minimum amount specified in Section 2.02(b) and no Conversion of any Revolving Credit Advances shall result in more separate Borrowings than
permitted under Section 2.02(b). Each such notice of a Conversion shall be substantially in the form of Exhibit H hereto, and shall, within the restrictions specified above, specify (i) the date of such Conversion, (ii) the
Revolving Credit Advances to be Converted, and (iii) if such Conversion is into Eurodollar Rate Advances, the duration of the initial Interest Period for each such Eurodollar Rate Advance. Each notice of Conversion shall be irrevocable and
binding on the Borrower. 
 SECTION 2.09. Prepayments of Revolving Credit Advances. (a) Optional Prepayment.
The Borrower may on any Business Day, upon notice given to the Agent substantially in the form of Exhibit I hereto, not later than 11:00 A.M. (New York City time), (i) on the same day for Base Rate Advances and (ii) on the third
Business Day prior to the prepayment in the case of Eurodollar Rate Advances stating the proposed date and aggregate principal amount of the prepayment (and if such notice is given the Borrower shall) prepay the outstanding principal amount of the
Revolving Credit Advances comprising part of the same Borrowing in whole or ratably in part, together with accrued interest to the date of such prepayment on the principal amount prepaid; provided, however, that (x) each partial
prepayment shall be in an aggregate principal amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof, or the remaining balance, if less than $5,000,000, and (y) in the event of any such prepayment of a Eurodollar Rate
Advance, the Borrower shall be obligated to reimburse the Lenders in respect thereof pursuant to Section 8.04(c). 
 (b)
Mandatory Prepayment. The Borrower shall, upon five Business Days’ notice from the Agent given at the request or with the consent of the Required Lenders, prepay the aggregate outstanding principal amount of all Revolving Credit Advances
plus all interest thereon and all other amounts payable hereunder or under the Notes, in the event that any Person or two or more Persons acting in concert (other than DTE Energy or any of its Subsidiaries) shall have acquired beneficial
ownership (within the meaning of Rule 13d-3 of the Securities and Exchange Commission under the Securities Exchange Act of 1934), directly or indirectly, of Voting Stock of the Borrower (or other securities convertible into such Voting Stock)
representing 30% or more of the combined voting power of all Voting Stock of the Borrower. 
 SECTION 2.10. Increased
Costs. (a) If, due to either (i) the introduction of or any change in or in the interpretation of any law or regulation or (ii) the compliance with any 

  
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guideline or request from any central bank or other Governmental Authority (whether or not having the force of law), there shall be any increase in the cost to any Person of agreeing to make or
making, funding or maintaining Revolving Credit Advances hereunder, including as a result of any tax, levy, impost, deduction, fee, assessment, duty, charge or withholding, and all liabilities with respect thereto, imposed on its loans, loan
principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto, excluding for purposes of this Section 2.10 any such increased costs resulting from Taxes, amounts
excluded from Taxes pursuant to Section 2.13, and Other Taxes, then the Borrower shall from time to time, upon demand by such Person (with a copy of such demand to the Agent), pay to the Agent on its own account or for the account of such
Person additional amounts sufficient to compensate such Person for such increased cost. A certificate as to the amount of such increased cost, submitted to the Borrower and the Agent by such Person, shall be conclusive and binding for all purposes,
absent manifest error. 
 (b) If any Lender determines that compliance with any law or regulation or any guideline or request
from any central bank or other Governmental Authority (whether or not having the force of law) affects or would affect the amount of capital or liquidity required or expected to be maintained by such Lender or any corporation controlling such Lender
and that the amount of such capital or liquidity is increased by or based upon the existence of such Lender’s commitment to lend hereunder and other commitments of this type, then, upon demand by such Lender (with a copy of such demand to the
Agent), the Borrower shall pay to the Agent for the account of such Lender, from time to time as specified by such Lender, additional amounts sufficient to compensate such Lender or such corporation in the light of such circumstances, to the extent
that such Lender reasonably determines such increase in capital or liquidity to be allocable to the existence of such Lender’s commitment to lend hereunder. A certificate as to such amounts submitted to the Borrower and the Agent by such Lender
shall be conclusive and binding for all purposes, absent manifest error. 
 (c) In the event that a Lender demands payment from
the Borrower for amounts owing pursuant to subsection (a) or (b) of this Section 2.10, the Borrower may, upon payment of such amounts and subject to the requirements of Sections 8.04 and 8.07, substitute for such Lender another
financial institution, which financial institution shall be an Eligible Assignee and shall assume the Commitments of such Lender and purchase the Revolving Credit Advances held by such Lender in accordance with Section 8.07, provided,
however, that (i) no Default shall have occurred and be continuing, (ii) the Borrower shall have satisfied all of its obligations in connection with the Loan Documents with respect to such Lender, and (iii) if such assignee is
not a Lender, (A) such assignee is acceptable to the Agent and (B) the Borrower shall have paid the Agent a $3,500 administrative fee. 
 (d) If any Lender requests compensation under this Section 2.10, then such Lender, if requested by the Borrower, shall use reasonable efforts to designate a different Applicable Lending Office for
funding or booking its Revolving Credit Advances hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would
eliminate or reduce amounts payable pursuant to this Section 2.10 in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby
agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

  
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 (e) For purposes of this Section 2.10, and notwithstanding anything herein to the
contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, requirements, guidelines and directives thereunder or issued in connection therewith or in implementation thereof and (ii) all requests,
rules, guidelines, requirements and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each
case pursuant to Basel III, shall in each case be deemed to have been enacted, adopted and issued after the date hereof, regardless of the date enacted, adopted, issued or implemented. 

(f) Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such
Lender’s right to demand such compensation; provided that, the Borrower shall not be required to compensate a Lender pursuant to this Section for any increased costs incurred more than 270 days prior to the date that such Lender notifies
the Borrower of the circumstances giving rise to such increased costs and of such Lender’s intention to claim compensation therefor; provided further that, if the circumstance giving rise to such increased costs is retroactive,
then the 270-day period referred to above shall be extended to include the period of retroactive effect thereof. 
 SECTION
2.11. Illegality. 
 (a) Notwithstanding any other provision of this Agreement, if any Lender shall notify the Agent that
the introduction of or any change in or in the interpretation of any law or regulation makes it unlawful, or any central bank or other Governmental Authority asserts that it is unlawful, for any Lender or its Eurodollar Lending Office to perform its
obligations hereunder to make Eurodollar Rate Advances or to fund or maintain Eurodollar Rate Advances hereunder, (i) each Eurodollar Rate Advance will automatically, upon such demand, Convert into a Base Rate Advance or a Revolving Credit
Advance that bears interest at the rate set forth in Section 2.06(a)(i), as the case may be, and (ii) the obligation of the Lenders to make Eurodollar Rate Advances or to Convert Revolving Credit Advances into Eurodollar Rate Advances
shall be suspended until the Agent shall notify the Borrower and the Lenders that the circumstances causing such suspension no longer exist. 
 (b) If a Conversion occurs or the obligation of the Lenders to make Eurodollar Rate Advances or to Convert Revolving Credit Advances into Eurodollar Rate Advances is suspended, in each case, pursuant to
Section 2.11(a), then the Lender causing such Conversion and/or suspension shall use reasonable efforts to designate a different Applicable Lending Office for funding or booking its Revolving Credit Advances hereunder or to assign its rights
and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would reinstate the Lenders’ obligations to make Eurodollar Rate Advances and to Convert
Revolving Credit Advances into Eurodollar Rate Advances and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs
and expenses incurred by any Lender in connection with any such designation or assignment. 

  
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 SECTION 2.12. Payments and Computations. (a) The Borrower shall make each
payment hereunder and under the Notes not later than 11:00 A.M. (New York City time) on the day when due in U.S. dollars to the Agent at the Agent’s Account in same day funds and without set off, deduction or counterclaim other than
deductions on account of taxes. The Agent will promptly thereafter cause to be distributed like funds relating to the payment of principal or interest or Facility Fees ratably (other than amounts payable pursuant to Section 2.10, 2.13 or
8.04(c)) to the Lenders for the account of their respective Applicable Lending Offices, and like funds relating to the payment of any other amount payable to any Lender to such Lender for the account of its Applicable Lending Office, in each case to
be applied in accordance with the terms of this Agreement. Upon its acceptance of an Assignment and Assumption and recording of the information contained therein in the Register pursuant to Section 8.07(c), from and after the effective date
specified in such Assignment and Assumption, the Agent shall make all payments hereunder and under the Notes in respect of the interest assigned thereby to the Lender assignee thereunder, and the parties to such Assignment and Assumption shall make
all appropriate adjustments in such payments for periods prior to such effective date directly between themselves. 
 (b) The
Borrower hereby authorizes each Lender, if and to the extent payment owed to such Lender is not made when due hereunder or under the Note held by such Lender, to charge from time to time against any or all of the Borrower’s accounts with such
Lender any amount so due. 
 (c) All computations of interest based on the Base Rate, when such computations of the Base Rate
are based on the Prime Rate, shall be made by the Agent on the basis of a year of 365 or 366 days, as the case may be, and all computations of interest based on the Base Rate (other than such computations of the Base Rate that are based on the Prime
Rate), of interest based on the Eurodollar Rate, and of the Facility Fees shall be made by the Agent on the basis of a year of 360 days, in each case for the actual number of days (including the first day but excluding the last day) occurring in the
period for which such interest or Facility Fees are payable. Each determination by the Agent of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest error. 

(d) Whenever any payment hereunder or under the Notes shall be stated to be due on a day other than a Business Day, such payment shall be
made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest or Facility Fee, as the case may be; provided, however, that, if such extension would cause
payment of interest on or principal of Eurodollar Rate Advances to be made in the next following calendar month, such payment shall be made on the next preceding Business Day. 
 (e) Unless the Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Lenders hereunder that the Borrower will not make such payment in full, the Agent may
assume that the Borrower has made such payment in full to the Agent on such date and the Agent may, in reliance upon such assumption, cause to be distributed 

  
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to each Lender on such due date an amount equal to the amount then due such Lender. If and to the extent the Borrower shall not have so made such payment in full to the Agent, each Lender shall
repay to the Agent forthwith on demand such amount distributed to such Lender together with interest thereon, for each day from the date such amount is distributed to such Lender until the date such Lender repays such amount to the Agent, at the
Federal Funds Rate. 
 SECTION 2.13. Taxes. (a) Subject to the exclusions set forth below in this
Section 2.13(a) and, if applicable, compliance with Section 2.13(e), any and all payments by the Borrower hereunder or under the Notes shall be made, in accordance with Section 2.12, free and clear of and without deduction for any and
all present or future taxes, levies, imposts, deductions, fees, assessments, duties, charges or withholdings, and all liabilities with respect thereto, excluding, in the case of each Lender and the Agent, (i) any and all present or
future taxes, levies, imposts, deductions, fees, assessments, duties, charges or withholdings imposed on its net income, and franchise taxes imposed on it in lieu of net income taxes, (x) by the jurisdiction under the laws of which such Lender
or the Agent (as the case may be) is organized or any political subdivision thereof and (y), in the case of each Lender, by the jurisdiction of such Lender’s Applicable Lending Office or any political subdivision thereof and (ii) any
United States withholding taxes imposed by FATCA (all such non-excluded taxes, levies, imposts, deductions, fees, assessments, duties, charges, withholdings and liabilities in respect of payments hereunder or under the Notes being hereinafter
referred to as “Taxes”). Notwithstanding the above, if the Borrower shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder or under any Note to any Lender or the Agent, the Borrower will so
deduct and (i) the sum payable shall be increased as may be necessary so that after making all such deductions on account of Taxes (including deductions on account of Taxes applicable to additional sums payable under this Section 2.13)
such Lender or the Agent (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower shall make such deductions and (iii) the Borrower shall pay the full amount
deducted to the relevant taxation authority or other authority in accordance with applicable law. 
 (b) The Borrower agrees to
pay any present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies that arise from any payment made hereunder or under the Notes or from the execution, delivery or registration of this Agreement or
the Notes (hereinafter referred to as “Other Taxes”). 
 (c) Without duplication of the Borrower’s payment
obligations on account of Taxes or Other Taxes pursuant to Sections 2.13(a) and (b), the Borrower shall indemnify each Lender and the Agent for the full amount of Taxes or Other Taxes (including, without limitation, any Taxes imposed by any
jurisdiction on amounts payable under this Section 2.13) imposed on or paid by such Lender or the Agent (as the case may be) and any liability (including penalties, interest and expenses) arising therefrom or with respect thereto. This
indemnification shall be made within 30 days from the date such Lender or the Agent (as the case may be) makes written demand therefor. 
 (d) Within 30 days after the date of any payment of Taxes, the Borrower shall furnish to the Agent, at its address referred to in Section 8.02, the original or a certified copy of a receipt
evidencing payment thereof. In the case of any payment hereunder or under the Notes by or on behalf of the Borrower through an account or branch outside the United States or by or on 

  
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behalf of the Borrower by a payor that is not a United States person, if the Borrower determines that no Taxes are payable in respect thereof, the Borrower shall furnish, or shall cause such
payor to furnish, to the Agent, at such address, an opinion of counsel acceptable to the Agent stating that such payment is exempt from Taxes. For purposes of this subsection (d) and subsection (e), the terms “United States”
and “United States person” shall have the meanings specified in Section 7701 of the Internal Revenue Code. 
 (e) Each Lender organized under the laws of a jurisdiction outside the United States, on or prior to the date of its execution and delivery of this Agreement in the case of each Initial Lender and on the
date of the Assignment and Assumption pursuant to which it becomes a Lender in the case of each other Lender, and from time to time thereafter as requested in writing by the Borrower (but only so long as such Lender remains lawfully able to do so),
shall provide each of the Agent and the Borrower with two original Internal Revenue Service Form W-8BEN or W-8ECI, as appropriate, or any successor or other form prescribed by the Internal Revenue Service, certifying that such Lender is exempt from
United States withholding tax on payments pursuant to this Agreement or the Notes. If any form or document referred to in this subsection (e) requires the disclosure of information, other than information necessary to compute the tax payable
and information required on the date hereof by Internal Revenue Service Form W-8BEN or W-8ECI, that the Lender reasonably considers to be confidential, the Lender shall give notice thereof to the Borrower and shall not be obligated to include
in such form or document such confidential information; however, such a Lender will not be entitled to any payment or indemnification on account of any Taxes imposed by the United States. 

(f) If a payment made to a Lender hereunder would be subject to United States withholding tax imposed by FATCA if such Lender were to
fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Internal Revenue Code, as applicable), such Lender shall deliver to the Borrower and the Agent at the time or
times prescribed by law and at such time or times reasonably requested by the Borrower or the Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such
additional documentation reasonably requested by the Borrower or the Agent as may be necessary for the Borrower and the Agent to comply with their obligations under FATCA and to determine that such Lender has or has not complied with such
Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (f), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

 (g) Notwithstanding any provision to the contrary in this Agreement, the Borrower will not be obligated to make payments on
account of or indemnify the Lenders or the Agents for any present or future taxes, levies, imposts, deductions, fees, assessments, duties, charges or withholdings, and all liabilities with respect thereto, or any present or future stamp or other
documentary taxes or property taxes, charges or similar levies that are neither Taxes nor Other Taxes except as may be required by Section 2.10. 
 (h) For any period with respect to which a Lender has failed to provide the Borrower with the appropriate form described in Section 2.13(e) (other than if such failure is due to a
change in law occurring subsequent to the date on which a form originally was required to 

  
 27 

 
be provided, or if such form otherwise is not required under the first sentence of subsection (e) above), such Lender shall not be entitled to indemnification under Section 2.13(a) or
(c) with respect to Taxes imposed by the United States by reason of such failure; provided, however, that should a Lender become subject to Taxes because of its failure to deliver a form required hereunder, the Borrower shall take
such steps as the Lender shall reasonably request to assist the Lender to recover such Taxes. 
 (i) In the event that a Lender
demands payment from the Borrower for amounts owing pursuant to subsection (a) or (b) of this Section 2.13, the Borrower may, upon payment of such amounts and subject to the requirements of Sections 8.04 and 8.07, substitute for such
Lender another financial institution, which financial institution shall be an Eligible Assignee and shall assume the Commitments of such Lender and purchase the Revolving Credit Advances held by such Lender in accordance with Section 8.07,
provided, however, that (i) no Default shall have occurred and be continuing, (ii) the Borrower shall have satisfied all of its obligations in connection with the Loan Documents with respect to such Lender, and (iii) if
such assignee is not a Lender, (A) such assignee is acceptable to the Agent and (B) the Borrower shall have paid the Agent a $3,500 administrative fee. 
 (j) Notwithstanding any provision to the contrary in this Agreement, in the event that a Lender that is not an Initial Lender and who purchased its interest in this Agreement without the consent of the
Borrower pursuant to Section 8.07(a), seeks (i) payment of additional amounts pursuant to Section 2.13(a), (ii) payment of Other Taxes pursuant to Section 2.13(b), or (iii) indemnification for Taxes or Other Taxes
pursuant to Section 2.13(c), the amount of any such payment or indemnification will be no greater than what it would have been had the Initial Lender not transferred, assigned or sold its interest in this Agreement. 

(k) If the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender
pursuant to this Section 2.13, then such Lender shall use reasonable efforts to designate a different Applicable Lending Office for funding or booking its Revolving Credit Advances hereunder or to assign its rights and obligations hereunder to
another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to this Section 2.13 in the future and (ii) would not subject
such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or
assignment. 
 (l) Each Lender shall severally indemnify the Agent for any taxes, levies, imposts, deductions, fees,
assessments, duties, charges or withholdings, and all liabilities with respect thereto, (but, in the case of any Taxes or Other Taxes, only to the extent that the Borrower has not already indemnified the Agent for such Taxes or Other Taxes and
without limiting the obligation of the Borrower to do so) attributable to such Lender that are paid or payable by the Agent in connection with this Agreement and any reasonable expenses arising therefrom or with respect thereto, whether or not such
amounts were correctly or legally imposed or asserted by the relevant Governmental Authority. The indemnity under this Section 2.13(l) shall be paid within 30 days after the Agent delivers to the applicable Lender a certificate stating the
amount so paid or payable by the Agent. Such certificate shall be conclusive of the amount so paid or payable absent manifest error. 

  
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 SECTION 2.14. Sharing of Payments, Etc. If any Lender shall obtain any payment
(whether voluntary, involuntary, through the exercise of any right of set-off, or otherwise) on account of the Revolving Credit Advances owing to it (other than pursuant to Section 2.10, 2.13 or 8.04(c)) in excess of its ratable share of
payments on account of the Revolving Credit Advances obtained by all of the Lenders, such Lender shall forthwith purchase from the other Lenders such participations in the Revolving Credit Advances owing to them as shall be necessary to cause such
purchasing Lender to share the excess payment ratably with each of them; provided, however, that if all or any portion of such excess payment is thereafter recovered from such purchasing Lender, such purchase from each Lender shall be
rescinded and such Lender shall repay to the purchasing Lender the purchase price to the extent of such recovery together with an amount equal to such Lender’s ratable share (according to the proportion of (i) the amount of such
Lender’s required repayment to (ii) the total amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered. The Borrower agrees that
any Lender so purchasing a participation from another Lender pursuant to this Section 2.14 may, to the fullest extent permitted by law, exercise all its rights of payment (including the right of set-off) with respect to such participation as
fully as if such Lender were the direct creditor of the Borrower in the amount of such participation. 
 SECTION 2.15. Use of
Proceeds. The proceeds of the Revolving Credit Advances shall be available (and the Borrower agrees that it shall use such proceeds) solely for general corporate purposes of the Borrower and its Subsidiaries. 

SECTION 2.16. Noteless Agreement; Evidence of Indebtedness. 

(a) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower
to such Lender resulting from each Revolving Credit Advance made by such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 

(b) The Agent shall also maintain accounts in which it will record (i) the date and the amount of each Revolving Credit Advance made
hereunder and the Interest Period, if any, applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder, (iii) the effective date and amount of
each Assignment and Assumption delivered to and accepted by it and the parties thereto pursuant to Section 8.07, (iv) the amount of any sum received by the Agent hereunder from the Borrower and each Lender’s share thereof, and
(v) all other appropriate debits and credits as provided in this Agreement, including, without limitation, all fees, charges, expenses and interest. 
 (c) The entries maintained in the accounts maintained pursuant to clauses (a) and (b) above shall be prima facie evidence of the existence and amounts of the obligations hereunder and under the
Notes therein recorded; provided, however, that the failure of the Agent or any Lender to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay such obligations in accordance
with their terms. 

  
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 (d) Any Lender may request that its Revolving Credit Advances be evidenced by a promissory
note representing its Revolving Credit Advances substantially in the form of Exhibit A (each, a “Note”). In such event, the Borrower shall prepare, execute and deliver to such Lender such Note payable to the order of such
Lender. Thereafter, the Revolving Credit Advances evidenced by each such Note and interest thereon shall at all times (including after any assignment pursuant to Section 8.07) be represented by one or more Notes payable to the order of the
payee named therein or any assignee pursuant to Section 8.07, except to the extent that any such Lender or assignee subsequently returns any such Note for cancellation and requests that such Revolving Credit Advances once again be evidenced as
described in clauses (a) and (b) above. 
 SECTION 2.17. Defaulting Lenders. Notwithstanding any provision of
this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 
 (a) fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender pursuant to Section 2.03(a); 

(b) the Commitment and Revolving Credit Advances of such Defaulting Lender shall not be included in determining whether the Required
Lenders have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to Section 8.01, other than those which require the consent of all Lenders or of each affected Lender); 

(c) the Borrower may, subject to the requirements of Sections 8.04 and 8.07, substitute for such Defaulting Lender another financial
institution, which financial institution shall be an Eligible Assignee and shall assume the Commitments of such Defaulting Lender and purchase the Revolving Credit Advances held by such Defaulting Lender in accordance with Section 8.07;
provided, however, that (i) no Default shall have occurred and be continuing, (ii) the Borrower shall have satisfied all of its obligations in connection with the Loan Documents with respect to such Defaulting Lender, and
(iii) if such assignee is not a Lender, (A) such assignee is acceptable to the Agent and (B) the Borrower shall have paid the Agent a $3,500 administrative fee; 
 (d) to the extent the Agent receives any payments or other amounts for the account of a Defaulting Lender under the Loan Documents, such Defaulting Lender shall be deemed to have requested that the Agent
use such payment or other amount to fulfill such Defaulting Lender’s previously unsatisfied obligations to fund a Revolving Credit Advance or any other unfunded payment obligation of such Defaulting Lender under Section 2.02(d), 2.12(e) or
7.05; 
 (e) no Lender shall be deemed to have consented to increase its Commitment pursuant to Section 2.04(c) unless that
Lender shall have affirmatively given consent in accordance with that Section; and 
 (f) for the avoidance of doubt, the
Borrower shall retain and reserve its other rights and remedies respecting each Defaulting Lender. 

  
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 In the event that the Agent and the Borrower each agrees that a Defaulting Lender has adequately remedied
all matters that caused such Lender to be a Defaulting Lender, such Lender shall purchase at par on a ratable basis such of the Revolving Credit Advances of the other Lenders as the Agent shall determine may be necessary in order for such Lender to
hold such Revolving Credit Advances in accordance with its Pro Rata Share, whereupon such Lender shall cease to be a Defaulting Lender. For purposes of clarity, in the event any Defaulting Lender is reinstated as a non-Defaulting Lender in
accordance with the terms hereof (i) no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while such Lender was a Defaulting Lender, and (ii) except to the extent otherwise
expressly agreed by the affected parties, such reinstatement shall not constitute a waiver or release of any claim of any party hereunder arising from such Lender having been a Defaulting Lender. 

ARTICLE III: 

CONDITIONS TO EFFECTIVENESS AND LENDING 
 SECTION 3.01. Conditions Precedent to Effectiveness of this Agreement. This Agreement shall become effective on and as of the date hereof (the “Effective Date”), provided
that the following conditions precedent have been satisfied on such date: 
 (a) There shall have occurred (i) no Material
Adverse Change since December 31, 2012, except as shall have been disclosed or contemplated in the SEC Reports, and (ii) no material adverse change in the primary or secondary loan syndication markets or capital markets generally that
makes it impracticable to consummate the transactions contemplated by the Loan Documents. 
 (b) The Lenders shall have been
given such access, as such Lenders have reasonably requested, to the management, records, books of account, contracts and properties of the Borrower and its Significant Subsidiaries as they shall have requested. 

(c) All governmental and third party consents, authorizations and approvals necessary in connection with the transactions contemplated
hereby shall have been obtained (without the imposition of any conditions that are not acceptable to the Lenders) and shall remain in effect, and no law or regulation shall be applicable in the reasonable judgment of the Agents that restrains,
prevents or imposes materially adverse conditions upon the transactions contemplated by the Loan Documents. 
 (d) The Borrower
shall have notified each Lender and the Agent in writing as to the proposed Effective Date. 
 (e) The Borrower shall have paid
all accrued fees and reasonable expenses due and payable to the Agents, the Lenders and the Arrangers on or prior to the Effective Date, including, to the extent invoiced, reimbursements or payment of all out-of-pocket expenses required to be
reimbursed or paid by the Borrower hereunder. 

  
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 (f) Each of the Agent and the Lenders shall have received all documentation and other
information that it reasonably requested from the Borrower (such request to be made not less than three (3) Business Days prior to the Effective Date) in order to comply with its obligations under the applicable “know your customer”
and anti-money laundering rules and regulations, including the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “PATRIOT Act”). 

(g) On the Effective Date, the following statements shall be true and the Agent shall have received for the account of each Lender a
certificate, substantially in the form of Exhibit D hereto, signed on behalf of the Borrower by a duly authorized Financial Officer of the Borrower, dated the Effective Date, stating, among other things, that: 

(i) The representations and warranties contained in Section 4.01 are correct on and as of the Effective Date, and

 (ii) No event has occurred and is continuing that constitutes a Default. 

(h) The Agent shall have received on or before the Effective Date the following, each dated such day, in form and substance satisfactory
to the Agent and (except for any Notes requested by the Lenders) in sufficient copies for each Lender: 
 (i)
Counterpart signature pages of this Agreement, executed by each of the parties hereto. 
 (ii) Notes, if any, to
the order of each Lender requesting the issuance of a Note as of the Effective Date pursuant to Section 2.16. 
 (iii) Certified copies of the resolutions of the Board of Directors of the Borrower approving each Loan Document to which it is a party, and of all documents evidencing other necessary corporate action
and governmental approvals, if any, with respect to each Loan Document to which it is a party. 
 (iv) A
certificate of the Corporate Secretary or an Assistant Corporate Secretary of the Borrower certifying the names and true signatures of the officers of the Borrower authorized to sign each Loan Document to which it is a party and the other documents
to be delivered hereunder or thereunder. 
 (v) Favorable opinion letters of Patrick Carey, the Associate General
Counsel of DTE Energy, and Hunton & Williams LLP, counsel to the Borrower, substantially in the form of Exhibits E-1 and E-2, respectively, hereto. 
 SECTION 3.02. Conditions Precedent to Each Borrowing. The obligation of each Lender to make a Revolving Credit Advance on the occasion of each Borrowing shall be subject to the conditions precedent
that the Effective Date shall have occurred and on the date of such Borrowing: (a) the following statements shall be true (and each of the giving of the applicable Notice of Borrowing and the acceptance by the Borrower of the proceeds of such
Borrowing shall constitute a representation and warranty by the Borrower that on the date of such Borrowing such statements are true): 
 (i) the representations and warranties contained in Section 4.01 are correct on and as of the date of such Borrowing, before and after giving effect to such Borrowing and to the application of the
proceeds therefrom, as though made on and as of such date; provided, that such condition shall not apply to (x) the last sentence of Section 4.01(e) or (y) Section 4.01(f), 

  
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 (ii) after giving effect to the application of the proceeds of all
Borrowings on such date (together with any other resources of the Borrower applied together therewith), no event has occurred and is continuing, or would result from such Borrowing or from the application of the proceeds therefrom, that constitutes
a Default, and 
 (iii) the Borrower has not received notice from the Agent on or prior to the date of such
Borrowing that a mandatory prepayment is required under Section 2.09(b) (other than any such notice that has been withdrawn in writing by the Agent); 
 and (b) the Agent shall have received such other approvals, opinions or documents as any Lender through the Agent may reasonably request. 

SECTION 3.03. Determinations Under Section 3.01. For purposes of determining compliance with the conditions specified in
Section 3.01, each Lender shall be deemed to have consented to, approved or accepted or to be satisfied with each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to the Lenders unless
an officer of the Agent responsible for the transactions contemplated by this Agreement shall have received notice from such Lender prior to the date that the Borrower, by notice to the Lenders, designates as the proposed Effective Date, specifying
its objection thereto. The Agent shall promptly notify the Lenders of the occurrence of the Effective Date. 
 ARTICLE IV:

 REPRESENTATIONS AND WARRANTIES 
 SECTION 4.01. Representations and Warranties of the Borrower. The Borrower represents and warrants as follows: 
 (a) The Borrower is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation. 

(b) The execution, delivery and performance by the Borrower of the Loan Documents to which it is a party, and the consummation of the
transactions contemplated hereby and thereby, are within the Borrower’s corporate powers, have been duly authorized by all necessary corporate action, and do not contravene (i) the Borrower’s charter or by-laws or (ii) law or any
contractual restriction binding on or affecting the Borrower. 
 (c) No consent, authorization or approval or other action by,
and no notice to or filing with, any Governmental Authority or regulatory body or any other third party is required for the due execution, delivery and performance by the Borrower of any Loan Document to which it is a party. 

  
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 (d) This Agreement has been, and each of the Notes when delivered hereunder will have been,
duly executed and delivered by the Borrower. This Agreement is, and each of the Notes when delivered hereunder will be, the legal, valid and binding obligation of the Borrower enforceable against the Borrower in accordance with their respective
terms, subject to the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors rights generally. 
 (e) The Audited Statements of the Borrower, copies of which have been furnished to each Lender, fairly present, in all material respects, the Consolidated financial condition, results of operations and
cash flows of the relevant Persons and entities, as at the dates and for the periods therein indicated, all in accordance with generally accepted accounting principles consistently applied as in effect on the date of such Audited Statements. Since
December 31, 2012, there has been no Material Adverse Change, except as shall have been disclosed or contemplated in the SEC Reports. 
 (f) There is no pending or threatened action, suit, investigation, litigation or proceeding, including, without limitation, any Environmental Action, affecting the Borrower or any of its Significant
Subsidiaries before any court, governmental agency or arbitrator that (i) could be reasonably likely to have a Material Adverse Effect other than the matters disclosed or contemplated in the SEC Reports (the “Disclosed
Litigation”) or (ii) purports to affect the legality, validity or enforceability of any Loan Document or the consummation of the transactions contemplated hereby, and there has been no adverse change in the status or financial effect
on the Borrower or any of its Significant Subsidiaries, of the Disclosed Litigation from that disclosed or contemplated in the SEC Reports that could be reasonably likely to have a Material Adverse Effect. 

(g) The operations and properties of the Borrower and each of the Significant Subsidiaries comply in all material respects with all
applicable Environmental Laws and Environmental Permits, all past non-compliance with such Environmental Laws and Environmental Permits has been resolved without ongoing material obligations or costs, except as disclosed or contemplated in the SEC
Reports, and no circumstances exist that could be reasonably likely to (i) form the basis of an Environmental Action against the Borrower or any of the Significant Subsidiaries or any of their properties that could have a Material Adverse
Effect or (ii) cause any such property to be subject to any restrictions on ownership, occupancy, use or transferability under any Environmental Law that could have a Material Adverse Effect. 

(h) No ERISA Event has occurred or is reasonably expected to occur with respect to any Plan. 

(i) Schedule B (Actuarial Information) to the most recent annual report (Form 5500 Series) for each Plan, copies of which have been filed
with the Internal Revenue Service, is complete and accurate and fairly presents the funding status of such Plan, and since the date of such Schedule B there has been no material adverse change in such funding status. 

(j) Neither the Borrower nor any ERISA Affiliate has incurred or is reasonably expected to incur any Withdrawal Liability to any
Multiemployer Plan. 

  
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 (k) Neither the Borrower nor any ERISA Affiliate has been notified by the sponsor of a
Multiemployer Plan that such Multiemployer Plan is in reorganization or has been terminated, within the meaning of Title IV of ERISA, and no such Multiemployer Plan is reasonably expected to be in reorganization or to be terminated, within the
meaning of Title IV of ERISA. 
 (l) Except as set forth in the financial statements referred to in subsection
(e) above, the Borrower and its Subsidiaries have no material liability with respect to “expected post retirement benefit obligations” within the meaning of Statement of Financial Accounting Standards No. 106. 

(m) The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the
meaning of Regulation U issued by the Board of Governors of the Federal Reserve System), and no proceeds of any Revolving Credit Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of
purchasing or carrying any margin stock; and after applying the proceeds of each Revolving Credit Advance hereunder, margin stock (within the meaning of Regulation U issued by the Board of Governors of the Federal Reserve System) constitutes
less than twenty-five percent (25%) of the value of those assets of the Borrower and its Subsidiaries which are subject to any limitation on sale or pledge, or any other restriction hereunder. 

(n) Neither the Borrower nor any of its Subsidiaries is, or after the making of any Revolving Credit Advance or the application of the
proceeds or repayment thereof, or the consummation of any of the other transactions contemplated hereby, will be, required to be registered as an “investment company”, or an “affiliated person” of, or “promoter” or
“principal underwriter” for, an “investment company” (within the meaning of the Investment Company Act of 1940, as amended). 
 (o) Neither the Borrower nor any Subsidiary of the Borrower (i) is a person named on the list of “Specially Designated Nationals” or “Blocked Persons” maintained by The Office of
Foreign Assets Control of the United States Department of the Treasury (the “OFAC”) available at http://www.treasury.gov/resource-center/sanctions/SDN-List/Pages/default.aspx, or as otherwise published from time to time; or
(ii) is (x) an agency of the government of a country, (y) an organization controlled by a country, or (z) a person resident in a country that is subject to a sanctions program identified on the list maintained by the OFAC and
available at http://www.treasury.gov/resource-center/sanctions/SDN-List/Pages/default.aspx, or as otherwise published from time to time, as such program may be applicable to such agency, organization or person; or (iii) derives more than 10% of
its assets or operating income from investments in or transactions with any such country, agency, organization or person. Neither the Borrower nor any Subsidiary of the Borrower will use the proceeds of the Revolving Credit Advances to finance
any operations, investments or activities in, or make any payments to, any such country, agency, organization, or person. 
 (p)
Neither the Borrower nor any Subsidiary of the Borrower (i) is under investigation by any Governmental Authority for, or has been charged with, or convicted of, money laundering, drug trafficking, terrorist-related activities, or any violation
under any laws or regulations relating to money laundering or terrorist financing, including the Bank Secrecy Act, 

  
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31 U.S.C. §§5311 et. seq. (the “Anti-Money Laundering Laws”), (ii) has been assessed civil penalties under any Anti-Money Laundering Laws, or (iii) has had
any of its funds seized or forfeited in an action under any Anti-Money Laundering Laws. 
 ARTICLE V: 

COVENANTS OF THE BORROWER 
 SECTION 5.01. Affirmative Covenants. So long as any Revolving Credit Advance shall remain unpaid or any Lender shall have any Commitment hereunder, the Borrower will: 

(a) Compliance with Laws, Etc. Comply, and cause each of its Subsidiaries to comply with all applicable laws, rules, regulations
and orders, such compliance to include, without limitation, compliance with ERISA and Environmental Laws, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

 (b) Payment of Taxes, Etc. Pay and discharge, and cause each of its Subsidiaries to pay and discharge, before the same
shall become delinquent, all taxes, assessments and governmental charges or levies imposed upon it or upon its property that, if not paid, could be reasonably expected to result in a Material Adverse Effect; provided, however, that
neither the Borrower nor any of its Subsidiaries shall be required to pay or discharge any such tax, assessment, charge or claim that is being contested in good faith and by proper proceedings and as to which appropriate reserves are being
maintained, unless and until any Lien resulting therefrom attaches to its property and becomes enforceable against its other creditors. 
 (c) Maintenance of Insurance. Maintain, and cause each of its Subsidiaries to maintain, insurance with responsible and reputable insurance companies or associations in such amounts and covering
such risks as is usually carried by companies engaged in similar businesses and owning similar properties (including customary self-insurance) in the same general areas in which the Borrower or such Subsidiary operates. 

(d) Preservation of Corporate Existence, Etc. Preserve and maintain its corporate existence, rights (charter and statutory) and
franchises; provided, however, that the Borrower shall not be required to preserve any right or franchise if the Board of Directors of the Borrower or such Subsidiary shall determine that the preservation thereof is no longer desirable
in the conduct of the business of the Borrower and that the loss thereof is not disadvantageous in any material respect to the Borrower and its Subsidiaries taken as a whole or the ability of the Borrower to meet its obligations hereunder.

 (e) Visitation Rights. At any reasonable time and from time to time, permit the Agent or any of the Lenders or any
agents or representatives thereof, to examine and make copies of and abstracts from the records and books of account of, and visit the properties of, the Borrower and any of its Significant Subsidiaries, and to discuss the affairs, finances and
accounts of the Borrower and any of its Significant Subsidiaries with any of their officers or directors and with their independent certified public accountants. 
 (f) Keeping of Books. Keep, and cause each of its Significant Subsidiaries to keep, proper books of record and account, in which full and correct entries shall be made of all financial transactions
and the assets and business of the Borrower and each such Subsidiary in accordance with generally accepted accounting principles in effect from time to time. 

  
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 (g) Maintenance of Properties, Etc. Subject to clause (d) above, maintain and
preserve, and cause each of its Significant Subsidiaries to maintain and preserve, all of their respective properties that are used or useful in the conduct of their respective businesses in good working order and condition, ordinary wear and tear
excepted. 
 (h) Reporting Requirements. Furnish to the Agent (and the Agent shall use commercially reasonable efforts to
promptly furnish copies thereof to the Lenders via IntraLinks or other similar password-protected restricted internet site): 
 (i) as soon as available and in any event within 65 days after the end of each of the first three quarters of each fiscal year of the Borrower, Consolidated balance sheet of the Borrower and its
Consolidated Subsidiaries as of the end of such quarter and Consolidated statements of income and cash flows of the Borrower and its Subsidiaries for the period commencing at the end of the previous fiscal year and ending with the end of such
quarter; 
 (ii) as soon as available and in any event within 115 days after the end of each fiscal year of the
Borrower, Consolidated financial statements, including the notes thereto, of the Borrower and its Consolidated Subsidiaries for such fiscal year, containing the Consolidated balance sheet of the Borrower and its Consolidated Subsidiaries as of the
end of such fiscal year and the Consolidated statements of income and cash flows of the Borrower and its Subsidiaries for such fiscal year, in each case accompanied by an opinion by PricewaterhouseCoopers LLP or any other independent public
accounting firms which (x) as of the date of this Agreement is one of the “big four” accounting firms or (y) is reasonably acceptable to the Required Lenders; 

(iii) together with the financial statements required under clauses (i) or (ii) above, a compliance certificate
in substantially the form of Exhibit F signed by a Financial Officer of the Borrower showing the then-current information and calculations necessary to determine the Applicable Margin and the Applicable Percentage and compliance with this
Agreement and stating that no Event of Default or Default exists, or if any Event of Default or Default exists, stating the nature and status thereof; 
 (iv) as soon as possible and in any event within five days after the occurrence of each Default continuing on the date of such statement, a statement of a Financial Officer of the Borrower setting forth
details of such Default and the action that the Borrower has taken and proposes to take with respect thereto; 

(v) reasonably promptly after the sending or filing thereof copies of all reports and registration statements that the
Borrower or any Subsidiary filed with the Securities and Exchange Commission or any national securities exchange (it being understood and agreed that the Borrower and any of its Subsidiaries shall only be required to prepare and file such reports
and registration statements to the extent provided by applicable law); 

  
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 (vi) such other information respecting the Borrower or any of its
Subsidiaries as any Lender through the Agent may from time to time reasonably request; and 
 (vii) promptly, but
within five (5) Business Days of such change, written notice to the Agent of each change to the Borrower’s Moody’s Rating and S&P Rating. 
 Information required to be delivered pursuant to clauses (i), (ii) or (v) above shall be deemed to have been delivered on the date on which the Borrower has posted such information on the
Internet at www.dteenergy.com (or any successor or replacement website thereof), which website includes an option to subscribe to a free service alerting subscribers by email of new Securities and Exchange Commission filings at
http://phx.corporate-ir.net/phoenix.zhtml?c=68233&p=irol-alerts, or at www.sec.gov or at another website identified in a notice to the Lenders and accessible by the Lenders without charge. 

SECTION 5.02. Negative Covenants. At all times on and after the Effective Date so long as any Revolving Credit Advance shall
remain unpaid or any Lender shall have any Commitment hereunder, the Borrower will not: 
 (a) Liens, Etc. Create, incur,
or suffer to exist any Lien in, of or on the Property of the Borrower or any of its Subsidiaries, except: 
 (i)
Liens for taxes, assessments or governmental charges or levies on its Property if the same shall not at the time be delinquent or thereafter can be paid without penalty, or are being contested in good faith and by appropriate proceedings and for
which adequate reserves in accordance with GAAP shall have been set aside on its books; 
 (ii) Liens imposed by
law, such as carriers’, warehousemen’s and mechanics’ liens and other similar liens arising in the ordinary course of business which secure payment of obligations not more than sixty (60) days past due or which are being
contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP shall have been set aside on its books; 
 (iii) Liens arising out of pledges or deposits under worker’s compensation laws, unemployment insurance, old age pensions, or other social security or retirement benefits, or similar legislation;

 (iv) Utility easements, building restrictions and such other encumbrances or charges against real property as
are of a nature generally existing with respect to properties of a similar character and which do not in any material way affect the marketability of the same or interfere with the use thereof in the business of the Borrower or its Subsidiaries;

  
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 (v) Liens described in the SEC Reports; 

(vi) Liens pursuant to the Borrower’s Indenture of Mortgage and Deed of Trust, dated as of March 1, 1944 (as
restated as of July 15, 1989 and as supplemented, the “Existing Mortgage”), as described therein, and any replacement indenture in respect thereof, and any supplements thereto, so long as (1) any such Liens under any such
replacement indenture apply to the property or assets of the Borrower in a manner substantially consistent with the terms of the Existing Mortgage, and (2) the borrowing capacity and other restrictions on the Borrower’s ability to incur
any obligations under any such replacement indenture are substantially the same as those set forth in the Existing Mortgage; 
 (vii) Liens pursuant to the Borrower’s Senior Indenture, dated as of June 1, 1998, as supplemented, as described therein, in connection with the issuance of debt securities secured by mortgage
bonds; and 
 (viii) Liens, including, without limitation, Liens arising in connection with a Receivables
Purchase Facility, securing Debt of the Borrower (other than Debt of the Borrower owed to any Subsidiary) and/or securing Debt of the Borrower’s Subsidiaries (other than Debt of any Subsidiary owed to the Borrower or any other Subsidiary), in
an aggregate outstanding amount not to exceed ten percent (10%) of the consolidated assets of the Borrower and its Subsidiaries at any time. 
 (b) Mergers, Etc. Merge or consolidate with or into, or convey, transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions) all or substantially all of its
assets (whether now owned or hereafter acquired) to, any Person, or permit any Significant Subsidiary to do so, except that (i) any Significant Subsidiary may merge or consolidate with or into any other Significant Subsidiary, (ii) any
Significant Subsidiary may merge into or dispose of assets to the Borrower, and (iii) the Borrower may merge or consolidate with (a) DTE Electric, so long as the Borrower shall be the surviving entity or DTE Electric shall expressly assume
the obligations under this Agreement or (b) any other Person so long as the Borrower shall be the surviving entity and has, after giving effect to such merger or consolidation, senior unsecured Debt outstanding rated at least BBB- by S&P
and Baa3 by Moody’s; provided, in each case, that no Default shall have occurred and be continuing at the time of such proposed transaction or would result therefrom. 

(c) Change in Nature of Business. Make, or permit any of its Significant Subsidiaries to make, any material change in the nature
of its business as carried on the date hereof, other than as disclosed or contemplated in the SEC Reports. 
 (d) Accounting
Changes. Make or permit any change in accounting policies or reporting practices, except as required or permitted by generally accepted accounting principles; or permit any of its Subsidiaries to make or permit any change in accounting policies
or reporting practices if, as a result of such change, the Borrower shall fail to maintain a system of accounting established and administered in accordance with generally accepted accounting principles. 

  
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 ARTICLE VI: 
 EVENTS OF DEFAULT 
 SECTION 6.01. Events of Default. If any of the
following events (“Events of Default”) shall occur and be continuing: 
 (a) The Borrower shall fail to pay any
principal of any Revolving Credit Advance when the same becomes due and payable; or the Borrower shall fail to pay any interest on any Revolving Credit Advance or make any other payment of fees or other amounts payable under this Agreement or any
Note within three Business Days after the same becomes due and payable; or 
 (b) Any representation or warranty made by the
Borrower herein, by the Borrower (or any of its officers) in connection with this Agreement shall prove to have been incorrect in any material respect when made; or 
 (c) (i) The Borrower shall fail to perform or observe any term, covenant or agreement contained in Section 2.09(b), 5.01(d), (e) or (h) or 5.02, or (ii) the Borrower shall fail to
perform or observe any other term, covenant or agreement contained in any Loan Document on its part to be performed or observed if such failure shall remain unremedied for 30 days after written notice thereof shall have been given to the Borrower by
the Agent or any Lender; or 
 (d) The Borrower or any of its Significant Subsidiaries shall fail to pay any principal of or
premium or interest on any Debt that is outstanding in a principal or notional amount of at least $50,000,000 in the aggregate (but excluding Debt outstanding hereunder and Nonrecourse Debt) of the Borrower or such Significant Subsidiary (as the
case may be), when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement or
instrument relating to such Debt; or any other event shall occur or condition shall exist under any agreement or instrument relating to any such Debt and shall continue after the applicable grace period, if any, specified in such agreement or
instrument, if the effect of such event or condition is to accelerate, or to permit the acceleration of, the maturity of such Debt; or any such Debt shall be declared to be due and payable, or required to be prepaid or redeemed (other than by a
regularly scheduled required prepayment or redemption), purchased or defeased, or an offer to prepay, redeem, purchase or defease such Debt shall be required to be made, in each case prior to the stated maturity thereof; or 

(e) The Borrower or any of its Significant Subsidiaries shall generally not pay its debts as such debts become due, or shall admit in
writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against the Borrower or any of its Significant Subsidiaries seeking to adjudicate it a
bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or
seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of its property and, in the case of any such proceeding instituted against it (but not
instituted by it), either such proceeding shall remain undismissed or unstayed 

  
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for a period of 60 days, or any of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against, or the appointment of a receiver, trustee,
custodian or other similar official for, it or for any substantial part of its property) shall occur; or the Borrower or any of its Significant Subsidiaries shall take any corporate action to authorize any of the actions set forth above in this
subsection (e); or 
 (f) Any judgment or order for the payment of money, individually or in the aggregate, in excess of
$50,000,000 shall be rendered against the Borrower or any of its Significant Subsidiaries and either (i) enforcement proceedings shall have been commenced by any creditor upon such judgment or order or (ii) there shall be any period of 30
consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; or 
 (g) (i) any Person or “group” (within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended) shall either (A) acquire beneficial ownership of more
than 25% of any outstanding class of common stock of DTE Energy having ordinary voting power in the election of directors of DTE Energy, or (B) obtain the power (whether or not exercised) to elect a majority of DTE Energy’s directors, or
(ii) DTE Energy shall at any time cease to hold directly or indirectly 100% of the Voting Stock of the Borrower; or 
 (h)
The Borrower or any of its ERISA Affiliates shall incur, or, in the reasonable opinion of the Required Lenders, shall be reasonably likely to incur liability in excess of $50,000,000 individually or in the aggregate as a result of one or more of the
following: (i) the occurrence of any ERISA Event; (ii) the partial or complete withdrawal of the Borrower or any of its ERISA Affiliates from a Multiemployer Plan; or (iii) the reorganization or termination of a Multiemployer Plan; or

 (i) The Borrower and its Subsidiaries, on a Consolidated basis, shall, as of the last day of any fiscal quarter of the
Borrower, have a ratio of (a) Total Funded Debt to (b) Capitalization in excess of .65:1; provided that for purposes of calculating the foregoing ratio as of the last day of any fiscal quarter other than any fiscal quarter ending on
June 30, “Total Funded Debt” for purposes of clauses (a) and (b) above shall be calculated exclusive of all Excluded Short-Term Debt outstanding as of such date; or 

(j) Any provision of any of the Loan Documents after delivery thereof pursuant to Section 3.01 shall for any reason cease to be
valid and binding on or enforceable against the Borrower, or the Borrower shall so state in writing; 
 then, and in any such event, the Agent
(i) shall at the request, or may with the consent, of the Required Lenders, by notice to the Borrower, declare the obligation of each Lender to make Revolving Credit Advances to be terminated, whereupon the same shall forthwith terminate, and
(ii) shall at the request, or may with the consent, of the Required Lenders, by notice to the Borrower, declare the Revolving Credit Advances, all interest thereon and all other amounts payable under this Agreement to be forthwith due and
payable, whereupon the Revolving Credit Advances, all such interest and all such amounts shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by
the Borrower; provided, however, that in the event of an actual or deemed 

  
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entry of an order for relief with respect to the Borrower under the Federal Bankruptcy Code, (A) the obligation of each Lender to make Revolving Credit Advances shall automatically be
terminated and (B) the Revolving Credit Advances, all such interest and all such amounts shall automatically become and be due and payable, without presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived
by the Borrower. 
 ARTICLE VII: 
 THE AGENT 
 SECTION 7.01. Authorization and Action. Each Lender hereby
appoints and authorizes the Agent to take such action as agent on its behalf and to exercise such powers and discretion under this Agreement as are delegated to the Agent by the terms hereof, together with such powers and discretion as are
reasonably incidental thereto. As to any matters not expressly provided for by this Agreement (including, without limitation, enforcement or collection of the Revolving Credit Advances), the Agent shall not be required to exercise any discretion or
take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Required Lenders (or all of the Lenders to the extent required by the terms of
this Agreement), and such instructions shall be binding upon all Lenders and all holders of Revolving Credit Advances; provided, however, that the Agent shall not be required to take any action that exposes the Agent to personal
liability or that is contrary to this Agreement or applicable law. The Agent agrees to give to each Lender prompt notice of each notice given to it by the Borrower pursuant to the terms of this Agreement. 

SECTION 7.02. Agent’s Reliance, Etc. Neither the Agent nor any of its directors, officers, agents or employees shall be
liable for any action taken or omitted to be taken by it or them under or in connection with this Agreement, except for its or their own gross negligence or willful misconduct as determined in a final, non-appealable judgment by a court of competent
jurisdiction. Without limitation of the generality of the foregoing, the Agent: (i) may treat the payee in respect of any Revolving Credit Advance as the owner thereof until the Agent receives and accepts an Assignment and Assumption entered
into by the Lender that is the payee in respect of such Revolving Credit Advance, as assignor, and an Eligible Assignee, as assignee, as provided in Section 8.07; (ii) may consult with legal counsel (including counsel for the Borrower),
independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts; (iii) makes no
warranty or representation to any Lender and shall not be responsible to any Lender for any statements, warranties or representations (whether written or oral) made in or in connection with this Agreement; (iv) shall not have any duty to
ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement on the part of the Borrower or to inspect the property (including the books and records) of the Borrower; (v) shall not
be responsible to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of, or the perfection or priority of any lien or security interest created or purported to be created under or in connection
with, any Loan Document or any other instrument or document furnished pursuant hereto; and (vi) shall incur no liability under or in respect of this Agreement by acting upon any notice, consent, certificate or other instrument or writing (which
may be by telecopier, telegram or telex) believed by it to be genuine and signed or sent by the proper party or parties. 

  
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 SECTION 7.03. JPMCB and Affiliates. With respect to its Commitment, the Revolving
Credit Advances made by it and any Note issued to it, JPMCB shall have the same rights and powers under this Agreement as any other Lender and may exercise the same as though it were not the Agent; and the term “Lender” or
“Lenders” shall, unless otherwise expressly indicated, include JPMCB in its individual capacity. JPMCB and its Affiliates may accept deposits from, lend money to, act as trustee under indentures of, accept investment banking engagements
from and generally engage in any kind of business with, the Borrower, any of its Subsidiaries and any Person who may do business with or own securities of the Borrower or any such Subsidiary, all as if JPMCB were not the Agent and without any duty
to account therefor to the Lenders. 
 SECTION 7.04. Lender Credit Decision. Each Lender acknowledges that it has,
independently and without reliance upon the Agent or any other Lender and based on the financial statements referred to in Section 4.01 and such other documents and information as it has deemed appropriate, made its own credit analysis and
decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue
to make its own credit decisions in taking or not taking action under this Agreement. 
 SECTION 7.05. Indemnification.
The Lenders agree to indemnify the Agent (to the extent not reimbursed by the Borrower), solely in its capacity as Agent hereunder, ratably according to the respective principal amounts of their respective Revolving Credit Advances (or if no
Revolving Credit Advances are at the time outstanding or if any Revolving Credit Advances are owing to Persons that are not Lenders, ratably according to the respective amounts of their Commitments), from and against any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever that may be imposed on, incurred by, or asserted against the Agent in any way relating to or arising out of any
Loan Document or any action taken or omitted by the Agent under any Loan Document, provided that no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements resulting from the Agent’s gross negligence or willful misconduct as determined in a final, non-appealable judgment by a court of competent jurisdiction. Without limitation of the foregoing, each Lender agrees to
reimburse the Agent promptly upon demand for its ratable share of any out-of-pocket expenses (including reasonable counsel fees) incurred by the Agent, solely in its capacity as Agent hereunder, in connection with the preparation, execution,
delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, any Loan Document, to the extent that the Agent is
not reimbursed for such expenses by the Borrower. 
 SECTION 7.06. Successor Agent. The Agent may resign at any time by
giving written notice thereof to the Lenders. Upon any such resignation, the Required Lenders shall have the right to appoint a successor Agent. If no successor Agent shall have been so appointed by the Required Lenders, and shall have accepted such
appointment, within 30 days after the retiring Agent’s giving of notice of resignation, then the retiring Agent may, on behalf of the Lenders, appoint a successor Agent, which shall be a commercial bank organized under the laws of the United
States of America or of any State thereof and having a combined capital and 

  
 43 

 
surplus of at least $500,000,000. Upon the acceptance of any appointment as Agent hereunder by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all the
rights, powers, discretion, privileges and duties of the retiring Agent, and the retiring Agent shall be discharged from its duties and obligations under this Agreement. After any retiring Agent’s resignation, the provisions of this
Article VII shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent under this Agreement. 
 SECTION 7.07. Co-Syndication Agents and Documentation Agent. None of the Lenders identified in this Agreement as a Co-Syndication Agent or a Documentation Agent shall have any right, power,
obligation, liability, responsibility or duty under this Agreement other than those applicable to all Lenders as such. Without limiting the foregoing, none of such Lenders shall have or be deemed to have a fiduciary relationship with any Lender.
Each Lender hereby makes the same acknowledgments with respect to such Lenders as it makes with respect to the Agent in Section 7.04. 
 ARTICLE VIII: 
 MISCELLANEOUS 

SECTION 8.01. Amendments, Etc. No amendment or waiver of any provision of this Agreement or the Notes, nor consent to any
departure by the Borrower therefrom, shall in any event be effective unless the same shall be in writing and signed by the Required Lenders, and then such waiver or consent shall be effective only in the specific instance and for the specific
purpose for which given; provided, however, that no amendment, waiver or consent shall, unless in writing and signed by all the Lenders affected thereby, do any of the following: (a) waive any of the conditions specified in
Section 3.01, (b) increase the Commitments of the Lenders or subject the Lenders to any additional obligations, (c) reduce the principal of, or rate of interest on, the Revolving Credit Advances or any fees or other amounts payable
hereunder, (d) postpone any date fixed for any payment of principal of, or interest on, the Revolving Credit Advances or any fees or other amounts payable hereunder, (e) change the percentage of the Commitments or of the aggregate unpaid
principal amount of the Revolving Credit Advances, or the number of Lenders, that shall be required for the Lenders or any of them to take or approve any action hereunder (including, without limitation, amending the definition of “Required
Lenders”), (f) alter the manner in which payments or prepayments of principal, interest or other amounts hereunder shall be applied or shared as among the Lenders or Types of Revolving Credit Advances, (g) amend any provisions
hereunder relating to the pro rata treatment of the Lenders, or (h) amend this Section 8.01; and provided further that no amendment, waiver or consent shall, unless in writing and signed by the Agent in addition to the
Lenders required above to take such action, affect the rights or duties of the Agent under this Agreement or any Note; and provided further that no amendments, consents or waivers are required to effectuate the increases in Commitments
pursuant to Section 2.04(c) except as provided in such Section. 
 SECTION 8.02. Notices, Etc. 

(a) All notices and other communications provided for hereunder shall be in writing or confirmed in writing (including telecopier
communication) and mailed, telecopied or delivered, if to the Borrower, at its address at One Energy Plaza, Detroit, MI 48226, Attention: Treasurer; if to any Lender, at its Domestic Lending Office; and if to the Agent, at its address at

  
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10 South Dearborn Street, Mail Code IL1-0010, Chicago, IL 60603, Attention: April Yebd, (Fax number: 888-292-9533) with a copy to JPMorgan Chase Bank, N.A., 10 South Dearborn Street, 9th Floor, Mail Code IL1-0090, Chicago, IL 60603, Attention: Nancy R.
Barwig, (Fax number: 312-732-1762); or, as to the Borrower or the Agent, at such other address as shall be designated by such party in a written notice to the other parties and, as to each other party, at such other address as shall be designated by
such party in a written notice to the Borrower and the Agent. All such notices and other communications (i) sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received
or (ii) sent by telecopier shall be deemed to have been given when sent, provided that if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day
for the recipient. Notwithstanding the foregoing, all such notices and communications to the Agent pursuant to Article II, III or VII shall not be deemed to have been given until received by the Agent. Delivery by telecopier of an executed
counterpart of any amendment or waiver of any provision of this Agreement or the Notes or of any Exhibit hereto to be executed and delivered hereunder shall be effective as delivery of a manually executed counterpart thereof. 

(b) (i) Except as otherwise provided in Section 5.01(h), the Borrower shall provide to the Agent all information, documents and
other materials that it is obligated to furnish to the Agent pursuant to this Agreement and the other Loan Documents, including, without limitation, all notices, requests, financial statements, financial and other reports, certificates and other
information materials, but excluding any such communication that (i) relates to a Notice of Borrowing or other request for a new, or a conversion of an existing, Borrowing or other extension of credit (including any election of an interest rate
or Interest Period relating thereto), (ii) relates to the payment of any principal or other amount due hereunder prior to the scheduled date therefor, (iii) provides notice of any Default or Event of Default hereunder or (iv) is
required to be delivered to satisfy any condition precedent to the effectiveness of this Agreement and/or any Borrowing or other extension of credit hereunder (all such non-excluded communications being referred to herein collectively as
“Communications”), by transmitting the Communications in an electronic/soft medium in a format acceptable to the Agent to such electronic mail address as the Agent shall identify to the Borrower. In addition, the Borrower shall
continue to provide the Communications to the Agent in the manner specified in this Agreement but only to the extent requested by the Agent. The Borrower further agrees that the Agent may make the Communications available to the Lenders by posting
the Communications on Intralinks, or a substantially similar electronic transmission system mutually agreeable to the Agent and the Borrower (the “Platform”). Nothing in this Section 8.02(b) shall prejudice the right of the
Agent or any Lender to give any notice or other communication pursuant hereto or to any other Loan Document in any other manner specified herein or therein. 
 (ii) The Agent agrees that the receipt of the Communications by the Agent at its e-mail address set forth in clause (i) above shall constitute effective delivery of the Communications to the Agent
for purposes of each Loan Document. The Borrower agrees that e-mail notice to it (at the address provided pursuant to the next sentence and deemed delivered as provided in subclause (iii) below) specifying that Communications have been posted
to the Platform shall constitute effective delivery of such Communications to it for purposes of the Loan Documents. The Borrower agrees (A) to notify the Agent in writing (including by electronic communication) from time to time to ensure that
the Agent has on record an effective 

  
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e-mail address for the Borrower to which the foregoing notices may be sent by electronic transmission and (B) that the foregoing notices may be sent to such e-mail address. Each Lender
agrees that e-mail notice to it (at the address provided pursuant to the next sentence and deemed delivered as provided in subclause (iii) below) specifying that the Communications have been posted to the Platform shall constitute effective
delivery of the Communications to such Lender for purposes of the Loan Documents. Each Lender agrees (A) to notify the Agent in writing (including by electronic communication) from time to time of such Lender’s e-mail address to which the
foregoing notice may be sent by electronic transmission and (B) that the foregoing notice may be sent to such e-mail address. 
 (iii) Each party hereto agrees that any electronic communication referred to in this clause (b) shall be deemed delivered upon the posting of a record of such Communication as “sent” in the
e-mail system of the sending party or, in the case of any such Communication to the Agent or any Lender, upon the posting of a record of such Communication as “received” in the e-mail system of the Agent such Lender; provided,
however, that if such Communication is received by the Agent or such Lender after the normal business hours of the Agent or such Lender, such Communication shall be deemed delivered at the opening of business on the next Business Day
for the Agent or such Lender; provided, further, that in the event that the Agent’s or such Lender’s e-mail system shall be unavailable for receipt of any Communication, Borrower may deliver such Communication to the Agent or
such Lender in a manner mutually agreeable to the Agent or such Lender, as applicable, and the Borrower. 
 (iv) The parties
hereto acknowledge and agree that the distribution of the Communications and other material through an electronic medium is not necessarily secure and that there are confidentiality and other risks associated with such distribution. EACH OF THE
PARTIES HERETO ACKNOWLEDGES AND AGREES AS FOLLOWS: (A) THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE”; (B) THE AGENT PARTIES DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE
PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE COMMUNICATIONS; (C) NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR
PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE AGENT PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE PLATFORM; AND (D) IN NO EVENT SHALL THE AGENT OR ANY OF ITS AFFILIATES OR
ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, ADVISORS OR REPRESENTATIVES (COLLECTIVELY, THE “AGENT PARTIES”) HAVE ANY LIABILITY TO THE BORROWER, ANY LENDER OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND,
INCLUDING, WITHOUT LIMITATION, DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF THE BORROWER’S OR THE AGENT’S TRANSMISSION OF COMMUNICATIONS
THROUGH THE INTERNET, EXCEPT TO THE EXTENT THE LIABILITY OF ANY AGENT PARTY IS FOUND IN A FINAL NON-APPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED PRIMARILY FROM SUCH AGENT PARTY’S GROSS NEGLIGENCE OR WILLFUL
MISCONDUCT. 
 (v) This clause (b) shall terminate on the date that neither JPMCB nor any of its Affiliates is the Agent
under this Agreement. 

  
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 SECTION 8.03. No Waiver; Remedies. No failure on the part of any Lender or the Agent
to exercise, and no delay in exercising, any right hereunder or under any Note shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other
right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 
 SECTION 8.04. Costs
and Expenses; Damage Waiver. (a) The Borrower agrees to pay on demand, upon presentation of a statement of account and absent manifest error, all reasonable costs and reasonable expenses of the Agent in connection with the preparation,
execution, delivery, administration, modification and amendment of the Loan Document and the other documents to be delivered hereunder and thereunder, including, without limitation, (A) all due diligence, syndication (including printing,
distribution and bank meetings), transportation, computer, duplication, appraisal, consultant, and audit expenses and (B) the reasonable fees and reasonable expenses of counsel for the Agent with respect thereto and with respect to advising the
Agent as to its rights and responsibilities under the Loan Documents. The Borrower further agrees to pay on demand all reasonable costs and reasonable expenses of the Agent and the Lenders, if any (including, without limitation, reasonable internal
and external counsel fees and expenses, provided such fees and expenses are not duplicative), in connection with the “workout”, restructuring or enforcement (whether through negotiations, legal proceedings or otherwise) of the Loan
Documents and the other documents to be delivered hereunder, including, without limitation, reasonable fees and expenses of counsel for the Agent and each Lender in connection with the enforcement of rights under this Section 8.04(a).

 (b) The Borrower agrees to indemnify, to the extent legally permissible, and hold harmless the Agent and each Lender and each
of their Affiliates and their officers, directors, employees, agents and advisors (each, an “Indemnified Party”) from and against any and all claims, damages, losses, liabilities and expenses (including, without limitation,
reasonable fees and expenses of counsel) that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in connection with or by reason of, or in connection with the preparation for a defense of, any
investigation, litigation or proceeding arising out of, related to or in connection with (i) the Loan Documents, any of the transactions contemplated herein or therein or the actual or proposed use of the proceeds of the Revolving Credit
Advances or (ii) the actual or alleged presence of Hazardous Materials on any property of the Borrower or any of its Subsidiaries or any Environmental Action relating in any way to the Borrower or any of its Subsidiaries, in each case whether
or not such investigation, litigation or proceeding is brought by the Borrower, its directors, shareholders or creditors or an Indemnified Party or any other Person or any Indemnified Party is otherwise a party thereto and whether or not the
transactions contemplated hereby are consummated, except to the extent such claim, damage, loss, liability or expense is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified
Party’s gross negligence or willful misconduct; provided that upon receipt of notice of any such matter by a representative of the Agent or any Lender, as 

  
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applicable, having primary responsibility for the relationship between the Borrower and the Agent or such Lender, as applicable, the Agent or such Lender, as applicable, shall promptly notify the
Borrower to the extent permitted by applicable law. The Borrower shall have no liability for any settlement effected without its prior written consent, which consent shall not be unreasonably withheld or delayed. The Borrower also agrees not to
assert any claim against the Agent, any Lender, any of their Affiliates, or any of their respective directors, officers, employees, attorneys and agents, on any theory of liability, for special, indirect, consequential or punitive damages arising
out of or otherwise relating to the Loan Documents, any of the transactions contemplated herein or therein or the actual or proposed use of the proceeds of the Revolving Credit Advances. 

(c) If any payment or reallocation of principal of, or Conversion of, any Eurodollar Rate Advance is made by the Borrower to or for the
account of a Lender other than on the last day of the Interest Period for such Revolving Credit Advance, as a result of a payment or Conversion pursuant to Section 2.07(d) or (e), 2.09 or 2.11(a), acceleration of the maturity of the Revolving
Credit Advances pursuant to Section 6.01, or for any other reason, the Borrower shall, upon demand by such Lender (with a copy of such demand to the Agent), pay to the Agent for the account of such Lender any amounts required to compensate such
Lender for any additional losses, costs or expenses that it may reasonably incur as a result of such payment or Conversion, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the
liquidation or reemployment of deposits or other funds acquired by any Lender to fund or maintain such Revolving Credit Advance. 
 (d) Without prejudice to the survival of any other agreement of the Borrower hereunder, the agreements and obligations of the Borrower contained in Sections 2.10, 2.13 and 8.04 shall survive the
payment in full of principal, interest and all other amounts payable hereunder and under the Notes. 
 (e) To the extent
permitted by applicable law, the Borrower shall not assert, and hereby waives, any claim against any Indemnified Party (i) for any damages arising from the use by others of information or other materials obtained through telecommunications,
electronic or other information transmission systems (including the internet), or (ii) on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection
with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, any of the transactions contemplated in any Loan Document, or any Revolving Credit Advance or the use of the proceeds
thereof. 
 (f) To the extent permitted by applicable law, none of the Agent or the Lenders shall assert, and each of the Agent
and the Lenders hereby waives, any claim against the Borrower on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this
Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, any of the transactions contemplated in any Loan Document, or any Revolving Credit Advance or the use of the proceeds thereof; provided that,
nothing contained in this paragraph shall limit the Borrower’s reimbursement and indemnity obligations set forth in this Section 8.04. For the avoidance of doubt, all payments to which the Agent and the Lenders are expressly

  
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entitled under this Agreement, including without limitation amounts due under Sections 2.10, 2.11 and 2.13, if demanded in accordance with the terms of this Agreement,
shall be deemed direct and not consequential damages. 
 SECTION 8.05. Right of Set-off. Upon (i) the occurrence and
during the continuance of any Event of Default and (ii) the making of the request or the granting of the consent specified by Section 6.01 to authorize the Agent to declare the Revolving Credit Advances due and payable pursuant to the
provisions of Section 6.01, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand,
provisional or final) at any time held and other indebtedness at any time owing by such Lender or such Affiliate to or for the credit or the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing
under the Loan Documents and any Note held by such Lender, whether or not such Lender shall have made any demand under this Agreement or such Note and although such obligations may be unmatured. Each Lender agrees promptly to notify the Agent and
the Borrower after any such set-off and application, provided that the failure to give such notice shall not affect the validity of such set-off and application. The rights of each Lender and its Affiliates under this Section are in addition
to other rights and remedies (including, without limitation, other rights of set-off) that such Lender and its Affiliates may have. 
 SECTION 8.06. Binding Effect. This Agreement shall become effective (other than Section 2.01, which shall only become effective upon satisfaction of the conditions precedent set forth in
Section 3.01) when it shall have been executed by the Borrower and the Agent and when the Agent shall have been notified by each Initial Lender that such Initial Lender has executed it and thereafter shall be binding upon and inure to the
benefit of the Borrower, the Agent and each Lender and their respective successors and assigns, except that the Borrower shall not have the right to assign its rights hereunder or any interest herein without the prior written consent of the Lenders
to any Person. 
 SECTION 8.07. Assignments, Designations and Participations. (a) Each Lender may (i) with the
prior consent of the Agent (which consent shall not be unreasonably withheld, and which consent shall not be required in the event of an assignment or grant pursuant to Sections 8.07(g) or (h) or an assignment to any other Lender, an Affiliate
of a Lender, or an Approved Fund) and (ii) for so long as no Default has occurred and is continuing, with the consent of the Borrower (which consent shall not be unreasonably withheld and provided, in any event, that the Borrower shall
be deemed to have consented to any such assignment unless it shall object thereto by written notice to Agent within ten (10) days after having received notice thereof, and which consent shall not be required in the event of an assignment or
grant pursuant to Sections 8.07(g) or (h) or an assignment to any other Lender, an Affiliate of a Lender, or an Approved Fund), assign to one or more Persons all or a portion of its rights and obligations under this Agreement (including,
without limitation, all or a portion of its Commitment, the Revolving Credit Advances owed to it and any Note or Notes held by it); provided, however, that (A) each such assignment shall be of a constant, and not a varying,
percentage of all rights and obligations under this Agreement, (B) except in the case of an assignment to a Person that, immediately prior to such assignment, was a Lender or an assignment of all of a Lender’s rights and obligations under
this Agreement, the amount of the Commitment of the assigning Lender being assigned 

  
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pursuant to each such assignment (determined as of the date of the Assignment and Assumption with respect to such assignment) shall in no event be less than $10,000,000 or an integral multiple of
$1,000,000 in excess thereof, (C) each such assignment shall be to an Eligible Assignee, and (D) the parties to each such assignment shall execute and deliver to the Agent, for its acceptance and recording in the Register, an Assignment
and Assumption, together with any Note subject to such assignment and a processing and recordation fee of $3,500, which fee may be waived by the Agent in its sole discretion if such assignment is to an Affiliate of the assigning Lender. Upon such
execution, delivery, acceptance and recording, from and after the effective date specified in each Assignment and Assumption, (1) the assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been
assigned to it pursuant to such Assignment and Assumption, have the rights and obligations of a Lender hereunder and (2) the Lender assignor thereunder shall, to the extent that rights and obligations hereunder have been assigned by it pursuant
to such Assignment and Assumption, relinquish its rights and be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all or the remaining portion of an assigning Lender’s rights and
obligations under this Agreement, such Lender shall cease to be a party hereto). 
 (b) By executing and delivering an
Assignment and Assumption, the Lender assignor thereunder and the assignee thereunder confirm to and agree with each other and the other parties hereto as follows: (i) other than as provided in such Assignment and Assumption, such assigning
Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with this Agreement or the execution, legality, validity, enforceability, genuineness,
sufficiency or value of, or the perfection or priority of any lien or security interest created or purported to be created under or in connection with, this Agreement or any other instrument or document furnished pursuant hereto; (ii) such
assigning Lender makes no representation or warranty and assumes no responsibility with respect to the financial condition of the Borrower or the performance or observance by the Borrower of any of its obligations under this Agreement or any other
instrument or document furnished pursuant hereto; (iii) such assignee confirms that it has received a copy of this Agreement, together with copies of the financial statements referred to in Section 4.01 and such other documents and
information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Assumption; (iv) such assignee will, independently and without reliance upon the Agent, such assigning Lender or any other
Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement; (v) such assignee confirms that it is an Eligible
Assignee; (vi) such assignee appoints and authorizes the Agent to take such action as agent on its behalf and to exercise such powers and discretion under this Agreement as are delegated to the Agent by the terms hereof, together with such
powers and discretion as are reasonably incidental thereto; and (vii) such assignee agrees that it will perform in accordance with their terms all of the obligations that by the terms of this Agreement are required to be performed by it as a
Lender. 
 (c) Upon its receipt of an Assignment and Assumption executed by an assigning Lender and an assignee representing
that it is an Eligible Assignee, together with any Note or Notes subject to such assignment, the Agent shall, if such Assignment and Assumption has been completed and is in substantially the form of Exhibit C hereto, (i) accept such
Assignment and Assumption, (ii) record the information contained therein in the Register and 

  
 50 

 
(iii) give prompt notice thereof to the Borrower. Within five Business Days after the Borrower’s receipt of such notice, if requested by the applicable Lender, the Borrower, at its own
expense, shall execute and deliver to the Agent in exchange for the surrendered Note a new Note to the order of such Eligible Assignee in an amount equal to the Commitment assumed by it pursuant to such Assignment and Assumption and, if the
assigning Lender has retained a Commitment hereunder, if requested by such assigning Lender, a new Note to the order of the assigning Lender in an amount equal to the Commitment retained by it hereunder. Such new Note or Notes shall be in an
aggregate principal amount equal to the aggregate principal amount of such surrendered Note or Notes, shall be dated the effective date of such Assignment and Assumption and shall otherwise be in substantially the form of Exhibit A
hereto. 
 (d) The Agent shall maintain at its address referred to in Section 8.02 a copy of each Assignment and Assumption
delivered to and accepted by it and a register for the recordation of the names and addresses and Commitment of, and principal amount of Revolving Credit Advances owing to, each Lender from time to time (the “Register”). The entries
in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Agent and the Lenders may treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes of this
Agreement. The Register shall be available for inspection by the Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. 
 (e) Each Lender may sell participations to one or more banks or other entities (other than the Borrower or any of its Affiliates) in or to all or a portion of its rights and obligations under this
Agreement (including, without limitation, all or a portion of its Commitment, the Revolving Credit Advances owing to it and any Note or Notes held by it); provided, however, that (i) such Lender’s obligations under this
Agreement (including, without limitation, its Commitment to the Borrower hereunder) shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (iii) such
Lender shall remain the owner of such Revolving Credit Advances for all purposes of this Agreement, (iv) the Borrower, the Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such
Lender’s rights and obligations under this Agreement and (v) no participant under any such participation shall have any right to approve any amendment or waiver of any provision of this Agreement or any Note, or any consent to any
departure by the Borrower therefrom, except to the extent that such amendment, waiver or consent would (A) reduce the principal of, or interest on, the Revolving Credit Advances or any fees or other amounts payable hereunder, or
(B) increase the Commitments, in each case to the extent subject to such participation, or postpone any date fixed for any payment of principal of, or interest on, the Revolving Credit Advances or any fees or other amounts payable hereunder, in
each case to the extent subject to such participation. Each participant shall be entitled to the benefits and subject to the exclusions, in each case, as if it were a Lender, of Sections 2.10, 2.11(a) and 2.13 to the same extent as if it were a
Lender and had acquired its interest under this Agreement by an assignment made pursuant to this Section 8.07, provided, however, that (i) such participant complies with the requirements of Section 2.13(e) and
(ii) in no event shall the Borrower be obligated to make any payment with respect to such Sections that is greater than the amount that the Borrower would have otherwise made had no participations been sold under this Section 8.07(e) (it
being understood that the documentation required under Section 2.13(e) shall be delivered to the participating Lender). Each Lender that sells a 

  
 51 

 
participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address of each participant and the principal amounts (and
stated interest) of each participant’s interest in the obligations under this Agreement (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register
to any Person (including the identity of any participant or any information relating to a participant’s interest in the obligations under this Agreement) except to the extent that such disclosure is necessary to establish that such interest is
in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each person whose name is recorded in the
Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. 
 (f) Any Lender may, in connection with any assignment, designation or participation or proposed assignment, designation or participation pursuant to this Section 8.07, disclose to the assignee,
designee or participant or proposed assignee, designee or participant, any information relating to the Borrower furnished to such Lender by or on behalf of the Borrower; provided that, prior to any such disclosure, the assignee, designee or
participant or proposed assignee, designee or participant shall agree to preserve the confidentiality of any Confidential Information relating to the Borrower received by it from such Lender. 

(g) Notwithstanding any other provision set forth in this Agreement, any Lender may at any time create a security interest in all or a
portion of its rights under this Agreement (including, without limitation, the Revolving Credit Advances owing to it and the Note or Notes held by it) in favor of any Person (other than the Borrower or an Affiliate of the Borrower), including,
without limitation, any Federal Reserve Bank or any other central bank in accordance with Regulation A of the Board of Governors of the Federal Reserve System, provided that no such security interest shall release such Lender from its obligations
hereunder or substitute any such other Person for such Lender as a party hereto. 
 (h) Notwithstanding anything to the contrary
contained herein, any Lender (a “Designating Lender”) may grant to one or more special purpose funding vehicles (each an “SPV”), identified as such in writing from time to time by the Designating Lender to the Agent
and the Borrower, the option to provide to the Borrower all or any part of any Revolving Credit Advance that such Designating Lender would otherwise be obligated to make to the Borrower pursuant to this Agreement; provided that
(i) nothing herein shall constitute a commitment by any SPV to make any Revolving Credit Advance, (ii) if an SPV elects not to exercise such option or otherwise fails to provide all or any part of such Revolving Credit Advance, the
Designating Lender shall be obligated to make such Revolving Credit Advance pursuant to the terms hereof, (iii) the Designating Lender shall remain liable for any indemnity or other payment obligation with respect to its Commitment hereunder
and (iv) no SPV or Designating Lender shall be entitled to receive any greater amount under this Agreement than the Designating Lender would have been entitled to receive had the Designating Lender not otherwise granted such SPV the option to
provide any Revolving Credit Advance to the Borrower. The making of a Revolving Credit Advance by an SPV hereunder shall utilize the Commitment of the Designating Lender to the same extent, and as if, such Revolving Credit Advance were made by such
Designating Lender. 

  
 52 

 (i) Each party hereto hereby acknowledges and agrees that no SPV shall have the rights of a
Lender hereunder, such rights being retained by the applicable Designating Lender. Accordingly, and without limiting the foregoing, each party hereby further acknowledges and agrees that no SPV shall have any voting rights hereunder and that the
voting rights attributable to any Revolving Credit Advance made by an SPV shall be exercised only by the relevant Designating Lender and that each Designating Lender shall serve as the administrative agent and attorney-in-fact for its SPV and shall
on behalf of its SPV receive any and all payments made for the benefit of such SPV and take all actions hereunder to the extent, if any, such SPV shall have any rights hereunder. No additional Note shall be required to evidence the Revolving Credit
Advances or portion thereof made by an SPV; and the related Designating Lender shall be deemed to hold its Note or Notes, if any, as administrative agent for such SPV to the extent of the Revolving Credit Advances or portion thereof funded by such
SPV. In addition, any payments for the account of any SPV shall be paid to its Designating Lender as administrative agent for such SPV. 
 (j) Each party hereto hereby agrees that no SPV shall be liable for any indemnity or payment under this Agreement for which a Lender would otherwise be liable so long as, and to the extent that, the
related Designating Lender provides such indemnity or makes such payment; provided, with respect to such agreement by the Borrower that the related Designating Lender shall not be in breach of its obligation to make Revolving Credit Advances
to the Borrower hereunder. In furtherance of the foregoing, each party hereto hereby agrees (which agreements shall survive the termination of this Agreement) that prior to the date that is one year and one day after the payment in full of all
outstanding commercial paper or other senior indebtedness of any SPV, it will not institute against, or join any other person in instituting against, such SPV any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under
the laws of the United States or any State thereof; provided, with respect to such agreement by the Borrower that the related Designating Lender shall not be in breach of its obligation to make Revolving Credit Advances to the Borrower
hereunder. Notwithstanding the foregoing, the Designating Lender unconditionally agrees to indemnify the Borrower, the Agent and each Lender against all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses
or disbursements of any kind or nature whatsoever which may be incurred by or asserted against the Borrower, the Agent or such Lender, as the case may be, in any way relating to or arising as a consequence of any such forbearance or delay in the
initiation of any such proceeding against its SPV. 
 (k) In addition, notwithstanding anything to the contrary contained in
subsection 8.07(h), (i), (j) or (k) or otherwise in this Agreement, any SPV may (i) at any time and without paying any processing fee therefor, assign or participate all or a portion of its interest in any Revolving Credit Advances to
the Designating Lender or to any financial institutions providing liquidity and/or credit support to or for the account of such SPV to support the funding or maintenance of Revolving Credit Advances and (ii) disclose on a confidential basis any
non-public information relating to its Revolving Credit Advances to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancements to such SPV. Subsection 8.07(h), (i), (j) or (k) may
not be amended without the written consent of any Designating Lender affected thereby. 

  
 53 

 SECTION 8.08. Confidentiality. Neither the Agent nor any Lender shall disclose any
Confidential Information to any other Person without the consent of the Borrower, other than (a) to the Agent’s or such Lender’s Affiliates and their officers, directors, employees, agents and advisors and, as contemplated by
Section 8.07(f), to actual or prospective assignees and participants, and then only on a confidential basis, (b) as required by any law, rule or regulation or judicial process, (c) to any rating agency when required by it,
provided that, prior to any such disclosure, such rating agency shall undertake to preserve the confidentiality of any Confidential Information relating to the Borrower received by it from the Agent or such Lender, (d) as requested or
required by any state, federal or foreign authority or examiner regulating banks, other financial institutions or banking, (e) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this
Agreement or the enforcement of rights hereunder, (f) on a confidential basis to any Lender’s direct or indirect contractual counterparties in swap agreements or to legal counsel, accountants and other professional advisors to such
counterparties, and (g) subject to an agreement containing provisions substantially the same as those of this Section, (x) to any credit or financial insurance provider in connection with the Borrower’s obligations hereunder, and
(y) to any Person that requires such Confidential Information in connection with obtaining CUSIP-based identifiers. 

SECTION 8.09. Governing Law. This Agreement and the Notes shall be governed by, and construed in accordance with, the laws of the
State of New York. 
 SECTION 8.10. Execution in Counterparts; Integration. This Agreement 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 Agreement by telecopier shall be effective as delivery of a manually executed counterpart of this Agreement. This Agreement and any separate letter agreement with respect to fees payable to the Agent or
confidential information (the latter of which shall apply solely to information provided prior to the date hereof) constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements
and understandings, oral or written, relating to the subject matter hereof. 
 SECTION 8.11. Jurisdiction, Etc.
(a) Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court or federal court of the United States of America sitting in the
Borough of Manhattan in the county of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or the Notes, or for recognition or enforcement of any judgment, and each of the
parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in any such New York State court or, to the extent permitted by law, in such federal court.
Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall
affect any right that any party may otherwise have to bring any action or proceeding relating to this Agreement or the Notes in the courts of any jurisdiction. 

  
 54 

 (b) Each of the parties hereto irrevocably and unconditionally waives, to the fullest extent
it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the Notes in any New York State or federal court.
Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

SECTION 8.12. Waiver of Jury Trial. Each of the Borrower, the Agent and the Lenders hereby irrevocably waives all right to trial
by jury in any action, proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of or relating to this Agreement or the Notes or the actions of the Agent or any Lender in the negotiation, administration, performance or
enforcement thereof. 
 SECTION 8.13. USA Patriot Act Notification. The following notification is provided to the
Borrower pursuant to Section 326 of the PATRIOT Act: 
 IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT. To help the
government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person or entity that opens an account, including any deposit
account, treasury management account, loan, other extension of credit, or other financial services product. What this means for the Borrower: When the Borrower opens an account, the Agent and the Lenders will ask for the Borrower’s name, tax
identification number, business address, and other information that will allow the Agent and the Lenders to identify the Borrower. The Agent and the Lenders may also ask to see the Borrower’s legal organizational documents or other identifying
documents. 
 SECTION 8.14. Severability. In the event any one or more of the provisions contained in this Agreement
should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby. 

SECTION 8.15. No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby
(including in connection with any amendment, waiver or other modification hereof or of any other Loan Document or any syndication of the credit facility provided hereunder), the Borrower acknowledges and agrees that: (i) (A) the arranging
and other services regarding this Agreement provided by the Agents and the Arrangers are arm’s-length commercial transactions between the Borrower and its Affiliates, on the one hand, and the Agents and the Arrangers, and each of their
respective Affiliates, on the other hand, (B) it has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) it is capable of evaluating, and understands and accepts, the
terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) each of the Agents, the Arrangers and the Borrower has been acting solely as a principal and, except as expressly agreed in
writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for any other party hereto, any Affiliates of any other party hereto, or any other Person and (B) none of the Agents, the Arrangers
or the Borrower has any obligation to each other or to their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the 

  
 55 

 
other Loan Documents; and (iii) the Agents, the Arrangers and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the
Borrower and its Affiliates, and none of the Agents or the Arrangers has any obligation to disclose any of such interests to the Borrower or its Affiliates. To the fullest extent permitted by law, the Agents, the Arrangers and the Borrower hereby
waive and release any claims that they may have against each other with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. Each of the Agent and the Lenders
acknowledges and agrees that it has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate. 
 Remainder of Page Intentionally Blank 

  
 56 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective officers thereunto duly authorized, as of the date first above written. 
  

					
	DTE GAS COMPANY
		
	By	 	  

		 	Name:	 	
		 	Title:	 	
	
	Borrower’s FEIN: 38-0478040

  
 Signature Page
to 
 DTE Gas Company 
 Second Amended and Restated Five-Year Credit Agreement 

 
			
	Lenders
	
	JPMORGAN CHASE BANK, N.A., as Agent and as a Lender
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	BARCLAYS BANK PLC, as a Lender
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CITIBANK, N.A., as a Lender
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	BANK OF AMERICA, N.A., as a Lender
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Signature Page
to 
 DTE Gas Company 
 Second Amended and Restated Five-Year Credit Agreement 

 
			
	THE BANK OF NOVA SCOTIA, as a Lender
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Signature Page
to 
 DTE Gas Company 
 Second Amended and Restated Five-Year Credit Agreement 

 
			
	[OTHER LENDERS], as a Lender
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Signature Page
to 
 DTE Gas Company 
 Second Amended and Restated Five-Year Credit Agreement 

 
			
	Each of the undersigned Departing Lenders hereby acknowledges and agrees that, from and after the Effective Date, it is no longer a party to the Existing Credit
Agreement and will not be a party to this Agreement
	
	DEPARTING LENDER, as a Departing Lender
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Signature Page
to 
 DTE Gas Company 
 Second Amended and Restated Five-Year Credit Agreement 

 SCHEDULE I 
 DTE GAS COMPANY 
 APPLICABLE LENDING OFFICES 

 

									
	 Name of Initial Lender
	  	 Domestic Lending Office
	  	 Eurodollar Lending Office
	  	Commitment	 
	JPMorgan Chase Bank, N.A.	  	 JPMorgan Chase Bank, N.A.
 10
South Dearborn Street
 Mail Code IL1-0010
 Chicago, IL 60603
 Attention: April Yebd
 Telephone: (312) 732-2628
 Facsimile: (888) 292-9533
	  	Same as Domestic Lending Office	  	$	26,000,000.00	  
	Barclays Bank PLC	  	 745 Seventh Avenue
 New York,
NY 10019
 Attention: Alicia Borys

Telephone: (212) 320-6136
 Facsimile: (917)
522-0569
	  	Same as Domestic Lending Office	  	$	26,000,000.00	  
	Citibank, N.A.	  	 1615 Brett Road
 OPS
3
 New Castle, DE 19720
 Attention:
Thomas Schmitt
 Telephone: (302) 894-6088
 Facsimile: (212) 994-0961
	  	Same as Domestic Lending Office	  	$	26,000,000.00	  
	Bank of America, N.A.	  	 Bank of America, N.A.
 100
North Tryon Street
 NC1-007-17-18

Charlotte, NC 28255
 Attention: Patrick
Martin
 Telephone: (980) 388-6894

Facsimile: (415) 503-5058
	  	Same as Domestic Lending Office	  	$	22,000,000.00	  
	The Bank of Nova Scotia	  	 40 King Street West, 55th floor

Toronto, ON M5H 1H1
 Attention: Stephen
Ort
 Telephone: (416) 350-5746 Facsimile: (416) 350-1161
	  	Same as Domestic Lending Office	  	$	22,000,000.00	  
	The Royal Bank of Scotland plc	  	 600 Washington Boulevard

Stamford, CT 06901
 Attention: Tyler
McCarthy
 Telephone: (203) 897-1341
	  	Same as Domestic Lending Office	  	$	22,000,000.00	  
	BNP Paribas	  	 787 Seventh Avenue
 New York,
NY 10019
 Attention: Project Finance & Utilities
 Telephone: (212) 841-2000
 Facsimile: (212) 841-2146
	  	Same as Domestic Lending Office	  	$	16,333,333.34	  
	The Bank of New York Mellon	  	 BNY Mellon Center, Rm 3600
 500
Grant Street
 Pittsburgh, PA 15258-0001

Attention: Hussam S. Alsahlani
 Telephone: (412)
234-5624
 Telecopier: (412) 236-6112
	  	Same as Domestic Lending Office	  	$	16,333,333.34	  

									
	 Name of Initial Lender
	  	 Domestic Lending Office
	  	 Eurodollar Lending Office
	  	Commitment	 
	Deutsche Bank AG New York Branch	  	 700 Louisiana St, Suite 1500

Houston Texas, 77002
 Attention: Shaheed
Momin
 Telephone: (832) 239-4632

Telecopier: (832) 239-4693
	  	Same as Domestic Lending Office	  	$	16,333,333.34	  
	KeyBank National Association	  	 127 Public Square
 Cleveland,
OH 44114
 Attention: Sherrie Manson

Telephone: (216) 689-3443
 Facsimile: (216)
689-4981
	  	Same as Domestic Lending Office	  	$	16,333,333.33	  
	UBS Loan Finance LLC	  	 677 Washington Boulevard

Stamford, CT 06901
 Attention: Tina Trinkle
Telephone: (203) 719-6146
 Facsimile: (203) 719-3888
	  	Same as Domestic Lending Office	  	$	16,333,333.33	  
	Union Bank, N.A.	  	 Energy Capital Services
 445
South Figuroa St.,
 15th Floor
 Los
Angeles, CA 90071
 Attention: Jesus Serrano
 Telephone: (213) 236-4194
 Facsimile: (213) 236-4096
	  	Same as Domestic Lending Office	  	$	16,333,333.33	  
	Comerica Bank	  	 3551 Hamlin Rd
 Auburn Hills,
MI 48326
 Attention: Kimberly Kersten

Telephone: (248) 371-6407 Facsimile: (248) 371-6704
	  	Same as Domestic Lending Office	  	$	7,000,000.00	  
	Fifth Third Bank	  	 710 Seminole Road
 MD
R17061
 Norton Shores, MI 49441

Attention: Randy Wolffis
 Telephone: (231)
733-5006
 Fascimile: (231) 739-7430
	  	Same as Domestic Lending Office	  	$	11,666,666.66	  
	Wells Fargo Bank, N.A.	  	 90 S.
7th Street

MAC N9305-077
 Minneapolis, MN 55402

Attention: Scott Bjelde
 Telephone: (612)
667-6126
 Facsimile: (612) 316-0506
	  	Same as Domestic Lending Office	  	$	11,666,666.66	  
	The Huntington National Bank	  	 41 South High Street (HC0735)

Columbus, OH 43215
 Attention: Jessica
Burnett
 Telephone: (614) 480-3477

Telecopier: (877) 274-8593
	  	Same as Domestic Lending Office	  	$	6,666,666.67	  
	U.S. Bank National Association	  	 800 Nicollet Mall
 Minneapolis,
MN 55402
 461 Fifth Avenue
 New York,
NY 10017
 Attention: Michael Sagges

Telephone: (917) 256-2822 Facsimile: (646) 935-4552
	  	Same as Domestic Lending Office	  	$	7,000,000.00	  

									
	 Name of Initial Lender
	  	 Domestic Lending Office
	  	 Eurodollar Lending Office
	  	Commitment	 
	The Northern Trust Company	  	 50 South LaSalle Street

Chicago, IL 60603
 Attention: Philip
McCaulay
 Telephone: (312) 557-2816

Facsimile: (312) 557-1425
	  	Same as Domestic Lending Office	  	$	7,000,000.00	  
	SunTrust Bank	  	 3333 Peachtree Rd. NE, 8th Floor

Atlanta, GA 30326
 Attention: Chris
Griffith
 Telephone: (404) 439-7360

Facsimile: (404) 439-7470
	  	Same as Domestic Lending Office	  	$	7,000,000.00	  
		  		  		  	  
	  
	 
	 TOTAL
	  		  		  	$	300,000,000.00	  
		  		  		  	  
	  
	 

 PRICING SCHEDULE 

 

																													
	 	  	LEVEL I
STATUS	 	 	LEVEL II
STATUS	 	 	LEVEL III
STATUS	 	 	LEVEL IV
STATUS	 	 	LEVEL V
STATUS	 	 	LEVEL VI
STATUS	 	 	LEVEL VII
STATUS	 
	 Applicable Percentage
	  	 	0.08	% 	 	 	0.10	% 	 	 	0.125	% 	 	 	0.175	% 	 	 	0.225	% 	 	 	0.275	% 	 	 	0.375	% 
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Applicable Margin
(Eurodollar Rate)
	  	 	0.795	% 	 	 	0.90	% 	 	 	1.00	% 	 	 	1.075	% 	 	 	1.275	% 	 	 	1.475	% 	 	 	1.625	% 
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Applicable Margin
(Base Rate)
	  	 	0.000	% 	 	 	0.000	% 	 	 	0.000	% 	 	 	0.075	% 	 	 	0.275	% 	 	 	0.475	% 	 	 	0.625	% 
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 

 For the purposes of this Schedule, the following terms have the following meanings, subject to the final
paragraph of this Schedule: 
 “Level I Status” exists at any date if, on such date, the Borrower’s
Moody’s Rating, is A1 or better or the Borrower’s S&P Rating is A+ or better. 
 “Level II
Status” exists at any date if, on such date, (i) the Borrower has not qualified for Level I Status and (ii) the Borrower’s Moody’s Rating is A2 or better or the Borrower’s S&P Rating is A or better.

 “Level III Status” exists at any date if, on such date, (i) the Borrower has not qualified for Level I
Status or Level II Status and (ii) the Borrower’s Moody’s Rating is A3 or better or the Borrower’s S&P Rating is A- or better. 
 “Level IV Status” exists at any date if, on such date, (i) the Borrower has not qualified for Level I Status, Level II Status or Level III Status and (ii) the Borrower’s
Moody’s Rating is Baa1 or better or the Borrower’s S&P Rating is BBB+ or better. 
 “Level V
Status” exists at any date if on such date, (i) the Borrower has not qualified for Level I Status, Level II Status, Level III Status or Level IV Status and (ii) the Borrower’s Moody’s Rating is Baa2 or better or
the Borrower’s S&P Rating is BBB or better. 
 “Level VI Status” exists at any date if on such date,
(i) the Borrower has not qualified for Level I Status, Level II Status, Level III Status, Level IV Status or Level V Status and (ii) the Borrower’s Moody’s Rating is Baa3 or better or the Borrower’s S&P Rating is
BBB- or better. 
 “Level VII Status” exists at any date if, on such date, the Borrower has not qualified for
Level I Status, Level II Status, Level III Status, Level IV Status, Level V Status or Level VI Status. 

 “Moody’s Rating” means, at any time, (i) the rating issued by
Moody’s and then in effect with respect to the Borrower’s senior unsecured long-term debt securities without third-party credit enhancement, or (ii) if no rating has been issued by Moody’s and then in effect with respect to the
Borrower’s senior unsecured long-term debt securities without third-party credit enhancement, the rating that is one level below the rating issued by Moody’s and then in effect with respect to the Borrower’s senior secured long-term
debt securities without third-party credit enhancement. 
 “S&P Rating” means, at any time,
(i) the rating issued by S&P and then in effect with respect to the Borrower’s senior unsecured long-term debt securities without third-party credit enhancement, or (ii) if no rating has been issued by S&P and then in effect
with respect to the Borrower’s senior unsecured long-term debt securities without third-party credit enhancement, the rating that is one level below the rating issued by S&P and then in effect with respect to the Borrower’s senior
secured long-term debt securities without third-party credit enhancement. 
 “Status” means Level I
Status, Level II Status, Level III Status, Level IV Status, Level V Status, Level VI Status or Level VII Status. 
 The
Applicable Margin and Applicable Percentage shall be determined in accordance with the foregoing table based on the Borrower’s Status as determined from its then-current Moody’s and S&P Ratings. The credit rating in effect on any date
for the purposes of this Schedule is that in effect at the close of business on such date. If at any time the Borrower does not have both a Moody’s Rating and an S&P Rating, Level VII Status shall exist; provided, however,
that if the credit rating system of Moody’s or S&P shall change, or if either such rating agency shall cease to be in the business of rating corporate debt obligations, the Borrower and the Lenders shall negotiate in good faith to amend
this Schedule to reflect such changed rating system or the unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, the applicable Status for the Borrower shall be the Borrower’s Status most
recently in effect prior to such change or cessation. 
 Except as specifically provided above in this Schedule, in the event
that a split occurs between the two ratings, the pricing shall be based upon (x) the higher of the two ratings then applicable if all such ratings shall be in Level I Status, Level II Status, Level III Status, Level IV Status, Level V Status or
Level VI Status and (y) the lower of the two ratings if any of such ratings shall be in Level VII Status. However, if (x) the split is greater than one level and the lowest rating shall be in Level III Status, Level IV Status, Level V
Status or Level VI Status, then the pricing shall be based upon the rating one level above the lower of the two ratings and (y) the split is greater than one level and the lowest rating shall be in Level VII Status, then pricing shall be based
upon Level VII Status. 

 EXHIBIT A - FORM OF NOTE 

 

			
	U.S.$        	 	Dated:                 , 20    

 FOR VALUE RECEIVED, the undersigned, DTE GAS COMPANY, a Michigan corporation (the
“Borrower”), HEREBY PROMISES TO PAY to the order of                 (the “Lender”) for the account of its Applicable Lending Office on
the Termination Date (each as defined in the Credit Agreement referred to below), the principal sum of U.S.$[amount of the Lender’s Commitment in
figures] or, if less, the aggregate principal amount of the Revolving Credit Advances made by the Lender to the Borrower pursuant to the Second Amended and Restated Five-Year
Credit Agreement dated as of April 5, 2013 (as amended or modified from time to time, the “Credit Agreement”; the terms defined therein being used herein as therein defined) among the Borrower, the Lender and certain other
lenders parties thereto, and JPMorgan Chase Bank, N.A., as Agent for the Lender and such other lenders outstanding on the Termination Date. 
 The Borrower promises to pay interest on the unpaid principal amount of each Revolving Credit Advance from the date of such Revolving Credit Advance until such principal amount is paid in full, at such
interest rates, and payable at such times, as are specified in the Credit Agreement. 
 Both principal and interest are payable
in lawful money of the United States of America to JPMorgan Chase Bank, N.A., as Agent, at 10 South Dearborn Street, Mail Code IL1-0010, Chicago, IL 60603, ABA/Routing No. 021 000 021, Account Name: Loan Processing DP, Account No.: 900 811 3381
C3115, Attention: April Yebd, in same day funds. Each Revolving Credit Advance owing to the Lender by the Borrower pursuant to the Credit Agreement, and all payments made on account of principal thereof, shall be recorded by the Lender and, prior to
any transfer hereof, endorsed on the grid attached hereto which is part of this Promissory Note. 

 This Promissory Note is one of the Notes referred to in, and is entitled to the benefits of,
the Credit Agreement. The Credit Agreement, among other things, (i) provides for the making of Revolving Credit Advances by the Lender to the Borrower from time to time in an aggregate amount not to exceed at any time outstanding the U.S.
dollar amount first above mentioned, the indebtedness of the Borrower resulting from each such Revolving Credit Advance being evidenced by this Promissory Note, and (ii) contains provisions for acceleration of the maturity hereof upon the
happening of certain stated events and also for prepayments on account of principal hereof prior to the maturity hereof upon the terms and conditions therein specified. 
 This Promissory Note shall be governed by, and construed in accordance with, the laws of the State of New York. 

 

			
	DTE GAS COMPANY
		
	By	 	  

	Title:	 	

 ADVANCES AND PAYMENTS OF PRINCIPAL 

 

									
	 Date
	  	 Amount of

Advance
	  	 Amount of Principal

Paid or Prepaid
	  	 Unpaid

Principal

Balance
	  	 Notation

Made By

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

 EXHIBIT B - FORM OF NOTICE OF BORROWING 

JPMorgan Chase Bank, N.A., as Agent for 
 the
Lenders parties to the Credit Agreement referred to below 
 10 South Dearborn Street 
 Chicago, IL 60603 
 Attention: April Yebd 

[Date]
 
 Ladies and Gentlemen: 
 The undersigned, DTE GAS COMPANY, refers to the Second Amended and Restated Five-Year Credit Agreement dated as of April 5, 2013 (as amended or modified from time to time, the “Credit
Agreement”; the terms defined therein being used herein as therein defined), among the undersigned, certain Lenders parties thereto and JPMorgan Chase Bank, N.A., as Agent for said Lenders, and hereby gives you notice, irrevocably, pursuant
to Section 2.02 of the Credit Agreement that the undersigned hereby requests a Borrowing under the Credit Agreement, and in that connection sets forth below the information relating to such Borrowing (the “Proposed Borrowing”)
as required by Section 2.02(a) of the Credit Agreement: 
 (i) The Business Day of the Proposed Borrowing is
                 ,         . 
 (ii) The Type of Advances comprising the Proposed Borrowing is [Base Rate
Advances] [Eurodollar Rate
Advances]. 
 (iii) The aggregate amount
of the Proposed Borrowing is $        . 

[(iv) The initial Interest Period for each
Eurodollar Rate Advance made as part of the Proposed Borrowing is
    month[s].]

 (v) [Wire transfer
instructions]. 
 The undersigned hereby certifies that
the following statements are true on the date hereof, and will be true on the date of the Proposed Borrowing: 

(i) the representations and warranties contained in Section 4.01 of the Credit Agreement are correct, before and
after giving effect to the Proposed Borrowing and to the application of the proceeds therefrom, as though made on and as of such date; provided, that, the foregoing certification shall not apply to the representations and warranties set forth
in (x) the last sentence of Section 4.01(e) of the Credit Agreement, and (y) Section 4.01(f) of the Credit Agreement; 

 (ii) after giving effect to the application of the proceeds of all
Borrowings on such date (together with any other resources of the Borrower applied together therewith), no event has occurred and is continuing, or would result from such Proposed Borrowing or from the application of the proceeds therefrom, that
constitutes a Default; and 
 (iii) the Borrower has not received notice from the Agent on or prior to the date
of such Proposed Borrowing that a mandatory prepayment is required under Section 2.09(b) of the Credit Agreement (other than any such notice that has been withdrawn in writing by the Agent). 

 

			
	Very truly yours,
	
	DTE GAS COMPANY
		
	By	 	  

	Title:	 	[Financial Officer]

 EXHIBIT C - FORM OF 
 ASSIGNMENT AND ASSUMPTION 
 ASSIGNMENT AND ASSUMPTION 

This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is
entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used but not defined herein shall have the meanings given to them in the
Credit Agreement identified below (as amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and
incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 
 For an
agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit
Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of the Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments
delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor under the respective facilities identified below (including any guarantees
included in such facilities) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or
unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including contract
claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to
clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption,
without representation or warranty by the Assignor. 
  

							
	1.	  	Assignor:	  	  
	  	
				
	2.	  	Assignee:	  	  
	  	
		  		  	[and is an Affiliate/Approved Fund of [identify Lender]1]
				
	3.	  	Borrower(s):	  	 DTE Gas Company
	  	
			
	4.	  	Administrative Agent:	  	JPMorgan Chase Bank, N.A., as the administrative agent under the Credit Agreement

 

	1 	Select as applicable. 

							
			
	5.	  	Credit Agreement:	  	The Second Amended and Restated Five-Year Credit Agreement dated as of April 5, 2013, among DTE Gas Company, the Lenders parties thereto, JPMorgan Chase Bank, N.A.,
as Administrative Agent, and the other agents parties thereto
			
	6.	  	Assigned Interest:	  	

	 	

  

									
	Aggregate Amount of
Commitment/Loans
for all Lenders	  	Amount of
Commitment/
Loans Assigned	 	  	Percentage Assigned
of
Commitment/Loans2	 
	$            	  	$	            	  	  	 	            	% 
	$            	  	$	            	  	  	 	            	% 
	$            	  	$	            	  	  	 	            	% 

 Effective Date:                  ,
20     [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
 The terms set forth in this Assignment and Assumption are hereby agreed to: 
  

			
	ASSIGNOR
	
	[NAME OF ASSIGNOR]
		
	By:	 	  

		 	Title:
	
	ASSIGNEE
	
	[NAME OF ASSIGNEE]
		
	By:	 	  

		 	Title:

  

			
	[Consented to and]3 Accepted:
	
	JPMORGAN CHASE BANK, N.A., as Administrative Agent
		
	By:	 	  

		 	Title:

  

	2 	Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. 

	3 	To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement. 

			
	[Consented to:]4
	
	DTE GAS COMPANY
		
	By:	 	  

		 	Title:

  

	4 	To be added only if the consent of the Borrower is required by the terms of the Credit Agreement. 

 ANNEX I 
 STANDARD TERMS AND CONDITIONS FOR 
 ASSIGNMENT AND ASSUMPTION 

1. Representations and Warranties. 
 1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien,
encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes
no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness,
sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the
performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document. 
 1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to
consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are required to be satisfied by it in order to acquire the
Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a
Lender thereunder, and (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 5.01 thereof, as applicable, and such other documents and information as
it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance
on the Administrative Agent or any other Lender; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other Lender, and based on such documents and information as it shall
deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan
Documents are required to be performed by it as a Lender. 
 2. Payments. From and after the Effective Date, the Administrative
Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts
which have accrued from and after the Effective Date. 
 3. General Provisions. This Assignment and Assumption shall be binding
upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This 

 
Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment
and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York.

 EXHIBIT D - FORM OF CERTIFICATE BY BORROWER 

DTE ENERGY COMPANY 
 DTE ELECTRIC COMPANY 
 DTE GAS COMPANY 

OFFICER’S CERTIFICATE 
 I, David R. Murphy, Assistant Treasurer of DTE ENERGY COMPANY (“DTE Energy”), DTE ELECTRIC COMPANY (f/k/a The Detroit Edison Company) (“DTE Electric”) and DTE GAS COMPANY (f/k/a
Michigan Consolidated Gas Company) (“DTE Gas”), each a Michigan corporation (each a “Borrower” and collectively the “Borrowers”), DO HEREBY CERTIFY, pursuant to Section 3.01 of each of (i) the Second Amended
and Restated Five-Year Credit Agreement (the “DTE Energy Credit Agreement”), dated as of April 5, 2013, among DTE Energy, the financial institutions from time to time parties thereto as “Lenders” and Citibank, N.A.
(“Citibank”), as agent for said Lenders, (ii) the Second Amended and Restated Five-Year Credit Agreement (the “DTE Electric Credit Agreement”), dated as of April 5, 2013, among DTE Electric, the financial
institutions from time to time parties thereto as “Lenders” and Barclays Bank PLC (“Barclays”), as agent for said Lenders, and (iii) the Second Amended and Restated Five-Year Credit Agreement (the “DTE Gas
Credit Agreement”, and, together with the DTE Energy Credit Agreement and the DTE Electric Credit Agreement, the “Credit Agreements”), dated as of April 5, 2013, among DTE Gas, the financial institutions from time to
time parties thereto as “Lenders” and JPMorgan Chase Bank, N.A. (“JPMCB”), as agent for said Lenders, that the terms defined in the Credit Agreements are used herein as therein defined and, further, that: 

1. The Effective Date shall be April 5, 2013. 
 2. The representations and warranties contained in Section 4.01 of each of the Credit Agreements are true and correct on and as of the date hereof. 

3. No event has occurred and is continuing that constitutes a Default. 

 Dated as of the 5th day of April, 2013. 

 

			
	DTE ENERGY COMPANY
	DTE ELECTRIC COMPANY
	DTE GAS COMPANY
		
	By	 	  

	Name:	 	David R. Murphy
	Title:	 	Assistant Treasurer

 EXHIBIT E-1 - FORM OF 
 OPINION OF COUNSEL TO BORROWER 
 April 5, 2013 

To each of the Lenders party to the 
 Credit
Agreement defined below 
 DTE Gas Company 
 Ladies and Gentlemen: 
 This opinion is furnished to you pursuant to
Section 3.01(h)(v) of the Second Amended and Restated Five-Year Credit Agreement (the “Credit Agreement”), dated as of April 5, 2013, among DTE Gas Company (the “Borrower”), the financial institutions from
time to time parties thereto as “Lenders” and JPMorgan Chase Bank, N.A. (the “Agent”), as agent for said Lenders. Terms defined in the Credit Agreement are used herein as therein defined. 

I am the Associate General Counsel of DTE Energy, and have acted as counsel for the Borrower in connection with the preparation,
execution and delivery of the Loan Documents. 
 In that connection, I, in conjunction with the members of my staff, have
examined: 
 (i) Each Loan Document, executed by each of the parties thereto. 

(ii) The other documents furnished by the Borrower pursuant to Article III of the Credit Agreement. 

(iii) The Restated Articles of Incorporation of the Borrower and all amendments thereto (the “Charter”).

 (iv) The Bylaws of the Borrower and all amendments thereto (the “Bylaws”). 

(v) A certificate from the State of Michigan attesting to the continued corporate existence and good standing of the
Borrower. 
 In addition, I have examined the originals or copies certified to my satisfaction, of such other corporate records of the Borrower,
certificates of public officials and of officers of the Borrower, and agreements, instruments and other documents, as I have deemed necessary as a basis for the opinions expressed below. As to questions of fact material to such opinions, I have,
when relevant facts were not independently established by me, relied upon certificates of public officials. I have assumed the due execution and delivery, pursuant to due authorization, of the Credit Agreement by the Lenders and the Agent.

 My opinions expressed below are limited to the law of the State of Michigan and the federal law of the United States.

 Based upon the foregoing and upon such investigation as I have deemed necessary, I am of the following opinion: 

1. The Borrower is a corporation duly organized, validly existing and in good standing under the laws of the State of Michigan.

 2. The execution, delivery and performance by the Borrower of the Loan Documents to which it
is party, and the consummation of the transactions contemplated thereby, are within the Borrower’s corporate powers, have been duly authorized by all necessary corporate action, and do not contravene (i) the Charter or the Bylaws,
(ii) any law, rule or regulation applicable to the Borrower, or (iii) any contractual restriction binding on or affecting the Borrower. 
 3. No consent, authorization or approval or other action by, and no notice to or filing with, any Governmental Authority or regulatory body or any other third party is required for the due execution,
delivery, recordation, filing or performance by the Borrower of the Loan Documents to which it is a party. 
 4. The Credit
Agreement has been, and each of the Notes when delivered will have been, duly executed and delivered on behalf of the Borrower. 

5. Except as may have been disclosed to you in the SEC Reports, to the best of my knowledge (after due inquiry) there are no pending or
overtly threatened actions or proceedings affecting the Borrower or any of its Significant Subsidiaries before any court, governmental agency or arbitrator that (i) could be reasonably likely to have a Material Adverse Effect or
(ii) purport to affect the legality, validity, or enforceability of any Loan Documents to which the Borrower is a party or the consummation of the transactions contemplated thereby. 

6. In a properly presented case, a Michigan court or a federal court sitting in the State of Michigan applying Michigan choice of law
rules should give effect to the choice of law provisions of the Loan Documents and should hold that the Loan Documents are to be governed by the laws of the State of New York rather than the laws of the State of Michigan. In rendering the foregoing
opinion, I note that by their terms the Loan Documents expressly select New York law as the laws governing their interpretation and that the Loan Documents governed by New York law were delivered by the parties thereto to the Agent in New York. The
choice of law provisions of the Loan Documents are not voidable under the laws of the State of Michigan. 
 7. If, despite the
provisions of Section 8.09 of the Credit Agreement, wherein the parties thereto agree that the Loan Documents shall be governed by, and construed in accordance with, the laws of the State of New York, a court of the State of Michigan or a
federal court sitting in the State of Michigan were to hold that the Loan Documents are governed by, and to be construed in accordance with the laws of the State of Michigan, the Loan Documents would be, under the laws of the State of Michigan,
legal, valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with their respective terms. 
 8. Neither the Borrower nor any of its Subsidiaries is an “investment company,” or an “affiliated person” of, or “promoter” or “principal underwriter” for, an
“investment company,” as such terms are defined in the Investment Company Act of 1940, as amended; 

 The opinions set forth above are subject to the following qualifications: 

(a) My opinion in paragraph 7 above as to enforceability is subject to the effect of any applicable bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium or laws affecting creditors’ rights generally. 
 (b) My opinion in paragraph 7 above as to enforceability is subject to the effect of general principles of equity, including, without limitation, concepts of materiality, reasonableness, good faith and
fair dealing (regardless of whether considered in a proceeding in equity or at law). 
 (c) I express no opinion
as to participation and the effect of the law of any jurisdiction other than the State of Michigan wherein any Lender may be located or wherein enforcement of the Loan Documents may be sought that limits the rates of interest legally chargeable or
collectible. 
 I am a member of the Bar of the State of Michigan, and do not express any opinion concerning any law other than
the law of the State of Michigan and the federal laws of the United States of America. 
 This opinion letter is rendered to you
in connection with the above-described transaction. This opinion letter may not be relied upon by you for any other purpose, or relied upon by any other person or entity without my prior written consent (provided, that this opinion letter may be
furnished to and relied upon by a subsequent assignee of, or participant under, the Credit Agreement and a Note, if any, solely for the purpose of such assignment or participation, subject to the assumptions, limitations and qualifications, set
forth herein, without any prior written consent). I undertake no duty to inform you or any assignee or participant of events occurring subsequent to the date hereof. 

 

	
	Very truly yours,

 EXHIBIT E-2 - FORM OF 
 OPINION OF HUNTON & WILLIAMS LLP 
 April 5, 2013 

To each of the Lenders party to the 
 Credit
Agreements defined below 
 DTE Energy Company 
 DTE Electric Company 
 DTE Gas Company 
 Ladies and Gentlemen: 
 This opinion is delivered to you pursuant to
Section 3.01(h)(v) of each of (i) the Second Amended and Restated Five-Year Credit Agreement (the “DTE Energy Credit Agreement”), dated as of April 5, 2013, among DTE Energy Company (“DTE”), the
financial institutions from time to time party thereto as “Lenders” and Citibank, N.A., as administrative agent for such Lenders, (ii) the Second Amended and Restated Five-Year Credit Agreement (the “DTE Electric Credit
Agreement”), dated as of April 5, 2013, among DTE Electric Company (f/k/a The Detroit Edison Company) (“DTE Electric”), the financial institutions from time to time party thereto as “Lenders” and Barclays
Bank PLC, as administrative agent for such Lenders, and (iii) the Second Amended and Restated Five-Year Credit Agreement (the “DTE Gas Credit Agreement” and, together with the DTE Energy Credit Agreement and the DTE Electric
Credit Agreement, the “Credit Agreements”), dated as of April 5, 2013, among DTE Gas Company (f/k/a Michigan Consolidated Gas Company) (“DTE Gas” and, together with DTE and DTE Electric, the
“Borrowers”), the financial institutions from time to time party thereto as “Lenders” and JPMorgan Chase Bank, N.A., as administrative agent for such Lenders. Terms used herein which are defined in each Credit Agreement
shall have the respective meanings set forth in each Credit Agreement, unless otherwise defined herein. 
 We have acted as
special counsel to the Borrowers in connection with the preparation of the Credit Agreements. 
 In connection with this opinion
we have examined a copy of each Credit Agreement and each Note issued on the date hereof signed by each of the parties thereto. We have also examined the originals, or duplicates or certified or conformed copies, of such records, agreements,
instruments and other documents and have made such other investigations as we have deemed relevant and necessary in connection with the opinions expressed herein. As to questions of fact material to this opinion, we have relied upon, without
independent investigation, and have assumed the correctness of, the representations of each Borrower set forth in each Credit Agreement and upon certificates of public officials and of officers and representatives of the Borrowers. 

 In rendering the opinions set forth below, we have assumed the genuineness of all
signatures, the legal capacity of natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as duplicates or certified or conformed copies, and the
authenticity of the originals of such latter documents. We have assumed without independent investigation that (a) the Loan Documents have been duly authorized, executed and delivered by the parties thereto, (b) the parties to the Loan
Documents have been duly incorporated and are validly existing and in good standing under the laws of their jurisdictions of incorporation and have the corporate power and authority to execute, deliver and perform their obligations under the Loan
Documents, (c) the execution, delivery and performance of the Loan Documents by each party thereto (i) have been duly authorized by all necessary entity action on its part, (ii) do not contravene its certificate of organization or
by-laws or similar governing documents or, except as opined upon in paragraph 2 below, violate, or require any consent not obtained under, any applicable law or regulation or any order, writ, injunction or decree of any court or other governmental
authority binding upon any of them and (iii) do not violate, or require any consent not obtained under, any contractual obligation applicable to or binding upon any of them, and (d) each of the Credit Agreements constitutes the valid and
legally binding obligation of the applicable Agent and the applicable Lenders party thereto. 
 Based upon and subject to the
foregoing, and subject to the assumptions, qualifications and comments set forth herein, we are of the opinion that: 
 1. Each
of the Credit Agreements is the legal, valid and binding obligation of the Borrower party thereto, enforceable against such Borrower in accordance with its respective terms. Each of the respective Notes issued on the date hereof is the legal, valid
and binding obligation of the issuing Borrower, enforceable against such Borrower in accordance with its terms. 
 2. The
execution, delivery and performance by each of the Borrowers of the Credit Agreements and the Notes will not violate any Federal or New York statute or any rule or regulation issued pursuant to any Federal or New York statute, in each case which, in
our experience and without independent investigation, is normally applicable to transactions of the type contemplated by the Loan Documents. 
 Our opinion in paragraph 1 above is subject to (i) the effect of any applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or laws affecting creditors’ rights
generally, (ii) general equitable principles (regardless of whether enforcement is sought in a proceeding in equity or at law) and (iii) an implied covenant of good faith and fair dealing. 

We express no opinion with respect to: (a) the effect of any provision of the Credit Agreements or the Notes that is intended
(i) to establish any standard as the measure of the performance by any party thereto of such party’s obligations of good faith, diligence, fair dealing, reasonableness or care or (ii) to permit modification thereof only by means of an
agreement in writing signed by the parties thereto; (b) the effect of any provision of the Credit Agreements or the Notes insofar as it provides that any Person purchasing a participation from a Lender or other Person may exercise set-off or
similar rights with respect to such participation or 

 
that any Lender or other Person may exercise set-off or similar rights other than in accordance with applicable law; (c) the effect of any provision of the Credit Agreements or the Notes
imposing penalties or forfeitures; (d) the effect of any provision of the Credit Agreements or the Notes relating to indemnification or exculpation in connection with violations of any securities laws or relating to indemnification,
contribution or exculpation in connection with willful, reckless or criminal acts or gross negligence of the indemnified or exculpated Person or the Person receiving contribution; (e) any provision of the Credit Agreements or the Notes which
purports to provide for a waiver by the Borrowers of any immunity, defense or right which may be available to the Borrowers; and (f) any provision of the Credit Agreements or the Notes which purports to establish an evidentiary standard for
determinations by any Person. 
 In connection with the provisions of the Credit Agreements whereby the Borrowers submit to the
jurisdiction of the courts of the United States of America located in the State of New York, we note the limitations of 28 U.S.C. §§ 1331 and 1332 on subject matter jurisdiction of the Federal courts. In connection with the provisions of
the Credit Agreements that relate to forum selection (including, without limitation, any waiver of any objection to venue or any objection that a court is an inconvenient forum), we note that under NYCPLR § 510, a New York State court may have
discretion to transfer the place of trial, and under 28 U.S.C. §1404(a), a United States District Court has discretion to transfer an action from one Federal court to another. 

To the extent that any opinion contained herein relates to the enforceability of the choice of New York law provisions of the Credit
Agreements and the Notes, we have, in rendering such opinion, relied solely upon New York General Obligations Law Section 5-1401 and have assumed that the Credit Agreements and the Notes are not entered into with a view to violate the laws of
the jurisdiction in which the contract is to be performed. Further, such opinion is subject to the qualification that such enforceability may be limited by important public policies of a more-interested jurisdiction. We express no opinion regarding
whether a court other than a court of or in the State of New York would give effect to a choice of New York law. 
 This opinion
is being delivered and should be understood with reference to customary practice. See “Statement on the Role of Customary Practice in the Preparation and Understanding of Third-Party Legal Opinions,” 63 BUS. LAW. 1277 (2008). 

We are members of the Bar of the State of New York, and we do not express any opinion concerning any law other than Federal law and the
law of the State of New York. 
 This opinion letter is rendered to you in connection with the above-described transactions.
This opinion letter may not be relied upon by you for any other purpose, or relied upon by any other person or entity without our prior written consent; provided, that this opinion letter may be furnished to and relied upon by a subsequent assignee
of, or participant under, the Credit Agreements or the Notes solely for the purpose of such assignment or participation, subject to the assumptions, limitations and qualifications set forth herein without our prior written consent, on the condition
and understanding that (i) we have no responsibility or obligation to consider the applicability or correctness of this opinion letter to any Person other than its addressees, (ii) any such reliance by a future assignee or participant must
be actual and reasonable under the circumstances existing at the time of assignment or participation and (iii)

 
the knowledge of the addressees with respect to matters addressed in this opinion letter as of the date hereof shall be imputed to all future assignees and participants, including any changes in
law, facts or any other developments known to or reasonably knowable by such an assignee or participant at such time. This opinion letter speaks only as of its date, there is no assurance that it will be correct as of any date after its date, and we
undertake no duty to inform you or any assignee or participant of events occurring subsequent to the date hereof. 
 Very truly
yours, 

 EXHIBIT F - FORM OF 
 COMPLIANCE CERTIFICATE 
 COMPLIANCE CERTIFICATE 

 

	To:	The Lenders parties to the 

Credit Agreement Described Below 
 This Compliance Certificate is furnished pursuant to that certain Second Amended and Restated Five-Year Credit Agreement, dated as of April 5, 2013 (as amended or modified from time to time, the
“Agreement”) among DTE Gas Company, a Michigan corporation (the “Borrower”), the lenders parties thereto, and JPMorgan Chase Bank, N.A., as Agent for the lenders. Unless otherwise defined herein, capitalized terms
used in this Compliance Certificate have the meanings ascribed thereto in the Agreement. 
 THE UNDERSIGNED HEREBY CERTIFIES
THAT: 
 1. I am the duly
elected                     of the Borrower; 
 2. I have reviewed the terms of the Agreement and I have made, or have caused to be made under my supervision, a detailed review of the transactions and conditions of the Borrower and its Subsidiaries
during the accounting period covered by the attached financial statements; 
 3. The examinations described in paragraph 2 did
not disclose, and I have no knowledge of, the existence of any condition or event which constitutes an Event of Default or Default during or at the end of the accounting period covered by the attached financial statements or as of the date of this
Certificate, except as set forth below; and 
 4. Schedule 1 attached hereto sets forth financial data and computations
evidencing the Borrower’s compliance with certain covenants of the Agreement, all of which data and computations are true, complete and correct. 
 Described below are the exceptions, if any, to paragraph 3 by listing, in detail, the nature of the condition or event, the period during which it has existed and the action which the Borrower has taken,
is taking, or proposes to take with respect to each such condition or event: 
 The foregoing certifications, together with the
computations set forth in Schedule I hereto and the financial statements delivered with this Certificate in support hereof, are made and delivered this      day of
                 ,         . 

 

			
	DTE GAS COMPANY
		
	By	 	  

	Name:	 	
	Title:	 	

 SCHEDULE 1 TO COMPLIANCE CERTIFICATE 

Compliance as of                  ,
         with 
 Provisions of Section 5.01(h) of 

the Agreement 

FINANCIAL COVENANT 
 Ratio of Total Funded Debt to Capitalization (Section 6.01(i)). 
  

									
	(A)	 	 Numerator (Total Funded Debt):
	  			
		 	(i)	 	Debt for borrowed money or which has been incurred in connection with the acquisition of assets (exclusive of contingent reimbursement obligations in respect of letters of credit
and bankers’ acceptances):	  	$	            	  
		 	(ii)	 	Minus: Nonrecourse Debt:	  	–$	            	  
		 	(iii)	 	Minus: Junior Subordinated Debt:	  	–$	            	  
		 	(iv)	 	Minus: Mandatorily Convertible Securities:	  	–$	            	  
		 	(v)	 	Minus: Hybrid Equity Securities:	  	–$	            	  
		 	(vi)	 	Minus: For any fiscal quarter other than the fiscal quarter ending on June 30, Excluded Short-Term Debt:	  	–$	            	  
		 	(vii)	 	Plus: Capital lease obligations:	  	+$	            	  
		 	(viii)	 	Plus: Guaranty Obligations of Funded Debt of other Persons:	  	+$	            	  
		 	(ix)	 	Numerator: (A)(i) minus (A)(ii) through (A)(vi) plus (A)(vii) plus (A)(viii):	  	$	            	  
			
	(B)	 	Denominator (Capitalization):	  			
		 	(i)	 	Total Funded Debt: (A)(ix)	  	$	            	  
		 	(ii)	 	Plus: Consolidated Net Worth:	  	+$	            	  
		 	(iii)	 	Denominator: (B)(i) plus (B)(ii):	  	$	            	  
			
	(C)	 	State whether the ratio of (A)(ix) to (B)(iii) was not greater than .65:1:	  	 	YES/NO	  

 EXHIBIT G - FORM OF 
 LENDER SUPPLEMENT 
 LENDER SUPPLEMENT 

Dated                  , 20    

 Reference is made to that certain Second Amended and Restated Five-Year Credit Agreement, dated as of April 5, 2013 (as
amended or modified from time to time, the “Credit Agreement”) among DTE Gas Company, a Michigan corporation (the “Borrower”), the lenders parties thereto (the “Lenders”), and JPMorgan Chase Bank,
N.A., as agent for the Lenders (the “Agent”). Unless otherwise defined herein, capitalized terms used in this Lender Supplement have the meanings ascribed thereto in the Credit Agreement. 

Pursuant to Section 2.04(c) of the Credit Agreement, the Borrower has requested an increase in the aggregate Commitments from
$        to $        . Such increase in the aggregate Commitments is to become effective on the date (the “Effective Date”) which is the later of
(i)                  , 20    and (ii) the date on which the conditions set forth in Section 2.04(c) in respect of such increase
have been satisfied. In connection with such requested increase in the aggregate Commitments, the Borrower, the Agent and                      (the
“Accepting Bank”) hereby agree as follows: 
 1. Effective as of the Effective Date,
[the Accepting Bank shall become a party to the Credit Agreement as a Lender and shall have all of the rights and obligations of a Lender thereunder and shall thereupon have a
Commitment under and for purposes of the Credit Agreement in an amount equal to the] [the Commitment of the
Accepting Bank under the Credit Agreement shall be increased from $        to the] amount set forth opposite the Accepting Bank’s
name on the signature page hereof. 
 [2. The Accepting
Bank hereby (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Lender Supplement and to consummate the transactions contemplated hereby and to become a
Lender under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are required to be satisfied by it in order to acquire an interest thereunder and become a Lender, (iii) from and after
the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of its interest thereunder, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit
Agreement, together with copies of the most recent financial statements delivered pursuant to Section 5.01 thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and
decision to enter into this Lender Supplement and to purchase an interest under the Credit Agreement on the basis of which it has made such analysis and decision independently and without reliance on the Agent or any other Lender, and
(v) attaches any U.S. Internal Revenue Service forms required under Section 2.13 of the Credit Agreement; and (b) agrees that (i) it will, independently and without reliance on the Agent or any other Lender, and based on such
documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the
obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.]5 

 

	5 	To be included only in a Lender Supplement for a new Lender. 

[3.]
 The Borrower hereby represents and warrants that as of the date hereof and as of the Effective Date, (a) all representations and warranties of the Borrower contained in Section 4.01 of the Credit Agreement shall be true and correct in
all material respects as though made on such date; provided that, the foregoing representation and warranty, solely with respect to the representations and warranties set forth in (x) the last sentence of Section 4.01(e) of the
Credit Agreement and (y) Section 4.01(f) of the Credit Agreement, shall be made only as of the “Effective Date” (as such term is defined in the Credit Agreement); and (b) no event shall have occurred and then be continuing
which constitutes a Default. 

[4.]
 THIS LENDER SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 [5.] This Lender Supplement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument. 
 IN WITNESS WHEREOF, the parties hereto have caused this Lender Supplement to be executed by their respective officers thereunto duly authorized, as of the date first above written. 

 

							
		 		 	DTE GAS COMPANY, as the Borrower
				
		 		 	By:	 	  

		 		 	Title:	 	  

 Consented to and Accepted: 
  

			
	JPMORGAN CHASE BANK, N.A., as Agent
		
	By:	 	  

	Title:	 	  

  

							
	COMMITMENT	 		 	ACCEPTING BANK
			
	$            	 		 	[BANK]
				
		 		 	By:	 	  

		 		 	Title:	 	  

 EXHIBIT H - FORM OF 
 CONVERSION NOTICE 
 CONVERSION NOTICE 

Dated                  ,
20         
 Reference is made to that certain Second Amended and Restated Five-Year
Credit Agreement, dated as of April 5, 2013 (as amended or modified from time to time, the “Credit Agreement”) among DTE Gas Company, a Michigan corporation (the “Borrower”), the lenders parties thereto (the
“Lenders”), and JPMorgan Chase Bank, N.A., as agent for the Lenders (the “Agent”). Unless otherwise defined herein, capitalized terms used in this Lender Supplement have the meanings ascribed thereto in the Credit
Agreement. 
 Pursuant to Section 2.08 of the Credit Agreement, the Borrower hereby gives notice of its intent to Convert
the Revolving Credit Advances comprising the following Borrowing(s) on dates set forth below: 
  

	 	(a)	Date of Borrowing:                      

Outstanding principal amount of Borrowing:
                     

Current Type (Base Rate/Eurodollar Rate):
                     

Requested Type (Base Rate/Eurodollar Rate):
                     

Interest Period (if converted Type is Eurodollar Rate):
                     

Requested date of Conversion:
                     
  

	 	(b)	Date of Borrowing:                      

Outstanding principal amount of Borrowing:
                     

Current Type (Base Rate/Eurodollar Rate):
                     

Requested Type (Base Rate/Eurodollar Rate):
                     

Interest Period (if converted Type is Eurodollar Rate):
                     

Requested date of Conversion:
                     
 IN
WITNESS WHEREOF, the Borrower has caused this Conversion Notice to be executed by its officer thereunto duly authorized, as of the date first above written. 

 

			
	DTE GAS COMPANY, as the Borrower
		
	By:	 	  

	Title:	 	  

 EXHIBIT I - FORM OF 
 PREPAYMENT NOTICE 
 PREPAYMENT NOTICE 

Dated                  , 20    

 Reference is made to that certain Second Amended and Restated Five-Year Credit Agreement, dated as of April 5, 2013 (as
amended or modified from time to time, the “Credit Agreement”) among DTE Gas Company, a Michigan corporation (the “Borrower”), the lenders parties thereto (the “Lenders”), and JPMorgan Chase Bank,
N.A., as agent for the Lenders (the “Agent”). Unless otherwise defined herein, capitalized terms used in this Lender Supplement have the meanings ascribed thereto in the Credit Agreement. 

Pursuant to Section 2.09 of the Credit Agreement, the Borrower hereby gives notice of its intent to prepay the outstanding principal
amount of the Revolving Credit Advances relating to the following Borrowing(s) in the following amounts: 
  

	 	1)	Date of Borrowing:                      

Outstanding principal amount of Borrowing:
                     
 Type
(Base Rate/Eurodollar Rate):                      
 Aggregate principal amount of prepayment: $         
  

	 	2)	Date of Borrowing:                      

Outstanding principal amount of Borrowing:
                     
 Type
(Base Rate/Eurodollar Rate):                      
 Aggregate principal amount of prepayment: $         
 IN WITNESS WHEREOF, the Borrower has caused this Prepayment Notice to be executed by its officer thereunto duly authorized, as of the date first above written. 

 

			
	DTE GAS COMPANY, as the Borrower
		
	By:	 	  

	Title:EX-10.34

 Exhibit 10.34 
 WILLIAM LYON HOMES 
 2012 EQUITY INCENTIVE PLAN 

RESTRICTED STOCK AWARD GRANT NOTICE AND 
 RESTRICTED STOCK AWARD AGREEMENT 
 William Lyon Homes, a Delaware
corporation (the “Company”), pursuant to its 2012 Equity Incentive Plan, as amended from time to time (the “Plan”), hereby grants to the individual listed below (“Participant”),
the number of shares of the Company’s Class D common stock, par value $0.01, set forth below (the “Award”). This Restricted Stock Award is subject to all of the terms and conditions as set forth herein and in the
Restricted Stock Award Agreement attached hereto as Exhibit A (the “Restricted Stock Agreement”) (including, without limitation, the Restrictions on the Shares set forth in the Restricted Stock Agreement) and the Plan,
each of which are incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Grant Notice and the Restricted Stock Agreement. 

 

			
	Participant:	 	  

		
	Grant Date:	 	  

		
	Maximum Number of	 	
	Shares of Restricted	 	
	Stock:	 	[                ] shares
		
	Purchase Price per Share:	 	$0.01
		
	Vesting Schedule:	 	Subject to the terms and conditions of the Plan, this Grant Notice and the Restricted Stock Award Agreement, and subject to Participant’s continued service through each
applicable vesting date, the Restrictions shall lapse and the Earned Shares (as defined in Exhibit B) shall vest as set forth below, assuming the Performance Conditions set forth on Exhibit B to this Grant Notice are satisfied:
		
		 	 •       % of the Shares shall vest on
                , 20    ;

		
		 	 •       % of the Shares shall vest on
                , 20    ; and

		
		 	 •       % of the Shares shall vest on
                , 20    ;

		
		 	provided, however, that the Earned Shares shall be subject to accelerated vesting as set forth in Section 2.2(c) of the Restricted Stock
Agreement.

 By his or her signature, Participant agrees to be bound by the terms and conditions of the Plan, the
Restricted Stock Agreement and this Grant Notice. Participant has reviewed the Restricted Stock Agreement, the Plan and this Grant Notice in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice
and fully understands all provisions of this Grant Notice, the Restricted Stock Agreement and the Plan. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator of the Plan upon any
questions arising under the Plan, this Grant Notice or the Restricted Stock Agreement. If Participant is married, his or her spouse has signed the Consent of Spouse attached to this Grant Notice as Exhibit C. 

									
	WILLIAM LYON HOMES:	 		 	PARTICIPANT:
					
	By:	 	  
	 		 	By:	 	  

	Print Name:	 	  
	 		 	Print Name:	 	  

	Title:	 	  
	 		 		 	
	Address:	 	4695 MacArthur Court	 		 	Address:	 	  

		 	 8th Floor
 Newport Beach, CA
92660
	 		 		 	  

  

			
	Attachments:	  	Restricted Stock Award Agreement (Exhibit A)
		  	Performance Conditions (Exhibit B)
		  	Consent of Spouse (Exhibit C)
		  	Assignment Separate from Certificate (Exhibit D)
		  	Joint Escrow Instructions (Exhibit E)
		  	 Form of Internal Revenue Code Section 83(b) Election and Instructions

(Exhibit F)

		  
		
		  	 •   Election under Internal Revenue Code Section 83(b) (Attachment 1 to Exhibit
F)

		
		  	 •   Sample Cover Letter to Internal Revenue Service (Attachment 2 to Exhibit
F)

		  

  
 2 

 EXHIBIT A 
 TO RESTRICTED STOCK AWARD GRANT NOTICE  
 WILLIAM LYON HOMES
RESTRICTED STOCK AWARD AGREEMENT 
 Pursuant to the Restricted Stock Award Grant Notice (the “Grant
Notice”) to which this Restricted Stock Award Agreement (this “Agreement”) is attached, William Lyon Homes, a Delaware corporation (the “Company”), has granted to Participant the right to
purchase the number of Shares under the William Lyon Homes 2012 Equity Incentive Plan, as amended from time to time (the “Plan”), as set forth in the Grant Notice. 

ARTICLE I. 

GENERAL 

1.1 Defined Terms. Wherever the following terms are used in this Agreement they shall have the meanings specified below, unless
the context clearly indicates otherwise. Capitalized terms not specifically defined herein shall have the meanings specified in the Plan and the Grant Notice. 
 (a) “Cause” shall have the meaning set forth in any employment, consulting or similar agreement with the Company or any of its Affiliates to which Participant is a party on the
date of grant. 
 (b) “Change in Control” shall have the meaning set forth in any employment, consulting
or similar agreement with the Company or any of its Affiliates to which Participant is a party on the date of grant, and in the absence of such agreement or definition, “Change in Control” shall have the meaning set forth in
the Plan. 
 (c) “Conversion Date” shall have the meaning set forth in the Company’s Amended and
Restated Certificate of Incorporation, as the same may be amended from time to time. 
 (d) “Good
Reason” shall have the meaning set forth in any employment, consulting or similar agreement with the Company or any of its Affiliates to which Participant is a party on the date of grant. If Participant is not a party to such an
agreement, “Good Reason” shall mean, in each case, without Participant’s prior written consent: (i) the Company’s breach of any material provision of this Agreement or any other material agreement that
Participant and the Company are parties to; (ii) the material diminution in the authority or duties of Participant; (iii) the material diminution in the annual base compensation of Participant (except for across-the-board reductions or
similar reductions affecting Company senior employees); or (iv) a material change in the geographic location at which Participant must perform services for the Company or its Affiliate (which results in a relocation of at least fifty
(50) miles); provided, that “Good Reason” shall only exist if Participant provides written notice to the Company of the existence of the condition described herein within sixty (60) days following the initial
existence of such condition, upon the notice of which the Company has sixty (60) days during which it may remedy the condition without penalty to the Company. 
 (e) “Initial Public Offering” shall mean the initial underwritten public offering by the Company of Class A Common Stock pursuant to an effective registration statement under
the Securities Act. 
 (f) “Permitted Transfer” shall have the meaning set forth in
Section 2.4(a). 

  
 A-1

 (g) “Permitted Transferee” shall mean any Person to whom a
Permitted Transfer of Shares is made, but only with regard to Shares that were the subject of a Permitted Transfer. 
 (h)
“Person” shall mean a company, a corporation, an association, a partnership, a limited liability company, an organization, a joint venture, a trust or other legal entity, an individual, a government or political subdivision
thereof or a governmental agency. 
 (i) “Termination of Consultancy” shall mean the time when the
engagement of Participant as a Consultant to the Company or an Affiliate is terminated for any reason, with or without cause, including, but not by way of limitation, by resignation, discharge, death, Disability or retirement, but excluding:
(a) terminations where there is a simultaneous employment or continuing employment of Participant by the Company or any Affiliate, and (b) terminations where there is a simultaneous re-establishment of a consulting relationship or
continuing consulting relationship between Participant and the Company or any Affiliate. The Administrator, in its absolute discretion, shall determine the effect of all matters and questions relating to Termination of Consultancy, including, but
not by way of limitation, the question of whether a particular leave of absence constitutes a Termination of Consultancy. Notwithstanding any other provision of the Plan, the Company or any Affiliate has an absolute and unrestricted right to
terminate a Consultant’s service at any time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in writing. 
 (j) “Termination of Directorship” shall mean the time when Participant, if he or she is or becomes a Non-Employee Director, ceases to be a Non-Employee Director for any reason,
including, but not by way of limitation, a termination by resignation, failure to be elected, death or retirement. The Board, in its sole and absolute discretion, shall determine the effect of all matters and questions relating to Termination of
Directorship with respect to Non-Employee Director. 
 (k) “Termination of Employment” shall mean the
time when the employee-employer relationship between Participant and the Company or any Affiliate is terminated for any reason, with or without cause, including, but not by way of limitation, a termination by resignation, discharge, death,
Disability or retirement, but excluding: (a) terminations where there is a simultaneous reemployment or continuing employment of Participant by the Company or any Affiliate, and (b) terminations where there is a simultaneous establishment
of a consulting relationship or continuing consulting relationship between Participant and the Company or any Affiliate. The Administrator, in its absolute discretion, shall determine the effect of all matters and questions relating to Termination
of Employment, including, but not by way of limitation, the question of whether a particular leave of absence constitutes a Termination of Employment. 
 (l) “Termination of Services” shall mean Participant’s Termination of Consultancy, Termination of Directorship or Termination of Employment, as applicable. 

(m) “Transfer” shall mean any sale, transfer, assignment, hypothecation, encumbrance, placement in trust (voting
or otherwise) or transfer by operation of law (other than by way of a merger or consolidation of the Company) or other disposition, whether direct or indirect, whether voluntary or involuntary, whether by gift, bequest or otherwise, of shares. In
the case of a hypothecation, the Transfer shall be deemed to occur both at the time of the initial pledge and at any pledgee’s sale or a sale by any secured creditor or a retention by the secured creditor of the pledged shares in complete or
partial satisfaction of the indebtedness for which the shares are security. 
 (n) “Transferee” shall
mean any Person (including a Permitted Transferee) to whom Participant wishes to Transfer any Shares. 
 1.2 Incorporation of
Terms of Plan. The Award is subject to the terms and conditions of the Plan which are incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control. 

  
 A-2

 ARTICLE II. 
 AWARD OF RESTRICTED STOCK 
 2.1 Award of Restricted Stock.

 (a) Award. In consideration of Participant’s past and/or continued employment with or service to the Company or
one of its Affiliates, and for other good and valuable consideration which the Administrator has determined exceeds the aggregate par value of the Shares subject to the Award, as of the Grant Date, the Company issues to Participant the Award
described in this Agreement. The number of Shares subject to the Award is set forth in the Grant Notice. Participant is an Employee, Non-Employee Director or Consultant of the Company or one of its Affiliates. 

(b) Purchase Price; Book Entry Form. The purchase price of the Shares, if any, is set forth on the Grant Notice. At the sole
discretion of the Administrator, the Shares will be issued in either (i) uncertificated form, with the Shares recorded in the name of Participant in the books and records of the Company’s transfer agent with appropriate notations regarding
the restrictions on transfer imposed pursuant to this Agreement, and upon vesting and the satisfaction of all conditions set forth in Section 2.2, the Company shall cause certificates representing the Shares to be issued to Participant; or
(ii) certificate form pursuant to the terms of Sections 2.1(c) and (d). 
 (c) Legend. Certificates representing
Shares issued pursuant to this Agreement shall, until all Restrictions (as defined below) imposed pursuant to this Agreement lapse or shall have been removed and the Shares shall thereby have become vested or the Shares represented thereby have been
forfeited hereunder, bear the following legend (or such other legend as shall be determined by the Administrator): 
 “THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN VESTING REQUIREMENTS, CERTAIN RESTRICTIONS ON TRANSFER, SALE AND HYPOTHECATION, CERTAIN REPURCHASE RIGHTS AND FORFEITURE UNDER THE TERMS OF A RESTRICTED STOCK AWARD AGREEMENT, BY AND
BETWEEN WILLIAM LYON HOMES AND THE REGISTERED OWNER OF SUCH SHARES, AND SUCH SHARES MAY NOT BE, DIRECTLY OR INDIRECTLY, OFFERED, TRANSFERRED, SOLD, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF UNDER ANY CIRCUMSTANCES, EXCEPT PURSUANT TO
THE PROVISIONS OF SUCH AGREEMENT. SUCH SECURITIES MAY ALSO BE SUBJECT TO DRAG-ALONG AND TAG-ALONG RIGHTS IN THE FUTURE.” 

(d) Escrow. The Secretary of the Company or such other escrow holder as the Administrator may appoint may retain physical custody
of the certificates representing the Shares until all of the Restrictions imposed pursuant to this Agreement lapse or shall have been removed; in such event Participant shall not retain physical custody of any certificates representing unvested
Shares issued to him or her. Participant, by acceptance of the Award, shall be deemed to appoint, and does so appoint the Company and each of its authorized representatives as Participant’s attorney(s)-in-fact to effect any transfer of unvested
forfeited Shares (or Shares otherwise reacquired by the Company hereunder) to the Company as may be required pursuant to the Plan or this Agreement and to execute such documents as the Company or such representatives deem necessary or advisable in
connection with any such transfer, including the Assignment Separate from Certificate, set forth as Exhibit D to the Grant Notice, duly endorsed in blank. 

  
 A-3

 (e) Delivery of Certificates Upon Vesting. Subject to the Company’s rights set
forth in Section 2.5, as soon as administratively practicable after the vesting of any Shares subject to the Award and lapse of Restrictions pursuant to Section 2.2(b), the Company shall, as applicable, either remove the notations on any
Shares subject to the Award issued in book entry form that have vested or deliver to Participant a certificate or certificates evidencing the number of Shares subject to the Award that have vested in accordance with Joint Escrow Instructions set
forth on Exhibit E to the Grant Notice. Participant (or the beneficiary or personal representative of Participant in the event of Participant’s death or incapacity, as the case may be) shall deliver to the Company any representations or
other documents or assurances required by the Company. The Shares so delivered shall no longer be subject to the Restrictions hereunder. 
 2.2 Conditions. 
 (a) Forfeiture. Subject to Section 2.2(c),
any portion of the Award that is not vested as of the date of Participant’s Termination of Services shall thereupon be forfeited immediately and without any further action by the Company. For purposes of this Agreement,
“Restrictions” shall mean the restrictions on sale or other transfer set forth in Sections 2.4 through 2.6 and the risk of forfeiture set forth in Sections 2.2(a) and 2.2(b) and the vesting schedule set forth on the Grant
Notice. 
 (b) Vesting and Lapse of Restrictions. Subject to Sections 2.2(a) and 2.2(c), the Earned Shares (as defined in
Exhibit B) pursuant to the Award shall vest and the Restrictions shall lapse in accordance with the vesting schedule set forth on the Grant Notice and upon satisfaction of the Performance Conditions set forth on Exhibit B. For the
avoidance of doubt, the Right of Repurchase shall only lapse as set forth in Section 2.2(c). 
 (c) Acceleration of
Vesting. Notwithstanding any other provision of this Agreement to the contrary, in the event of [(i) a Change in Control or (ii)] Participant’s Termination of Services by the Company without Cause or by Participant for Good Reason [on or
within twelve (12) months following a Change in Control, in connection with which the successor corporation does not assume the Award or substitute an equivalent right for the Award], [in either case,] the “Earned Shares” shall become
fully vested and the Restrictions thereupon shall lapse. For purposes of this Section 2.2(c), “Earned Shares” shall be the number of Shares equal to (x) the “Target Shares” (as defined in Exhibit B) before the
“Determination Date” (as defined in Exhibit B), or (y) the “Earned Shares” (as determined in accordance with Exhibit B) on or after the Determination Date. 

(d) Tax Withholding. Notwithstanding any other provision of this Agreement to the contrary, no new certificate shall be delivered
to Participant or his or her legal representative, and no Shares shall be entered in book entry form, unless and until Participant or his or her legal representative shall have paid to the Company the full amount of all federal and state withholding
or other taxes applicable to the taxable income of Participant resulting from the grant of Shares or the lapse or removal of the Restrictions and issuance of Shares hereunder. Such payment shall be made by deduction from other compensation payable
to Participant or in such other form of consideration acceptable to the Company which may, in the sole discretion of the Administrator, include: 
 (i) Cash or check; or 
 (ii) Other property acceptable to and approved by the
Administrator (including, without limitation, through the delivery of a notice that Participant has placed a market sell 

  
 A-4

 
order with a broker with respect to Shares for which the Restrictions are then subject to lapse, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale
to the Company in satisfaction of its withholding obligations; provided, that payment of such proceeds is then made to the Company upon settlement of such sale). 
 (e) Conditions to Delivery of Shares. Subject to Section 2.1, the Shares deliverable under this Award may be either previously authorized but unissued Shares or issued Shares that have then
been reacquired by the Company. Such Shares shall be fully paid and nonassessable. The Company shall not be required to issue or deliver any Shares under this Award prior to fulfillment of all of the following conditions: 

(i) The admission of such Shares to listing on all stock exchanges on which the Shares are then listed; 

(ii) The completion of any registration or other qualification of such Shares under any state or federal law or under rulings or
regulations of the Securities and Exchange Commission or of any other governmental regulatory body, which the Administrator shall, in its absolute discretion, deem necessary or advisable; 

(iii) The obtaining of any approval or other clearance from any state or federal governmental agency that the Administrator shall, in
its absolute discretion, determine to be necessary or advisable; 
 (iv) The receipt by the Company of full payment for such
Shares, including payment of any applicable withholding tax; and 
 (v) The lapse of such reasonable period of time following
the grant of this Award as the Administrator may from time to time establish for reasons of administrative convenience. 
 2.3
Consideration to the Company. In consideration of the grant of the Award by the Company, Participant agrees to render faithful and efficient services to the Company or any Affiliate. Nothing in the Plan or this Agreement shall confer upon
Participant any right to continue in the employ or service of the Company or any Affiliate or shall interfere with or restrict in any way the rights of the Company and its Affiliates, which rights are hereby expressly reserved, to discharge or
terminate the services of Participant at any time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in a written agreement between the Company or an Affiliate and Participant. 

2.4 General Restrictions on Transfer of Shares. 
 (a) Permitted Transfers of Shares. Subject to compliance with the restrictions and conditions set forth in this Section 2.4, with the consent of the Administrator, Participant may
Transfer vested Shares subject to the Award (i) by the laws of descent and distribution, or (ii) by gift or domestic relations order to a “family member” (as defined in Rule 701 under the Securities Act) (any such Transfer shall
be referred to as a “Permitted Transfer”). No Permitted Transferee of Participant shall be permitted to Transfer Shares to any Person to whom Participant would not be permitted to Transfer Shares pursuant to the terms of this
Agreement. 
 (b) Conditions to Transfer. No Transfer (including a Permitted Transfer) of any Shares may occur unless and
until (i) the Company shall have received prior written notice of the proposed Transfer, setting forth the proposed Transferee and the circumstance and details thereof (the 

  
 A-5

 
“Notice”); (ii) the Company shall (at its option) have received a written opinion, from an attorney and in a form reasonably satisfactory to the Company, specifying
the nature and circumstances of the proposed Transfer, and stating that the proposed Transfer will not be in violation of any Applicable Law; (iii) if such Transfer occurs prior to the Conversion Date, the Company shall have received from the
Transferee (and the Transferee’s spouse, if such spouse will have a community property interest in the Shares) a written consent to be bound by all of the terms and conditions of this Agreement; and (iv) the Transfer complies with all
other applicable requirements of this Agreement. 
 (c) No Transfers of Unvested Shares. In no event shall Participant
Transfer any Shares that are not vested (or any right or interest therein) to any Person in any manner whatsoever, whether voluntarily or by operation of law or otherwise. Any Transfer of any unvested Shares shall be null and void and of no force or
effect. 
 (d) Transferee Bound by Agreement. Prior to the Conversion Date, the Shares subject to the Award that are
owned or controlled by a Transferee (including a Permitted Transferee) shall for all purposes be subject to the terms of this Agreement (as if the Transferee were Participant), whether or not such Transferee has executed a consent to be bound by
this Agreement. 
 (e) Invalid Sales. Notwithstanding any provision in this Agreement to the contrary, any Transfer under
this Section 2.4 shall be subject to the Company’s Right to Repurchase in Section 2.5. Any purported Transfer of Shares made without fully complying with all of the provisions of this Agreement shall be null and void and
without force or effect. 
 (f) Termination of Transfer Restrictions. The restrictions set forth in this
Section 2.4 shall terminate upon the earliest of the following: (i) written agreement of the Company and Participant, or (ii) the Initial Public Offering. 

2.5 Company’s Right to Repurchase Shares. 
 (a) Events Giving Rise to Right to Repurchase. In the event (i) there is filed by or against Participant (x) a petition to have Participant adjudged a bankrupt or (y) a petition for
reorganization or arrangement or other relief under any law relating to bankruptcy, unless in the case of a petition filed against Participant the same is dismissed within thirty (30) days, (ii) Participant experiences a Termination of
Services by himself or herself without Good Reason, or (iii) Participant experiences a Termination of Services for Cause, the Company shall have, in addition to, and not in lieu of, any other rights hereunder, the right to repurchase the vested
Shares owned by Participant and by his Permitted Transferees, at the price specified in Section 2.5(c) and on the other terms set forth in Section 2.5(d). Participant agrees to give written notice to the Company of the
occurrence, with respect to himself, of an event of the type described in clause (i) of this Section 2.5(a) within ten (10) days after the occurrence of any such event (the “Participant’s Notice”).
[Notwithstanding the foregoing, in no event shall the Company’s right to repurchase be exercised if the Participant experiences a Termination of Services due to the Company’s failure to renew the Participant’s employment agreement
following the expiration of its term.] 
 (b) Manner of Exercise. 

(i) The Company shall exercise its right to repurchase under this Section 2.5 by providing written notice to Participant and
his Permitted Transferees stating that any or all of the vested Shares owned by Participant and by his or her Permitted Transferees are being purchased and specifying the event giving rise to the right to repurchase, which notice shall be delivered
to Participant or his or her Permitted Transferees within sixty (60) days after the later of (A) the occurrence of the event 

  
 A-6

 
giving rise to the right of repurchase or (B) receipt by the Company of Participant’s Notice. Upon delivery of such written notice, the Company shall be obligated to purchase from
Participant, and Participant shall be obligated to sell to the Company, the number of vested Shares set forth in the Company’s notice on the terms and conditions set forth in this Section 2.5. 

(ii) If the Company fails to exercise its right to repurchase within such sixty (60)-day period, the remaining vested Shares that were
subject to such right to repurchase shall remain subject to all of the terms and conditions of this Agreement, excluding only such right to repurchase in this instance and with respect to the specific event that occurred. 

(c) Purchase Price. In the case of any purchase pursuant to clauses (i) or (ii) of Section 2.5(a), the
purchase price shall be equal to the Fair Market Value of the Shares repurchased as of the date of the event giving rise to the Company’s right to repurchase. In the case of any purchase pursuant to Section 2.5(a)(iii), the purchase
price shall be equal to the lower of (i) the Fair Market Value of the Shares to be repurchased as of the date of the event giving rise to the right to repurchase or (ii) the purchase price paid, if any, by Participant to the Company for
the Shares to be repurchased. 
 (d) Payments; Closing. With respect to any Shares purchased by the Company pursuant to
this Section 2.5, the purchase price shall be paid in cash. Subject to Section 2.6, the closing of any purchase and sale made pursuant to this Section 2.5 shall be held at a time specified by the Company within
forty-five (45) days following the exercise of the Company’s right to repurchase at the then principal offices of the Company, or such other place as is agreed upon by the parties thereto. At the closing, (i) Participant shall deliver
to the Company the Shares, free and clear of all liens and encumbrances, and duly endorsed for transfer or accompanied by duly executed stock powers, and (ii) the Company shall deliver to Participant the purchase price in the form of cash.

 (e) Termination of Repurchase Right. The repurchase right set forth in this Section 2.5 shall terminate
upon the earliest of the following: (i) the written agreement of the Company and Participant, or (ii) the Initial Public Offering. 
 2.6 Limitations on Repurchases. The Company shall not exercise any right under this Agreement to purchase more Shares than it is permitted to purchase under the terms of Applicable Law or under the
terms of any indenture or loan or credit agreement. In the event a purchase of the Shares by the Company pursuant to Section 2.5 shall be prohibited by Applicable Law or would cause a default under the terms of any indenture or loan or
credit agreement to which the Company or its Affiliates may be a party, the Company shall so notify Participant. In such event, the obligation of Participant to sell such Shares to the Company and the obligation of the Company to purchase such
Shares from Participant shall be suspended until such time as such prohibition first lapses or is waived and no such default would be caused; provided, however, that the purchase price to be paid by the Company for the Shares shall
accrue interest at the applicable federal rate under the Internal Revenue Code of 1986, as amended. 
 ARTICLE III.

 OTHER PROVISIONS 
 3.1 Tax Withholding and Section 83(b) Election. The Company shall be entitled to require a cash payment by or on behalf of Participant and/or to deduct from other compensation payable to
Participant any sums required by federal, state or local tax law to be withheld with respect to the grant or vesting of the Award or the lapse of the Restrictions hereunder. Participant understands that Section 83(a) of the Internal Revenue
Code taxes as ordinary income the difference between the amount, if any, paid for the Shares and the Fair Market Value of such Shares at the time the Restrictions on such Shares lapse. Participant understands that, notwithstanding the preceding
sentence, Participant may elect 

  
 A-7

 
to be taxed at the time of the Grant Date, rather than at the time the Restrictions lapse, by filing an election under Section 83(b) of the Code (an “83(b) Election”)
with the Internal Revenue Service within 30 days of the Grant Date, a sample of which is set forth as Exhibit F to the Grant Notice. In the event Participant files an 83(b) Election, Participant shall provide the Company a copy thereof prior
to the expiration of such 30 day period. Participant understands that in the event an 83(b) Election is filed with the Internal Revenue Service within such time period, Participant will recognize ordinary income in an amount equal to the difference
between the amount, if any, paid for the Shares and the Fair Market Value of such Shares as of the Grant Date. Participant further understands that an additional copy of such 83(b) Election form should be filed with his or her federal income tax
return for the calendar year in which the date of this Agreement falls. Participant acknowledges that the foregoing is only a summary of the effect of United States federal income taxation with respect to the Award hereunder, and does not purport to
be complete. 
 PARTICIPANT FURTHER ACKNOWLEDGES THAT THE COMPANY IS NOT RESPONSIBLE FOR FILING PARTICIPANT’S 83(b) ELECTION, AND THE
COMPANY HAS DIRECTED PARTICIPANT TO SEEK INDEPENDENT ADVICE REGARDING THE APPLICABLE PROVISIONS OF THE INTERNAL REVENUE CODE, THE INCOME TAX LAWS OF ANY MUNICIPALITY, STATE OR FOREIGN COUNTRY IN WHICH PARTICIPANT MAY RESIDE, AND THE TAX CONSEQUENCES
OF PARTICIPANT’S DEATH. 
 PARTICIPANT HEREBY ASSUMES ALL RESPONSIBILITY FOR FILING PARTICIPANT’S 83(b) ELECTION AND PAYING ANY TAXES
RESULTING FROM SUCH ELECTION OR FROM FAILURE TO FILE THE ELECTION AND PAYING TAXES RESULTING FROM THE LAPSE OF THE RESTRICTIONS ON THE UNVESTED SHARES. 
 PARTICIPANT UNDERSTANDS THAT PARTICIPANT MAY SUFFER ADVERSE TAX CONSEQUENCES AS A RESULT OF PARTICIPANT’S PURCHASE OR DISPOSITION OF THE SHARES AND PARTICIPANT REPRESENTS THAT PARTICIPANT IS NOT
RELYING ON THE COMPANY FOR ANY TAX ADVICE. 
 3.2 Rights as Stockholder. Except as otherwise provided herein, upon the
Grant Date Participant shall have all the rights of a stockholder with respect to the Shares, subject to the Restrictions herein, including the right to vote the Shares; provided, however, that any distributions or dividends with respect to
unvested Shares shall be held by the Company and shall be released to Participant only as the underlying Shares vest; provided, further, that at the discretion of the Company, and prior to the delivery of Shares, Participant may be required
to execute a stockholders agreement in such form as shall be determined by the Company. 
 3.3 Not a Contract of
Employment. Nothing in this Agreement or in the Plan shall confer upon Participant any right to continue to serve as an employee or other service provider of the Company or any of its Affiliates. 

3.4 Nonsolicitation. As a condition of being granted the Shares subject to the Award, Participant agrees
that, during the period beginning on the date of Participant’s Termination of Services and ending on the second
(2nd) anniversary thereof, Participant will not, and
will not assist any other Person to, hire, solicit or recruit the employment or services of (whether as an employee, officer or director) any individual who, at the time of such hiring, solicitation or recruitment or at any time during the six
(6) months preceding such Termination of Services, was an executive employee or officer of the Company or any Affiliate; provided, however, that if Participant is party to an employment agreement with the Company or its Affiliate,
any nonsolicitation provision in such agreement shall govern. 

  
 A-8

 3.5 Market Stand Off. Participant agrees not to sell, make any short sale of, loan,
grant any option for the purchase of, or otherwise dispose of (including by means of sales pursuant to Rule 144), any Shares of the Company’s capital stock during the 180-day period beginning on the effective date of the registration statement
for an Initial Public Offering and during the 90-day period beginning on the effective date of the registration statement for any other underwritten offering (except as part of such underwritten registration), unless the managing underwriters for
the registered public offering otherwise agree. 
 3.6 Conversion of Shares. Immediately upon the Conversion Date, each
Share held by Participant hereunder (whether vested or unvested) shall automatically convert to one share of Class A Common Stock, and such shares of Class A Common Stock shall otherwise remain subject to the provisions of this Agreement.

 3.7 Governing Law. The laws of the State of Delaware shall govern the interpretation, validity, administration,
enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws. 
 3.8 Conformity to Securities Laws. Participant acknowledges that the Plan and this Agreement are intended to conform to the extent necessary with all provisions of the Securities Act and the
Exchange Act, and any and all regulations and rules promulgated thereunder by the Securities and Exchange Commission. Notwithstanding anything herein to the contrary, the Plan shall be administered, and the Award is granted, only in such a manner as
to conform to such laws, rules and regulations. To the extent permitted by Applicable Law, the Plan and this Agreement shall be deemed amended to the extent necessary to conform to such laws, rules and regulations. 

3.9 Amendment, Suspension and Termination. To the extent permitted by the Plan, this Agreement may be wholly or partially amended
or otherwise modified, suspended or terminated at any time or from time to time by the Committee or the Board, provided, that, except as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this
Agreement shall adversely affect the Award in any material way without the prior written consent of Participant. 
 3.10
Notices. Notices required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery or upon deposit in the United States mail by certified mail, with postage and fees prepaid, addressed to
Participant to his or her address shown in the Company records, and to the Company at its principal executive office. 
 3.11
Application to Other Stock. In the event any capital stock of the Company or any other corporation shall be distributed on, with respect to, or in exchange for, the Shares subject to the Award as a stock dividend, stock split,
reclassification or recapitalization in connection with any merger or reorganization or otherwise, all restrictions, rights and obligations set forth in this Agreement shall apply with respect to such other capital stock to the same extent as they
are, or would have been applicable, to the Shares subject to the Award on or with respect to which such other capital stock was distributed. 
 3.12 Additional Documents. Each party agrees to execute any and all further documents and writings, and to perform such other actions, that may be or become reasonably necessary or expedient to be
made effective and carry out this Agreement. 
 3.13 No Third-Party Benefits. Except as otherwise expressly provided in
this Agreement, none of the provisions of this Agreement shall be for the benefit of, or enforceable by, any third-party beneficiary. 

  
 A-9

 3.14 Successors and Assigns. The Company may assign any of its rights under this
Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Agreement shall be binding upon Participant and his
or her heirs, executors, administrators, successors and assigns. 
 3.15 Severability. The validity, legality or
enforceability of the remainder of this Agreement shall not be affected even if one or more of the provisions of this Agreement shall be held to be invalid, illegal or unenforceable in any respect. 

3.16 Equitable Relief. Participant acknowledges that, in the event of a threatened or actual breach of any of the provisions of
this Agreement, damages alone will be an inadequate remedy, and such breach will cause the Company great, immediate and irreparable injury and damage. Accordingly, Participant agrees that the Company shall be entitled to injunctive and other
equitable relief, and that such relief shall be in addition to, and not in lieu of, any remedies it may have at law or under this Agreement. 
 3.17 Arbitration. 
 (a) General. Any controversy, dispute, or claim
between the parties to this Agreement, including any claim arising out of, in connection with, or in relation to, the formation, interpretation, performance or breach of this Agreement shall be settled exclusively by arbitration, before a single
arbitrator, in accordance with this Section 3.17 and the then-applicable JAMS Employment Arbitration Rules and Procedures (“JAMS Rules”). Judgment upon any award rendered by the arbitrator may be entered by any
state or federal court having jurisdiction thereof. Such arbitration shall be administered by JAMS. Arbitration shall be the exclusive remedy for determining any such dispute, regardless of its nature. Notwithstanding the foregoing, either party may
in an appropriate matter apply to a court for provisional relief, including a temporary restraining order or a preliminary injunction, on the ground that the award to which the applicant may be entitled in arbitration may be rendered ineffectual
without provisional relief. Unless mutually agreed by the parties otherwise, any arbitration shall take place in Orange County, California. 
 (b) Selection of Arbitrator. In the event the parties are unable to agree upon an arbitrator, the arbitrator shall be selected in accordance with the JAMS Rules. 

(c) Applicability of Arbitration; Remedial Authority. This agreement to resolve any disputes by binding arbitration shall extend
to claims against any parent, subsidiary or affiliate of each party, and, when acting within such capacity, any officer, director, shareholder, employee or agent of each party, or of any of the above, and shall apply as well to claims arising out of
state and federal statutes and local ordinances as well as to claims arising under the common law. In the event of a dispute subject to this paragraph, the parties to the arbitration shall be entitled to reasonable discovery subject to the
discretion of the arbitrator. The remedial authority of the arbitrator (which shall include the right to grant injunctive or other equitable relief) shall be the same as, but no greater than, would be the remedial power of a court having
jurisdiction over the parties and their dispute. The arbitrator shall, upon an appropriate motion, dismiss any claim without an evidentiary hearing if the party bringing the motion establishes that he or it would be entitled to summary judgment if
the matter had been pursued in court litigation. In the event of a conflict between the JAMS Rules and these procedures, the provisions of these procedures shall govern. 
 (d) Fees and Costs. Any filing or administrative fees shall be borne initially by the party requesting arbitration. The Company shall be responsible for the costs and fees of the arbitration.
Notwithstanding the foregoing, each Party shall be responsible for and pay their own attoneys’ fees and costs incurred in connection with such arbitration, except as may be awarded to a prevailing party under Applicable Law. 

  
 A-10

 (e) Award Final and Binding. The arbitrator shall render an award and written
opinion, and the award shall be final and binding upon the parties. If any of the provisions of this paragraph, or of this Agreement, are determined to be unlawful or otherwise unenforceable, in whole or in part, such determination shall not affect
the validity of the remainder of this Agreement, and this Agreement shall be reformed to the extent necessary to carry out its provisions to the greatest extent possible and to insure that the resolution of all conflicts between the parties,
including those arising out of statutory claims, shall be resolved by neutral, binding arbitration. If a court should find that the arbitration provisions of this Agreement are not absolutely binding, then the parties intend any arbitration decision
and award to be fully admissible in evidence in any subsequent action, given great weight by any finder of fact, and treated as determinative to the maximum extent permitted by law. 

3.18 Headings. The section headings in this Agreement are inserted only as a matter of convenience, and in no way define, limit,
extend or interpret the scope of this Agreement or of any particular section. 
 3.19 Number and Gender. Throughout this
Agreement, as the context may require, (a) the masculine gender includes the feminine and the neuter gender includes the masculine and the feminine; (b) the singular tense and number includes the plural, and the plural tense and number
includes the singular; (c) the past tense includes the present, and the present tense includes the past; (d) references to parties, sections, paragraphs and exhibits mean the parties, sections, paragraphs and exhibits of and to this
Agreement; and (e) periods of days, weeks or months mean calendar days, weeks or months. 
 3.20 Limitations Applicable
to Section 16 Persons. Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan, the Award and this Agreement shall be subject to any additional
limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by
Applicable Law, this Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive rule. 

3.21 Limitation on Participant’s Rights. Participation in the Plan confers no rights or interests other than as herein
provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets.
Participant shall have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the Shares issuable hereunder. 

3.22 Entire Agreement. The Plan, the Grant Notice and this Agreement (including all Exhibits thereto) constitute the entire
agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof. 
 3.23 Counterparts. This Agreement may be executed simultaneously 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. 

  
 A-11

 EXHIBIT B 
 TO RESTRICTED STOCK AWARD GRANT NOTICE  
 PERFORMANCE
CONDITIONS 
 A. Performance Conditions. 
 1. The Participant shall be entitled to earn the number of Shares set forth below (the “Earned Shares”), based on achievement of the ROE performance goal for the Performance Period
at the performance level indicated below, subject to the Administrator’s certification of the level of achievement of the ROE performance goal as soon as practicable following the end of the Performance Period (such date, the
“Determination Date”). 
  

									
	 Maximum Shares
	  	Target Shares	 	 	Threshold Shares	 
	 [                ]Shares
	  	 	[                	] Shares 	 	 	[                	] Shares 

 2. Earned Shares shall be calculated by the Administrator as set forth below. The Earned Shares shall be
rounded down to the nearest whole Share. The Administrator, in its sole discretion, shall determine whether and to what extent Shares may be awarded if achievement of the ROE performance goal is above the Maximum Performance Level or below the
Threshold Performance Level. 
  

			
	 ROE for Performance Period
	 	 Earned Shares

	At Maximum Performance Level	 	Maximum Shares
	Between Target Performance Level and 
Maximum Performance Level	 	Determined by linear 2:1 increase/decrease between the Target Shares and the Maximum Shares
	At Target Performance Level	 	Target Shares
	Between Threshold Performance Level and 
Target Performance Level	 	Determined by linear 2:1 increase/decrease between the Threshold Shares and the Target Shares
	At Threshold Performance Level	 	Threshold Shares

 3. Any Shares that are determined not to be Earned Shares shall be forfeited immediately. Any Shares
remaining unearned and/or unvested and subject to the Restrictions on the first day following the third anniversary of the Grant Date shall be forfeited immediately. 
 B. Definitions. 
 “Target Performance Level”
shall mean a ROE of [    ]% during the Performance Period. 
 “Maximum Performance
Level” shall mean 125% of the Target Performance Level. 
 “Threshold Performance Level”
shall mean 75% of the Target Performance Level. 
 “ROE” shall mean the Company’s Return on Equity,
calculated as [            ]. The Administrator, in its sole discretion, may consider any adjustments to the ROE performance goal. 

“Performance Period” shall mean the Company’s fiscal year ending
[                    ]. 

  
 B-1

 EXHIBIT C 
 TO RESTRICTED STOCK AWARD GRANT NOTICE  
 CONSENT OF SPOUSE

 I,
                    , spouse of
                    , have read and approve the foregoing Restricted Stock Award Grant Notice and Restricted Stock Award Agreement (the
“Agreement”). In consideration of issuing to my spouse the shares of the common stock of William Lyon Homes, a Delaware corporation, set forth in the Agreement, I hereby appoint my spouse as my attorney-in-fact in respect to
the exercise of any rights under the Agreement and agree to be bound by the provisions of the William Lyon Homes 2012 Equity Incentive Plan, as amended from time to time (the “Plan”) and the Agreement insofar as I may have
any rights in said Plan or Agreement or any shares of the common stock of William Lyon Homes issued pursuant thereto under the community property laws or similar laws relating to marital property in effect in the state of our residence as of the
date of the signing of the foregoing Agreement. 
  

					
	Dated:	 	                ,         	 	  

		 		 	Signature of Spouse

  
 C-1

 EXHIBIT D 
 TO RESTRICTED STOCK AWARD GRANT NOTICE 
 ASSIGNMENT SEPARATE FROM
CERTIFICATE 
 FOR VALUE RECEIVED, the undersigned,
                , hereby sells, assigns and transfers unto William Lyon Homes, a Delaware corporation,
                 shares of the common stock of William Lyon Homes standing in his or her name on the books of said corporation represented by Certificate
No.      herewith and do hereby irrevocably constitute and appoint                  to transfer the said stock on the books of the within named
corporation with full power of substitution in the premises. 
 This Assignment Separate from Certificate may be used only in
accordance with the Restricted Stock Award Agreement between William Lyon Homes and the undersigned dated                 , 20    . 

Dated:                 ,         

  

							
		 		 	  

		 		 	[Name of Participant]

 INSTRUCTIONS: Please do not fill in the blanks other than the signature line. The purpose of this assignment is to
enable the Company to exercise its right of repurchase, as set forth in the Restricted Stock Award Agreement, without requiring additional signatures on the part of Participant. 

  
 D-1

 EXHIBIT E 
 TO RESTRICTED STOCK AWARD GRANT NOTICE 
 JOINT ESCROW INSTRUCTIONS

                 , 20    

 Secretary 
 William Lyon Homes

 4695 MacArthur Court 
 8th Floor

 Newport Beach, CA 92660 
 Ladies and
Gentlemen: 
 As escrow agent (the “Escrow Agent”) for both William Lyon Homes, a Delaware corporation
(the “Company”), and the undersigned recipient of shares of common stock of the Company (the “Participant”), you are hereby authorized and directed to hold in escrow the documents delivered to you
pursuant to the terms of that certain Restricted Stock Award Agreement (“Agreement”) between the Company and the undersigned (the “Escrow”), including the stock certificate and the Assignment Separate
from Certificate, in accordance with the following instructions: 
 1. In the event the Company and/or any assignee of the
Company (referred to collectively for convenience herein as the “Company”) exercises the Company’s right to repurchase Participant’s vested shares pursuant to Section 2.5 of the Agreement (the “Repurchase
Option”), the Company shall give to Participant and you a written notice specifying the number of shares of stock to be purchased, the purchase price and the time for a closing hereunder at the principal office of the Company. Participant and
the Company hereby irrevocably authorize and direct you to close the transaction contemplated by such notice in accordance with the terms of said notice. 
 2. As of the date of closing of the repurchase indicated in such notice, you are directed (a) to date the Assignment Separate from Certificate necessary for the repurchase and transfer in question,
(b) to fill in the number of shares being repurchased and transferred, and (c) to deliver the same, together with the certificate evidencing the shares of stock to be repurchased and transferred, to the Company or its assignee. 

3. Participant irrevocably authorizes the Company to deposit with you any certificates evidencing shares of stock to be held by you
hereunder and any additions and substitutions to said shares as set forth in the Agreement. Participant does hereby irrevocably constitute and appoint you as Participant’s attorney-in-fact and agent for the term of this escrow to execute with
respect to such securities all documents necessary or appropriate to make such securities negotiable and to complete any transaction herein contemplated, including but not limited to the filing with any applicable state blue sky authority of any
required applications for consent to, or notice of transfer of, the securities. Subject to the provisions of this paragraph 3 and the Agreement, Participant shall exercise all rights and privileges of a stockholder of the Company while the
stock is held by you. 
 4. Upon written request of Participant, but no more than once per calendar year, unless the
Company’s Repurchase Option has been exercised, you will deliver to Participant a certificate or certificates representing so many shares of stock as are not then subject to the Repurchase Option. Within

  
 E-1

 
60 days after the termination of the Company’s Repurchase Option in accordance with the terms of the Agreement, you will deliver to Participant a certificate or certificates representing the
aggregate number of shares held or issued pursuant to the Agreement and not repurchased pursuant to the Repurchase Option. 
 5.
If at the time of termination of this escrow you should have in your possession any documents, securities, or other property belonging to Participant, you shall deliver all of the same to Participant and shall be discharged of all further
obligations hereunder. 
 6. Your duties hereunder may be altered, amended, modified or revoked only by a writing signed by all
of the parties hereto. 
 7. You shall be obligated only for the performance of such duties as are specifically set forth herein
and may rely and shall be protected in relying or refraining from acting on any instrument reasonably believed by you to be genuine and to have been signed or presented by the proper party or parties. You shall not be personally liable for any act
you may do or omit to do hereunder as Escrow Agent or as attorney-in-fact for Participant while acting in good faith, and any act done or omitted by you pursuant to the advice of your own attorneys shall be conclusive evidence of such good faith.

 8. You are hereby expressly authorized to disregard any and all warnings given by any of the parties hereto or by any other
person or corporation, excepting only orders or process of courts of law and are hereby expressly authorized to comply with and obey orders, judgments or decrees of any court. In case you obey or comply with any such order, judgment or decree, you
shall not be liable to any of the parties hereto or to any other person, firm or corporation by reason of such compliance, notwithstanding any such order, judgment or decree being subsequently reversed, modified, annulled, set aside, vacated or
found to have been entered without jurisdiction. 
 9. You shall not be liable in any respect on account of the identity,
authorities or rights of the parties executing or delivering or purporting to execute or deliver the Agreement or any documents or papers deposited or called for hereunder. 
 10. You shall not be liable for the expiration of any rights under any applicable federal, state, local or foreign statute of limitations or similar statute or regulation with respect to these Joint
Escrow Instructions or any documents deposited with you. 
 11. You shall be entitled to employ such legal counsel and other
experts as you may deem necessary or appropriate to advise you in connection with your obligations hereunder, may rely upon the advice of such counsel, and may pay such counsel reasonable compensation therefor. The Company will reimburse you for any
reasonable attorneys’ fees with respect thereto. 
 12. Your responsibilities as Escrow Agent hereunder shall terminate if
you shall cease to be an officer or agent of the Company or if you shall resign by written notice to each party. In the event of any such termination, the Company shall appoint a successor Escrow Agent. 

13. If you reasonably require other or further instruments in connection with these Joint Escrow Instructions or obligations in respect
hereto, the necessary parties hereto shall join in furnishing such instruments. 
 14. It is understood and agreed that should
any dispute arise with respect to the delivery and/or ownership or right of possession of the securities held by you hereunder, you are authorized and directed to retain in your possession without liability to anyone all or any part of said
securities until such 

  
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disputes shall have been settled either by mutual written agreement of the parties concerned or by a final order, decree or judgment of a court of competent jurisdiction after the time for appeal
has expired and no appeal has been perfected, but you shall be under no duty whatsoever to institute or defend any such proceedings. 
 15. Any notice to be given under the terms of these Joint Escrow Instructions to the Company shall be addressed to the Company in care of the Secretary of the Company at the address of the Company’s
then current corporate headquarters, and any notice to be given to Participant shall be addressed to Participant at the address given beneath Participant’s signature on the signature page to this Agreement. By a notice given pursuant to this
paragraph 15, either party may hereafter designate a different address for notices to be given to that party. Any notice shall be deemed duly given when sent via email or when sent by certified mail (return receipt requested) and deposited (with
postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service. 
 16. By
signing these Joint Escrow Instructions, you become a party hereto only for the purpose of said Joint Escrow Instructions; you do not become a party to the Agreement. 
 17. This instrument shall be binding upon and inure to the benefit of the parties hereto, and their respective successors and permitted assigns. 

18. These Joint Escrow Instructions shall be administered, interpreted and enforced under the laws of the State of Delaware, without
regard to the conflicts of law principles thereof. Should any provision of these Joint Escrow Instructions be determined by a court of law to be illegal or unenforceable, the other provisions shall nevertheless remain effective and shall remain
enforceable. 
 IN WITNESS WHEREOF, the parties have executed these Joint Escrow Instructions as of the date first written
above. 
  

			
	WILLIAM LYON HOMES
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	Address:	 	4695 MacArthur Court
		 	8th Floor
		 	Newport Beach, CA 92660
	
	PARTICIPANT:
	
	  

	[Name of Participant]
		
	Address:	 	  

		 	  

  
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	ESCROW AGENT:
		
	By:	 	  

		 	Secretary, William Lyon Homes

  
 E-4

 EXHIBIT F 
 TO RESTRICTED STOCK AWARD GRANT NOTICE 
 FORM OF INTERNAL REVENUE CODE
SECTION 83(B) ELECTION AND INSTRUCTIONS 
 These instructions are provided to assist you if you choose to make an election under
Section 83(b) of the Internal Revenue Code, as amended, with respect to the shares of common stock of William Lyon Homes transferred to you. Please consult with your personal tax advisor as to whether an election of this nature will be in
your best interests in light of your personal tax situation. 
 The executed original of the Section 83(b) election must be filed
with the Internal Revenue Service not later than 30 days after the date the shares were transferred to you. PLEASE NOTE: There is no remedy for failure to file on time. The steps outlined below should be followed to ensure the election is
mailed and filed correctly and in a timely manner. ALSO, PLEASE NOTE: If you make the Section 83(b) election, the election is irrevocable. 
 The Maximum Number of Shares of Restricted Stock set forth in the Grant Notice reflect the Maximum Shares that may be earned pursuant to the vesting schedule and satisfaction of the Performance
Conditions set forth on Exhibit B to the Agreement. Please discuss with your tax advisor whether it is advisable to make a Section 83(b) election on performance-based restricted shares, and whether such election should be made with
respect to the Maximum Shares, Target Shares, Threshold Shares or some other number of shares. 
  

	1.	Complete Section 83(b) election form (attached as Attachment 1) and make four (4) copies of the signed election form. (Your spouse, if any, should sign
the Section 83(b) election form as well.) 

  

	2.	Prepare the cover letter to the Internal Revenue Service (sample letter attached as Attachment 2). 

 

	3.	Send the cover letter with the originally executed Section 83(b) election form and one (1) copy via certified mail, return receipt requested to the Internal
Revenue Service at the address of the Internal Revenue Service where you file your personal tax returns. We suggest that you have the package date-stamped at the post office. The post office will provide you with a white certified receipt that
includes a dated postmark. Enclose a self-addressed, stamped envelope so that the Internal Revenue Service may return a date-stamped copy to you. However, your postmarked receipt is your proof of having timely filed the Section 83(b) election
if you do not receive confirmation from the Internal Revenue Service. 

  

	4.	One (1) copy must be sent to William Lyon Homes for its records and one (1) copy must be attached to your federal income tax return for the applicable
calendar year. 

  

	5.	Retain the Internal Revenue Service file stamped copy (when returned) for your records. 

 Please consult your personal tax advisor for the address of the office of the Internal Revenue Service to which you should mail your election form. 

  
 F-1

 ATTACHMENT 1 TO EXHIBIT F 

ELECTION UNDER INTERNAL REVENUE CODE SECTION 83(B) 
 The undersigned taxpayer hereby elects, pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, to include in taxpayer’s gross income for the current taxable year the amount
of any compensation taxable to taxpayer in connection with taxpayer’s receipt of shares (the “Shares”) of common stock of William Lyon Homes, a Delaware corporation (the “Company”). 

1. The name, address and taxpayer identification number of the undersigned taxpayer are: 

 

					
	  
	 	
	  
	 	
	  
	 	
			
	SSN:	 	  
	 	

 The name, address and taxpayer identification number of the Taxpayer’s spouse are (complete if
applicable): 
  

					
	  
	 	
	  
	 	
	  
	 	
			
	SSN:	 	  
	 	

 2. Description of the property with respect to which the election is being
made:                shares of Class D common stock of the Company. 
 3. The date on which the property was transferred was                 . 

4. The taxable year to which this election relates is calendar year
                . 
 5. Nature of restrictions
to which the property is subject: 
 The restricted shares are subject to forfeiture, which restrictions shall lapse
[            ]. In addition, any vested restricted shares are subject to certain restrictions on transfer, as well as the Company’s right of repurchase, in each case as set forth in
the award agreement. 
 6. The fair market value at the time of transfer (determined without regard to any lapse restrictions,
as defined in Treasury Regulation Section 1.83-3(a)) of the Shares was $         per Share. 
 7. The amount paid by the taxpayer for Shares was $         per Share. 
 8. A copy of this statement has been furnished to the Company. 
  

							
	Dated:	 	                , 20    	 	Taxpayer Signature	 	  

 The undersigned spouse of Taxpayer joins in this election. (Complete if applicable). 

 

							
	Dated:	 	                , 20    	 	Spouse’s Signature	 	  

  
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 ATTACHMENT 2 TO EXHIBIT F 

SAMPLE COVER LETTER TO INTERNAL REVENUE SERVICE 
         , 20     
 VIA CERTIFIED
MAIL 
 RETURN RECEIPT REQUESTED 
 Internal Revenue Service 
 [Address where taxpayer files returns] 

 

					
	Re:	 	   Election under Section 83(b) of the Internal Revenue Code of 1986

					
	          Taxpayer:
	 	  

					
	
         Taxpayer’s Social Security Number:
	 	  

					
	          Taxpayer’s Spouse:
	 	  

					
	
         Taxpayer’s Spouse’s Social Security Number:
	 	  

 Ladies and Gentlemen: 
 Enclosed please find an original and one copy of an Election under Section 83(b) of the Internal Revenue Code of 1986, as amended, being made by the taxpayer referenced above. Please acknowledge
receipt of the enclosed materials by stamping the enclosed copy of the Election and returning it to me in the self-addressed stamped envelope provided herewith. 

 

	
	Very truly yours,
	
	  

 Enclosures 

	cc:	William Lyon Homes 

  
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