Document:

EX 10.5

 Exhibit 10.5 
 EXCHANGE AGREEMENT 
 This EXCHANGE AGREEMENT (this
“Agreement”), dated as of                     , 2014, is made by and among TerraForm Power, Inc., a Delaware corporation (the
“Corporation”), TerraForm Power, LLC, a Delaware limited liability company (“Terra LLC”), SunEdison, Inc. (“SunEdison”) and the other Persons from time to time party hereto in accordance with
Section 4.1 hereof (collectively with SunEdison, the “Terra LLC Unitholders”). 
 WHEREAS, the
parties hereto desire to provide for the exchange of certain Terra LLC Units and Class B or Class B1 Common Stock, as applicable, for shares of Class A Common Stock (each as defined herein), upon the election of a Terra LLC Unitholder, whereby
(a) such Terra LLC Unitholder would surrender all or a portion of its Terra LLC Units and a corresponding number of shares of Class B or Class B1 Common Stock, as applicable, to Terra LLC, (b) the Corporation will issue and contribute a
corresponding number of shares of Class A Common Stock to Terra LLC for delivery of such shares by Terra LLC to the exchanging Terra LLC Unitholder, (c) Terra LLC will issue a corresponding number of additional Class A Units (as
defined herein) to the Corporation, (d) Terra LLC will cancel the surrendered Terra LLC Units and the Corporation will cancel the corresponding shares of Class B or Class B1 Common Stock, as applicable (each as defined herein), and
(e) Terra LLC will deliver the shares of Class A Common Stock it receives from the Corporation to the exchanging Terra LLC Unitholder, in each case on the terms and subject to the conditions set forth herein. 

WHEREAS, the parties hereto desire that the exchange of Terra LLC Units and the Class B or Class B1 Common Stock, as applicable, for
shares of Class A Common Stock pursuant to this Agreement constitute a taxable sale of Terra LLC Units by the applicable Terra LLC Unitholder to the Corporation in exchange for Class A Common Stock (in conjunction with the cancellation of
Class B or Class B1 Common Stock, as applicable). 
 NOW, THEREFORE, in consideration of the mutual covenants and undertakings
contained herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 
 Section 1.1    Effective Time. This
Agreement shall become effective immediately prior to the consummation of the initial public offering of the Class A Common Stock on the date first above written (the “Effective Time”). 

Section 1.2    Definitions. Capitalized terms used but not defined herein shall have the respective meanings
ascribed thereto in the Terra LLC Operating Agreement (as defined herein), and the following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this Agreement. 

“Applicable Securities Laws” means the Securities Act of 1933, as amended (the “Securities Act”), and
any applicable securities laws of a state or foreign jurisdiction. 
 “Class A Common Stock” means the
Class A common stock, par value $0.01 per share, of the Corporation. 

 “Class A Units” means the Class A Units of Terra LLC, with such rights
and privileges as set forth in the Terra LLC Operating Agreement. 
 “Class B Common Stock” means the Class B
common stock, par value $0.01 per share, of the Corporation. 
 “Class B Units” means the Class B Units of
Terra LLC, with such rights and privileges as set forth in the Terra LLC Operating Agreement. 
 “Class B1 Common
Stock” means the Class B1 common stock, par value $0.01 per share, of the Corporation. 
 “Class B1
Units” means the Class B1 Units of Terra LLC, with such rights and privileges as set forth in the Terra LLC Operating Agreement. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Disqualified Person” means (a) any federal, state or local government (including any political subdivision, agency
or instrumentality thereof), (b) any organization described in Section 501(c) of the Code and exempt from tax under Section 501(a) of the Code, (c) any entity referred to in Section 54(j)(4) of the Code, (d) any Person
described in Section 50(d)(1) of the Code, (e) any Person who is not a “United States Person” as defined in Section 7701(a)(30) of the Code (other than a foreign partnership or foreign passthrough entity), unless (with
respect to the Company or any Subsidiary of the Company) such Person is a foreign person or entity that is subject to U.S. federal income tax on more than fifty percent (50%) of the gross income for the taxable year derived by such Person from
the Company or such Subsidiary and thus qualifies for the exception of section 168(h)(2)(B) of the Code, or (f) any partnership or other “pass-through entity” (within the meaning of Section 1603(g)(4) of the American Recovery and
Reinvestment Tax Act of 2009, as amended, including a single-member disregarded entity and a foreign partnership or foreign pass-through entity, but excluding a “real estate investment trust” as defined in section 856(a) of the Code and a
cooperative organization described in section 1381(a) of the Code, neither of which shall constitute a pass-through entity for purposes of this clause (f)) any direct or indirect partner (or other holder of an equity or profits interest) of which is
described in clauses (a) through (e) above unless such person owns such direct or indirect interest in the partnership or pass-through entity through a “taxable C corporation”, as that term is used in the Section 1603
Program Guidance; provided, that if and to the extent the definition of “disqualified person” under Section 1603(g) of the American Recovery and Reinvestment Tax Act of 2009, as amended, is amended after the date hereof, the
definition of “Disqualified Person” hereunder shall be interpreted to conform to such amendment and any guidance issued by the U.S. Treasury Department with respect thereto. 

“Effective Time” has the meaning set forth in Section 1.1 of this Agreement. 

“Election of Exchange” has the meaning set forth in Section 2.1(b) of this Agreement. 

“Exchange” has the meaning set forth in Section 2.1(a) of this Agreement. 

“Exchange Date” has the meaning set forth in Section 2.1(b) of this Agreement. 

  
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 “Exchange Rate” means the number of shares of Class A Common Stock for
which a Terra LLC Unit is entitled to be Exchanged. On the date of this Agreement, the Exchange Rate shall be 1, subject to adjustment pursuant to Section 2.2 of this Agreement. 

“Governmental Entity” means any supra-national, national, state, provincial or local governmental authority, court,
government or self-regulatory organization, commission, tribunal or organization or any regulatory, administrative or other agency, or any political or other subdivision, department or branch of any of the foregoing. 

“IPO” means the closing of the initial public offering and sale by the Corporation of shares of Class A Common
Stock. 
 “Permitted Transferee” has the meaning given to such term in Section 4.1 of this
Agreement. 
 “Person” means any individual, partnership, corporation, limited liability company, trust or
other entity, including any Governmental Entity. 
 “Requisite Holders” means, as of the applicable
determination date, each Terra LLC Unitholder, if any, who, together with its Affiliates and Permitted Transferees, beneficially owns at least a majority of the then outstanding Terra LLC Units (excluding any Terra LLC Units held by the Corporation
or any of its subsidiaries). 
 “Riverstone” means [R/C US Solar Investment Partnership, L.P., a Delaware
limited partnership]. 
 “Subsidiary” means, with respect to any Person, (i) a corporation a
majority of whose capital stock with the general voting power under ordinary circumstances to vote in the election of directors of such corporation (irrespective of whether or not, at the time, any other class or classes of securities shall have, or
might have, voting power by reason of the happening of any contingency) is, at the date of determination thereof, beneficially owned by such Person, by one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries thereof or
(ii) any other Person (other than a corporation), including a joint venture, a general or limited partnership or a limited liability company, in which such Person, one or more Subsidiaries thereof or such Person and one or more Subsidiaries
thereof, directly or indirectly, at the date of determination thereof, beneficially own at least a majority of the ownership interests entitled to vote in the election of directors, managers or trustees thereof (or other Persons performing such
functions) or act as the general partner or managing member of such other Person. 
 “Terra LLC Operating
Agreement” means the Amended and Restated Operating Agreement of Terra LLC, dated on or about the date hereof, as such agreement may be amended from time to time in accordance with the terms thereof. 

“Terra LLC Unit” means each of the Class B and Class B1 Units of Terra LLC now or hereafter held by any Terra LLC
Unitholder. 
 “Terra LLC Unitholder” means SunEdison and any Permitted Transferee to whom SunEdison (or
another Permitted Transferee) transfers some or all of the Terra LLC Units owned by such Person in accordance with the terms of the Terra LLC Operating Agreement (including Section 7.3 thereof). 

  
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 ARTICLE II 
 Section 2.1    Exchange of Terra LLC Units for Class A Common Stock. 
 (a) Subject to compliance with Applicable Securities Laws, each Terra LLC Unitholder shall be entitled at any time and from time to time, upon the terms and subject to the conditions hereof and the Terra
LLC Operating Agreement, to surrender all or a portion of its Terra LLC Units to Terra LLC in exchange for the delivery by Terra LLC to the exchanging Terra LLC Unitholder of a number of shares of Class A Common Stock that is equal to the
product of the number of Terra LLC Units surrendered multiplied by the Exchange Rate (each such exchange, an “Exchange”); provided that, (i) each Exchange shall be for a minimum of the lesser of 1,000 Terra LLC
Units or all of the Terra LLC Units held by such Terra LLC Unitholder and (ii) such exchanging Terra LLC Unitholder must be the record holder of the number of shares of Class B or Class B1 Common Stock that is equal to the number of Terra LLC
Units surrendered. In connection with such exchange, (A) a corresponding number of shares of Class B or Class B1 Common Stock, as applicable, held by the exchanging Terra LLC Unitholder must be surrendered to Terra LLC for delivery of such
shares by Terra LLC to the Corporation for cancellation, (B) the Corporation will issue and contribute a corresponding number of shares of Class A Common Stock to Terra LLC for delivery of such shares by Terra LLC to the exchanging Terra
LLC Unitholder, (C) Terra LLC will issue a corresponding number of additional Class A Units to the Corporation, (D) Terra LLC will cancel the surrendered Terra LLC Units and the Corporation will cancel the corresponding shares of
Class B or Class B1 Common Stock, as applicable, and (E) Terra LLC will deliver the shares of Class A Common Stock it receives from the Corporation to the exchanging Terra LLC Unitholder. 

(b) A Terra LLC Unitholder shall exercise its right to Exchange Terra LLC Units as set forth in
Section 2.1(a) above by delivering to the Corporation and to Terra LLC a written election of exchange in respect of the Terra LLC Units to be Exchanged substantially in the form of Exhibit A hereto (an “Election of
Exchange”), duly executed by such holder or such holder’s duly authorized representative, in each case delivered during normal business hours at the principal executive offices of the Corporation and of Terra LLC. An Election of
Exchange may specify that the Exchange is to be contingent (including as to timing) upon the occurrence of any transaction or event, including the consummation of a purchase by another Person (whether in a tender or exchange offer, an underwritten
offering or otherwise) of shares of Class A Common Stock or any merger, consolidation or other business combination. Subject to (i) Section 2.4(b) of this Agreement, (ii) the payment by the applicable Terra LLC Unitholder
of any amount required to be paid under Section 2.1(c) and (iii) the surrender to Terra LLC of the unit certificates, if any, and duly executed unit powers associated with the Terra LLC Units subject to the Exchange, the Exchange
shall be deemed to have been effected on (A) the Business Day immediately following receipt of the applicable Election of Exchange or (B) such later date specified in or pursuant to the applicable Election of Exchange (such

  
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date specified in clause (A) or (B), as applicable, the “Exchange Date”), and as promptly as practicable following the applicable Exchange Date, the Corporation shall
deliver or cause to be delivered at the offices of the then-acting registrar and transfer agent of the Class A Common Stock or, if there is no then-acting registrar and transfer agent of the Class A Common Stock, at the principal executive
offices of Terra LLC, the number of shares of Class A Common Stock deliverable upon such Exchange. Terra LLC shall then deliver or cause to be delivered such shares of Class A Common Stock to the relevant exchanging Terra LLC Unitholder
(or its designee). Notwithstanding anything herein to the contrary, any exchanging Terra LLC Unitholder may withdraw or amend an Election of Exchange, in whole or in part, prior to the effectiveness of the Exchange, at any time prior to 5:00 p.m.,
New York City time, on the second Business Day immediately preceding the Exchange Date (or any such later time as may be required by applicable law) by delivery of a written notice of withdrawal to the Corporation and to Terra LLC, specifying
(1) the number of Terra LLC Units being withdrawn, (2) the number of Terra LLC Units, if any, as to which the Election of Exchange remains in effect and (3) if such exchanging Terra LLC Unitholder so determines, a new Exchange Date or
any other new or revised information permitted in an Election of Exchange. On the Exchange Date, all rights of the exchanging Terra LLC Unitholder as a holder of such Terra LLC Units shall cease and such Terra LLC Units shall be cancelled, and Terra
LLC shall issue to the Corporation a number of Class A Units equal to the number of such Terra LLC Units cancelled. On the Exchange Date, the exchanging Terra LLC Unitholder shall be treated for all purposes as having become the record holder
of the shares of Class A Common Stock to be exchanged for the cancelled Terra LLC Units. In connection with the Exchange, the Corporation shall automatically cancel shares of Class B or B1 Common Stock, as applicable, held by the exchanging
Terra LLC Unitholder, immediately after such shares of common stock are transferred to Terra LLC, in an amount corresponding to the number of Terra LLC Units being exchanged in accordance with this Section 2.1. The Corporation shall take
such actions as may be required to ensure the performance by Terra LLC of its obligations under this Section 2.1(b) and the foregoing Section 2.1(a). 

(c) Terra LLC, the Corporation and the exchanging Terra LLC Unitholder shall bear their own expenses in connection with
the consummation of any Exchange, whether or not any such Exchange is ultimately consummated, except that Terra LLC shall bear any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, any
Exchange; provided, however, that if any shares of Class A Common Stock are to be delivered in a name other than that of the Terra LLC Unitholder that requested the Exchange, then such Terra LLC Unitholder and/or the person in
whose name such shares are to be delivered shall pay to Terra LLC the amount of any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, such Exchange or shall establish to the reasonable
satisfaction of Terra LLC that such tax has been paid or is not payable. 
 (d) Each of the Corporation and
Terra LLC covenants and agrees that it will not take any action that would pose a material risk that Terra LLC could be treated as a “publicly traded partnership” for U.S. federal income tax purposes. Notwithstanding anything to the
contrary herein, no Exchange shall be permitted (and, if attempted, shall be void ab initio) if, in the opinion of legal counsel or a qualified tax advisor to Terra 

  
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LLC, such an Exchange would present a material risk that such Exchange would cause Terra LLC to cease to be classified as a partnership or to be classified as a “publicly traded
partnership” within the meaning of Section 7704(b) of the Code for U.S. federal income tax purposes. 

(e) For the avoidance of doubt, and notwithstanding anything to the contrary herein, a Terra LLC Unitholder shall not be
entitled to Exchange Terra LLC Units to the extent the Corporation or Terra LLC reasonably determines in good faith that such Exchange (i) would be prohibited by applicable law or regulation, including Applicable Securities Laws, or
(ii) would not be permitted under any other agreement between such Terra LLC Unitholder and the Corporation or its subsidiaries (including the Terra LLC Operating Agreement). 

(f) Notwithstanding anything to the contrary herein, no Terra LLC Unitholder may directly or indirectly, sell, exchange,
assign, pledge, hypothecate, mortgage, gift, or otherwise transfer, dispose of or encumber, whether voluntary or involuntary or by operation of law (any of the foregoing, solely for purposes of this Section 2.1(f), a
“transfer”) any of such Terra LLC Unitholder’s Terra LLC Units (including any transfers of the equity interests of a direct or indirect holder of Units that is classified as a partnership or disregarded entity for U.S. federal
income tax purposes) so as to cause any of such Terra LLC Units to be owned by a Disqualified Person. Any such transfer, if attempted, shall be void ab initio and instead shall be deemed an election by such Terra LLC Unitholder, as of the
date of such attempted transfer and without any further action by such Terra LLC Unitholder, to exercise its right to Exchange all of such Terra LLC Units as set forth in Section 2.1(a) above. 

Section 2.2    Adjustment. The Exchange Rate shall be adjusted accordingly if there is: (a) any
subdivision (by any unit split, unit distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse unit split, reclassification, reorganization, recapitalization or otherwise) of the Class A Units,
Class B Units or Class B1 Units that is not accompanied by an identical subdivision or combination of the Class A Common Stock; (b) any subdivision (by any stock split, stock dividend or distribution, reclassification, reorganization,
recapitalization or otherwise) or combination (by reverse stock split, reclassification, reorganization, recapitalization or otherwise) of the Class A Common Stock that is not accompanied by an identical subdivision or combination of the
Class A Units, Class B Units or Class B1 Units; (c) (1) any issuance of shares of (x) Class A Common Stock by the Corporation or (y) Class A Units to the Corporation that is not accompanied by (2) the issuance
of an identical number of (x) Class A Units to the Corporation (in the case of clause (c)(1)(x)) or (y) shares of Class A Common Stock (in the case of clause (c)(1)(y)), as applicable; or (d) (1) any issuance of
(x) shares of Class B or Class B1 Common Stock by the Corporation or (y) Class B or Class B1 Units to SunEdison or its Permitted Transferees that is not accompanied by (2) the issuance of an identical number of (x) Class B or
Class B1 Units to SunEdison or to any Permitted Transferee of SunEdison (in the case of clause (d)(1)(x)) or (y) shares of Class B or Class B1 Common Stock to SunEdison or its Permitted Transferees (in the case of clause (d)(1)(y)). If there is
(i) any reclassification, reorganization, recapitalization or other similar transaction in which the Class A Common Stock is converted or changed into another security, securities or other property or (ii) and any subdivision (by any
split, distribution or dividend, 

  
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reclassification, reorganization, recapitalization or otherwise) or combination (by reverse split, reclassification, recapitalization or otherwise) of such security, securities or other property
that occurs after the effective time of such reclassification, reorganization, recapitalization or other similar transaction, then upon any subsequent Exchange, an exchanging Terra LLC Unitholder shall be entitled to receive the amount of such
security, securities or other property that such exchanging Terra LLC Unitholder would have received if such Exchange had occurred immediately prior to the effective date of such reclassification, reorganization, recapitalization or other similar
transaction, taking into account any adjustment as a result of any such subdivision (by any split, distribution or dividend, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse split, reclassification,
recapitalization or otherwise) of such security, securities or other property that occurs after the effective time of such reclassification, reorganization, recapitalization or other similar transaction. For the avoidance of doubt, if there is any
reclassification, reorganization, recapitalization or other similar transaction in which the Class A Common Stock is converted or changed into another security, securities or other property, this Section 2.2 shall continue to be
applicable, mutatis mutandis, with respect to such security or other property. This Agreement shall apply to the Class A Units, Class B Units or Class B1 Units held by the Corporation, SunEdison and SunEdison’s Permitted Transferees
as of the date hereof, as well as any Class A Units, Class B Units and Class B1 Units hereafter acquired by the Corporation, SunEdison or any of SunEdison’s Permitted Transferees. This Agreement shall apply to, mutatis mutandis, and
all references to “Class A Units,” “Class B Units” or “Class B1 Units” shall be deemed to include, any security, securities or other property of Terra LLC which may be issued in respect of, in exchange for or in
substitution of Class A Units, Class B Units or Class B1 Units, as applicable, by reason of any distribution or dividend, split, reverse split, combination, reclassification, reorganization, recapitalization, merger, exchange (other than an
Exchange) or other transaction. 
 Section 2.3    Class A Common Stock to be Issued. 

(a) If any Exchange in accordance with this Agreement is to be effected in a manner that would require registration under
Applicable Securities Laws and such required registration has not become effective or otherwise is unavailable, upon the request and with the reasonable cooperation of the Terra LLC Unitholder requesting the Exchange, the Corporation shall use its
commercially reasonable efforts to promptly facilitate such Exchange pursuant to any reasonably available exemption from such registration requirements. The Corporation shall use its commercially reasonable efforts to list the Class A Common
Stock required to be delivered upon Exchange prior to such delivery upon each national securities exchange or inter-dealer quotation system upon which the outstanding Class A Common Stock may be listed or traded at the time of such delivery.

 (b) The Corporation shall at all times reserve and keep available out of its authorized but unissued
Class A Common Stock, solely for the purpose of issuance upon an Exchange, such number of shares of Class A Common Stock as shall be deliverable upon any such Exchange; provided that nothing contained herein shall be construed to
preclude Terra LLC from satisfying its obligations in respect of the Exchange of Terra LLC Units by delivery of Class A Common Stock which is held in the treasury of the Corporation or Terra LLC or any of their subsidiaries. 

  
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 (c) Prior to the effective date of this Agreement, the Corporation and Terra
LLC will take all such steps as may be required to cause to qualify for exemption under Rule 16b-3(d) or (e), as applicable, under the Exchange Act, and be exempt for purposes of Section 16(b) under the Exchange Act, any acquisitions or
dispositions of equity securities of the Corporation (including derivative securities with respect thereto) and any securities which may be deemed to be equity securities or derivative securities of the Corporation for such purposes that result from
the transactions contemplated by this Agreement, by each Terra LLC Unitholder who may reasonably be expected to be subject to the reporting requirements of Section 16(a) of the Exchange Act with respect to the Corporation upon the registration
of any class of equity security of the Corporation pursuant to Section 12 of the Exchange Act (with the authorizing resolutions specifying the name of each such Terra LLC Unitholder whose acquisition or disposition of securities is to be
exempted and the number of securities that may be acquired and disposed of by each such person pursuant to this Agreement). 
 (d) If any Takeover Law (as defined below) or other similar law or regulation becomes or is deemed to become applicable to this Agreement or any of the transactions contemplated hereby, the Corporation or
Terra LLC shall use their commercially reasonable efforts to render such law or regulation inapplicable to all of the foregoing. 
 (e) Each of the Corporation and Terra LLC covenants that all Class A Common Stock issued upon an Exchange will, upon issuance, be validly issued, fully paid and non-assessable, will pass to the
applicable exchanging Terra LLC Unitholder free and clear of any liens, security interests and other encumbrances other than any such liens, security interests or other encumbrances imposed by such exchanging Terra LLC Unitholder and will not be
subject to any preemptive right of stockholders of the Corporation or to any right of first refusal or other right in favor of any person or entity. 
 (f) No Exchange shall impair the right of the exchanging Terra LLC Unitholder to receive any distributions payable on the Terra LLC Units so exchanged in respect of a record date that occurs prior to the
Exchange Date for such Exchange. For the avoidance of doubt, no exchanging Terra LLC Unitholder shall be entitled to receive, in respect of a single record date, distributions or dividends both on Terra LLC Units exchanged by such holder and on
Class A Common Stock received by such holder in such Exchange. 
 Each Terra LLC Unitholder acknowledges and agrees that the shares of
Class A Common Stock to be issued upon the occurrence of an Exchange in a transaction not registered under the Securities Act will constitute “restricted securities” as defined by Rule 144 promulgated under the Securities Act, and may
not be sold or transferred in the absence of an effective registration statement under the Securities Act and registration or qualification under other Applicable Securities Laws or an exemption from such registration or qualification and
certificates (or account entries in the case of book-entry securities) evidencing shares of Class A Common Stock issued upon an Exchange may bear an appropriate legend. 

  
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 Section 2.4    Withholding; Certification of Non-Foreign Status;
Section 1603 Certification. 
 (a) If the Corporation or Terra LLC shall be required to withhold any
amounts by reason of any Federal, State, local or foreign tax rules or regulations in respect of any Exchange, the Corporation or Terra LLC, as the case may be, shall be entitled to take such action as it deems appropriate in order to ensure
compliance with such withholding requirements, including at its option withholding shares of Class A Common Stock with a fair market value equal to the minimum amount of any taxes which the Corporation or Terra LLC, as the case may be, may be
required to withhold with respect to such Exchange. To the extent that amounts (or property) are so withheld and paid over to the appropriate taxing authority, such withheld amounts (or property) shall be treated for all purposes of this Agreement
as having been paid (or delivered) to the appropriate Terra LLC Unitholder. 
 (b) Notwithstanding anything to
the contrary herein, each of Terra LLC and the Corporation may, at its own discretion, require as a condition to the effectiveness of an Exchange that an exchanging Terra LLC Unitholder deliver to Terra LLC or the Corporation, as the case may be, a
certification of non-foreign status in accordance with Treasury Regulation Section 1.1445-2(b). In the event Terra LLC or the Corporation has required delivery of such certification but an exchanging Terra LLC Unitholder is unable to do so,
Terra LLC shall nevertheless deliver or cause to be delivered to the exchanging Terra LLC Unitholder the Class A Common Stock in accordance with Section 2.1 of this Agreement, but subject to potential withholding as provided in
Section 2.4(a). 
 (c) On the last day of each calendar quarter until the earlier of (a) such
time as Terra LLC no longer is subject to potential liability for recapture of a grant pursuant to Section 1603 of the American Recovery and Reinvestment Tax Act of 2009, as amended, and (b) such time as which Riverstone no longer holds
any Terra LLC Units, Riverstone shall deliver to the Corporation and Terra LLC a Section 1603 Certification in the form set forth in Exhibit C. Notwithstanding anything to the contrary herein, each of Terra LLC and the Corporation may,
at its own discretion, require as a condition to the effectiveness of an Exchange that Riverstone shall have delivered to the Corporation and Terra LLC such a certificate for the applicable calendar quarter. 

ARTICLE III 

Section 3.1    Representations and Warranties of the Corporation and of Terra LLC. Each of the Corporation and
Terra LLC represents and warrants that (i) it is a corporation or limited liability company duly incorporated or formed and is existing in good standing under the laws of the State of Delaware, (ii) it has all requisite corporate or
limited liability company power and authority to enter into and perform this Agreement and to consummate the transactions contemplated hereby and, in the case of the Corporation, to issue the Class A Common Stock in accordance with the terms
hereof, (iii) the execution and delivery of this Agreement by it and the consummation by it of the transactions contemplated hereby (including, in the case of the Corporation, the issuance of the Class A Common Stock) have been duly
authorized by all necessary corporate or limited liability company action on its part, including all 

  
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actions necessary to ensure that the acquisition of shares of Class A Common Stock pursuant to the transactions contemplated hereby shall not be subject to any “moratorium,”
“control share acquisition,” “business combination,” “fair price” or other form of “anti-takeover laws and regulations” of any jurisdiction that may purport to be applicable to this Agreement or the
transactions contemplated hereby (collectively, “Takeover Laws”), (iv) this Agreement constitutes a legal, valid and binding obligation of it enforceable against it in accordance with its terms, except as enforcement may be
limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally, and (v) the execution, delivery and performance of this Agreement by it and the
consummation by it of the transactions contemplated hereby will not (A) result in a violation of its Certificate of Incorporation or Bylaws or other organizational documents, (B) conflict with, or constitute a default (or an event which
with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which it is a party, or (C) result in a
violation of any law, rule, regulation, order, judgment or decree applicable to it or by which any property or asset of it is bound or affected, except with respect to clauses (B) or (C) for any conflicts, defaults, accelerations,
terminations, cancellations or violations, that would not reasonably be expected to have a material adverse effect on it or its business, financial condition or results of operations. 

Section 3.2    Representations and Warranties of the Terra LLC Unitholders. Each Terra LLC Unitholder,
severally and not jointly, represents and warrants that (i) it is duly incorporated or formed and, to the extent such concept exists in its jurisdiction of organization or formation, is in good standing under the laws of such jurisdiction,
(ii) it has all requisite legal capacity and authority to enter into and perform this Agreement and to consummate the transactions contemplated hereby, (iii) the execution and delivery of this Agreement by it of the transactions
contemplated hereby have been duly authorized by all necessary corporate or other entity action on the part of such Terra LLC Unitholder, (iv) this Agreement constitutes a legal, valid and binding obligation of such Terra LLC Unitholder
enforceable against it in accordance with its terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally and
(v) the execution, delivery and performance of this Agreement by such Terra LLC Unitholder and the consummation by such Terra LLC Unitholder of the transactions contemplated hereby will not (A) result in a violation of the Certificate of
Incorporation or Bylaws or other organizational documents of such Terra LLC Unitholder or (B) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any
rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which such Terra LLC Unitholder is a party, or (C) result in a violation of any law, rule, regulation, order, judgment or decree
applicable to such Terra LLC Unitholder, except with respect to clauses (B) or (C) for any conflicts, defaults, accelerations, terminations, cancellations or violations, that would not in any material respect result in the unenforceability
against such Terra LLC Unitholder of this Agreement. 

  
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 ARTICLE IV 
 Section 4.1    Additional Terra LLC Unitholders. To the extent a Terra LLC Unitholder (including SunEdison) validly transfers any or all of its Terra LLC Units to another person
in a transaction in accordance with, and not in contravention of, the Terra LLC Operating Agreement, then such transferee (each, a “Permitted Transferee”) shall have the right to execute and deliver a joinder to this Agreement, in
the form of Exhibit B hereto, whereupon such Permitted Transferee shall become a Terra LLC Unitholder hereunder; provided, however, that such Permitted Transferee shall be subject to any restrictions on Exchange that would have
applied to the transferor. To the extent Terra LLC issues Terra LLC Units in the future, then the holder of such Terra LLC Units shall have the right to execute and deliver a joinder to this Agreement, substantially in the form of Exhibit B
hereto, whereupon such holder shall become a Terra LLC Unitholder hereunder. 
 Section 4.2    Addresses
and Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by courier service, by fax, or by
registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the following addresses (or at such other address for a party as shall be as specified in a notice given in accordance with this
Section 4.2): 
 (a)     If to the Corporation or to Terra LLC, to: 

         501 Pearl Drive (City of O’Fallon) 

         St. Peters, Missouri 63376 

         Attn: General Counsel 

         Facsimile:
                     

(b)     If to any Terra LLC Unitholder, to the address and other contact information set forth in the records of
Terra LLC from time to time. 
 Section 4.3    Further Action. The parties shall execute and deliver
all documents, provide all information and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 
 Section 4.4    Binding Effect; No Third Party Beneficiaries. This Agreement shall, from and after the Effective Time, be binding upon and inure to the benefit of all of the
parties and their successors, executors, administrators, heirs, legal representatives and permitted assigns, including, without limitation and without the need for an express assignment, any Permitted Transferee, provided that nothing herein
shall be deemed to permit any assignment, transfer or other disposition of Terra LLC Units in violation of the terms of the Terra LLC Operating Agreement or applicable law. This Agreement shall not be assignable by the Corporation or Terra LLC
without the prior written consent of SunEdison and the Requisite Holders. In the event the Corporation or Terra LLC or any of its successors or assigns (i) consolidates with or merges into any other person or entity and is not the continuing or
surviving corporation or entity of such consolidation or merger or (ii) transfers all or substantially all of its properties and assets to any person or entity, then and in either case, as a condition to such consolidation, merger or transfer,
proper provisions shall be made such that the successors and assigns of the Corporation or Terra LLC, as the case may be, will assume its obligations set forth in this Agreement, and 

  
 11 

 
this Agreement shall be enforceable against such successors and assigns. Nothing in this Agreement, express or implied, is intended to or shall confer upon anyone other than the parties and their
respective successors and permitted assigns any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 
 Section 4.5    Severability. If any term or other provision of this Agreement is held to be invalid, illegal or incapable of being enforced by any rule of 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 transactions is not affected in any manner materially adverse to any party. Upon a
determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in
a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 
 Section 4.6    Integration. This Agreement, together with the Terra LLC Operating Agreement, constitutes the entire agreement among the parties pertaining to the subject matter
hereof and supersedes all prior agreements and understandings pertaining thereto. 
 Section
4.7    Amendment. The provisions of this Agreement may be amended, supplemented, waived or modified only by the affirmative vote or written consent of each of the Corporation, Terra LLC, SunEdison and the Requisite
Holders; provided, however, that no such amendment, supplement, waiver or modification shall (i) materially alter or change any rights or obligations of any Terra LLC Unitholders in a manner that is different or prejudicial
relative to any other Terra LLC Unitholders, without the prior written consent of at least two-thirds (2/3) in interest of the Terra LLC Unitholders (based on the number of Terra LLC Units held by such holders) affected in such a different or
prejudicial manner or (ii) alter, supplement or amend the Exchange Rate as adjusted from time to time pursuant to Section 2.2 hereof (or the adjustments provided therein) without the prior written consent of each affected Terra LLC
Unitholder. Notwithstanding the foregoing, the Corporation, Terra LLC and SunEdison, without the consent of any Requisite Holders, may amend, supplement, waive or modify any term of this Agreement to cure any ambiguity, mistake, defect or
inconsistency contained herein. 
 Section 4.8    Waiver. No failure by any party to insist upon the
strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach of any other covenant, duty, agreement or condition.

 Section 4.9    Arbitration; Submission to Jurisdiction; Waiver of Jury Trial. 

(a) Any dispute, controversy or claim arising out of, relating to or in connection with this Agreement or the
transactions contemplated hereby (including the validity, scope and enforceability of this arbitration provision) shall be finally settled by arbitration. The arbitration shall take place in Wilmington, Delaware and be conducted in accordance with
the Commercial Arbitration Rules of the American Arbitration Association (the “AAA”) then in effect (except as they may be modified by mutual agreement of the Corporation, Terra LLC, SunEdison and the Requisite Holders). The

  
 12 

 
arbitration shall be conducted by three neutral, impartial and independent arbitrators, who shall be appointed by the AAA, at least one of whom shall be a retired judge or a senior partner at one
of the nationally recognized Delaware-based law firms. The arbitration award shall be final and binding on the parties. Judgment upon the award may be entered by any court having jurisdiction thereof or having jurisdiction over the relevant party or
its assets. The costs of the arbitration shall be borne by the Corporation. Performance under this Agreement shall continue if reasonably possible during any arbitration proceedings. 

(b) Notwithstanding the provisions of paragraph (a), the parties hereto may bring an action or special proceeding in any
court of competent jurisdiction for the purpose of compelling a party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder, and/or enforcing an arbitration award and, for the purposes of this paragraph (b), each
party hereto (i) expressly consents to the application of paragraph (c) of this Section 4.9 to any such action or proceeding and (ii) agrees that proof shall not be required that monetary damages for breach of the
provisions of this Agreement would be difficult to calculate and that remedies at law would be inadequate. 

(c) EACH PARTY HERETO IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF
DELAWARE OR ANY DELAWARE STATE COURT, IN EACH CASE, SITTING IN THE CITY OF WILMINGTON, DELAWARE FOR THE PURPOSE OF ANY JUDICIAL PROCEEDING BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF THIS SECTION 4.9, OR ANY JUDICIAL PROCEEDING ANCILLARY TO
AN ARBITRATION OR CONTEMPLATED ARBITRATION ARISING OUT OF OR RELATING TO OR CONCERNING THIS AGREEMENT. Such ancillary judicial proceedings include any suit, action or proceeding to compel arbitration, to obtain temporary or preliminary judicial
relief in aid of arbitration, or to confirm an arbitration award. The parties acknowledge that the forum designated by this paragraph (c) have a reasonable relation to this Agreement, and to the parties’ relationship with one another.

 (d) The parties hereby waive, to the fullest extent permitted by applicable law, any objection which they now
or hereafter may have to personal jurisdiction or to the laying of venue of any such ancillary suit, action or proceeding brought in any court referred to in the preceding paragraph of this Section 4.9 and such parties agree not to plead
or claim the same, and agree that service of process upon such party in any such action, suit, demand or proceeding shall be effective if notice is given in accordance with Section 4.2. 

Section 4.10    Counterparts. This Agreement may be executed and delivered (including by facsimile
transmission or by e-mail delivery of a “.pdf” format data file) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed and delivered shall be deemed to be an original but all
of which taken together shall constitute one and the same agreement. Copies of executed counterparts transmitted by telecopy, by e-mail delivery of a “.pdf” format data file or other electronic transmission service shall be considered
original executed counterparts for purposes of this Section 4.10. 

  
 13 

 Section 4.11    Tax Treatment. This Agreement shall be treated as
part of the partnership agreement of Terra LLC as described in Section 761(c) of the Code and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations promulgated thereunder. Each party hereto agrees to report each Exchange for
U.S. federal income tax purposes as a taxable sale or exchange of Class B or Class B1 Units by the applicable Terra LLC Unitholder to the Corporation in exchange for Class A Common Stock (in conjunction with the cancellation of Class B or Class
B1 Common Stock, as applicable) and no party shall take a contrary position on any U.S. federal, state or local income tax return: (i) except as otherwise required by a “determination” as defined in Section 1313 of the Code, or
(ii) unless such party provides a written opinion by a nationally recognized accounting or law firm, which opinion is reasonably satisfactory to both SunEdison and Terra LLC, that such Exchange should not be treated as a taxable sale or
exchange for federal income tax purposes. 
 Section 4.12    Specific Performance. The parties hereto
agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to
specific performance of the terms and provisions hereof, in addition to any other remedy to which they are entitled at law or in equity. 
 Section 4.13    Independent Nature of Terra LLC Unitholders’ Rights and Obligations. The obligations of each Terra LLC Unitholder hereunder are several and not joint with
the obligations of any other Terra LLC Unitholder, and no Terra LLC Unitholder shall be responsible in any way for the performance of the obligations of any other Terra LLC Unitholder hereunder. The decision of each Terra LLC Unitholder to enter
into to this Agreement has been made by such Terra LLC Unitholder independently of any other Terra LLC Unitholder. Nothing contained herein, and no action taken by any Terra LLC Unitholder pursuant hereto, shall be deemed to constitute an action of
the Terra LLC Unitholders as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Terra LLC Unitholders are in any way acting in concert or as a group with respect to such obligations or the
transactions contemplated hereby and the Corporation acknowledges that the Terra LLC Unitholders are not acting in concert or as a group, and the Corporation will not assert any such claim, with respect to such obligations or the transactions
contemplated hereby. 
 Section 4.14    Applicable Law. This Agreement shall be governed by, and
construed in accordance with, the law of the State of Delaware. 

  
 14 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and
delivered, all as of the date first set forth above. 
  

			
	TERRAFORM POWER, INC.
		
	By:	 	  

	Name:
	Title:
	
	TERRAFORM POWER, LLC
		
	By:	 	  

	Name:
	Title:
	
	SUNEDISON, INC.
		
	By:	 	  

	Name:
	Title:

  
 [Signature
Page to Exchange Agreement] 

 EXHIBIT A 
 [FORM OF] 
 ELECTION OF EXCHANGE 

TerraForm Power, Inc. 
 TerraForm Power, LLC

 501 Pearl Drive (City of O’Fallon) 
 St. Peters, Missouri 63376 
 Attn: General Counsel 

Reference is hereby made to the Exchange Agreement, dated as of
                    , 2014 (as amended, the “Exchange Agreement”), by and among TerraForm Power, Inc., a Delaware corporation,
TerraForm Power, LLC, a Delaware limited liability company, SunEdison, Inc., a Delaware corporation, and the other Persons from time to time party thereto (as Terra LLC Unitholders). Capitalized terms used but not defined herein shall have the
meanings given to them in the Exchange Agreement. 
 The undersigned Terra LLC Unitholder hereby transfers
to Terra LLC for cancellation, the number of Terra LLC Units set forth below in Exchange for shares of Class A Common Stock to be issued in its name as set forth below, as set forth in the Exchange Agreement. [The foregoing transfers shall be
[effective as of                                 ][and][conditioned upon
satisfaction of the following conditions: .]1 

 

			
	Legal Name of Terra LLC Unitholder:    	  	 
		
	Address:	  	 
		
	Number of Terra LLC Units
to be Exchanged:	  	 

 The undersigned hereby represents and warrants that (i) the undersigned has full legal capacity to
execute and deliver this Election of Exchange and to perform the undersigned’s obligations hereunder; (ii) this Election of Exchange has been duly executed and delivered by the undersigned and is the legal, valid and binding obligation of
the undersigned enforceable against it in accordance with the terms thereof or hereof, as the case may be, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and the availability of equitable
remedies; (iii) the Terra LLC Units subject to this Election of Exchange are being transferred free and clear of any pledge, lien, security interest, encumbrance, equities or claim; (iv) no consent, approval, authorization, order,
registration or qualification of any third party or with any court or governmental agency or body having jurisdiction over the undersigned or the Terra LLC Units subject to this Election of Exchange is required to be obtained by the

  
  

	1 	 Insert Exchange Date and/or contingency, if applicable. 

  
 Exhibit A-1

 
undersigned for the transfer of such Terra LLC Units; and (v) the undersigned is the record holder of shares of Class B or Class B1 Common Stock, as applicable, in an amount equal to at
least the number of Terra LLC Units subject to this Election of Exchange and will retain ownership of such minimum number of shares of Class B or Class B1 Common Stock, as applicable, through the Exchange Date. 

The undersigned hereby irrevocably constitutes and appoints any officer of the Corporation or Terra LLC as the attorney of the
undersigned, with full power of substitution and resubstitution in the premises, to do any and all things and to take any and all actions that may be necessary to (i) transfer to Terra LLC (A) for cancellation by Terra LLC, the Terra LLC
Units subject to this Election of Exchange and (B) for cancellation by the Corporation, the number of shares of Class B or Class B1 Common Stock, as applicable, equal to the number of Terra LLC Units subject to this Election and Exchange (which
such common stock will be cancelled immediately thereafter by the Corporation) and (ii) deliver to the undersigned the shares of Class A Common Stock to be delivered in Exchange for such Terra LLC Units. 

IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Election of Exchange to be executed and delivered by the
undersigned or by its duly authorized attorney. 
 Name: ______________________________________ 

Dated: ______________________________________ 

  
 Exhibit A-2

 EXHIBIT B 
 [FORM OF] 
 JOINDER AGREEMENT 

This Joinder Agreement (“Joinder Agreement”) is a joinder to the Exchange Agreement, dated as of
                    , 201[    ] (as amended, the “Exchange Agreement”), by and among TerraForm Power, Inc., a
Delaware corporation, TerraForm Power, LLC, a Delaware limited liability company, SunEdison, Inc., a Delaware corporation, and the other Persons from time to time party thereto (as Terra LLC Unitholders). Capitalized terms used but not defined in
this Joinder Agreement shall have their meanings given to them in the Exchange Agreement. This Joinder Agreement shall be governed by, and construed in accordance with, the law of the State of Delaware. In the event of any conflict between this
Joinder Agreement and the Exchange Agreement, the terms of this Joinder Agreement shall control. 
 The undersigned hereby joins
and enters into the Exchange Agreement having acquired Terra LLC Units. By signing and returning this Joinder Agreement to the Corporation and to Terra LLC, the undersigned (i) accepts and agrees to be bound by and subject to all of the terms
and conditions of and agreements of a holder of Terra LLC Units contained in the Exchange Agreement, with all attendant rights, duties and obligations of a Terra LLC Unitholder thereunder and (ii) makes each of the representations and
warranties of a Terra LLC Unitholder set forth in Section 3.2 of the Exchange Agreement as fully as if such representations and warranties were set forth herein. The parties to the Exchange Agreement shall treat the execution and delivery
hereof by the undersigned as the execution and delivery of the Exchange Agreement by the undersigned and, upon receipt of this Joinder Agreement by the Corporation and by Terra LLC, the signature of the undersigned set forth below shall constitute a
counterpart signature to the signature page of the Exchange Agreement. 
 Name:
________________________________________________________________________________________________ 
  

			
	 Address for Notices
  

 
  
  

Attention:  _____________________________________________
	  	 With copies to:
  

 
  
  

 

  
 Exhibit B-1

 EXHIBIT C 
 [FORM OF] 
 SECTION 1603 CERTIFICATION 

  
 Exhibit C-1

 Form of 1603 Certificate 

GENERAL PARTNER CERTIFICATE 
 Dated as of [            ], 2014 
 The undersigned, an Authorized Person of [                    ], a Delaware limited liability company,
the sole member of [                    ] and the general partner of
[                    ], in connection with that certain legal opinion to be delivered by [Opinion Issuer] to [Riverstone Entity] dated as of the date
hereof relating to the ownership of a [wind/solar] generation facility [to be constructed] in [location] (the “Project”), does hereby certify the following as of the date hereof: 

Riverstone Entity Structure 
 [                    ] is the general partner of
[                    ]. [                    ] is
a Delaware limited liability company taxable as a corporation for U.S. federal income tax purposes. 
 The limited partners of
[                    ] are as follows: [list of limited partners]. 
 [                    ] Structure 

[                    ] is the general
partner of [                    ]. 
 The limited partners of [                    ] are: [list of limited partners]. 

[                    ] is a Delaware
limited partnership taxable as a corporation for U.S. federal income tax purposes. 

[                    ] is a Delaware
limited partnership taxable as a corporation for U.S. federal income tax purposes. 

[                    ] is a Delaware
limited partnership taxable as a corporation for U.S. federal income tax purposes. 

[                    ] is a Delaware
limited partnership taxable as a corporation for U.S. federal income tax purposes. 
 The general partner of
[                    ] is [                    ].
The sole limited partner of [                    ] is
[                    ]. The general partner of
[                    ] is [                    ].
Each limited partner of [                    ] is an individual or an entity that is taxable as a corporation for U.S. federal income tax purposes
and each limited partner is subject to U.S. tax on its distributive share of the income from the Project. 

[                    ]
Structure 
 The sole limited partner of
[                    ] is [                    ],
a Delaware limited partnership, which is taxable as a corporation for U.S. federal income tax purposes. [                    ] is the general partner
of [                    ]. 

[                    ]
Structure 
 Each limited partner of
[                    ] is an individual, a trust established by an individual whose sole beneficiaries are individual family members or their
estates, or an entity that is taxable as a corporation for U.S. federal income tax purposes and 

 
each limited partner is subject to U.S. tax on its distributive share of the income from the Project.
[                    ] is the general partner of
[                    ] and is taxable as a partnership for U.S. federal income tax purposes.
[                    ] is the sole member of
[                    ]. Each member of
[                    ] is an individual or an entity that is taxable as a corporation for U.S. federal income tax purposes, and each member is
subject to U.S. tax on its distributive share of the income from the Project. 

[                    ]
Structure 

[                    ] is the general
partner of [                    ].
[                    ] is the sole member of
[                    ]. 

The sole limited partner of
[                    ] is [                    ].
The general partner of [                    ] is
[                    ], and the limited partners of
[                    ] are [                    ]
and [                    ]. 

The sole member of
[                    ] is [                    ].

 The general partner of
[                    ] is [                    ],
which is taxable as a partnership for U.S. federal income tax purposes. Each shareholder of [                    ] is an individual or an entity that
is taxable as a corporation for U.S. federal income tax purposes, and each limited partner is subject to U.S. tax on its distributive share of the income from the Project. 
 Each limited partner of [                    ] is an individual or an entity this is taxable as a
corporation for U.S. federal income tax purposes, and each limited partner is subject to U.S. tax on its distributive share of the income from the Project. 
 IN WITNESS WHEREOF, the undersigned has hereunto set his hand as of the date first above written. 
  

			
	[                    ]
		
	By:	 	  

		 	[                    ]
		 	Authorized PersonEX 10.9

 Exhibit 10.9 
  

 
  

AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

TerraForm Power, LLC 

Dated and effective as of 

                    , 2014 

 
  

 
 THE LIMITED LIABILITY COMPANY INTERESTS IN TERRAFORM
POWER, LLC HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), THE SECURITIES LAWS OF ANY STATE OR ANY OTHER APPLICABLE SECURITIES LAWS AND ARE BEING SOLD IN RELIANCE UPON EXEMPTIONS FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS. SUCH INTERESTS MAY NOT BE OFFERED FOR SALE, PLEDGED, HYPOTHECATED, SOLD, ASSIGNED OR TRANSFERRED AT ANY TIME EXCEPT IN COMPLIANCE WITH (I) THE SECURITIES ACT, ANY APPLICABLE
SECURITIES LAWS OF ANY STATE AND ANY OTHER APPLICABLE SECURITIES LAWS; (II) THE TERMS AND CONDITIONS OF THIS SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT; AND (III) ANY OTHER TERMS AND CONDITIONS AGREED TO IN WRITING BETWEEN THE
MANAGING MEMBER AND THE APPLICABLE MEMBER. THE LIMITED LIABILITY COMPANY INTERESTS MAY NOT BE TRANSFERRED OF RECORD EXCEPT IN COMPLIANCE WITH SUCH LAWS, THIS SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT AND ANY OTHER TERMS AND
CONDITIONS AGREED TO IN WRITING BY THE MANAGING MEMBER AND THE APPLICABLE MEMBER. THEREFORE, PURCHASERS AND OTHER TRANSFEREES OF SUCH LIMITED LIABILITY COMPANY INTERESTS WILL BE REQUIRED TO BEAR THE RISK OF THEIR INVESTMENT OR ACQUISITION FOR AN
INDEFINITE PERIOD OF TIME. 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	  
	 Section 1.1
	 	 Definitions
	  	 	1	  
	 Section 1.2
	 	 Other Definitions
	  	 	10	  
	 Section 1.3
	 	 Construction
	  	 	10	  
		
	 ARTICLE II ORGANIZATIONAL AND OTHER MATTERS
	  	 	11	  
	 Section 2.1
	 	 Formation
	  	 	11	  
	 Section 2.2
	 	 Name
	  	 	11	  
	 Section 2.3
	 	 Limited Liability
	  	 	11	  
	 Section 2.4
	 	 Registered Office; Registered Agent; Principal Office in the United States; Other Offices
	  	 	11	  
	 Section 2.5
	 	 Purpose; Powers
	  	 	11	  
	 Section 2.6
	 	 Existing and Good Standing; Foreign Qualification
	  	 	11	  
	 Section 2.7
	 	 Term
	  	 	12	  
	 Section 2.8
	 	 No State Law Partnership
	  	 	12	  
	 Section 2.9
	 	 Admission
	  	 	12	  
		
	 ARTICLE III MEMBERS; CAPITALIZATION
	  	 	12	  
	 Section 3.1
	 	 Members; Units
	  	 	12	  
	 Section 3.2
	 	 Class A Common Stock Sale; Exchanges; Authorization and Issuance of Additional Units
	  	 	13	  
	 Section 3.3
	 	 Capital Account
	  	 	16	  
	 Section 3.4
	 	 No Withdrawal
	  	 	18	  
	 Section 3.5
	 	 Loans From Members
	  	 	18	  
	 Section 3.6
	 	 No Right of Partition
	  	 	19	  
	 Section 3.7
	 	 Non-Certification of Units; Legend; Units are Securities
	  	 	19	  
	 Section 3.8
	 	 Reset of Incentive Distribution Rights; Issuance of Class B1 Units in Connection with Reset of Incentive Distribution
Rights
	  	 	20	  
	 Section 3.9
	 	 Transferability of IDRs
	  	 	21	  
	 Section 3.10
	 	 Lock-Up of Class B Units
	  	 	22	  
	 Section 3.11
	 	 Outside Activities of the Members
	  	 	22	  
		
	 ARTICLE IV DISTRIBUTIONS
	  	 	22	  
	 Section 4.1
	 	 Determination of Distributions
	  	 	22	  
	 Section 4.2
	 	 Successors
	  	 	24	  
	 Section 4.3
	 	 Withholding
	  	 	24	  
	 Section 4.4
	 	 Limitation
	  	 	24	  
	 Section 4.5
	 	 Adjustments
	  	 	24	  
	 Section 4.6
	 	 Tax Adjustments
	  	 	24	  
	 Section 4.7
	 	 Interest Payment Agreement. Notwithstanding any other provision of this Agreement, none of SunEdison or its Affiliates shall have
any rights, at any time, through distributions under this Agreement or otherwise, to reimbursement of any payments made by SunEdison or its Affiliates under the terms of the Interest Payment Agreement.
	  	 	25	  
		
	 ARTICLE V ALLOCATIONS
	  	 	25	  
	 Section 5.1
	 	 Allocations for Capital Account Purposes
	  	 	25	  
	 Section 5.2
	 	 Allocations for Tax Purposes
	  	 	27	  
	 Section 5.3
	 	 Members’ Tax Reporting
	  	 	28	  
	 Section 5.4
	 	 Certain Costs and Expenses
	  	 	28	  

							
		
	 ARTICLE VI MANAGEMENT
	  	 	28	  
	 Section 6.1
	 	 Managing Member; Delegation of Authority and Duties
	  	 	28	  
	 Section 6.2
	 	 Officers
	  	 	29	  
	 Section 6.3
	 	 Liability of Members
	  	 	30	  
	 Section 6.4
	 	 Indemnification by the Company
	  	 	31	  
	 Section 6.5
	 	 Liability of Indemnitees
	  	 	32	  
	 Section 6.6
	 	 Investment Representations of Members
	  	 	32	  
		
	 ARTICLE VII WITHDRAWAL; DISSOLUTION; TRANSFER OF MEMBERSHIP INTERESTS; ADMISSION OF NEW MEMBERS
	  	 	32	  
	 Section 7.1
	 	 Member Withdrawal
	  	 	32	  
	 Section 7.2
	 	 Dissolution
	  	 	33	  
	 Section 7.3
	 	 Transfer by Members
	  	 	33	  
	 Section 7.4
	 	 Admission or Substitution of New Members
	  	 	34	  
	 Section 7.5
	 	 Additional Requirements
	  	 	35	  
	 Section 7.6
	 	 Bankruptcy
	  	 	35	  
	 Section 7.7
	 	 [Reserved]
	  	 	35	  
	 Section 7.8
	 	 [Reserved]
	  	 	35	  
		
	 ARTICLE VIII BOOKS AND RECORDS; FINANCIAL STATEMENTS AND OTHER INFORMATION; TAX MATTERS
	  	 	35	  
	 Section 8.1
	 	 Books and Records
	  	 	35	  
	 Section 8.2
	 	 Information
	  	 	36	  
	 Section 8.3
	 	 Fiscal Year
	  	 	36	  
	 Section 8.4
	 	 Certain Tax Matters
	  	 	36	  
		
	 ARTICLE IX MISCELLANEOUS
	  	 	37	  
	 Section 9.1
	 	 Separate Agreements; Schedules
	  	 	37	  
	 Section 9.2
	 	 Governing Law; Disputes
	  	 	37	  
	 Section 9.3
	 	 Parties in Interest
	  	 	38	  
	 Section 9.4
	 	 Amendments and Waivers
	  	 	38	  
	 Section 9.5
	 	 Notices
	  	 	39	  
	 Section 9.6
	 	 Counterparts
	  	 	39	  
	 Section 9.7
	 	 Power of Attorney
	  	 	39	  
	 Section 9.8
	 	 Entire Agreement
	  	 	39	  
	 Section 9.9
	 	 Remedies
	  	 	40	  
	 Section 9.10
	 	 Severability
	  	 	40	  
	 Section 9.11
	 	 Creditors
	  	 	40	  
	 Section 9.12
	 	 Waiver
	  	 	40	  
	 Section 9.13
	 	 Further Action
	  	 	40	  
	 Section 9.14
	 	 Delivery by Facsimile or Email
	  	 	40	  

 AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 TerraForm Power, LLC

 This AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (this “Agreement”) of TerraForm Power, LLC, a Delaware
limited liability company (the “Company”), dated and effective as of                     , 2014 (the “Effective
Date”), is made by and among the Members (as defined herein). 
 WHEREAS, as of February 14, 2014, SunEdison Holdings
Corporation (“SunEdison Holdings”), a Delaware corporation and the sole stockholder of TerraForm Power, Inc., a Delaware corporation (“Terra, Inc.”), formed TerraForm Power, LLC under the Act by executing the
Limited Liability Agreement of TerraForm Power, LLC, which was amended and restated on March 24, 2014 (as amended and restated, the “Prior Agreement”) and filing a Certificate of Formation with the Office of the Secretary of
State of the State of Delaware, at which time SunEdison Holdings was issued one Unit (the “Existing Units”); 
 WHEREAS,
SunEdison Holdings desires to amend and restate the Prior Agreement in connection with Terra, Inc.’s initial public offering to provide, for among other things, the designation of Terra, Inc. as the Managing Member of the Company and to create
additional classes of limited liability interests of the Company. 
 NOW, THEREFORE, in consideration of the premises and the covenants and
provisions hereinafter contained, the Members hereby adopt the following: 
 ARTICLE I 

DEFINITIONS 

Section 1.1 Definitions. 

As used in this Agreement, the following terms have the following meanings: 

“AAA” has the meaning set forth in Section 9.2(b). 

“Act” means the Delaware Limited Liability Company Act, as amended. 

“Additional Member” means any Person that has been admitted to the Company as a Member pursuant to Section 7.4 by
virtue of having received its Membership Interest from the Company and not from any other Member or Assignee. 
 “Adjusted Capital
Account” means the Capital Account maintained for each Member as of the end of each Fiscal Year of the Company, (a) increased by any amounts that such Member is obligated to restore under the standards set by Treasury Regulations
Section 1.704-1(b)(2)(ii)(c) (or is deemed obligated to restore under Treasury Regulations Sections 1.704-2(g) and 1.704-2(i)(5)) and (b) decreased by (i) the amount of all losses and deductions that, as of the end of such Fiscal
Year, are reasonably expected to be allocated to such Member in subsequent years under Section 706(d) of the Code and Treasury Regulations Section 1.751-1(b)(2)(ii), and (ii) the amount of all distributions that, as of the end of such
Fiscal Year, are reasonably expected to be made to such Member in subsequent years in accordance with the terms of this Agreement or otherwise to the extent they exceed offsetting increases to such Member’s Capital Account that are reasonably
expected to occur during (or prior to) the year in which such distributions are reasonably expected to be made (other than increases as a result of a minimum gain chargeback pursuant to Section 5.1(b)(i) or
Section 5.1(b)(ii)). The foregoing definition of Adjusted Capital Account is intended to comply with the provisions of Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. The
“Adjusted Capital Account” of a Member in respect of a Unit shall be the amount that such Adjusted Capital Account would be if such Unit were the only interest in the Company held by such Member from and after the date on which such Unit
was first issued. 

 “Adjusted Property” means any property the Carrying Value of which has been
adjusted pursuant to Section 3.3(c)(i) or Section 3.3(c)(ii). 
 “Affiliate” means, with respect to
any Person, any Person directly or indirectly through one or more intermediaries, Controlling, Controlled by or under common Control with such Person. 

“Aggregate Quantity of IDR Reset Class B1 Securities” has the meaning set forth in Section 3.8(a). 

“Aggregate Quantity of IDR Reset Class B1 Units” has the meaning set forth in Section 3.8(a). 

“Aggregate Quantity of IDR Reset Shares of Class B1 Common Stock” has the meaning set forth in Section 3.8(a).

 “Agreed Value” of any Contributed Property means the Fair Market Value of such property or other consideration at the
time of contribution as determined by the Managing Member. The Managing Member shall use such method as it determines to be appropriate to allocate the aggregate Agreed Value of Contributed Properties contributed to the Company in a single
transaction or series of related transactions among each separate property on a basis proportional to the Fair Market Value of each Contributed Property. 

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

“As Delivered CAFD” means, with respect to any of the Contributed Construction Projects or Substitute Project, the CAFD
projected, as of such project’s COD, to be generated by such project in the 12 months after such project’s COD taking into account, among other things, the project finance structure, the as-built system size and the production level
as agreed to between Terra, Inc. and SunEdison. 
 “Assignee” means any Transferee to which a Member or another Assignee
has Transferred all or a portion of its interest in the Company in accordance with the terms of this Agreement, but that is not admitted to the Company as a Member. 

“Automatic Conversion” has the meaning set forth in Section 3.2(f). 

“Bankruptcy” means, with respect to any Person, (a) if such Person (i) makes an assignment for the benefit of
creditors, (ii) files a voluntary petition in bankruptcy, (iii) is adjudged a bankrupt or insolvent, or has entered against it an order for relief, in any bankruptcy or insolvency proceedings, (iv) files a petition or answer seeking
for itself any reorganization, arrangement, composition, readjustment, liquidation or similar relief under any statute, law or regulation, (v) files an answer or other pleading admitting or failing to contest the material allegations of a
petition filed against it in any proceeding of this nature, (vi) seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator of the Person or of all or any substantial part of its properties, or (b) if 120 days
after the commencement of any proceeding against the Person seeking reorganization, arrangement, composition, readjustment, liquidation or similar relief under any statute, law or regulation, if the proceeding has not been dismissed, or if within 90
days after the appointment without such Person’s consent or acquiescence of a trustee, receiver or liquidator of such Person or of all or any substantial part of its properties, the appointment is not vacated or stayed, or within 90 days after
the expiration of any such stay, the appointment is not vacated. The foregoing definition of “Bankruptcy” is intended to replace and shall supersede and replace the definition of “Bankruptcy” set forth in Sections 18-101(1) and
18-304 of the Act. 
 “Book-Tax Disparity” means, with respect to any item of Contributed Property or Adjusted Property, as
of the date of any determination, the difference between the Carrying Value of such Contributed Property or Adjusted Property and the adjusted basis thereof for federal income tax purposes as of such date. 

“Business Day” means Monday through Friday of each week, except that a legal holiday recognized as such by the government of
the United States of America or the State of New York shall not be regarded as a Business Day. 

  
 2 

 “CAFD” means net cash provided by (used in) operating activities of the Company
(i) plus or minus changes in assets and liabilities as reflected (or to be reflected) on Terra, Inc.’s statements of cash flows, (ii) minus deposits into (or plus withdrawals from) restricted cash accounts required by project
financing arrangements to the extent they decrease (or increase) cash provided by operating activities, (iii) minus cash distributions paid to non-controlling interests in the Company’s projects, if any, (iv) minus scheduled
project-level and other debt service payments and repayments in accordance with the related borrowing arrangements, to the extent they are paid from operating cash flows during a period, (v) minus non-expansionary capital expenditures, if any,
to the extent they are paid from operating cash flows during a period, (vi) plus cash contributions from SunEdison pursuant to the Interest Payment Agreement, (vii) plus operating costs and expenses paid by SunEdison pursuant to the
Management Services Agreement to the extent such costs or expenses exceed the fee payable by the Company pursuant to such agreement but otherwise reduce the Company’s net cash provided by operating activities and (viii) plus or minus
operating items as necessary to present the cash flows the Company deems representative of its core business operations, with the approval of the audit committee of Terra, Inc. 

“CAFD Forbearance Threshold” means $34,840,000. 

“Capital Account” means the capital account maintained for a Member pursuant to Section 3.3 of this Agreement.

 “Capital Contribution” means, with respect to any Member, the amount of any cash or cash equivalents or the Fair Market
Value of other property contributed or deemed to be contributed to the Company by such Member with respect to any Unit or other Equity Securities issued by the Company (net of liabilities assumed by the Company or to which such property is subject).

 “Carrying Value” means (a) with respect to a Contributed Property, subject to the following sentence, the Agreed
Value of such property reduced (but not below zero) by all depreciation, amortization and cost recovery deductions charged to the Members’ Capital Accounts in respect of such Contributed Property, and (b) with respect to any other Company
property, subject to the following sentence and Section 3.3(b)(iv), the adjusted basis of such property for federal income tax purposes, all as of the time of determination. The Carrying Value of any property shall be adjusted from time
to time in accordance with Section 3.3(c)(i) and Section 3.3(c)(ii) and to reflect changes, additions or other adjustments to the Carrying Value for dispositions and acquisitions of Company properties, as deemed appropriate
by the Managing Member. 
 “Certificate” means the Certificate of Formation of the Company, as filed with the Secretary of
State of the State of Delaware. 
 “Chosen Courts” has the meaning set forth in Section 9.2(c). 

“Class A Common Stock” means the Class A common stock, par value $0.01 per share, of Terra, Inc. 

“Class A Common Stock Sale” means the sale or issuance by Terra, Inc. of one or more shares of Class A Common Stock for
cash to a third party in an arms-length transaction, including in connection with the IPO, other than upon the exercise of an option or right to acquire Class A Common Stock or the conversion or exchange of securities convertible into or
exchange for Class A Common Stock. 
 “Class A Member” means a holder of Class A Units as relates to the
ownership of such Units, executing this Agreement as a Class A Member or hereafter admitted to the Company as a Class A Member as provided in this Agreement, but does not include any Person who has ceased to be a Member; provided,
that that the holder of the Existing Units shall be deemed Class B Member and shall appear on the Schedule of Members as a Class B Member. 

“Class A Unit” means a Unit representing a fractional part of the equity interest in the Company having the rights and
obligations specified with respect to the Class A Units in this Agreement. 
 “Class B Common Stock” means the
Class B common stock, par value $0.01 per share, of Terra, Inc. 

  
 3 

 “Class B Member” means a holder of Class B Units as relates to the ownership of
such Units, executing this Agreement as a Class B Member or hereafter admitted to the Company as a Class B Member as provided in this Agreement, but does not include any Person who has ceased to be a Member. 

“Class B Exchange Agreement” means the Class B Exchange Agreement, dated on or about the date hereof among the Managing
Member, the Company and the Persons from time to time party thereto, as it may be amended or supplemented from time to time. 

“Class B Unit” means a Unit representing a fractional part of the equity interest in the Company having the rights and
obligations specified with respect to the Class B Units in this Agreement. 
 “Class B1 Common Stock” means the Class B1
common stock, par value $0.01 per share, of Terra, Inc. 
 “Class B1 Member” means a holder of Class B1 Units as relates to
the ownership of such Units, executing this Agreement as a Class B1 Member or hereafter admitted to the Company as a Class B1 Member as provided in this Agreement, but does not include any Person who has ceased to be a Member. 

“Class B1 Exchange Agreement” means the Class B1 Exchange Agreement, dated on or about the date hereof among the Managing
Member, the Company and the Persons from time to time party thereto, as it may be amended or supplemented from time to time. 

“Class B1 Unit” means a Unit representing a fractional part of the equity interest in the Company having the rights and
obligations specified with respect to the Class B1 Units in this Agreement. 
 “Code” means the Internal Revenue Code of
1986, as amended. 
 “Company” has the meaning set forth in the preamble of this Agreement. 

“Company Group” means collectively the Company and its Subsidiaries. 

“Company Group Member” means a member of the Company Group. 

“Company Minimum Gain” has the meaning set forth for the term “partnership minimum gain” in Treasury Regulations
Section 1.704-2(d). 
 “Completed CAFD Contribution Amount” means the As Delivered CAFD with respect to the
Contributed Construction Projects and any Substitute Projects contributed by SunEdison to the Company. 
 “Contributed Construction
Projects” means, collectively, the 15.5 megawatt solar power project known as Lindsay located in Canada (“Lindsay”), the 18.7 megawatt solar power project known as Marsh Hill located in Canada (“Marsh
Hill”), the 81.9 megawatt solar power project known as Regulus located in the USA (“Regulus”), the 26.0 megawatt solar power project known as the North Carolina Portfolio located in the USA (the “North Carolina
Portfolio”), the 16.1 megawatt solar power project known as Crucis Farm located in the U.K. (“Crucis Farm”), a 37.9 megawatt portion of the portfolio of solar power projects known as the DG 2014 located in the United States
(“U.S. Projects 2014”) and a 4.2 megawatt portion of the portfolio of solar power projects known as California Public Institutions (“California Public Institutions”) located in the United States and each of which is
under construction as of the date of this Agreement. 
 “Control” (including the correlative terms “Controlled
by” and “Controlling”) means, when used with reference to any Person, the possession, directly or indirectly, of the power to direct, or to cause the direction of, the management and policies of such Person, whether through ownership
of voting securities, by contract or otherwise. 
 “Controlled Affiliate” of any Person means any other Person controlled
by such Person. As used in this definition, “controlled by” shall mean possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities, by contract or
otherwise). 

  
 4 

 “Contributed Property” means any property contributed to the Company by a
Member. 
 “Credit Agreement” means the credit facility y and among SunEdison, as borrower, and Wells Fargo Bank, National
Association, as administrative agent, Goldman Sachs Bank USA and Deutsche Bank Securities Inc., as joint lead arrangers and joint syndication agents, Goldman Sachs Bank USA, Deutsche Bank Securities Inc., Wells Fargo Securities, LLC and Macquarie
Capital (USA) Inc., as joint bookrunners, and the lenders identified in the credit agreement. 
 “Credit Facilities” means,
one or more debt facilities (including, without limitation, the Credit Agreement, commercial paper facilities, note purchase agreements, security agreements, mortgages, debentures and indentures) or other forms of indebtedness, in each case, with
banks, other institutional lenders or trustees or any other Persons, providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow
from such lenders against such receivables) or letters of credit, notes or other borrowings in each case, as amended, restated, modified, renewed, refunded, restructured, increased, supplemented, replaced or refinanced (including by means of sales
of debt securities to institutional investors) in whole or in part from time to time (whether upon or after termination or otherwise). 

“Disqualified Person” means (a) any federal, state or local government (including any political subdivision, agency or
instrumentality thereof), (b) any organization described in Section 501(c) of the Code and exempt from tax under Section 501(a) of the Code, (c) any entity referred to in Section 54(j)(4) of the Code, (d) any Person
described in Section 50(d)(1) of the Code, (e) any Person who is not a “United States Person” as defined in Section 7701(a)(30) of the Code (other than a foreign partnership or foreign passthrough entity), unless (with
respect to the Company or any Subsidiary of the Company) such Person is a foreign person or entity that is subject to U.S. federal income tax on more than fifty percent (50%) of the gross income for the taxable year derived by such Person from
the Company or such Subsidiary and thus qualifies for the exception of section 168(h)(2)(B) of the Code, or (f) any partnership or other “pass-through entity” (within the meaning of Section 1603(g)(4) of the American Recovery and
Reinvestment Tax Act of 2009, as amended, including a single-member disregarded entity and a foreign partnership or foreign pass-through entity, but excluding a “real estate investment trust” as defined in section 856(a) of the Code and a
cooperative organization described in section 1381(a) of the Code, neither of which shall constitute a pass-through entity for purposes of this clause (f)) any direct or indirect partner (or other holder of an equity or profits interest) of which is
described in clauses (a) through (e) above unless such person owns such direct or indirect interest in the partnership or pass-through entity through a “taxable C corporation”, as that term is used in the Section 1603
Program Guidance; provided, that if and to the extent the definition of “disqualified person” under Section 1603(g) of the American Recovery and Reinvestment Tax Act of 2009, as amended, is amended after the date hereof, the
definition of “Disqualified Person” hereunder shall be interpreted to conform to such amendment and any guidance issued by the U.S. Treasury Department with respect thereto. 

“Distribution Forbearance Period” means the period beginning on the IPO Closing Date and ending on the later of
(a) March 31, 2015 or (b) the date that the Completed CAFD Contribution Amount exceeds the CAFD Forbearance Threshold. 

“Economic Risk of Loss” has the meaning set forth in Section 5.1(b)(vi). 

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

“Equity Securities” means, as applicable, (i) any capital stock, limited liability company or membership interests,
partnership interests, or other equity interest, (ii) any securities directly or indirectly convertible into or exchangeable for any capital stock, limited liability company or membership interests, partnership interests, or other equity
interest or containing any profit participation features, (iii) any rights or options directly or indirectly to subscribe for or to purchase any capital stock, limited liability company or membership interests, partnership interest, other
equity interest or securities containing any profit participation features or to subscribe for or to purchase any securities directly or indirectly convertible into or exchangeable for any capital stock, limited liability company or membership
interests, partnership interest, other equity interests or securities containing any profit participation features, (iv) any equity appreciation rights, phantom equity rights or other similar rights, or (v) any Equity Securities issued or
issuable with respect to the securities referred to in clauses (i) through (iv) above in connection with a combination, recapitalization, merger, consolidation or other reorganization. 

  
 5 

 “Estimated Incremental Quarterly Tax Amount” has the meaning set forth in
Section 4.6. 
 “Exchange” means the exchange of Class B Units (and corresponding shares of Class B Common
Stock) or Class B1 Units (and corresponding shares of Class B1 Common Stock) for Class A Common Stock pursuant to this Agreement and any Exchange Agreement. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder as in effect
from time to time. 
 “Exchange Agreement” means, as applicable, the Class B Exchange Agreement and/or the Class B1
Exchange Agreement. 
 “Exchange Election” has the meaning set forth in Section 3.2(c). 

“Exchange Shares” has the meaning set forth in Section 3.2(c)(iv). 

“Exchanging Member” means a Member Transferring Class B Units (and corresponding shares of Class B Common Stock) or Class B1
Units (and corresponding shares of Class B1 Common Stock) as contemplated in Section 3.2(c). 
 “Existing
Units” has the meaning set forth in the preamble of this Agreement. 
 “Fair Market Value” means, with respect to
any assets or securities, the fair market value for such assets or securities as determined in good faith by the Managing Member in its sole discretion. 

“First Target Distribution” means 150% of the Minimum Quarterly Distribution, subject to adjustment in accordance with
Sections 3.8, Section 4.5 and Section 4.6. 
 “Fiscal Year” means the fiscal year of
the Company which shall end on December 31 of each calendar year unless, for United States federal income tax purposes, another fiscal year is required. The Company shall have the same fiscal year for United States federal income tax purposes
and for accounting purposes. 
 “GAAP” means accounting principles generally accepted in the United States of America,
consistently applied and maintained throughout the applicable periods. 
 “Greenshoe Shares” has the meaning set forth in
Section 3.2(b)(ii). 
 “HSR Act” has the meaning set forth in Section 7.2. 

“IDR” means a non-voting Membership Interest that will confer upon the holder thereof only the rights and obligations
specifically provided in this Agreement with respect to IDR (and no other rights otherwise available to or other obligations of a holder of a Membership Interest). Notwithstanding anything in this Agreement to the contrary, the holder of an IDR
shall not be entitled to vote such IDR on any matter except as may otherwise be required by law. 
 “IDR Reset Class B1 Common
Stock” has the meaning set forth in Section 3.8(a). 
 “IDR Reset Class B1 Securities” has the meaning
set forth in Section 3.8(a). 
 “IDR Reset Class B1 Units” has the meaning set forth in
Section 3.8(a). 
 “IDR Reset Election” has the meaning set forth in Section 3.8(a). 

“Income” means individual items of Company income and gain determined in accordance with the definitions of Net Income and
Net Loss. 

  
 6 

 “Incremental Income Taxes” has the meaning set forth in Section 4.6.

 “Indemnitees” means (a) any Person who is or was a member, partner, shareholder, director, officer, fiduciary or
trustee of the Company or any Affiliate of the Company, (b) any Person who is or was serving at the request of the Managing Member as an officer, director, member, partner, fiduciary or trustee of another Person, in each case, acting in such
capacity (provided that a Person shall not be an Indemnitee by reason of providing, on a fee-for-services basis, trustee, fiduciary or custodial services) and (c) any Person the Managing Member designates as an “Indemnitee” for
purposes of this Agreement. 
 “Independent Conflicts Committee” means a committee of the board of directors of Terra, Inc.
consisting entirely of independent directors. 
 “Interest Payment Agreement” means the Interest Payment Agreement dated as
of the date hereof by and between SunEdison, SunEdison Holdings, the Company and TerraForm Power Operating, LLC. 
 “IPO”
means the initial public offering and sale of Class A Common Stock (as contemplated by Terra, Inc.’s Registration Statement on Form S-1 (Registration No. 333-189148). 

“IPO Closing Date” means the closing date of the sale of shares of Class A Common Stock in the IPO. 

“Loss” means individual items of Company loss and deduction determined in accordance with the definitions of Net Income and
Net Loss. 
 “Managing Member” means, initially, Terra, Inc. and any assignee to which the managing member of the
Company Transfers all Units held by such managing member of the Company that is admitted to the Company as the managing member of the Company, in its capacity as the managing member of the Company. 

“Management Services Agreement” means the Management Services Agreement dated as of the date hereof by and between SunEdison,
SunEdison Holdings, Terra, Inc., the Company and TerraForm Power Operating, LLC. 
 “Member” means each Person listed on
the Schedule of Members on the date hereof (including the Managing Member) and each other Person who is hereafter admitted as a Member in accordance with the terms of this Agreement and the Act. Any reference in this Agreement to any Member shall
include such Member’s Successors in Interest to the extent such Successors in Interest have become Substituted Members in accordance with the provisions of this Agreement. 

“Member Nonrecourse Debt” has the meaning set forth for the term “partner nonrecourse debt” in Treasury Regulations
Section 1.704-2(b)(4). 
 “Member Nonrecourse Debt Minimum Gain” has the meaning set forth for the term “partner
nonrecourse debt minimum gain” in Treasury Regulations Section 1.704-2(i)(2). 
 “Member Nonrecourse Deduction”
has the meaning set forth for the term “partner nonrecourse deduction” in Treasury Regulation Section 1.704-2(i)(1). 

“Membership Interests” means, collectively, the limited liability company interests of the Members in the Company as
represented by Units and IDRs. 
 “Membership Interest Certificate” has the meaning set forth in Section 3.7.

 “Minimum Quarterly Distribution” means $0.2257 per Unit per Quarter (or with respect to the Quarter that includes the
IPO Closing Date, it means the product of such amount multiplied by a fraction, the numerator of which is the number of days in such Quarter after the IPO Closing Date and the denominator of which is the total number of days in such Quarter)),
subject to adjustment in accordance with Sections 3.8, Section 4.5 and Section 4.6. 

  
 7 

 “National Securities Exchange” means an exchange registered under
Section 6(a) of the Exchange Act and any successor to such statute. 
 “Net Income” means, for any taxable year, the
excess, if any, of the Company’s items of income and gain for such taxable year over the Company’s items of loss and deduction for such taxable year. The items included in the calculation of Net Income shall be determined in accordance
with Section 3.3(b) and shall not include any items specially allocated under Section 5.1(b). 
 “Net
Loss” means, for any taxable year, the excess, if any, of the Company’s items of loss and deduction for such taxable year over the Company’s items of income and gain for such taxable year. The items included in the calculation of
Net Loss shall be determined in accordance with Section 3.3 and shall not include any items specially allocated under Section 5.1(b). 

“Nonrecourse Deductions” means any and all items of loss, deduction, or expenditure (including, without limitation, any
expenditure described in Section 705(a)(2)(B) of the Code) that, in accordance with the principles of Treasury Regulations Section 1.704-2(b), are attributable to a Nonrecourse Liability. 

“Nonrecourse Liability” has the meaning set forth in Treasury Regulations Section 1.752-1(a)(2). 

“Offer Notice” has the meaning set forth in Section 3.9(b). 

“Officer” means each Person designated as an officer of the Company pursuant to and in accordance with the provisions of
Section 6.2, subject to any resolution of the Managing Member appointing such Person as an officer of the Company or relating to such appointment. 

“Percentage Interest” means, with respect to any Member as of any date of determination, the product obtained by multiplying
100% by the quotient obtained by dividing the number of Units held by such Member by the total number of all outstanding Units. 

“Person” means any individual, partnership, corporation, limited liability company, trust or other entity, including any
governmental entity. 
 “Prior Agreement” has the meaning set forth in the recitals hereof. 

“Proceeding” has the meaning set forth in Section 6.4(a). 

“Project Support Agreement” means the Project Support Agreement dated as of the date hereof by and between SunEdison and the
Company. 
 “Quarter” means, unless the context requires otherwise, a fiscal Quarter of the Company, or, with respect to
the fiscal quarter of the Company that includes the IPO Closing Date, the portion of such fiscal quarter after the IPO Closing Date. 

“Required Allocations” has the meaning set forth in Section 5.1(b)(ix)(A). 

“Reset MQD” has the meaning set forth in Section 3.8(e). 

“Reset Notice” has the meaning set forth in Section 3.8(b). 

“ROFR Election Period” has the meaning set forth in Section 3.9(b). 

“Schedule of Members” has the meaning set forth in Section 3.1(b). 

“Second Target Distribution” means 175% of the Minimum Quarterly Distribution, subject to adjustment in accordance with
Sections 3.8, Section 4.5 and Section 4.6. 

  
 8 

 “Securities Act” means the Securities Act of 1933, as amended, and the rules and
regulations thereunder as in effect from time to time. 
 “Subordination Period” means the period beginning on the IPO
Closing Date and extending until the date of the first to occur of the following dates: 
 (a) the first Business Day upon which each of the
following tests has been met, which will be a minimum three-year period ending no earlier than the beginning of the period for which a distribution is paid for the third Quarter of 2017: (1) distributions of CAFD on each of the outstanding
Class A Units, Class B Units and Class B1 Units equaled or exceeded the annualized Minimum Quarterly Distribution for each of three non-overlapping four Quarter periods immediately preceding that date; (2) the CAFD generated during each of
three non-overlapping four-Quarter periods immediately preceding that date equaled or exceeded the sum of the annualized Minimum Quarterly Distribution on all of the outstanding Class A, Class B and Class B1 Units during those periods on a
fully diluted basis; and (3) there are no arrearages in payment of the Minimum Quarterly Distribution on the Class A Units or Class B1 Units; or 

(b) the first Business Day upon which each of the following tests has been met: (1) distributions of CAFD on each of the outstanding
Class A Units, Class B Units and Class B1 Units equaled or exceeded 200% of the annualized Minimum Quarterly Distribution for the four-Quarter period immediately preceding that date; (2) the CAFD generated during the four-Quarter period
immediately preceding that date equaled or exceeded the sum of (A) 200% of the annualized Minimum Quarterly Distribution on all of the outstanding Class A Units, Class B Units and Class B1 Units and (B) the corresponding distributions
on the IDRs during such four Quarter period; and (3) there are no arrearages in payment of the Minimum Quarterly Distributions on the Class A Units and Class B1 Units. 

“Subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership, association or
business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof that is at
the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a limited liability company, partnership, association or other business entity
(other than a corporation), a majority of partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof. For
purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity (other than a corporation) if such Person or Persons shall be allocated a
majority of limited liability company, partnership, association or other business entity gains or losses or shall control the management of any such limited liability company, partnership, association or other business entity. For purposes hereof,
references to a “Subsidiary” of any Person shall be given effect only at such times that such Person has one or more Subsidiaries and, unless otherwise indicated, the term “Subsidiary” refers to a Subsidiary of the
Company. 
 “Substitute Project” means a solar power project that is not an Identified Call Right Asset (as defined in the
Project Support Agreement) or an Unidentified Call Right Project (as defined in the Project Support Agreement), that SunEdison, subsequent to determining one or more of the Construction Projects is not reasonably expected to achieve a commercial
operation date, contributes to the Company as a capital contribution without receiving any additional economic interest in the Company. 

“Substituted Member” means a Person who is admitted as a Member to the Company pursuant to Section 7.5 with all
the rights of a Member and who is shown as a Member on the Schedule of Members. 
 “Successor in Interest” means any
(i) trustee, custodian, receiver or other Person acting in any Bankruptcy or reorganization proceeding with respect to, (ii) assignee for the benefit of the creditors of, or (iii) trustee or receiver, or current or former officer,
director or partner, or other fiduciary acting for or with respect to the dissolution, liquidation or termination of. 

“SunEdison” means SunEdison, Inc. a Delaware corporation. 

  
 9 

 “Target Distributions” means each of the Minimum Quarterly Distribution, the
First Target Distribution, Second Target Distribution and Third Target Distribution. 
 “Tax Matters Member” has the
meaning set forth in Section 8.4(d). 
 “Terra, Inc.” has the meaning set forth in the preamble of this
Agreement. 
 “Terra, Inc. Charter” means that certain amended and restated certificate of incorporation of Terra, Inc. as
filed with the Secretary of State of the State of Delaware on                     , 2014 and as further amended from time to time in accordance with
its terms. 
 “Terra, LLC Unitholders” has the meaning set forth in Section 3.2(b). 

“Third Target Distribution” means 200% of the Minimum Quarterly Distribution, subject to adjustment in accordance with
Sections 3.8, Section 4.5 and Section 4.6. 
 “Transfer” means sell, assign, convey,
contribute, distribute, give, or otherwise transfer, whether directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise, or any act of the foregoing, including any Transfer upon foreclosure of any pledge, encumbrance,
hypothecation or mortgage. The terms “Transferee,” “Transferor,” “Transferred,” “Transferring Member,” “Transferor Member,” “Transferring Holder”
and other forms of the word “Transfer” shall have the correlative meanings. 
 “Transferring Holder” has
the meaning set forth in Section 3.9(b). 
 “Treasury Regulations” means the regulations, including temporary
regulations, promulgated by the United States Treasury Department under the Code, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 

“Units” means the Class A Units, the Class B Units , the Class B1 Units and any other series of limited liability
company interests in the Company denominated as “Units” that is established in accordance with this Agreement, which shall constitute limited liability company interests in the Company as provided in this Agreement and under the Act,
entitling the holders thereof to the relative rights, title and interests in the profits, losses, deductions and credits of the Company at any particular time as set forth in this Agreement, and any and all other benefits to which a holder thereof
may be entitled as a Member as provided in this Agreement, together with the obligations of such Member to comply with all terms and provisions of this Agreement. 

“Unrealized Gain” attributable to any item of Company property means, as of any date of determination, the excess, if any, of
(a) the Fair Market Value of such property as of such date (as determined under Section 3.3(c)) over (b) the Carrying Value of such property as of such date (prior to any adjustment to be made pursuant to
Section 3.3(c) as of such date). 
 “Unrealized Loss” attributable to any item of Company property means, as of
any date of determination, the excess, if any, of (a) the Carrying Value of such property as of such date (prior to any adjustment to be made pursuant to Section 3.3(c) as of such date) over (b) the Fair Market Value of such
property as of such date (as determined under Section 3.3(c)). 
 Section 1.2 Other Definitions. Other terms defined
herein have the meanings so given them. 
 Section 1.3 Construction. Whenever the context requires, the gender of all words used
in this Agreement includes the masculine, feminine, and neuter. All references to Articles and Sections refer to articles and sections of this Agreement, all references to “including” shall be construed as meaning “including without
limitation” and all references to Exhibits are to Exhibits attached to this Agreement, each of which is made a part for all purposes. 

  
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 ARTICLE II 

ORGANIZATIONAL AND OTHER MATTERS 

Section 2.1 Formation. The Company was formed as a Delaware limited liability company on February 14, 2014 under the Act by
executing the Limited Liability Agreement of TerraForm Power, LLC, which was amended and restated on March 24, 2014. The Members agree to continue the Company as a limited liability company under the Act, upon the terms and subject to the
conditions set forth in this Agreement. The rights, powers, duties, obligations and liabilities of the Members shall be determined pursuant to the Act and this Agreement. This Agreement is the “limited liability company agreement” of the
Company within the meaning of Section 18-101(7) of the Act. To the extent that this Agreement is inconsistent in any respect with the Act, this Agreement shall, to the extent permitted by the Act, control. 

Section 2.2 Name. The name of the Company is “TerraForm Power, LLC” and the business of the Company shall be conducted
under that name, or under any other name adopted by the Managing Member in accordance with the Act. Subject to the Act, the Managing Member may change the name of the Company (and amend this Agreement to reflect such change) at any time and from
time to time without the consent of any other Person. Prompt notification of any such change shall be given to all Members. 

Section 2.3 Limited Liability. The debts, obligations and liabilities of the Company, whether arising in contract, tort or
otherwise, shall be the debts, obligations and liabilities solely of the Company, and a Member shall not be obligated personally for any of such debts, obligations or liabilities solely by reason of being a Member. 

Section 2.4 Registered Office; Registered Agent; Principal Office in the United States; Other Offices. The registered office of
the Company in the State of Delaware shall be the initial registered office designated in the Certificate or such other office (which need not be a place of business of the Company) as the Managing Member may designate from time to time in the
manner provided by law. The registered agent of the Company in the State of Delaware shall be the initial registered agent designated in the Certificate or such other Person or Persons as the Managing Member may designate from time to time in the
manner provided by law. The registered office of the Company in the United States shall be at the place specified in the Certificate, or such other place(s) as the Managing Member may designate from time to time. The Company may have such other
offices as the Managing Member may determine appropriate. 
 Section 2.5 Purpose; Powers. The Company may carry on any lawful
business, purpose or activity permitted by the Act. The Company may engage in any and all activities necessary, desirable or incidental to the accomplishment of the foregoing. Subject to the provisions of this Agreement and except as prohibited by
the Act, (i) the Company may, with the approval of the Managing Member, enter into and perform any and all documents, agreements and instruments, all without any further act, vote or approval of any Member and (ii) the Managing Member may
authorize any Person (including any Member or Officer) to enter into and perform any document on behalf of the Company. 
 Section 2.6
Existing and Good Standing; Foreign Qualification. The Managing Member may take all action which may be necessary or appropriate (i) for the continuation of the Company’s valid existence as a limited liability company under the laws
of the State of Delaware (and of each other jurisdiction in which such existence is necessary to enable the Company to conduct the business in which it is engaged) and (ii) for the maintenance, preservation and operation of the business of the
Company in accordance with the provisions of this Agreement and applicable laws and regulations. The Managing Member may file or cause to be filed for recordation in the office of the appropriate authorities of the State of Delaware, and in the
proper office or offices in each other jurisdiction in which the Company is formed or qualified, such certificates (including certificates of limited liability companies and fictitious name certificates) and other documents as are required by the
applicable statutes, rules or regulations of any such jurisdiction or as are required to reflect the identity of the Members and the amounts of their respective capital contributions. Each Member shall execute, acknowledge, swear to and deliver all
certificates and other instruments conforming to this Agreement that are necessary or appropriate to qualify, or, as appropriate, to continue or terminate such qualification of, the Company as a foreign limited liability company in all such
jurisdictions in which the Company may conduct business. 

  
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 Section 2.7 Term. The Company commenced on the date the Certificate was filed with
the Secretary of State of the State of Delaware, and shall continue in existence until it is liquidated or dissolved in accordance with this Agreement and the Act. 

Section 2.8 No State Law Partnership. 

(a) The Members intend that the Company shall not be a partnership (including a limited partnership) or joint venture, and that no Member or
Officer shall be a partner or joint venturer of any other Member or Officer by virtue of this Agreement, for any purposes other than as is set forth in the following sentence of this Section 2.8(a), and this Agreement shall not be
construed to the contrary. The Members intend that the Company shall be treated as a partnership for federal and, if applicable, state or local income tax purposes, as of the date Terra, Inc. first becomes a Member, and each Member, Assignee and the
Company shall file all tax returns and shall otherwise take all tax and financial reporting positions in a manner consistent with such treatment. Neither the Company nor any Member shall take any action inconsistent with such treatment. 

(b) So long as the Company is treated as a partnership for federal income tax purposes, to ensure that Units are not traded on an established
securities market within the meaning of Treasury Regulations Section 1.7704-1(b) or readily tradable on a secondary market or the substantial equivalent thereof within the meaning of Regulations Section 1.7704-1(c), notwithstanding
anything to the contrary contained herein, (i) the Company shall not participate in the establishment of any such market or the inclusion of its Units thereon, and (ii) the Company shall not recognize any Transfer made on any such market
by: (A) redeeming the Transferor Member (in the case of a redemption or repurchase by the Company); or (B) admitting the Transferee as a Member or otherwise recognizing any rights of the Transferee, such as a right of the Transferee to
receive Company distributions (directly or indirectly) or to acquire an interest in the capital or profits of the Company. 

Section 2.9 Admission. Terra, Inc. is hereby designated as the Managing Member of the Company upon its execution of a counterpart
signature page to this Agreement and each Member of the Company immediately prior to the effectiveness of this Agreement (including SunEdison Holdings) shall continue as a Member hereunder. 

ARTICLE III 
 MEMBERS;
CAPITALIZATION 
 Section 3.1 Members; Units. 

(a) Limited Liability Company Interests. Interests in the Company shall be represented by Units, or such other Equity Securities in the
Company, or such other Company securities, in each case as the Managing Member may establish in its sole discretion in accordance with the terms hereof. As of the Effective Date, the Units are comprised of three Classes: “Class A Units,”
“Class B Units” and “Class B1 Units.” 
 (b) Schedule of Units; Schedule of Members. The Company shall maintain a
schedule setting forth (i) the name and address of each Member, (ii) the number of Units (by Class) and/or percentage of IDRs owned of record by such Member, (iii) the aggregate number of outstanding Units by Class (including rights,
options or warrants convertible into or exchangeable or exercisable for Units), and (iv) the aggregate amount of cash Capital Contributions that have been made by each of the Members and the Fair Market Value of any property other than cash
contributed by each of the Members with respect to such Units (including, if applicable, a description and the amount of any liability assumed by the Company or to which contributed property is subject) (such schedule, the “Schedule of
Members”). The Schedule of Members shall be the definitive record of ownership of each Unit or other Equity Security in the Company and all relevant information with respect to each Member. The Company shall be entitled to recognize the
exclusive right of a Person registered on its records as the owner of Units or other Equity Securities in the Company for all purposes and shall not be bound to recognize any equitable or other claim to or interest in Units or other Equity
Securities in the Company on the part of any other Person, whether or not it shall have express or other notice thereof, except as otherwise provided by the Act. 

(c) Reclassification of Existing Units. The Existing Units shall automatically be reclassified into an equivalent number of Class B
Units on the Effective Date. 

  
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 (d) Class A Units. Class A Units shall only be issuable to Terra, Inc. The
Schedule of Members sets forth the identity of all Class A Members and the number of Class A Units held by each Class A Member. The Class A Units shall rank pari passu with, and have all the same rights (including the
rights to share in Net Income and Net Loss or items thereof and distributions made in accordance with Article IV and Section 7.2(c)) and be subject to all of the same obligations, as the Class B Units. 

(e) Class B Units. The Schedule of Members sets forth the identity of all Class B Members and the number of Class B Units held by each
Class B Member. Unless the Company otherwise consents, Class B Units shall only be issuable to SunEdison and Controlled Affiliates of SunEdison from and after the Effective Date. Upon the Exchange contemplated in any Exchange Election, the Class B
Units covered by such Exchange Election shall be exchanged for Exchange Shares pursuant to the Class B Exchange Agreement and this Agreement and, in connection with such Exchange, reclassified as Class A Units. The Class B Units shall rank
pari passu with, and have all the same rights (including the rights to share in Net Income and Net Loss or items thereof and distributions made in accordance with Article IV) and be subject to all of the same obligations, as the
Class A Units. In no event may Class B Units be Transferred unless the Transferor also Transfers to the same Transferee an equal number of shares of Class B Common Stock. 

(f) Class B1 Units. The Schedule of Members sets forth the identity of all Class B1 Members and the number of Class B1 Units held by
each Class B1 Members. Upon the Exchange contemplated in any Exchange Election, the Class B1 Units covered by such Exchange Election shall be exchanged for Exchange Shares pursuant to the Class B1 Exchange Agreement and this Agreement and, in
connection with such Exchange, reclassified as Class A Units. The Class B1 Units shall rank pari passu with, and have all the same rights (including the rights to share in Net Income and Net Loss or items thereof and distributions made in
accordance with Article IV) and be subject to all of the same obligations, as the Class A Units. In no event may Class B1 Units be Transferred unless the Transferor also Transfers to the same Transferee an equal number of shares of Class B1
Common Stock. 
 (g) Disqualified Persons. Each Class B1 Member hereby represents, warrants and acknowledges to the Company
that such Class B1 Member is not a Disqualified Person. Each Class B1 Member hereby agrees that (a) such Class B1 Member shall not become a Disqualified Person and (b) such Class B1 Member shall deliver to the Company, on the last day
of each calendar quarter, a Section 1603 Certification in the form set forth in Exhibit B. 
 Section 3.2 Class A
Common Stock Sale; Exchanges; Authorization and Issuance of Additional Units. 
 (a) General. 

(i) A Class B Member may not Transfer, directly or indirectly, all or any portion of its Class B Units except in connection
with (i) a Class A Common Stock Sale, (ii) a Transfer (subject to the provisions of Section 7.3 and Section 7.4) of such Units in accordance with the procedures set forth in Section 3.2(c) or
(iii) unless the Managing Member determines in good faith that a proposed Transfer would violate Section 7.4(c) a Transfer of Class B Units held by such Class B Member to one or more Controlled Affiliates; provided,
however, that SunEdison and its Controlled Affiliates may pledge its Class B or B1 Units in accordance with Section 7.3 of this Agreement. No Transfer of any Class B Units by a Class B Member to a Controlled Affiliate shall effect
a release of the Transferring Class B Member’s obligations under this Agreement to the Class A Members, and as a condition to such Transfer, each such Controlled Affiliate shall expressly assume in writing all of the obligations of the
Transferring Class B Member, whether arising prior to, on or after the date of Transfer, to the Class A Members. 
 (ii)
Without the Company’s written consent which may be subject to any conditions the Company, in its sole discretion, deems appropriate, a Class B1 Member may not Transfer, directly or indirectly, all or any portion of its Class B1 Units except
(subject to the provisions of Section 7.3 and Section 7.4) in connection with a Transfer of such Class B1 Units in accordance with the procedures set forth in Section 3.2(c). 

  
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 (b) Class A Common Stock Sale. 

(i) In connection with any Class A Common Stock Sale, either (A) the Managing Member shall cause the Company to use
the related net cash proceeds from such sale (upon the receipt thereof from Terra, Inc.) to issue Class A Units to Terra, Inc., in an amount equal to the number of shares of Class A Common Stock related to such Class A Common Stock
Sale or (B) Terra, Inc., subject to the the agreement of the applicable Member, shall purchase Class B Units or Class B1 Units directly from a Member (in which case a corresponding number of shares Class B Common Stock or Class B1 Common Stock,
as applicable, held by such Member would be surrendered by such Member to Terra, Inc.), and such Class B Units or Class B1 Units purchased by Terra, Inc. would then immediately convert to Class A Units upon the consummation of such purchase and
delivered to Terra, Inc. Upon the receipt of the shares of Class B Common Stock or Class B1 Common Stock, as applicable, specified in this Section 3.2(b)(i), Terra, Inc. shall cause such shares to be cancelled. The determination of how
to apply the net cash proceeds received by the Company from any Class A Common Stock Sale shall be made in the Managing Member’s sole discretion. For the avoidance of doubt, the provisions of this Section 3.2(b)(i) do not
provide the Company or Terra, Inc. the right to purchase Class B Units or Class B1 Units from a Member or require a Member to sell Class B Units or Class B1 Units to either the Company or the Terra, Inc. without such Member, in their sole
discretion, agreeing to the terms of any such purchase and sale. 
 (ii) Notwithstanding the last sentence of
Section 3.1(b)(i) of this Agreement, the Company, Terra, Inc. and SunEdison agree that in connection with the IPO, to the extent the underwriters exercise all or a portion of their option to purchase up to 3,009,750 additional shares of
Class A Common Stock (the “Greenshoe Shares”), SunEdison agrees to sell to Terra, Inc. and Terra, Inc. agrees to purchase, in exchange for net proceeds received from the underwriters with respect to such shares, in the manner
set forth in Section 3.2(b)(i), a number of Class B Units (and a corresponding number of shares of Class B Common Stock ) equal to the number of Greenshoe Shares purchased by the underwriters. 

(iii) The Company, the Class A Member and the participating Members shall bear their own expenses in connection with the
consummation of any Class A Common Stock Sale, except that the Company shall bear any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, any Class A Common Stock Sale. 

(c) Exchanges. Subject to the provisions of Section 7.4, each Class B Unit and each Class B1 Unit together with a
corresponding number of shares of Class B Common Stock or Class B1 Common Stock, as applicable, will be exchangeable for a share of Class A Common Stock, subject to equitable adjustments for stock splits, stock dividends and reclassifications
in accordance with the terms of the applicable Exchange Agreement. An Exchanging Class B Member or Exchanging Class B1 Member shall deliver to the Managing Member the written election of exchange (an “Exchange Election”) as
contemplated by Section 2.1(b) of the applicable Exchange Agreement. In connection with any Exchange, the Exchanging Member shall surrender Class B Units or Class B1 Units and a corresponding number of shares of Class B Common stock or Class B1
Common Stock and: 
 (i) the Company will cancel the surrendered Class B Units or Class B1 Units; 

(ii) the Company will issue a corresponding number of additional Class A Units to Terra, Inc.; 

(iii) Terra, Inc. will cancel a corresponding number of shares of Class B Common Stock or Class B1 Common Stock; and 

(iv) Terra, Inc. will issue a corresponding number of shares of Class A Common Stock to the Exchanging Member (the
“Exchange Shares”). 
 (d) Authorization and Issuance of Additional Units. 

(i) Subject to the limitations on issuing additional Units set forth in this Agreement (including Section 7.4), the
requirements set forth in the Exchange Agreements and any applicable listing exchange requirements, the Managing Member may issue additional Classes of Units, other Equity 

  
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Securities in the Company or other Company securities from time to time with such rights, obligations, powers, designations, preferences and other terms, which may be different from, including
senior to, any then existing or future Classes of Units, other Equity Securities in the Company or other Company securities, as the Managing Member shall determine from time to time, in its sole discretion, without the vote or consent of any other
Member or any other Person, including (i) the right of such Units, other Equity Securities in the Company or other Company securities to share in Net Income and Net Loss or items thereof, (ii) the right of such Units, other Equity
Securities in the Company or other Company securities to share in Company distributions, (iii) the rights of such Units, other Equity Securities or other Company securities upon dissolution and liquidation of the Company, (iv) whether, and
the terms and conditions upon which, the Company may or shall be required to redeem such Units, other Equity Securities in the Company or other Company securities (including sinking fund provisions), (v) whether such Units, other Equity
Securities in the Company or other Company securities are issued with the privilege of conversion or exchange and, if so, the terms and conditions of such conversion or exchange, (vi) the terms and conditions upon which such Units, other Equity
Securities in the Company or other Company securities will be issued, evidenced by certificates or assigned or transferred, (vii) the terms and conditions of the issuance of such Units, other Equity Securities in the Company or other Company
securities (including, without limitation, the amount and form of consideration, if any, to be received by the Company in respect thereof, the Managing Member being expressly authorized, in its sole discretion, to cause the Company to issue Units,
other Equity Securities in the Company or other Company securities for less than Fair Market Value), and (viii) the right, if any, of the holder of such Units, other Equity Securities in the Company or other Company securities to vote on
Company matters, including matters relating to the relative designations, preferences, rights, powers and duties of such Units, other Equity Securities in the Company or other Company securities. The Managing Member, without the vote or consent of
any other Member or any other Person but subject to Sections 3.1(d) and 3.1(e) and any applicable listing exchange requirements, is authorized (i) to issue any Units, other Equity Securities in the Company or other Company
securities of any such newly established Class, and (ii) to amend this Agreement to reflect the creation of any such new series, the issuance of Units, other Equity Securities in the Company or other Company securities of such series, and the
admission of any Person as a Member which has received Units or other Equity Securities of any such Class, in accordance with this Section 3.2, Section 7.3 and Section 9.4. Except as expressly provided in this
Agreement to the contrary, any reference to “Units” shall include the Class A Units, the Class B Units and any other series of Units that may be established in accordance with this Agreement. 

(ii) If Terra, Inc. issues another class or series of equity securities (other than Class A Common Stock, Class B Common
Stock or Class B1 Common Stock), the Company shall authorize and issue in accordance with Section 3.2(d)(i) of this Agreement, and Terra, Inc. will use the net proceeds therefrom to purchase, an equal number of membership interests with
designations, preferences and other rights and terms that are substantially the same as those of Terra, Inc.’s newly-issued equity securities. 

(iii) If Terra, Inc. issues shares of Class A Common Stock (other than in a Class A Common Stock Sale), the Company
shall authorize and issue, and Terra, Inc. will use the net proceeds therefrom to purchase, an equal number of Class A Units. In the event Terra, Inc. issues shares of Class A common stock that are subject to forfeiture or cancellation
(e.g. restricted stock), the corresponding Class A unit will be issued subject to similar forfeiture or cancellation provisions. 

(iv) If Terra, Inc. issues shares of Class B Common Stock, the Company shall authorize and issue to the purchaser of such
shares of Class B Common Stock an equal number of Class B Units, and Terra, Inc. will transfer the net proceeds therefrom to the Company. 

(v) If Terra, Inc. issues shares of Class B1 Common Stock, the Company shall authorize and issue to the purchaser of such
shares of Class B1 Common Stock an equal number of Class B1 Units, and Terra, Inc. will transfer the net proceeds therefrom to the Company. 

(vi) In the event Terra, Inc. elects to redeem any shares of its Class A Common Stock or any other class or series of its
equity securities except shares of its Class B Common Stock or Class B1 Common Stock for cash, the Company will, immediately prior to such redemption, redeem an equal 

  
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number of Class A Units or any other Units of the corresponding classes or series, upon the same terms and for the same price as the shares of Class A Common Stock or other equity
securities of Terra, Inc. so redeemed. 
 (e) In no event will any unit distribution, unit splits, reverse unit splits, combinations of
units, reclassifications or recapitalizations be declared or made on any Class A Units, Class B Units or Class B1 Units, as the case may be, unless contemporaneously therewith, the Class A Units, Class B Units or Class B1 Units, at the
time outstanding, are treated in the same proportion and the same manner. 
 (f) Automatic Conversion. If, for any reason, a Class B1
Member becomes a Disqualified Person, each Class B1 Unit held by such Class B1 Member (together with each corresponding share of Class B1 Common Stock held by such Class B1 Member) shall be automatically converted into a share of Class A Common
Stock (subject to equitable adjustments for stock splits, stock dividends and reclassifications in accordance with the terms of the Class B1 Exchange Agreement) without any action on the part of such Class B1 Member, immediately upon the event or
circumstance that results in such Class B1 Member becoming a Disqualified Person (each such conversion, an “Automatic Conversion”). Upon an Automatic Conversion, the Class B1 Member whose Class B1 Units and corresponding shares
of Class B1 Common Stock are converted shall have no further rights as a Member under this Agreement, including any rights to receive distributions from the Company pursuant to this Agreement (including pursuant to Article IV). Each
Class B1 Member agrees that, if such Class B1 Member becomes a Disqualified Person, (i) any distributions received by such Class B1 Member on or after the date of an Automatic Conversion shall be repaid to the Company within 3
Business Days of the Company’s request, (ii) such Class B1 Member shall not be entitled to receive any dividends from Terra, Inc. until such Class B1 Member surrenders and delivers the applicable Class B1 Units to the Company (and delivers
the applicable corresponding shares of Class B1 Common Stock to Terra, Inc.) and (iii) such Class B1 Member will not be entitled to either a distribution in respect of the Class B1 Units held by such Class B1 Member or a dividend on
shares of Class A Common Stock into which such Class B1 Units (together with each corresponding share of Class B1 Common Stock held by such Class B1 Member) are converted for the Quarter in which the Automatic Conversion took place, and such
Class B1 Member will repay to the Company the amount of any distribution received in respect of Class B1 Units held by such Class B1 Member during a Quarter for which such Class B1 Member also received a dividend on shares of Class A Common
Stock into which such Class B1 Units (together with corresponding shares of Class B1 Common Stock) had been converted pursuant to an Automatic Conversion. Effective immediately upon an Automatic Conversion, without any action on the part of the
Company, the Managing Member or any other Member, the Class B1 Units and shares of Class B1 common stock held by a Class B1 Member who becomes a Disqualified Person shall represent only the right to receive shares of Class A Common Stock
in accordance with the terms of this Section 3.2(f) and such Class B1 Member will forfeit its limited liability company interest in the Company, including any economic interest such Class B1 Member may have in the Company. An Automatic
Conversion pursuant to this Section 3.2(f) shall constitute an Exchange under this Agreement. 
 (g) Lender Foreclosure.
Upon in the event that the lenders identified in the Credit Facilities exercise their right to foreclose on securities pledged pursuant to Section 7.3 of this Agreement, to the extent such securities constitute Class B Units or Class B1
Units, such Class B Units or Class B1 Units (together with a corresponding number of shares of Class B Common Stock or Class B1 Common Stock) shall be automatically converted into shares of Class A Common Stock (subject to equitable adjustments
for stock splits, stock dividends and reclassifications in accordance with the terms of the Class B or B1 Exchange Agreement, as applicable) without any action on the part of SunEdison, its Controlled Affiliates, the lenders, the Company, the
Managing Member or any other Member, immediately upon the foreclosure. 
 Section 3.3 Capital Account. 

(a) The Managing Member shall maintain for each Member owning Units a separate Capital Account with respect to such Units in accordance with
the rules of Treasury Regulations Section 1.704-1(b)(2)(iv). Such Capital Account shall be increased by (i) the amount of all Capital Contributions made to the Company with respect to such Units pursuant to this Agreement and (ii) all
items of Company income and gain (including, without limitation, income and gain exempt from tax) computed in accordance with Section 3.3(b) and allocated with respect to such Units pursuant to Section 5.1, and decreased by
(x) the amount of cash or Fair Market Value of all actual and deemed distributions of cash or property made with respect to such Units pursuant to this Agreement and (y) all 

  
 16 

 
items of Company deduction and loss computed in accordance with Section 3.3(b) and allocated with respect to such Units pursuant to Section 5.1. The foregoing provisions
and the other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Treasury Regulations Section 1.704-1(b) and shall be interpreted and applied in a manner consistent with such Treasury
Regulations. In the event the Managing Member shall determine that it is prudent to modify the manner in which the Capital Accounts or any adjustments thereto (including, without limitation, adjustments relating to liabilities which are secured by
contributed or distributed property or which are assumed by the Company or any Members) are computed in order to comply with such Treasury Regulations, the Managing Member, without the consent of any other Person, may make such modification,
notwithstanding the terms of this Agreement; provided that it is not likely to have a material effect on the amounts distributed or distributable to any Person pursuant to Article VII hereof upon the dissolution of the Company. The
Managing Member, without the consent of any other Person, also shall (i) make any adjustments, notwithstanding the terms of this Agreement, that are necessary or appropriate to maintain equality among the Capital Accounts of the Members and the
amount of capital reflected on the Company’s balance sheet, as computed for book purposes, in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(q), and (ii) make any appropriate modifications, notwithstanding the terms of
this Agreement, in the event unanticipated events might otherwise cause this Agreement not to comply with Treasury Regulations Section 1.704-1(b). 

(b) For purposes of computing the amount of any item of income, gain, loss or deduction, which is to be allocated pursuant to
Article V and is to be reflected in the Members’ Capital Accounts, the determination, recognition and classification of any such item shall be the same as its determination, recognition and classification for federal income tax
purposes (including, without limitation, any method of depreciation, cost recovery or amortization used for that purpose); provided, that: 

(i) Solely for purposes of this Section 3.3, the Company shall be treated as owning directly its proportionate
share (as determined by the Managing Member) of all property owned by any partnership, limited liability company, unincorporated business or other entity or arrangement that is classified as a partnership or disregarded entity for federal income tax
purposes, of which the Company is, directly or indirectly, a partner (in the case of a partnership) or owner (in the case of a disregarded entity). 

(ii) Except as otherwise provided in Treasury Regulations Section 1.704-1(b)(2)(iv)(m), the computation of all items of
income, gain, loss and deduction shall be made without regard to any election under Section 754 of the Code which may be made by the Company and, as to those items described in Section 705(a)(1)(B) or 705(a)(2)(B) of the Code, without
regard to the fact that such items are not includable in gross income or are neither currently deductible nor capitalized for federal income tax purposes. To the extent an adjustment to the adjusted tax basis of any Company asset pursuant to
Section 734(b) or 743(b) of the Code is required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of such adjustment in the Capital Accounts shall be
treated as an item of gain or loss. 
 (iii) Any income, gain or loss attributable to the taxable disposition of any Company
property shall be determined as if the adjusted basis of such property as of such date of disposition were equal in amount to the Company’s Carrying Value with respect to such property as of such date. 

(iv) In accordance with the requirements of Section 704(b) of the Code, any deductions for depreciation, cost recovery or
amortization attributable to any Contributed Property shall be determined in the manner described in Treasury Regulations Section 1.704-1(b)(2)(iv)(g)(3) as if the adjusted basis of such property on the date it was acquired by the Company were
equal to the Agreed Value of such property. Upon an adjustment pursuant to Section 3.3(c) to the Carrying Value of any Adjusted Property that is subject to depreciation, cost recovery or amortization, any further deductions for such
depreciation, cost recovery or amortization attributable to such property shall be determined in the manner described in Treasury Regulations Sections 1.704-1(b)(2)(iv)(g)(3) and 1.704-3(a)(6)(i) as if the adjusted basis of such property were equal
to the Carrying Value of such property immediately following such adjustment; provided, however, that, if the asset has a zero adjusted basis for federal income tax purposes, depreciation, cost recovery or amortization deductions shall
be determined using any method that the Managing Member may adopt. 

  
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 (c) If a Member Transfers an interest in the Company to a new or existing Member, the Transferee
Member shall succeed to that portion of the Transferor’s Capital Account that is attributable to the Transferred interest. Any reference in this Agreement to a Capital Contribution of, or Distribution to, a Member that has succeeded any other
Member shall include any Capital Contributions or Distributions previously made by or to the former Member on account of the interest of such former Member Transferred to such successor Member. In addition, the following shall apply: 

(i) In accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(f), on an issuance of additional Units for cash or
Contributed Property, the Capital Account of all Members and the Carrying Value of each Company property immediately prior to such issuance shall be adjusted upward or downward to reflect any Unrealized Gain or Unrealized Loss attributable to such
Company property, as if such Unrealized Gain or Unrealized Loss had been recognized on an actual sale of each such property immediately prior to such issuance and had been allocated to the Members at such time pursuant to Section 5.1 in
the same manner as a corresponding item of gain or loss actually recognized during such period would have been allocated. In determining such Unrealized Gain or Unrealized Loss, the aggregate cash amount and Fair Market Value of all Company assets
(including, without limitation, cash or cash equivalents) immediately prior to the issuance of additional Units shall be determined by the Managing Member using such method of valuation as it may adopt; provided, however, that the
Managing Member, in arriving at such valuation, must take fully into account the Fair Market Value of the Units of all Members at such time. The Managing Member shall allocate such aggregate value among the assets of the Company (in such manner as
it determines) to arrive at a Fair Market Value for individual properties. 
 (ii) In accordance with Treasury Regulations
Section 1.704-1(b)(2)(iv)(f), immediately prior to any actual or deemed distribution to a Member of any Company property (other than a distribution of cash that is not in redemption or retirement of a Unit), the Capital Accounts of all Members
and the Carrying Value of all Company property shall be adjusted upward or downward to reflect any Unrealized Gain or Unrealized Loss attributable to such Company property, as if such Unrealized Gain or Unrealized Loss had been recognized in a sale
of such property immediately prior to such distribution for an amount equal to its Fair Market Value, and had been allocated to the Members, at such time, pursuant to Section 5.1 in the same manner as a corresponding item of gain or loss
actually recognized during such period would have been allocated. In determining such Unrealized Gain or Unrealized Loss, the aggregate cash amount and Fair Market Value of all Company assets (including, without limitation, cash or cash equivalents)
immediately prior to a distribution shall (A) in the case of an actual distribution that is not made pursuant to Article VII or in the case of a deemed distribution, be determined and allocated in the same manner as that provided in
Section 3.3(c) or (B) in the case of a liquidating distribution pursuant to Article VII, be determined and allocated by the Person winding up the Company pursuant to Section 7.2(c) using such method of valuation
as it may adopt. 
 (iii) The Managing Member may make the adjustments described in this Section 3.4(d) in the
manner set forth herein if the Managing Member determines that such adjustments are necessary or useful to effectuate the intended economic arrangement among the Members, including Members who received Units in connection with the performance of
services to or for the benefit of the Company. 
 (d) Notwithstanding anything expressed or implied to the contrary in this Agreement, in
the event the Managing Member shall determine, in its sole and absolute discretion, that it is prudent to modify the manner in which the Capital Accounts, or any debits or credits thereto, are computed in order to effectuate the intended economic
sharing arrangement of the Members, the Managing Member may make such modification, notwithstanding any other provision hereof, without the consent of any other Person. 

Section 3.4 No Withdrawal. No Person shall be entitled to withdraw any part of such Person’s Capital Contributions or Capital
Account or to receive any distribution from the Company, except as expressly provided herein. 
 Section 3.5 Loans From Members.
Loans by Members to the Company shall not be considered Capital Contributions. If any Member shall loan funds to the Company, then the making of such loans shall not result in any increase in the Capital Account balance of such Member. The amount of
any such loans shall be a debt of the Company to such Member and shall be payable or collectible in accordance with the terms and conditions upon which such loans are made. 

  
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 Section 3.6 No Right of Partition. To the fullest extent permitted by law, no Member
shall have the right to seek or obtain partition by court decree or operation of law of any property of the Company or any of its Subsidiaries or the right to own or use particular or individual assets of the Company or any of its Subsidiaries, or,
except as expressly contemplated by this Agreement, be entitled to distributions of specific assets of the Company or any of its Subsidiaries. 

Section 3.7 Non-Certification of Units; Legend; Units are Securities. 

(a) Units shall be issued in non-certificated form; provided that the Managing Member may cause the Company to issue certificates to a
Member representing the Units held by such Member. 
 (b) If the Managing Member determines that the Company shall issue certificates
representing Units to any Member, the following provisions of this Section 3.7 shall apply: 
 (i) The Company
shall issue one or more certificates in the name of such Person in such form as it may approve, subject to Section 3.7(b)(ii) (a “Membership Interest Certificate”), which shall evidence the ownership of the Units
represented thereby. Each such Membership Interest Certificate shall be denominated in terms of the number of Units evidenced by such Membership Interest Certificate and shall be signed by the Managing Member or an Officer on behalf of the Company.

 (ii) Each Membership Interest Certificate shall bear a legend substantially in the following form: 

THIS CERTIFICATE EVIDENCES A CLASS              UNIT REPRESENTING AN INTEREST IN
TERRAFORM POWER, LLC AND SHALL CONSTITUTE A “SECURITY” WITHIN THE MEANING OF, AND SHALL BE GOVERNED BY, (I) ARTICLE 8 OF THE UNIFORM COMMERCIAL CODE (INCLUDING SECTION 8-102(A)(15) THEREOF) AS IN EFFECT FROM TIME TO TIME IN THE STATE
OF DELAWARE, AND (II) THE CORRESPONDING PROVISIONS OF THE UNIFORM COMMERCIAL CODE OF ANY OTHER APPLICABLE JURISDICTION THAT NOW OR HEREAFTER SUBSTANTIALLY INCLUDES THE 1994 REVISIONS TO ARTICLE 8 THEREOF AS ADOPTED BY THE AMERICAN LAW INSTITUTE AND
THE NATIONAL CONFERENCE OF COMMISSIONERS ON UNIFORM STATE LAWS AND APPROVED BY THE AMERICAN BAR ASSOCIATION ON FEBRUARY 14, 1995. 
 THE
LIMITED LIABILITY COMPANY INTERESTS IN TERRAFORM POWER, LLC HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), THE SECURITIES LAWS OF ANY STATE OR ANY OTHER APPLICABLE SECURITIES LAWS AND ARE
BEING SOLD IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS. SUCH INTERESTS MAY NOT BE OFFERED FOR SALE, PLEDGED, HYPOTHECATED, SOLD, ASSIGNED OR TRANSFERRED AT ANY TIME EXCEPT IN COMPLIANCE WITH
(I) THE SECURITIES ACT, ANY APPLICABLE SECURITIES LAWS OF ANY STATE AND ANY OTHER APPLICABLE SECURITIES LAWS; (II) THE TERMS AND CONDITIONS OF THIS SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT; AND (III) ANY OTHER TERMS AND
CONDITIONS AGREED TO IN WRITING BETWEEN THE MANAGING MEMBER AND THE APPLICABLE MEMBER. THE LIMITED LIABILITY COMPANY INTERESTS MAY NOT BE TRANSFERRED OF RECORD EXCEPT IN COMPLIANCE WITH SUCH LAWS, THIS SECOND AMENDED AND RESTATED LIMITED LIABILITY
COMPANY AGREEMENT AND ANY OTHER TERMS AND CONDITIONS AGREED TO IN WRITING BY THE MANAGING MEMBER AND THE APPLICABLE MEMBER. THEREFORE, PURCHASERS AND OTHER TRANSFEREES OF SUCH LIMITED LIABILITY COMPANY INTERESTS WILL BE REQUIRED TO BEAR THE RISK OF
THEIR INVESTMENT OR ACQUISITION FOR AN INDEFINITE PERIOD OF TIME. 

  
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 THE INTERESTS IN TERRAFORM POWER, LLC REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS
ON TRANSFER SET FORTH IN THE SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF TERRAFORM POWER, LLC, DATED AS OF
                    , 2014, BY AND AMONG EACH OF THE MEMBERS FROM TIME TO TIME PARTY THERETO, AS THE SAME MAY BE AMENDED FROM TIME TO TIME. 

(iii) Each Unit shall constitute a “security” within the meaning of, and shall be governed by, (i) Article 8 of
the Uniform Commercial Code (including Section 8-102(a)(15) thereof) as in effect from time to time in the State of Delaware, and (ii) the corresponding provisions of the Uniform Commercial Code of any other applicable jurisdiction that
now or hereafter substantially includes the 1994 revisions to Article 8 thereof as adopted by the American Law Institute and the National Conference of Commissioners on Uniform State Laws and approved by the American Bar Association on
February 14, 1995. 
 (iv) The Company shall issue a new Membership Interest Certificate in place of any Membership
Interest Certificate previously issued if the holder of the Units represented by such Membership Interest Certificate, as reflected on the books and records of the Company: 

(A) makes proof by affidavit, in form and substance satisfactory to the Company, that such previously issued Membership
Interest Certificate has been lost, stolen or destroyed; 
 (B) requests the issuance of a new Membership Interest
Certificate before the Company has notice that such previously issued Membership Interest Certificate has been acquired by a purchaser for value in good faith and without notice of an adverse claim; 

(C) if requested by the Company, delivers to the Company such security, in form and substance satisfactory to the Company, as
the Managing Member may direct, to indemnify the Company against any claim that may be made on account of the alleged loss, destruction or theft of the previously issued Membership Interest Certificate; and 

(D) satisfies any other reasonable requirements imposed by the Company. 

(v) Upon a Member’s Transfer in accordance with the provisions of this Agreement of any or all Units represented by a
Membership Interest Certificate, the Transferee of such Units shall deliver such Membership Interest Certificate, duly endorsed for Transfer by the Transferee, to the Company for cancellation, and the Company shall thereupon issue a new Membership
Interest Certificate to such Transferee for the number of Units being Transferred and, if applicable, cause to be issued to such Transferring Member a new Membership Interest Certificate for the number of Units that were represented by the canceled
Membership Interest Certificate and that are not being Transferred. 
 Section 3.8 Reset of Incentive Distribution Rights; Issuance
of Class B1 Units in Connection with Reset of Incentive Distribution Rights. 
 (a) Subject to the provisions of this
Section 3.8, the holder of the IDRs (or, if there is more than one holder of the IDRs, the holders of a majority in interest of the IDRs) shall have the right, exercisable at its option at any time the Company has made distributions in
excess of the Third Target Distribution Level for each of the four most recently completed Quarters, to make an election (the “IDR Reset Election”) to cause the Target Distributions to be reset in accordance with the provisions of
Section 3.8(e) and, in connection therewith, the holder or holders of the IDRs will become entitled to receive their respective proportionate share of a number of Class B1 Units (the “IDR Reset Class B1 Units”) derived
by dividing (i) the average aggregate amount of cash distributions made by the Company for the two full Quarters immediately preceding the giving of the Reset Notice (as defined in Section 3.8(b)) in respect of the IDRs by
(ii) the average of the aggregated amount of the cash distributions made by 

  
 20 

 
the Company in respect of each Class A Unit, Class B1 Unit and Class B Unit for the two full Quarters immediately preceding the giving of the Reset Notice (the number of Class B1 Units
determined by such quotient is referred to herein as the “Aggregate Quantity of IDR Reset Class B1 Units”). In addition to the Aggregate Quantity of IDR Reset Class B1 Units, the holder or holders of IDRs will become entitled to
receive a number of Shares of Class B1 common stock (the “IDR Reset Class B1 Common Stock” and together with the IDR Reset Class B1 Units the “IDR Reset Class B1 Securities”) equal to the number of Class B1 Units
they are entitled to receive as calculated pursuant to the preceding sentence (such shares are referred to as the “Aggregate Quantity of IDR Reset Shares of Class B1 Common Stock” and together with the Aggregate Quantity of IDR
Reset Class B1 Units the “Aggregate Quantity of IDR Reset Class B1 Securities”). The making of the IDR Reset Election in the manner specified in Section 3.8(b) shall cause each of the Target Distributions to be reset in
accordance with the provisions of Section 3.8(e) and, in connection therewith, the holder or holders of the IDRs will become entitled to receive IDR Reset Class B1 Securities on the basis specified above, without any further approval
required by the Managing Member or the Members, at the time specified in Section 3.8(c) unless the IDR Reset Election is rescinded pursuant to Section 3.8(d). 

(b) To exercise the right specified in Section 3.8(a), the holder of the IDRs (or, if there is more than one holder of the IDRs,
the holders of a majority in interest of the IDRs) shall deliver a written notice (the “Reset Notice”) to the Company. Within 10 Business Days after the receipt by the Company of such Reset Notice, the Company shall deliver a
written notice to the holder or holders of the IDRs of the Company’s determination of the aggregate number of IDR Reset Class B1 Securities that each holder of IDRs will be entitled to receive. 

(c) The holder or holders of the IDRs will be entitled to receive the Aggregate Quantity of IDR Reset Class B1 Securities on the fifteenth
Business Day after receipt by the Company of the Reset Notice; provided, however, that the issuance of IDR Reset Class B1 Securities to the holder or holders of the IDRs shall not occur prior to the approval of the listing or admission for trading,
by the principal National Securities Exchange upon which the shares of Class A Common Stock are then listed or admitted for trading if any such approval is required pursuant to the rules and regulations of such National Securities Exchange, of
such shares of Class A Common Stock into which such IDR Reset Class B1 Securities are exchangeable. 
 (d) If the principal National
Securities Exchange upon which shares of the Class A Common Stock are then traded has not approved the listing or admission for trading of the Class A Common Stock to be issued pursuant to this Section 3.8 on or before the 30th
calendar day following the Company’s receipt of the Reset Notice and such approval is required by the rules and regulations of such National Securities Exchange, then the holder of the IDRs (or, if there is more than one holder of the IDRs, the
holders of a majority in interest of the IDRs) shall have the right to either rescind the IDR Reset Election or elect to receive other Membership Interests having such terms as the Manager and the board of directors of Terra, Inc. may approve, with
the approval of an Independent Conflicts Committee, that will provide (i) the same economic value, in the aggregate, as the Aggregate Quantity of IDR Reset Class B1 Securities would have had at the time of the Company’s receipt of the
Reset Notice, as determined by the Managing Member (acceptable to the holder of the IDRs (or, if there is more than one holder of the IDRs, the holders of a majority in interest of the IDRs), and (ii) for the subsequent conversion (on terms
acceptable to the National Securities Exchange upon which the shares of the Class A Common Stock are then traded) of such Membership Interests into Units within not more than 12 months following the Company’s receipt of the Reset Notice
upon the satisfaction of one or more conditions that are reasonably acceptable to the holder of the IDRs (or, if there is more than one holder of the IDRs, the holders of a majority in interest of the IDRs). 

(e) The Target Distributions shall be adjusted at the time of the issuance of Class B1 Units or other Units pursuant to this
Section 3.8 such that (i) the Minimum Quarterly Distribution shall be reset to equal the average cash distribution amount per Class A Unit, Class B Unit and Class B1 for the two Quarters immediately prior to the Company’s
receipt of the Reset Notice (the “Reset MQD”), (ii) the First Target Distribution shall be reset to equal 115% of the Reset MQD, (iii) the Second Target Distribution shall be reset to equal 125% of the Reset MQD and
(iv) the Third Target Distribution shall be reset to equal 150% of the Reset MQD. 
 Section 3.9 Transferability of IDRs.

 (a) The IDRs will be initially issued to SunEdison Holdings (or SunEdison or a Controlled Affiliate of SunEdison designated by
SunEdison), no holder of IDRs shall Transfer any interest in such holder’s IDRs other than 

  
 21 

 
to SunEdison or a Controlled Affiliate of SunEdison until such time as SunEdison has satisfied it’s $175.0 million projected CAFD commitment to the Company in accordance with the terms
of the Project Support Agreement; provided, however, the provisions of this Section 3.9 shall not prohibit SunEdison (or its Controlled Affiliates) from pledging any IDRs or other Company securities held by any of them to
lenders as security under its Credit Facilities; provided, further, that the pledgee of such IDRs may not foreclose on such pledged IDRs until such time as SunEdison has satisfied it’s $175.0 million projected CAFD commitment
to the Company in accordance with the terms of the Project Support Agreement. 
 (b) Except for a Transfer to SunEdison or a Controlled
Affiliate of SunEdison, at least 30 Business Days prior to making any Transfer of any IDRs, the Transferring Holder (the “Transferring Holder”) shall give written notice (an “Offer Notice”) to the Company. The Offer
Notice shall disclose in reasonable detail the amount of IDRs to be Transferred, the price of the IDRs being Transferred, the other terms and conditions of the Transfer and the identity, background and ownership (if applicable) of the proposed
Transferee(s), and the Offer Notice shall constitute a binding offer to sell the such IDRs described therein to the Company on the terms and conditions provided in this Section 3.10(b). The Company may elect to purchase all (but not less
than all) of the IDRs to be Transferred upon the same terms and conditions as those set forth in the Offer Notice by giving written notice of such election to the Transferring Holder within 20 Business Days after the Offer Notice has been given to
the Company (the “ROFR Election Period”). If the Company has not elected to purchase all of the IDRs specified in the Offer Notice, the Transferring Holder may Transfer the IDRs specified in the Offer Notice to the Transferee(s)
specified therein at a price and on terms no more favorable to the Transferee(s) thereof than specified in the Offer Notice during the 30-day period immediately following the ROFR Election Period. Any IDRs not Transferred within such 30-day period
shall be subject to the provisions of this Section 3.10(b) upon subsequent Transfer. If the Company has elected to purchase IDRs from the Transferring Holder hereunder, the Transfer of such shares shall be consummated as soon as
practical after the election notice(s) have been given to the Transferring Holder, but in any event within 30 days after the expiration of the ROFR Election Period. The purchase price specified in any Offer Notice shall be payable solely in cash at
the closing of the transaction. 
 Section 3.10 Lock-Up of Class B Units. Until the earlier of (i) the date three years
from the completion of the IPO or (ii) the date preceded by four Quarters with respect to which the Company made distributions in excess of the Third Target Distribution, SunEdison (together with its Controlled Affiliates) shall continue to own
a number of Class B Units equal to 25% of the total number of Class B Units outstanding upon closing of this IPO held by SunEdison (together with its Controlled Affiliates). Any proposed Transfer of Class B Units (or shares of Class B Common Stock)
violation of this Section 3.10 shall be prohibited; provided, however, the provisions of this Section 3.10 shall not prohibit SunEdison (or its Controlled Affiliates) from pledging any Class B Units or
Class B1 Units, shares of Class B Common Stock or B1 Common Stock or other Company securities held by any of them to lenders as security under its Credit Facilities; provided, further, that the pledgee of such Class B Units may
not foreclose on such pledged Class B Units if as a result, SunEdison (together with its Controlled Affiliates) would cease to own (including shares that had been pledged but not foreclosed upon) the amount of Class B Units required by the
first sentence of this Section 3.10. 
 Section 3.11 Outside Activities of the Members. Any Member or any of their
respective Affiliates shall be entitled to have business interests and engage in business activities in addition to those relating to the Company, including business interests and activities in direct competition with the Company or any of its
Subsidiaries or any Person in which the Company or any of its Subsidiaries has an ownership interest. Neither the Company nor any of the other Members shall have any rights by virtue of this Agreement in any business ventures of any other Member.

 ARTICLE IV 

DISTRIBUTIONS 

Section 4.1 Determination of Distributions. Except as provided in Section 4.1(a)-(c), distributions shall be made to
the Members pro rata in accordance with their Percentage Interests when and in such amounts as determined by the Managing Member in accordance with the terms of this Agreement; provided, however that in the event the Company issues Class A
Units or securities convertible or exchangeable for Class A Units for less than Fair Market Value, the amount distributed on account of Class B Units and Class B1 Units relative to Class A Units shall be equitably adjusted by the Managing
Member. 
 (a) Distributions During the Subordination Period. Distributions of cash for any Quarter ending before the end of the
Subordination Period shall be made in the following manner: 
 (i) first, to all Class A Members and Class B1
Members, pro rata, until the Company distributes for each Class A Unit and Class B1 Unit an amount equal to the Minimum Quarterly Distribution for that Quarter and any arrearages in payment of the Minimum Quarterly Distribution on such Units
for any prior Quarters; 

  
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 (ii) second, subject to Section 4.1(c), to all Class B
Members, pro rata, until the Company distributes for each Class B Unit an amount equal to the Minimum Quarterly Distribution for that Quarter; 

(iii) third, to all Class A Members, Class B1 Members and, subject to Section 4.1(c), Class B Members,
pro rata, until each Member receives a total amount equal to the First Target Distribution per Unit for that Quarter; 
 (iv)
fourth, 85.0% to all Class A Members, Class B1 Members and, subject to Section 4.1(c), Class B Members, pro rata, and 15.0% to the holders of the IDRs, until each Class A Member, Class B1 Member and, subject to
Section 4.1(c), Class B Member receives a total amount equal to the Second Target Distribution per Unit for that Quarter; 

(v) fifth, 75.0% to all Class A Members, Class B1 Members and, subject to Section 4.1(c), Class B
Members, pro rata, and 25.0% to the holders of the IDRs, until each Class A Member, Class B1 Member and, subject to Section 4.1(c), Class B Member receives a total amount equal to the Third Target Distribution per Unit for that
Quarter; and 
 (vi) thereafter, 50.0% to all Class A Members, Class B1 Members and, subject to
Section 4.1(c), Class B Members, pro rata, and 50.0% to the holders of the IDRs. 
 (b) Distributions After the Subordination
Period. Distributions of cash for any Quarter ending after the end of the Subordination Period, shall be be made in the following manner: 

(i) first, to all Class A Members, Class B1 Members and Class B Members, pro rata, until the Company distributes
for each Unit an amount equal to the Minimum Quarterly Distribution for that Quarter, subject to Section 4.1(c); 

(ii) second, 85.0% to all Class A Members, Class B1 Members and, subject to Section 4.1(c), Class B
Members, pro rata, and 15.0% to the holders of the IDRs, until each Class A Member, Class B1 Member and, subject to Section 4.1(c), Class B Member receives a total amount equal to the Second Target Distribution per Unit for that
Quarter; 
 (iii) third, 75.0% to all Class A Members, Class B1 Members and, subject to
Section 4.1(c), Class B Members, pro rata, and 25.0% to the holders of the IDRs, until each Class A Member, Class B1 Member and, subject to Section 4.1(c), Class B Member receives a total amount equal to the Third Target
Distribution per Unit for that Quarter; and 
 (iv) thereafter, 50.0% to all Class A Members, Class B1 Members
and, subject to Section 4.1(c), Class B Members, pro rata, and 50.0% to the holders of the IDRs. 
 (c) Distribution
Forbearance. Notwithstanding the foregoing, during the Distribution Forbearance Period distributions to the Class B Members shall be limited as follows: 

(i) the Class B Members will not, under any circumstances, be entitled to receive any distributions with respect to the third
and fourth Quarter of 2014 (i.e., distributions declared on or prior to March 31, 2015); and 

  
 23 

 (ii) thereafter, when any distribution is made to the Class A Members and
Class B1 Members, the Class B Members will be entitled to receive, on a per Unit basis, an amount equal to the product of: 

(A) the per Unit amount of the distribution to the Class A Members and Class B1 Members, multiplied by 

(B) the As Delivered CAFD with respect to the Contributed Construction Projects contributed by SunEdison to the Company
plus the Completed CAFD Contribution Amount, divided by the CAFD Forbearance Threshold. 
 Any distributions forgone by the Class B Members
pursuant to this Section 4.1(c) will not be distributed to the other Members and will not constitute an arrearage on the Class B Units. After the date on which the Distribution Forbearance Period ends, distributions will be made to the
Class B Members in accordance with Section 4.1(a) and Section 4.1(b), above. 
 (d) Limitation on IDR
Distributions. Notwithstanding the foregoing provisions of Section 4.1, no distributions in respect of IDRs shall be made unless the CAFD since the closing of the IPO to the date of determination exceeds the amount of cash
distributed as of the date of the determination. 
 Section 4.2 Successors. For purposes of determining the amount of
distributions under Section 4.1, each Member shall be treated as having made the Capital Contributions and as having received the distributions made to or received by its predecessors in respect of any of such Member’s Units. 

Section 4.3 Withholding. Notwithstanding any other provision of this Agreement, the Managing Member is authorized to take any
action that may be required to cause the Company to comply with any withholding requirements established under the Code or any other federal, state or local law including pursuant to Sections 1441, 1442, 1445 and 1446 of the Code. To the extent that
the Company is required or elects to withhold and pay over to any taxing authority any amount resulting from the allocation or distribution of income to any Member (including by reason of Section 1446 of the Code), the Managing Member may treat
the amount withheld as a distribution of cash pursuant to this Article IV in the amount of such withholding from such Member. Each Member hereby agrees, to the maximum extent permitted by law, to indemnify and hold harmless the Company and
the other Members from and against any liability, claim or expense (including, without limitation, any liability for taxes, penalties, additions to tax or interest) with respect to any tax withholdings made or required to be made on behalf of or
with respect to such Member. In the event the Company is liquidated and a liability or claim is asserted against, or expense borne by, the Company or any Member for tax withholdings made or required to be made, such person shall have the right to be
reimbursed from the Member on whose behalf such tax withholding was made or required to be made 
 Section 4.4 Limitation.
Notwithstanding any other provision of this Agreement, the Company, and the Managing Member on behalf of the Company, shall not be required to make a distribution (a) if such distribution to any Member or Assignee would violate the Act or other
applicable law, or (b) in any form other than cash. 
 Section 4.5 Adjustments. The Target Distributions, arrearages with
respect to Class A Units and Class B1 Units shall be proportionately adjusted in the event of any distribution, combination or subdivision (whether effected by a distribution payable in Units or otherwise) of Units or other Membership
Interests. The Target Distributions shall also be subject to adjustment pursuant to Section 3.8 and Section 4.6 

Section 4.6 Tax Adjustments. If legislation is enacted or the official interpretation of existing legislation is modified by a
governmental authority, which after giving effect to such enactment or modification, results in a Company Group Member becoming subject to federal, state or local or non-U.S. income or withholding taxes in excess of the amount of such taxes due from
the Company Group Member prior to such enactment or modification (including, for the avoidance of doubt, any increase in the rate of such taxation applicable to the Company Group Member), then the holders of a majority in interest of the IDRs may
request the Independent Conflicts Committee to consider the appropriateness of adjusting the Target Distribution, and upon the approval of the Independent Conflicts Committee, the Managing Member may reduce the Target Distributions by the amount of

  
 24 

 
income or withholding taxes that are payable by reason of any such new legislation or interpretation (the “Incremental Income Taxes”), or any portion thereof selected by the
Managing Member, in the manner provided in this Section 4.6. If the Managing Member elects to reduce the Target Distributions for any Quarter with respect to all or a portion of any Incremental Income Taxes for such Quarter, the Managing
Member shall estimate for such Quarter the Company Group’s aggregate liability (the “Estimated Incremental Quarterly Tax Amount”) for all (or the relevant portion of) such Incremental Income Taxes. For each Quarter in which the
Managing Member elects, pursuant to this Section 4.6, to reduce the Target Distributions, the adjusted Target Distribution Amount shall be the amount obtained by multiplying (a) the Target Distribution amount determined prior to the
application of this Section 4.6 times (b) the quotient obtained by dividing (i) CAFD with respect to such Quarter by (ii) the sum of CAFD plus the Estimated Incremental Quarterly Tax Amount for such Quarter
(as determined by the Managing Member). To the extent the Estimated Incremental Quarterly Tax Amount for a given Quarter differs from the actual liability for Incremental Income Taxes (or the relevant portion thereof) for such Quarter, the Managing
Member may, to the extent determined by the Managing Member, take such differences into account in distributions with respect to subsequent Quarters. 

Section 4.7 Interest Payment Agreement. Notwithstanding any other provision of this Agreement, none of SunEdison or its Affiliates
shall have any rights, at any time, through distributions under this Agreement or otherwise, to reimbursement of any payments made by SunEdison or its Affiliates under the terms of the Interest Payment Agreement. 

ARTICLE V 
 ALLOCATIONS

 Section 5.1 Allocations for Capital Account Purposes. 

(a) Except as otherwise provided in this Agreement, Net Income and Net Losses (and, to the extent necessary, individual items of income, gain
or loss or deduction of the Company) shall be allocated in a manner such that the Capital Account of each Member after giving effect to the special allocations set forth in Section 5.1(b) is, as nearly as possible, equal
(proportionately) to (i) the distributions that would be made pursuant to Section 7.2 if the Company were dissolved, its affairs wound up and its assets sold for cash equal to their Carrying Value, all Company liabilities were
satisfied (limited with respect to each non-recourse liability to the Carrying Value of the assets securing such liability) and the net assets of the Company were distributed to the Members pursuant to this Agreement, minus (ii) such
Member’s share of Company Minimum Gain and Member Nonrecourse Debt Minimum Gain, computed immediately prior to the hypothetical sale of assets. 

(b) Special Allocations. Notwithstanding any other provision of this Section 5.1, the following special allocations shall
be made for such taxable period: 
 (i) Company Minimum Gain Chargeback. Notwithstanding any other provision of this
Section 5.1, if there is a net decrease in Company Minimum Gain during any Company taxable period, each Member shall be allocated items of Company income and gain for such period (and, if necessary, subsequent periods) in the manner and
amounts determined according to Treasury Regulations Sections 1.704-2(f) and 1.704-2(j)(2)(i), or any successor provision. For purposes of this Section 5.1(b), each Member’s Adjusted Capital Account balance shall be determined, and
the allocation of income and gain required hereunder shall be effected, prior to the application of any other allocations pursuant to this Section 5.1(b) with respect to such taxable period (other than an allocation pursuant to
Section 5.1(b)(iii) and Section 5.1(b)(vi)). This Section 5.1(b)(i) is intended to comply with the Company Minimum Gain chargeback requirement in Treasury Regulations Section 1.704-2(f) and shall be
interpreted consistently therewith. 
 (ii) Chargeback of Member Nonrecourse Debt Minimum Gain. Notwithstanding the
other provisions of this Section 5.1 (other than Section 5.1(b)(i)), except as provided in Treasury Regulations Section 1.704-2(i)(4), if there is a net decrease in Member Nonrecourse Debt Minimum Gain during any Company
taxable period, any Member with a share of Member Nonrecourse Debt Minimum Gain at the beginning of such taxable period shall be allocated items of Company income and gain for such period (and, if necessary, subsequent periods) in the manner and
amounts determined according to Treasury 

  
 25 

 
Regulations Sections 1.704-2(i)(4), or any successor provisions. For purposes of this Section 5.1(b), each Member’s Adjusted Capital Account balance shall be determined, and the
allocation of income and gain required hereunder shall be effected, prior to the application of any other allocations pursuant to this Section 5.1(b), other than Section 5.1(b)(i) and other than an allocation pursuant to
Section 5.1(b)(i)(v) and (b)(i)(vi), with respect to such taxable period. This Section 5.1(b)(ii) is intended to comply with the chargeback of items of income and gain requirement in Treasury Regulations
Section 1.704-2(i)(4) and shall be interpreted consistently therewith. 
 (iii) Qualified Income Offset. In the
event any Member unexpectedly receives any adjustments, allocations or distributions described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5), or (6), items of Company income and gain shall be specially allocated to such Member in an
amount and manner sufficient to eliminate, to the extent required by the Treasury Regulations promulgated under Section 704(b) of the Code, the deficit balance, if any, in its Adjusted Capital Account created by such adjustments, allocations or
distributions as quickly as possible, unless such deficit balance is otherwise eliminated pursuant to Section 5.1(b)(i) or Section 5.1(b)(ii). This Section 5.1(b)(iii) is intended to qualify and be construed as a
“qualified income offset” within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

(iv) Gross Income Allocations. In the event any Member has a deficit balance in its Capital Account at the end of any
Company taxable period in excess of the sum of (A) the amount such Member is required to restore pursuant to the provisions of this Agreement and (B) the amount such Member is deemed obligated to restore pursuant to Treasury Regulations
Sections 1.704-2(g) and 1.704-2(i)(5), such Member shall be specially allocated items of Company gross income and gain in the amount of such excess as quickly as possible; provided, that an allocation pursuant to this Section 5.1(b)(iv)
shall be made only if and to the extent that such Member would have a deficit balance in its Capital Account as adjusted after all other allocations provided for in this Section 5.1 have been tentatively made as if this
Section 5.1(b)(iv) were not in this Agreement. 
 (v) Nonrecourse Deductions. Nonrecourse Deductions for
any taxable period shall be allocated to the Members in accordance with their respective Percentage Interests. If the Managing Member determines that the Company’s Nonrecourse Deductions should be allocated in a different ratio to satisfy the
safe harbor requirements of the Treasury Regulations promulgated under Section 704(b) of the Code, the Managing Member is authorized, upon notice to the other Members, to revise the prescribed ratio to the numerically closest ratio that does
satisfy such requirements. 
 (vi) Member Nonrecourse Deductions. Member Nonrecourse Deductions for any taxable period
shall be allocated 100% to the Member that bears the “Economic Risk of Loss” (as defined in the Treasury Regulations) with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable in accordance
with Treasury Regulations Section 1.704-2(i). If more than one Member bears the Economic Risk of Loss with respect to a Member Nonrecourse Debt, such Member Nonrecourse Deductions attributable thereto shall be allocated between or among such
Members in accordance with the ratios in which they share such Economic Risk of Loss. 
 (vii) Nonrecourse
Liabilities. Nonrecourse Liabilities of the Company described in Treasury Regulations Section 1.752-3(a)(3) shall be allocated to the Members in accordance with their respective Percentage Interests. 

(viii) Code Section 754 Adjustments. To the extent an adjustment to the adjusted tax basis of any Company asset
pursuant to Section 734(b) or 743(b) of the Code is required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital Accounts
shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such item of gain or loss shall be specially allocated to the Members in a manner consistent with the
manner in which their Capital Accounts are required to be adjusted pursuant to such Section of the Treasury Regulations. 

  
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 (ix) Curative Allocation. 

(A) The allocations set forth in Section 5.1(b)(i), Section 5.1(b)(ii), Section 5.1(b)(iii)
and Section 5.1(b)(viii) (the “Required Allocations”) are intended to comply with certain requirements of the Treasury Regulations. It is the intent of the Members that, to the extent possible, all Required Allocations
shall be offset either with other Required Allocations or with special allocations of other items of Company income, gain, loss or deduction pursuant to this Section 5.1(b)(ix)(A). Therefore, notwithstanding any other provision of this
Article V (other than the Required Allocations), the Managing Member shall make such offsetting special allocations of Company income, gain, loss or deduction in whatever manner it determines appropriate so that, after such offsetting
allocations are made, each Member’s Capital Account balance is, to the extent possible, equal to the Capital Account balance such Member would have had if the Required Allocations were not part of this Agreement and all Company items were
allocated pursuant to the economic agreement among the Members. 
 (B) The Managing Member shall, with respect to each
taxable period, (1) apply the provisions of Section 5.1(b)(ix)(A) in whatever order is most likely to minimize the economic distortions that might otherwise result from the Required Allocations, and (2) divide all allocations
pursuant to Section 5.1(b)(ix)(A) among the Members in a manner that is likely to minimize such economic distortions. 

(x) Deficit Capital Accounts. No Member shall be required to pay to the Company, to any other Member or to any third
party any deficit balance which may exist from time to time in the Member’s Capital Account. 
 Section 5.2 Allocations for Tax
Purposes. 
 (a) The income, gains, losses and deductions of the Company shall be allocated for federal, state and local income tax
purposes among the Members in accordance with the allocation of such income, gains, losses and deductions among the Members for purposes of computing their Capital Accounts; except that if any such allocation is not permitted by the Code or other
applicable law, then the Company’s subsequent income, gains, losses and deductions for tax purposes shall be allocated among the Members so as to reflect as nearly as possible the allocation set forth herein in computing their Capital Accounts.

 (b) In an attempt to eliminate Book-Tax Disparities attributable to a Contributed Property or an Adjusted Property, items of income,
gain, loss, depreciation, amortization and cost recovery deductions shall be allocated for federal income tax purposes among the Members as follows: 

(i) In the case of a Contributed Property, such items attributable thereto shall be allocated among the Members in the manner
provided under Section 704(c) of the Code that takes into account the variation between the Agreed Value of such property and its adjusted basis at the time of contribution. 

(ii) In the case of an Adjusted Property, such items shall (A) first, be allocated among the Members in a manner
consistent with the principles of Section 704(c) of the Code to take into account the Unrealized Gain or Unrealized Loss attributable to such property and the allocations thereof pursuant to Section 3.3(c)(i) or
Section 3.3(c)(ii), and (B) second, in the event such property was originally a Contributed Property, be allocated among the Members in a manner consistent with Section 5.2(b)(i)(A). 

(iii) In order to eliminate Book-Tax Disparities, the Managing Member shall cause the Company to use the “remedial
method” as defined in Treasury Regulations Section 1.704 3(d), unless the Independent Conflicts Committee consents to the use of another method described in Treasury Regulations Section 1.704-3. 

(c) For purposes of determining the items of Company income, gain, loss, deduction, or credit allocable to any Member with respect to any
period, such items shall be determined on a daily, monthly, or other basis, as determined by the Managing Member using any permissible method under Code Section 706 and the Treasury Regulations promulgated thereunder. 

  
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 (d) Tax credits, tax credit recapture and any items related thereto shall be allocated to the
Members according to their interests in such items as reasonably determined by the Managing Member taking into account the principles of Treasury Regulations Sections 1.704-1(b)(4)(ii) and 1.704-1T(b)(4)(xi). 

(e) Allocations pursuant to this Section 5.2 are solely for the purposes of federal, state and local taxes and shall not affect,
or in any way be taken into account in computing, any Member’s Capital Account or share of Income, Loss, distributions or other Company items pursuant to any provision of this Agreement. 

(f) For the proper administration of the Company, the Managing Member shall (i) adopt such conventions as it deems appropriate in
determining the amount of depreciation, amortization and cost recovery deductions; (ii) make special allocations for federal income tax purposes of income (including, without limitation, gross income) or deductions; (iii) without the
consent of any other Person being required, amend the provisions of this Agreement as appropriate to reflect the proposal or promulgation of Treasury Regulations under Section 704(b) or Section 704(c) of the Code; and (iv) adopt and
employ such methods for (A) the maintenance of capital accounts for book and tax purposes, (B) the determination and allocation of adjustments under Sections 734 and 743 of the Code, (C) the determination and allocation of taxable
income, tax loss and items thereof under this Agreement and pursuant to the Code, (D) the determination of the identities and tax classification of Members, (E) the provision of tax information and reports to the Members, (F) the
adoption of reasonable conventions and methods for the valuation of assets and the determination of tax basis, (G) the allocation of asset values and tax basis, (H) the adoption and maintenance of accounting methods, (I) the
recognition of the Transfer of Units and (J) tax compliance and other tax-related requirements, including without limitation, the use of computer software, in each case, as it determines in its sole discretion are necessary and appropriate to
execute the provisions of this Agreement and to comply with federal, state and local tax law. The Managing Member may adopt such conventions and make such allocations as provided in this Section 5.2(f) without the consent of a Member
only if such conventions or allocations would not have a material adverse effect on such affected Member, and if such allocations are consistent with the principles of Section 704 of the Code. 

Section 5.3 Members’ Tax Reporting. The Members acknowledge and are aware of the income tax consequences of the allocations
made pursuant to this Article V and, except as may otherwise be required by applicable law or regulatory requirements, hereby agree to be bound by the provisions of this Article V in reporting their shares of Company income, gain,
loss, deduction and credit for federal, state and local income tax purposes. 
 Section 5.4 Certain Costs and Expenses. The
Company shall (i) pay, or cause to be paid, all costs, fees, operating expenses and other expenses of the Company (including the costs, fees and expenses of attorneys, accountants or other professionals and the compensation of all personnel
providing services to the Company) incurred in pursuing and conducting, or otherwise related to, the activities of the Company, and (ii) reimburse the Managing Member for any costs, fees or expenses incurred by it in connection with serving as
the Managing Member. To the extent that the Managing Member determines in its sole discretion that such expenses are related to the business and affairs of the Managing Member that are conducted through the Company and/or its subsidiaries (including
expenses that relate to the business and affairs of the Company and/or its subsidiaries and that also relate to other activities of the Managing Member), the Managing Member may cause the Company to pay or bear all expenses of the Managing Member,
including, without suggesting any limitation of any kind, costs of securities offerings not borne directly by Members, board of directors compensation and meeting costs, cost of periodic reports to its stockholders, litigation costs and damages
arising from litigation, accounting and legal costs and franchise taxes, provided that the Company shall not pay or bear any income tax obligations of the Managing Member. 

ARTICLE VI 
 MANAGEMENT

 Section 6.1 Managing Member; Delegation of Authority and Duties. 

(a) Authority of Managing Member. The business, property and affairs of the Company shall be managed under the sole, absolute and
exclusive direction of the Managing Member, which may from time to time delegate authority to Officers or to others to act on behalf of the Company. Without limiting the foregoing provisions of this Section 6.1(a), the Managing Member
shall have the sole power to manage or cause the 

  
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management of the Company, including the power and authority to effectuate the sale, lease, transfer, exchange or other disposition of any, all or substantially all of the assets of the Company
(including, but not limited to, the exercise or grant of any conversion, option, privilege or subscription right or any other right available in connection with any assets at any time held by the Company) or the merger, consolidation, reorganization
or other combination of the Company with or into another entity. 
 (b) Other Members. No Member who is not also a Managing Member,
in his or her or its capacity as such, shall participate in or have any control over the business of the Company. Except as expressly provided herein, the Units, other Equity Securities in the Company, or the fact of a Member’s admission as a
member of the Company do not confer any rights upon the Members to participate in the management of the affairs of the Company. Except as expressly provided herein, no Member who is not also a Managing Member shall have any right to vote on any
matter involving the Company, including with respect to any merger, consolidation, combination or conversion of the Company, or any other matter that a Member might otherwise have the ability to vote or consent with respect to under the Act, at law,
in equity or otherwise. The conduct, control and management of the Company shall be vested exclusively in the Managing Member. In all matters relating to or arising out of the conduct of the operation of the Company, the decision of the Managing
Member shall be the decision of the Company. Except as required by law or expressly provided in Section 6.1(c) or by separate agreement with the Company, no Member who is not also a Managing Member (and acting in such capacity) shall
take any part in the management or control of the operation or business of the Company in its capacity as a Member, nor shall any Member who is not also a Managing Member (and acting in such capacity) have any right, authority or power to act for or
on behalf of or bind the Company in his or her or its capacity as a Member in any respect or assume any obligation or responsibility of the Company or of any other Member. 

(c) Delegation by Managing Member. The Company may employ one or more Members from time to time, and such Members, in their capacity as
employees or agents of the Company (and not, for clarity, in their capacity as Members of the Company), may take part in the control and management of the business of the Company to the extent such authority and power to act for or on behalf of the
Company has been delegated to them by the Managing Member. To the fullest extent permitted by law, the Managing Member shall have the power and authority to delegate to one or more other Persons the Managing Member’s rights and powers to manage
and control the business and affairs of the Company, including to delegate to agents and employees of a Member or the Company (including Officers), and to delegate by a management agreement or another agreement with, or otherwise to, other Persons.
The Managing Member may authorize any Person (including any Member or Officer) to enter into and perform any document on behalf of the Company. 

Section 6.2 Officers. 

(a) Designation and Appointment. The Managing Member may, from time to time, employ and retain Persons as may be necessary or
appropriate for the conduct of the Company’s business, including employees, agents and other Persons (any of whom may be a Member) who may be designated as Officers of the Company, with such titles as and to the extent authorized by the
Managing Member. Any number of offices may be held by the same Person. In its discretion, the Managing Member may choose not to fill any office for any period as it may deem advisable. Officers need not be residents of the State of Delaware or
Members. Any Officers so designated shall have such authority and perform such duties as the Managing Member may from time to time delegate to them. The Managing Member may assign titles to particular Officers. Each Officer shall hold office until
his successor shall be duly designated and shall qualify or until his death or until he shall resign or shall have been removed in the manner hereinafter provided. The salaries or other compensation, if any, of the Officers of the Company shall be
fixed from time to time by the Managing Member. Designation of an Officer shall not of itself create any employment or, except as provided in Section 6.4, contractual rights. 

(b) Resignation and Removal. Any Officer may resign as such at any time. Such resignation shall be made in writing and shall take
effect at the time specified therein, or if no time is specified, at the time of its receipt by the Managing Member. The acceptance of a resignation shall not be necessary to make it effective, unless expressly so provided in the resignation. All
employees, agents and Officers shall be subject to the supervision and direction of the Managing Member and may be removed, with or without cause, from such office by the Managing Member and the authority, duties or responsibilities of any employee,
agent or Officer of the Company may be suspended by or altered the Managing Member from time to time, in each case in the sole discretion of the Managing Member. 

(c) Officers as Agents. The Officers, to the extent of their powers, authority and duties set forth in this Agreement or an Employment
Agreement or otherwise vested in them by the Managing Member, are agents of the Company for the purposes of the Company’s business and the actions of the Officers taken in accordance with such powers shall bind the Company. 

  
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 Section 6.3 Liability of Members. 

(a) No Personal Liability. Except as otherwise required by applicable law and as expressly set forth in this Agreement, no Member shall
have any personal liability whatsoever in such Person’s capacity as a Member, whether to the Company, to any of the other Members, to the creditors of the Company or to any other third party, for the debts, liabilities, commitments or any other
obligations of the Company or for any losses of the Company. Except as otherwise required by the Act, each Member shall be liable only to make such Member’s Capital Contribution to the Company, if applicable, and the other payments provided for
expressly herein. 
 (b) Return of Distributions. In accordance with the Act and the laws of the State of Delaware, a Member may,
under certain circumstances, be required to return amounts previously distributed to such Member. It is the intent of the Members that no distribution to any Member pursuant to Article IV shall be deemed a return of money or other property
paid or distributed in violation of the Act. The payment of any such money or distribution of any such property to a Member shall be deemed to be a compromise within the meaning of Section 18-502(b) of the Act, and, to the fullest extent
permitted by law, any Member receiving any such money or property shall not be required to return any such money or property to the Company or any other Person. However, if any court of competent jurisdiction holds that, notwithstanding the
provisions of this Agreement, any Member is obligated to make any such payment, such obligation shall be the obligation of such Member and not of any other Member. 

(c) No Duties. Notwithstanding any other provision of this Agreement or any duty otherwise existing at law, in equity or otherwise, the
parties hereby agree that the Members (including without limitation, the Managing Member), shall, to the maximum extent permitted by law, including Section 18-1101(c) of the Act, owe no duties (including fiduciary duties) to the Company, the
other Members or any other Person who is a party to or otherwise bound by this Agreement; provided, however, that nothing contained in this Section 6.3(c) shall eliminate the implied contractual covenant of good faith and
fair dealing. To the extent that, at law or in equity, any Member (including without limitation, the Managing Member) has duties (including fiduciary duties) and liabilities relating thereto to the Company, to another Member or to another Person who
is a party to or otherwise bound by this Agreement, the Members (including without limitation, the Managing Member) acting under this Agreement will not be liable to the Company, to any such other Member or to any such other Person who is a party to
or otherwise bound by this Agreement, for their good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to the extent that they restrict or eliminate the duties and liabilities relating thereto of any Member
(including without limitation, the Managing Member) otherwise existing at law, in equity or otherwise, are agreed by the parties hereto to replace to that extent such other duties and liabilities of the Members (including without limitation, the
Managing Member) relating thereto. The Managing Member may consult with legal counsel, accountants and financial or other advisors and any act or omission suffered or taken by the Managing Member on behalf of the Company or in furtherance of the
interests of the Company in good faith in reliance upon and in accordance with the advice of such counsel, accountants or financial or other advisors will be full justification for any such act or omission, and the Managing Member will be fully
protected in so acting or omitting to act so long as such counsel or accountants or financial or other advisors were selected with reasonable care. Notwithstanding any other provision of this Agreement or otherwise applicable provision of law or
equity, whenever in this Agreement the Managing Member is permitted or required to make a decision (i) in its “sole discretion” or “discretion” or under a grant of similar authority or latitude, the Managing Member shall be
entitled to consider only such interests and factors as it desires, including its own interests, and shall, to the fullest extent permitted by applicable law, have no duty or obligation to give any consideration to any interest of or factors
affecting the Company or the other Members, or (ii) in its “good faith” or under another expressed standard, the Managing Member shall act under such express standard and shall not be subject to any other or different standards. 

  
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 Section 6.4 Indemnification by the Company. 

(a) To the fullest extent permitted by applicable law (as the same exists or may hereafter be amended (but, in the case of any such amendment,
only to the extent that such amendment permits the Company to provide broader indemnification rights than such law permitted the Company to provide prior to such amendment)) but subject to the limitations expressly provided in this Agreement, all
Indemnitees shall be indemnified and held harmless by the Company from and against any and all losses, claims, damages, liabilities, joint or several, expenses (including legal fees and expenses), judgments, fines, penalties (including excise and
similar taxes and punitive damages), interest, settlements or other amounts arising from any and all claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or investigative, in which any Indemnitee may be involved,
or is threatened to be involved, as a party or otherwise, by reason of its acting in the capacity that gave rise to its status as an Indemnitee (a “Proceeding”); provided, that the Indemnitee shall not be indemnified and held
harmless if there has been a final and non-appealable judgment entered by a court of competent jurisdiction determining that, in respect of the matter for which the Indemnitee is seeking indemnification pursuant to this Section 6.4, the
Indemnitee acted in bad faith or engaged in fraud, willful misconduct or, in the case of a criminal matter, acted with knowledge that the Indemnitee’s conduct was unlawful. Any indemnification pursuant to this Section 6.4 shall be
made only out of the assets of the Company, it being agreed that the Managing Member shall not be personally liable for such indemnification and shall have no obligation to contribute or loan any monies or property to the Company to enable it to
effectuate such indemnification. 
 (b) To the fullest extent permitted by law, expenses (including legal fees and expenses) incurred by an
Indemnitee who is indemnified pursuant to Section 6.4(a) in defending any Proceeding shall, from time to time, be advanced by the Company prior to a determination that the Indemnitee is not entitled to be indemnified upon receipt by the
Company of any undertaking by or on behalf of the Indemnitee to repay such amount if it shall be determined that the Indemnitee is not entitled to be indemnified as authorized in this Section 6.4. 

(c) The rights provided by this Section 6.4 shall be deemed contract rights and shall be in addition to any other rights to which
an Indemnitee may be entitled under any agreement, pursuant to any vote of the holders of the Membership Interests, as a matter of law or otherwise, both as to actions in the Indemnitee’s capacity as an Indemnitee and as to actions in any other
capacity and shall continue as to an Indemnitee who has ceased to serve in such capacity and shall inure to the benefit of the heirs, successors, assigns and administrators of the Indemnitee. 

(d) The Company may purchase and maintain insurance on behalf of the Company and its Subsidiaries and such other Persons as the Managing
Member shall determine, against any liability that may be asserted against, or expense that may be incurred by, such Person in connection with the Company’s activities or such Person’s activities on behalf of the Company, regardless of
whether the Company would have the power to indemnify such Person against such liability under the provisions of this Agreement. 
 (e) For
purposes of this Section 6.4, the Company shall be deemed to have requested an Indemnitee to serve as fiduciary of an employee benefit plan whenever the performance by it of its duties to the Company also imposes duties on, or otherwise
involves services by, it to the plan or participants or beneficiaries of the plan; excise taxes assessed on an Indemnitee with respect to an employee benefit plan pursuant to applicable law shall constitute “fines” within the meaning of
Section 6.4(a); and action taken or omitted by it with respect to any employee benefit plan in the performance of its duties for a purpose reasonably believed by it to be in the best interest of the participants and beneficiaries of the
plan shall be deemed to be for a purpose that is in the best interests of the Company. 
 (f) In no event may an Indemnitee subject the
Members to personal liability by reason of the indemnification provisions set forth in this Agreement. 
 (g) An Indemnitee shall not be
denied indemnification in whole or in part under this Section 6.4 because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this
Agreement. 
 (h) The provisions of this Section 6.4 are for the benefit of the Indemnitees, their heirs, successors, assigns
and administrators and shall not be deemed to create any rights for the benefit of any other Persons. 

  
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 (i) No amendment, modification or repeal of this Section 6.4 or any provision hereof
shall in any manner terminate, reduce or impair the right of any past, present or future Indemnitee to be indemnified by the Company, nor the obligations of the Company to indemnify any such Indemnitee under and in accordance with the provisions of
this Section 6.4 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal,
regardless of when such claims may arise or be asserted. It is expressly acknowledged that the indemnification provided in this Section 6.4 could involve indemnification for negligence or under theories of strict liability.
Notwithstanding the foregoing, no Indemnitee shall be entitled to any indemnity or advancement of expenses in connection with any Proceeding brought (i) by such Indemnified Person against the Company (other than to enforce the rights of such
Indemnitee pursuant to this Section 6.4), any Member or any Officer, or (ii) by or in the right of the Company, without the prior written consent of the Managing Member. 

Section 6.5 Liability of Indemnitees. 

(a) Notwithstanding anything to the contrary set forth in this Agreement, no Indemnitee shall be liable for monetary damages to the Company,
the Members or any other Persons who have acquired interests in the Company, for losses sustained or liabilities incurred as a result of any act or omission of an Indemnitee unless there has been a final and nonappealable judgment entered by a court
of competent jurisdiction determining that, in respect of the matter in question, the Indemnitee acted in bad faith or engaged in fraud, willful misconduct or, in the case of a criminal matter, acted with knowledge that the Indemnitee’s conduct
was criminal. 
 (b) The Managing Member may exercise any of the powers granted to it by this Agreement and perform any of the duties
imposed upon it hereunder either directly or by or through its agents, and the Managing Member shall not be responsible for any misconduct or negligence on the part of any such agent appointed by the Managing Member in good faith. 

(c) To the extent that, at law or in equity, an Indemnitee has duties (including fiduciary duties) and liabilities relating thereto to the
Company or to the Members, the Managing Member and any other Indemnitee acting in connection with the Company’s business or affairs shall not be liable to the Company or to any Member for its good faith reliance on the provisions of this
Agreement. 
 (d) Any amendment, modification or repeal of this Section 6.5 or any provision hereof shall be prospective only
and shall not in any way affect the limitations on the liability of the Indemnitees under this Section 6.5 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to
matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. 

Section 6.6 Investment Representations of Members. Each Member hereby represents, warrants and acknowledges to the Company that:
(a) such Member has such knowledge and experience in financial and business matters that such Member is capable of evaluating the merits and risks of an investment in the Company and is making an informed investment decision with respect
thereto; (b) such Member is acquiring interests in the Company for investment only and not with a view to, or for resale in connection with, any distribution to the public or public offering thereof; and (c) the execution, delivery and
performance of this Agreement have been duly authorized by such Member. 
 ARTICLE VII 

WITHDRAWAL; DISSOLUTION; TRANSFER OF MEMBERSHIP INTERESTS; 

ADMISSION OF NEW MEMBERS 

Section 7.1 Member Withdrawal. No Member shall have the power or right to withdraw or otherwise resign or be expelled from the
Company prior to the dissolution and winding up of the Company except pursuant to a Transfer permitted under this Agreement. 

  
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 Section 7.2 Dissolution. 

(a) Events. The Company shall be dissolved and its affairs shall be wound up on the first to occur of (i) the determination of the
Managing Member, (ii) the entry of a decree of judicial dissolution of the Company under Section 18-802 of the Act or (iii) the termination of the legal existence of the last remaining Member or the occurrence of any other event which
terminates the continued membership of the last remaining Member in the Company unless the Company is continued without dissolution in a manner permitted by the Act. In the event of a dissolution pursuant to clause (i) of the immediately
preceding sentence, the relative economic rights of each Class of Units immediately prior to such dissolution shall be preserved to the greatest extent practicable with respect to distributions made to Members pursuant to Section 7.2(c)
below in connection with the winding up of the Company, taking into consideration tax and other legal constraints that may adversely affect one or more parties hereto and subject to compliance with applicable laws and regulations, unless, with
respect to any Class of Units, holders of not less than 90% of the Units of such Class consent in writing to a treatment other than as described above. 

(b) Actions Upon Dissolution. When the Company is dissolved, the business and property of the Company shall be wound up and liquidated
by the Managing Member or, in the event of the unavailability of the Managing Member or if the Managing Member shall so determine, such Member or other liquidating trustee as shall be named by the Managing Member. 

(c) Priority. A reasonable time shall be allowed for the orderly winding up of the business and affairs of the Company and the
liquidation of its assets pursuant to Section 7.2 to minimize any losses otherwise attendant upon such winding up. Upon dissolution of the Company, the assets of the Company shall be applied in the following manner and order of priority:
(i) to creditors, including Members who are creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the Company (including all contingent, conditional or unmatured claims), whether by payment or the making of
reasonable provision for payment thereof; and (ii) the balance shall be distributed to the holders of Class A Units, Class B Units and Class B1 Units pro rata. 

(d) Cancellation of Certificate. The Company shall terminate when (i) all of the assets of the Company, after payment of or due
provision for all debts liabilities and obligations of the Company, shall have been distributed to the Members in the manner provided for in this Agreement and (ii) the Certificate shall have been canceled in the manner required by the Act.

 (e) Return of Capital. The liquidators of the Company shall not be personally liable for the return of Capital Contributions or
any portion thereof to the Members (it being understood that any such return shall be made solely from Company assets). 
 (f) Hart Scott
Rodino. Notwithstanding any other provision in this Agreement, in the event the Hart Scott Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), is applicable to any Member by reason of the fact that any assets
of the Company will be distributed to such Member in connection with the dissolution of the Company, the distribution of any assets of the Company shall not be consummated until such time as the applicable waiting periods (and extensions thereof)
under the HSR Act have expired or otherwise been terminated with respect to each such Member. 
 Section 7.3 Transfer by
Members. No Member may Transfer all or any portion of its Units or other interests or rights in the Company except as provided in Section 3.2(a) and Section 3.9; provided, however, that, Subject to the
provisions of Section 3.10 and Section 3.9, the restrictions in this Agreement shall not prohibit or restrict SunEdison (or its Controlled Affiliates) from (i) pledging any of Class B Units or B1 Units, shares of Class B
Common Stock or B1 Common Stock, IDRs or other Company securities held by any of them to lenders as security under its Credit Facilities, or (ii) transferring any or all of the pledged Class B Units or Class B1 Units, shares of Class B Common
Stock or Class B1 Common Stock or other Company securities described in clause (ii) of this paragraph in the event of foreclosure on such pledged securities. In connection with any Transfer, the Transferor shall Transfer an equivalent number of
shares of Class B Common Stock (in the case of a Transfer of Class B Units) or Class B1 Common Stock (in the case of a Transfer of Class B1 Units) to the Transferee, in accordance with the terms of the Terra, Inc. Charter. Any purported Transfer of
all or a portion of a Member’s Units or other interests in the Company not complying with this Section 7.3 and Section 7.4 shall be void and shall not create any obligation on the part of the Company or the other Members
to recognize that Transfer or to deal with the Person to which the Transfer purportedly was made. Notwithstanding anything to the contrary herein, the Class A Units shall not be Transferable, except to a Transferring Class A Member’s
Successor in Interest. 

  
 33 

 Section 7.4 Admission or Substitution of New Members. 

(a) Admission. Without the consent of any other Person, the Managing Member shall have the right to admit as a Substituted Member or an
Additional Member, any Person who acquires an interest in the Company, or any part thereof, from a Member or from the Company. Concurrently with the admission of a Substituted Member or an Additional Member, the Managing Member shall forthwith
(i) amend the Schedule of Members to reflect the name and address of such Substituted Member or Additional Member and to eliminate or modify, as applicable, the name and address of the Transferring Member with regard to the Transferred Units
and (ii) cause any necessary papers to be filed and recorded and notice to be given wherever and to the extent required showing the substitution of a Transferee as a Substituted Member in place of the Transferring Member, or the admission of an
Additional Member, in each case, at the expense, including payment of any professional and filing fees incurred, of such Substituted Member or Additional Member. 

(b) Conditions and Limitations. The admission of any Person as a Substituted Member or an Additional Member shall be conditioned upon
such Person’s written acceptance and adoption of all the terms and provisions of this Agreement by execution and delivery of the Adoption Agreement in the form attached hereto as Exhibit A or such other written instrument(s) in form and
substance satisfactory to the Managing Member on behalf of the Company. 
 (c) Prohibited Transfers. Notwithstanding any contrary
provision in this Agreement, unless each of the Members agrees otherwise in writing, in no event may any Transfer of a Unit or other interest in the Company be made by any Member or Assignee if: 

(i) such Transfer is made to any Person who lacks the legal right, power or capacity to own such Unit or other interest in the
Company; 
 (ii) except as otherwise provided pursuant to an Exchange Agreement, such Transfer (which solely for purposes of
this Section 7.4(c) shall include the issuance of Units upon the exercise of an option or warrant to acquire such Unit) would not be within (or would cause the Company to fail to qualify for) one or more of the safe harbors described in
paragraphs (e), (f), (g), (h) or (j) of Treasury Regulations Section 1.7704-1 or otherwise would pose a material risk that the Company could be treated as a “publicly traded partnership” within the meaning of
Section 7704 of the Code and the regulations promulgated thereunder; 
 (iii) such Transfer would require the
registration of such Transferred Unit or other interest in the Company or of any Class of Unit or other interest in the Company pursuant to any applicable United States federal or state securities laws (including, without limitation, the Securities
Act or the Exchange Act) or other non-U.S. securities laws (including Canadian provincial or territorial securities laws) or would constitute a non-exempt distribution pursuant to applicable provincial or state securities laws; 

(iv) such Transfer would cause any portion of the assets of the Company to become “plan assets” of any “benefit
plan investor” within the meaning of regulations issued by the U.S. Department of Labor at Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of the Code of Federal Regulations as modified by Section 3(42) of the Employee
Retirement Income Security Act of 1974, as amended from time to time; 
 (v) to the extent requested by the Managing Member,
the Company does not receive such legal and/or tax opinions and written instruments (including, without limitation, copies of any instruments of Transfer and such Assignee’s consent to be bound by this Agreement as an Assignee) that are in a
form satisfactory to the Managing Member, as determined in the Managing Member’s sole discretion; or 
 (vi) such
Transfer (including any Transfers of the equity interests of a direct or indirect holder of Class B1 Units that is classified as a partnership or disregarded entity for U.S. federal income tax purposes) is by a Class B1 Member and would cause any
Class B1 Units to be owned, directly or indirectly, by a Disqualified Person.

  
 34 

 In addition, notwithstanding any contrary provision in this Agreement, to the extent the Managing
Member shall determine that interests in the Company do not meet or will not meet the requirements of Treasury Regulation section 1.7704-1(h) or could cause the Company to be treated as a publicly traded partnership within the meaning of
Section 7704 of the Code, the Managing Member may impose such restrictions on the Transfer of Units or other interests in the Company as the Managing Member may determine to be necessary or advisable so that the Company is not treated as a
publicly traded partnership taxable as a corporation under Section 7704 of the Code. 
 Any purported Transfer in violation of
Section 7.3 or this Section 7.4(c) shall be null and void ab initio and shall not be effective to transfer record, beneficial, legal or any other ownership of such Unit or other interest in the Company, the purported
transferee shall not be entitled to any rights as a Member with respect to the Unit or other interest in the Company purported to be purchased, acquired or transferred in the Transfer (including, without limitation, the right to vote or to receive
dividends with respect thereto), and all rights as a holder of the Unit or other interest in the Company purported to have been transferred shall remain in the purported transferor. 

(d) Effect of Transfer to Substituted Member. Following the Transfer of any Unit or other interest in the Company that is permitted
under Sections 7.3 and 7.4, the Transferee of such Unit or other interest in the Company shall be treated as having made all of the Capital Contributions in respect of, and received all of the distributions received in respect of, such
Unit or other interest in the Company, shall succeed to the Capital Account balance associated with such Unit or other interest in the Company, shall receive allocations and distributions under Article IV and Article V in respect of
such Unit or other interest in the Company and otherwise shall become a Substituted Member entitled to all the rights of a Member with respect to such Unit or other interest in the Company. 

Section 7.5 Additional Requirements. Notwithstanding any contrary provision in this Agreement, for the avoidance of doubt, the
Managing Member may impose such vesting requirements, forfeiture provisions, Transfer restrictions, minimum retained ownership requirements or other similar provisions with respect to any interests in the Company that are outstanding as of the date
of this Agreement or are created hereafter, with the written consent of the holder of such interests in the Company. Such requirements, provisions and restrictions need not be uniform among holders of interests in the Company and may be waived or
released by the Managing Member in its sole discretion with respect to all or a portion of the interests in the Company owned by any one or more Members or Assignees at any time and from time to time, and such actions or omissions by the Managing
Member shall not constitute the breach of this Agreement or of any duty hereunder or otherwise existing at law, in equity or otherwise. 

Section 7.6 Bankruptcy. Notwithstanding any other provision of this Agreement, the Bankruptcy of a Member shall not cause such
Member to cease to be a member of the Company and upon the occurrence of such an event, the Company shall continue without dissolution. 

Section 7.7 [Reserved]. 

Section 7.8 [Reserved]. 

ARTICLE VIII 
 BOOKS AND
RECORDS; FINANCIAL STATEMENTS AND 
 OTHER INFORMATION; TAX MATTERS 

Section 8.1 Books and Records. The Company shall keep at its principal executive office (i) correct and complete books and
records of account (which, in the case of financial records, shall be kept in accordance with GAAP), (ii) minutes of the proceedings of meetings of the Members, (iii) a current list of the directors and officers of the Company and its
Subsidiaries and their respective residence addresses, (iv) a record containing the names and addresses of all Members, (v) a record of the total number of Units held by each Member, if any, and the dates when

  
 35 

 
they respectively became the owners of record thereof and (vi) a record of the percentage of IDRs held by each Member, if any, and the dates when they respectively became the holder of
record thereof. Any of the foregoing books, minutes or records may be in written form or in any other form capable of being converted into written form within a reasonable time. Except as expressly set forth in this Agreement, notwithstanding the
rights set forth in Section 18-305 of the Act, no Member shall have the right to obtain information from the Company. 

Section 8.2 Information. 

(a) The Members shall be supplied at the Company’s expense with all other Company information reasonably necessary to enable each Member
to prepare its federal, state, and local income tax returns on a timely basis. 
 (b) All determinations, valuations and other matters of
judgment required to be made for ordinary course accounting purposes under this Agreement shall be made by the Managing Member and shall be conclusive and binding on all Members, their Successors in Interest and any other Person who is a party to or
otherwise bound by this Agreement, and to the fullest extent permitted by law or as otherwise provided in this Agreement, no such Person shall have the right to an accounting or an appraisal of the assets of the Company or any successor thereto.

 Section 8.3 Fiscal Year. The Fiscal Year of the Company shall end on December 31st unless otherwise determined by the
Managing Member in its sole discretion in accordance with Section 706 of the Code. 
 Section 8.4 Certain Tax Matters. 

(a) Preparation of Returns. The Managing Member shall cause to be prepared all federal, state and local tax returns of the Company for
each year for which such returns are required to be filed and shall cause such returns to be timely filed. The Managing Member shall determine the appropriate treatment of each item of income, gain, loss, deduction and credit of the Company and the
accounting methods and conventions under the tax laws of the United States of America, the several states and other relevant jurisdictions as to the treatment of any such item or any other method or procedure related to the preparation of such tax
returns. Except as specifically provided otherwise in this Agreement, the Managing Member may cause the Company to make or refrain from making any and all elections permitted by such tax laws. As promptly as practicable after the end of each Fiscal
Year, the Managing Member shall cause the Company to provide to each Member a Schedule K-1 for such Fiscal Year. Additionally, the Managing Member shall cause the Company to provide on a timely basis to each Member, to the extent commercially
reasonable and available to the Company without undue cost, any information reasonably required by the Member to prepare, or in connection with an audit of, such Member’s income tax returns. 

(b) Consistent Treatment. Each Member agrees that it shall not, except as otherwise required by applicable law or regulatory
requirements, (i) treat, on its individual income tax returns, any item of income, gain, loss, deduction or credit relating to its interest in the Company in a manner inconsistent with the treatment of such item by the Company as reflected on
the Form K-1 or other information statement furnished by the Company to such Member for use in preparing its income tax returns or (ii) file any claim for refund relating to any such item based on, or which would result in, such inconsistent
treatment. 
 (c) Duties of the Tax Matters Member. In respect of an income tax audit of any tax return of the Company, the filing of
any amended return or claim for refund in connection with any item of income, gain, loss, deduction or credit reflected on any tax return of the Company, or any administrative or judicial proceedings arising out of or in connection with any such
audit, amended return, claim for refund or denial of such claim, (i) the Managing Member shall direct the Tax Matters Member to act for, and such action shall be final and binding upon, the Company and all Members except to the extent a Member
shall properly elect to be excluded from such proceeding pursuant to the Code, (ii) all expenses incurred by the Tax Matters Member in connection therewith (including attorneys’, accountants’ and other experts’ fees and
disbursements) shall be expenses of, and payable by, the Company, (iii) no Member shall have the right to (A) participate in the audit of any Company tax return, (B) file any amended return or claim for refund in connection with any
item of income, gain, loss, deduction or credit (other than items which are not partnership items within the meaning of Code Section 6231(a)(4) or which cease to be partnership items under Code Section 6231(b)) reflected on any tax return
of the Company, (C) participate in any administrative or judicial proceedings conducted by the Company or the Tax Matters Member arising out of or in 

  
 36 

 
connection with any such audit, amended return, claim for refund or denial of such claim, or (D) appeal, challenge or otherwise protest any adverse findings in any such audit conducted by
the Company or the Tax Matters Member or with respect to any such amended return or claim for refund filed by the Company or the Tax Matters Member or in any such administrative or judicial proceedings conducted by the Company or the Tax Matters
Member and (iv) the Tax Matters Member shall keep the Members reasonably apprised of the status of any such proceeding. Notwithstanding the previous sentence, if a petition for a readjustment to any partnership item included in a final
partnership administrative adjustment is filed with a District Court or the Court of Claims and the IRS has elected to assess income tax against a Member with respect to that final partnership administrative adjustment (rather than suspending
assessments until the District Court or Court of Claims proceedings become final), such Member shall be permitted to file a claim for refund within such period of time as to avoid application of any statute of limitations which would otherwise
prevent the Member from having any claim based on the final outcome of that review. 
 (d) Tax Matters Member. The Company and each
Member hereby designate the Managing Member as the “tax matters partner” for purposes of Code Section 6231(a)(7) (the “Tax Matters Member”). 

(e) Certain Filings. Upon the Transfer of an interest in the Company (within the meaning of the Code), a sale of Company assets or a
liquidation of the Company, the Members shall provide the Managing Member with information and shall make tax filings as reasonably requested by the Managing Member and required under applicable law. 

(f) Section 754 Election. The Managing Member shall cause the Company to make and to maintain and keep in effect at all times, in
accordance with Sections 734, 743 and 754 of the Code and applicable Treasury Regulations and comparable state law provisions, an election to adjust basis in the event (i) any Class B Unit or Class B1 Unit is Transferred in accordance with this
Agreement or the applicable Exchange Agreement or (ii) any Company property is distributed to any Member. 
 ARTICLE IX 

MISCELLANEOUS 

Section 9.1 Separate Agreements; Schedules. Notwithstanding any other provision of this Agreement, including
Section 9.4, or of any other binding agreement between the Company and any Member, the Managing Member may, or may cause the Company to, without the approval of any other Member or other Person, enter into separate agreements with
individual Members with respect to any matter, which have the effect of establishing rights under, or altering, supplementing or amending the terms of, this Agreement or any such separate agreement. The parties hereto agree that any terms contained
in any such separate agreement shall govern with respect to such Member(s) party thereto notwithstanding the provisions of this Agreement. The Managing Member may from time to time execute and deliver to the Members schedules which set forth
information contained in the books and records of the Company and any other matters deemed appropriate by the Managing Member. Such schedules shall be for information purposes only and shall not be deemed to be part of this Agreement for any purpose
whatsoever. 
 Section 9.2 Governing Law; Disputes. (a) THIS AGREEMENT IS GOVERNED BY AND SHALL BE CONSTRUED IN ACCORDANCE
WITH THE LAW OF THE STATE OF DELAWARE, EXCLUDING ANY CONFLICT OF LAWS RULE OR PRINCIPLE THAT MIGHT REFER THE GOVERNANCE OR THE CONSTRUCTION OF THIS AGREEMENT TO THE LAW OF ANOTHER JURISDICTION. 

(b) Any dispute, controversy or claim solely arising out of, relating to or in connection with the rights or obligations of the Class A
Member vis-à-vis any of the Class B Members or Class B1 Members shall be finally settled by arbitration. The arbitration shall take place in Wilmington, Delaware and be conducted in accordance with the Commercial Arbitration Rules of the
American Arbitration Association (the “AAA”) then in effect (except as they may be modified by mutual agreement of the Class A Member and the affected Class B Member or Class B1 Member). The arbitration shall be conducted by
three neutral, impartial and independent arbitrators, who shall be appointed by the AAA, at least one of whom shall be a retired judge or a senior partner at one of the nationally recognized Delaware-based law firms. The arbitration award shall be
final and binding on the parties. Judgment upon the award may be entered by any court having jurisdiction thereof or having jurisdiction over the relevant party or its assets. The costs of the arbitration shall be borne by the Company. Performance
under this Agreement shall 

  
 37 

 
continue if reasonably possible during any arbitration proceedings. Notwithstanding the foregoing, the parties hereto may bring an action or special proceeding in any court of competent
jurisdiction for the purpose of compelling a party to arbitrate and/or seeking temporary or preliminary relief in aid of an arbitration hereunder. 

(c) Each party agrees that it shall bring any action, suit, demand or proceeding (including counterclaims) in respect of any claim arising out
of or related to this Agreement or the transactions contemplated hereby, exclusively in the United States District Court for the District of Delaware or any Delaware State court, in each case, sitting in the City of Wilmington, Delaware (the
“Chosen Courts”), and solely in connection with claims arising under this Agreement or the transactions contemplated hereby (i) irrevocably submits to the exclusive jurisdiction of the Chosen Courts, (ii) waives any
objection to laying venue in any such action, suit, demand or proceeding in the Chosen Courts, (iii) waives any objection that the Chosen Courts are an inconvenient forum or do not have jurisdiction over any Party and (iv) agrees that
service of process upon such party in any such action, suit, demand or proceeding shall be effective if notice is given in accordance with Section 9.5. 

(d) EACH PARTY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, DEMAND OR PROCEEDING (INCLUDING COUNTERCLAIMS)
ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 9.3 Parties in Interest. This
Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective Successors in Interest; provided that no Person claiming by, through or under a Member (whether as such Member’s Successor in
Interest or otherwise), as distinct from such Member itself, shall have any rights as, or in respect to, a Member (including the right to approve or vote on any matter or to notice thereof), and nothing in this Agreement (express or implied) is
intended to confer upon any other Person any rights or remedies of any nature whatsoever under or by reason of this Agreement. 

Section 9.4 Amendments and Waivers. This Agreement may be amended, supplemented, waived or modified by the written consent of the
Managing Member in its sole discretion without the approval of any other Member or other Person; provided that except as otherwise provided herein (including, without limitation, in Section 3.2), no amendment may (i) modify
the limited liability of any Member, or increase the liabilities or obligations of any Member, in each case, without the consent of each such affected Member; or (ii) materially and adversely affect the rights of a holder of Class A Units,
Class B Units or Class B1 Units, in their capacity as holders of Class A Units, Class B Units or Class B1 Units, in relation to other classes of Equity Securities of the Company, without the consent of the holders of a majority of such classes
of Units; and provided, further that so long as the Managing Member is Terra, Inc., any such amendment, supplement or waiver must be approved by a majority of Terra, Inc.’s independent directors (as determined in accordance with
the applicable listing rules of the exchange on which Terra, Inc.’s common stock is listed as of the time of such amendment, supplement or waiver). Notwithstanding the foregoing, the Managing Member may, without the written consent of any other
Member or any other Person, amend, supplement, waive or modify any provision of this Agreement and execute, swear to, acknowledge, deliver, file and record whatever documents may be required in connection therewith, to: (1) reflect any
amendment, supplement, waiver or modification that the Managing Member determines to be necessary or appropriate in connection with the creation, authorization or issuance of any Class of Units or other Equity Securities in the Company or other
Company securities in accordance with this Agreement; (2) reflect the admission, substitution, withdrawal or removal of Members in accordance with this Agreement; (3) reflect a change in the name of the Company, the location of the
principal place of business of the Company, the registered agent of the Company or the registered office of the Company; (4) reflect a change in the Fiscal Year or taxable year of the Company and any other changes that the Managing Member
determines to be necessary or appropriate as a result of a change in the Fiscal Year or taxable year of the Company, including a change in the dates on which distributions are to be made by the Company; or (5) cure any ambiguity, mistake,
defect or inconsistency; provided further, that the books and records of the Company (including the Schedule of Members) shall be deemed amended from time to time to reflect the admission of a new Member, the withdrawal or resignation
of a Member, the adjustment of the Units or other interests in the Company resulting from any issuance, Transfer or other disposition of Units or other interests in the Company, in each case that is made in accordance with the provisions hereof. If
an amendment has been approved in accordance with this Agreement, such amendment shall be adopted and effective with respect to all Members. Upon obtaining such approvals as may be required by this Agreement, and without further action or execution
on the part of any other Member or other Person, any amendment to this Agreement may be implemented and reflected in a writing executed solely by the Managing Member and the other Members shall be deemed a party to and bound by such amendment. 

  
 38 

 No failure or delay by any party in exercising any right, power or privilege hereunder (other
than a failure or delay beyond a period of time specified herein) shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or
privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. 

Section 9.5 Notices. Whenever notice is required or permitted by this Agreement to be given, such notice shall be in writing and
shall be given to any Member at such Member’s address or facsimile number shown in the Company’s books and records, or, if given to the Company, at the following address: 

TerraForm Power, LLC 

12500 Baltimore Avenue 

Beltsville, Maryland 20705 

Attn: General Counsel 

Facsimile: (240) 264-8100 

With a copy (which shall not constitute notice to the Company) to: 

Kirkland & Ellis LLP 

300 North LaSalle 

Chicago, Illinois 60654 

Attn: Dennis M. Myers, P.C. 

Facsimile: (312) 862-2200 

Each proper notice shall be effective upon any of the following: (a) personal delivery to the recipient, (b) when sent by facsimile
to the recipient (with confirmation of receipt), (c) one Business Day after being sent to the recipient by reputable overnight courier service (charges prepaid) or (d) three Business Days after being deposited in the mails (first class or
airmail postage prepaid). 
 Section 9.6 Counterparts. This Agreement may be executed simultaneously in two or more separate
counterparts, any one of which need not contain the signatures of more than one party, but each of which shall be an original and all of which together shall constitute one and the same agreement binding on all the parties hereto. 

Section 9.7 Power of Attorney. Each Member hereby irrevocably appoints the Managing Member as such Member’s true and lawful
representative and attorney in fact, each acting alone, in such Member’s name, place and stead, (a) to make, execute, sign and file all instruments, documents and certificates which, from time to time, may be required to set forth any
amendment to this Agreement or which may be required by this Agreement or by the laws of the United States of America, the State of Delaware or any other state in which the Company shall determine to do business, or any political subdivision or
agency thereof and (b) to execute, implement and continue the valid and subsisting existence of the Company or to qualify and continue the Company as a foreign limited liability company in all jurisdictions in which the Company may conduct
business. Such power of attorney is coupled with an interest and shall survive and continue in full force and effect notwithstanding the subsequent withdrawal from the Company of any Member for any reason and shall survive and shall not be affected
by the disability, incapacity, bankruptcy or dissolution of such Member. No power of attorney granted in this Agreement shall revoke any previously granted power of attorney. 

Section 9.8 Entire Agreement. This Agreement, the Exchange Agreements and the other documents and agreements referred to herein or
entered into concurrently herewith embody the entire agreement and understanding of the parties hereto in respect of the subject matter contained herein; provided that such other agreements and documents shall not be deemed to be a part of, a
modification of or an amendment to this Agreement. There are no restrictions, promises, representations, warranties, covenants or undertakings, other than those expressly set forth or referred to herein. This Agreement supersedes all prior
agreements and understandings between the parties with respect to such subject matter, including the Original LLC Agreement. 

  
 39 

 Section 9.9 Remedies. Each Member shall have all rights and remedies set forth in
this Agreement and all rights and remedies that such Person has been granted at any time under any other agreement or contract and all of the rights that such Person has under any applicable law. Any Person having any rights under any provision of
this Agreement or any other agreements contemplated hereby shall be entitled to enforce such rights specifically (without posting a bond or other security) to recover damages by reason of any breach of any provision of this Agreement and to exercise
all other rights granted by applicable law. 
 Section 9.10 Severability. Whenever possible, each provision of this Agreement
shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such
invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had
never been contained herein. 
 Section 9.11 Creditors. None of the provisions of this Agreement shall be for the benefit of or
enforceable by any creditors of the Company or any of its Affiliates, and no creditor who makes a loan to the Company or any of its Affiliates may have or acquire (except pursuant to the terms of a separate agreement executed by the Company in favor
of such creditor) at any time as a result of making the loan any direct or indirect interest in Company profits, losses, distributions, capital or property other than as a secured creditor. 

Section 9.12 Waiver. No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition
of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or any other covenant, duty, agreement or condition. 

Section 9.13 Further Action. The parties agree to execute and deliver all documents, provide all information and take or refrain
from taking such actions as may be necessary or appropriate to achieve the purposes of this Agreement. 
 Section 9.14 Delivery by
Facsimile or Email. This Agreement, the agreements referred to herein, and each other agreement or instrument entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent
signed and delivered by means of a facsimile machine or email with scan or facsimile attachment, shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if
it were the original signed version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall re execute original forms thereof and deliver them to all other
parties. No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or email to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a
facsimile machine or email as a defense to the formation or enforceability of a contract, and each such party forever waives any such defense. 

  
 40 

 IN WITNESS WHEREOF, the parties have executed this Second Amended and Restated Limited Liability
Company Agreement. 
  

					
	MANAGING MEMBER
	
	TERRAFORM POWER, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	 OTHER MEMBERS
  

SUNEDISON HOLDINGS CORPORATION

			
		 	By:	 	  

		 		 	Name:
		 		 	Title:
	
	[R/C US SOLAR INVESTMENT PARTNERSHIP, L.P.]
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:

 [Signature Page to A&R Terra, LLC Agreement] 

 EXHIBIT A 

Adoption Agreement 
 This
Adoption Agreement is executed by the undersigned pursuant to the Amended and Restated Limited Liability Company Agreement of TerraForm Power, LLC (the “Company”), dated as of
                    , 2014, as amended, restated or supplemented from time to time, a copy of which is attached hereto and is incorporated herein by
reference (the “Agreement”). By the execution of this Adoption Agreement, the undersigned agrees as follows: 
 1.
Acknowledgment. The undersigned acknowledges that he/she is acquiring              Class B Units of the Company as a Class B Member, subject to the terms and conditions of the
Agreement (including the Exhibits thereto), as amended from time to time. Capitalized terms used herein without definition are defined in the Agreement and are used herein with the same meanings set forth therein. 

2. Agreement. The undersigned hereby joins in, and agrees to be bound by, subject to, and enjoy the benefit of the applicable rights
set forth in, the Agreement (including the Exhibits thereto), as amended from time to time, with the same force and effect as if he/she were originally a party thereto. 

3. Notice. Any notice required or permitted by the Agreement shall be given to the undersigned at the address listed below. 

EXECUTED AND DATED on this      day of             ,
20    . 
  

			
	  

	[Name]	 	
		
	Notice Address:	 	  

	
	  

	
	  

			
		
	Facsimile:	 	  

 Form of 1603 Certificate 

GENERAL PARTNER CERTIFICATE 

Dated as of [            ], 2014 

The undersigned, an Authorized Person of
[                    ], a Delaware limited liability company, the sole member of
[                    ] and the general partner of
[                    ], in connection with that certain legal opinion to be delivered by [Opinion Issuer] to [Riverstone Entity] dated as of the date
hereof relating to the ownership of a [wind/solar] generation facility [to be constructed] in [location] (the “Project”), does hereby certify the following as of the date hereof: 

Riverstone Entity Structure 

[                    ] is the general
partner of [                    ].
[                    ] is a Delaware limited liability company taxable as a corporation for U.S. federal income tax purposes. 

The limited partners of
[                    ] are as follows: [list of limited partners]. 

[                    ] Structure

 [                    ] is the general
partner of [                    ]. 
 The
limited partners of [                    ] are: [list of limited partners]. 

[                    ] is a Delaware
limited partnership taxable as a corporation for U.S. federal income tax purposes. 

[                    ] is a Delaware
limited partnership taxable as a corporation for U.S. federal income tax purposes. 

[                    ] is a Delaware
limited partnership taxable as a corporation for U.S. federal income tax purposes. 

[                    ] is a Delaware
limited partnership taxable as a corporation for U.S. federal income tax purposes. 
 The general partner of
[                    ] is [                    ].
The sole limited partner of [                    ] is
[                    ]. The general partner of
[                    ] is [                    ].
Each limited partner of [                    ] is an individual or an entity that is taxable as a corporation for U.S. federal income tax purposes
and each limited partner is subject to U.S. tax on its distributive share of the income from the Project. 

[                    ] Structure

 The sole limited partner of
[                    ] is [                    ],
a Delaware limited partnership, which is taxable as a corporation for U.S. federal income tax purposes. [                    ] is the general partner
of [                    ]. 

[                    ] Structure

 Each limited partner of
[                    ] is an individual, a trust established by an individual whose sole beneficiaries are individual family members or their
estates, or an entity that is taxable as a corporation for U.S. federal income tax purposes and 

 
each limited partner is subject to U.S. tax on its distributive share of the income from the Project.
[                    ] is the general partner of
[                    ] and is taxable as a partnership for U.S. federal income tax purposes.
[                    ] is the sole member of
[                    ]. Each member of
[                    ] is an individual or an entity that is taxable as a corporation for U.S. federal income tax purposes, and each member is
subject to U.S. tax on its distributive share of the income from the Project. 

[                    ] Structure

 [                    ] is the general
partner of [                    ].
[                    ] is the sole member of
[                    ]. 
 The sole
limited partner of [                    ] is
[                    ]. The general partner of
[                    ] is [                    ],
and the limited partners of [                    ] are
[                    ] and
[                    ]. 
 The sole
member of [                    ] is
[                    ]. 
 The general
partner of [                    ] is
[                    ], which is taxable as a partnership for U.S. federal income tax purposes. Each shareholder of
[                    ] is an individual or an entity that is taxable as a corporation for U.S. federal income tax purposes, and each limited partner
is subject to U.S. tax on its distributive share of the income from the Project. 
 Each limited partner of
[                    ] is an individual or an entity this is taxable as a corporation for U.S. federal income tax purposes, and each limited partner
is subject to U.S. tax on its distributive share of the income from the Project. 
 IN WITNESS WHEREOF, the undersigned has hereunto set his
hand as of the date first above written. 
  

			
	[                    ]
		
	By:	 	  

		 	[                    ]
		 	Authorized Person

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00232-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00232-of-00352.parquet"}]]