Document:

Exhibit 10.1

Execution Version

 

PURCHASE AND SALE AGREEMENT

 

dated as of August 20, 2021

 

By and Between

 

DOMINION SOLAR PROJECTS III, INC.,

 

as Seller,

 

and

 

UTAH SOLAR HOLDINGS II LLC,

 

as Buyer

 

    

     

    

 

Table
of Contents

 

Page

 

	ARTICLE I CERTAIN DEFINITIONS 	1
	 	 	 
	Section 1.1	Definitions	1
	 	 	 
	Section 1.2	Terms Generally	12
	 	 	 
	ARTICLE II PURCHASE AND SALE OF CLASS B INTERESTS 	13
	 	 	 
	Section 2.1	Purchase and Sale of the Class B Interests	13
	 	 	 
	Section 2.2	Allocation	15
	 	 	 
	Section 2.3	Withholding	16
	 	 	 
	Section 2.4	Effective Date Actions	16
	 	 	 
	ARTICLE III REPRESENTATIONS AND WARRANTIES OF SELLER 	16
	 	 	 
	Section 3.1	Organization; Qualification and Power	16
	 	 	 
	Section 3.2	Authorization; Validity	17
	 	 	 
	Section 3.3	No Conflict	17
	 	 	 
	Section 3.4	Capitalization	18
	 	 	 
	Section 3.5	Financial Statements; No Undisclosed Liabilities; Assets	18
	 	 	 
	Section 3.6	Absence of Certain Changes	19
	 	 	 
	Section 3.7	Compliance with Law; Permits; Litigation	19
	 	 	 
	Section 3.8	Tax Matters	20
	 	 	 
	Section 3.9	Material Contracts	21
	 	 	 
	Section 3.10	Consents and Approvals	22
	 	 	 
	Section 3.11	Brokers	22
	 	 	 
	Section 3.12	Employees	22
	 	 	 
	Section 3.13	Indebtedness	23
	 	 	 
	Section 3.14	Bankruptcy	23
	 	 	 
	Section 3.15	Regulatory Status	23
	 	 	 
	Section 3.16	Environmental Matters	23
	 	 	 
	Section 3.17	Insurance	23
	 	 	 
	Section 3.18	Bank Accounts	24
	 	 	 
	ARTICLE IV REPRESENTATIONS AND WARRANTIES OF BUYER 	24
	 	 	 
	Section 4.1	Organization; Qualification and Power	24
	 	 	 
	Section 4.2	Authorization; Validity	24

 

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	Section 4.3	No Conflict	25
	 	 	 
	Section 4.4	Consents and Approvals	25
	 	 	 
	Section 4.5	Brokers	25
	 	 	 
	Section 4.6	Sufficiency of Funds	25
	 	 	 
	Section 4.7	Independent Investigation; No Other Representations	25
	 	 	 
	Section 4.8	Investment	26
	 	 	 
	Section 4.9	Litigation	26
	 	 	 
	Section 4.10	Expertise	26
	 	 	 
	ARTICLE V ACCESS; ADDITIONAL AGREEMENTS 	26
	 	 	 
	Section 5.1	Transition Planning	26
	 	 	 
	Section 5.2	Regulatory and Other Approvals	27
	 	 	 
	Section 5.3	Further Assurances	28
	 	 	 
	Section 5.4	Certain Tax Matters	29
	 	 	 
	Section 5.5	Conduct of Business of the Sale Entities	33
	 	 	 
	Section 5.6	Notice of Changes	35
	 	 	 
	Section 5.7	Excluded Assets	35
	 	 	 
	Section 5.8	Affiliate Transactions	35
	 	 	 
	Section 5.9	Name of Sale Entities	36
	 	 	 
	Section 5.10	Files and Records	37
	 	 	 
	Section 5.11	Insurance	38
	 	 	 
	Section 5.12	Termination of Existing Back-Leverage Financing	38
	 	 	 
	Section 5.13	Exclusivity	38
	 	 	 
	ARTICLE VI CONDITIONS PRECEDENT TO BUYER’S OBLIGATIONS 	39
	 	 	 
	Section 6.1	No Injunction	39
	 	 	 
	Section 6.2	Representations and Warranties	39
	 	 	 
	Section 6.3	Performance	39
	 	 	 
	Section 6.4	Approvals and Filings	39
	 	 	 
	Section 6.5	No Legislation	39
	 	 	 
	Section 6.6	Seller Deliverables	39
	 	 	 
	Section 6.7	No Material Adverse Effect	39

 

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	ARTICLE VII CONDITIONS PRECEDENT TO SELLER’S OBLIGATIONS 	40
	 	 	 
	Section 7.1	No Injunction	40
	 	 	 
	Section 7.2	Representations and Warranties	40
	 	 	 
	Section 7.3	Performance	40
	 	 	 
	Section 7.4	Approvals and Filings	40
	 	 	 
	Section 7.5	No Legislation	40
	 	 	 
	Section 7.6	Buyer Deliverables	40
	 	 	 
	Section 7.7	Buyer Guaranty	40
	 	 	 
	ARTICLE VIII CLOSING 	40
	 	 	 
	Section 8.1	Time and Place of Closing	40
	 	 	 
	Section 8.2	Deliveries	41
	 	 	 
	ARTICLE IX TERMINATION AND ABANDONMENT 	42
	 	 	 
	Section 9.1	Methods of Termination	42
	 	 	 
	Section 9.2	Procedure Upon Termination and Consequences	43
	 	 	 
	ARTICLE X INDEMNIFICATION 	43
	 	 	 
	Section 10.1	Indemnification	43
	 	 	 
	Section 10.2	Procedure for Indemnification	44
	 	 	 
	Section 10.3	Survival	45
	 	 	 
	Section 10.4	Exclusive Remedies	46
	 	 	 
	Section 10.5	Limitation of Claims; Mitigation	46
	 	 	 
	Section 10.6	Tax Treatment of Indemnity Payments	48
	 	 	 
	Section 10.7	Waiver; Disclaimer.	49
	 	 	 
	ARTICLE XI MISCELLANEOUS 	49
	 	 	 
	Section 11.1	Amendment and Modification	49
	 	 	 
	Section 11.2	Waiver of Compliance	49
	 	 	 
	Section 11.3	Notices	50
	 	 	 
	Section 11.4	Binding Nature; Assignment	51
	 	 	 
	Section 11.5	Entire Agreement	51
	 	 	 
	Section 11.6	Expenses	51
	 	 	 
	Section 11.7	Press Releases and Announcements; Disclosure	51

 

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	Section 11.8	No Third Party Beneficiaries	51
	 	 	 
	Section 11.9	Governing Law; Jurisdiction	52
	 	 	 
	Section 11.10	WAIVER OF JURY TRIAL	52
	 	 	 
	Section 11.11	No Joint Venture	52
	 	 	 
	Section 11.12	Severability	52
	 	 	 
	Section 11.13	Counterparts	52

 

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	SCHEDULES	 
	 	 
	Schedule A	Project Companies
	Schedule B	Sample Net Working Capital Calculation
	Schedule 1.1(a)	Permitted Liens
	Schedule 1.1(b)	Seller’s Knowledge
	Schedule 3.3	No Conflicts
	Schedule 3.5(c)	Undisclosed Liabilities
	Schedule 3.6	Absence of Certain Changes
	Schedule 3.7(c)	Actions
	Schedule 3.9	Material Contracts
	Schedule 3.10	Seller Consents and Approvals
	Schedule 3.17	Insurance
	Schedule 3.18	Bank Accounts
	Schedule 4.4	Buyer Consents and Approvals
	Schedule 4.9	Buyer Litigation
	Schedule 5.5(b)	Conduct of Business
	Schedule 5.7(a)	Excluded Assets
	Schedule 5.8(b)	Sale Entity Credit Support

 

	EXHIBITS	 
	 	 
	Exhibit A	Form of Buyer Guaranty
	Exhibit B	Form of Swap Novation Agreement
	Exhibit C	Form of Transition Services Agreement

 

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PURCHASE
AND SALE AGREEMENT

 

This Purchase and Sale Agreement
(this “Agreement”), dated as of August 20, 2021 (the “Effective Date”), is made
by and between DOMINION SOLAR PROJECTS III, INC., a Virginia corporation (“Seller”), and Utah Solar Holdings
II LLC, a Delaware limited liability company (“Buyer”).

 

RECITALS

 

A.           Seller
owns, directly, one hundred percent (100%) of the total issued and outstanding Class B Interests.

 

B.           (i) Four
Brothers owns, directly, all of the issued and outstanding membership interests of each of the applicable entities listed on Schedule
A – Part I, (ii) Iron Springs owns, directly, all of the issued and outstanding membership interests of each of the
applicable entities listed on Schedule A – Part II, and (iii) Granite Mountain owns, directly, all of the issued
and outstanding membership interests of each of the applicable entities listed on Schedule A – Part III (all such entities
listed on Schedule A, collectively, the “Project Companies”, and each a “Project Company”).

 

C.           Each
of the Project Companies owns the applicable solar photovoltaic system described on Schedule A (all such Projects, collectively,
the “Projects”, and each a “Project”).

 

D.           Concurrently
with the execution of this Agreement, and as a condition to the willingness of Buyer to enter into this Agreement, Four Brothers Holdco, Iron
Springs Holdco and Granite Mountain Holdco and Buyer have entered into that certain letter agreement, dated as of the Effective Date
(the “Holdcos Waiver Letter”), pursuant to which, among other things, Four Brothers Holdco, Iron Springs
Holdco and Granite Mountain Holdco waived certain of terms and conditions contained in the Organizational Documents of the applicable
JV Entity or the applicable Project Companies that would otherwise apply to a sale of the Class B Interests by Seller to Buyer;

 

E.            Buyer
desires to purchase from Seller, and Seller desires to sell to Buyer, subject to the terms and conditions of this Agreement, all of Seller’s
right, title and interests in the Class B Interests.

 

NOW THEREFORE, in consideration
of the premises and the agreements in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, intending to be legally bound, the Parties hereby agree as follows:

 

ARTICLE I

CERTAIN DEFINITIONS

 

Section 1.1        Definitions.
For the purposes of this Agreement, the following words and phrases shall have the following meanings:

 

“Action”
means any claim, charge, action, suit, litigation or proceeding (including any arbitration proceeding) by or before any Governmental
Authority, whether civil, criminal, administrative, regulatory or otherwise, and whether at law or in equity.

 

     

     

    

 

“Adverse Consequences”
means, subject to Sections 10.5(g) and 10.5(h), all claims, losses, damages, penalties, awards, fines, costs (including
court costs and investigative and remedial costs), amounts paid in settlement, liabilities, obligations, Taxes, Liens, fees and expenses
(including reasonable attorneys’ and accountants’ fees).

 

“Affiliate”
means any Person in control or under control of, or under common control with, another Person. For purposes of the foregoing, “control,”
with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of such Person, whether through ownership of voting securities or by Contract or otherwise, and specifically with respect
to a corporation, partnership or limited liability company, means direct or indirect ownership of more than fifty percent (50%) of the
voting securities in such corporation or of the voting interest in a partnership or limited liability company.

 

“Agreement”
has the meaning set forth in the first paragraph of this Agreement.

 

“Allocation”
has the meaning set forth in Section 2.2(a).

 

“Allocation Statement”
has the meaning set forth in Section 2.2(a).

 

“Antitrust Laws”
means the Sherman Antitrust Act of 1890, the Clayton Act of 1914, the HSR Act, the Federal Trade Commission Act of 1914, and all other
applicable Laws issued by a Governmental Authority that are designed or intended to prohibit, restrict or regulate actions having the
purpose or effect of monopolization or restraint of trade or lessening of competition through merger or acquisition.

 

“Balance Sheet
Date” has the meaning set forth in Section 3.5(a).

 

“Base Purchase
Price” means $335,000,000.

 

“Basket Amount”
has the meaning set forth in Section 10.5(b).

 

“Business Day”
means any day other than a Saturday, a Sunday or a day on which commercial banking institutions in New York, New York are authorized
or required by Law or executive order to be closed.

 

“Buyer”
has the meaning set forth in the first paragraph of this Agreement.

 

“Buyer Guaranty”
means the guaranty by Clearway Energy Operating LLC, a Delaware limited liability company, of Buyer’s obligations hereunder, dated
as of the Effective Date and attached as Exhibit A.

 

“Buyer Indemnified
Parties” has the meaning set forth in Section 10.1(a).

 

“Buyer Material
Adverse Effect” means any change or effect resulting from events, actions, inactions or circumstances that, individually
or in the aggregate, prevents, restricts or delays the ability of Buyer to perform its obligations under this Agreement or to consummate
the Contemplated Transactions.

 

    2

     

    

 

“Buyer Tax Returns”
has the meaning set forth in Section 5.4(b)(ii).

 

“Cap”
has the meaning set forth in Section 10.5(a).

 

“CARES
Act” means, collectively, the Coronavirus Aid, Relief, and Economic Security Act, ‎Pub.
L. 116–136 (116th Cong.) (Mar. 27, 2020), as amended, and the Consolidated Appropriations Act, 2021.

 

“Class B
Interests” means, collectively, (i) the “Class B Interests” in Four Brothers, as “Class B
Interests” is defined in the Organizational Documents of Four Brothers, (ii) the “Class B Interests” in Iron
Springs, as “Class B Interests” is defined in the Organizational Documents of Iron Springs, and (iii) the “Class B
Interests” in Granite Mountain, as “Class B Interests” is defined in the Organizational Documents of Granite Mountain.

 

“Closing”
has the meaning set forth in Section 8.1.

 

“Closing Date”
has the meaning set forth in Section 8.1.

 

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

 

“Contemplated
Transactions” means the transactions contemplated by this Agreement and the Transaction Documents.

 

“Contract”
means a contract, note, bond, mortgage, deed of trust, indenture, lease, instrument or other arrangement that is legally binding.

 

“COVID-19”
means SARS-CoV-2 or COVID-19, and any evolutions thereof or related outbreaks.

 

“COVID-19 Measures”
means any quarantine, “shelter in place,” “stay at home,” workforce reduction, social distancing, shut down,
closure, sequester or any other Laws, directives, guidelines or recommendations by any Governmental Authority in connection with or in
response to COVID-19, including the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

 

“DOJ”
means the United States Department of Justice.

 

“Dominion Marks”
has the meaning set forth in Section 5.7(a)(i).

 

“Effective Date”
has the meaning set forth in the first paragraph of this Agreement.

 

“Environmental
Laws” means any Law relating to the environment, or to handling, storage, transportation, emissions, discharges, releases
or threatened emissions, discharges or releases of Hazardous Substances into the environment, including ambient air, surface water, ground
water or land, or otherwise relating to the manufacture, processing, distribution, use, treatment or disposal of any Hazardous Substances,
including, but not limited to, the Clean Air Act, the Federal Water Pollution Control Act (including, but not limited to the Clean Water
Act and the Oil Pollution Act), the Safe Drinking Water Act, the Federal Solid Waste Disposal Act (including, but not limited to, the
Resource Conservation and Recovery Act of 1976), the Comprehensive Environmental Response, Compensation, and Liability Act, the Toxic
Substances Control Act, the Federal Insecticide, Fungicide and Rodenticide Act, the Emergency Planning and Community Right-to-Know Act,
and the Occupational Safety and Health Act (to the extent relating to human exposure to Hazardous Materials) and any other federal, state
or local laws, ordinances, rules or regulations now or hereafter existing relating to any of the foregoing.

 

    3

     

    

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended.

 

“Estimated Purchase
Price” has the meaning set forth in Section 2.1(b).

 

“EWG”
means an exempt wholesale generator that meets the criteria as defined in Title 18 of the Code of Federal Regulations. § 366.1,
as amended.

 

“Excluded Assets”
has the meaning set forth in Section 5.7(a).

 

“Excluded Records”
means (i) all corporate, financial, Tax, human resources and legal data and records that relate to the business(es) generally of
Seller or its Affiliates (whether or not relating to the Sale Entities) or that contain information related to Seller or its Affiliates
(excluding the Sale Entities); (ii) any data, software and records to the extent disclosure or transfer is prohibited or subjected
to payment of a fee or other consideration by any license agreement or other Contract with a Person other than Affiliates of Seller,
or by applicable Law, and for which no consent to transfer has been received or for which Buyer has not agreed in writing to pay the
fee or other consideration, as applicable; (iii) any data and records relating to any sale of the Sale Entities, including bids
received from and records of negotiations with third Persons; (iv) any data and records relating primarily to the Excluded Assets;
and (v) any data or records that are subject to attorney-client privilege.

 

“Existing Back-Leverage
Financing” means the transactions contemplated by that certain Financing Agreement, dated as of May 12, 2017, as amended,
by and among Seller and the financial institutions and other parties thereto, and related agreements, including existing interest rate
hedging arrangements associated with the foregoing.

 

“FERC”
means the United States Federal Energy Regulatory Commission.

 

“FFCRA”
means the Families First Coronavirus Response Act, Pub. L. No. 116-127 (116th Cong.) (Mar. 18, 2020).

 

“Final Closing
Statement” has the meaning set forth in Section 2.1(c)(iii).

 

“Financial Statements”
has the meaning set forth in Section 3.5(a).

 

“Four Brothers”
means Four Brothers Solar, LLC, a Delaware limited liability company.

 

“Four Brothers Holdco”
means Four Brothers Holdings, LLC, a Delaware limited liability company and an Affiliate of Buyer.

 

“FPA”
means the Federal Power Act of 1935, as amended, and the rules and regulations promulgated thereunder.

 

    4

     

    

 

“FTC”
means the United States Federal Trade Commission.

 

“Fundamental
Representations” means the representations and warranties set forth in Section 3.1 (Organization; Qualification
and Power), Section 3.2 (Authorization; Validity), Section 3.3(a) (No Conflict), Section 3.4
(Capitalization), Section 3.11 (Brokers), Section 4.1 (Organization; Qualification and Power), Section 4.2
(Authorization; Validity), Section 4.3(a) (No Conflict) and Section 4.5 (Brokers).

 

“Governmental
Authority” means any (a) national, state, county, regional, municipal or other local government (whether domestic
or foreign) and any political subdivision thereof, (b) any court or administrative tribunal, (c) any other governmental, quasi-governmental,
judicial, public or statutory instrumentality, authority, body, agency, bureau or entity of competent jurisdiction (including any zoning
authority, FERC or any comparable authority), or (d) any non-governmental agency, tribunal or entity that is vested by a governmental
agency with applicable jurisdiction.

 

“Granite Mountain”
means Granite Mountain Holdings, LLC, a Delaware limited liability company.

 

“Granite Mountain Holdco”
means Granite Mountain Renewables, LLC, a Delaware limited liability company and an Affiliate of Buyer.

 

“Hazardous Substances”
means any substance, element, compound or mixture, whether solid, liquid or gaseous: (a) which is defined as “hazardous waste”
or “hazardous substance” or “pollutant” or “contaminant” under any Environmental Law; (b) which
is otherwise hazardous and is subject to regulation by any Governmental Authority; (c) petroleum hydrocarbons (other than naturally
occurring petroleum hydrocarbons); (d) polychlorinated biphenyls (PCBs); (e) asbestos-containing materials (other than naturally
occurring asbestos); or (f) radioactive materials (other than naturally occurring radioactive materials).

 

“Holdcos Waiver
Letter” has the meaning set forth in the recitals.

 

“HSR Act”
means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

 

“Indebtedness”
of any Person shall mean: (i) any obligation or liability for borrowed money of such Person, including loans, lines of credit or
similar facilities to the extent drawn, term loans, mortgage loans, bonds, debentures and notes, together with all accrued but unpaid
interest relating to any of the foregoing and (ii) any obligations or liability in respect of any swap, currency, interest rate
derivative or hedging transactions, with the amount of Indebtedness thereunder to be deemed to be equal to any obligation or liability
to pay any breakage cost, determined as of an applicable date, that would be payable by such Person in order to terminate any such transaction.

 

“Indemnified
Party” has the meaning set forth in Section 10.2.

 

“Indemnifying
Party” has the meaning set forth in Section 10.2.

 

    5

     

    

 

“Independent
Auditor” means PricewaterhouseCoopers LLP or, if PricewaterhouseCoopers LLP is unable to serve, an impartial nationally
recognized firm of independent certified public accountants other than a present or former accounting firm of any of the Parties or any
of such Parties’ Affiliates, mutually agreed to by Buyer and Seller.

 

“Insurance Policies”
has the meaning set forth in Section 3.17.

 

“Iron Springs”
means Iron Springs Holdings, LLC, a Delaware limited liability company.

 

“Iron Springs Holdco”
means Iron Springs Renewables, LLC, a Delaware limited liability company and an Affiliate of Buyer.

 

“JV Entity”
or “JV Entities” means each of Granite Mountain, Iron Springs and Four Brothers.

 

“Law”
means any applicable constitutional provision, statute, ordinance or other law, rule, regulation, or interpretation of any Governmental
Authority and any decree, injunction, stay, judgment, order, ruling, decision, assessment or writ.

 

“Lease”
has the meaning set forth in Section 3.9.

 

“Liens”
means liens, charges, security interests, restrictions, options, pledges, claims or encumbrances of any nature, other than those set
forth in the Organizational Documents of the Sale Entities.

 

“material”
or “materially” means, when used with respect to Seller, material to the Sale Entities, taken as a whole, and
when used with respect to Buyer, material to Buyer.

 

“Material Adverse
Effect” means any change or effect resulting from events, actions, inactions or circumstances that is materially adverse
to the business, assets, financial condition or results of operations of the Sale Entities, taken as a whole, excluding, in any case,
(i) any change or effect resulting from conditions or developments in the economy, industry, financial markets, interest rates,
securities markets, commodity markets, fuel markets or power markets generally applicable to the industries or the markets in which any
of the Sale Entities or the Projects participate, including any change or effect in drivers of revenue for the Projects, (ii) any
change or effect resulting from conditions or developments in any transmission system or any independent system operator or regional
transmission organization, (iii) any change or effect resulting from changes in accounting rules or principles (or any interpretations
thereof), including changes in U.S. GAAP, (iv) any change or effect resulting from changes in any Laws that apply generally to any
of the Sale Entities or the Projects, or any changes in the enforcement thereof, (v) any change or effect resulting from legal,
regulatory or political conditions generally or in any specific region, including any change or effect resulting from or associated with
acts of war or terrorism or changes imposed by a Governmental Authority to address concerns associated with war or terrorism, (vi) any
change or effect resulting from a strike, lockout, work stoppage or other labor action, (vii) any change or effect resulting
from weather, natural disaster, meteorological or geological events, (viii) any matter disclosed on any Schedule, (ix) any
change or effect resulting from the announcement of the execution of this Agreement (or any other agreement to be entered into pursuant
to this Agreement), or the pendency of or consummation of the Contemplated Transactions, or the identity of Buyer, (x) any change
or effect resulting from any actions to be taken at the written request of Buyer or with the written approval of Buyer, and (xi) any
epidemic, pandemic or disease outbreak (including COVID-19), or any Law issued by a Governmental Authority, the Centers for Disease Control
and Prevention, the World Health Organization or industry group providing for COVID-19 Measures, business closures, “sheltering-in-place,”
curfews or other restrictions that relate to, or arise out of, an epidemic, pandemic or disease outbreak (including COVID-19) or any
change in such Law or interpretation thereof following the date of this Agreement or any worsening of such conditions threatened or existing
as of the date of this Agreement; provided, that any change, effect, event or circumstance referred to in the immediately preceding clauses
(i) – (vii) and (xi) will be taken into account for purposes of determining whether there has been a Material Adverse
Effect to the extent (and only to the extent) such change, effect, event or circumstance adversely affects the Sale Entities, taken as
a whole, in a disproportionately adverse manner relative to similar companies in the same industry and applicable geographies.

 

    6

     

    

 

“Material Contract”
has the meaning set forth in Section 3.9.

 

“MBR Authority”
means a final non-appealable order from FERC pursuant to Section 205 of the FPA authorizing the sale at wholesale of electric energy,
capacity and ancillary services at market-based rates, accepting a tariff providing for such sales, and granting such waivers and blanket
authorizations as are customarily granted by FERC to a similarly situated company that sells wholesale electric energy, capacity and
ancillary services at market-based rates, including blanket authorization to issue securities and assume liabilities pursuant to Section 204
of the FPA; provided that such order from FERC shall be deemed to be final and non-appealable upon issuance in the event that no third
party intervenes in the proceeding and opposes or proposes limitations on the authorizations requested by the applicant.

 

“MW”
means megawatt, which is 1,000,000 watts.

 

“Net Working
Capital” means (without duplication) 50% of the sum of the net working capital of the Sale Entities, as determined in accordance
with the methodology used in the preparation of Sample Net Working Capital Calculation set forth on Schedule B, and otherwise
in accordance with GAAP as of 11:59 P.M. (Eastern time) on the Closing Date.

 

“Notice of Disagreement”
has the meaning set forth in Section 2.1(c)(iv).

 

“O&M Agreement”
has the meaning set forth in Section 3.9.

 

“Order”
means any writ, judgment, injunction, ruling, decision or order of any Governmental Authority, whether preliminary or final.

 

“Organizational
Documents” means with respect to any Person, the certificate or articles of incorporation or organization and by-laws,
the limited partnership agreement, the partnership agreement, the limited liability company agreement, the operating agreement or the
trust agreement, or such other organizational documents of such Person, including those that are required to be registered or kept in
the jurisdiction of incorporation, organization or formation of such Person and which establish the legal personality of such Person.

 

    7

     

    

 

“Pandemic Response
Laws” means the CARES Act, the FFCRA, the Payroll Tax Executive Order, the Consolidated Appropriations Act, 2021, Pub.
L. No. 116-260 (116th Cong. (Dec. 27, 2020)), any other similar or additional federal, state, local, or foreign law, or administrative
guidance intended to benefit taxpayers in response to the COVID-19 pandemic and associated economic downturn

 

“Parties”
means Buyer and Seller and “Party” means Buyer or Seller as applicable.

 

“Payoff Agreement”
means the payoff and release agreement to be entered into by the Collateral Agent and Administrative Agent, the financial institutions
party to the Existing Back-Leverage Financing, Seller and Buyer in connection with the payoff, termination and release of the Existing
Back-Leverage Financing and the credit facilities thereunder, in form and substance reasonably satisfactory to Seller and Buyer, and
which shall specify, as of the Closing Date, (i) the amount required to be paid to terminate the Existing Back-Leverage Financing
(exclusive of the Swap Breakage Fees) and (ii) the Swap Breakage Fees.

 

“Payroll Tax
Executive Order” means the Presidential Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19
Disaster, as issued on August 8, 2020 and including any administrative or other guidance published with respect thereto by any Governmental
Authority (including IRS Notice 2020-65).

 

“Permit”
means all licenses, permits, consents, authorizations, approvals, ratifications, certifications or registrations granted or issued by
any Governmental Authority.

 

“Permitted Liens”
means any (a) mechanic’s, laborer’s, workmen’s, repairmen’s and carrier’s Liens, including all statutory
Liens (i) relating to obligations as to which there is no existing default on the part of the Sale Entities or (ii) that Seller
is contesting in good faith through appropriate proceedings and set forth on Schedule 1.1(a) and as to which adequate reserves
in accordance with GAAP have been taken on the books of the Sale Entities; (b) Liens for Taxes, assessments and other governmental
charges not yet due and payable or, if due, (i) not delinquent or (ii) being contested in good faith through appropriate proceedings
and set forth on Schedule 1.1(a) and as to which adequate reserves in accordance with GAAP have been taken on the books of
the Sale Entities; (c) good faith deposits in connection with bids, tenders, leases, contracts or other agreements, including rent
security deposits; (d) pledges or deposits to secure public or statutory obligations or appeal bonds; (e) any other Liens set
forth on Schedule 1.1(a); (e) as of the Effective Date, any Liens securing the Existing Back-Leverage Financing; (f) as
of the Closing Date, any Liens securing the interest rate swaps that are the subject of the Swap Novation Agreements; and (g) Liens
that would not, individually or in the aggregate, interfere in any material adverse respect with the ability of any Sale Entity to use
the property encumbered thereby for its intended purpose in connection with the Project related to such Sale Entity.

 

“Person”
means and includes an individual, a partnership, a joint venture, a corporation, a union, a limited liability company, a trust, an unincorporated
organization or a Governmental Authority or any other separate legal entity recognized pursuant to Law.

 

    8

     

    

 

“Plan”
means an “employee benefit plan” within the meaning of Section 3(3) of ERISA, any specified fringe benefit plan
as defined in Section 6039D of the Code, and any of the following involving the payment of compensation: any other bonus, incentive
compensation, deferred compensation, profit-sharing, stock-option, stock-appreciation right, stock-bonus, stock-purchase, employee-stock-ownership,
savings, severance, change in control, supplemental unemployment, layoff, salary-continuation, retirement, pension, health, life-insurance,
disability, accident, group-insurance, vacation, holiday, sick-leave, fringe-benefit, or welfare plan, and any other employee compensation
or benefit plan, Contract (including any collective bargaining agreement), policy, practice, commitment or understanding (whether qualified
or non-qualified, currently effective or terminated, written or unwritten) and any trust, escrow or other agreement related thereto.

 

“Post-Closing
Tax Period” means any taxable period commencing subsequent to the Closing Date and, for any Straddle Period, the portion
of such Straddle Period that begins immediately after the Closing Date.

 

“PPA”
has the meaning set forth in Section 3.9.

 

“Pre-Closing
Tax Period” means each of (a) any taxable period ending prior to the Closing Date, (b) any taxable period ending
on the Closing Date, and (c) with respect to any Straddle Period, the portion of such Straddle Period ending on the Closing Date.

 

“Pre-Closing
Taxes” means each of (a) any liability of any Sale Entity for Taxes attributable to any Pre-Closing Tax Period (other
than a Straddle Period), (b) any liability (determined in accordance with Section ‎5.4(b)(iv))
of any Sale Entity for Taxes attributable to the pre-Closing portion of any Straddle Period, in each case, including (without limitation,
but for the avoidance of doubt) any Tax of any Sale Entity attributable to a Pre-Closing Tax Period, but with respect to which liability
for (or required payment of) such Tax has been deferred to a period (or portion thereof) subsequent to the Closing pursuant
to any Pandemic Response Law (including, without limitation, all “applicable employment taxes” (as defined in Section 2302(d)(1) of
the CARES Act)), and (c) any liability or Tax incurred or assessed that is attributable to any transfer or other disposition of
any of the Excluded Assets (or otherwise attributable to any of the Excluded Assets). Notwithstanding the foregoing, or any provision
hereof to the contrary, with respect to the calculation of Pre-Closing Taxes for a particular taxable period, the amount of Pre-Closing
Taxes for such taxable period with respect to (but solely with respect to) a Sale Entity in such taxable period shall be equal to
(i) the aggregate amount of Pre-Closing Taxes with respect to such Sale Entity that are attributable to such taxable period, multiplied
by (ii) Seller’s maximum (direct or indirect) economic interest in such Sale Entity in such taxable period.

 

“Project”
or “Projects” has the meaning set forth in the recitals.

 

“Project Company”
or “Project Companies” has the meaning set forth in the recitals.

 

“PUHCA”
means the Public Utility Holding Company Act of 2005, as amended, and all rules and regulations adopted thereunder.

 

“Purchase Price”
has the meaning set forth in Section 2.1(b).

 

“QF”
means a “qualifying small power production facility” as such term is defined in Section 3(17)(C) of the FPA and
the implementing regulations of FERC at 18 C.F.R. § 292.203(a).

 

    9

     

    

 

“Reasonable Efforts”
means commercially reasonable efforts.

 

“Records”
means the agreements, documents, data, books and records, files and other information, in each such case, relating to the business and
operations of the Sale Entities (other than the Excluded Records), to the extent relating primarily to the Sale Entities.

 

“REC PSA”
has the meaning set forth in Section 3.9.

 

“Representatives”
means, with respect to any Person, the officers, directors, principals, employees, agents, consultants, auditors, advisors, bankers and
other representatives of such Person.

 

“Sale Entity”
or “Sale Entities” means, individually or collectively, as the context requires, each JV Entity, each Project
Company, and each Subsidiary of any of the foregoing.

 

“Sale Entity
Credit Support” has the meaning set forth in Section 5.8(b).

 

“Securities Act”
means the Securities Act of 1933, as amended.

 

“Seller”
has the meaning set forth in the first paragraph of this Agreement.

 

“Seller Indemnified
Parties” has the meaning set forth in Section 10.1(b).

 

“Seller Tax Returns”
has the meaning set forth in Section 5.4(b)(i).

 

“Seller’s
Knowledge” means the actual knowledge, after reasonable inquiry of direct reports, of the individuals listed on Schedule
1.1(b).

 

“Straddle Period”
means any taxable period that begins on or prior to the Closing Date and ends subsequent to the Closing Date.

 

“Subsidiary”
means, with respect to a particular Person, any other Person in which such Person owns or holds a direct or indirect interest (economic
or otherwise).

 

“Swap Breakage
Fees” means the breakage fees in the amount set forth in the Payoff Agreement to be paid by Buyer in connection with the
termination of the interest rate hedging arrangements associated with the Existing Back-Leverage Financing in accordance with Section 5.12;
provided, that if Seller elects to terminate such interest rate hedging arrangements prior to the Closing Date, such amount shall equal
$0.

 

“Swap Novation
Agreements” means, with respect to each of the interest rate hedging arrangements associated with the Existing Back-Leverage
Financing, a novation agreement substantially in the form of Exhibit B.

 

“Target Net Working
Capital” means an amount equal to $8,024,731; provided, that if the Closing occurs after December 1, 2021, the Target
Net Working Capital shall be reduced by $80,105.05 for each day that has elapsed between December 1, 2021 and the Closing Date.

 

    10

     

    

 

“Tax Return”
means any return, declaration, report, statement, claim for refund, or other document, together with all amendments and supplements thereto
(including all related and supporting information) required to be filed with a Governmental Authority in respect of Taxes.

 

“Tax”
or “Taxes” means (a) any or all federal, state, county, local, provincial, foreign, and other taxes (including,
without limitation, but for the avoidance of doubt, income, gross income, net income, profits, premium, disability, alternative minimum,
stamp, value added, goods and services, estimated, excise, sales, use, occupancy, rent, gross receipts, franchise, inventory, ad valorem,
severance, capital levy, capital gains, net worth, production, environmental, fuel, escheat, unclaimed property, transfer, deed, documentary,
recording, conveyance, license, lease, registration, withholding, employment, social contribution, social security (or similar),
unemployment compensation, imputed underpayment under Section 6225 of the Code (or any other similar provision of state, local
or non-U.S. law), and other payroll-related taxes, real property taxes, personal property taxes, import duties, custom duties, and other
governmental charges and assessments of any kind or nature), whether disputed or not and including deficiencies, interest, additions
to tax or interest and penalties with respect thereto, (b) any liability for the payment of amounts described in clause (a) as
a result of transferee liability, of being a member of an affiliated, consolidated, combined or unitary group for any period or otherwise
through operation of law; (c) any liability for the payment of amounts described in clauses (a) or (b) as a result of
any tax sharing, tax indemnity, or tax allocation agreement or any other agreement to indemnify any other Person (other than any such
agreement entered into in the ordinary course of business the primary purpose of which is not Taxes).

 

“Termination
Date” has the meaning set forth in Section 9.1(b).

 

“Transaction
Documents” means this Agreement, the Payoff Agreement, the Swap Novation Agreements, the Transition Services Agreement,
the Holdcos Waiver Letter and each other agreement, document and instrument required to be executed in accordance with this Agreement,
and any other agreements, documents or instruments entered into at or prior to the Closing in connection with this Agreement or the transactions
contemplated hereby.

 

“Transaction
Tax Deductions” has the meaning set forth in Section 5.4(b)(iv).

 

“Transfer Tax”
means any and all transfer (including, without limitation, but for the avoidance of doubt, bulk transfer, real property, and tangible
personal property), sales, use, goods and services, value added, documentary, stamp, stamp duty, mortgage, registration, license, lease,
leasehold interest, deed recording fee, recording, filing, gross receipts, excise, stock, and conveyance Taxes and other similar Taxes,
duties, fees, or charges (including, for the avoidance of doubt, any deficiency, interest, additions to tax, or interest and penalties
with respect thereto) assessed, incurred, imposed by any Governmental Authority as a result of, or payable or collectible in connection
with, (x) the purchase by Buyer of the Class B Interest or (y) the Contemplated Transaction; provided, however,
that the term “Transfer Tax” shall not include any income Tax.

 

“Transition Services
Agreement” means an agreement substantially in the form attached hereto as Exhibit C, providing for Seller
to provide Buyer with transition services for the Projects, for a period of ninety (90) days after the Closing.

 

    11

     

    

 

“Treasury Regulations”
means the regulations promulgated by the United States Treasury Department under the Code.

 

“U.S. GAAP”
means accounting principles generally accepted in the United States of America.

 

“Working Capital
Overage” shall exist when (and shall be equal to the amount by which) the Net Working Capital exceeds the Target Net Working
Capital.

 

“Working Capital
Underage” shall exist when (and shall be equal to the amount by which) the Target Net Working Capital exceeds the Net Working
Capital.

 

Section 1.2        Terms
Generally. Unless otherwise required by the context in which any term appears:

 

(a)        Capitalized
terms used in this Agreement shall have the meanings specified in this Article.

 

(b)        The
singular shall include the plural, the plural shall include the singular, and the masculine gender shall include the feminine and neutral
genders and vice versa.

 

(c)        References
to “Articles,” “Sections,” “Schedules” or “Exhibits” shall be to articles, sections,
schedules or exhibits of or to this Agreement unless stated otherwise, and references to “paragraphs” or “clauses”
shall be to separate paragraphs or clauses of the section or subsection in which the reference occurs.

 

(d)        The
words “herein,” “hereof” and “hereunder” shall refer to this Agreement as a whole and not to any
particular section or subsection of this Agreement; and the words “include,” “includes” or “including”
shall mean “including, without limitation.”

 

(e)        The
word “or” will have the inclusive meaning represented by the phrase “and/or;” and “shall” and “will”
mean “must,” and shall have equal force and effect and express an obligation.

 

(f)         “Writing,”
 “written” and comparable terms refer to printing, typing and other means of reproducing in a visible form.

 

(g)        The
term “day” shall mean a calendar day, commencing at 12:00 a.m. (local time in Richmond, Virginia). The term “month”
shall mean a calendar month; provided that when a period measured in months commences on a date other than the first day of a
month, the period shall run from the date on which it starts to the corresponding date in the next month and, as appropriate, to succeeding
months thereafter. Whenever an event is to be performed or a payment is to be made by a particular date and the date in question falls
on a day which is not a Business Day, the event shall be performed, or the payment shall be made, on the next succeeding Business Day;
provided, however, that all calculations shall be made regardless of whether any given day is a Business Day and whether
or not any given period ends on a Business Day. Time is of the essence in this Agreement.

 

    12

     

    

 

(h)       All
references to a particular entity shall include such entity’s permitted successors and permitted assigns unless otherwise specifically
provided herein.

 

(i)         All
references herein to any Law or to any Contract shall be to such Law or Contract as amended, supplemented or modified from time to time
unless otherwise specifically provided herein.

 

(j)        The
titles of the articles, sections, schedules and exhibits herein have been inserted as a matter of convenience of reference only, and
shall not control or affect the meaning or construction of any of the terms or provisions hereof.

 

(k)        This
Agreement was negotiated and prepared by both of the Parties with advice of counsel to the extent deemed necessary by each Party; the
Parties have agreed to the wording of this Agreement; and none of the provisions hereof shall be construed against any Party on the ground
that such Party is the author of this Agreement or any part hereof.

 

(l)         The
Schedules and Exhibits hereto are incorporated in and are intended to be a part of this Agreement; provided, however, that
in the event of a conflict between the terms of any Schedule or Exhibit and the terms of Articles I through XI of
this Agreement, the terms of Articles I through XI of this Agreement shall take precedence.

 

(m)       All
monetary amounts contained in this Agreement refer to currency of the United States.

 

ARTICLE II

PURCHASE AND SALE OF CLASS B INTERESTS

 

Section 2.1        Purchase
and Sale of the Class B Interests. Subject to the terms and conditions set forth in this
Agreement:

 

(a)        Transfer
of the Class B Interests. At the Closing and for the consideration specified in Section 2.1(b), Seller shall sell,
convey, transfer, assign and deliver to Buyer, and Buyer shall purchase, acquire and accept from Seller all of the Class B Interests.

 

(b)        Purchase
Price. The total cash consideration to be paid by Buyer for the Class B Interests (the “Purchase Price”)
shall be equal to the Base Purchase Price, as adjusted pursuant to Section 2.1(c). At the Closing, Buyer shall pay, or cause
to be paid to Seller, an amount (the “Estimated Purchase Price”) as reasonably estimated and determined by
Seller pursuant to Section 2.1(c)(ii) below. The Estimated Purchase Price shall be paid by wire transfer of immediately
available funds to one or more accounts designated by Seller.

 

(c)         Closing
Adjustment.

 

(i)           In
order to calculate the Purchase Price, the Base Purchase Price shall be (A) decreased, dollar for dollar, by the Working Capital
Underage, if any, or increased, dollar for dollar, by the Working Capital Overage, if any, and (B) decreased, dollar for dollar,
by the amount of the Swap Breakage Fees.

 

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(ii)         At
least five (5) Business Days prior to the scheduled Closing Date, Seller shall prepare and deliver to Buyer a statement setting
forth Seller’s good faith estimate of the adjustment amounts in Section 2.1(c)(i) above and the Estimated Purchase
Price as of the Closing, together with reasonable supporting documentation as may be reasonably requested by Buyer.

 

(iii)        As
promptly as practical following the Closing, but in no event later than sixty (60) days after the Closing Date, Buyer shall deliver to
Seller a written statement (the “Final Closing Statement”) setting forth the actual adjustment amounts in Section 2.1(c)(i) above
and the Purchase Price as of the Closing, together with reasonable supporting documentation as may be reasonably requested by Seller.

 

(iv)        The
Final Closing Statement shall become final and binding on the 30th day following delivery thereof, unless prior to the end of such period,
Seller delivers to Buyer written notice of its disagreement (a “Notice of Disagreement”) specifying the nature
and amount of any dispute. Seller shall be deemed to have agreed with all items and adjustment amounts not specifically referenced in
the Notice of Disagreement, and such items and amounts shall not be subject to review in accordance with Section 2.1(c)(v).

 

(v)          During
the 30-day period following delivery of a Notice of Disagreement by Seller to Buyer, the parties in good faith shall seek to resolve
in writing any differences that they may have with respect to the computation of the adjustment amounts as specified therein. Any disputed
items resolved in writing between Seller and Buyer within such 30-day period shall be final and binding with respect to such items, and
if Seller and Buyer agree in writing on the resolution of each disputed item specified by Seller in the Notice of Disagreement, the amounts
so determined shall be final and binding on the parties for all purposes hereunder. If Seller and Buyer have not resolved all such differences
by the end of such 30-day period, Seller and Buyer shall submit, in writing, to an Independent Auditor, their briefs detailing their
views as to the correct nature and amount of each item remaining in dispute and the adjustment amounts, and the Independent Auditor shall
make a written determination as to each such disputed item and the adjustment amounts, which determination shall be final and binding
on the parties for all purposes hereunder and shall not be subject to appeal or further review. The Independent Auditor shall consider
only those items and amounts in Seller’s and Buyer’s respective calculations of the adjustment amounts that are identified
as being items and amounts to which Seller and Buyer have been unable to agree. In resolving any disputed item, the Independent Auditor
may not assign a value to any item greater than the greatest value for such item claimed by either party or less than the smallest value
for such item claimed by either party. Seller and Buyer shall use their Reasonable Efforts to cause the Independent Auditor to render
a written decision resolving the matters submitted to it as promptly as practicable, and in any event within 30 days following the
submission thereof.

 

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(vi)        The
costs of any dispute resolution pursuant to Section 2.1(c)(v), including the fees and expenses of the Independent Auditor
and of any enforcement of the determination thereof, shall be borne by each Party in the percentage inversely proportionate to the percentage
of the total items submitted for dispute that are resolved in such Party’s favor. The fees and disbursements of the Representatives
of each party incurred in connection with the preparation or review of the Final Closing Statement and preparation or review of any Notice
of Disagreement, as applicable, shall be borne by such Party.

 

(vii)        If
the Purchase Price as finally determined pursuant to this Section 2.1 is greater than the Estimated Purchase Price, Buyer
shall promptly pay to Seller the amount of the difference. If the Purchase Price as finally determined pursuant to this Section 2.1
is less than the Estimated Purchase Price, Seller shall promptly pay to Buyer the amount of the difference. Any payments pursuant
to this Section 2.1(c)(vii) shall be made within two (2) Business Days after the determination of the Purchase
Price pursuant to Section 2.1(c)(iii) – (vi) above and shall be made by wire transfer of immediately
available funds to one or more accounts of Buyer or Seller, as the case may be, as designated by the Party receiving payment.

 

Section 2.2        Allocation.

 

(a)        Within
sixty (60) days after determination of the Purchase Price in accordance with Section 2.1(c), Buyer shall prepare and deliver
to Seller a statement (the “Allocation Statement”) reflecting the allocation of the final Purchase Price, as
adjusted to reflect assumed liabilities and other amounts deemed paid by Buyer for federal income tax purposes, among the Class B
Interests of each JV Entity and, with respect to that portion of the adjusted Purchase Price allocated to each JV Entity, among the separate
classes of assets of such JV Entity (including the assets of the Project Companies owned by such JV Entity) in a manner that is consistent
with the allocation methodology provided by Section 755 and Section 1060 of the Code and the Treasury Regulations promulgated
thereunder (the “Allocation”). Within thirty (30) days following the receipt by Seller of the Allocation Statement,
Seller shall review the Allocation and submit to Buyer in writing any proposed changes to the Allocation Statement. Unless Seller objects
to the Allocation Statement with written notice to Buyer specifying the reasons therefor in reasonable detail by the expiration of such
thirty (30) day period, the Allocation Statement prepared and delivered to Seller pursuant to this Section 2.2(a) shall
be deemed agreed upon by the Parties and shall be deemed conclusive for purposes of the Allocation.

 

(b)         If
Seller timely submits proposed changes to the Allocation Statement in accordance with Section 2.2(a), then the Parties shall work
in good faith to resolve any dispute as to the Allocation Statement which Seller timely notified Buyer pursuant to Section 2.2(a) within
thirty (30) days after receiving an objection notice from Seller. If Buyer and Seller are unable to agree upon an allocation within such
thirty (30) day period, then none of Buyer or Seller will be bound by the Allocation Statement prepared by Buyer, and each of Buyer and
Seller (and each of their respective Affiliates) may independently determine its own allocation of the Purchase Price and file its Tax
Returns using alternative allocations of its choosing. If Buyer and Seller ultimately agree on the Allocation Statement, Buyer and Seller
shall file (and shall cause each of their respective Affiliates to file) all income Tax Returns consistent with the Allocation Statement.

 

    15

     

    

 

Section 2.3        Withholding.
Notwithstanding anything to the contrary stated elsewhere in this Agreement, Buyer and any other
applicable withholding agent shall be entitled to deduct and withhold from the consideration otherwise payable pursuant to, or contemplated
by, this Agreement such amounts as such Person is required to deduct and withhold with respect to the making of such payment under applicable
Law. To the extent that such amounts are so withheld and paid over to the applicable Governmental Authority, such withheld and deducted
amounts will be treated for all purposes of this Agreement as having been paid to the applicable Person in respect of which such deduction
and withholding was made. If Buyer determines that an amount is required to be deducted and withheld with respect to any amount payable
by or on behalf of such Buyer pursuant to this Agreement, Buyer shall provide Seller with advance written notice of the intent to deduct
and withhold at least three (3) days prior to the date of any such payment, which notice shall include a copy of the calculation
of the amount to be deducted and withheld and any applicable provision of state, local or foreign Tax Law pursuant to which such deduction
and withholding is required and provide the recipient of such payment a reasonable opportunity for such recipient to provide forms or
other evidence that would exempt such amounts from withholding.

 

Section 2.4         Effective
Date Actions. On the Effective Date, Buyer has delivered to Seller a duly executed copy of the
Buyer Guaranty.

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF SELLER

 

Except as otherwise disclosed
in this Agreement or in any Schedule delivered by Seller to Buyer, Seller hereby represents and warrants to Buyer as follows:

 

Section 3.1        Organization;
Qualification and Power.

 

(a)        Seller
is a corporation, duly organized, validly existing and in good standing under the Laws of the Commonwealth of Virginia, and has full
corporate power and authority to execute and deliver this Agreement and each Transaction Document to which it will be a party, to perform
its obligations hereunder and thereunder and to consummate the Contemplated Transactions.

 

(b)        Each
of the Sale Entities is duly organized, validly existing and in good standing under the Laws of such Sale Entities’ jurisdiction
of organization.

 

(c)         Seller
and each of the Sale Entities has all requisite corporate or limited liability company power, as the case may be, and authority to own,
lease and operate its assets and to conduct its business as now conducted.

 

(d)        Each
of the Sale Entities is duly licensed or qualified to transact business as a foreign corporation or limited liability company, as the
case may be, in each jurisdiction in which the nature of the business transacted by it or the character of the properties owned or leased
by it requires such licensing or qualification, except in those jurisdictions where the failure to be so licensed or qualified would
not reasonably be expected to have a Material Adverse Effect.

 

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(e)        Seller
has made available to Buyer true and correct copies of Seller’s and each of the Sale Entities’ Organizational Documents as
in effect as of the Effective Date.

 

Section 3.2        Authorization;
Validity.

 

(a)        The
execution and delivery by Seller of this Agreement and each of the Transaction Documents to which it will be a party, and the performance
by Seller of its obligations hereunder and thereunder, have been duly authorized by all requisite corporate action.

 

(b)        This
Agreement has been, and upon their execution each of the Transaction Documents to which Seller will be a party will have been, duly executed
and delivered by Seller and, assuming due authorization, execution and delivery hereof by Buyer, this Agreement is, and upon their execution
each of the Transaction Documents to which Seller will be a party will be, enforceable against Seller in accordance with its terms, except
as enforceability may be limited by bankruptcy, insolvency, reorganization, fraudulent conveyance, arrangement, moratorium or other similar
Laws now or hereafter in effect relating to or affecting creditors’ rights generally, and general equitable principles (whether
considered in a proceeding in equity or at law).

 

Section 3.3        No
Conflict. Except as set forth on Schedule 3.3, the execution and delivery by Seller of
this Agreement and each of the Transaction Documents to which Seller will be a party do not, and the performance by Seller of its obligations
hereunder and thereunder and the consummation by Seller of the Contemplated Transactions will not:

 

(a)         conflict
with or violate any terms, conditions or provisions of the Organizational Documents of Seller or any of the Sale Entities; or

 

(b)        (i) conflict
with or violate any term or provision of any Law applicable to Seller or any of the Sale Entities, except for such conflicts or violations
which would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, (ii) require any
consent or approval of any Governmental Authority, or notice to, or declaration, filing or registration with, any Governmental Authority,
under any applicable Law, other than (A) such consents, approvals, notices, declarations, filings or registrations which, if not
made or obtained, would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect and (B) such
approvals required as a result of the business activities of Buyer and its Affiliates, or (iii) result in the creation of any Lien
upon any of the assets or properties of any Sale Entity, except for such Liens which would not, individually or in the aggregate, reasonably
be expected to result in a Material Adverse Effect.

 

    17

     

    

 

Section 3.4         Capitalization.

 

(a)         Seller
owns one hundred percent (100%) of the Class B Interests in each of the JV Entities, as set forth in the respective Organizational
Documents of such JV Entities. The only members of (i) Four Brothers are Seller and, to Seller’s Knowledge, Four Brothers
Holdco, (ii) Iron Springs are Seller and, to Seller’s Knowledge, Iron Springs Holdco, and (iii) Granite Mountain
are Seller and, to Seller’s Knowledge, Granite Mountain Holdco. Four Brothers owns all of the respective limited liability company
interests of the Project Companies listed on PART I of Schedule A. Iron Springs owns all of the respective limited liability
company interests of the Project Companies listed on PART II of Schedule A. Granite Mountain owns all of the respective limited
liability company interests of the Project Companies listed on PART III of Schedule A.

 

(b)       All
of the outstanding Class B Interests that are owned by Seller in the JV Entities, as applicable, have been validly created and such
Class B Interests are owned by Seller free and clear of all Liens except for Liens associated with the Existing Back-Leverage Financing
(until such Indebtedness is repaid and such Liens are released as required hereby). All of the outstanding limited liability company
membership interests that are owned by the JV Entities in the Project Companies, as applicable, have been validly created and such interests
are owned by the applicable JV Entities free and clear of all Liens.

 

(c)        No
representations or warranties are made by Seller under this Agreement with respect to Four Brothers Holdco, Iron Springs Holdco,
Granite Mountain Holdco or any of their respective direct or indirect ownership interests in the JV Entities or any Project Company.

 

(d)        Except
for the rights granted to Four Brothers Holdco, Iron Springs Holdco, Granite Springs Holdco and their respective Affiliates, as
applicable, or as otherwise set forth, in the Organizational Documents of the Sale Entities, (i) there are no authorized or outstanding
subscriptions, warrants, options, convertible securities or other rights (contingent or otherwise) to purchase or otherwise acquire from
the Sale Entities any equity interests of or in the Sale Entities, (ii) there are no commitments on the part of the Sale Entities
to issue shares, subscriptions, warrants, options, convertible securities, limited liability company interests, membership interests,
general partnership interests, limited partnership interests or other similar rights, (iii) the Sale Entities have no obligation
(contingent or other) to purchase, redeem or otherwise acquire any of their respective equity securities, and (iv) there is no voting
trust or agreement, stockholders agreement, pledge agreement, buy-sell agreement, right of first refusal, preemptive right or proxy relating
to any equity interests of the Sale Entities.

 

(e)        The
Sale Entities do not own any equity interests in any other Person (other than in another Sale Entity), and no Sale Entity has any obligation
to make any investment (in the form of a capital contribution or otherwise) in any Person (other than in another Sale Entity).

 

Section 3.5         Financial
Statements; No Undisclosed Liabilities; Assets.

 

(a)        Seller
has made available to Buyer each of the following: (i) either combined or individual financial statements of the JV Entities, as
of December 31, 2020, including, in each such case, statements of equity, balance sheets as of the close of such year, and statements
of income and cash flows, all prepared in accordance with U.S. GAAP and audited by an independent certified public accountant, and (ii) either
combined or individual unaudited balance sheets and statements of income of the JV Entities, as of June 30, 2021 (the “Balance
Sheet Date”) and for each subsequent fiscal quarter ended at least sixty (60) days before the Closing Date (collectively,
the “Financial Statements”).

 

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(b)        The
Financial Statements have been prepared in accordance with U.S. GAAP consistently applied and fairly present, in all material respects,
the financial condition of the JV Entities, individually or on a combined basis, as applicable, as of the respective dates thereof and
the cash flows and results of their respective operations for the period covered thereby (subject to normal year-end adjustments and
the absence of disclosures normally made in footnotes, as applicable).

 

(c)        Except
as set forth on Schedule 3.5(c), none of the JV Entities have any liabilities or obligations of a type required to be reflected
on a balance sheet prepared in accordance with U.S. GAAP consistent with past practice, other than those liabilities or obligations which
(i) are reflected or reserved against in the Financial Statements, (ii) have been incurred in accordance with the terms of
this Agreement or any Material Contract, (iii) have been incurred in the ordinary course of business since the Balance Sheet Date,
or (iv) would not individually or in the aggregate reasonably be expected to be material to the Sale Entities, taken as a whole.

 

(d)        Each
Project Company (directly or indirectly) owns or leases its respective material assets free and clear of any material Liens (other than
Permitted Liens).

 

Section 3.6        Absence
of Certain Changes. Except as reflected in the Financial Statements or as set forth on Schedule
3.6, from the Balance Sheet Date to the Effective Date, each Sale Entity has operated, in all material respects, in the ordinary
course of business, consistent with past practices and in accordance with the Organizational Documents.

 

Section 3.7        Compliance
with Law; Permits; Litigation. Except for Tax Matters, which are exclusively addressed by Section 3.8:

 

(a)         Each
Sale Entity is in compliance with all Laws applicable to such Sale Entity, except for instances of non-compliance that would not, individually
or in the aggregate, reasonably be expected to be material to the Sale Entities taken as a whole.

 

(b)        The
Sale Entities have, and are in compliance with, all Permits required by applicable Law to own, operate and maintain their respective
Projects as they are now being owned, operated and maintained except as would not, individually or in the aggregate, reasonably be expected
to be material to the Sale Entities taken as a whole.

 

(c)         Except
as set forth on Schedule 3.7(c), there are no (i) Actions pending or, to Seller’s Knowledge, threatened against any
of the Sale Entities, (ii) outstanding Orders in which Seller or its Affiliates is expressly identified that adversely affect or
bind any of the Sale Entities, their properties or any Project in any material respect, or (iii) investigations which, to Seller’s
Knowledge, are pending or threatened, against any of the Sale Entities, their properties, or any of the Projects, at law or in equity,
or before or by any Governmental Authority, in each case which would reasonably be expected to have a Material Adverse Effect.

 

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Section 3.8        Tax
Matters.

 

(a)         Each
Sale Entity has (i) timely filed all income Tax Returns and all other material Tax Returns that it was required to file and such
Tax Returns are true, correct, and complete in all material respects, (ii) paid all material Taxes required to be paid by it (whether
or not shown to be due on any Tax Return), (iii) timely withheld and remitted to the proper Governmental Authority all material
Taxes required to be withheld by it, and (iv) timely complied, in all material respects, with all applicable information reporting
requirements under all applicable Laws.

 

(b)        No
Sale Entity has waived any statute of limitations in respect of Taxes or agreed to any extension of time with respect to a Tax Return,
Tax assessment or Tax deficiency, which waiver or extension is currently in effect. There are no outstanding requests, agreements, consents,
or waivers to extend the statutory period of limitations applicable to the assessment or collection of any Taxes or deficiencies against
any Sale Entity.

 

(c)         No
Tax ruling has been requested of or received from any Governmental Authority with respect to any material Tax matter relating to any
Sale Entity.

 

(d)        No
Tax Return of a Sale Entity is under examination or audit by any Governmental Authority (and no other audit, examination, proceeding,
or other similar dispute in respect of Taxes of a Sale Entity is pending or otherwise being conducted), and no notice of such an audit
or examination has been received or threatened in writing with respect to a Sale Entity. Any deficiency (whether pertaining to a Sale
Entity or any asset owned or held directly or indirectly by a Sale Entity) resulting from any completed audit or examination relating
to Taxes by any Governmental Authority has been timely paid in full.

 

(e)        No
written claim has been made by a Governmental Authority in a jurisdiction where an applicable Sale Entity does not file Tax Returns that
it is or may be subject to taxation by that jurisdiction. No power of attorney has been executed by or on behalf of a Sale Entity with
respect to Taxes, which is currently in effect.

 

(f)        No
Sale Entity is a party to or bound by any Tax allocation, receivable, indemnity, or sharing agreement (other than any such agreement
entered into in the ordinary course of business the primary purpose of which is not Taxes). No Sale Entity has any liability for the
Taxes of any other Person under Treasury Regulations Section 1.1502-6 (or any similar provision of state, local, provincial or non-U.S.
Law), as a transferee or successor, and whether by operation of law, Contract, or otherwise (other than any Contract entered into the
ordinary course of business the primary purpose of which is not Taxes).

 

(g)        Neither
Seller nor any Sale Entity has entered into or participated in any transaction that is described as (x) a “reportable transaction”
within the meaning of Treasury Regulations Section 1.6011-4(b)(1) (or any similar provision of state or local law) or (y) a
 “tax shelter” within the meaning of Section 6662 of the Code or the Treasury Regulations promulgated thereunder (or
any similar provision of state or local law).

 

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(h)       Other
than Liens for Taxes that are not yet due and payable, there are no Liens for Taxes upon any asset owned by any Sale Entity.

 

(i)        No
asset of any Sale Entity is treated, or has ever been treated, wholly or partly, as “tax-exempt use property” within the
meaning of Section 168(h) of the Code.

 

(j)        Each
of Granite Mountain, Iron Springs, and Four Brothers is and, at all times on and after September 11, 2015, September 11,
2015, and June 12, 2015, respectively, has been treated as a partnership for federal income tax purposes. Each Project Company is
and, at all times on and after its respective date of formation, has been treated, for federal income tax purposes, as an entity disregarded
as separate from its corresponding JV Entity (as set forth on Schedule A attached hereto). Other than the Project Companies
set forth on Schedule A, no JV Entity (i) owns, or ever has owned, any Subsidiary or (ii) owned an interest (economic
or otherwise) in any Person, in each case, after September 11, 2015 (in the case of Granite Mountain and Iron Springs) and after
June 12, 2015 (in the case of Four Brothers).

 

(k)       Each
reference to Seller or any Subsidiary of Seller in this Section 3.8 shall be deemed to include, and shall include, (x) each
Person that merged with and into, or liquidated into, Seller or a Subsidiary of Seller and (y) each Person for which Seller or a
Subsidiary of Seller has any successor or transferee liability (whether by contract, law, or otherwise).

 

This Section 3.8
contains the sole and exclusive representations and warranties of Seller in this Article III with respect to Taxes, except
as otherwise provided in Section 3.12. Except for the representations and warranties in Section 3.8(j), the representations
and warranties in this Section 3.8 refer only to the past activities of the Sale Entities and are not intended to serve as
representations to, or a guarantee of, nor can they be relied upon for or with respect to, and Seller will have no liability or obligation
under this Agreement for any payment or indemnification with respect to, (i) the existence, amount or utilization of any net operating
loss, capital loss, Tax credit, Tax basis or other Tax asset or attribute of any of the Sale Entities in any taxable period (or portion
thereof) following the Closing Date, or (ii) any Taxes attributable to any Tax periods (or portions thereof) beginning after, or
Tax positions taken by Buyer for any Sale Entity after, the Closing.

 

Section 3.9       Material
Contracts. Schedule 3.9 contains a true and correct list of (i) the power purchase
agreements to which any of the Sale Entities is a party (each, a “PPA”), (ii) the operation and maintenance
agreements to which any of the Sale Entities is a party (each, an “O&M Agreement”), (iii) the renewable
energy credit purchase and sale agreements to which any of the Sale Entities is a party (each, a “REC PSA”)
and (iv) the leases of real property to which any of the Sale Entities is a party (each, a “Lease” and
together with the PPAs, the O&M Agreements and the REC PSAs, collectively, the “Material Contracts” and
each, a “Material Contract”). Seller has made available to Buyer true, correct and complete copies of each
Material Contract as amended, modified or supplemented through the date hereof. Except as otherwise set forth on Schedule 3.9:
(i) each Material Contract is valid, binding and in full force and effect, and is enforceable by each of the Sale Entities to the
extent such Sale Entity is a party thereto, in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency,
reorganization, fraudulent conveyance, arrangement, moratorium or other similar Laws now or hereafter in effect relating to or affecting
creditors’ rights generally, and general equitable principles (whether considered in a proceeding in equity or at law), (ii) none
of the Sale Entities or, to Seller’s Knowledge, any other party is in material breach of or default under any Material Contract,
and (iii) to Seller’s Knowledge, no circumstance or event has occurred which, with notice or passage of time, or both, would
constitute a material breach of or default under, or would allow termination, modification, or acceleration under any such Material Contract.

 

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Section 3.10      Consents
and Approvals. Except as set forth on Schedule 3.10 or 4.4, the execution and
delivery by Seller of this Agreement and each of the Transaction Documents to which Seller will be a party, the performance by Seller
of its obligations hereunder and thereunder, or the consummation by Seller of the Contemplated Transactions will not violate or result
in a breach of or default under (with or without the giving of notice, the lapse of time, or both) or give rise to any right of termination,
cancellation or acceleration under any Material Contract to which Seller or any Sale Entity is a party except for (a) any such violations,
breaches or defaults or rights of termination, cancellation or acceleration which would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect, and (b) approvals required as a result of the business activities of Buyer and its
Affiliates.

 

Section 3.11      Brokers.
Neither Seller nor any of its Affiliates has any Contract with any investment banking firm,
broker or finder with respect to the Contemplated Transactions which would result in obligations payable by Buyer or any of its Affiliates
(including the Sale Entities, from and after Closing).

 

Section 3.12       Employees;
Employee Benefit Plans.

 

(a)        Seller
has never had any employees, and none of the other Sale Entities has had any employees since Seller acquired the Class B Interests.
To Seller’s Knowledge, none of the Sale Entities have ever had any employees.

 

(b)        None
of the Sale Entities sponsors, maintains, contributes to or has any obligation to contribute to any Plan, and none of the Sale Entities
has sponsored, maintained, contributed to or had any obligation to contribute to any Plan since Seller acquired the Class B Interests.
There does not now exist, nor, to the Seller’s Knowledge, do any circumstances exist that would reasonably be expected to result
in, any material liability (current or contingent) under or with respect to any Plan that would reasonably be expected to result in material
liability of any Sale Entity following the Closing Date. In addition, to Seller’s Knowledge, no circumstances exist that would
reasonably be expected to result in, any material liability for failure to comply with the provisions of Section 601, et seq. of
ERISA and Section 4980B of the Code and Section 701, et seq. of ERISA and Subtitle K of the Code that would be a material liability
of any Sale Entity following the Closing Date.

 

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Section 3.13      Indebtedness.
No Sale Entity has any outstanding Indebtedness other than (a) as of the date hereof (and,
for the avoidance of doubt, not on the Closing Date), the Existing Back-Leverage Financing, (b) any money pool, intercompany or
Affiliate borrowings that will be fully discharged on or prior to the Closing and (c) as of the Closing Date, the interest rate
hedging arrangements that are the subject of the Swap Novation Agreements.

 

Section 3.14      Bankruptcy.
There are no bankruptcy, reorganization or arrangement proceedings pending against, being contemplated
by, or, to Seller’s Knowledge, threatened against, Seller or any Sale Entity.

 

Section 3.15      Regulatory
Status.

 

(a)        Prior
to the generation, transmission, distribution or production, and the sale or delivery of any electric energy (including test energy),
capacity or ancillary services from each Project, each Project Company made all necessary filings with the FERC for the Project owned
by such Project Company and such Project Company, as applicable: (i) to be a QF, (ii) to be an EWG, and (iii) to obtain
MBR Authority.

 

(b)        Each
Project Company that owns an operating Project is exempt from regulation under PUHCA, pursuant to either 18 C.F.R. § 292.602 or
18 C.F.R. § 366.3(a), as applicable, except, with respect to the latter category, to the extent such Project Company is subject
to regulation under PUHCA with respect to maintaining its EWG status.

 

(c)        Each
JV Entity either is not a “holding company” under PUHCA or is a holding company that is entitled to the exemptions and waivers
set forth at 18 C.F.R. § 366.3(a).

 

(d)        Each
Project is a QF, and each Project Company is an EWG and has MBR Authority in effect.

 

(e)        Each
Project Company has, to Seller’s Knowledge, made all necessary filings with FERC, including updates and notices of changes in status,
with regards to maintaining its MBR Authority and its status as an EWG and the status of the Project owned by such Project Company as
a QF, except for filings the failure of which to make would not reasonably be expected to be material to the Sale Entities taken as a
whole.

 

Section 3.16      Environmental
Matters. The Sale Entities are in compliance with applicable Environmental Laws, except for
instances of non-compliance that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
Except for those matters that would not reasonably be expected to have a Material Adverse Effect, since December 31, 2018, none
of the Project Companies has received any written notice alleging any material violation of any applicable Environmental Law by a Sale
Entity or Seller (with respect to the applicable Project).

 

Section 3.17      Insurance.
The material insurance policies maintained by the Sale Entities or by Seller or its Affiliates
on behalf of the Sale Entities (the “Insurance Policies”) are set forth on Schedule 3.17 and are in
full force and effect, and none of the Sale Entities or Seller has received any written notice of any pending or threatened termination
of the Insurance Policies. Except as set forth on Schedule 3.17, there are no outstanding material unpaid claims under any of
the Insurance Policies. To Seller’s Knowledge, the Sale Entities have submitted, on a timely basis, all claims, and notices of
circumstances that would reasonably be expected to give rise to a material claim, that relate to the Insurance Policies in accordance
with the claims reporting requirements specified in the Insurance Policies.

 

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Section 3.18     Bank
Accounts. Schedule 3.18 sets forth the names and locations of banks, trust companies
and other financial institutions at which each Sale Entity maintains bank accounts or safe deposit boxes, in each case listing the type
of account, the account number, and the names of all Persons authorized to draw thereupon or who have access thereto and lists the locations
of all safe deposit boxes used by such Sale Entities.

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF BUYER

 

Except as otherwise disclosed
in this Agreement or in any Schedule provided by Buyer, Buyer hereby represents and warrants to Seller as follows:

 

Section 4.1        Organization;
Qualification and Power. Buyer is a limited liability company, duly organized, validly existing
and in good standing under the Laws of Delaware, and has full limited liability company power and authority to execute and deliver this
Agreement and each of the Transaction Documents to which it will be a party, to perform its obligations hereunder and thereunder and
to consummate the Contemplated Transactions. Buyer is duly licensed or qualified to transact business as a foreign corporation in each
jurisdiction in which the nature of the business transacted by it or the character of the properties owned or leased by it requires such
licensing or qualification, except in those jurisdictions where the failure to be so licensed or qualified would not reasonably be expected
to have a material adverse effect on Buyer. Buyer has all requisite limited liability company power and authority to own, lease and operate
its assets and to conduct its business as now conducted.

 

Section 4.2        Authorization;
Validity.

 

(a)           The
execution and delivery by Buyer of this Agreement and each of the Transaction Documents to which it will be a party, and the performance
by Buyer of its obligations hereunder and thereunder, have been duly and validly authorized by all requisite limited liability company
action.

 

(b)           This
Agreement has been, and upon their execution each of the Transaction Documents to which Buyer will be a party will have been, duly executed
and delivered by Buyer and, assuming due authorization, execution and delivery hereof by Seller, this Agreement is, and upon their execution
each of the Transaction Documents to which Buyer will be a party will be, enforceable against Buyer in accordance with its terms, except
as enforceability may be limited by bankruptcy, insolvency, reorganization, fraudulent conveyance, arrangement, moratorium or other similar
Laws now or hereafter in effect relating to or affecting creditors’ rights generally, and general equitable principles (whether
considered in a proceeding in equity or at law).

 

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Section 4.3        No
Conflict. The execution and delivery by Buyer of this Agreement and each of the Transaction
Documents to which Buyer will be a party do not, and the performance by Buyer of its obligations hereunder and thereunder and the consummation
by Buyer of the Contemplated Transactions will not:

 

(a)            conflict
with or violate any terms, conditions or provisions of the Organizational Documents of Buyer; or

 

(b)           (i)
conflict with or violate any term or provision of any Law applicable to Buyer, except for such conflicts or violations which would
not, individually or in the aggregate, reasonably be expected to result in a Buyer Material Adverse Effect or (ii) require any
consent or approval of any Governmental Authority, or notice to, or declaration, filing or registration with, any Governmental
Authority, under any applicable Law, other than (A) such consents, approvals, notices, declarations, filings or registrations
which, if not made or obtained, would not, individually or in the aggregate, reasonably be expected to result in a Buyer Material
Adverse Effect and (B) such approvals required as a result of the business activities of Seller and its Affiliates, or
(iii) result in the creation of any Lien upon any of the assets or properties of Buyer, except for such Liens which would not,
individually or in the aggregate, reasonably be expected to result in a Buyer Material Adverse Effect.

 

Section 4.4        Consents
and Approvals. Except as set forth on Schedule 3.10 or 4.4, the execution and
delivery by Buyer of this Agreement and each of the Transaction Documents to which Buyer will be a party, the performance by Buyer of
its obligations hereunder and thereunder, or the consummation by Buyer of the Contemplated Transactions will not violate or result in
a breach of or default under (with or without the giving of notice, the lapse of time, or both) or give rise to any right of termination,
cancellation or acceleration under any Contract to which Buyer is a party except for any such violations, breaches or defaults or rights
of termination, cancellation or acceleration which would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.

 

Section 4.5        Brokers.
Neither Buyer nor any of its Affiliates has any Contract with any investment banking firm, broker
or finder with respect to the Contemplated Transactions which would result in obligations payable by Seller or any of its Affiliates.

 

Section 4.6        Sufficiency
of Funds. Buyer has sufficient cash on hand or other sources of, or access to, immediately available
funds to enable it to satisfy all of its payment obligations required hereby, including payment of the Estimated Purchase Price and to
consummate the Transactions.

 

Section 4.7        Independent
Investigation; No Other Representations. Buyer has conducted its own independent investigation,
review and analysis of the business, results of operations, prospects, condition (financial or otherwise) of the Sale Entities, and acknowledges
that it has been provided adequate access to the personnel, properties, assets, premises, books and records, and other documents and
data of Seller and the Sale Entities for such purpose. Buyer acknowledges and agrees that in making its decision to enter into this Agreement
and to consummate the Contemplated Transactions, Buyer has relied solely upon its own investigation and the express representations and
warranties of Seller set forth in Article III of this Agreement (including the related portions of the Disclosure Schedules).
Buyer acknowledges and agrees that except for the representations and warranties expressly set forth in Article III, none
of Seller or any of its respective Affiliates or Representatives has made or is making any express or implied representation or warranty
of any nature to Buyer, its Affiliates or any of their Representatives, at law or in equity, with respect to Seller, the Sale Entities
or any of their respective Affiliates, any Project or any other matter related to the Contemplated Transactions.

 

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Section 4.8        Investment.
Buyer is acquiring the Shares for its own account, for the purpose of investment and not with
a view to, or for sale in connection with, any distribution thereof as such term is used in connection with the registration provisions
of the Securities Act. Buyer acknowledges that the Shares are not registered under the Securities Act, any applicable state securities
Laws or any applicable foreign securities Laws, and that the Shares may not be transferred or sold except pursuant to the registration
provisions of the Securities Act or applicable foreign securities Laws or pursuant to an applicable exemption therefrom and pursuant
to applicable state securities Laws. Buyer (either alone or together with its advisors) has sufficient knowledge and experience in financial
and business matters so as to be capable of evaluating the merits and risks of its investment in the Shares and is capable of bearing
the economic risk of such investment.

 

Section 4.9        Litigation.
Except as set forth on Schedule 4.9, there are no (i) Actions pending or, to the
knowledge of Buyer, threatened, or (ii) investigations which, to the knowledge of Buyer, are pending or threatened, against Buyer,
at law or in equity, or before or by any Governmental Authority which would reasonably be expected to have a Buyer Material Adverse Effect.

 

Section 4.10     Expertise.
Buyer has, or prior to the Closing will have through a third party operator, the requisite technical
and operational experience, competence and capability to operate the Sale Entities as they are currently being operated and in accordance
with good and prudent utility practice and to obtain any required approvals necessary to consummate the Contemplated Transactions.

 

ARTICLE V

ACCESS; ADDITIONAL AGREEMENTS

 

Section 5.1       Transition
Planning. From the Effective Date until the earlier of Closing or termination of this Agreement
and subject to legal or regulatory requirements, including under the HSR Act, Seller and Buyer shall cooperate in good faith in developing
a mutually acceptable transition plan. Notwithstanding anything herein to the contrary, Seller and the Sale Entities shall not be required
to (i) take any action that would constitute a waiver of the attorney-client privilege, or (ii) furnish any information that
Seller or the Sale Entities, or any of their Affiliates, are under a legal obligation not to disclose. All information furnished by or
on behalf of Seller or the Sale Entities hereunder shall be subject to the confidentiality obligations set forth in the Organizational
Documents of the JV Entities. Notwithstanding anything to the contrary in this Section 5.1, Seller shall be permitted to
disclose this Agreement and any related information to any Governmental Authority, including the Internal Revenue Service or in connection
with any stock exchange rules applicable to the owner of Seller.

 

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Section 5.2        Regulatory
and Other Approvals.

 

(a)            FERC.
As promptly as practicable, but in no event later than fifteen (15) Business Days after the Effective Date, Buyer and Seller shall jointly
file with FERC the filings, applications, registrations, consents and authorizations required by FERC listed on Schedules 3.10
and 4.4. The Parties shall cooperate diligently and in good faith with each other in the preparation of such filings, applications,
registrations, consents and authorizations. As promptly as reasonably practicable, and in any event, no later than three (3) days
prior to submitting any such filing, application, registration, consent or authorization contemplated by this Section 5.2(a),
Seller shall provide a draft of such filing, application, registration, consent or authorization to Buyer for review and comment and Seller
shall diligently and in good faith consider any revisions reasonably requested by Buyer. Each of Buyer and Seller will use its Reasonable
Efforts to obtain the filings, applications, registrations, consents and authorizations required by FERC listed on Schedules 3.10
and 4.4 for the consummation of the Contemplated Transactions. Each Party shall be responsible for its own costs of preparing,
reviewing and filing with FERC its respective filings, applications, registrations, consents, authorizations, responses and any petition
for rehearing or any reapplication.

 

(b)           HSR.
As promptly as practicable, but in no event later than fifteen (15) Business Days after the Effective Date, each of Buyer and Seller shall
file with the FTC and the DOJ the Notification and Report Form under the HSR Act required in connection with the Contemplated Transactions
and as promptly as practicable supply additional information, if any, requested in connection herewith pursuant to the HSR Act. Any such
Notification and Report Form and additional information, if any, submitted to the FTC or the DOJ shall be in substantial compliance
with the requirements of the HSR Act. Each of Buyer and Seller shall furnish to the other such information and assistance as the other
may reasonably request in connection with its preparation of any filing, application, registration, consent or authorization which is
necessary under the HSR Act. Each of Buyer and Seller will use its Reasonable Efforts to obtain the termination or expiration of any applicable
waiting period required under the HSR Act for the consummation of the Contemplated Transactions. The cost of all filing fees under the
HSR Act shall be borne 50% by Buyer and 50% by Seller.

 

(c)            Miscellaneous.

 

(i)            As
promptly as practicable, but in no event later than thirty (30) days after the Effective Date, the Parties, as applicable, shall make
or file all other filings, applications, registrations, and requests for consents and authorizations listed on Schedules 3.10
and 4.4.

 

(ii)           In
fulfilling their obligations pursuant to this Section 5.2, the Parties shall cooperate in good faith with each other to (A) prepare
and make or file with any Governmental Authority having jurisdiction over any of the Sale Entities, Seller or Buyer, all necessary filings,
applications, registrations, consents and authorizations required to be made with respect to the Contemplated Transactions (including
those specified in Sections 5.2(a) and 5.2(b) above), (B) effect all necessary filings, applications, registrations,
consents and authorizations and execute all agreements and documents, and (C) use Reasonable Efforts to obtain all necessary consents,
approvals and authorizations of all third Persons, in the case of each of the foregoing clauses (A), (B), and (C), necessary to consummate
the Contemplated Transactions. It is understood and agreed that, with respect to seeking any such consent or authorization, Reasonable
Efforts shall include an obligation of Buyer to pay for any consent or similar fee required by any applicable third Person as a condition
to consent or authorization.

 

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(iii)          Each
of Buyer and Seller shall keep the other apprised in a prompt manner of the status and substance of any communications with, and inquiries
or requests for additional information from any Governmental Authority in connection with the Contemplated Transactions. The Parties shall
promptly respond to such inquiries or requests for additional information made by any Governmental Authority, use their respective Reasonable
Efforts to participate in any hearings, settlement proceedings or other proceedings ordered with respect to the Contemplated Transactions,
and use their respective Reasonable Efforts to cause all filings, applications, registrations, consents and authorizations listed on Schedules
3.10 and 4.4 to be obtained at the earliest possible date after the date of filing. The Parties shall have the right to review
in advance all characterizations of the information relating to the Contemplated Transactions which appear in any filings, applications,
registrations, consents and authorizations made in connection with the Contemplated Transactions and the submitting Party shall consider
in good faith any revisions reasonably requested by the reviewing Party.

 

(iv)          Notwithstanding
anything in this Section 5.2(c) to the contrary, the Parties acknowledge and agree that this Section 5.2(c) shall
not require Buyer to (A) enter into any agreement or stipulate to the entry of any Order with respect to the divestiture of Buyer’s
or its Affiliates’ businesses or assets or (B) accept or agree to any condition of any consents, authorization or approvals
from any Governmental Authority that would reasonably be expected to be material after the Closing to the Sale Entities taken as a whole,
except where the failure to obtain or make the same is a result of Buyer’s breach of its obligations hereunder.

 

Section 5.3        Further
Assurances.

 

(a)            From
time to time after the Effective Date, as and when requested by any Party hereto, the requested Party shall use Reasonable Efforts to
take or to cause to be taken, all action and to do, or cause to be done, or to execute and deliver, or cause to be executed and delivered,
all such documents and instruments and shall take, or cause to be taken, all such further or other actions as such other Party may reasonably
deem necessary, proper or advisable to consummate the Contemplated Transactions, as promptly as practicable or sooner as required by this
Agreement, including, without limitation, such actions as are necessary in connection with obtaining any third Person consents, including
those identified on Schedule 3.10 or 4.4, and the negotiation in good faith of the Transition Services Agreement. The Parties
shall cooperate in good faith with each other in assisting with complying with this Section 5.3.

 

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(b)           Each
of Buyer and Seller shall use Reasonable Efforts to implement the provisions of this Agreement, and, for such purpose, at the request
of the other Party, shall, at or after the Closing, promptly execute and deliver, or cause to be so executed and delivered, such documents
to the other Party and take such further action as the other Party may deem reasonably necessary or desirable to facilitate or better
evidence the consummation of the Contemplated Transactions.

 

Section 5.4        Certain
Tax Matters.

 

(a)           All
Transfer Taxes incurred in connection with this Agreement and the Contemplated Transactions shall be borne 50% by Seller, on the one hand,
and 50% by Buyer, on the other hand. Seller and Buyer agree to cooperate in the execution and delivery of all instruments and certificates
reasonably necessary to remit or minimize the amount of any Transfer Taxes. If Seller is required by Law to pay any such Transfer Taxes,
Buyer shall promptly reimburse Seller within ten (10) days of receipt of written request from Seller for fifty percent (50%) of such
Transfer Taxes. If Buyer is required by Law to pay any such Transfer Taxes, Seller shall promptly reimburse Buyer within ten (10) days
of receipt of written request from Buyer for fifty percent (50%) of such Transfer Taxes. Buyer shall file, to the extent required by applicable
Tax Laws, all necessary Tax Returns and other documentation with respect to all such Transfer Taxes (and all expenses and costs incurred
in connection with filing such Tax Returns shall be borne equally by Buyer and Seller and, in accordance with this Section 5.4(a),
each Party shall reimburse the other Party for the costs and expenses, if any, incurred by such other Party in connection with filing
such Tax Returns). To the extent required by applicable Tax Laws, Seller (and any Affiliate of Seller) will join in the execution of any
such Tax Returns or other documentation.

 

(b)           Any
Tax Return to be prepared pursuant to the provisions of this Section 5.4(b) shall be prepared in a manner consistent
with practices followed in prior years with respect to similar Tax Returns. The following provisions shall govern the allocation of responsibility
as between the Parties with respect to certain Tax matters following the Closing Date:

 

(i)            Seller
shall prepare and file, or cause to be prepared and filed, any Tax Return of any Sale Entity for each Pre-Closing Tax Period (other
than a Straddle Period) (“Seller Tax Returns”). Seller shall deliver to Buyer any such Seller Tax Return
for Buyer’s review at least forty-five (45) days before the date on which such Seller Tax Return is required to be filed (taking
into account applicable extensions), or as soon as reasonably possible if the Seller Tax Return is required to be filed within ninety
(90) days following the Closing Date. Buyer shall review any such Seller Tax Return within twenty (20) days after the delivery of such
Seller Tax Return. Buyer will be deemed to have approved any such Seller Tax Return as prepared by Seller if Buyer does not submit comments
within such twenty (20) day review period. If Buyer delivers comments to Seller within such twenty (20) day review period, Seller and
Buyer shall use good faith efforts to resolve any dispute in connection with such comments. If Seller and Buyer are unable to agree on
any such revisions within twenty (20) days after Buyer provides its comments, Seller and Buyer shall engage the Independent Auditor to
resolve the matter, and the Independent Auditor’s determination shall be final and binding on the Parties. The Independent Auditor
shall resolve the dispute within twenty (20) days after the item has been referred to it. Notwithstanding anything to the contrary
in this Section 5.4(b)(i), Seller shall be entitled to file on behalf of the Sale Entities, or cause to be filed, the applicable
Seller Tax Return without having incorporated the disagreed upon changes to avoid a late filing of such Seller Tax Return. If the Independent
Auditor’s resolution of the dispute necessitates that a Seller Tax Return filed in accordance with the immediately preceding sentence
be amended, then Seller shall cause an amended Seller Tax Return to be filed that reflects such resolution. The fees and expenses of the
Independent Auditor shall be borne by each Party in the percentage inversely proportionate to the percentage of the total items submitted
for dispute that are resolved in such Party’s favor.

 

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(ii)           Buyer
shall prepare and file, or cause to be prepared and filed, any Tax Return of any Sale Entity for all Straddle Periods (“Buyer
Tax Returns”). Buyer shall deliver to Seller any such Buyer Tax Return for Seller’s review at least forty-five (45)
days before the date on which such Buyer Tax Return is required to be filed (taking into account applicable extensions), or as soon as
reasonably possible if the Buyer Tax Return is required to be filed within ninety (90) days following the Closing Date. Seller shall
review any such Buyer Tax Return within twenty (20) days after the delivery of such Buyer Tax Return. Seller will be deemed to have
approved any such Buyer Tax Return as prepared by Buyer if Seller does not submit comments within such twenty (20) day review period.
If Seller delivers comments to Buyer within such twenty (20) day review period, Buyer and Seller shall use good faith efforts to
resolve any dispute in connection with such comments. If Buyer and Seller are unable to agree on any such revisions within twenty (20)
days after Seller provides its comments, Buyer and Seller shall engage the Independent Auditor to resolve the matter, and the Independent
Auditor’s determination shall be final and binding on the Parties. The Independent Auditor shall resolve the dispute within twenty (20)
days after the item has been referred to it. Notwithstanding anything to the contrary in this Section 5.4(b)(ii), Buyer shall
be entitled to file on behalf of the Sale Entities, or cause to be filed, the applicable Buyer Tax Return without having incorporated
the disagreed upon changes to avoid a late filing of such Buyer Tax Return. If the Independent Auditor’s resolution of the dispute
necessitates that a Buyer Tax Return filed in accordance with the immediately preceding sentence be amended, then Buyer shall cause an
amended Buyer Tax Return to be filed that reflects such resolution. The fees and expenses of the Independent Auditor shall be borne by
each Party in the percentage inversely proportionate to the percentage of the total items submitted for dispute that are resolved in such
Party’s favor.

 

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(iii)          Seller
shall pay, or cause to be paid, to Buyer no later than fifteen (15) days after the date on which Taxes of a particular Sale Entity
are paid (A) with respect to a Straddle Period, an amount equal to the portion of such Taxes of such Sale Entity that relates to
the portion of such Tax period ending as of the Closing Date (determined in accordance with Section ‎5.4(b)(iv))
and (B) with respect to a Pre-Closing Tax Period, an amount equal to the entire amount of such Taxes of such Sale Entity that relates
to such Pre-Closing Tax Period, but only if and to the extent such Taxes were not taken into account (through their inclusion in the determination
of Net Working Capital) in calculating the Purchase Price; provided, however, that Seller shall have no liability or obligation
under this Agreement with respect to (x) any Taxes becoming due as a result of any breach by Buyer or any of its Affiliates (including,
for this purpose, any of the Sale Entities after the Closing Date) of its representations, covenants, or obligations under this Agreement
or (y) any Transfer Taxes payable by Buyer pursuant to Section 5.4(a); provided further, that, the amount of Taxes
for a particular taxable period that are due and payable by such Sale Entity pursuant to this Section 5.4(b)(iii) shall
be equal to (I) the aggregate amount of Taxes with respect to such Sale Entity that are attributable to such taxable period, multiplied
by (II) Seller’s maximum (direct or indirect) economic interest in such Sale Entity in such taxable period.

 

(iv)          For
purposes of this Section 5.4, in the case of any Taxes that are imposed and are payable for a Straddle Period, the portion
of such Tax which relates to the portion of such Straddle Period ending as of the Closing Date shall, in the case of any Taxes imposed
on a periodic basis (such as real property Taxes), be deemed to be the amount of such Tax for the entire Straddle Period multiplied by
a fraction, the numerator of which is the number of days in the Straddle Period ending on and including the Closing Date and the denominator
of which is the number of days in the entire Straddle Period. In the case of non-periodic Taxes (i.e., such as Taxes that are (w) based
upon or related to income or receipts, (x) imposed in connection with any capital or debt restructuring, (y) imposed in connection
with any sale, distribution, or other transfer or assignment of property (real or personal, tangible or intangible), or (z) payroll,
withholding, excise and similar Taxes), the portion of such Tax which relates to the portion of such Straddle Period ending on the Closing
Date shall be determined based on a closing of the books at the end of the Closing Date. The portion of any Taxes attributable to a Post-Closing
Tax Period shall be calculated in a corresponding manner.

 

(v)          To
the extent permitted by applicable Law, any and all deductions with respect to the Sale Entities (A) for which Seller or any Sale
Entity is economically liable because they arose as a result of amounts paid or borne by Seller or the Sale Entities at, or prior to,
the Closing (or otherwise resulted in a reduction to the Purchase Price) and that are related to (x) any bonuses or other compensatory
amounts paid by any Sale Entity in connection with the transactions contemplated hereby, (y) expenses with respect to Indebtedness
being paid by or on behalf of the Sale Entities in connection with the Closing, and (z) all transaction expenses and payments that
are paid by or on behalf of the Sale Entities or Seller (or any Affiliate of Seller) prior to or in connection with the Closing and (B) that
are deductible by the Sale Entities for Tax purposes (such deductions described in clause (A), the “Transaction Tax Deductions”)
shall be treated for income Tax purposes as having been incurred by the Sale Entities in, and reflected as a deduction on the income Tax
Returns of the Sale Entities for, the taxable period (or portion thereof) ending on the Closing Date.

 

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(c)            Each
Party shall provide the other Party with such assistance as may reasonably be requested by the other Party in connection with the preparation
of any Tax Return, any audit or other examination by any Governmental Authority, or any judicial or administrative proceedings relating
to liability for Taxes, and each will retain and provide the requesting Party with any records or information which may be relevant to
such return, audit or examination, proceedings or determination. Any information obtained pursuant to this Section 5.4 or
pursuant to any other Sections hereof providing for the sharing of information relating to or review of any Tax Return or other schedule
relating to Taxes shall be subject to the confidentiality obligations of this Agreement.

 

(d)           To
the extent that a Sale Entity’s liability for Taxes for a taxable year or portion ending on or before the Closing Date (as computed
in a manner consistent with Section 5.4(b)(iv), and after giving effect to any Tax credits or Tax abatements or any other
offset to such Tax) is less than the amount of estimated Taxes paid by or on behalf of such Sale Entity with respect to all or a portion
of such taxable year or period, Buyer shall pay Seller the difference within thirty (30) days of filing the relevant Tax Return that
reflects such Tax; provided that, the amount of such overpayment of Taxes for a particular taxable period with respect to any such
Sale Entity pursuant to this Section 5.4(d) shall be equal to (I) the aggregate amount of such overpayment of Taxes
with respect to such Sale Entity that are attributable to such taxable period, multiplied by (II) Seller’s maximum (direct
or indirect) economic interest in such Sale Entity in such taxable period.

 

(e)           Without
duplication of amounts payable to Seller pursuant to Section 5.4(d), to the extent not taken into account in calculating the
Purchase Price, as finally determined and adjusted pursuant to Section 2.1, any refund, credit or reduction of Taxes paid
or payable by or with respect to any Sale Entity when realized (whether by refund, credit, overpayment or offset against other Taxes due
and payable) shall be paid within five (5) Business Days of receipt as follows (or, to the extent payable but not paid due to offset
against other Taxes, shall be paid by the Party receiving the benefit of the offset within five (5) Business Days of such offset
as follows): (i) to Seller, if attributable to any Tax period or portion thereof ending on or before the Closing Date (and, for any
Straddle Period, to the extent allocable, determined in a manner consistent with Section 5.4(b)(iv), to the portion of such
Tax period beginning before and ending on the Closing Date) and (ii) to Buyer, if attributable to any Tax period or portion thereof
beginning after the Closing Date (and, for any Straddle Period, to the extent allocable, determined in a manner consistent with Section 5.4(b)(iv),
to the portion of such Tax period beginning after the Closing Date); provided that, solely the amount of such refund, credit or reduction
of Taxes for a particular taxable period (or portion thereof) with respect to any such Sale Entity that otherwise is payable pursuant
to this Section 5.4(e) shall be equal to (I) the aggregate amount of such refund, credit or reduction in Taxes with
respect to such Sale Entity that are attributable to such taxable period (or portion thereof), multiplied by (II) Seller’s
maximum (direct or indirect) economic interest in such Sale Entity in such taxable period. Buyer shall reasonably cooperate, and shall
cause each of its Affiliates and the Sale Entities to reasonably cooperate (at the written request of the Seller), in obtaining any Tax
refund that Seller reasonably believes should be available, including through filing appropriate forms (at the written request of Seller)
with the applicable Taxing Authority; provided that, any out-of-pocket expenses incurred in connection with complying with any
such request by Seller shall be borne solely by the Seller.

 

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(f)            Except
as otherwise specifically provided in this Agreement, on or with respect to the Closing Date, neither Buyer nor any of its Affiliates
shall permit or otherwise allow the Sale Entities to take any action not in the ordinary course of the Sale Entities’ business,
including the making or revocation of any Tax election, the cancellation or modification of any debt, the incurrence of any “extraordinary
item” (as defined in Treasury Regulation section 1.1502-76(b)(2)(ii)(C)), the merger or liquidation of any of the Sale Entities
or the distribution of any property in respect of any of the equity of the Sale Entities, without the prior written consent of Seller,
which consent may be withheld in Seller’s reasonable discretion. Without the prior consent of Seller (which consent shall not
be unreasonably withheld, conditioned or delayed), Buyer and its Affiliates shall not, and Buyer and its Affiliates shall not permit the
Sale Entities to, take any of the following actions: (i) other than any Tax Return (or amendment thereof) that is filed pursuant
to Section 5.4(b), file or amend or otherwise modify any Tax Return of any Sale Entity relating to a Pre-Closing Tax Period
or Straddle Period, (ii) extend or waive, or cause to be extended or waived, any statute of limitations or other period for the assessment
of any Tax or deficiency of any Sale Entity relating to a Pre-Closing Tax Period or Straddle Period, (iii) make (except on a
Tax Return filed in accordance with Section 5.4(b)) or change any Tax election or accounting method or practice of any Sale Entity
with respect to any Pre-Closing Tax Period or Straddle Period, (iv) enter into any closing agreement or settle any Tax claim or assessment
relating to any Sale Entity for any Pre-Closing Tax Period or Straddle Period, (v) surrender any right to claim a refund of Taxes
relating to any Sale Entity for a Pre-Closing Tax Period or Straddle Period or (vi) enter into a voluntary disclosure process with
a Governmental Authority regarding Taxes of any Sale Entity with respect to any Pre-Closing Tax Period or Straddle Period.

 

(g)           All
Tax sharing agreements or arrangements that provide for the allocation, apportionment, sharing, or assignment of Tax liability between,
or among, any of the Sale Entities and Seller or Seller’s Affiliates shall be terminated as of the end of the Closing Date and,
after the Closing Date, neither Seller nor any of Seller’s Affiliates, on the one hand, nor any of the Sale Entities, on the other
hand, shall be bound thereby or have any further rights, liability, or obligation thereunder.

 

Section 5.5        Conduct
of Business of the Sale Entities.

 

(a)            From
the Effective Date until the earlier of Closing or termination of this Agreement, Seller shall cause each of the Sale Entities, to conduct
its respective business in the ordinary course of business and in a manner consistent with past practices and in accordance with its applicable
Organizational Documents, unless otherwise contemplated by this Agreement or with the prior written consent of Buyer.

 

(b)           Without
limiting Section 5.5(a), except (i) as set forth on Schedule 5.5(b), (ii) as permitted by this Agreement,
(iii) as permitted by the Organizational Documents of the Sale Entities, or (iv) with the express written approval of Buyer,
such approval not to be unreasonably withheld, from the Effective Date until the earlier of Closing or termination of this Agreement,
Seller shall cause each Sale Entity not to:

 

(i)            transfer
any of the Class B Interests to any Person or create any Lien upon the Class B Interests;

 

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(ii)         issue,
grant, deliver or sell or authorize or propose to issue, grant, deliver or sell, or purchase or propose to purchase, any of its equity
securities (other than the sale and delivery of the Class B Interests pursuant to this Agreement), options, warrants, calls, rights,
exchangeable or convertible securities, commitments or agreements of any character, written or oral, obligating it to issue, deliver,
sell, repurchase or redeem, or cause to be issued, delivered, sold, repurchased or redeemed, any of its equity securities;

 

(iii)        take
any action or enter into any commitment with respect to or in contemplation of any liquidation, dissolution, recapitalization, reorganization,
or other winding up of business or operations;

 

(iv)        merge
any Sale Entity into or with any other Person or consolidate any Sale Entity with any other Person;

 

(v)         (A) make,
revoke or modify any material Tax election of any Sale Entity, (B) settle, concede, or compromise any material Tax liability of any
Sale Entity, (C) change or otherwise alter the fiscal year, any matter related to Tax accounting, or any method of Tax accounting
of any Sale Entity, (D) file any amended Tax Return of any Sale Entity, (E) enter into any closing agreement in which any Sale
Entity is a party, (F) enter into any voluntary disclosure agreement or program with any Governmental Authority relating to any Sale
Entity, (G) settle, compromise, concede, or abandon any material Tax claim or assessment relating to any Sale Entity, (H) surrender
any right to claim a refund of material Taxes relating to any Sale Entity, (I) consent to any extension or waiver of the limitation
period applicable to any Tax, Tax claim, or Tax assessment relating to any Sale Entity outside the ordinary course of business, (J) file
any Tax Return of any Sale Entity (other than a Tax Return (I) that is prepared in accordance with past practice and custom
of the Sale Entities and (II) that is in accordance with the provisions of this Agreement), or (K) change the tax residency
or tax classification of any Sale Entity; or

 

(vi)        agree
to enter into any Contract or otherwise make any commitment to do any of the foregoing in this Section 5.5.

 

Notwithstanding the foregoing, Seller may permit
any of the Sale Entities to take commercially reasonable actions with respect to emergency situations so long as Seller shall, upon receipt
of notice of any such actions, promptly inform Buyer of any such actions taken outside the ordinary course of business.

 

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Section 5.6        Notice
of Changes. From the Effective Date until the earlier of Closing or termination of this Agreement,
each Party shall promptly advise the other in writing with respect to any fact, event or circumstance that arises after the Effective
Date of which such Party obtains knowledge and which, if existing or occurring at the Effective Date and not set forth in this Agreement
or any of the Schedules, would have constituted a breach of a representation or warranty of such Party contained in Article III
or Article IV, as the case may be, such that the closing condition in Section 6.2 or Section 7.2,
as the case may be, cannot be satisfied. Seller may notify Buyer in writing of any fact, event or circumstance arising after the Effective
Date that would constitute a breach of any of the representations and warranties of Seller in Article III or may otherwise
update the Schedules to reflect such fact, event or circumstance arising after the Effective Date, and such notice or update shall be
deemed to have: (i) amended this Agreement, including any appropriate Schedule; (ii) qualified the representations and warranties
contained in Article III; and (iii) cured any misrepresentation or breach of the representations or warranties that
otherwise might have existed hereunder by reason of such fact, event or circumstance, in the case of clauses (i), (ii), and (iii), for
the purpose of determining whether or not the condition set forth in Section 6.2 has been satisfied and with respect to Section 9.1(c).
Any actions of the Sale Entities required by this Agreement, including Section 5.5, or consented to in writing by Buyer shall
automatically be deemed to amend and update any appropriate Schedule and such amendment shall not be subject to, or included in, any
determination of whether the provisions of Sections 6.2 or 9.1(c) have been satisfied or are applicable.

 

Section 5.7        Excluded
Assets.

 

(a)           Notwithstanding
any provision herein to the contrary, the following assets shall be excluded from the Contemplated Transaction (the “Excluded
Assets”), and Seller shall have the right at any time prior to or at the Closing to dividend, transfer, dispose of, extinguish,
or otherwise exclude from the Sale Entities such assets:

 

(i)            all
trademarks, service marks and tradenames containing “Dominion” or “Dominion Energy” (the “Dominion
Marks”) shall remain the sole property of Seller or its Affiliates, as applicable;

 

(ii)           the
Contracts listed or referenced on Schedule 5.7(a); and

 

(iii)          the
Excluded Records.

 

(b)           To
the extent that any proceeds relating to the Excluded Assets are received by Buyer or its Affiliates (including any Sale Entity) after
the Closing, Buyer shall remit such proceeds to Seller within two (2) Business Days after receipt.

 

Section 5.8       Affiliate
Transactions.

 

(a)           All
Contracts solely between any Sale Entity, on the one hand, and Seller or its Affiliates (excluding any other Sale Entity), on the other
hand, shall be terminated in accordance with the terms of the applicable Contract (provided that general restrictions or advance notice
periods applicable to early termination may be waived and accrued but unpaid amounts may be accelerated) on or prior to the Closing, without
any further liability or obligation on the part of any party thereto so long as any financial liabilities or obligations arising under
such Contract are reflected in the Net Working Capital calculation; provided, for the avoidance of doubt, that no party to any such Contract
shall be released from any financial liability or obligation arising under any such Contract prior to the Closing that is not reflected
in the Net Working Capital calculation.

 

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(b)           Schedule
5.8(b) lists various guarantees, bonds, letters of credit or other financial assurances that have been provided by Seller or
its Affiliates on behalf of one or more of the Sale Entities (collectively, including any supplements or additional financial assurances
hereafter approved by Buyer or its Affiliates, such approval not to be unreasonably withheld, referred to as the “Sale Entity
Credit Support”). Prior to the Closing, Buyer shall use Reasonable Efforts to replace all Sale Entity Credit Support, such
that on the Closing Date Buyer shall have effected the complete and unconditional release of all of the Sale Entity Credit Support in
a manner reasonably satisfactory to Buyer, Seller and the beneficiaries thereof, including by means of a letter of credit, escrow, posting
a bond or cash deposit, or other arrangements. To the extent that Buyer cannot cause the release, termination and replacement of any such
Sale Entity Credit Support, then from and after the Closing, (i) Buyer shall indemnify and hold harmless Seller and its Affiliates
(as applicable) from and against any and all Adverse Consequences that may be suffered, incurred or sustained by any of them or to which
any of them become subject, resulting from, arising out of or relating to any such Sale Entity Credit Support being in effect on or after
the Closing Date (including as a result of any draw or demand for or making of any payment by Seller or any such Affiliate of Seller under
any such Sale Entity Credit Support) with respect to the full extent of such Sale Entity Credit Support, (ii) Buyer shall diligently
continue to seek the release, termination and replacement of such Sale Entity Credit Support, including by means of a letter of credit,
escrow or posting a cash deposit, and (iii) Seller (or its applicable Affiliate) shall maintain such Sale Entity Credit Support until
the earlier of the date on which it is replaced or otherwise provided for and six (6) months after the Closing Date; provided that
Buyer’s indemnification obligations under clause (i) shall not affect Seller’s indemnification obligations under Section 10.1.
In addition, if Buyer cannot cause the release, termination and replacement of any such Sale Entity Credit Support on or prior to the
date that is six (6) months after the Closing Date, then on the date that is six (6) months after the Closing Date, Buyer shall
deliver to Seller a letter of credit, in form and substance reasonably acceptable to Seller, equal to the maximum liability under the
Sale Entity Credit Support that has not been released, terminated and replaced as of such date.

 

Section 5.9        Name
of Sale Entities. Seller shall be permitted to remove all signage containing Dominion Marks
prior to the Closing. Buyer covenants and agrees to take all steps necessary to effectuate name changes to delete any references to “Dominion”
or “Dominion Energy” in the names of any of the Sale Entities within fifteen (15) Business Days after the Closing. Buyer
shall be solely responsible for any direct or indirect costs or expenses resulting from such change in use of name, and any resulting
notification or approval requirements. To the extent that any of the Sale Entities use any trademarks, service marks, brand names or
trade, corporate or business names which are owned by Seller (or any of its Affiliates other than the Sale Entities), or which incorporate
any of the Dominion Marks on any goods, stationery, signage, invoices, receipts, forms, packaging, advertising and promotional materials,
product, training and service literature and materials, computer programs or like materials, after the Closing, Buyer shall and shall
cause the Sale Entities to use Reasonable Efforts to limit and minimize its use of such materials, provided that in any event, Buyer
may not use such materials after sixty (60) days following the Closing Date.

 

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Section 5.10     Files
and Records.

 

(a)            On
or promptly following the Closing Date, and in any event prior to the expiration of the Transition Services Agreement, Seller shall promptly
deliver to Buyer copies of or electronic access to any Records (whether in hard copy or electronic format, and wherever located), that
are (i) identified from time to time by Seller (after use of its Reasonable Efforts to undertake such identification promptly following
the Closing) or (ii) identified by Buyer with written notice thereof delivered by Buyer to Seller, in either case as being in the
possession or control of Seller or its Affiliates or representatives and not otherwise in the possession or control of the Sale Entities
as of the Closing Date.

 

(b)           Notwithstanding
the foregoing provisions of Section 5.10(a), Seller shall not be required to deliver information to Buyer to the extent disclosure
of such information would (i) jeopardize any attorney-client privilege, protection under the work product doctrine or other legal
privilege, (ii) contravene any applicable Laws, fiduciary duty or binding agreement entered into prior to the date hereof or (iii) relate
to any consolidated, combined or unitary Tax Return filed by Seller or any of its Affiliates or any of their respective predecessor entities.

 

(c)            In
order to facilitate the resolution of any claims made by or against or incurred by Buyer or the Sale Entities after the Closing or for
any other reasonable purpose, for a period of 6 years following the Closing, Seller shall: (i) retain all Records which shall not
otherwise have been delivered to Buyer or the Sale Entities; (ii) provide to Buyer for any reasonable purpose relating to Buyer’s
ownership of the Sale Entities reasonable access to the Records upon reasonable prior notice during regular business hours and (iii) permit
Buyer (at Buyer’s expense) to make such extracts and copies thereof as Buyer may deem necessary; provided, that such access shall
not unreasonably interfere with the business or operations of Seller or its employees. For a period of six (6) years following the
Closing, Seller shall not destroy any such Records without providing Buyer with written notice detailing the contents of such Records,
and providing Buyer with the opportunity to obtain such Records, at least 90 days prior to the destruction thereof.

 

(d)           Buyer
shall retain possession of the Records for a period of six (6) years after the Closing Date or such other longer time period required
by Law. After the Closing Date, Buyer shall cause the Sale Entities to (i) provide to Seller for any reasonable purpose relating
to Seller’s ownership of the Sale Entities reasonable access to the Records upon reasonable prior notice during regular business
hours and (ii) permit Seller (at Seller’s expense) to make such extracts and copies thereof as Seller may deem necessary; provided,
that such access shall not unreasonably interfere with the business or operations of Buyer or its employees.

 

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Section 5.11     Insurance.

 

(a)        Following
the Closing and until the first anniversary of the Closing, Seller shall use Reasonable Efforts to assist Buyer in asserting claims with
respect to the activities and ownership of the Sale Entities covered under insurance policies of Seller or the Sale Entities (as the case
may be) arising out of insured incidents occurring from the date of coverage thereunder first commenced until the Closing, provided that
Buyer promptly reimburses Seller for Seller’s costs and out of pocket expenses incurred in performing such obligations. As between
Seller and Buyer, all recoveries in respect of such claims under any property insurance policies shall be for the account of Buyer.

 

(b)        Prior
to the first anniversary of the Closing, Seller shall not, and prior to the Closing shall cause the Sale Entities to not, amend, commute,
terminate, buy-out, extinguish liability under or otherwise modify any insurance policies under which Buyer has rights to assert or continue
to prosecute claims pursuant to Section 5.11(a) in a manner that would materially adversely affect any such rights of
Buyer.

 

Section 5.12     Termination
of Existing Back-Leverage Financing.

 

(a)        Prior
to the Closing Date, Seller shall repay in full the Indebtedness (other than interest rate hedges that are the subject of the Swap Novation
Agreements) in respect of, and terminate, the Existing Back-Leverage Financing and cause all liens and guarantees granted in connection
therewith (except with respect to interest rate hedges that are the subject of the Swap Novation Agreements) to be terminated, in accordance
with the Payoff Agreement.

 

(b)        Prior
to the Closing Date, Seller may, in its sole discretion, terminate any interest hedging arrangements in place that are associated with
the Existing Back-Leverage Financing. After Closing but on the Closing Date, Buyer shall cause the Sale Entities to terminate the interest
rate hedging arrangements that are the subject of the Swap Novation Agreements and pay the Swap Breakage Fees in connection with such
termination in accordance with the Payoff Agreement.

 

Section 5.13     Exclusivity.
Seller agrees that between the date of this Agreement and the earlier of the Closing and the
termination of this Agreement, Seller shall not, and shall take all action necessary to ensure that none of the Sale Entities or any
of their respective Affiliates or Representatives shall, directly or indirectly:

 

(a)         solicit,
initiate, consider, encourage or accept any other proposals or offers from any Person (i) relating to any direct or indirect acquisition
or purchase of all or any portion of the capital stock or other equity or ownership interest of any Sale Entity, (ii) to enter into
any merger, consolidation or other business combination relating to the Sale Entities or (iii) to enter into a recapitalization,
reorganization or any other extraordinary business transaction involving or otherwise relating to the Sale Entities; or

 

(b)         participate
in any discussions, conversations, negotiations or other communications regarding, or furnish to any other Person any information with
respect to, or otherwise cooperate in any way, assist or participate in, facilitate or encourage any effort or attempt by any other Person
to seek to do any of the foregoing. Seller immediately shall cease and cause to be terminated all existing discussions, conversations,
negotiations and other communications with any Persons conducted heretofore with respect to any of the foregoing.

 

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ARTICLE VI

CONDITIONS PRECEDENT TO BUYER’S OBLIGATIONS

 

The obligation of Buyer to
purchase the Class B Interests and to take the other actions required to be taken by Buyer at the Closing under this Agreement shall
be subject to the satisfaction (or waiver by Buyer), at or before the Closing, of each of the following conditions, and Seller shall use
Reasonable Efforts to cause each of such conditions to be satisfied as promptly as practicable:

 

Section 6.1       No
Injunction. No Governmental Authority shall have issued any injunction or other Order (whether
temporary, preliminary or permanent) which prohibits or materially restrains the consummation of the Contemplated Transactions.

 

Section 6.2       Representations
and Warranties. The representations and warranties of Seller contained in Article III
(and with respect to those qualified by “materiality,” “Material Adverse Effect” and similar qualifiers without
consideration of such qualifier) shall be true and correct as of the Effective Date and as of the Closing as though made at and as of
the Closing (except that those representations and warranties that address matters only as of a particular date need only be true and
correct as of such date), except for failures to be true and correct which do not, individually or in the aggregate, result in a Material
Adverse Effect.

 

Section 6.3       Performance.
Seller shall have performed and complied in all material respects with all agreements and covenants
required by this Agreement to be performed or complied with by it at or prior to the Closing.

 

Section 6.4       Approvals
and Filings. All consents, authorizations and approvals from, and all notices, filings and registrations
with, Governmental Authorities or third Persons that are listed on Schedule 3.10 shall have been obtained or made free of any
term, condition, restriction, imposed liability or other provisions that, individually or in the aggregate, would reasonably be expected
to be material to the Sale Entities, taken as a whole, after the Closing, except where the failure to obtain or make the same is a result
of Buyer’s breach of its obligations hereunder, and all such consents, authorizations and approvals shall be in effect at the Closing.

 

Section 6.5       No
Legislation. No Law shall have been enacted which prohibits or materially restricts the consummation
of the Contemplated Transactions.

 

Section 6.6       Seller
Deliverables. Buyer shall have received each of the items to be delivered by Seller pursuant
to Section 8.2(a).

 

Section 6.7       No
Material Adverse Effect. No Material Adverse Effect that has occurred since the date of this
Agreement shall be continuing.

 

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ARTICLE VII

CONDITIONS PRECEDENT TO SELLER’S OBLIGATIONS

 

The obligation of Seller to
sell the Class B Interests and to take the other actions required to be taken by Seller at the Closing under this Agreement shall
be subject to the satisfaction (or waiver by Seller), at or before the Closing, of each of the following conditions, and Buyer shall use
Reasonable Efforts to cause each of such conditions to be satisfied as promptly as practicable:

 

Section 7.1       No
Injunction. No Governmental Authority shall have issued any injunction or other Order (whether
temporary, preliminary or permanent) which prohibits or materially restrains the consummation of the Contemplated Transactions.

 

Section 7.2        Representations
and Warranties. The representations and warranties of Buyer contained in Article IV
(and with respect to those qualified by “materiality,” “Material Adverse Effect” and similar qualifiers without
consideration of such qualifier) shall be true and correct as of the Effective Date and as of the Closing as though made at and as of
the Closing (except that those representations and warranties that address matters only as of a particular date need only be true and
correct as of such date), except for failures to be true and correct which do not, individually or in the aggregate, result in a Buyer
Material Adverse Effect.

 

Section 7.3       Performance.
Buyer shall have performed and complied in all material respects with all agreements and covenants
required by this Agreement to be performed or complied with by it at or prior to the Closing.

 

Section 7.4     Approvals
and Filings. All consents, authorizations and approvals from, and all notices, filings and registrations
with, Governmental Authorities or third Persons that are listed on Schedule 4.4 shall have been obtained or made free of any term,
condition, restriction, imposed liability or other provisions that would reasonably be expected to be material to the Seller or its Affiliates,
except where the failure to obtain or make the same is a result of Seller’s breach of its obligations hereunder and all such consents,
authorizations and approvals shall be in effect at the Closing.

 

Section 7.5       No
Legislation. No Law shall have been enacted which prohibits or materially restricts the consummation
of the Contemplated Transactions.

 

Section 7.6        Buyer
Deliverables. Seller shall have received each of the items to be delivered by Buyer pursuant
to Section 8.2(b).

 

Section 7.7        Buyer
Guaranty. The Buyer Guaranty shall be in full force and effect.

 

ARTICLE VIII

CLOSING

 

Section 8.1      Time
and Place of Closing. Subject to Article IX, the closing of the sale by Seller and
the purchase by Buyer of the Class B Interests (the “Closing”) shall take place at the offices of McGuireWoods
LLP, Gateway Plaza, 800 E. Canal Street, Richmond, Virginia 23219 on the fifth (5th) Business Day after the date on which
all of the conditions contained in Articles VI and VII are satisfied or waived (other than those conditions that by their
nature are to be satisfied at the Closing, but subject to the fulfillment or waiver of those conditions); provided that, notwithstanding
the foregoing, the Closing shall not take place prior to December 1, 2021; and provided further that, notwithstanding the
foregoing, the Closing may take place at such other place, at such other time, or on such other date as the Parties hereto may mutually
agree (the date on which the Closing occurs being herein referred to as the “Closing Date”). The Closing shall
be effective as of 11:59 p.m. Eastern Time on the Closing Date.

 

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Section 8.2        Deliveries.
At the Closing:

 

(a)            Seller
will deliver, or cause to be delivered, the following to Buyer:

 

(i)          a
certificate, dated as of the Closing Date, signed by an officer of Seller certifying that the conditions set forth in Sections 6.2
and 6.3 have been satisfied;

 

(ii)           duly
executed resignations of all directors and officers of the Sale Entities elected or appointed by Seller or its Affiliates effective as
of the Closing;

 

(iii)          copies
of the consents, authorizations, approvals, notices, filings and registrations obtained or made as contemplated by Section 3.10;

 

(iv)       a
certificate complying with Section 1445 of the Code and Treasury Regulations thereunder, duly executed and acknowledged, certifying
that Seller is not a foreign person;

 

(v)          (A) certificates
representing the Class B Interests accompanied by transfer powers with respect to the Class B Interests, duly endorsed in blank,
in proper form for transfer, with appropriate transfer stamps, if any, affixed, or (B) evidence reasonably satisfactory to Buyer
that the certificates representing the Class B Interests will be delivered to Buyer promptly following the payment of the Existing
Back-Leverage Financing and termination of the interest rate hedging arrangements associated with the Existing Back-Leverage Financing
in accordance with Section 5.12;

 

(vi)          the
Payoff Agreement;

 

(vii)        counterparts
of each Swap Novation Agreement, duly executed by Seller and each other party thereto that is not Buyer or an Affiliate of Buyer;

 

(viii)        a
counterpart of the Transition Services Agreement, duly executed by Seller; and

 

(ix)         all
such other documents, agreements, or instruments as shall, in the reasonable opinion of Buyer and its counsel, be reasonably necessary
in connection with the Contemplated Transactions, or required to be delivered by Seller at or prior to the Closing Date pursuant to this
Agreement.

 

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(b)           Buyer
will deliver, or cause to be delivered, the following to Seller:

 

(i)            the
Estimated Purchase Price required by Section 2.1(b) of this Agreement;

 

(ii)        a
certificate, dated as of the Closing Date, signed by an officer of Buyer certifying that the conditions set forth in Sections 7.2
and 7.3 have been satisfied;

 

(iii)          copies
of the consents, authorizations, approvals, notices, filings and registrations obtained or made as contemplated by Section 4.4;

 

(iv)         counterparts
of each Swap Novation Agreement, duly executed by each party thereto that is Buyer or an Affiliate of Buyer;

 

(v)            a
counterpart of the Transition Services Agreement, duly executed by Buyer; and

 

(vi)          all
such other documents, agreements, or instruments as shall, in the reasonable opinion of Seller and its counsel, be reasonably necessary
in connection with the Contemplated Transactions, or required to be delivered by Buyer at or prior to the Closing Date pursuant to this
Agreement.

 

ARTICLE IX

TERMINATION AND ABANDONMENT

 

Section 9.1        Methods
of Termination. This Agreement may be terminated and the Contemplated Transactions may be abandoned
as follows:

 

(a)            by
mutual written consent of Seller and Buyer;

 

(b)           by
either Seller or Buyer, if the Closing has not occurred on or before December 31, 2021 (the “Termination Date”);
provided, however, that the right to terminate this Agreement under this Section 9.1(b) shall not be available
to Seller if Seller, or to Buyer if Buyer, has failed to fulfill, in all material respects, any of its obligation under this Agreement;
and provided further, that the Termination Date shall be automatically extended for an additional three (3) month period if
the Closing has not occurred by the end of the Termination Date due to the failure of a condition set forth in Section 6.4
or Section 7.4 being met with respect to obtaining the consent, authorization or approval from any Governmental Authority
or any third Person;

 

(c)             by
Buyer, if there shall have been a breach of any representation, warranty, covenant or agreement on the part of Seller contained in this
Agreement such that the conditions set forth in Section 6.2 or 6.3 would not be satisfied, and such breach is not capable
of being cured or, if capable of being cured, is not cured by Seller by the earlier of the Termination Date and the date that is 30 days
following receipt of written notice from Buyer of such breach; provided that Buyer shall not have the right to terminate this Agreement
pursuant to this Section 9.1(c) if Buyer is then in material breach of any of its representations, warranties, covenants
or agreements contained in this Agreement;

 

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(d)           by
Seller, if there shall have been a breach of any representation, warranty, covenant or agreement on the part of Buyer contained in this
Agreement such that the conditions set forth in Section 7.2 or 7.3 would not be satisfied, and such breach is not capable
of being cured or, if capable of being cured, is not cured by Buyer by the earlier of the Termination Date and the date that is 30 days
following receipt of written notice from Seller of such breach; provided that Seller shall not have the right to terminate this
Agreement pursuant to this Section 9.1(d) if Seller is then in material breach of any of its representations, warranties,
covenants or agreements contained in this Agreement; and

 

(e)         by
either Seller or Buyer, if any Governmental Authority shall have issued an Order or taken any other action enjoining or otherwise prohibiting
the Contemplated Transactions and such Order or other action shall have become final and nonappealable.

 

Section 9.2        Procedure
Upon Termination and Consequences. Buyer or Seller may terminate this Agreement when permitted
pursuant to Section 9.1 by delivering written notice of such termination to the other Party, and such termination shall be
effective upon delivery of such notice in accordance with Section 11.3. If this Agreement is terminated as provided herein,
this Agreement shall forthwith become void, except that Section 1.1 (Definitions), Section 1.2 (Terms Generally),
the last sentence of Section 5.1 (Access to Information; Continuing Disclosure), this Section 9.2 (Procedure
Upon Termination and Consequences), and Article XI (Miscellaneous) shall survive such termination. Such termination shall
be the sole remedy of the Parties with respect to breaches of any covenant, agreement, representation or warranty contained in this Agreement
and none of the Parties, their Affiliates or any of their respective stockholders, members, partners, managers or Representatives, as
the case may be, shall have any liability or further obligation to any other Party; provided, however, that nothing in this Agreement
shall relieve a Party from liability for any willful breach of or willful failure to perform under this Agreement.

 

ARTICLE X

INDEMNIFICATION

 

Section 10.1     Indemnification.

 

(a)            Indemnification
by Seller. Subject to the limitations set forth in this Article X, from and after the Closing, Seller shall, indemnify,
defend and hold harmless Buyer, its Affiliates and each of their respective stockholders, members, partners, managers and Representatives
(the “Buyer Indemnified Parties”), from any and all Adverse Consequences suffered, sustained, incurred or paid
by a Buyer Indemnified Party as a result of or arising out of (i) any breach of any representation or warranty of Seller contained
in Article III of this Agreement or in any certificate delivered by Seller pursuant to this Agreement, (ii) any breach
of any covenant or agreement of Seller contained in this Agreement, (iii) any Pre-Closing Taxes, or (iv) the Excluded Assets.

 

(b)           Indemnification
by Buyer. Subject to the limitations set forth in this Article X, from and after the Closing, Buyer shall indemnify, defend
and hold harmless Seller, its Affiliates and each of their respective stockholders, members, partners, managers and Representatives (the
 “Seller Indemnified Parties”), from any and all Adverse Consequences suffered, sustained, incurred or paid by
a Seller Indemnified Party as a result of or arising out of (i) any breach of any representation or warranty of Buyer contained in
Article IV of this Agreement or in any certificate delivered by Buyer pursuant to this Agreement, (ii) any breach of
any covenant or agreement of Buyer contained in this Agreement, or (iii) any liability of the Sale Entities, whether arising before,
on or after the Closing (other than amounts payable by Seller pursuant to Section 10.1(a)).

 

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Section 10.2     Procedure
for Indemnification. Each claim for indemnification, including those claims resulting from the
assertion of liability by Persons not parties to this Agreement, including claims by any Governmental Authority for penalties, fines
and assessments, must be made by delivery by the Party to be indemnified (the “Indemnified Party”) to the Party
responsible for the indemnification obligation (the “Indemnifying Party”) of written notice containing details
reasonably sufficient to disclose to the Indemnifying Party the nature and scope of the claim including an estimate of the amount of
claimed Adverse Consequences and copies of all relevant pleadings, documents and information within ten (10) Business Days after
the Indemnified Party’s knowledge of such claim. Any failure in the delivery of such notice shall not affect the obligations of
the Indemnifying Party, except to the extent that the rights and remedies of the Indemnifying Party are adversely affected or prejudiced
as a result of the failure to give, or delay in giving, such notice.

 

(a)            In
the event that any Action is brought against an Indemnified Party for which the Indemnifying Party is required to indemnify the Indemnified
Party hereunder, the Indemnifying Party shall have thirty (30) days after the date the Indemnifying Party is notified of such Action by
the Indemnified Party to assume the defense of such Action and such defense shall include all appeals or reviews. If the Indemnifying
Party assumes the defense of any such claim, the Indemnifying Party shall (i) select counsel reasonably acceptable to the Indemnified
Party to conduct the defense of such claim and (ii) take all steps necessary in the defense or settlement thereof, at its sole cost
and expense. The Indemnifying Party shall not make any settlement of any claims without the written consent of the Indemnified Party,
which consent shall not be unreasonably withheld, conditioned or delayed, provided, however, that such consent shall not be required if
the settlement does not involve any finding or admission of any violation of Law or admission of any wrongdoing by the Indemnified Party
and the Indemnifying Party shall (i) pay or cause to be paid all amounts of such settlement or judgment concurrently with the effectiveness
of such settlement, and (ii) not encumber any of the assets of any Indemnified Party or agree to any restriction or condition that
would apply to or materially adversely affect any Indemnified Party. If the Indemnified Party withholds its consent unreasonably, the
Indemnified Party shall be obligated for any future expenses and excess settlement amounts. The Indemnified Party shall fully cooperate
at its expense in connection with the defense of any such claims including, without limitation, reasonable access to the Indemnified Party’s
records and personnel relating to such claim, and will have the right to participate in the defense of any claim by counsel of its own
choosing and at its own expense. The Indemnified Party and the Indemnifying Party shall reasonably cooperate with each other and their
respective counsel with respect to the defense or settlement of such claim. The Indemnified Party may defend against any such claim, at
the sole cost and expense of the Indemnifying Party, in such manner as it may deem reasonably appropriate in accordance with the terms
hereof if (x) the Indemnifying Party does not assume the defense of any such claim resulting therefrom within thirty (30) days after
the date the Indemnifying Party is notified of such claim by the Indemnified Party or (y) the Indemnified Party reasonably concludes
that the Indemnifying Party is not reasonably, diligently or in good faith defending the Indemnified Person; provided, that the Indemnifying
Party shall have the right to participate (with its own counsel at its own expense), and no compromise or settlement shall be made by
the Indemnified Party without the Indemnifying Party’s consent, which consent shall not be unreasonably conditioned, withheld or
delayed.

 

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(b)           In
the event that any Indemnified Party has a claim against any Indemnifying Party which may give rise to indemnity hereunder that does not
involve a claim brought by a third party, the Indemnified Party shall promptly notify the Indemnifying Party of the claim and the facts
constituting the basis for such claim and, if known, the amount or an estimate of the amount of the liability arising therefrom. If the
Indemnifying Party does not notify the Indemnified Party within thirty (30) days from receipt of such claim notice that the Indemnifying
Party disputes such claim, the Indemnifying Party shall be deemed to have disputed such claim and any liability by the Indemnifying Party
therefor. If the Indemnifying Party does notify the Indemnified Party (or is deemed to have notified the Indemnified Party) that it disputes
such claim within the require thirty (30) day period, the Parties shall attempt in good faith to agree upon the rights of the respective
Parties with respect to such claim. If the Parties should so agree, a memorandum setting forth such agreement shall be prepared and signed
by both Parties. If such Parties shall not agree, each Party shall be entitled to take any action in law or in equity as such Party shall
deem necessary to enforce the provisions of this Article 10.

 

Section 10.3      Survival.
The representations and warranties of the Parties contained in this Agreement shall survive
the Closing for a period of twelve (12) months after the Closing Date; provided, however, that (i) each of the representations
and warranties set forth in Section 3.8 (Tax Matters) shall survive the Closing until the later of (A) the expiration
of the statute of limitations period applicable thereto and (B) the expiration of the statute of limitations (including extensions)
applicable to a Tax (or any other amount) included in, or includable in, Pre-Closing Taxes, and (ii) the Fundamental Representations
shall survive the Closing for a period of five (5) years after the Closing Date. The covenants and agreements of the Parties to
be performed or complied with prior to the Closing shall not survive the Closing and those covenants and agreements of the Parties that
by their terms are to be performed or complied with after the Closing shall survive for a period of thirty (30) days after their expiration
in accordance with their terms; provided, however, that the covenants of Seller set forth in Section 5.4 shall survive the
Closing until the later of the (A) expiration of the statute of limitations period applicable thereto and (B) the expiration
of the statute of limitations (including extensions) applicable to each Tax to which the covenant applies. No Indemnifying Party shall
have any liability for any claim for indemnification made pursuant to Section 10.1(a) or 10.1(b) by an Indemnified
Party hereunder unless the Indemnified Party notifies such Indemnifying Party of such claim in writing, setting forth in reasonable detail
the nature of the claim on or before the expiration of the time periods provided in the first sentence of this Section 10.3;
provided that if no notice of a claim for indemnification made pursuant to Section 10.1(a) or 10.1(b) has
been made within the time periods set forth above in this Section 10.3, then such claim for indemnification shall be waived.
Notwithstanding anything in this Section 10.3 to the contrary, if a claim notice is delivered under this Section 10.3
of any representation, warranty, covenant or indemnity obligation alleging a right to indemnification or defense for Losses arising
out of, relating to or attributable to the breach of such representation, warranty, covenant or indemnity obligation before the expiration
of the time periods provided in the first sentence of this Section 10.3, then such claim set forth in such claim notice and
any corresponding indemnity obligation shall continue to survive until the claims asserted in such claim notice that are based on such
breach have been fully and finally resolved.

 

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Section 10.4     Exclusive
Remedies. Following the Closing, except for actual fraud or willful misconduct, the rights and
remedies of Seller and the Seller Indemnified Parties, on the one hand, and Buyer and the Buyer Indemnified Parties, on the other hand,
for monetary damages under this Article X are, solely as between Seller and the Seller Indemnified Parties on the one hand,
and Buyer and the Buyer Indemnified Parties on the other hand, exclusive and in lieu of any and all other rights and remedies for monetary
damages which Seller and the Seller Indemnified Parties on the one hand, and Buyer and the Buyer Indemnified Parties on the other hand,
may have under this Agreement or under applicable Laws with respect to any indemnifiable claim, whether at common law or in equity, and
each Party agrees to waive any and all claims with respect thereto unless specifically provided for in this Section 10.4.
Notwithstanding the foregoing, a Party may bring an Action to enforce this Article X.

 

Section 10.5     Limitation
of Claims; Mitigation. Notwithstanding anything to the contrary contained herein:

 

(a)           The
maximum aggregate liability of Seller under this Agreement shall in no event exceed an amount equal to the Base Purchase Price. In addition,
the maximum aggregate liability of Seller under this Agreement for claims pursuant to Section 10.1(a)(i) with respect
to the breach by Seller of any Fundamental Representation or any of the representations and warranties set forth in Section 3.8
shall not exceed an amount equal to one hundred percent (100%) of the Base Purchase Price, and the maximum aggregate liability of Seller
under this Agreement for all other claims pursuant to Section 10.1(a)(i) shall not exceed an amount equal to ten percent
(10%) of the Base Purchase Price (each of the limitations set forth in this Section 10.5(a), a “Cap”).

 

(b)           In
no event shall Seller have any liability to Buyer in respect of any indemnification obligations under Section 10.1(a)(i) of
this Agreement with respect to a breach of any representation or warranty of Seller contained in Article III of this Agreement
unless and until such liabilities exceed, in the aggregate, an amount equal to one percent (1%) of the Base Purchase Price (the “Basket
Amount”), and then only to the extent such liabilities are in excess of the Basket Amount, subject to the applicable Cap.

 

(c)           An
Indemnified Party shall not be entitled to any indemnity payment for breaches of representations and warranties by the Indemnifying Party
to the extent the Indemnified Party had actual knowledge of any event, action or circumstance giving rise to such breach prior to the
Closing; provided, however, that Buyer shall not be deemed to have knowledge of any such fact, event or circumstance arising after the
Effective Date as a result of Seller notifying Buyer of such event, action or circumstance after the Effective Date, except for deemed
amendments and updates to the Schedules to reflect actions of the Sale Entities that are required by this Agreement, including Section 5.5,
or consented to in writing by Buyer.

 

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(d)           Notwithstanding
anything in this Agreement, (i) Seller shall not be liable for any Adverse Consequences actually incurred or paid by a Buyer Indemnified
Party to the extent that an amount has been reserved, provided for or allowed for in the Financial Statements or if such Adverse Consequences
arose from (A) a change in accounting or Law, policy or practice made after the Closing Date or (B) any Law not in force on
or before the Closing Date, and (ii) no Party shall be responsible for Adverse Consequences with respect to any claim which is contingent
unless and until such contingent claim becomes an actual liability of the Indemnified Party and is due and payable, so long as such claim
was timely submitted pursuant to Section 10.3.

 

(e)          Notwithstanding
anything in this Agreement or any applicable Law to the contrary, it is understood and agreed by each of the Parties that no stockholder,
member, partner, manager, Representative or Affiliate of any Party hereto shall have (i) any personal liability to any Buyer Indemnified
Party or Seller Indemnified Party as a result of the breach of any representation, warranty, covenant or agreement contained in this Agreement
or otherwise arising out of or in connection with the Contemplated Transactions, or (ii) any personal obligation to indemnify any
Buyer Indemnified Party or any Seller Indemnified Party for any claims pursuant to this Article X, and Buyer, for itself and
all other Buyer Indemnified Parties and Seller, for itself and all other Seller Indemnified Parties, hereby waive and release and shall
have no recourse against any of such Persons described in this Section 10.5(e) as a result of the breach of any representation,
warranty, covenant or agreement contained herein or otherwise arising out of or in connection with the Contemplated Transactions.

 

(f)         Prior
to an Indemnifying Party having any obligation pursuant to Section 10.1(a) or Section 10.1(b), as applicable,
an Indemnified Party shall use Reasonable Efforts (including the reasonable expenditure of money, payment of legal fees, or pursuit of
reimbursement or indemnification or payment from a third Person or under applicable insurance policies with respect to such Adverse Consequences)
to mitigate all Adverse Consequences relating to an indemnifiable claim and shall provide such evidence and documentation of the nature
and extent of such claim as may be reasonably requested by the Indemnifying Party.

 

(g)           An
Indemnifying Party’s indemnification obligations under this Article X shall be reduced (but not below zero) to the extent
that the Adverse Consequences related to a claim is covered by and paid to the Indemnified Party pursuant to (i) a reimbursement,
indemnification or payment from a third Person with respect to such Adverse Consequences, or (ii) insurance policies that provide
coverage with respect to such Adverse Consequences.

 

(h)          For
the avoidance of doubt, with respect to any and all Adverse Consequences related to any claim by any Buyer Indemnified Party, such Adverse
Consequences shall not include any Adverse Consequences that such Buyer Indemnified Party would have incurred solely due to Buyer’s
or its Affiliate’s ownership of fifty percent (50%) of the JV Entities prior to the Closing (and assuming, for these purposes, that
none of the Contemplated Transactions ever occurred).

 

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(i)            NOTWITHSTANDING
ANY PROVISION IN THIS AGREEMENT TO THE CONTRARY, UNDER NO CIRCUMSTANCES SHALL ANY PARTY, OR ITS AFFILIATES, OR ITS OR THEIR STOCKHOLDERS,
MEMBERS, PARTNERS, MANAGERS, DIRECTORS OR REPRESENTATIVES, BE RESPONSIBLE OR LIABLE FOR AND NO PARTY SHALL BE ENTITLED TO SEEK, ANY INDIRECT, INCIDENTAL,
PUNITIVE, EXEMPLARY, SPECIAL OR CONSEQUENTIAL DAMAGES (INCLUDING, WITHOUT LIMITATION, DAMAGES RELATED TO DIMINUTION IN VALUE, LOST BUSINESS,
LOST PROFITS, LOST REVENUE, LOST INCOME, LOSS OF USE OR BUSINESS REPUTATION OR OPPORTUNITY, LOSS OF DATA, FAILURE TO REALIZE SAVINGS OR
BENEFITS, OR ANY DAMAGES BASED ON OR MEASURED BY ANY TYPE OF MULTIPLE, OTHER THAN ANY SUCH DAMAGES SUFFERED BY ANY THIRD PARTY FOR WHICH
ANY PARTY IS OBLIGATED TO INDEMNIFY ANOTHER PARTY UNDER THE TERMS HEREOF, AND THE DEFINITION OF “ADVERSE CONSEQUENCES” IN
SECTION 1.1 SHALL BE INTERPRETED TO EXCLUDE SUCH DAMAGES) ARISING UNDER THIS AGREEMENT, EVEN IF ADVISED OF THE POSSIBILITY
OF SUCH LOSS.

 

(j)            For
purposes of determining the amount of Adverse Consequences resulting from, arising out of or related to a breach of any representation
or warranty for purposes of indemnification pursuant to this Article X, each such representation or warranty shall be read
without giving effect to any materiality or Material Adverse Effect limitations or qualifications thereto.

 

(k)            Notwithstanding
anything to the contrary in this Section 10.5, or anything else to the contrary in this Agreement, (i) neither any claim
related to any representation or warranty in Section 3.8 nor any claim related to Pre-Closing Taxes (including, for the avoidance
of doubt, any claim made pursuant to Section 10.1(a) relating to Pre-Closing Taxes) nor any claim related to any covenant
of Seller set forth in Section 5.4 shall be subject to any of the Basket Amount, the Financial Statements carve-out described
in Section 10.5(d) or the limitation set forth in Section 10.5(c) and (ii) as a result, neither
any claim related to any representation and warranty in Section 3.8 nor any claim related to Pre-Closing Taxes (including,
for the avoidance of doubt, any claim made pursuant to Section 10.1(a) relating to Pre-Closing Taxes) nor any claim related
to any covenant of Seller set forth in Section 5.4 shall be limited by such limits.

 

Section 10.6     Tax
Treatment of Indemnity Payments. Except as otherwise required by applicable Law, Seller and
Buyer agree to treat any indemnity payment made pursuant to this Article X as an adjustment to the Purchase Price for Tax
purposes.

 

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Section 10.7     Waiver;
Disclaimer.

 

(a)           NOTWITHSTANDING
ANYTHING IN THIS AGREEMENT TO THE CONTRARY AND EXCEPT FOR THOSE REPRESENTATIONS AND WARRANTIES EXPRESSLY SET FORTH IN ARTICLE III, IT
IS THE EXPLICIT INTENT OF EACH OF THE PARTIES, AND THE PARTIES HEREBY AGREE THAT, EXCEPT AS SET FORTH IN ARTICLE III, NEITHER SELLER
NOR ANY OF ITS AFFILIATES OR THEIR RESPECTIVE REPRESENTATIVES HAS MADE OR IS MAKING ANY REPRESENTATION OR WARRANTY WHATSOEVER, EXPRESS
OR IMPLIED, WHETHER AT COMMON LAW, STATUTORY OR OTHERWISE, WRITTEN OR ORAL WITH RESPECT TO (I) THE CLASS B INTERESTS, THE SALE
ENTITIES OR ANY PART THEREOF, AND (II) THE ACCURACY OR COMPLETENESS OF THE INFORMATION, RECORDS, AND DATA NOW, HERETOFORE, OR
HEREAFTER MADE AVAILABLE TO BUYER IN CONNECTION WITH THIS AGREEMENT AND ANY SUCH OTHER REPRESENTATIONS OR WARRANTIES ARE HEREBY EXPRESSLY
DISCLAIMED. BUYER HAS NOT EXECUTED OR AUTHORIZED THE EXECUTION OF THIS AGREEMENT IN RELIANCE UPON ANY SUCH PROMISE, REPRESENTATION OR
WARRANTY NOT EXPRESSLY SET FORTH HEREIN.

 

(b)           EXCEPT
AS OTHERWISE EXPRESSLY PROVIDED HEREIN (INCLUDING, WITHOUT LIMITATION, IN SECTION 5.4), SELLER’S INTERESTS
IN THE SALE ENTITIES ARE BEING TRANSFERRED THROUGH THE SALE OF THE CLASS B INTERESTS “AS IS, WHERE IS, WITH ALL FAULTS,”
AND SELLER EXPRESSLY DISCLAIMS ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE, EXPRESS OR IMPLIED, AS TO THE CONDITION, VALUE
OR QUALITY OF THE ASSETS (INCLUDING THE PRESENCE OR ABSENCE OF ANY HAZARDOUS SUBSTANCES) OR OPERATIONS OF THE SALE ENTITIES OR THE PROSPECTS
(FINANCIAL OR OTHERWISE), RISKS AND OTHER INCIDENTS OF THE SALE ENTITIES AND ANY SUCH OTHER REPRESENTATIONS OR WARRANTIES ARE HEREBY EXPRESSLY
DISCLAIMED, AND BUYER HAS AGREED TO RELY SOLELY AND EXCLUSIVELY UPON ITS OWN EVALUATION OF THE SALE ENTITIES. EXCEPT IN THE EVENT OF FRAUD
OR AS EXPRESSLY PROVIDED FOR IN THIS AGREEMENT, SELLER SHALL NOT HAVE OR BE SUBJECT TO ANY LIABILITY TO BUYER OR ANY OTHER PERSON RESULTING
FROM THE DISTRIBUTION TO BUYER, OR BUYER’S USE OF OR RELIANCE ON, ANY INFORMATION, DOCUMENTS OR MATERIAL MADE AVAILABLE TO BUYER
IN EXPECTATION OF, OR IN CONNECTION WITH, THE CONTEMPLATED TRANSACTIONS.

 

ARTICLE XI

MISCELLANEOUS

 

Section 11.1     Amendment
and Modification. This Agreement (other than amending Schedules pursuant to Section 5.6)
may be amended, modified and supplemented only by written agreement of Buyer and Seller.

 

Section 11.2     Waiver
of Compliance. Any failure of Buyer or Seller to comply with any obligation, covenant, agreement
or condition contained herein may be expressly waived in writing by Seller, in the event of any such failure by Buyer, or by Buyer, in
the event of any such failure by Seller, but such waiver or failure to insist upon strict compliance shall not operate as a waiver of,
or estoppel with respect to, any subsequent or other failure.

 

    49

     

    

 

Section 11.3     Notices.
All notices, requests, demands, waivers and other communications required or permitted to be
given under this Agreement shall be in writing and may be given by any of the following methods: (a) personal delivery; (b) email
transmission but only to the extent promptly followed by overnight or certified mail, postage prepaid, return receipt requested; (c) overnight
or certified mail, postage prepaid, return receipt requested; or (d) next day air courier service. Notices shall be sent to the
appropriate Party at its address or email address given below (or at such other address, electronic address or facsimile number for such
party as shall be specified by notice given hereunder).

 

If to Seller, to:

 

Dominion Solar Projects III, Inc.

c/o Dominion Energy, Inc.

120 Tredegar Street

Richmond, Va. 23219

Attn: Prabir Purohit, Vice
President - Finance

Email: Prabir.Purohit@dominionenergy.com

 

with a copy to:

 

McGuireWoods LLP

Gateway Plaza

800 E. Canal Street

Richmond, VA 23219

Attn: Joanne Katsantonis

Email: jkatsantonis@mcguirewoods.com

 

or to such other Person or address as Seller shall
designate in writing.

 

If to Buyer to:

 

Utah Solar Holdings II LLC

c/o Clearway Energy LLC

300 Carnegie Center Drive

Princeton, New Jersey 08540

Attn: General Counsel

Email: OGC@clearwayenergy.com

 

with a copy to:

 

Gibson, Dunn & Crutcher
LLP

1801 California Street, Suite 4200

Denver, Colorado 80202

Attn: Gerald P. Farano

Email: jfarano@gibsondunn.com

 

or to such other Person or address as Buyer shall
designate in writing.

 

    50

     

    

 

All such notices, requests,
demands, waivers and communications shall be deemed effective upon (i) actual receipt thereof by the addressee, (ii) actual
delivery thereof to the appropriate address or (iii) in the case of an email transmission, transmission thereof by the sender to
the correct email address.

 

Section 11.4     Binding
Nature; Assignment. This Agreement shall be binding upon and inure to the benefit of the Parties
hereto and their respective successors and permitted assigns, but neither this Agreement nor any of the rights, interests or obligations
hereunder shall be assigned, by operation of law or otherwise, by any of the Parties hereto without the prior written consent of the
other Party. Nothing contained herein, express or implied, is intended to confer on any Person other than the Parties hereto or their
successors and assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement. Any assignment in contravention
of the foregoing sentence shall be null and void and without legal effect on the rights and obligations of the Parties hereunder.

 

Section 11.5     Entire
Agreement. This Agreement, including the Schedules and the Exhibits, and the Transaction Documents
embody the entire agreement and understanding of the Parties hereto in respect of the subject matter contained herein and therein. This
Agreement, including the Schedules and the Exhibits, and the Transaction Documents supersede all prior agreements and understandings
among the Parties with respect to such subject matter.

 

Section 11.6     Expenses.
Each Party shall pay its own expenses in connection with the negotiation of this Agreement and
the Transaction Documents, the performance of its obligations hereunder and thereunder, and the consummation of the Contemplated Transactions,
including, except as otherwise provided herein, the cost of legal, technical and financial consultants and the cost of filing for and
prosecuting applications for the consents, authorizations, approvals, notices, filings and registrations listed on Schedules 3.10
and 4.4. Buyer and Seller shall each be responsible for the payment of 50% of the Transfer Taxes pursuant to Section 5.4(a).
Buyer shall be responsible for all payments, costs, fees and expenses to obtain the consent of any Person whose consent is required,
including those identified on Schedules 3.10 and 4.4, and Seller shall not be required to make any payments or incur any
fees or similar expenses with respect thereto.

 

Section 11.7     Press
Releases and Announcements; Disclosure. No press release or other public announcement or disclosure
related to this Agreement, any Transaction Document, or the Contemplated Transactions (including, but not limited to, the terms and conditions
of this Agreement or any Transaction Document) shall be issued or made by any Party without the prior written approval of the other Parties.
The foregoing shall not prohibit any disclosure required by Law or any securities exchange rules applicable to Seller or its Affiliates.

 

Section 11.8     No
Third Party Beneficiaries. This Agreement is solely for the benefit of the Parties and their
respective successors and permitted assigns, and this Agreement shall not otherwise be deemed to confer upon or give to any other Person
any right, claim, cause of action, or other interest herein.

 

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Section 11.9     Governing
Law; Jurisdiction. This Agreement shall be construed and enforced in accordance with the Laws
of the State of New York without giving effect to the choice of law principles thereof. Each Party consents to personal jurisdiction
in any action brought in any court, federal or state, within the Borough of Manhattan having subject matter jurisdiction arising under
this Agreement, and each of the Parties hereto agrees that any action instituted by either of them against the other with respect to
this Agreement will be instituted exclusively in a court, federal or state, within the Borough of Manhattan. Each of the Parties hereto
irrevocably waives the defense of an inconvenient forum to the maintenance of any such action.

 

Section 11.10   WAIVER
OF JURY TRIAL. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE
UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES ANY RIGHT A PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION RESULTING FROM, ARISING OUT OF OR RELATING TO
THIS AGREEMENT OR THE CONTEMPLATED TRANSACTIONS. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY
OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER, (ii) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (iii) EACH PARTY
MAKES THIS WAIVER VOLUNTARILY, AND (iv) EACH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL
WAIVERS AND CERTIFICATIONS IN THIS SECTION 11.10.

 

Section 11.11   No
Joint Venture. Nothing in this Agreement creates or is intended to create an association, trust,
partnership, joint venture or other entity or similar legal relationship among the Parties, or impose a trust, partnership or fiduciary
duty, obligation, or liability on or with respect to the Parties. Except as expressly provided herein, neither Party is or shall act
as or be the agent or representative of the other Party.

 

Section 11.12   Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced
by any Law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect
so long as the economic or legal substance of the Contemplated Transactions is not affected in any manner adverse to any Party. Upon
such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in
good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in order that the Contemplated
Transactions be consummated as originally contemplated to the greatest extent possible.

 

Section 11.13   Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature
page of this Agreement by facsimile transmission shall be effective as delivery of a manually executed counterpart of this Agreement.

 

[SIGNATURE PAGE FOLLOWS]

 

    52

     

    

 

IN WITNESS WHEREOF, the Parties
hereto have caused this Agreement to be duly executed on the Effective Date.

 

	 	DOMINION SOLAR PROJECTS III, INC.

 

	 	By:	   /s/ Prabir Purohit
	 	 	Name: Prabir Purohit
	 	 	Title: Vice President - Finance

 

	 	UTAH SOLAR HOLDINGS II LLC

 

 

	 	By:	   /s/ Christopher Sotos
	 	 	Name: Christopher Sotos
	 	 	Title: PresidentEX-4.1

 Exhibit 4.1 

DEPOSIT AGREEMENT 

among 
 TEXTAINER GROUP
HOLDINGS LIMITED 
 and 

COMPUTERSHARE TRUST COMPANY, N.A. 

and 
 COMPUTERSHARE
INC., 
 jointly as Depositary 

and 
 the Holders from
time to time of Receipts issued hereunder 
 Relating to the Issuer’s Receipts, Depositary Shares and Related 

6.250% Series B Cumulative Redeemable Perpetual Preference Shares 

Dated as of August 23, 2021 

 DEPOSIT AGREEMENT 

DEPOSIT AGREEMENT, dated as of August 23, 2021, among (i) TEXTAINER GROUP HOLDINGS LIMITED, a Bermuda exempted company limited by
shares (the “Company”), (ii) COMPUTERSHARE INC., a Delaware corporation (“Computershare”), and its wholly-owned subsidiary, COMPUTERSHARE TRUST COMPANY, N.A., a federally chartered trust company and national banking
association (the “Trust Company”), jointly as Depositary (as hereinafter defined), and (iii) the Holders from time to time of the Receipts described herein. 

WHEREAS, the Company desires to appoint Trust Company and Computershare jointly as Depositary, and Computershare as processor of all payments
received or made by the Company under the Deposit Agreement; 
 WHEREAS, Trust Company and Computershare desire to accept such respective
appointments and perform the services related to such appointments; 
 WHEREAS, it is desired to provide, as hereinafter set forth in this
Deposit Agreement, for the deposit of shares of Series B Preference Shares (as hereinafter defined) from time to time with the Depositary for the purposes set forth in this Deposit Agreement and for the issuance hereunder of Receipts evidencing
Depositary Shares in respect of the Series B Preference Shares so deposited; and 
 WHEREAS, the Receipts are to be substantially in the
form of Exhibit A annexed hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement; 

NOW, THEREFORE, in consideration of the premises, the parties hereto agree as follows: 

ARTICLE I 
 DEFINED TERMS

 Section 1.1 Definitions. 

The following definitions shall for all purposes, unless otherwise indicated, apply to the respective terms used in this Deposit Agreement:

 “Certificate of Designations” shall mean the certificate of designations, adopted by the Board of Directors of the Company or a
duly authorized committee thereof, establishing and setting forth the rights, preferences and privileges of the Series B Preference Shares, attached hereto as Exhibit B, and as such certificate may be amended or restated from time to time. 

“Deposit Agreement” shall mean this Deposit Agreement, as amended or supplemented from time to time in accordance with the terms
hereof. 
 “Depositary” shall mean Computershare and the Trust Company, acting jointly, and any successor as Depositary hereunder.

 “Depositary Shares” shall mean the depositary shares, each representing one
one-thousandth of one share of the Series B Preference Shares, evidenced by a Receipt. 

“Depositary’s Agent” shall mean an agent appointed by the Depositary pursuant to Section 7.5. 

“Depositary’s Office” shall mean the office or offices of the Depositary designated for the purposes contemplated herein,
which, initially, shall be at the address of the Depositary set forth in Section 7.4. 
 “DTC” shall mean The Depository
Trust Company. 
 “Officer’s Certificate” means a certificate in substantially the form set forth as Exhibit C hereto, which
is signed by an officer of the Company and which shall include the terms and conditions of the Series B Preference Shares to be issued by the Company and deposited with the Depositary from time to time in accordance with the terms hereof. 

  
 -1- 

 “Receipt” shall mean one of the depositary receipts issued hereunder,
substantially in the form set forth as Exhibit A hereto, whether in definitive or temporary form, and evidencing the number of Depositary Shares with respect to the Series B Preference Shares held of record by the Record Holder of such Depositary
Shares. 
 “Record Holder” or “Holder” as applied to a Receipt shall mean the person in whose name such Receipt is
registered on the books of the Depositary maintained for such purpose. 
 “Registrar” shall mean Computershare or such other
successor bank or trust company which shall be appointed by the Company to register ownership and transfers of the Receipts and Series B Preference Shares deposited with the Depositary hereunder as herein provided and if a successor Registrar shall
be so appointed, references herein to “the books” of or maintained by Computershare shall be deemed, as applicable, to refer as well to the register maintained by such Registrar for such purpose. 

“Securities Act” shall mean the Securities Act of 1933, as amended. 

“Series B Preference Shares” shall mean the shares of the Company’s 6.250% Series B Cumulative Redeemable Perpetual Preference
Shares, $0.01 par value, with a liquidation preference of $25,000 per share, designated in the Certificate of Designations and described in the Officer’s Certificate delivered pursuant to Section 2.2 hereof. 

“Underwriting Agreement” shall mean that certain Underwriting Agreement, dated August 16, 2021, between the Company and RBC
Capital Markets, LLC, UBS Securities LLC, Keefe, Bruyette & Woods, Inc., and B. Riley Securities, Inc., as representatives of the several underwriters named in Schedule A thereto. 

ARTICLE II 
 FORM OF
RECEIPTS, DEPOSIT OF SERIES B PREFERENCE SHARES, EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS 

Section 2.1 Form and Transfer of Receipts. 

The definitive Receipts shall be substantially in the form set forth in Exhibit A annexed to this Deposit Agreement, with appropriate
insertions, modifications and omissions, as hereinafter provided and shall be engraved or otherwise prepared so as to comply with applicable rules of the New York Stock Exchange, Inc. Pending the preparation of definitive Receipts, the Depositary,
upon the written order of the Company, delivered in compliance with Section 2.2, shall execute and deliver temporary Receipts which may be printed, lithographed, typewritten, mimeographed or otherwise substantially of the tenor of the
definitive Receipts in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the persons executing such Receipts may determine, as evidenced by their execution of such Receipts. If
temporary Receipts are issued, the Company and the Depositary will cause definitive Receipts to be prepared without unreasonable delay. After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable for definitive
Receipts upon surrender of the temporary Receipts at an office described in the penultimate paragraph of Section 2.2, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Receipts, the Depositary shall
execute and deliver in exchange therefor definitive Receipts representing the same number of Depositary Shares as represented by the surrendered temporary Receipt or Receipts. Such exchange shall be made at the Company’s expense and without any
charge therefor. Until so exchanged, the temporary Receipts shall in all respects be entitled to the same benefits under this Deposit Agreement as definitive Receipts. 

Receipts shall be executed by the Depositary by the manual or facsimile signature of a duly authorized officer of the Depositary. No Receipt
shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed manually or by the facsimile signature of a duly authorized officer of the Depositary. If a Registrar for the
Receipts (other than the Depositary) shall have been appointed, Receipts shall be countersigned by the manual or facsimile signature of a duly authorized officer of the Registrar. The Depositary shall record on its books each Receipt so signed and
delivered as hereinafter provided. 

  
 -2- 

 Receipts shall be in denominations of any number of whole Depositary Shares. 

Receipts may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the
provisions of this Deposit Agreement all as may be required by the Depositary and approved by the Company or which the Company has determined are required to comply with any applicable law or any regulation thereunder or with the rules and
regulations of any securities exchange upon which the Series B Preference Shares, the Depositary Shares or the Receipts may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which
any particular Receipts are subject, in each case as directed by the Company. 
 Title to any Receipt and Depositary Shares evidenced by
such Receipt which is properly endorsed or accompanied by a properly executed instrument of transfer, shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that until transfer of any
particular Receipt shall be registered on the books of the Depositary as provided in Section 2.3, the Depositary may, notwithstanding any notice to the contrary, treat the Record Holder thereof at such time as the absolute owner thereof for the
purpose of determining the person entitled to distributions of dividends or other distributions, to exercise any conversion or voting rights or to receive any notice provided for in this Deposit Agreement and for all other purposes. 

Notwithstanding the foregoing, upon request by the Company, the Depositary and the Company will make application to DTC for acceptance of all
of the Receipts for its book-entry settlement system. In connection with such request, the Company hereby appoints the Depositary acting through any authorized officer thereof as its
attorney-in-fact, with full power to delegate, for purposes of executing any agreements, certifications or other instruments or documents necessary or desirable in order
to effect the acceptance of such Receipts for DTC eligibility. So long as the Receipts are eligible for book-entry settlement with DTC, unless otherwise required by law, all Depositary Shares to be traded on the New York Stock Exchange
(“NYSE”) or another nationally recognized U.S. securities exchange with book-entry settlement through DTC shall be represented by a single receipt (the “DTC Receipt”), which shall be deposited with DTC (or its custodian)
evidencing all such Depositary Shares and registered in the name of the nominee of DTC (initially expected to be Cede & Co.). The Depositary or such other entity as is agreed to by DTC may hold the DTC Receipt as custodian for DTC.
Ownership of beneficial interests in the DTC Receipt shall be shown on, and the transfer of such ownership shall be effected through, records maintained by (i) DTC or its nominee for such DTC Receipt or (ii) institutions that have accounts
with DTC. 
 If issued, the DTC Receipt shall be exchangeable for definitive Receipts only if (i) DTC notifies the Company at any time
that it is unwilling or unable to continue to make its book-entry settlement system available for the Receipts and a successor to DTC is not appointed by the Company within 90 days of the date the Company is so informed in writing, (ii) DTC
notifies the Company at any time that it has ceased to be a clearing agency registered under applicable law and a successor to DTC is not appointed by the Company within 90 days of the date the Company is so informed in writing or (iii) the
Company executes and delivers to DTC a notice to the effect that such DTC Receipt shall be so exchangeable. If the beneficial owners of interests in Depositary Shares are entitled to exchange such interests for definitive Receipts as the result of
an event described in clause (i), (ii) or (iii) of the preceding sentence, then without unnecessary delay but in any event not later than the earliest date on which such beneficial interests may be so exchanged, the Depositary is hereby
directed to and shall provide written instructions to DTC to deliver to the Depositary for cancellation the DTC Receipt, and the Company shall instruct the Depositary in writing to execute and deliver to the beneficial owners of the Depositary
Shares previously evidenced by the DTC Receipt definitive Receipts in physical form evidencing such Depositary Shares. The DTC Receipt shall be in such form and shall bear such legend or legends as may be appropriate or required by DTC in order for
it to accept the Depositary Shares for its book-entry settlement system. 
 Notwithstanding any other provision herein to the contrary, if
the Receipts are at any time eligible for book-entry settlement through DTC, delivery of Series B Preference Shares and other property in connection with the withdrawal or redemption of Depositary Shares will be made through DTC and in accordance
with its procedures, unless the holder of the relevant Receipt otherwise requests and such request is reasonably acceptable to the Depositary and the Company. 

  
 -3- 

 Section 2.2 Deposit of Series B Preference Shares; Execution and Delivery of
Receipts in Respect Thereof. 
 Subject to the terms and conditions of this Deposit Agreement, the Company may from time to time
deposit shares of Series B Preference Shares under this Deposit Agreement by delivery to the Depositary of such shares of Series B Preference Shares, including via electronic book-entry, for such Series B Preference Shares to be deposited (or in
such other manner as may be agreed to by the Company and the Depositary), properly endorsed or accompanied, if required by the Depositary, by a duly executed instrument of transfer or endorsement, in form satisfactory to the Depositary, together
with all such certifications as may be required by the Depositary in accordance with the provisions of this Deposit Agreement and an executed Officer’s Certificate attaching the Certificate of Designations and all other information required to
be set forth therein, and together with a written order of the Company directing the Depositary to execute and deliver to, or upon the written order of, the person or persons stated in such order a Receipt or Receipts evidencing in the aggregate the
number of Depositary Shares representing such deposited Series B Preference Shares. Each Officer’s Certificate delivered to the Depositary in accordance with the terms of this Deposit Agreement shall be deemed to be incorporated into this
Deposit Agreement and shall be binding on the Company, the Depositary and the Holders of Receipts to which such Officer’s Certificate relates. 

The Series B Preference Shares that are deposited shall be held by the Depositary in an account to be established by the Depositary at the
Depositary’s Office or at such other place or places as the Depositary shall determine. As registrar and transfer agent for the deposited Series B Preference Shares, Computershare will reflect changes in the number of shares of deposited Series
B Preference Shares held by it by notation, book-entry or other appropriate method. The Depositary shall not lend any Series B Preference Shares deposited hereunder. 

Upon receipt by the Depositary of Series B Preference Shares deposited in accordance with the provisions of this Section, together with the
other documents required as above specified, and upon recordation of the Series B Preference Shares on the books of the Company (or its duly appointed transfer agent) in the name of the Depositary or its nominee, the Depositary, subject to the terms
and conditions of this Deposit Agreement, shall execute and deliver to or upon the order of the person or persons named in the written order delivered to the Depositary referred to in the first paragraph of this Section, a Receipt or Receipts
evidencing in the aggregate the number of Depositary Shares representing the Series B Preference Shares so deposited and registered in such name or names as may be requested by such person or persons. The Depositary shall execute and deliver such
Receipt or Receipts at the Depositary’s Office. 
 The Company shall cause to be provided an opinion of counsel prior to the date
hereof to set up reserve of Depositary Shares and related to the Series B Preference Shares. The opinion shall state that: (1) the Depositary Shares and the Series B Preference Shares have been registered under the Securities Act; and
(2) when the Depositary Shares are issued and delivered against payment therefor as provided in the Underwriting Agreement, the Series B Preference Shares and the Depositary Shares will be duly and validly issued and fully paid and non-assessable. 
 Section 2.3 Registration of Transfer of Receipts. 

Subject to the terms and conditions of this Deposit Agreement, the Depositary shall register on its books from time to time transfers of
Receipts upon any surrender thereof by the Holder, properly endorsed or accompanied by a properly executed instrument of transfer and including a signature guarantee from an eligible guarantor institution participating in a signature guarantee
program approved by the Securities Transfer Association, and any other evidence of authority that may be reasonably required by the Depositary. Thereupon, the Depositary shall execute a new Receipt or Receipts evidencing the same aggregate number of
Depositary Shares as those evidenced by the Receipt or Receipts surrendered and deliver such new Receipt or Receipts to or upon the order of the person entitled thereto. 

  
 -4- 

 Section 2.4 Split-ups and Combinations of
Receipts; Surrender of Receipts and Withdrawal of Series B Preference Shares. 
 Upon surrender of a Receipt or Receipts at the
Depositary’s Office for the purpose of effecting a split-up or combination of such Receipt or Receipts, and subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute a
new Receipt or Receipts in the authorized denomination or denominations requested, evidencing the aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered, and shall deliver such new Receipt or Receipts to or upon the
order of the Holder of the Receipt or Receipts so surrendered. 
 Any Holder of a Receipt or Receipts may withdraw the number of whole
shares of Series B Preference Shares and all money and other property, if any, represented thereby by surrendering such Receipt or Receipts at the Depositary’s Office. Thereafter, without unreasonable delay, the Depositary shall deliver to such
Holder, or to the person or persons designated by such Holder as hereinafter provided, the number of whole shares of Series B Preference Shares and all money and other property, if any, represented by the Receipt or Receipts so surrendered for
withdrawal, but Holders of such whole shares of Series B Preference Shares will not thereafter be entitled to deposit such Series B Preference Shares hereunder or to receive a Receipt evidencing Depositary Shares therefor. If a Receipt delivered by
the Holder to the Depositary in connection with such withdrawal shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the number of whole shares of Series B Preference Shares, the Depositary shall at
the same time, in addition to such number of whole shares of Series B Preference Shares and such money and other property, if any, to be so withdrawn, deliver to such Holder, or subject to Section 2.3 upon his order, a new Receipt evidencing
such excess number of Depositary Shares. 
 In no event will fractional shares of Series B Preference Shares (or any cash payment in lieu
thereof) be delivered by the Depositary. Delivery of the Series B Preference Shares and money and other property, if any, being withdrawn may be made by the delivery of such certificates, documents of title and other instruments as the Depositary
may deem appropriate. 
 If the Series B Preference Shares and the money and other property, if any, being withdrawn are to be delivered to
a person or persons other than the Record Holder of the related Receipt or Receipts being surrendered for withdrawal of such Series B Preference Shares, such Holder shall execute and deliver to the Depositary a written order so directing the
Depositary and the Depositary may require that the Receipt or Receipts surrendered by such Holder for withdrawal of such shares of Series B Preference Shares be properly endorsed in blank or accompanied by a properly executed instrument of transfer
in blank. 
 Delivery of the Series B Preference Shares and the money and other property, if any, represented by Receipts surrendered for
withdrawal shall be made by the Depositary at the Depositary’s Office. 
 Section 2.5 Limitations on Execution and Delivery,
Transfer, Surrender and Exchange of Receipts. 
 As a condition precedent to the execution and delivery, registration of transfer, split-up, combination, surrender or exchange of any Receipt, the Depositary, any of the Depositary’s Agents or the Company may require payment to it of a sum sufficient for the payment (or, in the event that
the Depositary or the Company shall have made such payment, the reimbursement to it) of any charges or expenses payable by the Holder of a Receipt pursuant to Section 5.7, may require the production of evidence satisfactory to it as to the
identity and genuineness of any signature (which evidence will include a signature guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association), and any other
reasonable evidence of authority that may be required by the Depositary, and may also require compliance with such regulations, if any, as the Depositary or the Company may establish consistent with the provisions of this Deposit Agreement and/or
applicable law. 
 The deposit of the Series B Preference Shares may be refused, the delivery of Receipts against Series B Preference Shares
may be suspended, the registration of transfer of Receipts may be refused and the registration of transfer, surrender or exchange of outstanding Receipts may be suspended (i) during any period when the register of shareholders of the Company is
closed or (ii) if any such action is deemed necessary or advisable by the Depositary, any of the Depositary’s Agents or the Company at any time or from time to time because of any requirement of law or of any government or governmental
body or commission or under any provision of this Deposit Agreement. 

  
 -5- 

 Section 2.6 Lost Receipts, etc. 

In case any Receipt shall be mutilated, destroyed, lost or stolen, the Depositary in its discretion may execute and deliver a Receipt of like
form and tenor in exchange and substitution for such mutilated Receipt, or in lieu of and in substitution for such destroyed, lost or stolen Receipt, upon (i) the filing by the Holder thereof with the Depositary of evidence satisfactory to the
Depositary of such destruction or loss or theft of such Receipt, of the authenticity thereof and of his or her ownership thereof and (ii) the Holder thereof furnishing of the Depositary with an affidavit and an indemnity or bond reasonably
satisfactory to the Depositary. Such Holder shall also comply with such other reasonable regulations and pay such other reasonable charges as the Depositary may prescribe and as required by Section 8-405
of the Uniform Commercial Code in effect in the State of New York. 
 Section 2.7 Cancellation and Destruction of Surrendered
Receipts. 
 All Receipts surrendered to the Depositary or any Depositary’s Agent shall be cancelled by the Depositary. Except
as prohibited by applicable law or regulation, the Depositary is authorized and directed to destroy all Receipts so cancelled. 

Section 2.8 Redemption of Series B Preference Shares. 

Whenever the Company shall be permitted and shall elect to redeem shares of Series B Preference Shares in accordance with the terms of the
Certificate of Designations, it shall (unless otherwise agreed to in writing with the Depositary) give or cause to be given to the Depositary, not less than 35 days (unless otherwise agreed by the Depositary) and not more than 60 days prior to the
Redemption Date (as defined below), notice of the date of such proposed redemption of Series B Preference Shares and of the number of such shares held by the Depositary to be so redeemed and the applicable redemption price, which notice shall be
accompanied by a certificate from the Company stating that such redemption of Series B Preference Shares is in accordance with the provisions of the Certificate of Designations. On the date of such redemption, provided that the Company shall then
have paid or caused to be paid in full to the Depositary the Redemption Price (as such term is defined in the Certificate of Designations) of the Series B Preference Shares to be redeemed, in accordance with the provisions of the Certificate of
Designations, the Depositary shall redeem the number of Depositary Shares representing such Series B Preference Shares. Notice of the Company’s redemption of Series B Preference Shares and the proposed simultaneous redemption of the number of
Depositary Shares representing the Series B Preference Shares to be redeemed shall be (1) mailed by first-class mail, postage prepaid, at the respective last addresses as they appear on the records of the Depositary, or (2) transmitted by
such other method approved by the Depositary, in its reasonable discretion, in either case not less than 30 days and not more than 60 days prior to the date fixed for redemption of such Series B Preference Shares and Depositary Shares (the
“Redemption Date”), to the Record Holders of the Receipts evidencing the Depositary Shares to be so redeemed; but neither failure to mail or transmit any such notice of redemption of Depositary Shares to one or more such Holders nor any
defect in any notice of redemption of Depositary Shares to one or more such Holders shall affect the sufficiency of the proceedings for redemption as to the other Holders. Each such notice shall be prepared by the Company and shall state:
(i) the Redemption Date; (ii) the number of Depositary Shares to be redeemed and, if less than all the Depositary Shares held by any such Holder are to be redeemed, the number of such Depositary Shares held by such Holder to be so
redeemed; (iii) the redemption price; (iv) the place or places where Receipts evidencing such Depositary Shares are to be surrendered for payment of the redemption price; and (v) that dividends in respect of the Series B Preference
Shares represented by such Depositary Shares to be redeemed will cease to accrue on such Redemption Date. In case less than all the outstanding Depositary Shares are to be redeemed, the Depositary Shares to be so redeemed shall be selected either
pro rata or by lot or in such other manner as the Board of Directors of the Company or any duly authorized committee of the Board of Directors of the Company may determine to be fair and equitable (provided that, if the Depositary Shares are
held in book-entry form through DTC, the Depositary Shares to be redeemed shall be selected in accordance with DTC procedures). 
 Notice
having been mailed or transmitted by the Depositary as aforesaid, from and after the Redemption Date (unless the Company shall have failed to provide the funds necessary to redeem the Series B Preference Shares evidenced by the Depositary Shares
called for redemption) (i) dividends on the shares of Series B Preference Shares so called for Redemption shall cease to accrue from and after such date, (ii) the Depositary Shares being redeemed from such proceeds shall be deemed no
longer to be outstanding, (iii) all rights of the Holders of Receipts 

  
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evidencing such Depositary Shares (except the right to receive the redemption price) shall, to the extent of such Depositary Shares, cease and terminate, and (iv) upon surrender in
accordance with such redemption notice of the Receipts evidencing any such Depositary Shares called for redemption (properly endorsed or assigned for transfer, if the Depositary or applicable law shall so require), such Depositary Shares shall be
redeemed by the Depositary at a redemption price per Depositary Share equal to one one-thousandth of the Redemption Price (as such term is defined in the Certificate of Designations) per share of Series B
Preference Shares so redeemed plus all money and other property, if any, represented by such Depositary Shares, including all amounts paid by the Company in respect of dividends which on the Redemption Date have been declared on the shares of Series
B Preference Shares to be so redeemed and have not theretofore been paid. 
 If fewer than all of the Depositary Shares evidenced by a
Receipt are called for redemption, the Depositary will deliver to the Holder of such Receipt upon its surrender to the Depositary, together with the redemption payment, a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt
and not called for redemption. 
 ARTICLE III 

CERTAIN OBLIGATIONS OF 

HOLDERS OF RECEIPTS AND THE COMPANY 

Section 3.1 Filing Proofs, Certificates and Other Information. 

Any Holder of a Receipt may be required from time to time to file such proof of residence, or other matters or other information, to execute
such certificates and to make such representations and warranties as the Depositary or the Company may reasonably deem necessary or proper. The Depositary or the Company may withhold the delivery, or delay the registration of transfer or redemption,
of any Receipt or the withdrawal of the Series B Preference Shares represented by the Depositary Shares and evidenced by a Receipt or the distribution of any dividend or other distribution or the sale of any rights or of the proceeds thereof until
such proof or other information is filed or such certificates are executed or such representations and warranties are made. 

Section 3.2 Payment of Taxes or Other Governmental Charges. 

Holders of Receipts shall be obligated to make payments to Computershare of certain charges and expenses, as provided in Section 5.7.
Registration of transfer of any Receipt or any withdrawal of Series B Preference Shares and all money or other property, if any, represented by the Depositary Shares evidenced by such Receipt may be refused until any such payment due is made, and
any dividends, interest payments or other distributions may be withheld or any part of or all the Series B Preference Shares or other property represented by the Depositary Shares evidenced by such Receipt and not theretofore sold may be sold for
the account of the Holder thereof (after attempting by reasonable means to notify such Holder prior to such sale), and such dividends, interest payments or other distributions or the proceeds of any such sale may be applied to any payment of such
charges or expenses, the Holder of such Receipt remaining liable for any deficiency. 
 Section 3.3 Warranty as to Series B
Preference Shares. 
 The Company hereby represents and warrants that the Series B Preference Shares, when issued, will be duly
authorized, validly issued, fully paid and nonassessable. Such representation and warranty shall survive the deposit of the Series B Preference Shares and the issuance of the related Receipts. 

Section 3.4 Warranty as to Receipts. 

The Company hereby represents and warrants that the Receipts, when issued, will represent legal and valid interests in the Series B Preference
Shares. Such representation and warranty shall survive the deposit of the Series B Preference Shares and the issuance of the Receipts. 

  
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 ARTICLE IV 

THE DEPOSITED SECURITIES; NOTICES 

Section 4.1 Cash Distributions. 

Whenever Computershare shall receive any cash dividend or other cash distribution on the Series B Preference Shares, Computershare shall,
subject to Sections 3.1 and 3.2, distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of such dividend or distribution as are, as nearly as practicable, in proportion to the respective numbers
of Depositary Shares evidenced by the Receipts held by such Holders; provided, however, that in case the Company or Computershare shall be required to withhold and shall withhold from any cash dividend or other cash distribution in respect of the
Series B Preference Shares an amount on account of taxes, the amount made available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. Computershare shall distribute or make available for distribution, as
the case may be, only such amount, however, as can be distributed without attributing to any Holder of Receipts a fraction of one cent, and any balance not so distributable shall be held by Computershare (without liability for interest thereon) and
shall be added to and be treated as part of the next sum received by Computershare for distribution to Record Holders of Receipts then outstanding. Each Holder of a Receipt shall provide Computershare with its certified tax identification number on
a properly completed Form W-8 or W-9, as may be applicable. Each Holder of a Receipt acknowledges that, in the event of
non-compliance with the preceding sentence, the Internal Revenue Code of 1986, as amended, may require withholding by Computershare of a portion of any of the distributions to be made hereunder. 

All funds received by Computershare under this Deposit Agreement that are to be distributed or applied by Computershare in the performance of
services (the “Funds”) shall be held by Computershare as agent for the Company and deposited in one or more bank accounts to be maintained by Computershare in its name as agent for the Company. Until paid pursuant to this Deposit
Agreement, Computershare may hold or invest the Funds through such accounts in: (i) obligations of, or guaranteed by, the United States of America, (ii) commercial paper obligations rated A-1 or P-1 or better by S&P Global Ratings, acting through Standard & Poor’s Financial Services LLC (“S&P”) or Moody’s Investors Service, Inc. (“Moody’s”), respectively,
(iii) money market funds that comply with Rule 2a-7 of the Investment Company Act of 1940, as amended, or (iv) demand deposit accounts, short term certificates of deposit, bank repurchase agreements
or bankers’ acceptances, of commercial banks with Tier 1 capital exceeding $1 billion or with an average rating above investment grade by S&P (LT Local Issuer Credit Rating), Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT
Issuer Default Rating) (each as reported by Bloomberg Finance L.P.). Computershare shall have no responsibility or liability for any diminution of the Funds that may result from any deposit or investment made by Computershare in accordance with this
paragraph, including any losses resulting from a default by any bank, financial institution or other third party. Computershare may from time to time receive interest, dividends or other earnings in connection with such deposits or investments.
Computershare shall not be obligated to pay such interest, dividends or earnings to the Company, any holder or any other party. 

Section 4.2 Distributions Other than Cash, Rights, Preferences or Privileges. 

Whenever the Depositary shall receive any distribution other than cash, rights, preferences or privileges upon the Series B Preference Shares,
the Depositary shall, subject to Sections 3.1 and 3.2, distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of the securities or property received by it as are, as nearly as practicable, in
proportion to the respective numbers of Depositary Shares evidenced by such Receipts held by such Holders, in any manner that the Depositary may deem equitable and practicable for accomplishing such distribution. If in the opinion of the Depositary
such distribution cannot be made proportionately among such Record Holders, or if for any other reason (including any requirement that the Company or the Depositary withhold an amount on account of taxes) the Depositary deems, after consultation
with the Company, such distribution not to be feasible, the Depositary may, with the approval of the Company, adopt such method as it deems equitable and practicable for the purpose of effecting such distribution, including the sale (at public or
private sale) of the securities or property thus received, or any part thereof, in a commercially reasonable manner. The net proceeds of any such sale shall, subject to Sections 3.1 and 3.2, be distributed or made available for distribution, as the
case may be, by the Depositary to Record Holders of Receipts as provided by Section 4.1 in the case of a distribution received in cash. The Company shall not make any distribution of such securities or property to the Depositary and the
Depositary shall not make any distribution of such securities or property to the Holders of Receipts unless the Company shall have provided an opinion of counsel stating that such securities or property have been registered under the Securities Act
or do not need to be registered in connection with such distributions. 

  
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 Section 4.3 Subscription Rights, Preferences or Privileges. 

If the Company shall at any time offer or cause to be offered to the persons in whose names the Series B Preference Shares are recorded on the
books of the Company any rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance be made
available by the Depositary to the Record Holders of Receipts in such manner as the Company shall direct and the Depositary shall agree, either by the issue to such Record Holders of warrants representing such rights, preferences or privileges or by
such other method as may be approved by the Company in its discretion with the acknowledgement of the Depositary; provided, however, that (i) if at the time of issue or offer of any such rights, preferences or privileges the Company determines
that it is not lawful or (after consultation with the Depositary) not feasible to make such rights, preferences or privileges available to Holders of Receipts by the issue of warrants or otherwise, or (ii) if and to the extent so instructed by
Holders of Receipts who do not desire to exercise such rights, preferences or privileges, then the Company, in its discretion (with acknowledgement of the Depositary, in any case where the Company has determined that it is not feasible to make such
rights, preferences or privileges available), may, if applicable laws or the terms of such rights, preferences or privileges permit such transfer, sell such rights, preferences or privileges at public or private sale, at such place or places and
upon such terms as it may deem proper. The net proceeds of any such sale shall, subject to Sections 3.1 and 3.2, be distributed by the Depositary to the Record Holders of Receipts entitled thereto as provided by Section 4.1 in the case of a
distribution received in cash. 
 The Company shall notify the Depositary whether registration under the Securities Act of the securities to
which any rights, preferences or privileges relate is required in order for Holders of Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, and the Company agrees with the Depositary that it will file
promptly a registration statement pursuant to the Securities Act with respect to such rights, preferences or privileges and securities and use its best efforts and take all steps available to it to cause such registration statement to become
effective sufficiently in advance of the expiration of such rights, preferences or privileges to enable such Holders to exercise such rights, preferences or privileges. In no event shall the Depositary make available to the Holders of Receipts any
right, preference or privilege to subscribe for or to purchase any securities unless and until such registration statement shall have become effective, or the Company shall have provided to the Depositary an opinion of counsel to the effect that the
offering and sale of such securities to the Holders are exempt from registration under the provisions of the Securities Act. 
 The Company
shall notify the Depositary whether any other action under the laws of any jurisdiction or any governmental or administrative authorization, consent or permit is required in order for such rights, preferences or privileges to be made available to
Holders of Receipts, and the Company agrees with the Depositary that the Company will use its reasonable best efforts to take such action or obtain such authorization, consent or permit sufficiently in advance of the expiration of such rights,
preferences or privileges to enable such Holders to exercise such rights, preferences or privileges. 
 Section 4.4 Notice of
Dividends, etc.; Fixing Record Date for Holders of Receipts. 
 Whenever any cash dividend or other cash distribution shall become
payable or any distribution other than cash shall be made, or if rights, preferences or privileges shall at any time be offered, with respect to the Series B Preference Shares, or whenever the Depositary shall receive notice of any meeting at which
holders of the Series B Preference Shares are entitled to vote or of which holders of the Series B Preference Shares are entitled to notice, or whenever the Depositary and the Company shall decide it is appropriate, the Depositary shall in each such
instance fix a record date (which shall be the same date as the record date fixed by the Company with respect to or otherwise in accordance with the terms of the Series B Preference Shares) for the determination of the Holders of Receipts who shall
be entitled to receive such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof, or to give instructions for the exercise of voting rights at any such meeting, or who shall be entitled to notice of such
meeting or for any other appropriate reasons. 

  
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 Section 4.5 Voting Rights. 

Subject to the provisions of the Certificate of Designations, upon receipt of notice of any meeting at which the holders of the Series B
Preference Shares are entitled to vote, the Depositary shall, as soon as practicable thereafter, mail or transmit by such other method approved by the Depositary, in its reasonable discretion, to the Record Holders of Receipts a notice prepared by
the Company which shall contain (i) such information as is contained in such notice of meeting and (ii) a statement that the Holders may, subject to any applicable restrictions, instruct the Depositary as to the exercise of the voting
rights pertaining to the amount of Series B Preference Shares represented by their respective Depositary Shares (including an express indication that instructions may be given to the Depositary to give a discretionary proxy to a person designated by
the Company) and a brief statement as to the manner in which such instructions may be given. Upon the written request of the Holders of Receipts on the relevant record date, the Depositary shall endeavor insofar as practicable to vote or cause to be
voted, in accordance with the instructions set forth in such requests, the maximum number of whole shares of Series B Preference Shares represented by the Depositary Shares evidenced by all Receipts as to which any particular voting instructions are
received. To the extent any such instructions request the voting of a fractional interest of a deposited share of Series B Preference Shares, the Depositary shall aggregate such interest with all other fractional interests resulting from requests
with the same voting instructions and shall vote the number of whole votes resulting from such aggregation in accordance with the instructions received in such requests. The Company hereby agrees to take all reasonable action which may be deemed
necessary by the Depositary in order to enable the Depositary to vote such Series B Preference Shares or cause such Series B Preference Shares to be voted. In the absence of specific instructions from Holders of Receipts, the Depositary will refrain
from voting any Series B Preference Shares represented by the Depositary Shares evidenced by such Receipts. 
 Section 4.6
Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc. 
 Upon any change in par or stated value, split-up, combination or any other reclassification of the Series B Preference Shares, subject to the provisions of the Certificate of Designations, or upon any recapitalization, reorganization, merger or
consolidation affecting the Company or to which it is a party, the Company may, in its discretion and with the acknowledgement of the Depositary, (i) make such adjustments as are certified by the Company in the fraction of an interest
represented by one Depositary Share in one share of Series B Preference Shares and in the ratio of the redemption price per Depositary Share to the Redemption Price (as such term is defined in the Certificate of Designations) per share of Series B
Preference Shares, in each case as may be necessary fully to reflect the effects of such change in par or stated value, split-up, combination or other reclassification of the Series B Preference Shares, or of
such recapitalization, reorganization, merger or consolidation and (ii) treat any securities which shall be received by the Depositary in exchange for or upon conversion of or in respect of the Series B Preference Shares as new deposited
securities so received in exchange for or upon conversion or in respect of such Series B Preference Shares. In any such case, the Company may, in its discretion and with the acknowledgement of the Depositary, execute and deliver additional Receipts
or may call for the surrender of all outstanding Receipts to be exchanged for new Receipts specifically describing such new deposited securities. Anything to the contrary herein notwithstanding, Holders of Receipts shall have the right from and
after the effective date of any such change in par or stated value, split-up, combination or other reclassification of the Series B Preference Shares or any such recapitalization, reorganization, merger or
consolidation to surrender such Receipts to the Depositary with instructions to convert, exchange or surrender the Series B Preference Shares represented thereby only into or for, as the case may be, the kind and amount of shares and other
securities and property and cash into which the Series B Preference Shares represented by such Receipts might have been converted or for which such Series B Preference Shares might have been exchanged or surrendered immediately prior to the
effective date of such transaction. 
 Section 4.7 Delivery of Reports. 

The Depositary shall furnish to Holders of Receipts any reports and communications received from the Company which are received by the
Depositary and which the Company is required to furnish to the holders of the Series B Preference Shares. 

  
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 Section 4.8 Lists of Receipt Holders. 

Reasonably promptly upon request from time to time by the Company, at the sole expense of the Company, the Depositary shall furnish to it a
list, as of the most recent practicable date, of the names, addresses and holdings of Depositary Shares of all registered Holders of Receipts. 

ARTICLE V 
 THE
DEPOSITARY, THE DEPOSITARY’S 
 AGENTS, THE REGISTRAR AND THE COMPANY 

Section 5.1 Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar. 

Upon execution of this Deposit Agreement, the Depositary shall maintain at the Depositary’s Office, facilities for the execution and
delivery, registration and registration of transfer, surrender and exchange of Receipts, and at the offices of the Depositary’s Agents, if any, facilities for the delivery, registration of transfer, surrender and exchange of Receipts, all in
accordance with the provisions of this Deposit Agreement. 
 The Depositary shall keep books at the Depositary’s Office for the
registration and transfer of Receipts, which books at all reasonable times during regular business hours shall be made available for inspection by the Record Holders of Receipts; provided that any such Holder requesting to exercise such right shall
certify to the Depositary that such inspection shall be for a proper purpose reasonably related to such person’s interest as an owner of Depositary Shares evidenced by the Receipts. 

The Depositary may close such books, at any time or from time to time, when deemed expedient by it in connection with the performance of its
duties hereunder. 
 The Company may appoint a Registrar for registration of the Receipts or the Depositary Shares evidenced thereby. If the
Receipts or the Depositary Shares evidenced thereby or the Series B Preference Shares represented by such Depositary Shares shall be listed on one or more national securities exchanges, the Company will appoint a Registrar for registration of the
Receipts or Depositary Shares in accordance with any requirements of such exchange. Such Registrar (which may be the Depositary if so permitted by the requirements of any such exchange) may be removed and a substitute registrar appointed by the
Company. If the Receipts, Depositary Shares or Series B Preference Shares are listed on one or more other securities exchanges, the Depositary will, at the request of the Company, arrange such facilities for the delivery, registration, registration
of transfer, surrender and exchange of the Receipts, Depositary Shares or Series B Preference Shares as may be required by law or applicable securities exchange regulation. 

Section 5.2 Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Company.

 Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Company shall incur any liability to any Holder
of Receipt if by reason of any provision of any present or future law, or regulation thereunder, of the United States of America or of any other governmental authority or, in the case of the Depositary, the Depositary’s Agent or the Registrar,
by reason of any provision, present or future, of the Company’s memorandum of association, the Certificate of Designations or bye-laws or by reason of any act of God, terrorist acts, pandemics, epidemics,
war, or other circumstance beyond the control of the relevant party, the Depositary, the Depositary’s Agent, the Registrar or the Company shall be prevented or forbidden from, or subjected to any penalty on account of, doing or performing any
act or thing which the terms of this Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, any Registrar or the Company incur liability to any Holder of a Receipt (i) by reason of any
nonperformance or delay, caused as aforesaid, in the performance of any act or thing which the terms of this Deposit Agreement shall provide shall or may be done or performed, or (ii) by reason of any exercise of, or failure to exercise, any
discretion provided for in this Deposit Agreement except as otherwise explicitly set forth in this Deposit Agreement. Neither the Depositary nor any Depositary’s Agent nor any Registrar shall incur any liability to the Company or any other
person or entity for any nonperformance or delay resulting from any of the matters set forth in the preceding sentence. 

  
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 Section 5.3 Obligations of the Depositary, the Depositary’s Agents, the
Registrar and the Company. 
 Neither the Depositary nor any Depositary’s Agent nor any Registrar assumes any obligation or
shall be subject to any liability under this Deposit Agreement to Holders of Receipts or any other person or entity other than for its gross negligence, willful misconduct, bad faith or fraud (in each case as determined by a final non-appealable judgment of a court of competent jurisdiction). The Company shall not assume any obligation nor shall be subject to any liability under this Deposit Agreement to Holders of Receipts other than for its
negligence, willful misconduct, bad faith or fraud (in each case as determined by a final non-appealable judgment of a court of competent jurisdiction). Notwithstanding anything in this Deposit Agreement to
the contrary, neither the Depositary, nor the Depositary’s Agent nor any Registrar nor the Company shall be liable in any event for special, punitive, incidental, indirect or consequential losses or damages of any kind whatsoever (including but
not limited to lost profits). Notwithstanding anything contained herein to the contrary, the Depositary’s aggregate liability during any term of this Deposit Agreement with respect to, arising from, or arising in connection with this Deposit
Agreement, or from all services provided or omitted to be provided under this Deposit Agreement, whether in contract, or in tort, or otherwise, is limited to, and shall not exceed, the amount of fees paid by the Company to the Depositary pursuant to
this Deposit Agreement during the twelve (12) months immediately preceding the event for which recovery from the Depositary, but not including reimbursable expenses; provided, however, that the limitation of liability set forth in this sentence
shall not apply to any act or omission of the Depositary constituting recklessness, willful misconduct, bad faith, or fraud (in each case as determined by a final non-appealable judgment of a court of
competent jurisdiction). 
 Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Company shall be under any
obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of the Series B Preference Shares, the Depositary Shares or the Receipts which in its opinion may involve it in expense or liability unless indemnity
satisfactory to it against all expense and liability be furnished as often as may be required. 
 No provision of this Deposit Agreement
shall require the Depositary to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it believes that repayment of such funds
or adequate indemnity against such risk or liability is not reasonably assured to it. 
 Neither the Depositary nor any Depositary’s
Agent nor any Registrar shall be liable for any action or any failure to act by it in reliance upon the written advice of legal counsel or accountants, or information from any person presenting Series B Preference Shares for deposit, any Holder of a
Receipt or any other person believed by it in the absence of bad faith to be competent to give such information. The Depositary, any Depositary’s Agent, any Registrar may each rely and shall each be protected in acting upon or omitting to act
upon any written notice, request, direction or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. 

The Depositary may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by or
through its attorneys or agents, and the Depositary shall not be answerable or accountable for any act, omission, default, neglect or misconduct of any such attorneys or agents or for any loss to the Company, to the Holders of the Receipts or any
other person or entity resulting from any such act, omission, default, neglect or misconduct, absent gross negligence, willful misconduct or bad faith in the selection and continued employment thereof (which gross negligence, willful misconduct or
bad faith must be determined by a final, non-appealable judgment of a court of competent jurisdiction). 

The Depositary shall not be responsible for any failure to carry out any instruction to vote any of the deposited Series B Preference Shares
or for the manner or effect of any such vote made, as long as any such action or non-action is not taken in bad faith (as determined by a final, non-appealable decision
of a court of competent jurisdiction). The Depositary undertakes, and any Registrar shall be required to undertake, to perform such duties and only such duties as are specifically set forth in this Deposit Agreement, and no implied covenants or
obligations shall be read into this Deposit Agreement against the Depositary or any Registrar. 
 The Depositary, the Depositary’s
Agents, and any Registrar may own and deal in any class of securities of the Company and its affiliates and in Receipts. The Depositary may also act as transfer agent or registrar of any of the securities of the Company and its affiliates. 

  
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 The Depositary shall not be under any liability for interest on any monies at any time
received by it pursuant to any of the provisions of this Deposit Agreement or of the Receipts, the Depositary Shares or the Series B Preference Shares nor shall it be obligated to segregate such monies from other monies held by it, except as
required by law. The Depositary shall not be responsible for advancing funds on behalf of the Company and shall have no duty or obligation to make any payments if it has not timely received sufficient funds to make timely payments. 

In the event the Depositary believes any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction, request or other
communication, paper or document received by the Depositary hereunder, or in the administration of any of the provisions of this Deposit Agreement, the Depositary shall deem it necessary or desirable that a matter be proved or established prior to
taking, omitting or suffering to take any action hereunder, the Depositary may, in its sole discretion upon written notice to the Company, refrain from taking any action and shall be fully protected and shall not be liable in any way to the Company,
any Holders of Receipts or any other person or entity for refraining from taking such action, unless the Depositary receives written instructions or a certificate signed by the Company which eliminates such ambiguity or uncertainty to the
satisfaction of the Depositary or which proves or establishes the applicable matter to the satisfaction of the Depositary. 
 From time to
time, the Company may provide the Depositary with instructions concerning the services performed by the Depositary hereunder. In addition, at any time the Depositary may apply to any officer of the Company for instruction with respect to any matter
arising in connection with the services to be performed by the Depositary under this Deposit Agreement. The Depositary and Depositary’s Agents shall not be liable and shall be indemnified by the Company for any action taken or omitted by the
Depositary in reliance upon any Company instructions. The Depositary shall not be held to have notice of any change of authority of any person, until receipt of written notice thereof from the Company. 

The Depositary may rely on and be fully authorized and protected in acting or failing to act upon (a) any guaranty of signature by an
“eligible guarantor institution” that is a member or participant in the Securities Transfer Agents Medallion Program or other comparable “signature guarantee program” or insurance program in addition to, or in substitution for,
the foregoing; or (b) any law, act, regulation or any interpretation of the same even though such law, act, or regulation may thereafter have been altered, changed, amended or repealed. 

Section 5.4 Resignation and Removal of the Depositary; Appointment of Successor Depositary. 

The Depositary may at any time resign as Depositary hereunder by delivering notice of its election to do so to the Company, such resignation
to take effect upon the appointment of a successor Depositary and its acceptance of such appointment as hereinafter provided, but not later than 30 days of the delivery of such notice to the Company. 

Upon the delivery of 30 days’ notice, the Depositary may at any time be removed by the Company by notice of such removal delivered to the
Depositary, such removal to take effect upon the appointment of a successor Depositary hereunder and its acceptance of such appointment as hereinafter provided, but not later than 30 days from the delivery to the Depositary of such notice. 

In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall, within 30 days after the delivery of the
notice of resignation or removal, as the case may be, appoint a successor Depositary, which shall be a bank or trust company having its principal office in the United States of America and having a combined capital and surplus, including with its
affiliates, of at least $50,000,000. If no successor Depositary shall have been so appointed and have accepted appointment within 30 days after delivery of such notice, the resigning or removed Depositary or a Record Holder of Receipts may petition
any court of competent jurisdiction for the appointment of a successor Depositary. Every successor Depositary shall execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon
such successor Depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor and for all purposes shall be the Depositary under this Deposit Agreement, and such
predecessor, upon payment of all sums due it and on the written request of the Company, shall promptly execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer
and deliver all right, title and interest in the Series B Preference Shares and any moneys or property held hereunder to such successor, and shall deliver to such successor a list of the Record Holders of all outstanding Receipts and such records,
books and other information in its possession relating thereto. 

  
 -13- 

 
Any successor Depositary shall promptly mail or transmit by such other method approved by such successor Depositary, in its reasonable discretion, or through DTC and in accordance with its
procedures, notice of its appointment to the Record Holders of Receipts. 
 Any entity into or with which the Depositary may be merged,
consolidated or converted shall be the successor of the Depositary without the execution or filing of any document or any further act, and notice thereof shall not be required hereunder. Such successor Depositary may authenticate the Receipts in the
name of the predecessor Depositary or its own name as successor Depositary. 
 Section 5.5 Corporate Notices and Reports.

 The Company agrees that it will deliver to the Depositary, and the Depositary will, promptly after receipt thereof, transmit to
the Record Holders of Receipts, in each case at the addresses recorded in the Depositary’s books, copies of all notices and reports (including without limitation financial statements) required by law, by the rules of any national securities
exchange upon which the Series B Preference Shares, the Depositary Shares or the Receipts are listed or by the Company’s memorandum of association, the Certificate of Designations or bye-laws, to be
furnished to the Record Holders of Receipts. Such transmission will be at the Company’s expense and the Company will provide the Depositary with such number of copies of such documents as the Depositary may reasonably request. In addition, the
Depositary will transmit to the Record Holders of Receipts at the Company’s expense such other documents as may be requested by the Company. 

From time-to-time and after the date hereof, the Company
agrees that it will perform, acknowledge and deliver or cause to be performed, acknowledged and delivered all such further and other acts, documents, instruments and assurances as may be reasonably required by the Depositary for the carrying out or
performing by the Depositary of the provisions of this Deposit Agreement. 
 Section 5.6 Indemnification by the Company.

 Notwithstanding Section 5.3 to the contrary, the Company shall indemnify the Depositary, any Depositary’s Agent and any
Registrar (including each of their officers, directors, agents and employees) against, and hold each of them harmless from, any loss, damage, cost, penalty, liability or expense (including the reasonable costs and expenses of defending itself) which
may arise out of acts performed, taken or omitted to be taken in connection with this Deposit Agreement and the Receipts by the Depositary, any Registrar or any of their respective agents (including any Depositary’s Agent) and any transactions
or documents contemplated hereby, including the Depositary’s reliance on any instructions of the Company delivered to the Depositary hereunder, except for any liability arising out of gross negligence, willful misconduct or bad faith (in each
case as determined in a final, non-appealable judgment of a court of competent jurisdiction) on the respective parts of any such person or persons. The obligations of the Company set forth in this
Section 5.6 shall survive the expiration of the Receipts, termination of this Deposit Agreement and any succession of any Depositary, Registrar or Depositary’s Agent. 

Section 5.7 Fees, Charges and Expenses. 

The Company agrees promptly to pay the Depositary compensation, in accordance with a fee schedule to be mutually agreed upon, for all services
rendered by the Depositary hereunder and to reimburse the Depositary for its reasonable out-of-pocket expenses (including reasonable counsel fees and expenses) in
connection with the services rendered by it (or such agent or Depositary Agent) hereunder. The Company shall pay all charges of the Depositary in connection with the initial deposit of the Series B Preference Shares and the initial issuance of the
Depositary Shares, all withdrawals of shares of Series B Preference Shares by owners of Depositary Shares, and any redemption or exchange of the Series B Preference Shares at the option of the Company. The Company shall pay all transfer and other
taxes and governmental charges arising solely from the existence of the depositary arrangements and shall require Holders of Depositary Shares evidenced by Receipts to pay all other transfer and other taxes and governmental charges. The Depositary
shall not have any duty or obligation to take any action under this or any other section of this Deposit Agreement that requires the payment of taxes and/or charges unless and until it is satisfied that all such payments have been made. The
Depositary shall present its statement for charges and expenses to the Company at such intervals as the Company and the Depositary may agree using the Ariba invoicing system (or using such other system or means of presenting statements for charges
and expenses as the Company and the Depositary may mutually agree from time to time hereafter). 

  
 -14- 

 Section 5.8 Tax Compliance. 

The Depositary, on its own behalf and on behalf of the Company, will comply with all applicable certification, information reporting, and
withholding (including “backup withholding”) requirements imposed by applicable tax laws, regulations, or administrative practice with respect to (i) any payments made with respect to the Depositary Shares or (ii) the issuance,
delivery, holding, transfer, redemption, or exercise of rights under the Receipts or the Depositary Shares. Such compliance shall include, without limitation, the preparation and timely filing of required returns and the timely payment of all
amounts required to be withheld to the appropriate taxing authority or its designated agent. The Depositary shall comply with any direction received from the Company with respect to the application of such requirements to particular payments or
holders or in other particular circumstances and may, for purposes of this Deposit Agreement, rely on any such direction in accordance with the provisions of Section 5.3 hereof. The Depositary shall maintain all appropriate records documenting
compliance with such requirements, and shall make such records available on request to the Company or to its authorized representatives. 

ARTICLE VI 
 AMENDMENT
AND TERMINATION 
 Section 6.1 Amendment. 

The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between
the Company and the Depositary in any respect which they may deem necessary or desirable; provided, however, that no such amendment which shall materially and adversely alter the rights of the Holders of Receipts shall be effective against the
Holders of Receipts unless such amendment shall have been approved by the Holders of Receipts representing in the aggregate at least a two-thirds majority of the Depositary Shares then outstanding, provided,
that any such amendment effected in order to conform the terms of this Deposit Agreement to the description of the terms of the Depositary Shares and underlying Series B Preference Shares set forth under “Description of the Depositary
Shares” and “Description of the Series B Preference Shares” in the prospectus supplement, dated August 16, 2021 related thereto shall be deemed not to materially or adversely alter the rights of the Holders of Receipts. Every
Holder of an outstanding Receipt at the time any such amendment becomes effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by the Depositary Agreement as amended thereby. In no event
shall any amendment impair the right, subject to the provisions of Sections 2.5 and 2.6 and Article III, of any owner of Depositary Shares to surrender any Receipt evidencing such Depositary Shares to the Depositary with instructions to deliver to
the Holder the Series B Preference Shares and all money and other property, if any, represented thereby, except in order to comply with mandatory provisions of applicable law or the rules and regulations of any governmental body, agency or
commission, or applicable securities exchange. As a condition precedent to the Depositary’s execution of any amendment, the Company shall deliver to the Depositary a certificate from a duly authorized officer of the Company that states that the
proposed amendment is in compliance with the terms of this Section 6.1. No supplement or amendment to this Agreement shall be effective unless duly executed by the Depositary. 

Section 6.2 Termination. 

This Deposit Agreement may be terminated by the Company or the Depositary only if (i) all outstanding Depositary Shares issued hereunder
have been redeemed pursuant to Section 2.8, (ii) there shall have been made a final distribution in respect of the Series B Preference Shares in connection with any liquidation, dissolution or winding up of the Company and such distribution
shall have been distributed to the Holders of Receipts representing Depositary Shares pursuant to Section 4.1 or 4.2, as applicable, (iii) upon the consent of Holders of Receipts representing in the aggregate not less than two-thirds of the Depositary Shares outstanding. or (iv) at any time by any party upon a material breach of a representation, covenant or term of this Deposit Agreement by any other party which is not cured
within a period not to exceed thirty (30) days after the date of written notice thereof by one of the other parties. 

  
 -15- 

 Upon the termination of this Deposit Agreement, the Company shall be discharged from all
obligations under this Deposit Agreement except for its obligations to the Depositary, any Depositary’s Agent and any Registrar under Sections 5.6 and 5.7 (including as to any services of the Depositary, any Depositary’s Agent and any
Registrar that are necessary following and in connection with the termination of this Deposit Agreement); provided further that Sections 5.2, 5.3, 5.6, 7.4, 7.7 and 7.10 shall survive the termination of this Deposit Agreement and any succession of
any Depositary, Registrar or Depositary’s Agent. 
 ARTICLE VII 

MISCELLANEOUS 

Section 7.1 Counterparts. 

This Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto on separate counterparts, each of
which counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument. A signature to this Deposit Agreement transmitted electronically shall have the
same authority, effect, and enforceability as an original signature. 
 Section 7.2 Exclusive Benefit of Parties. 

This Deposit Agreement is for the exclusive benefit of the parties hereto, and their respective successors hereunder, and shall not be deemed
to give any legal or equitable right, remedy or claim to any other person whatsoever. 
 Section 7.3 Invalidity of Provisions.

 In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid,
illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby; provided, however, that if such excluded
provision shall affect the rights, immunities, liabilities, duties or obligations of the Depositary, the Depositary shall be entitled to resign upon 30 days written notice provided to the Company. 

Section 7.4 Notices. 

Any and all notices to be given to the Company hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given
if personally delivered or sent by mail, overnight delivery or by telegram or facsimile transmission or electronic mail, confirmed by letter, addressed to the Company at 

Textainer Group Holdings Limited 

c/o Textainer Equipment Management (US) Limited 

650 California Street, 16th Floor 

San Francisco, California, 94108 

Attention: Daniel Cohen 

Facsimile No.: 415.434.0599 

Email Address: dwc@textainer.com 

or at any other addresses of which the Company shall have notified the Depositary in writing. 

Any and all notices to be given to the Depositary hereunder or under the Receipts shall be in writing and shall be deemed to have been duly
given if personally delivered or sent by mail, overnight delivery or by facsimile transmission confirmed by letter, addressed to the Depositary at the Depositary’s Office at 

Computershare Trust Company, N.A. 

150 Royall Street 

Canton, Massachusetts 02021 

Attention: General Counsel 

Facsimile No.: 781.575.4210 

  
 -16- 

 or at any other address of which the Depositary shall have notified the Company in writing. 

Except as otherwise provided herein, any and all notices to be given to any Record Holder of a Receipt hereunder or under the Receipts shall
be in writing and shall be deemed to have been duly given if personally transmitted through the facilities of DTC in accordance with DTC procedures or delivered or sent by mail, facsimile transmission or confirmed by letter, addressed to such Record
Holder at the address of such Record Holder as it appears on the books of the Depositary, or if such Holder shall have timely filed with the Depositary a written request that notices intended for such Holder be mailed to some other address, at the
address designated in such request. Delivery of a notice sent by mail or by facsimile transmission as provided in the previous sentence shall be deemed to be effected at the time when a duly addressed letter containing the same (or a confirmation
thereof in the case of a facsimile transmission) is deposited, postage prepaid, in a post office letter box; provided, that the Depositary or the Company may, however, act upon any facsimile transmission received by it from the other or from
any Holder of a Receipt, notwithstanding that such facsimile transmission shall not subsequently be confirmed by letter or as aforesaid. 

Notwithstanding anything to the contrary in this Deposit Agreement, if Depository Shares are held in book-entry form through DTC, any notices
to holders of Receipts may be given to such holders in any manner permitted by DTC. 
 Section 7.5 Depositary’s Agents.

 The Depositary may from time to time appoint Depositary’s Agents to act in any respect for the Depositary for the purposes
of this Deposit Agreement and may at any time appoint additional Depositary’s Agents and vary or terminate the appointment of such Depositary’s Agents. The Depositary will promptly notify the Company of any such action. 

Section 7.6 Appointment of Registrar, Transfer Agent, Dividend Disbursing Agent and Redemption Agent in Respect of the Series B
Preference Shares. 
 Unless otherwise set forth on the Officer’s Certificate delivered pursuant to Section 2.2 hereof,
the Company hereby appoints Computershare as registrar, transfer agent, redemption agent dividend disbursing agent in respect of the Receipts and Series B Preference Shares deposited with the Depositary hereunder, and Computershare hereby accept
such appointments. With respect to the appointments of Computershare as registrar, transfer agent, redemption agent and dividend disbursement agent in respect of the Receipts and Series B Preference Shares, Computershare, in their respective
capacity under such appointment, shall be entitled to the same rights, indemnities, immunities and benefits as the Depositary hereunder as if explicitly named in each such provision. 

Section 7.7 Governing Law. 

This Deposit Agreement and the Receipts of each series and all rights hereunder and thereunder and provisions hereof and thereof shall be
governed by, and construed in accordance with, the laws of the State of New York without giving effect to applicable conflicts of law principles. 

Section 7.8 Inspection of Deposit Agreement. 

Copies of this Deposit Agreement shall be filed with the Depositary and the Depositary’s Agents and shall be made available for
inspection during business hours upon reasonable notice to the Depositary by any Holder of a Receipt. 
 Section 7.9 Headings.

 The headings of articles and sections in this Deposit Agreement and in the form of the Receipt set forth in Exhibit A hereto have
been inserted for convenience only and are not to be regarded as a part of this Deposit Agreement or the Receipts or to have any bearing upon the meaning or interpretation of any provision contained herein or in the Receipts. 

  
 -17- 

 Section 7.10 Confidentiality. 

The Depositary and the Company agree that all books, records, information and data pertaining to the business of the other party, including,
inter alia, personal, non-public Holder information, which are exchanged or received pursuant to the negotiation or the carrying out of this Deposit Agreement, shall remain confidential, and shall not
be voluntarily disclosed to any other person. However, each party may disclose relevant aspects of the other party’s confidential information to its officers, affiliates, agents, subcontractors and employees, each bound by obligations of
confidentiality consistent with this Deposit Agreement, to the extent reasonably necessary to perform its duties and obligations under this Agreement and such disclosure is not prohibited by applicable law; provided that the party disclosing the
other party’s confidential information to any other person shall remain liable to the other party for any breach of the confidentiality by any such other person. 

Section 7.11 Holders of Receipts Are Parties. 

The Holders of Receipts from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions
hereof and of the Receipts by acceptance of delivery thereof. 

  
 -18- 

 IN WITNESS WHEREOF, the Company and the Depositary have duly executed this Deposit Agreement
as of the day and year first above set forth, and all holders of Receipts shall become parties hereto by and upon acceptance by them of delivery of Receipts issued in accordance with the terms hereof. 

 

			
	TEXTAINER GROUP HOLDINGS LIMITED

 
			
	By:	 	 /s/ Michael Chan

 
			
	Name:	 	Michael Chan
	Title:	 	Executive Vice President & Chief Financial Officer
	
	COMPUTERSHARE INC.

 
			
	By:	 	 /s/ Kathy Heagerty

			
	Name:	 	Kathy Heagerty
	Title:	 	Manager, Client Management
	
	COMPUTERSHARE TRUST COMPANY, N.A.

 
			
	By:	 	 /s/ Kathy Heagerty

			
	Name:	 	Kathy Heagerty
	Title:	 	Manager, Client Management

 Signature Page to Deposit Agreement 

  
 -19- 

 EXHIBIT A 

FORM OF RECEIPT 
 Please see
attached. 

  
 A-1 

 THE DEPOSITARY SHARES REPRESENTED BY THIS CERTIFICATE ARE NOT SAVINGS ACCOUNTS, DEPOSITS OR OTHER
OBLIGATIONS OF A BANK AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. 
 UNLESS THIS RECEIPT IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO TEXTAINER GROUP HOLDINGS LIMITED OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

TRANSFERS OF THIS GLOBAL RECEIPT SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL RECEIPT SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE DEPOSIT AGREEMENT REFERRED TO BELOW. 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH REGISTRAR AND
TRANSFER AGENT MAY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 
 DEPOSITARY SHARES 

DR –          

DEPOSITARY RECEIPT FOR DEPOSITARY SHARES, EACH 

REPRESENTING ONE-THOUSANDTH OF ONE SHARE OF 

6.250% SERIES B CUMULATIVE REDEEMABLE PERPETUAL PREFERENCE SHARES, 

OF 
 TEXTAINER GROUP HOLDINGS
LIMITED 
 CUSIP 88314W303 
 SEE
REVERSE FOR CERTAIN DEFINITIONS 
 Computershare Inc., a Delaware corporation, and Computershare Trust Company, N.A., a national banking
association, acting jointly as Depositary (the “Depositary”), hereby certifies that CEDE & Co. is the registered owner of [    ] ([    ]) DEPOSITARY SHARES (“Depositary Shares”),
each Depositary Share representing one-thousandth of one share of 6.250% Series B Cumulative Redeemable Perpetual Preference Shares, liquidation preference $25,000 per share, par value $0.01 per share (the
“Series B Preference Shares”), of Textainer Group Holdings Limited, a Bermuda exempted company limited by shares (the “Company”), on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit
Agreement, dated as of August 23, 2021 (the “Deposit Agreement”), among the Company, the Depositary, and the holders from time to time of the Receipts. By accepting this Depositary Receipt, the holder hereof becomes a party to and
agrees to be bound by all the terms and conditions of the Deposit Agreement. This Depositary Receipt shall not be valid or obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the
Depositary by either the manual or facsimile signature of a duly authorized officer. To the extent a Registrar (other than the Depositary) is also appointed, such Registrar may countersign by either the manual or facsimile signature of a duly
authorized officer thereof. 
 Dated: [date] 
 Computershare
Inc. and Computershare Trust Company, N.A., acting jointly as Depositary 
  

			
	By:	 	  

			
	 Authorized Officer

  
 A-2 

 (REVERSE OF RECEIPT) 

TEXTAINER GROUP HOLDINGS LIMITED 

TEXTAINER GROUP HOLDINGS LIMITED WILL FURNISH WITHOUT CHARGE TO EACH RECEIPT HOLDER WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A COPY
OR SUMMARY OF THE CERTIFICATE OF DESIGNATIONS RELATING TO THE 6.250% SERIES B CUMULATIVE REDEEMABLE PERPETUAL PREFERENCE SHARES OF TEXTAINER GROUP HOLDINGS LIMITED. ANY SUCH REQUEST IS TO BE ADDRESSED TO THE DEPOSITARY NAMED ON THE FACE OF THIS
RECEIPT. 
 The Company will furnish without charge to each receipt holder who so requests the powers, designations, preferences and
relative, participating, optional or other special rights of each class of stock or series thereof of the Company, and the qualifications, limitations or restrictions of such preferences and/or rights. Such request may be made to the Company or to
the Registrar. 
 EXPLANATION OF ABBREVIATIONS 

The following abbreviations when used in the form of ownership on the face of this certificate shall be construed as though they were written
out in full according to applicable laws or regulations. Abbreviations in addition to those appearing below may be used. 
  

							
	 Abbreviation
	  	 Equivalent Phrase
	  	 Abbreviation
	  	 Equivalent Phrase

	JT TEN	  	As joint tenants, with right of survivorship and not as tenants in common	  	TEN BY ENT	  	As tenants by the entireties
	TEN IN COM	  	As tenants in common	  	UNIF GIFT MIN ACT	  	Uniform Gifts to Minors Act

  

											
	 Abbreviation
	  	 Equivalent Word
	  	 Abbreviation
	  	 Equivalent Word
	  	 Abbreviation
	  	 Equivalent Word

	ADM	  	 Administrator(s),
 Administratrix
	  	EX	  	Executor(s), Executrix	  	PAR	  	Paragraph
	AGMT	  	Agreement	  	FBO	  	For the benefit of	  	PL	  	Public Law
	ART	  	Article	  	FDN	  	Foundation	  	TR	  	(As) trustee(s), for, of
	CH	  	Chapter	  	GDN	  	Guardian(s)	  	U	  	Under
	CUST	  	Custodian for	  	GDNSHP	  	Guardianship	  	UA	  	Under agreement
	DEC	  	Declaration	  	MIN	  	Minor(s)	  	UW	  	Under will of, Of will of, Under last will & testament
	EST	  	Estate, of Estate of	  		  		  		  	

  

					
	For value received,	 	  
	 	hereby sell(s), assign(s) and transfer(s) unto

							
	  
	 	        
	 	(INSERT SOCIAL SECURITY OR OTHER

					
	IDENTIFYING NUMBER OF ASSIGNEE)	 	  
	 	                                

					
	  
	 	  
	 	                    

					
	  
	 	(PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP
	CODE OF ASSIGNEE) Depositary Shares represented by the within Receipt, and do(es) hereby irrevocably

									
	constitute and appoint	 	  
	 	  
	 	
                 
	 	        
	Attorney to transfer the said Depositary Shares on the books of the within named Depositary with full power of substitution in the premises.

  
 A-3 

			
	Dated:	 	
		
	Signature:	 	  

		
	Signature:	 	  

 NOTICE: The signature to the assignment must correspond with the name as written upon the face of this Receipt, in every
particular, without alteration or enlargement, or any change whatsoever. 
 SIGNATURE GUARANTEED 

NOTICE: If applicable, the signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations, and
credit unions with membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934. 

  
 A-4 

 EXHIBIT B 

CERTIFICATE OF DESIGNATIONS 
 [See
attached] 

  
 B-1 

 CERTIFICATE OF DESIGNATIONS 

of 
 6.250% SERIES B
CUMULATIVE REDEEMABLE PERPETUAL PREFERENCE SHARES 
 of 

TEXTAINER GROUP HOLDINGS LIMITED 

Textainer Group Holdings Limited, a Bermuda exempted company limited by shares (the “Company”), HEREBY CERTIFIES that, pursuant to
the authority contained in its bye-laws (as amended and restated from time to time, the “Bye-Laws”) and to resolutions of the board of directors of the Company
(the “Board of Directors”) adopted on August 9, 2021 and the pricing committee of the Board adopted August 16, 2021, the creation of the series of 6.250% Series B Cumulative Redeemable Perpetual Preference Shares, par value $0.01
per share, with a $25,000 liquidation preference per share (the “Series B Preference Shares”), was authorized and the designation, preferences and privileges, voting rights, relative, participating, optional and other special rights, and
qualifications, limitations and restrictions of the Series B Preference Shares, in addition to those set forth in the Memorandum of Association and the Bye-Laws of the Company, were fixed as follows: 

Section 1. Designation and Amount. The shares of such series shall be designated as “6.250% Series B Cumulative Redeemable
Perpetual Preference Shares” (the “Series B Preference Shares”) and the number of shares constituting the Series B Preference Shares shall be 6,000 and such shares shall have a liquidation preference of $25,000 per share. Each Series
B Preference Share shall be identical in all respects to every other Series B Preference Share. Series B Preference Shares shall be dated the date of issue, which date shall be referred to herein as the “original issue date.” Series B
Preference Shares that are redeemed, purchased or otherwise acquired by the Company shall have the status of authorized but unissued shares of the Company, without designation as to class or series. Each Series B Preference Share is perpetual, has
no maturity date and is not subject to any mandatory redemption, sinking fund, retirement fund, purchase fund or other similar provisions. 

Section 2. Definitions. The following terms used herein shall be defined as set forth below: 

“Business Day” means each Monday, Tuesday, Wednesday, Thursday or Friday on which banking institutions in The City of New York are
not authorized by law to close. 
 “Change of Control” means the occurrence of either of the following after the original issue
date of the Series B Preference Shares: 
  

	 	(1)	 the direct or indirect lease, sale, transfer, conveyance or other disposition (other than by way of merger,
amalgamation, consolidation or business combination), in one or a series of related transactions, of all or substantially all of the properties or assets of the Company and its subsidiaries taken as a whole to any “person” (as that term is
used in Section 13(d)(3) of the Exchange Act); or 

  

	 	(2)	 the consummation of any transaction (including, without limitation, any merger, amalgamation, consolidation or
business combination), the result of which is that any person (as defined above), becomes the beneficial owner, directly or indirectly, of more than 50% of the voting interests of the Company, measured by voting power rather than percentage of
interests. 

 “Change of Control Conversion Right” means the right of a holder of Series B Preference Shares to
convert some or all of the Series B Preference Shares held by such holder on the Change of Control Conversion Date into a number of Common Shares (or Alternative Conversion Consideration, as applicable) per Series B Preference Share. 

“Change of Control Conversion Date” means the date fixed by the Board of Directors, in its sole discretion, as the date the Series B
Preference Shares are to be converted, which will be a Business Day that is no fewer than 20 days nor more than 35 days after the date on which the Company provides the notice of a Change of Control to holders of the Series B Preference Shares. 

  
 B-2 

 “Common Shares” means the common shares of the Company, $0.01 par value per share.

 “Common Share Price” means (i) the amount of cash consideration per Common Share, if the consideration to be received in
the Change of Control by the holders of the Common Shares is solely cash; and (ii) the average of the closing prices for the Common Shares on the NYSE for the ten consecutive trading days immediately preceding, but not including, the Change of
Control Conversion Date, if the consideration to be received in the Change of Control by the holders of Common Shares is other than solely cash. 

“Companies Act” means the Companies Act 1981 of Bermuda, as amended. 

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

“Depositary Shares” means the depositary shares, each representing a one thousandth (1/1,000th) interest in a share of the Series B
Preference Shares, evidenced by depositary receipts. 
 “Dividend Payment Date” shall have the meaning specified in
Section 4(B). 
 “Dividend Period” is the period from and including a Dividend Payment Date to, but excluding, the next
succeeding Dividend Payment Date, except that the initial Dividend Period will commence on and include the original issue date of the Series B Preference Shares. 

“DTC” means The Depository Trust Company. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Memorandum of Association” means the memorandum of association of the Company, as it may be amended from time to time. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Series A Preference Shares” means the Company’s 7.000% Series A Cumulative Redeemable Perpetual Preference Shares, par value
$0.01 per share, with a $25,000 liquidation preference per share 
 “Transfer Agent” means Computershare Inc. or an affiliate, as
transfer agent, registrar and dividend disbursing agent, or any successor transfer agent appointed by the Company. 
 “Voting
Preference Shares” means any other class or series of the Company’s preference shares, including the Series A Preference Shares, ranking equally with the Series B Preference Shares as to dividends and the distribution of assets upon the
liquidation, dissolution or winding-up of the Company’s affairs and upon which like voting rights have been conferred and are exercisable. 

Section 3. Ranking. The Series B Preference Shares shall rank, with respect to the payment of dividends and distributions upon the
liquidation, dissolution or winding-up of the Company’s affairs: 
 (A) senior to the Common
Shares and to any other class or series of the Company’s shares established after the original issue date of the Series B Preference Shares that is not expressly made senior to, or on parity with, the Series B Preference Shares as to the
payment of dividends or amounts payable on a liquidation, dissolution or winding-up of the Company’s affairs (collectively, including the Common Shares, “Junior Securities”); 

(B) on a parity with the Series A Preference Shares and any other class or series of the Company’s shares established after the original
issue date of the Series B Preference Shares that is expressly made on parity with the Series B Preference Shares as to the payment of dividends or amounts payable on a liquidation, dissolution or winding-up
of the Company’s affairs (the “Parity Securities”); 

  
 B-3 

 (C) junior to any class or series of the Company’s shares established after the
original issue date of the Series B Preference Shares that is expressly made senior to the Series B Preference Shares as to the payment of dividends or amounts payable on a liquidation, dissolution or
winding-up of the Company’s affairs (the “Senior Securities”); 
 (D) junior to all
of the Company’s existing and future indebtedness (including indebtedness outstanding under the Company’s credit facilities and unsecured senior notes) and other liabilities with respect to assets available to satisfy claims against the
Company; and 
 (E) structurally subordinated to existing and future indebtedness and other liabilities of the Company’s subsidiaries
and future preference shares of the Company’s subsidiaries. 
 The Company may issue Parity Securities, Junior Securities and Senior
Securities at any time and from time to time in one or more series without the consent of the holders of the Series B Preference Shares. Parity Securities with respect to the Series B Preference Shares include the Series A Preference Shares and may
include other series of our preference shares that have different dividend rates, redemption or conversion features, mechanics, dividend periods, dividend rights, payment dates or record dates than the Series B Preference Shares. 

Section 4. Dividends and Distributions. 

(A) Holders of Series B Preference Shares will be entitled to receive, when, as and if declared by the Board of Directors or a duly authorized
committee of the Board of Directors, out of legally available funds for such purpose, cumulative quarterly cash dividends on each Dividend Payment Date. Dividends, if declared, will be payable out of amounts legally available for the payment of
dividends at a rate per annum of 6.250% of the $25,000 liquidation preference per share. Dividends on the Series B Preference Shares will accumulate daily and be cumulative from, and including, the date of original issuance of the Series B
Preference Shares. In the event that the Company issues additional Series B Preference Shares after the original issue date, dividends on such shares may accrue from the original issue date or any other date the Company specifies at the time such
additional shares are issued. Under Bermuda law, a company shall not declare or pay a dividend, or make a distribution out of contributed surplus, if there are reasonable grounds for believing that (a) the company is, or would after the payment
be, unable to pay its liabilities as they become due; or (b) the realizable value of the company’s assets would thereby be less than its liabilities. 

(B) If declared by the Board of Directors or a duly authorized committee of the Board of Directors, the Company shall pay dividends on the
Series B Preference Shares quarterly in arrears, on March 15, June 15, September 15 and December 15 of each year, commencing on December 15, 2021, each such date being referred to herein as a “Dividend Payment
Date”; provided, however, that if any scheduled Dividend Payment Date is not a Business Day, then the payment will be made on the next succeeding Business Day and no additional dividends or interest will accumulate as a result of that
postponement. If the Board of Directors or a duly authorized committee of the Board of Directors does not declare a dividend (or declares less than full dividends) payable in respect of any Dividend Period before the related Dividend Payment Date,
such dividend (or any portion of such dividend not declared) shall accumulate and an amount equal to such accumulated dividend (or such undeclared portion thereof) shall become payable out of funds legally available therefor upon the liquidation,
dissolution or winding-up of the Company’s affairs (or earlier redemption of such Series B Preference Shares), to the extent not paid prior to such liquidation, dissolution or winding-up or earlier redemption. No interest, or sum of money in lieu of interest, will be payable on any dividend payment that may be in arrears on the Series B Preference Shares. 

(C) Dividends will be payable with respect to the dividend period (or portion thereof) ending on the day preceding such Dividend Payment Date
to holders of record of the Series B Preference Shares as they appear on the Company’s books on the applicable record date, which shall be the 15th calendar day preceding the applicable Dividend Payment Date or such other record date not
exceeding 60 calendar days nor less than 10 calendar days before the applicable Dividend Payment Date as shall be fixed for that purpose by the Board of Directors (or a duly authorized committee of the Board of Directors), except that in the case of
payments of dividends in arrears, the record date with respect to a Dividend Payment Date will be such date as may be designated by the Board of Directors or any duly authorized committee of the Board of Directors. Dividend record dates will apply
regardless of whether a particular dividend record date is a Business Day. 

  
 B-4 

 (D) No dividends on the Series B Preference Shares shall be authorized by the Board of
Directors or paid or set apart for payment by the Company at any time when the payment thereof would be unlawful under the laws of Bermuda, or when the terms and provisions of any agreement of the Company, including any agreement relating to the
Company’s indebtedness (the “Limiting Documents”), prohibit the authorization, payment or setting apart for payment thereof or provide that the authorization, payment or setting apart for payment thereof would constitute a breach of
the Limiting Documents or a default under the Limiting Documents, or if the authorization, payment or setting apart for payment shall be restricted or prohibited by law. 

(E) Dividends payable on the Series B Preference Shares will be computed on the basis of a 360-day
year consisting of twelve 30-day months. Dividends on the Series B Preference Shares called for redemption will cease to accumulate on the redemption date, unless the Company defaults in the payment of the
redemption price of the Series B Preference Shares called for redemption. 
 (F) Dividends on the Series B Preference Shares will be
cumulative (i) whether or not the Company has earnings, (ii) whether or not there are funds legally available for the payment of such dividends, (iii) whether or not such dividends are authorized or declared and (iv) whether or
not any of the Company’s agreements prohibit the current payment of dividends, including any agreement relating to the Company’s indebtedness. 

(G) The Company will not declare or pay, or set aside for payment, full dividends on the Series B Preference Shares or any Parity Securities
for any Dividend Period unless full cumulative dividends have been declared and paid (or declared and a sum sufficient for the payment thereof has been set aside) on the Series B Preference Shares and any Parity Securities through the most recently
completed dividend period for each such security. To the extent dividends will not be paid in full on the Series B Preference Shares on any Dividend Payment Date, the Company will take appropriate action to ensure that all dividends declared and
paid upon the Series B Preference Shares and any Parity Securities will be reduced, declared and paid on a pro rata basis on their respective payment dates pursuant to subsection (K) below. 

(H) During any Dividend Period, so long as any Series B Preference Shares remain outstanding, unless the full cumulative dividends have been
declared and paid (or declared and a sum sufficient for the payment thereof has been set aside) on the Series B Preference Shares and any Parity Securities through the most recently completed Dividend Period for each such security: 

(i) The Company will not declare, or pay or set aside for payment, dividends on any Junior Securities (other than a dividend
payable solely in Junior Securities); and 
 (ii) The Company may not repurchase, redeem or otherwise acquire for
consideration, directly or indirectly, in whole or in part, any Junior Securities other than (a) purchases, redemptions or other acquisitions of shares of Junior Securities pursuant to any employment contract, dividend reinvestment and stock
purchase plan, benefit plan or other similar arrangement with or for the benefit of employees, officers, directors, consultants or advisors, (b) as a result of a reclassification of Junior Securities for or into other Junior Securities,
(c) the exchange or conversion of one share of Junior Security for or into another share of such Junior Securities, or (d) through the use of the proceeds of a substantially contemporaneous sale of Junior Securities. 

(I) The Series B Preference Shares will rank junior as to payment of dividends to any class or series of Senior Securities that the Company
may issue in the future. If at any time the Company has failed to pay, on the applicable payment date, accumulated dividends on any class or series of Senior Securities, the Company may not pay any dividends on the issued and outstanding Series B
Preference Shares or redeem or otherwise repurchase any Series B Preference Shares until the Company has paid or set aside for payment the full amount of the unpaid dividends on the Senior Securities that must, under the terms of such securities, be
paid before the Company may pay dividends on, or redeem or repurchase, the Series B Preference Shares. 
 (J) To the extent dividends are
not paid (or declared and a sum sufficient for payment thereof set aside) in full on the Series B Preference Shares or any Parity Securities on any Dividend Payment Date (or, in the case of Parity Securities having dividend payment dates different
from the dividend payment dates pertaining to the Series B Preference Shares, on a dividend payment date falling within the related dividend period for the Series B 

  
 B-5 

 
Preference Shares), all dividends declared on the Series B Preference Shares and all such Parity Securities and payable on such Dividend Payment Date (or, in the case of such Parity Securities
having dividend payment dates different from the dividend payment dates pertaining to the Series B Preference Shares, on a dividend payment date falling within the related dividend period for the Series B Preference Shares) shall be declared pro
rata so that the respective amounts of such dividends shall bear the same ratio to each other as all accumulated but unpaid dividends on the Series B Preference Shares and all such Parity Securities payable on such Dividend Payment Date (or, in the
case of such Parity Securities having dividend payment dates different from the dividend payment dates pertaining to the Series B Preference Shares, on a dividend payment date falling within the related dividend period for the Series B Preference
Shares) bear to each other. 
 (K) Subject to the foregoing, dividends (payable in cash, shares or otherwise) may be determined by the Board
of Directors (or a duly authorized committee of the Board of Directors) and may be declared and paid on the Common Shares and any shares ranking, as to dividends, equally with or junior to the Series B Preference Shares from time to time out of any
funds legally available for such payment, and the Series B Preference Shares shall not be entitled to participate in any such dividend. 

(L) So long as the Series B Preference Shares are held of record by the nominee of the Securities Depository (as defined below), declared
dividends will be paid to the Securities Depository in same-day funds on each Dividend Payment Date. The Securities Depository will credit accounts of its participants in accordance with the Securities
Depository’s normal procedures. The participants will be responsible for holding or disbursing such payments to beneficial owners of the Series B Preference Shares in accordance with the instructions of such beneficial owners. 

Section 5. Voting Rights. 

(A) General. Except as provided below or as expressly required by Bermuda or other applicable law, the holders of the Series B
Preference Shares shall not have any voting, consent or approval rights. 
 (B) Right to Elect Two Directors Upon Nonpayment. 

(i) Whenever dividends in respect of any Series B Preference Shares shall have not been declared and paid for the equivalent of
six or more dividend periods, whether or not for consecutive dividend periods (a “nonpayment event”), the holders of the Series B Preference Shares, voting together as a single class with holders of any and all other series of Voting
Preference Shares then issued and outstanding, will be entitled to vote for the election of a total of two additional members of the Board of Directors (the “preference shares directors”), provided that the election of any such directors
shall not cause the Company to violate the Bye-Laws or corporate governance requirements of the SEC or the NYSE (or any other exchange on which the Company’s securities may be listed or quoted) that
listed or quoted companies must have a majority of independent directors. In such case, the Company will use its best efforts to increase the number of directors constituting the Board of Directors to the extent necessary to effectuate such right
and, if necessary, to amend the Bye-Laws. Each preference shares director will be added to an already existing class of directors. 

(ii) If and when full cumulative dividends payable on the Series B Preference Shares through the most recently completed
dividend period shall have been fully paid, the holders of the Series B Preference Shares shall be divested of the foregoing voting rights (subject to revesting in the event of each subsequent nonpayment event) and, if such voting rights for all
other holders of Voting Preference Shares have terminated, the term of office of each preference shares director so elected shall terminate and the number of directors on the Board of Directors shall automatically decrease by two. 

(iii) Any preference shares director may be removed at any time without cause by the holders of record of a majority of the
aggregate issued and outstanding Series B Preference Shares and any other Voting Preference Shares then issued and outstanding (voting together as a single class) when they have the voting rights described above. So long as a nonpayment event shall
continue, any vacancy in the office of a preference shares director (other than prior to the initial election after a nonpayment event) may be filled by the written consent of the preference shares director remaining in office, or if none remain in
office, by a vote of the holders of record of a majority of the issued and outstanding Series B Preference 

  
 B-6 

 
Shares and any other Voting Preference Shares then issued and outstanding (voting together as a single class) when they have the voting rights described above. Any vote of holders of Voting
Preference Shares to remove, or to fill a vacancy in the office of, a preference shares director may be taken only at a special general meeting of such holders, called as provided above for an initial election of preference shares director after a
nonpayment event (unless such request is received less than 90 days before the date fixed for the next annual or special meeting of the Company’s shareholders, in which event such election shall be held at such next annual or special general
meeting of shareholders). The preference shares directors shall each be entitled to one vote per director on any matter. Each preference shares director elected at any special general meeting of shareholders or by written consent of the other
preference shares director shall hold office until the next annual general meeting of the Company’s shareholders if such office shall not have previously terminated as above provided. 

(C) Other Voting Rights. 

(i) The Companies Act provides the right to vote in respect of an amalgamation or merger for all shares of a Bermuda
incorporated company whether or not such shares otherwise carry the right to vote. As a result, subject to any variation of rights attaching to a class of shares as a result of the amalgamation or merger, the Series B Preference Shares, along with
the Common Shares, the Series A Preference Shares and any other class or series of share capital, would have the right to vote together on an amalgamation or merger if a vote in connection with such a transaction is required under the Companies Act.

 (ii) Subject to the Companies Act 1981 of Bermuda, as amended, none of the special rights attached to the Series B
Preference Shares may be altered or abrogated by any amendment to the Bye-Laws or this Certificate of Designations without (i) the consent in writing of the holders of not less than three-quarters of the
issued Series B Preference Shares or (ii) with the sanction of a special resolution approved by at least a majority of the votes cast by the holders of the Series B Preference Shares at a separate general meeting in accordance with
Section 47(7) of the Companies Act. The necessary quorum requirements for the separate general meeting are two or more persons at least holding or representing by proxy one-third of the aggregate issued
and outstanding Series B Preference Shares. The Bye-Laws provide that rights conferred upon the holders of the capital shares of any class (including the Series B Preference Shares) issued with preferred or
other rights shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the creation or issue of further shares ranking pari passu therewith. The Companies Act provides that in
certain circumstances, non-voting shares have the right to vote (for example without limitation, converting a limited liability company to unlimited liability company, discontinuance of a company from Bermuda,
or a merger or amalgamation pursuant to the Companies Act or conversion of preference shares into redeemable preference shares). 

(iii) On any item on which the holders of the Series B Preference Shares are entitled to vote, such holders will be entitled to
one vote for each Series B Preference Share held, subject to the voting cutbacks described above. 
 (iv) Without the consent
of the holders of the Series B Preference Shares, so long as such action does not materially and adversely affect the special rights, preferences, privileges and voting powers of the Series B Preference Shares, taken as a whole, the Board of
Directors may, by resolution, amend, alter, supplement or repeal any terms of the Series B Preference Shares (a) to cure any ambiguity, or to cure, correct or supplement any provision contained in this Certificate of Designations for the Series
B Preference Shares that may be defective or inconsistent; or (b) to make any provision with respect to matters or questions arising with respect to the Series B Preference Shares that is not inconsistent with the provisions of this Certificate
of Designations; provided that any such amendment, alteration, supplement or repeal of any terms of the Series B Preference Shares effected in order to conform the terms thereof to the description of the terms of the Series B Preference Shares set
forth under “Description of the Series B Preference Shares” in the prospectus supplement shall be deemed not to materially and adversely affect the special rights, preferences, privileges and voting powers of the Series B Preference
Shares, taken as a whole. 

  
 B-7 

 (D) The foregoing voting provisions will not apply with respect to the Series B Preference
Shares if, at or prior to the time when the act with respect to which such vote would otherwise be required shall be effected, all issued and outstanding Series B Preference Shares shall have been redeemed or called for redemption upon proper notice
and sufficient funds shall have been set aside by the Company for the benefit of the holders of Series B Preference Shares to effect such redemption. 

Section 6. Reacquired Shares. Any Series B Preference Shares purchased or otherwise acquired by the Company in any manner
whatsoever shall be retired and cancelled promptly after the acquisition thereof. All such shares shall upon their cancellation become authorized but unissued preference shares and may be reissued as part of a new series of preference shares subject
to the conditions and restrictions on issuance set forth herein, in the Memorandum of Association, Bye-Laws or in any other certificate of designations creating a series of preference shares or any similar
shares or as otherwise required by law. 
 Section 7. Liquidation, Dissolution or
Winding-Up. 
 (A) Upon any voluntary or involuntary liquidation, dissolution or winding-up of the Company’s affairs, holders of Series B Preference Shares and any Parity Securities are entitled to receive out of assets of the Company legally available for distribution to shareholders,
after satisfaction of liabilities and obligations to creditors, if any, and subject to the rights of holders of any Senior Securities in respect of distributions upon liquidation, dissolution or winding-up of
the Company’s affairs, and before any distribution of assets is made to or set aside for holders of Common Shares or any other Junior Securities, a liquidating distribution in the amount of $25,000 per share. Any accumulated and unpaid
dividends on the Series B Preference Shares and Parity Securities will be paid prior to any distributions in liquidation plus all accumulated and unpaid dividends (whether or not declared). Holders of Series B Preference Shares will not be entitled
to any other amounts from the Company after they have received their full liquidation preference. 
 (B) In any such distribution, if the
assets of the Company are not sufficient to pay the liquidation preferences in full to all holders of the Series B Preference Shares and all holders of any Parity Securities, the amounts paid to the holders of Series B Preference Shares and to the
holders of any Parity Securities will be paid pro rata in accordance with the respective aggregate liquidation preferences of those holders. In any such distribution, the “liquidation preference” of any holder of preference shares means
the amount payable to such holder in such distribution (assuming no limitation on the Company’s assets available for such distribution), including any unpaid, accumulated dividends, whether or not declared (and, in the case of any Parity
Securities on which dividends accumulate on a non-cumulative basis, an amount equal to any declared but unpaid dividends, as applicable). If the liquidation preference has been paid in full to all holders of
the Series B Preference Shares and any holders of Parity Securities, the holders of the Junior Securities shall be entitled to receive all remaining assets of the Company according to their respective rights and preferences. 

(C) For purpose of this Section 7, neither the merger, amalgamation or consolidation of the Company into or with any other corporation,
including a merger, amalgamation or consolidation in which the holders of Series B Preference Shares receive cash, securities or other property for their shares, nor a sale, transfer or lease of all or part of the Company’s assets, will be
deemed a liquidation, dissolution or winding-up of the Company’s affairs. 
 Section 8.
Conversion Rights. 
 (A) Except as set forth herein the Series B Preference Shares shall not be convertible into any other class of
the Company’s capital shares. 

  
 B-8 

 (B) Upon the occurrence of a Change of Control, each holder of Depositary Shares
representing interests in the Series B Preference Shares will have the right (unless the Company has provided notice of its election to redeem the Series B Preference Shares pursuant to Section 10) to direct the depositary on such holder’s
behalf to convert some or all of such holder’s interest in the Series B Preference Shares represented by the Depositary Shares held by such holder on the Change of Control Conversion Date into a number of Common Shares equal (the
“Preference Shares Conversion Consideration”) to the lesser of: 
 (i) the quotient obtained by dividing
(i) the sum of the $25.00 liquidation preference per Depositary Share plus the amount of any accumulated and unpaid distributions to, but not including, the Change of Control Conversion Date (unless the Change of Control Conversion Date is
after a record date for a Series B Preference Shares dividend payment and prior to the corresponding Series B Preference Shares dividend payment date, in which case no additional amount for such accumulated and unpaid distribution will be included
in this sum) by (ii) the Common Share Price, and 
 (ii) 1.4192, which is the quotient obtained by dividing (i) the
$25.00 liquidation preference per Depositary Share by (ii) one-half of the closing price of the Common Shares on the NYSE on August 13, 2021, 

subject, in each case, to certain adjustments and provisions for the receipt of any Alternative Conversion Consideration (as defined below) and splits,
combinations and distributions in the form of equity issuances. 
 (C) In the case of a Change of Control pursuant to which the Common
Shares will be converted into cash, securities or other property or assets (including any combination thereof), a holder of Series B Preference Shares electing to exercise its Change of Control Conversion Right will receive upon conversion of such
Series B Preference Shares elected by such holder the kind and amount of such consideration that such holder would have owned or been entitled to receive upon the Change of Control had such holder held a number of Common Shares equal to the
Preference Shares Conversion Consideration immediately prior to the effective time of the Change of Control (the “Alternative Conversion Consideration”); provided, however, that if the holders of Common Shares have the
opportunity to elect the form of consideration to be received in the Change of Control, the consideration that the holders of Series B Preference Shares electing to exercise their Change of Control Conversion Right will receive will be the form and
proportion of the aggregate consideration elected by the holders of Common Shares who participate in the determination (based on the weighted average of elections) and will be subject to any limitations to which all holders of Common Shares are
subject, including, without limitation, pro rata reductions applicable to any portion of the consideration payable in the Change of Control. 

(D) The Company will not issue fractional Common Shares upon the conversion of the Series B Preference Shares. Instead, the Company will pay
the cash value of such fractional Common Shares. 
 (E) If the Company provides a redemption notice, whether pursuant to its special
optional redemption right in connection with a Change of Control or its optional redemption rights, holders of Series B Preference Shares will not have any right to convert the Series B Preference Shares that the Company has elected to redeem and
any Series B Preference Shares subsequently selected for redemption that have been tendered for conversion pursuant to the Change of Control Conversion Right will be redeemed on the related redemption date instead of converted on the Change of
Control Conversion Date. 
 (F) Within five days following the expiration of the Change of Control Redemption Period (or, if the Company
waives its right to redeem the Series B Preference Shares prior to the expiration of the Change of Control Redemption Period, within five days following the date of such waiver), the Company will provide to the holders of the Series B Preference
Shares written notice of the occurrence of the Change of Control that describes the resulting Change of Control Conversion Right. This notice will state the following: 
  

	 	•	 	 the events constituting the Change of Control; 

 

	 	•	 	 the date of the Change of Control; 

 

	 	•	 	 the date on which the Change of Control Redemption Period expired or was waived; 

 

	 	•	 	 the last date on which the holders of Series B Preference Shares may exercise their Change of Control Conversion
Right; 

  

	 	•	 	 the method and period for calculating the Common Share Price; 

  
 B-9 

	 	•	 	 the Change of Control Conversion Date; 

 

	 	•	 	 if applicable, the type and amount of Alternative Conversion Consideration entitled to be received per Series B
Preference Shares; and 

  

	 	•	 	 the procedure that the holders of Series B Preference Shares must follow to exercise the Change of Control
Conversion Right. 

 The Company will issue a press release for publication through a news or press organization as is
reasonably expected to broadly disseminate the relevant information to the public, or post notice on its website, in any event prior to the opening of business on the first Business Day following any date on which the Company provides the notice
described above to the holders of Series B Preference Shares. 
 (G) Holders of Series B Preference Shares that choose to exercise their
Change of Control Conversion Right will be required prior to the close of business on the third Business Day preceding the Change of Control Conversion Date, to notify the Company of the number of Series B Preference Shares to be converted and
otherwise to comply with any applicable procedures contained in the notice described above or otherwise required by the Transfer Agent for effecting the conversion. 

(H) Notwithstanding the foregoing, the holders of Series B Preference Shares will not have a conversion right upon a Change of Control if
(i) the acquiror has shares listed or quoted on the NYSE, the NYSE American or NASDAQ or listed or quoted on an exchange or quotation system that is a successor to the NYSE, the NYSE American or NASDAQ, and (ii) the Series B Preference
Shares remain continuously listed or quoted on the NYSE, the NYSE American or NASDAQ or listed or quoted on an exchange or quotation system that is a successor to the NYSE, the NYSE American or NASDAQ. 

Section 9. No Preemptive Rights. The holders of Series B Preference Shares will have no preemptive rights with respect to any
shares of the Company or any of its other securities convertible into or carrying rights or options to purchase or otherwise acquire any such shares or any interest therein, regardless of how such securities, or such warrants, rights or options, may
be designated, issued or granted. 
 Section 10. Redemption. 

(A) No Redemption by Holder. Holders of Series B Preference Shares shall have no right to require the redemption or repurchase of any
Series B Preference Shares. 
 (B) Optional Redemption. The Company, at its option, may, upon notice given as provided in
Section 10(D), redeem the Series B Preference Shares, in whole or in part, from time to time on any Dividend Payment Date on or after December 15, 2026 at a redemption price per share equal to $25,000 per Series B Preference Share plus an
amount equal to all accumulated and unpaid dividends thereon to, but not including, the date of redemption, whether or not declared. 
 (C)
Optional Redemption upon a Change of Control. Upon the occurrence of a Change of Control, the Company may, at its option, redeem the Series B Preference Shares in whole or in part within 120 days after the first date on which such Change of
Control occurred (the “Change of Control Redemption Period”), at a redemption price equal to $25,000 per Series B Preference Share, plus all accumulated and unpaid distributions to, but not including, the redemption date, whether or not
declared. If, prior to the Change of Control Conversion Date, the Company exercises its right to redeem the Series B Preference Shares as described in the immediately preceding sentence or in Section 10(B) above, holders of the Series B
Preference Shares the Company has elected to redeem will not have the conversion right described in Section 8. Any cash payment to holders of Series B Preference Shares will be subject to the limitations contained in any agreements governing
the Company’s indebtedness. 

  
 B-10 

 (D) Redemption Procedure. If Series B Preference Shares are to be redeemed, the
notice of redemption shall be given by first class mail, postage prepaid, or otherwise transmitted by an authorized method to the holders of any Series B Preference Shares to be redeemed as such holders’ names appear on the share transfer books
maintained by the Transfer Agent at the address of such holders shown therein mailed not less than 30 days nor more than 60 days prior to the date fixed for redemption thereof (provided that, if the Series B Preference Shares are held in
book-entry form through DTC, the Company may give such notice in any manner permitted by DTC). Each notice of redemption shall include a statement stating: (i) the redemption date; (ii) the number of Series B Preference Shares to be
redeemed and, if fewer than all issued and outstanding shares held by the holder of Series B Preference Shares are to be redeemed, the number of Series B Preference Shares to be redeemed from the holder; (iii) the redemption price;
(iv) the place or places where the certificates, if any, evidencing Series B Preference Shares are to be surrendered for payment of the redemption price; and (v) that dividends on the Series B Preference Shares to be redeemed will cease to
accumulate from and after such redemption date. 
 (E) Effectiveness of Redemption. If notice of redemption of any Series B
Preference Shares has been given and if, on or prior to the redemption date specified in such notice, the funds necessary for such redemption have been set aside by the Company for the benefit of the holders of any Series B Preference Shares so
called for redemption, then, from and after the redemption date, dividends will cease to accrue on such Series B Preference Shares, such Series B Preference Shares shall no longer be deemed issued and outstanding and all rights of the holders of
such Series B Preference Shares will terminate, except the right to receive the redemption price, without interest. 
 (F) Partial
Redemption. If fewer than all of the issued and outstanding Series B Preference Shares are to be redeemed, the number of Series B Preference Shares to be redeemed shall be selected either pro rata or by lot (or, in the event the Series B
Preference Shares is in the form of global securities (as defined herein), in accordance with the applicable procedures of DTC in compliance with then-applicable rules of the NYSE). So long as all Series B Preference Shares are held of record by the
nominee of DTC, the Company will give notice, or cause notice to be given, to DTC of the number of Series B Preference Shares to be redeemed, and DTC will determine the number of Series B Preference Shares to be redeemed from the account of each of
its participants holding such shares in its participant account. Thereafter, each participant will select the number of shares to be redeemed from each beneficial owner for whom it acts (including the participant, to the extent it holds Series B
Preference Shares for its own account). A participant may determine to redeem Series B Preference Shares from some beneficial owners (including the participant itself) without redeeming Series B Preference Shares from the accounts of other
beneficial owners. Any Series B Preference Shares not redeemed will remain issued and outstanding and entitled to all the rights and preferences of the Series B Preference Shares under this Certificate of Designations. 

Section 11. Record Holders. To the fullest extent permitted by applicable law, the Company and the Transfer Agent for the Series B
Preference Shares may deem and treat the record holder of any Series B Preference Share as the true and lawful owner thereof for all purposes, and neither the Company nor such Transfer Agent shall be affected by any notice to the contrary. 

Section 12. No Other Rights. The Series B Preference Shares shall not have any rights, preferences, privileges or voting powers or
relative, participating, optional or other special rights, or qualifications, limitations or restrictions thereof, other than as set forth herein or in the Memorandum of Association and the Bye-Laws or as
provided by applicable law. 
 Section 13. Governing Law. This Certificate of Designation and the Series B Preference Shares
shall be governed by and construed in accordance with the laws of Bermuda. 

  
 B-11 

 IN WITNESS WHEREOF, this Certificate of Designations is executed on behalf of the Company by
its Executive Vice President and Chief Financial Officer this 23rd day of August, 2021. 
  

			
	By:	 	/s/ Michael Chan
	Name:	 	Michael Chan
	Its:	 	Executive Vice President and Chief Financial Officer

 [ Signature page to Certificate of Designations ] 

  
 B-12 

 EXHIBIT C 

FORM OF OFFICER’S CERTIFICATE 

I, [name]                ,
[title]                 of Textainer Group Holdings Limited (the “Company”), hereby certify that pursuant to the terms of
the Certificate of Designations properly executed on August 23, 2021 (the “Certificate of Designations”), and pursuant to resolutions by unanimous written consent of the Board of Directors of the Company (the “Board”) on
August 9, 2021 and of the pricing committee of the Board on August 16, 2021, the Company has established the 6.250% Series B Cumulative Redeemable Perpetual Preference Shares, $0.01 par value, with a liquidation preference of $25,000 per
share, which the Company desires to deposit with the Depositary for the purposes of being subject to the terms and conditions of the Deposit Agreement, dated as of August 23, 2021, by and among the Company, Computershare Trust Company, N.A. and
Computershare Inc., jointly as Depositary, and the holders from time to time of the Receipts (the “Deposit Agreement”). In connection therewith, the Board of Directors or a duly authorized committee thereof has authorized the terms and
conditions with respect to the Series B Preference Shares as described in the Certificate of Designations attached as Annex A hereto. Any terms of the Series B Preference Shares that are not so described in the Certificate of Designations and any
terms of the Receipts representing such Series B Preference Shares that are not described in the Deposit Agreement are described below: 
 Aggregate Number
of shares of Series B Preference Shares issued on the day hereof: 
 CUSIP Number for Receipt: 

Denomination of Depositary Share per share of Series B Preference Shares (if different than 1/1,000th of a share of Series B Preference Shares): 

Redemption Provisions (if different than as set forth in the Deposit Agreement): 

Name of Global Receipt Depositary: 
 Name of Registrar with
Respect to the Receipts (if other than Computershare Inc.): 
 Name of Registrar, Transfer Agent and Redemption Agent with Respect to the Series B
Preference Shares (if other than Computershare Inc.): 
 Name of Dividend Disbursing Agent with Respect to the Series B Preference Shares (if other than
Computershare Inc.): 
 Special terms and conditions: 

Closing date: 
 All capitalized terms used but
not defined herein shall have such meaning as ascribed thereto in the Deposit Agreement. 
 Date: [●], 2021 

 

			
	 By:
	 	
 

			
	 Name:
	 	
	 Title:
	 	

  
 C-1

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