Document:

Exhibit 10.2

 

	
        CONFIDENTIAL TREATMENT REQUESTED

        

        CONFIDENTIAL
PORTIONS OF THIS DOCUMENT HAVE BEEN REDACTED AND HAVE BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION 

 

EXECUTION VERSION

 

 

 

 

 

 

 

 

 

AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT

 

OF

 

8POINT3 HOLDING COMPANY, LLC

 A Delaware Limited Liability
Company

 

 

 

 

 

 

Dated as of

 

June 24, 2015

 

 

 

 

 

 

 

    	 

    	 

    

TABLE
OF CONTENTS

 

	Article I DEFINITIONS	1
	 	 
	Section
    1.1     Definitions	1
	Section
    1.2     Construction	22
	 	 
	Article II ORGANIZATION	22
	 	 
	Section
    2.1     Formation	22
	Section
    2.2     Name	22
	Section
    2.3     Registered Office; Registered Agent; Principal Office; Other Offices	23
	Section
    2.4     Purpose and Business	23
	Section
    2.5     Powers	23
	Section
    2.6     Term	23
	Section
    2.7     Title to Company Assets	23
	 	 
	Article III MEMBERSHIP INTERESTS;
    UNITS	24
	 	 
	Section
    3.1     Membership Interests; Additional Members	24
	Section
    3.2     Adjustment to Economic Units	25
	Section
    3.3     Adjustment to Management Units	27
	Section
    3.4     Limitation of Liability	27
	Section
    3.5     Withdrawal of Members	28
	Section
    3.6     Record Holders	28
	Section
    3.7     No Appraisal Rights	28
	 	 
	Article IV TRANSFERS	28
	 	 
	Section
    4.1     Membership Interests Generally	28
	Section
    4.2     Membership Interest Right of First Offer	30
	Section
    4.3     OpCo Transfer Generally	31
	 	 
	Article V CAPITAL CONTRIBUTIONS	34
	 	 
	Section
    5.1     Initial Capital Contributions	34
	Section
    5.2     Additional Contributions	35
	Section
    5.3     Return of Contributions	35
	Section
    5.4     Capital Accounts	35
	 	 
	Article VI PROJECT OFFERS
    TO THE OPERATING COMPANY	35
	 	 
	Section
    6.1     General	35
	Section
    6.2     Offer Schedule	35
	Section
    6.3     Increased Offer Rights	36
	Section
    6.4     Conflicts Committee Approval	38
	Section
    6.5     Future Target Distributed Cash Increase Schedule	38
	Section
    6.6     Delivery of Final Project Model	38
	 	 
	Article VII DISTRIBUTIONS
    AND ALLOCATIONS	38
	 	 
	Section
    7.1     Distributions	38
	Section
    7.2     Allocations	39
	Section
    7.3     Special Allocations	40

 

    i 

     

    

	Section
    7.4     Section 704(c)	42
	Section
    7.5     Varying Interests	42
	Section
    7.6     Withheld Taxes	42
	Section
    7.7     Limitations on Distributions	43
	 	 
	Article VIII MANAGEMENT
    MEMBERS	43
	 	 
	Section
    8.1     Management by Management Members	43
	Section
    8.2     Meetings	43
	Section
    8.3     Notice of Meeting	43
	Section
    8.4     Quorum; Voting Requirement	43
	Section
    8.5     Management Member Deadlock	45
	Section
    8.6     Conference Telephone Meetings	49
	Section
    8.7     Action by Consent of Members	49
	Section
    8.8     Representatives	49
	Section
    8.9     Affiliate Contracts	49
	Section
    8.10   Notices	50
	 	 
	Article IX MANAGEMENT OF
    THE YieldCo General Partner	50
	 	 
	Section
    9.1     Right to Appoint Members of the Board of Directors	50
	Section
    9.2     Right to Appoint Officers of the YieldCo General Partner	53
	Section
    9.3      Right to Appoint Officers and Directors of Contributed Companies	56
	 	 
	Article X DUTIES; EXCULPATION
    AND INDEMNIFICATION	56
	 	 
	Section
    10.1     Duties	56
	Section
    10.2     Indemnification	57
	Section
    10.3     Liability of Indemnitees	59
	Section
    10.4     Corporate Opportunities	60
	 	 
	Article XI TAXES	60
	 	 
	Section
    11.1     Tax Returns	60
	Section
    11.2     Tax Elections	60
	Section
    11.3     Tax Matters Member	61
	 	 
	Article XII BOOKS, RECORDS,
    REPORTS, BANK ACCOUNTS, AND BUDGETS	62
	 	 
	Section
    12.1     Records and Accounting	62
	Section
    12.2     Fiscal Year	62
	Section
    12.3     Reports	62
	Section
    12.4     Bank Accounts	62
	 	 
	Article XIII DISSOLUTION
    AND LIQUIDATION	63
	 	 
	Section
    13.1     Dissolution	63
	Section
    13.2     Liquidator	63
	Section
    13.3     Liquidation	63
	Section
    13.4     Certificate of Cancellation	64
	Section
    13.5     Return of Contributions	64
	Section
    13.6     Waiver of Partition	64

 

    ii 

     

    

	Section
    13.7     Capital Account Restoration	65
	 	 
	Article XIV GENERAL PROVISIONS	65
	 	 
	Section
    14.1     Offset	65
	Section
    14.2     Specific Performance	65
	Section
    14.3     Amendment	65
	Section
    14.4     Addresses and Notices; Written Communication	65
	Section
    14.5     Further Action	66
	Section
    14.6     Confidential Information	66
	Section
    14.7     Binding Effect	66
	Section
    14.8     Integration	67
	Section
    14.9     Creditors	67
	Section
    14.10   Waiver	67
	Section
    14.11   Third-Party Beneficiaries	67
	Section
    14.12   Counterparts	67
	Section
    14.13   Applicable Law; Forum and Venue	67
	Section
    14.14   Invalidity of Provisions	67
	Section
    14.15   Facsimile and Email Signatures	68

 

    iii 

     

    

AMENDED
AND RESTATED

 

LIMITED
LIABILITY COMPANY AGREEMENT

 

OF

 

8POINT3
HOLDING COMPANY, LLC

 

A Delaware
Limited Liability Company

 

This
AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF 8POINT3 HOLDING COMPANY, LLC dated as of June 24, 2015,
is adopted, executed and agreed to, for good and valuable consideration, by SunPower YC Holdings, LLC, a Delaware limited liability
company, and First Solar 8point3 Holdings, LLC, a Delaware limited liability company. In consideration of the covenants, conditions
and agreements contained herein, the Parties hereto hereby agree as follows:

 

Article
I

DEFINITIONS

 

Section
1.1           
Definitions.

 

As
used in this Agreement, the following terms have the respective meanings set forth below or set forth in the Sections referred
to below:

 

“AAA”
means the American Arbitration Association and any successor organization.

 

“Acceptable
Project” means a Project, or an interest in a Project, that:

 

(a)           is photovoltaic,

 

(b)           is located in Australia, Canada, Chile, France, Germany, Japan, Mexico, South Africa, the United Kingdom or the United
States,

 

(c)           is (i) with respect to Utility Scale Projects, contracted at a fixed price (which may be subject to escalation or time-of-delivery
factors) for at least 80% of the projected output of such Project with a minimum of ten years remaining on the term of such contract
at the time of sale or contribution of such Project to the Operating Company and with counterparties that have Investment Grade
Credit Ratings, (ii) with respect to C&I Projects, contracted at a fixed price (which may be subject to escalation or time-of-delivery
factors) for at least 80% of the projected output or the projected modeled revenue of such Project with a minimum of ten years
remaining on the term of such contract at the time of sale or contribution of such Project to the Operating Company and with counterparties
that (A) have Investment Grade Credit Ratings, or (B) so long as at least 70% of the C&I Projects sold or contributed to the
Operating Company by the offering Sponsor have Investment Grade Credit Ratings at such time, meet the Minimum Commercial Requirements,
or (iii) with respect to Residential Projects, composed of Residential Systems each of which is contracted with a homeowner at
a fixed price

 

    1 

     

    

(which
may be subject to escalation or time-of-delivery factors) for at least 80% of the projected output or the projected modeled revenue
of such Residential System with a minimum of ten years remaining on the term of such contract at the time of sale or contribution
of the Residential Project to the Operating Company; provided, however, that the average FICO Score of the homeowners party
to such contracts shall be at least 700, no more than 20% of such homeowners shall have FICO Scores less than 680 and no more
than 0.5% of such homeowners shall have FICO Scores less than 650 (the FICO Score of each homeowner being measured at the time
such contract was executed),

 

(d)           is at or past its Commercial Operation Date, unless such Project is a Tax Beneficial Project, in which case the Project
may be contributed no more than three months prior to the Tax Beneficial Date, and

 

(e)           to the extent such Project has operating and maintenance agreements or asset management agreements entered into directly
or indirectly with a Sponsor or an Affiliate of a Sponsor, such operating and maintenance agreements or asset management agreements
are directly or indirectly terminable for convenience or otherwise without penalty or premium.

 

Notwithstanding
the foregoing, (i) each of the El Pelicano Project, the La Huella Project and Luz Del Norte Project shall each be deemed to be
an Acceptable Project as long as each Project is contracted for a minimum of 65% of its output and otherwise meets the requirements
of an Acceptable Project (other than, for the avoidance of doubt, the requirement that 80% of projected output be contracted)
and (ii) a Project that is a Utility Project Site on which a Utility Scale Project owned (or to be acquired together with such
Utility Project Site), directly or indirectly, by the Operating Company, is situated (and such Utility Scale Project qualifies
as an Acceptable Project or is otherwise approved by a Majority Interest) shall be an Acceptable Project.

 

“Accounting
Member” means that Member whose Affiliate provides accounting services to the Company pursuant to a Management Services
Agreement.

 

“Adjusted
Capital Account Deficit” means, with respect to any Economic Member, the deficit balance, if any, in such Economic Member’s
Capital Account as of the end of the relevant tax year, after giving effect to the following adjustments:

 

(a)           Credit to such Capital Account any amounts which such Economic Member is obligated to restore pursuant to any provision
of this Agreement or pursuant to Treasury Regulation Section 1.704-1(b)(2)(ii)(c) or is deemed to be obligated to restore pursuant
to the penultimate sentences of Treasury Regulation Sections 1.704-2(g)(1) and 1.704-2(i)(5); and

 

(b)           Debit to such Capital Account the items described in Treasury Regulation Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5),
and 1.704-1(b)(2)(ii)(d)(6).

 

The
foregoing definition of Adjusted Capital Account Deficit is intended to comply with the provisions of Treasury Regulation Section
1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.

 

    2 

     

    

“Adjustment
Amount” means, with respect to any Member, the sum of (i) to the extent the Distribution Adjustment Amount for such
Fiscal Year is negative, 50% of such Distribution Adjustment Amount plus (ii) a negative amount equal to any Shortfall owed by
such Member from the prior Fiscal Year plus (iii) a positive amount equal to any Shortfall owed to such Member.

 

“Adjustment
Percentage” means, with respect to any Member, the percentage calculated by dividing (i) the aggregate of (x) all Distributed
Cash generated during the Adjustment Period by the Projects that were contributed or sold to the Operating Company by such Member
and its Affiliates plus (y) 50% of the Distributed Cash generated during the Adjustment Period by the Projects acquired by the
Operating Company from any Person other than a Member or its Affiliates by (ii) the Aggregate Distributed Cash generated during
the Adjustment Period.

 

“Adjustment
Period” means, as of any date, the period beginning on the Closing Date and ending on the last day of the most recent
Quarter ending on or prior to such date.

 

“Affected
Member” has the meaning set forth in Section 6.3(a).

 

“Affected
Project” has the meaning set forth in Section 6.3(a).

 

“Affiliate”
means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is
controlled by or is under common control with, the Person in question. As used herein, the term “control” means the
possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether
through ownership of voting securities, by contract or otherwise. Notwithstanding anything in the foregoing to the contrary, SP
Member and its Affiliates (other than the Company, the YieldCo General Partner or any Group Member), on the one hand, and FS Member
and its Affiliates (other than the Company, the YieldCo General Partner or any Group Member), on the other hand, will not be deemed
to be Affiliates of one another hereunder unless there is a basis for such Affiliation independent of their respective Affiliation
with any Group Member, the YieldCo General Partner or any Affiliate of any Group Member or the YieldCo General Partner.

 

“Aggregate
Distributed Cash” means the cumulative amount of Distributed Cash for all Projects owned directly or indirectly by the
Operating Company in a given period.

 

“Agreement”
means this Amended and Restated Limited Liability Company Agreement of 8point3 Holding Company, LLC, as it may be amended, modified,
supplemented or restated from time to time.

 

“Allocation
Year” means (a) the Company’s taxable year for United States federal income tax purposes, or (b) any
portion of the period described in clause (a) for which the Company is required to allocate Profits, Losses, and other items of
Company income, gain, loss or deduction for United States federal income tax purposes.

 

“Annual
Calculations” has the meaning set forth in Section 3.2(b).

 

“Annual
Minimum Offer” has the meaning set forth in Section 6.2.

 

    3 

     

    

“Annual
Offer Schedule” has the meaning set forth in Section 6.2.

 

“Appraiser”
has the meaning set forth in Section 8.5(c)(ix).

 

“Auction
Buyer” has the meaning set forth in Section 8.5(c)(iii).

 

“Auction
Initiator” has the meaning set forth in Section 8.5(c)(v).

 

“Auction
Period” has the meaning set forth in Section 8.5(c)(v).

 

“Auction
Price” has the meaning set forth in Section 8.5(c)(v).

 

“Auction
Price Allocation Opinion” has the meaning set forth in Section 8.5(c)(ix).

 

“Available
Cash” means, with respect to any Quarter ending prior to the Liquidation Date:

 

(a)           the sum of:

 

                                                (i)          all cash and cash equivalents of the Company on hand at the end of such Quarter; and

 

                                                (ii)         all cash and cash equivalents of the Company actually received by the date of determination of Available Cash with respect
to such Quarter by the Company from distributions by the Operating Company made with respect to such Quarter subsequent to the
end of such Quarter, less;

 

(b)           the amount of any cash reserves established by a Majority Interest to:

 

                                                (i)           provide for the proper conduct of the business of the Company subsequent to such Quarter; and

 

                                                (ii)          comply with applicable law or any loan agreement, security agreement, mortgage, debt instrument or other agreement or obligation
to which the Company is a party or by which it is bound or its assets are subject;

 

provided,
that disbursements made by the Company or cash reserves established, increased or reduced after the end of such Quarter, but on
or before the date of determination of Available Cash with respect to such Quarter, shall be deemed to have been made, established,
increased or reduced, for purposes of determining Available Cash, within such Quarter if a Majority Interest so determines.

 

Notwithstanding
the foregoing, “Available Cash” with respect to the Quarter in which the Liquidation Date occurs and any subsequent
Quarter shall equal zero.

 

“Binding
Agreement” has the meaning set forth in Section 8.5(c)(v).

 

“Board
Member Option” has the meaning set forth in Section 9.1(d)(iii).

 

    4 

     

    

“Board
of Directors” means the Board of Directors of the YieldCo General Partner.

 

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

 

“Buyout
Option” means a purchase option provided to a counterparty in a power purchase agreement or lease for a Project or Group
Member Agreement.

 

“C&I
Project” means any ground-mounted or roof-top distributed solar generation system or systems designed and installed
for commercial or industrial applications, which is either leased by, or subject to one or more power purchase agreements with,
one or more commercial businesses, industrial companies, academic institutions, government entities, hospitals, non-profits, public
entities or other entities that are neither electric utilities nor residential customers who purchase solar power directly from
a generation company or a solar power plant.

 

“Capital
Account” means the capital account determined and maintained for each Economic Member in accordance with Section
5.4, Section 7.2 and Section 7.3.

 

“Capital
Contribution” means (a) any cash, cash equivalents or the fair market value of Contributed Property that a Member
contributes to the Company or that is contributed or deemed contributed to the Company on behalf of a Member, net of any Liabilities
either assumed by the Company upon such contribution or to which such property or other consideration is subject when contributed
or (b) current distributions that a Member is entitled to receive but otherwise waives.

 

“Certificate
of Formation” means the Certificate of Formation of the Company filed with the Secretary of State of the State of Delaware
as referenced in Section 2.6, as such Certificate of Formation may be amended, supplemented or restated from time to time.

 

“Class
A Share” has the meaning set forth in the Partnership Agreement.

 

“Class
B Share” has the meaning set forth in the Partnership Agreement.

 

“Closing
Date” means the date on which the transactions contemplated by the Master Formation Agreement are consummated.

 

“Code”
means the Internal Revenue Code of 1986, as amended and in effect from time to time. Any reference herein to a specific section
or sections of the Code shall be deemed to include a reference to any corresponding provision of any successor law.

 

“Commercial
Operation Date” means, with respect to a Project, the date on which such Project has (or in the case of (i) a Residential
Project, the first date all of the Residential Systems within such Residential Project, or (ii) a C&I Project, the first date
all of the solar generation systems within such C&I Project, in each case have) achieved substantial completion or similar
milestone (including, for example, block or phase completion for each block or phase of such Project) under each construction
contract for the construction of such Project or Residential System and has achieved commercial operation or similar milestone
under each interconnection

 

    5 

     

    

agreement
and each power purchase agreement, lease or hedging agreement pursuant to which such Project delivers or transmits Electricity
from such Project or Residential System.

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Common
Unit” has the meaning set forth in the Operating Company Limited Liability Company Agreement.

 

“Company”
means 8point3 Holding Company, LLC, a Delaware limited liability company.

 

“Company
Minimum Gain” means the amount of “partnership minimum gain” determined in accordance with the principles
of Treasury Regulation Sections 1.704-2(b)(2) and 1.704-2(d).

 

“Confidential
Information” means all documents, materials, data or other information with respect to the Parties, their Affiliates,
the Company, the YieldCo General Partner, any Group Member or any Joint Venture which are not generally known to the public; provided
that Confidential Information shall not include information that becomes available to a Receiving Party on a non-confidential
basis.

 

“Conflicts
Committee” has the meaning set forth in the Partnership Agreement.

 

“Contributed
Companies” means the Project Companies contributed or sold to the Operating Company by FS Member or its Affiliates or
SP Member or its Affiliates, respectively.

 

“Contributed
Property” means each property or other asset, in such form as may be permitted by the Delaware Act, but excluding cash,
contributed to the Company.

 

“Deadlock”
has the meaning set forth in Section 8.5(a).

 

“Deadlock
Notice” has the meaning set forth in Section 8.5(a).

 

“Deadlock
Response” has the meaning set forth in Section 8.5(a).

 

“Deficit
Economic Member” has the meaning set forth in Section 7.1(c)(i).

 

“Delaware
Act” means the Delaware Limited Liability Company Act, 6 Del C. Section 18-101, et seq., as amended, supplemented or
restated from time to time, and any successor to such statute.

 

“Depreciation”
means, for each Allocation Year, an amount equal to the depreciation, amortization, or other cost recovery deduction allowable
with respect to an asset for such Allocation Year, except that if the Gross Asset Value of an asset differs from its adjusted
basis for federal income tax purposes at the beginning of such Allocation Year, Depreciation shall be an amount that bears the
same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization, or other cost recovery deduction
for such Allocation Year bears to such beginning adjusted tax basis; provided, however, that if the federal income tax
depreciation,

 

    6 

     

    

amortization,
or other cost recovery deduction for such Allocation Year is zero, Depreciation shall be determined with reference to such beginning
Gross Asset Value using any reasonable method selected by a Majority Interest.

 

“Director”
or “Directors” means a member or members of the Board of Directors.

 

“Dispute
Accountant” has the meaning set forth in Section 3.2(c)(ii).

 

“Disclosing
Party” has the meaning set forth in Section 14.6.

 

“Disputing
Member” has the meaning set forth in Section 3.2(c)(i).

 

“Distributed
Cash” means, with respect to any Project Company whose interests are owned directly or indirectly by the Operating Company,
the aggregate amount of (i) cash distributed to the Operating Company from such Project Company during a given period, (ii) cash
received by the Operating Company in respect of a Project owned by such Project Company pursuant to Section 2.2(b) of the Omnibus
Agreement, and (iii) cash received by the Operating Company in respect of such Project Company or a Project owned thereby pursuant
to Sections 3.1 and 3.2 of the Omnibus Agreement; provided that in calculating such Project Company’s Distributed
Cash, (A) any expenses incurred by the Operating Company, the YieldCo General Partner, the Partnership or any of their Affiliates
directly on behalf of such Project Company during such period, and not reimbursed by the Project Company during such period, shall
be deducted from the amount of cash actually distributed by such Project Company and (B) any cash received by the Operating Company
in respect of such Project Company or a Project owned thereby pursuant to Sections 3.1 and 3.2 of the Omnibus Agreement shall
be counted as Distributed Cash only to the extent that a corresponding expense has been or will be deducted from the amount of
cash actually distributed by the applicable Project Company. Notwithstanding the foregoing, Extraordinary Proceeds distributed
to the Operating Company shall not be treated as Distributed Cash unless agreed by a Majority Interest.

 

“Distributed
Cash Calculation” has the meaning set forth in Section 3.2(b).

 

“Distribution
Adjustment Amount” means, with respect to any Member, the amount calculated at the end of each Fiscal Year by subtracting
(i) the Modeled Distributed Cash projected to be generated during the Adjustment Period by the Projects that were contributed
or sold to the Operating Company by such Member and its Affiliates from (ii) the aggregate of all Distributed Cash generated during
the Adjustment Period by the Projects that were contributed or sold to the Operating Company by such Member and its Affiliates;
provided that if the Distribution Adjustment Amount for any Fiscal Year is less than 1% of the Modeled Distributed Cash
for such Fiscal Year, the Distribution Adjustment Amount for such Fiscal Year shall equal zero.

 

“EBITDA”
means earnings before interest, tax, depreciation and amortization, each as determined in accordance with U.S. GAAP.

 

“Economic
Member” has the meaning set forth in Section 3.1(a).

 

“Economic
Units” has the meaning set forth in Section 3.1(a).

    7 

     

    

“El
Pelicano Project” means the 100 Megawatt (AC) solar power project located in Chile to be developed and built by an Affiliate
of SP Member.

 

“Electricity”
means electric energy, measured in kWh.

 

“Encumbrances”
means pledges, restrictions on transfer, proxies and voting or other agreements, liens, claims, charges, mortgages, security interests
or other legal or equitable encumbrances, limitations or restrictions of any nature whatsoever.

 

“Equity
Interests” means all shares, participations, capital stock, partnership or limited liability company interests, units,
participations or similar equity interests issued by any Person, however designated.

 

“Event
of Eminent Domain” means any compulsory transfer or taking or transfer under threat of compulsory transfer or taking
of any material property or asset owned by the Operating Company or any Project Company, by any governmental authority.

 

“Event
of Loss” means an event which causes any material property or asset owned by the Operating Company or any Project Company
to be damaged, destroyed or rendered unfit for normal use, other than an Event of Eminent Domain.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, supplemented or restated from time to time, and any successor
to such statute.

 

“Extraordinary
Event” means, with regard to any Project, any cause or event which results in the reduction of the remaining Forecasted
Distributed Cash from such Project, including the following causes and events:

 

(a)          any sale (including due to the exercise of a Buyout Option) or incurrence of Indebtedness;

 

(b)          acts of God, strikes, lockouts, or other industrial disputes or disturbances, acts of the public enemy, wars, blockades,
insurrections, civil disturbances and riots, epidemics, landslides, lightning, earthquakes, fires, tornadoes, hurricanes, storms,
floods and washouts;

 

(c)          arrests, orders, requests, directives, restraints and requirements of governments and government agencies and people, either
federal or state, civil and military;

 

(d)          any application of government conservation or curtailment rules and regulations;

 

(e)          any property or other tax increase;

 

(f)           explosions, sabotage, breakage, malfunction, degradation, accidents, casualty or condemnation to or underperformance for
any reason of equipment, machinery, transmission systems, plants or facilities;

 

    8 

     

    

(g)          loss or nonperformance of contractual rights or permits; and

 

(h)          compliance with any court order, or any law, statute, ordinance, regulation or order promulgated by a governmental authority
having or asserting jurisdiction.

 

“Extraordinary
Proceeds” means:

 

(a)          the aggregate cash proceeds received by the Operating Company or any Project Company in respect of any sale of an interest
in a Project or Joint Venture;

 

(b)          any cash proceeds received by the Operating Company or any Project Company with respect to the incurrence or issuance of
any Indebtedness by the Operating Company or such Project Company; and

 

(c)          the cash proceeds (other than proceeds from business interruption insurance) received by the Operating Company or any Project
Company from any complete or partial Event of Loss or Event of Eminent Domain.

 

“Fair
Value” means the fair market value of a subject asset at the time of determination.

 

“FERC”
means the Federal Energy Regulatory Commission.

 

“FICO
Score” means a credit score created by Fair Isaac Corporation.

 

“Final
Calculation” has the meaning set forth in Section 3.2(d).

 

“Fiscal
Year” has the meaning set forth in Section 12.2.

 

“Forecasted
Distributed Cash” means, with respect to any Project, the average Distributed Cash projected to be generated by such
Project per year for the ensuing 10 year period.

 

“Forecasted
Project Value” means, with respect to any Project, the net present value of all Distributed Cash projected to be generated
by such Project through its remaining useful life including any residual value of the Project, which amount shall be determined
based on the Valuation Criteria (as defined in the Master Formation Agreement).

 

“FS
Contributed Company” means any Project Company contributed or sold to the Operating Company by FS Member or its Affiliates.

 

“FS
Director” has the meaning set forth in Section 9.1(a)(ii).

 

“FS
Member” means First Solar 8point3 Holdings, LLC, a Delaware limited liability company.

 

“FS
Parent” means First Solar, Inc., a Delaware corporation.

 

“FS
Project Model” means the financial model for the FS Contributed Companies which is included in the Master Project Model.

 

    9 

     

    

“Gaining
Management Member” has the meaning set forth in Section 9.1(d)(iii).

 

“Gross
Asset Value” means, with respect to any asset, the asset’s adjusted basis for federal income tax purposes, except
as follows:

 

(a)          The initial Gross Asset Value of any asset contributed by an Economic Member to the Company shall be the gross fair market
value of the asset;

 

(b)          The Gross Asset Values of all Company assets shall be adjusted to equal their respective gross fair market values, in a
manner that is consistent with Section 7701(g) of the Code, as of the following times: (i) the acquisition of additional Economic
Units by any new or existing Economic Member in exchange for more than a de minimis Capital Contribution or for the provision
of services; (ii) the distribution by the Company to an Economic Member of more than a de minimis amount of property other than
money as consideration for Economic Units; and (iii) the liquidation of the Company within the meaning of Treasury Regulation
Section 1.704-1(b)(2)(ii)(g);

 

(c)          The Gross Asset Value of any Company asset distributed to any Economic Member shall be the gross fair market value of such
asset on the date of distribution; and

 

(d)          The Gross Asset Values of any Company assets shall be increased (or decreased) to reflect any adjustments to the adjusted
basis of such assets pursuant to Section 734(b) of the Code or Section 743(b) of the Code, but only to the extent that such adjustments
are taken into account in determining Capital Accounts pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m) and the definition
of Capital Account hereof.

 

If
the Gross Asset Value of an asset has been determined or adjusted pursuant to the foregoing subparagraphs (a), (b) or (d), such
Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes
of computing Profits and Losses.

 

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

 

“Group
Member Agreement” means the partnership agreement of any Group Member or Joint Venture, including the Partnership Agreement,
that is a limited or general partnership, the limited liability company agreement of any Group Member or Joint Venture that is
a limited liability company, the certificate of incorporation and bylaws or similar organizational documents of any Group Member
or Joint Venture that is a corporation, the joint venture agreement or similar governing document of any Group Member or Joint
Venture that is a joint venture and the governing or organizational or similar documents of any other Group Member that is a Person
other than a limited or general partnership, limited liability company, corporation or joint venture, as such may be amended,
supplemented or restated from time to time.

 

“Indebtedness”
means, with respect to any Person, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced
by bonds, debentures, notes, loan agreements or similar instruments, or other debt securities or warrants or other rights to acquire
any debt securities of such Person, (c) all capitalized lease or leveraged lease obligations of such Person or obligations
of such Person to pay the deferred and unpaid purchase price of property

 

    10 

     

    

and
equipment, (d) all “keep well” and other obligations or undertakings of such Person to maintain or cause to be maintained
the financial position or covenants of others or to purchase the obligations or property of others, (e) all obligations of such
Person to pay the deferred purchase price of assets or services, (f) all indebtedness of a second Person secured by any lien on
any property owned by such Person, whether or not such indebtedness has been assumed, (g) all indebtedness created or arising
under any conditional sale or other title retention agreement with respect to property acquired by such Person (even though the
rights and remedies of the seller or lender under such agreement may be limited to repossession or sale of such property), (h)
all direct or contingent obligations of such Person arising under letters of credit (including standby and commercial), bankers’
acceptances, bank guaranties, surety bonds and similar instruments and/or (i) all indebtedness of others guaranteed directly or
indirectly by such Person; provided that the definition of “Indebtedness” shall not include trade payables
arising in the ordinary course of business so long as such trade payables are payable within 90 days of the date the respective
goods are delivered or the respective services are rendered and are not overdue.

 

“Indemnitee”
means (a) any Member, (b) any Person who is or was a manager, managing member, general partner, director, officer, fiduciary or
trustee of the Company or any Member, (c) any Person who is or was serving at the request of a Member as a manager, managing member,
general partner, director, officer, fiduciary or trustee of another Person owing a fiduciary duty to the Company or any Group
Member or any Joint Venture; provided that a Person shall not be an Indemnitee by reason of providing, on a fee-for-services
basis, trustee, fiduciary or custodial services, (d) any Person who controls a Member, (e) any Person who is or was providing
services at the request of the Company pursuant to a Management Services Agreement and (f) any Person a Majority Interest designates
as an “Indemnitee” for purposes of this Agreement.

 

“Independent
Director” means a natural person who meets the independence, qualification and experience requirements of the NASDAQ
Stock Market LLC or any other national securities exchange upon which the limited partner or other Equity Interests of the Partnership
are listed or are to be listed and the independence, qualification and experience requirements of Section 10A-(3) of the Exchange
Act (or any successor law) and the rules and regulations of the Commission and any other applicable law.

 

“Investment
Grade Credit Rating” means, with respect to any Person, having a rating equal to or higher than Baa3 (or the equivalent)
by Moody’s or BBB- (or the equivalent) by S&P.

 

“Joint
Venture” means a joint venture that is not a Subsidiary and through which a Group Member conducts its business and operations
and in which such Group Member owns an equity interest.

 

“La
Huella Project” means the 60 to 88 Megawatt (AC) solar power project located in Chile to be developed and built by an
Affiliate of SP Member.

 

“Liability”
means any liability or obligation of any nature, whether accrued, contingent or otherwise.

 

    11 

     

    

“Liquidation
Date” means the date of dissolution of the Company pursuant to Section 13.1.

 

“Liquidation
Percentage” means, with respect to any Economic Member, the percentage arrived at by dividing (i) the aggregate of (x)
all Forecasted Project Values for the Projects contributed or sold to the Operating Company by such Economic Member and its Affiliates
plus (y) 50% of the Forecasted Project Values for the Projects acquired by the Operating Company from any Person other than an
Economic Member or its Affiliates by (ii) the Forecasted Project Values for all Projects. At all times, the Liquidation Percentage
of all Economic Members shall aggregate to 100%.

 

“Liquidator”
means one or more Persons selected by the Members to perform the functions described in Section 13.2 as liquidating trustee
of the Company within the meaning of the Delaware Act.

 

“Losing
Management Member” has the meaning set forth in Section 9.1(d)(i).

 

“Luz
Del Norte Project” means the approximately 141 Megawatt (AC) solar power project located near Copiapó, Chile
to being built by an Affiliate of FS Member.

 

“Majority
Interest” means Management Members holding greater than 50% of the outstanding Management Units.

 

“Majority
Management Member” means a Majority Option Management Member that has exercised the Management Unit Transfer in accordance
with Section 3.3.

 

“Majority
Option Management Member” has the meaning set forth in Section 3.3(a).

 

“Management
Member” has the meaning set forth in Section 3.1(a).

 

“Management
Unit Transfer” has the meaning set forth in Section 3.3(a).

 

“Management
Units” has the meaning set forth in Section 3.1(a).

 

“Management
Services Agreement” means either (a) the Management Services Agreement, dated as of June 24, 2015, among First Solar
8point3 Management Services, LLC, the Company, the YieldCo General Partner, the Partnership and the Operating Company, or (b)
the Management Services Agreement, dated as of June 24, 2015, among SunPower Capital Services, LLC, the Company, the YieldCo General
Partner, the Partnership and the Operating Company.

 

“Master
Formation Agreement” means that certain Master Formation Agreement dated as of March 10, 2015 among SP Parent and FS
Parent, as it may be further amended, supplemented or restated from time to time.

 

“Master
Project Model” means the FS Project Model and the SP Project Model, combined in one Microsoft Excel document, as transmitted
by email from Goldman, Sachs & Co. to First Solar, Inc., on behalf of the FS Member, and SunPower Corporation, on behalf of
the

 

    12 

     

    

SP
Member, on June 19, 2015 at 7:46 p.m. (New York time), as the same may be adjusted from time to time following payment to the
Operating Company of all Capacity Buydown Damages (as defined in the Omnibus Agreement) required to be paid in respect of a Project
pursuant to Section 2.2(c) of the Omnibus Agreement, to reflect the Actual Project Capacity (as defined in the Omnibus Agreement)
of such Project; provided
that, in the case of each Project, such adjustments shall be limited to (i) changing the underlying assumption for Project capacity
in the FS Project Model or SP Project Model, as applicable, to reflect the Actual Project Capacity (as defined in the Omnibus
Agreement) and (ii) updating the values in the “Export/Import tab” worksheet in the Master Project Model named for
such Project to reflect the output of the FS Project Model or SP Project Model (as applicable) following the change described
in clause (i).

 

“Member”
means any Person executing this Agreement as of the Closing Date as a member of the Company or hereafter admitted to the Company
as a member as provided in this Agreement, but such term does not include any Person who has ceased to be a member of the Company.
A Member may be an Economic Member, a Management Member or both an Economic Member and a Management Member.

 

“Member
Nonrecourse Debt” has the meaning of “partner nonrecourse debt” set forth in Treasury Regulation Section
1.704-2(b)(4).

 

“Member
Nonrecourse Debt Minimum Gain” has the meaning of “partner nonrecourse debt minimum gain” set forth in Treasury
Regulation Section 1.704-2(i)(2).

 

“Member
Nonrecourse Deductions” means any and all items of loss, deduction or expenditure (including any expenditure described
in Section 705(a)(2)(B) of the Code) that, in accordance with the principles of Treasury Regulation Section 1.704-2(i), are attributable
to a Member Nonrecourse Debt.

 

“Membership
Interest” means the ownership interest of a Member in the Company, which may be evidenced by an Economic Unit, Management
Unit or other Equity Interest or a combination thereof or interest therein, and includes any and all benefits to which such Member
is entitled as provided in this Agreement, together with all obligations of such Member to comply with the terms and provisions
of this Agreement.

 

“Minimum
Commercial Requirements” means (a) with respect to for-profit counterparties, a Person that has been in business for
a minimum of five years with current annual revenue of at least $5 million per 1 MW of capacity of the applicable C&I Project,
a maximum EBITDA to debt service ratio of 1.2x and a maximum debt to equity ratio of 4x and, (b) with respect to not-for-profit
counterparties, a Person that has been operating for a minimum of five years and has, in its audited financial statements or unaudited
financial statements prepared by an independent accounting firm covering the current fiscal year-to-date and the previous two
complete fiscal years, recorded ratios of change in net unrestricted assets before interest, depreciation and amortization to
debt service and change in net total assets before interest, depreciation, and amortization to debt service of at least 1.2x during
each complete or year-to-date fiscal period.

 

“Minority
Option Management Member” has the meaning set forth in Section 3.3(a).

 

    13 

     

    

“Minority
Management Member” means a Minority Option Management Member after exercise of the Management Unit Transfer in accordance
with Section 3.3.

 

“Modeled
Distributed Cash” means (i) with respect to any Project located in the United States that is held directly or indirectly
by the Operating Company, the amount set forth, by Fiscal Year, under the heading “Pre-Tax Cash Available for Distribution”
on the Master Project Model or, with respect to any such Project acquired, directly or indirectly, by the Operating Company after
the Effective Date, on the project model related to such Project approved by the Conflicts Committee, as applicable, and (ii)
with respect to any Project located outside the United States that is acquired directly or indirectly by the Operating Company,
the amount set forth, by Fiscal Year, under the heading “Cash Available for Distribution” on the project model related
to such Project approved by the Conflicts Committee; provided, however, that the “Modeled Distributed Cash”
for any Project contributed to the Operating Company pursuant to Section 6.3(a) shall be deemed to equal zero.

 

“Moody’s”
means Moody’s Investors Service, Inc., or any successor thereto.

 

“MU
Exercise Period” has the meaning set forth in Section 3.3(a).

 

“MW”
means megawatts.

 

“Net
Adjustment Amount” has the meaning set forth in Section 7.1(c)(ii).

 

“Net
Surplus Economic Member” has the meaning set forth in Section 7.1(c)(ii).

 

“Net
Transferred Distribution Shortfall” has the meaning set forth in Section 7.1(c)(ii).

 

“Non-Offering
Member” has the meaning set forth in Section 6.3(b)(i).

 

“Nonrecourse
Deductions” means any and all items of loss, deduction or expenditure (including any expenditure described in Section
705(a)(2)(B) of the Code) that, in accordance with the principles of Treasury Regulation Section 1.704-2(b), are attributable
to a Nonrecourse Liability.

 

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

 

“Offered
OpCo Units” has the meaning set forth in Section 4.3(c)(i).

 

“Offering
OpCo Member” has the meaning set forth in Section 4.3(c)(i).

 

“Offering
OpCo Member Notice” has the meaning set forth in Section 4.3(c)(ii).

 

“Omnibus
Agreement” means that certain Omnibus Agreement dated the date hereof among SP Parent, FS Parent and the Operating Company,
as it may be amended, supplemented or restated from time to time.

 

    14 

     

    

“OpCo
Derivative Membership Interests” means “Derivative Membership Interests” as defined in the Operating Company
Limited Liability Company Agreement.

 

“OpCo
Managing Member” means 8point3 Energy Partners LP, a Delaware limited partnership, and its successors and permitted
assigns that are admitted to the Operating Company as the managing member of the Operating Company, in its capacity as the managing
member of the Operating Company. The OpCo Managing Member is the sole managing member of the Operating Company and the holder
of the OpCo Managing Member Interest. For the avoidance of doubt, such Person shall be the OpCo Managing Member solely with respect
to the OpCo Managing Member Interest and shall be an OpCo Non-Managing Member with respect to any OpCo Non-Managing Member Interests
of such Person.

 

“OpCo
Managing Member Interest” means a “Managing Member Interest” as defined in the Operating Company Limited
Liability Company Agreement.

 

“OpCo
Member” means an OpCo Managing Member or OpCo Non-Managing Member, as the context may require.

 

“OpCo
Member ROFR Exercise Notice” has the meaning set forth in Section 4.3(c)(v)(A).

 

“OpCo
Membership Interest” means the OpCo Managing Member Interest and any class or series of equity interest in the Operating
Company, which shall include any OpCo Non-Managing Member Interests but shall exclude any OpCo Derivative Membership Interests.

 

“OpCo
Non-Managing Member” means a “Non-Managing Member” as defined in the Operating Company Limited Liability
Company Agreement.

 

“OpCo
Non-Managing Member Interest” means a “Non-Managing Member Interest” as defined in the Operating Company
Limited Liability Company Agreement.

 

“OpCo
ROFO Agreements” means the certain Right of First Offer Agreements dated the date hereof between (a) SP Parent and the
Operating Company and (b) FS Parent and the Operating Company, respectively, as they may be amended, supplemented or restated
from time to time.

 

“OpCo
ROFR Rightholder” means, in the case of a proposed transfer of Common Units and OpCo Subordinated Units and related
Class B Shares, the Sponsor other than the Offering OpCo Member.

 

“OpCo
ROFR Rightholder Option Period” has the meaning set forth in Section 4.3(c)(v)(A).

 

“OpCo
Subordinated Unit” means a “Subordinated Unit” as defined in the Operating Company Limited Liability Company
Agreement.

 

“Operating
Company” means 8point3 Operating Company, LLC, a Delaware limited liability company.

 

    15 

     

    

“Operating
Company Limited Liability Company Agreement” means the Amended and Restated Limited Liability Company Agreement of 8point3
Operating Company, LLC, to be dated as of June 24, 2015, as it may be further amended, supplemented or restated from time to time.

 

“Opinion
of Counsel” means a written opinion of counsel (who may be regular counsel to, or the General Counsel or other inside
counsel of, the Company or any of its Affiliates) acceptable to a Majority Interest.

 

“Option
Exercise Period” has the meaning set forth in Section 9.1(d)(iii).

 

“Option
Member” has the meaning set forth in Section 6.3(b)(i).

 

“Ownership
Percentage” means, at the date of any determination, with respect to an Economic Member, the percentage obtained by
dividing (a) the number of Economic Units owned by such Economic Member by (b) the total number of outstanding Economic
Units owned by all Economic Members.

 

“Parent”
means FS Parent or SP Parent, as applicable.

 

“Partnership”
means 8point3 Energy Partners LP, a Delaware limited partnership.

 

“Partnership
Agreement” means the Amended and Restated Agreement of Limited Partnership of 8point3 Energy Partners LP, to be dated
as of June 24, 2015, as it may be further amended, supplemented or restated from time to time.

 

“Partnership
Group” means, collectively, the Partnership and the Operating Company and each of their Subsidiaries.

 

“Party”
or “Parties” means FS Member and SP Member, and any Person who shall be admitted to the Company as a Member
effective immediately prior to the Transfer of a Membership Interest.

 

“Party
Representatives” has the meaning set forth in Section 14.6.

 

“Permitted
OpCo Transfer” means:

 

(a)        with
respect to the SP Parent, a transfer by such OpCo Member of an OpCo Membership Interest to a wholly owned Subsidiary of the SP
Parent; and

 

(b)        with
respect to the FS Parent, a transfer by such OpCo Member of an OpCo Membership Interest to a wholly owned Subsidiary of the FS
Parent

 

provided
that, in the case of (a) or (b) above, (i) with respect to Permitted OpCo Transfers by the SP Parent, the Subsidiary
transferee remains a wholly owned Subsidiary of the SP Parent (or any successor Person), at all times following such transfer
and (ii) with respect to Permitted OpCo Transfers by the FS Parent, the Subsidiary transferee remains a wholly owned Subsidiary
of the FS Parent (or any successor Person), at all times following such transfer, it being

 

    16 

     

    

acknowledged
that any transfer resulting in the Subsidiary transferee no longer being wholly owned shall be deemed a transfer that is subject
to the restrictions set forth in ‎Article IV.

 

“Permitted
Transfer” means:

 

(a)         with respect to SP Member, a Transfer by such Member of a Membership Interest or a Transfer of a direct or indirect interest
in such Member to a wholly owned Subsidiary of SP Parent;

 

(b)         with respect to FS Member, a Transfer by such Member of a Membership Interest or a Transfer of a direct or indirect interest
in such Member to a wholly owned Subsidiary of FS Parent; and

 

(c)         with respect to either Party, a Transfer by such Member of a Membership Interest or a Transfer of a direct or indirect
interest in such Member upon (i) the other Member’s failure to offer, in good faith, Acceptable Projects for three consecutive
Fiscal Years which are sufficient to meet such Member’s (A) obligations under the Annual Offer Schedules in effect for such
Fiscal Years or (B) in the absence of an Annual Offer Schedule for any such Fiscal Year, Annual Minimum Offer for such Fiscal
Year, (ii) the other Member, its Parent or any Subsidiary of such Parent which owns an interest, directly or indirectly, in such
other Member becoming unable, admitting in writing its inability or failing generally to pay its debts as they become due, (iii)
the commencement of an involuntary proceeding or the filing of an involuntary petition seeking (A) the liquidation, reorganization
or other relief in respect of the other Member, its Parent or any Subsidiary of such Parent which owns an interest, directly or
indirectly, in such other Member or its debts, or of a substantial part of its assets, under any federal, state or foreign bankruptcy,
insolvency, receivership or similar law now or hereafter in effect or (B) the appointment of a receiver, trustee, custodian, sequestrator,
conservator or similar official for the other Member, its Parent or any Subsidiary of such Parent which owns an interest, directly
or indirectly, in such other Member or for a substantial part of its assets, and, in any such case, such proceeding or petition
shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered, or (iv)
the other Member, its Parent or any Subsidiary of such Parent which owns an interest, directly or indirectly, in such other Member
(A) voluntarily commencing any proceeding or filing any petition seeking liquidation, reorganization or other relief under any
federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (B) applying for or
consenting to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for such Member,
its Parent or any Subsidiary of such Parent which owns an interest, directly or indirectly, in such Member or any guarantor or
for a substantial part of its assets, (C) filing an answer admitting the material allegations of a petition filed against it in
any such proceeding, (D) making a general assignment for the benefit of creditors or (E) taking any action for the purpose of
effecting any of the foregoing.

 

    17 

     

    

“Person”
means an individual or a corporation, firm, limited liability company, partnership, joint venture, trust, estate, unincorporated
organization, association, government agency or political subdivision thereof or other entity.

 

“Pledge”
has the meaning set forth in Section 4.1(a).

 

“Profits”
and “Losses” means, for each tax year or other period, an amount equal to the Company’s taxable income
or loss for such year or period, determined in accordance with Section 703(a) of the Code (for this purpose, all items of income,
gain, loss, or deduction required to be stated separately pursuant to Section 703(a)(1) of the Code shall be included in taxable
income or loss), with the following adjustments:

 

(a)         Any income of the Company that is exempt from federal income tax and not otherwise taken into account in computing Profits
or Losses pursuant to this definition shall be added to such taxable income or loss;

 

(b)         Any expenditures of the Company described in Section 705(a)(2)(B) of the Code, and not otherwise taken into account in
computing Profits or Losses pursuant to this definition shall be subtracted from such taxable income or loss;

 

(c)         In the event the Gross Asset Value of any Company asset is adjusted pursuant to subparagraph (b), (c) or (d) of the definition
of Gross Asset Value hereof, the amount of such adjustment shall be taken into account as gain or loss from the disposition of
such asset for purposes of computing Profits or Losses;

 

(d)         Gain or loss resulting from any disposition of property (other than money) with respect to which gain or loss is recognized
for federal income tax purposes shall be computed by reference to the Gross Asset Value of the property disposed of notwithstanding
that the adjusted tax basis of such property differs from its Gross Asset Value;

 

(e)         In lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing such taxable
income or loss, there shall be taken into account Depreciation for such tax year or other period, computed in accordance with
the definition of Depreciation hereof; and

 

(f)          Notwithstanding any other provision of this definition of “Profits” and “Losses,” any items
which are specially allocated pursuant to Section 7.3 shall not be taken into account in computing Profits or Losses.

 

“Project”
means a Utility Scale Project, C&I Project, Residential Project, Utility Project Site or any other asset or project that a
Majority Interest designates as a “Project.”

 

“Project
Company” means a corporation, limited liability company, partnership, joint venture, trust or other entity which is
a Subsidiary or Joint Venture of the Operating Company and the direct or indirect owner of a Project.

 

    18 

     

    

“Quarter”
means, unless the context requires otherwise, a fiscal quarter of the Company or, with respect to the fiscal quarter of the Company
that includes the Closing Date, the portion of such fiscal quarter after the Closing Date.

 

“Receiving
Party” has the meaning set forth in Section 14.6.

 

“Regain
Board Member Option” has the meaning set forth in Section 9.1(e)(iii).

 

“Regain
Option Exercise Period” has the meaning set forth in Section 9.1(e)(iii).

 

“Representative”
has the meaning set forth in Section 8.8(a).

 

“Required
Allocations” has the meaning set forth in Section 7.3(i).

 

“Residential
Project” means a portfolio of Residential Systems owned directly or indirectly by a Contributed Company.

 

“Residential
System” means a ground-mounted or roof-top distributed solar generation system designed and installed for residential
applications, which is leased by, or subject to a power purchase agreement with, the owner of a residence for the purpose of generating
Electricity for that residence.

 

“Retained
Chief Executive Officer” has the meaning set forth in Section 9.2(a)(i)(B).

 

“Retained
Chief Financial Officer” has the meaning set forth in Section 9.2(a)(ii)(B).

 

“Retaining
Management Member” has the meaning set forth in Section 9.2(a)(i)(B).

 

“ROFO
Acceptance Notice” has the meaning set forth in Section 4.2(b).

 

“ROFO
Non-Selling Member” has the meaning set forth in Section 4.2(a).

 

“ROFO
Notice” has the meaning set forth in Section 4.2(a).

 

“ROFO
Parties” has the meaning set forth in Section 4.2(a).

 

“ROFO
Price” has the meaning set forth in Section 4.2(a).

 

“ROFO
Seller” has the meaning set forth in Section 4.2(a).

 

“ROFO
Units” has the meaning set forth in Section 4.2(a).

 

“ROFO
Units Purchase Agreement” has the meaning set forth in Section 4.2(a).

 

“S&P”
means Standard & Poor’s Ratings Group, or any successor thereto.

 

“Securities
Act” means the Securities Act of 1933, as amended, supplemented or restated from time to time, and any successor to
such statute.

 

    19 

     

    

“Service
Provider” means the Service Provider under and as defined in the applicable Management Services Agreement.

 

“Shortfall”
has the meaning set forth in Section 7.1(c)(ii).

 

“Shotgun
Election” has the meaning set forth in Section 8.5(c)(iii).

 

“Shotgun
Initiator” has the meaning set forth in Section 8.5(c)(i).

 

“Shotgun
Notice” has the meaning set forth in Section 8.5(c)(i).

 

“Shotgun
Price” has the meaning set forth in Section 8.5(c)(ii).

 

“Shotgun
Recipient” has the meaning set forth in Section 8.5(c)(i).

 

“SP
Contributed Company” means any Project Company contributed or sold to the Operating Company by SP Member or its Affiliates.

 

“SP
Director” has the meaning set forth in Section 9.1(a)(i).

 

“SP
Member” means SunPower YC Holdings, LLC, a Delaware limited liability company.

 

“SP
Parent” means SunPower Corporation, a Delaware corporation.

 

“SP
Project Model” means the financial model for the SP Contributed Companies which is included in the Master Project Model.

 

“Sponsor”
or “Sponsors” means SP Parent and FS Parent, individually or collectively, as applicable.

 

“Sponsor
Director” has the meaning set forth in Section 9.1(a)(ii).

 

“Subsidiary”
means, with respect to any Person, (a) a corporation of which more than 50% of the voting power of shares entitled (without
regard to the occurrence of any contingency) to vote in the election of directors or other governing body of such corporation
is owned, directly or indirectly, at the date of determination, by such Person, by one or more Subsidiaries of such Person or
a combination thereof, (b) a partnership (whether general or limited) in which such Person or a Subsidiary of such Person
is, at the date of determination, a general or limited partner of such partnership, but only if such Person, one or more Subsidiaries
of such Person, or a combination thereof, controls such partnership on the date hereof, or (c) any other Person (other than
a corporation or a partnership) in which such Person, directly or by one or more Subsidiaries of such Person, or a combination
thereof, directly or indirectly, at the date of determination, has the power to elect or direct the election of a majority of
the directors or other governing body of such Person.

 

“Surplus
Economic Member” has the meaning set forth in Section 7.1(c)(i).

 

    20 

     

    

“Target
Distributed Cash Increase” means the targeted increase in Aggregate Distributed Cash for a Fiscal Year over the previous
year.

 

“Target
Distributed Cash Increase Range” means the range of Target Distributed Cash Increase for a Fiscal Year. The Target Distributed
Cash Increase Range for each Fiscal Year shall be as set forth on the current Target Distributed Cash Increase Schedule unless
modified pursuant to Section 6.2.

 

“Target
Distributed Cash Increase Schedule” means a schedule approved by a Majority Interest which sets forth the Target Distributed
Cash Increase Range for a period of ten Fiscal Years. The initial Target Distributed Cash Increase Schedule for Fiscal Years 2016
through 2025 is set forth on Exhibit D.

 

“Tax
Beneficial Date” means, with respect to any Project, (i) in general, the last date upon which such Project may be transferred
to the Operating Company without materially reducing the amount, or affecting the availability, of a material solar energy tax
benefit to the Project or its direct or indirect owners on account of their interests in the Project, including (A) if such Project
is eligible for the active solar energy system new construction exclusion from assessment for California property tax purposes,
the day immediately preceding the date on which new construction is deemed completed with respect to the Project (or (I) in the
case of a Residential Project, the first Residential System to be deemed complete within such Residential Project or (II) in the
case of a C&I Project, the first solar generation system to be deemed complete within such C&I Project), within the meaning
of California Revenue and Tax Code Section 75.12 and regulations adopted thereunder, and (B) if such Project is eligible for the
energy credit determined under Section 48 of the Code, the day immediately preceding the date upon which the Project (or in the
case of a Residential Project, the first Residential System within such Residential Project) is placed in service within the meaning
of Section 48 of the Code, and (ii) if such Project is eligible for more than one material solar energy tax benefit, the date
determined by calculating a tentative Tax Beneficial Date for each such material solar energy tax benefit with respect to such
Project and selecting the earliest such date.

 

“Tax
Beneficial Project” means a Project with a Tax Beneficial Date.

 

“Tax
Matters Member” has the meaning set forth in Section 11.3(a).

 

“Tax
Member” means that Member whose Affiliate provides tax services to the Company pursuant to a Management Services Agreement.

 

“Transfer”
has the meaning set forth in Section 4.1(a).

 

“Transferee”
means a Person who has received Units by means of a Transfer.

 

“Transferred
Distribution” has the meaning set forth in Section 7.1(c)(i).

 

“Transferred
Distribution Shortfall” has the meaning set forth in Section 7.1(c)(i).

 

“Treasury
Regulations” means the regulations (including temporary regulations) promulgated by the United States Department of
the Treasury pursuant to and in respect of

 

    21 

     

    

provisions
of the Code. All references herein to sections of the Treasury Regulations shall include any corresponding provision or provisions
of succeeding, similar or substitute, temporary or final Treasury Regulations.

 

“Units”
has the meaning set forth in Section 3.1(a).

 

“U.S.
GAAP” means United States generally accepted accounting principles, as amended from time to time.

 

“Utility
Project Site” means the real property on which a Utility Scale Project is situated, provided that such real property
and the Utility Scale Project are separately owned.

 

“Utility
Scale Project” means any wholesale solar energy production facility that is neither a C&I Project nor a Residential
Project, including the rights to the site on which the facility is located, the other assets, tangible and intangible, that compose
such facility and the transmission and interconnection facilities connecting the Project to an electric utility or other wholesale
power offtaker.

 

“YieldCo
General Partner” means 8point3 General Partner, LLC, a Delaware limited liability company.

 

“YieldCo
General Partner LLC Agreement” means the Amended and Restated Limited Liability Company Agreement of 8point3 General
Partner, LLC, to be dated as of June 24, 2015, as it may be further amended, supplemented or restated from time to time.

 

Section
1.2           
Construction.

 

(a)           Unless the context requires otherwise: (i) any pronoun used in this Agreement shall include the corresponding masculine,
feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa; (ii) references
to Articles and Sections refer to Articles and Sections of this Agreement; (iii) the terms “include,” “includes,”
“including” or words of like import shall be deemed to be followed by the words “without limitation”;
and (iv) the terms “hereof,” “herein” or “hereunder” refer to this Agreement as a whole
and not to any particular provision of this Agreement. The table of contents and headings contained in this Agreement are for
reference purposes only, and shall not affect in any way the meaning or interpretation of this Agreement. If any date on which
any action is required to be taken hereunder by any of the Parties hereto is not a Business Day, such action shall be required
to be taken on the next succeeding day that is a Business Day.

 

(b)           The Parties hereto have participated jointly in the negotiation and drafting of this Agreement. No provision of this Agreement
will be interpreted in favor of, or against, any of the Parties to this Agreement by reason of the extent to which any such Party
or its counsel participated in the drafting thereof or by reason of the extent to which any such provision is inconsistent with
any prior draft of this Agreement, and no rule of strict construction will be applied against any Party hereto. This Agreement
will not be interpreted or construed to require any Person to take any action, or fail to take any action, if to do so would violate
any applicable law.

 

    22 

     

    

Article
II

ORGANIZATION

 

Section
2.1           
Formation. FS Member and SP Member have formed the Company as a limited liability
company pursuant to the provisions of the Delaware Act and thereupon, each Member acquired 50% of all right, title and interest
in the Company. The Members hereby amend and restate the original Limited Liability Company Agreement of 8point3 Holding Company,
LLC in its entirety. This amendment and restatement shall become effective on the date of this Agreement. Except as expressly
provided to the contrary in this Agreement, the rights, duties, liabilities and obligations of the Members and the administration,
dissolution and termination of the Company shall be governed by the Delaware Act. All Membership Interests shall constitute personal
property of the record owner thereof for all purposes.

 

Section
2.2           
Name. The name of the Company shall be “8point3 Holding Company, LLC.”
Subject to applicable law, the Company’s business may be conducted under any other name or names as determined by a Majority
Interest. The words “limited liability company,” “LLC” or similar words or letters shall be included in
the Company’s name where necessary for the purpose of complying with the laws of any jurisdiction that so requires. A Majority
Interest may change the name of the Company at any time and from time to time and shall notify the Members of such change in the
next regular communication to the Members.

 

Section
2.3           
Registered Office; Registered Agent; Principal Office; Other Offices. Unless
and until changed by a Majority Interest, the registered office of the Company in the State of Delaware shall be located at 1209
Orange Street, Wilmington, New Castle County, Delaware 19801, and the registered agent for service of process on the Company in
the State of Delaware at such registered office shall be The Corporation Trust Company. The principal office of the Company shall
be located at such place as a Majority Interest may from time to time designate, which need not be in the State of Delaware, and
the Company shall maintain records there. The Company may maintain offices at such other place or places within or outside the
State of Delaware as a Majority Interest determines to be necessary or appropriate.

 

Section
2.4           
Purpose and Business. The purpose and nature of the business to be conducted
by the Company shall be to (a) engage directly in, or enter into or form, hold and dispose of any corporation, partnership, joint
venture, limited liability company or other arrangement to engage indirectly in, any business activity that is approved by a Majority
Interest and that lawfully may be conducted by a limited liability company organized pursuant to the Delaware Act and, in connection
therewith, to exercise all of the rights and powers conferred upon the Company pursuant to the agreements relating to such business
activity, and (b) do anything necessary or appropriate to the foregoing, including the making of capital contributions or loans
to a Group Member or a Joint Venture. To the fullest extent permitted by law, no Member has any duty or obligation to the Company
or any Member to propose or approve the conduct by the Company of any business and may decline to do so in its sole and absolute
discretion free of any duty or obligation whatsoever.

 

Section
2.5           
Powers. The Company shall be empowered to do any and all acts and things necessary,
appropriate, proper, advisable, incidental to or convenient for the furtherance

 

    23 

     

    

and accomplishment
of the purposes and business described in Section 2.4 and for the protection and benefit of the Company.

 

Section
2.6           
Term. The term of the Company commenced upon the filing of the Certificate
of Formation in accordance with the Delaware Act and shall continue in existence until the dissolution of the Company in accordance
with the provisions of Article XIII. The existence of the Company as a separate legal entity shall continue until the cancellation
of the Certificate of Formation as provided in the Delaware Act.

 

Section
2.7           
Title to Company Assets. Title to the assets of the Company, whether real,
personal or mixed and whether tangible or intangible, shall be deemed to be owned by the Company as an entity, and no Member,
individually or collectively, shall have any ownership interest in such assets of the Company or any portion thereof.

 

Article
III

MEMBERSHIP INTERESTS; UNITS

 

Section
3.1           
Membership Interests; Additional Members.

 

(a)           The Members own Membership Interests in the Company that shall be represented by Economic Units (“Economic Units”)
and Management Units (“Management Units”). Economic Units and Management Units are sometimes referred to collectively
herein as “Units.” Holders of Economic Units and Management Units shall be referred to as “Economic
Members” and “Management Members,” respectively. The Units shall be uncertificated, unless a Majority
Interest determines to have the Company issue certificates for the Units. In exchange for each Economic Member’s Capital
Contribution to the Company referred to in Section 5.1, the Company shall issue to each Economic Member the number of Economic
Units set forth opposite such Economic Member’s name on Exhibit A. In addition, the Company shall issue to each Management
Member the number of Management Units set forth opposite such Management Member’s name on Exhibit B.

 

(b)           Economic Units shall represent an Economic Member’s interest in items of income, gain, loss and deduction of the
Company and a right to receive distributions of the Company’s assets in accordance with the provisions of this Agreement.
Economic Members shall have no voting or designation rights with respect to their Economic Units.

 

(c)           Management Units shall represent a Management Member’s right to vote on Company matters in accordance with the provisions
of the Agreement and, subject to Section 4.1(e) and Section 9.1, designate Directors. Management Members shall have
no interest in items of income, gain, loss or deduction of the Company or any right to receive distributions of the Company’s
assets in accordance with the provisions of this Agreement with respect to their Management Units.

 

(d)           For the avoidance of doubt, the undersigned intend for the holders of Management Units to be considered managers and not
members or partners for federal income tax purposes with respect to such Management Units. Therefore, if one hundred percent (100%)
of the Economic Units are held by one tax owner, the Company will be

 

    24 

     

    

treated,
as of such time, as a disregarded entity for federal income tax purposes pursuant to Treasury Regulation Section 301.7701-3.

 

(e)           The Company may issue additional Membership Interests and options, rights, warrants and appreciation rights relating to
the Membership Interests for any Company purpose at any time and from time to time to such Persons for such consideration and
on such terms and conditions as determined by a Majority Interest or, if required by Article VIII, the unanimous vote of
the Management Members.

 

(f)            Each additional Membership Interest authorized to be issued by the Company pursuant to Section 3.1(e) may be issued
in one or more classes, or one or more series of any such classes, with such designations, preferences, rights, powers and duties
(which may be senior to existing classes and series of Membership Interests), as shall be fixed by a Majority Interest (or, if
required by Article VIII, the unanimous vote of the Management Members), including (i) the right to share in Company
profits and losses or items thereof; (ii) the right to share in Company distributions; (iii) the rights upon dissolution
and liquidation of the Company; (iv) whether, and the terms and conditions upon which, the Company may or shall be required
to redeem the Membership Interest; (v) whether such Membership Interest is issued with the privilege of conversion or exchange
and, if so, the terms and conditions of such conversion or exchange; (vi) the terms and conditions upon which each Membership
Interest will be issued, evidenced by certificates and assigned or transferred; (vii) the method for determining the Ownership
Percentage as to such Membership Interest; and (viii) the right, if any, of each such Membership Interest to vote on Company
matters, including matters relating to the relative rights, preferences and privileges of such Membership Interest.

 

(g)           Subject to Article VIII, a Majority Interest shall take all actions that it determines to be necessary or appropriate
in connection with (i) each issuance of Membership Interests and options, rights, warrants and appreciation rights relating
to Membership Interests pursuant to this Section 3.1, (ii) reflecting the admission of such additional Members in
the books and records of the Company as the record holder of such Membership Interest and (iii) all additional issuances
of Membership Interests and options, rights, warrants and appreciation rights relating to Membership Interests pursuant to this
Section 3.1, in each case including amending this Agreement and Exhibit A and Exhibit B hereof as necessary
to reflect any such issuance. Subject to Article VIII, a Majority Interest shall determine the relative rights, powers
and duties of the holders of the Units or other Membership Interests being so issued. A Majority Interest shall do all things
necessary to comply with the Delaware Act and is authorized and directed to do all things that it determines to be necessary or
appropriate in connection with any future issuance of Membership Interests pursuant to the terms of this Agreement, including
compliance with any statute, rule, regulation or guideline of any federal, state or other governmental agency.

 

Section
3.2           
Adjustment to Economic Units.

 

(a)           From the Closing Date until November 30, 2019, the number of Economic Units held by each Economic Member shall be fixed
at the number set forth opposite

 

    25 

     

    

each
Economic Member’s name on Exhibit A. Thereafter, the number of Economic Units held by each Economic Member will adjust
annually according to the terms of this Section 3.2. Notwithstanding anything to the contrary set forth herein, the number
of Economic Units shall at all times equal 1,000.

 

(b)           No later than January 31 of each Fiscal Year commencing after November 30, 2019, the Members will cause the Accounting
Member pursuant to its Management Services Agreement to deliver to the non-Accounting Member a calculation of the amount of Aggregate
Distributed Cash for the current Adjustment Period (the “Distributed Cash Calculation”) and the calculation
of each Economic Member’s Adjustment Percentage and Distribution Adjustment Amount for the current Fiscal Year based upon
the Distributed Cash Calculation (collectively, the “Annual Calculations”).

 

(c)           (i)     Following receipt of the Annual Calculations, the non-Accounting Member will be afforded a period of 30 days to review
the Annual Calculations, during which period the non-Accounting Member and its advisors shall have the right to inspect the work
papers generated by the Accounting Member in preparation of the Annual Calculations and shall have reasonable access, during normal
business hours, to the relevant personnel of the YieldCo General Partner and the Partnership Group and to information, books and
records of the YieldCo General Partner, the Partnership Group and, to the extent permitted by the applicable Group Member Agreement,
any Joint Venture. At or before the end of such 30-day review period, the non-Accounting Member will either (A) accept the Annual
Calculations in their entirety, in which case, the Accounting Member’s calculations shall be final, conclusive and binding
on such non-Accounting Member, or (B) deliver to the Accounting Member written notice and a written explanation of those items
in the Annual Calculations which the non-Accounting Member (the “Disputing Member”) disputes and the proposed
modification of such calculations, in which case only the items identified shall be deemed to be in dispute and the other items
shall be deemed to be accepted with the effect set forth in (A) above. If a Member fails to accept or dispute the Annual Calculations
before the end of the 30-day review period set forth above, such Annual Calculations shall be deemed to be final, conclusive and
binding on such non-Accounting Member. Within a further period of ten days from the end of the aforementioned review period, the
Members will attempt to resolve in good faith any disputed items.

 

                                                (ii)    Failing such resolution, either Member may refer the unresolved disputed items for final binding resolution to a nationally
recognized firm of certified public accountants agreeable to both Members and having no significant preexisting relationship with
either Member (the “Dispute Accountants”). In their review, the Dispute Accountants shall consider only those
items or amounts in the Annual Calculations as to which the Disputing Member has disagreed and shall be instructed that they may
not resolve any items in dispute such that the Disputing Member’s Adjustment Percentage or Distribution Adjustment Amount,
as applicable, is greater than the greatest amount proposed by the Disputing Member or less than the least amount proposed by
the Accounting Member. The Dispute Accountants shall deliver to the Members, within 30 days of reference of the matter to the
Dispute Accountants, a report setting forth its calculations. The

 

    26 

     

    

decision
of such Dispute Accountants will be final, conclusive and binding on the Members. The cost of the Dispute Accountants’ review
and report of any good faith dispute shall be paid entirely by the Company. The cost of the Dispute Accountants’ review
and report of any dispute not made in good faith shall be paid entirely by the Disputing Member.

 

                                                (iii)   If the Members fail to mutually agree on the Dispute Accountants, the Members shall thereafter promptly cause the AAA to
appoint the Dispute Accountants, and in making its determination with respect to such appointment, the AAA shall take into account,
and attempt to avoid appointing an accounting firm with, any significant preexisting relationship with any Member or their respective
Affiliates. The fees and expenses of the AAA and the Dispute Accountants shall be apportioned in the same manner as described
in Section 3.2(c)(ii).

 

(d)           Upon the final, conclusive and binding determination of the Distributed Cash Calculation and the calculations of the Adjustment
Percentages for each Member (collectively, the “Final Calculation”) for such Fiscal Year, the number of Economic
Units held by each Economic Member will adjust for such Fiscal Year so that each Economic Member’s Ownership Percentage
equals its Adjustment Percentage and the Company shall amend Exhibit A to reflect such adjustment.

 

Section
3.3           
Adjustment to Management Units.

 

(a)           After the Final Calculation for a Fiscal Year, in the event that a Management Member holds, and has held for at least the
prior two consecutive Fiscal Years, at least 70% of the Economic Units, then such Management Member (the “Majority Option
Management Member”) shall have the option, to be exercised prior to the earlier of 30 days after any Final Calculation
and the end of the fiscal quarter of the Majority Option Management Member in which the Final Calculation is made (the “MU
Exercise Period”), to require the other Management Member (the “Minority Option Management Member”)
to Transfer to it, at no cost, a percentage of the aggregate outstanding Management Units owned by the Minority Option Management
Member so that after giving effect to such Transfer the percentage of Management Units held by the Minority Option Management
Member equals the percentage of Economic Units then held by the Minority Option Management Member (the “Management Unit
Transfer”). To exercise the right to the Management Unit Transfer, the Majority Option Management Member shall deliver
to the Company and the Minority Option Management Member written notice of its election to exercise such right before the expiration
of the MU Exercise Period. Upon the Company’s receipt of such notice, the Majority Option Management Member shall succeed
to all rights, title and interest in and to such Management Units and the Company shall amend Exhibit B to reflect such
Transfer. Notwithstanding the foregoing, in the event that a Management Member waives for a given Fiscal Year its right to exercise
the right to the Management Unit Transfer, or fails to exercise the right to the Management Unit Transfer during the MU Exercise
Period, such waiver shall only apply to such Fiscal Year and shall not prevent a Management

 

    27 

     

    

Member
that subsequently qualifies as a Majority Option Management Member from exercising the right to the Management Unit Transfer in
any subsequent Fiscal Year.

 

(b)           Upon the completion of the Management Unit Transfer in accordance with Section 3.3(a), no Minority Management Member
shall have the right, upon subsequently regaining a certain Economic Unit Ownership Percentage or becoming the Majority Option
Management Member, to exercise the right to the Management Unit Transfer or otherwise reacquire the Management Units it Transferred
pursuant to Section 3.3(a).

 

Section
3.4           
Limitation of Liability. To the fullest extent permitted by the Delaware Act,
the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts,
obligations and liabilities of the Company, and no Member shall be obligated personally for any of such debts, obligations or
liabilities of the Company solely by reason of being a Member.

 

Section
3.5           
Withdrawal of Members. No Member shall have any right to withdraw from the
Company; provided, however, that when a Transferee becomes registered on the books and records of the Company as
the Member with respect to the Membership Interest so Transferred, the Transferring Member shall cease to be a Member with respect
to the Membership Interest so Transferred.

 

Section
3.6           
Record Holders. The Company shall be entitled to recognize the Person in whose
name any Membership Interest is registered on the books and records of the Company as the Member with respect to any Membership
Interest and, accordingly, shall not be bound to recognize any equitable or other claim to, or interest in, such Membership Interest
on the part of any other Person, regardless of whether the Company shall have actual or other notice thereof, except as otherwise
provided by law or any applicable rule, regulation or guideline of any governmental agency.

 

Section
3.7           
No Appraisal Rights. No Member shall be entitled to any valuation, appraisal
or similar rights with respect to such Member’s Units, whether individually or as part of any class or group of Members,
in the event of a merger, consolidation, sale of the Company or other transaction involving the Company or its securities unless
such rights are expressly provided by the agreement of merger, agreement of consolidation or other document effectuating such
transaction.

 

Article
IV

TRANSFERS

 

Section
4.1           
Membership Interests Generally.

 

(a)           The term “Transfer,” means any direct or indirect sale, assignment, gift, exchange or any other disposition
by law or otherwise of such Membership Interest, excluding any direct or indirect pledge, grant of a security interest, encumbrance,
hypothecation or mortgage of a Membership Interest (each, a “Pledge”) but including any Transfer upon foreclosure
of any Pledge; provided, however, that any direct or indirect Transfer of ownership interests in SP Parent or FS
Parent or, except with respect to

 

    28 

     

    

Section
4.1(h), any consolidation, merger or direct or indirect sale, assignment, gift, exchange or any other disposition by law or
otherwise of all or substantially all of the assets of SP Parent or FS Parent shall not be a Transfer for purposes of this Section
4.1 and Section 4.2.

 

(b)           No Member shall Transfer, Pledge or permit an indirect Transfer or Pledge by its direct or indirect owners of its Membership
Interest, in whole or in part, except for (i) a Permitted Transfer, (ii) Transfers or Pledges in accordance with the applicable
provisions of this Article IV or (iii) Transfers or Pledges by a Majority Management Member or by its direct or indirect
owners.

 

(c)           Except for a Permitted Transfer or a Transfer by a Majority Management Member or a direct or indirect Transfer in a Majority
Management Member, no Member may Transfer or permit the indirect Transfer by its direct or indirect owners of less than all of
the Membership Interests held by such Member and its Affiliates.

 

(d)           No direct or indirect Transfer or Pledge of any Membership Interests shall be made if such Transfer or Pledge would (i) not
be in compliance with all applicable laws and regulations in all respects, including the then-applicable federal or state securities
laws or rules and regulations of the Commission, any state securities commission or any other governmental authority with jurisdiction
over such Transfer or Pledge, (ii) terminate the existence or qualification of the Company under the laws of the jurisdiction
of its formation, (iii) cause the Company to be treated as an association taxable as a corporation or otherwise to be taxed
as an entity for federal income tax purposes (to the extent not already so treated or taxed), unless the Member making such Transfer
or Pledge is the Majority Management Member and unanimous approval is not required pursuant to Section 8.4(b), (iv) constitute
a breach or violation of, or a prohibited change of control or event of default under, any credit agreement, loan agreement, indenture,
mortgage, deed of trust or other similar instrument or document governing Indebtedness of the Company, the YieldCo General Partner,
any Group Member or any Joint Venture, unless a consent is received waiving such breach, violation, change of control or default,
(v) cause the Company or any Group Member to be in violation in any material respect of or default under the Certificate of Formation,
this Agreement, any governmental approval to which any Group Member is subject or any other agreement or instrument to which it
is a party or by which it or its property is bound or subject, (vi) subject the Company to registration under the Investment Company
Act of 1940 or require that the Company register as an investment advisor under the Investment Advisors Act of 1940, (vii) be
consummated without obtaining any required approval of any public authority or regulatory body, the failure of which could reasonably
be expected to have a material adverse effect on the Company, the YieldCo General Partner or any Group Member, or (viii) to the
extent applicable, impair the ability of a Project Company to sell electricity at market-based rates regulated by FERC. Any direct
or indirect Transfer, Pledge or purported Transfer or Pledge of a Membership Interest not made in accordance with this Article
IV shall be, to the fullest extent permitted by law, null and void, and the Company shall have no obligation to recognize
any such Transfer, Pledge or purported Transfer or Pledge.

 

    29 

     

    

(e)           Notwithstanding any other provision of this Agreement, a Management Member’s right to designate Directors, as provided
in Section 9.1, shall not be Transferred (including in a Permitted Transfer) except as part of a Transfer permitted under
the terms of this Agreement to one Transferee of all of the Member’s Units.

 

(f)            No Member shall Transfer its Membership Interest (including a Permitted Transfer) unless and until the following have occurred:
(i) the proposed Transferee shall have agreed in writing to be bound by the terms of this Agreement and provided to the Company
its name, address, taxpayer identification number and any other information reasonably necessary to permit the Company to file
all required federal and state tax returns or reasonably requested by a Majority Interest, (ii) the Member proposing to make
such Transfer shall have delivered to the Company an Opinion of Counsel (reasonably acceptable to the Company as to form, substance
and identity of counsel) that no registration under the Securities Act is required in connection with such Transfer (unless the
requirement of an opinion is waived by a Majority Interest) and (iii) the Company shall have been furnished with the documents
effecting such Transfer executed and acknowledged by both the Transferring Member and Transferee, together with a written agreement
of the Transferee (if not already a Member at the time of such Transfer) to become a party to and be bound by the provisions of
this Agreement as a Member, which shall be in form and substance reasonably satisfactory to the Company.

 

(g)           By acceptance of the Transfer of any Membership Interest in accordance with this Article IV, the Transferee of a
Membership Interest shall be admitted as a Member with respect to the Membership Interests so Transferred to such Transferee when
any such Transfer or admission is reflected in the books and records of the Company.

 

(h)           Each Member making a Transfer or Pledge or which is the subject of a direct or indirect Transfer or Pledge by its direct
or indirect owners shall be obligated to pay all expenses incurred in connection with such Transfer or Pledge, and the Company
shall not have any obligation with respect thereto. Each Member making a Transfer or Pledge or which is the subject of a direct
or indirect Transfer or Pledge by its direct or indirect owners shall pay, or reimburse the Company for, all reasonable costs
and expenses incurred by the Company in connection with such Transfer or Pledge and the admission of the Transferee as a Member,
if applicable, including the legal fees incurred in connection with the legal opinions referred to in Section 4.1(f).

 

Section
4.2           
Membership Interest Right of First Offer.

 

(a)           Except for a Permitted Transfer or a Transfer by a Majority Management Member or by its direct or indirect owners, no Member
shall Transfer or permit an indirect Transfer by its direct or indirect owners of its Membership Interest except in compliance
with the provisions of this Section 4.2. If such Member (the “ROFO Seller”) or any of its direct or
indirect owners wishes to solicit proposals from third parties to acquire the ROFO Seller’s Units or the direct or indirect
interests in such ROFO Seller, the ROFO Seller shall first provide a notice (the “ROFO Notice”) to the other
Member (the “ROFO Non-Selling Member” and, together with the ROFO Seller, the “ROFO

 

    30 

     

    

Parties”),
with a copy to the Company, containing a request for the ROFO Non-Selling Member to provide an agreement (the “ROFO Units
Purchase Agreement”) specifying the purchase price (the “ROFO Price”) and other terms and conditions
on which the ROFO Non-Selling Member is willing to purchase all but not less than all of the ROFO Seller’s Units (the “ROFO
Units”).

 

(b)           The ROFO Non-Selling Member may deliver the ROFO Units Purchase Agreement up to 30 days after receiving the ROFO Notice.
If the ROFO Non-Selling Member submits a ROFO Units Purchase Agreement within the time period specified herein, the ROFO Seller
shall have 15 days from the date the ROFO Seller received the ROFO Units Purchase Agreement to accept the ROFO Units Purchase
Agreement by notice to the ROFO Non-Selling Member and the Company (the “ROFO Acceptance Notice”). Promptly
after the delivery of the ROFO Acceptance Notice, the ROFO Parties shall execute the ROFO Units Purchase Agreement and deliver
a copy to the Company. If the ROFO Seller does not deliver a ROFO Acceptance Notice within such 15 day period, the ROFO Parties
shall, for a period of 60 days from the date the ROFO Seller received the ROFO Units Purchase Agreement (or such shorter period
as they agree), negotiate in good faith the terms of the ROFO Units Purchase Agreement. Upon agreement by the ROFO Parties, the
ROFO Parties shall execute the ROFO Units Purchase Agreement and deliver a copy to the Company. If the ROFO Non-Selling Member
fails to deliver the ROFO Units Purchase Agreement within the time period set forth above, the ROFO Seller may, during the next
120 days, Transfer the ROFO Units to a third party Transferee or permit the indirect Transfer of the ROFO Units by the direct
or indirect owners of the ROFO Seller (i) subject to the applicable terms and restrictions of this Agreement, including this Article
IV and (ii) subject to the ROFO Non-Selling Member’s approval of the Transferee or the transferee of such indirect interest,
such approval not to be unreasonably withheld.

 

(c)           If a ROFO Units Purchase Agreement is executed, the ROFO Seller shall sell and the ROFO Non-Selling Member must purchase
the ROFO Units in the manner, and subject to the terms and conditions, described in such ROFO Units Purchase Agreement. If the
Members do not execute a ROFO Units Purchase Agreement within 60 days from the date the ROFO Seller received the ROFO Units Purchase
Agreement, the ROFO Seller may, during the next 120 days, Transfer the ROFO Units to a third party Transferee or permit the indirect
Transfer of the ROFO Units by the direct or indirect owners of the ROFO Seller (i) at a purchase price not less than 105%
of the ROFO Price and upon terms no more favorable, taken as a whole, to the proposed Transferee or transferee of such indirect
interest than those specified in the ROFO Units Purchase Agreement, (ii) subject to the applicable terms and restrictions of this
Agreement, including this Article IV and (iii) subject to the ROFO Non-Selling Member’s approval of the Transferee
or the transferee of such indirect interest, such approval not to be unreasonably withheld.

 

(d)           Sales of the ROFO Units to the ROFO Non-Selling Member pursuant to this Section 4.2 shall be made at the offices
of the Company within 60 days of the execution of the ROFO Units Purchase Agreement or on such other date as the Members may agree.
Such sales shall be effected by the ROFO Seller’s delivery of the ROFO

 

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Units,
free and clear of all Encumbrances (other than restrictions imposed by the governing documents of the Company and securities laws),
to the ROFO Non-Selling Member, against payment to the ROFO Seller of the ROFO Price by the ROFO Non-Selling Member and on the
terms and conditions specified in the ROFO Units Purchase Agreement.

 

Section
4.3           
OpCo Transfer Generally.

 

(a)           The term “transfer,” when used in this ‎Section 4.3 shall mean a transaction by which the holder
of an OpCo Membership Interest assigns all or any part of such OpCo Membership Interest to another Person who is or becomes an
OpCo Member as a result thereof, and includes a sale, assignment, gift, exchange or any other disposition by law or otherwise
(but not the pledge, grant of security interest, encumbrance, hypothecation or mortgage), including any transfer upon foreclosure
or other exercise of remedies of any pledge, security interest, encumbrance, hypothecation or mortgage.

 

(b)           Except as provided in Section 4.3(c), nothing contained in this Agreement shall be construed to prevent or limit
a disposition by any stockholder, member, partner or other owner of the OpCo Managing Member or any OpCo Non-Managing Member of
any or all of such Person’s shares of stock, membership interests, partnership interests or other ownership interests in
the OpCo Managing Member or such OpCo Non-Managing Member and the term “transfer” in this ‎Section 4.3
shall not include any such disposition.

 

(c)           Right of First Refusal.

 

(i)            Notwithstanding
anything to the contrary set forth in this Agreement, except with respect to Permitted OpCo Transfers, if a Sponsor (the “Offering
OpCo Member”) receives a bona fide offer that the Offering OpCo Member has decided to accept to transfer all or any
portion of its Common Units and OpCo Subordinated Units and the number of Class B Shares equal thereto (collectively, the “Offered
OpCo Units”), the OpCo ROFR Rightholder will have a right of first refusal to acquire the Offered OpCo Units in accordance
with the following provisions of this Section 4.3(c).

 

(ii)           The Offering OpCo Member will, within five Business Days of receipt of any transfer
offer that the Offering OpCo Member has decided to accept, give written notice (the “Offering OpCo Member Notice”)
to the Company and the OpCo ROFR Rightholder stating that it has received a bona fide offer for a transfer of the Offered OpCo
Units and specifying:

 

(A)          the number of Offered OpCo Units proposed to be transferred by the Offering OpCo Member;

 

(B)           the proposed date, time and location of the closing of the transfer, which will not
be less than 60 days from the date of the Offering OpCo Member Notice;

 

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(C)           the purchase price per Offered OpCo Unit (which will be payable solely in cash) and
the other material terms and conditions of the transfer; and

 

(D)           the name of the Person who has offered to purchase such Offered OpCo Units.

 

(iii)          The Offering OpCo Member Notice will constitute the Offering OpCo Member’s offer
to transfer the Offered OpCo Units to the OpCo ROFR Rightholder, which offer will be irrevocable until the end of the OpCo ROFR
Rightholder Option Period described in Section 4.3(c)(v)(A).

 

(iv)          By delivering the Offering OpCo Member Notice, the Offering OpCo Member will be deemed,
without the necessity of further action, to represent and warrant to the OpCo ROFR Rightholder that:

 

(A)           the Offering OpCo Member has full right, title and interest in and to the Offered
OpCo Units;

 

(B)            the Offering OpCo Member has all the necessary power and authority and has taken all
necessary action to transfer such Offered OpCo Units as contemplated by this Section 4.3(c); and

 

(C)            the Offered OpCo Units are free and clear of any and all liens other than those arising
as a result of or under the terms of this Agreement.

 

(v)           Exercise of the Right of First Refusal.

 

(A)           The OpCo ROFR Rightholder will have the right to elect irrevocably to purchase all
and not less than all of the Offered OpCo Units for a period of 15 Business Days following the receipt of the applicable Offering
OpCo Member Notice (such period, the “OpCo ROFR Rightholder Option Period”), by delivering a written notice
to the Offering OpCo Member (an “OpCo Member ROFR Exercise Notice”) specifying its desire to purchase all of
the Offered OpCo Units, on the terms and for the purchase price set forth in the Offering OpCo Member Notice. Any OpCo Member
ROFR Exercise Notice will be binding upon delivery and irrevocable by the OpCo ROFR Rightholder.

 

(B)            The failure of the OpCo ROFR Rightholder to deliver an OpCo Member ROFR Exercise Notice
by the end of the OpCo ROFR Rightholder Option Period, will constitute both a waiver of its rights of first refusal under this
Section 4.3(c) with respect to the transfer of Offered OpCo Units and an election to purchase none of the Offered OpCo
Units, but will not affect its respective rights with respect to any future transfers.

 

    33 

     

    

(vi)          In the event that the OpCo ROFR Rightholder has exercised its right to purchase all
and not less than all of the Offered OpCo Units, then the Offering OpCo Member will sell such Offered OpCo Units to the OpCo ROFR
Rightholder, and the OpCo ROFR Rightholder will purchase such Offered OpCo Units, on the terms set forth in the Offering OpCo
Member Notice within 60 days following the expiration of the OpCo ROFR Rightholder Option Period (which period may be extended
for a reasonable time not to exceed 90 days to the extent reasonably necessary to obtain required approvals or consents from any
governmental authority). Each OpCo Member will take all actions as may be reasonably necessary to consummate the sale contemplated
by this Section 4.3(c)(vi), including, without limitation, entering into agreements and delivering certificates and instruments
and consents as may be deemed necessary or appropriate. At the closing of any sale and purchase pursuant to this Section 4.3(c)(vi),
the Offering OpCo Member will deliver to the OpCo ROFR Rightholder certificates (if any) representing the Offered OpCo Units to
be sold, free and clear of any Encumbrances (other than those contained in this Agreement and the Operating Agreement), accompanied
by evidence of transfer and all necessary transfer taxes paid and stamps affixed, if necessary, against receipt of the purchase
price therefor from the OpCo ROFR Rightholder by certified or official bank check or by wire transfer of immediately available
funds.

 

(vii)         In the event that the OpCo ROFR Rightholder does not elect to purchase all of the
Offered OpCo Units, then, provided the Offering OpCo Member has also complied with the provisions of this Section 4.3(c),
to the extent applicable, the Offering OpCo Member may transfer all of such Offered OpCo Units, at a price per Offered OpCo Unit
not less than the amount specified in the Offering OpCo Member Notice and on other terms and conditions which are not materially
more favorable in the aggregate to the proposed purchaser than those specified in the Offering OpCo Member Notice, but only to
the extent that such transfer occurs within 90 days after expiration of the OpCo ROFR Rightholder Option Period. Any Offered OpCo
Units not transferred within such 90-day period will be subject to the provisions of this Section 4.3(c) upon subsequent
transfer.

 

(d)           Notwithstanding anything to the contrary set forth in this Agreement, neither Sponsor
may, without the prior written consent of the other Sponsor, transfer (which, for purposes of this Section 4.3(d), includes
any indirect transfer of such OpCo Membership Interest) or exchange all or any portion of its Common Units and OpCo Subordinated
Units or any related Class B Shares if, as a result of such transfer or exchange, such Sponsor will own, on a fully diluted basis,
less than 17% of the “Percentage Interest” (as defined in the Partnership Agreement) of the OpCo Managing Member;
provided, that this Section 4.3(d) shall not apply to a transfer or exchange of Common Units, OpCo Subordinated Units or any related
Class B Shares (i) which occurs after the fifth anniversary of the date hereof if such Sponsor also transfers all, but not less
than all, of its ownership interest in the Company in such transaction or (ii) if such Sponsor also makes a Permitted Transfer
of all, but not less than all, of its ownership interest in the Company in such transaction.

 

    34 

     

    

Article
V

CAPITAL CONTRIBUTIONS

 

Section
5.1           
Initial Capital Contributions. Prior to the date hereof, capital contributions
totaling $1,000 were made to the Company and 1,000 Economic Units were issued in consideration therefor as set forth in Exhibit A.
As of the date hereof, the Economic Members agree that the respective Capital Contributions of the Economic Members and Economic
Units of the Economic Members are as set forth on Exhibit A.

 

Section
5.2           
Additional Contributions. No Member shall be obligated to make any additional
Capital Contributions to the Company; provided, however, that each Member shall pay or cause to be paid 50% of any
amount owed by the Company to any Service Provider under any Management Service Agreement.

 

Section
5.3           
Return of Contributions. Except as expressly provided herein, no Economic Member
is entitled to the return of any part of its Capital Contributions or to be paid interest in respect of either its Capital Account
or its Capital Contributions. An unreturned Capital Contribution is not a liability of the Company or of any Economic Member.
An Economic Member is not required to contribute or to lend any cash or property to the Company to enable the Company to return
any Economic Member’s Capital Contributions.

 

Section
5.4           
Capital Accounts. A separate capital account (“Capital Account”)
shall be established, determined and maintained for each Economic Member in accordance with the substantial economic effect test
set forth in Treasury Regulation § 1.704-l(b)(2), which provides, in part, that a Capital Account shall be:

 

(a)           increased by (i) the amount of money contributed by the Economic Member to the Company; (ii) the fair market
value of any property contributed by the Economic Member to the Company (net of liabilities secured by such contributed property);
and (iii) allocations to the Economic Member of the Company income and gain (or items thereof), including income and gain
exempt from tax; and

 

(b)           decreased by (i) the amount of money distributed to the Economic Member by the Company; (ii) the fair market
value of any property distributed to the Economic Member by the Company (net of liabilities secured by such distributed property);
(iii) allocations to the Economic Member of expenditures of the Company not deductible in computing its taxable income and
not properly capitalized for federal income tax purposes; and (iv) allocations to the Economic Member of Company loss and
deduction (or items thereof).

 

In the case
of a termination of an Economic Unit or an additional Capital Contribution by an existing or newly admitted Economic Member, the
Capital Accounts of the Economic Members shall be adjusted as of the date of such termination or the date of the Capital Contribution,
as the case may be.

 

    35 

     

    

Article
VI

PROJECT OFFERS TO THE OPERATING COMPANY

 

Section
6.1           
General. Each Member and its Affiliates shall have the right to offer to sell
Projects to the Operating Company in accordance with this Article VI; provided, however, that no Member shall
be obligated to make any offers or sales to the Operating Company. Notwithstanding anything to the contrary set forth herein,
each Project offered by a Member or its Affiliates to the Operating Company must, absent approval of a Majority Interest, qualify
as an Acceptable Project.

 

Section
6.2           
Offer Schedule. At least three months prior to the beginning of each Fiscal
Year, a Majority Interest shall determine (i) whether the Target Distributed Cash Increase Range for the upcoming Fiscal Year
should be altered from the amount provided on the Target Distributed Cash Increase Schedule and (ii) a schedule of expected Project
offers by each Member to meet the Target Distributed Cash Increase Range for such Fiscal Year (each, an “Annual Offer
Schedule”). The Annual Offer Schedule shall control each Member’s right to offer Projects to the Operating Company
and shall set forth, at a minimum, the maximum amount of Target Distributed Cash Increase that each Member shall be permitted
to offer to the Operating Company, the Projects that each Member contemplates offering to achieve such Target Distributed Cash
Increase, any restrictions on the timing of such offers and agreements of the Management Members with respect to the Annual Offer
Schedule. The Annual Offer Schedule may set forth alternative Projects proposed to be offered by a Member to the Operating Company.
Subject to Section 6.3, in the absence of an Annual Offer Schedule, each Fiscal Year, each Member will have the right to
offer to the Operating Company, at a minimum, Projects with Forecasted Distributed Cash of 50% of the bottom of the Target Distributed
Cash Increase Range for such Fiscal Year set forth on the Target Cash Distribution Increase Schedule (each, an “Annual
Minimum Offer”). Subject to the Annual Offer Schedule, Section 6.3 or approval of a Majority Interest, no Member
or its Affiliates may offer Projects to the Operating Company with Forecasted Distributed Cash which exceeds 50% of the uppermost
point of the Target Distributed Cash Increase Range for such Fiscal Year set forth on the Target Cash Distribution Increase Schedule.
The Members acknowledge that the OpCo ROFO Agreements do not impose an obligation on the parties thereto to sell any Project to
the Operating Company but instead require the parties thereto to allow the Operating Company to make a first offer to purchase
the Projects specified therein as provided therein.

 

Section
6.3           
Increased Offer Rights.

 

(a)           Extraordinary Events. (i) Subject to Section 6.3(a)(ii), in the event that a Project (the “Affected
Project”) contributed or sold to the Operating Company by a Member (the “Affected Member”) experiences
an Extraordinary Event, whether or not it results in the receipt of Extraordinary Proceeds by the applicable Project Company,
(A) the Annual Offer Schedule for the following year shall provide for the offer of one or more additional Projects by the Affected
Member or (B) in the absence of Annual Offer Schedules for such year, the Annual Minimum Offer of the Affected Member for such
year will be increased to allow for the offer of one or more additional Projects by the Affected Member, in each case that in
the aggregate have Forecasted Distributed Cash that, together with the remaining Forecasted Distributed Cash of the Affected Project,
if

 

    36 

     

    

any,
is not greater than 105% of the Forecasted Distributed Cash of the Affected Project immediately prior to the Extraordinary Event.

 

                                                (ii)       If the Operating Company or applicable Project Company receives Extraordinary Proceeds, the Affected Member shall have
the right to cause the repair of the Affected Project with the Extraordinary Proceeds or offer to the Operating Company additional
Projects pursuant to Section 6.3(a)(i) with a purchase price less than or equal to the amount of such Extraordinary Proceeds.
If the Affected Project is not so repaired and the Affected Member and the Operating Company are unable to consummate such sale,
the Members shall cause the Operating Company or applicable Project Company, as the case may be, to use such proceeds to acquire
Common Units or, if a Majority Interest determines, the Members shall cause the Operating Company to distribute such proceeds.
If the Operating Company or the applicable Project Company does not receive proceeds from an Extraordinary Event or the proceeds
of the Extraordinary Event are insufficient to acquire additional Projects to replace the Distributed Cash lost in the Extraordinary
Event or repair the Affected Project, the Affected Member may contribute additional Projects to the Operating Company without
charge to the Operating Company or applicable Project Company or, at the election of the Affected Member, the Members shall cause
the applicable Project Company to allow the Affected Member to repair the Affected Project without charge to any Group Member
or the Project Company.

 

(b)           Failure to Offer. (i) In the event that a Member (the “Non-Offering Member”) (1) notifies the
other Member (the “Option Member”) that it will not make an offer as set forth the Annual Offer Schedule or
an offer for an alternative Project of equivalent or less Forecasted Distributed Cash, or (2) fails to offer a Project within
six months of the date set forth in the Annual Offer Schedule for such offer and fails during such period to make an offer for
an alternative Project of equivalent or less Forecasted Distributed Cash, the Option Member shall have the right to offer additional
Projects within three months of such notification or failure (but not prior to the beginning of Fiscal Year to which such Annual
Offer Schedule applies) which have Forecasted Distributed Cash that is not greater than 105% of the Forecasted Distributed Cash
that is not being satisfied by the Non-Offering Member.

 

                                                (ii)       If there is no Annual Offer Schedule for a Fiscal Year and a Non-Offering Member (1) notifies the Option Member that it
will not offer Projects projected to meet its Annual Minimum Offer for such Fiscal Year or (2) fails to offer Projects before
the end of a Fiscal Year that in the aggregate meet its Annual Minimum Offer for such Fiscal Year, the Option Member shall have
the right to offer additional Projects within three months of such notification or, if no notification, during the first quarter
of the next Fiscal Year which, when the Forecasted Distributed Cash of such Projects are aggregated with the Forecasted Distributed
Cash of the other Projects contributed to the Operating Company during the year in which the Non-Offering Member failed to offer
Projects, are sufficient to meet the Target Distributed Cash Increase Range for the year in which the Non-Offering Member failed
to offer Projects.

 

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                                                (iii)      Upon occurrence of a failure of the Non-Offering Member described in Section 6.3(b)(i) or (ii) and the corresponding
contribution or sale of additional Projects by the Option Member, the Management Members shall modify the Annual Offer Schedule
for the next Fiscal Year to (A) provide that the Non-Offering Member may offer Projects in addition to those permitted under Section
6.2 which produce the amount of additional Forecasted Distributed Cash that the Option Member contributed or sold in the prior
year pursuant to ‎Section 6.3(b)(i) or (ii) and (B) correspondingly reduce the amount of Forecasted Distributed
Cash the Option Member may offer. If there is no Annual Offer Schedule for the next Fiscal Year, the Non-Offering Member shall
have the opportunity to offer a larger percentage of the Projects required to meet the Annual Minimum Offer of both Members, so
that the aggregate Forecasted Distributed Cash produced by the Projects contributed by (A) the Non-Offering Member is increased
above that permitted under Section 6.2 to produce the amount of additional Forecasted Distributed Cash that the Option
Member contributed or sold in the prior year pursuant to Section 6.3(b)(i) or (ii) and (B) the Option Member is
correspondingly reduced. If the Non-Offering Member cannot offer the additional Projects in such subsequent year, it will lose
the right to cure such failed offer.

 

Section
6.4           
Conflicts Committee Approval. The terms and conditions of the agreement pursuant
to which the Operating Company would acquire a Project from a Member must be approved by the Conflicts Committee prior to consummation
of such acquisition.

 

Section
6.5           
Future Target Distributed Cash Increase Schedule. At least three months prior
to the beginning of each Fiscal Year, a Majority Interest shall determine the Target Distributed Cash Increase Schedule for the
subsequent 10 Fiscal Years. To the extent a Majority Interest cannot agree on such modified Target Distributed Cash Increase Schedule,
the existing Target Distributed Cash Increase Schedule shall remain in effect pending such determination, provided that
the Target Distributed Cash Increase for the 10th Fiscal Year of the schedule shall remain the same as the preceding Fiscal Year.

 

Section
6.6           
Delivery of Final Project Model. Any Member that sells or contributes a Project
to the Operating Company pursuant to this Article VI shall deliver the final project model for such Project to the Company
for consideration 30 days prior to the acquisition of such Project by the Operating Company.

 

Article
VII

DISTRIBUTIONS AND ALLOCATIONS

 

Section
7.1           
Distributions.

 

(a)           Except as otherwise provided in Section 13.3 or as otherwise set forth herein, within 50 days following the end
of each Quarter commencing with the Quarter ending on August 31, 2015, an amount equal to 100% of Available Cash with respect
to such Quarter shall be distributed in accordance with this Article VII to all Economic Members simultaneously, pro rata
in accordance with each Economic Member’s

 

    38 

     

    

Ownership
Percentage; provided that no distributions for any Fiscal Year beginning after November 30, 2019 will be made until after
the Final Calculation for such Fiscal Year. Notwithstanding the foregoing, in the event that any Adjustment Percentages of the
Members are in dispute in accordance with Section 3.2 at the time that a distribution is due, the Company shall distribute
to each Economic Member only the amount of such distribution that is not being contested and the Company shall not distribute
the remainder of such distribution until the Adjustment Percentages are determined to be final, binding and conclusive in accordance
with Section 3.2.

 

(b)           Each distribution in respect of an Economic Unit shall be paid by the Company only to the holder of record of such Economic
Unit as of the record date set for such distribution. Such payment shall constitute full payment and satisfaction of the Company’s
liability in respect of such payment, regardless of any claim of any Person who may have an interest in such payment by reason
of an assignment or otherwise.

 

(c)           Annual Adjustment to Distributions.

 

                                                (i)          In
the event that there is a negative Adjustment Amount with respect to one Economic Member (a “Deficit Economic Member”)
and the Adjustment Amount with respect to the other Economic Member is greater than or equal to zero (a “Surplus Economic
Member”), all distributions due on the Deficit Economic Member’s Economic Units (the “Transferred Distribution”)
shall be paid to the Surplus Economic Member, until such time as the Surplus Economic Member has received Transferred Distributions
for such Fiscal Year equal to the Adjustment Amount. Thereafter, any remaining Available Cash shall be distributed in accordance
with Section 7.1(a). In the event the Transferred Distributions paid in a Fiscal Year are insufficient to satisfy the Adjustment
Amount, the difference between the Adjustment Amount and the Transferred Distributions (the “Transferred Distribution
Shortfall”) shall accrue for the next Fiscal Year.

 

                                                (ii)         In the event that both Economic Members are Deficit Economic Members, the Adjustment Amounts for both Members shall be
netted (the “Net Adjustment Amount”) and a Transferred Distribution shall be made from the Deficit Economic
Member with the larger Adjustment Amount to the Deficit Economic Member with the smaller Adjustment Amount (the “Net
Surplus Economic Member”) until such time as the Net Surplus Economic Member has received Transferred Distributions
in such Fiscal Year equal to the Net Adjustment Amount. Thereafter, any remaining Available Cash shall be distributed in accordance
with Section 7.1(a). In the event the Transferred Distributions received in such Fiscal Year are insufficient satisfy the
Net Adjustment Amount, the difference between the Net Adjustment Amount and the Transferred Distribution (the “Net Transferred
Distribution Shortfall” and, together with the Transferred Distribution Shortfall, the “Shortfall”)
shall accrue for the next Fiscal Year.

 

    39 

     

    

                                                (iii)        In the event that both Economic Members are Surplus Economic Members, no adjustment to the distributions of Available Cash
shall be made pursuant to this Section 7.1(c) and Available Cash shall be distributed in accordance with Section 7.1(a).

 

Section
7.2           
Allocations. After giving effect to the allocations set forth in Section
7.3, the Company shall allocate Profits and Losses for any Allocation Year among the Economic Members in the manner that causes
the balance of the Capital Account of each Economic Member to be equal to the amount which would have been distributed to such
Economic Member pursuant to Section 7.1 if all of the assets of the Company had been sold on the last day of the Allocation
Year for their Gross Asset Values (except that any Company asset that is sold in such Allocation Year shall be treated as if sold
for an amount of cash equal to the sum of (x) the amount of any net cash proceeds actually received by the Company in connection
with such disposition and (y) the Gross Asset Values of any property actually received by the Company in connection with such
disposition).

 

Section
7.3           
Special Allocations.

 

(a)           If there is a net decrease in Company Minimum Gain during any Allocation Year, each Economic Member shall be allocated
items of Company income and gain for such Allocation Year (and, if necessary, subsequent Allocation Years) in the manner and amounts
provided in Treasury Regulation Sections 1.704-2(f)(6), 1.704-2(g)(2) and 1.704-2(j)(2)(i), or any successor provision. This Section
7.3(a) is intended to comply with the Company Minimum Gain chargeback requirement in Treasury Regulation Section 1.704-2(f)
and shall be interpreted consistently therewith.

 

(b)           Except as provided in Treasury Regulation Section 1.704-2(i)(4), if there is a net decrease in Member Nonrecourse Debt
Minimum Gain during any Allocation Year, any Economic Member with a share of Member Nonrecourse Debt Minimum Gain at the beginning
of such Allocation Year shall be allocated items of Company income and gain for such Allocation Year (and, if necessary, subsequent
Allocation Years) in the manner and amounts provided in Treasury Regulation Sections 1.704-2(i)(4) and 1.704-2(j)(2)(ii), or any
successor provisions. This Section 7.3(b) is intended to comply with the chargeback of items of income and gain requirement
in Treasury Regulation Section 1.704-2(i)(4) and shall be interpreted consistently therewith.

 

(c)           In the event any Economic Member unexpectedly receives any adjustments, allocations or distributions described in Treasury
Regulation Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6), items of Company gross income
and gain shall be specially allocated to such Economic Member in an amount and manner sufficient to eliminate, to the extent required
by the Treasury Regulations promulgated under Section 704(b) of the Code, the Adjusted Capital Account Deficit, if any, created
by such adjustments, allocations or distributions as quickly as possible; provided, that an allocation pursuant to this
Section 7.3(c) shall be made only if and to the extent that such Economic Member would have an Adjusted Capital Account
Deficit as adjusted after all other allocations provided for in Section 7.2

 

    40 

     

    

and
this Section 7.3 have been tentatively made as if this Section 7.3(c) and Section 7.3(d) were not in this
Agreement.

 

(d)           In the event any Economic Member has a deficit balance in its Capital Account at the end of any Allocation Year in excess
of the sum of (A) the amount such Economic Member is required to restore pursuant to the provisions of this Agreement and (B)
the amount such Economic Member is deemed obligated to restore pursuant to Treasury Regulation Sections 1.704-2(g) and 1.704-2(i)(5),
such Economic Member shall be specially allocated items of Company gross income and gain in the amount of such excess as quickly
as possible; provided, that an allocation pursuant to this Section 7.3(d) shall be made only if and to the extent
that such Economic Member would have a deficit balance in its Capital Account as adjusted after all other allocations provided
for in this Article VII have been tentatively made as if Section 7.3(c) and this Section 7.3(d) were not
in this Agreement.

 

(e)           Nonrecourse Deductions for any Allocation Year shall be allocated to the Economic Members pro rata in accordance with each
Economic Member’s Ownership Percentage.

 

(f)            Member Nonrecourse Deductions for any Allocation Year shall be allocated 100% to the Economic Member that bears the economic
risk of loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable in accordance
with Treasury Regulation Section 1.704-2(i). If more than one Economic Member bears the economic risk of loss with respect to
a Member Nonrecourse Debt, such Economic Member Nonrecourse Deductions attributable thereto shall be allocated between or among
such Economic Members in accordance with the ratios in which they share such economic risk of loss.

 

(g)           For purposes of Treasury Regulation Section 1.752-3(a)(3), the Economic Members agree that Nonrecourse Liabilities of the
Company shall be allocated to the Economic Members pro rata in accordance with each Economic Member’s Ownership Percentage.

 

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

 

(i)            Notwithstanding any other provision of this Section 7.3, the allocations set forth in Sections 7.3(a), (b),
(c), (d), (e), (f) and (h) (the “Required Allocations”) shall be taken into
account so that, to the extent possible, the net amount of items of gross income, gain, loss and deduction allocated to each Economic
Member pursuant to Section

 

    41 

     

    

and
Section 7.3, together, shall be equal to the net amount of such items that would have been allocated to each such Economic
Member under Section 7.2 and Section 7.3 had the Required Allocations and this Section 7.3(i) not otherwise
been provided in this Agreement. The Company may take into account future Required Allocations that, although not yet made, are
likely to offset other Required Allocations previously made.

 

(j)            Items of income, gain, loss and deduction realized in any taxable year that includes a dissolution event shall be allocated
in a manner that will cause, to the extent possible, the ratio of each Economic Member’s Capital Account to the sum of all
Economic Members’ Capital Accounts to be equal to such Economic Member’s Ownership Percentage. Upon a dissolution
event, if any property is distributed in kind, any unrealized income, gain, loss, and deduction inherent in property that has
not been reflected in the Capital Accounts previously shall be allocated among the Economic Members as if there were a taxable
disposition of that property for the fair market value of that property on the date of distribution.

 

(k)           The allocations in Section 7.2, this Section 7.3 and Section 7.5, and the provisions of this Agreement
relating to the maintenance of Capital Accounts, are included to ensure compliance with requirements of the federal income tax
law (and any applicable state income tax laws). Such provisions are intended to comply with Treasury Regulation Sections 1.704-1
and 1.704-2 and shall be interpreted and applied in a manner consistent with such Treasury Regulations and any amendment or successor
provision thereto. The Management Members shall cause appropriate modifications to be made if unanticipated events might otherwise
cause this Agreement not to comply with such Treasury Regulations, so long as such modifications do not cause a material change
in the relative economic benefit of the Economic Members under this Agreement.

 

Section
7.4           
Section 704(c). In accordance with Section 704(c) of the Code and the Treasury
Regulations thereunder, income, gain, loss, and deduction with respect to any property contributed to the capital of the Company
shall, solely for tax purposes, be allocated among the Economic Members to take account of any variation between the adjusted
basis of such property to the Company for federal income tax purposes and its initial Gross Asset Value (computed in accordance
with the definition of same under this Agreement). In the event the Gross Asset Value of any Company asset is adjusted pursuant
to subparagraph (b) of the definition of Gross Asset Value hereof, subsequent allocations of income, gain, loss, and deduction
with respect to such asset shall take account of any variation between the adjusted basis of such asset for federal income tax
purposes and its Gross Asset Value in the same manner as under Section 704(c) of the Code and the Treasury Regulations thereunder.
Any elections or other decisions relating to such allocations shall be made by a Majority Interest in any manner that reasonably
reflects the purpose and intention of this Agreement. Allocations pursuant to this Section 7.4 are solely for purposes
of federal, state, and local taxes and shall not affect, or in any way be taken into account in computing, any Economic Member’s
Capital Account or share of Profits, Losses, other items, or distributions pursuant to any provision of this Agreement.

 

Section
7.5           
Varying Interests. All items of income, gain, loss, deduction or credit shall
be allocated, and all distributions shall be made, to the Persons shown on the records of the Company to have been Economic Members
as of the last calendar day of the period for which

 

    42 

     

    

the allocation
or distribution is to be made. Notwithstanding the foregoing, if during any taxable year there is a change in any Economic Member’s
Ownership Percentage, the Economic Members agree that their allocable shares of such items for the taxable year shall be determined
on any method determined by a Majority Interest to be permissible under Code Section 706 and the related Treasury Regulations
to take account of the Economic Members’ varying Ownership Percentages.

 

Section
7.6           
Withheld Taxes. All amounts withheld pursuant to the Code or any provision
of any state, local or non-U.S. tax law with respect to any payment, distribution or allocation to the Company or the Economic
Members shall be treated as amounts distributed to the Economic Members pursuant to this Article VII for all purposes of
this Agreement. The Company is authorized to withhold from distributions, or with respect to allocations, to the Economic Members
and to pay over to any federal, state, local or non-U.S. government any amounts required to be so withheld pursuant to the Code
or any provision of any other federal, state, local or non-U.S. law and shall allocate such amounts to those Economic Members
with respect to which such amounts were withheld.

 

Section
7.7           
Limitations on Distributions. Notwithstanding any provision to the contrary
contained in this Agreement, the Company shall not make a distribution to any Member on account of its interest in the Company
if such distribution would violate Section 18-607 of the Delaware Act or other applicable law. All distributions required to be
made under this Agreement shall be made subject to Sections 18-607 and 18-804 of the Delaware Act.

 

Article
VIII

MANAGEMENT MEMBERS

 

Section
8.1           
Management by Management Members.

 

(a)           The Management Members, by a Majority Interest, shall conduct, direct and manage all activities of the Company. Except
as otherwise expressly provided in this Agreement, but without limitation on the ability of each Member to delegate its rights
and powers to other Persons, all management powers over the business and affairs of the Company shall be exclusively vested in
the Management Members and no other Member shall have any management power over the business and affairs of the Company.

 

(b)           No Economic Member, in its capacity as such, shall participate in the operation, management or control of the Company’s
business, transact any business in the Company’s name or have the power to sign documents for or otherwise bind the Company.

 

Section
8.2           
Meetings. Subject to the provisions of this Agreement, including Section
8.1, any actions to be taken hereunder shall be taken in the manner provided in this Article VIII. Meetings of the
Management Members shall be called by any Management Member. Such Management Member may designate any place as the place of meeting
for any meeting of the Management Members.

 

Section
8.3           
Notice of Meeting. Written notice of meetings of the Management Members shall
be given to all Management Members at least ten days prior to the meeting. All

 

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notices
and other communications to be given to Management Members shall be given in accordance with Section 14.4. Neither the
business to be transacted at, nor the purpose of, any meeting of the Management Members need be specified in the notice of such
meeting. A meeting may be held at any time without notice if all the Management Members are present or if those not present waive
notice of the meeting either before or after such meeting. Attendance of a Management Member at a meeting shall constitute a waiver
of notice of such meeting, except where a Management Member attends the meeting for the express purpose of objecting to the transaction
of any business on the ground that the meeting is not lawfully called or convened.

 

Section
8.4           
Quorum; Voting Requirement.

 

(a)           The
presence, in person or by proxy or participating in accordance with Section 8.6, of a Majority Interest shall constitute
a quorum for the transaction of business by the Management Members. Unless otherwise provided in Section 8.4(b) or by the
Delaware Act, the affirmative vote of a Majority Interest present at a meeting at which a quorum is present shall constitute a
valid decision of the Management Members.

 

(b)           At all times when there is a Minority Management Member, without first receiving the unanimous vote of the Management Members,
the Company shall not, and shall cause the YieldCo General Partner, the Group Members and, to the extent it has rights to do so
under the applicable Group Member Agreements, the Joint Ventures not to, and shall not authorize or permit any officer or agent
of the Company on behalf of the Company or of the YieldCo General Partner, any Group Member or, to the extent it has rights to
do so under the applicable Group Member Agreement, any Joint Venture to, effect any of the following actions:

 

                                                (i)          alter, repeal, amend or adopt any provision of its certificate of limited partnership, certificate of formation or certificate
of incorporation or any agreement of limited partnership, limited liability company agreement or bylaws or any similar organizational
or governing document if any such alteration, repeal, amendment or adoption would have an adverse effect on the rights or preferences
of the Minority Management Member;

 

                                                (ii)         merge, consolidate or convert with or into any other Person (other than a wholly owned Subsidiary of the Partnership into
another wholly owned Subsidiary of the Partnership) if any such merger consolidation or conversion would have a disproportionate
adverse effect on the Minority Management Member;

 

                                                (iii)        voluntarily liquidate, wind-up or dissolve the Company, the YieldCo General Partner or the Partnership if any such liquidation,
wind-up or dissolution would have a disproportionate adverse effect on the Minority Management Member; or

 

                                                (iv)        change the classification of the Company or any Group Member or any Joint Venture for United States federal income tax
purposes or take any action that would otherwise change the tax status of the Company or any Group

 

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Member
or any Joint Venture if any such change would have an adverse effect on the Minority Management Member.

 

(c)           Without first receiving the prior written consent of the affected Management Member, the Company shall not, and shall cause
the YieldCo General Partner, the Group Members and, to the extent it has rights to do so under the applicable Group Member Agreements,
the Joint Ventures not to, and shall not authorize or permit any officer or agent of the Company on behalf of the Company or of
the YieldCo General Partner, any Group Member or, to the extent it has rights to do so under the applicable Group Member Agreement,
any Joint Venture to, enter into or approve any transaction containing any restriction on direct or indirect Transfers of ownership
interests in the Company, the Partnership or the Operating Company by such Management Member or its Affiliates or any consolidations,
mergers or direct or indirect sales, assignments, gifts, exchanges or any other dispositions by law or otherwise of all or substantially
all of the assets of its Affiliated Sponsor.

 

Section
8.5           
Management Member Deadlock.

 

(a)           In the event that a Management Member is unable to obtain the requisite vote under Section 8.4 for the approval
of any matter (such event, a “Deadlock”), either Management Member may give the other Management Member notice
(a “Deadlock Notice”) that such matter has not been so approved. Within five days after receipt of the Deadlock
Notice, the receiving Management Member shall submit to the other Management Member a written response (a “Deadlock Response”).
The Deadlock Notice and the Deadlock Response shall each include (i) a statement setting forth the position of the Management
Member giving the Deadlock Notice or Deadlock Response, as applicable, and a summary of arguments supporting such position and
(ii) the name and title of a senior representative of such Management Member who has authority to settle the Deadlock. Within
five days of the delivery of the Deadlock Response, the senior representatives of both Management Members named in the Deadlock
Notice and Deadlock Response shall meet or communicate by telephone at a mutually acceptable time and place, and thereafter as
often as they reasonably deem necessary, and shall negotiate to the resolve the Deadlock.

 

(b)           If such Deadlock has not been resolved, for any reason, within 30 days following delivery of the Deadlock Response, then
each Management Member agrees to have the Chief Executive Officer of the Sponsor to which it is Affiliated meet or communicate
by telephone with the Chief Executive Officer of the Sponsor to which the other Management Member is Affiliated at a mutually
acceptable time and place, and thereafter as often as they reasonably deem necessary, and shall negotiate to resolve the Deadlock.

 

(c)           (i) If such Deadlock has not been resolved, for any reason, within 90 days following delivery of the Deadlock Response,
then either Management Member (the “Shotgun Initiator”) may deliver to the other Management Member (the “Shotgun
Recipient”) a notice of its intention to purchase all, but not less than all, of the

 

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Membership
Interests and OpCo Subordinated Units owned by the Shotgun Recipient (the “Shotgun Notice”).

 

                                                (ii)          To
be effective, the Shotgun Notice must: (A) be signed by the Shotgun Initiator; (B) contain an irrevocable offer to purchase all,
but not less than all, of the Membership Interests and OpCo Subordinated Units owned by the Shotgun Recipient for a cash price
(the “Shotgun Price”); (C) contain a valuation by a nationally recognized investment banking firm attesting
that the Shotgun Price represents the Fair Value of the applicable Membership Interests and OpCo Subordinated Units; and (D) constitute
a valid, legally binding and enforceable offer for the sale and purchase of such Membership Interests and OpCo Subordinated Units
containing no representations or warranties other than with respect to ownership of title to the Membership Interests and OpCo
Subordinated Units free and clear of all Encumbrances (other than restrictions imposed by the governing documents of the Company
and the Operating Company and securities laws). Upon the delivery of a Shotgun Notice, no additional Shotgun Notices may be delivered
by either Member.

 

                                                (iii)         Within 30 days of the Shotgun Recipient receiving the Shotgun Notice, the Shotgun Recipient shall irrevocably elect one
of the following options, by delivering to the Shotgun Initiator a written election notice (such notice, a “Shotgun Election”):
(A) accept the Shotgun Initiator’s offer to purchase the Shotgun Recipient’s Membership Interests and OpCo Subordinated
Units, (B) propose a counteroffer to purchase the Shotgun Initiator’s Membership Interests and OpCo Subordinated Units at
a price it reasonably considers equal to the Fair Value of such Membership Interests and OpCo Subordinated Units, which election
shall meet the requirements of an effective Shotgun Notice under Section ‎8.5(c)(ii) above, or (C) the Shotgun Recipient
may irrevocably elect to have a nationally recognized investment banking firm conduct an auction process pursuant to Section
8.5(c)(v) to solicit offers from Persons, including the Sponsors and their Affiliates (each such Person, an “Auction
Buyer”), with the objective of obtaining the highest price for the purchase for cash of all, but not less than all,
of the outstanding Membership Interests in the Company and OpCo Subordinated Units of the Shotgun Initiator and the Shotgun Recipient,
such purchase to occur on terms no less favorable than the non-price terms set forth in the Shotgun Notice. If the Shotgun Recipient
does not irrevocably elect any of the foregoing options within the time allotted, then the Shotgun Recipient shall be deemed to
have irrevocably elected to accept the offer for the Shotgun Initiator to purchase all of the Shotgun Recipient’s Membership
Interests and OpCo Subordinated Units.

 

                                                (iv)         In the event that the Shotgun Recipient proposes a counteroffer pursuant to Section 8.5(c)(iii)(B), the Shotgun
Initiator shall, within 30 days of receiving the Shotgun Election, irrevocably elect to (A) accept the Shotgun Recipient’s
counteroffer set forth in the Shotgun Election, or (B) have a nationally recognized investment banking firm conduct an auction
process pursuant to Section 8.5(c)(v) to solicit offers from Auction Buyers with the objective of

 

    46 

     

    

obtaining
the highest price for the purchase for cash of all, but not less than all, of the outstanding Membership Interests and OpCo Subordinated
Units of the Shotgun Initiator and the Shotgun Recipient, such purchase to occur on terms no less favorable than the non-price
terms set forth in the Shotgun Election. If the Shotgun Initiator does not irrevocably elect any of the foregoing options within
the time allotted, then the Shotgun Initiator shall be deemed to have irrevocably elected to accept the counteroffer for the Shotgun
Recipient to purchase all of the Shotgun Initiator’s Membership Interests and OpCo Subordinated Units.

 

                                                (v)          In the event of the initiation of an auction process as provided above, the Management Member that has elected to initiate
the auction process (the “Auction Initiator”) shall be entitled, within 180 days after the later of the date
of the Shotgun Notice or Shotgun Election that resulted in the auction process (or any longer period to which the non-Auction
Initiator consents in writing) (such period, the “Auction Period”), to execute and deliver a binding, definitive
purchase and sale agreement with an Auction Buyer, pursuant to which such Auction Buyer shall purchase all, but not less than
all, of the outstanding Membership Interests and OpCo Subordinated Units of the Shotgun Initiator and Shotgun Recipient for a
price in cash (such price, the “Auction Price”) (such agreement, the “Binding Agreement”).

 

                                                (vi)         In the event that a Binding Agreement is executed and delivered by the Auction Initiator within the Auction Period and
the rights and obligations of the Members are the same therein in all material respects, then the non-Auction Initiator shall
be obligated to execute and deliver a counterpart to such Binding Agreement. Upon such execution and delivery by the non-Auction
Initiator, the Shotgun Initiator and the Shotgun Recipient shall be obligated to sell all, but not less than all, of their outstanding
Membership Interests and their OpCo Subordinated Units to the Auction Buyer pursuant to such Binding Agreement at the Auction
Price and upon the same terms and subject to the same conditions.

 

                                                (vii)        In the event that the Shotgun Recipient initiates an auction process under Section 8.5(c)(iii) above, but a Binding
Agreement is not delivered within the Auction Period, then the Shotgun Initiator may elect to purchase all, but not less than
all, of the Membership Interests and OpCo Subordinated Units owned by the Shotgun Recipient at the price and on the terms initially
offered in the Shotgun Notice with a five percent (5%) discount and an additional deduction equal to the amount of the costs of
the auction process borne by the Company or the Shotgun Initiator.

 

                                                (viii)       In the event that the Shotgun Initiator initiates an auction process under Section 8.5(c)(iv) above, but a Binding
Agreement is not delivered within the Auction Period, then the Shotgun Recipient may elect to purchase all, but not less than
all, of the Membership Interests and OpCo Subordinated Units owned by the Shotgun Initiator at the price and on the terms initially
offered in the Shotgun Election with a five percent (5%) discount and an additional deduction equal to

 

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the
amount of the costs of the auction process borne by the Company or the Shotgun Recipient.

 

                                                (ix)           In the event that an auction process is conducted and a Binding Agreement is executed and delivered and such transaction
is consummated, the Auction Price shall be allocated between the Management Members in accordance with the relative Fair Values
of their Membership Interests and OpCo Subordinated Units. Within 15 days of the date of consummation of the auction process,
each Management Member shall deliver in writing to the other Management Member its proposed allocation of the Auction Price, with
an opinion from an impartial senior employee or partner at a nationally recognized investment banking firm attesting to the Fair
Value of the Membership Interests and OpCo Subordinated Units of each Member and that such allocation represents the fair allocation
of the Auction Price based on the Fair Value of such Membership Interests and OpCo Subordinated Units (each an “Auction
Price Allocation Opinion”). If either Management Member fails to timely deliver an Auction Price Allocation Opinion,
then the allocation of the Auction Price set forth in the other Management Member’s Auction Price Allocation Opinion shall
be the final allocation of the Auction Price between the parties. The Management Members shall attempt to amicably determine the
allocation of the Auction Price after delivery of the second Auction Price Allocation Opinion. In the event that, for any reason,
the Management Members cannot agree in writing on the allocation of the Auction Price within 15 days of the date of the delivery
of the second Auction Price Allocation Opinion, then the allocation of the Auction Price shall be submitted for a final and binding
determination by an impartial senior employee or partner at a nationally recognized investment banking firm jointly appointed
by the Management Members, which shall not be an investment banking firm that has otherwise given an opinion or attestation in
this Section 8.5(c) (the “Appraiser”). In the event the Appraiser is not, for any reason, jointly appointed
by the Managing Members within 30 days of the date of delivery of the second Auction Price Allocation Opinion, the Appraiser shall
be appointed by the AAA on the written request of any party. The Appraiser shall be provided with the two Auction Price Allocation
Opinions, and, using the information contained therein and such other materials as it may reasonably request from either Management
Member, determine the Fair Value of the Membership Interests and OpCo Subordinated Units of each Member and the fair allocation
of the Auction Price based on the Fair Value of such Membership Interests and OpCo Subordinated Units. The final allocation of
the Auction Price shall thereafter be the average of (A) the allocation set forth by the Appraiser, and (B) the allocation set
forth in an Auction Price Allocation Opinion which is closest to the allocation set forth by the Appraiser; provided,
that in the event the allocation set forth by the Appraiser is in the mid-point between the allocations set forth by both
Auction Price Allocation Opinions, the allocation shall be as set forth by the Appraiser. For the avoidance of doubt, the Appraiser
shall act as an expert, and not as an arbitrator; and this submission to the determination of the Appraiser, and the determination
of the Appraiser, shall not be governed by and construed by the Federal Arbitration Act or any state arbitration statute or law.

 

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                                                (x)            Sales of the Membership Interests and OpCo Subordinated Units pursuant to this Section 8.5(c) shall be made at the
offices of the Company within 60 days of the acceptance of any offer under ‎Section 8.5(c)(iii) or ‎Section
8.5(c)(iv) above, or if later the execution of a Binding Agreement, or on such other date as the Members may agree. Such sales
shall be effected by the applicable Member’s delivery of the Membership Interests and OpCo Subordinated Units, free and
clear of all Encumbrances (other than restrictions imposed by the governing documents of the Company and the Operating Company
and securities laws), to the other Member, against payment to the selling Member(s) of the Shotgun Price, as applicable, and on
the terms and conditions specified in the Shotgun Election or Binding Agreement, as applicable.

 

(d)           Notwithstanding anything herein to the contrary, until a Deadlock is resolved, each Management Member agrees to continue
to perform its obligations under this Agreement and to cause its directors, officers, Affiliates and agents to continue to perform
their obligations under this Agreement.

 

Section
8.6           
Conference Telephone Meetings. Management Members may participate in a meeting
by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting
can hear each other, and such participation in a meeting shall constitute presence in person at such meeting.

 

Section
8.7           
Action by Consent of Members. Any action that may be taken at a meeting of
the Management Members may be taken without a meeting if an approval in writing setting forth such action is signed by Management
Members holding a Majority Interest.

 

Section
8.8           
Representatives.

 

(a)           Each Management Member shall appoint one representative (a “Representative”), which may be a Director
of the YieldCo General Partner, who shall be deemed to have the authority to act on behalf of such Management Member to take any
and all actions and make any and all decisions required under this Agreement, including with respect to making any determination
with respect to those matters requiring unanimous approval of the Management Member set forth in Section 8.4(b). The initial
Representative of each Management Member is set forth on Exhibit F.

 

(b)           Any Management Member may change its Representative by providing written notice of a new Representative to the Company
and the other Management Member, such change to be effective upon receipt of such notice pursuant to Section 14.4. Any
action or omission of a Representative will be deemed to be effective hereunder, and may be relied on by the Company or the other
Management Member, until such notice of a replacement Representative is so received.

 

Section
8.9           
Affiliate Contracts.

 

(a)           All contracts or other arrangements between the Company, the YieldCo General Partner, any Group Member or any Joint Venture
on the one hand and any Affiliate of any Member on the other hand that is entered into on or after the date of this

 

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Agreement,
except to the extent otherwise expressly approved by the Board of Directors or a committee thereof, shall (i) be in writing, (ii)
contain market-based terms, and (iii) be administered on an arm’s length basis.

 

(b)           No later than 30 days following the end of each Quarter, each of SP Member and FS Member shall cause SP Parent and FS Parent,
respectively, to deliver to the other Member a certificate from an authorized officer certifying that, with respect to all contracts
or other arrangements between the Company, the YieldCo General Partner or any Group Member (but not any Joint Venture) on the
one hand and any Affiliate of any Member on the other hand, there is no material breach or default on the part of SP Parent or
FS Parent, respectively, or any Affiliate thereof under any such contract or other arrangement; provided, that in the event
there is such a breach or default, the certificate shall identify such breach or default, set out any losses or costs incurred
or other consequences resulting from such breach or default and set forth a plan to remedy such breach or default, recover such
losses or costs and rectify any consequences of such breach or default as soon as practicable.

 

Section
8.10        Notices.
The Company and the Management Members shall promptly provide or cause to be provided to each Management Member copies of all
official notices and reasonably pertinent business correspondence sent by or on behalf of, or addressed to, the Company, the YieldCo
General Partner, the Partnership, the Operating Company or any Management Member on behalf of any of the foregoing, in each case
to the extent any such official notice or correspondence is not addressed to any such Management Member.

 

Article
IX

MANAGEMENT OF THE YieldCo General Partner

 

Section
9.1           
Right to Appoint Members of the Board of Directors.

 

(a)           Subject to this Section 9.1, the Management Members shall designate the Directors as follows:

 

                                                (i)            SP Member shall be entitled to designate two natural persons to serve on the Board of Directors (any such Director designated
by SP Member, an “SP Director”). The initial SP Directors as of the Closing Date are set forth on Exhibit C.

 

                                                (ii)           FS Member shall be entitled to designate two natural persons to serve on the Board of Directors (any such Director designated
by FS Member, an “FS Director” and collectively with the SP Directors, the “Sponsor Directors”).
The initial FS Directors as of the Closing Date are set forth on Exhibit C.

 

                                                (iii)          A Majority Interest shall designate any other Directors, including three Independent Directors, to serve on the Board of
Directors. The initial Independent Director(s) as of the Closing Date are set forth on Exhibit C. Unless otherwise agreed
by a Majority Interest, each Independent Director shall hold office for a two-year term, or until the earlier removal, death or
resignation of

 

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such
Independent Director. For the avoidance of doubt, Independent Directors shall not be precluded from serving consecutive terms.

 

(b)           The Chief Executive Officer of the YieldCo General Partner shall be the Chairman of the Board of Directors.

 

(c)           If any Management Member elects to transfer its right to designate its Directors in accordance with the terms of this Agreement
(including the requirements set forth in Section 4.1(e)), then (1) each Director designated by such Management Member shall
be automatically removed from all positions such individual holds with the Company without any further action as of the close
of business on the date of such transfer, (2) each vacancy in the Board of Directors created by such removal shall be filled by
the Transferee of such transfer, (3) such Management Member shall no longer be permitted to designate any Directors pursuant to
this Agreement and (4), subject to Section 9.1(d) and Section 9.1(e), the Transferee of such transfer shall become
entitled to designate Directors under this Agreement as of the close of business on the date of transfer.

 

(d)           (i) In the event the Adjustment Percentage of a Management Member is below 40% in each of the three previous Fiscal Years
or if, in each of such three Fiscal Years, the Distributed Cash generated by the Projects contributed by a Management Member or
its Affiliates during such Fiscal Year is less than 40% of the Distributed Cash generated by all Projects contributed by the Management
Members or their Affiliates during such Fiscal Year, such Management Member (the “Losing Management Member”)
shall lose the right to appoint one Director.

 

                                                (ii)          In the event the Adjustment Percentage of a Losing Management Member is below 30% in each of the three previous Fiscal
Years or if, in each of such three Fiscal Years, the Distributed Cash generated by the Projects contributed by such Losing Management
Member or its Affiliates during such Fiscal Year is less than 30% of the Distributed Cash generated by all Projects contributed
by the Management Members or their Affiliates during such Fiscal Year, the Losing Management Member shall lose the right to appoint
both Directors.

 

                                                (iii)         Upon the Losing Management Member’s loss of the right to appoint one or more Directors pursuant to Section 9.1(d)(i)
or Section 9.1(d)(ii), the other Management Member (the “Gaining Management Member”) shall have
the right to, within the earlier of 30 days of the applicable Final Calculation under Section 3.2(d) or the end of the
fiscal quarter of the Gaining Management Member in which such loss occurs (the “Option Exercise Period”), elect
to remove a Director, or two Directors, as applicable, appointed by the Losing Management Member and appoint a new Director, or
two Directors, as applicable (in each case, a “Board Member Option”); provided that in the event that
the Losing Management Member has only lost the right to appoint one Director under Section 9.1(d)(i), the Losing Management
Member shall have the right to choose which Director is removed upon the exercise of the Board Member Option

 

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by
the Gaining Management Member. To exercise a Board Member Option, the Gaining Management Member shall deliver to the Company and
the Losing Management Member written notice of its election to exercise the Board Member Option before the expiration of the Option
Exercise Period. Upon the Company’s receipt of such notice, the Company shall cause, and the Management Members agree to
take all actions required to cause, the Director(s) appointed by the Losing Management Member to be removed and the Director(s)
being appointed by the Gaining Management Member to be appointed. Notwithstanding the foregoing, in the event that a Gaining Management
Member waives its right to exercise a Board Member Option upon the Losing Management Member’s loss, or fails to exercise
the Board Member Option during the Option Exercise Period, such waiver shall only apply to the current Fiscal Year and shall not
prevent a Gaining Management Member that qualifies as a Gaining Management Member at the beginning of any subsequent Fiscal Year
from exercising the Board Member Option in any subsequent Fiscal Year.

 

(e)           (i) In the event a Losing Management Member has lost the right to appoint both Directors in accordance with Section
9.1(d)(ii), the right to appoint one Director shall be regained when (x) such Losing Management Member’s Adjustment
Percentage for the previous Fiscal Year is at least 30% and (y) in any of the three previous Fiscal Years, the Distributed Cash
generated by the Projects contributed by such Losing Management Member or its Affiliates during such Fiscal Year is at least 30%
of the Distributed Cash generated by all Projects contributed by the Management Members or their Affiliates during such Fiscal
Year.

 

                                                (ii)          In the event a Losing Management Member has lost the right to appoint one or both Directors in accordance with Section
9.1(d)(i) or (ii), the right to appoint two Directors shall be regained when (A) such Losing Management Member’s
Adjustment Percentage for the previous Fiscal Year is at least 40% and (B) in any of the three previous Fiscal Years, the Distributed
Cash generated by the Projects contributed by such Losing Management Member or its Affiliates during such Fiscal Year is at least
40% of the Distributed Cash generated by all Projects contributed by the Management Members or their Affiliates during such Fiscal
Year.

 

                                                (iii)         Upon the Losing Management Member regaining the right to appoint one or more Directors pursuant to Section 9.1(e)(i)
or Section 9.1(e)(ii), the Losing Management Member shall have the right to, within the earlier of 30 days of the applicable
Final Calculation under Section 3.2(d) or the end of the fiscal quarter of the Losing Management Member in which such regain
occurs (the “Regain Option Exercise Period”), elect to remove a Director appointed by the Gaining Management
Member and appoint a new Director (in each case, a “Regain Board Member Option”); provided that the
Gaining Management Member shall have the right to choose which Director(s) is removed upon the exercise of the Regain Board Member
Option by the Losing Management Member. To exercise a Regain Board Member Option, the Losing Management Member shall deliver to
the Company and the Gaining Management Member

 

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written
notice of its election to exercise the Regain Board Member Option before the expiration of the Regain Option Exercise Period.
Upon the Company’s receipt of such notice, the Company shall cause, and the Management Members agree to take all actions
required to cause, the Director(s) appointed by the Gaining Management Member to be removed and the Director(s) being appointed
by the Losing Management Member to be appointed. Notwithstanding the foregoing, in the event that a Losing Management Member waives
its right to exercise a Regain Board Member Option upon the Losing Management Member’s regain, or fails to exercise the
Regain Board Member Option during the Regain Option Exercise Period, such waiver shall only apply to the current Fiscal Year and
shall not prevent such Losing Management Member, if it still qualifies, from exercising the Regain Board Member Option at the
beginning of any subsequent Fiscal Year.

 

(f)            For purposes of Section 9.1(d) and Section 9.1(e), all determinations of Adjustment Percentages and Distributed
Cash shall be made in accordance with Section 3.2. Any changes in rights effected pursuant to Sections 9.1(d) and
(e), shall be effective upon the final, conclusive determination of the last required Adjustment Percentage or Distributed
Cash Calculation.

 

(g)           Unless a committee is required to only have Independent Directors in accordance with the rules and regulations of the Commission
and the NASDAQ Stock Market LLC or any national securities exchange on which the Class A Shares are listed from time to time or
a Majority Interest otherwise determines, any committee of the Board Directors of YieldCo General Partner shall comprise at least
two Sponsor Directors, at least one of which shall be an FS Director and one of which shall be an SP Director, provided
that the Company has designated at least one of each of such Sponsor Directors.

 

Section
9.2           
Right to Appoint Officers of the YieldCo General Partner.

 

(a)           Subject to Section 9.2(d), the Management Members shall use reasonable best efforts to cause the Board of Directors
to designate the Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer, Vice Presidents of Operations and
General Counsel/Secretary of the YieldCo General Partner as follows:

 

                                                (i)           Chief Executive Officer. (A) SP Member shall select the initial Chief Executive Officer of the YieldCo General Partner
for approval by the Board of Directors. The Management Member that did not select the initial Chief Executive Officer shall select
the successor to the initial Chief Executive Officer for approval by the Board of Directors. Subject to Section 9.2(a)(i)(B),
the rights to select the Chief Executive Officer as described above shall alternate between SP Member and FS Member (or any other
party to whom any such Management Member transfers its rights to designate Directors). The term of the initial Chief Executive
Officer shall end on the second anniversary of the Closing Date. Each successor Chief Executive Officer shall serve for a two-year
term.

 

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(B)        In
the event that a Management Member (the “Retaining Management Member”) elects to retain the Chief Executive
Officer previously selected by the other Management Member (the “Retained Chief Executive Officer”) instead
of exercising its right to select a new Chief Executive Officer for approval by the Board of Directors, then the Retaining Management
Member shall retain the right to select a new Chief Executive Officer for approval by the Board of Directors until such time as
it exercises the right to select a new Chief Executive Officer for approval by the Board of Directors.

 

                                                (ii)           Chief Financial Officer. (A) FS Member shall select the initial Chief Financial Officer of the YieldCo General Partner
for approval by the Board of Directors. The Management Member that did not select the initial Chief Financial Officer will select
the successor to the initial Chief Financial Officer for approval by the Board of Directors. Subject to Section 9.2(a)(ii)(B),
the rights to select the Chief Financial Officer as described above shall alternate between SP Member and FS Member (or any other
party to whom any such Management Member transfers its rights to designate Directors). The term of the initial Chief Financial
Officer shall end on the second anniversary of the Closing Date. Each successor Chief Financial Officer shall serve for a two-year
term.

 

(B)        In the event that a Retaining Management Member elects to retain the Chief Executive
Officer in accordance with Section 9.2(a)(i)(B), the Retaining Management Member shall have the right to retain the current
Chief Financial Officer (a “Retained Chief Financial Officer”) or select a new Chief Financial Officer for
approval by the Board of Directors until such time as it exercises the right to select a new Chief Executive Officer for approval
by the Board of Directors.

 

                                                (iii)           Chief Accounting Officer. A Majority Interest shall select the Chief Accounting Officer of the YieldCo General Partner
for approval by the Board of Directors. The Chief Accounting Officer shall hold office until such person’s successor shall
have been duly elected and shall have qualified or until such person’s death or until he shall resign or be removed.

 

                                                (iv)           Vice Presidents of Operations. Unless a Majority Interest otherwise determines, each Management Member shall select
one Vice President of Operations for approval by the Board of Directors. Each Vice President of Operations shall hold office until
such person’s successor shall have been duly elected and shall have qualified or until such person’s death or until
he shall resign or be removed.

 

                                                (v)            General Counsel/Secretary. The Chief Financial Officer shall select the General Counsel/Secretary of the YieldCo
General Partner for approval by the Board of Directors. The General Counsel/Secretary shall hold office until

 

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such
person’s successor shall have been duly elected and shall have qualified or until such person’s death or until he
shall resign or be removed.

 

(b)           Removal. (i) The Management Member that appointed the Chief Executive Officer, Chief Financial Officer or Vice President
of Operations or, in the case of a Retained Chief Executive Officer or Retained Chief Financial Officer, retained him or her,
may, at any time, with or without cause, request that the Board of Directors remove such officer and replace such officer with
a person nominated by such Management Member. In such event, the Management Member who is requesting removal of an officer it
appointed shall promptly notify the Board of Directors and the other Management Members of the request for removal and the name
of the replacement officer, as applicable, to complete such officer’s current term. The Management Members shall use reasonable
best efforts to cause the Board of Directors to take all actions required to consummate such removal and replacement. In addition
to the foregoing, the Chief Executive Officer, Chief Financial Officer or Vice President of Operations may be removed, with or
without cause, at any time by the Board of Directors in accordance with the YieldCo General Partner LLC Agreement and upon such
removal, the Management Member that appointed such officer or, in the case of a Retained Chief Executive Officer or Retained Chief
Financial Officer, retained him or her shall have the right to select a replacement officer, as applicable, for approval by the
Board of Directors to complete such officer’s current term.

 

                                                (ii)          A
Majority Interest may, at any time, with or without cause, request that the Board of Directors remove the Chief Accounting Officer
and replace such Chief Accounting Officer with a person nominated by a Majority Interest. In such event, a Majority Interest shall
promptly notify the Board of Directors of the request for removal and the name of the replacement officer, as applicable, to complete
such officer’s current term. The Management Members shall use reasonable best efforts to cause the Board of Directors to
take all actions required to consummate such removal and replacement. In addition to the foregoing, the Chief Accounting Officer
may be removed, with or without cause, at any time by the Board of Directors in accordance with the YieldCo General Partner LLC
Agreement and upon such removal, a Majority Interest shall have the right to select a new Chief Accounting Officer for approval
by the Board of Directors.

 

                                                (iii)         The Chief Financial Officer may, at any time, with or without cause, request that the Board of Directors remove the General
Counsel/Secretary and replace such General Counsel/Secretary with a person nominated by the Chief Financial Officer. In such event,
the Chief Financial Officer shall promptly notify the Board of Directors of the request for removal and the name of the replacement
officer, as applicable, to complete such officer’s current term. The Management Members shall use reasonable best efforts
to cause the Board of Directors to take all actions required to consummate such removal and replacement. In addition to the foregoing,
the General Counsel/Secretary may be removed, with or without cause, at any time by the Board of Directors in accordance with
the YieldCo General Partner LLC Agreement and upon such removal, the Chief Financial

 

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Officer
shall have the right to select a new General Counsel/Secretary for approval by the Board of Directors.

 

(c)           Subject to Section 9.2(d), in no event shall the Chief Executive Officer and Chief Financial Officer be selected
by the same Management Member, without the prior consent of the other Management Member.

 

(d)           In the event that a Management Member has lost the right to select one or both Director(s) in accordance with Section
9.1(d), such Management Member shall lose its right to select the Chief Executive Officer or Chief Financial Officer, as applicable,
and the other Management Member shall gain the right to select both the Chief Executive Officer and the Chief Financial Officer
until such Management Member has regained its right to select both Directors in accordance with Section 9.1(e)(ii).

 

(e)           Unless a Majority Interest determines otherwise, no Person designated by FS Member as an officer of the YieldCo General
Partner shall make decisions or sign contractual commitments or approve any payments related to any SP Contributed Company without
approval of a Person designated by SP Member as an officer of the YieldCo General Partner, and no Person designated by SP Member
as an officer of the YieldCo General Partner shall make decisions or sign contractual commitments or approve any payments related
to any FS Contributed Company without approval of a Person designated by FS Member as an officer of the YieldCo General Partner.

 

Section
9.3           
Right to Appoint Officers and Directors of Contributed Companies.

 

(a)           Unless a Majority Interest determines otherwise, the Vice Presidents of Operations of the YieldCo General Partner shall
elect the officers and directors of the Contributed Companies and have the right to remove and replace such officers and directors.

 

(b)           Unless a Majority Interest determines otherwise, the Chief Executive Officer shall elect (and remove and replace) the officers
and directors of any Project Company that are not selected for election pursuant to Section 9.3(a).

 

(c)           Except to the extent any decision, contractual commitment or payment approval has been approved by a Majority Interest
or the Board of Directors, no Person employed by FS Member who is an officer of the YieldCo General Partner shall make decisions
or sign contractual commitments or approve any payments related to any SP Contributed Company without approval of a Person employed
by SP Member who is an officer of the YieldCo General Partner, and no Person employed by SP Member who is an officer of the YieldCo
General Partner shall make decisions or sign contractual commitments or approve any payments related to any FS Contributed Company
without approval of a Person employed by FS Member who is an officer of the YieldCo General Partner.

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Article
X

DUTIES; EXCULPATION AND INDEMNIFICATION

 

Section
10.1        Duties.

 

(a)         Whenever a Member makes a determination or takes or declines to take any other action, or any of its Affiliates causes
it to do so, in its capacity as a Member, whether under this Agreement or any other agreement contemplated hereby or otherwise,
then such Member or its Affiliates causing it to do so shall be entitled, to the fullest extent permitted by law, to make such
determination or to take or decline to take such other action free of any duty or obligation whatsoever to the Company or any
Member, and the Member, or such Affiliates causing it to do so, shall not, to the fullest extent permitted by law, be required
to act pursuant to any standard imposed by this Agreement, any other agreement contemplated hereby or under the Delaware Act or
any other law, rule or regulation or at equity, it being the intent of all Members that such Member or any such Affiliate, in
its capacity as a Member, shall have the right to make such determination, in its sole discretion, solely on the basis of its
own interests.

 

(b)         Subject to, and as limited by the provisions of this Agreement, the Members, in the performance of their duties as such,
shall not, to the fullest extent permitted by the Delaware Act and other applicable law, owe any duties (including fiduciary duties)
as a Member or manager of the Company to the Company, any Member of the Company or any other Person, notwithstanding anything
to the contrary existing at law, in equity or otherwise. In furtherance of the foregoing to the fullest extent permitted by the
Delaware Act, a Representative, in performing his duties and obligations under this Agreement, shall (i) owe no duty (including
fiduciary duties) or obligation whatsoever to the Company or any Member (other than the Management Member designating such Representative)
or any other Person, and (ii) be entitled to act or omit to act at the direction of the Management Member that designated such
Representative, in such Management Member’s sole discretion, considering only such factors, including the separate interests
of the Management Member, as such Representative or Member chooses to consider, and any action of a Representative or failure
to act, taken or omitted in good faith reliance on the foregoing provisions shall not constitute a breach of any duty on the part
of such Representative or Member to the Company or any other Representative or Member of the Company.

 

(c)         The provisions of this Agreement, to the extent that they restrict, eliminate or otherwise modify the duties and liabilities
of a Member or its Representative otherwise existing at law, in equity or by operation of the preceding sentences, are agreed
by the Company and the Members to replace such duties and liabilities of such Member or its Representative. The Members (in their
own names and in the name and on behalf of the Company), acknowledge, affirm and agree that (i) none of the Members would
be willing to make an investment in the Company or enter into this Agreement, and no Representative would be willing to serve,
in the absence of this Section 10.1, and (ii) they have reviewed and understand the provisions of Sections 18-1101(b)
and (c) of the Delaware Act.

 

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Section
10.2        Indemnification.

 

(a)         To the fullest extent permitted by law but subject to the limitations expressly provided in this Agreement, all Indemnitees
shall be indemnified and held harmless by the Company from and against any and all losses, claims, damages, liabilities, joint
or several, expenses (including legal fees and expenses), judgments, fines, penalties, interest, settlements or other amounts
arising from any and all threatened, pending or completed claims, demands, actions, suits or proceedings, whether civil, criminal,
administrative or investigative, and whether formal or informal and including appeals, in which any Indemnitee may be involved,
or is threatened to be involved, as a party or otherwise, by reason of its status as an Indemnitee acting (or omitting or refraining
to act) in such capacity; provided, that the Indemnitee shall not be indemnified and held harmless pursuant to this Agreement
to the extent that there has been a final and non-appealable judgment entered by a court of competent jurisdiction determining
that, in respect of the matter for which the Indemnitee is seeking indemnification pursuant to this Agreement, the Indemnitee
engaged in fraud, willful misconduct or, in the case of a criminal matter, acted with knowledge that the Indemnitee’s conduct
was unlawful; provided, further, no indemnification pursuant to this Section 10.2 shall be available to any Indemnitee
(other than a Group Member or Joint Venture) with respect to any such Indemnitee’s obligations pursuant to the Master Formation
Agreement (other than obligations incurred by such Member on behalf of the Company). Any indemnification pursuant to this Section
10.2 shall be made only out of the assets of the Company, it being agreed that the Members shall not be personally liable
for such indemnification and shall have no obligation to contribute or loan any monies or property to the Company to enable it
to effectuate such indemnification.

 

(b)         To the fullest extent permitted by law, expenses (including reasonable legal fees and expenses) incurred by an Indemnitee
who is entitled to indemnification pursuant to this Section 10.2 in appearing at, participating in or defending any claim,
demand, action, suit or proceeding shall, from time to time, be advanced by the Company prior to a final and non-appealable judgment
entered by a court of competent jurisdiction determining that, in respect of the matter for which the Indemnitee is seeking indemnification
pursuant to this Section 10.2, the Indemnitee is not entitled to be indemnified upon written request by such Indemnitee
and receipt by the Company of an undertaking by or on behalf of the Indemnitee to repay such amount if it shall be ultimately
determined that the Indemnitee is not entitled to be indemnified as authorized by this Section 10.2.

 

(c)         The indemnification provided by this Section 10.2 shall be in addition to any other rights to which an Indemnitee
may be entitled under this Agreement, any other agreement, pursuant to any vote of a Majority Interest, as a matter of law, in
equity or otherwise, both as to actions in the Indemnitee’s capacity as an Indemnitee and as to actions in any other capacity,
and shall continue as to an Indemnitee who has ceased to serve in such capacity and shall inure to the benefit of the heirs, successors,
assigns and administrators of the Indemnitee.

 

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(d)         The Company may purchase and maintain insurance (or reimburse the Management Members or their Affiliates for the cost of),
on behalf of the Company, its Affiliates, the Indemnitees and such other Persons as the Company shall determine, against any liability
that may be asserted against, or expense that may be incurred by, such Person in connection with the Company’s or any of
its Affiliates’ activities or such Person’s activities on behalf of the Company or any of its Affiliates, regardless
of whether the Company would have the power to indemnify such Person against such liability under the provisions of this Agreement.

 

(e)         For purposes of this Section 10.2: (i) the Company shall be deemed to have requested an Indemnitee to serve as fiduciary
of an employee benefit plan whenever the performance by it of its duties to the Company also imposes duties on, or otherwise involves
services by, it to the plan or participants or beneficiaries of the plan; (ii) excise taxes assessed on an Indemnitee with respect
to an employee benefit plan pursuant to applicable law shall constitute “fines” within the meaning of Section 10.2(a);
and (iii) action taken or omitted by it with respect to any employee benefit plan in the performance of its duties for a purpose
reasonably believed by it to be in the best interest of the participants and beneficiaries of the plan shall be deemed to be for
a purpose that is in the best interests of the Company.

 

(f)          In no event may an Indemnitee subject the Members to personal liability by reason of the indemnification provisions set
forth in this Agreement.

 

(g)         An Indemnitee shall not be denied indemnification in whole or in part under this Section 10.2 because the Indemnitee
had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted
by the terms of this Agreement.

 

(h)         The provisions of this Section 10.2 are for the benefit of the Indemnitees and their heirs, successors, assigns,
executors and administrators and shall not be deemed to create any rights for the benefit of any other Persons.

 

(i)          No amendment, modification or repeal of this Section 10.2 or any provision hereof shall in any manner terminate,
reduce or impair the right of any past, present or future Indemnitee to be indemnified by the Company, nor the obligations of
the Company to indemnify any such Indemnitee under and in accordance with the provisions of this Section 10.2 as in effect
immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring,
in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted.

 

(j)          TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, AND SUBJECT TO Section 10.2(a),
THE PROVISIONS OF THE INDEMNIFICATION PROVIDED IN THIS Section 10.2
ARE INTENDED BY THE MEMBERS TO APPLY EVEN IF SUCH PROVISIONS HAVE THE EFFECT OF EXCULPATING THE INDEMNITEE FROM LEGAL RESPONSIBILITY
FOR THE

 

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CONSEQUENCES
OF SUCH PERSON’S NEGLIGENCE, FAULT OR OTHER CONDUCT.

 

Section
10.3        Liability
of Indemnitees. 

 

(a)         Notwithstanding anything to the contrary set forth in this Agreement, any Group Member Agreement, under the Delaware Act
or any other law, rule or regulation or at equity, to the fullest extent allowed by law, no Indemnitee or any of its employees
or Persons acting on its behalf shall be liable for monetary damages to the Company, the Members or any other Persons, for losses
sustained or liabilities incurred, of any kind or character, as a result of any act or omission of an Indemnitee or any of its
employees or Persons acting on its behalf unless and to the extent there has been a final and non-appealable judgment entered
by a court of competent jurisdiction determining that, in respect of the matter in question, the Indemnitee or any of its employees
or Persons acting on its behalf engaged in fraud, willful misconduct or, in the case of a criminal matter, acted with knowledge
that the Indemnitee’s conduct was unlawful.

 

(b)         Any amendment, modification or repeal of this Section 10.3 or any provision hereof shall be prospective only and
shall not in any way affect the limitations on the liability of the Indemnitees under this Section 10.3 as in effect immediately
prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole
or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted.

 

Section
10.4        Corporate
Opportunities. Except as otherwise provided in the Omnibus Agreement or any other agreement or contract to which the Company
or any Group Member is a party, (i) each Member and its respective Affiliates shall have the right to engage in businesses
of every type and description and other activities for profit and to engage in and possess an interest in other business ventures
of any and every type or description, whether in businesses engaged in or anticipated to be engaged in by the Company, the YieldCo
General Partner, any Group Member or any Joint Venture, independently or with others, including business interests and activities
in direct competition with the business and activities of the Company, the YieldCo General Partner, any Group Member or any Joint
Venture, and none of the same shall constitute a breach of this Agreement or any duty otherwise existing at law, in equity or
otherwise, to the Company or any Group Member or any Member, and (ii) neither of the Company, any Member or any other Person
shall have, and each of them hereby waive, any rights or expectation by virtue of this Agreement, the Partnership Agreement, any
Group Member Agreement, or the business relationship established hereby in any business ventures of any Member and its respective
Affiliates.

 

Article
XI

TAXES

 

Section
11.1        Tax
Returns. The Tax Member shall prepare and timely file or cause to be prepared and filed (on behalf of the Company) all federal,
state, local and foreign tax returns required to be filed by the Company. Each Member shall furnish to the Company all pertinent
information in its possession relating to the Company’s operations that is necessary to enable the

 

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Company’s
tax returns to be timely prepared and filed. The Company shall bear the costs of the preparation and filing of its returns.

 

Section
11.2        Tax
Elections.

 

(a)         The Company shall make the following elections on the appropriate tax returns:

 

                                              (i)           to
adopt as the Company’s taxable year the calendar year, or such other taxable year as the Company may from time to time be
required to use under Section 706 of the Code and the regulations thereunder;

 

                                              (ii)          to adopt the accrual method of accounting;

 

                                              (iii)         if a distribution of the Company’s property as described in Section 734 of the Code occurs or upon a Transfer of
an Economic Unit as described in Section 743 of the Code occurs, on request by notice from any Member, to elect, pursuant to Section
754 of the Code, to adjust the basis of the Company’s properties; and

 

                                              (iv)         any other election a Majority Interest may deem appropriate.

 

(b)         Neither the Company nor any Member shall make an election for the Company to be excluded from the application of the provisions
of subchapter K of chapter 1 of subtitle A of the Code or any similar provisions of applicable state law and no provision of this
Agreement shall be construed to sanction or approve such an election.

 

Section
11.3        Tax
Matters Member.

 

(a)         FS Member shall act as the “tax matters partner” of the Company pursuant to Section 6231(a)(7) of the Code
(the “Tax Matters Member”). The Tax Matters Member shall take such action as may be necessary to cause to the
extent possible each Member to become a “notice partner” within the meaning of Section 6223 of the Code. The Tax Matters
Member shall inform each Member of all significant matters that may come to its attention in its capacity as Tax Matters Member
by giving notice thereof on or before the 15th Business Day after becoming aware thereof and, within that time, shall forward
to each Member copies of all significant written communications it may receive in that capacity.

 

(b)         Any reasonable cost or expense incurred by the Tax Matters Member in connection with its duties, including the preparation
for or pursuance of administrative or judicial proceedings, shall be paid by the Company.

 

(c)         The Tax Matters Member shall not enter into any extension of the period of limitations for making assessments on behalf
of any Member without first obtaining the consent of such Member. The Tax Matters Member shall not bind any Member to a settlement
agreement without obtaining the consent of such Member. Any Member that

 

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enters
into a settlement agreement with respect to any Company item (as described in Section 6231(a)(3) of the Code in respect of the
term “partnership item”) shall notify the other Members of such settlement agreement and its terms within 90 days
from the date of the settlement.

 

(d)         No Member shall file a request pursuant to Section 6227 of the Code for an administrative adjustment of Company items for
any taxable year without first notifying the other Members. If a Majority Interest consents to the requested adjustment, the Tax
Matters Member shall file the request for the administrative adjustment on behalf of the Members. If such consent is not obtained
within 30 days from such notice, or within the period required to timely file the request for administrative adjustment, if shorter,
any Member may file a request for administrative adjustment on its own behalf. Any Member intending to file a petition under Sections
6226, 6228 or other Section of the Code with respect to any item involving the Company shall notify the other Members of such
intention and the nature of the contemplated proceeding. In the case where the Tax Matters Member is intending to file such petition
on behalf of the Company, such notice shall be given to each other Member 90 days prior to filing and the Tax Matters Member shall
obtain the consent of the other Members to the forum in which such petition will be filed prior to filing, which consent shall
not be unreasonably withheld or delayed.

 

(e)         If any Member intends to file a notice of inconsistent treatment under Section 6222(b) of the Code, such Member shall give
reasonable notice under the circumstances to the other Members of such intent and the manner in which the Member’s intended
treatment of an item is (or may be) inconsistent with the treatment of that item by the other Members.

 

Article
XII

BOOKS, RECORDS, REPORTS, BANK ACCOUNTS, AND BUDGETS

 

Section
12.1        Records
and Accounting. The Accounting Member shall keep or cause to be kept at the principal office of the Company appropriate books
and records with respect to the Company’s business, including the register and all other books and records necessary to
provide to the Members any information required to be provided pursuant to this Agreement. Any books and records maintained by
or on behalf of the Company in the regular course of its business, including the register, books of account and records of Company
proceedings, may be kept on, or be in the form of, computer disks, hard drives, punch cards, magnetic tape, photographs, micrographics
or any other information storage device; provided, that the books and records so maintained are convertible into clearly
legible written form within a reasonable period of time. The books of the Company shall be maintained, for financial reporting
purposes, on an accrual basis in accordance with U.S. GAAP.

 

Section
12.2        Fiscal
Year. The fiscal year of the Company (the “Fiscal Year”) shall be the period from December 1 of each year
through November 30 of the following year (unless otherwise required by law) unless a different period is specified by a Majority
Interest.

 

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Section
12.3        Reports.
With respect to each tax year, the Tax Member shall prepare, or cause to be prepared, and deliver, or cause to be delivered, to
each Member such federal, state and local income tax returns and such other accounting, tax information and schedules (including
any information necessary for unrelated business taxable income calculations by any Member) as shall be necessary for the preparation
by each Member on or before July 15 following the end of each tax year of its income tax return with respect to such year, provided,
however, that the Tax Member, as applicable, shall also cause the Company to prepare and deliver, or cause to be prepared
and delivered, at any time, such other information with respect to taxes as is reasonably requested by a Member at the cost of
such Member.

 

Section
12.4        Bank
Accounts. Funds of the Company shall be deposited in such banks or other depositories as shall be designated from time to
time by a Majority Interest. All withdrawals from any such depository shall be made only as authorized by a Majority Interest
and shall be made only by check, wire transfer, debit memorandum or other written instruction.

 

Article
XIII

DISSOLUTION AND LIQUIDATION

 

Section
13.1        Dissolution.
The Company shall not be dissolved by the admission of additional Member in accordance with the terms of this Agreement. The Company
shall dissolve, and (subject to Section 13.3) its affairs shall be wound up, upon:

 

(a)          an election to dissolve the Company by the affirmative vote of a Majority Interest or, if required by Section 8.4(b)
the unanimous vote of the Management Members;

 

(b)          the entry of a decree of judicial dissolution of the Company pursuant to the provisions of the Delaware Act; or

 

(c)          at any time there are no Members, unless the Company is continued without dissolution in accordance with the Delaware Act.

 

Section
13.2        Liquidator.
Upon dissolution of the Company in accordance with the provisions of this Article XIII, a Majority Interest shall select
one or more Persons to act as Liquidator. The Liquidator (if other than a Member) shall be entitled to receive such compensation
for its services as may be approved by a Majority Interest. The Liquidator (if other than a Member) shall agree not to resign
at any time without 15 days’ prior notice and may be removed at any time, with or without cause, by notice of removal
approved by a Majority Interest. Upon dissolution, removal or resignation of the Liquidator, a successor and substitute Liquidator
(who shall have and succeed to all rights, powers and duties of the original Liquidator) shall within 30 days thereafter
be approved by a Majority Interest. The right to approve a successor or substitute Liquidator in the manner provided herein shall
be deemed to refer also to any such successor or substitute Liquidator approved in the manner herein provided. Except as expressly
provided in this Article XIII, the Liquidator approved in the manner provided herein shall have and may exercise, without
further authorization or consent of any of the Parties hereto, all of the powers conferred upon a Majority Interest under the
terms of this Agreement (but subject to all of the applicable limitations, contractual and otherwise, upon the

 

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exercise
of such powers) necessary or appropriate to carry out the duties and functions of the Liquidator hereunder for and during the
period of time required to complete the winding up and liquidation of the Company as provided for herein.

 

Section
13.3        Liquidation.
The Liquidator shall proceed to dispose of the assets of the Company, discharge its liabilities, and otherwise wind up its affairs
in such manner and over such period as determined by the Liquidator, subject to Section 18-804 of the Delaware Act and the following:

 

(a)          The assets may be disposed of by public or private sale or by distribution in kind to one or more Economic Members on such
terms as the Liquidator and such Economic Member or Economic Members may agree. If any property is distributed in kind, the Economic
Member receiving the property shall be deemed for purposes of Section 13.3(c) to have received cash equal to its fair market
value, net of Liabilities; and contemporaneously therewith, appropriate cash distributions must be made to the other Economic
Members. The Liquidator may defer liquidation or distribution of the Company’s assets for a reasonable time if it determines
that an immediate sale or distribution of all or some of the Company’s assets would be impractical or would cause undue
loss to the Members. The Liquidator may distribute the Company’s assets, in whole or in part, in kind if it determines that
a sale would be impractical or would cause undue loss to the Members.

 

(b)          Liabilities of the Company include amounts owed to the Liquidator as compensation for serving in such capacity (subject
to the terms of Section 13.2) and amounts to Economic Members otherwise than in respect of their distribution rights under
Article VII. With respect to any liability that is contingent, conditional or unmatured or is otherwise not yet due and
payable, the Liquidator shall either settle such claim for such amount as it thinks appropriate or establish a reserve of cash
or other assets to provide for its payment. When paid, any unused portion of the reserve shall be distributed as additional liquidation
proceeds.

 

(c)          Notwithstanding Section 7.2, any items of income, gain, loss or deduction for the taxable year during which the
Company dissolves pursuant to this Section 13.3 will be allocated among the Economic Members in a manner that ensures,
to the maximum extent possible, distributions pursuant to the Economic Members Capital Accounts will be in accordance with the
Economic Members’ Liquidation Percentages.

 

(d)          After taking into account the allocation set forth in Section 13.3(c), all property and all cash in excess of that
required to satisfy or discharge liabilities as provided in Section 13.3(b) shall be distributed to the Economic Members
pro rata in accordance with the Economic Member’s Liquidation Percentages.

 

(e)          For purposes of this Section 13.3, the Liquidation Percentages shall be determined using Forecasted Project Values
calculated as of the date of any disposition of the assets of the Company, discharge of its liabilities, or such other action
as may be taken in connection with the winding up of its affairs, in each case taking into account the then current facts and
circumstances and other current information.

 

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Section
13.4        Certificate
of Cancellation. Upon the completion of the distribution of Company cash and property as provided in Section 13.3 in
connection with the liquidation of the Company, the Certificate of Formation and all qualifications of the Company as a foreign
limited liability company in jurisdictions other than the State of Delaware shall be canceled and such other actions as may be
necessary to terminate the Company shall be taken.

 

Section
13.5        Return
of Contributions. No Member shall be personally liable for, and each Member shall have no obligation to contribute or loan
any monies or property to the Company to enable it to effectuate, the return of the Capital Contributions of the Members, or any
portion thereof, it being expressly understood that any such return shall be made solely from assets of the Company.

 

Section
13.6        Waiver
of Partition. To the maximum extent permitted by law, each Member hereby waives any right to partition of the Company property.

 

Section
13.7        Capital
Account Restoration. No Member shall have any obligation to restore any negative balance in its Capital Account upon liquidation
of the Company.

 

Article
XIV

GENERAL PROVISIONS

 

Section
14.1        Offset.
Whenever the Company is to pay any sum to any Economic Member, including distributions pursuant to Article VII, any amounts
that Economic Member owes the Company, as determined by a Majority Interest, may be deducted from that sum before payment.

 

Section
14.2        Specific
Performance. The Members acknowledge and agree that an award of money damages would be inadequate for any breach of the provisions
of this Agreement and any such breach would cause the non-breaching Member irreparable harm. Accordingly, the Members agree that,
in the event of any breach or threatened breach of this Agreement by a Member, the other Member, to the fullest extent permitted
by law, will also be entitled, without the requirement of posting a bond or other security, to equitable relief, including injunctive
relief and specific performance; provided that a requirement for a Member seeking equitable relief to post a bond or other
security shall not be waived if such Member is in material default hereunder. Such remedies will not be the exclusive remedies
for any breach of this Agreement but will be in addition to all other remedies available at law or equity to each of the Members.

 

Section
14.3        Amendment.
Subject to Section 8.4(b)(i), this Agreement shall not be altered modified or changed except by a written instrument approved
by a Majority Interest.

 

Section
14.4        Addresses
and Notices; Written Communication.

 

(a)        Any notice, demand, request, report or proxy materials required or permitted to be given or made to a Member under this
Agreement shall be in writing and shall be deemed given or made when delivered by hand, courier or overnight delivery service
or three days after being mailed by certified or registered mail, return receipt requested, with appropriate postage prepaid,
delivered by electronic mail or when

 

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received
in the form of a facsimile, and shall be directed to the address or facsimile number of such Member at the address set forth on
Exhibit E; provided, that to be effective any such notice sent originally by facsimile or email must be followed within
two Business Days by a copy of such notice sent by overnight courier service (other than any notice delivered by email for which
the intended recipient thereof, by reply email, waives delivery of such copy).

 

(b)        If a Member shall consent to receiving notices, demands, requests, reports or other materials via electronic mail, any
such notice, demand, request, report or other materials shall be deemed given or made when delivered or made available via such
mode of delivery. An affidavit or certificate of making of any notice, payment or report in accordance with the provisions of
this Section 14.4 executed by the Company or the mailing organization shall be prima facie evidence of the giving or making
of such notice, payment or report.

 

(c)        Any notice to the Company shall be deemed given if received by the Company at the principal office of the Company designated
pursuant to Section 2.3. The Company may rely and shall be protected in relying on any notice or other document from a
Member or other Person if believed by it to be genuine.

 

(d)        The terms “in writing,” “written communications,” “written notice” and words of similar
import shall be deemed satisfied under this Agreement by use of e-mail and other forms of electronic communication.

 

Section
14.5       Further
Action. In connection with this Agreement and the transactions contemplated hereby, the Parties shall execute and deliver
any additional documents and instruments and perform any additional acts that may be necessary or appropriate to effectuate and
perform the provisions of this Agreement and those transactions.

 

Section
14.6       Confidential
Information. From and after the date hereof, each Party (each, a “Receiving Party”) in possession of Confidential
Information of the other Party, the Company, the YieldCo General Partner, any Group Member or any Joint Venture (each, a “Disclosing
Party”) shall (a) hold, and shall cause its Subsidiaries and Affiliates and its and their shareholders, partners, members,
directors, officers, employees, agents, consultants, advisors, lenders, potential lenders, investors, potential investors, and
any officer or director of the YieldCo General Partner, any Group Member or any Joint Venture appointed by it and any other representatives
(the “Party Representatives”) to hold all Confidential Information of each Disclosing Party in strict confidence
with at least the same degree of care that applies to such Receiving Party’s confidential and proprietary information, (b)
not use such Confidential Information, except as expressly permitted by such Disclosing Party, and (c) not release or disclose
such Confidential Information to any other Person, except its Party Representatives or except as required by applicable law; provided
that notwithstanding the foregoing, a Receiving Party shall be permitted to (i) disclose any Confidential Information to the
extent required by court order or under applicable law (provided, that it shall (A) exercise commercially reasonable efforts
to preserve the confidentiality of such Confidential Information, (B) to the extent legally permissible, use commercially reasonable
efforts to provide the Disclosing Party in advance of such disclosure, with copies of any Confidential Information it intends
to disclose (and, if

 

    66 

     

    

applicable,
the text of the disclosure language itself), and (C) reasonably cooperate with the Disclosing Party and its Affiliates to the
extent they may seek to limit such disclosure), (ii) make a public announcement regarding such matters (A) as agreed to in writing
by the Disclosing Party or (B) as required by the provisions of any securities laws or the requirements of any exchange on which
any Party’s securities may be listed, or (iii) disclose any Confidential Information to its Affiliates and its and their
Party Representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential
nature of such Confidential Information and instructed to keep such Confidential Information confidential pursuant to the terms
hereof).

 

Section
14.7        Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their heirs, executors, administrators,
successors, legal representatives and permitted assigns.

 

Section
14.8       Integration.
This Agreement constitutes the entire agreement among the Parties hereto pertaining to the subject matter hereof and supersedes
all prior agreements and understandings pertaining thereto.

 

Section
14.9        Creditors.
None of the provisions of this Agreement shall be for the benefit of, or shall be enforceable by, any creditor of the Company.

 

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

 

Section
14.11    Third-Party
Beneficiaries. Each Member agrees that any Indemnitee shall be entitled to assert rights and remedies hereunder as a third-party
beneficiary hereto with respect to those provisions of this Agreement affording a right, benefit or privilege to such Indemnitee.

 

Section
14.12    Counterparts.
This Agreement may be executed in counterparts, all of which together shall constitute an agreement binding on all the Parties
hereto, notwithstanding that all such Parties are not signatories to the original or the same counterpart. Each Party shall become
bound by this Agreement immediately upon affixing its signature hereto.

 

Section
14.13    Applicable
Law; Forum and Venue.

 

(a)       This Agreement shall be construed in accordance with and governed by the laws of the State of Delaware, without regard
to the principles of conflicts of law. In the event of a direct conflict between the provisions of this Agreement and any mandatory,
non-waivable provision of the Delaware Act, such provision of the Delaware Act shall control. If any provision of the Delaware
Act may be varied or superseded in a limited liability company agreement (or otherwise by agreement of the members or managers
of a limited liability company), such provision shall be deemed superseded and waived in its entirety if this Agreement contains
a provision addressing the same issue or subject matter.

 

    67 

     

    

(b)       Subject to Section 8.5(c), any and all claims, suits, actions or proceedings arising out of, in connection with
or relating in any way to this Agreement shall be exclusively brought in the Court of Chancery of the State of Delaware. Each
party hereto unconditionally and irrevocably submits to the exclusive jurisdiction of the Court of Chancery of the State of Delaware
with respect to any such claim, suit, action or proceeding and waives any objection that such party may have to the laying of
venue of any claim, suit, action or proceeding in the Court of Chancery of the State of Delaware.

 

Section
14.14    Invalidity
of Provisions. If any provision or part of a provision of this Agreement is or becomes for any reason, invalid, illegal or unenforceable
in any respect, the validity, legality and enforceability of the remaining provisions and/or parts thereof contained herein shall
not be affected thereby and this Agreement shall, to the fullest extent permitted by law, be reformed and construed as if such
invalid, illegal or unenforceable provision, or part of a provision, had never been contained herein, and such provisions and/or
part shall be reformed so that it would be valid, legal and enforceable to the maximum extent possible.

 

Section
14.15    Facsimile
and Email Signatures. The use of facsimile signatures and signatures delivered by email in portable document format (.pdf)
or similar format affixed in the name and on behalf of the Company on certificates representing Membership Interests is expressly
permitted by this Agreement.

 

[Signature
page follows.]

 

    68 

     

    

IN
WITNESS WHEREOF, the Members have executed this Agreement as of the date first set forth above.

 

	 	MEMBERS:
	 	 
	 	 
	 	SunPower YC Holdings, LLC
	 	 	 
	 	By:	/s/ Kenneth
    Mahaffey
	 	Name:	Kenneth Mahaffey
	 	Title:	Assistant Secretary
	 	 	 
	 	 	 
	 	First Solar 8point3 Holdings,
    LLC
	 	 	 
	 	By:	/s/ Alexander R. Bradley 
	 	Name:	Alexander R. Bradley
	 	Title:	Vice President, Treasury and Project Finance

 

 

 

Signature Page to Amended and Restated 

Limited Liability Company Agreement

 

     

     

    

EXHIBIT
A

ECONOMIC UNITS

 

	Economic Member	Capital

Contribution	Capital Account

Balance	Economic

Units	Ownership

Percentage
	SP Member	$500.00	$500.00	500	50%
	FS Member	500.00
	500.00
	500
	50%

	Total:	$1,000.00	$1,000.00	1,000	100.00%

 

    A-1

     

    

EXHIBIT
B

MANAGEMENT UNITS

 

	Management Member	Management

Units	Percentage

Ownership 
	SP Member	500	50%
	FS Member	500
	50%

	Total:	1,000
	100.00%

    B-1

     

    

EXHIBIT
C

 

INITIAL
DIRECTORS OF THE YIELDCO GENERAL PARTNER

 

	Charles D. Boynton	

        SP Director

        

        Chairman of the Board
of Directors 

	Ty
    P. Daul	

    SP Director
	Mark
    R. Widmar  	

    FS Director
	Joseph
    G. Kishkill	

    FS Director
	Thomas
    C. O’Connor	Independent Director
	Norman
    J. Szydlowski	Independent Director
	Michael
    W. Yackira	Independent Director

 

    C-1

     

    

EXHIBIT
D

 

TARGET
DISTRIBUTED CASH INCREASE SCHEDULE

 

	Fiscal Year

Ending

November
    30	Target
    Distributed Cash Increase Range
	Low	High
	2016	***	***
	2017	***	***
	2018	***	***
	2019	***	***
	2020	***	***
	2021	***	***
	2022	***	***
	2023	***	***
	2024	***	***
	2025	***	***

 

*** CONFIDENTIAL MATERIAL REDACTED
AND SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.

 

    D-1

     

    

EXHIBIT
E

 

MEMBERS’
ADDRESS FOR NOTICE

 

SP Member

 

SunPower YC Holdings,
LLC

 c/o SunPower Corporation

 77 Rio Robles

 San Jose, California
95134

 Tel: (408) 240-5500

 Email: chuck.boynton@sunpower.com

 Attention: Charles
Boynton, Chief Financial Officer

 

with copies, which shall
not constitute notice, to:

 

SunPower YC Holdings,
LLC

 c/o SunPower Corporation

 77 Rio Robles

 San Jose, California
95134

 Tel: (408) 240-5500

 Email: lisa.bodensteiner@sunpower.com

 Attention: Lisa
Bodensteiner, General Counsel

 

FS Member

 

First Solar 8point3 Holdings,
LLC

 c/o First Solar,
Inc.

 350 West Washington
Street, Suite 600

 Tempe, Arizona
85281

 Tel: (602) 414-9300

 Email: mark.widmar@firstsolar.com

 Attention: Mark
Widmar, Chief Financial Officer

 

with copies, which shall
not constitute notice, to:

 

First Solar 8point3 Holdings,
LLC

 c/o First Solar,
Inc.

 350 West Washington
Street, Suite 600

 Tempe, Arizona
85281

 Tel: (602) 427-2925

 Email: generalcounsel@firstsolar.com

 Attention: Paul
Kaleta, General Counsel

 

    E-1

     

    

EXHIBIT
F

 

REPRESENTATIVES

 

SP Member’s Initial Representative:
Natalie F. Jackson

 

FS Member’s Initial Representative:
Alexander R. Bradley

 

    F-1Exhibit 10.3

 

 

 

EXECUTION VERSION

 

 

 

 

 

 

 

 

 

AMENDED AND RESTATED

 

LIMITED LIABILITY COMPANY AGREEMENT

 

OF

 

8POINT3 OPERATING COMPANY, LLC

 

A Delaware Limited Liability Company

 

Dated as of

 

June 24, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 

    	 

    
 

TABLE OF CONTENTS

 

Page

 

	ARTICLE I DEFINITIONS	1
	Section 1.1	Definitions	1
	Section 1.2	Construction	25
	ARTICLE II ORGANIZATION	26
	Section 2.1	Formation	26
	Section 2.2	Name	26
	Section 2.3	Registered Office; Registered Agent; Principal Office; Other Offices	26
	Section 2.4	Purpose and Business	26
	Section 2.5	Powers	27
	Section 2.6	Term	27
	Section 2.7	Title to Company Assets	27
	ARTICLE III RIGHTS OF MEMBERS	27
	Section 3.1	Limitation of Liability	27
	Section 3.2	Management of Business	27
	Section 3.3	Outside Activities of Members	27
	Section 3.4	Rights of Members	28
	ARTICLE IV CERTIFICATES; RECORD HOLDERS; TRANSFER OF MEMBERSHIP INTERESTS	28
	Section 4.1	Certificates	28
	Section 4.2	Mutilated, Destroyed, Lost or Stolen Certificates	29
	Section 4.3	Record Holders	29
	Section 4.4	Transfer Generally	30
	Section 4.5	Registration and Transfer of Non-Managing Member Interests	30
	Section 4.6	Transfer of the Managing Member’s Managing Member Interest	31
	Section 4.7	Restrictions on Transfers	32
	ARTICLE V CAPITAL CONTRIBUTIONS AND ISSUANCE OF MEMBERSHIP INTERESTS	32
	Section 5.1	Organizational Contributions	32
	Section 5.2	Interest and Withdrawal	33
	Section 5.3	Capital Accounts	33
	Section 5.4	Issuances of Additional Membership Interests	37
	Section 5.5	Conversion of Subordinated Units	38
	Section 5.6	Issuances of Securities by the Managing Member	38
	Section 5.7	Limited Preemptive Right	39
	Section 5.8	Splits and Combinations	39
	Section 5.9	Redemption, Repurchase or Forfeiture of Class A Shares	40
	Section 5.10	Issuance of Class B Shares	40
	Section 5.11	Fully Paid and Non-Assessable Nature of Non-Managing Member Interests	40

 

    i 

     

    
 

	Section 5.12	Issuance of Common Units in Connection with Reset of Incentive
    Distribution Rights	40
	Section 5.13	Unit Option Plans	42
	ARTICLE VI ALLOCATIONS AND DISTRIBUTIONS	44
	Section 6.1	Allocations for Capital Account Purposes	44
	Section 6.2	Allocations for Tax Purposes	56
	Section 6.3	Requirement and Characterization of Distributions; Distributions to Record Holders	57
	Section 6.4	Distributions of Available Cash from Operating Surplus	58
	Section 6.5	Distributions of Available Cash from Capital Surplus	59
	Section 6.6	Adjustment of Target Distribution Levels	60
	Section 6.7	Special Provisions Relating to the Holders of Subordinated Units	61
	Section 6.8	Special Provisions Relating to the Holders of Incentive Distribution Rights	61
	Section 6.9	Entity Level Taxation	61
	ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS	62
	Section 7.1	Management	62
	Section 7.2	Replacement of Fiduciary Duties	64
	Section 7.3	Certificate of Formation	64
	Section 7.4	Restrictions on the Managing Member’s Authority to Sell Assets of the Company
    Group	65
	Section 7.5	Reimbursement of the Managing Member	65
	Section 7.6	Outside Activities	66
	Section 7.7	Indemnification	67
	Section 7.8	Liability of Indemnitees	68
	Section 7.9	Resolution of Conflicts of Interest; Standards of Conduct and Modification of Duties	69
	Section 7.10	Other Matters Concerning the Managing Member	72
	Section 7.11	Purchase or Sale of Membership Interests	72
	Section 7.12	Reliance by Third Parties	73
	ARTICLE VIII BOOKS, RECORDS, ACCOUNTING AND REPORTS	73
	Section 8.1	Records and Accounting	73
	Section 8.2	Fiscal Year	74
	Section 8.3	Reports	74
	ARTICLE IX TAX MATTERS	74
	Section 9.1	Tax Returns and Information	74
	Section 9.2	Tax Characterization	74
	Section 9.3	Tax Elections	74
	Section 9.4	Tax Controversies	74
	Section 9.5	Withholding	75
	Section 9.6	Disqualified Person	75

 

 

    ii 

     

    
 

	ARTICLE X ADMISSION OF MEMBERS	75
	Section 10.1	Admission of Non-Managing Members	75
	Section 10.2	Admission of Successor Managing Member	76
	Section 10.3	Amendment of Agreement and Certificate of Formation	76
	ARTICLE XI WITHDRAWAL OR REMOVAL OF MEMBERS	77
	Section 11.1	Withdrawal of the Managing Member	77
	Section 11.2	Removal of the Managing Member	78
	Section 11.3	Interest of Departing Managing Member and Successor Managing Member	78
	Section 11.4	Conversion of Subordinated Units	80
	Section 11.5	Withdrawal of Non-Managing Members	80
	ARTICLE XII DISSOLUTION AND LIQUIDATION	80
	Section 12.1	Dissolution	80
	Section 12.2	Continuation of the Business of the Company After Dissolution	81
	Section 12.3	Liquidator	82
	Section 12.4	Liquidation	82
	Section 12.5	Cancellation of Certificate of Formation	83
	Section 12.6	Return of Contributions	83
	Section 12.7	Waiver of Partition	83
	Section 12.8	Capital Account Restoration	83
	ARTICLE XIII AMENDMENT OF LIMITED LIABILITY COMPANY AGREEMENT;
    MEETINGS;     RECORD DATE	83
	Section 13.1	Amendments to be Adopted Solely by the Managing Member	83
	Section 13.2	Amendment Procedures	85
	Section 13.3	Amendment Requirements	85
	Section 13.4	Special Meetings	86
	Section 13.5	Notice of a Meeting	86
	Section 13.6	Record Date	86
	Section 13.7	Postponement and Adjournment	87
	Section 13.8	Waiver of Notice; Approval of Meeting	87
	Section 13.9	Quorum and Voting	87
	Section 13.10	Conduct of a Meeting	88
	Section 13.11	Action Without a Meeting	88
	Section 13.12	Right to Vote and Related Matters	88
	ARTICLE XIV MERGER, CONSOLIDATION OR CONVERSION	89
	Section 14.1	Authority	89
	Section 14.2	Procedure for Merger, Consolidation or Conversion	89
	Section 14.3	Approval by Non-Managing Members	91
	Section 14.4	Certificate of Merger or Certificate of Conversion	93
	Section 14.5	Effect of Merger, Consolidation or Conversion	93
	ARTICLE XV GENERAL PROVISIONS	94
	Section 15.1	Addresses and Notices; Written Communication	94

 

 

    iii 

     

    
 

	Section 15.2	Further Action	95
	Section 15.3	Binding Effect	95
	Section 15.4	Integration	95
	Section 15.5	Creditors	95
	Section 15.6	Waiver	95
	Section 15.7	Third-Party Beneficiaries	95
	Section 15.8	Counterparts	95
	Section 15.9	Applicable Law; Forum; Venue and Jurisdiction; Waiver of Trial by Jury	95
	Section 15.10	Invalidity of Provisions	96
	Section 15.11	Consent of Members	97
	Section 15.12	Facsimile and Email Signatures	97

 

 

 

    iv 

     

    
 

AMENDED
AND RESTATED

 

LIMITED
LIABILITY COMPANY AGREEMENT

 

OF

 

8POINT3
OPERATING COMPANY, LLC

 

A Delaware
Limited Liability Company

 

THIS
AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF 8POINT3 OPERATING COMPANY, LLC, dated as of June 24, 2015, is entered
into by and between 8POINT3 ENERGY PARTNERS LP, a Delaware limited partnership, SUNPOWER YC HOLDINGS, LLC, a Delaware limited
liability company, FIRST SOLAR 8POINT3 HOLDINGS, LLC, a Delaware limited liability company, MARYLAND SOLAR HOLDINGS, INC., a Delaware
corporation, and 8POINT3 HOLDING COMPANY, LLC, a Delaware limited liability company. In consideration of the covenants, conditions
and agreements contained herein, the parties hereto hereby agree as follows:

 

Article
I

DEFINITIONS

 

Section
1.1           
Definitions.  As used
in this Agreement, the following terms have the respective meanings set forth below or set forth in the Sections referred to below:

 

“Additional
Book Basis” means, with respect to any Adjusted Property, the portion of the Carrying Value of such Adjusted Property
that is attributable to positive adjustments made to such Carrying Value as determined in accordance with the provisions set forth
below in this definition of Additional Book Basis. For purposes of determining the extent to which Carrying Value constitutes
Additional Book Basis:

 

(a)         Any
negative adjustment made to the Carrying Value of an Adjusted Property as a result of either a Book-Down Event or a Book-Up Event
shall first be deemed to offset or decrease that portion of the Carrying Value of such Adjusted Property that is attributable
to any prior positive adjustments made thereto pursuant to a Book-Up Event or Book-Down Event; and

 

(b)         If
Carrying Value that constitutes Additional Book Basis is reduced as a result of a Book-Down Event and the Carrying Value of other
property is increased as a result of such Book-Down Event, an allocable portion of any such increase in Carrying Value shall be
treated as Additional Book Basis; provided, however, that the amount treated as Additional Book Basis pursuant hereto as a result
of such Book-Down Event shall not exceed the amount by which the Aggregate Remaining Net Positive Adjustments after such Book-Down
Event exceeds the remaining Additional Book Basis attributable to all of the Company’s Adjusted Property after such Book-Down
Event (determined without regard to the application of this clause (b) to such Book-Down Event).

 

    1 

     

    

“Additional
Book Basis Derivative Items” means any Book Basis Derivative Items that are computed with reference to Additional Book
Basis. To the extent that the Additional Book Basis attributable to all of the Company’s Adjusted Property as of the beginning
of any taxable period exceeds the Aggregate Remaining Net Positive Adjustments as of the beginning of such period (the “Excess
Additional Book Basis”), the Additional Book Basis Derivative Items for such period shall be reduced by the amount that
bears the same ratio to the amount of Additional Book Basis Derivative Items determined without regard to this sentence as the
Excess Additional Book Basis bears to the Additional Book Basis as of the beginning of such period. With respect to a Disposed
of Adjusted Property, the Additional Book Basis Derivative Items shall be the amount of Additional Book Basis taken into account
in computing gain or loss from the disposition of such Disposed of Adjusted Property; provided that the provisions of the
immediately preceding sentence shall apply to the determination of the Additional Book Basis Derivative Items attributable to
Disposed of Adjusted Property.

 

“Adjusted
Capital Account” means, with respect to any Member, the balance in such Member’s Capital Account at the end of
each taxable period of the Company, after giving effect to the following adjustments: (a) credit to such Capital Account
any amounts that such Member is obligated to restore under the standards set by Treasury Regulation Section 1.704-1(b)(2)(ii)(c)
(or is deemed obligated to restore pursuant to the penultimate sentences of Treasury Regulation Sections 1.704-2(g)(1) and
1.704-2(i)(5)) and (b) debit to such Capital Account the items described in Treasury Regulation Sections 1.704-1(b)(2)(ii)(d)(4),
(5) and (6). The foregoing definition of Adjusted Capital Account is intended to comply with the provisions of Treasury Regulation
Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. The “Adjusted Capital Account”
of a Member in respect of any Membership Interest shall be the amount that such Adjusted Capital Account would be if such Membership
Interest were the only interest in the Company held by such Member from and after the date on which such Membership Interest was
first issued.

 

“Adjusted
Operating Surplus” means, with respect to any period, (a) Operating Surplus generated with respect to such period less
(b)(i) the amount of any net increase in Working Capital Borrowings (or the Company’s share of any net increase in Working
Capital Borrowings in the case of Subsidiaries that are not wholly owned) with respect to such period and (ii) the amount of any
net decrease in cash reserves (or the Company’s share of any net decrease in cash reserves in the case of Subsidiaries that
are not wholly owned) for Operating Expenditures with respect to such period not relating to an Operating Expenditure made with
respect to such period, and plus (c)(i) the amount of any net decrease in Working Capital Borrowings (or the Company’s share
of any net decrease in Working Capital Borrowings in the case of Subsidiaries that are not wholly owned) with respect to such
period, (ii) the amount of any net increase in cash reserves (or the Company’s share of any net increase in cash reserves
in the case of Subsidiaries that are not wholly owned) for Operating Expenditures with respect to such period required by any
debt instrument for the repayment of principal, interest or premium and (iii) the amount of any net decrease made in subsequent
periods in cash reserves for Operating Expenditures initially established with respect to such period to the extent such decrease
results in a reduction in Adjusted Operating Surplus in subsequent periods pursuant to clause (b)(ii) above. Adjusted Operating
Surplus does not include that portion of Operating Surplus included in clause (a)(i) of the definition of Operating Surplus. To
the extent that disbursements made, cash received or cash reserves established, increased or reduced after the end of a period
are

 

    2 

     

    

included
in the determination of Operating Surplus for such period (as contemplated by the proviso in the definition of “Operating
Surplus”) such disbursements, cash receipts and changes in cash reserves shall be deemed to have occurred in such period
(and not in any future period) for purposes of calculating increases or decreases in Working Capital Borrowings or cash reserves
during such period.

 

“Adjusted
Property” means any property the Carrying Value of which has been adjusted pursuant to ‎Section 5.3(d).

 

“Affiliate”
means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is
controlled by or is under common control with, the Person in question. As used herein, the term “control” means the
possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether
through ownership of voting securities, by contract or otherwise. Without limiting the foregoing, for purposes of this Agreement,
any Person that, individually or together with its Affiliates, has the direct or indirect right to designate or cause the designation
of at least one member to the Board of Directors of the General Partner, and any such Person’s Affiliates, shall be deemed
to be an Affiliate of the Managing Member. Notwithstanding anything in the foregoing to the contrary, SunPower and its Affiliates
(other than the Managing Member or any Group Member), on the one hand, and First Solar and its Affiliates (other than the Managing
Member or any Group Member), on the other hand, will not be deemed to be Affiliates of one another hereunder unless there is a
basis for such Affiliation independent of their respective Affiliation with any Group Member, the General Partner, the Managing
Member or any Affiliate of any Group Member or the Managing Member.

 

“Aggregate
Quantity of IDR Reset Common Units” has the meaning set forth in ‎Section 5.12(a).

 

“Aggregate
Remaining Net Positive Adjustments” means, as of the end of any taxable period, the sum of the Remaining Net Positive
Adjustments of all the Members.

 

“Agreed
Allocation” means any allocation, other than a Required Allocation, of an item of income, gain, loss or deduction pursuant
to the provisions of ‎Section 6.1, including a Curative Allocation (if appropriate to the context in which the term “Agreed
Allocation” is used).

 

“Agreed
Value” of (a) a Contributed Property means the fair market value of such property or other consideration at the time
of contribution and (b) an Adjusted Property means the fair market value of such Adjusted Property on the date of the Revaluation
Event, in each case as determined by the Managing Member. The Managing Member shall use such method as it determines to be appropriate
to allocate the aggregate Agreed Value of Contributed Properties contributed to the Company in a single or integrated transaction
among each separate property on a basis proportional to the fair market value of each Contributed Property.

 

“Agreement”
means this Amended and Restated Limited Liability Company Agreement of 8point3 Operating Company, LLC, as it may be amended, modified,
supplemented or restated from time to time.

 

    3 

     

    

“Associate”
means, when used to indicate a relationship with any Person, (a) any corporation or organization of which such Person is a director,
officer, manager, general partner or managing member or is, directly or indirectly, the owner of 20% or more of any class of voting
stock or other voting interest, (b) any trust or other estate in which such Person has at least a 20% beneficial interest or as
to which such Person serves as trustee or in a similar fiduciary capacity, and (c) any relative or spouse of such Person, or any
relative of such spouse, who has the same principal residence as such Person.

 

“Available
Cash” means, with respect to any Quarter ending prior to the Liquidation Date:

 

(a)          the
sum of:

 

(i)               all cash and cash equivalents of the Company Group (or the Company’s share of cash and cash equivalents in the case
of Subsidiaries that are not wholly owned) on hand at the end of such Quarter;

 

(ii)              all cash and cash equivalents of the Company Group (or the Company’s share of cash and cash equivalents in the case
of Subsidiaries that are not wholly owned) resulting from dividends or distributions received after the end of such Quarter from
equity interests in any Person other than a Subsidiary in respect of operations conducted by such Person during such Quarter;
and

 

(iii)            
if the Managing Member so determines, all or any portion of additional cash and cash equivalents of the Company Group (or
the Company’s share of cash and cash equivalents in the case of Subsidiaries that are not wholly owned) on hand on the date
of determination of Available Cash with respect to such Quarter resulting from Working Capital Borrowings made subsequent to the
end of such Quarter, less

 

(b)           the amount of any cash reserves established by the Managing Member (or the Company’s share of cash reserves in the
case of Subsidiaries that are not wholly owned) to:

 

(i)               provide for the proper conduct of the business of the Company Group, including reserves for anticipated future debt service
requirements, future capital expenditures and future acquisitions, subsequent to such Quarter;

 

(ii)              comply with applicable law or any loan agreement, security agreement, mortgage, debt instrument or other agreement or obligation
to which any Group Member is a party or by which it is bound or its assets are subject; or

 

(iii)            
provide funds for distributions under ‎Section 6.4 or ‎Section 6.5 in respect of any
one or more of the next four Quarters;

 

provided,
however, that the Managing Member may not establish cash reserves pursuant to subclause (b)(iii) above if the effect of such
reserves would be that the Company is unable to distribute the Minimum Quarterly Distribution on all Common Units, plus any Cumulative

 

    4 

     

    

Common Unit
Arrearage on all Common Units, with respect to such Quarter; and, provided further, that disbursements made by a Group Member
or cash reserves established, increased or reduced after the end of such Quarter, but on or before the date of determination of
Available Cash with respect to such Quarter, shall be deemed to have been made, established, increased or reduced, for purposes
of determining Available Cash, within such Quarter if the Managing Member so determines.

 

Notwithstanding
the foregoing, “Available Cash” with respect to the Quarter in which the Liquidation Date occurs and any subsequent
Quarter shall equal zero.

 

“Board
of Directors” means the board of directors or board of managers of the Managing Member, as applicable, if the Managing
Member is a corporation or limited liability company, or the board of directors or board of managers of the general partner of
the Managing Member, if the Managing Member is a limited partnership, as applicable.

 

“Book
Basis Derivative Items” means any item of income, deduction, gain or loss that is computed with reference to the Carrying
Value of an Adjusted Property (e.g., depreciation, depletion, or gain or loss with respect to an Adjusted Property).

 

“Book-Down
Event” means a Revaluation Event that gives rise to a Net Termination Loss.

 

“Book-Tax
Disparity” means, with respect to any item of Contributed Property or Adjusted Property, as of the date of any determination,
the difference between the Carrying Value of such Contributed Property or Adjusted Property and the adjusted basis thereof for
federal income tax purposes as of such date. A Member’s share of the Company’s Book-Tax Disparities in all of its
Contributed Property and Adjusted Property will be reflected by the difference between such Member’s Capital Account balance
as maintained pursuant to ‎Section 5.3 and the hypothetical balance of such Member’s Capital Account computed as if
it had been maintained strictly in accordance with federal income tax accounting principles.

 

“Book-Up
Event” means a Revaluation Event that gives rise to a Net Termination Gain.

 

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

 

“Capital
Account” means the capital account maintained for a Member pursuant to ‎Section 5.3. The “Capital Account”
of a Member in respect of any Membership Interest shall be the amount that such Capital Account would be if such Membership Interest
were the only interest in the Company held by such Member from and after the date on which such Membership Interest was first
issued.

 

“Capital
Contribution” means (a) any cash, cash equivalents or the Net Agreed Value of Contributed Property that a Member
contributes to the Company or that is contributed or deemed contributed to the Company on behalf of a Member (including in the
case of an underwritten offering of Class A Shares, the amount of any underwriting discounts and commissions) or (b) current
distributions that a Member is entitled to receive but otherwise waives.

 

    5 

     

    

“Capital
Improvement” means (a) the acquisition (through an asset acquisition, merger, stock acquisition or other form of
investment) by a Group Member of existing assets or assets under construction, (b) the construction or development of new capital
assets by a Group Member, (c) the replacement, improvement or expansion of existing capital assets by a Group Member or (d) a
capital contribution by a Group Member to a Person that is not a Subsidiary in which a Group Member has, or after such capital
contribution will have, directly or indirectly, an equity interest, to fund such Group Member’s share of the cost of the
acquisition, construction or development of new, or the replacement, improvement or expansion of existing capital assets by such
Person, in each case if and to the extent such acquisition, construction, development, replacement, improvement or expansion is
made to increase, over the long-term, the operating capacity or operating income of the Company Group, in the case of clauses (a),
(b) and (c), or such Person, in the case of clause (d), from the operating capacity or operating income of the Company Group
or such Person, as the case may be, existing immediately prior to such acquisition, construction, development, replacement, improvement,
expansion or Capital Contribution. For purposes of this definition, “long-term” generally refers to a period of not
less than twelve months.

 

“Capital
Surplus” means Available Cash distributed by the Company in excess of Operating Surplus, as described in ‎Section
6.3(a).

 

“Carrying
Value” means (a) with respect to a Contributed Property or Adjusted Property, the Agreed Value of such property
reduced (but not below zero) by all depreciation, amortization and other cost recovery deductions charged to the Members’
Capital Accounts in respect of such property and (b) with respect to any other Company property, the adjusted basis of such
property for federal income tax purposes, all as of the time of determination; provided that the Carrying Value of any property
shall be adjusted from time to time in accordance with ‎Section 5.3(d) and to reflect changes, additions or other adjustments
to the Carrying Value for dispositions and acquisitions of Company properties, as deemed appropriate by the Managing Member.

 

“Cause”
means a court of competent jurisdiction has entered a final, non-appealable judgment finding the Managing Member liable to the
Company or any Non-Managing Member for actual fraud or willful misconduct in its capacity as a managing member of the Company.

 

“Certificate”
means a certificate, in such form as may be adopted by the Managing Member, issued by the Company evidencing ownership of one
or more classes of Membership Interests. The initial form of certificate approved by the Managing Member for the Common Units
is attached as Exhibit A to this Agreement.

 

“Certificate
of Formation” means the Certificate of Formation of the Company filed with the Secretary of State of the State of Delaware
as referenced in ‎Section 7.3, as such Certificate of Formation may be amended, supplemented or restated from time to time.

 

“Class
A Share” has the meaning set forth in the Partnership Agreement.

 

“Class
B Share” has the meaning set forth in the Partnership Agreement.

 

“Closing
Price” means, in respect of Class A Shares or the Common Units, as of the date of determination, the last sale price
on such day, regular way, or in case no such sale takes place

 

    6 

     

    

on
such day, the average of the closing bid and asked prices on such day, regular way, as reported on the principal National Securities
Exchange on which such Class A Shares are listed or admitted to trading or, if such Class A Shares are not listed or admitted
to trading on any National Securities Exchange, the last quoted price on such day, or if not so quoted, the average of the high
bid and low asked prices on such day in the over-the-counter market, as reported by any quotation system then in use with respect
to such Class A Shares, or, if on any such day such Class A Shares are not quoted by any such system, the average of the closing
bid and asked prices on such day as furnished by a professional market maker making a market in such Class A Shares selected by
the Board of Directors, or if on any such day no market maker is making a market in such Class A Shares, the fair value of such
Class A Shares on such day as determined by the Board of Directors.

 

“Code”
means the Internal Revenue Code of 1986, as amended and in effect from time to time. Any reference herein to a specific section
or sections of the Code shall be deemed to include a reference to any corresponding provision of any successor law.

 

“Combined
Interest” has the meaning set forth in ‎Section 11.3(a).

 

“Commences
Commercial Service” means the date upon which a Capital Improvement is first put into commercial service by a Group
Member (or other Person that is not a Subsidiary of a Group Member, as contemplated in the definition of “Capital Improvement”)
following completion of acquisition, construction, development, replacement, improvement, addition or expansion and testing, as
applicable.

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Common
Unit” means a limited liability company interest in the Company having the rights and obligations specified with respect
to “Common Units” in this Agreement. The term Common Unit does not include a Subordinated Unit prior to its conversion
into a Common Unit pursuant to the terms hereof.

 

“Common
Unit Arrearage” means, with respect to any Common Unit, whenever issued, as to any Quarter wholly within the Subordination
Period, the excess, if any, of (a) the Minimum Quarterly Distribution with respect to a Common Unit in respect of such Quarter
over (b) the sum of all Available Cash distributed with respect to a Common Unit in respect of such Quarter pursuant to ‎Section
6.4(a)(i).

 

“Company”
means 8point3 Operating Company, LLC, a Delaware limited liability company.

 

“Company
Employee” means any employee of a Group Member, the Managing Member or the General Partner.

 

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

 

“Company
Minimum Gain” means that amount determined in accordance with the principles of Treasury Regulation Sections 1.704-2(b)(2)
and 1.704-2(d).

 

    7 

     

    

“Conflicts
Committee” has the meaning set forth in the Partnership Agreement.

 

“Construction
Debt” means debt incurred to fund (a) all or a portion of a Capital Improvement, (b) interest payments (including
periodic net payments under related interest rate swap agreements) and related fees on other Construction Debt or (c) distributions
(including incremental Incentive Distributions) paid in respect of Construction Equity.

 

“Construction
Equity” means equity issued to fund (a) all or a portion of a Capital Improvement, (b) interest payments (including
periodic net payments under related interest rate swap agreements) and related fees on Construction Debt or (c) distributions
paid in respect of Construction Equity and incremental Incentive Distributions in respect thereof. Construction Equity does not
include equity issued in connection with the Initial Public Offering.

 

“Construction
Period” means the period beginning on the date that a Group Member (or other Person that is not a Subsidiary of a Group
Member, as contemplated in the definition of “Capital Improvement”) enters into a binding obligation to commence a
Capital Improvement and ending on the earlier to occur of the date that such Capital Improvement Commences Commercial Service
and the date that the Group Member (or other Person that is not a Subsidiary of a Group Member, as contemplated in the definition
of “Capital Improvement”) abandons or disposes of such Capital Improvement.

 

“Contributed
Property” means each property or other asset, in such form as may be permitted by the Delaware Act, but excluding cash,
contributed or deemed contributed to the Company. Once the Carrying Value of a Contributed Property is adjusted pursuant to ‎Section
5.3(d), such property or other asset shall no longer constitute a Contributed Property, but shall be deemed an Adjusted Property.

 

“Cumulative
Common Unit Arrearage” means, with respect to any Common Unit, whenever issued, and as of the end of any Quarter, the
excess, if any, of (a) the sum of the Common Unit Arrearages as to an Initial Common Unit for each of the Quarters within the
Subordination Period ending on or before the last day of such Quarter over (b) the sum of any distributions theretofore made pursuant
to ‎Section 6.4(a)(ii) and the second sentence of ‎Section 6.5 with respect to an Initial Common Unit (including any distributions
to be made in respect of the last of such Quarters).

 

“Curative
Allocation” means any allocation of an item of income, gain, deduction, loss or credit pursuant to the provisions of
‎Section 6.1(c)(xi).

 

“Current
Market Price” means, as of any date, for the Class A Shares or the Common Units, the average of the daily Closing Prices
per Class A Share for the 20 consecutive Trading Days immediately prior to such date.

 

“Deferred
Issuance and Distribution” means (i) the issuance by the Company of a number of additional Common Units that is equal
to the excess, if any, of (a) the number of Class A Shares subject to the Underwriters’ Option over (b) the number of Common
Units equal to the aggregate number, if any, of Class A Shares actually purchased by and issued to the IPO Underwriters pursuant
to the Underwriters’ Option on one or more dates and (ii) the distribution

 

    8 

     

    

by
the Company in an amount equal to the aggregate amount of cash, if any, contributed to the Company by the Partnership upon exercise
of the Underwriters’ Option.

 

“Delaware
Act” means the Delaware Limited Liability Company Act, 6 Del C. Section 18-101, et seq., as amended, supplemented or
restated from time to time, and any successor to such statute.

 

“Departing
Managing Member” means a former Managing Member from and after the effective date of any withdrawal or removal of such
former Managing Member pursuant to ‎Section 11.1 or ‎Section 11.2.

 

“Derivative
Membership Interests” means any options, rights, warrants, appreciation rights, tracking, profit and phantom interests
and other derivative securities relating to, convertible into or exchangeable for Membership Interests.

 

“Disqualified
Person” means (a) a “tax-exempt entity” (unless such Person would be subject to tax under Section 511 of
the Code on all income from the Company) or “tax-exempt controlled entity” (unless with respect to a “tax-exempt
controlled entity,” an election is made under Section 168(h)(6)(F)(ii) of the Code) as those terms are defined in Section
168(h) of the Code; (b) a Person described in Section 50(b)(3) (unless such Person would be subject to tax under Section 511 of
the Code on all income from the Company), Section 50(b)(4) or Section 50(d) of the Code; (c) an entity described in paragraph
(4) of Section 54(j) of the Code; or (d) any partnership or other pass-through entity (including a single-member disregarded entity)
any direct or indirect partner of which (or other direct or indirect holder of an equity or profits interest) is described in
clauses (a) through (c) above, unless such Person holds its interest in the partnership or other pass-through entity indirectly
through an entity taxable as a corporation for U.S. federal income tax purposes, other than an (i) a “tax-exempt controlled
entity” as defined in Section 168(h) (unless with respect to a “tax-exempt controlled entity,” an election is
made under Section 168(h)(6)(F)(ii) of the Code) or (ii) a corporation with respect to which the rules of Section 50(d) would
apply.

 

“Disposed
of Adjusted Property” has the meaning set forth in ‎Section 6.1(c)(xiii)(B).

 

“Distribution
Forbearance Period” means the period beginning on the IPO Closing Date and ending on the first business day of any Quarter
commencing on or after March 1, 2016 that the Board of Directors, with the concurrence of the Conflicts Committee, determines
that (a) the Company will be able to make aggregate distributions of Available Cash from Operating Surplus on the Outstanding
Common Units, Subordinated Units and any other Outstanding Units that are senior or equal in right of distribution to the Subordinated
Units with respect to equal to or exceeding the sum of the Minimum Quarterly Distribution on such Outstanding Common Units, Subordinated
Units and other Outstanding Units, in each case in respect of such Quarter and the successive Quarter and (b) the Adjusted Operating
Surplus for such Quarter and the successive Quarter will equal or exceed the sum of the Minimum Quarterly Distribution on all
of the Common Units, Subordinated Units and other Units that are senior or equal in right of distribution to the Subordinated
Units that are Outstanding on the first day of the first Quarter (and treating all Common Units and Subordinated Units as Outstanding,
notwithstanding the proviso to the definition thereof).

 

    9 

     

    

“Economic
Risk of Loss” has the meaning set forth in Treasury Regulation Section 1.752-2(a).

 

“Equity
Plan” means any unit or equity purchase plan, restricted unit or equity plan or other similar equity compensation plan
now or hereafter adopted by the Managing Member or the General Partner.

 

“Estimated
Incremental Quarterly Tax Amount” has the meaning set forth in ‎Section 6.9.

 

“Event
Issue Value” means, with respect to any Common Unit as of any date of determination, (i) in the case of a Revaluation
Event that includes the issuance of Class A Shares pursuant to a public offering and solely for cash, the price paid for
such Class A Shares or (ii) in the case of any other Revaluation Event, the Closing Price of the Class A Shares
on the date of such Revaluation Event or, if the Managing Member determines that a value for the Class A Shares other than
such Closing Price more accurately reflects the Event Issue Value, the value determined by the Managing Member.

 

“Event
of Withdrawal” has the meaning set forth in ‎Section 11.1(a).

 

“Excess
Distribution” has the meaning set forth in ‎Section 6.1(c)(iii)(A).

 

“Excess
Distribution Unit” has the meaning set forth in ‎Section 6.1(c)(iii)(A).

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, supplemented or restated from time to time, and any successor
to such statute.

 

“Exchange
Agreement” means the Exchange Agreement, dated as of June 24, 2015, among the Managing Member, the General Partner,
SunPower, First Solar Holdings and the Company.

 

“Expansion
Capital Expenditures” means cash expenditures (including transaction expenses) for Capital Improvements. Expansion Capital
Expenditures shall not include Maintenance Capital Expenditures or Investment Capital Expenditures. Expansion Capital Expenditures
shall include interest payments (including periodic net payments under related interest rate swap agreements) and related fees
paid in respect of the Construction Period on Construction Debt. Where cash expenditures are made in part for Expansion Capital
Expenditures and in part for other purposes, the Managing Member shall determine the allocation between the amounts paid for each.

 

“Final
Subordinated Units” has the meaning given such term in ‎Section 6.1(c)(x)(A).

 

“First
Liquidation Target Amount” has the meaning set forth in ‎Section 6.1(b)(i)(D).

 

“First
Solar” means, collectively, First Solar Holdings and MD Solar.

 

“First
Solar Holdings” means First Solar 8point3 Holdings, LLC, a Delaware limited liability company.

 

    10 

     

    

“First
Target Distribution” means $0.31455 per Unit per Quarter (or, with respect to periods of less than a full fiscal quarter,
it means the product of $0.31455 multiplied by a fraction, of which the numerator is the number of days in such period and of
which the denominator is the total number of days in such fiscal quarter), subject to adjustment in accordance with ‎Section
5.12, ‎Section 6.6 and ‎Section 6.9.

 

“Fully
Diluted Weighted Average Basis” means, when calculating the number of Outstanding Units for any period, the sum of (1)
the weighted-average number of Outstanding Units during such period plus (2) all Membership Interests and Derivative Membership
Interests (a) that are convertible into or exercisable or exchangeable for Units or for which Units are issuable, in each case
that are senior to or pari passu with the Subordinated Units, (b) whose conversion, exercise or exchange price is less
than the Current Market Price on the date of such calculation, (c) that may be converted into or exercised or exchanged for such
Units prior to or during the Quarter immediately following the end of the period for which the calculation is being made without
the satisfaction of any contingency beyond the control of the holder other than the payment of consideration and the compliance
with administrative mechanics applicable to such conversion, exercise or exchange and (d) that were not converted into or exercised
or exchanged for such Units during the period for which the calculation is being made; provided, that for purposes of determining
the number of Outstanding Units on a Fully Diluted Weighted Average Basis when calculating whether the Subordination Period has
ended or Subordinated Units are entitled to convert into Common Units pursuant to ‎Section 5.5, such Membership Interests
and Derivative Membership Interests shall be deemed to have been Outstanding Units only for the four Quarters that comprise the
last four Quarters of the measurement period; and provided, further, that if consideration will be paid to any Group
Member in connection with such conversion, exercise or exchange, the number of Units to be included in such calculation shall
be that number equal to the difference between (i) the number of Units issuable upon such conversion, exercise or exchange and
(ii) the number of Units that such consideration would purchase at the Current Market Price.

 

“General
Partner” means 8point3 General Partner, LLC, a Delaware limited liability company, and its successors and permitted
assigns that are admitted to the Managing Member as general partner of the Managing Member, in their capacity as general partner
of the Managing Member (except as the context otherwise requires).

 

“Gross
Liability Value” means, with respect to any Liability of the Company described in Treasury Regulation Section 1.752-7(b)(3)(i),
the amount of cash that a willing assignor would pay to a willing assignee to assume such Liability in an arm’s-length transaction.

 

“Group”
means two or more Persons that, with or through any of their respective Affiliates or Associates, have any contract, arrangement,
understanding or relationship for the purpose of acquiring, holding, voting (except voting pursuant to a revocable proxy or consent
given to such Person in response to a proxy or consent solicitation made to 10 or more Persons), exercising investment power over
or disposing of any Membership Interests with any other Person that beneficially owns, or whose Affiliates or Associates beneficially
own, directly or indirectly, Membership Interests.

 

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

 

    11 

     

    

“Group
Member Agreement” means the partnership agreement of any Group Member that is a limited or general partnership, the
limited liability company agreement of any Group Member that is a limited liability company, other than the Company, the certificate
of incorporation and bylaws or similar organizational documents of any Group Member that is a corporation, the joint venture agreement
or similar governing document of any Group Member that is a joint venture and the governing or organizational or similar documents
of any other Group Member that is a Person other than a limited or general partnership, limited liability company, corporation
or joint venture, as such may be amended, supplemented or restated from time to time.

 

“Hedge
Contract” means any exchange, swap, forward, future, cap, floor, collar, option or other similar agreement or arrangement
entered into for the purpose of reducing the exposure of a Group Member to fluctuations in interest rates, commodity prices or
currency exchange rates in their operations or financing activities and not for speculative purposes.

 

“Holdings”
means 8point3 Holding Company, LLC, a Delaware limited liability company.

 

“Holdings
Limited Liability Company Agreement” means the Amended and Restated Limited Liability Company Agreement of Holdings,
dated as of June 24, 2015, as the same may be amended, supplemented or restated from time to time.

 

“IDR
Reset Common Units” has the meaning set forth in ‎Section 5.12(a).

 

“IDR
Reset Election” has the meaning set forth in ‎Section 5.12(a).

 

“Incentive
Distribution Right” means a Membership Interest having the rights and obligations specified with respect to Incentive
Distribution Rights in this Agreement (and no other rights otherwise available to or other obligations of a holder of a Membership
Interest).

 

“Incentive
Distributions” means any amount of cash distributed to the holders of the Incentive Distribution Rights pursuant to
Sections ‎6.4(a)(v), ‎(vi) and ‎(vii), and Sections ‎6.4(b)(iii), ‎(iv) and ‎(v).

 

“Incremental
Income Taxes” has the meaning set forth in ‎Section 6.9.

 

“Indemnitee”
means (a) the Managing Member, (b) any Departing Managing Member, (c) any Person who is or was an Affiliate of
the Managing Member or any Departing Managing Member, (d) any Person who is or was a manager, managing member, general partner,
director, officer, fiduciary or trustee of (i) any Group Member, the Managing Member or any Departing Managing Member or
(ii) any Affiliate of any Group Member, the Managing Member or any Departing Managing Member, (e) any Person who is
or was serving at the request of the Managing Member or any Departing Managing Member or any Affiliate of the Managing Member
or any Departing Managing Member as a manager, managing member, general partner, employee, agent, fiduciary or trustee of another
Person owing a fiduciary duty to any Group Member; provided that a Person shall not be an Indemnitee by reason of providing, on
a fee-for-services basis, trustee, fiduciary or custodial services, and (f) any Person the Managing Member designates as
an “Indemnitee” for purposes of this Agreement because such Person’s status,

 

    12 

     

    

service
or relationship exposes such Person to potential claims, demands, suits or proceedings relating to the Company Group’s business
and affairs.

 

“Initial
Common Units” means the Common Units outstanding on the IPO Closing Date.

 

“Initial
Public Offering” means the initial offering and sale of Class A Shares to the public (including the offer and sale of
Class A Shares pursuant to the Underwriters’ Option), as described in the IPO Registration Statement.

 

“Initial
Unit Price” means (a) with respect to the Common Units and the Subordinated Units, the initial public offering
price per Class A Share at which the Class A Shares were first offered to the public for sale as set forth on the cover page of
the IPO Prospectus or (b) with respect to any other class or series of Units, the price per Unit at which such class or series
of Units is initially sold by the Company, as determined by the Managing Member, in each case adjusted as the Managing Member
determines to be appropriate to give effect to any distribution, subdivision or combination of Units.

 

“Interim
Capital Transactions” means the following transactions if they occur prior to the Liquidation Date: (a) borrowings,
including sales of debt securities and other incurrences of indebtedness for borrowed money (other than Working Capital Borrowings)
by any Group Member and sales of debt securities of any Group Member; (b) sales of equity interests of any Group Member to
anyone other than a Group Member; (c) sales or other dispositions of any assets of any Group Member (including assets acquired
using Investment Capital Expenditures) other than (i) sales or other dispositions of inventory, accounts receivable and other
assets in the ordinary course of business and (ii) sales or other dispositions of assets as part of normal retirements or
replacements; and (d) Capital Contributions received by the Company Group.

 

“Investment
Capital Expenditures” means capital expenditures that are neither Expansion Capital Expenditures nor Maintenance Capital
Expenditures.

 

“IPO
Closing Date” means the first date on which Class A Shares are sold by the Managing Member to the IPO Underwriters pursuant
to the provisions of the Underwriting Agreement.

 

“IPO
Prospectus” means the final prospectus relating to the Initial Public Offering dated June 18, 2015 and filed by the
Managing Member with the Commission pursuant to Rule 424 under the Securities Act on June 19, 2015.

 

“IPO
Registration Statement” means the Registration Statement on Form S-1 (File No. 333-202634) as it has been
or as it may be amended or supplemented from time to time, filed by the Managing Member with the Commission under the Securities
Act to register the offering and sale of the Class A Shares in the Initial Public Offering.

 

“IPO
Underwriter” means each Person named as an underwriter in Schedule A to the Underwriting Agreement who purchases
Class A Shares pursuant thereto.

 

    13 

     

    

“Joint
Venture” means a joint venture that is not a Subsidiary and through which a Group Member conducts its business and operations
and in which such Group Member owns an equity interest.

 

“Liability”
means any liability or obligation of any nature, whether accrued, contingent or otherwise.

 

“Liquidation
Date” means (a) in the case of an event giving rise to the dissolution of the Company of the type described in
clauses (a) and (b) of ‎Section 12.2, the date on which the applicable time period during which the holders of Outstanding
Units have the right to elect to continue the business of the Company has expired without such an election being made and (b) in
the case of any other event giving rise to the dissolution of the Company, the date on which such event occurs.

 

“Liquidator”
means one or more Persons selected by the Managing Member to perform the functions described in ‎Section 12.4 as liquidating
trustee of the Company within the meaning of the Delaware Act.

 

“Maintenance
Capital Expenditures” means cash expenditures, including expenditures for (a) the acquisition (through an asset
acquisition, merger, stock acquisition or other form of investment) by any Group Member of existing assets or assets under construction,
(b) the construction or development of new capital assets by a Group Member, (c) the replacement, improvement or expansion
of existing capital assets by a Group Member or (d) a capital contribution by a Group Member to a Person that is not a Subsidiary
in which a Group Member has, or after such capital contribution will have, directly or indirectly, an equity interest, to fund
such Group Member’s share of the cost of the acquisition, construction or development of new, or the replacement, improvement
or expansion of existing, capital assets by such Person, in each case if and to the extent such acquisition, construction, development,
replacement, improvement or expansion is made to maintain, over the long-term, the operating capacity or operating income of the
Company Group, in the case of clauses (a), (b) and (c), or such Person, in the case of clause (d), as the operating
capacity or operating income of the Company Group or such Person, as the case may be, existed immediately prior to such acquisition,
construction, development, replacement, improvement, expansion or capital contribution. For purposes of this definition, “long-term”
generally refers to a period of not less than twelve months. Maintenance Capital Expenditures shall not include Expansion Capital
Expenditures or Investment Capital Expenditures.

 

“Management
Services Agreements” means, collectively, (i) the Management Services Agreement, dated as of June 24, 2015, among the
Company, the Managing Member, the General Partner and SunPower Capital Services, LLC and (ii) the Management Services Agreement,
dated as of June 24, 2015, among the Company, the Managing Member, the General Partner, Holdings and First Solar 8point3 Management
Services, LLC.

 

“Managing
Member” means 8point3 Energy Partners LP, a Delaware limited partnership, and its successors and permitted assigns that
are admitted to the Company as the managing member of the Company, in its capacity as the managing member of the Company. The
Managing Member is the sole managing member of the Company and the holder of the

 

    14 

     

    

Managing
Member Interest. For the avoidance of doubt, such Person shall be the Managing Member solely with respect to the Managing Member
Interest and shall be a Non-Managing Member with respect to any Non-Managing Member Interests of such Person.

 

“Managing
Member Interest” means the non-economic management interest of the Managing Member in the Company (in its capacity as
managing member without reference to any Membership Interest), which includes any and all rights, powers and benefits to which
the Managing Member is entitled as provided in this Agreement, together with all obligations of the Managing Member to comply
with the terms and provisions of this Agreement. The Managing Member Interest does not include any rights to ownership or profits
or losses or any rights to receive distributions from operations or upon the liquidation or winding-up of the Company.

 

“MD
Solar” means Maryland Solar Holdings, Inc., a Delaware corporation.

 

“Member”
means any of the Managing Member and the Non-Managing Members; provided, however, that, for purposes of the provisions of this
Agreement relating to the maintenance of Capital Accounts and the allocation of items of income, gain, loss, deduction, or credit,
the term “Members” shall not include the Managing Member for so long as the Managing Member’s sole interest
in the Company is a non-economic interest.

 

“Member
Nonrecourse Debt” has the meaning set forth in Treasury Regulation Section 1.704-2(b)(4).

 

“Member
Nonrecourse Debt Minimum Gain” has the meaning set forth in Treasury Regulation Section 1.704-2(i)(2).

 

“Member
Nonrecourse Deductions” means any and all items of loss, deduction or expenditure (including any expenditure described
in Section 705(a)(2)(B) of the Code) that, in accordance with the principles of Treasury Regulation Section 1.704-2(i),
are attributable to a Member Nonrecourse Debt.

 

“Membership
Interest” means the Managing Member Interest and any class or series of equity interest in the Company, which shall
include any Non-Managing Member Interests but shall exclude any Derivative Membership Interests.

 

“Merger
Agreement” has the meaning set forth in ‎Section 14.1.

 

“Minimum
Quarterly Distribution” means $0.2097 per Unit per Quarter (or with respect to periods of less than a full fiscal quarter,
it means the product of $0.2097 multiplied by a fraction, of which the numerator is the number of days in such period and of which
the denominator is the total number of days in such fiscal quarter), subject to adjustment in accordance with ‎Section 6.6
and ‎Section 6.9.

 

“National
Securities Exchange” means an exchange registered with the Commission under Section 6(a) of the Exchange Act (or
any successor to such Section).

 

“Net
Agreed Value” means, (a) in the case of any Contributed Property, the Agreed Value of such Contributed Property
reduced by any Liabilities either assumed by the Company

 

    15 

     

    

upon
such contribution or to which such Contributed Property is subject when contributed and (b) in the case of any property distributed
to a Member by the Company, the Company’s Carrying Value of such property (as adjusted pursuant to ‎Section 5.3(d))
at the time such property is distributed, reduced by any Liabilities either assumed by such Member upon such distribution or to
which such property is subject at the time of distribution, in either case as determined and required by the Treasury Regulations
promulgated under Section 704(b) of the Code.

 

“Net
Income” means, for any taxable period, the excess, if any, of the Company’s items of income and gain (other than
those items taken into account in the computation of Net Termination Gain or Net Termination Loss) for such taxable period over
the Company’s items of loss and deduction (other than those items taken into account in the computation of Net Termination
Gain or Net Termination Loss) for such taxable period. The items included in the calculation of Net Income shall be determined
in accordance with ‎Section 5.3(b) and shall not include any items specially allocated under ‎Section 6.1(c); provided,
however, that the determination of the items that have been specially allocated under ‎Section 6.1(c) shall be made without
regard to any reversal of such items under ‎Section 6.1(c)(xiii).

 

“Net
Loss” means, for any taxable period, the excess, if any, of the Company’s items of loss and deduction (other than
those items taken into account in the computation of Net Termination Gain or Net Termination Loss) for such taxable period over
the Company’s items of income and gain (other than those items taken into account in the computation of Net Termination
Gain or Net Termination Loss) for such taxable period. The items included in the calculation of Net Loss shall be determined in
accordance with ‎Section 5.3(b) and shall not include any items specially allocated under ‎Section 6.1(c); provided,
however, that the determination of the items that have been specially allocated under ‎Section 6.1(c) shall be made without
regard to any reversal of such items under ‎Section 6.1(c)(xiii).

 

“Net
Positive Adjustment” means, with respect to any Member, the excess, if any, of the total positive adjustments over the
total negative adjustments made to the Capital Account of such Member pursuant to Book-Up Events and Book-Down Events.

 

“Net
Termination Gain” means, for any taxable period, (a) the sum, if positive, of all items of income, gain, loss or deduction
(determined in accordance with ‎Section 5.3(b)) that are recognized by the Company (i) after the Liquidation Date or (ii)
upon the sale, exchange or other disposition of all or substantially all of the assets of the Company Group, taken as a whole,
in a single transaction or a series of related transactions (excluding any disposition to a member of the Company Group), or (b)
the excess, if any, of the aggregate amount of Unrealized Gain over the aggregate amount of Unrealized Loss deemed recognized
by the Company pursuant to ‎Section 5.3(d) on the date of a Revaluation Event; provided, however, that the items included
in the determination of Net Termination Gain shall not include any items of income, gain or loss specially allocated under ‎Section
6.1(c).

 

“Net
Termination Loss” means, for any taxable period, (a) the sum, if negative, of all items of income, gain, loss or deduction
(determined in accordance with ‎Section 5.3(b)) that are recognized by the Company (i) after the Liquidation Date or (ii)
upon the sale, exchange or other disposition of all or substantially all of the assets of the Company Group, taken as a whole,
in a

 

    16 

     

    

single
transaction or a series of related transactions (excluding any disposition to a member of the Company Group), or (b) the excess,
if any, of the aggregate amount of Unrealized Loss over the aggregate amount of Unrealized Gain deemed recognized by the Company
pursuant to ‎Section 5.3(d) on the date of a Revaluation Event; provided, however, that items included in the determination
of Net Termination Loss shall not include any items of income, gain or loss specially allocated under ‎Section 6.1(c).

 

“Non-Managing
Member” means the Sponsors, Holdings, each additional Person that becomes a Non-Managing Member pursuant to the terms
of this Agreement and any Departing Managing Member upon the change of its status from Managing Member to Non-Managing Member
pursuant to ‎Section 11.3, in each case, in such Person’s capacity as a Non-Managing Member. Non-Managing Members may
include custodians, nominees or any other individual or entity in its own or any representative capacity. For the avoidance of
doubt, the Managing Member shall be a Non-Managing Member for all purposes of this Agreement with respect to any Non-Managing
Member Interest.

 

“Non-Managing
Member Interest” means an interest of a Non-Managing Member in the Company, which may be evidenced by Common Units or
other Membership Interests (other than a Managing Member Interest) or a combination thereof (but excluding Derivative Membership
Interests), and includes any and all benefits to which such Member is entitled as provided in this Agreement, together with all
obligations of such Member pursuant to the terms and provisions of this Agreement.

 

“Noncompensatory
Option” has the meaning set forth in Treasury Regulation Section 1.721-2(f).

 

“Nonrecourse
Built-in Gain” means with respect to any Contributed Properties or Adjusted Properties that are subject to a mortgage
or pledge securing a Nonrecourse Liability, the amount of any taxable gain that would be allocated to the Members pursuant to
‎Section 6.2(b) if such properties were disposed of in a taxable transaction in full satisfaction of such liabilities and
for no other consideration.

 

“Nonrecourse
Deductions” means any and all items of loss, deduction or expenditure (including any expenditure described in Section 705(a)(2)(B)
of the Code) that, in accordance with the principles of Treasury Regulation Section 1.704-2(b)(1), are attributable to a
Nonrecourse Liability.

 

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

 

“Operating
Expenditures” means (i) all Company Group cash expenditures (or the Company’s share of expenditures in the case
of Subsidiaries that are not wholly owned), including taxes, compensation of officers and directors of the General Partner, reimbursement
of expenses of the General Partner and its Affiliates, Maintenance Capital Expenditures, repayment of Working Capital Borrowings
and payments made under any Hedge Contracts, and (ii) all cash expenditures of the Managing Member, including reimbursement of
expenses of the General

 

    17 

     

    

Partner
and its Affiliates, other than federal income taxes payable by the Managing Member, subject to the following:

 

(a)          repayments
of Working Capital Borrowings deducted from Operating Surplus pursuant to clause (b)(iii) of the definition of Operating Surplus
shall not constitute Operating Expenditures when actually repaid;

 

(b)         payments
(including prepayments and prepayment penalties and the purchase price of indebtedness that is repurchased and cancelled) of principal
of and premium on indebtedness other than Working Capital Borrowings shall not constitute Operating Expenditures;

 

(c)         Operating
Expenditures shall not include (i) Expansion Capital Expenditures or Investment Capital Expenditures, (ii) payment of transaction
expenses (including taxes) relating to Interim Capital Transactions, (iii) distributions to Members, or (iv) repurchases of Membership
Interests, including repurchases or redemptions of Membership Interests under the Exchange Agreement, other than repurchases of
Membership Interests by the Company to satisfy obligations under employee benefit plans or reimbursement of expenses of the General
Partner for purchases of Membership Interests by the General Partner to satisfy obligations under employee benefit plans;

 

(d)         (i)
amounts paid in connection with the initial purchase of a Hedge Contract shall be amortized over the life of such Hedge Contract
and (ii) payments made in connection with the termination of any Hedge Contract prior to its scheduled settlement or termination
date shall be included in equal quarterly installments over the remaining scheduled life of such Hedge Contract; and

 

(e)         any
expenditures made by the Company Group for which a Group Member is entitled to be reimbursed or indemnified by a Sponsor pursuant
to Section 2.2, 3.1 or 3.2 of the Omnibus Agreement shall not constitute Operating Expenditures.

 

Where
capital expenditures consist of both (y) Maintenance Capital Expenditures and (z) Expansion Capital Expenditures and/or Investment
Capital Expenditures, the Board of Directors shall determine the allocation between the amounts paid for each.

 

“Operating
Surplus” means, with respect to any period ending prior to the Liquidation Date, on a cumulative basis and without duplication,

 

(a)          the
sum of (i) $45.0 million, (ii) all cash receipts of the Company Group (or the Company’s share of cash receipts
in the case of Subsidiaries that are not wholly owned) for the period beginning on the IPO Closing Date and ending on the last
day of such period, but excluding cash receipts from Interim Capital Transactions (provided that cash receipts from the termination
of a Hedge Contract prior to its scheduled settlement or termination date shall be included in Operating Surplus in equal quarterly
installments over the remaining scheduled life of such Hedge Contract), (iii) all cash receipts of the Company Group (or the Company’s
share of cash receipts in the case of Subsidiaries that are not wholly owned) resulting from dividends or distributions received
after the end of such period from equity interests held by the Company in any Person other than a

 

    18 

     

    

Subsidiary
in respect of operations conducted by such Person during such period but excluding cash receipts from Interim Capital Transactions
by such Persons, (iv) all cash receipts of the Company Group (or the Company’s share of cash receipts in the case of
Subsidiaries that are not wholly owned) after the end of such period but on or before the date of determination of Operating Surplus
with respect to such period resulting from Working Capital Borrowings and (v) the amount of cash distributions paid in respect
of the Construction Period (including incremental Incentive Distributions) on Construction Equity, less

 

(b)         the
sum of (i) Operating Expenditures for the period beginning on the IPO Closing Date and ending on the last day of such period,
(ii) the amount of cash reserves (or the Company’s share of cash reserves in the case of Subsidiaries that are not
wholly owned) established by the General Partner, the Managing Member or the boards of any Subsidiaries of the Company to provide
funds for future Operating Expenditures, (iii) all Working Capital Borrowings not repaid within twelve months after having
been incurred, or repaid within such 12-month period with the proceeds of additional Working Capital Borrowings and (iv) any cash
loss realized on the disposition of an Investment Capital Expenditure;

 

provided,
however, that disbursements made (including contributions to a Group Member or disbursements on behalf of a Group Member), cash
received or cash reserves established, increased or reduced after the end of such period but on or before the date of determination
of Available Cash with respect to such period shall be deemed to have been made, established, increased or reduced, for purposes
of determining Operating Surplus, within such period if the Managing Member so determines.

 

Notwithstanding
the foregoing, “Operating Surplus” with respect to the Quarter in which the Liquidation Date occurs and any subsequent
Quarter shall equal zero. Cash receipts from Investment Capital Expenditures shall be treated as cash receipts only to the extent
they are a return on capital, but in no event shall a return of capital be treated as cash receipts.

 

“Opinion
of Counsel” means a written opinion of counsel (who may be regular counsel to, or the general counsel or other inside
counsel of, the Company, the Managing Member or the General Partner or any of its Affiliates) acceptable to the Managing Member
or to such other person selecting such counsel or obtaining such opinion.

 

“Optionee”
means a Person to whom a unit option is granted under any Unit Option Plan.

 

“Outstanding”
means, with respect to Membership Interests, all Membership Interests that are issued by the Company and reflected as outstanding
in the Register as of the date of determination; provided, that during the Distribution Forbearance Period, the Common
Units and Subordinated Units owned by the Sponsors shall be deemed to not be Outstanding for purposes of Section 6.3, Section
6.4 and Section 6.5 and for purposes of determining whether the tests set forth in the definition of Subordination Period have
been met.

 

 

    19 

     

    

“Partnership
Agreement” means the Amended and Restated Agreement of Limited Partnership of the Managing Member, dated as of June
24, 2015, as the same may be amended, supplemented or restated from time to time.

 

“Per
Unit Capital Amount” means, as of any date of determination, the Capital Account, stated on a per Unit basis, underlying
the Units held by the Managing Member.

 

“Percentage
Interest” means as of any date of determination (a) as to any Unitholder with respect to Units, as the case may
be, the quotient obtained by dividing (A) the number of Units held by such Unitholder by (B) the total number of Outstanding
Units. The Percentage Interest with respect to the Managing Member Interest and the Incentive Distribution Rights shall at all
times be zero.

 

“Person”
means an individual or a corporation, firm, limited liability company, partnership, joint venture, trust, estate, unincorporated
organization, association, government agency or political subdivision thereof or other entity.

 

“Plan
of Conversion” has the meaning set forth in ‎Section 14.1.

 

“Pro
Rata” means (a) when used with respect to Units or any class thereof, apportioned among all designated Units in
accordance with their relative Percentage Interests, (b) when used with respect to Members or Record Holders, apportioned
among all Members or Record Holders in accordance with their relative Percentage Interests and (c) when used with respect to holders
of Incentive Distribution Rights, apportioned among all holders of Incentive Distribution Rights in accordance with the relative
number or percentage of Incentive Distribution Rights held by each such holder.

 

“Quarter”
means, unless the context requires otherwise, a fiscal quarter of the Company, or, with respect to the fiscal quarter of the Company
that includes the IPO Closing Date, the portion of such fiscal quarter from the IPO Closing Date.

 

“Recapture
Income” means any gain recognized by the Company (computed without regard to any adjustment required by Section 734
or Section 743 of the Code) upon the disposition of any property or asset of the Company, which gain is characterized as
ordinary income because it represents the recapture of deductions previously taken with respect to such property or asset.

 

“Record
Date” means the date established by the Managing Member or otherwise in accordance with this Agreement for determining
(a) the identity of the Record Holders entitled to receive notice of, or to vote at, any meeting of Non-Managing Members
or entitled to vote by ballot or give approval of Company action in writing without a meeting or entitled to exercise rights in
respect of, any lawful action of Non-Managing Members (including voting) or (b) the identity of Record Holders entitled to
receive any report or distribution or to participate in any offer.

 

“Record
Holder” means the Person in whose name any Membership Interest is registered in the Register as of the Company’s
close of business on a particular Business Day.

 

    20 

     

    

“Register”
has the meaning set forth in ‎Section 4.5(a).

 

“Remaining
Net Positive Adjustments” means as of the end of any taxable period, (i) with respect to the Unitholders holding Common
Units or Subordinated Units, the excess of (a) the Net Positive Adjustments of the Unitholders holding Common Units or Subordinated
Units as of the end of such period over (b) the sum of those Unitholders’ Share of Additional Book Basis Derivative Items
for each prior taxable period, and (ii) with respect to the holders of Incentive Distribution Rights, the excess of (a) the Net
Positive Adjustments of the holders of Incentive Distribution Rights as of the end of such period over (b) the sum of the Share
of Additional Book Basis Derivative Items of the holders of the Incentive Distribution Rights for each prior taxable period.

 

“Required
Allocations” means any allocation of an item of income, gain, loss or deduction pursuant to ‎Section 6.1(c).

 

“Reset
MQD” has the meaning set forth in ‎Section 5.12(d).

 

“Reset
Notice” has the meaning set forth in ‎Section 5.12(b).

 

“Retained
Converted Subordinated Units” has the meaning set forth in ‎Section 5.3(c)(ii).

 

“Revaluation
Event” means an event that results in adjustment of the Carrying Value of each Company property pursuant to ‎Section
5.3(d).

 

“ROFO
Agreement” means, collectively, (i) the Right of First Offer Agreement, dated as of June 24, 2015, by and between the
Company and SunPower Corporation and (ii) the Right of First Offer Agreement, dated as of June 24, 2015, by and between the Company
and First Solar, Inc.

 

“Second
Liquidation Target Amount” has the meaning set forth in ‎Section 6.1(b)(i)(E).

 

“Second
Target Distribution” means $0.366975 per Unit per Quarter (or, with respect to periods of less than a full fiscal quarter,
it means the product of $0.366975 multiplied by a fraction of which the numerator is equal to the number of days in such period
and of which the denominator is the total number of days in such fiscal quarter), subject to adjustment in accordance with ‎Section
5.12, ‎Section 6.6 and ‎Section 6.9.

 

“Securities
Act” means the Securities Act of 1933, as amended, supplemented or restated from time to time, and any successor to
such statute.

 

“Share
of Additional Book Basis Derivative Items” means in connection with any allocation of Additional Book Basis Derivative
Items for any taxable period, (i) with respect to the Unitholders holding Common Units or Subordinated Units, the amount that
bears the same ratio to such Additional Book Basis Derivative Items as the Unitholders’ Remaining Net Positive Adjustments
as of the end of such taxable period bears to the Aggregate Remaining Net Positive Adjustments as of that time, and (ii) with
respect to the Members holding Incentive Distribution Rights, the amount that bears the same ratio to such Additional Book Basis
Derivative Items as the Remaining Net Positive Adjustments of the Members holding the Incentive Distribution

 

    21 

     

    

Rights
as of the end of such taxable period bear to the Aggregate Remaining Net Positive Adjustments as of that time.

 

“Special
Approval” means approval by a majority of the members of the Conflicts Committee.

 

“Sponsor”
or “Sponsors” means SunPower and First Solar, individually or collectively, as applicable.

 

“Subordinated
Unit” means a Membership Interest having the rights and obligations specified with respect to Subordinated Units in
this Agreement. The term “Subordinated Unit” does not include a Common Unit. A Subordinated Unit that is convertible
into a Common Unit shall not constitute a Common Unit until such conversion occurs.

 

“Subordination
Period” means the period commencing on the IPO Closing Date and ending on the first to occur of the following dates:

 

(a)           the first Business Day following the distribution of Available Cash to Members pursuant to ‎‎Section 6.3(a)
in respect of any Quarter beginning with the Quarter ending on August 31, 2018, in respect of which (i)(A) aggregate distributions
of Available Cash from Operating Surplus on the Outstanding Common Units, Subordinated Units and any other Outstanding Units that
are senior or equal in right of distribution to the Subordinated Units with respect to each of the three consecutive, non-overlapping
four-Quarter periods immediately preceding such date equaled or exceeded the sum of the Minimum Quarterly Distribution on such
Outstanding Common Units, Subordinated Units and other Outstanding Units, in each case in respect of such periods and (B) the
Adjusted Operating Surplus for each of such periods equaled or exceeded the sum of the Minimum Quarterly Distribution on all of
the Common Units, Subordinated Units and other Units that are senior or equal in right of distribution to the Subordinated Units
and in each case that were Outstanding during such period on a Fully Diluted Weighted Average Basis, and (ii) there are no Cumulative
Common Unit Arrearages; and

 

(b)           the first Business Day following the distribution of Available Cash to Members pursuant to ‎Section 6.3(a) in
respect of any Quarter beginning with the Quarter ending on August 31, 2016 in respect of which (i)(A) aggregate distributions
of Available Cash from Operating Surplus on the Outstanding Common Units, Subordinated Units and any other Outstanding Units that
are senior or equal in right of distribution to the Subordinated Units with respect to the four consecutive-Quarter period immediately
preceding such date equaled or exceeded 150% of the Minimum Quarterly Distribution on all of such Outstanding Common Units, Subordinated
Units and other Outstanding Units, in each case in respect of such period, and (B) the Adjusted Operating Surplus for such period
equaled or exceeded 150% of the sum of the Minimum Quarterly Distribution on all of the Common Units, Subordinated Units and other
Units that are senior or equal in right of distribution to the Subordinated Units, in each case that were Outstanding during such
period on a Fully Diluted Weighted Average Basis and (ii) there are no Cumulative Common Unit Arrearages.

 

    22 

     

    

“Subsidiary”
means, with respect to any Person, (a) a corporation of which more than 50% of the voting power of shares entitled (without
regard to the occurrence of any contingency) to vote in the election of directors or other governing body of such corporation
is owned, directly or indirectly, at the date of determination, by such Person, by one or more Subsidiaries (as defined, but excluding
subsection (d) of this definition) of such Person or a combination thereof, (b) a partnership (whether general or limited)
in which such Person or a Subsidiary (as defined, but excluding subsection (d) of this definition) of such Person is, at the date
of determination, a general or limited partner of such partnership, but only if such Person, one or more Subsidiaries (as defined,
but excluding subsection (d) of this definition) of such Person, or a combination thereof, controls such partnership on the date
of determination; (c) any other Person in which such Person, one or more Subsidiaries (as defined, but excluding subsection
(d) of this definition) of such Person, or a combination thereof, directly or indirectly, at the date of determination, has (i)
a majority ownership interest or (ii) the power to elect or direct the election of a majority of the directors or other governing
body of such Person; or (d) any other Person formed by such Person, one or more Subsidiaries (as defined, but excluding subsection
(d) of this definition) of such Person, or a combination thereof, and a third party investor in order to utilize various federal
income tax incentives for the development of solar or other renewable projects that meet the following criteria: (i) such Person,
one or more Subsidiaries (as defined, but excluding subsection (d) of this definition) of such Person, or a combination thereof,
has less than a majority ownership interest in such other Person or less than the power to elect or direct the election of a majority
of the directors or other governing body of such other Person; (ii) such Person, one or more Subsidiaries (as defined, but excluding
subsection (d) of this definition) of such Person, or a combination thereof, has, directly or indirectly, at the date of determination,
at least a 49% ownership interest in such other Person; (iii) the Partnership accounts for such other Person (under U.S. GAAP,
as in effect on the later of the date of investment in such other Person or material expansion of the operations of such other
Person) on a consolidated or equity accounting basis; (iv) such Person, one or more Subsidiaries (as defined, but excluding subsection
(d) of this definition) of such Person, or a combination thereof, has, directly or indirectly, material negative control rights
regarding such other Person, including such Person’s ability to materially expand its operations beyond that contemplated
at the date of investment in such other Person; and (v) such other Person is obligated under its constituent documents or as a
result of unanimous agreement of its owners, to distribute to its owners all of its distributable cash on at least a semiannual
basis (less any cash reserves that are approved by such Person, one or more Subsidiaries (as defined, but excluding subsection
(d) of this definition) of such Person, or a combination thereof).

 

“SunPower”
means SunPower YC Holdings, LLC, a Delaware limited liability company.

 

“Surviving
Business Entity” has the meaning set forth in ‎Section 14.2(b)(ii).

 

“Target
Distributions” means, collectively, the Minimum Quarterly Distribution, the First Target Distribution, Second Target
Distribution and Third Target Distribution.

 

“Third
Target Distribution” means $0.4194 per Unit per Quarter (or, with respect to periods of less than a full fiscal quarter,
it means the product of $0.4194 multiplied by a fraction, of which the numerator is equal to the number of days in such period
and of which the

 

    23 

     

    

denominator
is the total number of days in such fiscal quarter), subject to adjustment in accordance with Sections ‎5.12, ‎6.6 and
‎6.9.

 

“Trading
Day” means a day on which the principal National Securities Exchange on which the Class A Shares or the referenced Membership
Interests of any class are listed or admitted for trading is open for the transaction of business or, if such Class A Shares or
such Membership Interests are not listed or admitted for trading on any National Securities Exchange, a day on which banking institutions
in New York City are not legally required to be closed.

 

“Transaction
Documents” has the meaning set forth in ‎Section 7.1(b).

 

“transfer”
has the meaning set forth in ‎Section 4.4(a).

 

“Treasury
Regulations” means the regulations (including temporary regulations) promulgated by the United States Department of
the Treasury pursuant to and in respect of provisions of the Code. All references herein to sections of the Treasury Regulations
shall include any corresponding provision or provisions of succeeding, similar or substitute, temporary or final Treasury Regulations.

 

“Underwriters’
Option” means the option to purchase additional Class A Shares granted to the IPO Underwriters by the Managing Member
pursuant to the Underwriting Agreement.

 

“Underwriting
Agreement” means the Underwriting Agreement, dated as of June 18, 2015, among the IPO Underwriters, the Managing Member,
the General Partner and Holdings, providing for the purchase of Class A Shares by the IPO Underwriters.

 

“Unit”
means a Membership Interest that is designated by the Managing Member as a “Unit” and shall include Common Units and
Subordinated Units but shall not include Incentive Distribution Rights.

 

“Unit
Majority” means (i) during the Subordination Period, a majority of the Outstanding Common Units (excluding Common
Units whose voting power is, with respect to the subject vote, controlled by the General Partner or its Affiliates, other than
the Managing Member, through ownership or otherwise), voting as a class, and a majority of the Outstanding Subordinated Units,
voting as a class, and (ii) after the end of the Subordination Period, a majority of the Outstanding Common Units.

 

“Unit
Option Plan” means any unit option plan now or hereafter adopted by the Company, the Managing Member or the General
Partner.

 

“Unitholders”
means the Record Holders of Units.

 

“Unpaid
MQD” has the meaning set forth in ‎Section 6.1(b)(i)(B).

 

“Unrealized
Gain” means, as of any date of determination, the excess, if any, attributable to any item of Company property, of (a) the
fair market value of such property as of such date (as determined under ‎Section 5.3(d)) over (b) the Carrying Value
of such property as of such date (prior to any adjustment to be made pursuant to ‎Section 5.3(d) as of such date).

 

    24 

     

    

“Unrealized
Loss” means, as of any date of determination, the excess, if any, attributable to any item of Company property, of (a) the
Carrying Value of such property as of such date (prior to any adjustment to be made pursuant to ‎Section 5.3(d) as of such
date) over (b) the fair market value of such property as of such date (as determined under ‎Section 5.3(d)).

 

“Unrecovered
Initial Unit Price” means at any time, with respect to a Unit, the Initial Unit Price less the sum of all distributions
constituting Capital Surplus theretofore made in respect of an Initial Common Unit and any distributions of cash (or the Net Agreed
Value of any distributions in kind) in connection with the dissolution and liquidation of the Company theretofore made in respect
of an Initial Common Unit, adjusted as the Managing Member determines to be appropriate to give effect to any distribution, subdivision
or combination of such Units.

 

“Unrestricted
Person” means (a) each Indemnitee, (b) each Member, (c) each Person who is or was a member, partner,
director, officer, employee or agent of any Group Member, a Managing Member or any Departing Managing Member or any Affiliate
of any Group Member, a Managing Member or any Departing Managing Member and (d) any Person the Managing Member designates
from time to time as an “Unrestricted Person” for purposes of this Agreement.

 

“U.S. GAAP”
means United States generally accepted accounting principles, as in effect from time to time, consistently applied.

 

“Working
Capital Borrowings” means borrowings incurred pursuant to a credit facility, commercial paper facility or similar financing
arrangement that are used solely for working capital purposes or to pay distributions to the Members; provided that when such
borrowings are incurred it is the intent of the borrower to repay such borrowings within 12 months from the date of such
borrowings other than from additional Working Capital Borrowings.

 

Section
1.2           
Construction.  Unless
the context requires otherwise: (i) any pronoun used in this Agreement shall include the corresponding masculine, feminine
or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa; (ii) references
to Articles and Sections refer to Articles and Sections of this Agreement; (iii) the terms “include,” “includes,”
“including” or words of like import shall be deemed to be followed by the words “without limitation”;
and (iv) the terms “hereof,” “herein” or “hereunder” refer to this Agreement as a whole
and not to any particular provision of this Agreement. The table of contents and headings contained in this Agreement are for
reference purposes only, and shall not affect in any way the meaning or interpretation of this Agreement. The Managing Member
has the power to construe and interpret this Agreement and to act upon any such construction or interpretation. To the fullest
extent permitted by law, any construction or interpretation of this Agreement by the Managing Member and any action taken pursuant
thereto and any determination made by the Managing Member in good faith shall, in each case, be conclusive and binding on all
Record Holders and all other Persons for all purposes.

 

    25 

     

    

Article
II

ORGANIZATION

 

Section
2.1           
Formation.  SunPower
has formed the Company as a limited liability company pursuant to the provisions of the Delaware Act and hereby amends and restates
the original Limited Liability Company Agreement of 8point3 Operating Company, LLC in its entirety. This amendment and restatement
shall become effective on the date of this Agreement. Except as expressly provided to the contrary in this Agreement, the rights,
duties, liabilities and obligations of the Members and the administration, dissolution and termination of the Company shall be
governed by the Delaware Act.

 

Section
2.2           
Name.  The name of
the Company shall be “8point3 Operating Company, LLC”. Subject to applicable law, the Company’s business may
be conducted under any other name or names as determined by the Managing Member, including the name of the Managing Member. The
words “limited liability company,” “LLC” or similar words or letters shall be included in the Company’s
name where necessary for the purpose of complying with the laws of any jurisdiction that so requires. The Managing Member may
change the name of the Company at any time and from time to time and shall notify the Non-Managing Members of such change in the
next regular communication to the Members.

 

Section
2.3           
Registered Office; Registered Agent; Principal Office; Other Offices.  Unless
and until changed by the Managing Member, the registered office of the Company in the State of Delaware shall be located at 1209
Orange Street, Wilmington, New Castle County, Delaware 19801, and the registered agent for service of process on the Company in
the State of Delaware at such registered office shall be The Corporation Trust Company. The principal office of the Company shall
be located at 77 Rio Robles, San Jose, California 95134 or such place as the Managing Member may from time to time designate.
The Company may maintain offices at such other place or places within or outside the State of Delaware as the Managing Member
determines to be necessary or appropriate. The address of the Managing Member shall be 77 Rio Robles, San Jose, California 95134
or such other place as the Managing Member may from time to time designate.

 

Section
2.4           
Purpose and Business.  The
purpose and nature of the business to be conducted by the Company shall be to (a) engage directly in, or enter into or form, hold
and dispose of any corporation, partnership, joint venture, limited liability company or other arrangement to engage indirectly
in, any business activity that is approved by the Managing Member and that lawfully may be conducted by a limited liability company
organized pursuant to the Delaware Act and, in connection therewith, to exercise all of the rights and powers conferred upon the
Company pursuant to the agreements relating to such business activity, and (b) do anything necessary or appropriate to the foregoing,
including the making of capital contributions or loans to a Group Member; provided, however, that the Managing Member shall not
cause the Company to engage, directly or indirectly, in any business activity that the Managing Member determines would be reasonably
likely to cause the Company to be treated as an association taxable as a corporation or otherwise taxable as an entity for federal
income tax purposes. The Managing Member has no obligation or duty (including any fiduciary duty) to the Company or the Members
to propose or approve, and may decline to propose or approve, the conduct by the Company of any business in its sole discretion.

 

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Section
2.5           
Powers. The Company shall be
empowered to do any and all acts and things necessary, appropriate, proper, advisable, incidental to or convenient for the furtherance
and accomplishment of the purposes and business described in ‎Section 2.4 and for the protection and benefit of the Company.

 

Section
2.6           
Term. The term of the Company
commenced upon the filing of the Certificate of Formation in accordance with the Delaware Act and shall continue in existence
until the dissolution of the Company in accordance with the provisions of ‎Article XII. The existence of the Company as a
separate legal entity shall continue until the cancellation of the Certificate of Formation as provided in the Delaware Act.

 

Section
2.7           
Title to Company Assets.  Title
to the assets of the Company, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned
by the Company as an entity, and no Member, individually or collectively, shall have any ownership interest in such assets of
the Company or any portion thereof. Title to any or all assets of the Company may be held in the name of the Company, the Managing
Member, one or more of its Affiliates or one or more nominees of the Managing Member or its Affiliates, as the Managing Member
may determine. The Managing Member hereby declares and warrants that any assets of the Company for which record title is held
in the name of the Managing Member or one or more of its Affiliates or one or more nominees of the Managing Member or its Affiliates
shall be held by the Managing Member or such Affiliate or nominee for the use and benefit of the Company in accordance with the
provisions of this Agreement; provided, however, that the Managing Member shall use reasonable efforts to cause record title to
such assets (other than those assets in respect of which the Managing Member determines that the expense and difficulty of conveyancing
makes transfer of record title to the Company impracticable) to be vested in the Company or one or more of the Company’s
designated Affiliates as soon as reasonably practicable; provided, further, that, prior to the withdrawal or removal of the Managing
Member or as soon thereafter as practicable, the Managing Member shall use reasonable efforts to effect the transfer of record
title to the Company and, prior to any such transfer, will provide for the use of such assets in a manner satisfactory to any
successor Managing Member. All assets of the Company shall be recorded as the property of the Company in its books and records,
irrespective of the name in which record title to such assets of the Company is held.

 

Article
III

RIGHTS OF MEMBERS

 

Section
3.1           
Limitation of Liability.  The
Members shall have no liability under this Agreement except as expressly provided in this Agreement or the Delaware Act.

 

Section
3.2           
Management of Business.  Other
than the Managing Member, no Member, in its capacity as such, shall participate in the operation, management or control of the
Company’s business, transact any business in the Company’s name or have the power to sign documents for or otherwise
bind the Company.

 

Section
3.3           
Outside Activities of Members. Subject
to the provisions of ‎Section 7.6 and the ROFO Agreement, each Member shall be entitled to and may have business interests
and engage in business activities in addition to those relating to the Company, including business

 

    27 

     

    

interests
and activities in direct competition with the Company Group. Neither the Company nor any of the other Members shall have any rights
by virtue of this Agreement in any business ventures of any Member.

 

Section
3.4           
Rights of Members.

 

(a)           Each Member shall have the right, upon written request and at such Member’s own expense to obtain a copy of this
Agreement and the Certificate of Formation and all amendments thereto.

 

(b)           Each of the Members and each other Person or Group who acquires an interest in Membership Interests hereby agrees to the
fullest extent permitted by law that they do not have any rights as Members to receive any information either pursuant to Section 18-305(a)
of the Delaware Act or otherwise except for the right to obtain a copy of this Agreement and the Certificate of Formation set
forth in ‎Section 3.4(a).

 

Article
IV

CERTIFICATES; RECORD HOLDERS; TRANSFER OF MEMBERSHIP INTERESTS

 

Section
4.1           
Certificates.  Owners
of Membership Interests and, where appropriate, Derivative Membership Interests, shall be recorded in the Register and, when deemed
appropriate by the Board of Directors, ownership of such interests shall be evidenced by a physical certificate or book entry
notation in the Register. Notwithstanding anything to the contrary in this Agreement, unless the Managing Member shall determine
otherwise in respect of some or all of any or all classes of Membership Interests and Derivative Membership Interests, Membership
Interests and Derivative Membership Interests shall not be evidenced by physical certificates. Certificates, if any, shall be
executed on behalf of the Membership by the Chief Executive Officer, President, Chief Financial Officer or any Vice President
and the Secretary, any Assistant Secretary, or other authorized officer of the General Partner. The signatures of such officers
upon a certificate may, to the extent permitted by law, be facsimiles. In case any officer who has signed or whose signature has
been placed upon such certificate shall have ceased to be such officer before such certificate is issued, it may be issued by
the Company with the same effect as if he were such officer at the date of its issuance. If Common Units are evidenced by Certificates,
on or after the date on which Subordinated Units are converted into Common Units pursuant to the terms of ‎Section 5.5, the
Record Holders of such Subordinated Units (i) if the Subordinated Units are evidenced by Certificates, may exchange such Certificates
for Certificates evidencing the Common Units into which such Record Holder’s Subordinated Units converted, or (ii) if the
Subordinated Units are not evidenced by Certificates, shall be issued Certificates evidencing the Common Units into which such
Record Holders’ Subordinated Units converted. With respect to any Membership Interests that are represented by physical
certificates, the Managing Member may determine that such Membership Interests will no longer be represented by physical certificates
and may, upon written notice to the holders of such Membership Interests and subject to applicable law, take whatever actions
it deems necessary or appropriate to cause such Membership Interests to be registered in book entry or global form and may cause
such physical certificates to be cancelled or deemed cancelled. The Managing Member shall have the power and authority to make
all such other rules and regulations as it may deem expedient concerning the issue, transfer and registration or replacement of
Certificates.

 

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Section
4.2           
Mutilated, Destroyed, Lost or Stolen Certificates.

 

(a)           If any mutilated Certificate is surrendered to the Company, the appropriate officers of the General Partner on behalf of
the Company shall execute and deliver in exchange therefor, a new Certificate evidencing the same number and type of Membership
Interests or Derivative Membership Interests as the Certificate so surrendered.

 

(b)           The appropriate officers of the General Partner, on behalf of the Company, shall execute and deliver a new Certificate
in place of any Certificate previously issued, if the Record Holder of the Certificate:

 

(i)               makes proof by affidavit, in form and substance satisfactory to the Managing Member, that a previously issued Certificate
has been lost, destroyed or stolen;

 

(ii)              requests the issuance of a new Certificate before the Managing Member has notice that the Certificate has been acquired
by a purchaser for value in good faith and without notice of an adverse claim;

 

(iii)            
if requested by the Managing Member, delivers to the Managing Member a bond, in form and substance satisfactory to the
Managing Member, with surety or sureties and with fixed or open penalty as the Managing Member may direct to indemnify the Company,
the Members and the Managing Member against any claim that may be made on account of the alleged loss, destruction or theft of
the Certificate; and

 

(iv)            
satisfies any other reasonable requirements imposed by the Managing Member.

 

If
a Member fails to notify the Managing Member within a reasonable period of time after such Member has notice of the loss, destruction
or theft of a Certificate, and a transfer of the Non-Managing Member Interests represented by the Certificate is registered before
the Company or the Managing Member receives such notification, to the fullest extent permitted by law, the Member shall be precluded
from making any claim against the Company or the Managing Member for such transfer or for a new Certificate.

 

(c)           As a condition to the issuance of any new Certificate under this ‎Section 4.2, the Managing Member may require
the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any
other expenses reasonably connected therewith.

 

Section
4.3           
Record Holders.  The
names and addresses of Unitholders as they appear in the Register shall be the official list of Record Holders of the Membership
Interests for all purposes. The Company and the Managing Member shall be entitled to recognize the Record Holder as the Member
with respect to any Membership Interest and, accordingly, shall not be bound to recognize any equitable or other claim to, or
interest in, such Membership Interest on

 

    29 

     

    

the
part of any other Person or Group, regardless of whether the Company or the Managing Member shall have actual or other notice
thereof, except as otherwise provided by law. Without limiting the foregoing, when a Person (such as a broker, dealer, bank, trust
company or clearing corporation or an agent of any of the foregoing) is acting as nominee, agent or in some other representative
capacity for another Person or Group in acquiring and/or holding Membership Interests, as between the Company on the one hand,
and such other Person or Group on the other, such representative Person shall be the Member with respect to such Membership Interest
upon becoming the Record Holder in accordance with ‎Section 10.1(b) and have the rights and obligations of a Member
hereunder as, and to the extent, provided herein, including ‎Section 10.1(c).

 

Section
4.4           
Transfer Generally.

 

(a)           The term “transfer,” when used in this Agreement with respect to a Membership Interest, shall mean a transaction
by which the holder of a Membership Interest assigns all or any part of such Membership Interest to another Person who is or becomes
a Member as a result thereof, and includes a sale, assignment, gift, exchange or any other disposition by law or otherwise (but
not the pledge, grant of security interest, encumbrance, hypothecation or mortgage), including any transfer upon foreclosure or
other exercise of remedies of any pledge, security interest, encumbrance, hypothecation or mortgage.

 

(b)           No Membership Interest shall be transferred, in whole or in part, except in accordance with the terms and conditions set
forth in this ‎Article IV. Any transfer or purported transfer of a Membership Interest not made in accordance with
this ‎Article IV shall be null and void.

 

(c)           Except as provided in Sections 4.2(a)‎, nothing contained in this Agreement shall be construed to prevent
or limit a disposition by any stockholder, member, partner or other owner of the Managing Member or any Non-Managing Member of
any or all of such Person’s shares of stock, membership interests, partnership interests or other ownership interests in
the Managing Member or such Non-Managing Member and the term “transfer” shall not include any such disposition.

 

Section
4.5           
Registration and Transfer of Non-Managing Member Interests.

 

(a)           The Managing Member shall keep one or more registers in which, subject to such reasonable regulations as it may prescribe
and subject to the provisions of ‎Section 4.5(b), the registration and transfer of Non-Managing Member Interests, and
any Derivative Membership Interests as applicable, shall be recorded (the “Register”).

 

(b)           The Managing Member shall not recognize any transfer of Non-Managing Member Interests evidenced by Certificates until the
Certificates evidencing such Non-Managing Member Interests are surrendered for registration of transfer. No charge shall be imposed
by the Managing Member for such transfer; provided, that as a condition to the issuance of any new Certificate under this ‎Section
4.5, the Managing Member may

 

    30 

     

    

require
the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed with respect thereto and any
other expenses reasonably connected therewith. Upon surrender of a Certificate for registration of transfer of any Non-Managing
Member Interests evidenced by a Certificate, and subject to the provisions of this ‎Section 4.5(b), the appropriate
officers of the General Partner on behalf of the Company shall execute and deliver in the name of the holder or the designated
transferee or transferees, as required pursuant to the holder’s instructions, one or more new Certificates evidencing the
same aggregate number and type of Non-Managing Member Interests as was evidenced by the Certificate so surrendered. Upon the proper
surrender of a Certificate, such transfer shall be recorded in the Register.

 

(c)           Upon the receipt by the Managing Member of proper transfer instructions from the Record Holder of uncertificated Membership
Interests, such transfer shall be recorded in the Register.

 

(d)           By acceptance of any Non-Managing Member Interests pursuant to a transfer in accordance with this ‎Article IV,
each transferee of Non-Managing Member Interests (including any nominee, or agent or representative acquiring such Non-Managing
Member Interests for the account of another Person or Group) shall be admitted as a Member pursuant to the provisions of ‎Section
10.1(b).

 

(e)           Subject to (i) the provisions of this ‎Section 4.5, (ii) ‎Section 4.3, (iii) ‎Section
4.8, (iv) with respect to any class or series of Non-Managing Member Interests, the provisions of any statement of designations
or an amendment to this Agreement establishing such class or series, (v) any contractual provisions binding on any Non-Managing
Member and (vi) provisions of applicable law, including the Securities Act, Non-Managing Member Interests shall be freely
transferable.

 

Section
4.6           
Transfer of the Managing Member’s Managing Member Interest.

 

(a)           Subject to ‎Section 4.6(b), the Managing Member may transfer all or any part of its Managing Member Interest
without Unitholder approval or the approval of any other Person.

 

(b)           Notwithstanding anything herein to the contrary, no transfer by the Managing Member of all or any part of its Managing
Member Interest to another Person shall be permitted unless (i) the transferee agrees to assume the rights and duties of
the Managing Member under this Agreement and to be bound by the provisions of this Agreement, (ii) the Company receives an
Opinion of Counsel that such transfer would not result in the loss of limited liability of any Non-Managing Member under the Delaware
Act or cause the Company to be treated as an association taxable as a corporation or otherwise to be taxed as an entity for federal
income tax purposes (to the extent not already so treated or taxed) and (iii) such transferee also agrees to purchase all
(or the appropriate portion thereof, if applicable) of the partnership or membership interest of the Managing Member as the general
partner or managing member, if any, of each other Group Member. In the case of a transfer pursuant to and in compliance with this
‎Section 4.6, the transferee or successor (as the case may be) shall, subject to

 

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compliance
with the terms of ‎Section 10.2, be admitted to the Company as the Managing Member effective immediately prior to the
transfer of the Managing Member Interest, and the business of the Company shall continue without dissolution.

 

Section
4.7           
Restrictions on Transfers.

 

(a)           Notwithstanding the other provisions of this ‎Article IV, (i) no transfer (which, for purposes of subclause
(D) hereof, includes any indirect transfer of such Membership Interest to the extent such indirect transfer could result in a
transfer of a Membership Interest for purposes of Code Section 708) of any Membership Interests shall be made if such transfer
would (A) violate the then-applicable federal or state securities laws or rules and regulations of the Commission, any state
securities commission or any other governmental authority with jurisdiction over such transfer, (B) terminate the existence
or qualification of the Company under the laws of the jurisdiction of its formation; (C) cause the Company to be treated as an
association taxable as a corporation or otherwise to be taxed as an entity for federal income tax purposes (to the extent not
already so treated or taxed); or (D) result in a termination of the Company under Code Section 708 unless, prior to such
transfer, the transferring Member agrees to indemnify the Company and the other Members for any adverse tax consequences caused
as a result of such termination and (ii) any transfer of a Membership Interest to a Disqualified Person will be void ab initio.

 

(b)           The Managing Member may impose restrictions on the transfer of Membership Interests, including by requiring the Managing
Member’s prior written consent for any transfer (which consent may be withheld in the discretion of the Managing Member),
if it receives written advice of counsel that such restrictions are necessary or advisable to (i) avoid a significant risk of
the Company’s becoming taxable as a corporation or otherwise becoming taxable as an entity for federal income tax purposes
(to the extent not already so treated or taxed) or (ii) preserve the uniformity of the Non-Managing Member Interests (or
any class or classes thereof). The Managing Member may impose such restrictions by amending this Agreement.

 

Article
V

CAPITAL CONTRIBUTIONS AND ISSUANCE OF MEMBERSHIP INTERESTS

 

Section
5.1           
Organizational Contributions.  In
connection with the formation of the Company under the Delaware Act, SunPower made an initial Capital Contribution to the Company
in the amount of $1,000. As of the IPO Closing Date, the interest of SunPower shall be redeemed and the initial Capital Contribution
of SunPower shall be refunded, and all interest or other profit that may have resulted from the investment or other use of such
initial Capital Contribution shall be allocated and distributed to SunPower.

 

(a)           Prior to the IPO Closing Date, SunPower contributed assets to the Company with respect to its 100% ownership interest in
the Company.

 

    32 

     

    

(b)           On the IPO Closing Date, the Managing Member contributed to the Company $393,750,000.00 in exchange for 20,000,000 Common
Units and the Managing Member Interest.

 

(c)           On the IPO Closing Date, all of the Incentive Distribution Rights of the Company were issued to Holdings.

 

(d)           On the IPO Closing Date, First Solar contributed assets to the Company in exchange for (i) 5,420,815 Common Units (of which
760,078 were issued to MD Solar and 4,660,737 were issued to First Solar Holdings), (ii) 15,395,115 Subordinated Units (of which
2,158,622 were issued to MD Solar and 13,236,493 were issued to First Solar Holdings), (iii) $283,726,174.76 in cash (of which
$39,782,592.55 was paid to MD Solar and $243,943,582.21 was paid to First Solar Holdings) and (iv) the right to receive one-half
of the Deferred Issuance and Distribution.

 

(e)           On the IPO Closing Date, the equity interest in the Company held by SunPower described above was recapitalized as (i) 7,079,185
Common Units, (ii) 20,104,885 Subordinated Units, (iii) $370,525,475.24 in cash and (iv) the right to receive one-half of the
Deferred Issuance and Distribution.

 

(f)            Upon any exercise of the Underwriters Option by the IPO Underwriters, the Managing Member will contribute the net cash
proceeds from such offering to the Company in exchange for an additional number of Common Units equal to the number of Class A
Shares purchased by the IPO Underwriters pursuant to the Underwriters’ Option.

 

(g)           No Non-Managing Member Interests will be issued or issuable as of, at, or in connection with the IPO Closing Date other
than (i) the Common Units issued to the Managing Member under Section 5.1(b) and ‎Section 5.1(f), (ii) the Incentive
Distribution Rights issued to Holdings under Section 5.1(c), (iii) the Common Units and Subordinated Units issued to First Solar
under Section 5.1(d), and (iv) the Common Units and Subordinated Units issued to SunPower under Section 5.1(e). Neither the Managing
Member nor any Non-Managing Member will be required to make any additional Capital Contribution to the Company pursuant to this
Agreement.

 

Section
5.2           
Interest and Withdrawal. No
interest shall be paid by the Company on Capital Contributions. No Member shall be entitled to the withdrawal or return of its
Capital Contribution, except to the extent, if any, that distributions made pursuant to this Agreement or upon termination of
the Company may be considered as such by law and then only to the extent provided for in this Agreement. Except to the extent
expressly provided in this Agreement, no Member shall have priority over any other Member either as to the return of Capital Contributions
or as to profits, losses or distributions.

 

Section
5.3           
Capital Accounts.  

 

(a)           (i) The Company shall maintain for each Member (or a beneficial owner of Membership Interests held by a nominee, agent
or representative in any case in which such nominee, agent or representative has furnished the identity of such beneficial owner
to the Company in accordance with Section 6031(c) of the Code or any other method

 

    33 

     

    

acceptable
to the Managing Member) owning a Membership Interest a separate Capital Account with respect to such Membership Interest in accordance
with the rules of Treasury Regulation Section 1.704-1(b)(2)(iv). The Capital Account shall in respect of each such Membership
Interest be increased by (i) the amount of all Capital Contributions made to the Company with respect to such Membership
Interest (including the amount paid to the Company for any Noncompensatory Option) and (ii) all items of Company income and
gain (including income and gain exempt from tax) computed in accordance with ‎Section 5.3(b) and allocated with respect
to such Membership Interest pursuant to ‎Section 6.1, and decreased by (x) the amount of cash or Net Agreed Value
of all actual and deemed distributions of cash or property made with respect to such Membership Interest and (y) all items
of Company deduction and loss computed in accordance with ‎Section 5.3(b) and allocated with respect to such Membership
Interest pursuant to ‎Section 6.1.

 

        (ii)
The initial Capital Account balance of each Member on the IPO Closing Date is shown on Schedule 5.3(a).

 

(b)              
For purposes of computing the amount of any item of income, gain, loss or deduction that is to be allocated pursuant to
‎Article VI and is to be reflected in the Members’ Capital Accounts, the determination, recognition and classification
of any such item shall be the same as its determination, recognition and classification for federal income tax purposes (including
any method of depreciation, cost recovery or amortization used for that purpose), provided, that:

 

(i)               Solely for purposes of this ‎Section 5.3, the Managing Member in its discretion may treat the Company
as owning directly its share (as determined by the Managing Member based upon the provisions of the applicable Group Member Agreement
or governing, organizational or similar documents) of all property owned by (x) any other Group Member that is classified as a
partnership for federal income tax purposes and (y) any other partnership, limited liability company, unincorporated business
or other entity classified as a partnership for federal income tax purposes of which a Group Member is, directly or indirectly,
a partner, member or other equity holder.

 

(ii)              All fees and other expenses incurred by the Company to promote the sale of (or to sell) a Membership Interest that can
neither be deducted nor amortized under Section 709 of the Code, if any, shall, for purposes of Capital Account maintenance,
be treated as an item of deduction at the time such fees and other expenses are incurred and shall be allocated among the Members
pursuant to ‎Section 6.1.

 

(iii)            
The computation of all items of income, gain, loss and deduction shall be made (x) except as otherwise provided in Treasury
Regulation Section 1.704-1(b)(2)(iv)(m), without regard to any election under Section 754 of the Code that may be made by the
Company and (y) as to those items described in Section 705(a)(1)(B) or 705(a)(2)(B) of the Code, without regard to the fact that

 

    34 

     

    

such
items are not includable in gross income or are neither currently deductible nor capitalized for U.S. federal income tax purposes.

 

(iv)            
To the extent an adjustment to the adjusted basis of any Company asset pursuant to Section 734(b) of the Code (including
pursuant to Treasury Regulation Section 1.734-2(b)(1)) is required, pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m),
to be taken into account in determining Capital Accounts, the amount of such adjustment in the Capital Accounts shall be treated
as an item of gain or loss.

 

(v)              In the event the Carrying Value of Company property is adjusted pursuant to ‎Section 5.3(d), any Unrealized
Gain resulting from such adjustment shall be treated as an item of gain and any Unrealized Loss resulting from such adjustment
shall be treated as an item of loss.

 

(vi)            
Any income, gain or loss attributable to the taxable disposition of any Company property shall be determined as if the
adjusted basis of such property as of such date of disposition were equal in amount to the Company’s Carrying Value with
respect to such property as of such date.

 

(vii)          
 In accordance with the requirements of Section 704(b) of the Code, any deductions for depreciation, cost recovery or amortization
attributable to any Contributed Property shall be determined as if the adjusted basis of such property on the date it was acquired
by the Company were equal to the Agreed Value of such property. Upon an adjustment pursuant to ‎Section 5.3(d)
to the Carrying Value of any Company property subject to depreciation, cost recovery or amortization, any further deductions for
such depreciation, cost recovery or amortization attributable to such property shall be determined under the rules prescribed
by Treasury Regulation Section 1.704-3(d)(2) as if the adjusted basis of such property were equal to the Carrying Value of such
property immediately following such adjustment.

 

(viii)        
  The Gross Liability Value of each Liability of the Company described in Treasury Regulation Section 1.752-7(b)(3)(i)
shall be adjusted at such times as provided in this Agreement for an adjustment to Carrying Values. The amount of any such adjustment
shall be treated for purposes hereof as an item of loss (if the adjustment increases the Carrying Value of such Liability of the
Company) or an item of gain (if the adjustment decreases the Carrying Value of such Liability of the Company).

 

(c)           (i) Except as otherwise provided in this ‎Section 5.3(c), a transferee of a Membership Interest shall succeed
to a Pro Rata portion of the Capital Account of the transferor relating to the Membership Interest so transferred.

 

(ii)              Immediately prior to the transfer of a Subordinated Unit or of a Subordinated Unit that has converted into a Common Unit
pursuant to ‎Section 5.5 by a holder thereof (other than a transfer to an Affiliate unless the Managing

 

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Member
elects to have this subparagraph ‎5.3(c)(ii) apply), the Capital Account maintained for such Person with respect
to its Subordinated Units or converted Subordinated Units will (A) first, be allocated to the Subordinated Units or converted
Subordinated Units to be transferred in an amount equal to the product of (x) the number of such Subordinated Units or converted
Subordinated Units to be transferred and (y) the Per Unit Capital Amount for a Common Unit, and (B) second, any remaining balance
in such Capital Account will be retained by the transferor, regardless of whether it has retained any converted Subordinated Units
(“Retained Converted Subordinated Units”) or Subordinated Units.

 

(iii)            
Immediately prior to the transfer of an IDR Reset Common Unit by a holder thereof (other than a transfer to an Affiliate
unless the Managing Member elects to have this subparagraph (iii) apply), the Capital Account maintained for such Person with
respect to its IDR Reset Common Units will (A) first, be allocated to the IDR Reset Common Units to be transferred in an amount
equal to the product of (x) the number of such IDR Reset Common Units to be transferred and (y) the Per Unit Capital Amount for
a Common Unit, and (B) second, any remaining balance in such Capital Account will be retained by the transferor, regardless of
whether it has retained any IDR Reset Common Units.

 

(d)           (i) In accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(f), on an issuance of any Membership Interests for
cash or Contributed Property, the issuance of Membership Interests as consideration for the provision of services, the issuance
of IDR Reset Common Units pursuant to ‎Section 5.12, or the conversion of the Managing Member’s Combined Interest
to Common Units pursuant to ‎Section 11.3(b), the Capital Account of each Member and the Carrying Value of each Company
property immediately prior to such issuance shall be adjusted upward or downward to reflect any Unrealized Gain or Unrealized
Loss attributable to such Company property; provided, however, that in the event of an issuance of Membership Interests for a
de minimis amount of cash or Contributed Property, or in the event of an issuance of a de minimis amount of Membership Interests
as consideration for the provision of services, the Managing Member may determine that such adjustments are unnecessary for the
proper administration of the Company. If upon the occurrence of a Revaluation Event described in this ‎Section 5.3(d),
a Noncompensatory Option of the Company is outstanding, the Company shall adjust the Carrying Value of each Company property in
accordance with Treasury Regulation Sections 1.704-1(b)(2)(iv)(f)(1) and 1.704-1(b)(2)(iv)(h)(2). In determining such Unrealized
Gain or Unrealized Loss, the aggregate fair market value of all Company property (including cash or cash equivalents) immediately
prior to the issuance of additional Membership Interests (or, in the case of an issuance of a Noncompensatory Option, immediately
after such issuance if required pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(s)(1)) shall be determined by the Managing
Member using such method of valuation as it may adopt. In making its determination of the fair market values of individual properties,
the Managing Member may first determine an aggregate value for the assets of the Company that takes into account the current trading
price of the Class A Shares, the fair

 

    36 

     

    

market
value of the Membership Interests at such time and the amount of Company Liabilities. The Managing Member may allocate such aggregate
value among the individual properties of the Company (in such manner as it determines appropriate). Absent a contrary determination
by the Managing Member, the aggregate fair market value of all Company assets (including, without limitation, cash or cash equivalents)
immediately prior to a Revaluation Event shall be the value that would result in the Capital Account for each Common Unit that
is Outstanding prior to such Revaluation Event being equal to the Event Issue Value.

 

(ii)              In accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(f), immediately prior to any actual distribution to a
Member of any Company property (other than a distribution of cash that is not in redemption or retirement of a Membership Interest),
the Capital Accounts of all Members and the Carrying Value of all Company property shall be adjusted upward or downward to reflect
any Unrealized Gain or Unrealized Loss attributable to such Company property. In determining such Unrealized Gain or Unrealized
Loss the aggregate fair market value of all Company property (including cash or cash equivalents) immediately prior to a distribution
shall (A) in the case of a distribution that is not made pursuant to ‎Section 12.4, be determined in the same
manner as that provided in ‎Section 5.3(d)(i) or (B) in the case of a liquidating distribution pursuant to ‎Section
12.4, be determined by the Liquidator using such method of valuation as it may adopt.

 

Section
5.4           
Issuances of Additional Membership Interests.

 

(a)           The Company may issue additional Membership Interests and Derivative Membership Interests for any Company purpose at any
time and from time to time to such Persons for such consideration and on such terms and conditions as the Managing Member shall
determine, all without the approval of any Non-Managing Members.

 

(b)           Each additional Membership Interest authorized to be issued by the Company pursuant to ‎Section 5.4(a) may be
issued in one or more classes, or one or more series of any such classes, with such designations, preferences, rights, powers
and duties (which may be senior to existing classes and series of Membership Interests), as shall be fixed by the Managing Member,
including (i) the right to share in Company profits and losses or items thereof; (ii) the right to share in Company
distributions; (iii) the rights upon dissolution and liquidation of the Company; (iv) whether, and the terms and conditions
upon which, the Company may or shall be required to redeem the Membership Interest (including sinking fund provision); (v) whether
such Membership Interest is issued with the privilege of conversion or exchange and, if so, the terms and conditions of such conversion
or exchange; (vi) the terms and conditions upon which each Membership Interest will be issued, evidenced by Certificates
and assigned or transferred; (vii) the method for determining the Percentage Interest as to such Membership Interest; and
(viii) the right, if any, of each such Membership Interest to vote on Company matters, including matters relating to the
relative rights, preferences and privileges of such Membership Interest.

 

    37 

     

    

(c)           The Managing Member shall take all actions that it determines to be necessary or appropriate in connection with (i) each
issuance of Membership Interests and Derivative Membership Interests pursuant to this ‎Section 5.4, (ii) the conversion
of the Combined Interest into Units pursuant to the terms of this Agreement, (iii) the issuance of Common Units pursuant to ‎Section
5.12, (iv) reflecting admission of such additional Non-Managing Members in the Register as the Record Holders of such Non-Managing
Member Interests and (v) all additional issuances of Membership Interests and Derivative Membership Interests. The Managing
Member shall determine the relative rights, powers and duties of the holders of the Units or other Membership Interests or Derivative
Membership Interests being so issued. The Managing Member shall do all things necessary to comply with the Delaware Act and is
authorized and directed to do all things that it determines to be necessary or appropriate in connection with any future issuance
of Membership Interests or Derivative Membership Interests or in connection with the conversion of the Combined Interest into
Units pursuant to the terms of this Agreement, including compliance with any statute, rule, regulation or guideline of any federal,
state or other governmental agency or any National Securities Exchange on which the Class A Shares or other Membership Interests
are listed or admitted to trading.

 

(d)           No additional Common Units shall be issued to the Managing Member unless (i) the additional Common Units are issued to
all Members holding Common Units in proportion to their respective Percentage Interests in the Common Units, (ii) (a) the additional
Common Units are Common Units issued in connection with an issuance of Class A Shares and (b) the Managing Member contributes
to the Company the cash proceeds or other consideration received in connection with the issuance of such Class A Shares, (iii)
the additional Common Units are issued upon the conversion, redemption or exchange of other securities issued by the Company or
(iv) the additional Common Units are issued pursuant to ‎Section 5.6.

 

(e)           No fractional Units shall be issued by the Company.

 

Section
5.5           
Conversion of Subordinated Units.

 

(a)           All of the Subordinated Units shall convert into Common Units on a one-for-one basis on the expiration of the Subordination
Period.

 

(b)           A Subordinated Unit that has converted into a Common Unit shall be subject to the provisions of ‎Section 6.7.

 

Section
5.6           
Issuances of Securities by the Managing Member. The
Managing Member shall not issue any additional Class A Shares unless the Managing Member contributes the cash proceeds or other
consideration received from the issuance of such additional Class A Shares in exchange for an equivalent number of Common Units;
provided, however, that notwithstanding the foregoing, the Managing Member may issue Class A Shares (a) pursuant to the Exchange
Agreement or (b) pursuant to a distribution (including any split or combination) of Class A Shares to all of the holders of Class
A Shares. In the event that the Managing Member issues any additional Class A Shares and contributes the cash proceeds or other
consideration received from the issuance thereof to the Company, the Company is authorized to issue a number of

 

    38 

     

    

Common
Units equal to the number of Class A Shares so issued without any further act, approval or vote of any Member or any other Persons.

 

Section
5.7           
Limited Preemptive Right.  Except
as provided in this ‎Section 5.7 and in ‎Section 5.12 or as otherwise provided in a separate agreement by the Company,
no Person shall have any preemptive, preferential or other similar right with respect to the issuance of any Membership Interest,
whether unissued, held in the treasury or hereafter created. The General Partner shall have the right, which it may from time
to time assign in whole or in part to any of its Affiliates, to purchase Membership Interests from the Company whenever, and on
the same terms that, the Company issues Membership Interests to Persons other than the General Partner and its Affiliates, to
the extent necessary to maintain the Percentage Interests of the General Partner and its Affiliates equal to that which existed
immediately prior to the issuance of such Membership Interests. The determination of the General Partner to exercise (or refrain
from exercising) its right pursuant to the immediately preceding sentence shall be a determination made in its individual capacity.
In the event of a Sponsor’s exercise of the rights under this ‎Section 5.7 to acquire additional Common Units, the Managing
Member shall issue a number of Class B Shares equal to the number of Common Units to such exercising Sponsor.

 

Section
5.8           
Splits and Combinations.

 

(a)           Subject to Sections ‎5.8(d), ‎6.6 and ‎6.9 (dealing with adjustments of distribution levels),
the Company may make a Pro Rata distribution of Membership Interests to all Record Holders or may effect a subdivision or combination
of Membership Interests so long as, after any such event, each Member shall have the same Percentage Interest in the Company as
before such event, and any amounts calculated on a per Unit basis (including any Common Unit Arrearage or Cumulative Common Unit
Arrearage) or stated as a number of Units are proportionately adjusted, provided, however, that the Company may not effect a subdivision
or combination of Membership Interests described in this ‎Section 5.8(a) unless the Managing Member also effects an
equivalent subdivision or combination, as determined by the Managing Member.

 

(b)           Whenever such a distribution, subdivision or combination of Membership Interests is declared, the Managing Member shall
select a Record Date as of which the distribution, subdivision or combination shall be effective and shall send notice thereof
at least 20 days prior to such Record Date to each Record Holder as of a date not less than 10 days prior to the date
of such notice. The Managing Member also may cause a firm of independent public accountants selected by it to calculate the number
of Membership Interests to be held by each Record Holder after giving effect to such distribution, subdivision or combination.
The Managing Member shall be entitled to rely on any certificate provided by such firm as conclusive evidence of the accuracy
of such calculation.

 

(c)           Promptly following any such distribution, subdivision or combination, the Managing Member may issue Certificates or uncertificated
Membership Interests to the Record Holders of Membership Interests as of the applicable Record Date representing the new number
of Membership Interests held by such Record Holders, or the Managing Member may adopt such other procedures that it determines
to be necessary or

 

    39 

     

    

appropriate
to reflect such changes. If any such combination results in a smaller total number of Membership Interests Outstanding, the Company
shall require, as a condition to the delivery to a Record Holder of Membership Interests represented by Certificates, the surrender
of any Certificate held by such Record Holder immediately prior to such Record Date.

 

(d)           The Company shall not issue fractional Units upon any distribution, subdivision or combination of Units. If a distribution,
subdivision or combination of Units would result in the issuance of fractional Units but for the provisions of ‎Section
5.4(e) and this ‎Section 5.8(d), each fractional Unit shall be rounded to the nearest whole Unit (with fractional Units
equal to or greater than a 0.5 Unit being rounded to the next higher Unit).

 

Section
5.9           
Redemption, Repurchase or Forfeiture of Class A Shares. If,
at any time, any Class A Shares are redeemed, repurchased or otherwise acquired (whether by exercise of a put or call, upon forfeiture
of any award granted under any Equity Plan, automatically or by means of another arrangement) by the Managing Member, then, immediately
prior to such redemption, repurchase or acquisition of Class A Shares, the Company shall redeem a number of Common Units held
by the Managing Member equal to the number of Class A Shares so redeemed, repurchased or acquired, such redemption, repurchase
or acquisition to be upon the same terms and for the same price per Common Unit as such Class A Shares that are redeemed, repurchased
or acquired.

 

Section
5.10        Issuance
of Class B Shares. In the event that the Company issues Common Units or
Subordinated Units to, or cancels Common Units or Subordinated Units held by, any Person other than the Managing Member, the Managing
Member shall issue Class B Shares to such Person or cancel Class B Shares held by such Person such that the number of Class B
Shares held by such Person is equal to the number of Common Units and Subordinated Units held by such Person.

 

Section
5.11        Fully
Paid and Non-Assessable Nature of Non-Managing Member Interests.  All
Non-Managing Member Interests issued pursuant to, and in accordance with the requirements of, this ‎Article V shall be fully
paid and non-assessable Non-Managing Member Interests in the Company, except as such non-assessability may be affected by Sections 18-607
and 18-804 of the Delaware Act.

 

Section
5.12         Issuance
of Common Units in Connection with Reset of Incentive Distribution Rights.

 

(a)           Subject to the provisions of this ‎Section 5.12, the holder of the Incentive Distribution Rights (or, if there
is more than one holder of the Incentive Distribution Rights, the holders of a majority in interest of the Incentive Distribution
Rights) shall have the right, at any time when there are no Subordinated Units Outstanding and the Company has made a distribution
pursuant to ‎Section 6.4(b)(v) for each of the four most recently completed Quarters and the aggregate amounts distributed
in respect of such four-Quarter period did not exceed Adjusted Operating Surplus for such four-Quarter period, to make an election
(the “IDR Reset Election”) to cause the Target Distributions

 

    40 

     

    

to
be reset in accordance with the provisions of ‎Section 5.12(d) and, in connection therewith, the holder or holders
of the Incentive Distribution Rights will become entitled to receive their respective share of a number of Common Units (the “IDR
Reset Common Units”) derived by dividing (i) the average amount of cash distributions made by the Company for the two
full Quarters immediately preceding the giving of the Reset Notice (as defined in ‎Section 5.12(b)) in respect of the
Incentive Distribution Rights by (ii) the average of the cash distributions made by the Company in respect of each Common Unit
for the two full Quarters immediately preceding the giving of the Reset Notice (the number of Common Units determined by such
quotient is referred to herein as the “Aggregate Quantity of IDR Reset Common Units”). If at the time of any
IDR Reset Election Holdings and its Affiliates are not the holders of a majority interest of the Incentive Distribution Rights,
then the IDR Reset Election shall be subject to the prior written concurrence of the Managing Member that the conditions described
in the immediately preceding sentence have been satisfied. The making of the IDR Reset Election in the manner specified in this
‎Section 5.12 shall cause the Target Distributions to be reset in accordance with the provisions of ‎Section
5.12(d) and, in connection therewith, the holder or holders of the Incentive Distribution Rights will become entitled to receive
IDR Reset Common Units on the basis specified above, without any further approval required by the Managing Member or the Unitholders
other than as set forth in this ‎Section 5.12(a), at the time specified in ‎Section 5.12(c).

 

(b)           To exercise the right specified in ‎Section 5.12(a), the holder of the Incentive Distribution Rights (or, if
there is more than one holder of the Incentive Distribution Rights, the holders of a majority in interest of the Incentive Distribution
Rights) shall deliver a written notice (the “Reset Notice”) to the Company. Within 10 Business Days after the
receipt by the Company of such Reset Notice, the Company shall deliver a written notice to the holder or holders of the Incentive
Distribution Rights of the Company’s determination of the Aggregate Quantity of IDR Reset Common Units that each holder
of Incentive Distribution Rights will be entitled to receive.

 

(c)           The holder or holders of the Incentive Distribution Rights will be entitled to receive the Aggregate Quantity of IDR Reset
Common Units on the 15th Business Day after receipt by the Company of the Reset Notice.

 

(d)           The Target Distributions, shall be adjusted at the time of the issuance of IDR Reset Common Units pursuant to this ‎Section
5.12 such that (i) the Minimum Quarterly Distribution shall be reset to equal the average cash distribution amount per Common
Unit for the two Quarters immediately prior to the Company’s receipt of the Reset Notice (the “Reset MQD”),
(ii) the First Target Distribution shall be reset to equal 150% of the Reset MQD, (iii) the Second Target Distribution shall be
reset to equal 175% of the Reset MQD and (iv) the Third Target Distribution shall be reset to equal 200% of the Reset MQD.

 

(e)           Upon the issuance of IDR Reset Common Units pursuant to ‎Section 5.12(a), the Capital Account maintained with
respect to the Incentive Distribution Rights will (i) first, be allocated to IDR Reset Common Units in an amount equal to the
product of (A) the Aggregate Quantity of IDR Reset Common Units and (B) the Per Unit Capital

 

    41 

     

    

Amount
for an Initial Common Unit, and (ii) second, as to any remaining balance in such Capital Account, will be retained by the holder
of the Incentive Distribution Rights. If there is not sufficient capital associated with the Incentive Distribution Rights to
allocate the full Per Unit Capital Amount for an Initial Common Unit to the IDR Reset Common Units in accordance with clause (i)
of this ‎Section 5.12(e), the IDR Reset Common Units shall be subject to Sections ‎6.1(c)(x)(B) and ‎(C).

 

Section
5.13         Unit
Option Plans.

 

(a)           If at any time or from time to time, in connection with any Unit Option Plan, an option to purchase Class A Shares granted
to a Person other than a Company Employee is duly exercised:

 

(i)               The Managing Member, shall, as soon as practicable after such exercise, make a Capital Contribution to the Company in an
amount equal to the exercise price paid to the Managing Member by such exercising party in connection with the exercise of such
unit option.

 

(ii)              Notwithstanding the amount of the Capital Contribution actually made pursuant to ‎Section 5.13(a)(i),
the Managing Member shall be deemed to have contributed to the Managing Member as a Capital Contribution an amount equal to the
Current Market Price of a Class A Share as of the date of exercise multiplied by the number of Class A Shares then being issued
in connection with the exercise of such unit option. In exchange for such Capital Contribution, the Company shall issue a number
of Common Units to the Managing Member equal to the number of Class A Shares issued in connection with the exercise of such unit
option.

 

(b)           If at any time or from time to time, in connection with any Unit Option Plan, an option to purchase Class A Shares granted
to a Company Employee is duly exercised:

 

(i)               The Managing Member shall sell to the Company, and the Company shall purchase from the Managing Member, the number of Class
A Shares as to which such unit option is being exercised. The purchase price per Class A Share for such sale of Class A Shares
to the Company shall be the Current Market Price of a Class A Share as of the date of exercise of such unit option.

 

(ii)              The Company shall sell to the Optionee (or if the Optionee is an employee of a Group Member other than the Company, the
Company shall sell to such Group Member, which in turn shall sell to the Optionee), for a cash price per share equal to the Current
Market Price of a Class A Share at the time of the exercise, the number of Class A Shares equal to (a) the exercise price
paid to the Managing Member by the exercising party in connection with the exercise of such unit option divided by (b) the
Current Market Price of a Class A Share at the time of such exercise.

 

    42 

     

    

(iii)            
The Company shall transfer to the Optionee (or if the Optionee is an employee of another Group Member, the Company shall
transfer to such Group Member, which in turn shall transfer to the Optionee) at no additional cost, as additional compensation,
the number of Class A Shares equal to the number of Class A Shares described in ‎Section 5.13(b)(i) less the
number of Class A Shares described in ‎Section 5.13(b)(ii) hereof.

 

(iv)            
The Managing Member shall, as soon as practicable after such exercise, make a Capital Contribution to the Company of an
amount equal to all proceeds received (from whatever source, but excluding any payment in respect of payroll taxes or other withholdings)
by the Managing Member in connection with the exercise of such unit option. In exchange for such Capital Contribution, the Company
shall issue a number of Common Units to the Managing Member equal to the number of Class A Shares issued in connection with the
exercise of such unit option.

 

(c)           Restricted Units Granted to Company Employees. If at any time or from time to time, in connection with any Equity Plan
(other than a Unit Option Plan), any Class A Shares are issued to a Company Employee (including any Class A Shares that are subject
to forfeiture in the event such Company Employee terminates his employment by the Company or another Group Member) in consideration
for services performed for the Company or such other Group Member:

 

(i)               The
Managing Member shall issue such number of Class A Shares as are to be issued to the Company Employee in accordance with the
Equity Plan;

 

(ii)              The following events will be deemed to have occurred: (a) the Managing Member shall be deemed to have sold such Class
A Shares to the Company (or if the Company Employee is an employee or other service provider of another Group Member, to such
Group Member) for a purchase price equal to the Current Market Price of such Class A Shares, (b) the Company (or such Group
Member) shall be deemed to have delivered the Class A Shares to the Company Employee, (c) the Managing Member shall be deemed
to have contributed the purchase price to the Company as a Capital Contribution, and (d) in the case where the Company Employee
is an employee of another Group Member, the Company shall be deemed to have contributed such amount to the capital of such Group
Member; and

 

(iii)            
The Company shall issue to the Managing Member a number of Common Units equal to the number of newly issued Class A Shares
in consideration for a deemed Capital Contribution in an amount equal to (x) the number of newly issued Common Units, multiplied
by the Current Market Price of a Class A Share at such time.

 

(d)           Restricted Units Granted to Persons other than Company Employees. If at any time or from time to time, in connection with
any Equity Plan (other than a Unit Option Plan), any Class A Shares are issued to a Person other than a Company Employee

 

    43 

     

    

in
consideration for services performed for Managing Member, the General Partner or a Group Member:

 

(i)                
The Managing Member shall issue such number of Class A Shares as are to be issued to such Person in accordance with the
Equity Plan; and

 

(ii)              
The Managing Member shall be deemed to have contributed the Current Market Price of such Class A Shares to the Company
as a Capital Contribution, and the Company shall issue to the Managing Member a number of newly issued Common Units equal to the
number of newly issued Class A Shares divided.

 

(e)            Nothing in this Agreement shall be construed or applied to preclude or restrain the Managing Member or the General Partner
from adopting, modifying or terminating stock incentive plans for the benefit of employees, directors or other business associates
of the Managing Member, the Company or the General Partner or any of their Affiliates. The Members acknowledge and agree that,
in the event that any such plan is adopted, modified or terminated by the Managing Member or the General Partner, amendments to
this ‎Section 5.13 may become necessary or advisable and that any approval or consent to any such amendments requested
by the Managing Member shall be deemed granted.

 

(f)             The Company is expressly authorized to issue Common Units in the numbers specified in this ‎Section 5.13 without
any further act, approval or vote of any Member or any other Persons.

 

Article
VI

ALLOCATIONS AND DISTRIBUTIONS

 

Section
6.1           
Allocations for Capital Account Purposes.  For
purposes of maintaining the Capital Accounts and in determining the rights of the Members among themselves, the Company’s
items of income, gain, loss, deduction, and credit (computed in accordance with ‎Section 5.3(b)) for each taxable period shall
be allocated among the Members as provided herein below.

 

(a)            Net Income and Net Loss. After giving effect to the special allocations set forth in ‎Section 6.1(c),
Net Income and Net Loss for each taxable period and all items of income, gain, loss, deduction, and credit taken into account
in computing Net Income and Net Loss for such taxable period shall be allocated as follows:

 

(i)             Net Income. Net Income for each taxable period and all items of income, gain, loss, deduction, and credit taken
into account in computing Net Income for such taxable period shall be allocated as follows:

 

(A)            
First, to the Managing Member until the aggregate of the Net Income allocated to the Managing Member pursuant to this ‎Section
6.1(a)(i)(A) and the Net Termination Gain allocated to the Managing

 

    44 

     

    

Member
pursuant to ‎Section 6.1(b)(i)(A) or ‎Section 6.1(b)(iv)(A) for the current and all previous taxable periods is equal
to the aggregate Net Losses allocated to the Managing Member pursuant to ‎Section 6.1(a)(ii)(B) for all previous taxable periods
and the Net Termination Loss allocated to the Managing Member pursuant to ‎Section 6.1(b)(ii)(C) or ‎Section 6.1(b)(iii)(C)
for the current and all previous taxable periods; and

 

(B)             
The balance, if any, to all Unitholders, Pro Rata.

 

(ii)            Net Loss. Net Loss for each taxable period and all items of income, gain, loss, deduction, and credit taken into
account in computing Net Loss for such taxable period shall be allocated as follows:

 

(A)            
First, to the Unitholders, Pro Rata; provided, that Net Losses shall not be allocated pursuant to this ‎Section 6.1(a)(ii)(A)
to the extent that such allocation would cause any Unitholder to have a deficit balance in its Adjusted Capital Account at the
end of such taxable period (or increase any existing deficit balance in its Adjusted Capital Account); and

 

(B)             
The balance, if any, to the Managing Member.

 

(b)              
Net Termination Gains and Losses. After giving effect to the special allocations set forth in ‎Section
6.1(c), Net Termination Gain or Net Termination Loss (including a pro rata part of each item of income, gain, loss and deduction
taken into account in computing Net Termination Gain or Net Termination Loss) for such taxable period shall be allocated in the
manner set forth in this ‎Section 6.1(b). All allocations under this ‎Section 6.1(b) shall be made after
Capital Account balances have been adjusted by all other allocations provided under this ‎Section 6.1 and after all
distributions of Available Cash provided under ‎Section 6.4 and ‎Section 6.5 have been made; provided,
however, that solely for purposes of this ‎Section 6.1(b), Capital Accounts shall not be adjusted for distributions
made pursuant to ‎Section 12.4.

 

(i)             Except as provided in ‎Section 6.1(b)(iv) and ‎Section 6.1(b)(v), and subject to the
provisions set forth in the last sentence of this ‎Section 6.1(b)(i), Net Termination Gain (including a pro
rata part of each item of income, gain, loss, and deduction taken into account in computing Net Termination Gain) shall be allocated
in the following order and priority:

 

(A)            
First, to each Member having a deficit balance in its Capital Account, in the proportion that such deficit balance
bears to the total deficit balances in the Capital Accounts of all Members, until each such Member has been allocated Net Termination
Gain equal to any such deficit balance in its Adjusted Capital Account;

 

(B)             
Second, to all Unitholders holding Common Units, Pro Rata, until the Capital Account in respect of each Common Unit
then

 

    45 

     

    

Outstanding
is equal to the sum of (1) its Unrecovered Initial Unit Price, (2) the Minimum Quarterly Distribution for the Quarter during which
the Liquidation Date occurs, reduced by any distribution pursuant to ‎Section 6.4(a)(i) or ‎Section 6.4(b)(i) with respect
to such Common Unit for such Quarter (the amount determined pursuant to this clause (2) is hereinafter referred to as the “Unpaid
MQD”) and (3) any then-existing Cumulative Common Unit Arrearage;

 

(C)             
Third, if such Net Termination Gain is recognized (or is deemed to be recognized) prior to the conversion of the
last Outstanding Subordinated Unit into a Common Unit, to all Unitholders holding Subordinated Units, Pro Rata, until the Capital
Account in respect of each Subordinated Unit then Outstanding equals the sum of (1) its Unrecovered Initial Unit Price, determined
for the taxable period (or portion thereof) to which this allocation of gain relates, and (2) the Minimum Quarterly Distribution
for the Quarter during which the Liquidation Date occurs, reduced by any distribution pursuant to ‎Section 6.4(a)(iii) with
respect to such Subordinated Unit for such Quarter;

 

(D)            
Fourth, to all Unitholders, Pro Rata, until the Capital Account in respect of each Common Unit then Outstanding
is equal to the sum of (1) its Unrecovered Initial Unit Price, (2) the Unpaid MQD, (3) any then-existing Cumulative Common Unit
Arrearage, and (4) the excess of (aa) the First Target Distribution less the Minimum Quarterly Distribution for each Quarter after
the IPO Closing Date or the date of the most recent IDR Reset Election, if any, over (bb) the cumulative per Unit amount of any
distributions of Available Cash that is deemed to be Operating Surplus made pursuant to ‎Section 6.4(a)(iv) and ‎Section
6.4(b)(ii) for such period (the sum of (1), (2), (3) and (4) is hereinafter referred to as the “First Liquidation Target
Amount”);

 

(E)             
Fifth, 15% to the holders of the Incentive Distribution Rights, Pro Rata, and 85% to all Unitholders, Pro Rata,
until the Capital Account in respect of each Common Unit then Outstanding is equal to the sum of (1) the First Liquidation Target
Amount, and (2) the excess of (aa) the Second Target Distribution less the First Target Distribution for each Quarter after the
IPO Closing Date or the date of the most recent IDR Reset Election, if any, over (bb) the cumulative per Unit amount of any distributions
of Available Cash that is deemed to be Operating Surplus made pursuant to ‎Section 6.4(a)(v) and ‎Section 6.4(b)(iii)
for such period (the sum of (1) and (2) is hereinafter referred to as the “Second Liquidation Target Amount”);

 

(F)              
Sixth, 25% to the holders of the Incentive Distribution Rights, Pro Rata, and 75% to all Unitholders, Pro Rata, until the
Capital Account in respect of each Common Unit then Outstanding is equal to the sum of (1) the Second Liquidation Target Amount,
and (2) the excess of

 

    46 

     

    

(aa)
the Third Target Distribution less the Second Target Distribution for each Quarter after the IPO Closing Date or the date of the
most recent IDR Reset Election, if any, over (bb) the cumulative per Unit amount of any distributions of Available Cash that is
deemed to be Operating Surplus made pursuant to ‎Section 6.4(a)(vi) and ‎Section 6.4(b)(iv) for such period; and

 

(G)            
Finally, 50% to the holders of the Incentive Distribution Rights, Pro Rata, and 50% to all Unitholders, Pro Rata.

 

Notwithstanding
the foregoing provisions in this ‎Section 6.1(b)(i), the Managing Member may adjust the amount of any Net Termination Gain
arising in connection with a Revaluation Event that is allocated to the holders of Incentive Distribution Rights in a manner that
will result (i) in the Capital Account for each Common Unit that is Outstanding prior to such Revaluation Event being equal to
the Event Issue Value and (ii) to the greatest extent possible, the Capital Account with respect to the Incentive Distribution
Rights that are Outstanding prior to such Revaluation Event being equal to the amount of Net Termination Gain that would be allocated
to the holders of the Incentive Distribution Rights pursuant to this ‎Section 6.1(b)(i) if the Capital Accounts with respect
to all Membership Interests that were Outstanding immediately prior to such Revaluation Event and the Carrying Value of each Company
property were equal to zero.

 

(ii)            Except as otherwise provided by ‎Section 6.1(b)(iii) or ‎Section 6.1(b)(v), Net Termination
Loss (including a pro rata part of each item of income, gain, loss, and deduction taken into account in computing Net Termination
Loss) shall be allocated:

 

(A)            
First, if Subordinated Units remain Outstanding, to all Unitholders holding Subordinated Units, Pro Rata, until
the Adjusted Capital Account in respect of each Subordinated Unit then Outstanding has been reduced to zero; and

 

(B)             
Second, to all Unitholders holding Common Units, Pro Rata, until the Adjusted Capital Account in respect of each
Common Unit then Outstanding has been reduced to zero; and

 

(C)             
Third, the balance, if any, to the Managing Member.

 

(iii)            
Net Termination Loss deemed recognized pursuant to clause (b) of the definition of Net Termination Loss as a result of
a Revaluation Event prior to the conversion of the last Outstanding Subordinated Unit and prior to the Liquidation Date shall
be allocated:

 

(A)            
First, to the Unitholders, Pro Rata, until the Capital Account in respect of each Common Unit then Outstanding equals
the Event Issue Value;

 

    47 

     

    

(B)             
Second, to all Unitholders holding Subordinated Units, Pro Rata, until the Capital Account in respect of each Subordinated
Unit then Outstanding has been reduced to zero; and

 

(C)             
Third, the balance, if any, to the Managing Member.

 

(iv)           If Net Termination Loss has been allocated pursuant to ‎Section 6.1(b)(iii), any subsequent Net Termination
Gain recognized as a result of a Revaluation Event prior to the Liquidation Date shall be allocated:

 

(A)            
First, to all Unitholders, Pro Rata until the aggregate Net Termination Gain allocated to all Unitholders, Pro Rata pursuant
to this ‎Section 6.1(b)(iv)(A) is equal to the aggregate Net Termination Loss previously allocated pursuant to ‎Section
6.1(b)(iii)(C);

 

(B)             
Second, to the Unitholders, Pro Rata, until the aggregate Net Termination Gain allocated pursuant to this ‎Section
6.1(b)(iv)(B) is equal to the aggregate Net Termination Loss previously allocated pursuant to ‎Section 6.1(b)(iii)(B); and

 

(C)             
Third, the balance, if any, pursuant to the provisions of ‎Section 6.1(b)(i).

 

(v)            If (A) a Net Termination Loss has been allocated pursuant to ‎Section 6.1(b)(iii), (B) a Net Termination
Gain or Net Termination Loss subsequently occurs (other than as a result of a Revaluation Event) prior to the conversion of the
last Outstanding Subordinated Unit and (C) after tentatively making all allocations of such Net Termination Gain or Net Termination
Loss provided for in ‎Section 6.1(b)(i) or ‎Section 6.1(b)(ii), as applicable, the Capital
Account in respect of each Common Unit does not equal the amount such Capital Account would have been if ‎Section
6.1(b)(iii) had not been part of this Agreement and all prior allocations of Net Termination Gain and Net Termination Loss had
been made pursuant to ‎Section 6.1(b)(i) or ‎Section 6.1(b)(ii), as applicable, then items
of income, gain, loss and deduction included in such Net Termination Gain or Net Termination Loss, as applicable, shall be specially
allocated to the Managing Member and all Unitholders in a manner that will, to the maximum extent possible, cause the Capital
Account in respect of each Common Unit to equal the amount such Capital Account would have been if all allocations of Net Termination
Gain and Net Termination Loss had been made pursuant to ‎Section 6.1(b)(i) or ‎Section 6.1(b)(ii),
as applicable.

 

(c)           Special Allocations.  Notwithstanding any other provision of this ‎Section 6.1, the following
special allocations shall be made for such taxable period in the following order:

 

(i)             Company Minimum Gain Chargeback.  Notwithstanding any other provision of this ‎Section 6.1,
if there is a net decrease in Company Minimum Gain during any Company taxable period, each Member shall be allocated items

 

    48 

     

    

of
Company income and gain for such period (and, if necessary, subsequent periods) in the manner and amounts provided in Treasury
Regulation Sections 1.704-2(f)(6), 1.704-2(g)(2) and 1.704-2(j)(2)(i), or any successor provision. For purposes of this ‎Section
6.1(c), each Member’s Adjusted Capital Account balance shall be determined, and the allocation of income or gain required
hereunder shall be effected, prior to the application of any other allocations pursuant to this ‎Section 6.1(c)
with respect to such taxable period (other than an allocation pursuant to ‎Section 6.1(c)(vi) and ‎Section
6.1(c)(vii)). This ‎Section 6.1(c)(i) is intended to comply with the Company Minimum Gain chargeback requirement
in Treasury Regulation Section 1.704-2(f) and shall be interpreted consistently therewith.

 

(ii)            Chargeback of Member Nonrecourse Debt Minimum Gain.  Notwithstanding the other provisions of this ‎Section
6.1 (other than ‎Section 6.1(c)(i)), except as provided in Treasury Regulation Section 1.704-2(i)(4), if
there is a net decrease in Member Nonrecourse Debt Minimum Gain during any Company taxable period, any Member with a share of
Member Nonrecourse Debt Minimum Gain at the beginning of such taxable period shall be allocated items of Company income and gain
for such period (and, if necessary, subsequent periods) in the manner and amounts provided in Treasury Regulation Sections 1.704-2(i)(4)
and 1.704-2(j)(2)(ii), or any successor provisions. For purposes of this ‎Section 6.1(c), each Member’s
Adjusted Capital Account balance shall be determined, and the allocation of income or gain required hereunder shall be effected,
prior to the application of any other allocations pursuant to this ‎Section 6.1(c) with respect to such taxable
period (other than an allocation pursuant to ‎Section 6.1(c)(i), ‎Section 6.1(c)(vi) and ‎Section
6.1(c)(vii)). This ‎Section 6.1(c)(ii) is intended to comply with the chargeback of items of income and gain
requirement in Treasury Regulation Section 1.704-2(i)(4) and shall be interpreted consistently therewith.

 

(iii)           Priority Allocations.

 

(A)            
If the amount of cash or the Net Agreed Value of any property distributed (except cash or property distributed pursuant
to ‎Section 12.4) with respect to a Unit exceeds the amount of cash or the Net Agreed Value of property distributed with respect
to another Unit (the amount of the excess, an “Excess Distribution” and the Unit with respect to which the
greater distribution is paid, an “Excess Distribution Unit”), then there shall be allocated gross income and
gain to each Unitholder receiving an Excess Distribution with respect to the Excess Distribution Unit until the aggregate amount
of such items allocated with respect to such Excess Distribution Unit pursuant to this ‎Section 6.1(c)(iii)(A) for the current
taxable period and all previous taxable periods is equal to the amount of the Excess Distribution.

 

(B)             
After the application of ‎Section 6.1(c)(iii)(A), all or any portion of the remaining items of Company gross income
or gain for the

 

    49 

     

    

taxable
period, if any, shall be allocated to the holders of Incentive Distribution Rights, Pro Rata, until the aggregate amount of such
items allocated to the holders of Incentive Distribution Rights pursuant to this ‎Section 6.1(c)(iii)(B) for the current taxable
period and all previous taxable periods is equal to the cumulative amount of all Incentive Distributions made to the holders of
Incentive Distribution Rights from the IPO Closing Date to a date 45 days after the end of the current taxable period.

 

(iv)          Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations or distributions described
in Treasury Regulation Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6), items of Company
gross income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent
required by the Treasury Regulations promulgated under Section 704(b) of the Code, the deficit balance, if any, in its Adjusted
Capital Account created by such adjustments, allocations or distributions as quickly as possible; provided, that an allocation
pursuant to this ‎Section 6.1(c)(iv) shall be made only if and to the extent that such Member would have a deficit
balance in its Adjusted Capital Account as adjusted after all other allocations provided for in this ‎Section
6.1 have been tentatively made as if this ‎Section 6.1(c)(iv) were not in this Agreement. This ‎Section
6.1(c)(iv) is intended to constitute a “qualified income offset” within the meaning of Treasury Regulation Section
1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.

 

(v)           Gross Income Allocation. In the event any Member has a deficit balance in its Capital Account at the end of any taxable
period in excess of the sum of (A) the amount such Member is required to restore pursuant to the provisions of this Agreement
and (B) the amount such Member is deemed obligated to restore pursuant to Treasury Regulation Sections 1.704-2(g) and
1.704-2(i)(5), such Member shall be specially allocated items of Company gross income and gain in the amount of such excess as
quickly as possible; provided, that an allocation pursuant to this ‎Section 6.1(c)(v) shall be made only if
and to the extent that such Member would have a deficit balance in its Capital Account as adjusted after all other allocations
provided for in this ‎Section 6.1 have been tentatively made as if ‎Section 6.1(c)(iv) and
this ‎Section 6.1(c)(v) were not in this Agreement.

 

(vi)          Nonrecourse Deductions. Nonrecourse Deductions for any taxable period shall be allocated to the Members Pro Rata. If the
Managing Member determines that the Company’s Nonrecourse Deductions should be allocated in a different ratio to satisfy
the safe harbor requirements of the Treasury Regulations promulgated under Section 704(b) of the Code, the Managing Member
is authorized, upon notice to the other Members, to revise the prescribed ratio to the numerically closest ratio that does satisfy
such requirements.

 

    50 

     

    

(vii)         Member Nonrecourse Deductions. Member Nonrecourse Deductions for any taxable period shall be allocated 100% to the Member
that bears the Economic Risk of Loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are
attributable in accordance with Treasury Regulation Section 1.704-2(i). If more than one Member bears the Economic Risk of
Loss with respect to a Member Nonrecourse Debt, the Member Nonrecourse Deductions attributable thereto shall be allocated between
or among such Member in accordance with the ratios in which they share such Economic Risk of Loss.

 

(viii)        Nonrecourse Liabilities. For purposes of Treasury Regulation Section 1.752-3(a)(3), the Members agree that Nonrecourse
Liabilities of the Managing Member in excess of the sum of (A) the amount of Company Minimum Gain and (B) the total
amount of Nonrecourse Built-in Gain shall be allocated among the Members Pro Rata.

 

(ix)           Code Section 754 Adjustments. To the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Section 734(b)
or 743(b) of the Code (including pursuant to Treasury Regulation Section 1.734-2(b)(1)) is required, pursuant to Treasury Regulation
Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of such adjustment to
the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the
adjustment decreases such basis) taken into account pursuant to ‎Section 5.3, and such item of gain or loss
shall be specially allocated to the Members in a manner consistent with the manner in which their Capital Accounts are required
to be adjusted pursuant to such Section of the Treasury Regulations.

 

(x)            Economic Uniformity; Changes in Law.

 

(A)            
At the election of the Managing Member with respect to any taxable period ending upon, or after, the termination of the
Subordination Period, all or a portion of the remaining items of Company’s gross income or gain for such taxable period,
after taking into account allocations pursuant to ‎Section 6.1(c)(iii), shall be allocated 100% to each Member holding Subordinated
Units that are Outstanding as of the termination of the Subordination Period (“Final Subordinated Units”) in
the proportion of the number of Final Subordinated Units held by such Member to the total number of Final Subordinated Units then
Outstanding, until each such Member has been allocated an amount of gross income or gain that increases the Capital Account maintained
with respect to such Final Subordinated Units to an amount that after taking into account the other allocations of income, gain,
loss and deduction to be made with respect to such taxable period will equal the product of (A) the number of Final Subordinated
Units held by such Member and (B) the Per Unit Capital Amount for a Common Unit. The purpose of this allocation is to establish
uniformity between the Capital Accounts underlying Final

 

    51 

     

    

Subordinated
Units and the Capital Accounts underlying Common Units held by Persons other than the Managing Member and its Affiliates immediately
prior to the conversion of such Final Subordinated Units into Common Units. This allocation method for establishing such economic
uniformity will be available to the Managing Member only if the method for allocating the Capital Account maintained with respect
to the Subordinated Units between the transferred and retained Subordinated Units pursuant to ‎Section 5.3(c)(ii) does not
otherwise provide such economic uniformity to the Final Subordinated Units.

 

(B)             
With respect to an event triggering an adjustment to the Carrying Value of Company property pursuant to ‎Section 5.3(d)
during any taxable period of the Company ending upon, or after, the issuance of IDR Reset Common Units pursuant to ‎Section
5.12, after the application of ‎Section 6.1(c)(x)(A), any Unrealized Gains and Unrealized Losses shall be allocated among
the Members in a manner that to the nearest extent possible results in the Capital Accounts maintained with respect to such IDR
Reset Common Units issued pursuant to ‎Section 5.12 equaling the product of (A) the Aggregate Quantity of IDR Reset Common
Units and (B) the Per Unit Capital Amount for an Initial Common Unit.

 

(C)             
With respect to any taxable period during which an IDR Reset Common Unit is transferred to any Person who is not an Affiliate
of the transferor, all or a portion of the remaining items of Company gross income or gain for such taxable period shall be allocated
100% to the transferor Member of such transferred IDR Reset Common Unit until such transferor Member has been allocated an amount
of gross income or gain that increases the Capital Account maintained with respect to such transferred IDR Reset Common Unit to
an amount equal to the Per Unit Capital Amount for an Initial Common Unit.

 

(D)            
For the proper administration of the Company and for the preservation of uniformity of the Non-Managing Member Interests
(or any class or classes thereof), the Managing Member may (i) adopt such conventions as it deems appropriate in determining the
amount of depreciation, amortization and cost recovery deductions; (ii) make special allocations of income, gain, loss, deduction,
Unrealized Gain or Unrealized Loss; and (iii) amend the provisions of this Agreement as appropriate (x) to reflect the proposal
or promulgation of Treasury Regulations under Section 704(b) or Section 704(c) of the Code or (y) otherwise to preserve or achieve
uniformity of the Non-Managing Member Interests (or any class or classes thereof). The Managing Member may adopt such conventions,
make such allocations and make such amendments to this Agreement as provided in this ‎Section 6.1(c)(x)(D) only if such conventions,
allocations or amendments would not have a material adverse effect on the Members, the holders of any class or classes of Non-Managing
Member Interests issued and

 

    52 

     

    

Outstanding
or the Company, and if such allocations are consistent with the principles of Section 704 of the Code.

 

(xi)           Noncompensatory Option. Any Member who has received its interest pursuant to the exercise of a Noncompensatory Option shall
be allocated gain or loss or reallocated capital from other Members’ Capital Accounts as necessary to comply with Treasury
Regulations Section 1.704-1(b)(2)(iv)(5).

 

(xii)         
Curative Allocation.

 

(A)            
Notwithstanding any other provision of this ‎Section 6.1, other than the Required Allocations, the Required Allocations
shall be taken into account in making the Agreed Allocations so that, to the extent possible, the net amount of items of gross
income, gain, loss and deduction allocated to each Member pursuant to the Required Allocations and the Agreed Allocations, together,
shall be equal to the net amount of such items that would have been allocated to each such Member under the Agreed Allocations
had the Required Allocations and the related Curative Allocation not otherwise been provided in this ‎Section 6.1. Notwithstanding
the preceding sentence, Required Allocations relating to (1) Nonrecourse Deductions shall not be taken into account except
to the extent that there has been a decrease in Company Minimum Gain and (2) Member Nonrecourse Deductions shall not be taken
into account except to the extent that there has been a decrease in Member Nonrecourse Debt Minimum Gain. In exercising its discretion
under this ‎Section 6.1(c)(xii)(A), the Managing Member may take into account future Required Allocations that, although not
yet made, are likely to offset other Required Allocations previously made. Allocations pursuant to this ‎Section 6.1(c)(xii)(A)
shall only be made with respect to Required Allocations to the extent the Managing Member determines that such allocations will
otherwise be inconsistent with the economic agreement among the Members. Further, allocations pursuant to this ‎Section 6.1(c)(xii)(A)
shall be deferred with respect to allocations pursuant to clauses (1) and (2) hereof to the extent the Managing Member
determines that such allocations are likely to be offset by subsequent Required Allocations.

 

(B)             
The Managing Member shall, with respect to each taxable period, (1) apply the provisions of ‎Section 6.1(c)(xii)(A)
in whatever order is most likely to minimize the economic distortions that might otherwise result from the Required Allocations,
and (2) divide all allocations pursuant to ‎Section 6.1(c)(xii)(A) among the Members in a manner that is likely to minimize
such economic distortions.

 

(xiii)        
Corrective and Other Allocations. In the event of any allocation of Additional Book Basis Derivative Items or a Net Termination
Loss, the following rules shall apply:

 

    53 

     

    

(A)            
The Managing Member shall allocate Additional Book Basis Derivative Items consisting of depreciation, amortization, depletion
or any other form of cost recovery (other than Additional Book Basis Derivative Items included in Net Termination Gain or Net
Termination Loss) with respect to any Adjusted Property to the Unitholders, Pro Rata, and the holders of Incentive Distribution
Rights, all in the same proportion as the Net Termination Gain or Net Termination Loss resulting from the Revaluation Event that
gave rise to such Additional Book Basis Derivative Items was allocated to them pursuant to ‎Section 6.1(b).

 

(B)             
If a sale or other taxable disposition of an Adjusted Property, including, for this purpose, inventory (“Disposed
of Adjusted Property”) occurs other than in connection with an event giving rise to Net Termination Gain or Net Termination
Loss, the Managing Member shall allocate (1) items of gross income and gain (aa) away from the holders of Incentive Distribution
Rights and (bb) to the Unitholders, or (2) items of deduction and loss (aa) away from the Unitholders and (bb) to the holders
of Incentive Distribution Rights, to the extent that the Additional Book Basis Derivative Items with respect to the Disposed of
Adjusted Property (determined in accordance with the last sentence of the definition of Additional Book Basis Derivative Items)
treated as having been allocated to the Unitholders pursuant to this ‎Section 6.1(c)(xiii)(B) exceed their Share of Additional
Book Basis Derivative Items with respect to such Disposed of Adjusted Property. For purposes of this ‎Section 6.1(c)(xiii)(B),
the Unitholders shall be treated as having been allocated Additional Book Basis Derivative Items to the extent that such Additional
Book Basis Derivative Items have reduced the amount of income that would otherwise have been allocated to the Unitholders under
this Agreement (e.g., Additional Book Basis Derivative Items taken into account in computing cost of goods sold would reduce the
amount of book income otherwise available for allocation among the Members). Any allocation made pursuant to this ‎Section
6.1(c)(xiii)(B) shall be made after all of the other Agreed Allocations have been made as if this ‎Section 6.1(c)(xiii) were
not in this Agreement and, to the extent necessary, shall require the reallocation of items that have been allocated pursuant
to such other Agreed Allocations.

 

(C)             
Net Termination Loss in an amount equal to the lesser of (1) such Net Termination Loss and (2) the Aggregate Remaining
Net Positive Adjustments shall be allocated in such a manner, as determined by the Managing Member, that to the extent possible,
the Capital Account balances of the Members will equal the amount they would have been had no prior Book-Up Events occurred, and
any remaining Net Termination Loss shall be allocated pursuant to ‎Section 6.1(b) hereof. In allocating Net Termination Loss
pursuant to this ‎Section 6.1(c)(xiii)(C), the Managing Member shall attempt, to the extent possible, to cause the Capital
Accounts of the Unitholders, on the one hand, and holders of the Incentive

 

    54 

     

    

Distribution
Rights, on the other hand, to equal the amount they would equal if (i) the Carrying Values of the Company’s property had
not been previously adjusted in connection with any prior Book-Up Events, (ii) Unrealized Gain and Unrealized Loss (or, in the
case of a liquidation, actual gain or loss) with respect to such Company Property were determined with respect to such unadjusted
Carrying Values, and (iii) any resulting Net Termination Gain had been allocated pursuant to ‎Section 6.1(b)(i) (including,
for the avoidance of doubt, taking into account the provisions set forth in the last sentence of ‎Section 6.1(b)(i)).

 

(D)            
In making the allocations required under this ‎Section 6.1(c)(xiii), the Managing Member may apply whatever conventions
or other methodology it determines will satisfy the purpose of this ‎Section 6.1(c)(xiii). Without limiting the foregoing,
if an Adjusted Property is contributed by the Company to another entity classified as a partnership for federal income tax purposes
(the “lower tier partnership”), the Managing Member may make allocations similar to those described in ‎Section
6.1(c)(xiii)(A) through ‎Section 6.1(c)(xiii)(C) to the extent the Managing Member determines such allocations are necessary
to account for the Company’s allocable share of income, gain, loss and deduction of the lower tier partnership that relate
to the contributed Adjusted Property in a manner that is consistent with the purpose of this ‎Section 6.1(c)(xiii).

 

(xiv)        
Special Curative Allocation in Event of Liquidation Prior to Conversion of the Last Outstanding Subordinated Unit. Notwithstanding
any other provision of this ‎Section 6.1 (other than the Required Allocations), if (A) the Liquidation Date
occurs prior to the conversion of the last Outstanding Subordinated Unit and (B) after having made all other allocations provided
for in this ‎Section 6.1 for the taxable period in which the Liquidation Date occurs, the Capital Account in
respect of each Common Unit does not equal the amount such Capital Account would have been if ‎Section 6.1(b)(iii)
and ‎Section 6.1(b)(v) had not been part of this Agreement and all prior allocations of Net Termination Gain
and Net Termination Loss had been made pursuant to ‎Section 6.1(b)(i) or ‎Section 6.1(b)(ii),
as applicable, then items of income, gain, loss and deduction for such taxable period shall be reallocated among the Managing
Member and all Unitholders in a manner determined appropriate by the Managing Member so as to cause, to the maximum extent possible,
the Capital Account in respect of each Common Unit to equal the amount such Capital Account would have been if all prior allocations
of Net Termination Gain and Net Termination Loss had been made pursuant to ‎Section 6.1(b)(i) or ‎Section
6.1(b)(ii), as applicable. For the avoidance of doubt, the reallocation of items set forth in the immediately preceding sentence
provides that, to the extent necessary to achieve the Capital Account balances described above, (x) items of income and gain that
would otherwise be included in Net Income or Net Loss, as the case may be, for the taxable period in which the Liquidation Date
occurs, shall be reallocated from the Managing Member and Unitholders holding Subordinated Units to Unitholders holding Common
Units and (y) items of deduction and loss that would otherwise

 

    55 

     

    

be
included in Net Income or Net Loss, as the case may be, for the taxable period in which the Liquidation Date occurs shall be reallocated
from Unitholders holding Common Units to the Managing Member and Unitholders holding Subordinated Units. In the event that (i)
the Liquidation Date occurs on or before the date (not including any extension of time prescribed by law for the filing of the
Company’s federal income tax return for the taxable period immediately prior to the taxable period in which the Liquidation
Date occurs and (ii) the reallocation of items for the taxable period in which the Liquidation Date occurs as set forth above
in this ‎Section 6.1(c)(xiv) fails to achieve the Capital Account balances described above, items of income,
gain, loss and deduction that would otherwise be included in the Net Income or Net Loss, as the case may be, for such prior taxable
period shall be reallocated among the Managing Member and all Unitholders in a manner that will, to the maximum extent possible
and after taking into account all other allocations made pursuant to this ‎Section 6.1(c)(xiv), cause the Capital
Account in respect of each Common Unit to equal the amount such Capital Account would have been if all prior allocations of Net
Termination Gain and Net Termination Loss had been made pursuant to ‎Section 6.1(b)(i) or ‎Section
6.1(b)(ii), as applicable.

 

Section
6.2           
Allocations for Tax Purposes.

 

(a)           Except as otherwise provided herein, for federal income tax purposes, each item of income, gain, loss, deduction and credit
shall be allocated among the Members in the same manner as its correlative item of “book” income, gain, loss or deduction
is allocated pursuant to ‎Section 6.1.

 

(b)           In an attempt to eliminate Book-Tax Disparities attributable to a Contributed Property or Adjusted Property, items of income,
gain, loss, depreciation, amortization and cost recovery deductions shall be allocated for federal income tax purposes among the
Members in the manner provided under Section 704(c) of the Code, and the Treasury Regulations promulgated under Section 704(b)
and 704(c) of the Code, as determined to be appropriate by the Managing Member (taking into account the Managing Member’s
discretion under ‎Section 6.1(c)(x)(D)).

 

(c)           In accordance with Treasury Regulation Sections 1.1245-1(e) and 1.1250-1(f), any gain allocated to the Members upon
the sale or other taxable disposition of any Company asset shall, to the extent possible, after taking into account other required
allocations of gain pursuant to this ‎Section 6.2, be characterized as Recapture Income in the same proportions and
to the same extent as such Members (or their predecessors in interest) have been allocated any deductions directly or indirectly
giving rise to the treatment of such gains as Recapture Income.

 

(d)           All items of income, gain, loss, deduction and credit recognized by the Company for federal income tax purposes and allocated
to the Members in accordance with the provisions hereof shall be determined without regard to any election under Section 754
of the Code that may be made by the Company; provided, however, that such allocations, once made, shall be adjusted (in the manner
determined by the Managing

 

    56 

     

    

Member)
to take into account those adjustments permitted or required by Sections 734 and 743 of the Code.

 

(e)           Each item of Company income, gain, loss and deduction, for federal income tax purposes, shall be determined for each taxable
period and the Managing Member shall prorate and allocate such items to the Members in a manner permitted by Section 706 of the
Code and the regulations and rulings promulgated thereunder.

 

(f)            If, as a result of an exercise of a Noncompensatory Option, a Capital Account reallocation is required under Treasury Regulation
Section 1.704-1(b)(2)(iv)(s)(3), the Managing Member shall make corrective allocations pursuant to Treasury Regulation Section
1.704-1(b)(4)(x).

 

Section
6.3           
Requirement and Characterization of Distributions; Distributions to Record Holders.

 

(a)           Within 45 days following the end of each Quarter commencing with the Quarter ending on August 31, 2015, an amount
equal to 100% of Available Cash with respect to such Quarter shall be distributed in accordance with this ‎Article
VI by the Company to the Members as of the Record Date selected by the Managing Member; provided, that our Sponsors shall
not receive distributions on their Units with respect to the Distribution Forbearance Period. After the date on which the Distribution
Forbearance Period ends, distributions will be made to the Sponsors in accordance with this ‎Article VII. All amounts
of Available Cash distributed by the Company on any date from any source shall be deemed to be Operating Surplus until the sum
of all amounts of Available Cash theretofore distributed by the Company to the Members pursuant to ‎Section 6.4 equals
the Operating Surplus from the IPO Closing Date through the close of the immediately preceding Quarter. Any remaining amounts
of Available Cash distributed by the Managing Member on such date shall, except as otherwise provided in ‎Section 6.5,
be deemed to be “Capital Surplus.” All distributions required to be made under this Agreement shall be made subject
to Sections 18-607 and 18-804 of the Delaware Act and other applicable law, notwithstanding any other provision of this Agreement.

 

(b)           Notwithstanding ‎Section 6.3(a), in the event of the dissolution and liquidation of the Company, all cash received
during or after the Quarter in which the Liquidation Date occurs shall be applied and distributed solely in accordance with, and
subject to the terms and conditions of, ‎Section 12.4.

 

(c)           The Managing Member may treat taxes paid by the Company on behalf of, or amounts withheld with respect to, all or less
than all of the Members, as a distribution of Available Cash to such Members as determined appropriate under the circumstances
by the Managing Member.

 

(d)           Each distribution in respect of a Membership Interest shall be paid by the Company, directly or through any other Person
or agent, only to the Record Holder of such Membership Interest as of the Record Date set for such distribution. Such payment

 

    57 

     

    

shall
constitute full payment and satisfaction of the Company’s liability in respect of such payment, regardless of any claim
of any Person who may have an interest in such payment by reason of an assignment or otherwise.

 

Section
6.4           
Distributions of Available Cash from Operating Surplus.

 

(a)           During the Subordination Period. Available Cash with respect to any Quarter or portion thereof wholly within the
Subordination Period that is deemed to be Operating Surplus pursuant to the provisions of ‎Section 6.3 or ‎Section
6.5 shall be distributed as follows, except as otherwise contemplated by ‎Section 5.4 in respect of other Membership
Interests issued pursuant thereto:

 

(i)               First, 100% to all the Unitholders holding Common Units, Pro Rata, until there has been distributed in respect of
each Common Unit then Outstanding an amount equal to the Minimum Quarterly Distribution for such Quarter;

 

(ii)              Second, 100% to all Unitholders holding Common Units, Pro Rata, until there has been distributed in respect of each
Common Unit then Outstanding an amount equal to the Cumulative Common Unit Arrearage existing with respect to such Quarter;

 

(iii)            
Third, 100% to all Unitholders holding Subordinated Units, Pro Rata, until there has been distributed in respect
of each Subordinated Unit then Outstanding an amount equal to the Minimum Quarterly Distribution for such Quarter;

 

(iv)            
Fourth, 100% to all Unitholders, Pro Rata, until there has been distributed in respect of each Unit then
Outstanding an amount equal to the excess of the First Target Distribution over the Minimum Quarterly Distribution for such Quarter;

 

(v)              Fifth, (A) 15% to the holders of the Incentive Distribution Rights, Pro Rata, and (B) 85% to all Unitholders,
Pro Rata, until there has been distributed in respect of each Unit then Outstanding an amount equal to the excess of the Second
Target Distribution over the First Target Distribution for such Quarter;

 

(vi)            
Sixth, (A) 25% to the holders of the Incentive Distribution Rights, Pro Rata, and (B) 75% to all Unitholders,
Pro Rata, until there has been distributed in respect of each Unit then Outstanding an amount equal to the excess of the Third
Target Distribution over the Second Target Distribution for such Quarter; and

 

(vii)          
Thereafter, (A) 50% to the holders of the Incentive Distribution Rights, Pro Rata, and (B) 50% to all
Unitholders, Pro Rata;

 

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provided,
however, that if the Target Distributions have been reduced to zero pursuant to the second sentence of ‎Section 6.6(a),
the distribution of Available Cash that is deemed to be Operating Surplus with respect to any Quarter will be made solely in accordance
with ‎Section 6.4(a)(vii).

 

(b)           After the Subordination Period. Available Cash with respect to any Quarter after the Subordination Period that is
deemed to be Operating Surplus pursuant to the provisions of ‎Section 6.3 or ‎Section 6.5
shall be distributed as follows, except as otherwise contemplated by ‎Section 5.4 in respect of other Membership
Interests issued pursuant thereto:

 

(i)               First, 100% to the Unitholders, Pro Rata, until there has been distributed in respect of each Unit then Outstanding
an amount equal to the Minimum Quarterly Distribution for such Quarter;

 

(ii)             
Second, 100% to the Unitholders, Pro Rata, until there has been distributed in respect of each Unit then Outstanding
an amount equal to the excess of the First Target Distribution over the Minimum Quarterly Distribution for such Quarter;

 

(iii)            
Third, (A) 15% to the holders of the Incentive Distribution Rights, Pro Rata, and (B) 85% to all Unitholders,
Pro Rata, until there has been distributed in respect of each Unit then Outstanding an amount equal to the excess of the Second
Target Distribution over the First Target Distribution for such Quarter;

 

(iv)            
Fourth, (A) 25% to the holders of the Incentive Distribution Rights, Pro Rata, and (B) 75% to all Unitholders,
Pro Rata, until there has been distributed in respect of each Unit then Outstanding an amount equal to the excess of the Third
Target Distribution over the Second Target Distribution for such Quarter; and

 

(v)             
Thereafter, (A) 50% to the holders of the Incentive Distribution Rights, Pro Rata, and (B) 50% to all
Unitholders, Pro Rata;

 

provided,
however, that if the Target Distributions have been reduced to zero pursuant to the second sentence of ‎Section 6.6(a),
the distribution of Available Cash that is deemed to be Operating Surplus with respect to any Quarter will be made solely in accordance
with ‎Section 6.4(b)(v).

 

Section
6.5           
Distributions of Available Cash from Capital Surplus.  Available Cash that
is deemed to be Capital Surplus pursuant to the provisions of ‎Section 6.3(a) shall be distributed, unless the provisions
of ‎Section 6.3 require otherwise:

 

(a)            First, 100% to the Unitholders, Pro Rata, until the Minimum Quarterly Distribution has been reduced to zero pursuant to
the second sentence of ‎Section 6.6(a);

 

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(b)            Second, 100% to all Unitholders holding Common Units, Pro Rata, until there has been distributed in respect of each Common
Unit then Outstanding an amount equal to the Cumulative Common Unit Arrearage; and

 

(c)            Thereafter, all Available Cash shall be distributed as if it were Operating Surplus and shall be distributed in accordance
with ‎Section 6.4.

 

Section
6.6           
Adjustment of Target Distribution Levels.  

 

(a)            The Target Distributions, Common Unit Arrearages and Cumulative Common Unit Arrearages shall be proportionately adjusted
in the event of any distribution, combination or subdivision (whether effected by a distribution payable in Units or otherwise)
of Units or other Membership Interests in accordance with ‎Section 5.8. In the event of a distribution of Available
Cash that is deemed to be from Capital Surplus, the then applicable Target Distributions shall be reduced in the same proportion
that the distribution had to the fair market value of the Common Units prior to the announcement of the distribution.

 

(b)            The Target Distributions shall also be subject to adjustment pursuant to ‎Section 5.12 and ‎Section
6.9.

 

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Section
6.7           
Special Provisions Relating to the Holders of Subordinated Units. Except
with respect to the right to vote on or approve matters requiring the vote or approval of a percentage of the holders of Outstanding
Common Units and the right to participate in allocations of income, gain, loss and deduction and distributions made with respect
to Common Units, the holder of a Subordinated Unit shall have all of the rights and obligations of a Unitholder holding Common
Units hereunder; provided, however, that immediately upon the conversion of Subordinated Units into Common Units pursuant to ‎Section
5.5, the Unitholder holding a Subordinated Unit shall possess all of the rights and obligations of a Unitholder holding Common
Units hereunder with respect to such converted Subordinated Units, including the right to vote as a Unitholder and the right to
participate in allocations of income, gain, loss and deduction and distributions made with respect to Common Units; provided,
however, that such converted Subordinated Units shall remain subject to the provisions of Sections ‎5.3(c)(ii) and ‎6.1(c)(x)(A).

 

Section
6.8           
Special Provisions Relating to the Holders of Incentive Distribution Rights. Notwithstanding
anything to the contrary set forth in this Agreement, the holders of the Incentive Distribution Rights (1) shall (x) possess the
rights and obligations provided in this Agreement with respect to a Non-Managing Member pursuant to Article ‎III and ‎Article
VII and (y) have a Capital Account as a Non-Managing Member pursuant to ‎Section 5.3 and all other provisions related thereto
and (2) shall not (x) be entitled to vote on any matters requiring the approval or vote of the holders of Outstanding Units, except
as provided by law, (y) be entitled to any distributions other than as provided in ‎Section 6.4(a)(v), ‎(vi) and ‎(vii),
‎Section 6.4(b)(iii), ‎(iv) and ‎(v), and ‎Section 12.4 or (z) be allocated items of income, gain, loss or deduction
other than as specified in this ‎Article VI; provided, however, that, for the avoidance of doubt, the foregoing shall not
preclude the Company from making any other payments or distributions in connection with other actions permitted by this Agreement.

 

Section
6.9           
Entity Level Taxation. If legislation
is enacted or the official interpretation of existing legislation is modified by a governmental authority, which after giving
effect to such enactment or modification, results in a Group Member becoming subject to federal, state or local or non-U.S. income
or withholding taxes in excess of the amount of such taxes due from the Group Member prior to such enactment or modification (including,
for the avoidance of doubt, any increase in the rate of such taxation applicable to the Group Member), then the Managing Member
may, at its option, reduce the Target Distributions by the amount of income or withholding taxes that are payable by reason of
any such new legislation or interpretation (the “Incremental Income Taxes”), or any portion thereof selected by the
Managing Member, in the manner provided in this ‎Section 6.9. If the Managing Member elects to reduce the Target Distributions
for any Quarter with respect to all or a portion of any Incremental Income Taxes, the Managing Member shall estimate for such
Quarter the Company Group’s aggregate liability (the “Estimated Incremental Quarterly Tax Amount”) for all (or
the relevant portion of) such Incremental Income Taxes; provided, however, that any difference between such estimate and the actual
liability for Incremental Income Taxes (or the relevant portion thereof) for such Quarter may, to the extent determined by the
Managing Member, be taken into account in determining the Estimated Incremental Quarterly Tax Amount with respect to each Quarter
in which any such difference can be determined. For each such Quarter, the Target Distributions shall be the product obtained
by multiplying (a) the amounts therefor that are set out herein prior to the application of this ‎Section 6.9 times (b) the
quotient obtained by dividing (i) Available

 

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Cash
with respect to such Quarter by (ii) the sum of Available Cash with respect to such Quarter and the Estimated Incremental Quarterly
Tax Amount for such Quarter, as determined by the Managing Member. For purposes of the foregoing, Available Cash with respect
to a Quarter will be deemed reduced by the Estimated Incremental Quarterly Tax Amount for that Quarter.

 

Article
VII

MANAGEMENT AND OPERATION OF BUSINESS

 

Section
7.1           
Management.

 

(a)           The Managing Member shall conduct, direct and manage all activities of the Company. Except as otherwise expressly provided
in this Agreement, but without limitation on the ability of the Managing Member to delegate its rights and power to other Persons,
all management powers over the business and affairs of the Company shall be exclusively vested in the Managing Member, and no
Non-Managing Member in its capacity as such shall have any management power over the business and affairs of the Company. In addition
to the powers now or hereafter granted to a managing member of a limited liability company under applicable law or that are granted
to the Managing Member under any other provision of this Agreement, the Managing Member, subject to ‎Section 7.4, shall
have full power and authority to do all things and on such terms as it determines to be necessary or appropriate to conduct the
business of the Company, to exercise all powers set forth in ‎Section 2.5 and to effectuate the purposes set forth
in ‎Section 2.4, including the following:

 

(i)             the making of any expenditures, the lending or borrowing of money, the assumption or guarantee of, or other contracting
for, indebtedness and other liabilities, the issuance of evidences of indebtedness, including indebtedness that is convertible
into or exchangeable for Membership Interests, and the incurring of any other obligations;

 

(ii)            the making of tax, regulatory and other filings, or rendering of periodic or other reports to governmental or other agencies
having jurisdiction over the business or assets of the Company;

 

(iii)           the acquisition, disposition, mortgage, pledge, encumbrance, hypothecation or exchange of any or all of the assets of the
Company or the merger or other combination of the Company with or into another Person (the matters described in this clause (iii)
being subject, however, to any prior approval that may be required by ‎Section 7.4 and ‎Article
XIV);

 

(iv)           the use of the assets of the Company (including cash on hand) for any purpose consistent with the terms of this Agreement,
including (A) the financing of the conduct of the business or operations of the Company Group, whether through a Subsidiary or
a Joint Venture; (B) the lending of funds to other Persons (including other Group Members); (C) the repayment or guarantee of
obligations of any Group Member; and (D) the making of capital contributions to any Group Member;

 

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(v)           the negotiation, execution and performance of any contracts, conveyances or other instruments (including instruments that
limit the liability of the Company under contractual arrangements to all or particular assets of the Company, with the other party
to the contract to have no recourse against the Managing Member or its assets other than its interest in the Company, even if
the same results in the terms of the transaction being less favorable to the Company than would otherwise be the case);

 

(vi)          the distribution of cash held by the Company;

 

(vii)         the selection and dismissal of employees (including employees having titles such as “president,” “vice
president,” “secretary” and “treasurer”) and agents, internal and outside attorneys, accountants,
consultants and contractors and the determination of their compensation and other terms of employment or hiring;

 

(viii)       
the maintenance of insurance for the benefit of the Company Group, the Members and Indemnitees;

 

(ix)         
the formation of, or acquisition of an interest in, and the contribution of property and the making of loans to, any further
limited or general partnerships, joint ventures, corporations, limited liability companies or other Persons (including the acquisition
of interests in, and the contributions of property to, any Group Member from time to time) subject to the restrictions set forth
in ‎Section 2.4;

 

(x)          
the control of any matters affecting the rights and obligations of the Company, including the bringing and defending of
actions at law or in equity and otherwise engaging in the conduct of litigation, arbitration or mediation and the incurring of
legal expense and the settlement of claims and litigation;

 

(xi)          
the indemnification of any Person against liabilities and contingencies to the extent permitted by law;

 

(xii)         
the purchase, sale or other acquisition or disposition of Membership Interests, or the issuance of Derivative Membership
Interests;

 

(xiii)        
the undertaking of any action in connection with the Company’s participation in the management of any Group Member
or Joint Venture; and

 

(xiv)        
the entering into of agreements with any of its Affiliates to render services to a Group Member or to itself in the discharge
of its duties as Managing Member of the Company.

 

(b)           Notwithstanding any other provision of this Agreement, any Group Member Agreement, the Delaware Act or any applicable law,
rule or regulation, each of the Members and each other Person who may acquire an interest in Membership Interests or is otherwise
bound by this Agreement hereby (i) approves, ratifies and confirms the

 

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execution,
delivery and performance by the parties thereto of this Agreement and the Group Member Agreement of each other Group Member, the
Management Services Agreements, the Underwriting Agreement, the Exchange Agreement and the other agreements described in or filed
as exhibits to the IPO Registration Statement that are related to the transactions contemplated by the IPO Registration Statement
(collectively, the “Transaction Documents”) (in each case other than this Agreement, without giving effect
to any amendments, supplements or restatements thereof entered into after the date such Person becomes bound by the provisions
of this Agreement); (ii) agrees that the Managing Member (on its own or on behalf of the Company) is authorized to execute,
deliver and perform the agreements referred to in clause (i) of this sentence and the other agreements, acts, transactions
and matters described in or contemplated by the IPO Registration Statement on behalf of the Company without any further act, approval
or vote of the Members or the other Persons who may acquire an interest in Membership Interests or otherwise bound by this Agreement;
and (iii) agrees that the execution, delivery or performance by the Managing Member, any Group Member or any Affiliate of
any of them of this Agreement or any agreement authorized or permitted under this Agreement shall not constitute a breach by the
Managing Member of any duty or any other obligation of any type whatsoever that the Managing Member may owe the Company or the
Non-Managing Members or any other Persons under this Agreement (or any other agreements) or of any duty existing at law, in equity
or otherwise.

 

Section
7.2           
Replacement of Fiduciary Duties. Notwithstanding
any other provision of this Agreement, to the extent that, at law or in equity, the Managing Member or any other Indemnitee would
have duties (including fiduciary duties) to the Company, to another Member, to any Person who acquires an interest in a Membership
Interest or to any other Person bound by this Agreement, all such duties (including fiduciary duties) are hereby eliminated, to
the fullest extent permitted by law, and replaced with the duties expressly set forth herein. The elimination of duties (including
fiduciary duties) and replacement thereof with the duties expressly set forth herein are approved by the Company, each of the
Members, each other Person who acquires an interest in a Membership Interest and each other Person bound by this Agreement.

 

Section
7.3           
Certificate of Formation.  The
Managing Member has caused the Certificate of Formation to be filed with the Secretary of State of the State of Delaware as required
by the Delaware Act. The Managing Member shall use all reasonable efforts to cause to be filed such other certificates or documents
that the Managing Member determines to be necessary or appropriate for the formation, continuation, qualification and operation
of a limited liability company in the State of Delaware or any other state in which the Company may elect to do business or own
property. To the extent the Managing Member determines such action to be necessary or appropriate, the Managing Member shall file
amendments to and restatements of the Certificate of Formation and do all things to maintain the Company as a limited liability
company under the laws of the State of Delaware or of any other state in which the Company may elect to do business or own property.
Subject to the terms of ‎Section 3.4(a), the Managing Member shall not be required, before or after filing, to deliver or
mail a copy of the Certificate of Formation, any qualification document or any amendment thereto to any Non-Managing Member.

 

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Section
7.4           
Restrictions on the Managing Member’s Authority to Sell Assets of the Company
Group. Except as provided in ‎Article XII and ‎Article XIV, the
Managing Member may not sell, exchange or otherwise dispose of all or substantially all of the assets of the Company Group, taken
as a whole, in a single transaction or a series of related transactions (including by way of merger, consolidation, other combination
or sale of ownership interests in the Company’s Subsidiaries) without the approval of a Unit Majority; provided, however,
that this provision shall not preclude or limit the Managing Member’s ability to mortgage, pledge, hypothecate or grant
a security interest in all or substantially all of the assets of the Company Group and shall not apply to any forced sale of any
or all of the assets of the Company Group pursuant to the foreclosure of, or other realization upon, any such encumbrance.

 

Section
7.5           
Reimbursement of the Managing Member.

 

(a)           Except as provided in this ‎Section 7.5, the Management Services Agreements and elsewhere in this Agreement,
the Managing Member shall not be compensated for its services as a general partner or managing member of any Group Member.

 

(b)           The Managing Member shall be reimbursed on a monthly basis, or such other basis as the Managing Member may determine, for
(i) all direct and indirect expenses it incurs or payments it makes on behalf of the Company Group (including salary, bonus,
incentive compensation and other amounts paid to any Person, including Affiliates of the Managing Member, to perform services
for the Company Group or for the Managing Member in the discharge of its duties to the Company Group), and (ii) all other
expenses allocable to the Company Group or otherwise incurred by the Managing Member or its Affiliates in connection with managing
and operating the Company Group’s business and affairs (including expenses allocated to Managing Member by its Affiliates).
The Managing Member shall determine the expenses that are allocable to the Company Group. Reimbursements pursuant to this ‎Section
7.5 shall be in addition to any reimbursement to the Managing Member as a result of indemnification pursuant to ‎Section
7.7. This provision does not affect the ability of the Managing Member and its Affiliates to enter into an agreement to provide
services to any Group Member for a fee or otherwise than for cost.

 

(c)           The Managing Member, without the approval of any Member, may propose and adopt on behalf of the Company benefit plans,
programs and practices (including plans, programs and practices involving the issuance of Membership Interests or Derivative Membership
Interests), or cause the Company to issue Membership Interests or Derivative Membership Interests in connection with, or pursuant
to, any benefit plan, program or practice maintained or sponsored by the Managing Member or any of its Affiliates, any Group Member
or their Affiliates, or any of them, in each case for the benefit of officers, employees, consultants and directors of the Managing
Member or any of its Affiliates, in respect of services performed, directly or indirectly, for the benefit of the Company Group.
The Company agrees to issue and sell to the Managing Member or any of its Affiliates any Membership Interests or Derivative Membership
Interests that the Managing Member or such Affiliates are obligated to provide to any officers, consultants and directors pursuant
to any such benefit plans, programs or

 

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practices.
Expenses incurred by the Managing Member in connection with any such plans, programs and practices (including the net cost to
the Managing Member or such Affiliates of Membership Interests or Derivative Membership Interests purchased by the Managing Member
or such Affiliates from the Company to fulfill options or awards under such plans, programs and practices) shall be reimbursed
in accordance with Section 7.5(b). Any and all obligations of the Managing Member under any benefit plans, programs or practices
adopted by the Managing Member as permitted by this Section 7.5(c) shall constitute obligations of the Managing Member hereunder
and shall be assumed by any successor Managing Member approved pursuant to Section 11.1 or Section 11.2 or the transferee of or
successor to all of the Managing Member’s Managing Member Interest pursuant to Section 4.6.

 

Section
7.6           
Outside Activities.

 

(a)            Subject to the terms of ‎Section 7.6(c) and the ROFO Agreement, each Unrestricted Person shall have the right
to engage in businesses of every type and description and other activities for profit and to engage in and possess an interest
in other business ventures of any and every type or description, whether in businesses engaged in or anticipated to be engaged
in by any Group Member, independently or with others, including business interests and activities in direct competition with the
business and activities of any Group Member, and none of the same shall constitute a breach of this Agreement or any duty otherwise
existing at law, in equity or otherwise, to any Group Member or any Member. None of any Group Member, any Non-Managing Member
or any other Person shall have any rights by virtue of this Agreement, any Group Member Agreement, or the partnership relationship
established hereby in any business ventures of any Unrestricted Person.

 

(b)            Notwithstanding anything to the contrary in this Agreement, the doctrine of corporate opportunity, or any analogous doctrine,
shall not apply to any Unrestricted Person (including the Managing Member). No Unrestricted Person (including the Managing Member)
who acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Company,
shall have any duty to communicate or offer such opportunity to the Company, and such Unrestricted Person (including the Managing
Member) shall not be liable to the Company, to any Member or any other Person bound by this Agreement for breach of any duty otherwise
existing at law, in equity or otherwise, by reason of the fact that such Unrestricted Person (including the Managing Member) pursues
or acquires for itself, directs such opportunity to another Person or does not communicate such opportunity or information to
the Company, provided such Unrestricted Person does not engage in such business or activity using confidential or proprietary
information provided by or on behalf of the Company to such Unrestricted Person.

 

(c)            The Managing Member and each of its Affiliates may acquire Units or other Membership Interests and, except as otherwise
provided in this Agreement, shall be entitled to exercise, at their option, all rights relating to all Units and/or other

 

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Membership
Interests acquired by them. The term “Affiliates” when used in this ‎Section 7.6(d) with respect to the
Managing Member shall not include any Group Member.

 

Section
7.7           
Indemnification.

 

(a)           To the fullest extent permitted by law but subject to the limitations expressly provided in this Agreement, all Indemnitees
shall be indemnified and held harmless by the Company from and against any and all losses, claims, damages, liabilities, joint
or several, expenses (including legal fees and expenses), judgments, fines, penalties, interest, settlements or other amounts
arising from any and all threatened, pending or completed claims, demands, actions, suits or proceedings, whether civil, criminal,
administrative or investigative, and whether formal or informal and including appeals, in which any Indemnitee may be involved,
or is threatened to be involved, as a party or otherwise, by reason of its status as an Indemnitee and acting (or omitting or
refraining to act) in such capacity on behalf of or for the benefit of the Company; provided, that the Indemnitee shall not be
indemnified and held harmless pursuant to this Agreement if there has been a final and non-appealable judgment entered by a court
of competent jurisdiction determining that, in respect of the matter for which the Indemnitee is seeking indemnification pursuant
to this Agreement, the Indemnitee acted in bad faith or engaged in fraud, willful misconduct or, in the case of a criminal matter,
acted with knowledge that the Indemnitee’s conduct was unlawful; provided, further, no indemnification pursuant to this
‎Section 7.7 shall be available to any Indemnitee (other than a Group Member) with respect to any such Affiliate’s
obligations pursuant to the Transaction Documents. Any indemnification pursuant to this ‎Section 7.7 shall be made
only out of the assets of the Company, it being agreed that the Managing Member shall not be personally liable for such indemnification
and shall have no obligation to contribute or loan any monies or property to the Company to enable it to effectuate such indemnification.

 

(b)           To the fullest extent permitted by law, expenses (including legal fees and expenses) incurred by an Indemnitee who is indemnified
pursuant to ‎Section 7.7(a) in appearing at, participating in or defending any claim, demand, action, suit or proceeding
shall, from time to time, be advanced by the Company prior to a final and non-appealable judgment entered by a court of competent
jurisdiction determining that, in respect of the matter for which the Indemnitee is seeking indemnification pursuant to this ‎Section
7.7, the Indemnitee is not entitled to be indemnified upon receipt by the Company of any undertaking by or on behalf of the Indemnitee
to repay such amount if it shall be ultimately determined that the Indemnitee is not entitled to be indemnified as authorized
by this ‎Section 7.7.

 

(c)           The indemnification provided by this ‎Section 7.7 shall be in addition to any other rights to which an Indemnitee
may be entitled under this Agreement, any other agreement, pursuant to any vote of the holders of Outstanding Non-Managing Member
Interests, as a matter of law, in equity or otherwise, both as to actions in the Indemnitee’s capacity as an Indemnitee
and as to actions in any other capacity (including any capacity under the Underwriting Agreement), and shall continue as to an
Indemnitee who has

 

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ceased
to serve in such capacity and shall inure to the benefit of the heirs, successors, assigns and administrators of the Indemnitee.

 

(d)           The Company may purchase and maintain (or reimburse the Managing Member or its Affiliates for the cost of) insurance, on
behalf of the Managing Member, its Affiliates, the Indemnitees and such other Persons as the Managing Member shall determine,
against any liability that may be asserted against, or expense that may be incurred by, such Person in connection with the Company’s
or any of its Affiliates’ activities or such Person’s activities on behalf of the Company or any of its Affiliates,
regardless of whether the Company would have the power to indemnify such Person against such liability under the provisions of
this Agreement.

 

(e)           For purposes of this ‎Section 7.7: (i) the Company shall be deemed to have requested an Indemnitee to serve
as fiduciary of an employee benefit plan whenever the performance by it of its duties to the Company also imposes duties on, or
otherwise involves services by, it to the plan or participants or beneficiaries of the plan; (ii) excise taxes assessed on an
Indemnitee with respect to an employee benefit plan pursuant to applicable law shall constitute “fines” within the
meaning of ‎Section 7.7(a); and (iii) action taken or omitted by it with respect to any employee benefit plan in the
performance of its duties for a purpose reasonably believed by it to be in the best interest of the participants and beneficiaries
of the plan shall be deemed to be for a purpose that is in the best interests of the Company.

 

(f)            In no event may an Indemnitee subject the Non-Managing Members to personal liability by reason of the indemnification provisions
set forth in this Agreement.

 

(g)           An Indemnitee shall not be denied indemnification in whole or in part under this ‎Section 7.7 because the Indemnitee
had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted
by the terms of this Agreement.

 

(h)           The provisions of this ‎Section 7.7 are for the benefit of the Indemnitees and their heirs, successors, assigns,
executors and administrators and shall not be deemed to create any rights for the benefit of any other Persons.

 

(i)            No amendment, modification or repeal of this ‎Section 7.7 or any provision hereof shall in any manner terminate,
reduce or impair the right of any past, present or future Indemnitee to be indemnified by the Company, nor the obligations of
the Company to indemnify any such Indemnitee under and in accordance with the provisions of this ‎Section 7.7 as in
effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters
occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be
asserted.

 

Section
7.8           
Liability of Indemnitees.

 

(a)           Notwithstanding anything to the contrary set forth in this Agreement, any Group Member Agreement, under the Delaware Act
or any other law, rule or regulation

 

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or
at equity, to the fullest extent allowed by law, no Indemnitee or any of its employees or Persons acting on its behalf shall be
liable for monetary damages to the Company, the Members, or any other Persons who have acquired interests in Membership Interests
or are bound by this Agreement, for losses sustained or liabilities incurred, of any kind or character, as a result of any act
or omission of an Indemnitee or any of its employees or Persons acting on its behalf unless there has been a final and non-appealable
judgment entered by a court of competent jurisdiction determining that, in respect of the matter in question, the Indemnitee or
any of its employees or Persons acting on its behalf acted in bad faith or engaged in fraud, willful misconduct or, in the case
of a criminal matter, acted with knowledge that the Indemnitee’s conduct was unlawful.

 

(b)           The Managing Member may exercise any of the powers granted to it by this Agreement and perform any of the duties imposed
upon it hereunder either directly or by or through its agents, and the Managing Member shall not be responsible for any misconduct
or negligence on the part of any such agent appointed by the Managing Member if such appointment was not made in bad faith.

 

(c)           To the extent that, at law or in equity, an Indemnitee or any of its employees or Persons acting on its behalf has duties
(including fiduciary duties) and liabilities relating thereto to the Company or to the Members or to any other Persons who have
acquired a Membership Interest or are otherwise bound by this Agreement, the Managing Member and any other Indemnitee or any of
its employees or Persons acting on its behalf acting in connection with the Company’s business or affairs shall not be liable
to the Company, the Non-Managing Members, or any other Persons who have acquired interests in the Membership Interests or are
bound by this Agreement for its good faith reliance on the provisions of this Agreement, to the extent that they restrict, eliminate
or otherwise modify the duties and liabilities, including fiduciary duties, of any Indemnitee otherwise existing at law or in
equity, are agreed by the Members to replace such other duties and liabilities of the Indemnitee.

 

(d)           Any amendment, modification or repeal of this ‎Section 7.8 or any provision hereof shall be prospective only
and shall not in any way affect the limitations on the liability of the Indemnitees under this ‎Section 7.8 as in effect
immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring,
in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted.

 

Section
7.9           
Resolution of Conflicts of Interest; Standards of Conduct and Modification of Duties.

 

(a)           Unless otherwise expressly provided in this Agreement or any Group Member Agreement, whenever a potential conflict of interest
exists or arises between the Managing Member or any of its Affiliates, on the one hand, and the Company, any Group Member or any
Member, on the other, any resolution or course of action by the Managing Member or its Affiliates in respect of such conflict
of interest shall be permitted and deemed approved by all Members, and shall not constitute a breach of this Agreement, of any
Group Member Agreement, of any agreement contemplated herein or

 

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therein,
or of any duty stated or implied by law or equity, if the resolution or course of action in respect of such conflict of interest
is (i) approved by Special Approval, (ii) approved by the vote of a majority of the Outstanding Class A Shares (excluding
Class A Shares owned by the Managing Member and its Affiliates, other than the Managing Member), (iii) determined by the
Board of Directors of the General Partner to be on terms no less favorable to the Company than those generally being provided
to or available from unrelated third parties or (iv) determined by the Board of Directors of the General Partner to be fair
and reasonable to the Company, taking into account the totality of the relationships between the parties involved (including other
transactions that may be particularly favorable or advantageous to the Company). The Managing Member shall be authorized but not
required in connection with its resolution of such conflict of interest to seek Special Approval or approval by the holders of
Class A Shares of such resolution, and the Managing Member may also adopt a resolution or course of action that has not received
Special Approval or the approval by the holders of Class A Shares. Unless otherwise expressly provided in this Agreement or any
Group Member Agreement, whenever the Managing Member makes a determination to refer or not to refer any potential conflict of
interest to the Conflicts Committee for Special Approval or to seek or not to seek approval by the holders of the Class A Shares,
then the Managing Member shall be entitled, to the fullest extent permitted by law, to make such determination free of any duty
(including any fiduciary duty) or obligation whatsoever to the Company or any Member, and the Managing Member shall not, to the
fullest extent permitted by law, be required to act in good faith or pursuant to any other standard or duty imposed by this Agreement,
any Group Member Agreement, any other agreement contemplated hereby or under the Delaware Act or any other law, rule or regulation
or at equity, and the Managing Member in making such determination shall be permitted to do so in its sole discretion. If Special
Approval is sought, then it shall be presumed that, in making its decision, the Conflicts Committee acted in good faith, and if
neither Special Approval nor Unitholder approval is sought, the Board of Directors of the General Partner determines that the
resolution or course of action taken with respect to a conflict of interest satisfies either of the standards set forth in clauses (iii)
or (iv) above, then it shall be presumed that, in making its decision, the Board of Directors of the General Partner acted
in good faith. In any proceeding brought by any Member or by or on behalf of such Member or any other Member or the Company challenging
any action by the Conflicts Committee with respect to any matter referred to the Conflicts Committee for Special Approval by the
General Partner, any action by the Board of Directors of the General Partner in determining whether the resolution or course of
action taken with respect to a conflict of interest satisfies either of the standards set forth in clauses (iii) or (iv) above,
the Person bringing or prosecuting such proceeding shall have the burden of overcoming such presumption; in all cases subject
to the provisions for conclusive determination in ‎Section 7.9(b). Notwithstanding anything to the contrary in this
Agreement or any duty otherwise existing at law or equity, the existence of the conflicts of interest described in the IPO Registration
Statement are hereby approved by all Members and shall not constitute a breach of this Agreement or any such duty.

 

(b)           Whenever the Managing Member or the Board of Directors of the General Partner or any committee thereof (including the Conflicts
Committee), makes a determination or takes or declines to take any other action, or any Affiliate of the

 

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Managing
Member causes the Managing Member to do so, in its capacity as the managing member of the Company as opposed to in its individual
capacity, whether under this Agreement, any Group Member Agreement or any other agreement, then, unless another express standard
is provided for in this Agreement, the Managing Member, such Board of Directors or such committee or such Affiliates causing the
Managing Member to do so, shall make such determination or take or decline to take such other action in good faith and shall not
be subject to any other or different duties or standards (including fiduciary duties or standards) imposed by this Agreement,
any Group Member Agreement, any other agreement contemplated hereby or under the Delaware Act or any other law, rule or regulation
or at equity. A determination or other action or inaction will conclusively be deemed to be in “good faith” for all
purposes of this Agreement, if the Person or Persons making such determination or taking or declining to take such other action
subjectively believe that the determination or other action or inaction is in, or not adverse to, the best interests of the Company
Group; provided, that if the Board of Directors of the General Partner is making a determination or taking or declining to take
an action pursuant to clause (iii) or clause (iv) of the first sentence of ‎Section 7.9(a), then in lieu
thereof, such determination or other action or inaction will conclusively be deemed to be in “good faith” for all
purposes of this Agreement if the members of the Board of Directors of the General Partner making such determination or taking
or declining to take such other action subjectively believe that the determination or other action or inaction meets the standard
set forth in clause (iii) or clause (iv) of the first sentence of ‎Section 7.9(a), as applicable.

 

(c)           Whenever the Board of Directors of the General Partner or any committee thereof (including the Conflicts Committee) causes
the Managing Member to make a determination or to take or decline to take any action makes a determination or takes or declines
to take any other action, or any Affiliate of the Managing Member causes the Managing Member to do so, in its individual capacity
as opposed to in its capacity as the managing member of the Company, whether under this Agreement, any Group Member Agreement
or any other agreement contemplated hereby or otherwise, then the Managing Member, or such Affiliates causing it to do so, are
entitled, to the fullest extent permitted by law, to make such determination or to take or decline to take such other action free
of any duty (including any fiduciary duty) or obligation whatsoever to the Company or any Member, and the Managing Member, or
the Board of Directors or such Affiliates causing it to do so, shall not, to the fullest extent permitted by law, be required
to act in good faith or pursuant to any other standard imposed by this Agreement, any Group Member Agreement, any other agreement
contemplated hereby or under the Delaware Act or any other law, rule or regulation or at equity, and the Person or Persons making
such determination or taking or declining to take such other action or causing such determination to be made or such action to
be taken or declined to be taken shall be permitted to do so in their sole discretion. By way of illustration and not of limitation,
whenever the phrase, “the Managing Member at its option” or “the Managing Member, in its sole discretion,”
or some variation of such phrases, is used in this Agreement, it indicates that the Managing Member is acting in its individual
capacity. For the avoidance of doubt, whenever the Managing Member votes or transfers its Membership Interests, or refrains from
voting or transferring its Membership Interests, it shall be acting in its individual capacity.

 

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(d)           Notwithstanding anything to the contrary in this Agreement, the Managing Member and its Affiliates shall have no duty or
obligation, express or implied, to (i) sell or otherwise dispose of any asset of the Company Group other than in the ordinary
course of business or (ii) permit any Group Member to use any facilities or assets of the Managing Member and its Affiliates,
except as may be provided in contracts entered into from time to time specifically dealing with such use. Any determination by
the Managing Member or any of its Affiliates to enter into such contracts shall be at its option.

 

(e)           Except as expressly set forth in this Agreement or required by the Delaware Act, neither the Managing Member nor any other
Indemnitee shall have any duties or liabilities, including fiduciary duties, to the Company or any Member and the provisions of
this Agreement, to the extent that they restrict, eliminate or otherwise modify the duties and liabilities, including fiduciary
duties, of the Managing Member or any other Indemnitee otherwise existing at law or in equity, are agreed by the Members to replace
such other duties and liabilities of the Managing Member or such other Indemnitee.

 

(f)            The Unitholders hereby authorize the Managing Member, on behalf of the Company as a general partner or managing member
of a Group Member, to approve actions by the general partner or managing member of such Group Member similar to those actions
permitted to be taken by the Managing Member pursuant to this ‎Section 7.9.

 

Section
7.10          Other
Matters Concerning the Managing Member.

 

(a)           The Managing Member and any other Indemnitee may rely and shall be protected in acting or refraining from acting upon any
resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture or other paper
or document believed by it to be genuine and to have been signed or presented by the proper party or parties.

 

(b)           The Managing Member and any other Indemnitee may consult with legal counsel, accountants, appraisers, management consultants,
investment bankers and other consultants and advisers selected by it, and any act taken or omitted to be taken in reliance upon
the advice or opinion (including an Opinion of Counsel) of such Persons as to matters that the Managing Member or such Indemnitee,
respectively, reasonably believes to be within such Person’s professional or expert competence shall be conclusively presumed
to have been done or omitted in good faith and in accordance with such advice or opinion.

 

(c)           The Managing Member shall have the right, in respect of any of its powers or obligations hereunder, to act through any
duly authorized officers of the General Partner, a duly appointed attorney or attorneys-in-fact or the duly authorized officers
of the Company or any Group Member.

 

Section
7.11        Purchase
or Sale of Membership Interests.  The Managing Member may
cause the Company to purchase or otherwise acquire Membership Interests or Derivative Membership Interests; provided that, the
Managing Member may not cause any Group Member

 

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to
purchase Subordinated Units during the Subordination Period. As long as Membership Interests are held by any Group Member, such
Membership Interests shall not be considered Outstanding for any purpose, except as otherwise provided herein. The Managing Member
or any Affiliate of the Managing Member may also purchase or otherwise acquire and sell or otherwise dispose of Membership Interests
for its own account, subject to the provisions of ‎Article IV and ‎Article X.

 

Section
7.12        Reliance
by Third Parties.  Notwithstanding anything to the contrary in
this Agreement, any Person dealing with the Company shall be entitled to assume that the Managing Member and any officer of the
General Partner authorized by the Managing Member to act on behalf of and in the name of the Company has full power and authority
to encumber, sell or otherwise use in any manner any and all assets of the Company and to enter into any authorized contracts
on behalf of the Company, and such Person shall be entitled to deal with the Managing Member or any such officer as if it were
the Company’s sole party in interest, both legally and beneficially. Each Non-Managing Member, each other Person who acquires
an interest in a Membership Interest and each other party who becomes bound by this Agreement hereby waives, to the fullest extent
permitted by law, any and all defenses or other remedies that may be available against such Person to contest, negate or disaffirm
any action of the Managing Member or any such officer in connection with any such dealing. In no event shall any Person dealing
with the Managing Member or any such officer or its representatives be obligated to ascertain that the terms of this Agreement
have been complied with or to inquire into the necessity or expedience of any act or action of the Managing Member or any such
officer or its representatives. Each and every certificate, document or other instrument executed on behalf of the Company by
the Managing Member or its representatives shall be conclusive evidence in favor of any and every Person relying thereon or claiming
thereunder that (a) at the time of the execution and delivery of such certificate, document or instrument, this Agreement
was in full force and effect, (b) the Person executing and delivering such certificate, document or instrument was duly authorized
and empowered to do so for and on behalf of the Company and (c) such certificate, document or instrument was duly executed
and delivered in accordance with the terms and provisions of this Agreement and is binding upon the Company.

 

Article
VIII

BOOKS, RECORDS, ACCOUNTING AND REPORTS

 

Section
8.1           
Records and Accounting.  The
Managing Member shall keep or cause to be kept at the principal office of the Company appropriate books and records with respect
to the Company’s business, including the Register. Any books and records maintained by or on behalf of the Company in the
regular course of its business, including the Register, books of account and records of Company proceedings, may be kept on, or
be in the form of, computer disks, hard drives, photographs, micrographics or any other information storage device; provided,
that the books and records so maintained are convertible into clearly legible written form within a reasonable period of time.
The books of the Company shall be maintained, for financial reporting purposes, on an accrual basis in accordance with U.S. GAAP.
The Company shall not be required to keep books maintained on a cash basis and Managing Member shall be permitted to calculate
cash-based measures, including Operating Surplus and Adjusted Operating Surplus, by making such adjustments to its accrual basis
books to account for non-cash items and other adjustments as the Managing Member determines to be necessary or appropriate.

 

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Section
8.2           
Fiscal Year.   The
fiscal year of the Company shall end on November 30 of each year.

 

Section
8.3           
Reports. The Managing Member
shall cause to be prepared and delivered to the Members such reports, forecasts, studies, budgets and other information as the
Members may reasonably request from time to time.

 

Article
IX

TAX MATTERS

 

Section
9.1           
Tax Returns and Information.  The
Company shall timely file all returns of the Company that are required for federal, state and local income tax purposes on the
basis of the taxable period or year that it is required by law to adopt, from time to time, as determined by the Managing Member.
In the event the Company is required to use a taxable period other than a year ending on December 31, the Managing Member
shall use reasonable efforts to change the taxable period of the Company to a year ending on December 31. The tax information
reasonably required by Members for federal and state income tax reporting purposes with respect to a taxable period shall be furnished
to them within 90 days of the close of the calendar year in which the Company’s taxable period ends. In addition, the
Company shall furnish to each Non-Managing Member any additional tax information reasonably requested by such Non-Managing Member
in order to comply with its organizational documents, including additional detail regarding the source of any items of income,
gain, loss, deduction, or credit allocated to such Non-Managing Member to the extent not otherwise reflected in the information
provided to the Members under the preceding sentence.

 

Section
9.2           
Tax Characterization. Unless
otherwise determined by the Managing Member, the Company shall be treated as a partnership and not as an association taxable as
a corporation for U.S. federal income tax purposes, and the Members and the Company shall not take any action that would cause
the Company to be treated as a corporation for U.S. federal income tax purposes (as well as for any analogous state or local tax
purposes).

 

Section
9.3           
Tax Elections.  

 

(a)            The Company shall make the election under Section 754 of the Code in accordance with applicable regulations thereunder,
subject to the reservation of the right to seek to revoke any such election upon the Managing Member’s determination that
such revocation is in the best interests of the Non-Managing Members.

 

(b)            The Company shall make the election under Section 6231(a)(1)(B)(ii) of the Code to have the provisions of Sections 6221
through 6234 of the Code apply to the Company.

 

(c)            Except as otherwise provided herein, the Managing Member shall determine whether the Company should make any other elections
permitted by the Code.

 

Section
9.4           
Tax Controversies.  Subject
to the provisions hereof, the Managing Member is designated as the “tax matters partner” (as defined in Section 6231(a)(7)
of the Code) and is authorized and required to represent the Company (at the Company’s expense) in

 

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connection
with all examinations of the Company’s affairs by tax authorities, including resulting administrative and judicial proceedings,
and to expend Company funds for professional services and costs associated therewith. Each Member agrees to cooperate with the
Managing Member and to do or refrain from doing any or all things reasonably required by the Managing Member to conduct such proceedings.

 

Section
9.5           
Withholding.  Notwithstanding
any other provision of this Agreement, the Managing Member is authorized to take any action that may be required to cause the
Company and other Group Members to comply with any withholding requirements established under the Code or any other federal, state
or local law including pursuant to Sections 1441, 1442, 1445 and 1446 of the Code, or established under any foreign law.
To the extent that the Company is required or elects to withhold and pay over to any taxing authority any amount resulting from
the allocation or distribution of income to any Member (including by reason of Section 1446 of the Code), the Managing Member
may treat the amount withheld as a distribution of cash pursuant to ‎Article VI or ‎Section 12.4(c) in the amount of such
withholding from such Member. To the extent such amount exceeds the amount of distributions to which the Member is otherwise entitled
under ‎Article VI, such amounts withheld shall constitute a loan by the Company to such Member, which loan shall be repaid
upon demand of the Managing Member, and the Managing Member may offset any future distributions to which such Member is otherwise
entitled by the unpaid amount of such loan.

 

Section
9.6           
Disqualified Person.  No
Member will become a Disqualified Person.

 

Article
X

ADMISSION OF MEMBERS

 

Section
10.1          Admission
of Non-Managing Members.

 

(a)           Upon the issuance by the Company of Common Units, Subordinated Units and Incentive Distribution Rights to SunPower, First
Solar, Holdings and the Managing Member prior to and on the IPO Closing Date, such Persons shall, by acceptance of such Membership
Interests, and upon becoming the Record Holders of such Membership Interests, be admitted to the Membership as Members in respect
of the Common Units, Subordinated Units and Incentive Distribution Rights issued to them and be bound by this Agreement, all with
or without execution of this Agreement by such Persons.

 

(b)           By acceptance of any Non-Managing Member Interests transferred in accordance with ‎Article IV or acceptance
of any Non-Managing Member Interests issued pursuant to ‎Article V or pursuant to a merger, consolidation or conversion
pursuant to ‎Article XIV, each transferee of, or other such Person acquiring, a Non-Managing Member Interest (including
any nominee, agent or representative acquiring such Non-Managing Member Interests for the account of another Person or Group,
which nominee, agent or representative shall be subject to ‎Section 10.1(c) below) (i) shall be admitted to the
Company as a Non-Managing Member with respect to the Non-Managing Member Interests so transferred or issued to such Person when
such Person becomes the Record Holder of the Non-Managing Member Interests so transferred or acquired, (ii) shall become
bound, and shall be deemed to have agreed to be bound, by the terms of this

 

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Agreement,
(iii) shall be deemed to represent that the transferee or acquirer has the capacity, power and authority to enter into this
Agreement and (iv) shall be deemed to make any consents, acknowledgements or waivers contained in this Agreement, all with
or without execution of this Agreement by such Person. The transfer of any Non-Managing Member Interests and the admission of
any new Non-Managing Member shall not constitute an amendment to this Agreement. A Person may become a Non-Managing Member without
the consent or approval of any of the Members. A Person may not become a Non-Managing Member without acquiring a Non-Managing
Member Interest and becoming the Record Holder of such Non-Managing Member Interest.

 

(c)           With respect to Units that are held for a Person’s account by another Person that is the Record Holder (such as a
broker, dealer, bank, trust company or clearing corporation, or an agent of any of the foregoing), such Record Holder shall, in
exercising the rights of a Non-Managing Member in respect of such Units, including the right to vote, on any matter, and unless
the arrangement between such Persons provides otherwise, take all action as a Non-Managing Member by virtue of being the Record
Holder of such Units in accordance with the direction of the Person who is the beneficial owner of such Units, and the Company
shall be entitled to assume such Record Holder is so acting without further inquiry. The provisions of this ‎Section
10.1(c) are subject to the provisions of ‎Section 4.3.

 

(d)           The name and mailing address of each Record Holder shall be listed in the Register. The Managing Member shall update the
Register from time to time as necessary to reflect accurately the information therein.

 

(e)           Any transfer of a Non-Managing Member Interest shall not entitle the transferee to share in the profits and losses, to
receive distributions, to receive allocations of income, gain, loss, deduction or credit or any similar item or to any other rights
to which the transferor was entitled until the transferee becomes a Non-Managing Member pursuant to ‎Section 10.1(b).

 

Section
10.2        Admission
of Successor Managing Member.  A successor Managing Member approved
pursuant to ‎Section 11.1 or ‎Section 11.2 or the transferee of or successor to all of the Managing Member Interest pursuant
to ‎Section 4.6 who is proposed to be admitted as a successor Managing Member shall be admitted to the Company as the Managing
Member, effective immediately prior to the withdrawal or removal of the predecessor or transferring Managing Member, pursuant
to ‎Section 11.1 or ‎Section 11.2 or the transfer of the Managing Member Interest pursuant to ‎Section 4.6, provided,
however, that no such successor shall be admitted to the Company until compliance with the terms of ‎Section 4.6 has occurred
and such successor has executed and delivered such other documents or instruments as may be required to effect such admission.
Any such successor is hereby authorized to and shall, subject to the terms hereof, carry on the business of the members of the
Company Group without dissolution.

 

Section
10.3        Amendment
of Agreement and Certificate of Formation.  To effect the admission
to the Company of any Member, the Managing Member shall take all steps necessary or appropriate under the Delaware Act to amend
the Register and any other records of the Company to reflect such admission and, if necessary, to prepare as soon as practicable
an

 

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amendment
to this Agreement and, if required by law, the Managing Member shall prepare and file an amendment to the Certificate of Formation.

 

Article
XI

WITHDRAWAL OR REMOVAL OF MEMBERS

 

Section
11.1          Withdrawal
of the Managing Member.

 

(a)           The Managing Member shall be deemed to have withdrawn as the managing member of the Company upon the occurrence of any
one of the following events (each such event herein referred to as an “Event of Withdrawal”);

 

(i)             The Managing Member voluntarily withdraws as the managing member of the Company by giving written notice to the other Members
pursuant to ‎Section 11.1(b);

 

(ii)            The Managing Member transfers all of its Managing Member Interest pursuant to ‎Section 4.6;

 

(iii)           The Managing Member is removed as the managing member of the Company pursuant to ‎Section 11.2;

 

(iv)           The Managing Member (A) makes a general assignment for the benefit of creditors; (B) files a voluntary bankruptcy
petition for relief under Chapter 7 of the United States Bankruptcy Code; (C) files a petition or answer seeking
for itself a liquidation, dissolution or similar relief (but not a reorganization) under any law; (D) files an answer or
other pleading admitting or failing to contest the material allegations of a petition filed against the Managing Member in a proceeding
of the type described in clauses (A) through (C) of this ‎Section 11.1(a)(iv); or (E) seeks, consents
to or acquiesces in the appointment of a trustee (but not a debtor-in-possession), receiver or liquidator of the Managing Member
or of all or any substantial part of its properties;

 

(v)            A final and non-appealable order of relief under Chapter 7 of the United States Bankruptcy Code is entered by a court
with appropriate jurisdiction pursuant to a voluntary or involuntary petition by or against the Managing Member; or

 

(vi)           (A) if the Managing Member is a corporation, a certificate of dissolution or its equivalent is filed for the Managing Member,
or 90 days expire after the date of notice to the Managing Member of revocation of its charter without a reinstatement of
its charter, under the laws of its state of incorporation; (B) if the Managing Member is a partnership or a limited liability
company, the dissolution and commencement of winding up of the Managing Member; (C) if the Managing Member is acting in such
capacity by virtue of being a trustee of a trust, the termination of the trust; and (D) if the Managing Member is a natural
person, his death or adjudication of incompetency; and (E) otherwise upon the termination of the Managing Member.

 

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If an Event of Withdrawal
specified in ‎Section 11.1(a)(iv), ‎(v) or ‎(vi)(A), (B), (C) or (E) occurs, the withdrawing Managing
Member shall give notice to the Non-Managing Members within 30 days after such occurrence. The Members hereby agree that
only the Events of Withdrawal described in this ‎Section 11.1 shall result in the withdrawal of the Managing Member from the
Company.

 

(b)           Withdrawal of the Managing Member as the managing member of the Company upon the occurrence of an Event of Withdrawal shall
not constitute a breach of this Agreement under the following circumstances: (i) (A) the General Partner has withdrawn or
has been removed from Managing Member and (B) the Managing Member voluntarily withdraws by giving at least 90 days’
advance notice of its intention to withdraw to the Unitholders, such withdrawal to take effect on the date specified in such notice;
or (ii) at any time that the Managing Member ceases to be the Managing Member pursuant to ‎Section 11.1(a)(ii)
or is removed pursuant to ‎Section 11.2. The withdrawal of the Managing Member as the managing member of the Company
upon the occurrence of an Event of Withdrawal shall also constitute the withdrawal of the Managing Member as general partner or
managing member, if any, to the extent applicable, of the other Group Members. If the Managing Member gives a notice of withdrawal
pursuant to ‎Section 11.1(a)(i), the holders of a Unit Majority, may, prior to the effective date of such withdrawal,
elect a successor Managing Member. The Person so elected as successor Managing Member shall automatically become the successor
general partner or managing member, to the extent applicable, of the other Group Members of which the Managing Member is a general
partner or a managing member. Any successor Managing Member elected in accordance with the terms of this ‎Section 11.1
shall be subject to the provisions of ‎Section 10.2.

 

Section
11.2        Removal
of the Managing Member.  The Managing Member may not be
removed as the managing member of the Company unless the General Partner is removed as a general partner of the Managing Member
in accordance with the Partnership Agreement. The removal of the Managing Member as the managing member of the Company shall also
automatically constitute the removal of the Managing Member as general partner or managing member, to the extent applicable, of
the other Group Members of which the Managing Member is a general partner or a managing member. If a Person is elected as a successor
Managing Member in accordance with the terms of this ‎Section 11.2, such Person shall, upon admission pursuant to ‎Section
10.2, automatically become a successor general partner or managing member, to the extent applicable, of the other Group Members
of which the Managing Member is a general partner or a managing member. Any successor Managing Member elected in accordance with
the terms of this ‎Section 11.2 shall be subject to the provisions of ‎Section 10.2.

 

Section
11.3         Interest
of Departing Managing Member and Successor Managing Member.

 

(a)           In the event of (i) withdrawal of the Managing Member under circumstances where such withdrawal does not violate this Agreement
or (ii) removal of the Managing Member by the holders of Outstanding Units under circumstances where Cause does not exist, if
the successor Managing Member is elected in accordance with the terms of ‎Section 11.1 or ‎Section 11.2,
the Departing Managing Member shall have

 

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the
option, exercisable prior to the effective date of the withdrawal or removal of such Departing Managing Member, to require its
successor to purchase its Managing Member Interest and its or its Affiliates’ general partner interest (or equivalent interest),
if any, in the other Group Members and all of its or its Affiliates’ Incentive Distribution Rights (collectively, the “Combined
Interest”) in exchange for an amount in cash equal to the fair market value of such Combined Interest, such amount to
be determined and payable as of the effective date of its withdrawal or removal. If the Managing Member is removed by the Unitholders
under circumstances where Cause exists or if the Managing Member withdraws under circumstances where such withdrawal violates
this Agreement, and if a successor Managing Member is elected in accordance with the terms of ‎Section 11.1 or ‎Section
11.2 (or if the business of the Company is continued pursuant to ‎Section 12.2 and the successor Managing Member is
not the former Managing Member), such successor shall have the option, exercisable prior to the effective date of the withdrawal
or removal of such Departing Managing Member (or, in the event the business of the Company is continued, prior to the date the
business of the Company is continued), to purchase the Combined Interest for such fair market value of such Combined Interest.
In either event, the Departing Managing Member shall be entitled to receive all reimbursements due such Departing Managing Member
pursuant to ‎Section 7.5, including any employee-related liabilities (including severance liabilities), incurred in
connection with the termination of any employees employed by the Departing Managing Member or its Affiliates (other than any Group
Member) for the benefit of the Company or the other Group Members.

 

For
purposes of this ‎Section 11.3(a), the fair market value of the Combined Interest shall be determined by agreement
between the Departing Managing Member and its successor or, failing agreement within 30 days after the effective date of such
Departing Managing Member’s withdrawal or removal, by an independent investment banking firm or other independent expert
selected by the Departing Managing Member and its successor, which, in turn, may rely on other experts, and the determination
of which shall be conclusive as to such matter. If such parties cannot agree upon one independent investment banking firm or other
independent expert within 45 days after the effective date of such withdrawal or removal, then the Departing Managing Member shall
designate an independent investment banking firm or other independent expert, the Departing Managing Member’s successor
shall designate an independent investment banking firm or other independent expert, and such firms or experts shall mutually select
a third independent investment banking firm or independent expert, which third independent investment banking firm or other independent
expert shall determine the fair market value of the Combined Interest. In making its determination, such third independent investment
banking firm or other independent expert may consider the then current trading price of the Class A Shares on any National Securities
Exchange on which the Class A Shares are then listed or admitted to trading, the value of the Company’s assets, the rights
and obligations of the Departing Managing Member, the value of the Incentive Distribution Rights and the Managing Member Interest
and other factors it may deem relevant.

 

(b)           If the Combined Interest is not purchased in the manner set forth in ‎Section 11.3(a), the Departing Managing
Member (or its transferee) shall become a

 

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Non-Managing
Member and its Combined Interest shall be converted into Common Units pursuant to a valuation made by an investment banking firm
or other independent expert selected pursuant to ‎Section 11.3(a), without reduction in such Membership Interest (but
subject to proportionate dilution by reason of the admission of its successor). Any successor Managing Member shall indemnify
the Departing Managing Member (or its transferee) as to all debts and liabilities of the Company arising on or after the date
on which the Departing Managing Member (or its transferee) becomes a Non-Managing Member. For purposes of this Agreement, conversion
of the Combined Interest of the Departing Managing Member to Common Units will be characterized as if the Departing Managing Member
(or its transferee) contributed its Combined Interest to the Company in exchange for the newly issued Common Units.

 

(c)            If a successor Managing Member is elected in accordance with the terms of ‎Section 11.1 or ‎Section
11.2 (or if the business of the Company is continued pursuant to ‎Section 12.2 and the successor Managing Member is
not the former Managing Member) and the option described in ‎Section 11.3(a) is not exercised by the party entitled
to do so, the successor Managing Member shall be admitted to the Company and receive the Combined Interest.

 

Section
11.4        Conversion
of Subordinated Units .   Notwithstanding any provision of this
Agreement, if the General Partner is removed as general partner of the Managing Member under circumstances where “Cause”
(as defined in the Partnership Agreement) does not exist Subordinated Units held by any Person will immediately and automatically
convert into Common Units on a one-for-one basis, provided (i) neither such Person nor any of its Affiliates voted any of its
“Shares” (as defined in the Partnership Agreement) in favor of the removal and (ii) such Person is not an Affiliate
of the successor General Partner, provided, however, that such converted Subordinated Units shall remain subject to the provisions
of Section 5.3(c)(ii) and Section 6.1(c)(x).

 

Section
11.5        Withdrawal
of Non-Managing Members.  No Non-Managing Member shall have any
right to withdraw from the Company; provided, however, that when a transferee of a Non-Managing Member’s Non-Managing Member
Interest becomes a Record Holder of the Non-Managing Member Interest so transferred, such transferring Non-Managing Member shall
cease to be a Non-Managing Member with respect to the Non-Managing Member Interest so transferred.

 

Article
XII

DISSOLUTION AND LIQUIDATION

 

Section
12.1        Dissolution.  The
Company shall not be dissolved by the admission of additional Non-Managing Members or by the admission of a successor Managing
Member in accordance with the terms of this Agreement. Upon the removal or withdrawal of the Managing Member, if a successor Managing
Member is elected pursuant to ‎Section 11.1, ‎Section 11.2 or ‎Section 12.2, to the fullest extent permitted by law,
the Company shall not be dissolved and such successor Managing Member shall continue the business of the Company. The Company
shall dissolve, and (subject to ‎Section 12.2) its affairs shall be wound up, upon:

 

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(a)           an Event of Withdrawal of the Managing Member as provided in ‎Section 11.1(a) (other than ‎Section
11.1(a)(ii)), unless a successor is elected and an Opinion of Counsel is received as provided in ‎Section 12.2 and
such successor is admitted to the Company pursuant to ‎Section 10.2;

 

(b)           an election to dissolve the Company by the Managing Member that is approved by the holders of a Unit Majority;

 

(c)           the entry of a decree of judicial dissolution of the Company pursuant to the provisions of the Delaware Act; or

 

(d)           at any time there are no Members, unless the Company is continued without dissolution in accordance with the Delaware Act.

 

Section
12.2        Continuation
of the Business of the Company After Dissolution.  Upon (a) dissolution
of the Company following an Event of Withdrawal caused by the withdrawal or removal of the Managing Member as provided in ‎Section
11.1(a)(i) or ‎(iii) and the failure of the Members to select a successor to such Departing Managing Member pursuant to ‎Section
11.1 or ‎Section 11.2, then, to the maximum extent permitted by law, within 90 days thereafter, or (b) dissolution
of the Company upon an event constituting an Event of Withdrawal as defined in ‎Section 11.1(a)(iv), ‎(v) or ‎(vi),
then, to the maximum extent permitted by law, within 180 days thereafter, the holders of a Unit Majority may elect to continue
the business of the Company on the same terms and conditions set forth in this Agreement by appointing as a successor Managing
Member a Person approved by the holders of a Unit Majority. Unless such an election is made within the applicable time period
as set forth above, the Company shall conduct only activities necessary to wind up its affairs. If such an election is so made,
then:

 

(i)             the Company shall continue without dissolution unless earlier dissolved in accordance with this ‎Article
XII;

 

(ii)            if the successor Managing Member is not the former Managing Member, then the interest of the former Managing Member shall
be treated in the manner provided in ‎Section 11.3; and

 

(iii)           the successor Managing Member shall be admitted to the Company as Managing Member, effective as of the Event of Withdrawal,
by agreeing in writing to be bound by this Agreement;

 

provided, that the right
of the holders of a Unit Majority to approve a successor Managing Member and to continue the business of the Company shall not
exist and may not be exercised unless the Company has received an Opinion of Counsel that (x) the exercise of the right would
not result in the loss of limited liability of any Non-Managing Member under the Delaware Act and (y) neither the Company nor
any Group Member would be treated as an association taxable as a corporation or otherwise be taxable as an entity for federal
income tax purposes upon the exercise of the right to continue (to the extent not already so treated or taxed).

 

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Section
12.3          Liquidator.  Upon
dissolution of the Company in accordance with the provisions of ‎Article XII, unless the business of the Company is continued
pursuant to ‎Section 12.2, the Managing Member shall select one or more Persons to act as Liquidator. The Liquidator (if other
than the Managing Member) shall be entitled to receive such compensation for its services as may be approved by holders of a majority
of the Outstanding Common Units and Subordinated Units voting as a single class. The Liquidator (if other than the Managing Member)
shall agree not to resign at any time without 15 days’ prior notice and may be removed at any time, with or without
cause, by notice of removal approved by holders of a majority of the Outstanding Common Units and Subordinated Units voting as
a single class. Upon dissolution, removal or resignation of the Liquidator, a successor and substitute Liquidator (who shall have
and succeed to all rights, powers and duties of the original Liquidator) shall within 30 days thereafter be approved by holders
of a majority of the Outstanding Common Units and Subordinated Units voting as a single class. The right to approve a successor
or substitute Liquidator in the manner provided herein shall be deemed to refer also to any such successor or substitute Liquidator
approved in the manner herein provided. Except as expressly provided in this ‎Article XII, the Liquidator approved in the
manner provided herein shall have and may exercise, without further authorization or consent of any of the parties hereto, all
of the powers conferred upon the Managing Member under the terms of this Agreement (but subject to all of the applicable limitations,
contractual and otherwise, upon the exercise of such powers, other than the limitation on sale set forth in ‎Section 7.4)
necessary or appropriate to carry out the duties and functions of the Liquidator hereunder for and during the period of time required
to complete the winding up and liquidation of the Company as provided for herein.

 

Section
12.4          Liquidation.  The
Liquidator shall proceed to dispose of the assets of the Company, discharge its liabilities, and otherwise wind up its affairs
in such manner and over such period as determined by the Liquidator, subject to Section 18-804 of the Delaware Act and the
following:

 

(a)           The assets may be disposed of by public or private sale or by distribution in kind to one or more Members on such terms
as the Liquidator and such Member or Members may agree. If any property is distributed in kind, the Member receiving the property
shall be deemed for purposes of ‎Section 12.4(c) to have received cash equal to its Net Agreed Value; and contemporaneously
therewith, appropriate cash distributions must be made to the other Members. The Liquidator may defer liquidation or distribution
of the Company’s assets for a reasonable time if it determines that an immediate sale or distribution of all or some of
the Company’s assets would be impractical or would cause undue loss to the Members. The Liquidator may distribute the Company’s
assets, in whole or in part, in kind if it determines that a sale would be impractical or would cause undue loss to the Members.

 

(b)           Liabilities of the Company include amounts owed to the Liquidator as compensation for serving in such capacity (subject
to the terms of ‎Section 12.3) and amounts to Members otherwise than in respect of their distribution rights under
‎Article VI. With respect to any liability that is contingent, conditional or unmatured or is otherwise not yet due
and payable, the Liquidator shall either settle such claim for such amount as it thinks appropriate or establish a reserve of
cash or other assets to provide for

 

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its
payment. When paid, any unused portion of the reserve shall be distributed as additional liquidation proceeds.

 

(c)           All property and all cash in excess of that required to satisfy or discharge liabilities as provided in ‎Section
12.4(b) shall be distributed to the Members in accordance with, and to the extent of, the positive balances in their respective
Capital Accounts, as determined after taking into account all Capital Account adjustments (other than those made by reason of
distributions pursuant to this ‎Section 12.4(c)) for the taxable period of the Company during which the liquidation
of the Company occurs (with such date of occurrence being determined pursuant to Treasury Regulation Section 1.704-1(b)(2)(ii)(g)),
and such distribution shall be made by the end of such taxable period (or, if later, within 90 days after said date of such occurrence).

 

Section
12.5         Cancellation
of Certificate of Formation.  Upon the completion of the distribution
of Company cash and property as provided in ‎Section 12.4 in connection with the liquidation of the Company, the Certificate
of Formation and all qualifications of the Company as a foreign limited liability company in jurisdictions other than the State
of Delaware shall be canceled and such other actions as may be necessary to terminate the Company shall be taken.

 

Section
12.6         Return
of Contributions.  The Managing Member shall not be personally
liable for, and shall have no obligation to contribute or loan any monies or property to the Company to enable it to effectuate,
the return of the Capital Contributions of the Members or Unitholders, or any portion thereof, it being expressly understood that
any such return shall be made solely from assets of the Company.

 

Section
12.7         Waiver
of Partition.  To the maximum extent permitted by law, each Member
hereby waives any right to partition of the Company property.

 

Section
12.8         Capital
Account Restoration.  No Non-Managing Member shall have any obligation
to restore any negative balance in its Capital Account upon liquidation of the Company. The Managing Member shall be obligated
to restore any negative balance in its Capital Account upon liquidation of its interest in the Company by the end of the taxable
year of the Company during which such liquidation occurs, or, if later, within 90 days after the date of such liquidation.

 

Article
XIII

AMENDMENT OF LIMITED LIABILITY COMPANY AGREEMENT; MEETINGS; RECORD DATE

 

Section
13.1         Amendments
to be Adopted Solely by the Managing Member.  Each Member agrees
that the Managing Member, without the approval of any Member, may amend any provision of this Agreement and execute, swear to,
acknowledge, deliver, file and record whatever documents may be required in connection therewith, to reflect:

 

(a)           a change in the name of the Company, the location of the principal office of the Company, the registered agent of the Company
or the registered office of the Company;

 

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(b)           admission, substitution, withdrawal or removal of Members in accordance with this Agreement;

 

(c)           a change that the Managing Member determines to be necessary or appropriate to qualify or continue the qualification of
the Company as a limited liability company or an entity in which the Non-Managing Members have limited liability under the laws
of any state or to ensure that the Group Members (other than the Company) will not be treated as associations taxable as corporations
or otherwise taxed as entities for federal income tax purposes;

 

(d)           a change that the Managing Member determines (i) does not adversely affect the Non-Managing Members considered as
a whole or any particular class of Membership Interests as compared to other classes of Membership Interests in any material respect,
(ii) to be necessary or appropriate to satisfy any requirements, conditions or guidelines contained in any opinion, directive,
order, ruling or regulation of any federal or state agency or judicial authority or contained in any federal or state statute
(including the Delaware Act), (iii) to be necessary or appropriate in connection with action taken by the Managing Member pursuant
to ‎Section 5.8 or (iv) is required to effect the intent expressed in the IPO Registration Statement or the intent
of the provisions of this Agreement or is otherwise contemplated by this Agreement;

 

(e)           a change in the fiscal year or taxable year of the Company and any other changes that the Managing Member determines to
be necessary or appropriate as a result of a change in the fiscal year or taxable year of the Company including a change in the
definition of “Quarter” and the dates on which distributions are to be made by the Company;

 

(f)            an amendment that is necessary, in the Opinion of Counsel, to prevent the Company, or the Managing Member or its directors,
officers, trustees or agents from in any manner being subjected to the provisions of the Investment Company Act of 1940, as amended,
the Investment Advisers Act of 1940, as amended, or “plan asset” regulations adopted under the Employee Retirement
Income Security Act of 1974, as amended, regardless of whether such are substantially similar to plan asset regulations currently
applied or proposed by the United States Department of Labor;

 

(g)           an amendment that the Managing Member determines to be necessary or appropriate in connection with the authorization or
issuance of any class or series of Membership Interests or Derivative Membership Interests pursuant to ‎Section 5.4;

 

(h)           any amendment expressly permitted in this Agreement to be made by the Managing Member acting alone;

 

(i)            an amendment effected, necessitated or contemplated by a Merger Agreement or Plan of Conversion approved in accordance
with ‎Section 14.3;

 

(j)            an amendment that the Managing Member determines to be necessary or appropriate to reflect and account for the formation
by the Company of, or investment by the Company in, any corporation, partnership, joint venture, limited liability company or

 

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other
entity, in connection with the conduct by the Company of activities permitted by the terms of ‎Section 2.4 or ‎Section
7.1(a);

 

(k)           a merger, conveyance or conversion pursuant to ‎Section 14.3(c) or (d); or

 

(l)            any other amendments substantially similar to the foregoing.

 

Section
13.2         Amendment
Procedures.  Amendments to this Agreement may be proposed only
by the Managing Member. To the fullest extent permitted by law, the Managing Member shall have no duty or obligation to propose
or approve any amendment to this Agreement and may decline to do so free of any duty (including any fiduciary duty) or obligation
whatsoever to the Company, any Non-Managing Member or any other Person bound by this Agreement, and, in declining to propose or
approve an amendment to this Agreement, to the fullest extent permitted by law shall not be required to act in good faith or pursuant
to any other standard imposed by this Agreement, any Group Member Agreement, any other agreement contemplated hereby or under
the Delaware Act or any other law, rule or regulation or at equity, and the Managing Member in determining whether to propose
or approve any amendment to this Agreement shall be permitted to do so in its sole discretion. An amendment to this Agreement
shall be effective upon its approval by the Managing Member and, except as otherwise provided by ‎Section 13.1 or ‎Section
13.3, the holders of a Unit Majority, unless a greater or different percentage of Outstanding Units is required under this Agreement.
Each proposed amendment that requires the approval of the holders of a specified percentage of Outstanding Units shall be set
forth in a writing that contains the text of the proposed amendment. If such an amendment is proposed, the Managing Member shall
seek the written approval of the requisite percentage of Outstanding Units or call a meeting of the Unitholders to consider and
vote on such proposed amendment. The Managing Member shall notify all Record Holders upon final adoption of any amendments. The
Managing Member shall be deemed to have notified all Record Holders as required by this ‎Section 13.2 if it has posted or
made accessible such amendment through the Company’s or the Commission’s website.

 

Section
13.3          Amendment
Requirements.

 

(a)           Notwithstanding the provisions of ‎Section 13.1 and ‎Section 13.2, no provision of this Agreement
that establishes a percentage of Outstanding Units (including Units deemed owned by the Managing Member) required to take any
action shall be amended, altered, changed, repealed or rescinded in any respect that would have the effect of (i) in the
case of any provision of this Agreement other than ‎Section 13.4, reducing such percentage or (ii) in the case
of ‎Section 13.4, increasing such percentage, unless such amendment is approved by the written consent or the affirmative
vote of holders of Outstanding Units whose aggregate Outstanding Units constitute (x) in the case of a reduction as described
in subclause (a)(i) hereof, not less than the voting requirement sought to be reduced, or (y) in the case of an increase
in the percentage in ‎Section 13.4, not less than a majority of the Outstanding Units.

 

(b)           Notwithstanding the provisions of ‎Section 13.1 and ‎Section 13.2, no amendment to this Agreement
may (i) enlarge the obligations of any Non-Managing Member without its consent, unless such shall be deemed to have occurred
as a result of

 

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an
amendment approved pursuant to ‎Section 13.3(c) or (ii) enlarge the obligations of, restrict, change or modify
in any way any action by or rights of, or reduce in any way the amounts distributable, reimbursable or otherwise payable to, the
Managing Member or any of its Affiliates without its consent, which consent may be given or withheld at its option.

 

(c)           Except as provided in ‎Section 14.3 or ‎Section 13.1, any amendment that would have a material adverse
effect on the rights or preferences of any class of Membership Interests in relation to other classes of Membership Interests
must be approved by the holders of not less than a majority of the Outstanding Membership Interests of the class affected. If
the Managing Member determines an amendment does not satisfy the requirements of ‎Section 13.1(d)(i) because it adversely
affects one or more classes of Membership Interests, as compared to other classes of Membership Interests, in any material respect,
such amendment shall only be required to be approved by the adversely affected class or classes

 

(d)           Notwithstanding any other provision of this Agreement, except for amendments pursuant to ‎Section 13.1 and except
as otherwise provided by ‎Section 14.3(a), no amendments shall become effective without the approval of the holders
of at least 90% of the Outstanding Units voting as a single class unless the Company obtains an Opinion of Counsel to the effect
that such amendment will not affect the limited liability of any Non-Managing Member under applicable partnership law of the state
under whose laws the Company is organized.

 

(e)           Except as provided in ‎Section 13.1, ‎Section 11.2 and this ‎Section 13.3 shall only be
amended with the approval of the holders of at least 90% of the Outstanding Units.

 

Section
13.4         Special
Meetings.  All acts of Non-Managing Members to be taken pursuant
to this Agreement shall be taken in the manner provided in this ‎Article XIII. Special meetings of the Non-Managing Members
may be called by (i) the Managing Member, (ii) the Board of Directors, or (iii) the President or Secretary of the General Partner
upon request of Non-Managing Members owning 20% or more of the Outstanding Units of the class or classes for which a meeting is
proposed. Within a reasonable amount of time after receipt of such a call from Non-Managing Members, the Managing Member shall
send a notice of the meeting to the Non-Managing Members either directly or indirectly. A meeting shall be held at a time and
place determined by the Managing Member on a date not less than 10 days nor more than 60 days after the time notice
of the meeting is given as provided in ‎Section 15.1.

 

Section
13.5         Notice
of a Meeting.  Notice of a meeting called pursuant to ‎Section
13.4 shall be given to the Record Holders of the class or classes of Units for which a meeting is proposed in writing by mail
or other means of written communication in accordance with Section 15.1. The notice shall be deemed to have been given at the
time when deposited in the mail or sent by other means of written communication.

 

Section
13.6         Record
Date.  For purposes of determining the Non-Managing Members who
are Record Holders of the class or classes of Non-Managing Member Interests entitled to

 

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notice
of or to vote at a meeting of the Non-Managing Members or to give approvals without a meeting as provided in ‎Section
13.11, the Managing Member shall set a Record Date, which shall not be less than 10 nor more than 60 days before (a) the
date of the meeting or (b) in the event that approvals are sought without a meeting, the date by which such Non-Managing
Members are requested in writing by the Managing Member to give such approvals.

 

Section
13.7         Postponement
and Adjournment.  Prior to the date upon which any meeting of
Non-Managing Members is to be held, the Managing Member may postpone such meeting one or more times for any reason by giving notice
to each Non-Managing Members entitled to vote at the meeting so postponed of the place, date and hour at which such meeting would
be held. Such notice shall be given not fewer than two days before the date of such meeting and otherwise in accordance with this
‎Article XIII. When a meeting is postponed, a new Record Date need not be fixed. Any meeting of Non-Managing Members may be
adjourned by the Managing Member one or more times for any reason and no vote of the Non-Managing Members shall be required for
any adjournment. A meeting of Non-Managing Members may be adjourned by the Managing Member as to one or more proposals regardless
of whether action has been taken on other matters. When a meeting is adjourned to another time or place, notice need not be given
of the adjourned meeting and a new Record Date need not be fixed, if the time and place thereof are announced at the meeting at
which the adjournment is taken, unless such adjournment shall be for more than 45 days. At the adjourned meeting, the Company
may transact any business which might have been transacted at the original meeting. If the adjournment is for more than 45 days
or if a new Record Date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given in accordance with
this ‎Article XIII.

 

Section
13.8         Waiver
of Notice; Approval of Meeting.  The transactions of any meeting
of Non-Managing Members, however called and noticed, and whenever held, shall be as valid as if it had occurred at a meeting duly
held after call and notice in accordance with ‎Section 13.4 and ‎Section 13.5, if a quorum is present either in person
or by proxy. Attendance of a Non-Managing Member at a meeting shall constitute a waiver of notice of the meeting, except when
the Non-Managing Member attends the meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction
of any business because the meeting is not lawfully called or convened; and except that attendance at a meeting is not a waiver
of any right to disapprove of any matters submitted for consideration or to object to the failure to submit for consideration
any matters required to be included in the notice of the meeting, but not so included, if such objection is expressly made at
the beginning of the meeting.

 

Section
13.9         Quorum
and Voting.  The presence, in person or by proxy, of holders of
a majority of the Outstanding Units of the class or classes for which a meeting has been called (including Outstanding Units deemed
owned by the Managing Member and its Affiliates) shall constitute a quorum at a meeting of Non-Managing Members of such class
or classes unless any such action by the Non-Managing Members requires approval by holders of a greater percentage of such Units,
in which case the quorum shall be such greater percentage. At any meeting of the Non-Managing Members duly called and held in
accordance with this Agreement at which a quorum is present, the act of Non-Managing Members holding Outstanding Units that in
the aggregate represent a majority of the Outstanding Units entitled to vote at such meeting shall be deemed to constitute the
act of all Non-Managing Members, unless a different percentage is

 

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required
with respect to such action under the provisions of this Agreement, in which case the act of the Non-Managing Members holding
Outstanding Units that in the aggregate represent at least such different percentage shall be required; provided, however, that
if, as a matter of law or provision of this Agreement, approval by plurality vote of Members (or any class thereof) is required
to approve any action, no minimum quorum shall be required. The Non-Managing Members present at a duly called or held meeting
at which a quorum is present may continue to transact business until adjournment, notwithstanding the exit of enough Non-Managing
Members to leave less than a quorum, if any action taken (other than adjournment) is approved by the required percentage of Outstanding
Units specified in this Agreement.

 

Section
13.10      Conduct
of a Meeting.  The Managing Member shall have full power and authority
concerning the manner of conducting any meeting of the Non-Managing Members or solicitation of approvals in writing, including
the determination of Persons entitled to vote, the existence of a quorum, the satisfaction of the requirements of ‎Section
13.4, the conduct of voting, the validity and effect of any proxies and the determination of any controversies, votes or challenges
arising in connection with or during the meeting or voting. The Managing Member shall designate a Person to serve as chairman
of any meeting and shall further designate a Person to take the minutes of any meeting. All minutes shall be kept with the records
of the Company maintained by the Managing Member. The Managing Member may make such other regulations consistent with applicable
law and this Agreement as it may deem advisable concerning the conduct of any meeting of the Non-Managing Members or solicitation
of approvals in writing, including regulations in regard to the appointment of proxies, the appointment and duties of inspectors
of votes and approvals, the submission and examination of proxies and other evidence of the right to vote, and the submission
and revocation of approvals in writing.

 

Section
13.11       Action
Without a Meeting.  If authorized by the Managing Member, any
action that may be taken at a meeting of the Non-Managing Members may be taken without a meeting if an approval in writing setting
forth the action so taken is signed by Non-Managing Members owning not less than the minimum percentage of the Outstanding Units
(including Units deemed owned by the Managing Member and its Affiliates) that would be necessary to authorize or take such action
at a meeting at which all the Non-Managing Members were present and voted. Prompt notice of the taking of action without a meeting
shall be given to the Non-Managing Members who have not approved in writing. The Managing Member may specify that any written
ballot submitted to Non-Managing Members for the purpose of taking any action without a meeting shall be returned to the Company
within the time period, which shall be not less than 20 days, specified by the Managing Member. If a ballot returned to the
Company does not vote all of the Outstanding Units held by such Non-Managing Members, the Company shall be deemed to have failed
to receive a ballot for the Outstanding Units that were not voted. If approval of the taking of any permitted action by the Non-Managing
Members is solicited by any Person other than by or on behalf of the Managing Member, the written approvals shall have no force
and effect unless and until (a) approvals sufficient to take the action proposed are deposited with the Company in care of
the Managing Member and (b) approvals sufficient to take the action proposed are dated as of a date not more than 90 days
prior to the date sufficient approvals are first deposited with the Company and is otherwise permissible under the state
statutes then governing the rights, duties and liabilities of the Company and the Members.

 

Section
13.12        Right
to Vote and Related Matters.

 

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(a)           Only those Record Holders of the Outstanding Units on the Record Date set pursuant to ‎Section 13.6 shall be
entitled to notice of, and to vote at, a meeting of Non-Managing Members or to act with respect to matters as to which the holders
of the Outstanding Units have the right to vote or to act. All references in this Agreement to votes of, or other acts that may
be taken by, the Outstanding Units shall be deemed to be references to the votes or acts of the Record Holders of such Outstanding
Units.

 

(b)           With respect to Units that are held for a Person’s account by another Person that is the Record Holder (such as a
broker, dealer, bank, trust company or clearing corporation, or an agent of any of the foregoing), such Record Holder shall, in
exercising the voting rights in respect of such Units on any matter, and unless the arrangement between such Persons provides
otherwise, vote such Units in favor of, and in accordance with the direction of, the Person who is the beneficial owner of such
Units, and the Managing Member shall be entitled to assume such Record Holder is so acting without further inquiry. The provisions
of this ‎Section 13.12(b) (as well as all other provisions of this Agreement) are subject to the provisions of ‎Section
4.3.

 

Article
XIV

MERGER, CONSOLIDATION OR CONVERSION

 

Section
14.1         Authority.  The
Company may merge or consolidate with or into one or more corporations, limited liability companies, statutory trusts or associations,
real estate investment trusts, common law trusts or unincorporated businesses, including a partnership (whether general or limited
(including a limited liability partnership)) or convert into any such entity, whether such entity is formed under the laws of
the State of Delaware or any other state of the United States of America or any other country, pursuant to a written plan of merger
or consolidation (“Merger Agreement”) or a written plan of conversion (“Plan of Conversion”),
as the case may be, in accordance with this ‎Article XIV.

 

Section
14.2          Procedure
for Merger, Consolidation or Conversion.

 

(a)           Merger, consolidation or conversion of the Company pursuant to this ‎Article XIV requires the approval of the
Managing Member; provided, however, that, to the fullest extent permitted by law, the Managing Member, in declining to consent
to a merger, consolidation or conversion, may act in its sole discretion.

 

(b)           If the Managing Member shall determine to consent to the merger or consolidation, the Managing Member shall approve the
Merger Agreement, which shall set forth:

 

(i)             name and state or country of domicile of each of the business entities proposing to merge or consolidate;

 

(ii)            the name and state of domicile of the business entity that is to survive the proposed merger or consolidation (the “Surviving
Business Entity”);

 

(iii)           the terms and conditions of the proposed merger or consolidation;

 

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(iv)           the manner and basis of exchanging or converting the equity securities of each constituent business entity for, or into,
cash, property or interests, rights, securities or obligations of the Surviving Business Entity; and (A) if any general or
limited partner interests, securities or rights of any constituent business entity are not to be exchanged or converted solely
for, or into, cash, property or general or limited partner interests, rights, securities or obligations of the Surviving Business
Entity, the cash, property or interests, rights, securities or obligations of any general or limited partnership, corporation,
trust, limited liability company, unincorporated business or other entity (other than the Surviving Business Entity) which the
holders of such general or limited partner interests, securities or rights are to receive in exchange for, or upon conversion
of their interests, securities or rights; and (B) in the case of securities represented by certificates, upon the surrender
of such certificates, which cash, property or general or limited partner interests, rights, securities or obligations of the Surviving
Business Entity or any general or limited partnership, corporation, trust, limited liability company, unincorporated business
or other entity (other than the Surviving Business Entity), or evidences thereof, are to be delivered;

 

(v)            a statement of any changes in the constituent documents or the adoption of new constituent documents (the articles or certificate
of incorporation, articles of trust, declaration of trust, certificate or agreement of limited partnership, operating agreement
or other similar charter or governing document) of the Surviving Business Entity to be effected by such merger or consolidation;

 

(vi)           the effective time of the merger, which may be the date of the filing of the certificate of merger pursuant to ‎Section
14.4 or a later date specified in or determinable in accordance with the Merger Agreement (provided, that if the effective time
of the merger is to be later than the date of the filing of such certificate of merger, the effective time shall be fixed at a
date or time certain at or prior to the time of the filing of such certificate of merger and stated therein); and

 

(vii)         
such other provisions with respect to the proposed merger or consolidation that the Managing Member determines to be necessary
or appropriate.

 

(c)            If the Managing Member shall determine to consent to the conversion, the Managing Member shall approve the Plan of Conversion,
which shall set forth:

 

(i)             the name of the converting entity and the converted entity;

 

(ii)            a statement that the Company is continuing its existence in the organizational form of the converted entity;

 

(iii)           a statement as to the type of entity that the converted entity is to be and the state or country under the laws of which
the converted entity is to be incorporated, formed or organized;

 

    90 

     

    

(iv)           the manner and basis of exchanging or converting the equity securities of each constituent business entity for, or into,
cash, property or interests, rights, securities or obligations of the converted entity;

 

(v)            in an attachment or exhibit, the Certificate of Formation of the Company;

 

(vi)           in an attachment or exhibit, the certificate of limited partnership, articles of incorporation, or other organizational
documents of the converted entity;

 

(vii)          the effective time of the conversion, which may be the date of the filing of the articles of conversion or a later date
specified in or determinable in accordance with the Plan of Conversion (provided, that if the effective time of the conversion
is to be later than the date of the filing of such articles of conversion, the effective time shall be fixed at a date or time
certain at or prior to the time of the filing of such articles of conversion and stated therein); and

 

(viii)        
such other provisions with respect to the proposed conversion that the Managing Member determines to be necessary or appropriate.

 

Section
14.3         Approval
by Non-Managing Members.  Except as provided in ‎Section 14.3(c)
and (d), the Managing Member, upon its approval of the Merger Agreement or the Plan of Conversion, as the case may be, shall direct
that the Merger Agreement or the Plan of Conversion, as applicable, be submitted to a vote of Non-Managing Members, whether at
a special meeting or by written consent, in either case in accordance with the requirements of ‎Article XIII. A copy or a
summary of the Merger Agreement or the Plan of Conversion, as the case may be, shall be included in or enclosed with the notice
of a special meeting or the written consent and no other disclosure regarding the proposed merger, consolidation or conversion
shall be required.

 

(a)           Except as provided in Section ‎14.3(c) and ‎(d), the Merger Agreement or Plan of Conversion, as the
case may be, shall be approved upon receiving the affirmative vote or consent of the holders of a Unit Majority unless the Merger
Agreement or Plan of Conversion, as the case may be, effects an amendment to any provision of this Agreement that, if contained
in an amendment to this Agreement adopted pursuant to ‎Article XIII, would require for its approval the vote or consent
of a greater percentage of the Outstanding Units or of any class of Non-Managing Members, in which case such greater percentage
vote or consent shall be required for approval of the Merger Agreement or the Plan of Conversion, as the case may be.

 

(b)           Except as provided in Section ‎14.3(c) and ‎(d), after such approval by vote or consent of the Non-Managing
Members, and at any time prior to the filing of the certificate of merger or articles of conversion pursuant to ‎Section
14.4, the merger, consolidation or conversion may be abandoned pursuant to provisions therefor, if any, set forth in the Merger
Agreement or Plan of Conversion, as the case may be.

 

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(c)           Notwithstanding anything else contained in this ‎Article XIV or in this Agreement, the Managing Member is permitted,
without Non-Managing Member approval, to convert the Company or any Group Member into a new limited liability entity, to merge
the Company or any Group Member into, or convey all of the Company’s assets to, another limited liability entity that shall
be newly formed and shall have no assets, liabilities or operations at the time of such conversion, merger or conveyance other
than those it receives from the Company or other Group Member if (i) the Managing Member has received an Opinion of Counsel
that the conversion, merger or conveyance, as the case may be, would not result in the loss of limited liability under the laws
of the jurisdiction governing the other limited liability entity (if that jurisdiction is not Delaware) of any Non-Managing Member
as compared to its limited liability under the Delaware Act or cause the Company to be treated as an association taxable as a
corporation or otherwise to be taxed as an entity for federal income tax purposes (to the extent not previously treated as such),
(ii) the sole purpose of such conversion, merger, or conveyance is to effect a mere change in the legal form of the Company
into another limited liability entity and (iii) the Managing Member determines that the governing instruments of the new
entity provide the Non-Managing Members and the Managing Member with substantially the same rights and obligations as are herein
contained.

 

(d)           Additionally, notwithstanding anything else contained in this ‎Article XIV or in this Agreement, the Managing
Member is permitted, without Non-Managing Member approval, to merge or consolidate the Company with or into another limited liability
entity if (i) the Managing Member has received an Opinion of Counsel that the merger or consolidation, as the case may be,
would not result in the loss of the limited liability of any Non-Managing Member under the laws of the jurisdiction governing
the other limited liability entity (if that jurisdiction is not Delaware) as compared to its limited liability under the Delaware
Act or cause the Company to be treated as an association taxable as a corporation or otherwise to be taxed as an entity for federal
income tax purposes (to the extent not previously treated as such), (ii) the merger or consolidation would not result in
an amendment to this Agreement, other than any amendments that could be adopted pursuant to ‎Section 13.1, (iii) the
Company is the Surviving Business Entity in such merger or consolidation, (iv) each Unit outstanding immediately prior to
the effective date of the merger or consolidation is to be an identical Unit of the Company after the effective date of the merger
or consolidation, and (v) the number of Membership Interests to be issued by the Company in such merger or consolidation
does not exceed 20% of the Membership Interests (other than Incentive Distribution Rights) Outstanding immediately prior to the
effective date of such merger or consolidation.

 

(e)           Pursuant to Section 18-209(f) of the Delaware Act, an agreement of merger or consolidation approved in accordance
with this ‎Article XIV may (i) effect any amendment to this Agreement or (ii) effect the adoption of a new
limited liability company agreement for the Company if it is the Surviving Business Entity. Any such amendment or adoption made
pursuant to this ‎Section 14.3 shall be effective at the effective time or date of the merger or consolidation.

 

    92 

     

    

Section
14.4         Certificate
of Merger or Certificate of Conversion.  Upon the required approval
by the Managing Member and the Unitholders of a Merger Agreement or the Plan of Conversion, as the case may be, a certificate
of merger or certificate of conversion or other filing, as applicable, shall be executed and filed with the Secretary of State
of the State of Delaware or the appropriate filing office of any other jurisdiction, as applicable, in conformity with the requirements
of the Delaware Act or other applicable law.

 

Section
14.5          Effect
of Merger, Consolidation or Conversion.

 

(a)           At the effective time of the merger:

 

(i)             all of the rights, privileges and powers of each of the business entities that has merged or consolidated, and all property,
real, personal and mixed, and all debts due to any of those business entities and all other things and causes of action belonging
to each of those business entities, shall be vested in the Surviving Business Entity and after the merger or consolidation shall
be the property of the Surviving Business Entity to the extent they were of each constituent business entity;

 

(ii)            the title to any real property vested by deed or otherwise in any of those constituent business entities shall not revert
and is not in any way impaired because of the merger or consolidation;

 

(iii)           all rights of creditors and all liens on or security interests in property of any of those constituent business entities
shall be preserved unimpaired; and

 

(iv)           all debts, liabilities and duties of those constituent business entities shall attach to the Surviving Business Entity
and may be enforced against it to the same extent as if the debts, liabilities and duties had been incurred or contracted by it.

 

(b)           At the effective time of the conversion:

 

(i)             the Company shall continue to exist, without interruption, but in the organizational form of the converted entity rather
than in its prior organizational form;

 

(ii)            all rights, title, and interests to all real estate and other property owned by the Company shall continue to be owned
by the converted entity in its new organizational form without reversion or impairment, without further act or deed, and without
any transfer or assignment having occurred, but subject to any existing liens or other encumbrances thereon;

 

(iii)           all liabilities and obligations of the Company shall continue to be liabilities and obligations of the converted entity
in its new organizational form without impairment or diminution by reason of the conversion;

 

    93 

     

    

(iv)           all rights of creditors or other parties with respect to or against the prior interest holders or other owners of the Company
in their capacities as such in existence as of the effective time of the conversion will continue in existence as to those liabilities
and obligations and may be pursued by such creditors and obligees as if the conversion did not occur;

 

(v)            a proceeding pending by or against the Company or by or against any of Members in their capacities as such may be continued
by or against the converted entity in its new organizational form and by or against the prior Members without any need for substitution
of parties; and

 

(vi)           the Membership Interests that are to be converted into membership interests, shares, evidences of ownership, or other securities
in the converted entity as provided in the plan of conversion shall be so converted, and Members shall be entitled only to the
rights provided in the Plan of Conversion.

 

Article
XV

GENERAL PROVISIONS

 

Section
15.1          Addresses
and Notices; Written Communication.

 

(a)           Any notice, demand, request, report or proxy materials required or permitted to be given or made to the Members under this
Agreement shall be in writing and shall be deemed given or made when delivered in person or when sent by first class United States
mail or by other means of written communication to the Members at the address described below. Except as otherwise provided herein,
any notice, payment or report to be given or made to the Members hereunder shall be deemed conclusively to have been given or
made, and the obligation to give such notice or report or to make such payment shall be deemed conclusively to have been fully
satisfied, upon sending of such notice, payment or report to the record holder of such Membership Interests at his address as
shown in the register, regardless of any claim of any Person who may have an interest in such Membership Interests by reason of
any assignment or otherwise. Notwithstanding the foregoing, if (i) the Members shall consent to receiving notices, demands, requests,
reports or proxy materials via electronic mail or by the Internet or (ii) the rules of the Commission shall permit any report
or proxy materials to be delivered electronically or made available via the Internet, any such notice, demand, request, report
or proxy materials shall be deemed given or made when delivered or made available via such mode of delivery. An affidavit or certificate
of making of any notice, payment or report in accordance with the provisions of this ‎Section 15.1 executed by the
Managing Member or the mailing organization shall be prima facie evidence of the giving or making of such notice, payment or report.
If any notice, payment or report addressed to a record holder at the address of such record holder appearing in the register is
returned by the United States Postal Service marked to indicate that the United States Postal Service is unable to deliver it,
such notice, payment or report and any subsequent notices, payments and reports shall be deemed to have been duly given or made
without further mailing (until such time as such record holder or another Person notifies the Company of a change in his address)
if they are available for the Member at the principal office of the Company

 

    94 

     

    

for
a period of one year from the date of the giving or making of such notice, payment or report to the other Members. Any notice
to the Company shall be deemed given if received by the Managing Member at the principal office of the Company designated pursuant
to ‎Section 2.3. The Managing Member may rely and shall be protected in relying on any notice or other document from
any Member or other Person if believed by it to be genuine.

 

(b)           The terms “in writing,” “written communications,” “written notice” and words of similar
import shall be deemed satisfied under this Agreement by use of e-mail and other forms of electronic communication.

 

Section
15.2          Further
Action. In connection with this Agreement and the transactions contemplated
hereby, the parties shall execute and deliver any additional documents and instruments and perform any additional acts that may
be necessary or appropriate to effectuate and perform the provisions of this Agreement and those transactions.

 

Section
15.3         Binding
Effect. This Agreement shall be binding upon and inure to the benefit of
the parties hereto and their heirs, executors, administrators, successors, legal representatives and permitted assigns.

 

Section
15.4        Integration.
This Agreement constitutes the entire agreement among the parties hereto
pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto.

 

Section
15.5          Creditors.
None of the provisions of this Agreement shall be for the benefit of, or
shall be enforceable by, any creditor of the Company.

 

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

 

Section
15.7         Third-Party
Beneficiaries. Each Member agrees that (a) any Indemnitee shall be entitled
to assert rights and remedies hereunder as a third-party beneficiary hereto with respect to those provisions of this Agreement
affording a right, benefit or privilege to such Indemnitee and (b) any Unrestricted Person shall be entitled to assert rights
and remedies hereunder as a third-party beneficiary hereto with respect to those provisions of this Agreement affording a right,
benefit or privilege to such Unrestricted Person.

 

Section
15.8        Counterparts.
This Agreement may be executed in counterparts, all of which together shall
constitute an agreement binding on all the parties hereto, notwithstanding that all such parties are not signatories to the original
or the same counterpart. Each party shall become bound by this Agreement immediately upon affixing its signature hereto or, in
the case of a Person acquiring Membership Interests, pursuant to ‎Section 10.1(b) without execution hereof.

 

Section
15.9          Applicable
Law; Forum; Venue and Jurisdiction; Waiver of Trial by Jury.

 

    95 

     

    

(a)           This Agreement shall be construed in accordance with and governed by the laws of the State of Delaware, without regard
to the principles of conflicts of law.

 

(b)           Each of the Members and each Person or Group holding any beneficial interest in the Company (whether through a broker,
dealer, bank, trust company or clearing corporation or an agent of any of the foregoing or otherwise):

 

(i)            irrevocably agrees that any claims, suits, actions or proceedings (A) arising out of or relating in any way to this Agreement
(including any claims, suits or actions to interpret, apply or enforce the provisions of this Agreement or the duties, obligations
or liabilities among Members or of Members to the Company, or the rights or powers of, or restrictions on, the Members or the
Company), (B) brought in a derivative manner on behalf of the Company, (C) asserting a claim of breach of a duty (including a
fiduciary duty) owed by any director, officer, or other employee of the Company or the General Partner, or owed by the Managing
Member, to the Company or the Non-Managing Members, (D) asserting a claim arising pursuant to any provision of the Delaware Act
or (E) asserting a claim governed by the internal affairs doctrine shall be exclusively brought in the Court of Chancery of the
State of Delaware (or, if such court does not have subject matter jurisdiction, any other court located in the State of Delaware
with subject matter jurisdiction), in each case regardless of whether such claims, suits, actions or proceedings sound in contract,
tort, fraud or otherwise, are based on common law, statutory, equitable, legal or other grounds, or are derivative or direct claims;

 

(ii)           irrevocably submits to the exclusive jurisdiction of such courts in connection with any such claim, suit, action or proceeding;

 

(iii)          agrees not to, and waives any right to, assert in any such claim, suit, action or proceeding that (A) it is not personally
subject to the jurisdiction of such courts or of any other court to which proceedings in such courts may be appealed, (B) such
claim, suit, action or proceeding is brought in an inconvenient forum, or (C) the venue of such claim, suit, action or proceeding
is improper;

 

(iv)          expressly waives any requirement for the posting of a bond by a party bringing such claim, suit, action or proceeding;
and

 

(v)           consents to process being served in any such claim, suit, action or proceeding by mailing, certified mail, return receipt
requested, a copy thereof to such party at the address in effect for notices hereunder, and agrees that such services shall constitute
good and sufficient service of process and notice thereof; provided, nothing in clause (v) hereof shall affect or limit
any right to serve process in any other manner permitted by law.

 

Section
15.10    Invalidity
of Provisions. If any provision or part of a provision of this Agreement
is or becomes for any reason, invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions and/or parts thereof contained

 

    96 

     

    

herein
shall not be affected thereby and this Agreement shall, to the fullest extent permitted by law, be reformed and construed as if
such invalid, illegal or unenforceable provision, or part of a provision, had never been contained herein, and such provisions
and/or part shall be reformed so that it would be valid, legal and enforceable to the maximum extent possible.

 

Section
15.11    Consent
of Members. Each Member hereby expressly consents and agrees that, whenever
in this Agreement it is specified that an action may be taken upon the affirmative vote or consent of less than all of the Members
and each Member shall be bound by the results of such action.

 

Section
15.12    Facsimile
and Email Signatures. The use of facsimile signatures and signatures delivered
by email in portable document format (.pdf) or similar format affixed in the name and on behalf of the Company on certificates
representing Membership Interests is expressly permitted by this Agreement.

 

[Signature
page follows.]

 

    97 

     

    

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first set forth above.

 

	 	Sunpower YC Holdings,
        LLC

         
	 
	 	By:	/s/ Kenneth
    Mahaffey	 
	 		Name:
Kenneth Mahaffey

        Title: Assistant Secretary
	 
	 	 	 	 
	 	 	 	 
	 	First Solar 8point3
    Holdings, LLC	 
	 	 	 
	 	By:	/s/ Alexander R. Bradley	 
	 	 	Name:
Alexander R. Bradley

        Title: Vice President,
Treasury and Project Finance
	 
	 	 	 	 
	 	 	 	 
	 	8point3
Energy Partners LP

         

         
	 
	 	By:	8point3 General Partner, LLC, its general partner	 
	 	 	 	 
	 	By:	/s/ Charles D.
    Boynton	 
	 	 	Name:
Charles D. Boynton

        Title: Chief Executive
Officer
	 
	 	 	 	 
	 		 	 
	 	8point3 Holding Company,
    LLC	 
	 	 	 	 
	 	By:
	First
Solar 8point3 Holdings, LLC, its member
	 
	 	 	 	 
	 	By:	/s/ Alexander R. Bradley	 
	 	

         

        

         
	Name:
Alexander R. Bradley

        Title: Vice President,
Treasury and Project Finance
	 
	 	 	 	 
	 	By:	SunPower YC Holdings,
        LLC, its member	 
	 	 	 	 
	 	By:	/s/ Kenneth Mahaffey	 
	 		Name: Kenneth Mahaffey
Title: Assistant Secretary	 

 

 

 

Signature Page
to Amended and Restated

Limited Liability Company Agreement

 

    	 

    	 

    
 

	 	Maryland Solar Holdings,
        Inc.

         
	 
	 	By:	/s/ Alexander R. Bradley	 
	 		Name: Alexander R. Bradley

        Title: Vice President,
Treasury and Project Finance
	 

 

 

 

 

Signature Page
to Amended and Restated

Limited Liability Company Agreement

 

    	 

    	 

    

EXHIBIT
A

 

to the Amended
and Restated Limited Liability Company Agreement of

8point3 Operating
Company, LLC

 

CERTIFICATE
EVIDENCING COMMON UNITS

REPRESENTING LIMITED LIABILITY COMPANY INTERESTS IN

8POINT3 OPERATING COMPANY, LLC

 

	No.	Common Units	 

 

In accordance
with ‎Section 4.1 of the Amended and Restated Limited Liability Company Agreement of 8point3 Operating Company, LLC, as amended,
supplemented or restated from time to time (the “Limited Liability Company Agreement”),
8point3 Operating Company, LLC, a Delaware limited liability company (the “Company”),
hereby certifies that (the “Holder”) is the registered owner of
Common Units representing membership interests in the Company (the “Common Units”)
transferable on the books of the Company, in person or by duly authorized attorney, upon surrender of this Certificate properly
endorsed. The rights, preferences and limitations of the Common Units are set forth in, and this Certificate and the Common Units
represented hereby are issued and shall in all respects be subject to the terms and provisions of, the Limited Liability Company
Agreement. Copies of the Limited Liability Company Agreement
are on file at, and will be furnished without charge on delivery of written request to the Company at, the principal office
of the Company located at 77 Rio Robles, San Jose, California 95134. Capitalized terms used herein but not defined shall have
the meanings given them in the Limited Liability Company Agreement.

 

THE HOLDER OF THIS
SECURITY ACKNOWLEDGES FOR THE BENEFIT OF 8POINT3 OPERATING COMPANY, LLC THAT THIS SECURITY MAY NOT BE TRANSFERRED IF SUCH TRANSFER
(AS DEFINED IN THE LIMITED LIABILITY COMPANY AGREEMENT) WOULD (A) VIOLATE THE THEN APPLICABLE FEDERAL OR STATE SECURITIES
LAWS OR RULES AND REGULATIONS OF THE SECURITIES AND EXCHANGE COMMISSION, ANY STATE SECURITIES COMMISSION OR ANY OTHER GOVERNMENTAL
AUTHORITY WITH JURISDICTION OVER SUCH TRANSFER, (B) TERMINATE THE EXISTENCE OR QUALIFICATION OF 8POINT3 OPERATING COMPANY, LLC
UNDER THE LAWS OF THE STATE OF DELAWARE, (C) CAUSE 8POINT3 OPERATING COMPANY, LLC TO BE TREATED AS AN ASSOCIATION TAXABLE AS A
CORPORATION OR OTHERWISE TO BE TAXED AS AN ENTITY FOR FEDERAL INCOME TAX PURPOSES (TO THE EXTENT NOT ALREADY SO TREATED OR TAXED),
OR (D) RESULT IN A TERMINATION OF THE COMPANY UNDER INTERNAL REVENUE CODE OF 1986, AS AMENDED, SECTION 708 UNLESS, PRIOR TO SUCH
TRANSFER, THE TRANSFERRING MEMBER AGREES TO INDEMNIFY THE COMPANY AND THE OTHER MEMBERS FOR ANY ADVERSE TAX CONSEQUENCES CAUSED
AS A RESULT OF SUCH TERMINATION. THE MANAGING MEMBER OF 8POINT3 OPERATING COMPANY, LLC MAY IMPOSE ADDITIONAL RESTRICTIONS ON THE
TRANSFER OF THIS SECURITY IF IT RECEIVES AN OPINION OF COUNSEL THAT SUCH RESTRICTIONS ARE

 

    A-1 

     

    

NECESSARY TO AVOID
A SIGNIFICANT RISK OF 8POINT3 OPERATING COMPANY, LLC BECOMING TAXABLE AS A CORPORATION OR OTHERWISE BECOMING TAXABLE AS AN ENTITY
FOR FEDERAL INCOME TAX PURPOSES (TO THE EXTENT NOT ALREADY SO TREATED OR TAXED). THIS SECURITY MAY BE SUBJECT TO ADDITIONAL RESTRICTIONS
ON ITS TRANSFER PROVIDED IN THE LIMITED LIABILITY COMPANY AGREEMENT. COPIES OF SUCH AGREEMENT MAY BE OBTAINED AT NO COST BY WRITTEN
REQUEST MADE BY THE HOLDER OF RECORD OF THIS SECURITY TO THE SECRETARY OF THE MANAGING MEMBER AT THE PRINCIPAL OFFICE OF THE COMPANY.

 

The Holder,
by accepting this Certificate, is deemed to have (i) requested admission as, and agreed to become, a Non-Managing Member
and to have agreed to comply with and be bound by and to have executed the Limited Liability Company Agreement,
(ii) represented and warranted that the Holder has all right, power and authority and, if an individual, the capacity necessary
to enter into the Limited Liability Company Agreement, and (iii) made the waivers
and given the consents and approvals contained in the Limited Liability Company Agreement.

 

This Certificate
shall be governed by and construed in accordance with the laws of the State of Delaware.

 

	Dated:	 	 	8point3 Operating Company, LLC	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	By:	8point3 Energy Partners LP	 
	 	 	 	 	 	 
	 	 	 	By:	 	 
	 	 	 	 	 	 
	 	 	 	By:	 	 

 

 

 

    A-2 

     

    

 

 

[Reverse
of Certificate]

 

ABBREVIATIONS

 

The following
abbreviations, when used in the inscription on the face of this Certificate, shall be construed as follows according to applicable
laws or regulations:

 

	TEN COM—as tenants in
    common	 	UNIF GIFT TRANSFERS MIN ACT
	 	 	 	 	 	 
	TEN ENT—as tenants by
    the entireties	 	 	Custodian	 
	 	 	 

	 

	 	 

	JT
TEN—as joint tenants with right of

        survivorship and not
as tenants in common
	 	(Cust)	 	(Minor)
	 	 	 	 
	 	 	under Uniform Gifts/Transfers to
    CD Minors Act (State)

 

 

Additional abbreviations, though
not in the above list, may also be used.

 

    A-3 

     

    

 

ASSIGNMENT
OF COMMON UNITS OF

8POINT3 OPERATING COMPANY, LLC

 

	FOR VALUE RECEIVED,
    	 	 	hereby assigns, conveys, sells and transfers unto
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	(Please print or typewrite name and address of assignee)	 	(Please insert Social Security or other identifying number of assignee)

 

Common
Units representing limited liability company interests evidenced by this Certificate, subject to the Limited Liability Company
Agreement, and does hereby irrevocably constitute and appoint  as its attorney-in-fact with full power of substitution to
transfer the same on the books of 8point3 Operating Company, LLC.

 

	Date: 			NOTE: The signature to any endorsement hereon must correspond
    with the name as written upon the face of this Certificate in every particular, without alteration, enlargement or change.
	 	 	 
	 	 	 
	 	 	

        (Signature)

	 	 	 
	 	 	 
	 	 	(Signature)

	 	 	 
	THE SIGNATURE(S) MUST BE GUARANTEED BY AN
    ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN
    APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15	 	 

 

 

No transfer
of the Common Units evidenced hereby will be registered on the books of the Company, unless the Certificate evidencing the Common
Units to be transferred is surrendered for registration or transfer.

 

 

 

 

 

    A-4

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