Document:

Form of Stockholders Agreement (for Directors)

 Exhibit 10(a) 
 STOCKHOLDER AGREEMENT 
 for Directors 
 This Stockholder Agreement (this “Agreement”) is entered into as of April 23, 2008 among Energy Future Holdings Corp. (formerly
known as “TXU Corp.”), a Texas corporation (the “Company”), Texas Energy Future Holdings Limited Partnership, a Delaware limited partnership (“Parent”), and the undersigned person (the
“Stockholder”) (the Company, Parent and the Stockholder being hereinafter collectively referred to as the “Parties”). 
 WHEREAS, pursuant to the Agreement and Plan of Merger, dated as of February 25, 2007 (the “Merger Agreement”), by and among Parent, Texas Energy Future Merger Sub Corp, a Texas corporation and a
direct wholly owned subsidiary of Parent (“Merger Sub”) and the Company, on October 10, 2007 (the “Commencement Date”), Merger Sub merged with and into the Company (the “Merger”), with the
Company surviving the Merger and being renamed “Energy Future Holdings Corp.”; 
 WHEREAS, in connection with the Merger,
investment funds affiliated with Kohlberg Kravis Roberts & Co. L.P., TPG Capital, L.P. and Goldman, Sachs & Co. (collectively, the “Sponsor Group”), as well as other investors, contributed certain funds to Parent
in exchange for limited partnership units; 
 WHEREAS, in consideration for the services that Stockholder will provide to the Company as a
member of the Board of Directors of the Company (the “Board”), the Company agreed, among other things, to issue to Stockholder an aggregate amount of             
shares of common stock, no par value, of the Company (the “Common Stock”) on the date hereof (the “Granted Stock”), subject to vesting; and to issue and sell to the Stockholder on the date hereof at a price per
share of $5.00 per share, shares of Common Stock (the “Purchased Stock”) together with the Granted Stock and any shares of Common Stock acquired by Stockholder after the date hereof, the “Stock”) pursuant to the
terms set forth below to be entered into by and between the Company and the Stockholder concurrently herewith; 
 WHEREAS, this Agreement is
one of several other agreements (“Other Stockholders Agreements”) which concurrently with the execution hereof or in the future will be entered into between the Company and other individuals who are or will be directors or key
employees of the Company or one of its subsidiaries (collectively, the “Other Stockholders”); 
 WHEREAS, concurrently with
entering into this Agreement, the Company, Parent, and Stockholder entered into a Sale Participation Agreement regarding the Stock. 
 NOW
THEREFORE, to implement the foregoing and in consideration of the mutual agreements contained herein, the Parties agree as follows: 
 1.
Definitions. The following terms used herein shall be defined as follows: 
 “Affiliate” means with respect to any
Person, any entity directly or indirectly controlling, controlled by or under common control with such Person. 

 “Agreement” shall have the meaning set forth in the recitals. 
 “Base Price” shall have the meaning set forth in Section 2(a) hereof. 
 “Board” shall have the meaning set forth in the recitals. 
 “Business Day” means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by law to be closed in the state of New York. 
 “Change in Control” shall mean, in one or a series of related transactions, (i) the sale of all or substantially all of the
consolidated assets or capital stock of the Company to a person (or group of persons acting in concert) who is not an Affiliate of any member of the Sponsor Group; (ii) a merger, recapitalization or other sale by the Company, any member of the
Sponsor Group or their Affiliates, to a person (or group of persons acting in concert) of Common Stock that results in more than 50% of the Common Stock of the Company (or any resulting company after a merger) being held by a person (or group of
persons acting in concert) that does not include any member of the Sponsor Group or any of their respective Affiliates; or (iii) a merger, recapitalization or other sale of Common Stock by the Company, any member of the Sponsor Group or
their Affiliates, after which the Sponsor Group owns less than 20% of the Common Stock of, and has the ability to appoint less than a majority of the directors to the Board of, the Company (or any resulting company after a merger); and with respect
to any of the events described in clauses (i) and (ii) above, such event results in any person (or group of persons acting in concert) gaining control of more seats on the Board than the Sponsor Group. 
 “Commencement Date” shall have the meaning set forth in the recitals. 
 “Common Stock” shall have the meaning set forth in the recitals. 
 “Company” shall have the meaning set forth in the recitals. 
 “Drag Transaction” shall have the meaning set forth in the Sale Participation Agreement. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended (or any successor statute thereto). 
 “Granted Stock” shall have the meaning set forth in the recitals. 
 “Merger” shall have the meaning set forth in the recitals. 
 “Merger Agreement” shall have the meaning set forth in the recitals. 
 “Merger Sub” shall have the meaning set forth in the recitals. 
 “Offer” shall have the meaning set forth in Section 4(a) hereof. 
  

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 “Offer Notice” shall have the meaning set forth in Section 4(a) hereof. 

“Option Period” shall have the meaning set forth in Section 4(c) hereof. 
 “Offer Price” shall have the meaning set forth in Section 4(b)(i) hereof. 
 “Offered Stock” shall have the meaning set forth in Section 4(b)(i) hereof. 
 “Other Stockholders Agreements” shall have the meaning set forth in the recitals. 
 “Parent” shall have the meaning set forth in the recitals. 
 “Parties” shall have the meaning set forth in the recitals. 
 “Partnership Agreement” means the Amended and Restated Limited Partnership Agreement of Texas Energy Future Holdings Limited
Partnership, dated as of October 10, 2007 as it may be amended, modified, restated or supplemented from time to time. 
 “Permitted Transfer” means (i) any Transfer pursuant to Section 3 hereof; (ii) any Transfer pursuant to the Sale Participation Agreement; (iii) any Transfer (x) upon the death or disability of
Stockholder to the Stockholder’s Estate or (y) to the executors, administrators, testamentary trustees, legatees, immediate family members or beneficiaries of Stockholder; (iv) any Transfer made after the date hereof in compliance
with the federal securities laws to a Stockholder’s Trust, or (v) any other Transfer permitted by the Board. 
 “Person” shall mean “person,” as such term is used for purposes of Section 13(d) or 14(d) of the Exchange Act. 
 “Plan” shall have the meaning set forth in the recitals. 
 “Proposed Sale”
shall have the meaning ascribed to such term in the Sale Participation Agreement. 
 “Public Offering” shall mean the sale
of shares of Common Stock to the public subsequent to the date hereof pursuant to a registration statement under the Securities Act which has been declared effective by the SEC (other than a registration statement on Form S-4, S-8 or any other
similar form). 
 “Purchase Notice” shall have the meaning set forth in Section 4(c) hereof. 
 “Qualified Public Offering” shall mean any firm underwritten public offering of shares of Common Stock (or series of related offerings)
pursuant to an effective registration statement under the Securities Act (other than a registration statement on Form S-4 or S-8 or any other similar form) pursuant to which at least 25% of the outstanding shares of Common Stock are or have been
sold to the public. 
 “Registration Rights Agreement” shall have the meaning set forth in Section 6(a) hereof.

 “Restricted Group” shall mean, collectively, the Company, its subsidiaries, the members of the Sponsor Group and their
respective Affiliates. 
  

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 “Restricted Stock Award Agreement” shall have the meaning set forth in the recitals.

 “Sale Participation Agreement” shall mean that certain sale participation agreement entered into by and between
Stockholder and Parent, dated as of the date of this Agreement. 
 “SEC” shall mean the Securities and Exchange Commission.

 “Securities Act” shall have the meaning set forth in Section 3(a)(i) hereof. 
 “Sponsor Group” shall have the meaning set forth in the recitals. 
 “Stock” shall have the meaning set forth in the recitals. 
 “Stockholder” shall have the meaning set forth in the recitals. 
 “Stockholder’s Estate” shall mean the conservators, guardians, executors, administrators, testamentary trustees, legatees or beneficiaries of Stockholder. 
 “Stockholder’s Trust” shall mean a partnership, limited liability company, corporation, trust, private foundation or custodianship,
the beneficiaries of which may include only the Stockholder, his or her spouse (or ex-spouse) or his or her lineal descendants (including adopted) or, if at any time after any such Transfer there shall be no then living spouse or lineal descendants,
the ultimate beneficiaries of any such trust or to the estate of a deceased beneficiary. 
 “Transfer” means to transfer,
sell, assign, pledge, hypothecate, or otherwise dispose of. 
 2. Issuance of Purchased Stock and Granted Stock. 
 (a) Subject to the terms and conditions hereinafter set forth, the Stockholder hereby subscribes for and shall purchase, as of the date hereof, and upon
receipt of the applicable purchase price the Company shall issue and deliver to the Stockholder as of the date hereof, the number of shares of Purchased Stock at a $5.00 per share purchase price (the “Base Price”), in each case as
set forth on Schedule I hereto. 
 (b) The Company shall have no obligation to sell any Purchased Stock to any person who (i) is
a resident or citizen of a state or other jurisdiction in which the sale of the Common Stock to him or her would constitute a violation of the securities or “blue sky” laws of such jurisdiction or (ii) is not an employee or director
of the Company or its subsidiaries. 
 (c) Taxes. Stockholder shall have full responsibility and the Company shall have no
responsibility for satisfying any liability for any federal, state or local income or other taxes required by law to be paid with respect to the grants paid hereunder. Notwithstanding anything to the contrary contained herein, the Stockholder agrees
to make appropriate arrangements with the Company for satisfaction of any applicable federal, state or local income tax, withholding requirements or like requirements, including, without limitation, to the payment to the Company upon the vesting of
Stock (or such earlier or later date as may be applicable under Section 83 of the Code), or other settlement in respect of, Stock of all such taxes and requirements and the Company shall be authorized to take such 

  

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action as may be necessary in the opinion of the Company’s counsel (including, without limitation, withholding vested Stock otherwise deliverable to
Stockholder hereunder and/or withholding amounts from any compensation or other amount owing from the Company to the Stockholder) to satisfy all obligations for the payment of such taxes. The Company and Stockholder shall establish such reasonable
procedures as they mutually deem desirable in connection with the foregoing. 
 3. Representations, Warranties and Agreements.

 (a) The Company acknowledges and agrees that Stockholder may Transfer Stock without restriction; provided that, any such Stock to be
Transferred have vested pursuant to the terms of their issuance and provided further that, prior to the earlier of (A) a Qualified Public Offering, (B) five years from the date hereof or (C) the occurrence of a Change in
Control, Stockholder shall have complied with the terms of Section 4 hereof, unless such Transfer is a Permitted Transfer, and provided further that, in the case of a Transfer referenced in clause (iii) or (iv) of the definition of
Permitted Transfer, such Transfer shall be made expressly subject to this Agreement and the transferee shall agree in writing to be bound by the terms and conditions hereof as a “Stockholder” with respect to the representations and
warranties and other obligations of this Agreement. No Transfer of any Stock in violation hereof shall be made or recorded on the books of the Company and any such Transfer shall be void ab initio and of no effect. If the Stockholder is an
Affiliate of the Company, the Stockholder also agrees and acknowledges that he or she will not transfer any shares of the Stock unless: 
 (i) the transfer is pursuant to an effective registration statement under the Securities Act of 1933, as amended, and the rules and regulations in effect thereunder (the “Securities Act”), and in
compliance with applicable provisions of state securities laws; or 
 (ii) (A) counsel for the Stockholder (which counsel
shall be reasonably acceptable to the Company) shall have furnished the Company with an opinion or other advice, reasonably satisfactory in form and substance to the Company, that no such registration is required because of the availability of an
exemption from registration under the Securities Act and (B) if the Stockholder is a citizen or resident of any country other than the United States, or the Stockholder desires to effect any transfer in any such country, counsel for the
Stockholder (which counsel shall be reasonably satisfactory to the Company) shall have furnished the Company with an opinion or other advice reasonably satisfactory in form and substance to the Company to the effect that such transfer will comply
with the securities laws of such jurisdiction. 
 Notwithstanding the foregoing, the Company acknowledges and agrees that any of the following transfers of
Stock are deemed to be in compliance with this Agreement (including without limitation any restrictions or prohibitions herein), and no opinion of counsel is required in connection therewith: (1) a transfer (x) upon the death or Disability
of the Stockholder to the Stockholder’s Estate or (y) to the executors, administrators, testamentary trustees, legatees, immediate family members or beneficiaries of a person who has become a holder of Stock in accordance with the terms of
this Agreement; provided that it is expressly understood that any such transferee shall be bound by the provisions of this Agreement and if requested such transferee shall agree in writing to be bound by the terms and conditions hereof as the
“Stockholder” with respect to the representations and warranties and other 

  

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obligations of this Agreement, (2) a transfer made after the Commencement Date in compliance with the federal securities laws to a Stockholder’s
Trust; provided that such transfer is made expressly subject to this Agreement and that the transferee agrees in writing to be bound by the terms and conditions hereof as a “Stockholder” with respect to the representations and
warranties and other obligations of this Agreement; and provided further that it is expressly understood and agreed that if such Stockholder’s Trust at any point includes any person or entity other than the Stockholder, his spouse (or
ex-spouse) or his lineal descendants (including adopted children) such that it fails to meet the definition thereof as set forth in Section 1 hereof, such transfer shall no longer be deemed in compliance with this Agreement and no transfer of
any shares of Stock shall be permitted or effected if such transfer would cause the Company to be required to register the Common Stock pursuant to Section 12(g)(1) of the Exchange Act, and (3) a transfer made by the Stockholder, with the
Board’s approval, to the Company or any subsidiary of the Company. 
 (b) The certificate (or certificates) representing the Stock, if
any, shall bear the following legend: 
 “THE SHARES REPRESENTED BY THIS CERTIFICATE MAY NOT BE TRANSFERRED, SOLD, ASSIGNED, PLEDGED,
HYPOTHECATED OR OTHERWISE DISPOSED OF UNLESS SUCH TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION COMPLIES WITH THE PROVISIONS OF THE STOCKHOLDER AGREEMENT BETWEEN ENERGY FUTURE HOLDINGS CORP. (THE “COMPANY”) AND THE
STOCKHOLDER NAMED ON THE FACE HEREOF OR THE SALE PARTICIPATION AGREEMENT BETWEEN SUCH STOCKHOLDER AND TEXAS ENERGY FUTURE HOLDINGS LIMITED PARTNERSHIP AND THE COMPANY, IN EACH CASE DATED AS OF APRIL 4, 2008 (COPIES OF WHICH ARE ON FILE WITH THE
SECRETARY OF THE COMPANY) AND ALL APPLICABLE FEDERAL AND STATE SECURITIES LAWS.” 
 (c) The Stockholder acknowledges that he has been
advised that (i) the Stock is characterized as “restricted securities” under the Securities Act the inasmuch as they are being issued by the Company in a transaction not involving a Public Offering and that under the Securities Act
(including applicable regulations) the Stock may be resold without registration under the Securities Act only in certain limited circumstances, (ii) a restrictive legend in the form heretofore set forth shall be placed on the certificates (if
any) representing the Stock and (iii) a notation shall be made in the appropriate records of the Company indicating that the Stock is subject to restrictions on Transfer and appropriate stop transfer restrictions will be issued to the
Company’s transfer agent with respect to the Stock. 
 (d) If any of the Stock is to be disposed of in accordance with Rule 144
under the Securities Act or otherwise, Stockholder shall promptly notify the Company of such intended disposition and shall deliver to the Company at or prior to the time of such disposition such documentation as the Company may reasonably request
in connection with such sale and including an executed copy of any notice on Form 144 required to be filed with the SEC. 
 (e) The
Stockholder represents and warrants that (i) with respect to the Stock, Stockholder has received and reviewed the available information relating to such 

  

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Stock, including having received and reviewed the documents related thereto and (ii) Stockholder has been given the opportunity to obtain any additional
information or documents and to ask questions and receive answers about such information, the Company and the business and prospects of the Company which Stockholder deems necessary to evaluate the merits and risks related to Stockholder’s
investment in the Stock and to verify the information contained in the information received as indicated in this Section 3(e), and Stockholder has relied solely on such information. 
 (f) The Stockholder further represents and warrants that (i) Stockholder’s financial condition is such that Stockholder can afford to bear the
economic risk of holding the Stock for an indefinite period of time and has adequate means for providing for Stockholder’s current needs and personal contingencies, (ii) Stockholder can afford to suffer a complete loss of his or her
investment in the Stock, (iii) Stockholder understands and has taken cognizance of all risk factors related to the issuance of the Stock, (iv) Stockholder’s knowledge and experience in financial and business matters are such that
Stockholder is capable of evaluating the merits and risks of the issuance of the Stock to him, (v) the Stock is being issued to Stockholder for his own account, not as nominee or agent, and not with a view to the resale or distribution of any
part thereof in violation of the Securities Act, and Stockholder has no present intention of selling or otherwise distributing the Stock in violation of the Securities Act, and (vi) Stockholder is an “accredited investor” as defined
in Rule 501(a) of Regulation D, as amended, under the Securities Act. 
 4. Right of First Offer. 
 (a) Prior to the earlier of (i) a Qualified Public Offering, (ii) the occurrence of a Change in Control and (iii) five years from the
Commencement Date, any Transfer of Stock by Stockholder (other than a Permitted Transfer) shall be subject to a right of first offer pursuant to, and Stockholder must first comply with the provisions of, this Section 4. In the event Stockholder
proposes to Transfer any Stock (the “Offer”), then Stockholder shall furnish to Parent a written notice of such proposed Transfer (an “Offer Notice”). 
 (b) The Offer Notice shall include: 
 (i) (A) the number of shares of Stock proposed to be Transferred by Stockholder (the “Offered Stock”), (B) the per Offered Stock purchase price in cash at which Stockholder is prepared to Transfer such Offered Stock
(the “Offer Price”) and (C) all other material terms and conditions, if any, in connection with such proposed Transfer; and 
 (ii) an irrevocable offer to sell the Offered Stock to Parent or its assignee or designee at the Offer Price. 
 (c) If Parent wishes to purchase the Offered Stock pursuant to its right of first offer, it must elect to purchase for cash at the Offer Price all (but not less than all) of the Offered Stock within twenty (20) Business Days following
the date of delivery of the Offer Notice (the “Option Period”) by delivering an irrevocable notice (the “Purchase Notice”) to Stockholder indicating its desire to exercise its rights under this Section 4. If
Parent does not deliver a Purchase Notice in compliance with the above requirements, including the time 

  

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period, it shall be deemed to have waived all of its rights with respect to the offer contained in the Offer Notice. After receipt of the Purchase Notice,
the parties shall negotiate in good faith to enter into an agreement with respect to such Transfer for fifteen (15) Business Days. Parent shall have the right to assign its rights under this Section 4 in respect of any Offer to the
Company, any Affiliate or any other designee. 
 (d) If at the end of the 15 Business Day period referred to in Section 4(c) above, the
parties have not reached agreement with respect to such Transfer, Stockholder may not later than one hundred and twenty (120) days after the date of the Offer Notice, as such period may be extended to obtain any required regulatory approvals,
Transfer all (but not less than all) of the Offered Stock to any other Person on terms no less favorable to Stockholder than those set forth in the Offer Notice, including at a purchase price in cash equal to or greater than the Offer Price, and, if
any other material terms and conditions are identified in the Offer Notice, on those terms and conditions (or those terms and conditions modified in a manner which are no less favorable to Stockholder), without any further obligation to Parent
pursuant to this Section 4. If, at the end of such period, as such period may be extended to obtain any required regulatory approvals, Stockholder has not completed the Transfer of the Offered Stock in accordance with the foregoing, the
obligations to Parent pursuant to this Section 4 shall again be in effect with respect to such Stock. 
 5. The Company’s
Representations and Warranties and Covenants. 
 (a) The Company represents and warrants to Stockholder that (i) this Agreement has
been duly authorized, executed and delivered by the Company and is enforceable against the Company in accordance with its terms and (ii) the Stock, when issued and delivered in accordance with the terms hereof and the other agreements
referenced herein, will be duly and validly issued, fully paid and nonassessable. 
 (b) If the Company is, or becomes, subject to the
reporting requirements of Section 12 of the Exchange Act, the Company will file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder, to the extent
required from time to time to enable Stockholder to sell any Stock, subject to compliance with the provisions hereof without registration under the Exchange Act within the limitations of the exemptions provided by (A) Rule 144 under the
Securities Act, as such Rule may be amended from time to time, or (B) any similar rule or regulation hereafter adopted by the SEC. Notwithstanding anything contained in this Section 5(b), the Company may de-register under Section 12
of the Exchange Act if it is then permitted to do so pursuant to the Exchange Act and the rules and regulations thereunder and, in such circumstances, shall not be required hereby to file any reports which may be necessary in order for Rule 144
or any similar rule or regulation under the Securities Act to be available to Stockholder. Nothing in this Section 5(b) shall be deemed to limit in any manner the restrictions on Transfers of Stock contained in this Agreement. 
 6. “Piggyback” Registration Rights. Effective after the occurrence of an initial Public Offering: 
 (a) The Stockholder agrees to be bound by all of the terms, conditions and obligations of the Registration Rights Agreement, dated as of October 10,
2007, among the Company and investors party thereto (the “Registration Rights Agreement”), a copy of which is attached hereto as Exhibit A, and the Company agrees that the Stockholder shall be entitled 

  

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to all of the rights thereunder, as they relate to the exercise of piggyback registration rights and related rights as provided in Sections 1, 3, 4, 5, 6, 7,
8, 9 and 12 of the Registration Rights Agreement, as in effect on the date hereof (subject only to any amendments thereto to which Stockholder has agreed in writing to be bound), as if Stockholder were an original party to the Registration Rights
Agreement; provided, however, that at no time shall Stockholder have any rights to request registration under Section 3 of the Registration Rights Agreement. For purposes of this Section 6, all Stock purchased or held by
Stockholder pursuant to this Agreement shall be deemed to be “Registrable Securities” as defined in the Registration Rights Agreement. 
 (b) This Section 6 will terminate on the earlier of (i) the occurrence of a Change in Control and (ii) the date on which Stockholder ceases to own any Registrable Securities. 
 7. Rights to Negotiate Repurchase Price. Nothing in this Agreement shall be deemed to restrict or prohibit the Company from purchasing, redeeming
or otherwise acquiring for value Stock from Stockholder, at any time, upon such terms and conditions, and for such price, as may be mutually agreed upon in writing between the Parties. 
 8. Notice of Change of Beneficiary. Immediately prior to any Transfer of Stock to a Stockholder’s Trust, Stockholder shall provide the
Company with a copy of the instruments creating the Stockholder’s Trust and with the identity of the beneficiaries of the Stockholder’s Trust. The Stockholder shall notify the Company as soon as practicable prior to any change in the
identity of any beneficiary of the Stockholder’s Trust. 
 9. Recapitalizations, etc. The provisions of this Agreement shall
apply, to the full extent set forth herein with respect to the Stock, to any and all shares of capital stock of the Company or any capital stock, partnership units or any other security evidencing ownership interests in any successor or assign of
the Company (whether by merger, consolidation, sale of assets or otherwise) which may be issued in respect of, in exchange for, or substitution of the Stock by reason of any stock dividend, split, reverse split, combination, recapitalization,
liquidation, reclassification, merger, consolidation or otherwise. 
 10. Binding Effect. The provisions of this Agreement shall be
binding upon and accrue to the benefit of the parties hereto and their respective heirs, legal representatives, successors and assigns. No provision of this Agreement is intended to or shall confer upon any Person other than the Parties any rights
or remedies hereunder or with respect hereto. 
 11. Amendment. This Agreement may be amended only in a writing signed by the Company
and Stockholder. 
 12. Applicable Law; Jurisdiction; Arbitration; Legal Fees. 
 (a) The laws of the State of Texas applicable to contracts executed and to be performed entirely in such state shall govern the interpretation, validity
and performance of the terms of this Agreement. 
 (b) In the event of any controversy among the parties hereto arising out of, or relating
to, this Agreement which cannot be settled amicably by the parties, such controversy shall be finally, exclusively and conclusively settled by mandatory arbitration 

  

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conducted expeditiously in accordance with the American Arbitration Association’s Commercial Arbitration Rules (and not the Employment Arbitration
Rules) by a single independent arbitrator. Such arbitration process shall take place in Dallas, Texas. The decision of the arbitrator shall be final and binding upon all parties hereto and shall be rendered pursuant to a written decision, which
contains a detailed recital of the arbitrator’s reasoning. Judgment upon the award rendered may be entered in any court having jurisdiction thereof. 
 (c) In the event of any arbitration or other disputes with regard to this Agreement, each Party shall pay its own legal fees and expenses, unless otherwise determined by the arbitrator. 
 13. Miscellaneous. 
 (a) In this
Agreement all references to “dollars” or “$” are to United States dollars and the masculine pronoun shall include the feminine and neuter, and the singular the plural, where the context so indicates. 
 (b) If any provision of this Agreement shall be declared illegal, void or unenforceable by any court of competent jurisdiction, the other provisions
shall not be affected, but shall remain in full force and effect. 
 14. Notices. All notices and other communications provided for
herein shall be in writing. Any notice or other communication hereunder shall be deemed duly given (i) upon electronic confirmation of facsimile, (ii) one business day following the date sent when sent by overnight delivery and
(iii) five (5) Business Days following the date mailed when mailed by registered or certified mail return receipt requested and postage prepaid, in each case as follows: 
 (a) If to the Company, to it at the following address: 
 Energy Future Holdings Corp. 
 Energy Plaza 
 1601 Bryan Street 
 Dallas, Texas 75201

 Attention: General Counsel 
 Telecopy: (214) 812-6004 
 (b) If to the Stockholder, to the Stockholder at the address set forth below under the
Stockholder’s signature. 
 Or to such other addresses as may be specified by any Party in writing to the other. 
 15. Irrevocable Proxy. Subject to and to the extent permitted by the laws of the State of Texas, each Stockholder hereby irrevocably appoints
Parent and any authorized representatives and designees thereof as its lawful proxy and attorney-in-fact to exercise with full power in such Stockholder’s name and on its behalf such Stockholder’s right to vote all of the shares of
outstanding Stock owned by the Stockholder at any regular or special meeting of the stockholders of the Company for the express purpose of electing any one 

  

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or more members to the Board or approving any Change in Control transaction or agreement. If voting under such proxy Parent and any authorized
representatives and designees thereof shall vote under this proxy on behalf of each such Stockholder in the same manner as Parent votes any outstanding shares of Stock owned by it at any such regular or special meeting of the stockholders of the
Company for the express purpose of electing any one or more members to the Board or approving any Change in Control transaction or agreement. This proxy is irrevocable and is coupled with an interest and shall not be terminable as long as this
Agreement remains effective among the parties hereto, their successors, transferees and assigns and, if such Stockholder is a natural person, shall not terminate on the disability or incompetence of such Stockholder. The Company is hereby
requested and directed to honor this proxy upon its presentation by Parent and any authorized representatives and designees thereof, without any duty of investigation whatsoever on the part of the Company. Each such Stockholder agrees that the
Company, and the Company’s secretary shall not be liable to such Stockholder for so honoring this proxy. This Section 15 shall be terminable by Stockholder upon the earlier of (x) a Qualified Public Offering, (y) the fifth
anniversary of the Commencement Date and (z) the occurrence of a Change in Control. 
 [Signatures on next page.] 
  

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

  

			
	ENERGY FUTURE HOLDINGS CORP.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	TEXAS ENERGY FUTURE HOLDINGS LIMITED PARTNERSHIP
	
	By: Texas Energy Future Capital Holdings LLC, its General Partner
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	STOCKHOLDER:
	
	  

	
	ADDRESS:

  

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 Schedule I 
 PURCHASED STOCK 
 Number of shares of Granted Stock: 
  
  
 Number of shares of Purchased Stock: 
  
  
 Base Price: $5.00 
  

 14Form of Sale Participation Agreement (for Directors)

 Exhibit 10(b) 
 SALE PARTICIPATION AGREEMENT 
 for Directors 
 April 23, 2008 
  

	To:	The Person whose name is 

 set forth on the signature page
hereof 
 Dear Sir or Madam: 
 Concurrently with
entering into this letter agreement, you are entering into a Stockholder Agreement with Energy Future Holdings Corp., a Texas corporation formerly known as “TXU Corp.” (the “Company”) and Texas Energy Future Holdings
Limited Partnership, a Delaware limited partnership (“Parent”) (the “Stockholder Agreement”) relating to (i) your receipt and/or acquisition of common stock, no par value, of the Company (“Common
Stock”), including, without limitation, restricted shares of Common Stock subject to forfeiture and any Common Stock hereafter acquired upon the exercise of Options (as defined below) or subsequently issued to or acquired by any Stockholder
Entity and/or, if applicable, (ii) the grant by the Company to you of new options (the “Options”) to purchase shares of Common Stock. Capitalized terms used and not otherwise defined herein shall have the meanings given to such
terms in the Stockholder Agreement. 
 Parent hereby agrees with you as follows: 
 1. (a) In the event that at any time on or after the date hereof Parent proposes to sell directly for cash or any other consideration any shares of Common
Stock owned by Parent in any transaction other than a Public Offering or a sale, directly or indirectly, to an Affiliate of Parent, then, unless Parent is entitled to and does exercise the drag-along rights pursuant to Paragraph 7 below and a Drag
Transaction (as defined below) is consummated, Parent will notify you or your Stockholder’s Estate or Stockholder’s Trust (collectively with you, the “Stockholder Entities”), as the case may be, in writing (a
“Notice”) of such proposed sale (a “Proposed Sale”) specifying the principal terms and conditions of the Proposed Sale (the “Material Terms”) including (i) the number of shares of Common Stock
proposed to be included in the Proposed Sale, (ii) the percentage of the outstanding Common Stock at the time the Notice is given that is represented by the number of shares of Common Stock proposed to be included in the Proposed Sale,
(iii) the price per share of Common Stock subject to the Proposed Sale, including a description of any pricing formulae and of any non-cash consideration sufficiently detailed to permit the valuation thereof, (iv) the Tag Along Sale
Percentage (as defined below) of Parent and (v) the name and address of the Person to whom the Common Stock is proposed to be sold. 

 (b) If, within 10 Business Days after the delivery of Notice under Section 1(a), Parent receives
from a Stockholder Entity a written request (a “Request”) to include Common Stock held by such Stockholder Entity in the Proposed Sale (which Request shall be irrevocable except (i) as set forth in clauses (c) and
(d) of this Paragraph 1 below or (ii) if otherwise mutually agreed to in writing by the Stockholder Entity and Parent), the Common Stock held by such Stockholder Entities plus all shares of Common Stock which you are then entitled to
acquire under any unexercised portion of Options, to the extent such Option is then exercisable or would become exercisable as a result of the consummation of the Proposed Sale (not in any event to exceed the Tag Along Sale Percentage of Parent
multiplied by the total number of shares of Common Stock held by the Stockholder Entities in the aggregate, including all shares of Common Stock which you are then entitled to acquire under any unexercised portion of Options, to the extent such
Option is then exercisable or would become exercisable as a result of the consummation of the Proposed Sale) will be so included as provided herein. Promptly after the execution of the definitive sale agreement, if any, for such Proposed Sale (the
“Sale Agreement”), Parent will furnish each Stockholder Entity with a copy of the Sale Agreement, if any. For purposes of this Agreement, the “Tag Along Sale Percentage” shall mean the fraction, expressed as a
percentage, determined by dividing the number of shares of Common Stock, as applicable, to be purchased from Parent by the total number of shares of Common Stock, as applicable, owned directly by Parent. 
 (c) Notwithstanding anything to the contrary contained in this Agreement, if any of the economic terms of the Proposed Sale change, including without
limitation if the per share price will be materially less than the per share price disclosed in the Notice, or any of the other principal terms or conditions will be materially less favorable to the selling Stockholder Entities than those described
in the Notice, Parent will provide written notice thereof to each Stockholder Entity who has made a Request and each such Stockholder Entity will then be given an opportunity to withdraw the offer contained in such holder’s Request (by
providing prompt (and in any event within five (5) Business Days prior to such closing or, if the proposed closing with respect to the Proposed Sale is to occur within five (5) Business Days or less, within three (3) Business Days
prior to such closing) written notice of such withdrawal to Parent), whereupon such withdrawing Stockholder Entity will be released from all obligations thereunder. 
 (d) If Parent does not complete the Proposed Sale by the end of the 120th day following the date of the effectiveness of the Notice, each selling Stockholder Entity may elect on or prior to such date to be released on
and after such date from all obligations under the applicable Request by notifying Parent in writing of its desire to so withdraw. Upon receipt of that withdrawal notice, the Notice of the relevant Stockholder Entity shall be null and void, and it
will then be necessary for a separate Notice to be furnished, and the terms and provisions of clauses (a) and (b) of this Paragraph 1 separately complied with, in order to consummate such Proposed Sale pursuant to this Paragraph 1, unless
the failure to complete such Proposed Sale resulted from any failure by any selling Stockholder Entity to comply with the terms of this Paragraph 1. 
 (e) Notwithstanding anything to the contrary in the foregoing provisions of this Paragraph 1, Parent may, in its sole discretion, decide whether or not to pursue, consummate, postpone or abandon the Proposed Sale and
the terms and conditions thereof. None of the Company, Parent nor any of their respective Affiliates shall have any liability to any Stockholder Entity arising from, relating to or in connection with the pursuit, consummation, postponement,
abandonment or terms and conditions of any such Proposed Sale. 
  

 2 

 2. (a) The number of shares of Common Stock that the Stockholder Entities will be permitted to include in
a Proposed Sale pursuant to a Request will be the lesser of (i) the number of shares of Common Stock that the Stockholder Entities have offered to sell in the Proposed Sale as set forth in the Request and (ii) the product of (A) the
aggregate number of shares of Common Stock to be included in the Proposed Sale multiplied by (B) a fraction the numerator of which is the number of shares of Common Stock owned by the Stockholder Entities plus all shares of Common
Stock which you are then entitled to acquire under any unexercised portion of Options, to the extent such Option is then exercisable or would become exercisable as a result of the consummation of the Proposed Sale and the denominator of which is the
total number of shares of Common Stock owned by the Stockholder Entities and all other Persons participating in such sale as tag-along sellers pursuant to Other Stockholders Agreements (all such other participants, the “Tag Along
Sellers”) plus the total number of shares of Common Stock which you and such Tag Along Sellers are then entitled to acquire under any unexercised portion of Options, to the extent such Options are then exercisable or would become
exercisable as a result of the consummation of the Proposed Sale, plus all shares of Common Stock owned by Parent. Each Tag Along Seller shall be permitted to conditionally exercise Options that are then exercisable or would become
exercisable as a result of the consummation of the Proposed Sale such that if the Proposed Sale in not consummated, such exercise shall be void and such Options shall remain exercisable on the same terms and conditions as prior to such conditional
exercise. 
 (b) If one or more Tag Along Sellers elect not to include the maximum number of shares of Common Stock which such Tag Along
Seller would have been permitted to include in a Proposed Sale pursuant to Paragraph 2(a) (such non-included shares, the “Eligible Shares”), then the Stockholder Entities and each of the remaining Tag Along Sellers, or any of them,
will have the right to sell in the Proposed Sale a number of additional shares of Common Stock equal to each such Person’s pro rata portion of the number of Eligible Shares, based on the relative number of shares of Common Stock then held by
the Stockholder Entities and each such Tag Along Seller plus all shares of Common Stock which you and such Tag Along Seller are then entitled to acquire under any unexercised portion of the Option, to the extent such Option is then
exercisable or would become exercisable as a result of the consummation of the Proposed Sale. Such additional shares of Common Stock which the Stockholder Entities and such Tag Along Seller propose to sell shall not be included in any calculation
made pursuant to Paragraph 2(a) for the purpose of determining the number of shares of Common Stock which the Stockholder Entities will be permitted to include in a Proposed Sale. Notwithstanding any of the foregoing, Parent will have the right
to sell in the Proposed Sale additional shares of Common Stock owned by it equal to the number, if any, of the total remaining Eligible Shares, which will not be included in any calculation made pursuant to Paragraph 2(a) for the purpose of
determining the number of shares of Common Stock which the Stockholder Entities will be permitted to include in a Proposed Sale. 
 3. Except
as may otherwise be provided herein, shares of Common Stock subject to a Request will be included in a Proposed Sale pursuant hereto and in any agreements with purchasers relating thereto on the same terms and subject to the same conditions
applicable to the 

  

 3 

 
shares of Common Stock which Parent proposes to sell in the Proposed Sale. Such terms and conditions shall include, without limitation: the sale price; the
payment of fees, commissions and expenses; the provision of, and customary representations and warranties as to, information reasonably requested by Parent covering matters regarding the Stockholder Entities’ ownership of shares; and the
provision of requisite indemnification; provided that any indemnification provided by the Stockholder Entities shall be a several and not joint obligation and pro rata in proportion with the number of shares of Common Stock to be sold;
provided, further, that no Stockholder Entity shall be required to indemnify any Person for an amount, in the aggregate, in excess of the gross proceeds received by such Stockholder Entity in such Proposed Sale. Notwithstanding
anything to the contrary in the foregoing, if the consideration payable for shares of Common Stock is securities and the acquisition of such securities by a Stockholder Entity would reasonably be expected to be prohibited under U.S., foreign or
state securities laws, such Stockholder Entity shall be entitled to receive an amount in cash equal to the value of any such securities such Person would otherwise be entitled to receive. 
 4. Upon delivering a Request, the Stockholder Entities will, if requested by Parent, execute and deliver a custody agreement and power of attorney in
form and substance reasonably satisfactory to Parent with respect to the shares of Common Stock which are to be sold by the Stockholder Entities pursuant hereto (a “Custody Agreement and Power of Attorney”). The Custody Agreement
and Power of Attorney will contain customary provisions and will provide, among other things, that the Stockholder Entities will deliver to and deposit in custody with the custodian and attorney-in-fact named therein a certificate or certificates
(if such shares are certificated) representing such shares of Common Stock (duly endorsed in blank by the registered owner or owners thereof) and irrevocably appoint said custodian and attorney-in-fact as the Stockholder Entities’ agent and
attorney-in-fact with full power and authority to act under the Custody Agreement and Power of Attorney on the Stockholder Entities’ behalf with respect to the matters specified therein. 
 5. Your right pursuant hereto to participate in a Proposed Sale shall be contingent on your material compliance with each of the provisions hereof and
your willingness to execute such documents in connection therewith as may be reasonably requested by Parent. 
 6. If the consideration to be
paid in exchange for shares of Common Stock in a Proposed Sale pursuant to Paragraph 1 includes any securities, and the receipt thereof by Parent and a Shareholder Entity would require under applicable law (a) the registration or qualification
of such securities or of any Person as a broker or dealer or agent with respect to such securities or (b) the provision to any selling Shareholder Entity of any information regarding the Company, its subsidiaries, such securities or the issuer
thereof that would not be required to be delivered in an offering solely to a limited number of “accredited investors” under Regulation D promulgated under the Securities Act of 1933, as amended, and the rules and regulations in effect
thereunder, Parent and such Shareholder Entity shall not, subject to the following sentence, have the right to sell shares of Common Stock in such Proposed Sale. In such event, Parent shall have the right to cause to be paid to such selling
Shareholder Entity in lieu thereof, against surrender of the shares of Common Stock which would have otherwise been sold by such selling Shareholder Entity to the prospective buyer in the Proposed Sale, an amount in cash equal to the Fair Market
Value of such shares of Common Stock as of the date such securities would have been issued in exchange for such shares of Common Stock. 
  

 4 

 7. (a) If Parent proposes to transfer, directly or indirectly (whether by means of a merger,
consolidation, reorganization or recapitalization, sale, transfer or otherwise), a number of shares of Common Stock equal to 50% or more of the outstanding Common Stock (such Person, the “Drag-Along Purchaser”), then if requested by
Parent, each Stockholder Entity shall be required to sell a number of shares of Common Stock equal to the aggregate number of shares of Common Stock held by the Stockholder Entities (which shares of Common Stock shall hereafter be deemed to include
shares of Common Stock underlying Options that are then exercisable or would become exercisable as a result of the consummation of the Drag Transaction (as defined below)) multiplied by the Tag Along Sale Percentage (such transaction, a
“Drag Transaction”). 
 (b) Shares of Common Stock held by the Stockholder Entities included in a Drag Transaction will be
included in any agreements with the Drag-Along Purchaser relating thereto on the same terms and subject to the same conditions applicable to the shares of Common Stock, which the Drag-Along Purchaser proposes to purchase in the Drag Transaction.
Such terms and conditions shall include, without limitation: the pro rata reduction of the number of shares of Common Stock to be sold by Parent and the Stockholder Entities to be included in the Drag Transaction if required by the Drag-Along
Purchaser; the price per share; the payment of fees, commissions and expenses; the provision of, and representation and warranty as to, information reasonably requested by the Drag-Along Purchaser covering matters regarding the Stockholder
Entities’ ownership of shares of Common Stock; and the provision of requisite indemnification; provided that any indemnification provided by the Stockholder Entities shall be a several and not joint obligation and pro rata in proportion
with the number of shares of Common Stock to be sold; provided, further, that no Stockholder Entity shall be required to indemnify any Person for an amount, in the aggregate, in excess of the gross proceeds received by such Stockholder
Entity in such Proposed Sale; and provided, further, that if (A) Parent owns, directly or indirectly, 35% or more of the voting equity of such Drag-Along Purchaser (or otherwise directly or indirectly controls such Drag-Along
Purchaser), (B) any Person, directly or indirectly, owns 35% or more of the voting equity of both Parent and such Drag-Along Purchaser (or otherwise directly or indirectly controls both Parent and such Drag-Along Purchaser) or (C) the
Drag-Along Purchaser is a Person that owns, directly or indirectly, 35% or more of the voting equity of Parent (or otherwise directly or indirectly controls Parent), then a Stockholder Entity may deliver a notice of disagreement (“Notice of
Disagreement”) to Parent with respect to the price per share of Common Stock subject to the Proposed Sale, which Notice of Disagreement shall set forth the Stockholder Entity’s determination of the price per share of Common Stock subject
to the Proposed Sale. If Stockholder and Parent fail to reach agreement as to such price per share, Stockholder may require the Board of Directors of the Parent (the “Board”) to retain an independent valuation, from a nationally recognized
appraiser, to determine the fair market value (and the Parent will bear the cost of such appraisal, unless the appraised value is 110% or less of the fair market value as determined by the Board, in which case the Stockholder Entity, as applicable,
will bear the cost of such appraisal). Such nationally recognized appraiser shall act as an expert and not as arbitrator and its determination of such price per share of Common Stock subject to the Proposed Sale shall (absent a manifest error) be
final and binding on Parent and the Stockholder Entity. 
 (c) Your pro rata share of any amount to be paid pursuant to Paragraph 3 or
7(b) shall be based upon the number of shares of Common Stock intended to be transferred by 

  

 5 

 
the Stockholder Entities plus the number of shares of Common Stock you would have the right to acquire under any unexercised portion of the Option which is
then vested or would become vested as a result of the Proposed Sale or Drag Transaction, assuming that you receive a payment in respect of such Option. 
 (d) Notwithstanding anything to the contrary in the foregoing, if the consideration payable to Stockholder Entities for shares of Common Stock is securities and the acquisition of such securities by a Stockholder
Entity would reasonably be expected to be prohibited under U.S., foreign or state securities laws, such Stockholder Entity shall be entitled to receive an amount in cash equal to the value of any such securities such Person would otherwise be
entitled to receive. 
 8. The obligations of Parent hereunder shall extend only to you, the Stockholder Entities, and your transferees
(“Permitted Transferees”) who (a) are party to the Stockholder Agreement and (b) have acquired Common Stock pursuant to a Transfer referenced in clause (iii) or (iv) of the definition of a Permitted Transfer set
forth in the Stockholder Agreement, and none of the Stockholder Entities’ successors or assigns, with the exception of any Permitted Transferee and only with respect to the Common Stock acquired by such Permitted Transferee pursuant to a
Permitted Transfer, shall have any rights pursuant hereto. 
 9. This Agreement shall terminate and be of no further force and effect on the
occurrence of the earlier of the consummation of a Qualified Public Offering and a Change in Control. 
 10. All notices and other
communications required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed facsimile if sent during normal business hours of
the recipient, if not, then on the next Business Day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid or (d) one (1) Business Day after deposit with a nationally
recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to such party’s address as set forth below or at such other address or to such other person as the party shall
have furnished to each other party in writing in accordance with this provision: 
 If to Parent, at the following address: 
 Texas Energy Future Holdings Limited Partnership 
 c/o TPG Capital, L.P. 
 301 Commerce Street, Suite 3300 
 Fort Worth, Texas 76102 
 Attention: Clive
Bode 
 Telecopy: (817) 871-4000 
  

 6 

 with a copy to: 
 the Company 
 Energy Future Holdings Corp. 
 Energy Plaza 
 1601 Bryan Street 

Dallas, Texas 75201 
 Attention: General
Counsel 
 Telecopy: (214) 812-6004 
 If to you, to you at the address set forth on the signature page hereto; 
 If to your Stockholder’s Estate or
Stockholder’s Trust, to the address provided to the Company by such entity in writing. 
 11. The laws of the State of Texas shall
govern the interpretation, validity and performance of the terms of this Agreement. In the event of any controversy among the parties hereto arising out of, or relating to, this Agreement which cannot be settled amicably by the parties, such
controversy shall be finally, exclusively and conclusively settled by mandatory arbitration conducted expeditiously in accordance with the American Arbitration Association’s Commercial Arbitration Rules (and not the Employment Arbitration
Rules), by a single independent arbitrator. Such arbitration process shall take place in Dallas, Texas. The decision of the arbitrator shall be final and binding upon all parties hereto and shall be rendered pursuant to a written decision, which
contains a detailed recital of the arbitrator’s reasoning. Judgment upon the award rendered may be entered in any court having jurisdiction thereof. Each party shall bear its own legal fees and expenses, unless otherwise determined by the
arbitrator; provided that if a Stockholder Entity substantially prevails on any of his or its substantive legal claims, Parent shall reimburse all legal fees and arbitration fees incurred by such Stockholder Entity to arbitrate the dispute.
Each party hereto hereby irrevocably waives any right that it may have had to bring an action in any court, domestic or foreign, or before any similar domestic or foreign authority with respect to this Agreement. 
 12. This Agreement may be executed in counterparts, and by different parties on separate counterparts, each of which shall be deemed an original, but all
such counterparts shall together constitute one and the same instrument. 
 13. This Agreement may be amended by Parent at any time upon
notice to the Stockholder Entity thereof; provided that any amendment that disadvantages the Stockholder Entity shall not be effective unless and until the Stockholder Entity has consented thereto in writing and (ii) that disadvantages
the Stockholder Entity in more than a de minimis way but less than a material way shall require the consent of the Stockholder Entity holding a majority of the equity interests held by the Stockholder Entity. 
 [Signatures on following pages] 
  

 7 

 If the foregoing accurately sets forth our agreement, please acknowledge your acceptance thereof in the
space provided below for that purpose. 
  

			
	Very truly yours,
	
	TEXAS ENERGY FUTURE HOLDINGS LIMITED PARTNERSHIP
		
	By:	 	 TEXAS ENERGY FUTURE CAPITAL HOLDINGS LLC,
 its general partner

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 8 

	
	Accepted and agreed as of the date first written above.
	
	  

	[Name]
	
	Address:
	
	  

	  

	  

 [Signature page to Sale Participation Agreement] 
  

 9

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