Document:

EX-10.4

 Exhibit 10.4 

SCIENCE APPLICATIONS INTERNATIONAL CORPORATION 

2013 EQUITY INCENTIVE PLAN 

NONSTATUTORY STOCK OPTION AGREEMENT 
  

	
	  

BY ACCEPTING THE OPTION DESCRIBED IN THIS AGREEMENT, YOU

VOLUNTARILY AGREE TO ALL OF THE TERMS AND CONDITIONS SET FORTH

IN THIS AGREEMENT AND IN THE PLAN.
  

 Science Applications International Corporation, a Delaware corporation (the “Company”), hereby grants an
option (the “Option”) to purchase shares of its Common Stock, $0.0001 par value per share, (“Stock”), to the participant named in the Grant Summary (as defined below) (“Optionee”). Certain specific
details of the award of this Option, including Option Shares, Option Price and Grant Date, may be found in the Grant Summary and are hereby incorporated by reference into this Agreement. The terms and conditions of the Option are set forth in this
Agreement and in the Company’s 2013 Equity Incentive Plan, as amended (the “Plan”). 

1.         DEFINITIONS. The following terms shall have the meanings as defined below. Capitalized terms
used herein and not defined shall have the meanings attributed to them in the Plan. 
 “Administrator” shall have the
meaning as defined in the Plan. 
 “Affiliate” shall mean a “parent” or “subsidiary” (as each is
defined in Section 424 of the Code) of the Company and any other entity that the Board or Committee designates as an “Affiliate” for purposes of this Plan. 

“Cause” shall have the meaning as defined in the Plan. 

“Committee” shall have the meaning as defined in the Plan. 

“Executive Officer” shall mean an officer of the Company designated as such for purposes of Section 16 of the Securities
Exchange Act of 1934, as amended. 
 “Expiration Date” shall have the meaning as defined in Section 3 below. 

“Fair Market Value” shall have the meaning as defined in the Plan. 

“Grant Date” shall mean the date of the award of this Option as set forth in the Grant Summary. 

“Grant Summary” shall mean the summary of this award as reflected in the electronic stock plan award administration system
maintained by the Company or its designee that contains a link to this Agreement (which summary information is set forth in the appropriate records of the Company authorizing such award). 

  

					
	September 2013	 		  	

 “Option Price” shall mean the exercise price per Option Share applicable to this
Option set forth in the Grant Summary. 
 “Option Shares” shall mean the number of shares of Stock issuable upon exercise
of the Option as set forth in the Grant Summary. 
 “Permanent Disability” shall mean the status of disability determined
conclusively by the Committee based upon certification of disability by the Social Security Administration or upon such other proof as the Committee may require, effective upon receipt of such certification or other proof by the Committee. 

2.         GRANT OF OPTION; NUMBER OF SHARES; OPTION PRICE. The Company hereby grants to Optionee an
Option to purchase all or any part of the Option Shares at the Option Price. 
 3.         TERM OF
OPTION. This Option shall terminate upon the earlier to occur of: (i) seven (7) years from the Grant Date (the “Expiration Date”); or (ii) the expiration of the applicable period following the occurrence of
any of the events specified in Section 5 hereof. The Company shall have no obligation to provide Optionee with notice of termination or expiration of this Option. 

4.         EXERCISE OF OPTION. 

4.1      General Schedule of Vesting and Exercisability. Subject to the terms of the Plan and this
Agreement, this Option shall vest and become exercisable as to 100% of the Option Shares on the third-year anniversary of the Grant Date. Optionee may purchase all, or from time to time, any part of the maximum number of Option Shares which are then
exercisable. Except as set forth in Section 4.4 below, this Option shall be exercisable only by Optionee. 

4.2      General Terms of Exercise. Subject to the terms of the Plan and this Agreement, the
Option shall be exercised pursuant to procedures established by the Committee, which may include electronic or voice procedures as may be specified by the Committee and which may include a requirement to acknowledge this Agreement prior to exercise.
Acceptable forms and methods of payment to exercise the Option may include (i) by cashier’s check, money order or wire transfer; (ii) by a cashless exercise procedure; or (iii) by tendering shares of Common Stock of the Company
acceptable to the Committee valued at their Fair Market Value as of the date of exercise. 

4.3      Treatment of Death or Permanent Disability. Notwithstanding anything to the contrary
herein, if Optionee is an employee, director or consultant of the Company or an Affiliate and ceases to be affiliated with the Company or any Affiliate as a result of Optionee’s death or Permanent Disability, any unvested portion of this Option
shall accelerate and become fully exercisable. Following Optionee’s death, this Option may be exercised only by the executor or administrator of the Optionee’s estate or, if there is none, the person entitled to exercise the Option under
Optionee’s will or the laws of descent and distribution. Following 

  

					
	September 2013	 	2	  	

 
Optionee’s termination of affiliation as a result of Optionee’s Permanent Disability, if a guardian or conservator has been appointed to act for Optionee and been granted this authority
as part of that appointment, that guardian or conservator may exercise this Option on behalf of Optionee. 

4.4      Treatment of Leave of Absence. If Optionee is an employee of the Company or an Affiliate
and is on a leave of absence pursuant to the terms of the Company’s Administrative Policy No. SH-1 “Working Hours and Absences” or similar policy maintained by an Affiliate, as such policies may be revised from time to time, Optionee
shall not, during the period of such absence be deemed, by virtue of such absence alone, to have terminated Optionee’s employment. Optionee shall continue to vest in this Option during any approved medical or military leave of absence. Medical
leave shall include family or medical leaves, workers’ compensation leave, or pregnancy disability leave. For all other leaves of absence, this Option will vest only during active employment and shall not vest during a leave of absence, unless
required under local law. However, if Optionee returns to active employment with the Company or an Affiliate following such a leave, this Option will be construed to vest as if there had been no break in active employment. During any leave of
absence, Optionee shall have the right to exercise the vested portion of this Option provided that such exercise occurs prior to the Expiration Date. 

5.         TERMINATION OF OPTION; EVENTS IMPACTING ABILITY TO EXERCISE OPTION. 

5.1      Termination of Affiliation. If Optionee is an employee, director or consultant of the
Company or an Affiliate and ceases to be affiliated with the Company or an Affiliate for any reason other than death, Permanent Disability or Cause, Optionee may exercise this Option within the ninety (90) day period following such cessation of
affiliation, but only to the extent that this Option was exercisable at the date of such cessation of affiliation and Optionee’s rights to exercise the Option have not been suspended as of the date of such cessation of affiliation. This Option
shall terminate on the earlier to occur of the expiration of such ninety (90) day period or the Expiration Date. 

5.2      Termination for Cause. If Optionee is an employee, director or consultant of the Company
or an Affiliate and is terminated for Cause as determined by the Administrator of the Plan, this Option and all of Optionee’s rights with respect thereto shall immediately terminate on the date of such termination. 

5.3      Termination for Breach of Obligation. The Company shall have the right to terminate the
unvested portion of this Option at any time if Optionee violates the terms of his or her inventions, copyright and confidentiality agreement with the Company or an Affiliate or breaches his or her other contractual or legal obligations to the
Company or an Affiliate, including the non-solicitation obligations set forth in Section 12 of this Agreement (“Breach of Obligation”). 

5.4      Termination of Unexercised Options. If any portion of the Option is not exercised by the
earlier of: (i) the end of the applicable period specified in Sections 5.1, 5.2 or 5.3 or (ii) the Expiration Date, any such unexercised portion and all of Optionee’s rights with respect thereto shall terminate. 

  

					
	September 2013	 	3	  	

 6.         TAX WITHHOLDING. If the Company or any Affiliate
is required to withhold any federal, state, local or other taxes upon the exercise of this Option, Optionee shall remit an amount sufficient to satisfy any applicable tax withholding requirement in a form of payment satisfactory to the Administrator
or the Committee, which may include by cashier’s check, money order or wire transfer or by the Company’s withholding Stock issued upon exercise of this Option to pay the required withholding. If the Company withholds Stock, the Fair Market
Value of the Stock withheld, as determined as of the date of withholding, shall not exceed the minimum rates required by law. 

7.         RESTRICTIONS UNDER SECURITIES LAW. All shares of Stock covered by this Agreement are subject to
any restrictions which may be imposed under applicable state and federal securities laws and are subject to obtaining all necessary consents which may be required by, or any condition which may be imposed in accordance with, applicable state and
federal securities laws or regulations. 
 8.         INCORPORATION OF PLAN. The Option granted hereby
is granted pursuant to the Plan, all the terms and conditions of which are hereby made a part hereof and are incorporated herein by reference. In the event of any inconsistency between the terms and conditions contained herein and those set forth in
the Plan, the terms and conditions of the Plan shall prevail. 
 9.         RECOUPMENT OF AWARDS. The
Human Resources and Compensation Committee of the Company’s Board of Directors intends to adopt a recoupment policy (the “Policy”), that may require members of senior management to return incentive compensation if there is a
material restatement of the financial results upon which the compensation was originally based. By accepting the Option granted hereunder, Optionee expressly agrees to be bound by the Policy when adopted without payment of any additional
consideration by Optionee. The Policy will also provide for recovery of incentive compensation from any employee involved in fraud or intentional misconduct, whether or not it results in a restatement of the Company’s financial results.
Optionee acknowledges and agrees that the Policy will be treated as though it had been incorporated into this Agreement ab initio and that any payments or issuances of Stock with respect to the Option will be subject to recoupment pursuant to
the Policy, including any amendments to the Policy and any recoupment obligations imposed by the Human Resources and Compensation Committee or by applicable law or regulation. 

10.        EMPLOYMENT AT WILL. 

10.1      If Optionee is an employee or consultant of the Company or an Affiliate, such employment or
affiliation is not for any specified term and may be terminated by employee or by the Company or an Affiliate at any time, for any reason, with or without cause and with or without notice. Nothing in this Agreement (including, but not limited to,
the right to exercise this Option pursuant to the schedule set forth in Section 4 herein), the Plan or any covenant of good faith and fair dealing that may be found implicit in this Agreement or the Plan shall (i) confer upon Optionee any
right to continue in the employ of, or affiliation with, the Company or an Affiliate, (ii) constitute any promise or commitment by the Company or an Affiliate regarding the fact or nature of future positions, future work assignments, future
compensation or any other term or condition of employment or affiliation, (iii) confer any right or benefit under this Agreement or the Plan unless such right or benefit has specifically accrued under the terms of this Agreement or Plan or
(iv) deprive the Company of the right to terminate Optionee at will and without regard to any future vesting opportunity that Optionee may have. 

  

					
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 10.2      Optionee acknowledges and agrees that the right to
exercise this Option pursuant to the schedule set forth in Section 4 is earned only by continuing as an employee or consultant at the will of the Company or as a director (not through the act of being hired, being granted this Option or any
other Option, award or benefit or acquiring shares hereunder) and that the Company has the right to reorganize, sell, spin-out or otherwise restructure one or more of its businesses or Affiliates at any time or from time to time, as it deems
appropriate (a “reorganization”). Optionee acknowledges and agrees that such a reorganization could result in the termination of Optionee’s relationship as an employee or consultant to the Company or an Affiliate, or the termination
of Affiliate status of Optionee’s employer and the loss of benefits available to Optionee under this Agreement, including but not limited to, the termination of the right to exercise the Options under this Agreement. 

11.         COPIES OF PLAN AND OTHER MATERIALS. Optionee acknowledges that Optionee has received copies of
the Plan and the Plan prospectus from the Company and agrees to receive stockholder information, including copies of any annual report, proxy statement and periodic report, electronically from the Company. Optionee acknowledges that copies of the
Plan, Plan prospectus, Plan information and stockholder information are also available upon written or telephonic request to the Company. Optionee acknowledges that copies of the Company’s policies referenced in this Agreement, including the
Policy when adopted, are or will be available on ISSAIC, the Company’s intranet, and are or will be also available upon written or telephonic request to the Company. 

12.         NON-SOLICITATION. 

12.1    Solicitation of Employees. Optionee agrees that, both while employed by the Company or an Affiliate
and for one year afterward, Optionee will not solicit or attempt to solicit any employee of the Company or an Affiliate to leave his or her employment or to violate the terms of any agreement or understanding that employee may have with the Company
or an Affiliate. The foregoing obligations apply to both the Optionee’s direct and indirect actions, and apply to actions intended to benefit Optionee or any other person, business or entity. 

12.2    Solicitation of Customers. Optionee agrees that, for one year after termination of employment with
the Company or an Affiliate, Optionee will not participate in any solicitation of any customer or prospective customer of the Company or an Affiliate concerning any business that: 

 

	 	   a)	involves the same programs or projects for that customer in which Optionee was personally and substantially involved during the 12 months prior to termination of employment; or 

 

	 	   b)	has been, at any time during the 12 months prior to termination of employment, the subject of any bid, offer or proposal activity by the Company or an Affiliate in respect of that customer or prospective customer, or
any negotiations or discussions about the possible performance of services by the Company or an Affiliate to that customer or potential customer, in which Optionee was personally and substantially involved. 

  

					
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 In the case of a governmental, regulatory or administrative agency, commission, department or
other governmental authority, the customer or prospective customer will be determined by reference to the specific program offices or activities for which the Company or an Affiliate provides (or may reasonably provide) goods or services. 

12.3    Remedies. Optionee acknowledges and agrees that a breach of any of the promises or agreements
contained in this Section 12 will result in immediate, irreparable and continuing damage to the Company for which there is no adequate remedy at law, and the Company or an Affiliate will be entitled to injunctive relief, a decree for specific
performance, and other relief as may be proper, including money damages. 
 13.         MISCELLANEOUS.
This Agreement contains the entire agreement between the parties with respect to its subject matter, provided, however, that if Optionee and the Company are parties to an existing written agreement addressing the subject matter of Section 12,
such agreement shall control with respect to such subject matter until the termination thereof, at which time Section 12 shall control. This Agreement shall be binding upon and shall inure to the benefit of the respective parties, the
successors and assigns of the Company, and the heirs, legatees, and personal representatives of Optionee. The parties hereby agree that should any portion of this Agreement be judicially held to be invalid, unenforceable, or void, such portion shall
be construed by limiting and reducing it, so as to be enforceable to the maximum extent compatible with the applicable law as is then in effect. 

14.         ACKNOWLEDGMENT. Optionee acknowledges that the Option constitutes full and adequate
consideration for Optionee’s obligations under this Agreement, accepting the Option constitutes an unequivocal acceptance of this Agreement and any attempted modifications or deletions will have no force or effect upon the Company’s right
to enforce the terms and conditions stated herein. 
 15.         GOVERNING LAW. This Agreement shall be
governed by, construed and enforced in accordance with the laws of the State of Delaware without reference to such state’s principles of conflict of laws. 

16.         FEDERAL TAXES. The Option is not intended to be treated as an “incentive stock
option,” as such term is defined in Section 422 of the Internal Revenue Code of 1986, as amended. Optionee should consult his or her personal tax advisor for more information concerning the tax treatment of the Option. 

By accepting the Option, you agree to all of the terms and conditions set forth above and in the Plan. 

  

					
	September 2013	 	6EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

COMMON STOCK REPURCHASE AGREEMENT 

THIS COMMON STOCK REPURCHASE AGREEMENT (the
“Agreement”) is entered into as of December 11, 2013, by and between THE AES CORPORATION, a Delaware corporation (the “Company”), and
TERRIFIC INVESTMENT CORPORATION, a Chinese corporation (the “Stockholder”). 

RECITALS 

WHEREAS, the Stockholder is the holder of 125,468,788 shares of common stock, par value $0.01 per share, of the Company (the “Common
Stock”), which the Stockholder purchased from the Company pursuant to a Stock Purchase Agreement dated as of November 6, 2009 (the “Prior Agreement”); 

WHEREAS, in connection with the Prior Agreement, the Company and the Stockholder entered into a Stockholder Agreement dated as of
March 12, 2010 (the “Stockholder Agreement”); 
 WHEREAS, the Stockholder desires to sell, and the Company desires to
repurchase, 20,000,000 shares of Common Stock (the “Shares”) on the terms and subject to the conditions set forth in this Agreement (the “Repurchase”); 

WHEREAS, concurrent with the Repurchase, the Stockholder proposes to sell to several underwriters named in an Underwriting Agreement, to be
dated on or around December 12, 2013 (the “Underwriting Agreement”), additional shares of Common Stock in a registered public offering (the “Public Offering”); and 

NOW, THEREFORE, in consideration of the promises, covenants and agreements herein contained, the parties agree as follows: 

 AGREEMENT 

SECTION 1. REPURCHASE OF SHARES. 
 1.1
Repurchase. At the Closing (as defined below), the Company hereby agrees to repurchase from the Stockholder, and the Stockholder hereby agrees to sell, assign and transfer to the Company, all of the Stockholder’s right, title and
interest in and to the Shares at the per Share price equal to 96% of the public offering price per share of Common Stock sold by the Stockholder in the Public Offering (the “Repurchase Price”), provided, however, that the per Share
price to be paid by the Company in the Repurchase shall not exceed the lesser of (i) $14.50 and (ii) the last reported sale price of the Company’s Common Stock on the New York Stock Exchange on the date hereof. At the Closing, the
Stockholder shall deliver the stock certificate(s) representing the Shares, accompanied by stock powers or other instruments of transfer duly executed in blank, relating to the Shares. Payment for the Shares shall be made by wire transfer of
immediately available funds to an account or accounts to be designated by the Stockholder in an amount equal to the Repurchase Price multiplied by the number of Shares (the “Repurchase Amount”). 

1.2 Conditions to the Company’s Obligations. The obligation of the Company to repurchase the Shares from the Stockholder shall be
subject to consummation of the Public Offering pursuant to the terms of the Underwriting Agreement. 
 1.3 Closing. The closing of
the Repurchase (the “Closing”) shall take place at the offices of Davis Polk & Wardwell LLP, 450 Lexington Avenue, New York, New York, on the same date as the closing of the Public Offering pursuant to the Underwriting
Agreement, or at such other time and place as the parties hereto shall mutually agree. 
 1.4 Termination of Rights as the
Stockholder. Upon payment of the Repurchase Amount, the Shares shall cease to be outstanding for any and all purposes, and the Stockholder shall no longer have any rights as a holder of the Shares, including any rights that the Stockholder may
have had under the Company’s Sixth Restated Certificate of Incorporation, the Stockholder Agreement or otherwise. 
 1.5 Withholding
Rights. The Company shall be entitled to deduct and withhold from the Repurchase Amount such amounts as it may be required to deduct and withhold with respect to the making of such payment under the U.S. Internal Revenue Code of 1986, as amended
(the “Code”), or any provision of foreign, state or local tax law. To the extent that amounts are so withheld by the Company and paid over to the appropriate taxing authority, such withheld amounts shall be treated for all purposes
of this Agreement as having been paid to the Stockholder. Prior to withholding any amount, the Company shall provide written notice to the Stockholder together with sufficient details regarding the nature of the relevant withholding tax. If any tax
reduction or exemption is available, the Company shall cooperate with the Stockholder in applying for such tax reduction or exemption. 

1.6 Stockholder Expenses. The Stockholder agrees to pay all stamp, stock transfer and similar duties, if any, in connection with
the Repurchase. 

  
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 1.7 Remaining Shares. The Stockholder acknowledges and agrees that all shares of the
Common Stock that were issued to the Stockholder pursuant to the Prior Agreement (other than the Shares sold to the Company hereunder and the shares of Common Stock sold in the Public Offering) shall remain subject to the terms and conditions of the
Prior Agreement and the Stockholder Agreement. 
 SECTION 2. REPRESENTATIONS AND WARRANTIES OF THE COMPANY. 

In connection with the transactions provided for hereby, the Company represents and warrants to the Stockholder as follows: 

2.1 Authorization. The Company has all necessary power and authority to execute, deliver and perform the Company’s obligations
under this Agreement and to purchase the Shares in the Repurchase. This Agreement has been duly authorized, executed and delivered by the Company and constitutes a valid and binding obligation of the Company. 

2.2 No Conflict. The execution and delivery of this Agreement and the consummation of the Repurchase will not result in a breach by the
Company of, or constitute a default by the Company under, any agreement, instrument, decree, judgment or order to which the Company is a party or by which the Company may be bound, except, in each case, as would not singly or in the aggregate result
in a material adverse effect on the ability of the Company to perform its obligations under this Agreement. 
 2.3 Tax Matters. To
the knowledge of the Company, as of the date hereof, the Company is not a United States Real Property Holding Corporation within the meaning of Section 897 of the Code. For purposes of this Section 2.3, “knowledge” means, with
respect to the Company, the actual knowledge after reasonable inquiry of the officers of the Company. 
 2.4 Anti-Corruption Laws.
Neither the Company nor any of its subsidiaries nor, to the knowledge of the Company, any of its affiliates (other than the Stockholder), any of their respective directors, officers, employees, authorized agents or any other person associated with
or acting on behalf of the Company or any of its affiliates (other than the Stockholder) have conducted any act in violation of any applicable Anti-Corruption Laws, nor would they cause the Stockholder or any of its affiliates to be in violation of
any applicable Anti-Corruption Law, that would be material to the Repurchase. The Company, its subsidiaries and, to the knowledge of the Company, its affiliates (other than the Stockholder) have instituted, maintained and complied with appropriate
policies, procedures and controls that are in material compliance with applicable Anti-Corruption Laws. For purposes of this Section 2.4, “Anti-Corruption Laws” means all the laws, regulations, conventions and international
financial institution rules applicable to the Company regarding corruption, bribery, ethical business conduct, money laundering, political contributions, gifts and gratuities, or lawful expenses to public officials and private persons, agency
relationships, commissions, lobbying, books and records and financial controls. 

  
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 SECTION 3. REPRESENTATIONS AND WARRANTIES OF THE STOCKHOLDER. 

In connection with the transactions provided for hereby, the Stockholder represents and warrants to the Company as follows: 

3.1 Ownership of Shares. The Stockholder has valid title and interest (legal and beneficial) in and to all of the Shares, free and
clear of all liens, pledges, security interests, charges, claims, equity or encumbrances of any kind. 
 3.2 Authorization. The
Stockholder has all necessary power and authority to execute, deliver and perform the Stockholder’s obligations under this Agreement and to sell and deliver the Shares in the Repurchase. This Agreement has been duly authorized, executed and
delivered by the Stockholder and constitutes a valid and binding obligation of the Stockholder. 
 3.3 No Conflict. The execution and
delivery of this Agreement and the consummation of the Repurchase will not result in a breach by the Stockholder of, or constitute a default by the Stockholder under, any agreement, instrument, decree, judgment or order to which the Stockholder is a
party or by which the Stockholder may be bound, except, in each case, as would not singly or in the aggregate result in a material adverse effect on the ability of the Stockholder to perform its obligations under this Agreement. 

3.4 Experience and Evaluation. By reason of the Stockholder’s business or financial experience or the business or financial
experience of the Stockholder’s professional advisers who are unaffiliated with the Company and who are not compensated by the Company, the Stockholder has the capacity to protect the Stockholder’s own interests in connection with the sale
of the Shares to the Company. The Stockholder is capable of evaluating the potential risks and benefits of the sale hereunder of the Shares. 

3.5 Access to Information. The Stockholder has received all of the information that the Stockholder considers necessary or appropriate
for deciding whether to sell the Shares in the Repurchase. 
 3.6 Tax Matters. (i) The Stockholder has had an opportunity to
review with the Stockholder’s tax advisers the federal, state, local and foreign tax consequences of the Repurchase. The Stockholder is relying solely on such advisers and not on any statements or representations of the Company or any of its
agents. The Stockholder understands that the Stockholder (and not the Company) shall be responsible for the Stockholder’s tax liability and any related interest and penalties that may arise as a result of the Repurchase. 

(ii) There are no transfer taxes or other similar fees or charges under foreign law, U.S. federal law or the laws of any state, or any
political subdivision thereof, other than fully refundable New York State stock transfer taxes, required to be paid in connection with the execution and delivery of this Agreement or the Repurchase. 

3.7 Anti-Corruption Laws. Neither the Stockholder nor, to the knowledge of the Stockholder, any of its affiliates, any of their
respective directors, officers, employees, authorized agents or any other person associated with or acting on behalf of the Stockholder or any of its affiliates have conducted any act in violation of any applicable Anti-Corruption Laws,

  
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nor would they cause the Company or any of its affiliates (other than the Stockholder) to be in violation of any applicable Anti-Corruption Law, that would be material to the Repurchase. The
Stockholder and, to the knowledge of the Stockholder, its affiliates have instituted, maintained and complied with appropriate policies, procedures and controls that are in material compliance with applicable Anti-Corruption Laws. For purposes of
this Section 3.7, “Anti-Corruption Laws” means all the laws, regulations, conventions and international financial institution rules applicable to the Stockholder regarding corruption, bribery, ethical business conduct, money
laundering, political contributions, gifts and gratuities, or lawful expenses to public officials and private persons, agency relationships, commissions, lobbying, books and records and financial controls. 

SECTION 4. SUCCESSORS AND ASSIGNS. 

Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the
respective successors and assigns of the parties (including transferees of any Shares). Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any
rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 
 SECTION 5.
GOVERNING LAW. 
 This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to
contracts made and to be performed within the State of New York. 
 SECTION 6. ENTIRE AGREEMENT. 

This Agreement contains the entire understanding of the parties, and there are no further or other agreements or understandings, written or
oral, in effect between the parties, in each case, relating to the subject matter hereof, except as expressly referred to herein. 
 SECTION 7.
TERMINATION 
 This Agreement may be terminated by mutual written consent of the Company and the Stockholder. This Agreement shall
automatically terminate and be of no further force and effect, in the event that the condition set forth in Section 1.2 of this Agreement has not been satisfied within 10 business days after the date hereof. 

SECTION 8. AMENDMENTS AND WAIVERS. 
 Any
term of this Agreement may be amended, and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Stockholder and the
Company. 

  
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 SECTION 9. FURTHER ACTION. 

Each party hereto agrees to execute any additional documents and to take any further action as may be necessary or desirable in order to effect
the Repurchase. 
 SECTION 10. SURVIVAL. 

The representations and warranties herein shall survive the Closing. 

SECTION 11. SEVERABILITY. 
 Whenever
possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be held to be prohibited by or invalid under applicable law, such
provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 

SECTION 12. NOTICES. 
 All notices and
other communications given or made pursuant hereto shall be in writing and shall be deemed effectively given (a) upon personal delivery to the party to be notified, (b) when sent by confirmed facsimile, if sent during normal business hours
of the recipient or, if not, then on the next business day, (c) seven days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one day after deposit with a nationally recognized
overnight courier, specifying next-day delivery, with written verification of receipt. All communications shall be sent to the respective parties at the addresses or facsimile numbers set forth on the signature pages attached hereto (or at such
other addresses as shall be specified by notice given in accordance with this Section 12). 
 SECTION 13. ARBITRATION; NATURE OF AGREEMENT 

In the event any dispute shall arise under this Agreement, it shall be submitted to arbitration in New York County, New York, in accordance
with the rules then pertaining of the American Arbitration Association with respect to commercial disputes. Each of the parties hereto agrees that the decision and/or award made by the arbitrators shall be final and binding upon parties to the
arbitration, and enforceable by any court having jurisdiction over the party from whom enforcement is sought. The seat of arbitration shall be New York. The number of arbitrators shall be three. The arbitration proceedings shall be conducted in
English. The cost of such arbitrators and arbitration services, together with the prevailing party’s legal fees and expenses, shall be borne by the non-prevailing party or as otherwise directed by the arbitrators. Notwithstanding the foregoing,
if this arbitration provision is determined to be unenforceable in whole or in part, including without limitation any decision and/or award rendered by arbitrators appointed pursuant to this provision, the Stockholder and the Company shall
(i) irrevocably submit to the exclusive jurisdiction of any state or federal court located in the State of New York, (ii) waive objection to the venue of any proceeding in such court and (iii) waive objection that such court provides
an inconvenient forum. 

  
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 With respect to the contractual liability of the Stockholder to perform its obligations under
this Agreement, with respect to itself or its property, the Stockholder agrees that the execution, delivery and performance by it of this Agreement constitute private and commercial acts done for private and commercial purposes. 

SECTION 14. COUNTERPARTS. 
 This Agreement
may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

SECTION 15. TAX FORMS. 
 Upon execution of
this Agreement (and at any other time or times prescribed by applicable law or as reasonably requested by the Company), the Stockholder shall deliver to the Company a properly completed and duly executed Internal Revenue Service Form W-8EXP (or
other applicable Internal Revenue Service Form), together with any other information necessary in order to establish an exemption from, and/or reduction of, U.S. federal income tax withholding. The Stockholder shall promptly notify the Company at
any time such previously delivered Internal Revenue Service forms or information are no longer correct or valid. 

  
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 IN WITNESS WHEREOF, each of the parties has executed
this Common Stock Repurchase Agreement as of the day and year first above written. 
  

			
	THE AES CORPORATION
		
	By:	 	 /s/ Thomas M. O’Flynn

	Name:	 	Thomas M. O’Flynn
	Title:	 	Executive Vice President and
		 	Chief Financial Officer
	Address:	 	4300 Wilson Boulevard
		 	Arlington, Virginia 22203
	Facsimile:	 	(703) 528-4510
	
	TERRIFIC INVESTMENT CORPORATION
		
	By:	 	 /s/ Keping Li

	Name:	 	Keping Li
	Title:	 	President & Executive Director
	Address:	 	25/F New Poly Plaza, No. 1
		 	Chaoyangmen Beidajie, Dongcheng, Beijing 100010, China
	Facsimile:	 	8610-6653 3323

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