Document:

Exhibit 10.1
September 17, 2021
RAPID MICRO BIOSYSTEMS, INC.
1001 Pawtucket Blvd. West, Suite 280
Lowell, Massachusetts 01854
Attention: Sean Wirtjes, Chief Financial Officer
Email: 
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With a copy to:
​
LATHAM & WATKINS LLP
200 Clarendon Street
Boston, Massachusetts 02116
Attention: Stephen Ranere
Facsimile: (617) 948-6001
Email: 
​
		Re:
	Payoff Letter

Ladies and Gentlemen:
Reference is hereby made to that certain Loan and Security Agreement, dated as of May 14, 2020 (as amended, restated, supplemented or otherwise modified from time to time through the date hereof, the "Loan Agreement"; capitalized terms used herein and not otherwise defined herein shall have the meaning ascribed to such terms in the Loan Agreement), by and among Kennedy Lewis Management LP, as collateral agent (in such capacity, “Collateral Agent”), and the lenders party thereto from time to time (the “Lenders”), and Rapid Micro Biosystems, Inc., a Delaware corporation ("Borrower"), and each Guarantor otherwise party thereto from time to time, pursuant to which Collateral Agent and the Lenders have provided certain loans and other financial accommodations to Borrower. 
Collateral Agent has been informed by Borrower that Borrower will be terminating in full the Term Loan Commitments, prepaying in full the Term Loans and paying off all of the outstanding Obligations under the Loan Agreement and the other Loan Documents, other than the Surviving Obligations (as such term is defined below).  If received by 2:00 p.m. (Eastern time) on September 17, 2021 (the "Payoff Date"), the amount necessary to pay all of such Obligations (other than the Surviving Obligations) is $28,705,465.30 (the "Payoff Amount", which definition shall include any per diem required below), comprised of (i) $26,159,183.66 in respect of the principal amount of outstanding Term Loans, (ii) $1,831,142.86 in respect of the Prepayment Premium, (iii) $680,138.78 in respect of accrued interest, fees and expenses (other than legal fees and disbursements) on outstanding Term Loans, and (iv) $35,000 in respect of estimated legal fees and disbursements (such legal fees and disbursements described in this clause (iv), the "Legal Expenses").  "Surviving Obligations" means the obligations of Borrower and the other Loan Parties under the Loan Agreement and the other Loan Documents (including, without limitation, any indemnification and reimbursement obligations and any obligations set forth herein) that by the express terms of the Loan Agreement or such other Loan Documents survive the termination of the Loan Agreement or the repayment in full of the Term Loans, including, for the avoidance of doubt, all applicable terms, 

conditions or other obligations under the Warrants.  If the Payoff Effective Time (defined below) has not occurred by 2:00 p.m. (Eastern time) on the Payoff Date, the Payoff Amount shall be increased by a per diem of $8,719.73 for each additional day or portion thereof after the Payoff Date.  The Payoff Amount (including the per diem amount, if applicable) assumes (i) no change in the operative interest rates after the date hereof and (ii) no additional borrowings (or payments) under the Loan Agreement.  Borrower agrees that it shall not request, and the Lenders shall not be required to make, any additional extensions of credit under the Loan Agreement on or after the date of this letter.
This letter confirms that immediately upon, and effective as of, receipt by (A) Collateral Agent and each Lender (or its counsel with respect to the Legal Expenses) of its respective Pro Rata Share of the Payoff Amount (including the per diem, if applicable) by wire transfers to the accounts set forth on Exhibit A hereto, and (B) Collateral Agent of a copy of this letter agreement duly executed by Borrower (the "Payoff Effective Time"), notwithstanding any provision of the Loan Agreement or the other Loan Documents:  (i) all liens and security interests granted pursuant to the Loan Documents shall be deemed to have automatically been released and terminated in full (the "Collateral Release"), (ii) the Loan Documents (other than the Warrants) shall be automatically terminated, released and discharged in full (except in respect of the Surviving Obligations), and (iii) all Obligations under the Loan Agreement and the other Loan Documents (other than the Warrants and the other Surviving Obligations) shall be deemed to have automatically been satisfied, released and discharged in full.  Promptly following the Payoff Effective Time, each of the following to be at Borrower's sole expense, (i) Collateral Agent or its designee shall file (and Borrower or its designee is hereby authorized to file on Collateral Agent's behalf) Uniform Commercial Code terminations attached as Exhibit B hereto, (ii) Collateral Agent shall deliver or cause to be delivered to Borrower all possessory collateral in Collateral Agent's possession as collateral for the Obligations, including without limitation the collateral listed on Exhibit C hereto, (iii) Collateral Agent shall execute, deliver and file (and Borrower or its designee is hereby authorized to file on Collateral Agent's behalf) any applicable trademark, patent or other intellectual property releases in connection with the Collateral Release (including with respect to that certain Intellectual Property Security Agreement, dated as of May 14, 2020 (as amended, modified or supplemented from time to time prior to the date hereof), made by Borrower in favor of Collateral Agent, and filed with the United Stated Patent and Trademark Office), (iv) Collateral Agent shall execute and deliver terminations and releases of any deposit account control agreements (including without limitation that certain Deposit Account and Sweep Investment Control Agreement, dated as of June 12, 2020, by and among Wells Fargo Bank, National Association, Collateral Agent and Borrower), securities account control agreements (including without limitation that certain Account Control Agreement, dated as of June 12, 2020, by and among Wells Fargo Clearing Services, LLC, Collateral Agent and Borrower), landlord waivers (including without limitation that certain Landlord Consent and Agreement, dated as of August 14, 2020, by and among Farley White Pawtucket, LLC, Collateral Agent and Borrower), and letters to warehousemen entered into in connection with the Term Loans or the Loan Documents, in each case pursuant to the applicable terms thereof, and (v) Collateral Agent agrees, at Borrower's sole expense, to take all additional steps reasonably requested by Borrower as may be necessary to effectuate the Collateral Release.  Notwithstanding anything to the contrary herein, Borrower shall continue to be obligated with respect to the Surviving Obligations and the expenses referred to in the immediately preceding sentence.
Borrower agrees to pay Collateral Agent for all reasonable and documented out-of-pocket costs and expenses incurred by Collateral Agent in connection with the matters referred to in this letter, and Borrower acknowledges that each of Collateral Agent's actions with respect to the Collateral Release and Collateral Agent’s execution of and/or delivery of any documents releasing any security interest or claim in any property of Borrower are made without recourse, representation, warranty or other assurance of any kind by Collateral Agent as to Collateral Agent's or any Lender's rights in any collateral security for amounts owing under the Loan Agreement and the other Loan Documents, the condition or value of any Collateral, or any other matter.

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If any payment or transfer (or any portion thereof) to Collateral Agent or any Lender shall be subsequently invalidated, declared to be fraudulent or a fraudulent conveyance or preferential, avoided, rescinded, set aside or otherwise required to be returned or repaid, whether in bankruptcy, reorganization, insolvency or similar proceedings involving a Loan Party or otherwise, then such payment or transfer shall immediately be reinstated, without need for any action by any Person, and shall be enforceable against such Loan Party and its successors and assigns as if such payment had never been made (in which case this letter agreement shall in no way impair the claims of Collateral Agent or any Lender with respect to such payment or transfer).
Further, notwithstanding any terms of this letter to the contrary, all equity interests and warrants of Borrower or any of its affiliates held by Collateral Agent, any Lender or any of their respective Affiliates (including, for the avoidance of doubt, the Warrants), and any ancillary agreements directly related thereto, shall remain in full force and effect and shall not be discharged or affected by this letter. 
Each of Borrower and each other Loan Party, for itself and on behalf of its officers, directors, subsidiaries, successors and assigns (collectively with Borrower and each Loan Party, collectively, “Releasors” and, each individually, a “Releasor”), hereby jointly and severally releases, acquits and forever discharges each Releasee (as hereinafter defined) from any and all claims, demands, debts, suits, controversies, reckonings, damages and any and all other claims, counterclaims, defenses, rights of set-off, demands and liabilities whatsoever and any and all other liabilities, actions or causes of action of any kind (if any there be), whether absolute or contingent, due or to become due, disputed or undisputed, liquidated or unliquidated, at law or in equity, or known or unknown (collectively, “Claims”) that any Releasor now has, ever had or hereafter may have against Collateral Agent or any Lender in any capacity or any of its officers, directors, employees, agents, attorneys, representatives, subsidiaries, affiliates and shareholders (collectively with Collateral Agent and each Lender, “Releasees”) based on any actions, inactions, transactions, or circumstances that have occurred on or before the date of this letter and that relate in any way to (i) any of the Obligations, Loan Documents or Collateral, (ii) any transaction, act or omission contemplated by or described in any Loan Documents or concluded thereunder, or (iii) any aspect of the dealings or relationships between or among any Releasor, on the one hand, and any Releasee, on the other hand, under or in connection with any Loan Document or any transaction, act or omission contemplated by or described in any Loan Document or concluded thereunder.  The provisions of this paragraph shall survive the termination of this letter or any Loan Document and payment in full of the Obligations.  Each of Borrower and each other Loan Party, for itself and on behalf of the other Releasors, hereby unconditionally and irrevocably agrees that it will not sue any Releasee on the basis of any Claim released, remised and discharged pursuant to the foregoing provisions of this paragraph, and if Borrower or any other Loan Party or any other Releasor violates the foregoing covenant, each of Borrower and each other Loan Party, for itself and its successors and assigns, agrees to pay, in addition to such other damages as any Releasee may sustain as a result of such violation, all attorneys’ fees and other costs incurred by any Releasee as a result of such violation.  EACH OF BORROWER AND EACH OTHER LOAN PARTY EXPRESSLY WAIVES AND RELEASES ANY AND ALL PROVISIONS, RIGHTS AND BENEFITS UNDER ANY APPLICABLE LAW WHICH, IN THE ABSENCE OF SUCH WAIVER, WOULD BAR ITS RELEASE OF ANY CLAIMS WHICH IT DOES NOT KNOW OF (NOR SUSPECT TO EXIST) IN ITS FAVOR AT THE TIME OF EXECUTING THIS LETTER. 
Collateral Agent and the Lenders hereby waive the requirements pursuant to Section 2.2(d)(i) of the Loan Agreement that the Borrower provide Collateral Agent with written notice at least five (5) Business Days prior to the date of any prepayment of the Term Loans.  
This letter shall terminate immediately at 2:00 p.m. (Eastern time) on September 24, 2021 if the Payoff Effective Time has not occurred before such time.

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This letter shall be governed by the internal laws of the State of New York.  No Loan Party may assign its rights, duties or obligations under this agreement without the prior written consent of Collateral Agent.  
No Person other than the Loan Parties, Collateral Agent and the Lenders shall be entitled to claim any right or benefit hereunder, including, without limitation, the status of a third-party beneficiary of this letter, in each case other than the Releasees.
This letter may be signed in multiple counterparts, each of which shall constitute an original and all of which, taken together, shall constitute one and the same instrument.  One or more counterparts of this letter may be delivered by facsimile or other electronic transmission, with the intention that they shall have the same effect as an original counterpart thereof.
The words “execution,” “execute”, “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this letter agreement and the transactions contemplated hereby shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by Collateral Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.
[Remainder of page intentionally left blank.]

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KENNEDY LEWIS MANAGEMENT LP By:      /s/Anthony Pasqua‌Name: Anthony Pasqua
  Authorized Signatory
​

	Sincerely,
​
COLLATERAL AGENT:
​KENNEDY LEWIS MANAGEMENT LP By:      /s/ Anthony Pasqua‌Name: Anthony Pasqua
Title:   Authorized Signatory

​
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Signature Page to Payoff Letter

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Acknowledged and Agreed to as of
 this 17th day of September, 2021
	​

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	BORROWER:
RAPID MICRO BIOSYSTEMS, INC.
​
​
By:   /s/ Sean Wirtjes
​ ​​
Name: Sean Wirtjes
Title:   Chief Financial Officer
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	​

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Signature Page to Payoff Letter

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Exhibit A
Wire Instructions
​
Payoff Amount (other than Legal Expenses):
​
Bank Name:
ABA #:
Account Name:
Account #:
Reference:
​
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Legal Expenses:
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Bank:
ABA #:
Account Name: 
Account #:
Reference:
​
​
​
​

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Exhibit B
Uniform Commercial Code termination
(See Attached)
 ​

​

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Exhibit C
Possessory Collateral
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None.

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​Exhibit 10.1

 

AMENDED AND RESTATED

EMPLOYMENT AGREEMENT

Between

Clearway Energy, Inc.

and

Christopher Sotos

 

THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT
(this “Agreement”) is made as of September 23, 2021, between Clearway Energy, Inc. (the “Company”), and Christopher
Sotos (“Executive”).

 

WHEREAS, the Company and Executive (collectively,
the “Parties”) previously entered into that certain employment agreement dated May, 6, 2016 (the “Commencement Date”),
and as amended effective January 1, 2018, under which the Company has employed Executive as its President and Chief Executive Officer
and Executive (collectively, the “Prior Agreement”); and

 

WHEREAS, the Parties desire to amend and restate
the Prior Agreement to make certain clarifying changes to the terms and conditions set forth therein and Executive is willing to accept
his continued employment under the terms and conditions set forth below.

 

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

 

1.       Employment.
The Company shall continue to employ Executive, and Executive hereby agrees to continue in employment with the Company, upon the terms
and conditions set forth in this Agreement for the period beginning September 23, 2021 (the “Effective Date”), and ending
as provided in Section 5 hereof (the “Employment Period”).

 

2.       Position
and Duties.

 

(a)     During
the Employment Period, Executive shall serve as the President and Chief Executive Officer (“CEO”) of the Company and shall
have the normal duties, responsibilities, functions and authorities customarily exercised by the President and CEO of a company of similar
size and nature as the Company. During the Employment Period, Executive shall render such administrative, financial and other executive
and managerial services to the Company and its affiliates which are consistent with Executive’s position, as the Board of Directors
of the Company (the “Board”) may from time to time direct.

 

    1

    

    

 

(b)     During the
Employment Period, Executive shall report to the Board and shall devote his best efforts and his full business time and attention
(except for permitted vacation periods and reasonable periods of illness or other incapacity) to the business and affairs of the
Company. Executive shall perform his duties, responsibilities and functions to the Company hereunder to the best of his abilities in
a diligent, trustworthy, professional and efficient manner and shall comply with the Company’s policies and procedures in all
material respects. In performing his duties and exercising his authority under this Agreement, Executive shall support and implement
the business and strategic plans approved from time to time by the Board. During the Employment Period, Executive shall not serve as
an officer or director of, or otherwise perform services for compensation for, any other entity without the prior written consent of
the Board, which shall not be unreasonably withheld. Executive may serve as an officer or director of, or otherwise participate in,
purely educational, welfare, social, religious and civic organizations so long as such activities do not interfere with
Executive’s employment. Nothing contained herein shall preclude Executive from (i) engaging in charitable and community
activities; (ii) participating in industry and trade organization activities; (iii) managing his and his family’s
personal investments and affairs; and (iv) delivering lectures, fulfilling speaking engagements or teaching at educational
institutions; provided that such activities do not materially interfere with the regular performance of his duties and
responsibilities under this Agreement.

 

3.       Compensation
and Benefits.

 

(a)     
As of the Effective Date, Executive’s annualized rate of base salary shall be Six Hundred Twenty-Nine Thousand Three-Hundred
and Thirty Dollars ($629,330). For each subsequent annual period thereafter, Executive’s annual base salary shall be reviewed by
the Board, which shall determine (among other things) whether to grant an increase (such initial annual base salary and the annual base
salary as determined from time to time by the Board are referred to herein as the “Base Salary”). The Base Salary (minus all
applicable tax withholding) shall be payable by the Company in regular installments in accordance with the Company’s general payroll
practices (in effect from time to time) but in any event no less frequently than monthly. For purposes of this Agreement, the Base Salary
shall not include any other type of compensation or benefit paid or payable to Executive.

 

(b)     Bonuses
and Incentive Compensation.

 

(i)       Annual
Bonus. As of the Effective Date, and for fiscal year 2021, and for each fiscal year thereafter during the Employment Period, subject
to achievement of criteria determined by the Board with input from Executive as soon as administratively practicable following the beginning
of each such fiscal year, Executive will be entitled to an annual bonus with a target amount equal to one hundred percent (100%) of Executive’s
then current Base Salary (the “Annual Bonus”), it being understood that the Company may, from time to time, increase such
percentage of Executive’s then current Base Salary for purposes of establishing the target amount of the Annual Bonus. The maximum
award opportunity each year is two hundred percent (200%) of the target amount. The Company shall pay the Annual Bonus in a single cash
lump-sum (minus all applicable tax withholding) after the end of the Company’s fiscal year in accordance with procedures established
by the Board, but in no event later than two and one-half (21⁄2) months after the end of the calendar year during which the last
day of the fiscal year occurs.

 

    2

    

    

 

(ii)       Long
Term Incentive. Executive shall be eligible to participate in the Clearway Energy, Inc. Amended and Restated 2013 Equity
Incentive Plan, as such plan may be amended and/or restated from time to time (or any successor plan thereto), on such terms and
conditions as are stated therein. For each fiscal year during the Employment Period, Executive’s annual long term incentive
target shall equal two hundred and fifty percent (250%) of Executive’s then Base Salary (the “Target LTIP
Award”).

 

(c)     During
the Employment Period, the Company shall promptly reimburse Executive for all reasonable business expenses incurred by him in the course
of performing his duties and responsibilities under this Agreement which are consistent with the Company’s policies in effect from
time to time with respect to travel, entertainment and other business expenses, subject to the Company’s requirements with respect
to reporting and documentation of such expenses. During the Employment Period, the Company will promptly reimburse Executive for reasonable
fees, costs and expenses incurred for annual tax return preparation, and ongoing tax advice and financial planning, to a maximum of Twelve
Thousand Dollars ($12,000) annually; provided that such reimbursements must be made prior to the end of the calendar year following the
calendar year in which such expense was incurred. In addition, the Company will promptly reimburse Executive for reasonable fees and costs
incurred for purposes of obtaining legal and other advisory services in connection with reviewing and finalizing this Amended and Restated
Employment Agreement, to a maximum of Twelve Thousand Dollars ($12,000).

 

(d)     In
addition to the Base Salary and any bonuses and incentives payable to Executive pursuant to this Section 3, Executive shall
also be entitled to the following benefits during the Employment Period, unless otherwise modified by the Board:

 

(i)        participation
in the Company’s retirement plans, health and welfare plans and disability insurance plans, under the terms of such plans (in effect
from time to time) and to the same extent and under the same conditions such participation and coverages are provided to other senior
management of the Company;

 

(ii)       five
(5) weeks paid vacation each calendar year; and

 

(iii)      coverage
under the Company’s director and officer liability insurance policy.

 

4.       Board
Membership. With respect to all regular elections of directors during the Employment Period, the Company shall nominate, and use its
reasonable efforts to cause the election of, Executive to serve as a member of the Board. Effective upon the termination of the Employment
Period, Executive shall resign as a director of the Company and its affiliates, as the case may be.

 

5.       Employment
Period; Termination.

 

(a)     Unless
renewed by mutual agreement of the Parties, the Employment Period shall end on December 31, 2024, but shall automatically renew on
the same terms and conditions set forth herein for additional one year terms unless the Company or Executive gives the other Party
written notice of its election not to renew the Employment Period at least ninety (90) days prior to the then current expiration
date (a “Non-Renewal Notice”); provided that the Employment Period shall terminate prior to such date (i) upon
Executive’s resignation or death, (ii) upon the Company’s termination of Executive’s employment hereunder with or
without Cause, or (iii) upon termination of Executive’s employment with the Company as a result of his Disability, in each
case as further described in this Section 5, as applicable.

 

    3

    

    

 

(b)     Termination
of the Employment Period may occur as follows:

 

(i)        the
Employment Period shall terminate immediately upon Executive’s resignation (with or without Good Reason (as defined herein)), death
or Disability (as defined herein));

 

(ii)       the
Employment Period may be terminated by the Company at any time prior to such date with or without Cause (as defined herein), subject to
the process described in Section 5(d) below, as applicable. Except as otherwise provided herein, including as specified
in Section 5(d) below, any termination of the Employment Period by the Company shall be effective as specified in a written
notice from the Company to Executive, but in no event more than thirty (30) calendar days from the date of such notice; or

 

(iii)      the
ending of the Employment Period in accordance with Section 5(a) as a result of a delivery of a Non-Renewal Notice by the Company
or Executive to the other Party.

 

(c)       For
purposes of this Agreement, the definition of “Good Reason” shall mean:

 

(i)       Any
material failure by the Company to comply with any of the provisions of this Agreement, other than any isolated, insubstantial and inadvertent
failure not occurring in bad faith, and which is not remedied by the Company within thirty (30) calendar days after receipt of written
notice thereof given by Executive;

 

(ii)       Any
failure to elect Executive to the Board at any regular election of directors during the Employment Period, or any removal of Executive
from the Board, for any reason, during the Employment Period;

 

(iii)      Any
reduction of more than fifteen percent (15%) of Executive’s Base Salary, annual incentive target under the Annual Bonus program
(“Target Annual Bonus”) or target LTIP awards (“Target LTIP Award”), relative to the highest Base Salary, Target
Annual Bonus or Target LTIP Award level for Executive after the Effective Date, excluding across-the-board reductions to Executive’s
then effective Base Salary, Target Annual Bonus and/or Target LTIP Award (on a grant value basis) pursuant to a compensation reduction
program that applies to substantially all similarly situated executive officers of the Company; provided that, if any reduction of Base
Salary, Target Annual Bonus or Target LTIP Award occurs during the period that is within the six (6) months immediately prior to, or
twenty-four (24) months immediately following a Change in Control (as defined herein) (without regard to whether the reduction applies
on an across-the-board basis as described above), then such reduction shall be deemed to constitute Good Reason.

 

    4

    

    

 

(iv)     A
material reduction in Executive’s benefits under or relative level of participation in the Company’s employee benefit or retirement
plans, policies, practices, or arrangements in which Executive participates as of the Effective Date;

 

(v)      A
material diminution in Executive’s authority, duties, or responsibilities, or the assignment of duties to Executive (including a
requirement that Executive is to report to someone other than the Board) which are materially inconsistent with his position;

 

(vi)     The
failure of the Company to obtain in writing the obligation to perform or be bound by the terms of this Agreement by any successor to the
Company or a purchaser of all or substantially all of the assets of the Company within fifteen (15) calendar days after any Change in
Control (as defined herein) or similar transaction; or

 

(vii)    Any
relocation of Executive’s principal place of employment to a location that is more than fifty (50) miles from Executive’s
place of employment as of the Effective Date, but only if such new location is not closer to Executive’s primary residence.

 

Notwithstanding the foregoing, in no event shall Executive
have Good Reason to terminate his employment unless (A) Executive gives written notice to the Company of the existence of the condition
constituting Good Reason within ninety (90) calendar days of the initial existence of such condition; (B) the Company does not cure
such condition within thirty (30) calendar days of its receipt of such notice; and (C) Executive actually terminates his employment
within one hundred eighty (180) calendar days following the initial existence of the condition constituting Good Reason.

 

(d)     For
purposes of this Agreement, the definition of “Cause” shall mean:

 

		(i)	Executive’s conviction of, or an agreement to a plea of nolo contendere to, any felony or other crime involving moral turpitude;

		(ii)	Executive’s willful and continuing refusal to substantially perform Executive’s material duties as reasonably directed
by the Board under this or any other agreement (after receipt of written notice from the Board setting forth such duties and responsibilities
to be performed);

		(iii)	In carrying out Executive’s duties, Executive engages in conduct that constitutes willful gross neglect or willful gross misconduct
which, in either case, results in demonstrable harm to the business, operations, prospects, or reputation of the Company;

		(iv)	Executive’s material breach of any written agreement between Executive and the Company;

		(v)	Executive’s material violation of the Company’s Code of Conduct or any material provision of a written Company policy;
or

		(vi)	Any other material breach of this Agreement which is not cured to the Board’s reasonable satisfaction within thirty (30) calendar
days after written notice thereof to Executive.

 

    5

    

    

 

Notwithstanding the foregoing, there shall be no termination
for Cause pursuant to clauses (i) through (vi) above, unless a written notice, containing a detailed description of the grounds
constituting Cause hereunder, is delivered to Executive stating the basis for the termination within thirty (30) calendar days of the
initial existence of the condition. Upon receipt of such notice, Executive shall be given thirty (30) calendar days to fully cure and
remedy the neglect or conduct that is the basis of such claim. If Executive fails to fully cure and remedy such neglect or misconduct
within such thirty (30) calendar day period, Executive shall have an opportunity to be heard before the full Board. After such hearing,
a termination for Cause shall only occur if there is a vote of three-quarters (3/4) of the Board to terminate Executive for Cause.

 

(e)     For
purposes of this Agreement, a termination of the Employment Period as a result of the Company’s delivery of a Non-Renewal Notice
to Executive shall be deemed to constitute an involuntary termination of Executive’s employment with the Company without Cause.

 

6.       Severance.

 

(a)     Involuntary
Termination without Cause Voluntary Termination for Good Reason.

 

(i)        Entitlement
to Severance Benefits. In the event (A) Executive’s employment with the Company is involuntarily terminated by the Company without
Cause (including, for the avoidance of doubt, the Company’s delivery of a Notice of Non-Renewal to Executive), or (B) Executive’s
employment with the Company is voluntarily terminated by Executive for Good Reason (the date occurrence of each such event under the above
clauses (A) or (B), being the “Separation Date”), Executive shall be entitled to the severance benefits set forth below in
Section 6(a)(ii); provided, however, if such termination of employment occurs within six (6) months immediately prior to,
or twenty-four (24) months immediately following a Change in Control (as defined herein) of the Company, Executive shall in lieu of the
severance benefits provided under Section 6(a)(ii) hereof become entitled to the severance benefits set forth below in Section 6(a)(iii).

 

(ii)       Severance
absent a Change in Control. As a condition to the payment of the following severance benefits under this Section 6(a)(ii),
within forty-five (45) calendar days of the occurrence of the Separation Date that is not within six (6) months immediately prior
to, or twenty-four (24) months immediately following a Change in Control, Executive shall execute and deliver, and the applicable revocation
period shall have expired with respect to, the “Release” in the form substantially similar to that attached hereto as Exhibit A,
in consideration for which the Company agrees to the following:

 

    6

    

    

 

		(A)	The Company shall pay Executive, upon the date that is forty-five (45) calendar days following the Separation Date, a lump-sum
cash payment (minus applicable tax withholding) in an amount no less than one and one-half (11⁄2) times Executive’s annual
Base Salary in effect as of the Separation Date;

 

		(B)	The Company shall pay Executive, upon the date that annual bonus payments are generally made to the Company’s executive officers,
a lump-sum cash payment (minus applicable tax withholding), if at all, in an amount at least equal to the Annual Bonus payment Executive
would have earned (i.e., contingent on satisfaction of the performance goals that are applicable to such Annual Bonus), if any, as set
forth in Section 3(b)(i) of this Agreement if his termination of employment had not occurred, adjusted on a pro rata basis based
on the number of days Executive was actually employed by the Company during the fiscal year to which such target bonus opportunity relates;

 

		(C)	In the event that the Separation Date occurs under this Section 6(a)(ii) following the close of the fiscal year but prior to
the payment of the bonus applicable for such year (if any), the Company shall pay Executive, upon the date that is forty-five (45) calendar
following the Separation Date, a lump-sum cash payment (minus applicable tax withholding) in an amount equal to the amount of such bonus
(if any) that Executive would have received for such prior fiscal year, had Executive’s employment with the Company continued and
he was employed through such date on which such bonus would be paid;

 

		(D)	For eighteen (18) months from the Separation Date (the “Benefits Continuation Period”), the Company shall reimburse
Executive for the portion of the monthly premium cost that would have been paid by the Company for the same level of health and dental
coverage that Executive had in effect immediately prior to his termination if Executive were actively employed by the Company in the event
Executive elects for himself and his dependents (as applicable) to participate in continuation coverage for the Company’s health
and dental plans under the Consolidated Omnibus Budget and Reconciliation Act of 1985, as amended (“COBRA”); provided, however,
that if it is not commercially feasible to offer COBRA to Executive, the Board, in its discretion, may reimburse Executive for similar
reasonable costs incurred by Executive in obtaining health and dental coverage for himself and his dependents (as applicable) during the
Benefits Continuation Period;

 

		(E)	The Company shall pay Executive the amounts described in Section 6(e); and

 

		(F)	The Company shall treat all outstanding awards of restricted stock, stock options and other equity awards granted to Executive under
the LTIP (“Outstanding LTIP Awards”) in accordance with the terms of the plans or agreements under which such awards were
created or maintained.

 

    7

    

    

 

(iii)      Severance
with a Change in Control. As a condition to the payment of the following severance benefits under this Section 6(a)(iii), within
forty-five (45) calendar days of the occurrence of the Separation Date that is within the six (6) months immediately prior to, or
twenty-four (24) months immediately following a Change in Control, Executive shall execute and deliver, and the applicable revocation
period shall have expired with respect to, the “Release” in the form attached hereto as Exhibit A, in consideration for
which the Company agrees to the following:

 

		(A)	The Company shall pay Executive, upon the date that is forty-five (45) calendar days following the Separation Date, a lump-sum
cash payment (minus applicable tax withholding) in an amount no less than three (3) times the sum of the following: (x) Executive’s
annual Base Salary in effect as of the Separation Date, or if higher, Executive’s annual Base Salary in effect immediately prior
to the Change in Control, and (y) Executive’s target Annual Bonus opportunity as set forth in Section 3(b)(i) of this
Agreement;

 

		(B)	The Company shall pay Executive, upon the date that is forty-five (45) calendar days following the Separation Date, a lump-sum
cash payment (minus applicable tax withholding), in an amount at least equal to Executive’s then target Annual Bonus opportunity
as established pursuant to Section 3(b)(i) of this Agreement, adjusted on a pro rata basis based on the number of days Executive
was actually employed by the Company during the fiscal year to which such target bonus opportunity relates;

 

		(C)	In the event that the Separation Date occurs under this Section 6(a)(iii) following the close of the fiscal year but prior
to the payment of the bonus applicable for such year (if any), the Company shall pay Executive, upon the date that is forty-five (45)
calendar days following the Separation Date, a lump-sum cash payment (minus applicable tax withholding), in an amount equal to the
amount of such bonus (if any) that Executive would have received for such prior fiscal year, had Executive’s employment with the
Company continued and he was employed through such date on which such bonus would be paid;

 

		(D)	For the duration of the Benefits Continuation Period, the Company shall reimburse Executive for the portion of the monthly premium
cost that would have been paid by the Company for the same level of health and dental coverage that Executive had in effect immediately
prior to his termination if Executive were actively employed by the Company if Executive elects in the event Executive elects for himself
and his dependents (as applicable) to participate in benefits continuation
coverage for the Company’s health and dental plans under COBRA; provided, however, that if it is not commercially feasible to offer
COBRA to Executive, the Board, in its discretion, may reimburse Executive for similar reasonable costs incurred by Executive in obtaining
health and dental coverage for himself and his dependents (as applicable) during the Benefits Continuation Period; 

 

    8

    

    

 

		(E)	The Company shall pay Executive the amounts described in Section 6(e); and

 

		(F)	To the extent any Outstanding LTIP Awards include a vesting provision therein that is based on the applicable termination of employment
occurring within a period of six (6) months prior to and twelve (12) months following a Change in Control, such period shall be deemed
to be, and reformed hereunder as, six (6) months prior to and twenty-four (24) months following a Change in Control, it being understood
that (x) such Outstanding LTIP Awards shall otherwise be administered in accordance with the terms of the plans or agreements under which
such awards were created or maintained, and (y) nothing in this paragraph shall otherwise modify the applicable termination of employment
definition set forth in such Outstanding LTIP Awards that shall apply thereunder for such vesting purposes.

 

(v)      Notwithstanding
anything in this Section 6(a) to the contrary, the benefit reimbursement provided pursuant to Section 6(a)(ii)(D)
and Section 6(a)(iii)(D) shall be discontinued prior to the end of the Benefits Continuation Period in the event Executive becomes
eligible for benefits from a subsequent employer similar to those benefits Executive was receiving pursuant to the Benefits Continuation
Period as determined by the Company in good faith. Executive shall have a duty to inform the Company as to the terms and conditions of
any subsequent employment and the corresponding benefits earned from such employment, and shall provide, or cause to be provided, to the
Company in writing correct, complete and timely information concerning the same.

 

(vi)     Notwithstanding
anything herein to the contrary, if Executive is a “specified employee” (within the meaning of Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”)) as of his termination of employment, then to the extent necessary to comply
with the requirements of Section 409A of the Code, no payments due Executive under this Section 6(a) shall be made earlier
than the date that is six (6) months following Executive’s termination
of employment, at which time all payments that would otherwise have been made or provided to Executive within that six (6)
month period shall be paid to Executive in a lump sum.

 

    9

    

    

 

(b)          For purposes of this Agreement,
 “Change in Control” shall mean the first to occur of any of the following events:

 

(i)       Any
 “person” (as that term is used in Sections 13 and 14(d)(2) of the Securities Exchange Act of 1934 (“Exchange Act”))
other than Clearway Energy Group LLC or one of its subsidiaries or affiliates (A) becomes the “beneficial owner” (as
that term is used in Section 13(d) of the Exchange Act), directly or indirectly, of fifty percent (50%) or more of either (x)
the Company’s then-outstanding common stock (“Outstanding Company Common Stock”) or (y) the Company’s then-outstanding
capital stock entitled to vote in the election of directors (“Outstanding Company Voting Securities”), excluding any “person”
who becomes a “beneficial owner” in connection with a Business Combination (as defined in paragraph (iii) below) which
does not constitute a Change in Control under said paragraph (iii) or (B) obtains the power to, directly or indirectly, vote
or cause to be voted fifty percent (50%) or more of the Company’s capital stock entitled to vote in the election of directors, including
by contract or through proxy;

 

(ii)       Persons
who on the Effective Date constitute the Board (the “Incumbent Directors”) cease for any reason, including without limitation,
as a result of a tender offer, proxy contest, merger, or similar transaction,,
to constitute at least a majority thereof; provided that any person becoming a director of the Company subsequent to the Effective Date
shall be considered an Incumbent Director if such person’s election or nomination for election was approved by a vote of at least
a majority of the Incumbent Directors; but provided further, that any such person whose initial assumption of office is in connection
with an actual or threatened election contest relating to the election of members of the Board or other actual or threatened solicitation
of proxies or consents by or on behalf of a “person” (as defined in Sections 13(d) and 14(d) of the Exchange Act)
other than the Board, including by reason of agreement intended to avoid or settle any such actual or threatened contest or solicitation,
shall not be considered an Incumbent Director;

 

(iii)      Consummation
of a reorganization, merger, consolidation, or sale or other disposition of all or substantially all of the assets of the Company (a “Business
Combination”), in each case, unless, following such Business Combination, all or substantially all of the individuals and entities
who were the beneficial owners, respectively, of Outstanding Company Common Stock and of the combined voting power of Outstanding Company
Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than fifty percent (50%)
of the then outstanding shares of common stock and combined voting power of the then outstanding voting securities entitled to vote generally
in the election of directors, as the case may be, of the company resulting from such Business Combination (including, without limitation,
a company which, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets either directly
or through one or more subsidiaries) in the same proportions as their ownership, immediately prior to such Business Combination, of the
Outstanding Company Common Stock and Outstanding Company Voting Securities; or

 

(iv) The stockholders of the Company approve any plan or
proposal for the liquidation or dissolution of the Company.

 

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(c)     Termination
for Cause; Voluntary Resignation. In the event Executive’s employment with
the Company is terminated (i) by the Board involuntarily for Cause, or (ii) by Executive’s resignation from the Company for
any reason other than Good Reason, death, or Disability, the Company agrees to the following, including for the avoidance of doubt, Executive’s
delivery of a Non-Renewal Notice pursuant to Section 5(a) absent a Change in Control:

 

		(A)	The Company shall pay Executive the amounts described in Section 6(e); and

 

		(B)	The Company shall treat all Outstanding LTIP Awards in accordance with the terms of the plans or agreements under which such awards
were created or maintained.

 

(d)     Death
or Disability. In the event that Executive’s employment with the Company is terminated as a result of Executive’s
death or Disability, the Company agrees to the following:

 

(i)       The Company shall pay Executive,
upon the date that is fifteen (15) calendar days after such termination of employment, a lump-sum cash payment (minus applicable tax withholding)
in an amount at least equal to Executive’s then target bonus opportunity as set forth in Section 3(b)(i) of this
Agreement participating, adjusted on a pro rata basis based on the number of days Executive was actually employed during the fiscal year
to which such target bonus opportunity relates;

 

(ii)       In
the event that Executive’s death or termination due to Disability occurs under this Section 6(d) following the
close of the fiscal year but prior to the payment of the bonus applicable for such year (if any), the Company shall pay Executive upon
the date that is fifteen (15) calendar days after such termination of employment, a lump-sum cash payment (minus applicable tax withholding)
in an amount equal to the amount of such bonus (if any) that Executive would have received for such prior fiscal year, had Executive’s
employment with the Company continued and he was employed through such date on which such bonus would be paid;

 

(iii)      The
Company shall pay Executive the amounts described in Section 6(e); and

 

(iv)      The
Company shall treat all Outstanding LTIP Awards in accordance with the terms of the plans or agreements under which such awards were created
or maintained.

 

For purposes of this Agreement,
 “Disability” shall mean “disabled” as defined in Section 409A(a)(2)(C) of the Code and the
regulations promulgated thereunder. Executive shall cooperate in all respects with the Company if a question arises as to whether he
has become disabled (including, without limitation, submitting to an examination by a medical doctor or other health care
specialists selected by the Company and reasonably acceptable to Executive and authorizing such medical doctor or such other health
care specialist to discuss Executive’s condition with the Company).

 

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(e)     Other
Payments Upon Termination. In the case of any termination of Executive’s employment with the Company, Executive or his estate
or legal representative shall be entitled to receive from the Company:

 

(i)        To
the extent not theretofore paid, Executive’s Base Salary through the date of termination to the extent not theretofore paid;

 

(ii)       To the extent not theretofore paid
and not otherwise addressed in this Section 6, the amount of any bonus, incentive compensation, deferred compensation and
other compensation earned or accrued by Executive as of the date of termination under any compensation and benefit plans, programs or
arrangements maintained in force by the Company and to the extent provided for (if at all) under the terms thereof (for this purpose,
Executive’s Annual Bonus, if any, for any fiscal year shall be deemed to have accrued only on the last day of such fiscal year;
provided that, except as otherwise required by applicable law, no such accrual shall occur in the event of termination of Executive’s
employment pursuant to Section 6(c));

 

(iii)      To
the extent not theretofore paid, any vacation pay, expense reimbursements and other cash entitlements accrued by Executive, in accordance
with Company policy, as of the date of termination;

 

(iv)     All
benefits accrued by Executive under all benefit plans and qualified and nonqualified retirement, pension, 401(k) and similar plans
and arrangements of the Company, in such manner and at such time as are provided under the terms of such plans and arrangements.

 

In the event Executive becomes entitled to receive the benefits
described in Section 6(a) hereof, such benefits shall be in lieu of other compensation to which Executive may have been entitled
pursuant to any severance plan or similar arrangement.

 

(f)      No
Other Payments. Except as provided in (a), (b), (c) or (d) above, all of Executive’s rights to salary, bonuses, employee
benefits and other compensation hereunder which would have accrued or become payable after the termination of the Employment Period shall
cease upon such termination, other than those expressly required under applicable law.

 

(g)     No
Mitigation, Et Cetera. In the event of Executive’s termination of employment for whatever reason or in the event of breach of
this Agreement by the Company, Executive shall be under no obligation to seek other employment or to otherwise mitigate his damages.

 

(h)     Offset.
The Company may offset, to the fullest extent of the law, any amounts due to the Company from Executive, or advanced or loaned to
Executive by the Company, from any monies owed to Executive or Executive’s estate by reason of his termination of employment;
provided that in no event will the payment of any amount that constitutes “deferred compensation” under
Section 409A of the Code and the regulations promulgated thereunder be offset.

 

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(i)       Limitations.
Notwithstanding any other provision of Section 6 to the contrary, to the extent any benefits provided pursuant to Section 6
during the first six months after Executive’s termination are not paid pursuant to a qualified plan, a bona fide sick leave or vacation
plan, a disability plan, a death benefit plan or a plan providing medical expense reimbursements which are non-taxable or a separation
pay plan (within the meaning of the regulations under Section 409A of the Code) and Executive is a “specified employee”
within the meaning of Section 409A of the Code, Executive shall pay the cost of such coverage during the first six (6) months following
such termination and shall be reimbursed for the cost of such coverage after the lapse of such six (6)-month period.

 

7.       Indemnification.

 

(a)       The
Company agrees that (i) if Executive is made a party, or is threatened to be made a party, to any threatened or actual action, suit
or proceeding, whether civil, criminal, administrative, investigative, appellate or other (each, a “Proceeding”) by reason
of the fact that he is or was a director, officer, employee, agent, manager, consultant or representative of the Company or is or was
serving at the, request of the Company as a director, officer, member, employee, agent, manager, consultant or representative of another
entity or (ii) if any claim, demand, request, investigation, dispute, controversy, threat, discovery request or request for testimony
or information (each, a “Claim”) is made, or threatened to be made, that arises out of or relates to Executive’s service
in any of the foregoing capacities, then Executive shall promptly be indemnified and held harmless by the Company to the fullest extent
legally permitted or authorized by the Company’s certificate of incorporation, bylaws or Board resolutions or, if greater, by the
laws of the State of Delaware, against any and all costs, expenses, liabilities and losses (including, without limitation, attorney’s
fees, judgments, interest, expenses of investigation, penalties, fines, excise taxes or penalties and amounts paid or to be paid in settlement)
incurred or suffered by Executive in connection therewith, and such indemnification shall continue as to Executive even if he has ceased
to be a director, member, employee, agent, manager, consultant or representative of the Company or other entity and shall inure to the
benefit of Executive’s heirs, executors and administrators. The Company shall advance to Executive all attorneys’ fees, costs
and expenses incurred by him in connection with any such Proceeding or Claim within fifteen (15) calendar days after receiving written
notice requesting such an advance. Such notice shall include, to the extent required by applicable law, an undertaking by Executive to
repay the amount advanced if he is ultimately determined not to be entitled to indemnification against such costs and expenses. Executive
shall have the right to select counsel of his choosing.

 

(b)       Neither
the failure of the Company (including the Board, independent legal counsel or stockholders) to have made a determination in connection
with any request for indemnification or advancement under Section 7(a) that Executive has satisfied any applicable standard
of conduct nor a determination by the Company (including the Board, independent legal counsel or stockholders) that Executive has not
met any applicable standard of conduct, shall create a presumption that Executive has or has not met an applicable standard of conduct.

 

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8.       280G
Best Net. In the event that any payment or benefit made or provided to or for the benefit of Executive in connection with this Agreement
or his employment with the Company or the termination thereof (a “Payment”) is determined to be subject to any excise tax
(“Excise Tax”) imposed by Section 4999 of the Code and the regulations and other guidance promulgated thereunder, then
such payment or benefit shall be reduced to the minimum extent necessary to avoid the imposition of such tax, but only if such reduction
would cause the amount to be retained by Executive, in the reasonable judgment of Executive’s personal tax advisor, to be greater
than would be the case if Executive were required to pay such excise tax. The determination of whether any Payment is subject to an Excise
Tax and, if so, the amount and time of any reduction required hereunder shall be made by an independent auditor (the “Auditor”)
jointly selected by the Parties and paid by the Company. Unless Executive agrees otherwise in writing, the Auditor shall be a nationally
recognized United States public accounting firm that has not, during the two years preceding the date of its selection, acted in any way
on behalf of the Company or any of its affiliates. If the Parties cannot agree on the firm to serve as the Auditor, then the Parties shall
each select one accounting firm and those two firms shall jointly select the accounting firm to serve as the Auditor.

 

9.       Confidential
Information.

 

(a)       Executive
acknowledges that the information, observations and data (including trade secrets) obtained by him while employed by the Company concerning
the business or affairs of the Company or any of its affiliates (“Confidential Information”) are the property of the Company
or such affiliate. Therefore, except in the course of Executive’s duties to the Company or as may be compelled by law or appropriate
legal process, Executive agrees that he shall not disclose to any person or entity or use for his own purposes any Confidential Information
or any confidential or proprietary information of other persons or entities in the possession of the Company and its affiliates (“Third
Party Information”), without the prior written consent of the Board, unless and to the extent that the Confidential Information
or Third Party Information becomes generally known to and available for use by the public other than as a result of Executive’s
acts or omissions. Except in the course of Executive’s duties to the Company or as may be compelled by law or appropriate legal
process, Executive will not, during his employment by the Company, or permanently thereafter, directly or indirectly use, divulge, disseminate,
disclose, lecture upon, or publish any Confidential Information, without having first obtained written permission from the Board to do
so. Executive shall deliver to the Company at the termination of the Employment Period, or at any other time the Company may reasonably
request, all memoranda, notes, plans, records, reports, computer files, disks and tapes, printouts and software and other documents and
data (and copies thereof) embodying or relating to Third Party Information, Confidential Information or the business of the Company, or
its affiliates which he may then possess or have under his control. Notwithstanding the foregoing, the Company hereby waives the right
to assert an “inevitable disclosure” argument in any legal proceeding against Employee after the termination of his employment.

 

(b)       Executive
shall be prohibited from using or disclosing any confidential information or trade secrets that Executive may have learned through
any prior employment. If at any time during his employment with the Company or any of its affiliates, Executive believes he is being
asked to engage in work that will, or will be likely to, jeopardize any confidentiality, or other obligations Executive may have to
former employers, Executive shall immediately advise the Board so that Executive’s duties can be modified appropriately.
Executive represents and warrants to the Company that Executive took nothing with him which belonged to any former employer when
Executive left his prior position and that Executive has nothing that contains any information which belongs to any former employer.
If at any time Executive discovers this is incorrect, Executive shall promptly return any such materials to Executive’s former
employer. The Company does not want any such materials, and Executive shall not be permitted to use or refer to any such materials
in the performance of Executive’s duties hereunder.

 

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(c)       Notwithstanding
the foregoing, nothing herein prohibits Executive from reporting possible violations of law or regulation to any governmental agency or
entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector
General, or making other disclosures that are protected under the whistleblower provisions of federal or state law or regulation. Executive
does not need the prior authorization of the Company to make any such reports or disclosures, and Executive is not required to notify
the Company that he has made such reports or disclosures. Executive shall not be held criminally or civilly liable under any federal or
state trade secret law for the disclosure of a trade secret that (i) is made (A) in confidence to a federal, state, or local government
official, either directly or indirectly, or to an attorney; and (B) solely for the purpose of reporting or investigating a suspected violation
of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

 

10.       Intellectual
Property, Inventions and Patents. Executive acknowledges that all discoveries, concepts, ideas, inventions, innovations, improvements,
developments, methods, trade secrets, designs, analyses, drawings, reports, patent applications, copyrightable work and mask work (whether
or not including any confidential information) and all registrations or applications related thereto, all other proprietary information
and all similar or related information (whether or not patentable) which may relate to the Company’s or any of its affiliates’
actual or anticipated business, research and development or existing or future products or services and which are conceived, developed
or made by Executive (whether alone or jointly with others) while employed by the Company and its affiliates (“Work Product”),
belong to the Company or such affiliate. Executive shall promptly disclose such Work Product to the Board and, at the Company’s
expense, perform all actions reasonably requested by the Board (whether during or after the Employment Period) to establish and confirm
such ownership (including, without limitation, assignments, consents, powers of attorney and other instruments). Executive acknowledges
that all applicable Work Product shall be deemed to constitute “works made for hire” under the U.S. Copyright Act of 1976,
as amended. To the extent any Work Product is not deemed a work made for hire, then Executive hereby assigns to the Company or such affiliate
all right, title and interest in and to such Work Product, including all related intellectual property rights.

 

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11.       Non-Compete,
Non-Solicitation.

 

(a)       In
further consideration of the compensation to be paid to Executive hereunder, Executive acknowledges that during the course of his
employment with the Company and its affiliates he shall become familiar with the Company’s trade secrets and with other
Confidential Information concerning the Company and its affiliates and that his services shall be of special, unique and
extraordinary value to the Company and its affiliates, and therefore, Executive agrees that, during the Employment Period and for
one (1) year thereafter (the “Noncompete Period”), he shall not directly or indirectly own any interest in, manage,
control, participate in, consult with, render services for, be employed in an executive, managerial or administrative capacity by,
or in any manner engage in any company engaged in a business that competes with any business of the Company, as such business exists
or is in process during the Employment Period or on the date of the termination of the Employment Period within any geographical
area in which the Company engages or has definitive plans to engage in such businesses. Nothing herein shall prohibit Executive from
being a passive owner of not more than two percent (2%) of the outstanding stock of any class of a corporation which is publicly
traded, so long as Executive has no active participation in the business of such corporation. Notwithstanding the foregoing, the
provisions of this Section 11(a) shall not apply in the case of any material breach of the Company’s
obligations under Section 6 or Section 7 which remains uncured for more than twenty (20) calendar days after
notice is received from Executive of such breach, which such notice shall include a detailed description of the grounds constituting
such breach.

 

(b)       During
the Noncompete Period, Executive shall not directly or indirectly through another person or entity (i) induce or attempt to induce
any employee of the Company to leave the employ thereof, or in any way interfere with the relationship between the Company and any employee
thereof, (ii) hire any person who was an employee of the Company during the last six (6) months of the Employment Period; or
(iii) induce or attempt to induce any customer, supplier, licensee, licensor, franchisee or other business relation of the Company
to cease doing business with the Company, or in any way interfere with the relationship between any such customer, supplier, licensee
or business relation and the Company (including, without limitation, making any negative or disparaging statements or communications regarding
the Company).

 

(c)       If,
at the time of enforcement of this Section 11, a court shall hold that the duration, scope or area restrictions stated herein
are unreasonable under circumstances then existing, the Parties agree that the maximum duration, scope or area reasonable under such circumstances
shall be substituted for the stated duration, scope or area and that the court shall be allowed to revise the restrictions contained herein
to cover the maximum period, scope and area permitted by law. Executive acknowledges that the restrictions contained in this Section 11
are reasonable and that he has reviewed the provisions of this Agreement with his legal counsel.

 

(d)       In
the event of the breach or a threatened breath by Executive of any of the provisions of this Section 11, the Company would
suffer irreparable harm, and in addition and supplementary to other rights and remedies existing in its favor, the Company shall, in addition
to any recovery of monetary amounts, including any severance amounts provided hereunder, be entitled to specific performance and/or injunctive
or other equitable relief from a court of competent jurisdiction in order to enforce or prevent any violations of the provisions hereof
(without posting a bond or other security). In addition, in the event of a breach or violation by Executive of Section 11(a),
the Noncompete Period shall be automatically extended by the amount of time between the initial occurrence of the breach or violation
and when such breach or violation has been duly cured.

 

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12.       Executive’s
Representations. Executive hereby represents and warrants to the Company that (a) the execution, delivery and performance of
this Agreement by Executive do not and shall not conflict with, breach, violate or cause a default under any contract, agreement, instrument,
order, judgment or decree to which Executive is a party or by which he is bound which has not been waived, (b) Executive is not a
party to or bound by any employment agreement, noncompete agreement or confidentiality agreement with any other person or entity which
has not been waived, and (c) on the Effective Date and the Commencement Date, this Agreement shall be the valid and binding obligation
of Executive, enforceable in accordance with its terms. Executive hereby acknowledges and represents that he has consulted with independent
legal counsel regarding his rights and obligations under this Agreement and that he fully understands the terms and conditions contained
herein.

 

13.       Survival.
Sections 5 through 28, inclusive, shall survive and continue in full force in accordance with their terms notwithstanding
the termination of the Employment Period.

 

14.       Notices.
Any notice, communication or request provided for in this Agreement shall be in writing and shall be either personally delivered (with
a written acknowledgement of receipt), sent by nationally recognized overnight courier service (with a written acknowledgement of receipt
by the overnight courier) or mailed by certified or registered mail, return receipt requested, to the recipient at the address below indicated:

 

Notices to Executive:

Christopher Sotos

(Address on file with the Company)

 

Notices to the Company:

Brian R. Ford

Lead Independent Director

Clearway Energy, Inc.

300 Carnegie Center, Suite 300

Princeton, NJ 08540

Clearway Energy, Inc.

Attn: SVP General Counsel and Corporate Secretary

300 Carnegie Center, Suite 300

Princeton, NJ 08540

 

or such other address or to the attention of such other person as the
recipient party shall have specified by ten (10) calendar days prior written notice to the sending party. Any notice under this Agreement
shall be deemed to have been given when (i) when personally delivered, (ii) two (2) business days after being sent by overnight courier
or (iii) three (3) business days after mailing by certified or registered mail.

 

15.       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 of this Agreement or any action in 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.

 

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16.       Complete
Agreement. This Agreement, those documents expressly referred to herein and other documents of even date herewith embody the complete
agreement and understanding among the Parties and supersede and preempt any prior understandings, agreements or representations by or
among the Parties, written or oral, which may have related to the subject matter hereof in any way.

 

17.       No
Strict Construction. The language used in this Agreement shall be deemed to be the language chosen by the Parties to express their
mutual intent, and no rule of strict construction shall be applied against any Party.

 

18.       Counterparts.
This Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute
one and the same agreement.

 

19.       Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the beneficiaries, heirs and representatives of Executive
and the successors and assigns of the Company. The Company shall require any successor (whether direct or indirect, by purchase, merger,
reorganization, consolidation, acquisition of property or stock, liquidation, or otherwise) to all or a majority of its assets, by agreement
in form and substance satisfactory to Executive, expressly to assume and agree to perform this Agreement in the same manner and to the
same extent that the Company would be required to perform this Agreement if no such succession had taken place. Regardless whether such
agreement is executed, this Agreement shall be binding upon any successor of the Company in accordance with the operation of law and such
successor shall be deemed the “Company” for purposes of this Agreement. Executive may not assign his rights (except by will
or the laws of descent and distribution) or delegate his duties or obligations hereunder. Except as provided by this Section 19,
this Agreement is not assignable by any Party and no payment to be made hereunder shall be subject to anticipation, alienation, sale,
transfer, assignment, pledge, encumbrance or other charge.

 

20.       Choice
of Law. All issues and questions concerning the construction, validity, enforcement and interpretation of this Agreement and the exhibits
and schedules hereto shall be governed by, and construed in accordance with, the laws of the State of New Jersey, without giving effect
to any choice of law or conflict of law rules or provisions (whether of the State of New Jersey or any other jurisdiction) that would
cause the application of the laws of any jurisdiction other than the State of New Jersey.

 

21.       Amendment
and Waiver. The provisions of this Agreement may be amended, modified or waived only with the prior written consent of the
Company and Executive, and no course of conduct or course of dealing or failure or delay by any Party in enforcing or exercising any
of the provisions of this Agreement (including, without limitation, the Company’s right to terminate the Employment Period for
Cause) shall affect the validity, binding effect or enforceability of this Agreement or be deemed to be an implied waiver of any
provision of this Agreement.

 

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22.       Insurance.
The Company may, at its discretion, apply for and procure in its own name and for its own benefit life and/or disability insurance on
Executive in any amount or amounts considered advisable. Executive agrees to cooperate in any medical or other examination, supply any
information and execute and deliver any applications or other instruments in writing as may be reasonably necessary to obtain and constitute
such insurance. Executive hereby represents that he has no reason to believe that his life is not insurable at rates now prevailing for
healthy men of his age.

 

23.       Indemnification
and Reimbursement of Payments on Behalf of Executive. The Company and its affiliates shall be entitled to deduct or withhold from
any amounts owing from the Company or any of its affiliates to Executive any federal, state, local or foreign withholding taxes, excise
tax, or employment taxes (“Taxes”) imposed with respect to Executive’s compensation or other payments from the Company
or any of its affiliates or Executive’s ownership interest in the Company (including, without limitation, wages, bonuses, dividends,
the receipt or exercise of equity options and/or the receipt or vesting of restricted equity). In the event the Company or any of its
affiliates does not make such deductions or withholdings at the written request of Executive, Executive shall indemnify the Company and
its affiliates for any amounts paid with respect to any such Taxes, together with any interest, penalties and related expenses thereto.

 

24.       Consent
to Jurisdiction. EACH OF THE PARTIES IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE COURTS OF NEW JERSEY OR THE UNITED
STATES DISTRICT COURT FOR THE DISTRICT OF NEW JERSEY, FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT,
ANY RELATED AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. EACH OF THE PARTIES HERETO FURTHER AGREES THAT SERVICE OF ANY
PROCESS, SUMMONS, NOTICE OR DOCUMENT IN COMPLIANCE WITH THE PROVISIONS OF SECTION 14 (NOTICE) SHALL BE EFFECTIVE SERVICE OF
PROCESS FOR ANY ACTION, SUIT OR PROCEEDING WITH RESPECT TO ANY MATTERS TO WHICH IT HAS SUBMITTED TO JURISDICTION IN THIS SECTION 24.
EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY OBJECTION TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING
ARISING OUT OF THIS AGREEMENT, ANY RELATED DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY IN THE STATE COURTS OF NEW JERSEY
OR THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF NEW JERSEY, AND HEREBY AND THEREBY FURTHER IRREVOCABLY AND UNCONDITIONALLY WAIVES
AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT
IN AN INCONVENIENT FORUM.

 

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25.       Waiver
of Jury Trial. AS A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS AGREEMENT (AFTER HAVING
THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING
TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY.

 

26.       Corporate
Opportunity. During the Employment Period, Executive shall submit to the Board all business, commercial and investment opportunities
or offers presented to Executive that relate to the business of the Company or its affiliates (“Corporate Opportunities”),
if Executive wishes to accept or pursue, directly or indirectly, such Corporate Opportunities on Executive’s own behalf. This Section 26
shall not apply to purchases of publicly traded stock by Executive.

 

27.       Legal
Costs. Except as otherwise agreed to by the Parties, the Company shall pay Executive for costs of litigation or other disputes during
Executive’s lifetime including, without limitation, reasonable attorneys’ fees incurred by Executive in asserting any claims
or defenses under this Agreement, except that Executive shall bear his own costs of such litigation or disputes (including, without limitation
attorneys’ fees) only to the extent the court finds in favor of the Company with respect to any claims or defenses asserted by Executive.

 

28.       Executive’s
Cooperation. During the Employment Period and thereafter, Executive shall cooperate with the Company and its affiliates, upon the
Company’s reasonable request, with respect to any internal, investigation or administrative, regulatory or judicial proceeding involving
matters within the scope of Executive’s duties and responsibilities to the Company during the Employment Period (including, without
limitation, Executive being available to the Company upon reasonable notice for interviews and factual investigations, appearing at the
Company’s reasonable request to give testimony without requiring service of a subpoena or other legal process, and turning over
to the Company all relevant Company documents which are or may come into Executive’s possession during the Employment Period); provided,
however, that any such request by the Company shall not be unduly burdensome or interfere with Executive’s personal schedule or
ability to engage in gainful employment. In the event the Company requires Executive’s cooperation in accordance with this Section 28,
the Company shall reimburse Executive for reasonable out-of-pocket expenses (including travel, lodging, meals, attorneys’ fees)
incurred by Executive during Executive’s lifetime in connection with such cooperation, subject to reasonable documentation. In addition,
the Company shall compensate Executive at a rate of $500 per hour for the time, that Executive reasonably spends complying with his obligations
under this Section 28 after the termination of the Employment Period. Such reimbursement and compensation shall be paid within
fifteen (15) calendar days after submission of same to the Company.

 

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29.       Section 409A.
To the extent applicable, it is intended that this Agreement comply with the provisions of Section 409A of the Code and the
regulations and other guidance promulgated thereunder (“Section 409A”), so as to prevent inclusion in gross income
of any amounts payable or benefits provided hereunder in a taxable year that is prior to the taxable year or years in which such
amounts or benefits would otherwise actually be distributed, provided or otherwise made available to Executive. This Agreement shall
be construed, administered, and governed in a manner consistent with this intent and the following provisions of this paragraph
shall control over any contrary provisions of this agreement. In furtherance thereof, to the extent that any provision hereof would
otherwise result in Executive being subject to the payment of tax, interest, and tax penalty under Section 409A, Executive and
the Company agree to amend this agreement in a manner that brings this Agreement in compliance with Section 409A.
Notwithstanding the foregoing, in no event shall the Company be responsible for reimbursing or indemnifying Executive for any
violation of Section 409A. Payments and benefits that are paid or provided under this Agreement upon Executive’s
termination or severance of employment that constitute deferred compensation under Section 409A shall be paid or provided only
at the time of a termination or severance of Executive’s employment that constitutes a “separation from service”
within the meaning of Section 409A. For purposes of Section 409A, each payment under this Agreement shall be treated as a
right to a separate payment and not part of a series of payments.

 

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

 

	Clearway
    Energy, Inc.	 	Christopher
    Sotos
	 	 	 
	/s/
    Jonathan Bram	 	/s/
    Christopher Sotos
	Jonathan
    Bram, Chairman of the Board	 	President
    & CEO 

 

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EXHIBIT A

GENERAL RELEASE

 

In consideration of the payments and benefits (the
 “Severance Payment”) paid or to be paid to me pursuant to and in accordance with the terms of my Amended and Restated Employment
Agreement with Clearway Energy, Inc. dated September 23, 2021 (the “Agreement”), on behalf of myself, my heirs, executors,
administrators, successors, and assigns, I hereby fully and forever RELEASE and DISCHARGE CLEARWAY ENERGY, INC., its affiliates
and their officers, directors, agents, employees, representatives, successors and assigns (hereinafter, collectively called the “Company”),
from any and all claims and causes of action arising out of or relating in any way to my employment with the Company, including, but not
limited to, the offer of employment and termination of my employment, and I agree that I will not in any manner institute, prosecute or
pursue any complaints, claims, charges, liabilities, claims for relief, demands, suits, actions or causes of action against the Company
that are covered by this RELEASE.

 

Notwithstanding the foregoing, expressly excluded
from this RELEASE are any claims or causes of action which I may have (i) seeking enforcement of my rights under the Agreement, including,
without limitation, Sections 6, 7 and 27 thereof, or any other plan, policy or arrangement of the Company, (ii) seeking to obtain
contribution as permitted by applicable law in the event of the entry of judgment against me as a result of any act or failure to act
for which both I and the Company are held to be jointly liable, (iii) arising out of or relating in any way to acts or omissions
after the date of this RELEASE or otherwise not covered by this RELEASE, and (iv) which cannot be waived by law. I shall also retain
the right to seek indemnification from the Company, to the extent permitted under applicable law and Section 7 of the Agreement.

 

1. I understand and agree that, except as
specifically provided above, this RELEASE is a full and complete waiver of all claims relating to my employment with the Company, including,
but not limited to, claims of wrongful discharge, breach of contract, breach of the covenant of good faith and fair dealing, violation
of public policy, defamation, personal injury and emotional distress, claims under Title VII of the Civil Rights Act of 1964, as amended,
the Civil Rights Act of 1991, the Age Discrimination in Employment Act of 1967, as amended by the Older Workers Benefit Protection Act
of 1990, the Americans With Disabilities Act, the Rehabilitation Act of 1973, as amended, the Equal Pay Act of 1963, Section 1981
of the Civil Rights Act of 1866, any of the Delaware State employment, discrimination or wage payment laws, the Fair Labor Standards Act
of 1938, as amended, the Family and Medical Leave Act of 1993, and the Employee Retirement Income Security Act of 1974, as amended, claims
arising from any legal restrictions on the Company’s right to terminate employees (including, without limitation, claims arising
under various contract, tort, public policy or wrongful discharge theories under any federal, state or local law, or under the federal
Worker Adjustment and Retraining Notification Act of 1988, as amended, or any similar state or local law), and any claims for attorney’s
fees or costs.

 

     22

     

    

 

2. I understand that I have
received or will receive, regardless of the execution of this RELEASE, all amounts due to me pursuant to Sections 6(e) and
7 of the Agreement. I further understand and agree that the Company will not provide me with any additional payments or benefits
under the Agreement (including, without limitation, payments under Section 6(a) of the Agreement) unless I execute this
RELEASE. In consideration of the execution of this RELEASE, I will receive additional payments and benefits specified in
Section 6(a) of the Agreement.

 

3. In addition, and in further consideration
of the foregoing, I acknowledge and agree that if I hereafter discover facts different from or in addition to those which I now know
or believe to be true that this RELEASE shall be and remain effective in all respects notwithstanding such different or additional facts
or the discovery thereof. I understand that this RELEASE does not waive or release any rights or claims that I may have under the Age
Discrimination in Employment Act of 1967, as amended, which arise after the date I sign this RELEASE.

 

4. As part of my existing and continuing obligation
to the Company, I have returned or, within seven (7) days of my termination will return to the Company all Confidential Information
and Third Party Information (as such terms are defined in the Agreement) in accordance with the terms of the Agreement. I affirm my obligation
to keep all Confidential Information confidential and not to disclose it to any third party as required by Section 9 of the Agreement.

 

5. I agree not to disclose, either directly
or indirectly, any information whatsoever regarding (i) any of the terms or the existence of this RELEASE and my benefits under the
Agreement or (ii) any other claim I may have against the Company, to any person or organization, including but not limited to members
of the press and media, present and former employees of the Company, companies who do business with the Company; or other members of the
public. Notwithstanding the preceding sentence, I may reveal such terms of this RELEASE and the Severance Payment to my spouse, accountants
or attorneys or as are necessary to comply with a request made by the Internal Revenue Service, as otherwise compelled by a court or agency
of competent jurisdiction, as allowed and/or required by law.

 

6. This RELEASE shall be governed by the laws
of the State of Delaware.

 

7. This RELEASE contains the entire agreement
between the Company and me with respect to any matters referred to in the RELEASE and shall supersede any all other agreements, whether
written or oral, with respect to such matters. I understand and agree that this RELEASE shall not be deemed or construed at any time as
an admission of liability or wrongdoing by either myself or the Company. Notwithstanding the foregoing, it is understood and agreed that
my termination will be treated for all purposes as a termination without Cause or for Good Reason under Section 6(a) of the
Agreement and that I shall be entitled to all payments and benefits under the Agreement consistent with such a termination.

 

8. If any one or more of the provisions contained
in this RELEASE is, for any reason, held to be unenforceable, that holding will not affect any other provision of this RELEASE, but, with
respect only to the jurisdiction holding the provision to be unenforceable, this RELEASE shall then be construed as if such unenforceable
provision or provisions had never been contained therein.

 

     23

     

    

 

9. Before executing this RELEASE, I obtained
sufficient information to intelligently exercise my own judgment about the terms of the RELEASE. The Company has informed me in writing
to consult an attorney before signing this RELEASE, if I wish.

 

I also understand for a period of seven (7) days
after I sign this RELEASE, I may revoke this RELEASE and that the RELEASE will not become effective until seven (7) days after
I sign it, and only then if I do not revoke it. In order to revoke this RELEASE, I must deliver, or cause to be delivered, to [Name];
Chairman of the Board by First Class mail or facsimile [Fax Number], by no later than seven (7) days after I execute this RELEASE,
a letter stating that I am revoking it.

 

10. My severance and other termination benefits
under the Agreement will be paid in accordance with the terms of the Agreement. If I choose to revoke this RELEASE within seven (7) days
after I sign it, such benefits will not be due and payable, and the RELEASE will have no effect.

 

11. If I fail to comply with my agreement
not to institute, prosecute or pursue any complaints, claims, charges, liabilities, claims for relief, demands suits or causes of actions
against the Company (except as set forth in the second unnumbered paragraph at the beginning of this Release above, including, without
limitation, any claims or causes of actions I may have as a result of any acts or omissions that occur after the date of this Release),
or if I materially and willfully fail to comply with the terms of Section 4 or 5 of this RELEASE, I will forfeit the additional
payments and benefits due under the Agreement.

 

EMPLOYEE’S ACCEPTANCE OF RELEASE:

BEFORE SIGNING MY NAME TO THIS RELEASE, I STATE THAT: I HAVE READ
IT; UNDERSTAND IT AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS; I AM AWARE OF MY RIGHT TO CONSULT WITH AN ATTORNEY BEFORE SIGNING IT;
AND I HAVE SIGNED IT KNOWINGLY AND VOLUNTARILY. EXCEPT FOR THE MATTERS EXPRESSLY STATED IN THIS RELEASE, THE COMPANY HAS NEITHER MADE
ANY REPRESENTATION NOR OFFERED ME ANY INDUCEMENT TO SIGN THIS RELEASE.

 

	 	By:
	 	 	 
	 	 	Christopher Sotos
	 	 	President & CEO
	 	 
	 	 	Date:

 

	Agreed
    to and accepted:	 
	CLEARWAY
    ENERGY, INC.	 
	 	 
	By:	 	 
	 	[Name]	 
	 	Chairman of the Board	 

 

     24

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