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Exhibit 10.12    
    

 
 

STOCK PURCHASE AND BUY-SELL AGREEMENT  
    

        THIS STOCK PURCHASE AND BUY-SELL AGREEMENT (the "Agreement"), is entered into as of February 1, 2006, by and among (i) Clean Energy
Fuels Corp., a Delaware corporation (the "Company"), (ii) Boone Pickens ("Pickens"), (iii) Pickens Grandchildren's Trust U/D/T 11/30/99 (the "BPG Trust"), (iv) Perseus ENRG
Investment, L.L.C., a Delaware limited liability company ("Perseus"), (v) Westport Innovations Inc., an Alberta corporation ("Westport"), (vi) Alan P. Basham ("Basham") and
(vii) the undersigned investor (the "Investor"). Pickens and BPG Trust are collectively referred to as the "Pickens Stockholders" and individually as a "Pickens Stockholder," Perseus, Westport
and Basham are collectively referred to as the "Non-Pickens Stockholders" and individually as a "Non-Pickens Stockholder," and the Pickens Stockholders and the
Non-Pickens Stockholders are collectively referred to as the "Stockholders" and individually as a "Stockholder". 

 
 

R E C I T A L S  
    

        A.    Pickens
desires to sell to Investor and Investor desires to purchase from Pickens shares of the common stock of the Company on the terms and conditions set forth below. 

        B.    Capitalized
terms not otherwise immediately defined herein shall have the meanings given in Section 7 of this Agreement. 

        C.    This
Agreement shall supersede any and all prior agreements between the parties hereto relating to the subject matter hereof. 

 
 

A G R E E M E N T  
    

        NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties to this Agreement hereby agree as follows: 

        1.    Purchase
and Sale of Stock.    

        (a)   At
the Closing (as hereinafter defined), Pickens shall sell, transfer, assign and deliver to the Investor, and the Investor shall purchase, accept and receive from
Pickens, all right, title and interest in and to the number of shares of common stock of the Company set forth on Exhibit A hereto (the shares of
Stock being so purchased are referred to herein as the "Shares"), free and clear of any Liens. 

        (b)   The
aggregate purchase price for the Shares shall be as set forth on Exhibit A and shall be payable by check or
promissory note payable to Pickens at the Closing. 

        (c)   The
closing of the purchase and sale of the Shares contemplated by this Agreement (the "Closing") shall occur at the offices of BP Capital, 260 Preston Commons West,
8117 Preston Road, Dallas, Texas 75225, on February 1, 2006 (the "Closing Date"). 

        2.    Representations
and Warranties of the Investor.    The Investor represents, warrants and certifies as follows: 

        (a)   The
Investor has full right, power and authority and has taken all action necessary to execute and deliver this Agreement and to carry out the transactions contemplated
hereby. This Agreement has been duly executed and delivered by the Investor and constitutes a valid and legally binding obligation of the Investor, enforceable against the Investor in accordance with
its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors' rights and to general
principles or equity. 

1

 

        (b)   The
execution and delivery of this Agreement and the consummation of the transactions contemplated hereby will not result in the creation of any lien or the termination
or acceleration of any indebtedness or other obligation of the Investor and are not prohibited by, do not violate or conflict with any provision of, and do not result in a default under or a breach of
(i) any contract, agreement, permit, license or other instrument to which the Investor is a party or by which the Investor is bound, (ii) any order, writ, injunction, decree or judgment
of any court or Governmental Entity, or (iii) any law, rule or regulation applicable to the Investor. No approval, authorization, consent or other order or action of or filing with any
Governmental Entity is required for the execution and delivery of this Agreement by the Investor or the consummation by the Investor of the transactions contemplated hereby. 

        (c)   There
is no action, arbitration, audit, hearing, investigation, litigation, or suit (whether civil, criminal, administrative, investigative, or informal) pending or, to
the Investor's knowledge, threatened that challenges or may have the effect of preventing, delaying, making illegal, or otherwise interfering with, the consummation of the transactions contemplated
hereby. 

        (d)   The
Investor has adequate means of providing for the Investor's current needs and personal contingencies, has no need now, and anticipates no need in the foreseeable
future, to sell the Shares, and the currently has sufficient financial liquidity to afford a complete loss of the investment in the Shares. 

        (e)   The
Investor's overall commitment to investments which are not readily marketable is not disproportionate to the Investor's net worth and the Investor's investment in
the Shares will not cause such overall commitment to become excessive. 

        (f)    All
information which the Investor has provided (or will provide) concerning the Investor's financial position, is correct and complete as of the date hereof. 

        (g)   The
Investor has received and carefully reviewed descriptive materials relating to the Company and any other materials relating thereto that the Investor has requested. 

        (h)   The
Investor has had an opportunity to ask questions of and receive answers from the authorized representatives of the Company, and to review any relevant documents and
records concerning the business of the Company and the terms and conditions of this investment, and that any such questions have been answered to the undersigned's full satisfaction. 

        (i)    No
person or entity, other than Pickens or his authorized representatives, has offered the Shares to the undersigned. 

        (j)    The
Investor has such knowledge and experience in financial and business matters so that the Investor is capable of evaluating the merits and risks of an investment in
the Company, or the Investor or the Investor's financial and investment advisors together have such knowledge and experience in financial and business matters that the Investor is capable of
evaluating the merits and risks of an investment in the Shares. 

        (k)   The
Shares will be acquired for the Investor's own account for investment and not with a view toward subdivision, resale, or redistribution thereof in a manner
prohibited under the Securities Act of 1933, as amended (the "Securities Act") or the securities laws of any state of the United States (the "Securities Laws"), and the Investor does not presently
have any reason to anticipate any change in his, her or its circumstances or other particular occasion or event which would cause the Investor to have to sell such Shares. The Investor has no
contract, undertaking, agreement, understanding, or arrangement with any person to sell, transfer, or pledge to any person any part or all of the Shares which the Investor is acquiring, or any
interest therein, and has no present plans to enter into the same. 

        (l)    It
has been called to the Investor's attention in connection with an investment in the Shares that such investment is speculative in nature and involves a high degree of
risk. 

2

 

        (m)  The
Investor understands that no federal or state agency has passed upon or made any recommendation or endorsement of an investment in the Shares. 

        (n)   The
Investor understands that the Shares have not been registered under the Securities Act or the Securities Laws, nor is such registration contemplated. The Investor
understands and agrees further that the Shares must be held indefinitely unless they are subsequently registered under the Securities Act and the Securities Laws or an exemption from registration
under the Securities Act and the Securities Laws covering the sale of Shares is available. 

        3.    Restrictions
on Transfer of Shares.    

        (a)    Transfer
of Shares.    The Investor shall not sell, transfer, assign, pledge or otherwise dispose of (whether with or without
consideration and whether voluntarily or involuntarily or by operation of law) any interest in the Shares (a "Transfer"), except pursuant to the provisions of Section 3 or Section 4
hereof. No holder of Shares shall consummate any Transfer until 60 days after the later of the delivery to the Stockholders and to the Company of a Sale Notice (as defined herein), if any,
unless the parties to the Transfer have been finally determined pursuant to this Section 3 prior to the expiration of such 60-day period (the "Election Period"). 

        (b)    Right
of First Refusal.    

        (i)    At
least 60 days prior to any Transfer of Shares by the Investor (other than a Transfer to the Pickens Stockholders or a Permitted Transfer), the Investor shall
deliver a written "Sale Notice" to the Stockholders and to the Company specifying in reasonable detail the identity of the prospective transferee(s), the number of shares to be transferred and the
terms and conditions of the Transfer. The Pickens Stockholders may elect to purchase all or any portion of the Shares to be transferred upon the same terms and conditions as those set forth in the
Sale Notice. Within 30 days of receipt of the Sale Notice, each Pickens Stockholder shall deliver written notice of his or its election (a "Pickens Election Notice") to the Investor, the
Non-Pickens Stockholders and the Company. If both Pickens Stockholders elect to purchase the Shares specified in the Sale Notice, then such Shares shall be allocated between the Pickens
Stockholders pro rata according to the number of shares of Common Stock owned by each Pickens Stockholder or as otherwise agreed to by the Pickens Stockholders. If the Pickens Stockholders have not
elected to purchase all of the Shares to be transferred, the Non-Pickens Stockholders may elect to purchase all or any portion of the remaining (i.e. those Shares which the Pickens
Stockholders have not elected to purchase) Shares to be transferred upon the same terms and conditions as those set forth in the Sale Notice by delivering written notice of such election to the
Investor and the Company (the "Stockholder Election Notice") within 30 days after the Pickens Election Notices have been given by the Pickens Stockholders to the Investor, the
Non-Pickens Stockholders and the Company. If more than one Non-Pickens Stockholder elects to purchase the Shares specified in the Sale Notice, then such Shares shall be
allocated among the Non-Pickens Stockholders pro rata according to the number of shares of Common Stock owned by each such Non-Pickens Stockholder. If the Stockholders have not
elected to purchase all of the Shares to be transferred, the Company may elect to purchase all (but not less than all) of the remaining (i.e. which the Stockholders have not elected to purchase)
Shares to be transferred upon the same terms and conditions as those set forth in the Sale Notice by delivering written notice of such election to the Investor (the "Company Election Notice") within
30 days after the Stockholder Election Notice has been given by the Non-Pickens Stockholders to the Investor and the Company. If the Stockholders and the Company together do not
elect to purchase all of the Shares specified in the Sale Notice, the Investor may during the 60-day period immediately following the final date for delivery of the Company Election Notice
Transfer all of the Shares only to the transferee specified in the Sale Notice and only at a price and on terms no more favorable to the transferee(s) than specified in the Sale Notice. Any Shares not
transferred within such 60-day period shall be subject to the provisions of this Section 3(b) upon a subsequent Transfer. If the Stockholders and/or the Company have elected to
purchase all of the Shares proposed to be transferred hereunder, the Transfer 

3

 

of
such shares shall be consummated as soon as practicable after the delivery of the election notice(s) to the Investor, but in any event within 15 days after the expiration of the Election
Period. 

        (ii)   Notwithstanding
the provisions of Section 3(b)(i) above, in the event that any transfer of Shares involves in whole or in part the payment of
non-cash consideration, or the payment of consideration over time, the purchasing Stockholder(s) or the Company, as applicable, shall have the right to elect, upon exercise of their or its
rights set forth in Section 3(b)(i) above, to pay to the Investor in full consideration for the Shares subject to Transfer the fair market value of such Shares (the "Fair Market Value"),
which shall be the value of the Common Stock as determined by the board of directors of the Company in connection with the most recent stock option grant by the Company. 

        (c)    Drag-Along.    

        (i)    In
the event that a Pickens Stockholder elects to or is required to sell any shares of Common Stock, including, without limitation, any sale pursuant to the provisions
of that certain Stockholders' Agreement by and among the Stockholders, such Pickens Stockholder shall give notice of such proposed transaction to the Investor, which notice shall set forth the name
and address of the proposed purchaser and specify the terms and conditions of such proposed transaction. 

        (ii)   At
the election of the selling Pickens Stockholder, in his sole discretion, the Investor shall participate in such proposed sale transaction by selling all or a portion
of the Investor's Shares as part of such proposed transactions on the same terms and conditions as the selling Pickens Stockholder and shall enter into the same sale agreement for such proposed
transaction as the selling Pickens Stockholder enters into, on the same terms and conditions as the selling Pickens Stockholder. The selling Pickens Stockholder shall be entitled to require the
Investor to sell in any such transaction that number of Shares equal to the product of (i) the quotient determined by dividing (x) the number of shares of Common Stock owned by the
Investor by (y) the number of shares of Common Stock owned by the Investor plus the number of shares of Common Stock owned by the selling Pickens Stockholder and (ii) the number of
shares of Common Stock owned by the Investor. 

        (d)    Permitted
Transfers.    The restrictions set forth in this Section 3 shall not apply with respect to any Transfer (a
"Permitted Transfer") of Shares by the Investor pursuant to applicable laws of descent and distribution or among such Investor's Family Group; provided that the restrictions contained in this
Section 3 shall continue to be applicable to the Shares after any such Transfer; and provided, further, that the transferees of such Shares shall have agreed in writing to be bound by the
provisions of this Agreement affecting the Shares to be so transferred and become a party hereto. For purposes of this Agreement, "Family Group" means an Investor's spouse and descendants (whether
natural or adopted) and any trust solely for the benefit of the Investor and/or the Investor's spouse and/or descendants. 

        (e)    Termination
of Restrictions.    The restrictions set forth in this Section 3 shall continue with respect to each Share
until the earlier of (i) the consummation of a Qualified Public Offering; or (ii) the Sale of the Company. 

        4.    Co-Sale
Rights.    

        (a)   At
least 60 days prior to any transfer of Common Stock by a Pickens Stockholder (a "Pickens Transfer"), the selling Pickens Stockholder shall deliver a sale
notice (a "Pickens Sale Notice") to the Investor specifying in reasonable detail the identity of the prospective transferee(s), the number of shares to be transferred and the terms and conditions of
the Pickens Transfer. The Investor may elect to participate in the contemplated Pickens Transfer at the same price per share of Common Stock and on the same terms by delivering written notice to the
selling Pickens Stockholder within 30 days after delivery of the Pickens Sale Notice. If the Investor shall have elected to participate in such Pickens Transfer, the Investor shall be entitled
to sell in the contemplated Pickens Transfer, at the same price and on the same terms, a number of Shares equal to the product of (i) the quotient determined by dividing (x) the number
of shares of Common Stock owned by the Investor by (y) the number of shares 

4

 

of
Common Stock owned by the Investor plus the number of shares of Common Stock owned by the selling Pickens Stockholder and (ii) the number of shares of Common Stock to be sold in the
contemplated Pickens Transfer. 

For
example, if the Pickens Sale Notice contemplated a sale of 50 shares of Common Stock by a Pickens Stockholder, and if the Pickens Stockholder at such time owns 400
Shares and if the Investor elects to participate and owns 100 shares of Common Stock, the Pickens Stockholder would be entitled to sell 40 shares and the Investor would be entitled to sell 10 shares
(100/500 × 50 shares). 

        (b)   In
order to be entitled to exercise the right to sell shares of Common Stock to the proposed transferee pursuant to this Section 4, the Investor must agree to
make substantially the same representations, warranties, covenants and indemnities and other similar agreements as the selling Pickens Stockholder agrees to make in connection with the proposed
Pickens Transfer. 

        (c)   The
selling Pickens Stockholder shall use commercially reasonable efforts to obtain the agreement of the prospective transferee(s) to the participation of the Investor
in any contemplated Pickens Transfer, and a Pickens Stockholder shall not transfer any shares of Common Stock to any prospective transferee if such prospective transferee(s) declines to allow the
participation of the Investor. The Investor shall be required to pay any portion of the transaction costs associated with such Pickens Transfer other than the Investor's legal expenses. 

        5.    Irrevocable
Proxy.    

        (a)   The
Investor hereby irrevocably (to the full extent permitted by law) appoints and constitutes Pickens the attorney and proxy of the Investor with full power of
substitution to the full extent of the Investor's rights to vote the Shares beneficially owned by the Investor, until the termination of this Agreement, whereupon this proxy shall automatically be
revoked. 

        (b)   The
proxy given hereby is irrevocable (to the full extent permitted by law), is coupled with an interest, and is granted in consideration of Pickens sale of the Shares
to Investor pursuant to this Agreement. 

        (c)   Any
obligation of the Investor hereunder shall be binding upon the successors and permitted assigns of the Investor. 

        6.    Legend.    Each
certificate evidencing Shares and each certificate issued in exchange for or upon the transfer of any Shares shall
be stamped or otherwise imprinted with the legend set forth below: 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A STOCK PURCHASE AND BUY-SELL AGREEMENT DATED AS OF FEBRUARY 1, 2006, AMONG THE COMPANY AND CERTAIN OF ITS STOCKHOLDERS. A
COPY OF SUCH STOCK PURCHASE AND BUY-SELL AGREEMENT SHALL BE FURNISHED WITHOUT CHARGE BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST. 

THE
SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY STATE SECURITIES OR BLUE SKY LAWS AND MAY NOT BE TRANSFERRED IN THE
ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SUCH ACT OR UNDER SUCH STATE SECURITIES OR BLUE SKY LAWS. 

The
legend imprinted on certificates evidencing Shares shall be removed from the certificates evidencing any shares of the Company's Common Stock which cease to be Shares only in accordance with the
terms of this Agreement and of the Stockholders' Agreement. 

        7.    Definitions.    

        "Common
Stock" means shares of the Company's common stock, $.0001 par value per share. 

5

 

        "Governmental
Entity" means any: 

        (a)   nation,
state, county, city, town, district or other jurisdiction; 

        (b)   federal,
state, local, municipal, foreign or other government; 

        (c)   governmental
or quasi-governmental authority of any nature; or 

        (d)   body
exercising or entitled to exercise any administrative, executive, judicial, legislative, policy, regulatory or taxing authority or similar power. 

        "Person"
means any individual, entity or Governmental Entity. 

        "Qualified
Public Offering" means the sale in an underwritten public offering registered under the Securities Act of 1933, as amended, of shares of the
Company's Common Stock having an aggregate offering value of at least $30 million underwritten by a firm of national standing. 

        "Sale
of the Company" means (i) the sale of the Company to one or more Persons pursuant to which such Person or Persons acquire capital stock of the
Company possessing the voting power under normal circumstances to elect a majority of the Company's board of directors (whether by merger, consolidation or sale or transfer of the Company's capital
stock) or (ii) the sale of all or substantially all of the Company's assets determined on a consolidated basis. 

        8.    Transfers
in Violation of Agreement.    Any Transfer or attempted Transfer of any Shares in violation of any provision of this
Agreement shall be void, and the Company shall not record such Transfer on its books or treat any purported transferee of such Shares as the owner of such Shares for any purpose. 

        9.    Amendment
and Waiver.    No amendment, waiver or consent with respect to any provision of this Agreement shall in any event be
effective, unless the same shall be in writing and signed by all parties hereto, and then such amendment, waiver or consent shall be effective only in the specific instance and for the specific
purpose for which given. The failure of any party hereto at any time or times to require performance of any provisions hereof shall in no manner affect that party's right at a later time to enforce
the same. No waiver by any party of the breach of any term or covenant contained in this Agreement in any one or more instances shall be deemed to be, or construed as, a further or continuing waiver
of any such breach, or a waiver of the breach of any other term or covenant contained in this Agreement. 

        10.    After-Acquired
Shares.    The terms and provisions of this Agreement shall apply to all shares of Common Stock of the Company now
owned or may hereafter be acquired by the Investor in consequence of any additional issuance, purchase, exercise of any options or other rights, conversion of any notes, debentures or other
securities, exchange or reclassification of shares, corporate reorganization, any other form of recapitalization, consolidation or merger or any share split up, share dividend or distribution or which
are acquired by the Investor in any manner whatsoever. 

        11.    Execution
of Agreement by Transferees.    Any person or entity acquiring any Shares (except for any acquisition thereof
(a) in an offering registered under the Securities Act or (b) in a transaction under Rule 144 of the Securities Act) shall on or before the transfer or issuance to it of such
securities, sign a counterpart signature page hereto in form reasonably satisfactory to Pickens and to the Company and shall thereby become a party to this Agreement. 

        12.    Severability.    Whenever
possible, each provision of this Agreement shall be interpreted in such manner as to be effective and
valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity,
illegality or unenforceability shall not affect the validity, legality or enforceability of any other provision of this Agreement in such jurisdiction or affect the validity, legality or
enforceability of any provision in any other jurisdiction, but this Agreement shall be reformed, 

6

 

construed
and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 

        13.    Entire
Agreement.    Except as otherwise expressly set forth herein, this Agreement embodies the complete agreement and
understanding among the parties hereto with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by or among the parties, written or
oral. 

        14.    Successors
and Assigns.    Except as otherwise provide herein, this Agreement shall bind and inure to the benefit of and be
enforceable by Pickens and the Company and their successors and permitted assigns and the Investor and any subsequent holders of Shares and the respective successors and permitted assigns of each of
them, so long as they hold any of the Shares. 

        15.    Counterparts.    This
Agreement may be executed in multiple counterparts (including by means of telecopied signature pages), each
of which shall be an original and all of which taken together shall constitute one and the same agreement. 

        16.    Remedies.    Each
party hereto shall be entitled to enforce such party's rights under this Agreement specifically, to recover
damages by reason of any breach of any provision of this Agreement and to exercise all other rights existing in such party's favor. The parties hereto agree and acknowledge that money damages would
not be an adequate remedy for any breach of the provisions of this Agreement and that each party may in its sole discretion apply to any court of law or equity of competent jurisdiction for specific
performance and/or injunctive relief (without posting a bond or other security) in order to enforce or prevent any violation of the provisions of this Agreement. 

        17.    Notices.    All
notices, requests, consents and other communications required or permitted hereunder shall be in writing
(including telecopy or similar writing) and shall be given. 

	If to Company:	 	Clean Energy Fuels Corp.

3020 Old Ranch Parkway

Suite 200

Seal Beach, California 90740

Attention: Andrew J. Littlefair

Telephone: (562) 493-2804

Telecopy: (562) 546-0097
	

With copies to:	
 	

Ronald Bassett

BP Capital

260 Preston Commons West

8117 Preston Road

Dallas, Texas 75225

Telephone: (214) 265-4165

Telecopy: (214) 750-9773
	

 	
 	

and
	

 	
 	

Sheppard Mullin Richter & Hampton LLP

Seventeenth Floor

Four Embarcadero Center

San Francisco, CA 94111

Attention: James J. Slaby

Telephone: (415) 774-3246

Telecopy: (415) 434-3947
	 	 	 

7

 

	

If to Pickens and/ or BPG Trust:	
 	

BP Capital

260 Preston Commons West

8117 Preston Road

Dallas, Texas 75225

Attention: Ronald Bassett

Telephone: (214) 265-4165

Telecopy: (214) 750-9773
	

 	
 	

BP Capital

260 Preston Commons West

8117 Preston Road

Dallas, Texas 75225

Attention: Ronald Bassett

Telephone: (214) 265-4165

Telecopy: (214) 750-9773
	

If to Perseus:	
 	

Perseus ENRG Investment, L.L.C.

2099 Pennsylvania Avenue N.W., 9th Floor

Washington, D.C. 20006

Attention: Kenneth M. Socha

Telephone: (202) 452-0101

Telecopy: (202) 429-0588
	

With a copy to:	
 	

Arnold & Porter

1600 Tysons Boulevard

Suite 900

McLean, VA. 22102

Attention: Robert B. Ott

Telephone: (703) 720-7005

Telecopy: (703) 720-7399
	

If to Westport:	
 	

Westport Innovations, Inc.

1691 West 75th Avenue

Vancouver, B.C. Canada V6P 6P2

Attention: David Demers

Telephone: (604) 718-2000

Telecopy: (604) 718-2001
	

With a copy to:	
 	

Bruce Hodgins

c/o Westport Innovations, Inc.

1691 West 75th Avenue

Vancouver, B.C. Canada V6P 6P2

Telephone: (604) 718-2000

Telecopy: (604) 718-2001
	

If to Alan P. Basham:	
 	

Alan P. Basham

19284 Beckonridge Lane

Huntington Beach, CA 92648

Telephone: (714) 536-2708 (714) 321-4023
	

If to the Investor:	
 	

To the Investor's address set forth on Exhibit A
	

 	
 	

 

or
to such other address with respect to any party as such party shall notify the others in writing as above provided. 

8

 

        18.    Governing
Law.    The law of the State of Delaware shall govern all issues and questions concerning the relative rights of the
parties hereto and concerning the construction, validity, interpretation and enforceability of this Agreement and the exhibits and schedules hereto. 

        19.    Descriptive
Headings.    The descriptive headings and captions of this Agreement are inserted for convenience only and do not
constitute a part of this Agreement. 

        20.    Arbitration.    Except
as otherwise provided in this Agreement, any controversy or claim arising out of or relating to this
Agreement or the breach hereof shall be settled by arbitration in Dallas, Texas. 

        (a)    Judicial
Arbitration and Mediation Services, the Company.    The arbitration shall be administered by Judicial Arbitration and
Mediation Services ("JAMS") in its Dallas, Texas office. 

        (b)    Arbitrator.    The
arbitrator shall be a retired superior court judge of the State of California affiliated with JAMS. 

        (c)    Provisional
Remedies and Appeals.    Each of the parties hereto reserves the right to file with a court of competent jurisdiction
an application for temporary or preliminary injunctive relief, writ of attachment, writ of possession, temporary protective order and/or appointment of a receiver on the grounds that the arbitration
award to which the applicant may be entitled may be rendered ineffectual in the absence of such relief. 

        (d)    Enforcement
of Judgment.    Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction
thereof. The award of the arbitrator shall be binding, final and nonappealable. 

        (e)    Discovery.    The
parties hereto may obtain discovery in aid of the arbitration to the fullest extent permitted under law,
including California Code of Civil Procedure Section 1283.05. All discovery disputes shall be resolved by the arbitrator. 

        (f)    Consolidation.    Any
arbitration hereunder may be consolidated by JAMS with the arbitration of any other dispute arising out of
or relating to the same subject matter when the arbitrator determines that there is a common issue of law or fact creating the possibility of conflicting rulings by more than one arbitrator. Any
disputes over which an arbitrator shall hear any consolidated matter shall be resolved by JAMS. 

        (g)    Power
and Authority of Arbitrator.    The arbitrator shall not have any power to alter, amend, modify or change any of the terms
of this Agreement nor to grant any remedy which is either prohibited by the terms of this Agreement or not available in a court of law. 

        (h)    Governing Law.    All questions in respect of procedure to be followed in conducting the arbitration as well as
the enforceability to arbitrate which may be resolved by state law shall be resolved according to the law of the State of Delaware. 

        (i)    Costs.    The
costs of the arbitration, including any JAMS administration fee and arbitrator's fee, and costs of the use of
facilities during the hearings, shall be borne by the nonprevailing party. Costs and attorneys' fees shall be awarded to the prevailing party. For the purposes of this paragraph, attorneys' fees shall
include, without limitation, fees incurred in the following: (1) postjudgment motions and collection actions; (2) contempt proceedings; (3) garnishment, levy, and debtor and third
party examinations; (4) discovery; and (5) bankruptcy litigation. 

        21.    Survival
of Covenants.    The affirmative and negative covenants set forth herein shall expire upon a Sale of the Company or a
Qualified Public Offering unless they have otherwise expired pursuant to this Agreement. 

[The
next page is the signature page.] 

9

   
* * * 

        IN
WITNESS WHEREOF, the parties hereto have executed this Stock Purchase and Buy-Sell Agreement on the day and year first above written. 

	CLEAN ENERGY FUELS CORP.	 	 
	

By:	
 	

/s/ Andrew J. Littlefair
	
 	

 
	Its:	 	President and CEO	 	 
	

/s/ Boone Pickens
 Boone Pickens	
 	

 
	

PICKENS GRANDCHILDREN'S TRUST U/D/T 11/30/00	
 	

 
	

By:	
 	

/s/ Ronald D. Bassett
	
 	

 
	

By:	
 	

/s/ illegible
	
 	

 
	PERSEUS ENRG INVESTMENT, L.L.C.	 	 
	

By:	
 	

/s/ illegible
	
 	

 
	

Its:	
 	

Senior Managing Director	
 	

 
	

WESTPORT INNOVATIONS, INC.	
 	

 
	

By:	
 	

/s/ illegible
	
 	

 
	

Its:	
 	

CEO	
 	

 
	

/s/ Alan P. Basham
 Alan P. Basham	
 	

 
	

/s/ David Aasheim
 Glen David Aasheim	
 	

 

10

 
EXHIBIT A  

	Investor
 
	 	Number of Shares
	 	Purchase Price @ $3.86

Per Share

	Glen David Aasheim	 	5,000	 	19,300

11

   
        IN WITNESS WHEREOF, the parties hereto have executed this Stock Purchase and Buy-Sell Agreement on the day and year first above written. 

	CLEAN ENERGY FUELS CORP.	 	 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Boone Pickens	
 	

 
	

PICKENS GRANDCHILDREN'S TRUST U/D/T 11/30/00	
 	

 
	

By:	
 	

          
	
 	

 
	

By:	
 	

          
	
 	

 
	

PERSEUS ENRG INVESTMENT, L.L.C.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

WESTPORT INNOVATIONS, INC.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Alan P. Basham	
 	

 
	

/s/ Glen David Aasheim
 Glen David Aasheim [Investor]	
 	

 

12

 
EXHIBIT A  

	Investor
 
	 	Number of Shares
	 	Purchase Price @ $3.86

Per Share

	Ronald B. Bassett	 	100,000	 	386,000

13

   
* * * 

        IN
WITNESS WHEREOF, the parties hereto have executed this Stock Purchase and Buy-Sell Agreement on the day and year first above written. 

	CLEAN ENERGY FUELS CORP.	 	 
	

By:	
 	

/s/ Andrew Littlefair
	
 	

 
	

Its:	
 	

President and CEO
	
 	

 
	

/s/ Boone Pickens
 Boone Pickens	
 	

 
	

PICKENS GRANDCHILDREN'S TRUST U/D/T 11/30/00	
 	

 
	

By:	
 	

/s/ illegible
	
 	

 
	

By:	
 	

/s/ illegible
	
 	

 
	

PERSEUS ENRG INVESTMENT, L.L.C.	
 	

 
	

By:	
 	

/s/ Kenneth M. Socha
	
 	

 
	

Its:	
 	

Senior Managing Director
	
 	

 
	

WESTPORT INNOVATIONS, INC.	
 	

 
	

By:	
 	

David Demers
	
 	

 
	

Its:	
 	

CEO
	
 	

 
	

/s/ Alan P. Basham
 Alan P. Basham	
 	

 
	

/s/ Ronald D. Bassett
 [Investor]	
 	

 

14

 
EXHIBIT A  

	Investor
 
	 	Number of Shares
	 	Purchase Price @ $3.86

Per Share

	G. Michael Boswell IRA FCC as Custodian	 	50,000	 	193,000

15

   
* * * 

        IN
WITNESS WHEREOF, the parties hereto have executed this Stock Purchase and Buy-Sell Agreement on the day and year first above written. 

	CLEAN ENERGY FUELS CORP.	 	 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Boone Pickens	
 	

 
	

PICKENS GRANDCHILDREN'S TRUST U/D/T 11/30/00	
 	

 
	

By:	
 	

          
	
 	

 
	

By:	
 	

          
	
 	

 
	

PERSEUS ENRG INVESTMENT, L.L.C.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

WESTPORT INNOVATIONS, INC.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Alan P. Basham	
 	

 
	

          
 [Investor]	
 	

 

16

 
EXHIBIT A  

	Investor
 
	 	Number of Shares
	 	Purchase Price @ $3.86

Per Share

	Brian Bradshaw	 	50,000	 	$	193,000

17

   
* * * 

        IN
WITNESS WHEREOF, the parties hereto have executed this Stock Purchase and Buy-Sell Agreement on the day and year first above written. 

	CLEAN ENERGY FUELS CORP.	 	 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Boone Pickens	
 	

 
	

PICKENS GRANDCHILDREN'S TRUST U/D/T 11/30/00	
 	

 
	

By:	
 	

          
	
 	

 
	

By:	
 	

          
	
 	

 
	

PERSEUS ENRG INVESTMENT, L.L.C.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

WESTPORT INNOVATIONS, INC.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Alan P. Basham	
 	

 
	

/s/ Brian Bradshaw
 [Investor] Brian Bradshaw	
 	

 

18

 
EXHIBIT A  

	Investor
 
	 	Number of Shares
	 	Purchase Price @ $3.86

Per Share

	Drew A. Campbell	 	25,000	 	96,500

19

   
* * * 

        IN
WITNESS WHEREOF, the parties hereto have executed this Stock Purchase and Buy-Sell Agreement on the day and year first above written. 

	CLEAN ENERGY FUELS CORP.	 	 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Boone Pickens	
 	

 
	

PICKENS GRANDCHILDREN'S TRUST U/D/T 11/30/00	
 	

 
	

By:	
 	

          
	
 	

 
	

By:	
 	

          
	
 	

 
	

PERSEUS ENRG INVESTMENT, L.L.C.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

WESTPORT INNOVATIONS, INC.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Alan P. Basham	
 	

 
	

/s/ Drew A. Campbell
 [Investor] Drew Campbell	
 	

 

20

 
EXHIBIT A  

	Investor
 
	 	Number of Shares
	 	Purchase Price @ $3.86

Per Share

	Marti Carlin	 	25,000	 	96,500

21

   
* * * 

        IN
WITNESS WHEREOF, the parties hereto have executed this Stock Purchase and Buy-Sell Agreement on the day and year first above written. 

	CLEAN ENERGY FUELS CORP.	 	 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Boone Pickens	
 	

 
	

PICKENS GRANDCHILDREN'S TRUST U/D/T 11/30/00	
 	

 
	

By:	
 	

          
	
 	

 
	

By:	
 	

          
	
 	

 
	

PERSEUS ENRG INVESTMENT, L.L.C.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

WESTPORT INNOVATIONS, INC.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Alan P. Basham	
 	

 
	

/s/ Marti J. Carlin
 [Investor] Marti J. Carlin	
 	

 

22

 
EXHIBIT A  

	Investor
 
	 	Number of Shares
	 	Purchase Price @ $3.86

Per Share

	Denise Delile	 	2,000	 	7,720

23

   
* * * 

        IN
WITNESS WHEREOF, the parties hereto have executed this Stock Purchase and Buy-Sell Agreement on the day and year first above written. 

	CLEAN ENERGY FUELS CORP.	 	 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Boone Pickens	
 	

 
	

PICKENS GRANDCHILDREN'S TRUST U/D/T 11/30/00	
 	

 
	

By:	
 	

          
	
 	

 
	

By:	
 	

          
	
 	

 
	

PERSEUS ENRG INVESTMENT, L.L.C.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

WESTPORT INNOVATIONS, INC.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Alan P. Basham	
 	

 
	

/s/ Denise Delile
 [Investor] Denise Delile	
 	

 

24

 
EXHIBIT A  

	Investor
 
	 	Number of Shares
	 	Purchase Price @ $3.86

Per Share

	Denis Ding	 	10,000	 	38,600

25

   
* * * 

        IN
WITNESS WHEREOF, the parties hereto have executed this Stock Purchase and Buy-Sell Agreement on the day and year first above written. 

	CLEAN ENERGY FUELS CORP.	 	 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Boone Pickens	
 	

 
	

PICKENS GRANDCHILDREN'S TRUST U/D/T 11/30/00	
 	

 
	

By:	
 	

          
	
 	

 
	

By:	
 	

          
	
 	

 
	

PERSEUS ENRG INVESTMENT, L.L.C.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

WESTPORT INNOVATIONS, INC.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Alan P. Basham	
 	

 
	

/s/ Denis Ding
 Denis Ding [Investor]	
 	

 

26

 
EXHIBIT A  

	Investor
 
	 	Number of Shares
	 	Purchase Price @ $3.86

Per Share

	Sally Geymuller	 	25,000	 	96,500

27

   
* * * 

        IN
WITNESS WHEREOF, the parties hereto have executed this Stock Purchase and Buy-Sell Agreement on the day and year first above written. 

	CLEAN ENERGY FUELS CORP.	 	 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Boone Pickens	
 	

 
	

PICKENS GRANDCHILDREN'S TRUST U/D/T 11/30/00	
 	

 
	

By:	
 	

          
	
 	

 
	

By:	
 	

          
	
 	

 
	

PERSEUS ENRG INVESTMENT, L.L.C.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

WESTPORT INNOVATIONS, INC.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Alan P. Basham	
 	

 
	

/s/ Sally Geymhller
 [Investor] Sally Geymhller	
 	

 

28

 
EXHIBIT A  

	Investor
 
	 	Number of Shares
	 	Purchase Price @ $3.86

Per Share

	Garnet D. Glover	 	8,000	 	30,880

29

   
* * * 

        IN
WITNESS WHEREOF, the parties hereto have executed this Stock Purchase and Buy-Sell Agreement on the day and year first above written. 

	CLEAN ENERGY FUELS CORP.	 	 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Boone Pickens	
 	

 
	

PICKENS GRANDCHILDREN'S TRUST U/D/T 11/30/00	
 	

 
	

By:	
 	

          
	
 	

 
	

By:	
 	

          
	
 	

 
	

PERSEUS ENRG INVESTMENT, L.L.C.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

WESTPORT INNOVATIONS, INC.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Alan P. Basham	
 	

 
	

/s/ Garnet D. Glover
 Garnet D. Glover [Investor]	
 	

 

30

 
EXHIBIT A  

	Investor
 
	 	Number of Shares
	 	Purchase Price @ $3.86

Per Share

	Dick Grant	 	25,000	 	96,500

31

   
* * * 

        IN
WITNESS WHEREOF, the parties hereto have executed this Stock Purchase and Buy-Sell Agreement on the day and year first above written. 

	CLEAN ENERGY FUELS CORP.	 	 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Boone Pickens	
 	

 
	

PICKENS GRANDCHILDREN'S TRUST U/D/T 11/30/00	
 	

 
	

By:	
 	

          
	
 	

 
	

By:	
 	

          
	
 	

 
	

PERSEUS ENRG INVESTMENT, L.L.C.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

WESTPORT INNOVATIONS, INC.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Alan P. Basham	
 	

 
	

/s/ Dick Grant
 [Investor] Dick Grant	
 	

 

32

 
EXHIBIT A  

	Investor
 
	 	Number of Shares
	 	Purchase Price @ $3.86

Per Share

	James N. Harger	 	200,000	 	772,000

33

   
* * * 

        IN
WITNESS WHEREOF, the parties hereto have executed this Stock Purchase and Buy-Sell Agreement on the day and year first above written. 

	CLEAN ENERGY FUELS CORP.	 	 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Boone Pickens	
 	

 
	

PICKENS GRANDCHILDREN'S TRUST U/D/T 11/30/00	
 	

 
	

By:	
 	

          
	
 	

 
	

By:	
 	

          
	
 	

 
	

PERSEUS ENRG INVESTMENT, L.L.C.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

WESTPORT INNOVATIONS, INC.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Alan P. Basham	
 	

 
	

/s/ James N. Harger
 James N. Harger [Investor]	
 	

 

34

 
EXHIBIT A  

	Investor
 
	 	Number of Shares
	 	Purchase Price @ $3.86

Per Share

	J&L Herrington 2002 Family Trust

DTD 8/27/2002

John S. OR Lois H. Herrington, Trustees	 	250,000	 	965,000

35

   
* * * 

        IN
WITNESS WHEREOF, the parties hereto have executed this Stock Purchase and Buy-Sell Agreement on the day and year first above written. 

	CLEAN ENERGY FUELS CORP.	 	 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Boone Pickens	
 	

 
	

PICKENS GRANDCHILDREN'S TRUST U/D/T 11/30/00	
 	

 
	

By:	
 	

          
	
 	

 
	

By:	
 	

          
	
 	

 
	

PERSEUS ENRG INVESTMENT, L.L.C.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

WESTPORT INNOVATIONS, INC.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Alan P. Basham	
 	

 
	

J&L Herrington 2002 Family Trust

DTD 8/27/2002	
 	

 
	

/s/ John S. Herrinton, Trustee
 John S. Herrington, Trustee [Investor]	
 	

 
	

/s/ Lois H. Herrinton, Trustee
 Lois H. Herrington, Trustee [Investor]	
 	

 

36

 
EXHIBIT A  

	Investor
 
	 	Number of Shares
	 	Purchase Price @ $3.86

Per Share

	M & R Ventures, L.L.C.	 	1,000,000	 	3,860,000

37

   
* * * 

        IN
WITNESS WHEREOF, the parties hereto have executed this Stock Purchase and Buy-Sell Agreement on the day and year first above written. 

	CLEAN ENERGY FUELS CORP.	 	 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Boone Pickens	
 	

 
	

PICKENS GRANDCHILDREN'S TRUST U/D/T 11/30/00	
 	

 
	

By:	
 	

          
	
 	

 
	

By:	
 	

          
	
 	

 
	

PERSEUS ENRG INVESTMENT, L.L.C.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

WESTPORT INNOVATIONS, INC.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Alan P. Basham	
 	

 
	

M&R VENTURES, L.L.C.	
 	

 
	

By:	
 	

/s/ J. Mike Holder
 Name: J. Mike Holder

Title: Manager	
 	

 

38

 
EXHIBIT A  

	Investor
 
	 	Number of Shares
	 	Purchase Price @ $3.86

Per Share

	Chad M. Lindholm	 	2,500	 	9,650

39

   
* * * 

        IN
WITNESS WHEREOF, the parties hereto have executed this Stock Purchase and Buy-Sell Agreement on the day and year first above written. 

	CLEAN ENERGY FUELS CORP.	 	 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Boone Pickens	
 	

 
	

PICKENS GRANDCHILDREN'S TRUST U/D/T 11/30/00	
 	

 
	

By:	
 	

          
	
 	

 
	

By:	
 	

          
	
 	

 
	

PERSEUS ENRG INVESTMENT, L.L.C.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

WESTPORT INNOVATIONS, INC.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Alan P. Basham	
 	

 
	

/s/ Chad M. Lindholm
 Chad M. Lindholm [Investor]	
 	

 

40

 
EXHIBIT A  

	Investor
 
	 	Number of Shares
	 	Purchase Price @ $3.86

Per Share

	Andrew J. Littlefair	 	50,000	 	193,000

41

   
* * * 

        IN
WITNESS WHEREOF, the parties hereto have executed this Stock Purchase and Buy-Sell Agreement on the day and year first above written. 

	CLEAN ENERGY FUELS CORP.	 	 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Boone Pickens	
 	

 
	

PICKENS GRANDCHILDREN'S TRUST U/D/T 11/30/00	
 	

 
	

By:	
 	

          
	
 	

 
	

By:	
 	

          
	
 	

 
	

PERSEUS ENRG INVESTMENT, L.L.C.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

WESTPORT INNOVATIONS, INC.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Alan P. Basham	
 	

 
	

/s/ Andrew J. Littlefair
 Andrew J. Littlefair [Investor]	
 	

 

42

 
EXHIBIT A  

	Investor
 
	 	Number of Shares
	 	Purchase Price @ $3.86

Per Share

	David W. Meaney	 	5,000	 	19,300

43

   
* * * 

        IN
WITNESS WHEREOF, the parties hereto have executed this Stock Purchase and Buy-Sell Agreement on the day and year first above written. 

	CLEAN ENERGY FUELS CORP.	 	 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Boone Pickens	
 	

 
	

PICKENS GRANDCHILDREN'S TRUST U/D/T 11/30/00	
 	

 
	

By:	
 	

          
	
 	

 
	

By:	
 	

          
	
 	

 
	

PERSEUS ENRG INVESTMENT, L.L.C.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

WESTPORT INNOVATIONS, INC.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Alan P. Basham	
 	

 
	

/s/ David W. Meaney
 [Investor] David W. Meaney	
 	

 

44

 
EXHIBIT A  

	Investor
 
	 	Number of Shares
	 	Purchase Price @ $3.86

Per Share

	Warren I. Mitchell	 	100,000	 	386,000

45

   
* * * 

        IN
WITNESS WHEREOF, the parties hereto have executed this Stock Purchase and Buy-Sell Agreement on the day and year first above written. 

	CLEAN ENERGY FUELS CORP.	 	 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Boone Pickens	
 	

 
	

PICKENS GRANDCHILDREN'S TRUST U/D/T 11/30/00	
 	

 
	

By:	
 	

          
	
 	

 
	

By:	
 	

          
	
 	

 
	

PERSEUS ENRG INVESTMENT, L.L.C.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

WESTPORT INNOVATIONS, INC.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Alan P. Basham	
 	

 
	

/s/ Warren J. Mitchell
 Warren I. Mitchell [Investor]	
 	

 

46

 
EXHIBIT A  

	Investor
 
	 	Number of Shares
	 	Purchase Price @ $3.86

Per Share

	Eric Oberg	 	100,000	 	386,000

47

   
* * * 

        IN
WITNESS WHEREOF, the parties hereto have executed this Stock Purchase and Buy-Sell Agreement on the day and year first above written. 

	CLEAN ENERGY FUELS CORP.	 	 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Boone Pickens	
 	

 
	

PICKENS GRANDCHILDREN'S TRUST U/D/T 11/30/00	
 	

 
	

By:	
 	

          
	
 	

 
	

By:	
 	

          
	
 	

 
	

PERSEUS ENRG INVESTMENT, L.L.C.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

WESTPORT INNOVATIONS, INC.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Alan P. Basham	
 	

 
	

/s/ Eric Oberg
 [Investor] Eric Oberg	
 	

 

48

 
EXHIBIT A  

	Investor
 
	 	Number of Shares
	 	Purchase Price @ $3.86

Per Share

	Steve Perkins	 	25,000	 	96,500

49

   
* * * 

        IN
WITNESS WHEREOF, the parties hereto have executed this Stock Purchase and Buy-Sell Agreement on the day and year first above written. 

	CLEAN ENERGY FUELS CORP.	 	 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Boone Pickens	
 	

 
	

PICKENS GRANDCHILDREN'S TRUST U/D/T 11/30/00	
 	

 
	

By:	
 	

          
	
 	

 
	

By:	
 	

          
	
 	

 
	

PERSEUS ENRG INVESTMENT, L.L.C.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

WESTPORT INNOVATIONS, INC.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Alan P. Basham	
 	

 
	

/s/ Steve Perkins
 [Investor] Stephen Perkins	
 	

 

50

 
EXHIBIT A  

	Investor
 
	 	Number of Shares
	 	Purchase Price @ $3.86

Per Share

	Madeleine Pickens	 	3,000,000	 	11,580,000

51

   
* * * 

        IN
WITNESS WHEREOF, the parties hereto have executed this Stock Purchase and Buy-Sell Agreement on the day and year first above written. 

	CLEAN ENERGY FUELS CORP.	 	 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Boone Pickens	
 	

 
	

PICKENS GRANDCHILDREN'S TRUST U/D/T 11/30/00	
 	

 
	

By:	
 	

          
	
 	

 
	

By:	
 	

          
	
 	

 
	

PERSEUS ENRG INVESTMENT, L.L.C.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

WESTPORT INNOVATIONS, INC.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Alan P. Basham	
 	

 
	

/s/ Madelein Pickens
 [Investor] Madeleine Pickens	
 	

 

52

 
EXHIBIT A  

	Investor
 
	 	Number of Shares
	 	Purchase Price @ $3.86

Per Share

	Joseph B. Powers	 	2,500	 	9,650

53

   
* * * 

        IN
WITNESS WHEREOF, the parties hereto have executed this Stock Purchase and Buy-Sell Agreement on the day and year first above written. 

	CLEAN ENERGY FUELS CORP.	 	 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Boone Pickens	
 	

 
	

PICKENS GRANDCHILDREN'S TRUST U/D/T 11/30/00	
 	

 
	

By:	
 	

          
	
 	

 
	

By:	
 	

          
	
 	

 
	

PERSEUS ENRG INVESTMENT, L.L.C.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

WESTPORT INNOVATIONS, INC.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Alan P. Basham	
 	

 
	

/s/ Joseph B. Powers
 Joseph B. Powers [Investor]	
 	

 

54

 
EXHIBIT A  

	Investor
 
	 	Number of Shares
	 	Purchase Price @ $3.86

Per Share

	Mitchell W. Pratt	 	55,000	 	212,300

55

   
* * * 

        IN
WITNESS WHEREOF, the parties hereto have executed this Stock Purchase and Buy-Sell Agreement on the day and year first above written. 

	CLEAN ENERGY FUELS CORP.	 	 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Boone Pickens	
 	

 
	

PICKENS GRANDCHILDREN'S TRUST U/D/T 11/30/00	
 	

 
	

By:	
 	

          
	
 	

 
	

By:	
 	

          
	
 	

 
	

PERSEUS ENRG INVESTMENT, L.L.C.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

WESTPORT INNOVATIONS, INC.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Alan P. Basham	
 	

 
	

/s/ Mitchell W. Pratt
 Mitchell W. Pratt [Investor]	
 	

 

56

 
EXHIBIT A  

	Investor
 
	 	Number of Shares
	 	Purchase Price @ $3.86

Per Share

	Bretta Price	 	500	 	1,930

57

   
* * * 

        IN
WITNESS WHEREOF, the parties hereto have executed this Stock Purchase and Buy-Sell Agreement on the day and year first above written. 

	CLEAN ENERGY FUELS CORP.	 	 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Boone Pickens	
 	

 
	

PICKENS GRANDCHILDREN'S TRUST U/D/T 11/30/00	
 	

 
	

By:	
 	

          
	
 	

 
	

By:	
 	

          
	
 	

 
	

PERSEUS ENRG INVESTMENT, L.L.C.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

WESTPORT INNOVATIONS, INC.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Alan P. Basham	
 	

 
	

/s/ Bretta J. Price
 [Investor] Bretta J.Prce	
 	

 

58

 
EXHIBIT A  

	Investor
 
	 	Number of Shares
	 	Purchase Price @ $3.86

Per Share

	Mark J. Riley	 	1,000	 	3,860

59

   
* * * 

        IN
WITNESS WHEREOF, the parties hereto have executed this Stock Purchase and Buy-Sell Agreement on the day and year first above written. 

	CLEAN ENERGY FUELS CORP.	 	 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Boone Pickens	
 	

 
	

PICKENS GRANDCHILDREN'S TRUST U/D/T 11/30/00	
 	

 
	

By:	
 	

          
	
 	

 
	

By:	
 	

          
	
 	

 
	

PERSEUS ENRG INVESTMENT, L.L.C.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

WESTPORT INNOVATIONS, INC.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Alan P. Basham	
 	

 
	

/s/ Mark J. Riley
 Mark J. Riley [Investor]	
 	

 

60

 
EXHIBIT A  

	Investor
 
	 	Number of Shares
	 	Purchase Price @ $3.86

Per Share

	Michael Ross	 	50,000	 	193,000

61

   
* * * 

        IN
WITNESS WHEREOF, the parties hereto have executed this Stock Purchase and Buy-Sell Agreement on the day and year first above written. 

	CLEAN ENERGY FUELS CORP.	 	 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Boone Pickens	
 	

 
	

PICKENS GRANDCHILDREN'S TRUST U/D/T 11/30/00	
 	

 
	

By:	
 	

          
	
 	

 
	

By:	
 	

          
	
 	

 
	

PERSEUS ENRG INVESTMENT, L.L.C.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

WESTPORT INNOVATIONS, INC.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Alan P. Basham	
 	

 
	

/s/ Michael Ross
 [Investor] Michael Ross	
 	

 

62

 
EXHIBIT A  

	Investor
 
	 	Number of Shares
	 	Purchase Price @ $3.86

Per Share

	Jay Rosser	 	25,000	 	96,500

63

   
* * * 

        IN
WITNESS WHEREOF, the parties hereto have executed this Stock Purchase and Buy-Sell Agreement on the day and year first above written. 

	CLEAN ENERGY FUELS CORP.	 	 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Boone Pickens	
 	

 
	

PICKENS GRANDCHILDREN'S TRUST U/D/T 11/30/00	
 	

 
	

By:	
 	

          
	
 	

 
	

By:	
 	

          
	
 	

 
	

PERSEUS ENRG INVESTMENT, L.L.C.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

WESTPORT INNOVATIONS, INC.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Alan P. Basham	
 	

 
	

/s/ Jay Rosser
 [Investor] Jay Rosser	
 	

 

64

 
EXHIBIT A  

	Investor
 
	 	Number of Shares
	 	Purchase Price @ $3.86

Per Share

	Robert L. Stillwell	 	25,000	 	96,500

65

   
* * * 

        IN
WITNESS WHEREOF, the parties hereto have executed this Stock Purchase and Buy-Sell Agreement on the day and year first above written. 

	CLEAN ENERGY FUELS CORP.	 	 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Boone Pickens	
 	

 
	

PICKENS GRANDCHILDREN'S TRUST U/D/T 11/30/00	
 	

 
	

By:	
 	

          
	
 	

 
	

By:	
 	

          
	
 	

 
	

PERSEUS ENRG INVESTMENT, L.L.C.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

WESTPORT INNOVATIONS, INC.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Alan P. Basham	
 	

 
	

/s/ Robert L. Stillwell
 [Investor] Robert L. Stillwell	
 	

 

66

 
EXHIBIT A  

	Investor
 
	 	Number of Shares
	 	Purchase Price @ $3.86

Per Share

	Alex Szewczyk	 	100,000	 	386,000

67

   
* * * 

        IN
WITNESS WHEREOF, the parties hereto have executed this Stock Purchase and Buy-Sell Agreement on the day and year first above written. 

	CLEAN ENERGY FUELS CORP.	 	 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Boone Pickens	
 	

 
	

PICKENS GRANDCHILDREN'S TRUST U/D/T 11/30/00	
 	

 
	

By:	
 	

          
	
 	

 
	

By:	
 	

          
	
 	

 
	

PERSEUS ENRG INVESTMENT, L.L.C.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

WESTPORT INNOVATIONS, INC.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Alan P. Basham	
 	

 
	

/s/ Aleksander Szewczyk
 [Investor] Aleksander Szewczyk	
 	

 

68

 
EXHIBIT A  

	Investor
 
	 	Number of Shares
	 	Purchase Price @ $3.86

Per Share

	Danny Tillett	 	25,000	 	96,500

69

   
* * * 

        IN
WITNESS WHEREOF, the parties hereto have executed this Stock Purchase and Buy-Sell Agreement on the day and year first above written. 

	CLEAN ENERGY FUELS CORP.	 	 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Boone Pickens	
 	

 
	

PICKENS GRANDCHILDREN'S TRUST U/D/T 11/30/00	
 	

 
	

By:	
 	

          
	
 	

 
	

By:	
 	

          
	
 	

 
	

PERSEUS ENRG INVESTMENT, L.L.C.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

WESTPORT INNOVATIONS, INC.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Alan P. Basham	
 	

 
	

/s/ Danny Tillett
 [Investor] Danny Tillett	
 	

 

70

 
EXHIBIT A  

	Investor
 
	 	Number of Shares
	 	Purchase Price @ $3.86

Per Share

	Jon A. Whistler	 	2,600	 	10,036

71

   
* * * 

        IN
WITNESS WHEREOF, the parties hereto have executed this Stock Purchase and Buy-Sell Agreement on the day and year first above written. 

	CLEAN ENERGY FUELS CORP.	 	 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Boone Pickens	
 	

 
	

PICKENS GRANDCHILDREN'S TRUST U/D/T 11/30/00	
 	

 
	

By:	
 	

          
	
 	

 
	

By:	
 	

          
	
 	

 
	

PERSEUS ENRG INVESTMENT, L.L.C.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

WESTPORT INNOVATIONS, INC.	
 	

 
	

By:	
 	

          
	
 	

 
	

Its:	
 	

          
	
 	

 
	

          
 Alan P. Basham	
 	

 
	

/s/ Jon N. Whisler
 [Investor] Jon N. Whisler	
 	

 

72

QuickLinks

Exhibit 10.12

STOCK PURCHASE AND BUY-SELL AGREEMENT

R E C I T A L S

A G R E E M E N TQuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 10.13    
    

        ISDA®  

International Swaps and Derivatives Association, Inc. 

MASTER AGREEMENT  

Dated as of March 23, 2006 

THIS
MASTER AGREEMENT (THE "MASTER AGREEMENT") CONTAINS CERTAIN REPRESENTATIONS AND WARRANTIES (THE "REPRESENTATIONS") BY CLEAN ENERGY, A WHOLLY-OWNED SUBSIDIARY OF CLEAN ENERGY FUELS CORP. ("CLEAN
ENERGY") IN FAVOR OF SEMPRA ENERGY TRADING CORP ("SEMPRA"), AND BY SEMPRA IN FAVOR OF CLEAN ENERGY. NO PERSON, OTHER THAN THE PARTIES TO THE AGREEMENT, ARE ENTITLED TO RELY ON THE REPRESENTATIONS
CONTAINED IN THE MASTER AGREEMENT. THE MASTER AGREEMENT IS FILED IN ACCORDANCE WITH THE RULES OF THE SECURITIES AND EXCHANGE COMMISSION AS A MATERIAL PLAN OF ACQUISITION, AND IS INTENDED BY CLEAN
ENERGY SOLELY AS A RECORD OF THE AGREEMENT REACHED BY THE PARTIES THERETO. THE FILING OF THE MASTER AGREEMENT IS NOT INTENDED AS A MECHANISM TO UPDATE, SUPERSEDE OR OTHERWISE MODIFY PRIOR DISCLOSURES
OF INFORMATION AND RISKS CONCERNING CLEAN ENERGY WHICH CLEAN ENERGY FUELS CORP. HAS MADE TO ITS STOCKHOLDERS. 

ACCORDINGLY,
STOCKHOLDERS SHOULD NOT RELY ON THE REPRESENTATIONS AS AFFIRMATIONS OR CHARACTERIZATIONS OF INFORMATION CONCERNING SEMPRA, CLEAN ENERGY OR CLEAN ENERGY FUELS CORP. AS OF THE DATE OF THE
MASTER AGREEMENT, OR AS OF ANY OTHER DATE. 

 

(Multicurrency—Cross Border)  

ISDA®  

International Swaps and Derivatives Association, Inc. 

MASTER AGREEMENT  

Dated as of March 23, 2006 

        SEMPRA
ENERGY TRADING CORP and CLEAN ENERGY have entered and/or anticipate entering into one or more transactions (each a "Transaction") that are or will be governed this Master
Agreement, which includes the schedule (the "Schedule"), and the documents and other confirming evidence (each a "Confirmation") exchanged between the parties confirming those Transactions. 

        Accordingly,
the parties agree as follows: 

1.    Interpretation    

        (a)    Definitions.    The terms defined in Section 14 and in the Schedule will have
the meanings therein specified for the purpose of this Master Agreement. 

        (b)    Inconsistency.    In the event of any inconsistency between the provisions of the
Schedule and the other provisions of this Master Agreement, the Schedule will prevail. In the event of any inconsistency between the provisions of any Confirmation and this Master Agreement (including
the Schedule), such Confirmation will prevail for the purpose of the relevant Transaction. 

        (c)    Single Agreement.    All Transactions are entered into in reliance on the fact that
this Master Agreement and all Confirmations form a single agreement between the parties (collectively referred to as this "Agreement"), and the parties would not otherwise enter into any
Transactions. 

2.    Obligations    

        (a)    General Conditions.    

          (i)  Each
party will make each payment or delivery specified in each Confirmation to be made by it, subject to the other provisions of this Agreement. 

         (ii)  Payments
under this Agreement will be made on the due date for value on that date in the place of the account specified in the relevant Confirmation or otherwise
pursuant to this Agreement, in freely transferable funds and in the manner customary for payments in the required currency. Where settlement is by delivery (that is, other than by payment), such
delivery wilt be made for receipt on the due date in the manner customary for the relevant obligation unless otherwise specified in the relevant Confirmation or elsewhere in this Agreement. 

        (iii)  Each
obligation of each party under Section 2(a)(i) is subject to (1) the condition precedent that no Event of Default or Potential Event of
Default with respect to the other party has occurred and is continuing, (2) the condition precedent that no Early Termination Date in respect of the relevant Transaction has occurred or been
effectively designated and (3) each other applicable condition precedent specified in this Agreement. 

        (b)    Change of Account.    Either party may change its account for receiving a payment or
delivery by giving notice to the other party at least five Local Business Days prior to the scheduled date for the payment or delivery to which such change applies unless such other party gives timely
notice of a reasonable objection to such change. 

Copyright©1992
by International Swap Dealers Association, Inc. 

1

 

        (c)    Netting.    If on any date amounts would otherwise be payable: 

          (i)  in
the same currency; and 

         (ii)  in
respect of the same Transaction, 

by
each party to the other, then, on such date, each party's obligation to make payment of any such amount will be automatically satisfied and discharged and, if the aggregate amount that would
otherwise have been payable by one party exceeds the aggregate amount that would otherwise have been payable by the other party, replaced by an obligation upon the party by whom the larger aggregate
amount would have been payable to pay to the other party the excess of the larger aggregate amount over the smaller aggregate amount. 

        The
parties may elect in respect of two or more Transactions that a net amount will be determined in respect of all amounts payable on the same date in the same currency in respect of
such Transactions, regardless of whether such amounts are payable in respect of the same Transaction. The election may be made in the Schedule or a Confirmation by specifying that subparagraph
(ii) above will not apply to the Transactions identified as being subject to the election, together with the starting date (in which case subparagraph (ii) above will not, or wilt cease
to, apply to such Transactions from such date). This election may be made separately for different groups of Transactions and will apply separately to each pairing of Offices through which the parties
make and receive payments or deliveries. 

        (d)    Deduction or Withholding for Tax.    

        (i)    Gross-Up.    All payments under this Agreement will be made without any
deduction or withholding for or on account of any Tax unless such deduction or withholding is required by any applicable law, as modified by the practice of any relevant governmental revenue
authority, then in effect. If a party is so required to deduct or withhold, then that party ("X") will: 

        (1)   promptly
notify the other party ("Y") of such requirement; 

        (2)   pay
to the relevant authorities the full amount required to be deducted or withheld (including the full amount required to be deducted or withheld from any additional
amount paid by X to Y under this Section 2(d)) promptly upon the earlier of determining that such deduction or withholding is required or receiving notice that such amount has been assessed
against Y; 

        (3)   promptly
forward to Y an official receipt (or a certified copy), or other documentation reasonably acceptable to Y evidencing such payment to such authorities; and 

        (4)   if
such Tax is an Indemnifiable Tax, pay to Y, in addition to the payment to which Y is otherwise entitled under this Agreement, such additional amount as is necessary
to ensure that the net amount actually received by Y (free and clear of Indemnifiable Taxes, whether assessed against X or Y) will equal the full amount Y would have received had no such
deduction or withholding been required. However, X will not be required to pay any additional amount to Y to the extent that it would not be required to be paid but for: 

        (A)  the
failure by Y to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d); or 

        (B)  the
failure of a representation made by Y pursuant to Section 3(f) to be accurate and true unless such failure would not have occurred but for (I) any
action taken by a taxing authority, or brought in a court of competent jurisdiction, on or after the date on which a Transaction is entered into (regardless of whether such action is taken or brought
with respect to a party to this Agreement) or (II) a Change in Law. 

2

 

        (ii)    Liability.    If:— 

        (1)   X
is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, to make any deduction or withholding in respect of which
X would not be required to pay an additional amount to Y under Section 2(d)(i)(4); 

        (2)   X
does not so deduct or withhold; and 

        (3)   a
liability resulting from such Tax is assessed directly against X, 

then,
except to the extent Y has satisfied or then satisfies the liability resulting from such Tax, Y will promptly pay to X the amount of such liability (including any related liability for interest,
but including any related liability for penalties only if Y has failed to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)). 

        (e)    Default Interest; Other Amounts.    Prior to the occurrence or effective designation of
an Early Termination Date in respect of the relevant Transaction, a party that defaults in the performance of any payment obligation will, to the extent permitted by law and subject to
Section 6(c), be required to pay interest (before as well as after judgment) on the overdue amount to the other party on demand in the same currency as such overdue amount, for the period from
(and including) the original due date for payment to (but excluding) the date of actual payment, at the Default Rate. Such interest wilt be calculated on the basis of daily compounding and the actual
number of days elapsed. If, prior to the occurrence or effective designation of an Early Termination Date in respect of the relevant Transaction, a party defaults in the performance of any obligation
required to be settled by delivery, it will compensate the other party on demand if and to the extent provided for in the relevant Confirmation or elsewhere in this Agreement. 

3.    Representations    

        Each
party represents to the other party (which representations wilt be deemed to be repeated by each party on each date on which a Transaction is entered into and, in the ease of the
representations in Section 3(f), at all times until the termination of this Agreement) that: 

        (a)    Basic Representations.    

        (i)    Status.    It is duly organised and validly existing under the laws of the jurisdiction
of its organization or incorporation and, if relevant under such laws, in good standing; 

        (ii)    Powers.    It has the power to execute this Agreement and any other documentation
relating to this Agreement to which it is a party, to deliver this Agreement and any other documentation relating to this Agreement that it is required by this Agreement to deliver and to perform its
obligations under this Agreement and any obligations it has under any Credit Support Document to which it is a party and has taken all necessary action to authorise such execution, delivery and
performance; 

        (iii)    No Violation or Conflict.    Such execution, delivery and performance do not violate
or conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any
contractual restriction binding on or affecting it or any of its assets; 

        (iv)    Consents.    All governmental and other consents that are required to have been
obtained by it with respect to this Agreement or any Credit Support Document to which it is a party have been obtained and are in full force and effect and all conditions of any such consents have
been complied with; and 

        (v)    Obligations Binding.    Its obligations under this Agreement and any Credit Support
Document to which it is a party constitute its legal, valid and binding obligations, enforceable in 

3

 

accordance
with their respective terms (subject to applicable bankruptcy, reorganisation, insolvency, moratorium or similar laws affecting creditors' rights generally and subject, as to
enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)). 

        (b)    Absence of Certain Events.    No Event of Default or Potential Event of Default or, to
its knowledge, Termination Event with respect to it has occurred and is continuing and no such event or circumstance would occur as a result of its entering into or performing its obligations under
this Agreement or any Credit Support Document to which it is a party. 

        (c)    Absence of Litigation.    There is not pending or, to its knowledge, threatened against
it or any of its Affiliates any action, suit or proceeding at law or in equity or before any court, tribunal, governmental body, agency or official or any arbitrator that is likely to affect the
legality, validity or enforceability against it of this Agreement or any Credit Support Document to which it is a party or its ability to perform its obligations under this Agreement or such Credit
Support Document. 

        (d)    Accuracy of Specified Information.    All applicable information that is furnished in
writing by or on behalf of it to the other party and is identified for the purpose of this Section 3(d) in the Schedule is, as the date of the information, true, accurate and complete in every
material respect. 

        (e)    Payer Tax Representation.    Each representation specified in the Schedule as being
made by it for the purpose of this Section 3(e) is accurate and true. 

        (f)    Payee Tax Representations.    Each representation specified in the Schedule as being
made by it for the purpose of this Section 3(f) is accurate and true. 

4.    Agreements    

        Each
party agrees with the other that, so long as either party has or may have any obligation under this Agreement or under any Credit Support Document to which it is a
party:— 

        (a)    Furnish Specified Information.    It will deliver to the other party or, in certain
cases under subparagraph (iii) below, to such government or taxing authority as the other party reasonably directs:— 

          (i)  any
forms documents or certificates relating to taxation specified in the Schedule or any Confirmation; 

         (ii)  any
other documents specified in the Schedule or any Confirmation; and 

        (iii)  upon
reasonable demand by such other party, any form or document that may be required or reasonably requested in writing in order to allow such other party or its
Credit Support Provider to make a payment under this Agreement or any applicable Credit Support Document without any deduction or withholding for or on account of any Tax or with such deduction or
withholding at a reduced rate (so long as the completion, execution or submission of such form or document would not materially prejudice the legal or commercial position of the party in receipt of
such demand), with any such form or document to be accurate and completed in a manner reasonably satisfactory to such other party and to be executed arid to be delivered with any reasonably required
certification, 

in
each case by the date specified in the Schedule or such Confirmation or, if none is specified, as soon as reasonably practicable. 

        (b)    Maintain Authorizations.    It will use all reasonable efforts to maintain in full
force and effect all consents of any governmental or other authority that are required to be obtained by it with respect to this Agreement or any Credit Support Document to which it is a party and
will use all reasonable efforts to obtain any that may become necessary in the future. 

4

 

        (c)    Comply with Laws.    It will comply in all material respects with all applicable laws
and orders to which it may be subject if failure so to comply would materially impair its ability to perform its obligations under this Agreement or any Credit Support Document to which it is a party. 

        (d)    Tax Agreement.    It will give notice of any failure of a representation made by it
under Section 3(f) to be accurate and true promptly upon learning of such failure. 

        (e)    Payment of Stamp Tax.    Subject to Section 11. it will pay any Stamp Tax levied
or imposed upon it or in respect of its execution or performance of this Agreement by a jurisdiction in which it is incorporated, organised, managed and controlled, or considered to have its seat, or
in which a branch or office through which it is acting for the purpose of this Agreement is located ("Stamp Tax Jurisdiction") and will indemnify the other party against any Stamp Tax levied or
imposed upon the other party or in respect of the other party's execution or performance of this Agreement by any such Stamp Tax Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to
the other party. 

5.    Events of Default and Termination Events    

        (a)    Events of Default.    The occurrence at any time with respect to a party or, if
applicable, any Credit. Support Provider of such party or any Specified Entity of such party of any of the following events constitutes an event of default (an "Event of Default") with respect to such
party:— 

        (i)    Failure to Pay or Deliver.    Failure by the party to make, when due, any payment under
this Agreement or delivery under Section 2(a)(i) or 2(e) required to be made by it if such failure is not remedied on or before the third Local Business Day after notice of such failure
is given to the party; 

        (ii)    Breach of Agreement.    Failure by the party to comply with or perform any agreement
or obligation (other than an obligation to make any payment under this Agreement or delivery under Section 2(a)(i) or 2(e) or to give notice of a Termination Event or any agreement or
obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the party in accordance with this Agreement if such failure is not remedied on or before the
thirtieth day after notice of such failure is given to the party; 

        (iii)    Credit Support Default.    

        (1)   Failure
by the party or any Credit Support Provider of such party to comply with or perform any agreement or obligation to be complied with or performed by it in
accordance with any Credit Support Document if such failure is continuing after any applicable grace period has elapsed; 

        (2)   the
expiration or termination of such Credit Support Document or the failing or ceasing of such Credit Support Document to be in full force and effect (or the purpose of
this Agreement (in either case other than in accordance with its terms) prior to the satisfaction of all obligations of such party under each Transaction to which such Credit Support Document relates
without the written consent of the other party; or 

        (3)   the
party or such Credit Support Provider disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, such Credit Support Document; 

        (iv)    Misrepresentation.    A representation (other than a representation under
Section 3(e) or (f)) made or repeated or deemed to have been made or repeated by the party of any Credit Support Provider of such party in this Agreement or any Credit Support Document proves
to have been incorrect or misleading in any material respect when made or repeated or deemed to have been made or repeated; 

        (v)    Default under Specified Transaction.    The party, any Credit Support Provider of such
party or any applicable Specified Entity of such party (1) defaults under a Specified Transaction and, 

5

 

after
giving effect to any applicable notice requirement or grace period. there occurs a liquidation of, an acceleration of obligations under, or an early termination of, that Specified Transaction,
(2) defaults, after giving effect to any applicable notice requirement or grace period, in making any payment or delivery due on the last payment, delivery or exchange date of, or any payment
on early termination of, a Specified Transaction (or such default continues for at least three Local Business Days if there is no applicable notice requirement or grace period) or
(3) disaffirms, disclaims, repudiates or rejects, in whole or in part, a Specified Transaction (or such action is taken by any person or entity appointed or empowered to operate it or act on
its behalf); 

        (vi)    Cross Default.    If "Cross Default" is specified in the Schedule as applying to the
party, the occurrence or existence of (1) a default, event of default or other similar condition or event (however described in respect of such party, any Credit Support Provider of such party
or any applicable Specified Entity of such party under one or more agreements or instruments relating to Specified Indebtedness of any of them (individually or collectively) in an aggregate amount of
not less than the applicable Threshold Amount (as specified in the Schedule) which has resulted in such Specified Indebtedness becoming, or becoming capable at such time of being declared, due and
payable under such agreements or instruments, before it would otherwise have been due and payable or (2) a default by such party, such Credit Support Provider or such Specified Entity
(individually or collectively) in making one or more payments on the due date thereof in an aggregate amount of not less than the applicable Threshold Amount under such agreements or instruments
(after giving effect to any applicable notice requirement or grace period); 

        (vii)    Bankruptcy.    The party, any Credit Support Provider of such party or any applicable
Specified Entity of such party:— 

        (1)   is
dissolved (other than pursuant to a consolidation. amalgamation or merger); (2) becomes insolvent or is unable to pay its debts or fails or admits in writing
its inability generally to pay its debts as they become due; (3) makes a general assignment, arrangement or composition with or for the benefit of its creditors; (4) institutes or has
instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a
petition is presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition
(A) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation or (B) is not dismissed,
discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof; (5)bas a resolution passed for its winding-up, official management or
liquidation (other than pursuant to a consolidation, amalgamation or merger); (6) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver,
trustee, custodian or other similar official for it or for all or substantially all its assets; (7) has a secured party take possession of all or substantially all its assets or has a distress,
execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process
is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter; (8) causes or is subject to any event with respect to it which; under the applicable laws of
any jurisdiction, has an analogous effect to any of the events specified in clauses (1) to (7) (inclusive); or (9) takes any action in furtherance of or indicating its consent to,
approval of, or acquiescence in, any of the foregoing acts; or 

        (viii)    Merger Without Assumption.    The party or any Credit Support Provider of such party
consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its 

6

 

assets
to, another entity and, at the time of such consolidation, amalgamation, merger or transfer:— 

        (1)   the
resulting, surviving or transferee entity fails to assume all the obligations of such party or such Credit Support Provider under this Agreement or any Credit
Support Document to which it or its predecessor was a party by operation of law or pursuant to an agreement reasonably satisfactory to the other party to this Agreement; or 

        (2)   the
benefits of any Credit Support Document fail to extend (without the consent of the other party) to the performance by such resulting, surviving or transferee entity
of its obligations under this Agreement. 

        (b)    Termination Events.    The occurrence at any time with respect to a party or, if
applicable, any Credit Support Provider of such party or any Specified Entity of such party of any event specified below constitutes an Illegality if the event is specified in (i) below, a Tax
Event if the event is specified in (ii) below or a Tax Event Upon Merger if the event is specified in (iii) below, and, if specified to be applicable, a Credit Event Upon Merger if the
event is specified pursuant to (iv) below or an Additional Termination Event if the event is specified pursuant to (v) below:— 

        (i)    Illegality.    Due to the adoption of, or any change in, any applicable law after the
date on which a Transaction is entered into, or due to the promulgation of, or any change in, the interpretation by any court, tribunal or regulatory authority with competent jurisdiction of any
applicable law after such date,
it becomes unlawful (other than as a result of a breach by the party of Section 4(b)) for such party (which will be the Affected Party):— 

        (1)   to
perform any absolute or contingent obligation to make a payment or delivery or to receive a payment or delivery in respect of such Transaction or to comply with any
other material provision of this Agreement relating to such Transaction; or 

        (2)   to
perform, or for any Credit Support Provider of such party to perform, any contingent or other obligation which the party (or such Credit Support Provider) has under
any Credit Support Document relating to such Transaction; 

        (ii)    Tax Event.    Due to (x) any action taken by a taxing authority, or brought in
a court of competent jurisdiction, on or after the date on which a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or
(y) a Change in Tax Law, the party (which will be the Affected Party) will, or there is a substantial likelihood that it will, on the next succeeding Scheduled Payment Date (1) be
required to pay to the other party an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or
6(e)) or (2) receive a payment from which an amount is required to be deducted or withheld for or on account of a Tax (except in respect of interest under Section 2(e),
6(d)(ii) or 6(e)) and no additional amount is required to be paid in respect of such Tax under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or (B)); 

        (iii)    Tax Event Upon Merger.    The party (the "Burdened Party") on the next succeeding
Scheduled Payment Date will either (1) be required to pay an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under
Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which an amount has been deducted or withheld for or on account of any Indemnifiable Tax in respect of which the
other party is not required to pay an additional amount (other than by reason of Section 2(d)(i)(4)(A) or (B)), in either case as a result of a party consolidating or amalgamating with, or
merging with or into, or transferring all or substantially all its assets to, another entity (which will be the Affected Party) where such action does not constitute an event described in
Section 5(a)(viii); 

7

 

        (iv)    Credit Event Upon Merger.    If "Credit Event Upon Merger" is specified in the
Schedule as applying to the party, such party ("X"), any Credit Support Provider of X or any applicable Specified Entity of X consolidates or amalgamates with, or merges with or into, or transfers all
or substantially all its assets to, another entity and such action does not constitute an event described in Section 5(a)(viii) but the creditworthiness of the resulting, surviving or
transferee entity is materially weaker than that of X, such Credit Support Provider or such Specified Entity, as the case may be, immediately prior to such action (and, in such event, X or its
successor or transferee, as appropriate, will be the Affected Party); or 

        (v)    Additional Termination Event.    If any "Additional Termination Event" is specified in
the Schedule or any Confirmation as applying, the occurrence of such event (and, in such event, the Affected Party or Affected Parties shall be as specified for such Additional Termination Event in
the Schedule or such Confirmation). 

        (c)    Event of Default and Illegality.    If an event or circumstance which would otherwise
constitute or give rise to an Event of Default also constitutes an Illegality, it will be treated as an Illegality and will not constitute an Event of Default. 

6.    Early Termination    

        (a)    Right to Terminate Following Event of Default.    If at any time an Event of Default
with respect to a party (the "Defaulting Party") has occurred and is then continuing, the other party (the "Non-defaulting Party") may, by not more than 20 days notice to the
Defaulting Party specifying the relevant Event of Default, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all outstanding Transactions.
If, however, "Automatic Early Termination" is specified in the Schedule as applying to a party, then an Early Termination Date in respect of all outstanding Transactions will occur immediately upon
the occurrence with respect to such patty of an Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the extent analogous thereto, (8), and as of the time immediately
preceding the institution of the relevant proceeding or the presentation of the relevant petition upon the occurrence with respect to such party of an Event of Default specified in
Section 5(a)(vii)(4) or, to the extent analogous thereto, (8). 

        (b)    Right to Terminate Following Termination Event.    

        (i)    Notice.    If a Termination Event occurs, an Affected Party will, promptly upon
becoming aware of it, notify the other party; specifying the nature of that Termination Event and each Affected Transaction and will also give such other information about that Termination Event as
the other party may reasonably require. 

        (ii)    Transfer to Avoid Termination Event.    If either an Illegality under
Section 5(b)(i)(l) or a Tax Event occurs and there is only one Affected Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the Affected Party, the Affected Party will, as a
condition to its right to designate an Early Termination Date under Section 6(b)(iv), use all reasonable efforts (which will not require such party to incur a loss, excluding immaterial,
incidental expenses) to transfer within 20 days after it gives notice under Section 6(b)(i) all its rights and obligations under this Agreement in respect of the Affected
Transactions to another of its Offices or Affiliates so that such Termination Event ceases to exist. 

        If
the Affected Party is not able to make such a transfer it will give notice to the other party to that effect within such 20 day period, whereupon the other party may effect
such a transfer within 30 days after the notice is given wider Section 6(b)(i). 

        Any
such transfer by a party under this Section 6(b)(ii) will be subject to and conditional upon the prior written consent of the other party, which consent will not be
withheld if such other party's policies in effect at such time would permit it to enter into transactions with the transferee on the terms proposed. 

8

 

        (iii)    Two Affected Parties.    If an Illegality under Section 5(b)(i)(l) or a Tax
Event occurs and there are two Affected Parties, each patty will use all reasonable efforts to reach agreement within 30 days after notice thereof is given under
Section 6(b)(i) on action to avoid that Termination Event. 

        (iv)    Right to Terminate.    If:— 

        (1)   a
transfer under Section 6(b)(ii) or an agreement under Section 6(b)(iii), as the case may be, has not been effected with respect to all Affected
Transactions within 30 days after an Affected Party gives notice under Section 6(b)(i); or 

        (2)   an
Illegality under Section 5(b)(i)(2), a Credit Event Upon Merger or an Additional Termination Event occurs, or a Tax Event Upon Merger occurs and the Burdened
Party is not the Affected Party, 

either
party in the case of an Illegality, the Burdened Party in the case of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event or an Additional Termination Event if there is more
than one Affected Party; or the party which is not the Affected Party in the case of a Credit Event Upon Merger or an Additional Termination Event if there is only one Affected Party may, by not more
than 20 days notice to the other party and provided that the relevant Termination Event is then continuing, designate a day not earlier than the day such notice is effective as an Early
Termination Date in respect of all Affected Transactions. 

        (c)    Effect of Designation.    

          (i)  If
notice designating an Early Termination Date is given under Section 6(a) or (b), the Early Termination Date will occur on the date so designated, whether or
not the relevant Event of Default or Termination Event is then continuing. 

         (ii)  Upon
the occurrence or effective designation of an Early Termination Date, no further payments or deliveries under Section 2(a)(i) or 2(e) in respect of
the Terminated Transactions will be required to be made, but without prejudice to the other provisions of this Agreement. The amount, if any, payable in respect of an Early Termination Date shall be
determined pursuant to Section 6(e). 

        (d)    Calculations.    

        (i)    Statement.    On or as soon as reasonably practicable following the occurrence of an
Early Termination Date, each party will make the calculations on its part, if any, contemplated by Section 6(e) and will provide to the other party a statement (1) showing, in reasonable
detail, such calculations (including all relevant quotations and specifying any amount payable under Section 6(e)), and (2) giving details of the relevant account to which any amount
payable to it is to be paid. In the absence of written confirmation from the source of a quotation obtained in determining a Market Quotation, the records of the party obtaining such quotation will be
conclusive evidence of the existence and accuracy of such quotation. 

        (ii)    Payment Date.    An amount calculated as being due in respect of any Early Termination
Date under Section 6(e) will be payable on the day that notice of the amount payable is effective (in the case of an Early Termination Date which is designated or occurs as a result of an Event
of Default) and on the day which is two Local Business Days after the day on which notice of the amount payable is effective (in the case of an Early Termination Date which is designated as a result
of a Termination Event). Such amount will be paid together with (to the extent permitted under applicable law) interest thereon (before as well as after judgment) in the Termination Currency, from
(and including) the relevant Early Termination Date to (but excluding) the date such amount is paid, at the Applicable Rate. Such interest will be calculated on the basis of daily compounding and the
actual number of days elapsed. 

9

 

        (e)    Payments on Early Termination.    If an Early Termination Date occurs, the following
provisions shall apply based on the parties' election in the Schedule of a payment measure, either "Market Quotation" or "Loss", and a payment method, either the "First Method" or the "Second Method".
If the parties fail to designate a payment measure or payment method in the Schedule, it Will be deemed that "Market Quotation" or the "Second Method", as the case may be, shall apply. The amount, if
any, payable in respect of an Early Termination Date and determined pursuant to this Section will be subject to any Set-off. 

        (i)    Events of Default.    If the Early Termination Date results from an Event of
Default:— 

        (1)    First Method and Market Quotation.    If the First Method and Market Quotation apply, the Defaulting Party will
pay to the Non-defaulting Party the excess, if a positive number, of (A) the sum of the Settlement Amount (determined by the Non-defaulting Party) in respect of the
Terminated Transactions and the Termination Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party over (B) the Termination Currency Equivalent of the Unpaid
Amounts owing to the Defaulting Party. 

        (2)    First Method and Loss.    If the First Method and Loss apply, the Defaulting Party will pay to the Non-
defaulting Party, if a positive number, the Non-defaulting Party's Loss in respect of this Agreement. 

        (3)    Second Method and Market Quotation.    If the Second Method and Market Quotation apply, an amount will be
payable equal to (A) the sum of the Settlement Amount (determined by the Non-defaulting Party) in respect of the Terminated Transactions and the Termination Currency Equivalent of
the Unpaid Amounts owing to the Non-defaulting Party less (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the Defaulting Party. If that amount is a positive
number, the Defaulting Party will pay it to the Non-defaulting Party; if it is a negative number, the Non-defaulting Party will pay the absolute value of that amount to the
Defaulting Party. 

        (4)    Second Method and Loss.    If the Second Method and Loss apply, an amount will be payable equal to the
Non-defaulting Party's Loss in respect of this Agreement. If that amount is a positive number, the Defaulting Party will pay it to the Non-defaulting Party; if it is a negative
number, the Non-defaulting Party will pay the absolute value of that amount to the Defaulting Party. 

        (ii)    Termination Events.    If the Early Termination Date results from a Termination
Event:— 

        (1)    One Affected Party.    If there is one Affected Party, the amount payable will be determined in accordance with
Section 6(e)(i)(3), if Market Quotation applies, or Section 6(e)(i)(4), if Loss applies, except that, in either case, references to the Defaulting Party and to the
Non-defaulting Party will be deemed to be references to the Affected Party and the party which is not the Affected Party, respectively, and, if Loss applies and fewer than all the
Transactions arc being terminated, Loss shall be calculated in respect of all Terminated Transactions. 

        (2)    Two Affected Parties.    If there are two Affected Parties:— 

        (A)  if
Market Quotation applies, each party will determine a Settlement Amount in respect of the Terminated Transactions, and an amount will be payable equal to
(I) the sum of (a) one-half of the difference between the Settlement Amount of the party with the higher Settlement Amount ("X") and the Settlement Amount of the party with
the lower Settlement Amount ("Y") and (b) the Termination Currency Equivalent of the Unpaid Amounts owing to X less (II) the Termination Currency Equivalent of the Unpaid Amounts owing
to Y; and 

10

 

        (B)  if
Loss applies, each party will determine its Loss in respect of this Agreement (or, if fewer than all the Transactions arc being terminated, in respect of all
Terminated Transactions) and an amount will be payable equal to one-half of the difference between the Loss of the party with the higher Loss ("X") and the Loss of the party with the lower
Loss ("Y"). 

If
the amount payable is a positive number, Y will pay it to X; if it is a negative number, X will pay the absolute value of that amount to Y. 

        (iii)    Adjustment for Bankruptcy.    In circumstances where an Early Termination Date occurs
because "Automatic Early Termination" applies in respect of a party; the amount determined under this Section 6(e) will be subject to such adjustments as are appropriate and permitted by law to
reflect any payments or deliveries made by one party to the other under this Agreement (and retained by such other party) during the period from the relevant Early Termination Date to the date for
payment determined under Section 6(d)(ii). 

        (iv)    Pre-Estimate.    The parties agree that if Market Quotation applies an
amount recoverable under this Section 6(e) is a reasonable pre-estimate of loss and not a penalty. Such amount is payable for the loss of bargain and the loss of protection against
future risks and except as otherwise provided in this Agreement neither party will be entitled to recover any additional damages as a consequence of such losses. 

7.    Transfer    

        Subject
to Section 6(b)(ii), neither this Agreement nor any interest or obligation in or under this Agreement may be transferred (whether by way of security or otherwise) by
either party without the prior written consent of the other parts except, that:— 

        (a)   a
party may make such a transfer of this Agreement pursuant to a consolidation or amalgamation with, or merger with or into, or transfer of all or substantially all its
assets to, another entity (but without prejudice to any other right or remedy under this Agreement); and 

        (b)   a
party may make such a transfer of all or any part of its interest in any amount payable to it from a Defaulting Party under Section 6(e). 

        Any
purported transfer that is not in compliance with this Section will be void. 

8.    Contractual Currency    

        (a)    Payment in the Contractual Currency.    Each payment under this Agreement will be made
In the relevant currency specified in this Agreement for that payment (the "Contractual Currency"). To the extent permitted by applicable law, any obligation to make payments under this Agreement in
the Contractual Currency will not be discharged or satisfied by any tender in any currency other than the Contractual Currency, except to the extent such tender results in the actual receipt by the
party to which payment is owed, acting in a reasonable manner and in good faith in converting the currency so tendered into the Contractual Currency, of the full amount in the Contractual Currency of
all amounts payable in respect of this Agreement. If for any reason the amount in the Contractual Currency so received falls short of the amount in the Contractual Currency payable in respect of this
Agreement, the party required to make the payment will, to the extent permitted by applicable law, immediately pay such additional amount in the Contractual Currency as may be necessary to compensate
for the shortfall. If for any reason the amount in the Contractual Currency so received exceeds the amount in the Contractual Currency payable in respect of this Agreement, the party receiving the
payment will refund promptly the amount of such excess. 

        (b)    Judgments.    To the extent permitted by applicable law, if any judgment or order
expressed in a currency other than the Contractual Currency is rendered (i) for the payment of any amount owing in respect of this Agreement, (ii) for the payment of any amount relating
to any early termination in 

11

 

respect
of this Agreement or (iii) in respect of a judgment or order of another court for the payment of any amount described in (i) or (ii) above, the party seeking recovery,
after recovery in full of the aggregate amount to which such party is entitled pursuant to the judgment or order, will be entitled to receive immediately from the other party the amount of any
shortfall of the Contractual Currency received by such party as a consequence of sums paid in such other currency and will refund promptly to the other party any excess of the Contractual Currency
received by such party as a consequence of sums paid in such other currency if such shortfall or such excess arises or results from any variation between the rate of exchange at which the Contractual
Currency is converted into the currency of the judgment or order for the purposes of such judgment or order and the rate of exchange at which such party is able, acting in a reasonable manner and in
good faith in converting the currency received into the Contractual Currency, to purchase the Contractual Currency with the amount of the currency of the judgment or order actually received by such
party. The term "rate of exchange" includes, without limitation, any premiums and costs of exchange payable in connection with the purchase of or conversion into the Contractual Currency. 

        (c)    Separate Indemnities.    To the extent permitted by applicable law, these indemnities
constitute separate and independent obligations from the other obligations in this Agreement, will be enforceable as separate and independent causes of action, will apply notwithstanding any
indulgence granted by the party to which any payment is owed and will not be affected by judgment being obtained or claim or proof being made for any other sums payable in respect of this Agreement. 

        (d)    Evidence of Loss.    For the purpose of this Section 8, it will be sufficient
for a party to demonstrate that it would have suffered a loss had an actual exchange or purchase been made. 

9.    Miscellaneous    

        (a)    Entire Agreement.    This Agreement constitutes the entire agreement and understanding
of the parties with respect to its subject matter and supersedes all oral communication and prior writings with respect thereto. 

        (b)    Amendments.    No amendment, modification or waiver in respect of this Agreement will
be effective unless in writing (including a writing evidenced by a facsimile transmission) and executed by each of the parties or confirmed by an exchange of telexes or electronic messages on an
electronic messaging system. 

        (c)    Survival of Obligations.    Without prejudice to Sections 2(a)(iii) and
6(c)(ii), the obligations of the parties under this Agreement will survive the termination of any Transaction. 

        (d)    Remedies cumulative.    Except as provided in this Agreement, the rights, powers,
remedies and privileges provided in this Agreement are cumulative and not exclusive of any rights, powers, remedies and privileges provided by law. 

        (e)    Counterparts and Confirmations.    

          (i)  This
Agreement (and each amendment, modification and waiver in respect of it) may be executed and delivered in counterparts (including by facsimile transmission), each
of which will be deemed an original. 

         (ii)  The
parties intend that they are legally bound by the terms of each Transaction from the moment they agree to those terms (whether orally or otherwise). A Confirmation
shall he entered into as soon as practicable and may be executed and delivered in counterparts (including by facsimile transmission) or be created by an exchange of telexes or by an exchange of
electronic messages on an electronic messaging system, which in each case will be sufficient for all purposes to evidence a binding supplement to this Agreement. The parties will specify therein or
through another effective means that arty such counterpart, telex or electronic message constitutes a Confirmation. 

12

 

        (f)    No Waiver of Rights.    A failure or delay in exercising any right, power or privilege
in respect of this Agreement will not be presumed to operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed to preclude any subsequent or further
exercise, of that right, power or privilege or the exercise of any other right, power or privilege. 

        (g)    Headings.    The headings used in this Agreement are for convenience of reference only
and are not to affect the construction of or to be taken into consideration in interpreting this Agreement. 

10.    Offices; Muftibranch Parties    

        (a)   If
Section 10(a) is specified in the Schedule as applying, each party that enters into a Transaction through an Office other than its head or home office
represents to the other party that, notwithstanding the place of booking office or jurisdiction of incorporation or organisation of such party, the obligations of such party are the same as if it had
entered into the Transaction through its head or home office. This representation will be deemed to be repeated by such party on each date on which a Transaction is entered into. 

        (b)   Neither
party may change the Office through which it makes and receives payments or deliveries for the purpose of a Transaction without the prior written consent of the
other party. 

        (c)   If
a party is specified as a Multibranch Party in the Schedule, such Multibranch Party may make and receive payments or deliveries under any Transaction through any
Office listed in the Schedule, and the Office through which it makes and receives payments or deliveries with respect to a Transaction will be specified in the relevant Confirmation. 

11.    Expenses    

        A
Defaulting Party will, on demand, indemnify and hold harmless the other party for and against all reasonable out-of pocket expenses, including legal fees and Stamp Tax,
incurred by such other party by reason of the enforcement and protection of its rights under this Agreement or any Credit Support Document to which the Defaulting Party is a party or by reason of the
early termination of any Transaction, including, but not limited to, costs of collection. 

12.    Notices    

        (a)    Effectiveness.    Any notice or other communication in respect of this Agreement may be
given in any manner set forth below (except that a notice or other communication under Section 5 or 6 may not be given by facsimile transmission or electronic messaging system) to the address
or number or in accordance with the electronic messaging system details provided (see the Schedule) and will be deemed effective as indicated:— 

          (i)  if
in writing and delivered in person or by courier, on the date it is delivered; 

         (ii)  if
sent by telex, on the date the recipient's answerback is received; 

        (iii)  if
sent by facsimile transmission, on the date that transmission is received by a responsible employee of the recipient in legible form (it being agreed that the
burden of proving receipt will be on the sender and will not be met by a transmission report generated by the sender's facsimile machine); 

        (iv)  if
sent by certified or registered mail (airmail, if overseas) or the equivalent (return receipt requested), on the date that mail is delivered or its delivery is
attempted; or 

         (v)  if
sent by electronic messaging system, on the date that electronic message is received, 

unless
the date of that delivery (or attempted delivery) or that receipt, as applicable, is not a Local Business Day or that communication is delivered (or attempted) or received, as applicable, after
the close of business on a Local Business Day, in which case that communication shall be deemed given and effective on the first following day that is a Local Business Day. 

        (b)    Change of Addresses.    Either party may by notice to the other change the address,
telex or facsimile number or electronic messaging system details at which notices or other communications are to be given to it. 

13

   
13.    Governing Law and Jurisdiction    

        (a)    Governing Law.    This Agreement will be governed by and construed in accordance with
the law specified in the Schedule. 

        (b)    Jurisdiction.    With respect to any suit, action or proceedings relating to this
Agreement ("Proceedings"), each party irrevocably:— 

          (i)  submits
to the jurisdiction of the English courts, if this Agreement is expressed to be governed by English law, or to the non-exclusive jurisdiction of the
courts of the State of New York and the United States District Court located in the Borough of Manhattan in New York City, if this Agreement is expressed to be governed by the laws of the State of New
York; and 

         (ii)  waives
any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any claim that such Proceedings have been
brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party. 

        Nothing
in this Agreement precludes either party from bringing Proceedings in any other jurisdiction (outside, if this Agreement is expressed to be governed by English law, the
Contracting States, as defined in Section 1(3) of the Civil Jurisdiction and Judgments Act 1982 or any modification, extension or re-enactment thereof for the time being in force)
nor will the bringing of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in any other jurisdiction. 

        (c)    Service of Process.    Each party irrevocably appoints the Process Agent (if any)
specified opposite its name in the Schedule to receive, for it and on its behalf, service of process in any Proceedings. If for arty reason any party's Process Agent is unable to act as such, such
party will promptly notify the other party and within 30 days appoint a substitute process agent acceptable to the other party. The parties irrevocably consent to service of process given in
the manner provided for notices in Section 12. Nothing in this Agreement will affect the right of either party to serve process in any other manner permitted by law. 

        (d)    Waiver of Immunities.    Each party irrevocably waives, to the fullest extent permitted
by applicable law, with respect to itself and its revenues and assets (irrespective of their use or intended use), all immunity on the grounds of sovereignty or other similar grounds from
(i) suit, (ii) jurisdiction of any court, (iii) relief by way of injunction, order for specific performance or for recovery of property, (iv) attachment of its assets
(whether before or after judgment) and (v) execution or enforcement of any judgment to which it or its revenues or assets might otherwise be entitled in any Proceedings in the courts of any
jurisdiction and irrevocably agrees, to the extent permitted by applicable law, that it will not claim any such immunity in any Proceedings. 

14.   Definitions  

        As used in this Agreement:— 

        "Additional Termination Event" has the meaning specified in Section 5(b). 

        "Affected Party" has the meaning specified in Section 5(b). 

        "Affected Transactions" means (a) with respect to any Termination Event consisting of an illegality, Tax Event or Tax Event Upon
Merger, all Transactions affected by the occurrence of such Termination Event and (b) with respect to any other Termination Event, all Transactions. 

        "Affiliate" means, subject to the Schedule, in relation to any person, any entity controlled, directly or indirectly, by the person, any
entity that controls, directly or indirectly, the person or any entity directly or indirectly under common control with the person. For this purpose, "control" of any entity or person means ownership
of a majority of the voting power of the entity or person. 

14

 

        "Applicable Rate" means:— 

        (a)   in
respect of obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate; 

        (b)   in
respect of an obligation to pay an amount under Section 6(e) of either party from and after the date (determined in accordance with Section 6(d)(ii)) on
which that amount is payable, the Default Rate; 

        (c)   in
respect of all other obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Non-defaulting Party, the
Non-default Rate; and 

        (d)   in
all other cases, the Termination Rate. 

        "Burdened Party" has the meaning specified in Section 5(b). 

        "Change in Tax Law" means the enactment, promulgation, execution or ratification of, or any change in or amendment to, any law (or in the
application or official interpretation of any law) that occurs on or after the date on which the relevant Transaction is entered into. 

        "consent" includes a consent, approval, action, authorization, exemption, notice, filing, registration or exchange control consent. 

        "Credit Event Upon Merger" has the meaning specified in Section 5(b). 

        "Credit Support Document" means any agreement or instrument that is specified as such in this Agreement. 

        "Credit Support Provider" has the meaning specified in the Schedule. 

        "Default Rate" means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as certified
by it) if it were to fund or of funding the relevant amount plus 1% per annum. 

        "Defaulting Party" has the meaning specified in Section 6(a). 

        "Early Termination Date" means the date determined in accordance with Section 6(a) or 6(b)(iv). 

        "Event of Default" has the meaning specified in Section 5(a) and; if applicable, in the Schedule. 

        "Illegality" has the meaning specified in Section 5(b). 

        "Indemnifiable Tax" means any Tax other than a Tax that would not be imposed in respect of a payment under this Agreement but for a
present or former connection between the jurisdiction of the government or taxation authority imposing such Tax and the recipient of such payment or a person related to such recipient (including,
without limitation, a connection arising from such recipient or related person being or having been a citizen or resident of such jurisdiction, or being or having been organised, present or engaged in
a trade or business in such jurisdiction, or having had a permanent establishment or fixed place of business in such jurisdiction, but excluding a connection arising solely from such recipient or
related person having executed, delivered, performed its obligations or received a payment under, or enforced, this Agreement or a Credit Support Document). 

        "law" includes any treaty, law, rule or regulation (as modified, in the case of tax matters, by the practice of any relevant governmental
revenue authority) and "lawful" and "unlawful" will be construed accordingly. 

        "Local Business Day" means, subject to the Schedule, a day on which commercial banks are open for business (including dealings in foreign
exchange and foreign currency deposits) (a) in relation to any obligation under Section 2(a)(i), in the place(s) specified in the relevant Confirmation or, if not so specified, as
otherwise agreed by the parties in writing or determined pursuant to provisions contained, 

15

 

or
incorporated by reference, in this Agreement, (b) in relation to any other payment, in the place where the relevant account is located and, if different, in the principal financial centre,
if any, of the currency of such payment, (c) in relation to any notice or other communication, including notice contemplated under Section 5(a)(i), in the city specified in the address
for notice provided by the recipient and, in the case of a notice contemplated by Section 2(b), in the place where the relevant new account is to be located and (d) in relation to
Section 5(a)(v)(2), in the relevant locations for performance with respect to such Specified Transaction. 

        "Loss" means, with respect to this Agreement or one or more Terminated Transactions, as the case may be, and a party, the Termination
Currency Equivalent of an amount that party reasonably determines in good faith to be its total losses and costs (or gain, in which case expressed as a negative number) in connection with this
Agreement or that Terminated Transaction or group of Terminated Transactions, as
the case may be, including any loss of bargain, cost of funding or, at the election of such party but without duplication, loss or cost incurred as a result of its terminating, liquidating, obtaining
or reestablishing any hedge or related trading position (or any gain resulting from any of them). Loss includes losses and costs (or gains) in respect of any payment or delivery required to have been
made (assuming satisfaction of each applicable condition precedent) on or before the relevant Early Termination Date and not made, except, so as to avoid duplication, if Section 6(e)(i)(l) or
(3) or 6(e)(ii)(2)(A) applies. Loss does not include a party's legal fees and out-of-pocket expenses referred to under Section 11. A party will determine its Loss
as of the relevant Early Termination Date, or, if that is not reasonably practicable, as of the earliest date thereafter as is reasonably practicable. A party may (but need not) determine its Loss by
reference to quotations of relevant rates or prices from one or more leading dealers in the relevant markets. 

        "Market Quotation" means, with respect to one or more Terminated Transactions and a party making the determination, an amount determined
on the basis of quotations from Reference Market-makers. Each quotation will be for an amount, if any, that would be paid to such party (expressed as a negative number) or by such party (expressed as
a positive number) in consideration of an agreement between such party (taking into account arty existing Credit Support Document with respect to the obligations of such party) and the quoting
Reference Market-maker to enter into a transaction (the "Replacement Transaction") that would have the effect of preserving for such party the economic equivalent of any payment or delivery (whether
the underlying obligation was absolute or contingent and assuming the satisfaction of each applicable condition precedent) by the parties under Section 2(a)(i) in respect of such
Terminated Transaction or group of Terminated Transactions that would, but for the occurrence of the relevant Early Termination Date, have been required after that date. For this purpose, Unpaid
Amounts in respect of the Terminated Transaction or group of Terminated Transactions are to be excluded but, without limitation, any payment or delivery that would, but for the relevant Early
Termination Date, have been required (assuming satisfaction of each applicable condition precedent) after that Early Termination Date is to be included. The Replacement Transaction would be subject to
such documentation as such party and the Reference Market-maker may, in good faith, agree. The party making the determination (or its agent) will request each Reference Market-maker to provide its
quotation to the extent reasonably practicable as of the same day and time (without regard to different time zones) on or as soon as reasonably practicable alter the relevant Early Termination Date.
The day and time as of which those quotations are to be obtained will be selected in good faith by the party obliged to make a determination under Section 6(e), and, if each patty is so
obliged, after consultation with the other. If more than three quotations are provided, the Market Quotation will be the arithmetic mean of the quotations, without regard to the quotations having the
highest and lowest values. If exactly three such quotations arc provided, the Market Quotation will be the quotation remaining after disregarding the highest and lowest quotations. For this purpose,
if more than one quotation has the same highest value or lowest value, then one of such quotations shall be disregarded. If fewer than three quotations arc provided, it will be deemed that the 

16

 

Market
Quotation in respect of such Terminated Transaction or group of Terminated Transactions cannot be determined. 

        "Non-default Rate" means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the
Non-defaulting Party (as certified by it) if it were to fund the relevant amount. 

        "Non-defaulting Party" has the meaning specified in Section 6(a). 

        "Office" means a branch or office of a party, which may be such party's head or home office. 

        "Potential Event of Default" means any event which, with the giving of notice or the lapse of time or both, would constitute an Event of
Default. 

        "Reference Market-makers" means four leading dealers in the relevant market selected by the party determining a Market Quotation in good
faith (a) from among dealers of the highest credit standing which satisfy all the criteria that such party applies generally at the time in deciding whether to offer or to make an extension of
credit and (b) to the extent practicable, from among such dealers having an office in the same city. 

        "Relevant Jurisdiction" means, with respect to a party, the jurisdictions (a) in which the party is incorporated, organised,
managed and controlled or considered to have its seat, (b) where an Office through which the party is acting for purposes of this Agreement is located, (c) in which the party executes
this Agreement and (d) in relation to any payment, from or through which such payment is made. 

        "Scheduled Payment Date" means a date on which a payment or delivery is to be made under Section 2(a)(i) with respect to a
Transaction. 

        "Set-off" means set-off, offset, combination of accounts, right of retention or withholding or similar right or
requirement to which the payer of an amount under Section 6 is entitled or subject (whether arising under this Agreement, another contract, applicable law or otherwise) that is exercised by, or
imposed on, such payer. 

        "Settlement Amount" means, with respect to a party and any Early Termination Date, the sum of:— 

        (a)   the
Termination Currency Equivalent of the Market Quotations (whether positive or negative) for each Terminated Transaction or group of Terminated Transactions for which
a Market Quotation is determined; and 

        (b)   such
party's Loss (whether positive or negative and without reference to any Unpaid Amounts) for each Terminated Transaction or group of Terminated Transactions for
which a Market Quotation cannot be determined or would not (in the reasonable belief of the party making the determination) produce a commercially reasonable result. 

        "Specified Entity" has the meanings specified in the Schedule. 

        "Specified indebtedness" means. subject to the Schedule, any obligation (whether present or future, contingent or otherwise, as principal
or surety or otherwise) in respect of borrowed money. 

        "Specified Transaction" means, subject to the Schedule, (a) any transaction (including an agreement with respect thereto) now
existing or hereafter entered into between one party to this Agreement (or any Credit Support Provider of such party or any applicable Specified Entity of such party) and the other party to this
Agreement (or any Credit Support Provider of such other party or any applicable Specified Entity of such other party) which is a rate swap transaction, basis swap, forward rate transaction, commodity
swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar
transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any other similar transaction (including any option with respect to any of these transactions), 

17

 

(b) any
combination of these transactions and (c) any other transaction identified as a Specified Transaction in this Agreement or the relevant confirmation. 

        "Stamp Tax" means any stamp, registration, documentation or similar tax. 

        "Tax" means any present or future tax, levy; impost, duty, charge, assessment or fee of any nature (including interest, penalties and
additions thereto) that is imposed by any government or other taxing authority in respect of any payment under this Agreement other than a stamp, registration, documentation or similar tax. 

        "Tax Event" has the meaning specified in Section 5(b). 

        "Tax Event Upon Merger" has the meaning specified in Section 5(b). 

        "Terminated Transactions" means with respect to any Early Termination Date (a) if resulting from a Termination Event, all Affected
Transactions and (b) if resulting from an Event of Default, all Transactions (in either case) in effect immediately before the effectiveness of the notice designating that Early Termination
Date (or, if "Automatic Early Termination" applies, immediately before that Early Termination Date). 

        "Termination Currency" has the meaning specified in the Schedule. 

        "Termination currency Equivalent" means, in respect of any amount denominated in the Termination Currency, such Termination Currency
amount and, in respect of any amount denominated in a currency other than the Termination Currency (the "Other Currency"), the amount in the Termination Currency determined by the party making the
relevant determination as being required to purchase such amount of such Other Currency as at the relevant Early Termination Date, or, if the relevant Market Quotation or Loss (as the case may be), is
determined as of a later date, that later date, with the Termination Currency at the rate equal to tie spot exchange rate of the foreign exchange agent (selected as provided below) for the purchase of
such Other Currency with the Termination Currency at or about 11:00 a.m. (in the city in which such foreign exchange agent is located) on such date as would be customary for the determination
of such a rate for the purchase of such Other Currency for value on the relevant Early Termination Date or that later date. The foreign exchange agent will, if only one party is obliged to make a
determination under Section 6(e), be selected in good faith by that party and otherwise will be agreed by the parties. 

        "Termination Event" means an Illegality, a Tax Event or a Tax Event Upon Merger or, if specified to be applicable, a Credit Event Upon
Merger or an Additional Termination Event. 

        "Termination Rate" means a rate per annum equal to the arithmetic mean of the cost (without proof or evidence of any actual cost) to each
party (as certified by such party) if it were to fund or of funding such amounts. 

        "Unpaid Amounts" owing to any party means, with respect to an Early Termination Date, the aggregate of (a) in respect of all
Terminated Transactions, the amounts that became payable (or that would have become payable but for Section 2(a)(iii)) to such party under Section 2(a)(i) on or prior to such
Early Termination Date and which remain unpaid as at such Early Termination Date and (b) in respect of each Terminated Transaction, for each obligation under Section 2(a)(i) which
was (or would have been but for Section 2(a)(iii)) required to be settled by delivery to such party on or prior to such Early Termination Date and which has not been so settled as at such Early
Termination Date, an amount equal to the fair market value of that which was (or would have been) required to be delivered as of the originally scheduled date for delivery, in each case together with
(to the extent permitted under applicable law) interest, in the currency of such amounts, from (and including) the date such amounts or obligations were or would have been required to have been paid
or performed to (but excluding) such Early Termination Date, at the Applicable Race. Such amounts of interest will be calculated on the basis of daily compounding and the actual number of days
elapsed. The fair market 

18

 

value
of any obligation referred to in clause (b) above shall be reasonably determined by the party obliged to make the determination under Section 6(e) or, if each party is so obliged,
it shall be the average of the Termination Currency Equivalents of the fair market values reasonably determined by both parties. 

        IN
WITNESS WHEREOF the parties have executed this document on the respective dates specified below with effect from the date specified on the first page of this document. 

	SEMPRA ENERGY TRADING CORP

(Name of Party)	 	CLEAN ENERGY

(Name of Party)
	By:	 	 	 	 	 	By:	 	 	 	 
	 	 	/s/ Mara Kent
	 	 	 	/s/ Rick Wheeler

	 	 	Name:	 	Mara Kent	 	 	 	Name:	 	Rick Wheeler
	 	 	Title:	 	Vice President	 	 	 	Title:	 	CFO
	 	 	Date:	 	March 23, 2006	 	 	 	Date:	 	March 24, 2006

19

(Multicurrency—Cross
Border) 

Schedule to the 

ISDA
Master Agreement 

dated
as of 

March 23,
2006 

between
SEMPRA ENERGY TRADING CORP., a Delaware

Corporation ("Party A"), and CLEAN ENERGY,

a California corporation ("Party B"). 

Part 1. Termination Provisions  

	(a)
	"Specified Entity" means in relation to Party A for the purpose of: 

Section 5(a)(v),
none

Section 5(a)(vi), none

Section 5(a)Xvii), none

Section 5(b)(iv), none

and
in relation to Party B for the purpose of: 

Section 5(a)(v),
none

Section 5(a)(vi). none

Section 5(a)(vii), none

Section 5(b)(iv), none

	(b)
	"Specified Transaction" will have the meaning specified in Section 14 of this Agreement, except that such term is amended on
line 8 after the words "currency option" by adding a comma and the words "agreement for the purchase, sale or transfer of any commodity or any other commodity trading transaction". For this purpose,
"commodity" means any tangible or intangible commodity of any type or description (including, without limitation, electric energy and/or capacity, petroleum and natural gas, the products or
by-products thereof, and base or precious metals).

	(c)
	The
"Cross Default" provisions of Section 5(a)(vi) will apply to Party A and to Party B. 

"Specified Indebtedness" will have the meaning specified in Section 14. 

"Threshold Amount" means the greater of (i) $10,000,000 or its equivalent in any currency and (ii) 3% of the shareholders' equity of
Sempra Energy (in the case of Party A) and Party B (in the case of Party B). 

	(d)
	The
"Credit Event Upon Merger" provisions of Section 5(b)(iv) will apply to Party A and to Party B. 

If
such provisions apply: Section 5(b)(iv) is hereby amended by inserting after the words "another entity" the phrase "or another entity consolidates or amalgamates with, or merges into,
or transfers all or substantially all its assets to. X or any Credit Support Provider of X or any applicable Specified Entity of "X". 

	(e)
	The
"Automatic Early Termination" provisions of Section 6(a) will not apply to Party A or Party B.

	(f)
	Payments on Early Termination. For the purpose of Section 6(e) of this Agreement:

	(i)
	Loss
will apply.

	(ii)
	The
Second Method will apply.

	(g)
	"Termination Currency" means United States Dollars. 

	(h)
	"Additional Termination Event" will apply, with respect to Party B, the death or mental incapacity of Boone Pickens, in which case
Party B shall be the sole Affected Party.

	(i)
	Amendments. The parties agree to the following changes to this Agreement:

	(i)
	Section 5(a)(i) is
amended by deleting "third" and substituting "first".

	(ii)
	Section 5(a)(v)(2)
is amended by deleting the parenthetical and substituting with "(unless with respect to a performance default, the exclusive remedy for such failure to
perform under the terms of the Specified Transaction, is the payment of damages as defined in such Specified Transaction)".

	(iii)
	Section 5(a)(vii)(4)
is amended by inserting a semi-colon after the word liquidation" the first time it appears and deleting the rest of
Section 5(a)(vii)(4).

	(iv)
	The
word "or" is deleted at the end of Section 5(a)(vii), the period at the end of Section 5(a)(viii) is deleted and replaced by "; or" and the following new
Section 5(a)(ix) is added: 

        "(ix) Adequate Assurance. The party fails to provide adequate assurance of its ability to perform all of its obligations to the
other party, whether hereunder or otherwise and whether or not due, within two Local Business Days of a written request therefor from the other party when the other party has reasonable grounds for
insecurity." 

	(v)
	Section 6(c)
is amended by adding the following new paragraph (iii): 

        (iii)
Notwithstanding the foregoing, the Non-defaulting Party shall not be obligated to terminate and liquidate Transactions to the extent that, in the good faith opinion of
the Nondefaulting Party, (i) such termination and liquidation is not permitted under applicable law or (ii) the Non-defaulting Party cannot enter into or liquidate offsetting
transactions (including, without limitation, Specified Transactions) in a commercially reasonable manner or at commercially reasonable prices. in addition, the Non-defaulting Party may, at
its election, take a reasonable amount of time to complete any aspect of the termination and liquidation. 

Part 2. Tax Representations.  

	(a)
	Payer Representations.    For the purpose of Section 3(e), Party A wilt make the following representation and Party B
will make the following representation: 

It
is not required by any applicable law, as modified by the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction to make any deduction or withholding for or on
account of any Tax from any payment (other than interest under Section 2(e), 6(d)(ii) or 6(e) of this Agreement) to be made by it to the other party under this Agreement. In making this
representation, it may rely on: (i) the accuracy of any representations made by the other party pursuant to Section 3(f) of this Agreement, (ii) the satisfaction of the agreement
contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and effectiveness of any document provided by the other party pursuant to Section 4(a)(i) or
4(a)(iii) of this Agreement, and (iii) the satisfaction of the agreement of the other party contained in Section 4(d) of this Agreement, provided that it shall not be a breach of
this representation where reliance is placed on clause (ii) and the other party does not deliver a form or document under Section 4(a)(iii) by reason of material prejudice to its
legal or commercial position. 

	(b)
	Payee Representations. For the purpose of Section 3(f) of this Agreement, Party A and Party B make the representations specified
below, if any: Not Applicable 

Part 3. Agreement to Deliver Documents.  

For
the purpose of Sections 4(a)(i) and (ii) of this Agreement, each party agrees to deliver the following documents, as applicable: 

	(1)
	Tax
forms, documents or certificates to be delivered are: Not Applicable

	(2)
	Other
documents to be delivered are: 

	Party Required to Deliver Document
	 	Form/Document/Certificate
	 	Date by which to be delivered
	 	Covered by Section 3(d) Representation

	Party A	 	Guarantee of Sempra Energy	 	Upon Execution	 	No
	

Party A	
 	

Annual Financial Statements of Sempra Energy	
 	

When Available, Upon Request; provided however, that the requesting Party shall first use commercially reasonable efforts to obtain such information through any publicly available means.	
 	

Yes
	

Party B	
 	

Guarantee of Boone Pickens	
 	

Upon Execution	
 	

No
	

Party B	
 	

Financial Statements of Party B	
 	

When Available, Upon Request; provided however, that the requesting Party shall first use commercially reasonable efforts to obtain such information through any publicly available means.	
 	

Yes
	

Party A&B	
 	

Certified copies of board resolutions approving this Agreement and the Transactions contemplated by this Agreement and any exhibits or supplements attached hereto and the Confirmations hereunder.	
 	

Upon Execution	
 	

Yes
	

Party A&B	
 	

Evidence of authority of signatories	
 	

Upon Execution	
 	

Yes

Part 4. Miscellaneous  

	(a)
	Addresses for Notices. For the purpose of Section 12(a) of this Agreement: 

Address
for notices or communications with respect to Confirmations only to Party A: 

Address:
58 Commerce Road, Stamford, Connecticut 06902 

Attention:
Energy Operations 

Telex
No.: 6737767 Answerback: SEMPRATD 

For
electric energy and/or capacity invoices and Confirmations:

Facsimile No.: 203-355-6614; 

Telephone No.: 203-355-5613 

For
Petroleum: Facsimile No.: Invoices: 203-355-6615 Telephone No.:203-355-5632 Confirmations: 203-355-6617 

For
natural gas: Facsimile No.: Invoices: 203-355-6612 Telephone No.:203-355-5604 Confirmations: 203-355-6630 Telephone
No.:203-355-5624 

Attention:
FX or Metals Operations Facsimile No.: 203-355-6605 Telephone No.: 203-355-5607 

Electronic
Messaging System details: None until mutually agreed otherwise. 

And
for notices or communications other than Confirmations: 

Address:
58 Commerce Road, Stamford, CT 06902 

Attention
of the Legal Department. 

Facsimile
No.: 203-355-5410 Telephone No.:203-355-5510 

Address
for notices or communications to Party B: 

Address
for notices or communications with respect to Confirmations only to Party B: 

BP
Capital LP 

Address:
8117 Preston Road, Suite 260 West, Dallas, TX 75225 

Attention:
Danny Tillett 

Facsimile
No.: 214-750-9773 Telephone No.: 214-265-4170 

With
a copy to (and for notices or communications other than Confirmations): 

Rick
Wheeler

Clean Energy

3020 Old Ranch Parkway, Suite 200

Seal Beach, California 90740

Tel #1: 562-493-2804

Tel #2: 303-524-1233

Fax #1: 562-546-0097

Fax #2: 303-524-1396

	(b)
	Process Agent. For purpose of Section 13(c) of this Agreement: Not Applicable

	(c)
	Offices. The provisions of Section 10(a) will apply to this Agreement.

	(d)
	Multibranch Party. For the purpose of Section 10(c) of this Agreement. 

Party
A is not a Multibranch Party. 

Party
B is not a Multibranch Party. 

	(e)
	Calculation Agent. The Calculation Agent is Party A, unless otherwise agreed with respect to the relevant Transaction, provided,
however, that in the event that a calculation or determination is disputed by Party B, the parties shall first endeavor to resolve such dispute and if they are unable to do so within a commercially
reasonable time, they shall mutually select a dealer in the applicable commodity to act as Calculation Agent with respect to the issue in dispute.

	(f)
	Credit Support Document. The Guarantee of Sempra Energy, substantially in the form of Exhibit A hereto, is to be delivered by
Party A to Party B. The Guarantee of Boone Pickens dated as of the date hereof, is to be delivered by Party B to Party A.

	(g)
	Credit Support Provider. Credit Support Provider means in relation to Party A, Sempra Energy, together with any additional replacement
or substitute Credit Support Provider of Party A's obligations hereunder and in relation to Party B, Boone Pickens.

	(h)
	Governing Law. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE
TO CHOICE OF LAW DOCTRINE. THE UNITED NATIONS CONVENTION ON CONTRACTS FOR THE INTERNATIONAL SALE OF GOODS SHALL NOT IN ANY WAY APPLY TO, OR GOVERN, THIS AGREEMENT.

	(i)
	Waiver of Jury Trial. Each Party waives its respective right to any jury trial with respect to any litigation arising under or in
connection with this Agreement, any Credit Support Document or any Transaction. 

	(j)
	Netting of Payments. Subparagraph (ii) of Section 2(c) of this Agreement will not apply to all Transactions starting from
the date of this Agreement.

	(k)
	"Affiliate" will have the meaning specified in Section 14 of this Agreement. 

Part 5. Other Provisions.  

	(a)
	Definitions. Any capitalized terms used herein and not otherwise defined herein shall have the respective meanings ascribed to them in
the 2000 ISDA Definitions and the 2005 Commodity Definitions (as published by the International Swaps and Derivatives Association. Inc.) (collectively, the "Definitions"), which are
incorporated into this Agreement. In the event of any inconsistency between the Definitions and the provisions of this Agreement, this Agreement will prevail.

	(b)
	Annual Financial Statements. "Annual Financial Statements" mean a copy of the annual report of the relevant person containing audited
consolidated financial statements for such party's fiscal year certified by independent auditors and prepared in accordance with accounting principles that are generally accepted in the country in
which the party is organized.

	(c)
	Agreed Changes. The parties agree to the following changes in this Agreement:

	(i)
	Section 1(b)
is amended by deleting the period at the end and substituting "except for Sections 5 and 6, which may only be amended by a written amendment executed by the
parties."

	(ii)
	Section 3
is amended by adding the following at the end of that Section: 

(g)  Non-Reliance. In connection with this Agreement, any Credit Support Document to which it is a party, each Transaction, and any other
documentation relating to this Agreement to which it is a party or that it is required by this Agreement to deliver: 

(i)
it is not relying upon any representations (whether written or oral) of the other party other than the representations expressly set forth in this Agreement, such Credit Support Document and in
any Confirmation; 

(ii)
it has consulted with its own legal, regulatory, tax, business, investment, financial and accounting advisors to the extent it has deemed necessary, and it has made its own investment, hedging
and trading decisions (including decisions regarding the suitability of any Transaction pursuant to this Agreement) based upon its own judgment and upon any advice from such advisors as it has deemed
necessary and not upon any view expressed by the other party; 

(iii)
it has a full understanding of all the terms, conditions and risks (economic and otherwise) of the Agreement and each Transaction and is capable of assuming and willing to assume (financially
and otherwise) those risks; 

(iv)
it is entering into this Agreement, such Credit Support Document, each Transaction and such other documentation as principal, and not as agent or in any other capacity, fiduciary or otherwise;
and 

(v)
the other party is not acting as a fiduciary or financial, investment or commodity trading advisor for it, it being understood that ii is not relying on any unique or special expertise of the
other patty and it is not in any special relationship of trust or confidence with respect to the other party. 

(h)
Eligible Commercial Entity and Eligible Contract Participant. It is an "eligible commercial entity" as defined in Section 1a (11) of
the Commodity Exchange Act, and it is an "eligible contract participant" within the meaning of Section 1a (12) of the Commodity Exchange Act, as amended by the Commodity Futures
Modernization Act of 2000. 

(i)
The Parties acknowledge and agree that all Transactions constitute "forward contracts" or "swap contracts" within the meaning of the United Stales Bankruptcy Code. 

	(iii)
	Add
the following paragraphs at the end of Section 9: 

(h)
Consent to Recording. The parties agree that each may electronically record all telephone conversations between them and that any such recordings may be submitted in evidence to any court or in
any proceeding for the purpose of establishing any matters pertinent to any Transaction. 

(i)
Severability. In the event that any provision of this Agreement is declared to be illegal, invalid or otherwise unenforceable by a court of
competent jurisdiction, the remainder of this Agreement shall not be affected except to the extent necessary to delete such illegal, invalid or unenforceable provision, unless the deletion of such
provision shall substantially impair the benefits of the remaining portions of this Agreement. 

(j)  Dealer Market Practices. To the extent applicable, the obligations of the parties are to be construed in accordance with practices in the
international financial or commodity, as applicable, dealer market. 

(k)
Trader Authority. The parties hereby expressly waive all rights to, and expressly agree not to contest; any Transaction, or assert or otherwise
raise any defenses or arguments related to any Transaction to the effect that such is not binding, valid or enforceable in accordance with its terms because either the employee(s) or representative(s)
who entered into the Transaction on behalf of a party, and who appeared to have the requisite authority to do so, did not, in fact, have such authority or because the provisions of certain applicable
laws require the Transaction to be in writing and/or executed by one or both parties. 

	(iv)
	In
Section 14: "Terminated Transactions" is amended on line 2 by deleting "all Transactions" and substituting "any or all Transactions terminated in accordance with
Section ó(c)(iii)".

	(v)
	Section 9(a)
is amended by adding the following new sentence at the end thereof: "The parties agree that, notwithstanding any written or oral agreement relating to any swap or
other derivative transaction entered into between them prior to the date of this Agreement, all such transactions shall he subject to, governed by and construed in accordance with the terms of this
Agreement, which cancels and supersedes the terms of such written and oral agreements, unless the parties shall expressly provide otherwise with respect to one or more of such transactions."

	(vi)
	Section 9(e)(ii) is
amended by adding the following new sentence at the end thereof: "Notwithstanding the foregoing, Party A shall promptly confirm each Transaction and
unless objected to in writing within two Local Business Days, the Confirmation shall be final and binding on the parties, absent manifest error. Failure to send or agree upon a Confirmation shall not
affect a Transaction entered into by the parties."

	(d)
	Set-Off. Section 6 of this Agreement shall be amended by the insertion of the following additional provision: 

(f)
Any amount payable to one party by the other party under Section 6(e), in circumstances where there is a Defaulting Party or one Affected Party in the case where a Termination Event under
Section 5(b)(iv) has occurred, will be made without set-off or counterclaim except that at the option o the party ("X") other than the Defaulting Party or the Affected Party
(and without prior notice to the Defaulting Party or the Affected Party), X may, without prior notice to any person, set-off any sum or obligation (whether or not arising under this
Agreement, whether or not matured and irrespective of the currency, place of payment or booking office of the sum or obligation) owed by the Defaulting Party or Affected Party (in either case, "Y") to
X or any Affiliate of X against any sum or obligation (whether or not arising under this Agreement, whether or not matured and irrespective of the currency, place of payment or booking office of the
sum or obligation) owed by X or any Affiliate of X to Y; provided that any amount not then due which is included in such setoff shall he discounted to present value as at the time of setoff (to take
account of the period between the time of setoff and the date on which such amount would have 

otherwise
been due) at the applicable rate for that period determined by X in any commercially reasonable manner, X will give notice to the other party of any set-off effected under this
Section 6 (f). 

For
this purpose any relevant sum or obligation may be converted by X into the currency in which the other is denominated at the rate of exchange at which such party would be able, acting in a
reasonable manner and in good faith, to purchase the relevant amount of such currency. The term "rate of exchange" includes, without limitation, any premiums and costs of exchange payable in
connection with the purchase of conversion into the relevant currency. 

If
an obligation is unascertained, X may in good faith estimate that obligation and set-off in respect of the estimate, subject to the relevant party accounting to the other when the
obligation is ascertained. 

Nothing
in this Section 6(f) shall be effective to create a charge or other security interest. This Section 6(f) shall be without prejudice and in addition to any right of
set-off, combination of accounts, lien or other right to which any party is at any lime otherwise entitled (whether by operation of law, contract or otherwise). 

	(e)
	(1)  Market Disruption Events. Each of the following events shall constitute a Market Disruption Event hereunder:

	(i)
	Puce
Source Disruption

	(ii)
	Trading
Disruption

	(iii)
	Disappearance
of Commodity Reference Price

	(iv)
	Material
Change in Formula

	(v)
	Material
Change in Content 

(2)  Disruption Fallbacks. If a Market Disruption Event occurs on a Pricing Date, then the Commodity Reference Price for such day (a "Missing Day") shall
be determined in accordance with the provisions of the 2005 Commodity Definitions as if no elections had been made. 

	(f)
	Illegality. For purposes of Section 5(b)(i), the obligation of either Party to comply with any official directive issued or
given by any government agency or authority with competent jurisdiction which has the result referred to in Section 5(b)(i) will be deemed to be an "Illegality". 

IN
WITNESS WHEREOF, the parties have executed this Schedule as of the date specified on the first page hereof. 

	SEMPRA ENERGY TRADING CORP.	 	CLEAN ENERGY
	

By:	
 	

/s/ Mara Kent
	
 	

By:	
 	

/s/ Rick Wheeler

	Name:	 	Mara Kent	 	Name:	 	Rick Wheeler
	Title:	 	Vice President	 	Title:	 	CFO

QuickLinks

Exhibit 10.13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}]]