Document:

LLC Agreement

 Exhibit 10.1 
 LIMITED LIABILITY COMPANY AGREEMENT 
 OF

 EXPRESS MD SOLUTIONS LLC 
 LIMITED LIABILITY COMPANY AGREEMENT (the “Agreement”) of Express MD Solutions LLC, a Delaware limited liability company (the “Company”), executed on this
November 10, 2009 (the “Execution Date”) and effective as of July 2, 2008 (the “Effective Date”), between Authentidate Holding Corp., a Delaware corporation (“ADAT”) and EncounterCare Solutions,
Inc., a Delaware corporation (“ECSL”), as members of the Company. 
 RECITALS 
 WHEREAS, ADAT and ECSL entered into a Joint Venture Agreement dated as of May 16, 2008 (the “JV Agreement”) in order
to establish a vehicle for the development, marketing, sales and distribution of Internet-based in-home patient monitoring systems and services; and 
 WHEREAS, pursuant to the JV Agreement, ADAT and ECSL agreed to take all actions necessary to cause the formation of the Company and to transfer to the Company rights to certain intellectual properties as
set forth in the JV Agreement; and 
 WHEREAS, in accordance with the JV Agreement, the Company shall have an initial authorized
capital of 100 units of membership interests of which 50 membership interests shall be issued to each of ADAT and ECSL; 
 NOW,
THEREFORE, in consideration of the mutual covenants, conditions and agreements hereinafter set forth, ADAT and ECSL hereby agree to the following terms and conditions: 
 ARTICLE 1 
 GENERAL PROVISIONS; DEFINITIONS 
 1.1 Definitions. The following terms have the meanings set forth below: 
 “Affiliate” of any Party means any entity that controls, is controlled by or is under common control with such Party. For
purposes of this definition, “control” will mean the possession, directly or indirectly, of a majority of the voting power of such entity (whether through ownership of securities or partnership or other ownership interests, by contract or
otherwise). 
 “Board of Managers” is defined in Section 2.1(a). 
  

 1 

 “Business Day” means any day on which the New York Stock Exchange conducts
regular trading activities. 
 “Capital Account” means the capital account maintained for each Member in
accordance with the provisions this Agreement. 
 “Capital Contribution” means $450,000 of capital to be
contributed by ADAT to the Company pursuant to this Agreement. 
 “Capital Distributions” shall mean all
distributions other than Permitted Tax Distributions (as defined in Section 5.3) and liquidating distributions. 
 “Capital Expenditures” means all payments due (whether or not paid during any fiscal period) in respect of the cost of any fixed asset or improvement, or replacement, substitution, or addition thereto, which has a useful
life of more than one year, including, without limitation, those costs arising in connection with the direct or indirect acquisition of such asset by way of increased product or service charges, and other items presented in accordance with GAAP.

 “Code” means the Internal Revenue Code of 1986, as amended, and any successor provision. 
 “Company” is defined in the introductory paragraph. 
 “Copyrights and Trademarks” means all copyrightable works, all copyrights, trademarks, service marks, trade dress and trade
name, and all applications, registrations, and renewals in connection therewith that relate to the Technology, Improvements or Derivative Works, including, without limitation: Electronic House Call, EHC, Express MD and Express MD Solutions.

 “Covered Lives” means the primary insured patient and any direct dependent of the primary insured patient
residing in the same household as the primary insured patient who is covered by the same health insurance policy as the primary insured patient and in each case who is a candidate for the EHC Service. 
 “Derivative Works” means any revisions, modifications, translations, abridgments, compilations, condensations or expansions
by ECSL of any of the works comprising the Technology Copyrights and Trademarks, or Improvements or any other form in which that work may be recast, transformed or adapted, and which, if prepared without the consent of the copyright owner, could be
a copyright infringement, including object code and source code relating thereto. 
 “EHC” means Electronic
House Call, a service consisting of EHC Products and software products and services developed and /or offered by the Company. 
 “EHC Products” means the device and all software applications, websites, communication protocols, and other related technology owned or licensed by ECSL to remotely

  

 2 

 
monitor and transmit vital health information of a patient, including, without limitation, blood pressure, glucose level, blood oxygen level and weight and that incorporates, includes or is based
on the Licensed Technology (defined below). 
 “EHC Service” means the online service allowing the use of EHC
Products to transmit health information to a datacenter hosted by ADAT or another third party which will then process and transmit such health information to the patient’s appropriate physician or other healthcare provider. 
 “Fiscal Quarter” means the three-month period ending on the last calendar day of March, June, September and December of
each year. 
 “Fiscal Year” means the twelve-month period ending on June 30 of each year. 
 “GAAP” means generally accepted accounting principles in the United States of America. 
 “Improvements” shall mean improvements to the Technology, whether or not patentable, which, during the term of this
Agreement are made, conceived or acquired by ECSL or to which ECSL obtains rights, including hardware, object code and source code relating thereto. 
 “Inscrybe Healthcare” means the online healthcare service offered by ADAT. ADAT will provide to the Company a connection to Inscrybe Healthcare pursuant to Section 5.1(f)(ii) of the
JV Agreement. 
 “Licensed Technology” means all Patents, Copyrights and Trademarks, Technology, Derivative
Works, and Improvements. 
 “Managing Director” is defined in Section 2.3(d). 
 “Member” is defined in Section 1.4. 
 “Membership Interest” with respect to any the Company and any member thereof, the membership interest of such member in such limited liability company and all rights, entitlements and
privileges of such member with respect thereto, including without limitation, (a) all of such member’s interest in the profits and losses of such limited liability company, such member’s capital account with such limited liability
company and all of such member’s other rights to the properties and assets thereof, and (b) all of such member’s voting and other rights to participate in the operation or management of such limited liability company and all other
non-economic interests of such member with respect thereto. 
 “Net Losses” shall mean the losses of the
Company, if any, determined on the accrual basis of accounting in accordance with generally accepted accounting principles consistently applied. 
  

 3 

 “Net Profits” shall mean the income of the Company, if any, determined on
the accrual basis of accounting in accordance with generally accepted accounting principles consistently applied. 
 “Patents” means all patents and patent applications, and all patents issuing therefrom, together with all extensions, reissues, reexamination certificates, substitutions, renewals, divisions, continuations,
continuations-in-part and foreign counterparts thereof or herefore, that relate to the Technology or Improvements and either (a) have as a named inventor any current or former employee or contractor of or (b) are in the possession of ECSL,
controlled by or licensed to ECSL, including, without limitation, U.S. Patent Nos. 5987519 and 6112224,. 
 “Person” means an individual, corporation, partnership, trust, limited liability company, a branch of any legal entity, unincorporated organization, joint stock company, joint venture, association or other entity, or any
government, or any agency or political subdivision thereof. 
 “Pre-Tax Net Income” means the net consolidated
income of the Company before provisions for the payment of income tax (including any unincorporated business tax) of the Company, its consolidated entities and its Members determined in accordance with GAAP. 
 “Tax Matters Member” means the Member selected by the Board of Managers, unless otherwise provided under the Code.

 “Technology” means all inventions, discoveries, documentation, hardware (including devices), software
applications, communication protocols, processes, methods, ideas, concepts, flow charts, inventions disclosures, laboratory notebooks, trade secrets, know-how, design information drawings, plans, formulations, techniques, algorithms, technical data,
shop rights, engineering documentation, engineering notebooks, specifications, and other technology relating to patient monitoring, remote health monitoring and transmitting patient health information, including, without limitation, blood pressure,
glucose levels, blood oxygen levels and weight, developed by ECSL and/or its licensors, including all patented and unpatented inventions relating thereto and whether or not reduced to practice, all hardware (including devices), and all software,
including object code (including binary code) and source code (including annotations) relating thereto, and including any and all documents, specifications or other written or electronic materials relating thereto. 
 “Transfer” means the direct or indirect sale, transfer, pledge, assignment or other disposition of or mortgage,
hypothecation, or other encumbrance or permitting or suffering of any encumbrance of all or any part of the membership interests in the Company. 
 “Treasury Regulations” means all temporary and final regulations promulgated under the Code as from time to time in effect. 
 1.2 Formation. The Members have formed a limited liability company under the laws of the State of Delaware by filing on July 2,
2008, a Certificate of Formation with the Secretary of State of Delaware. 
  

 4 

 1.3 Name. The Company shall do business under the name of “Express MD Solutions
LLC.” 
 1.4 Members. The members of the Company are ADAT and ECSL. No additional members shall be admitted to the
Company unless agreed to in advance and in writing by ADAT and ECSL. ADAT and ECSL, together with any other members who shall be admitted to the Company, in each case, for such period as they shall continue to be members of the Company, are referred
to herein collectively as the “Members.” 
 1.5 Principal Place of Business. The principal
place of business of the Company is at Connell Corporate Center, 300 Connell Drive, 5th Floor, Berkeley Heights, NJ 07922 or such other location as shall be determined by the Board of Managers. 
 1.6 Purposes, Powers and Limitations. The purpose of the Company is to operate a business for the development, marketing, sales and distribution of Internet-based in-home patient monitoring systems
and services, as more specifically described in the business plan contemplated by the JV Agreement, and to transact any lawful business or activity for which limited liability companies may be formed under the Delaware Limited Liability Company Act
as deemed appropriate by the parties to this Agreement. The Company shall not enter into any transaction or arrangement that is outside the ordinary day to day operations or scope of business of the Company without the mutual consent of the parties
to this Agreement. In addition, the Company shall not make any loans to or guarantee, assume or otherwise become responsible for obligations of any Person unless such activities are related to the primary business of the Company. 
 1.7 Term. The term of the Company shall become effective on the date the Certificate of Formation is filed with the Secretary of
State of Delaware and shall continue in perpetuity unless the Company is dissolved earlier pursuant to the provisions of this Agreement or the Limited Liability Company Law of the State of Delaware, as amended. 
 1.8 Title to Company Property. All property owned by the Company, whether real or personal, tangible or intangible, shall be deemed
to be owned by the Company as an entity, and no Member, individually, shall have any ownership of such property. The Company may hold any of its property in its own name or in the name of a nominee or subsidiary of the Company. 
 1.9 Expenses. All legal, auditing, accounting, brokerage, finder, placement, investment banking, interests, filing, insurance,
consulting, organizational, travel, entertainment and other fees, charges and expenses incurred by the Company in connection with Company business shall be paid out of the Company’s funds. 
 ARTICLE 2 
 MANAGEMENT OF THE COMPANY’S BUSINESS 
 2.1 Day to Day Operations. (a) Board of Managers.
Management of the day-to-day operations of the Company shall be vested in a board of managers consisting of four

  

 5 

 
voting members (the “Board of Managers”). Initially, each of ADAT and ECSL shall be entitled to nominate two of the members of the Board of Managers. ADAT and ECSL agree to vote
their Membership Interests for the nominees of ECSL and ADAT. In the event of any change in the ownership percentages of Membership Interests of the Company by ECSL and ADAT, the members of the Board of Managers shall be elected by the Members in
accordance with their then respective ownership percentage of Membership Interests. The Board of Managers shall be responsible for strategic planning and the implementation of the Company’s business plan for each fiscal year. The members of
Board of Managers shall from time to time elect a chairman. The Board of Managers shall discharge its responsibilities in good faith. Except for business activities presently conducted, the Company shall not engage in any new line of business, nor
make any material investment in a new line of business without the prior written consent of both ADAT and ECSL, which consent will not be unreasonably withheld or delayed. 
 (b) Compensation. The Board of Managers shall determine, in its sole discretion, the compensation payable to any persons employed by
the Company. 
 2.2 Joint Actions. In order to protect the investment of all Members of all determinations in respect of
any matter enumerated below relating to the Company shall be made only upon the unanimous written consent of the Board of Managers and, if required under Delaware law, the approval of the Members: 
  

	 	(i)	Appoint the Managing Director of the Company. 

  

	 	(ii)	Enter into joint venture agreements or other business agreements of the Company. 

  

	 	(iii)	Approve (1) any merger or consolidation, whether or not the Company is the surviving corporation; (2) any sale, lease, exchange or other disposition of all or
substantially all of the assets of the Company; (3) any acquisition of all or substantially all of the capital stock or assets of any other entity; (4) the liquidation or voluntary dissolution of the Company or commence any bankruptcy,
insolvency or similar proceeding in respect of the Company; or (5) any sale or subscription of additional Membership Interests of the Company (including issuing a call to the Company’s Members for any capital contributions or loans to the
Company). 

  

	 	(iv)	Approve any Capital Expenditure over $5,000. 

  

	 	(v)	Issue or sell any debt securities, including any loan or guaranty. 

  

	 	(vi)	Incur or guarantee (directly or indirectly) any indebtedness in excess of $1,000. 

  

	 	(vii)	Amend, alter or repeal any provision of this Agreement. 

  

	 	(viii)	Permitting the withdrawal of capital from the Company except to the extent that such withdrawals are made in the course of the day-to-day 

	 	operations	of the Company, and other than withdrawals by the Company from any of its respective subsidiaries. 

  

 6 

	 	(ix)	Determining or increase any material bonus or compensation amounts (including those pursuant to existing compensation agreements or arrangements) for the Company
relating to any employee whose aggregate annual compensation would exceed $20,000. 

  

	 	(x)	Enter into any agreement limiting the Members’ rights to make distributions or dispose of assets. 

  

	 	(xi)	Making any material changes in the accounting policies, practices or principles for the Company except as required by GAAP or appoint or remove the independent auditors
of the Company. 

  

	 	(xii)	Enter into any agreement, obligation or undertaking to do any of the above actions. 

 2.3 Operation of Board of Managers. 
 (a) Except as otherwise required by mandatory provisions of law and as otherwise provided herein, all actions of the Board of Managers shall be by (a) the unanimous vote of the Managers present at a
meeting duly by notice delivered in accordance with Section 2.4 below, at which a quorum is present or (b) upon the unanimous written consent of the Managers. Two members of the Board of Managers shall constitute a quorum for the
transaction of business provided at least one Manager designated by each of ECSL and ADAT is present. The Board of Managers shall designate from time to time one Manager to be Managing Director of the Company, provided that upon a unanimous vote or
consent of the entire Board of Managers, a person other than a Manager may be designated as Managing Director. 
 (b) In the
event that the position of a Manager becomes vacant, for any reason, the Parties agree to cause their membership units to be voted to elect as a replacement for such Manager a person nominated by the Member who nominated the Manager whose position
is vacant. 
 (c) If the Board of Managers is deadlocked after a period of thirty (30) days, then either the Managing
Director or two members of the Board of Managers may elect to submit the pending matter(s) for determination by arbitration as provided in Section 8.5. In the event the Managing Director elects to submit a pending matter to arbitration pursuant
to Section 8.5 and the Managing Director’s position on such pending matter is not upheld by the arbitrator(s), then the Managing Director may be removed as Managing Director upon the written notice signed by two members of the Board of
Managers. 
 (d) The Parties agree that the position of Managing Director of the Company will initially be held by Ronald W.
Mills, Sr. who shall serve a one-year term and who may be reappointed by the Board of Managers for successive one-year terms on the anniversary date of this Agreement. The Managing Director shall serve without compensation and may be removed in
accordance with the terms set forth herein. 
  

 7 

 2.4 Meetings of the Board of Managers. In addition to the provisions of
Section 2.3, the following provisions shall be applicable to the meetings of the Board of Managers: 
 (a) The Board of
Managers shall meet at least quarterly on a calendar year basis. 
 (b) Any member of the Board of Managers may at any time call
for a special meeting of the Board of Managers upon five (5) business days prior notice to the members of the Board of Managers, specifying the date and agenda of the meeting and requesting the other Member immediately to specify the time and
place of the meeting in accordance with Section 2.4(c)). If the Member required to specify the time and place of the meeting fails to do so within twenty-four hours of receipt of a request therefor, the Member calling for the special meeting
shall specify the time and place within 24 hours thereafter. Such notice may be waived in writing before or after such meeting or by attendance at such meeting. A Manager may propose an agenda item for discussion at such meeting by written notice to
the other Managers. In addition, any item which the Members agree to discuss at a Board of Managers meeting shall be considered to be an agenda item at such meeting. 
 (c) Regular meetings of the Board of Managers shall be alternated between: (A) the principal offices of ADAT, and (B) the principal offices of ECSL, unless the Members establish any other place
for meetings by mutual agreement. Special meetings shall be held in the location and at the time specified (in accordance with this subsection) by the Party which did not call the meeting. 
 (d) Members of the Board of Managers may participate in such meetings by means of a conference telephone or similar means of communication
if all persons participating in the meeting are able to hear one another, and any such Manager shall be deemed to be present at such meeting. Any action that may be taken at a meeting may also be taken by unanimous written consent. 
 (d) The Board of Managers shall have and may exercise such powers as the Members may delegate from time to time, and the authority of the
Board of Managers may be modified or terminated at any time by agreement of the Members. 
 (e) Minutes of all meetings shall be
kept by a mutually agreeable individual and shall be subject to written approval of a Manager nominated by each Member. 
 (f)
Meetings of the Board of Managers may be attended by guests invited by the members of the Board of Managers pursuant to the unanimous approval of the Board of Managers. 
  

 8 

 2.5 Accounting. 
 (a) Books and Records; Financial Reports. The Company shall keep all books of accounts and records and make all financial reports in
accordance with the standards prescribed by United States laws and regulations and United States generally accepted accounting principles. The Company shall prepare (i) preliminary financial statements, including without limitation a balance
sheet and income statement, within thirty (30) days after the end of each of the first three quarters of its fiscal year, followed by unaudited finalized versions thereof within fifteen (15) days thereafter; (ii) unaudited finalized
financial statements, including without limitation a balance sheet and income statement, within forty-five (45) days after the end of the fourth quarter and its entire fiscal year; and (iii) such further reports as shall be reasonably
required by the Board of Managers. Copies of all such reports shall immediately be forwarded to ECSL and ADAT. 
 (b)
Certified Public Accountants. The Board of Managers shall, at the Company’s expense, appoint a firm of certified public accountants of good repute and mutually acceptable to the Members, to audit its books of account for each annual
accounting period and review its books of account for each quarterly accounting period. Each audit report shall be in reasonable detail and shall contain such financial data as either Member may deem necessary in order to keep it advised of the
Company’s financial status. 
 (c) Right of Inspection. At all times after formation of the Company, each Member
shall have the right by its duly authorized representative or accountant to inspect and have full access to all properties, books of account, records and the like of the Company, and the Company shall furnish to the requesting Member all information
concerning the same which the requesting Member may reasonably require in connection with a complete examination thereof, and the requesting Member shall have the right to inspect and make copies from the books and records of the Member at all
reasonable times. 
 (d) Fiscal Year. The Joint Venture shall adopt June 30 as the end of its fiscal year.

 2.6 Duty of Care; Indemnification of Managers. (a) By performing their duties in good faith, the Managers shall
not be liable to the Company nor to any Member for his actions or failure to act, nor for any errors of judgment, nor for any act or omission believed in good faith to be within the scope of authority conferred by this Agreement, but only for his
own willful or fraudulent misconduct in the performance of his obligations under this Agreement, or for gross negligence or willful breach of his fiduciary duties under this Agreement. The receipt of advice of counsel that certain acts and omissions
are within the scope of authority conferred by this Agreement shall be conclusive evidence of good faith; provided however, good faith may be determined without obtaining such legal advice. 
 (b) The Company does hereby indemnify and hold harmless the Managers and his agents, officers and employees as to third parties against and
from any personal loss, liability or damages suffered as a result of any act or omission which a Manager believed, in good faith, to be within the scope of authority conferred by this Agreement, except for willful or fraudulent misconduct, gross
negligence or willful breach of fiduciary duties, but not in excess of the capital

  

 9 

 
contributions of all Members. Notwithstanding the foregoing, the Company’s indemnification of the Managers and their agents, officers and employees as to a third party is only with respect
to such loss, liability or damage which is not otherwise compensated for by insurance carried for the benefit of the Company. Insurance coverage for public liability, and all other insurance deemed necessary or appropriate by the Managers to the
business of the Company, shall be carried in such amounts and of such types as shall be determined by the Managers. 
 2.7 No
Personal Liability. No Member shall be personally held accountable for any of the debts, losses, claims, judgments or any of the liabilities of the Company beyond the Member’s contributions to the capital of the Company, except as provided
by law. 
 2.8 Actions by Members. To the extent actions are required, by law or by this Agreement, to be voted on by
Members, such actions shall be by vote of the holders of a majority of Membership Interests outstanding at a meeting duly called by the Board of Managers upon request of any Member or by written consent of the holders of a majority of Membership
Interests outstanding. 
 (a) Annual Meeting. The annual meeting of the Members of the Company, for the consideration of
reports to be laid before such meeting and for the transaction of such other business as may properly be brought before such meeting, shall be held at the principal office of the Company at or at such other place, either within or without the State
of New Jersey, as may be designated by the Manager and specified in the notice of such meeting. Each such meeting shall be held on the second Monday of each September, if not a legal holiday, and, if a legal holiday, then on the next succeeding
business day. 
 (b) Special Meetings. Special meetings of the Members of the Company may be held on any day, when called
by the Manager, or by the Members who hold at least a majority of the limited liability company interests of the Company. Upon written request delivered either in person or by certified mail, return receipt requested, to the Manager by any Members
entitled to call a meeting of Members, the Manager shall forthwith cause notice to be given to the Members entitled to such notice. The meeting must be held on a date not less than ten (10) nor more than sixty (60) calendar days after the
receipt of such request, as the Manager or Members may fix. If such notice is not given within twenty (20) calendar days after the delivery or mailing of such request, the person or persons calling the meeting may fix the time of the meeting
and give notice thereof in the manner provided for by law or this Agreement, or cause such notice to be given by any designated representative. Each special meeting shall be called to convene between 8:00 a.m. and 6:00 p.m., and shall be held at the
principal office of the Company. 
 (c) Notice of Meetings. Not less than five (5) calendar days nor more than sixty
(60) calendar days before the date fixed for a meeting, written notice stating the time and place of the meeting (and, in the case of a special meeting, the purposes of such meeting) shall be given. The notice shall be sent by personal
delivery, email or by certified mail, return receipt requested, to each Member entitled to notice of the meeting who is a Member of record as of the day preceding the day on which notice is given, or, if a record date is duly fixed, as of that date.
If mailed, the notice shall be addressed to the members at their respective addresses as they appear in the records of the Company. All meetings scheduled for less than ten (10) calendar days shall require notice by email or personal delivery.

  

 10 

 (d) Quorum; Adjournment. Except as may otherwise be provided by law, the Certificate
of Formation or this Agreement, at any meeting of the Members, the holders of a majority of the limited liability company interests of the Company, either present in person or by proxy, shall constitute a quorum for such meeting. 
 (e) Proxies and Voting. Members entitled to vote may vote in person or by proxy. The person appointed as proxy need not be a Member.
Unless the writing appointing a proxy otherwise provides, the presence at a meeting of the person who appointed a proxy shall not operate to revoke the appointment. Notice to the Company, in writing or in open meeting, of the revocation of the
appointment of a proxy shall not affect any vote or action previously taken or authorized. All votes of Members shall be in accordance with their then existing limited liability company interests of the Company. 
 ARTICLE 3 
 CAPITAL CONTRIBUTIONS 
 3.1 Capital Matters. The Company will have initial authorized capital of 100
units of membership interests. Effective as of the formation of the Company, the Company shall issue 50 Membership Interests to each of the Members, in accordance with the provisions of Section 3.2. 
 3.2 Subscription for Membership Interests. As of the Effective Date, the Members shall subscribe for Membership Interests as follows:

 (a) ECSL shall subscribe for 50 Membership Interests in consideration of a contribution to the Company of $1.00 plus a
royalty-free, non-exclusive license to use the EHC Products and offer the EHC Services, including the Licensed Technology used in or relating to the EHC Products and EHC Services. 
 (b) ADAT shall subscribe for 50 Membership Interests in consideration of a contribution to the Company of $450,000 in cash as follows:

 (i) Upon formation of the Company, ADAT’s payment of a $50,000 commitment fee previously delivered to
ECSL shall be transferred to the Company and credited to ADAT’s Capital Account; 
 (ii) Upon the Company
entering into one or more definitive agreements to supply the EHC Products, or facilitating the sale by ADAT of Inscrybe Healthcare, to patients, physicians or other healthcare providers which, in the aggregate, have at least 200,000 Covered Lives,
ADAT shall pay $200,000 in immediately available funds to the Company within 48 hours of signing the aforesaid definitive supply agreement(s) resulting in the achievement of such milestone; and 
  

 11 

 (iii) Upon the Company entering into one or more definitive agreements to
supply the EHC Products, or facilitating the sale by ADAT of Inscrybe Healthcare to patients, physicians or healthcare providers which, in the aggregate, have at least 300,000 additional Covered Lives, or 500,000 aggregate Covered Lives, ADAT shall
pay $200,000 in immediately available funds to the Company within 48 hours of signing the aforesaid definitive supply agreement(s) resulting in the achievement of such milestone. 
 3.3 Additional Capital Contributions. 
 (a) In the event the Company requires additional capital, the Members will make additional capital available to the Company. The mechanism by which such additional capital is made available shall be
mutually agreed upon by the Members. 
 (b) Subject to Section 2.2, the Board of Managers may, by written notice to the
Members, call for the Members to subscribe for additional Membership Interests of the Company, or to make loan guarantees or loans to the Company in proportion to their respective equity interests at any time. Each Member agrees to provide such
additional capital or support in accordance with the action of the Board of Managers. To the extent a Member does not fully subscribe to its pro rata share of such additional Membership Interests, the other Member shall be entitled to purchase any
of such unsubscribed units and thereby increase such Member’s Capital Account with the Company. Each Member agrees (i) to advise the Company and the other Member of its intention to subscribe to its pro rata share of any additional
Membership Interests the earliest practicable date and in any event within five (5) Business Days following a determination by the Board of Managers to issue additional Membership Interests and (ii) to pay the purchase price in cash for
such Membership Interests not later than fifteen (15) calendar days thereafter. The Members agree that the funding of any future capital requirement shall be subject to a resolution of the Board of Managers in accordance with the terms and
conditions of this Agreement. If the Members cannot agree on the funding within fourteen (14) calendar days after the respective funding requirement has been addressed to the Board of Managers in writing, this Agreement shall be deemed
terminated in accordance with Section 7.2. 
 ARTICLE 4 
 CAPITAL ACCOUNTS; ALLOCATION OF PROFITS AND LOSSES 
 4.1 Member’s Capital Accounts. 
 (a) There shall be maintained a Capital Account for each Member in
accordance with this Article 4. The amount of each Member’s contribution of cash, property and/or services to the capital of the Company shall be credited to such Member’s Capital Account. At least once quarterly, each Member’s share
of profits, losses and distributions shall

  

 12 

 
be credited or charged, as the case may be, to such Member’s Capital Account. The determination of a Member’s Capital Account, and any adjustments thereto, shall be made in a manner
consistent with tax accounting and other principles set forth in Section 704 of the Code and applicable Regulations thereunder. If the Manager requests a member to make an additional Capital Contribution, each Member’s Capital Account
shall be increased by the amount of such additional Capital Contribution. 
 (b) If, at any time, the Company shall suffer a
loss as a result of which the Capital Account of any Member shall be a negative amount, such loss shall be carried as a charge against that Member’s Capital Account, and that Member’s share of subsequent profits of the Company shall be
applied to erase such Capital Account deficit. 
 (c) Immediately following the transfer of any interest in the Company, the
Capital Account of the transferee-Member shall be equal to the Capital Account of the transferor-Member attributable to the transferred interest. 
 (d) For purposes of computing the amount of any item of income, gain, deduction or loss to be reflected in the Member’s Capital Account, the determination, recognition and classification of any such
item shall be the same as its determination, recognition and classification for federal income tax purposes, taking into account any adjustments required pursuant to Section 704 of the Code and the applicable Regulations thereunder. 

(e) All expenses of the Company shall be allocated to each Member in accordance with such member’s limited liability company
percentage ownership interest. At the request of the Board of Managers, each Member shall pay its share of Company expenses within five (5) calendar days of a request by the Board of Managers. 
 (f) The Managing Director shall keep, at the Company’s principal place of business, a schedule setting forth the current allocation of
the profit and loss for the Company. Within one business day of any change to such allocation, the Managing Director will provide each Member with a revised schedule setting forth the revised allocation. 
 4.2 Allocation of Profits and Losses. 
 (a) Except as otherwise provided herein, Net Profits and Net Losses of the Company (including profits and losses attributable to the sale or other disposition of all or any portion of the Company’s
property) shall be allocated among or borne by the Members in accordance with their Capital Accounts, as those may change as provided herein. 
 (b) Notwithstanding any provision of this Agreement to the contrary, to the extent required by law, income, gain, loss and deduction attributable to property contributed to the Company by a Member shall
be allocated among the Members so as to take into account any variation between the tax basis of the property and the fair market value thereof at the time of contribution, in accordance with the requirements of Section 704(c) of the Code, or
its counterpart in any subsequently-enacted Internal Revenue Code, and the applicable Regulations promulgated thereunder. 
  

 13 

 (c) Company profits, losses and gains shall be allocated to the Members in accordance with
the portion of the year during which the Members have held their respective interests. All items of income and loss shall be considered to have been earned ratably over the fiscal year of the Company, except that gains and losses arising from the
disposition of assets shall be taken into account as of the date thereof. 
 (d) Notwithstanding any provision of this Agreement
to the contrary, in the event the Company is entitled to a deduction for imputed interest under any provision of the Code on any loan or advance from a Member, such deduction shall be allocated solely to such Member. 
 (e) Notwithstanding any provision of this Agreement to the contrary, to the extent the payment of any expenditure by the Company is treated
as a distribution to a Member for federal income tax purposes, there shall be a gross income allocation to such Member in the amount of such distribution. 
 (f) Notwithstanding any provision of this Agreement to the contrary, if items of income or gain to be allocated include income or gain treated as ordinary income for federal income tax purposes because
they are attributable to the recapture of depreciation under Section 1245 or 1250 of the Code, then such income or gain, to the extent treated as ordinary income, shall be allocated to, and reported by, the Members in proportion to their then
respective cumulative allocations of depreciation. 
 4.3 Compliance with Code and Treasury Regulations. 
 If, upon liquidation of the Company (or any Member’s interest in the Company) within the meaning of Treasury Regulations section
1.704-1(b)(2)(ii)(b)(2), a Member would have a positive capital account balance in excess of the amounts otherwise distributable to such Member pursuant to Article 5 then, notwithstanding any other provision of this Agreement, the Company shall make
a guaranteed payment (within the meaning of section 707(c) of the Code) to the other Members so that such payment, when added to such other Members’ positive Capital Accounts upon a liquidation of the Company, would equal, to the greatest
extent possible, the distributions to which each such Member would be entitled under Article 5 upon a liquidation of the Company, and the expense associated with such guaranteed payment shall be specially allocated entirely to the Member with the
excess positive capital account and shall reduce such Member’s positive capital account to zero immediately after application of Article 5 but immediately before such liquidation of the Company or such Member’s interest in the Company. If
the Tax Matters Member determines that the allocations of income, gain, loss and expense provided for herein do not comply with (i) such Code provisions or Treasury Regulations or (ii) any other applicable provisions of the Code or
Treasury Regulations (including the provisions relating to nonrecourse deductions and partner nonrecourse deductions), then, notwithstanding anything in this Agreement to the contrary, such allocations shall, upon notice in writing to each Member,
be modified in such manner as the Tax Matters Member determines is reasonably necessary to satisfy the relevant provisions of the Code or Treasury Regulations, and the parties shall amend this Agreement to reflect any such modification; provided,
however, that no such modification shall alter significantly the economic arrangement between or among the Members. 
  

 14 

 4.4 Tax Status. Each of the Members hereby recognizes that it is anticipated that the
Company will be recognized as a partnership for income tax purposes. The Company shall not elect to be treated as a corporation for tax purposes. 
 4.5 Tax Matters Member. The Tax Matters Member shall notify the other Members of any audit or other significant tax matters of which the Tax Matters Member is notified by any governmental entity
and shall consult with them on all material tax matters. 
 4.6 Elections. The Tax Matters Member shall make all
elections of the Company for federal income tax purposes. However, the Company shall have in effect an election under Section 754 of the Code. 
 4.7 Member Withdrawal. Upon written consent of each Member, (i) a Member may withdraw from the Company and/or (ii) the Company may agree to purchase the Membership Interests (or any
portion thereof) from any such existing Members. 
 ARTICLE 5 
 DISTRIBUTIONS 
 5.1 Distributions Generally.

 (a) Each of the Members shall be entitled from time to time but not less than annually to receive their share of profits or
losses generated by the Company in accordance with their respective ownership percentages, provided that prior to the distribution of any profits with respect to any month (i) adequate provision shall be made to have sufficient funds to pay the
Company’s ordinary and necessary expenses for the next succeeding month, including the payments to ECSL employees; and (ii) ADAT receives payment in full to recover its capital contributions to the Company, including, without limitation,
the Capital Contribution. Any annual distributions (other than Permitted Tax Distributions) shall be made no later than sixty (60) days after the end of the Fiscal Year, in such amounts as shall be determined by the Board of Managers.

 (b) The Company shall be permitted to pay up to an aggregate of $20,000 per month to ECSL employees with respect to work and
services provided by such employees in furtherance of the business of the Joint Venture; Company that such payments shall cease upon the earlier of (A) the first distribution of earnings to ECSL in an amount of not less than $20,000; or
(B) the repayment in full to ADAT of its capital contributions to the Company, including, without limitation, the Capital Contribution. The Managing Director acknowledges receipt of payment of an aggregate of $20,000 in accordance with the
provisions of the JV Agreement. Accordingly, any additional future payments to the initial Managing Director of the Company will be determined by a majority of the Board of Managers and will be based upon the Company achieving agreed upon milestones
and/or such Managing Director’s overall performance, as determined by a majority of the Board of Managers. 
  

 15 

 5.2 Capital Distributions. (c) Capital Distributions shall be made to the Members in
accordance with their respective Capital Accounts. Permitted Tax Distributions shall be made quarterly to each Member in the amount provided in Section 5.3 below 
 5.3 “Permitted Tax Distributions” shall mean for any fiscal quarter of the Company, distributions to each Member in an amount not exceeding the product of (x) such Member’s
share of the taxable net income and gain of the Company as determined by the Board of Managers for such fiscal quarter multiplied by (y) the sum of the maximum Federal, state and local income tax rates (net of Federal benefit), assuming
applicability of the highest Federal, state and local income tax rates applicable to an individual in New York City. 
 5.4
Distributions upon Dissolution or Termination. Upon the dissolution and/or termination of the Company, the Board of Managers shall proceed with the liquidation of the Company and sale of its assets. The proceeds of such liquidation shall be
applied and distributed in the following order or priority: 
 (a) to the payment of the debts and liabilities of the Company
(other than any loans or advances that may have been made by the Members to the Company) and expenses of liquidation; 
 (b) to
the payment of any loans or advances made to or for the benefit of the Company by a Member, 
 (c) the Members shall be paid an
amount in cash equal to their capital contributions, including, without limitation, the Capital Contribution, if not previously paid; 
 (d) for any compensation owed to any of the Managers, but if the amount available for repayment shall be insufficient, then the amount available shall be distributed among the applicable Members through the use of a fraction whose numerator
is the amount owed to a single Member and whose denominator is the total amount owed to all Members; 
 (e) to the setting up of
any reserves which the Managing Director may deem reasonably necessary in order to meet any contingent or unforeseen liabilities or obligations of the Company arising out of, or in connection with, the business of the Company. Said reserves shall be
paid over by the Managing Director to any financial institution, as escrow agent, with trust authority in the county in which the principal accounting records of the Company have been maintained in order to be held by it for the purpose of
disbursing such reserves in payment of any of the aforementioned contingencies or liabilities; and at the expiration of such period as the Managing Director shall deem advisable, the financial institution shall distribute the balance remaining in
the manner provided in this Section 5.4 and in the order named above; and 
 (f) to the extent the Company has assets
remaining those assets shall be distributed to the Members pro rata in accordance with their Capital Accounts. 
  

 16 

 ARTICLE 6 
 REPRESENTATIONS AND WARRANTIES; LICENSE GRANT 
 6.1
Representations and Warranties. 
 (a) Each party hereby represents and warrants to the other party that (i) the
execution and delivery of this Agreement has been duly authorized by all necessary corporate action and that the person executing this Agreement is authorized to execute this Agreement; (ii) this Agreement is legal and valid and the obligations
binding upon such party are enforceable by their terms; and (iii) the execution, delivery and performance of this Agreement does not conflict with any agreement, instrument or understanding, oral or written, to which such party may be bound,
nor violate any law or regulation of any court, governmental body or administrative or other agency having jurisdiction over such party. 
 (b) ECSL represents and warrants that as of the Effective Date and throughout the term of this Agreement as follows: 
 (i) ECSL owns all right, title and interest in (A) the EHC Products being contributed and delivered to the Company from time to time under this Agreement; and (B) all Licensed Technology used
in, and relating to remote patient monitoring by, EHC Products and EHC Services as identified on Exhibit A attached hereto; and 
 (ii) ECSL has the right to grant to the Company a worldwide, non-exclusive, irrevocable license, to (A) use all Licensed Technology to make, have made, use, offer for sale, sell and import EHC Products and EHC Services; (B) offer
for sale and sell EHC Products and EHC Services made by or for the Company relating to Licensed Technology; (C) make, have made, offer for sale, and import EHC Products and EHC Services relating to Licensed Technology; and (D) copy,
modify, publicly distribute and publicly perform EHC Products and EHC Services using or related to Licensed Technology; 
 (iii)
ECSL owns the name “Express MD Solutions” and website www.ExpressMDSolutions.com; 
 (iv) ECSL has not entered,
and will not enter, into any agreement with any third party which is in conflict with the rights granted under this Agreement, and has not taken and will not take any action that would in any way prevent it from granting the rights contemplated
under this Agreement; 
 (v) U.S. Patent Nos. 5987519 and 6112224 are the only Patents relating to the Licensed Technology as of
the Effective Date that is owned by or licensed to ECSL; 
  

 17 

 (vi) ECSL has authorized and requested the United States Patent and Trademark office and/or
head of any foreign patent office to issue all patent registrations which may issue on an application for any patent to the Company, its successors and assigns; 
 (vii) ECSL has authorized and requested the Register of Copyrights and or head of any foreign Copyright Office to issue all copyright registrations which may issue on an application for any copyright to
the Company, its successors and assigns; 
 (viii) ECSL has authorized and requested the United States Patent and Trademark
Office and or head of any foreign Trademark Office to issue all trademark/service mark registrations which may issue on an application for any trademark/service mark or a portion thereof to the Company, its successors and assigns 
 (ix) ECSL has obtained all government clearances and approvals, including, without limitation, FDA approval, for the sale and marketing of
EHC Products and EHC Services and is not in violation of any governmental regulation relating to the EHC Products and EHC Services; 
 (x) ECSL is not aware of any communications alleging that ECSL or the Company has violated or, by fulfilling its obligations and granting the rights contemplated under this Agreement, that it will violate any intellectual property rights of
any other person or entity; 
 (xi) ECSL is not aware of any information that could form the basis for any claim, including a
claim of misappropriation or inequitable conduct, relating to the Licensed Technology or the EHC Products or EHC Services; 
 (xii) to ECSL’s knowledge, neither the Licensed Technology nor the EHC Products or EHC Services infringes upon any patent, copyright, trade secret, trademark or other intellectual property interest of any third party; 
 (xiii) that the Licensed Technology does not and will not contain any computer code (a) designed to disrupt, disable, harm, or
otherwise impede in any manner, including aesthetical disruptions or distortions, the operation of the Company’s systems or any computer system (sometimes referred to as “viruses” or “worms”), (b) that would disable the
Company’s systems or impair in any way its operation based on the elapsing of a period of time, exceeding an authorized number of copies, advancement to a particular date or other numeral (sometimes referred to as “time bombs”,
“time locks”, or “drop dead” devices), or (c) that would permit ECSL to access the Company’s systems to cause such disablement or impairment

  

 18 

 
(sometimes referred to as “traps”, “access codes” or “trap door” devices), or any other similar harmful, malicious or hidden procedures, routines or mechanisms which
would cause such programs to cease functioning or to damage or corrupt data, storage media, programs, equipment or communications, or otherwise interfere with operations; and 
 (xiv) that the Licensed Technology will function substantially in accordance with the capabilities as indicated in any and all documents,
specifications or other written or electronic materials relating thereto. ECSL will use its best efforts to resolve any problems identified by Company with respect to the operability or functionality of the Licensed Technology or EHC Products during
the Term. 
 (c) ADAT represents and warrants that as of the Effective Date and throughout the term of this Agreement as
follows: 
 (i) ADAT owns all right, title and interest in Inscrybe Healthcare; and 
 (ii) ADAT has the right to provide and make available to the Company a connection between the EHC Service and any software or related
systems developed by ADAT, including, without limitation, Inscrybe Healthcare; provided that all times such software or related systems shall remain the exclusive property of ADAT. 
 (d) Company acknowledges and agrees that, except as expressly provided for herein, no title or ownership of or to any of the proprietary
rights in and to the assets of ADAT or ECSL are transferred or conveyed to it by this Agreement and that as between the Company and each of ADAT and ECSL, each of ADAT and ECSL shall own and retain the exclusive right, title and ownership in and to
all patents, inventions, copyrights, trade secrets, trademarks and other proprietary rights in and to their respective properties. 
 6.2 License Grant. 
 (a) ECSL hereby grants to the Company a worldwide, nonexclusive, perpetual, irrevocable
license, to (a) use all Licensed Technology to make, have made, use, offer for sale, sell and import EHC Products and EHC Services; (b) offer for sale and sell EHC Products and EHC Services made by or for the Company relating to Licensed
Technology; (c) make, have made, offered for sale, import and sell EHC Products and EHC Services relating to Licensed Technology; (d) copy, modify, distribute the Licensed Technology in exercising any rights granted herein relating to the
EHC Products and EHC Services, including the right to create Derivative Works of, and other Improvements to, the Licensed Technology; and (e) copy, modify, publicly distribute and publicly perform EHC Products and EHC Services using Licensed
Technology. Licensee shall have the right to sublicense the Licensed Technology at its sole discretion. The grant of licenses hereunder shall extend to any and all updates, upgrades, fixes, patches and other improvements to the Licensed Technology.

  

 19 

 (b) ECSL shall own all rights to the derivative portion of any Derivative Works that the
Company develops, invents or creates, or has developed, invented or created relating to the Licensed Technology, and ECSL shall own all rights to any Improvements developed by or on behalf of the Company relating to the Licensed Technology

 6.3 Consideration for License. 
 (a) As consideration for the licenses granted hereunder, ECSL has been granted an equity interest in the Company pursuant to the JV Agreement. 
 (b) Upon execution of this Agreement, ECSL shall promptly deliver to the Company one copy, as applicable, of all tangible items (including
in physical and electronic form) that comprise the Licensed Technology, including all software programs (in object code (binary) and in source code (including annotations)), blueprints, Documentation and specifications and other written materials
(electronic, magnetic and paper) and shall continue to deliver revisions to such material to the company on a quarterly basis during the term of this Agreement. 
 ARTICLE 7 
 TERM; TERMINATION AND DISSOLUTION OF THE COMPANY

 7.1 Term. The Company shall continue until terminated by mutual agreement of the parties. It is anticipated that
the parties shall attempt to sell the Company for good value prior to any agreement to terminate. Until termination or sale of the Company, the parties shall endeavor to preserve the assets and mitigate the liabilities of the Company. 
 7.2 Events of Dissolution. Upon the occurrence of the following events, the Company shall be dissolved: 
 (a) the expulsion, bankruptcy or dissolution of a Member, or any other occurrence which terminates a Member’s membership in the
Company; 
 (b) the sale or transfers of all or substantially all of the assets of the Company; 
 (c) the merger, acquisition or consolidation of the Company into or with another entity where the Company is not the surviving entity;

 (d) the Company ceases its business operations; 
 (e) the Members unanimously vote to dissolve and terminate the Company; or 
 (f) the Members cannot agree on funding within fourteen (14) calendar days after a funding requirement pursuant to Section 3.3 has
been addressed to the Board of Managers in writing. 
  

 20 

 7.3 Distributions Upon Termination, Dissolution or Winding Up. 
 (a) Upon the termination, dissolution or winding up of the Company, the Company shall prepare as soon as reasonably practicable following
such termination, dissolution or winding up a statement in reasonable detail, setting forth, with respect to the Company, profits and losses for the period ending with such termination, dissolution or winding up and the amount of equity in the
Capital Account for each of the Members in connection with the Company as at the date of the termination, dissolution or winding up. The net assets of the Company, both tangible and intangible, shall be distributed to each Member in accordance with
the provisions of Section 5.4. 
 (b) Upon the dissolution of the Company, all Licenses granted by ECSL with respect to EHC
Products shall terminate and shall be the sole property of ECSL; provided that the Company shall agree retain a limited license to provide for the continuation of EHC Services to customers of the Company for a reasonable period of time and
thereafter, provide for the orderly transition of the customers of the Company to the appropriate Member. 
 (c) Filing of
Certificate of Cancellation. When all of the acts provided for in Article 7 have been accomplished, the Managing Director, or if there is no such Managing Director at the time of such dissolution then such other person as may designated in
accordance with applicable law, shall file such Certificate of Cancellation and any other certificate required in the State of Delaware and in any other state that may be required by law. 
 ARTICLE 8 
 OTHER AGREEMENTS 
 8.1 Services to the Company and its Subsidiaries. 
 (a) Each of the Members to this Agreement shall cause its employees or principals to devote such of their time and attention to the business of the Company as the parties deem reasonably necessary or
advisable for the business of the Company. 
 (b) Each Person referred to in this Section 8.1, and each other Person
providing services to the Company shall remain free, for such Person’s account or otherwise, to engage in other business activities, including trading securities, falling outside the scope of this Agreement, provided such other activities do
not interfere with the time and attention required to be devoted to the business of the Company or create any material conflicts of interest with respect to the business of the Company. 
 8.2 No Third Party Rights; Assignment; Successors. This Agreement is intended to be solely for the benefit of the parties to this
Agreement and is not intended to confer any benefits upon, or create any rights in favor of, any Person other than the parties hereto. All rights and obligations under this Agreement and under any documents and agreements executed and delivered in
connection with this Agreement shall not be assignable (except as otherwise set

  

 21 

 
forth herein) without the prior written consent of the Members. Any assignment of rights or obligations in violation of this Section 8.2 shall be null and void. Except as otherwise provided
herein, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the parties’ successors and permitted assigns. 
 8.3 Limitation of Liability. No Member shall be liable for any debts, obligations or liabilities of the Company or any other Member solely by reason of being a Member unless specifically consented
to by the Member assuming such liability in writing. 
 8.4 Indemnification. Except for claims covered by
Section 8.5, the Company shall indemnify and hold harmless the Members and any directors, officers, employees or agents appointed by such Members in accordance with this Agreement for any loss, liability, damage, claim, cost or expense arising
out of or incurred in connection with the acts of such Members, directors, officers, employees or agents committed in furtherance of the Company’s business, provided that no indemnification shall be made to or on behalf of any Member, director,
officer, employee or agent for acts constituting gross negligence or willful misconduct or where such Person or entity gained a financial profit or other advantage to which such Person or entity was not legally entitled. 
 8.5 Indemnification for Infringement Claims. ECSL shall indemnify, defend and hold harmless ADAT and its officers, agents, employees
and affiliates (collectively, the “Indemnified Parties”) from and against any and all loss, liability and expense (including reasonable attorneys’ fees) suffered or incurred by reason of any claims, proceedings, suits, demands or
causes of action brought by a third party alleging infringement, violation or misappropriation of any third party intellectual property rights based on (A) the making, using, offering for sale, selling or importing of any EHC Products or EHC
Services, or (B) the use of any Licensed Technology. In the event of an infringement claim contemplated by this Section, ECSL may, in addition to its obligations to defend, indemnify and hold the Indemnified Parties harmless, at its option and
expense, (i) use reasonable commercial efforts to procure for the Indemnified Parties the right to continue using the allegedly infringing technology as provided in this Agreement, or (ii) use reasonable commercial efforts to replace or
modify the allegedly infringing technology so that it becomes non-infringing, and remains functionally equivalent. In the event of a claim covered by this Section, the Indemnified Party shall: (a) give prompt notice of any claim for which
indemnification is sought to ECSL; (b) grant sole control of the defense or settlement of the claim or action to ECSL (except that the indemnified party’s prior written approval will be required for any settlement that reasonably can be
expected to require a material affirmative obligation of or result in any ongoing material liability to the indemnified party); and (c) provide reasonable cooperation to ECSL and, at ECSL’s request and expense, assistance in the defense or
settlement of the claim. Notwithstanding the foregoing, the indemnification obligations hereunder shall not be relieved hereunder for failure to do the foregoing, or delay with so doing, unless ECSL is materially prejudiced thereby. In addition, an
Indemnified Party may, at its own expense, participate in its defense of any claim. 
 8.6 Technical Support. During the term of
this Agreement, ECSL shall provide the Company with technical support for the Licensed Technology as reasonably requested by the Company. 
  

 22 

 8.7 Non-Competition. During the term of this Agreement and for a period of five
(5) years thereafter, ECSL shall not, directly or indirectly, incorporate, offer, promote, provide or license the Licensed Technology or any hardware, software, products or services that provide identical or similar functionality or features to
any other Person, or (ii) compete with the Company or ADAT with respect to the offering of products and/or services relating to the Licensed Technology or the EHC Products or EHC Services and ECSL shall not assist any other Person with any such
activities. This provision has been specifically bargained for by the parties and forms an integral part of the basis for the payment and deal structure as reflected in this Agreement. 
 8.8 Arbitration. The undersigned agree that any and all disputes or disagreements relating to this Agreement shall be submitted to
arbitration before the American Arbitration Association in accordance with the rules and procedures governing such proceedings and that the venue for any such proceeding shall be within the State of New York. The Parties further agree to accept and
acknowledge service of any and all process which may be served in any suit, action or proceeding, and agree that service of process upon each other mailed by certified mail to each other’s address shall be deemed in every respect effective
service of process in any such suit, action or proceeding. The Parties further agree each Party shall bear their own costs of the arbitration as well as the costs of its own attorneys’ fees. 
 ARTICLE 9 
 MEMBERSHIP INTERESTS; TRANFERS 
 9.1 Membership Interest Certificates. Membership Interest certificates
if issued by the Company shall be in registered form and their transfer, encumbrance or similar disposition shall require, as a condition precedent for the validity of such transfer, encumbrance or similar disposition, the consent of both Members.

 9.2 Waiver of Certificates. Notwithstanding the provision of Section 8.1 above, each Party may notify the
Company, in writing that it does not wish the Company to issue Membership Interest certificates for such Member and upon such notice the Company shall not issue Membership Interest certificates to such Member. 
 9.3 Membership Interest Register Book. Upon receipt of such notices from the Member, the Company shall enter without delay, in its
membership register book (“Register of Members”) and any duplicate thereof, a statement to the effect that no certificate representing the Membership Interest subscribed to by the Members shall be issued unless a Member shall subsequently
so request in writing. 
 9.4 Request to Issue Membership Interest Certificates. Each Member covenants and agrees that it
will not request the Company to issue any certificate representing the Membership Interest held by such Member without the prior written consent of the other Member hereto, which shall not be unreasonably withheld. 
 9.5 Legend. During the term of this Agreement, any Membership Interest certificate issued hereunder will bear the following legend:

 “Transfer of a unit representing the membership interest represented by this certificate is subject to the Joint Venture
Agreement dated May 16, 2008, a copy of which is on file at the principal office of the Company.” 
  

 23 

 9.6 Transfers of Membership Interest. Except as provided in Section 9.9, any
Transfer of a registered Membership Interest shall not be valid unless approved by the Board of Managers, and no Transfer shall be binding on the Company, unless and until the name and address of the transferee is duly entered into the Register of
Members following such Transfer. 
 9.7 Permitted Transfers. Notwithstanding the foregoing, any Member may Transfer its
interest in the Company to an Affiliate of such Member provided written notice is delivered to the other Member. 
 9.8
Assignment and Assumption of Membership Interest. Any Transfer by a Member of an interest in the Company shall be effective only upon the execution and delivery by the transferor of an appropriate irrevocable and unconditional guarantee to
continue to be bound by the provisions of this JV Agreement, this Agreement and the constituent documents of the Company together with instruments of assumption under which the Affiliate agrees to be bound by this Agreement, the JV Agreement and the
constituent document of the Company. An assignment or Transfer shall not release the transferor of any of its obligations or liabilities hereunder, the JV Agreement or under any constituent document relating to the Company. 
 9.9 Transfer of Agreement. Any Member may Transfer this Agreement and all of its rights and obligations hereunder to any party
acquiring all or substantially all of the business of such Member whether by merger, sale of assets or otherwise subject to and in compliance with the provisions of this Article 9. 
 9.10 Restrictions on Limited Liability Company Interest. No Member’s Membership Interest in the Company has been registered
under the Securities Act of 1933, as amended (the “Act”). Notwithstanding any other provisions in this Agreement, no Member’s Membership Interest may be offered for sale, sold, transferred or otherwise disposed of unless:
(a) such interest is registered under the Act; (b) at the expense of the transferring Member, the Company receives an opinion of counsel letter, satisfactory to the Company, to the effect that such transfer is exempt from registration
under the Act and is in compliance with all applicable federal securities laws and regulations; or (c) the Company receives a “no-action” letter from the staff of the Securities and Exchange Commission (“SEC”),
satisfactory to the Company, to the effect that the transfer is exempt from registration. 
 9.11 Right of First Refusal.
The following provisions shall apply if a Member (the “Offering Party”) receives a bona fide offer (an “Offer”) to purchase all or a portion of the Offering Party’s Membership Interests (the “Offered
Interests”) that the Offering Party wishes to accept. 
 (a) Procedure for Notice. The Offering Party shall give
immediate written notice (the “Offering Notice”) thereof to the other Member (the “Receiving Party”) containing

  

 24 

 
the following information: (i) the identity and address of the proposed purchaser and detailed information concerning the reputation and financial responsibility of the proposed purchaser;
and (ii) a copy of the Offer, executed by the proposed purchaser with the price and all material terms and conditions thereof. Where the Offer is from an agent or trustee or any other Person acting in a representative capacity, the information
required to be given to the Receiving Parties in respect of the proposed purchaser shall be in relation to the ultimate beneficial owner of the proposed purchaser. 
 (b) Offer. The Offer shall: be in writing and be irrevocable and unassignable; (ii) provide for a closing date not less than sixty (60) days nor more than one hundred and twenty
(120) days from the date that the Offering Party received the Offer; (iii) provide for consideration consisting only of cash; (iv) provide that such purchaser shall become a party to this Agreement and assume all liabilities and
responsibilities of the Offering Party under the JV Agreement; and (v) be accompanied by a written opinion of qualified legal counsel stating that in the opinion of such counsel, consummation of the Offer would not contravene any securities,
antitrust or other applicable law or order, nor would it give any rights to any third Person (other than the purchaser), including, but not limited to any right to accelerate any indebtedness owed by the Company or any affiliate of the Company or to
terminate any contract with the Company Venture or any affiliate of the Company. 
 (c) Acceptance Notice. The Receiving
Party shall be entitled to purchase the Offered Interests pursuant to the procedures set forth herein. The Receiving Party has a period of forty-five (45) days after receipt of the Offering Notice within which to notify the Offering Party in
writing (the “Acceptance Notice”) that it will match the terms and conditions of the Offer and within which to pay to the Offering Party an amount equal to any deposit required to be paid to the Offering Party pursuant to the terms
of the Offer or as otherwise agreed between the Offering Party and such Receiving Party. If a Receiving Party does not (i) provide an Acceptance Notice to the Offering Party within the time aforesaid and (ii) pay to the Offering Party a
deposit equal to the deposit required pursuant to the Offer within the time aforesaid, such Receiving Party will be deemed to have rejected the Offered Interests. 
 (d) Closing. If the Receiving Party has agreed to purchase the Offered Units, then the closing of the purchase and sale of the Offered Interests to the Receiving Party shall take place within
ninety (90) days following the Acceptance Notice. If the Receiving Party does not agree to purchase the Offered Interests, the Offering Party may consummate the sale to the proposed purchaser provided that the closing of such sale shall be made
according to the same terms and conditions as set forth in the Offer and such closing shall take place within the latter of: (i) ninety (90) days following the last Offering Notice or (ii) the date set forth in the Offer. If such
Offered Interests are not thus sold to said proposed purchaser within such 90 day period, the Offering Party shall have no further right to dispose of such Offered Interests except in compliance with the provisions of this Agreement as if no
original offer had been made. At the closing, the Offering Party shall deliver appropriate instruments representing the Offered Interests, together with all documents and instruments necessary and appropriate to complete and evidence the sale,
assignment and transfer of the Offering Interests, free and clear of any liens, charges, encumbrances, security interest or advance claims. The total purchase price shall be paid at the closing in cash, by wire transfer or bank cashier’s check,
or by delivery of such other consideration as is agreed to. 
  

 25 

 (e) Default. If either the Offering Party or the Receiving Party (the
“Defaulting Party”) fails to complete the purchase and sale of the Offered Interests after an Acceptance Notice is delivered to the Offering Party within the time specified in this Section 9.11, through no fault of the other
(the “Non-Defaulting Party”), then the Defaulting Party shall forfeit the rights of first refusal to purchase the Non-Defaulting Party’s Membership Interests of the Company granted pursuant to the provisions of this Section for
a period of one (1) year from the scheduled closing date for the purchase and sale of the Offered Interests. 
 ARTICLES
10 
 MISCELLANEOUS 
 10.1 Books and Records. Accurate and complete books of account shall be kept by the Company at the principal office of the Company. The Company shall provide access to such records to each Member
at any time as they shall reasonably request. The accounts of the Company shall be maintained by the Company in accordance with GAAP applied on a consistent basis. 
 10.2 Inspections. Any Member may examine all the books of account, records, reports and other papers of the Company or any of its Subsidiaries, to make copies and extracts therefrom, all at such
reasonable times and as often as may be reasonably requested. 
 10.3 Interpretation. The name assigned to this Agreement
and the section captions used in this Agreement are for convenience of reference only and shall not be construed to affect the meaning, construction or effect hereof. Unless otherwise specified, the terms “hereof,” “herein” and
similar terms refer to this Agreement as a whole (including any Schedules), and references to Sections refer to Sections of this Agreement. 
 10.4 Further Assurances. From time to time, at the reasonable request of any other party to this Agreement and without further consideration, each party hereto shall execute and deliver such
additional documents and take all such further action as may be necessary or appropriate to consummate and make effective, in the most expeditious manner practicable, the transactions contemplated by this Agreement. 
 10.5 Notices. All notices and other communications under this Agreement shall be in writing, shall be effective upon receipt and
shall be delivered personally, by facsimile (with telephonic notice of receipt) or by express mail, postage prepaid, as follows: 
  

			
	If to ECSL:	  	Copy to:
		
	Ronald W. Mills, Sr.	  	  

	Chairman and Chief Executive Officer	  	  

	EncounterCare Solutions, Inc.	  	  

	11770 US, Highway 1	  	
	Suite 201E	  	
	Palm Beach Gardens, Florida 33408	  	

  

 26 

			
	If to ADAT:	  	Copy to:
		
	O’Connell Benjamin	  	Victor J. DiGioia, Esq.
	President	  	Becker & Poliakoff, LLP
	Authentidate Holding Corp.	  	45 Broadway, 11th Floor
	Connell Corporate Center	  	New York, New York 10006
	300 Connell Drive, 5th Floor	  	
	Berkeley Heights, NJ 07922	  	

 or to such other address as hereafter shall be furnished as provided in this Section by any party
hereto to the other party hereto. Any demand, notice or other communication given by personal delivery shall be conclusively deemed to have been given on the day of actual delivery thereof and, if given by facsimile, on the day of transmittal
thereof if given during the normal business hours of the recipient, and on the business day during which such normal business hours next occur if not given during such hours on any day. 
 10.6 Entire Agreement; Amendment. This Agreement and the other documents and agreements contemplated by this Agreement and executed
in connection with this Agreement set forth the entire understanding and agreement between the parties as to the matters covered herein and therein and supersede and replace any prior understanding, agreement or statement of intent, in each case,
written or oral, of any and every nature with respect thereto except that nothing herein shall be deemed to terminate, replace or supersede the JV Agreement; provided, however, that in the event of any direct conflict between a provision of this
Agreement and the JV Agreement, the provision set forth herein shall control. Any provision of this Agreement may only be amended or modified in whole or in part at any time by mutual agreement in writing by the Members. No failure on the part of
any party to exercise, and no delay in exercising, any right shall operate as waiver thereof, nor shall any single or partial exercise by either party of any right preclude any other or future exercise thereof or the exercise of any other right.

 10.7 Governing Law; Submission to Jurisdiction. This Agreement shall be governed by and construed in accordance with
the laws of the State of Delaware without reference to conflict of law principles. Subject to the provisions of Section 8.5, any judicial proceedings brought by or against any party on any dispute arising out of this Agreement or any matter
related thereto shall be brought in the state or federal courts of New York and, by execution and delivery of this Agreement, each of the parties accepts for itself the exclusive jurisdiction and venue of the aforesaid courts as trial courts, and
irrevocably agrees to be bound by any judgment rendered thereby in connection with this Agreement after exhaustion of all appeals taken (or by the appropriate appellate court if such appellate court renders judgment). 
 10.8 Enforceability. In the event any provision of this Agreement shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby as long as the remaining provisions do not fundamentally alter the relations among the parties hereto. 
  

 27 

 10.9 Waivers. Any waiver of any term or condition of this Agreement must be in a
writing signed by the party sought to be charged with such waiver referring specifically to the term or condition to be waived, and no such waiver shall be deemed to constitute the waiver of any other breach of the same or of any other term or
condition of this Agreement. 
 10.10 Counterparts. This Agreement may be executed in several counterparts, each of which taken
separately is an original and all of which taken together are one and the same instrument. 
 IN WITNESS WHEREOF, the Members
have executed and delivered this Agreement as of the Execution Date. 
  

			
	AUTHENTIDATE HOLDING CORP.
		
	By:	 	 /s/ O’Connell Benjamin

	Name:	 	O’Connell Benjamin
	Title:	 	President
	
	ENCOUNTERCARE SOLUTIONS, INC.
		
	By:	 	 /s/ Ronald W. Mills, Sr.

	Name:	 	Ronald W. Mills, Sr.
	Title:	 	Chairman and Chief Executive Officer

  

 28Subscription Agreement

 Exhibit 10.1 
  
  
  
 STOCK PURCHASE AGREEMENT 

 by and between 
 TERRIFIC INVESTMENT CORPORATION 
 and 
 THE AES CORPORATION 
 Dated as of November 6, 2009 
  
  
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
		  	ARTICLE I	  	
			
		  	DEFINITIONS	  	
			
	 Section 1.01
	  	Certain Defined Terms	  	1
	 Section 1.02
	  	Interpretation and Rules of Construction	  	7
			
		  	ARTICLE II	  	
			
		  	PURCHASE AND SALE	  	
			
	 Section 2.01
	  	Purchase and Sale of the Shares	  	8
	 Section 2.02
	  	Purchase Price	  	8
	 Section 2.03
	  	Closing	  	8
	 Section 2.04
	  	Closing Deliveries by the Company	  	8
	 Section 2.05
	  	Closing Deliveries by the Investor	  	9
	 Section 2.06
	  	Adjustments to Number of Shares and/or Per Share Price	  	9
			
		  	ARTICLE III	  	
			
		  	REPRESENTATIONS AND WARRANTIES OF THE COMPANY	  	
			
	 Section 3.01
	  	Due Organization and Good Standing of the Company	  	10
	 Section 3.02
	  	Good Standing of Subsidiaries	  	10
	 Section 3.03
	  	Capitalization	  	10
	 Section 3.04
	  	Authorization of Agreements; Enforceability	  	11
	 Section 3.05
	  	Absence of Defaults and Conflicts	  	11
	 Section 3.06
	  	Governmental Approvals	  	12
	 Section 3.07
	  	Authorization of the Shares	  	12
	 Section 3.08
	  	Reports	  	13
	 Section 3.09
	  	Financial Statements; Controls.	  	13
	 Section 3.10
	  	No Material Adverse Change in Business	  	14
	 Section 3.11
	  	Taxes	  	14
	 Section 3.12
	  	Absence of Proceedings	  	14
	 Section 3.13
	  	Compliance with Laws	  	15
	 Section 3.14
	  	Permits	  	15
	 Section 3.15
	  	Energy Regulatory Laws	  	15
	 Section 3.16
	  	Environment	  	15
	 Section 3.17
	  	Money Laundering Laws	  	16
	 Section 3.18
	  	Investment Company Act	  	16

					
	 Section 3.19
	  	Employee Benefits	  	16
	 Section 3.20
	  	State Takeover Laws	  	17
	 Section 3.21
	  	Derivatives	  	17
	 Section 3.22
	  	Power Purchase Agreements	  	17
	 Section 3.23
	  	Insurance	  	17
	 Section 3.24
	  	No Broker’s Fees	  	17
	 Section 3.25
	  	No Additional Representations	  	18
			
		  	ARTICLE IV	  	
			
		  	REPRESENTATIONS AND WARRANTIES OF THE INVESTOR	  	
			
	 Section 4.01
	  	Due Organization of the Investor	  	18
	 Section 4.02
	  	Authorization of Agreements; Enforceability	  	18
	 Section 4.03
	  	Absence of Defaults and Conflicts	  	18
	 Section 4.04
	  	Governmental Approvals	  	19
	 Section 4.05
	  	Absence of Proceedings	  	19
	 Section 4.06
	  	Compliance with Laws	  	19
	 Section 4.07
	  	Sufficient Funds	  	19
	 Section 4.08
	  	Investment Representations	  	20
	 Section 4.09
	  	No Broker’s Fees	  	21
	 Section 4.10
	  	No Additional Representations	  	21
			
		  	ARTICLE V	  	
			
		  	ADDITIONAL AGREEMENTS	  	
			
	 Section 5.01
	  	Regulatory Approvals; Reasonable Best Efforts	  	22
	 Section 5.02
	  	CFIUS Review	  	23
	 Section 5.03
	  	Access to Information	  	23
	 Section 5.04
	  	Trading of Company Securities	  	23
	 Section 5.05
	  	Securities Law Filings	  	24
	 Section 5.06
	  	Amendments to Certificate of Incorporation	  	24
	 Section 5.07
	  	Further Assurances	  	24
			
		  	ARTICLE VI	  	
			
		  	CONDITIONS TO CLOSING	  	
			
	 Section 6.01
	  	Mutual Conditions of Closing	  	24
	 Section 6.02
	  	Conditions to Obligations of the Company	  	25
	 Section 6.03
	  	Conditions to Obligations of the Investor	  	25
			
		  	ARTICLE VII	  	
			
		  	TERMINATION	  	
			
	 Section 7.01
	  	Termination	  	26

  

 ii 

					
	 Section 7.02
	  	Effect of Termination	  	27
			
		  	ARTICLE VIII	  	
			
		  	GENERAL PROVISIONS	  	
			
	 Section 8.01
	  	Survival of Representations and Warranties	  	28
	 Section 8.02
	  	Expenses	  	28
	 Section 8.03
	  	Public Announcements	  	28
	 Section 8.04
	  	Severability	  	28
	 Section 8.05
	  	Entire Agreement	  	28
	 Section 8.06
	  	Notices	  	28
	 Section 8.07
	  	Assignment	  	30
	 Section 8.08
	  	Amendment	  	30
	 Section 8.09
	  	Waiver	  	30
	 Section 8.10
	  	No Third-Party Beneficiaries	  	30
	 Section 8.11
	  	Governing Law; Jurisdiction; Waiver of Jury Trial	  	31
	 Section 8.12
	  	No Consequential Damages	  	31
	 Section 8.13
	  	Specific Performance	  	31
	 Section 8.14
	  	Nature of Agreement	  	31
	 Section 8.15
	  	Currency	  	31
	 Section 8.16
	  	Indemnification	  	31
	 Section 8.17
	  	Payments	  	33
	 Section 8.18
	  	Guaranty	  	33
	 Section 8.19
	  	Counterparts	  	33

  

							
	 Exhibit A
	 	 –
	    	Form of Stockholder Agreement	  	
	 Exhibit B
	 	 –
	    	Form of Side Letter Agreement	  	

  

 iii 

 STOCK PURCHASE AGREEMENT 
 This STOCK PURCHASE AGREEMENT, dated as of November 6, 2009 (this “Agreement”), is by and between Terrific Investment
Corporation, a Chinese corporation (the “Investor”) and a direct wholly-owned subsidiary of China Investment Corporation (“CIC”), and The AES Corporation, a Delaware corporation (the “Company”).

 W I T N E S S E T H: 
 WHEREAS, the Company desires to issue and sell to the Investor, and the Investor desires to purchase from the Company, pursuant to the terms and conditions set forth in this Agreement, 125,468,788 shares
(the “Shares”) of the common stock, par value $0.01 per share (“Common Stock”), of the Company. 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements and covenants hereinafter set forth, and intending to be legally bound, the Company and the Investor hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.01 Certain Defined Terms. 
 “Action” means any claim, action, suit, arbitration, inquiry, grievance, proceeding, hearing, investigation, or
administrative decision-making or rulemaking process by or before any Governmental Authority. 
 “Affiliate”
means, with respect to any Person or group of Persons, a Person that directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with such Person or group of Persons; provided, however, that
Huijin and its Subsidiaries shall be deemed not to be Affiliates of the Investor or CIC unless with respect to actions relating to securities of the Company, Huijin and its Subsidiaries are acting at the direction of the Investor or its Affiliates
(other than Huijin and its Subsidiaries); and provided further, that a Person shall not be considered to be an Affiliate of another Person due to common control of such Person and another Person, whether direct or indirect, by a government or
Governmental Authority. 

 “Agreement” or “this Agreement” shall have the meaning set
forth in the Preamble, and shall include the Exhibits hereto and all amendments hereto made in accordance with the provisions hereof. 
 “Business Day” means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by Law to be closed in the city of New York, New York or Beijing, China. In the event that any action is
required or permitted to be taken under this Agreement on or by a date that is not a Business Day, such action may be taken on or by the Business Day immediately following such date. 
 “China” means the People’s Republic of China, excluding the Hong Kong Special Administrative Region, the Macau Special
Administrative Region and Taiwan. 
 “CFIUS” shall have the meaning set forth in Section 5.02.

 “CFIUS Approval” shall have the meaning set forth in Section 5.02. 
 “CIC” shall have the meaning set forth in the Preamble. 
 “Closing” shall have the meaning set forth in Section 2.03. 
 “Closing Date” shall have the meaning set forth in Section 2.03. 
 “Code” means the Internal Revenue Code of 1986. 
 “Common Stock” shall have the meaning set forth in the Recitals. 
 “Company” shall have the meaning set forth in the Preamble. 
 “Company Governmental Approvals” shall have the meaning set forth in Section 3.06. 
 “Company Group” shall have the meaning set forth in Section 3.19(a). 
 “Company Indemnitee” shall have the meaning set forth in Section 8.16(b). 
  

 2 

 “Company Plans” shall have the meaning set forth in
Section 3.19(a). 
 “Company Permits” shall have the meaning set forth in Section 3.14.

 “Confidentiality Agreement” means that certain Confidentiality Agreement, between CIC and the Company, dated
as of September 15, 2009. 
 “control” (including the terms “controlled by” and
“under common control with”) means, the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, through the ownership of a majority of the outstanding voting
securities or by otherwise manifesting the power to elect a majority of the board of directors or similar body governing the affairs of such Person. 
 “DGCL” means the Delaware General Corporation Law. 
 “Energy Regulatory Laws” means applicable Laws administered by the Federal Energy Regulatory Commission or state energy regulatory commissions. 
 “Environment” means surface waters, groundwaters, soil, subsurface strata and ambient air. 
 “Environmental Laws” means all Laws, now or hereafter in effect and as amended, relating to the Environment, health, safety, natural resources or Hazardous Materials, including CERCLA;
the Resource Conservation and Recovery Act, 42 U.S.C. §§ 6901 et seq.; the Hazardous Materials Transportation Act, 49 U.S.C. §§ 6901 et seq.; the Clean Water Act, 33 U.S.C. §§ 1251 et seq.; the Toxic Substances Control
Act, 15 U.S.C. §§ 2601 et seq.; the Clean Air Act, 42 U.S.C. §§ 7401 et seq.; the Safe Drinking Water Act, 42 U.S.C. §§ 300f et seq.; the Atomic Energy Act, 42 U.S.C. §§ 2011 et seq.; the Federal Insecticide,
Fungicide and Rodenticide Act, 7 U.S.C. §§ 136 et seq.; and the Federal Food, Drug and Cosmetic Act, 21 U.S.C. §§ 301 et seq. 
 “ERISA” has the meaning set forth in Section 3.18(a). 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Exon-Florio
Provision” means Section 721 of the Defense Production Act of 1950. 
  

 3 

 “GAAP” means United States generally accepted accounting principles in
effect from time to time applied consistently throughout the periods involved. 
 “Governmental Approvals”
shall have the meaning set forth in Section 4.04. 
 “Governmental Authority” means any
supranational, national, federal, state, municipal or local governmental or quasi-governmental or regulatory authority (including a national securities exchange or other self-regulatory body), agency, governmental department, court, commission,
board, bureau or other similar entity, domestic or foreign or any arbitrator or arbitral body. 
 “Governmental
Order” means any order, writ, judgment, injunction, decree, stipulation, determination or award entered by or with any Governmental Authority with competent jurisdiction. 
 “Hazardous Materials” means (a) petroleum and petroleum products, radioactive materials, asbestos-containing
materials, urea formaldehyde foam insulation, transformers or other equipment that contain polychlorinated biphenyls and radon gas, (b) any other chemicals, materials or substances defined as or included in the definition of “hazardous
substances,” “hazardous wastes,” “hazardous materials,” “extremely hazardous wastes,” “restricted hazardous wastes,” “toxic substances,” “toxic pollutants,” “contaminants” or
“pollutants,” or words of similar import, under any applicable Environmental Law, and (c) any other chemical, material or substance that is regulated by or subject of liability pursuant to any Environmental Law. 
 “HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. 
 “Indemnified Party” shall have the meaning set forth in Section 8.16(c). 
 “Indemnifying Party” shall have the meaning set forth in Section 8.16(c). 
 “Investor” shall have the meaning set forth in the Preamble. 
 “Investor Indemnitee” shall have the meaning set forth in Section 8.16(a). 
 “IRS” means the Internal Revenue Service of the United States. 
  

 4 

 “knowledge” means, with respect to any Person, the actual knowledge after
reasonable inquiry of the officers of such Person. 
 “Law” means any federal, national, supranational, state,
provincial, local or similar statute, law, ordinance, regulation, rule, code, order, or rule of law (including common law) of any Governmental Authority, and any judicial or administrative interpretation thereof, including any Governmental Order.

 “Loss” has the meaning set forth in Section 8.16(a). 
 “Material Adverse Effect” means a material adverse event, change, development, condition or occurrence on or with respect
to the business, condition (financial or otherwise), assets, liabilities, operations or results of operations of the Company and its Subsidiaries, taken as a whole, but shall not be deemed to include any event, change, development, condition or
occurrence to the extent resulting from: (i) changes in the economy or the financial, securities or currency markets in the United States, China or elsewhere in the world (including changes in prevailing foreign exchange rates or interest
rates), (ii) changes generally affecting companies in the industries in which the Company and its Subsidiaries engage in business, (iii) the announcement or the existence of, or compliance with, this Agreement or the transactions
contemplated hereby, (iv) any changes in the share price or trading volume of the Shares or in the Company’s credit rating, or the failure of the Company to meet projections or forecasts, in and of itself (but not the underlying causes
thereof), (v) any taking of any action at the written request of the Investor, (vi) any adoption, implementation, promulgation, repeal, modification, reinterpretation or proposal of any Law of or by any international, national, regional,
state or local Governmental Authority, independent system operator, regional transmission organization or market administrator, in each case having general applicability, (vii) any generally applicable changes in GAAP or accounting standards or
interpretations thereof, or (vii) any weather-related or other force majeure event or outbreak or escalation of hostilities or acts of war or terrorism, except, with respect to clauses (i), (v), (vi) and (vii), to the extent that the
effects of such changes or events are disproportionately adverse to the business, condition (financial or otherwise), assets, liabilities, operations or results of operations of the Company and its Subsidiaries, taken as a whole. 
 “Money Laundering Laws” means applicable financial recordkeeping and reporting requirements of the Currency and Foreign
Transactions Reporting Act of 1970 or the Law administered or promulgated by, or Actions of, the United States Office of Foreign Asset Controls, or similar Law of any jurisdiction. 
 “NYSE” means the New York Stock Exchange. 
  

 5 

 “Person” means any individual, partnership, firm, corporation, limited
liability company, association, trust, unincorporated organization or other entity, as well as any syndicate or group that would be deemed to be a Person under Section 13(d)(3) of the Exchange Act. 
 “Preferred Stock” shall have the meaning set forth in Section 3.03(a). 
 “Purchase Price” shall have the meaning set forth in Section 2.02. 
 “SEC” means the United States Securities and Exchange Commission. 
 “SEC Reports” shall have the meaning set forth in ARTICLE III. 
 “Securities Act” means the Securities Act of 1933, as amended. 
 “Shares” shall have the meaning set forth in the Recitals. 
 “Side Letter Agreement” shall have the meaning set forth in Section 2.04(g). 
 “Stockholder Agreement” shall have the meaning set forth in Section 2.04(f). 
 “Subsidiary” or “Subsidiaries” means, with respect to any Person, any Affiliate of such Person that is
controlled by such Person. 
 “Substantial Detriment” shall have the meaning set forth in
Section 5.01(d). 
 “Tax Returns” means any return, declaration, report, election, claim for refund
or information return or other statement or form relating to Taxes, filed or required to be filed with any government or taxing authority, including any schedule or attachment thereto or any amendment thereof. 
 “Taxes” means any and all taxes, fees, levies, duties, tariffs, imposts, and other charges of any kind (together with any
and all interest, penalties, additions to tax and additional amounts imposed with respect thereto) imposed by any Governmental Authority, including taxes or other charges on or with respect to income, franchises, windfall or other profits, gross
receipts, property, intangible property, excise, sales, use, capital stock, accumulation of earnings, payroll, employment, social security, workers’ compensation, unemployment compensation, or net worth; taxes or other charges in the nature of
excise, withholding, ad valorem, stamp, transfer, value added, or gains taxes; license, registration and documentation fees; and customs’ duties, tariffs,

  

 6 

 
and similar charges. It also includes any withholding taxes, which the Company or any of its Subsidiaries is required by any Governmental Authority to withhold on behalf of any Person, and to
remit to any Governmental Authority. 
 “Termination Date” shall have the meaning set forth in
Section 7.01(d). 
 “Transaction Agreements” means, collectively, the Side Letter Agreement and the
Stockholder Agreement. 
 “Trust Preferred Securities” shall have the meaning set forth in
Section 3.03(a). 
 Section 1.02 Interpretation and Rules of Construction. In this Agreement, except to the
extent otherwise provided or that the context otherwise requires: 
 (a) when a reference is made in this Agreement to an
Article, Recital, Section, Exhibit or Schedule, such reference is to an Article, Recital or Section of, or an Exhibit or Schedule to, this Agreement unless otherwise indicated; 
 (b) the table of contents and headings for this Agreement are for reference purposes only and do not affect in any way the meaning or
interpretation of this Agreement; 
 (c) whenever the words “include,” “includes” or “including”
are used in this Agreement, they are deemed to be followed by the words “without limitation;” 
 (d) the words
“hereof,” “herein” and “hereunder” and words of similar import, when used in this Agreement, refer to this Agreement as a whole and not to any particular provision of this Agreement; 
 (e) the definitions of terms contained in this Agreement are applicable to the singular as well as the plural forms of such terms;

 (f) any Law defined or referred to herein or in any agreement or instrument that is referred to herein means such Law or
statute as from time to time amended, modified or supplemented, including by succession of comparable successor Laws; 
 (g)
references to a Person are also to its successors and permitted assigns; and 
  

 7 

 (h) the use of “or” is not intended to be exclusive unless expressly indicated
otherwise. 
 ARTICLE II 
 PURCHASE AND SALE 
 Section 2.01 Purchase and Sale of the
Shares. Upon the terms and subject to the conditions of this Agreement, at the Closing, the Company shall issue to the Investor, and the Investor shall purchase, accept and acquire from the Company, the Shares. 
 Section 2.02 Purchase Price. The purchase price shall be $1,580,906,728.80 (the “Purchase Price”), reflecting a per
share price of $12.60. 
 Section 2.03 Closing. Subject to the terms and conditions of this Agreement, the issuance, sale
and purchase of the Shares contemplated by this Agreement shall take place at a closing (the “Closing”) to be held at 10:00 a.m. (Washington, D.C. time) at the offices of Skadden, Arps, Slate, Meagher & Flom LLP, 1440 New
York Avenue, NW, Washington, D.C. 20005 on the third Business Day after the date that the parties have received notice that each of the conditions set forth in ARTICLE VI of this Agreement have been satisfied or have been waived (such date,
the “Closing Date”), or at such other date, time and place as the Company and the Investor may mutually agree upon in writing. 
 Section 2.04 Closing Deliveries by the Company. At the Closing, the Company shall deliver or cause to be delivered to the Investor or its designated custodian: 
 (a) a certificate or certificates or appropriate evidence of a book entry transfer representing the Shares registered in the name of the
Investor; 
 (b) the officer’s certificate contemplated in Section 6.03(c); 
 (c) a true and complete copy, certified by the Secretary or an Assistant Secretary of the Company, without incurring personal liability, of
the resolutions duly and validly adopted by the board of directors of the Company evidencing its authorization of the execution and delivery of this Agreement and each of the Transaction Agreements and the consummation of the transactions
contemplated hereby and thereby; 
 (d) a certificate from the Company dated as of the Closing Date, to the effect that the
Company is not a foreign person pursuant to Treasury Regulation Section 1.1445-2(b)(2); 
 (e) the opinions contemplated
in Section 6.03(e); 
  

 8 

 (f) the Stockholder Agreement, substantially in the form set forth as Exhibit A
hereto (the “Stockholder Agreement”), duly executed by the Company; and 
 (g) the side letter agreement
relating to certain partnership opportunities, substantially in the form set forth as Exhibit B hereto (the “Side Letter Agreement”), duly executed by the Company. 
 Section 2.05 Closing Deliveries by the Investor. At the Closing, the Investor or CIC, as applicable, shall deliver to the Company:

 (a) the Purchase Price without any deduction or setoff of any kind, by wire transfer in immediately available funds to a
bank account in the United States to be designated by the Company in a written notice to the Investor prior to the Closing; 
 (b) the officer’s certificate contemplated in Section 6.02(c); 
 (c) a true and complete copy,
certified by an authorized representative of the Investor, without personal liability, of the resolutions duly and validly adopted by the executive director of the Investor evidencing the Investor’s authorization of the execution and delivery
of this Agreement and each of the Transaction Agreements and the consummation of the transactions contemplated hereby and thereby; 
 (d) the Stockholder Agreement, duly executed by the Investor and CIC (only with respect to certain sections applicable to it therein); and 
 (e) the Side Letter Agreement, duly executed by the Investor and CIC. 
 Section
2.06 Adjustments to Number of Shares and/or Per Share Price. The number of Shares issued by the Company to the Investor and/or the per share price represented by the Purchase Price, shall be adjusted appropriately to reflect the effect of any
stock split, reverse stock split, stock dividend (including any dividend or distribution of securities convertible into Common Stock), extraordinary dividends, reorganization, recapitalization, reclassification, combination, exchange of shares or
other like change with respect to Common Stock occurring on or after the date hereof and prior to the Closing. 
 ARTICLE III

 REPRESENTATIONS AND WARRANTIES OF THE COMPANY 
 As an inducement to the Investor to enter into this Agreement, the Company hereby represents and warrants to the Investor, that, except as
otherwise disclosed in the Annual

  

 9 

 
Report on Form 10-K for the fiscal year ended December 31, 2008 or any other reports and forms of the Company or its Subsidiaries filed with the SEC under Sections 12, 13, 14 or 15(d) of the
Exchange Act after December 31, 2008 (excluding disclosures of risks included in any forward-looking statement disclaimers or other statements that are similarly non-specific and are predictive and forward-looking in nature) and on or before
the date of this Agreement (the “SEC Reports”): 
 Section 3.01 Due Organization and Good Standing of the
Company. The Company has been duly organized and is validly existing as a corporation in good standing under the Law of the State of Delaware and has all necessary corporate power and authority to enter into this Agreement and each of the
Transaction Agreements, to carry out its obligations hereunder and thereunder, to consummate the transactions contemplated hereby and thereby, and to own, lease and operate its properties, and to conduct the businesses currently and customarily
carried on by it. The Company is duly qualified as a foreign corporation to transact business and is in good standing in each other jurisdiction in which such qualification is required, except where the failure so to qualify or to be in good
standing would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. True, complete and correct copies of the Company’s restated certificate of incorporation and by-laws, each as in effect as of
the date of this Agreement, have previously been made available to the Investor. 
 Section 3.02 Good Standing of
Subsidiaries. Each of the Company’s Subsidiaries has been duly organized and is validly existing as a corporation or other legal entity in good standing under the Law of the jurisdiction of its incorporation, has corporate power and
authority to own, lease and operate its properties, and to conduct its business and is duly qualified as a foreign corporation to transact business and is in good standing in each jurisdiction in which such qualification is required, except where
the failure so to qualify or to be in good standing would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 
 Section 3.03 Capitalization. 
 (a) The authorized capital stock of the
Company consists of 1,200,000,000 shares of Common Stock and 50,000,000 shares of preferred stock without par value (“Preferred Stock”). Of such authorized capital stock, as of September 30, 2009, (i) 667,483,036
shares of Common Stock were issued and outstanding, (ii) 9,534,590 shares of Common Stock were held in treasury, (iii) 22,757,571 shares of Common Stock were reserved for issuance in respect of outstanding options to acquire Common Stock,
(iv) 6,152,863 shares of Common Stock were reserved for issuance in respect of settlement of any outstanding awards of restricted share units or phantom shares with respect to shares of Common Stock, and (v) 14,714,245 shares of Common
Stock were reserved for issuance in respect of the $3.375 Trust Convertible Preferred Securities issued by AES Trust III (the “Trust Preferred Securities”), and (vi) no shares of Preferred Stock were issued or
outstanding. All outstanding shares of Common Stock are or will be duly authorized, validly issued, fully paid and nonassessable, and free of pre-emptive rights. 
  

 10 

 (b) Except as set forth in subsection (a) above, as of the date hereof, there
are no outstanding subscriptions, options, warrants, calls, convertible securities or other similar rights, agreements or commitments relating to the issuance of capital stock to which the Company or any of its Subsidiaries is a party
obligating the Company to (i) issue, transfer or sell any shares of capital stock or other equity interests of the Company or securities convertible into or exchangeable for such shares or equity interests, (ii) grant, extend or enter into
any such subscription, option, warrant, call, convertible securities or other similar right, agreement or arrangement, or (iii) redeem or otherwise acquire any such shares of capital stock or other equity interests. 
 (c) Except as set forth in subsection (a) above, the Company has no outstanding bonds, debentures, notes or other obligations, the
holders of which have the right to vote (or which are convertible into or exercisable for securities having the right to vote) with the stockholders of the Company on any matter. 
 (d) There are no voting trusts or other agreements or understandings to which the Company is a party with respect to the voting of the
capital stock or other equity interest of the Company. 
 (e) As of the date hereof, the Company has no intention or
expectation to issue any additional shares of Common Stock (or securities exchangeable or convertible into Common Stock) to raise equity capital for the next twelve months, except for possible issuances pursuant to benefits plans, employee stock
options, stock appreciation rights or business combination transactions. 
 Section 3.04 Authorization of Agreements;
Enforceability. Each of this Agreement, the Transaction Agreements, the performance by the Company of its obligations hereunder and thereunder, and the consummation by the Company of the transactions contemplated hereby and thereby have been
duly authorized by all requisite corporate action on the part of the Company and its Board of Directors. This Agreement has been and, prior to the Closing, each of the Transaction Agreements will be, validly executed and delivered by the Company and
constitutes or will constitute a valid and binding obligation of the Company, enforceable against the Company in accordance with their respective terms, except as enforcement may be limited by general principles of equity, whether applied in a court
of Law or a court of equity, and by applicable bankruptcy, insolvency and similar Law affecting creditors’ rights and remedies generally. Without limiting the generality of the foregoing, no approval by the stockholders of the Company is
required in connection with this Agreement, any of the Transaction Agreements, the performance by the Company of its obligations hereunder and thereunder, or the consummation by the Company of the transactions contemplated hereby and thereby.

 Section 3.05 Absence of Defaults and Conflicts. The execution and delivery by the Company of this Agreement does not,
and the execution and delivery of any of the Transaction Agreements will not, and, subject to obtaining the Governmental Approvals, the consummation of the transactions contemplated hereby and thereby and compliance with the

  

 11 

 
provisions hereof and thereof will not (i) result in any violation of, or default (with or without notice or lapse of time, or both) under, or give rise to a right of termination,
cancellation or acceleration of any material obligation or to the loss of a material benefit under any loan, guarantee of indebtedness or credit agreement, note, bond, mortgage, indenture, deed of trust, lease, agreement, contract, instrument,
permit, concession, franchise, right or license binding upon the Company or any of its Subsidiaries or result in the creation of any liens upon any of the properties or assets of the Company or any of its Subsidiaries, (ii) conflict with or
result in any violation of any provision of the certificate of incorporation or by-laws or other equivalent organizational document, in each case as amended, of the Company or any of its Subsidiaries, or (iii) conflict with or violate any
applicable Law, other than, in the case of clauses (i) and (iii), any such violation, conflict, default, termination, cancellation, acceleration, right, loss or lien that would not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect. 
 Section 3.06 Governmental Approvals. The Company is not required to obtain any
consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any Governmental Authority or other Person pursuant to any Law or requirement in effect on the date hereof in connection with the execution,
delivery and performance by the Company of this Agreement or any of the Transaction Agreements, other than in connection with or in compliance with (i) its obligations under the Securities Act and the Exchange Act, (ii) the listing of the
Shares pursuant to the rules and regulations of the NYSE, (iii) the HSR Act, (iv) the Federal Power Act, as amended, and the approval of the Federal Energy Regulatory Commission, (v) the rules, regulations, or orders of the New York
Public Service Commission or other state energy regulatory commissions, (vi) the CFIUS Approval, (vii) state securities or “blue sky” Law, and (viii) any non-US approvals (it being understood that this representation as to
non-US approvals is to the knowledge of the Company) (collectively, the “Company Governmental Approvals”), and, subject to the accuracy of the representations and warranties of the Investor in Section 4.04, to the
Company’s knowledge, no authorization, consent, order, license, permit or approval of, or registration, declaration, notice or filing with, any Governmental Authority may be necessary, under applicable Law in effect on the date hereof, for the
consummation by the Company of the transactions contemplated by this Agreement or any of the Transaction Agreements, except, in each case, for such authorizations, consents, approvals or filings that, if not obtained or made, would not, individually
or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 
 Section 3.07 Authorization of the
Shares. The Shares have been duly authorized for issuance and sale to the Investor pursuant to this Agreement and, when issued and delivered by the Company pursuant to this Agreement against payment of the consideration set forth herein, will be
validly issued, fully paid and non-assessable. The issuance of the Shares pursuant to this Agreement is not subject to preemptive or other similar rights of any securityholder of the Company. 
  

 12 

 Section 3.08 Reports. 
 (a) The SEC Reports, when they became effective or were filed with the SEC, as the case may be, conformed in all material respects to the
requirements of the Securities Act or the Exchange Act, as applicable, and the rules and regulations of the SEC thereunder, and none of such documents contained an untrue statement of a material fact or omitted to state a material fact required to
be stated therein or necessary to make such statements, in the light of the circumstances in which they were made, not misleading. 
 (b) Since December 31, 2008 to the date hereof, the Company and each of its Subsidiaries have filed all material reports, registrations and statements, together with any required amendments thereto, that it was required to file with
the SEC or any other Governmental Authority, except where the failure to file any such report, registration or statement, would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 
 Section 3.09 Financial Statements; Controls. 
 (a) Each of the consolidated balance sheets, and the related consolidated statements of operations, cash flows and changes in equity, included or incorporated in the SEC Reports (A) have been
prepared from, and are in accordance with, the books and records of the Company and its Subsidiaries in all material respects, (B) present fairly in all material respects the consolidated financial position of the Company and its consolidated
Subsidiaries as of the dates shown and the results of the consolidated operations, cash flows and changes in equity of the Company and its consolidated Subsidiaries for the respective fiscal periods or as of the respective dates therein set forth,
subject, in the case of any unaudited financial statements, to normal recurring year-end audit adjustments, (C) complied as to form, as of their respective dates of filing with the SEC, in all material respects with applicable accounting
requirements and with the published rules and regulations of the SEC with respect thereto, and (D) have been prepared in accordance with GAAP consistently applied during the periods involved, except as otherwise set forth in the notes thereto.
Neither the Company nor any of its Subsidiaries has any liabilities or obligations of any nature (absolute, accrued, contingent or otherwise) which do not have adequate reserves under GAAP in the financial statements described above, except for
liabilities that have arisen since September 30, 2009 in the ordinary and usual course of business and consistent with past practice and that, individually or in the aggregate, have not had and would not reasonably be expected to have a
Material Adverse Effect. 
 (b) The Company (A) has implemented and maintains disclosure controls and procedures (as
defined in Rule 13a-15(e) of the Exchange Act) to ensure that material information relating to the Company, including its consolidated Subsidiaries, is made known to the chief executive officer and the chief financial officer of the Company by
others within those entities, and (B) has disclosed, based on its most recent evaluation prior to the date hereof, to the Company’s outside auditors and the audit committee of the Company’s Board of Directors (x) any significant
deficiencies and material weaknesses in the design or operation of internal controls over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) that are reasonably likely to adversely affect the Company’s ability to record,
process, summarize

  

 13 

 
and report financial information and (y) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal controls
over financial reporting. 
 Section 3.10 No Material Adverse Change in Business. Since June 30, 2009 to the date
hereof, (i) the Company and its Subsidiaries have conducted their respective businesses in all material respects in the ordinary course, consistent with prior practice, (ii) there have occurred no event or events that, individually or in
the aggregate, has had or would reasonably be expected to have a Material Adverse Effect, and (iii) there has been no dividend or distribution of any kind declared, paid or made by the Company on any class of its capital stock, except with
respect to the Trust Preferred Securities in accordance with their terms. 
 Section 3.11 Taxes. 
 (a) Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect: (i) all Tax
Returns required to be filed by the Company and each of its Subsidiaries in any jurisdiction have been timely filed, other than those filings being contested in good faith; (ii) all Taxes due pursuant to such Tax Returns or pursuant to any
assessment received by the Company or any of its Subsidiaries have been paid, other than those being contested in good faith and for which adequate reserves in accordance with GAAP have been provided; and (iii) all such Tax Returns are true,
correct and complete in all respects. 
 (b) Except as would not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect: (i) there are no disputes pending, or claims asserted, for Taxes or assessments upon the Company or any of its Subsidiaries for which the Company does not have reserves that are adequate under GAAP;
(ii) neither the Company nor any of its Subsidiaries is (A) a party to or is bound by any Tax sharing, allocation or indemnification agreement or arrangement (other than such an agreement or arrangement exclusively between or among the
Company and its Subsidiaries) or (B) has any liability for the Taxes of any Person (other than the Company or any of its Subsidiaries) under Treasury Regulation Section 1.1502-6 (or any similar provision of state, local or foreign law);
and (iii) neither the Company nor any of its Subsidiaries has participated in a “listed transaction” within the meaning of Treasury Regulation Section 1.6011-4(b)(2). 
 (c) To the knowledge of the Company, as of the date hereof, the Company is not a United States Real Property Holding Corporation within the
meaning of Section 897 of the Code. 
 (d) Within the past two years, neither the Company nor any of its Subsidiaries has
been a “distributing corporation” or a “controlled corporation” in a distribution intended to qualify under Section 355(a) of the Code. 
 Section 3.12 Absence of Proceedings. There is no Action before or brought by any Governmental Authority, now pending or, to the knowledge of the Company, threatened

  

 14 

 
against or affecting the Company or any of its Subsidiaries, which would, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect or that relates to or
challenges the validity or propriety of this Agreement, any of the Transaction Agreements or the transactions contemplated hereby or thereby. 
 Section 3.13 Compliance with Laws. The Company and its Subsidiaries are in compliance with, and conduct their businesses in conformity with, all applicable Law, except where the failure to be in
compliance or conformity would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 
 Section 3.14 Permits. The Company and its Subsidiaries are in possession of all franchises, grants, authorizations, licenses, permits, easements, variances, exceptions, consents, certificates, approvals, clearances, permissions,
qualifications and registrations and orders of any Governmental Authority necessary for the Company and its Subsidiaries to own, lease and operate their properties and assets or to carry on their businesses as they are now being conducted (the
“Company Permits”), except where the failure to have any of the Company Permits would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. All Company Permits are valid and in full
force and effect, except where the failure to be in full force and effect would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. The Company is, and each of its Subsidiaries is, in compliance with
the terms and requirements of such Company Permits, except where the failure to be in compliance would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 
 Section 3.15 Energy Regulatory Laws. The business of the Company and its Subsidiaries is and has been conducted at all times in
compliance in all material respects with all Energy Regulatory Laws and no Action by or before any court or Governmental Authority or any arbitrator involving the Company or its Subsidiaries with respect to the Energy Regulatory Laws is pending or,
to the knowledge of the Company, threatened, except, in each case, as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 
 Section 3.16 Environment. Except as would not, individually or in the aggregate, reasonably be expected to result in a Material
Adverse Effect: 
 (a) The Company and its Subsidiaries have been and are in compliance with all applicable Environmental Laws,
including, but not limited to, possessing all permits and other governmental authorizations required for their operations under applicable Environmental Laws; 
 (b) There is no pending or, to the knowledge of the Company, threatened Action pursuant to any Environmental Law against the Company or any of its Subsidiaries. To the Company’s knowledge, neither
the Company nor any of its Subsidiaries has received written notice from any person, including but not limited to any Governmental Authority, alleging that the Company or any of its Subsidiaries has been or is in violation or potentially in
violation of any applicable Environmental Law or otherwise may be liable under

  

 15 

 
any applicable Environmental Law, which violation or liability is unresolved. Neither the Company nor any of its Subsidiaries is a party or subject to any material Governmental Order pursuant to
Environmental Law; and 
 (c) With respect to real property that is currently owned, leased or operated by the Company or any
of its Subsidiaries, or was formerly owned, leased or operated by the Company or any of its Subsidiaries, (i) there have been no releases, spills or discharges of Hazardous Materials on, underneath, or migrating to or from any of such real
property and (ii) there is no storage or disposal of Hazardous Materials at any such real property, that in either case is reasonably likely to result in an obligation to remediate such environmental condition pursuant to applicable
Environmental Law in effect as of the Closing Date or result in liability pursuant to applicable Environmental Law in effect as of the Closing Date with respect to remediation conducted by other Persons. 
 Section 3.17 Money Laundering Laws. The business of the Company and its Subsidiaries is and has been conducted at all times in
compliance in all material respects with all Money Laundering Laws and no Action by or before any court or Governmental Authority or any arbitrator involving the Company or its Subsidiaries with respect to the Money Laundering Laws is pending or, to
the knowledge of the Company, threatened, except, in each case, as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 
 Section 3.18 Investment Company Act. The Company is not required, and upon the issuance and sale of the Shares as herein contemplated
and the application of the net proceeds therefrom to the capital or any other accounts of the Company will not be required, to register as an “investment company” under the Investment Company Act of 1940. 
 Section 3.19 Employee Benefits. 
 (a) All “employee benefit plans”, as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), as to which the Company or any
entity which, with the Company, would be deemed to be a single employer under Section 414(b), (c), (m) or (o) of the Code (collectively, the “Company Group”), may have any liability and that are subject to Title IV of
ERISA or Section 302 of ERISA or Section 412 of the Code shall be referred to herein as “Company Plans.” No liability has been incurred under Title IV of ERISA, Section 302 of ERISA or Section 412 of the Code that would
reasonably be expected to have a Material Adverse Effect, and, to the knowledge of the Company, no facts exist or events have occurred that would reasonably be expected to result in any such liability that would reasonably be expected to have a
Material Adverse Effect. There has been no adverse change in the funded status of the Company Plans and each other pension and other post-employment benefit plans (as such terms are used in Statement of Financial Accounting Standards No. 158)
with respect to which the Company may have any liability, considered individually and in the aggregate, since December 31, 2008, that could reasonably be expected to have a Material Adverse Effect. 
  

 16 

 (b) Except as, individually or in the aggregate, would not reasonably be expected to have a
Material Adverse Effect, the consummation of the transactions contemplated hereby will not result in an increase in the amount of, or acceleration in the timing of payment of vesting of, any compensation payable or awarded by the Company or any of
its Subsidiaries to any of its or their employees under any employment agreements, plans or programs of the Company or any of its Subsidiaries. Except as disclosed in the SEC Reports, no employee compensation or other employment-related liabilities
have been incurred that could reasonably be expected to result in a Material Adverse Effect and no facts exists or events have occurred that could reasonably be expected to result in any such liability that would reasonably be expected to have a
Material Adverse Effect. 
 Section 3.20 State Takeover Laws. The Company’s Board of Directors has taken all action
necessary to render inapplicable to the Investor the restrictions on “business combinations” set forth in Section 203 of the DGCL and, to the knowledge of the Company, any similar “moratorium,” “control share,”
“fair price,” “takeover” or “interested stockholder” law applicable to transactions between the Investor and the Company. 
 Section 3.21 Derivatives. Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, all material derivative instruments, including swaps,
caps, floors and option agreements, entered into by or for the account of the Company or any of its Subsidiaries were entered into (1) only in the ordinary course of business, (2) in accordance with prudent practices and in all material
respects with all applicable laws, rules, regulations and regulatory policies, and (3) with counterparties believed to be financially responsible at the time; and to the Company’s knowledge, each of them constitutes the valid and legally
binding obligation of the Company or the corresponding Subsidiary, enforceable in accordance with its terms. 
 Section 3.22
Power Purchase Agreements. To the knowledge of the Company, neither the Company nor any of its Subsidiaries is in default under any power purchase agreement to which it is a party, except as would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. 
 Section 3.23 Insurance. The Company and each of its
Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the business in which the Company and its Subsidiaries are engaged, except as would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Neither the Company nor any of its Subsidiaries has any reason to believe that it will not be able to renew its existing insurance coverage as and when such
coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost, except as would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. 
 Section 3.24 No Broker’s Fees. Neither the Company nor any of its Subsidiaries is a
party to any contract, agreement or understanding with any person that would give rise to a valid claim against the Investor for a brokerage commission, finder’s fee or like payment in connection with the issuance and sale of the Shares.

  

 17 

 Section 3.25 No Additional Representations. The Investor acknowledge that the Company
makes no representations or warranties as to any matter whatsoever except as expressly set forth in this Agreement or in any certificate delivered by the Company to the Investor in accordance with the terms hereof, and specifically (but without
limiting the generality of the foregoing) that the Company makes no representations or warranties with respect to (a) any projections, estimates or budgets delivered or made available to Investor (or any of its affiliates, officers, directors,
employees or representatives) of future revenues, results of operations (or any component thereof), cash flows or financial condition (or any component thereof) of the Company and its Subsidiaries, or (b) the future business and operations of
the Company and its Subsidiaries. 
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES OF THE INVESTOR 
 As an inducement to the Company to enter into this Agreement, the Investor hereby represents and warrants to the Company as follows: 
 Section 4.01 Due Organization of the Investor. The Investor has been duly organized and is validly existing and in good standing under the Law of its jurisdiction of organization and has all
necessary power and authority to enter into this Agreement and each of the Transaction Agreements, to carry out its obligations hereunder and thereunder, and to consummate the transactions contemplated hereby and thereby. The Investor is a direct
wholly-owned Subsidiary of CIC. 
 Section 4.02 Authorization of Agreements; Enforceability. Each of this Agreement and
the Transaction Agreements, the performance by the Investor of its obligations hereunder and thereunder, and the consummation by the Investor of the transactions contemplated hereby and thereby have been duly authorized by all requisite action on
the part of the Investor. This Agreement has been and, prior to the Closing, each of the Transaction Agreements will be, validly executed and delivered by the Investor and constitute or will constitute valid and binding obligations of the Investor,
enforceable against the Investor in accordance with their respective terms, except as enforcement may be limited by general principles of equity whether applied in a court of Law or a court of equity, and by applicable bankruptcy, insolvency and
similar Law affecting creditors’ rights and remedies generally. 
 Section 4.03 Absence of Defaults and Conflicts.
The execution and delivery by the Investor of this Agreement do not, and the execution and delivery of any of the Transaction Agreements will not, and, subject to obtaining the Governmental Approvals, the consummation of the transactions
contemplated hereby and thereby and compliance with the provisions hereof and thereof will not (i) result in any violation of, or default (with or without notice or lapse of time, or both) under, or give rise to a right of termination,
cancellation or acceleration of any material obligation or to the loss of a material benefit under any loan, guarantee of indebtedness or credit agreement, note, bond, deed of trust, mortgage, indenture, lease, agreement, contract, instrument,
permit, concession, franchise, right or license binding upon the Investor or result in

  

 18 

 
the creation of any liens upon any of the properties or assets of the Investor, (ii) conflict with or result in any violation of any provision of the certificate of incorporation or by-laws
or other equivalent organizational document, in each case as amended, of the Investor, or (iii) conflict with or violate any applicable Law, other than, in the case of clauses (i) and (iii), any such violation, conflict, default,
termination, cancellation, acceleration, right, loss or lien that would not reasonably be expected to, individually or in the aggregate, materially and adversely affect the consummation of the transactions contemplated in this Agreement or any of
the Transaction Agreements or the performance by the Investor of its obligations hereunder or thereunder. 
 Section 4.04
Governmental Approvals. Neither the Investor nor CIC is required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any Governmental Authority or other Person in the United
States or China pursuant to any Law or requirement in effect on the date hereof in connection with the execution, delivery and performance by the Investor of this Agreement or any of the Transaction Agreements, other than as a result of the identity
or status of the Company and/or its Subsidiaries in connection with (i) its obligations under the Exchange Act, (ii) the HSR Act, (iii) the Federal Power Act, as amended, and the approval of the Federal Energy Regulatory Commission,
(iv) the rules, regulations, or orders of the New York Public Service Commission or other state energy regulatory commissions, (v) the CFIUS Approval, and (vi) any non-US or non-China approvals (it being understood that this
representation as to non-US and non-China approvals is to the knowledge of the Investor) (together with the Company Governmental Approvals, the “Governmental Approvals”), and, subject to the accuracy of the representations and
warranties of the Company in Section 3.06, no authorization, consent, order, license, permit or approval of, or registration, declaration, notice or filing with, any Governmental Authority may be necessary, under applicable Law in effect
on the date hereof, for the consummation by the Investor of the transactions contemplated by this Agreement or any of the Transaction Agreements, except, in each case, for such authorizations, consents, approvals or filings that, if not obtained or
made, would not, individually or in the aggregate, reasonably be expected to materially and adversely affect the consummation of the transactions contemplated in this Agreement or any of the Transaction Agreements or the performance by the Investor
of its obligations hereunder or thereunder. 
 Section 4.05 Absence of Proceedings. There is no Action before or brought
by any Governmental Authority, now pending or, to the knowledge of the Investor, threatened against or affecting the Investor, which would, individually or in the aggregate, reasonably be expected to materially and adversely affect the consummation
of the transactions contemplated in this Agreement or any of the Transaction Agreements or the performance by the Investor of its obligations hereunder or thereunder. 
 Section 4.06 Compliance with Laws. In connection with this Agreement, each of the Transaction Agreements and the transactions contemplated hereby and thereby, the Investor is in compliance with,
and conduct its businesses in conformity with, in all material respects all applicable Law (including applicable Law of the United States and those countries in which the Company or its Subsidiaries conduct business). 
 Section 4.07 Sufficient Funds. The Investor shall have on the Closing Date, sufficient funds on hand in United States (U.S.) dollars
to pay in full the Purchase Price. 
  

 19 

 Section 4.08 Investment Representations. 
 (a) The Investor acknowledges that: 
 (i) the Common Stock is listed on the NYSE and the Company is required to file reports containing certain business and financial information with the SEC and may be required to file a copy of this
Agreement with the SEC, pursuant to the reporting requirements of the Exchange Act and that it is able to obtain copies of such reports; 
 (ii) without limiting any provisions set forth under the Stockholder Agreement, the Shares are subject to resale restrictions under applicable securities Law; 
 (iii) without limiting any provisions set forth under the Stockholder Agreement, the certificates representing the Shares
will bear the following legends: 
 “THIS SECURITY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER
THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS SECURITY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. 

THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR
OTHERWISE TRANSFERRED, ONLY (I) PURSUANT TO ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, INCLUDING RULE 144 OR REGULATION S UNDER THE SECURITIES ACT (IF AVAILABLE), (II) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT, OR (III) TO THE COMPANY OR ANY OF ITS SUBSIDIARIES, IN EACH OF CASES (I) THROUGH (III) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH
SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY SUBSEQUENT PURCHASER OF THIS SECURITY FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE.”; 
  

 20 

 (iv) in addition, for so long as the holder of the relevant Shares is
subject to transfer restrictions contained in the Stockholder Agreement, the certificates representing the Shares will bear the following legend: 
 “THIS SECURITY IS SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN A STOCKHOLDER AGREEMENT, DATED [            ], AMONG THE COMPANY AND
CERTAIN OTHER PARTIES THERETO.”; 
 (v) the Shares have not been registered under the Securities Act and
may not be offered or sold except pursuant to registration or to an exemption from the registration statements of the Securities Act; and 
 (vi) Investor is sufficiently experienced in financial and business matters to be capable of evaluating the merits and risks involved in purchasing the Shares and to make an informed decision relating
thereto. 
 (b) The Investor is purchasing the Shares for investment purposes only, and not in a transaction or series of
transactions involving a purchase and sale or a repurchase and resale in the course of or incidental to a distribution. The Investor is not a “U.S. Person” (as such term is defined in Rule 902(k) of Regulation S under the Securities Act).
Investor has not been provided with an offering memorandum or any similar document in connection with its subscription for the Shares. Neither the Investor nor any of its Subsidiaries beneficially owns any Common Stock or any other equity securities
of the Company, except for approximately 370,000 held on November 5, 2009. 
 Section 4.09 No Broker’s Fees.
Neither Investor nor any of its Subsidiaries is a party to any contract, agreement or understanding with any person that would give rise to a valid claim against the Company for a brokerage commission, finder’s fee or like payment in connection
with the issuance and sale of the Shares. 
 Section 4.10 No Additional Representations. The Company acknowledges that
the Investor does not make any representation or warranty as to any matter whatsoever except as expressly set forth in this Agreement or in any certificate delivered by the Investor to the Company in accordance with the terms hereof. 
  

 21 

 ARTICLE V 
 ADDITIONAL AGREEMENTS 
 Section 5.01
Regulatory Approvals; Reasonable Best Efforts. 
 (a) Subject to the terms and conditions of this Agreement, each of the
Investor and the Company shall use their reasonable best efforts, on a cooperative basis, to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable under applicable Law to consummate the
transactions contemplated by this Agreement as soon as practicable, including: 
 (i) using their reasonable
best efforts to obtain and maintain all necessary actions or nonactions, waivers, consents and approvals, including the Governmental Approvals, from Governmental Authorities, and the making of all necessary registrations and filings and the taking
of all steps as may be necessary to obtain an approval or waiver from, or to avoid an action or proceeding by, any Governmental Authority; 
 (ii) the defending of any lawsuits or other legal proceedings, whether judicial or administrative, challenging this Agreement or the consummation of the transactions contemplated by this Agreement; and

 (iii) the execution and delivery of any additional instruments necessary to consummate the transactions
contemplated by this Agreement. 
 (b) Each of the Investor and the Company shall cooperate in the preparation of any
application for the Governmental Approvals and any other orders, clearances, consents, notices, rulings, exemptions, certificates, no-action letters and approvals reasonably deemed by either the Investor or the Company to be necessary to discharge
their respective obligations under this Agreement or otherwise advisable under applicable Law in connection with the transactions contemplated by this Agreement. 
 (c) Subject to applicable Law, each of the Investor and the Company shall cooperate with and keep each other fully informed as to the status of and the processes and proceedings relating to obtaining the
Governmental Approvals and any other actions or activities pursuant to this Section 5.01, and shall promptly notify each other of any material communication from any Governmental Authority in respect of this Agreement or the transactions
contemplated hereby, and, unless it consults with the other parties in advance, shall not make any submissions, correspondence or filings, or participate in any communications or meetings with any Governmental Authority in respect of any filings,
investigations or other inquiries or proceedings related to this Agreement or the transactions contemplated hereby, and, to the extent not precluded by such Governmental Authority, gives the other parties the opportunity to review drafts of, and
provides final copies of, any submissions, correspondence or filings, and to attend and participate in any communications or meetings. Notwithstanding the foregoing, the provisions of the preceding sentence shall not apply in respect of the
Investor’s communications with Chinese Governmental Authorities in the shareholder or ownership capacity of such Chinese Governmental Authorities. 
  

 22 

 (d) Notwithstanding anything to the contrary contained in this Agreement, each of the
Investor and the Company hereby agree and acknowledge that none of this Section 5.01, Section 5.02 nor the “reasonable best efforts” standard shall require, or be construed to require, in order to obtain any
permits, consents, approvals or authorizations, or any terminations or waivers of any applicable waiting periods, (i) the Company to propose, negotiate or offer to effect, or consent or commit to, any terms, condition or restrictions that are
reasonably likely to materially and adversely impact the Company’s or any of its Subsidiaries’ ability to own or operate any of their respective businesses or operations or ability to conduct any such businesses or operations substantially
as conducted as of the date of this Agreement, or (ii) the Investor to propose, negotiate or offer to effect, or consent or commit to, any terms, condition or restrictions that are reasonably likely to materially and adversely impact the rights
and benefits reasonably expected by the Investor from the transactions contemplated by this Agreement and the Transaction Agreements (any such effect, a “Substantial Detriment”). 
 Section 5.02 CFIUS Review. Each of the Investor and the Company shall use its reasonable best efforts to obtain a written
notification issued by the Committee on Foreign Investment in the United States (“CFIUS”) that CFIUS has concluded a review of the notification voluntarily filed jointly by the Investor and the Company pursuant to the Exon-Florio
Provision and determined not to conduct a full investigation or, if a full investigation is deemed to be required, notification that the United States government will not take action to prevent the consummation of the transactions contemplated by
this Agreement (such notification, the “CFIUS Approval”). Without limiting the foregoing, the requirement of the Investor and the Company to use their reasonable best efforts to obtain CFIUS Approval shall include promptly making
any pre-notification and notification filings required in connection with CFIUS Approval, and providing any information requested by CFIUS or any other agency or branch of the United States government in connection with their review of the
transactions contemplated by this Agreement. Such efforts also shall include, to the extent necessary to obtain CFIUS Approval, the execution of mitigation agreements containing terms customarily included in such mitigation agreements, provided
however that no party shall be required to enter into any agreement that materially interferes with the Investor’s ability to exercise any and all rights accorded to them pursuant to the terms of this Agreement and the Stockholder Agreement.

 Section 5.03 Access to Information. From the date of this Agreement and through the Closing, upon reasonable notice,
the Company shall, subject to applicable Law, afford the Investor and its officers, employees, agents, accountants, counsel and representatives reasonable access, during normal business hours, to the offices, personnel, books and records of the
Company. All confidential information furnished to a party or its advisor by a party or its advisor in connection with the transactions contemplated hereby shall be subject to, and the recipient of such information shall hold all such information in
confidence in accordance with, the provisions of the Confidentiality Agreement. 
 Section 5.04 Trading of Company
Securities. Without limiting the restrictions set forth in the Confidentiality Agreement, neither the Investor nor any of its Affiliates shall engage in trading of Common Stock or the Trust Preferred Securities of the Company or derivatives
during the period up to and including the Closing Date; provided, however, that the foregoing shall not limit any trading or investment activities of any unaffiliated third-party external investment manager of the Investor or its
Affiliates who acts in its sole discretion and

  

 23 

 
who is not otherwise acting as a “group” (as defined in Section 13(d)(3) of the Exchange Act) with the Investor or its Affiliates that purchases securities of the Company on behalf
of the Investor or its Affiliates in the ordinary course of the manager’s investment management functions and without direction to do so from the Investor and/or its Affiliates; provided, further that neither the Investor nor any
of its directors, officers, employees or professional advisors shall, directly or indirectly, communicate, disseminate or otherwise disclose confidential information relating to the Company and its Subsidiaries to such external investment managers.
During the periods between the date hereof and the Closing, neither Investor nor any of its Affiliates shall sell short any securities of the Company or derivatives thereof. 
 Section 5.05 Securities Law Filings. The Investor shall timely file all forms, reports and documents required to be filed by each
with the SEC (including filing any required statements of beneficial ownership on Schedule 13D or Schedule 13G and such filings as may be required under Section 16 of the Exchange Act). 
 Section 5.06 Amendments to Certificate of Incorporation. The Company covenants and agrees that between the date hereof and the time
of the Closing, without the prior written consent of the Investor, the Company shall not adopt or propose any change to its certificate of incorporation in a manner that is reasonably likely to materially and adversely impact the transactions
contemplated hereunder or the rights and benefits reasonably expected to be received by the Investor under this Agreement and the Transaction Agreements. 
 Section 5.07 Further Assurances. Each of the parties shall execute such documents and perform such further acts (including, without limitation, obtaining any consents, exemptions, authorizations or
other actions by, or giving any notices to, or making any filings with, any Governmental Authority or any other Person) as may be reasonably required or desirable to carry out or to perform the provisions of this Agreement. 
 ARTICLE VI 
 CONDITIONS TO CLOSING 
 Section 6.01 Mutual Conditions of Closing. The obligations of the Company
and the Investor to consummate the transactions contemplated by this Agreement shall be subject to the fulfillment or mutual written waiver, at or prior to the Closing, of each of the following conditions: 
 (a) No Adverse Law, Injunction. There shall not be any Law or Governmental Order in effect that enjoins, prohibits or materially
alters the terms of the transactions contemplated by this Agreement, and no action, suit, investigation or proceeding pending by a Governmental Authority of competent jurisdiction that seeks such a Governmental Order; 
 (b) Governmental Approvals. Any Governmental Approvals, except for CFIUS Approval (which is addressed below in subsection
(c)), shall have been obtained or made

  

 24 

 
and shall be in full force and effect and all waiting periods required by Law shall have expired without the imposition of any term, condition or consequence of which is reasonably likely to
constitute a Substantial Detriment or Material Adverse Effect; 
 (c) CFIUS. The parties shall have received the CFIUS
Approval without the imposition of any term, condition or consequence of which is reasonably likely to constitute a Substantial Detriment or Material Adverse Effect; 
 (d) No Registration Statement Required. The issue and sale of the Shares shall be exempt from the requirement to file a prospectus or registration statement and there shall be no requirement to
deliver an offering memorandum under applicable securities Law relating to the sale of the Shares; and 
 (e) NYSE
Listing. The Shares shall have been approved for listing on the NYSE, subject only to official notice of issuance. 
 Section 6.02 Conditions to Obligations of the Company. The obligations of the Company to consummate the transactions contemplated by this Agreement shall be subject to the fulfillment or written waiver, at or prior to the Closing, of
each of the following conditions: 
 (a) Representations and Warranties. The representations and warranties of the
Investor contained in this Agreement shall be true and correct in all material respects or, where any statement in a representation or warranty expressly includes a standard of materiality, such statement shall be true and correct in all respects as
so qualified, in each case, as of the Closing Date as if made at and as of such date (except to the extent such representation or warranty is made as of an earlier date); 
 (b) Covenants. The covenants and agreements contained in this Agreement to be complied with by the Investor on or before the Closing
shall have been complied with in all material respects; 
 (c) Investor Closing Certificate. The Investor shall have
delivered to the Company a certificate, dated as of the date of the Closing and signed by any senior officer, certifying to the effect that the conditions set forth in Section 6.02(a) and (b) have been satisfied; and

 (d) Stockholder Agreement. The Company shall have received the Stockholder Agreement, executed by the Investor and
CIC. 
 Section 6.03 Conditions to Obligations of the Investor. The obligations of the Investor to consummate the
transactions contemplated by this Agreement shall be subject to the fulfillment or written waiver, at or prior to the Closing, of each of the following conditions: 
 (a) Representations and Warranties. The representations and warranties of the Company contained in this Agreement shall be true and correct in all material respects or, where any statement in a
representation or warranty expressly includes a standard of materiality, such statement shall be true and correct in all respects as so qualified, in each case, as of the Closing Date as if made at and as of such date (except to the extent such
representation or warranty is made as of an earlier date); 
  

 25 

 (b) Covenants. The covenants and agreements contained in this Agreement to be
complied with by the Company on or before the Closing shall have been complied with in all material respects; 
 (c) Company
Closing Certificate. The Company shall have delivered to the Investor a certificate, dated as of the date of the Closing and signed by any senior officer, certifying to the effect that the conditions set forth in Section 6.03(a) and
(b) have been satisfied; 
 (d) No Material Adverse Effect. Since the date hereof to the Closing Date, no
event or events shall have occurred and be continuing which, individually or in the aggregate, constitute a Material Adverse Effect; 
 (e) Legal Opinion. The Investor shall have received a written legal opinion, addressed to the Investor and dated as of the date of the Closing, in form and substance customary for private securities offerings and reasonably
acceptable to the Purchaser, from Skadden, Arps, Slate, Meagher & Flom LLP and/or such other counsel to the Company; and 
 (f) Stockholder Agreement. The Investor shall have received the Stockholder Agreement, executed by the Company. 
 ARTICLE VII 
 TERMINATION 
 Section 7.01 Termination. This Agreement may be terminated at any time prior to the Closing: 
 (a) by the mutual written consent of the Company and the Investor; 
 (b) by the Investor, if (i) the Company shall have breached any representation, warranty, covenant or agreement set forth in this
Agreement, (ii) such breach or misrepresentation is not cured within twenty (20) days after the Company receives written notice thereof from the Investor (or such shorter period between the date of such notice and the Closing), and
(iii) such breach or misrepresentation would cause any of the conditions set forth in Section 6.02(a) or (b) not to be satisfied; 
  

 26 

 (c) by the Company, if (i) the Investor shall have breached any representation,
warranty, covenant or agreement set forth in this Agreement, (ii) such breach or misrepresentation is not cured within twenty (20) days after the Investor receives written notice thereof from the Company (or such shorter period between the
date of such notice and the Closing), and (iii) such breach or misrepresentation would cause any of the conditions set forth in Section 6.03(a) or (b) not to be satisfied; 
 (d) by either the Company or the Investor if the Closing shall not have occurred by March 31, 2010 (the “Termination
Date”); provided, however, that if all of the conditions to Closing set forth in ARTICLE VI shall have been satisfied or shall then be capable of being satisfied (other than the conditions set forth in
Section 6.01(b) and Section 6.01(c)), the Termination Date may be extended by the Investor or the Company by written notice to the other party to such date that is sixty (60) days following the Termination Date; and
provided, further, that the right to terminate this Agreement under this paragraph (d) shall not be available to any party whose failure to fulfill any obligation under this Agreement shall have been the principal cause of, or
shall have resulted in, the failure of the Closing to occur on or prior to such date; 
 (e) by either the Investor or the
Company in the event that any Governmental Authority shall have issued a Governmental Order or taken any other action restraining, enjoining or otherwise prohibiting, or altering, materially and adversely (to the Investor and the Company), the
material terms of the transactions contemplated by this Agreement, and such Governmental Order shall have become final and nonappealable; or 
 (f) by either the Investor or the Company if, following a review and any investigation of the transaction by CFIUS, the CFIUS Approval has not been received, and the transaction is before the President of
the United States for decision, or any of the parties have been advised by an agency that is a member of CFIUS that the CFIUS Approval would be conditioned upon one or more mitigation agreements inconsistent with Section 5.02.

 Section 7.02 Effect of Termination. In the event of termination of this Agreement as provided herein, this Agreement
shall forthwith become void and there shall be no liability under this Agreement on the part of either party hereto except that nothing herein shall relieve either party from liability for any breach of this Agreement that occurred before such
termination and the terms of ARTICLE VIII shall survive any such termination. 
  

 27 

 ARTICLE VIII 
 GENERAL PROVISIONS 
 Section 8.01 Survival
of Representations and Warranties. The representations and warranties of the parties contained herein shall survive the Closing Date for a period of twenty-four (24) months following the date thereof; provided, however, that
(i) the representations and warranties made by the Company pursuant to Section 3.01, Section 3.02, Section 3.03, Section 3.04, and Section 3.07 and (ii) the representations and
warranties made by the Investor pursuant to Section 4.01, and Section 4.02 shall survive indefinitely. 
 Section 8.02 Expenses. Except as otherwise specified in this Agreement, all costs and expenses, including fees and disbursements of counsel, financial advisors and accountants, incurred in connection with this Agreement and the
transactions contemplated by this Agreement shall be paid by the party incurring such costs and expenses, whether or not the Closing shall have occurred. 
 Section 8.03 Public Announcements. Except as may be required by applicable Law, court process or any listing agreement with any national securities exchange, the parties shall cooperate with each
other in the development and distribution of all news releases and other public information disclosures with respect to this Agreement or the transactions contemplated hereby, and no party hereto will make any such news release or public disclosure
without first consulting with the other party. 
 Section 8.04 Severability. If any term or other provision of this
Agreement is invalid, illegal or incapable of being enforced by any Law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect for so long as the economic or legal substance of the
transactions contemplated hereby is not affected in any manner materially adverse to any party hereto. Upon a determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in
good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an enforceable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest
extent possible. 
 Section 8.05 Entire Agreement. This Agreement (including the exhibits and schedules hereto), the
Transaction Agreements and the Confidentiality Agreement constitute the entire agreement of the parties hereto with respect to the subject matter hereof and thereof and supersede all prior agreements and undertakings, both written and oral, among
the Company and the Investor with respect to the subject matter hereof and thereof. 
 Section 8.06 Notices. All notices,
requests, claims, demands and other communications hereunder shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by an internationally recognized overnight courier
service, or by facsimile to the respective parties hereto at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 8.06): 
 If to the Company: 
 The AES Corporation 
 4300 Wilson Blvd, 
 Arlington, VA 22203 

			
	Attention:	  	 Brian A. Miller, Executive Vice President,
 General Counsel and Corporate Secretary

 Facsimile: 703 528-4510 
  

 28 

 With a copy (which shall not constitute notice) to: 
 Skadden, Arps, Slate, Meagher & Flom LLP 
 1440 New York Ave., NW 
 Washington, DC 20005 
 Attention: Pankaj K. Sinha / Christopher J. Ulery 
 Facsimile: 202 393-5760 
 If to Investor or CIC: 
 Terrific Investment Corporation 
 New Poly Plaza 
 25th floor 
 No. 1 Chaoyangmen Beidajie 
 Dongcheng, Beijing 100010, China 
 Attention: Zhou Yuan 
 Facsimile: +86(10)6408 6715 
 and: 
 China Investment Corporation 
 18/F New Poly Plaza 
 No. 1 Chaoyangmen Beidajie 
 Dongcheng, Beijing 100010, China 
 Attention: Zhang Hong 
 Facsimile: +86(10)6408 6820 
 With a copy (which shall not constitute notice) to: 
 China Investment Corporation 
 No. 1 Chaoyangmen Beidajie 
 Dongcheng, Beijing 100010, China 
 Attention: Hong Zhang / Xintian Hu 
 Facsimile: + 86(10)6408 6220 
  

 29 

 With a copy (which shall not constitute notice) to: 
 Cleary Gottlieb Steen & Hamilton LLP 
 One Liberty Plaza 
 New York, NY 10006 
 Attention: Paul Shim / Richard Lincer 
 Facsimile: 212 225 3999 
 and 
 Cleary Gottlieb Steen & Hamilton LLP 
 Twin Towers - West 
 12 B Jianguomen Wai Da Jie 3 
 Chaoyang District 
 Beijing 100022, China 
 Attention: Filip Moerman 
 Facsimile: +86(10) 6408 6820 
 Section 8.07 Assignment. This Agreement may not be assigned without the express written consent of the other parties (not to be unreasonably withheld, delayed or conditioned) and any such
assignment or attempted assignment without such consent shall be void; provided, however, that the Investor shall be permitted to assign its rights and obligations hereunder to any other wholly-owned Subsidiary of CIC who expressly agrees in writing
to be bound by the terms hereof. 
 Section 8.08 Amendment. This Agreement may not be amended or modified except
(i) by an instrument in writing signed by, or on behalf of, the Company and the Investor, or (ii) by a waiver in accordance with Section 8.09. 
 Section 8.09 Waiver. The Company or the Investor may (i) extend the time for the performance of any of the obligations or other acts of any other party, (ii) waive any inaccuracies in the
representations and warranties of any other party contained herein or in any document delivered by any other party pursuant hereto, or (iii) waive compliance with any of the agreements of any other party or conditions to such party’s
obligations contained herein. Any such extension or waiver shall be valid only if set forth in an instrument in writing signed by the party that is giving the waiver. Any waiver of any term or condition shall not be construed as a waiver of any
subsequent breach or a subsequent waiver of the same term or condition, or a waiver of any other term or condition of this Agreement. The failure of any party hereto to assert any of its rights hereunder shall not constitute a waiver of any of such
rights. All rights and remedies existing under this Agreement are cumulative to, and not exclusive of, any rights or remedies otherwise available. 
 Section 8.10 No Third-Party Beneficiaries. This Agreement shall be binding upon and inure solely to the benefit of the parties hereto and their respective successors and permitted assigns and
nothing herein, express or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever, under or by reason of this Agreement. 
  

 30 

 Section 8.11 Governing Law; Jurisdiction; Waiver of Jury Trial. 
 (a) This Agreement shall be governed by, and construed in accordance with, the Law of the State of Delaware applicable to contracts
executed in and to be performed in that State, without regard to principles of the conflict of Law. 
 (b) Each of the
Investor, CIC and the Company irrevocably submits to the exclusive jurisdiction of the Court of Chancery of the State of Delaware (and any court before which an appeal therefrom may be properly heard in connection with any such appeal), and waives
objection to the venue of any proceeding in such court or that such court provides an inconvenient forum. 
 (c) EACH OF THE
PARTIES HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 8.12 No Consequential Damages. No party shall seek or be entitled to receive any consequential damages, including but not
limited to loss of revenue or income, cost of capital, or loss of business reputation or opportunity, relating to any misrepresentation or breach of any warranty or covenant set forth in this Agreement; nor shall any party seek or be entitled to
receive punitive damages as to any matter under, relating to or arising out of the transactions contemplated by this Agreement. 
 Section 8.13 Specific Performance. The parties hereto agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance with the terms hereof and that the parties shall be entitled to an
injunction or injunctions to prevent breaches of this Agreement or to enforce specifically the performance of the terms and provisions hereof, in addition to any other remedy to which they are entitled at Law or in equity. 
 Section 8.14 Nature of Agreement. With respect to the contractual liability of the Investor and CIC to perform their respective
obligations under this Agreement, with respect to itself or its property, the Investor and CIC each agree that the execution, delivery and performance by it of this Agreement constitute private and commercial acts done for private and commercial
purposes. 
 Section 8.15 Currency. Unless otherwise specified in this Agreement, all references to currency, monetary
values and dollars set forth herein means United States (U.S.) dollars and all payments hereunder shall be made in United States dollars. 
 Section 8.16 Indemnification. 
 (a) The Company agrees to indemnify and
hold harmless the Investor, each person who controls the Investor within the meaning of the Exchange Act, and each of the

  

 31 

 
respective officers, directors, employees, agents and Affiliates of the foregoing in their respective capacities as such (the “Investor Indemnitees”), to the fullest extent
lawful, from and against any and all actions, suits, claims, proceedings, costs, damages, judgments, amounts paid in settlement (subject to Section 8.16(d) below) and expenses (including, without limitation, attorneys’ fees and
disbursements) (collectively, “Loss”) arising out of or resulting from any inaccuracy in or breach of the representations, warranties or covenants made by the Company in this Agreement or any of the Transaction Agreements.

 (b) The Investor agrees to indemnify and hold harmless the Company and each of its officers, directors, employees, agents
and Affiliates in their respective capacities as such (the “Company Indemnitees”), to the fullest extent lawful, from and against any and all Losses arising out of or resulting from any inaccuracy in or breach of the
representations, warranties or covenants made by the Investor in this Agreement or any of the Transaction Agreements. 
 (c)
Subject to Section 8.16(d), a party obligated to provide indemnification under this Section 8.16 (an “Indemnifying Party”) shall reimburse the indemnified parties of the other party (the “Indemnified
Parties”) for all reasonable out-of-pocket expenses (including attorneys’ fees and disbursements) as they are incurred in connection with investigating, preparing to defend or defending any such action, suit, claim or proceeding
(including any inquiry or investigation) whether or not an Indemnified Party is a party thereto. It is understood and agreed that the Indemnifying Party shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be
liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Parties. If an Indemnified Party makes a claim under this Section 8.16(c) for payment or reimbursement of expenses, such
expenses shall be paid or reimbursed promptly upon receipt of appropriate documentation relating thereto even if the Indemnifying Party reserves the right to dispute whether this Agreement requires the payment or reimbursement of such expenses.

 (d) An Indemnified Party shall give written notice to the Indemnifying Party of any claim with respect to which it seeks
indemnification promptly after the discovery by such party of any matters giving rise to a claim for indemnification; provided that the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying
Party of its obligations under this Section 8.16 unless and to the extent that the Indemnifying Party shall have been materially prejudiced by the failure of such Indemnified Party to so notify such party. In case any such action, suit, claim
or proceeding is brought against an Indemnified Party, the Indemnified Party shall be entitled to hire, at its own expense, separate counsel and participate in the defense thereof; provided, however, that the Indemnifying Party shall
be entitled to assume and conduct the defense, unless the Indemnifying Party determines otherwise and following such determination the Indemnified Party assumes responsibility for conducting the defense (in which case the Indemnifying Party shall be
liable for any legal or other expenses reasonably incurred by the Indemnified Party in connection with assuming and conducting the defense, it being understood and agreed that the Indemnifying Party shall not, in connection with any proceeding or
related proceeding in the same jurisdiction, be liable for the fees and expenses

  

 32 

 
of more than one separate firm (in addition to any local counsel) for all Indemnified Parties). If the Indemnifying Party assumes and conducts the defense as provided in the previous sentence,
the Indemnifying Party will not be liable to the Indemnified Party for any legal or other expenses subsequently incurred by the latter in connection with the defense thereof other than reasonable costs of investigation. No Indemnifying Party shall
be liable for any settlement of any action, suit, claim or proceeding effected without its written consent; provided, however, the Indemnifying Party shall not unreasonably withhold, delay or condition its consent. The Indemnifying
Party further agrees that it will not, without the Indemnified Party’s prior written consent, settle or compromise any claim or consent to entry of any judgment in respect thereof in any pending or threatened action, suit, claim or proceeding
in respect of which indemnification may be sought hereunder (whether or not any Indemnified Party is an actual or potential party to such action, suit, claim or proceeding) unless such settlement or compromise includes an unconditional release of
each Indemnified Party from all liability arising out of such action, suit, claim or proceeding. 
 (e) The obligations of the
Indemnifying Party under this Section 8.16 shall survive the closing or termination of this Agreement and the transactions contemplated hereby. The agreements contained in this Section 8.16 shall be in addition to any other rights of the
Indemnified Party against the Indemnifying Party or others, at common law or otherwise. 
 (f) The amount the Indemnifying
Party shall pay to the Indemnified Party with respect to a claim made pursuant to this Section 8.16 shall be an amount equal to the Loss incurred by the Indemnified Party with respect to such claim provided that the amount of any Losses
incurred by the Indemnified Party shall be reduced by the amount of any insurance benefit received by the Indemnified Party in respect of such Losses, and provided further that any liability for indemnification under this Agreement shall be
determined without duplication of recovery by reason of the state of facts giving rise to such liability constituting a breach of more than one representation, warranty, covenant or agreement. 
 Section 8.17 Payments. The parties agree to treat any indemnity payments made pursuant to Section 8.16 as adjustments to the
Purchase Price for U.S. federal income tax purposes. 
 Section 8.18 Guaranty. CIC hereby unconditionally and irrevocably
guarantees the full performance by the Investor of all of its obligations under this Agreement without offset or deduction. 
 Section 8.19 Counterparts. This Agreement may be executed and delivered (including by facsimile transmission or portable document format (“.pdf”)) in one or more counterparts, and by the different parties hereto in
separate counterparts, each of which when executed shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement. 
 [Signature page follows] 
 (880618) 
  

 33 

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

			
	THE AES CORPORATION
		
	By:	 	 /s/ Paul T. Hanrahan

	Name: Paul T. Hanrahan
	Title: President and Chief Executive Officer
	
	TERRIFIC INVESTMENT CORPORATION
		
	By:	 	 /s/ Gao Xiqing

	Name: Gao Xiqing
	Title: Legal Representative
	
	Solely for purposes of Sections 8.11, 8.14 and 8.18:
	
	CHINA INVESTMENT CORPORATION
		
	By:	 	 /s/ Lou Jiwei

	Name: Lou Jiwei
	Title: Chairman and CEO

 [Stock Purchase Agreement Signature Page] 
  

 34 

 Exhibit A 
 Form of Stockholder Agreement 
  

 A-1 

 EXHIBIT A 
  
  
  
 FORM OF 
 STOCKHOLDER AGREEMENT 
 by and between 
 THE AES CORPORATION 
 and 
 TERRIFIC INVESTMENT CORPORATION 
 Dated as of [date] 
  
  
  

 TABLE OF CONTENTS 
  

					
	ARTICLE I
	
	DEFINITIONS
			
	Section 1.1	  	Definitions	  	1
	Section 1.2	  	Interpretation and Rules of Construction	  	5
	
	ARTICLE II
	
	 VOTING RIGHTS; BOARD REPRESENTATION; DIVIDENDS; CORPORATE
 OPPORTUNITIES

			
	Section 2.1	  	Voting of Shares	  	6
	Section 2.2	  	Irrevocable Proxy	  	7
	Section 2.3	  	Board Representation	  	8
	Section 2.4	  	Dividends	  	8
	Section 2.5	  	Corporate Opportunities	  	8
	
	ARTICLE III
	
	STANDSTILL AND CERTAIN PROHIBITED TRANSACTIONS
			
	Section 3.1	  	Standstill	  	9
	Section 3.2	  	Standstill Exceptions	  	9
	Section 3.3	  	Obligation to Divest	  	10
	Section 3.4	  	Short Sales	  	11
	
	ARTICLE IV
	
	TRANSFER
			
	Section 4.1	  	Transfer of Common Stock	  	11
	Section 4.2	  	Transfer of Shares of the Investor	  	12
	Section 4.3	  	Right of First Offer	  	13
	Section 4.4	  	Termination of Article IV	  	13
	
	ARTICLE V
	
	PREEMPTIVE RIGHTS
			
	Section 5.1	  	Company Sale of Covered Securities	  	14
	Section 5.2	  	Notice	  	14
	Section 5.3	  	Purchase Mechanism	  	14
	Section 5.4	  	Limitation of Rights	  	15

					
	Section 5.5	  	Termination of Preemptive Rights	  	15
	
	ARTICLE VI
	
	REGISTRATION RIGHTS
			
	Section 6.1	  	Demand Registration	  	15
	Section 6.2	  	Piggyback Registration	  	17
	Section 6.3	  	Lock-Up Agreements	  	18
	Section 6.4	  	Registration Procedures	  	18
	Section 6.5	  	Payment of Registration Expenses	  	22
	Section 6.6	  	Indemnification by the Company	  	22
	Section 6.7	  	Indemnification by the Investor	  	23
	Section 6.8	  	Conduct of Indemnification Proceedings	  	23
	Section 6.9	  	Contribution	  	24
	Section 6.10	  	Participation in Public Offering	  	25
	Section 6.11	  	Cooperation by the Company	  	25
	Section 6.12	  	Acknowledgement Regarding the Company	  	25
	Section 6.13	  	Mergers, Recapitalizations, Exchanges or Other Transactions Affecting Registrable Securities	  	25
	Section 6.14	  	Termination of Registration Rights	  	25
	
	ARTICLE VII
	
	MISCELLANEOUS
			
	Section 7.1	  	Severability	  	25
	Section 7.2	  	Entire Agreement	  	25
	Section 7.3	  	Notices	  	26
	Section 7.4	  	Assignment	  	27
	Section 7.5	  	Compliance	  	27
	Section 7.6	  	Amendment	  	27
	Section 7.7	  	Waiver	  	27
	Section 7.8	  	No Third-Party Beneficiaries	  	28
	Section 7.9	  	Governing Law; Jurisdiction; Waiver of Jury Trial	  	28
	Section 7.10	  	No Consequential Damages	  	28
	Section 7.11	  	Specific Performance	  	28
	Section 7.12	  	Nature of Agreement	  	29
	Section 7.13	  	Currency	  	29
	Section 7.14	  	Counterparts	  	29
	Section 7.15	  	Guaranty	  	29
	Section 7.16	  	Tax Forms	  	29

  

 ii 

 FORM OF 
 STOCKHOLDER AGREEMENT 
 This STOCKHOLDER AGREEMENT, dated as of [date]
(this “Agreement”), is by and between The AES Corporation, a Delaware corporation (“Company”), and Terrific Investment Co. Ltd., a corporation organized under the laws of the People’s Republic of China
(“Investor”) and a direct wholly-owned subsidiary of China Investment Corporation (“CIC”). 
 W I T N E S S E T H: 
 WHEREAS, the Company and
the Investor have entered into a Stock Purchase Agreement, dated November 6, 2009 (as it may be amended from time to time) (the “Purchase Agreement”), pursuant to which, the Investor is, concurrent herewith, purchasing and
acquiring from the Company, and the Company is issuing to the Investor 125,468,788 shares (the “Shares”) of Common Stock, par value $0.01 per share (“Common Stock”), of the Company; and 
 WHEREAS, the Company and the Investor desire to set forth their respective obligations in connection with the Investor’s ownership of
the Shares. 
 NOW, THEREFORE, in consideration of the respective representations, warranties, covenants, agreements and
conditions herein and intending to be legally bound, the parties hereto, hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 
 Section 1.1 Definitions. The following terms, as used herein, have the following meanings: 
 “Affiliate” means, with respect to any Person or group of Persons, a Person that directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common
control with such Person or group of Persons ; provided, however, that Huijin and its Subsidiaries shall be deemed not to be Affiliates of the Investor unless with respect to actions relating to securities of the Company, Huijin and
its Subsidiaries are acting at the direction of the Investor or its Affiliates (other than Huijin and its Subsidiaries); and provided further, that a Person shall not be considered to be an Affiliate of another Person due to common
control of such Person and another Person, whether direct or indirect, by a government or Governmental Authority. 

 “Agreement” or “this Agreement” shall have the meaning set
forth in the Preamble, and shall include the Exhibits hereto and all amendments hereto made in accordance with the provisions hereof. 
 “Beneficially Own” means, with respect to any securities, having “beneficial ownership” of such securities for purposes of Rule 13d-3 or 13d-5 under the Exchange Act as in effect on the date hereof, and
“Beneficial Ownership” shall have the corresponding meaning. 
 “Board” means the Board of
Directors of the Company. 
 “Board Representative” shall have the meaning set forth in
Section 2.3(b). 
 “Business Day” means any day that is not a Saturday, a Sunday or other day on
which banks are required or authorized by Law to be closed in the city of New York, New York or Beijing, China. In the event that any action is required or permitted to be taken under this Agreement on or by a date that is not a Business Day, such
action may be taken on or by the Business Day immediately following such date. 
 “Change of Control” shall
have the meaning set forth in Section 4.1(e). 
 “China” means the People’s Republic of China,
excluding the Hong Kong Special Administrative Region, the Macau Special Administrative Region and Taiwan. 
 “CIC” shall have the meaning set forth in the Preamble. 
 “Common Stock” shall have
the meaning set forth in the Recitals. 
 “Company” shall have the meaning set forth in the Preamble.

 “Company Stockholders’ Meeting” shall have the meaning set forth in Section 2.1(b).

 “Confidentiality Agreement” means that certain Confidentiality Agreement, between CIC and the Company, dated
as of September 15, 2009. 
 “control” (including the terms “controlled by” and
“under common control with”) means, the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, through the ownership of a majority of the outstanding voting
securities, or by otherwise manifesting the power to elect a majority of the board of directors or similar body governing the affairs of such Person. 
 “Covered Securities” means the Common Stock and any securities convertible into or exercisable or exchangeable for Common Stock that are not Excluded Securities. 
 “DGCL” shall have the meaning set forth in Section 2.2(a). 
 “Demand Registration” shall have the meaning set forth in Section 6.1(a). 
 “Designated Securities” shall have the meaning set forth in Section 5.2. 
  

 2 

 “Economic Interest Percentage” means, with respect to any Person as of any
date, the percentage equal to (i) the aggregate number of shares of Common Stock Beneficially Owned by such Person (treating any convertible securities of the Company that are Beneficially Owned by such Person or its Affiliates as fully
converted into the underlying Common Stock) divided by (ii) the Fully Diluted Shares; provided, however, for purposes of calculating Investor’s Economic Interest Percentage, the Fully Diluted Shares shall not include any
Covered Securities issued after the date hereof pursuant to any share issuance in which the Investor did not have the right to participate. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Excluded Securities” means any securities that are (i) issued by the Company pursuant to any employment contract, employee or benefit plan, stock purchase plan, stock ownership plan, stock option or equity
compensation plan or other similar plan where stock is being issued or offered to a trust, other entity or otherwise, to or for the benefit of any employees, potential employees, officers or directors of the Company, (ii) issued by the Company
in connection with a business combination or other merger, acquisition or disposition transaction, (iii) issued with reference to the Common Stock of a subsidiary (i.e., a carve-out transaction), or (iv) issued in connection with a
dividend investment or stockholder purchase plan. 
 “Fully Diluted Shares” means all outstanding shares of
Common Stock and all shares of Common Stock issuable in respect of securities convertible into or exchangeable or exercisable for shares of Common Stock, all stock appreciation rights, options, warrants and other rights to purchase or subscribe for
shares of Common Stock or securities convertible into or exchangeable or exercisable for shares of Common Stock. 
 “Governmental Authority” means any supranational, national, federal, state, municipal or local governmental or quasi-governmental or regulatory authority (including a national securities exchange or other self-regulatory
body), agency, governmental department, court, commission, board, bureau or other similar entity, domestic or foreign or any arbitrator or arbitral body. 
 “Group” shall have the meaning set forth in Section 3.2(b)(ii). 
 “Huijin” means Central Huijin Investment Ltd. 
 “Indemnified Parties” shall have the meaning set forth in Section 6.6. 
 “Investor” shall have the meaning set forth in the Preamble. 
 “Investor Rights Termination
Event” shall be deemed to have occurred if, at the close of any Business Day following the date hereof, the Economic Interest Percentage of the Investor is 5% or less. 
 “Law” means any federal, national, supranational, state, provincial, local or similar statute, law, ordinance, regulation,
rule, code, order, or rule of law (including common law) of any Governmental Authority, and any judicial or administrative interpretation thereof, including any order, writ, judgment, injunction, decree, stipulation, determination or award entered
by or with any Governmental Authority. 
  

 3 

 “Lockup Date” shall have the meaning set forth in
Section 4.1(a). 
 “Maximum Offering Size” shall have the meaning set forth in
Section 6.1(d). 
 “Offer Shares” shall have the meaning set forth in Section 4.3(a).

 “Person” means any individual, partnership, firm, corporation, limited liability company, association,
trust, unincorporated organization or other entity, as well as any syndicate or group that would be deemed to be a Person under Section 13(d)(3) of the Exchange Act. 
 “Private Placement” shall have the meaning set forth in Section 5.3(b). 
 “Prohibited Person” means any Person that (i) appears on any list issued by an applicable Governmental Authority or the United Nations with respect to money laundering, terrorism
financing, drug trafficking, or economic or arms embargoes, or (ii) directly or indirectly, or together with its Affiliates, owns or operates electric generating assets having an aggregate generating capacity greater than one-third of the
aggregate generating capacity of the Company’s electric generating assets. 
 “Public Offering” means an
underwritten public offering pursuant to an effective registration statement under the Securities Act, other than pursuant to a registration statement on Form S-4 or Form S-8 or any similar or successor form. 
 “Purchase Agreement” shall have the meaning set forth in the Recitals. 
 “Qualified Nominee” shall have the meaning set forth in Section 2.3(a). 
 “Qualified Offering” means a public or nonpublic offering of Covered Securities (other than Excluded Securities) solely for
cash. 
 “Registrable Securities” means the Shares held by the Investor from time to time. For purposes of this
Agreement, Registrable Securities shall cease to be Registrable Securities when (i) a Registration Statement covering resales of such Registrable Securities has been declared effective under the Securities Act by the SEC and such Registrable
Securities have been disposed of pursuant to such effective Registration Statement, (ii) all Demand Registrations and Short-Form Registrations have been effected pursuant to Article VI, (iii) such securities have been disposed of
pursuant to Rule 144 of the Securities Act, or (iv) such Registrable Securities cease to be outstanding. 
 “Registration Expenses” means any and all expenses incident to the performance of or compliance with any registration or marketing of securities, including all (i) SEC and securities exchange registration and filing
fees, and all other fees and expenses payable in connection with the listing of securities on any securities exchange or automated interdealer quotation system, (ii) fees and expenses of compliance with any securities or “blue sky”
laws (including reasonable fees and disbursements of counsel in connection with “blue sky”

  

 4 

 
qualifications of the securities registered), (iii) expenses in connection with the preparation, printing, mailing and delivery of any registration statements, prospectuses and other
documents in connection therewith, and any amendments or supplements thereto, (iv) security engraving and printing expenses, (v) reasonable fees and disbursements of counsel to the Company and customary fees and expenses for independent
certified public accountants retained by the Company (including the expenses relating to any comfort letters or costs associated with the delivery by independent certified public accountants of any comfort letters requested pursuant to
Section 6.4(h)), (vi) reasonable fees and expenses of any special experts retained by the Company in connection with such registration, (vii) reasonable fees, out-of-pocket costs and expenses of the Investors, including one
counsel for the Investor, provided that such fees shall not exceed $100,000, (viii) costs of printing and producing any agreements among underwriters, underwriting agreements, any “blue sky” or legal investment memoranda and
any selling agreements and other documents in connection with the offering, sale or delivery of the Registrable Securities, (ix) transfer agents’ and registrars’ fees and expenses and the fees and expenses of any other agent or
trustee appointed in connection with such offering, (x) expenses relating to any analyst or investor presentations or any “road shows” undertaken in connection with the registration, marketing or selling of the Registrable Securities,
(xi) fees and expenses payable in connection with any ratings of the Registrable Securities, including expenses relating to any presentations to rating agencies, and (xii) all out-of-pocket costs and expenses incurred by the Company or its
appropriate officers in connection with their compliance with Section 6.4(m). 
 “ROFO Option
Period” shall have the meaning set forth in Section 4.3(b). 
 “ROFO Price” shall have the
meaning set forth in Section 4.3(a). 
 “SEC” means the United States Securities and Exchange
Commission. 
 “Securities Act” means the Securities Act of 1933, as amended. 
 “Shares” shall have the meaning set forth in the Recitals. 
 “Short-Form Registration” shall have the meaning set forth in Section 6.1(h). 
 “Standstill Interest” means, for any date, 15 % of the then-outstanding Fully Diluted Shares. 
 “Subject Shares” shall have the meaning set forth in Section 2.1(c). 
 “Subsidiary” means, with respect to any Person, any Affiliate of such Person that is controlled by such Person. 

“Transfer” shall have the meaning set forth in Section 4.1(a). 
 “Voting Securities” shall have the meaning set forth in Section 2.1(c). 
 Section 1.2 Interpretation and Rules of Construction. In this Agreement, except to the extent otherwise provided or that the
context otherwise requires: 
 (a) when a reference is made in this Agreement to an Article, Recital, Section or Exhibit, such
reference is to an Article, Recital or Section of, or an Exhibit to, this Agreement unless otherwise indicated; 
  

 5 

 (b) the table of contents and headings for this Agreement are for reference purposes only
and do not affect in any way the meaning or interpretation of this Agreement; 
 (c) whenever the words “include,”
“includes” or “including” are used in this Agreement, they are deemed to be followed by the words “without limitation;” 
 (d) the words “hereof,” “herein” and “hereunder” and words of similar import, when used in this Agreement, refer to this Agreement as a whole and not to any particular
provision of this Agreement; 
 (e) the definitions of terms contained in this Agreement are applicable to the singular as well
as the plural forms of such terms; 
 (f) any Law defined or referred to herein or in any agreement or instrument that is
referred to herein means such Law or statute as from time to time amended, modified or supplemented, including by succession of comparable successor Laws; 
 (g) references to a Person are also to its successors and permitted assigns; and 
 (h) the use of “or” is not intended to be exclusive unless expressly indicated otherwise. 
 ARTICLE II

 VOTING RIGHTS; BOARD REPRESENTATION; DIVIDENDS; CORPORATE 
 OPPORTUNITIES 
 Section 2.1 Voting of Shares. 
 (a) Subject to Section 2.1(b), the Investor shall have full
voting rights with respect to the Shares pursuant to the Company’s certificate of incorporation and by-laws and applicable Law. 
 (b) The Investor hereby agrees that, until such time as an Investor Rights Termination Event has occurred, at any meeting of the stockholders of the Company, however called, or at any adjournment or postponement thereof (a “Company
Stockholders’ Meeting”), or in any other circumstances upon which a vote, consent or other approval (including by written consent) is sought by or from the stockholders of the Company: 
 (i) the Investor shall appear at such Company Stockholders’ Meeting or otherwise cause all Subject Shares to be counted
as present thereat for the purpose of establishing a quorum, and 
  

 6 

 (ii) with respect to any matter upon which a vote, consent or other
approval (including by written consent) is sought by or from the stockholders of the Company (x) for the election of directors of the Company (or relating to procedures applicable to the election of directors) or (y) relating to equity
incentive plans or other employee or director compensation matters, the Investor shall vote and cause to be voted all Subject Shares in the manner recommended by the Board at any such Company Stockholders’ Meeting or under any such other
circumstances upon which a vote, consent or other approval (including by written consent) is sought; it being acknowledged and agreed that the Investor may vote or cause to be voted (or withhold its vote in respect of) all Subject Shares on all
other matters (other than those described in the foregoing clauses (x) and (y)) in such manner as it determines in its sole and absolute discretion. 
 (c) For purposes of this Agreement: (i) “Subject Shares” means, at any given time, such Voting Securities as the Investor may directly or indirectly beneficially own at such time;
and (ii) “Voting Securities” means securities of the Company having the power generally to vote on the election of directors and other matters submitted to a vote of stockholders of the Company. 
 Section 2.2 Irrevocable Proxy. 
 (a) As security for the Investor’s obligations under Section 2.1, the Investor hereby irrevocably constitutes and appoints the Company as its attorney and proxy in accordance with the
Delaware General Corporation Law (“DGCL”), with full power of substitution and re-substitution, to cause all shares of Common Stock Beneficially Owned by it to be counted as present at any Company Stockholders’ Meeting, to vote
all shares of Common Stock Beneficially Owned by it at any Company Stockholders’ Meeting, and to execute consents in respect of all shares of Common Stock Beneficially Owned by it as, and solely in respect of the matters, provided in Sections
2.1(b)(ii)(x) and 2.1(b)(ii)(y). The Investor hereby revokes all other proxies and powers of attorney with respect to the shares of Common Stock Beneficially Owned by it that it may have heretofore appointed or granted, and represents that any
proxies heretofore given in respect of all shares of Common Stock Beneficially Owned by it, if any, are revocable. 
 (b) The
Investor hereby affirms that the irrevocable proxy set forth in this Section 2.2 is coupled with an interest and shall remain in effect for the duration of this Agreement, and, except as set forth in this Section 2.2, is
intended to be irrevocable in accordance with the provisions of Section 212 of the DGCL. If for any reason the proxy granted herein is not irrevocable, then the Investor agrees to vote all shares of Common Stock Beneficially Owned by it in
accordance with Section 2.1 above. 
  

 7 

 (c) This irrevocable proxy shall not be terminated by any act of the Investor or by
operation of Law, except that this irrevocable proxy shall terminate upon the occurrence of an Investor Rights Termination Event. 
 Section 2.3 Board Representation. 
 (a) Upon the Closing, (i) the Company shall increase the size of
the Board by one director and (ii) the Board shall fill this vacancy with one person designated by the Investor who shall be reasonably acceptable to the Board and shall meet all qualifications required by written policy of the Company,
including, without limitation, the Board, the Nominating and Governance Committee of the Board and the ethics and compliance program of the Company, in effect from time to time that apply to all nominees for the Board (a “Qualified
Nominee”). 
 (b) Until the occurrence of an Investor Rights Termination Event, (i) at each annual meeting of the
stockholders of the Company, the Board shall nominate and recommend for election one Qualified Nominee designated by the Investor to serve as a director on the Board (the “Board Representative”) and shall use its reasonable best
efforts to cause such person to be elected to serve as a director on the Board (it being understood that such Qualified Nominee shall not be in addition to the person designated by the Investor and serving on the Board pursuant to
Section 2.3(a) above, and that the Investor’s right to designate a Qualified Nominee to serve on the Board at any given time shall be limited to one person); provided that such efforts will not require the Company to postpone its
annual meeting of stockholders or take extraordinary solicitation efforts not taken with regard to the other nominees to the Board, including that the Company will not be obligated to pay extraordinary costs with regard to the election of such
Qualified Nominee as director and (ii) upon the death, disability, retirement, resignation, removal or other vacancy of a director designated by the Investor, the Board shall elect as a director to fill the vacancy so created a Qualified
Nominee designated by the Investor to fill such vacancy. 
 (c) The Board Representative shall be entitled to the same
compensation and same indemnification in connection with his or her role as a director as the other members of the Board, and shall be entitled to reimbursement for documented, reasonable out-of-pocket expenses incurred in attending meetings of the
Board or any committees thereof, to the same extent as the other members of the Board. The Company shall notify the Board Representative of all regular and special meetings of the Board and shall notify the Board Representative of all regular and
special meetings of any committee of the Board of which the Board Representative is a member. The Company shall provide the Board Representative with copies of all notices, minutes, consents and other materials provided to all other members of the
Board concurrently as such materials are provided to the other members. 
 Section 2.4 Dividends. The Investor shall
be entitled to full dividends as a holder of Shares of Common Stock as and when declared and paid by the Company in accordance with the Company’s certificate of incorporation and by-laws and applicable Law. 
 Section 2.5 Corporate Opportunities. Except as may otherwise be agreed between the Investor and the Company, the Company
expressly acknowledges and agrees that (i)

  

 8 

 
the Investor (including each employee, director and Affiliate of the Investor) has the right to, and shall have no duty not to, directly or indirectly (x) engage in similar business
activities or lines of business as the Company, or (y) do business with any potential or actual customer or supplier of the Company or any of its Subsidiaries, (ii) in the event that the Investor acquires knowledge of a potential
transaction or matter that may be a corporate opportunity for the Company, the Investor shall have no duty to communicate or present such corporate opportunity to the Company, and (iii) the Company expressly disclaims any expectation in such
corporate opportunity. 
 ARTICLE III 
 STANDSTILL AND CERTAIN PROHIBITED TRANSACTIONS 
 Section 3.1
Standstill. From and after the date hereof and until an Investor Rights Termination Event, the Investor shall not and shall not permit its Affiliates to, without the prior written consent of the Company: 
 (a) acquire, offer to acquire, or agree to acquire, directly or indirectly, by purchase or otherwise, any voting securities or direct or
indirect rights to acquire any voting securities of the Company or any material Subsidiary thereof, or of any successor to the Company, or any material assets of the Company or any material Subsidiary or division thereof or of any such successor
other than as expressly provided herein; 
 (b) make, or in any way participate, directly or indirectly, in any
“solicitation” of “proxies” to vote (as such terms are used in the rules of the SEC), or seek to advise or influence any Person with respect to the voting of any voting securities of the Company; 
 (c) form, join or in any way participate in a Group, in connection with any of the foregoing; 
 (d) tender any shares of Common Stock Beneficially Owned by the Investor or its Affiliates to a third party which makes or intends to make
an unsolicited acquisition proposal to the Company or provide debt or other financing in connection with such unsolicited proposal; or 
 (e) grant any proxy to a third party in respect of any shares of Common Stock Beneficially Owned by the Investor or its Affiliates, except as provided in Section 2.2 hereof; provided,
however, that the Investor shall be permitted to grant a proxy to a third party who has expressly agreed in writing to be bound by the terms of this Article III. 
 Section 3.2 Standstill Exceptions. 
 (a) Notwithstanding Section 3.1, from and after the date hereof, (i) the Investor or its Affiliates may acquire Beneficial Ownership of additional shares of Common Stock in the open
market in the ordinary course of business consistent with past practice and solely for investment purposes up to an aggregate maximum amount over the term of this Agreement equal to 1% of the outstanding Common Stock of the Company at any given
time, and (ii) at any time during the term of this Agreement (subject to applicable Law), the Investor or

  

 9 

 
its Affiliates may acquire Beneficial Ownership of additional shares of Common Stock in the open market, if after giving effect to any acquisition of Beneficial Ownership of additional shares of
Common Stock, the number of shares of Common Stock Beneficially Owned by the Investor and its Affiliates would not exceed the Standstill Interest, without regard to whether such purchases are made in the ordinary course of business consistent with
past practice and solely for investment purposes. 
 (b) Notwithstanding anything herein to the contrary,
Section 3.1 shall not prohibit: 
 (i) any purchase of securities of the Company made by the
Investor pursuant to, and in accordance with, its preemptive rights set forth in Article V; 
 (ii) any
trading or investment activities of any unaffiliated third-party external investment manager of the Investor or its Affiliates who acts in its sole discretion and who is not otherwise acting as a “group” (as defined in
Section 13(d)(3) of the Exchange Act) (a “Group”) with the Investor or its Affiliates that purchases securities of the Company on behalf of the Investor or its Affiliates in the ordinary course of the manager’s investment
management functions and without direction to do so from the Investor and/or its Affiliates; provided, that neither the Investor nor any of its directors, officers, employees or professional advisors shall, directly or indirectly,
communicate, disseminate or otherwise disclose confidential information relating to the Company and its Subsidiaries to such external investment managers; 
 (iii) the Investor or its Affiliates from engaging in hedging activities involving index-linked instruments meeting [mutually agreed criteria]1, provided that securities of the Company represent not more than 10% of the underlying index; or 
 (iv) the acquisition of any Common Stock pursuant to any stock split, reverse stock split, stock dividend (including any
dividend or distribution of securities convertible into Common Stock), extraordinary dividends, reorganization, recapitalization, reclassification, combination, exchange of shares with the Company or other like change with respect to Common Stock.

 Section 3.3 Obligation to Divest. If at any time the Investor or any of its Affiliates or the Company or any of
its Affiliates becomes aware that the Investor and its Affiliates Beneficially Own, in the aggregate, shares of Common Stock representing more than the Standstill Interest (other than to the extent the same is a result of events other than any
purchases of securities by the Investor and/or its Affiliates prohibited by Section 3.1 above), then the Investor and its Affiliates shall, as soon as is reasonably practicable, take all action 
  

	1	To be agreed by the parties prior to Closing. 

  

 10 

 
reasonably necessary (including, without limitation, selling Common Stock on the open market (subject to compliance with the last sentence of this Section 3.3) or to the Company or
any of its Affiliates) to reduce the number of shares of Common Stock Beneficially Owned by them to a number that results in the Investor and its Affiliates (collectively) Beneficially Owning Common Stock representing no more than the Standstill
Interest, and solely to the extent required to comply with this Section 3.3, the Transfer restrictions set forth in Section 4.1 below shall not apply but such Transfer shall be subject to the provisions of
Section 4.3 without regard to the 5% threshold set forth therein. 
 Section 3.4 Short Sales. During the
period from the date hereof and through the later of (i) the Lockup Date and (ii) the occurrence of an Investor Rights Termination Event, the Investor shall not, and shall not permit its Affiliates to, without the prior written consent of
the Company, directly or indirectly effect any short sale of the Common Stock Beneficially Owned by the Investor or its Affiliates. 
 ARTICLE IV 
 TRANSFER 
 Section 4.1 Transfer of Common Stock. 
 (a) Subject to Section 4.1(d), the Investor shall not, shall cause its Affiliates not to, directly or indirectly, transfer, sell, hedge, assign, gift, pledge, encumber, hypothecate, mortgage,
exchange or otherwise dispose of (including through the sale or purchase of options or other derivative instruments with respect to the Common Stock or otherwise) by operation of Law or otherwise (any such occurrence, a “Transfer”)
(other than a Transfer (i) permitted in accordance with subsection (b) or (d) below or (ii) required by, and in accordance with, Section 3.3 above), all or any portion of the Shares, or their economic
interest therein, prior to the date that is 12 months following the date hereof (such date, the “Lockup Date”) without the prior written consent of the Company. 
 (b) Subject to Section 4.1(d), after the Lockup Date, the Investor shall not, and shall cause its Affiliates not to, Transfer
all or any portion of the Shares, except (i) pursuant to its registration rights set forth in Article VI in a widely-distributed Public Offering, (ii) pursuant to Rule 144 of the Securities Act, (iii) pursuant to
Section 3.3 above, (iv) to the Company pursuant to Section 4.3 below, or (v) pursuant to any other exemption from registration under the Securities Act after compliance with Section 4.3 below.

 (c) Any Transfer pursuant to Section 4.1(b) shall be subject to the following limitations: 
 (i) Without limiting the other provisions of this Article IV, the Investor shall not, without the prior written
consent of the Company, knowingly dispose or agree to dispose (directly or indirectly, or pursuant to any series of related transactions intentionally structured to circumvent the provisions of this Article IV) of all or any portion of its
shares of Common Stock, in one or a series of transactions (other than as described in Section 4.1(b)(i) or (ii) above), to any Person that at the time of the disposition is a Prohibited Person. 
  

 11 

 (ii) The Investor shall not dispose of or agree to dispose of 5% or more of
the shares of Common Stock to a single Person or Group, directly or indirectly, in a single transaction or a series of related transactions, unless such Person or Persons execute a Joinder Agreement, substantially in the form attached hereto as
Exhibit A, agreeing to abide by Article III and Section 2.1 of this Agreement; provided, however that an underwriter, broker-dealer or registered agent shall not be considered as a Person or a member of a Group for purposes
of this Section 4.1(c)(ii). 
 (d) Notwithstanding the foregoing, the Investor may at any time: 
 (i) Transfer shares of Common Stock owned by the Investor to an Affiliate; provided, that prior to any Transfer
pursuant to this Section 4.1(d)(i), such transferee shall have agreed in writing to be bound by the terms of this Agreement pursuant to documentation reasonably satisfactory to the Company; and provided, further, that no
Transfer pursuant to this Section 4.1(d)(i) shall relieve any transferor from any liability for damages incurred or suffered by the Company as a result of any breach of this Agreement by such transferor; 
 (ii) Transfer a maximum aggregate number of shares of Common Stock during the term of this Agreement constituting not more
than 1% in the aggregate of the Company’s total outstanding shares of Common Stock at any given time; provided, that such Transfers are made in the open market pursuant to ordinary brokerage transactions; 
 (iii) tender its Shares pursuant to a tender offer for the Common Stock that has been affirmatively recommended by a
majority of the Board; or 
 (iv) Transfer its Shares pursuant to a merger that has been affirmatively
recommended or approved by a majority of the Board. 
 (e) Notwithstanding anything to the contrary herein, the restrictions on
Transfer set forth in this Section 4.1 shall terminate upon a Change of Control. For purposes of this Agreement, a “Change of Control” shall mean (i) the acquisition by any Person or any Group of Beneficial
Ownership of at least a majority of all outstanding voting securities of the Company (calculated on a fully-diluted basis), or (ii) the reorganization, merger or consolidation of the Company with respect to which all of the Persons who were the
respective Beneficial Owners of the Company’s securities immediately prior to such reorganization, merger or consolidation do not, following such reorganization, merger or consolidation, beneficially own, directly or indirectly, more than 50%
of the aggregate outstanding securities of the Company resulting from such reorganization, merger or consolidation. 
 Section 4.2 Transfer of Shares of the Investor. Investor agrees that, from the date hereof until such date on which neither the Investor nor its Affiliates Beneficially Own any

  

 12 

 
shares of Common Stock, 100% of the outstanding capital stock of the Investor and/or any Affiliate to which any Shares have been transferred pursuant to Section 4.1(d), will be owned
directly or indirectly by CIC. 
 Section 4.3 Right of First Offer. 
 (a) In the event that the Investor or its Affiliates desires to sell Shares pursuant to Section 4.1(b) (other than
Section 4.1(b)(i) or 4.1(b)(ii)) in an amount constituting more than 5% of the issued and outstanding shares of Common Stock in a single or series of related transactions, the Investor shall first offer such Shares for purchase by
the Company by promptly notifying the Company in writing of such offer, setting forth the number of Shares proposed to be sold (the “Offer Shares”), the terms and conditions of sale, and the price or method of determining such price
(the “ROFO Price”). 
 (b) The Company shall have up to a period of twenty (20) days (the “ROFO
Option Period”) after the receipt of such notice within which to notify the Investor in writing that it wishes to purchase the Offer Shares at the ROFO Price and upon the terms and conditions set forth in the Investor’s notice. If the
Company gives such written notice within the ROFO Option Period then it shall have thirty (30) days after it gives such notice to do all things necessary to consummate such acquisition of the Offer Shares, including entering into agreements
relating to such acquisition. The Investor shall cooperate with the Company in obtaining all consents and approvals necessary to consummate the acquisition and shall execute and deliver such customary agreements as may be reasonably requested by the
Company. If the Company receives such consents and approvals and enters into such agreements as are necessary to consummate such acquisition of the Offer Shares, then the Investor and its Affiliates, as applicable, shall be obligated to sell to the
Company, and the Company shall be obligated to purchase from the Investor and its Affiliates, as applicable, the Offer Shares at the price and on the terms and conditions set forth in the Investor’s notice. 
 (c) If the Company does not give written notice to the Investor within the ROFO Option Period or notifies the Investor in writing that it
does not wish to purchase the Offer Shares, the Investor shall be free to secure a bona fide offer for the Offer Shares from a third party and sell the Offer Shares to such third party at a price equal to or greater than the ROFO Price,
provided, that (i) such sale to the bona fide third party is consummated within ninety (90) days after the expiration of the ROFO Option Period at a price and upon the same terms and conditions, no more favorable to the third party
than were set forth in the Investor’s notice to the Company (it being agreed by the Investor that if such sale is not consummated within such 90-day period, the Investor must re-commence the procedures provided in this Section 4.3
if it wishes to sell the Shares), (ii) the Investor notifies the Company in writing of the name, address, telephone number and fax number of the transferee, along with the names and/or title of a “contact person” at such transferee,
and (iii) the transferee of the Investor and its Affiliates executes a counterpart copy of this Agreement and thereby agrees prior to the sale, to be bound by all of the terms and provisions of this Agreement, as though it were the Investor.

 Section 4.4 Termination of Article IV. Notwithstanding anything to the contrary contained herein, this Article IV
shall terminate upon an Investor Rights Termination Event. 
  

 13 

 ARTICLE V 
 PREEMPTIVE RIGHTS 
 Section 5.1 Company
Sale of Covered Securities. If the Company offers to sell Covered Securities in a Qualified Offering, the Investor shall be afforded the opportunity to acquire from the Company, for the same price and on the same terms as such Covered Securities
are offered, up to an amount equal to the total number of shares or other units of Covered Securities being offered multiplied by the Investor’s then-current Economic Interest Percentage; provided, however, that this
Section 5.1 shall not apply to any Qualified Offering the gross proceeds of which, together with the aggregate gross proceeds of any other Qualified Offering of Covered Securities after the date hereof, do not exceed $50 million.

 Section 5.2 Notice. From time to time, the Company shall advise the Investor of potential Qualified Offerings of
Covered Securities reasonably in advance as may be practicable under the circumstances. In the event the Company intends to make a Qualified Offering of Covered Securities, the Company shall give Investor written notice of its intention (including,
in the case of a registered public offering and to the extent possible, a copy of the prospectus included in the registration statement filed in respect of such offering), describing, to the extent then known, the anticipated amount of securities,
price and other material terms upon which the Company proposes to offer the same. The Investor shall have [a reasonable period of time, appropriate for the circumstances of the Qualified Offering]2, from the date of receipt of any such notice to notify the Company in writing that it intends to exercise
such preemptive purchase rights and as to the amount of Covered Securities the Investor desires to purchase, up to the maximum amount calculated pursuant to Section 5.1 (the “Designated Securities”). Such notice shall
constitute a non-binding indication of interest of the Investor to purchase the Designated Securities so specified (or a proportionately lesser amount if the amount of Covered Securities to be offered in such offering is subsequently reduced) upon
the price or at the range of prices and other terms set forth in the Company’s notice to it. The failure to respond during such period shall constitute a waiver of preemptive rights in respect of such offering. The failure of the Investor to
agree to such terms within such period shall constitute a waiver of the Investor’s preemptive rights in respect of such offering. 
 Section 5.3 Purchase Mechanism. 
 (a) If the Investor exercises its preemptive purchase rights provided
in Section 5.2 in connection with an underwritten public offering, the Company shall offer the Investor, if such underwritten public offering is consummated, the Designated Securities (as adjusted to reflect the actual size of such
offering when priced) at the same price as the Covered Securities are offered to the investors in such offering and shall provide written notice of such price to the Investor as soon as practicable prior to such consummation. Contemporaneously with
the execution of any underwriting agreement or purchase agreement entered into between the Company and the underwriters or initial purchasers of such underwritten public offering, the Investor shall, if it continues to wish to exercise its
preemptive rights with respect to such 
  

	2	To be agreed by the parties prior to Closing. 

  

 14 

 
offering, enter into an instrument in form and substance reasonably satisfactory to the Company acknowledging the Investor’s binding obligation to purchase the Designated Securities to be
acquired by it and containing representations, warranties and agreements of the Investor that are customary in private placement transactions and, in any event, no less favorable to the Investor than any underwriting or purchase agreement entered
into by the Company in connection with such offering, and the failure to enter into such an instrument at or prior to such time shall constitute a waiver of preemptive rights in respect of such offering. Any offers and sales pursuant to this
Article V in the context of a registered public offering shall be also conditioned on reasonably acceptable representations and warranties of the Investor regarding its status as the type of offeree to whom a private sale can be made
concurrently with a registered offering in compliance with applicable securities laws. 
 (b) If the Investor exercises its
preemptive rights provided in Section 5.2 in connection with a Qualified Offering of Covered Securities that is not an underwritten public offering (a “Private Placement”), the closing of the purchase of the Covered
Securities with respect to which such right has been exercised shall be conditioned on the consummation of the Private Placement giving rise to such preemptive purchase rights and shall take place simultaneously with the closing of the Private
Placement or on such other date as the Company and the Investor shall agree in writing; provided that the actual amount of Covered Securities to be sold to the Investor pursuant to its exercise of preemptive rights hereunder shall be reduced
if the aggregate amount of Covered Securities sold in the Private Placement is reduced and, at the option of the Investor (to be exercised by delivery of written notice to the Company within five (5) Business Days of receipt of notice of such
increase), shall be increased if such aggregate amount of Covered Securities sold in the Private Placement is increased. In connection with its purchase of Designated Securities, the Investor shall, if it continues to wish to exercise its preemptive
rights with respect to such offering, execute an agreement containing representations, warranties and agreements of the Investor that are substantially similar in all material respects to the agreements executed by other purchasers in such Private
Placement. 
 Section 5.4 Limitation of Rights. Notwithstanding the above, nothing set forth in this Article
V shall confer upon the Investor the right to purchase any securities of the Company other than Designated Securities. 
 Section 5.5 Termination of Preemptive Rights. Notwithstanding anything to the contrary contained herein, this Article V shall terminate upon an Investor Rights Termination Event. 
 ARTICLE VI 
 REGISTRATION RIGHTS 
 Section 6.1 Demand Registration. 
 (a) If at any time after the Lockup Date, the Company shall receive a written request from the Investor that the Company effect the
registration under the Securities Act of all or any portion of the Registrable Securities specified in such written request (a

  

 15 

 
“Demand Registration”), specifying the information set forth under Section 6.4(i), then the Company shall use its commercially reasonable efforts to effect, as
expeditiously as reasonably practicable, subject to the restrictions in Section 6.1(e), the registration under the Securities Act of the Registrable Securities for which the Investor has requested registration under this
Section 6.1, all to the extent necessary to permit the disposition (in accordance with the intended methods thereof as aforesaid) of the Registrable Securities so to be registered, provided, that the Company shall not be required
to effect (i) more than one such Demand Registration in any six month period and (ii) more than two (2) such Demand Registrations in total. 
 (b) At any time prior to the effective date of the registration statement relating to such registration, the Investor may revoke such Demand Registration request by providing a notice to the Company
revoking such request, provided, that such Demand Registration shall count as having been effected for purposes of the proviso to Section 6.1(a) above unless the Investor pays all Registration Expenses in connection with such
revoked Demand Registration within thirty (30) days of written request therefor by the Company. 
 (c) For any Public
Offering relating to a Demand Registration, the Company shall select, with the consent of the Investor (not to be unreasonably withheld, delayed or conditioned), the lead underwriter and any additional underwriters in connection with the offering.
In connection with any Public Offering, the Company shall enter into customary agreements (including an underwriting agreement in customary form) and take all other actions as are reasonably required in order to expedite or facilitate the
disposition of such Registrable Securities in any such Public Offering. 
 (d) If a Demand Registration involves an
underwritten Public Offering and the managing underwriter(s) advises the Company and the Investor that, in its view, the number of Registrable Securities requested to be included in such registration by the Investor, the Company and for the account
of any other Persons exceeds the largest number of Registrable Securities that can be sold without having a material adverse effect on such offering, including the price at which such Registrable Securities can be sold (the “Maximum Offering
Size”), the Company shall include in such registration, in the priority listed below, up to the Maximum Offering Size: 
 (i) first, all Registrable Securities requested to be registered in the Demand Registration by the Investor; and 
 (ii) second, any securities proposed to be registered by the Company or any securities proposed to be registered for the
account of any other Persons, with such priorities among them as the Company shall determine. 
 (e) Upon notice to the
Investor, the Company may postpone effecting a registration pursuant to this Section 6.1 on up to two (2) occasions during any three hundred and sixty-five (365) consecutive day period for a reasonable time specified in the
notice but not exceeding ninety (90) days in the aggregate (which period may not be extended or renewed), if (i) the Company shall determine in good faith, based on advice from independent investment bankers, that effecting the
registration would materially and adversely affect an offering of securities of the Company, the preparation of which had then been commenced, or (ii) the

  

 16 

 
Company is in possession of material non-public information, the disclosure of which during the period specified in such notice the Company believes in good faith would not be in the best
interests of the Company. If the Company so postpones effecting a registration, the Investor will be entitled to withdraw its registration request and, if such request is withdrawn, such registration request will not count for purposes of the
limitation set forth in the proviso to Section 6.1(a). 
 (f) Notwithstanding any provision in this
Section 6.1 or elsewhere in this Agreement, no provision relating to the registration of Registrable Securities shall be construed as permitting the Investor to effect a Transfer of securities that is otherwise prohibited by the terms of
this Agreement or any other agreement between the Investor and the Company or any of its Subsidiaries. 
 (g) Notwithstanding
the foregoing, no Demand Registration shall count as having been effected for purposes of the proviso to Section 6.1(a) (and the Company shall pay or reimburse all Registration Expenses pursuant to Section 6.5) if
(i) the registration statement relating to such request is not declared effective within one hundred and eighty (180) days of the date such registration statement is first filed with the SEC and the Investor revokes such Demand
Registration prior to such registration statement being declared effective, (ii) prior to the sale of at least 75% of the Registrable Securities included in the applicable registration relating to such request, such registration is adversely
affected by any stop order, injunction or other order or requirement of the SEC or other governmental agency or court for any reason and the Company fails to have such stop order, injunction or other order or requirement removed, withdrawn or
resolved to the Investor’s reasonable satisfaction within thirty (30) days of the date of such order, or (iii) the conditions to closing specified in the underwriting agreement or purchase agreement entered into in connection with the
registration relating to such request are not satisfied (other than as a result of a material default or breach thereunder by the Investor). 
 (h) Upon written request of the Investor following the Lockup Date, the Company will use its commercially reasonable efforts to qualify for registration on and to promptly file, Form S-3 or any comparable
or successor form or forms or any similar short-form registration (“Short-Form Registration”), and such Short-Form Registration will be a “shelf” registration statement providing for the registration, and the sale on a
continuous or delayed basis, of the Registrable Securities pursuant to Rule 415. Upon filing a Short-Form Registration, the Company will, if applicable, use its commercially reasonable efforts to: (i) cause such Short-Form Registration to be
declared effective, and (ii) keep such Short-Form Registration effective with the SEC at all times and re-file such Short-Form Registration upon its expiration. The Company shall cooperate in any shelf take-down by amending or supplementing the
prospectus statement related to such Short-Form Registration as may be requested by the Investor or any transferees or as otherwise required, until the Investor or any transferees who would require such registration to effect a sale of the
Registrable Securities no longer hold the Registrable Securities or until the time specified in Section 6.14 hereof. The Company will pay all Registration Expenses incurred in connection with any Short-Form Registration. 
 Section 6.2 Piggyback Registration. 
 (a) If the Company proposes to file a registration statement under the Securities Act with respect to an offering of Common Stock (i) for the Company’s own account

  

 17 

 
(other than a registration statement on S-4 or S-8 or shelf registration statement (or any substitute form that may be adopted by the SEC)) or (ii) for the account of any of its holders of
Common Stock, then the Company shall give written notice of such proposed filing to the Investor as soon as practicable (but in no event less than ten (10) days before the anticipated filing date), and such notice shall offer the Investor the
opportunity to register such number of shares of Registrable Securities as the Investor may request on the same terms and conditions as the Company’s or such holder’s Common Stock. For the avoidance of doubt, any underwriters and legal
counsel with respect to an offering under this Section 6.2 shall be designated by the Company. The Investor may withdraw its Registrable Securities from any registration as to which it has previously indicated its desire to participate,
by delivery of a written withdrawal notice to the Company no later than five Business Days prior to the planned effective date of such registration. 
 (b) Notwithstanding anything contained herein, if the lead underwriter of an offering described in Section 6.2(a) advises the Company and the Investor that, in its view, the number of
Registrable Securities requested to be included in such registration by the Investor, the Company and for the account of any other Persons exceeds the Maximum Offering Size, the Company shall include in such registration, in the priority listed
below, up to the Maximum Offering Size: 
 (i) first, securities offered by the Company for its own account; and

 (ii) second, pro rata among any other securities of the Company requested to be registered pursuant to a
contractual right of registration (including securities requested to be registered by the Investor pursuant to Section 6.2(a)). 
 Section 6.3 Lock-Up Agreements. If any registration shall be effected in connection with a Public Offering, the Investor shall not effect any public sale or distribution, including any sale
pursuant to Rule 144 of the Securities Act, of any shares of Common Stock or other security of the Company (except, if applicable, as part of such Public Offering) during the period beginning fourteen (14) days prior to the effective date of
the applicable registration statement until the earlier of (i) such time as the Company and the lead managing underwriter shall agree and (ii) one hundred and eighty (180) days following the pricing of the Public Offering. 

Section 6.4 Registration Procedures. In connection with any request by the Investor that Registrable Securities be registered
pursuant to Section 6.1, subject to the provisions of such Section, the paragraphs below shall be applicable: 
 (a) The Company shall as expeditiously as reasonably practicable prepare and file with the SEC a registration statement on any form for which the Company then qualifies or that counsel for the Company shall deem appropriate and which form
shall be available for the registration of the Registrable Securities to be registered thereunder in accordance with the intended method of distribution thereof, and use its commercially reasonable efforts to cause such filed registration statement
to become and remain effective for a period of either (A) not less than (i) six months, (ii) if such registration statement relates to an underwritten

  

 18 

 
offering, such longer period as, based upon the opinion of counsel for the underwriters, a prospectus is required by law to be delivered in connection with sales of Registrable Securities by an
underwriter or dealer or (iii) continuously in the case of shelf registration statements, with any shelf registration statement shall be re-filed upon its expiration (or in each case such shorter period ending on the date that the securities
covered by such shelf registration statement cease to constitute Registrable Securities) or (B) such shorter period as will terminate when all of the securities covered by such Registration Statement have been disposed of in accordance with the
intended methods of disposition by the Investor set forth in such Registration Statement (but in any event not before the expiration of any longer period required under the Securities Act), and comply with the provisions of the Securities Act with
respect to the disposition of all securities covered by such Registration Statement until such time as all of such securities have been disposed of in accordance with the intended methods of disposition by the Investor set forth in such Registration
Statement, and cause the related prospectus to be supplemented by any prospectus supplement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of the securities covered by such Registration
Statement, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) under the Securities Act. 
 (b) Prior to filing a registration statement or prospectus or any amendment or supplement thereto, the Company shall, if requested, furnish to the Investor and each underwriter, if any, of the Registrable
Securities covered by such registration statement copies of such registration statement as proposed to be filed, and thereafter the Company shall furnish to the Investor (and its counsel) and underwriter, if any, such number of copies of such
registration statement, each amendment and supplement thereto (in each case including all exhibits thereto and documents incorporated by reference therein), the prospectus included in such registration statement (including each preliminary
prospectus and any summary prospectus) and any other prospectus filed under Rule 424 or Rule 430A under the Securities Act, a copy of any transmittal letter or any correspondence to or received from the SEC and such other documents as the Investor
(and its counsel) or underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities owned by the Investor. The Investor shall have the right to request that the Company modify any information contained in
such registration statement, amendment and supplement thereto pertaining to the Investor and the Company shall use its commercially reasonable efforts to comply with such request, provided, however, that the Company shall not have any
obligation to so modify any information if the Company reasonably expects that so doing would cause the prospectus to contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to
make the statements therein not misleading. 
 (c) After the filing of the registration statement, the Company shall
(i) cause the related prospectus to be supplemented by any required prospectus supplement, and, as so supplemented, to be filed pursuant to Rule 424 under the Securities Act, (ii) comply with the provisions of the Securities Act with
respect to the disposition of all Registrable Securities covered by such registration statement during the applicable period in accordance with the intended methods of disposition by the Investor thereof set forth in such registration statement or
supplement to such prospectus, and (iii) promptly notify the Investor of any stop order issued or threatened by the SEC suspending the effectiveness of such registration statement or any state securities commission and take its commercially
reasonable efforts to prevent the entry of such stop order or to obtain the withdrawal of such order if entered. 
  

 19 

 (d) To the extent any “free writing prospectus” (as defined in Rule 405 under the
Securities Act) is used, the Company shall file with the SEC any free writing prospectus that is required to be filed by the Company with the SEC in accordance with the Securities Act and retain any free writing prospectus not required to be filed.

 (e) The Company shall use its commercially reasonable efforts to (i) register or qualify the Registrable Securities
covered by such registration statement and keep such registration or qualification effective under such other securities or “blue sky” laws of such jurisdictions in the United States as the Investor or each underwriter, if any, reasonably
(in light of such member’s intended plan of distribution) requests and (ii) cause such Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary by virtue of the
business and operations of the Company and do any and all other acts and things that may be reasonably necessary or advisable to enable the Investor to consummate the disposition of the Registrable Securities owned by the Investor, provided,
that the Company shall not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 6.4(e), (B) subject itself to taxation in any such
jurisdiction, or (C) consent to general service of process in any such jurisdiction. 
 (f) The Company shall immediately
notify the Investor or each underwriter, if any, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the occurrence of an event requiring the preparation of a supplement or amendment to such
prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to
make the statements therein not misleading and promptly prepare and make available to the Investor or underwriter, if any, and file with the SEC any such supplement or amendment. 
 (g) Subject to the execution of confidentiality agreements satisfactory in form and substance to the Company in the exercise of its good
faith judgment, pursuant to the reasonable request of the Investor or underwriter (if any), the Company will give to the Investor, each underwriter (if any) and their respective counsel and accountants (i) reasonable and customary access to its
books and records and (ii) such opportunities to discuss the business of the Company with its directors, officers, employees, counsel and the independent public accountants who have certified its financial statements, as shall be appropriate,
in the reasonable judgment of counsel to the Investor or underwriter, to enable them to exercise their due diligence responsibility, provided, that any such discussions shall be done in a manner so as to not unreasonably disrupt the operation
of the business of the Company. 
 (h) The Company shall use its commercially reasonable efforts to furnish to the Investor and
to each such underwriter, if any, a signed counterpart, addressed to such Person or underwriter, of (i) an opinion or opinions of counsel to the Company and (ii) a comfort letter or comfort letters from the Company’s independent
public accountants, each in customary form and covering such matters of the kind customarily covered by opinions or comfort letters, as the case may be, as the Investor or underwriter reasonably requests. 
  

 20 

 (i) The Investor shall promptly furnish in writing to the Company such information
regarding itself and the distribution of the Registrable Securities as the Company may from time to time reasonably request and such other information as may be legally required or advisable in connection with such registration, and the Company
shall include in any prospectus supplement or amendment such information as the Investor may reasonably request be included with respect to such matters. 
 (j) The Investor and each underwriter, if any, agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 6.4(f), the Investor or
underwriter shall forthwith discontinue disposition of Registrable Securities pursuant to the registration statement covering such Registrable Securities until the Investor’s or underwriter’s receipt of the copies of the supplemented or
amended prospectus contemplated by Section 6.4(f), and, if so directed by the Company, the Investor or underwriter shall deliver to the Company all copies, other than any permanent file copies then in the Investor’s possession, of
the most recent prospectus covering such Registrable Securities at the time of receipt of such notice. If the Company shall give such notice, the Company shall extend the period during which such registration statement shall be maintained effective
(including the period referred to in Section 6.4(a)) by the number of days during the period from and including the date of the giving of notice pursuant to Section 6.4(f) to the date when the Company shall make available to
the Investor a prospectus supplemented or amended to conform with the requirements of Section 6.4(f). 
 (k) The
Company shall use its commercially reasonable efforts to list all Registrable Securities covered by such registration statement on each securities exchange or quotation system on which similar securities of the Company are then listed or traded.

 (l) Notwithstanding anything herein to the contrary, the Company shall, to the extent the underwriter(s) in any such
offering of Registrable Securities determine that the failure to do so would have a material adverse effect on such offering, including the price at which such Registrable Securities can be sold, have appropriate officers of the Company
(i) prepare and make presentations at “road shows” and before analysts and rating agencies, as the case may be, (ii) take other actions to obtain ratings for any Registrable Securities, and (iii) otherwise use their
commercially reasonable efforts to cooperate as reasonably requested by the underwriters in the offering, marketing or selling of the Registrable Securities; provided, that, notwithstanding the foregoing, for any Demand Registration, such
officers of the Company shall not be required to participate in more than two (2) consecutive days of such presentations, road shows or any other marketing or selling events, or more than ten (10) days in any 365 day period. 
 (m) The Company shall cooperate with the Investor to facilitate the timely delivery of Registrable Securities to be sold, which shall not
bear any restrictive legends, and to enable such Registrable Securities to be issued in such denominations and registered in such names as the Investor may reasonably request at least two (2) Business Days prior to the closing of any sale of
Registrable Securities. 
  

 21 

 (n) The Company shall provide a transfer agent and registrar for all of the Registrable
Securities no later than the effective date of the applicable registration statement. 
 (o) In connection with any
underwritten offering, the Company shall make such representations and warranties to the Investor and the underwriter(s), if any, with respect to the business of the Company and its Subsidiaries, and the registration statement, prospectus, and
documents incorporated or deemed to be incorporated by reference therein, in each case, in form, substance and scope as are customarily made by the issuer in underwritten offerings, and, if true, make customary confirmations of the same if and when
requested. 
 (p) The Company shall otherwise use its reasonable best efforts to comply with all applicable rules and
regulations of the SEC and any applicable national securities exchange. 
 (q) The Company shall timely provide to its
stockholders earning statements satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder. 
 Section 6.5 Payment of Registration Expenses. Other than as set forth in Section 6.1(b), the Company shall pay or promptly reimburse the Investor for all Registration Expenses in connection with any Demand
Registration; provided, however, that the Investor shall be solely liable for all underwriting fees, disbursements, discounts and commissions attributable to the sale of Registrable Securities for the account of the Investor.

 Section 6.6 Indemnification by the Company. In the event of any registration of any Registrable Securities of the
Company under the Securities Act pursuant to this Article VI, the Company will, and it hereby does, indemnify and hold harmless, to the extent permitted by law, the Investor, each affiliate of the Investor and their respective directors and
officers or general and limited partners or members and managing members (including any director, officer, affiliate, employee, agent and controlling Person of any of the foregoing) and each other Person, if any, who controls such seller within the
meaning of the Securities Act (collectively, the “Indemnified Parties,” which definition shall, for purposes of Section 6.8, be deemed to include those Persons entitled to indemnification pursuant to
Section 6.7), from and against any and all losses, claims, damages and liabilities (including, without limitation, legal fees and other expenses reasonably incurred in connection with any suit, action or proceeding or any claim asserted,
as such fees and expenses are incurred), joint or several, that arise out of, or are based upon, (1) any untrue statement or alleged untrue statement of a material fact contained in any registration statement or amendment or supplement thereto
under which such Registrable Securities were registered or any omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein not misleading or (2) any untrue
statement or alleged untrue statement of a material fact contained in any prospectus, any free writing prospectus or any “issuer information” filed or required to be filed pursuant to Rule 433(d) under the Securities Act in respect of the
Registrable Securities, or amendment or supplement thereto, or any omission or alleged omission to state therein a material

  

 22 

 
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, that the Company shall not be liable to any
Indemnified Party in any such case to the extent that any such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense arises out of or is based upon any untrue statement or alleged untrue statement or omission or
alleged omission made in such registration statement, prospectus, any free writing prospectus or any “issuer information” filed or required to be filed pursuant to Rule 433(d) under the Securities Act in respect of the Registrable
Securities, or amendment or supplement thereto, in reliance upon and in conformity with written information furnished to the Company with respect to such seller or any underwriter specifically for use in the preparation thereof. 
 Section 6.7 Indemnification by the Investor. The Investor hereby indemnifies and holds harmless, and the Company may require, as
a condition to including any Registrable Securities in any registration statement filed in accordance with this Article VI, that the Company shall have received an undertaking reasonably satisfactory to it from any underwriter to indemnify
and hold harmless, the Company and all other prospective sellers of securities, the directors of the Company, each officer of the Company who signed the Registration Statement and each Person, if any, who controls the Company and all other
prospective sellers of Registrable Securities within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in Section 6.6 above, but only with respect to
any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information furnished to the Company by
and in respect of the Investor or any underwriter specifically for use in the preparation of such registration statement, prospectus, any free writing prospectus or any “issuer information” filed or required to be filed pursuant to Rule
433(d) under the Securities Act in respect of the Registrable Securities, or amendment or supplement thereto. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Company, the Investor or
any underwriter, or any of their respective affiliates, directors, officers or controlling Persons and shall survive the transfer of such securities by such Person. In no event shall any such indemnification liability of the Investor be greater in
amount than the dollar amount of the proceeds received by the Investor upon the sale of the Registrable Securities giving rise to such indemnification obligation. 
 Section 6.8 Conduct of Indemnification Proceedings. Promptly after receipt by an Indemnified Party hereunder of written notice of the commencement of any action or proceeding with respect to
which a claim for indemnification may be made pursuant to this Article VI, such Indemnified Party will, if a claim in respect thereof is to be made against an indemnifying party, give written notice to the latter of the commencement of such
action; provided, that the failure of the Indemnified Party to give notice as provided herein shall not relieve the indemnifying party of its obligations under this Article VI, except to the extent that the indemnifying party is
materially prejudiced by such failure to give notice. 
 In case any such action is brought against an Indemnified Party, unless
in such Indemnified Party’s reasonable judgment a conflict of interest between such Indemnified Party and indemnifying parties may exist in respect of such claim, the indemnifying party will be entitled to participate in and to assume the
defense thereof, jointly with any other indemnifying

  

 23 

 
party similarly notified to the extent that it may wish, with counsel reasonably satisfactory to such Indemnified Party, and after notice from the indemnifying party to such Indemnified Party of
its election so to assume the defense thereof, the indemnifying party will not be liable to such Indemnified Party for any legal or other expenses subsequently incurred by the latter in connection with the defense thereof other than reasonable costs
of investigation. It is understood and agreed that the indemnifying party shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to
any local counsel) for all Indemnified Parties, and that all such fees and expenses shall be reimbursed as they are incurred. Any such separate firm (x) for the Investor, its affiliates, directors and officers and any control Persons of the
Investor shall be designated in writing by the Investor, and (y) in all other cases shall be designated in writing by the Company. The indemnifying party shall not be liable for any settlement of any proceeding effected without its written
consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify each Indemnified Party from and against any loss or liability by reason of such settlement or judgment. No
indemnifying party shall, without the written consent of the Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Party is or could have been a party and indemnification could have been
sought hereunder by such Indemnified Party, unless such settlement (A) includes an unconditional release of such Indemnified Party, in form and substance reasonably satisfactory to such Indemnified Party, from all liability on claims that are
the subject matter of such proceeding, and (B) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Party. 
 Section 6.9 Contribution. If the indemnification provided for in this Article VI from the indemnifying party is
unavailable to an Indemnified Party hereunder in respect of any losses, claims, damages, liabilities or expenses referred to herein, then the indemnifying party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or
payable by such Indemnified Party as a result of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and Indemnified Parties in connection with the
actions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative fault of such indemnifying party and Indemnified Parties shall be determined by reference to, among
other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been made by, or relates to information supplied by, such indemnifying
party or Indemnified Parties, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a party under this Section 6.9 as a result of the
losses, claims, damages, liabilities and expenses referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with any investigation or proceeding. 
 The parties hereto agree that it would not be just and equitable if a contribution pursuant to this Section 6.9 were determined
by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. No Person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to a contribution from any Person who was not guilty of such fraudulent misrepresentation. 
  

 24 

 Section 6.10 Participation in Public Offering. The Investor may not participate
in any Public Offering hereunder unless the Investor completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the provisions of this Agreement in respect of
registration rights. 
 Section 6.11 Cooperation by the Company. If the Investor shall transfer any Registrable
Securities pursuant to Rule 144 of the Securities Act (and not in violation of this Agreement), the Company shall use its commercially reasonable efforts to cooperate with the Investor and shall provide to the Investor such information as may be
required to be provided under Rule 144 of the Securities Act. 
 Section 6.12 Acknowledgement Regarding the Company.
Other than those determinations reserved expressly to the Investor, all determinations necessary or advisable under this Article VI shall be made by the Company, the determinations of which shall be final and binding. 
 Section 6.13 Mergers, Recapitalizations, Exchanges or Other Transactions Affecting Registrable Securities. The provisions of
this Agreement shall apply to the full extent set forth herein with respect to the Registrable Securities and to any and all securities or shares of the Company or any successor or assign of any such Person (whether by merger, amalgamation,
consolidation, sale of assets or otherwise) that may be issued in respect of, in exchange for, or in substitution of such Registrable Securities, by reason of any dividend, split, issuance, reverse split, combination, recapitalization,
reclassification, merger, amalgamation, consolidation or otherwise. 
 Section 6.14 Termination of Registration
Rights. The registration rights contained in this Article VI shall terminate and be of no further force and effect with respect to any Person holding Registrable Securities upon the date on which all Registrable Securities then held by
such Person may be sold under Rule 144 of the Securities Act during any ninety (90) day period without restriction on volume or manner of sale. 
 ARTICLE VII 
 MISCELLANEOUS 
 Section 7.1 Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by
any Law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect for so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner
materially adverse to any party hereto. Upon a determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original
intent of the parties as closely as possible in an enforceable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. 
 Section 7.2 Entire Agreement. This Agreement (including the exhibits hereto), the Confidentiality Agreement, the Purchase
Agreement and that certain side letter agreement,

  

 25 

 
dated as of the date hereof, between the Investor and the Company relating to certain partnership opportunities, constitute the entire agreement of the parties hereto with respect to the subject
matter hereof and thereof and supersede all prior agreements and undertakings, both written and oral, among the Company, the Investor and CIC with respect to the subject matter hereof and thereof. The confidentiality provisions of the
Confidentiality Agreement shall be incorporated herein by reference. 
 Section 7.3 Notices. All notices, requests,
claims, demands and other communications hereunder shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by an internationally recognized overnight courier service,
or by facsimile to the respective parties hereto at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 7.3): 
 If to the Company: 
 The AES Corporation 
 4300 Wilson Blvd. 
 Arlington, VA 22203 
 Attention: Brian A. Miller, Executive Vice President,
General Counsel 
 and Corporate Secretary 
 Facsimile: 703 528-4510 
 With a copy (which shall 
 not constitute notice) to: 
 Skadden, Arps, Slate, Meagher & Flom LLP 
 1440 New York Ave., NW 
 Washington, DC 20005 
 Attention: Pankaj K. Sinha 
                  Christopher J. Ulery 
 Facsimile: 202 393-5760 
 If to the Investor or CIC: 
 Terrific Investment Corporation 
 25/F New Poly Plaza 
 No. 1 Chaoyangmen Beidajie 
 Dongcheng, Beijing 100010, China 
 Attention: Zhou Yuan 
 Facsimile: +86(10) 6408 6715 
  

 26 

 and 
 China Investment Corporation 
 18/F New Poly Plaza 
 No. 1 Chaoyangmen Beidajie 
 Dongcheng, Beijing 100010, China 
 Attention: Zhang Hong/Xintian Hu 
 Facsimile: +86(10) 6408 6820 
 With a copy (which shall 
 not constitute notice) to: 
 Cleary Gottlieb Steen & Hamilton LLP 
 Twin Towers – West 
 12B Jianguomen Wai Da Jie 
 Chaoyang District 
 Beijing 100022, China 
 Attention: Filip Moerman 
 Facsimile: +86(10) 5879 3902 
 and 
 Cleary Gottlieb Steen & Hamilton LLP 
 One Liberty Plaza 
 New York, NY 10006 
 Attention: Richard S. Lincer 
                  Paul J. Shim 
 Facsimile: 212 225-3999 
 Section 7.4 Assignment. This Agreement may not be assigned (by operation of law or otherwise) without the express written consent of the other parties (not to be unreasonably withheld, delayed or conditioned) and any such
assignment or attempted assignment without such consent shall be void. 
 Section 7.5 Compliance. In connection with
this Agreement and the transactions contemplated hereby, each of the parties hereto agrees to comply with, and conduct its business in conformity with, in all material respects all applicable Law (including applicable Law of the United States and
those countries in which the Company or its Subsidiaries conduct business). 
 Section 7.6 Amendment. This Agreement
may not be amended or modified except (i) by an instrument in writing signed by, or on behalf of, the Company and the Investor, or (ii) by a waiver in accordance with Section 7.7. 
 Section 7.7 Waiver. The Company or the Investor may (i) extend the time for the performance of any of the obligations or
other acts of any other party, (ii) waive any inaccuracies in the representations and warranties of any other party contained herein or in any

  

 27 

 
document delivered by any other party pursuant hereto, or (iii) waive compliance with any of the agreements of any other party or conditions to such party’s obligations contained
herein. Any such extension or waiver shall be valid only if set forth in an instrument in writing signed by the party that is giving the waiver. Any waiver of any term or condition shall not be construed as a waiver of any subsequent breach or a
subsequent waiver of the same term or condition, or a waiver of any other term or condition of this Agreement. The failure of any party hereto to assert any of its rights hereunder shall not constitute a waiver of any of such rights. All rights and
remedies existing under this Agreement are cumulative to, and not exclusive of, any rights or remedies otherwise available. 
 Section 7.8 No Third-Party Beneficiaries. This Agreement shall be binding upon and inure solely to the benefit of the parties hereto and their respective successors and permitted assigns and nothing herein, express or implied,
is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever, under or by reason of this Agreement. 
 Section 7.9 Governing Law; Jurisdiction; Waiver of Jury Trial. 
 (a)
This Agreement shall be governed by, and construed in accordance with, the Law of the State of Delaware applicable to contracts executed in and to be performed in that State, without regard to principles of the conflict of Law. 
 (b) The Investor, CIC and the Company irrevocably submit to the exclusive jurisdiction of any state or federal court located in the State
of Delaware, and waives objection to the venue of any proceeding in such court or that such court provides an inconvenient forum. 
 (c) EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 7.10 No Consequential Damages. No party shall seek or be entitled to receive any consequential damages, including but
not limited to loss of revenue or income, cost of capital, or loss of business reputation or opportunity, relating to any misrepresentation or breach of any warranty or covenant set forth in this Agreement; nor shall any party seek or be entitled to
receive punitive damages as to any matter under, relating to or arising out of the transactions contemplated by this Agreement. 
 Section 7.11 Specific Performance. The parties hereto agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance with the terms hereof and that the parties shall be entitled to
an injunction or injunctions to prevent breaches of this Agreement or to enforce specifically the performance of the terms and provisions hereof in any state or federal court located in the State of New York, in addition to any other remedy to which
they are entitled at Law or in equity. 
  

 28 

 Section 7.12 Nature of Agreement. With respect to the contractual liability of
the Investor and CIC to perform their respective obligations under this Agreement, with respect to itself or its property, the Investor and CIC each agree that the execution, delivery and performance by it of this Agreement constitute private and
commercial acts done for private and commercial purposes. 
 Section 7.13 Currency. Unless otherwise specified in
this Agreement, all references to currency, monetary values and dollars set forth herein means United States (U.S.) dollars and all payments hereunder shall be made in United States dollars. 
 Section 7.14 Counterparts. This Agreement may be executed and delivered (including by facsimile transmission or portable
document format (“.pdf”)) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original, but all of which taken together shall constitute one and
the same agreement. 
 Section 7.15 Guaranty. CIC hereby unconditionally and irrevocably guarantees the full
performance by the Investor of all of its obligations under this Agreement without offset or deduction. 
 Section 7.16
Tax Forms. Upon execution of this Agreement (and at any other time or times prescribed by applicable law or as reasonably requested by the Company), the Investor shall deliver to the Company a properly completed and duly executed IRS Form
W-8EXP (or other applicable IRS Form), together with any other information necessary in order to establish an exemption from, and/or reduction of, U.S. federal income tax withholding. Except to the extent otherwise required by applicable law, all
payments to be made by the Company in respect of the Common Stock shall be made without deduction or withholding for or on account of U.S. federal income taxes. The Investor shall promptly notify the Company at any time such previously delivered IRS
forms or information are no longer correct or valid. 
 [Signature page follows] 
 (880844) 
  

 29 

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

			
	THE AES CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:
	
	TERRIFIC INVESTMENT CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:
	
	Solely for purposes of Sections 7.9, 7.12 and 7.15:
	
	CHINA INVESTMENT CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

  

 30 

 EXHIBIT A 
 FORM OF JOINDER AGREEMENT 
 [FORM TO BE AGREED PRIOR
TO CLOSING] 

 Exhibit B 
 Form of Side Letter Agreement 
 [AES LETTERHEAD]

 [DATE] 
 CHINA INVESTMENT CORPORATION 
 [                    ] 
 [                    ] 
 [                    ] 
  

	 	Re:	Stock Purchase Agreement/Partnership Opportunities 

 Ladies and Gentlemen: 
 Reference is made to the Stock Purchase Agreement (the
“Purchase Agreement”), dated as of November 6, 2009 between The AES Corporation (the “Company”) and Terrific Investment Corporation (the “Investor”), a direct wholly owned subsidiary of China
Investment Corporation (“CIC”) and the Stockholder Agreement (“Stockholder Agreement”), dated as of [            ] between the Company and the Investor.
Capitalized terms used but not defined herein have the meanings, ascribed to them in the Stockholder Agreement. 
 For as long
as the Investor’s Economic Interest Percentage (as defined in the Stockholder Agreement) exceeds 10%, (i) if the Company seeks, or has an opportunity to make, an equity investment of more than $300 million in connection with a development
project or asset acquisition in the power sector outside of the United States (including with respect to United States companies with significant operations outside of the United States), the Company shall consider in good faith the possibility of
procuring for CIC the opportunity to participate in such investment, and (ii) if CIC has an opportunity to make an equity investment of more than $300 million in connection with a development project or asset acquisition in the power sector
outside of the United States (including with respect to United States companies with significant operations outside of the United States), CIC shall consider in good faith the possibility of procuring for the Company the opportunity to participate
in such investment; provided, however, that (x) the foregoing shall not apply in respect of opportunities for which such Party seeks a local partner with respect to such development project or acquisition opportunity (except to
the extent the nature of such project or opportunity can also reasonably accommodate CIC in addition to the local partner) and (y) CIC shall be under no such obligation with respect to any investment in which CIC or its Affiliates have the
right to co-invest in their capacity as the partner, limited partner, shareholder, equity holder or member of any fund, partnership or other investment vehicle. 
  

 B-1 

 In this regard, the parties shall meet quarterly (or more frequently upon mutual agreement)
to discuss upcoming opportunities for such co-investment (subject to an appropriate confidentiality agreement and applicable securities laws). 
 This letter agreement shall be governed by, and construed in accordance with the laws of the State of Delaware without regard to the principles of conflict of laws thereof that would mandate the
application of the laws of another jurisdiction. This letter agreement may not be assigned (by operation of law or otherwise) without the express written consent of the other party in its sole discretion and any such assignment or attempted
assignment without such consent shall be void. Sections 7.1, 7.3, 7.6, 7.7, 7.8, 7.9(b), 7.9(c), 7.10, 7.11, 7.12 and 7.14 of the Stockholder Agreement are incorporated by reference herein. 
 Please indicate your agreement with the foregoing and the terms and conditions set forth in this letter agreement, by countersigning a copy
of this letter agreement and returning it to the undersigned. 
  

			
	Very truly yours,
	
	THE AES CORPORATION
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

			
	Accepted and agreed as of
	The date first written above:
	
	CHINA INVESTMENT CORPORATION
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	TERRIFIC INVESTMENT CORPORATION
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 B-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00165-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00165-of-00352.parquet"}]]