Document:

LEASE DATED AS OF JULY 28, 2005

 Exhibit 10.7 
  
 OFFICE LEASE 
  
 49 STEVENSON STREET 
 SAN FRANCISCO,
CALIFORNIA 
  
 BASIC LEASE INFORMATION

  
 Date: July 28, 2005 
  
 Landlord: OP&F Stevenson Street Corporation, a California corporation 
  
 Tenant: Lionbridge U.S., Inc., a Delaware corporation 
  
 Premises (Section 1.1): Suite 1400, approximately 7,721 rentable square feet located on the
fourteen (14th) floor of the Building. 
  
 Term (Section 2.1): One (1) year 
  
 Commencement Date (Section 2.1): August 1, 2005 
  
 Expiration Date (Section 2.1): One (1) year from the Commencement Date, unless sooner terminated or extended as provided in the Lease. 
  
 Base Rent (Section 3.1 (a)): 
  

								
	 (a)
	  	The Rent Commencement Date through the	  	$	204,606.50	  	annual
	 	  	Expiration Date	  	$	17,050.54	  	monthly

  

					
	 Base Expanse Year (Section 3.1(b)):
	  	2005	  	 
			
	 Base Tax Year (Section 3.l(c)):
	  	2005	  	 

  
 Tenant’s Percentage Share
(Section 4.1): 6.37%, based on the rentable square footage of the Premises as being 7,721 rsf, and on the rentable square footage of the Building as being 121,179 rsf. 
  
 Permitted Use (Section 6.1): General office use and, subject to the terms of the Lease, uses incidental thereto that are in keeping with the
character of the Building as a quality high-rise downtown office building. 
  

					
	 Liability Insurance (Section 11.1):
	  	$2,000,000	  	 
			
	 Deposit (Section 22.1):
	  	$17,050.54	  	 

  

					
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	Landlord’s Address (Section 24.1):	  	 OP&F Stevenson Street Corporation
 RREEF as agent for
OP&F Stevenson
 49 Stevenson Street, Suite 460
 San
Francisco, California 94105
 Attn: Lisa Vogel

		
	 	  	With a copy (which shall not constitute notice) to:
		
	 	  	 Cathy L. Croshaw, Esq.
 Luce, Forward, Hamilton &
Scripps, LLP
 121 Spear Street, Suite 200
 San Francisco,
California 94105

		
	Notices to Manager:	  	RREEF as agent for OP&F Stevenson
49 Stevenson Street, Suite 460
San Francisco, California 94105
Attn: Property Manager
		
	Tenant’s Address (Section 24.1):	  	 Lionbridge U.S., Inc.
 49 Stevenson Street, Suite
1400
 San Francisco, California 94105
 Attn:
                    

		
	With a copy to:	  	 Lionbridge Technologies, Inc.
 1050 Winter Street, Suite
2300
 Waltham, Massachusetts 02451
 Attn: Mark
Branciforte

		
	Real Estate Broker(s) (Section 25.5):	  	Landlord’s Broker:
		
	 	  	 Cushman & Wakefield of California
 One Maritime
Plaza
 San Francisco, California 94111

		
	 	  	Tenant’s Broker:
		
	 	  	 Grubb & Ellis
 255 California Street, 14th Floor
 San Francisco, California
94111

		
	 Guarantor:
	  	Lionbridge Technologies, Inc., a Delaware corporation will guaranty Tenant’s obligations under this Lease pursuant to separate written guaranty agreement to be executed concurrently with
this Lease.

  

					
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 The foregoing Basic Lease Information is incorporated in and made a part of the Lease to which it is attached. If there
is any conflict between the Basic Lease Information and the Lease, the Lease shall control. 
  

											
	LANDLORD:	 	 	 	TENANT:
			
	 OP&F STEVENSON STREET
 CORPORATION
 a California corporation
	 	 	 	 LIONBRIDGE U.S., INC., a
 Delaware
corporation

					
	 By:
	 	 RREEF MANAGEMENT
 COMPANY,
 a Delaware corporation, its Manager
	 	 	 	 	 	 
						
	 	 	 By:
	 	

	 	 	 	 By:
	 	

	 	 	 	 	Lisa Vogel,	 	 	 	Print Name	 	David W Dahn
	 	 	 	 	Vice President and District Manager	 	 	 	 Its:
	 	Treasurer

  

					
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 THIS LEASE, made as of the date specified in the Basic Lease Information, by and between OP&F
STEVENSON STREET CORPORATION, a California corporation (“Landlord”), and LIONBRIDGE U.S., INC., a Delaware corporation (“Tenant”). 
  
 W I T N E S S E T H: 
  
 1. PREMISES 
  
 1.1. Landlord hereby leases to Tenant, and Tenant hereby leases from Landlord, for the term and subject to the covenants hereinafter set forth, to
all of which Landlord and Tenant hereby agree, the space on the floor(s) specified in the Basic Lease Information (the “Premises”), as outlined on the floor plan(s) attached hereto as Exhibit A, in that certain 15 story
office building located at 49 Stevenson Street, San Francisco, California 94105 owned by Landlord (the “Building”). As used in this Lease, the Building includes all of the land on which the Building is located and all appurtenances
thereto. Tenant shall have the right to use, in common with others, the entrances, lobbies, corridors, stairs and elevators of the Building (the “Common Areas”) for access to the Premises. All of the exterior windows and exterior
walls of the Building and any space in the Premises used for shafts, stacks, pipes, conduits, ducts, electric or other utilities, sinks or other Building facilities, and the use thereof and access thereto through the Premises for the purposes of
operation, maintenance and repairs, are reserved to Landlord. If the Premises provide access to any outdoor balconies or decks, these areas shall be used exclusively for maintenance and repair of any structural elements of the Building located
thereon, including roof and roof membrane elements, and for the use of exterior window cleaning equipment and Landlord reserves the right, upon prior notice to Tenant, to enter upon such facilities through the Premises for purposes of performing
such maintenance. 
  
 1.2. Provided that Tenant’s
reasonable access to the Building and the Premises are maintained, Landlord may change the location, size and configuration of the Common Areas, close temporarily or permanently any Common Areas, add additional improvements to the Common Areas or do
and perform such other acts and make such other changes to or use of the Common Areas as Landlord may, in the exercise of its sound business judgment, deem to be appropriate, and such change or improvement to or closure or use of the Common Areas by
Landlord shall in no way affect this Lease or impose any liability on Landlord. 
  
 1.3. No easement for light, air or view is included with or appurtenant to the Premises. Any diminution or shutting off of light, air or view by any structure which may hereafter be erected (whether or not
constructed by Landlord) shall in no way affect this Lease or impose any liability on Landlord. Tenant shall have no right of access to, or use of, the roof of the Building. 
  
 1.4. Landlord and Tenant acknowledge and agree that the rentable square footage of the Premises has been calculated
by Landlord in accordance with standards of measurement adopted by the Building Owners and Managers Association, American Standard, ANSI/BOM A Z.65.1-1996, as modified by Landlord for uniform use in the Building, and said square footage figures
provided in the Basic Lease Information shall be final and binding on Landlord and Tenant for all purposes under this Lease; provided, however, Landlord reserves the right to adjust the square footage figures based on modifications or alterations to
the Building, as 

  

					
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evidenced by written verification of Landlord’s space planner as to the revised rentable square footage figures. 
  
 2. TERM 
  
 2.1. Subject to the provisions of this Section 2.1, the term of this Lease shall be the term specified in the
Basic Lease Information. The term of this Lease shall commence on the Commencement Date specified in the Basic Lease Information. Unless sooner terminated or extended as hereinafter provided, the term of this Lease shall end on the Expiration Date
specified in the Basic Lease Information (the “Expiration Date”). 
  
 2.2. 
  
 (a) On the Commencement Date Landlord will be deemed to have delivered possession of the Premises to Tenant in its “as-is” condition and configuration and Tenant shall accept such delivery of the Premises, which acceptance shall
constitute the agreement of Tenant that the Premises are in the condition required by this Lease, and Tenant waives any and all defects therein. 
  
 (b) Tenant acknowledges that the Premises have been previously built-out and improved for occupancy by a prior tenant and that the HVAC,
life safety, plumbing, electrical and other Building systems serving and located in the Premises have been configured for the use of the prior tenant and, no re-engineering of any Building system is contemplated as a condition to the delivery of the
Premises to Tenant. The Premises will be delivered to Tenant with all Building systems serving and located in the Premises in good working order; provided, however, Landlord makes no representation or warranty as to, and Tenant waives as against and
releases Landlord from any and all claims based on, any physical condition at the Premises as of the date of this Lease, or on the configuration or compatibility of any Building systems existing in the Premises as of the date of this Lease with
Tenant’s use and occupancy of the Premises. 
  
 (c) Except for use of the Premises for office purposes, Tenant acknowledges that neither Landlord nor any agent of Landlord has made any representation or warranty with respect to the suitability or fitness of the Premises or the Building
for the conduct of Tenant’s business. 
  
 2.3. Tenant
shall deliver to Landlord the insurance policies or certified copies and a certificate of insurance with respect thereto required by Section 11.2 hereof prior to, and as a condition of, Tenant’s initial entry upon or occupancy of the
Premises. 
  
 3. RENT 
  
 3.1. Tenant shall pay to Landlord the following amounts as rent for
the Premises: 
  
 (a) During the term of this
Lease, Tenant shall pay to Landlord, as base monthly rent, the amount of monthly rent specified in the Basic Lease Information (the “Base Rent”). The date on which Tenant’s obligation to pay Base Rent commences is referred to
as the “Rent Commencement Date”. 
  

					
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 (b) During each calendar year or part thereof during the term of this Lease subsequent to
the base expense calendar year specified in the Basic Lease Information (the “Base Expense Year”), Tenant shall pay to Landlord, as additional monthly rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar
increase, if any, in all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year or part thereof over the Operating Expenses paid or incurred by Landlord in the Base Expense Year. 
  
 (c) During each tax year (July 1 through June 30) or
part thereof during the term of this Lease subsequent to the base tax year ending June 30 of the year specified in the Basic Lease Information (the “Base Tax Year”), Tenant shall pay to Landlord, as additional monthly rent,
Tenant’s Percentage Share of the total dollar increase, if any, in all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such tax year or part thereof over the Property Taxes paid or incurred by Landlord in the Base Tax
Year. 
  
 (d) From and after execution of this
Lease (whether accruing prior to or after commencement of the term of this Lease), Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money or
charges are designated “additional rent”. As used in this Lease, “rent” shall mean and include Base Rent, additional monthly rent and additional rent payable by Tenant in accordance with this Lease. 
  
 3.2. The additional monthly rent payable pursuant to Sections 3.1
(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures: 
  
 (a) On or before the first day of each calendar year during the term of this Lease other than during the Base Expense Year and the Base
Tax Year, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under Sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each
month during such ensuing calendar year, Tenant shall pay to Landlord one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior year’s estimate until the
month after such notice is given, and subsequent payments by Tenant shall be based on Landlord’s current estimate. If at any time it appears to Landlord that the amounts payable under Sections 3.1 (b) and 3.1(c) hereof for the current
calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise Landlord’s estimate for such year, and subsequent payments by Tenant for such year shall be based on such revised estimate.

  
 (b) Within a reasonable time after the end of
each calendar year, Landlord shall give Tenant a written statement of the amounts payable under Sections 3.1 (b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than
the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under Sections 3.1 (b) and 3.1(c) hereof. If such statement shows an amount owing by
Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within ten (10) days after delivery of such statement. Tenant or Tenant’s authorized agent or
representative shall have the right to inspect the books of Landlord relating to Operating Expenses and Property Taxes, after giving reasonable prior 

  

					
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written notice to Landlord within ninety (90) days of Landlord’s statement, and during the business hours of Landlord at Landlord’s office in
the Building or at such other location as Landlord may designate, for the purpose of verifying the information in such statement. Landlord’s statement shall be deemed final and binding on Tenant, absent such a request by Tenant. If Tenant shall
have availed itself of its right to inspect the books and records, and whether or not Tenant disputes the accuracy of the information set forth in such books and records, Tenant shall nevertheless pay the amount set forth in Landlord’s
statement and continue to pay the amounts required by the provisions of this Article 3, pending resolution of said dispute. Any default in the payment of such charges by Tenant shall be deemed an Event of Default under this Lease. If and to the
extent Tenant disputes the accuracy of Landlord’s books and records, such claim shall be based on an inspection conducted by an independent certified public accountancy firm engaged by Tenant (and not compensated on a contingency basis)
reasonably acceptable to Landlord. If Tenant’s dispute is resolved in favor of Tenant and it is determined that Landlord’s statement overstated Operating Expenses and Property Taxes for the year in question by five percent (5%) or
more, Landlord shall reimburse Tenant for the reasonable costs of Tenant’s accountant in performing the inspection provided for in this paragraph. 
  
 (c) Failure by Landlord to give any notice or statement to Tenant under Section 3.2(b) shall not waive Landlord’s right to
receive, or Tenant’s obligation to pay, the amounts payable by Tenant under Section 3.1(b) and 3.1(c) hereof. If the term of this Lease ends on a day other than the last day of a calendar year, the amounts payable by Tenant under Sections
3.1(b) and 3.1(c) hereof applicable to the calendar year in which such term ends shall be prorated according to the ratio which the number of days in such calendar year to and including the end of the term bears to three hundred sixty five (365).
Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to Section 3.2(b) hereof to be performed after such termination. 
  

3.3. Tenant shall pay all Base Rent and additional monthly rent under Section 3.1 hereof to Landlord, in advance, on or before the first
day of each and every calendar month during the term of this Lease, except that Base Rent for the first full calendar month of the term of this Lease (the “First Month”) shall be paid upon execution of this Lease. If the Rent
Commencement Date occurs on any day other than the first day of a calendar month, Base Rent for the period from the Rent Commencement Date through the end of said calendar month shall be due and payable on the Rent Commencement Date, and the Base
Rent payable upon execution of this Lease shall be credited against the Base Rent due for the First Month as of the first day of the First Month. Tenant shall pay all rent to Landlord without notice, demand, deduction or offset, in lawful money of
the United States of America, at the address of Landlord specified in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. If the Commencement Date as determined in
accordance with Section 2.1 hereof is not the first day of the month and the Expiration Date is not the last day of the month, then the rent for the fractional month shall be appropriately prorated. 
  
 4. OPERATING EXPENSES AND PROPERTY TAXES 
  
 4.1. As used in this Lease, “Tenant’s Percentage
Share” shall mean the percentage specified in the Basic Lease Information. 
  

					
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 4.2. As used in this Lease, “Operating Expenses” shall mean all costs and
expenses paid or incurred by Landlord in connection with the ownership, management, operation, maintenance or repair of the Building or in providing services in accordance with this Lease, including, without limitation, the following: salaries,
wages, other compensation, taxes and benefits (including payroll, social security, workers’ compensation, unemployment, disability and similar taxes and payments) for all personnel engaged in the management, operation, maintenance or repair of
the Building; uniforms provided to such personnel; premiums, deductibles and other charges for all property, earthquake, rental value, liability and other insurance carried by Landlord; water and sewer charges or fees; license, permit and inspection
fees; electricity, chilled water, air conditioning, gas, fuel, steam, heat, light, power and other utilities; sales, use and excise taxes on goods and services purchased by Landlord; telephone, delivery, postage, stationery supplies and other
expenses; management fees and expenses; equipment lease payments; repairs to and maintenance of the Building, including Building systems and accessories thereto and repair and replacement of worn out or broken equipment, facilities, parts and
installations, but excluding the replacement of major Building systems; janitorial, window cleaning, concierge, guard, extermination, water treatment, garbage and waste disposal, rubbish removal, plumbing and other services; inspection or service
contracts for elevator, electrical, mechanical, life safety and other Building equipment and systems; intra-Building network cable maintenance and repair; supplies, tools, materials and equipment; accounting, legal and other professional fees and
expenses (excluding legal fees incurred by Landlord relating to disputes with specific tenants or the negotiation, interpretation or enforcement of specific leases); painting the exterior or the public or Common Areas of the Building and the cost of
maintaining the sidewalks, landscaping and other Common Areas of the Building; the cost, reasonably amortized as determined by Landlord with interest at the rate of ten percent (10%) per annum, or such higher rate as Landlord may actually have
to pay, on the unamortized balance, of any and all furniture, fixtures, draperies, carpeting and personal property (excluding paintings, sculptures or other works of fine art) furnished by Landlord in the Common Areas of the Building or in the
Building office; all costs and expenses resulting from compliance with any laws, ordinances, rules, regulations or orders applicable to the Building; Building office rent or rental value for office space reasonably necessary for the proper
management and operation of the Building; all costs and expenses of contesting by appropriate legal proceedings any matter concerning managing, operating, maintaining or repairing the Building, or the validity or applicability of any law, ordinance,
rule, regulation or order relating to the Building, or the amount or validity of any Property Taxes; the amortized cost of the Transit Impact Development Fee of the City and County of San Francisco applicable to the Building; reasonable depreciation
as determined by Landlord on all machinery, fixtures and equipment (including window washing machinery) used in the management, operation, maintenance or repair of the Building and on window coverings provided by Landlord; and the cost, reasonably
amortized as determined by Landlord, with interest at the rate of ten percent (10%) per annum, or such higher annual rate as Landlord may actually have to pay, on the unamortized balance, of all capital improvements made to the Building or
capital assets acquired by Landlord that are designed or intended to be a labor saving or energy saving device, or to improve economy or efficiency in the management, operation, maintenance or repair of the Building, or to reduce any item of
Operating Expenses, or to improve life safety or indoor air quality conditions in the Building, or that are reasonably necessary to comply with any conservation program or required by any law, ordinance, rule, regulation or order. Operating 

  

					
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Expenses shall not include Property Taxes; depreciation on the Building (except as described above), costs of tenant improvements, real estate brokers
commissions, and other costs incurred in negotiating any leases, lease amendments or other leasing transactions with existing or prospective tenants of the Building; interest (except as described above) or capital items (except as described above).
Actual Operating Expenses for the Base Expense Year and each subsequent calendar year shall be adjusted, if necessary, to equal Landlord’s reasonable estimate of Operating Expenses for a full calendar year with the total area of the Building
occupied during such full calendar year. The determination of Operating Expenses shall be in accordance with generally accepted accounting principles applied on a consistent basis. 
  
 4.3. As used in this Lease, “Property Taxes” shall mean all taxes, assessments, excises, levies,
fees and charges (and any tax, assessment, excise, levy, fee or charge levied wholly or partly in lieu thereof or as a substitute therefor or as an addition thereto) of every kind and description, general or special, ordinary or extraordinary,
foreseen or unforeseen, secured or unsecured, whether or not now customary or within the contemplation of Landlord and Tenant, that are levied, assessed, charged, confirmed or imposed by any public or government authority on or against, or otherwise
with respect to, the Building or any part thereof or any personal property used in connection with the Building, or any taxes or assessments levied against or measured by the gross rentals received by Landlord from the Building or in connection with
the business of renting space in the Building, or any charge or fee imposed by any federal, state or local government, district or agency for fire protection, trash removal, sidewalk, street maintenance or other public service(s). Property Taxes
shall not include net income (measured by the income of Landlord from all sources or from sources other than solely rent), franchise, documentary transfer, inheritance or capital stock taxes of Landlord, unless levied or assessed against Landlord in
whole or in part in lieu of, as a substitute for, or as an addition to any Property Taxes. Property Taxes shall not include any tax, assessment, excise, levy, fee or charge paid by Tenant pursuant to Section 5.1 hereof. 
  
 5. OTHER TAXES PAYABLE BY TENANT 
  
 5.1. In addition to all monthly rent and other charges to be paid by
Tenant under this Lease, Tenant shall reimburse Landlord upon demand for all taxes, assessments, excises, levies, fees and charges, including all payments related to the cost of providing facilities or services, whether or not now customary or
within the contemplation of Landlord and Tenant, that are payable by Landlord and levied, assessed, charged, confirmed or imposed by any public or government authority upon, or measured by, or reasonably attributable to (a) the Premises,
(b) the cost or value of Tenant’s equipment, furniture, fixtures and other personal property located in the Premises or the cost or value of any leasehold improvements made in or to the Premises by or for Tenant as outlined in this Lease,
regardless of whether title to such improvements is vested in Tenant or Landlord, (c) the possession, leasing, operation, management, maintenance, alteration, repair, use or occupancy by Tenant of the Premises, or (d) this transaction or
any document to which Tenant is a party creating or transferring an interest or an estate in the Premises. All taxes, assessments, excises, levies, fees and charges payable by Tenant under this Section 5.1 shall be deemed to be, and shall be
paid as, additional rent. 
  

					
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 6. USE 
  
 6.1. Tenant shall use and occupy the Premises solely for the Permitted Use provided in the Basic Lease Information and for no other purpose. Tenant
shall not do or permit to be done in, on or about the Premises, nor bring or keep or permit to be brought or kept therein, anything which is prohibited by or will in any way conflict with any law, ordinance, rule, regulation or order now in force or
which may hereafter be enacted, or which is prohibited by any insurance policy carried by Landlord for the Building, or which will in any way increase the existing rate of, or cause a cancellation of, or affect any insurance for the Building. Tenant
shall not bring, keep, discharge or release or permit to be brought, kept, discharged or released, in or from the Premises or the Building any toxic or hazardous substance, material or waste or any other contaminant or pollutant, other than
nonreportable quantities of such substances when found in commonly used household cleansers, office supplies and general office equipment, and any such substances shall be used, kept, stored and disposed of in strict accordance with all applicable
federal, state and local laws. Tenant shall comply with all applicable federal, state and local reporting and disclosure requirements applicable to its business operations in the Premises. Tenant shall not do or permit anything to be done in or
about the Premises which will in any way obstruct or interfere with the rights of Landlord or other tenants of the Building, or injure or annoy them. Tenant shall not cause, maintain or permit any nuisance in, on or about the Premises or commit or
suffer to be committed any waste in, on or about the Premises. 
  
 6.2. Tenant shall not conduct or permit any retail or wholesale sale of goods or merchandise, or sale of goods or merchandise to the trade, in the Premises, nor may Tenant use any portion of the Premises, for a medical or dental
office; an office providing any type of psychological, parole or drug counseling; telemarketing operations; consulate, foreign mission or trade office; government or regulatory agency office or similar uses. Solicitations or promotions by Tenant to
other tenants in the Building are prohibited. Tenant shall not bring or keep in the Premises any furniture, equipment, materials or other objects which overload the Premises or any portion thereof in excess of fifty (50) pounds per square foot
live or dead load and twenty (20) pounds per square foot partition load, which are the normal load bearing capacities of the floors and walls of the Building, nor shall Tenant permit the general office operations in the Premises to be conducted
in such a manner that the Premises are occupied by more than one (1) person per one hundred (100) square feet of usable area, or that the usage of electric current or HVAC (as hereinafter defined) services exceeds the capacity of existing
Building systems. 
  
 6.3. Except as permitted under
Section 6.1, Tenant shall notify Landlord immediately upon discovery of the presence, discharge or release of any hazardous or toxic substance in or around the Premises or the Building. Upon the written request of Landlord, Tenant shall provide
periodic written reports of the type and quantities of hazardous substances, materials, waste and contaminants used, stored or being disposed of by Tenant in the Premises. If Landlord in good faith determines that such substances create a risk to
the health and safety of the Tenant’s employees and invitees or to any other tenant or invitee of the Building, Tenant shall, upon demand by Landlord, take such remedial action, at the sole cost and expense of Tenant (including, without
limitation, elimination or removal of any hazardous substances from the Premises), as Landlord deems necessary or advisable or as required by any applicable law. 
  

					
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 7. SERVICES 
  
 7.1. Landlord shall supply the Premises with electricity for general office lighting and the operation of desk top
office machines, water for lavatory and drinking purposes and, during reasonable and usual business hours, as determined by Landlord and subject to the Rules and Regulations (as hereinafter defined) established by Landlord, heating, ventilating and
air conditioning reasonably required for the use and occupancy of the Premises for general office purposes. Landlord shall also furnish normal elevator service to the Premises at all times, and lighting replacement for Building standard lights,
restroom supplies and window washing when needed, as determined by Landlord and subject to the Rules and Regulations. Landlord shall furnish normal janitorial service to the Premises during the times and in the manner that such service is
customarily furnished in comparable office buildings in the area. Landlord shall not be liable for any criminal acts of others or for any direct, consequential or other loss or damage related thereto. Landlord shall not be in default under this
Lease or be liable for any damage or loss directly or indirectly resulting from, nor shall the rent be abated or a constructive or other eviction be deemed to have occurred by reason of, any installation, use or interruption of use of any equipment
in connection with the furnishing of any of the foregoing services, any failure to furnish or delay in furnishing any such services when such failure or delay is caused by accident or breakdown or any condition beyond the control of Landlord or by
the making of repairs or improvements to the Premises or to the Building, or any limitation, curtailment, rationing or restriction on use of water, electricity, gas or any resource or form of energy serving the Premises or the Building, whether such
results from mandatory restrictions or voluntary compliance with guidelines. Landlord shall use reasonable efforts to correct any interruption in the furnishing of such services. 
  
 7.2. Tenant acknowledges that the heating, air conditioning and ventilating (“HVAC”) system of the
Building is designed to operate efficiently while electrical equipment such as customary lamps, desktop computers and other small fractional horsepower desktop office machines are being used in the Premises and while the Premises are occupied in any
HVAC zone by not more than one person per one hundred (100) square feet of usable area therein. If the temperature otherwise maintained in any portion of the Premises by the HVAC system of the Building is affected by (a) Tenant’s use
of any lights, machines or equipment (including, without limitation, computers, telecommunications equipment and copying machines), or (b) the occupancy of the Premises by more than one person per one hundred (100) square feet of usable
area, or (c) an electrical load that generates heat in excess of 3.413 BTUs per square foot per hour of usable area, Landlord shall have the right, unless Tenant ceases and desists from such usage or excess occupancy within five (5) days
after written notice from Landlord, to install any machinery and equipment that Landlord reasonably deems necessary to restore temperature balance, including, without limitation, modifications to the standard air conditioning equipment, and the cost
thereof, including the cost of installation and any additional cost of operation and maintenance incurred thereby, shall be paid by Tenant to Landlord, as additional rent, upon billing by Landlord. 
  
 7.3. Without the prior written consent of Landlord, which Landlord may
refuse in its sole discretion, Tenant shall not: (a) connect or use any electrical equipment that exceeds the capacity of the Building electrical system panel serving the Premises; or (b) connect any apparatus, machine or device through
electrical outlets except in the manner for which such 

  

					
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outlets are designed and without the use of any device intended to increase the plug capacity of any electrical outlet. If Tenant installs lighting requiring
power in excess of that required for normal office use in the Building or equipment or computers requiring power in excess of that required for normal desk top office equipment, or if Tenant’s consumption of electricity is otherwise in excess
of the amount that would reasonably be incurred for a business operating as a general business office during reasonable and usual business hours, all as reasonably determined by Landlord based on the actual additional cost incurred by Landlord for
electricity, Landlord shall have the right to impose a reasonable charge, as determined by Landlord, for such excess use, and Tenant shall pay to Landlord, upon billing by Landlord, the cost of such excess, as reasonably determined by Landlord.
Landlord shall have the right at any time to install an electric current monitoring device in the Premises or otherwise to measure the amount of electric current consumed on the Premises, and the cost of such device or other corrective measures and
the installation and maintenance thereof shall be paid for by Tenant. All costs payable by Tenant under this Section 7.3 shall be deemed to be, and shall be paid as, additional rent. 
  
 7.4. Landlord shall provide and maintain, at no expense to Tenant (other than as an item of Operating Expenses),
telephone riser space in the Building core adequate to accommodate the telecommunications needs of a general office tenant, and lines and conduit in Building risers or pathways that provide a continuous connection of intrabuilding telecommunications
cabling from a telephone closet located on the floor of the Premises (the “Telephone Closet”) to the main telephone closet located in the ground or basement level floors of the Building. Subject to such reasonable rules and
regulations as may be adopted by Landlord for uniform application to all tenants in the Building, Landlord shall permit Tenant reasonable access to the Telephone Closet and the Building’s intrabuilding telecommunications cabling for the
purposes permitted hereinabove and agrees that Tenant may install, remove and maintain in the Premises such voice and data telecommunications equipment as is generally utilized by office tenants and, in connection therewith, to connect the same to
the distribution frames located in the Telephone Closet; provided, however, Tenant shall not alter, modify, add to or disturb any telecommunications wiring or cabling in any portion of the Building outside the Premises without Landlord’s prior
written consent and, except as herein provided, no right is herein granted (express or implied) to Tenant to place any telecommunications device (receive only or transmitting) anywhere in the Building outside of the Premises. Landlord may limit and
control access to the Telephone Closet to Landlord approved vendors and telecommunications providers, and may charge telecommunications providers for the use of, or access to, the Building’s telecommunications lines, conduits and risers. Tenant
shall be solely responsible for, and shall indemnify, defend and hold Landlord harmless, from any and all damage to the telecommunications cabling and wiring in the Building due to the act (negligent or otherwise) of Tenant or any employee, agent or
contractor of Tenant. Landlord makes no representation to Tenant regarding the condition, security, availability or suitability for Tenant’s purposes of existing intrabuilding network cabling, risers, pathways or any telecommunications services
presently located within the Building, and Tenant hereby waives any claim against Landlord for any damages if Tenant’s telecommunications services in any way are interrupted, damaged or otherwise interfered with, except to the extent caused by
the gross negligence or willful or criminal misconduct of Landlord, its agents or employees, provided that in no event shall any such interruption, damage or interference entitle Tenant to any consequential damages (including damages for loss of
business) or relieve Tenant of any of its obligations under this Lease. Tenant shall maintain and repair all telecommunications cabling and wiring within or exclusively 

  

					
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	  	9	  	 

 
serving the Premises, and shall remove the same, at its sole cost and expense, at the expiration or earlier termination of the term of this Lease.

  
 7.5. Extraordinary Services. Landlord may impose a
reasonable direct charge and establish reasonable rules and regulations for any of the following: (a) the use of any HVAC by Tenant at any time other than during Regular Business Hours; (b) the usage of any services provided to Tenant
(including without limitation, freight elevator service, or use of the loading dock facilities by Tenant) at any time other than during Regular Business Hours, except that there shall be no additional charge for passenger elevator service, general
access, domestic water, and charges for after hours use of electricity shall be made only with respect to overstandard use consistent with the provisions of Section 7.3; and (c) additional or unusual janitorial services required because of
any non-building standard improvements in the Premises, the carelessness of Tenant, the nature of Tenant’s business other than normal office use (including the operation of Tenant’s business other than during Regular Business Hours). The
foregoing direct charges shall be payable by Tenant as additional rent on the next rent payment date after submission of an invoice therefor by Landlord. Notwithstanding anything to the contrary contained in this Lease, Landlord shall have the
right, at its option, to distribute electric current for the Building, and in connection therewith to meter and charge all tenants in the Building, including Tenant, directly for their use of electricity and HVAC within their respective premises. In
such event, Tenant shall pay such charges as additional rent on a monthly basis within thirty (30) days after invoice therefor, and all such charges shall be excluded from Operating Expenses under Section 4.2. Landlord may cease to furnish
electricity upon thirty (30) days’ prior written notice, provided within such period Landlord connects Tenant with another source of electric supply. 
  

7.6. Subject to the Rules and Regulations of the Building, Landlord hereby establishes the period from 8:00 A.M. to 6:00 P.M., Monday through
Friday, excluding New Year’s Day, Presidents’ Day, Memorial Day, Independence Day, Labor Day, Thanksgiving, Christmas and such other holidays as are generally recognized in San Francisco, California, as the business hours of the Building
(“Regular Business Hours”). 
  
 8.
MAINTENANCE AND REPAIRS 
  
 8.1. Landlord shall
maintain and repair the Common Areas of the Building, the roof and exterior elements of the Building, and the elevator, mechanical (heating, ventilating and air conditioning) and electrical systems of the Building and keep such areas, elements and
systems in reasonably good order and condition. Any damage in or to any such areas, elements or systems caused by Tenant or any agent, officer, employee, contractor, licensee or invitee of Tenant shall be repaired by Landlord at Tenant’s
expense and Tenant shall pay to Landlord, upon billing by Landlord, as additional rent, the cost of such repairs incurred by Landlord. 
  
 8.2. Tenant shall, at all times during the term of this Lease and at Tenant’s sole cost and expense, maintain and repair the Premises and
every part thereof and all equipment, fixtures and improvements therein and keep all of the foregoing clean and in good order and operating condition, ordinary wear and tear and damage thereto by fire or other casualty excepted. Tenant hereby waives
all rights under California Civil Code Section 1941 and all rights to make repairs at the expense of Landlord or in lieu thereof to vacate the Premises as provided by California Civil Code Section 1942 or any other law, statute or
ordinance now or hereafter in effect. 

  

					
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Subject to Section 9.3 hereof, Tenant shall, at the end of the term of this Lease, surrender to Landlord the Premises and all alterations, additions,
fixtures and improvements therein or thereto in the same condition as when received, ordinary wear and tear and damage thereto by fire or other casualty excepted. 
  
 9. ALTERATIONS 
  
 9.1. Tenant shall not make any alterations, additions or improvements in or to the Premises or any part thereof, or attach any fixtures or
equipment thereto, without Landlord’s prior written consent. All alterations, additions and improvements, if any, made by Tenant in or to the Premises shall be made at Tenant’s sole cost and expense, shall be consistent with the general
office use of the Premises, shall not adversely affect the utility of the Premises for future tenants, shall not affect in any way the structural, exterior or roof elements of the Building or the elevator, mechanical, electrical, plumbing or life
safety systems of the Building or cause or result in Landlord being required by law to make additional alterations, additions or improvements to the Building or any portion thereof, and shall otherwise be done in compliance with all of the
following: 
  
 (a) No such work shall proceed
without Landlord’s prior written approval of (i) Tenant’s contractor(s); (ii) certificates of insurance from a company or companies approved by Landlord, furnished to Landlord by Tenant’s contractor for combined single limit
bodily injury and property damage insurance covering commercial general liability and automobile liability, in an amount not less than two million dollars ($2,000,000) per occurrence, endorsed to provide coverage for completed operations, product
liability and broad form property damage liability, and endorsed to show Landlord as an additional insured, and for workers’ compensation as required by law, endorsed to show a waiver of subrogation by the insurer to any claims Tenant’s
contractor may have against Landlord; (iii) certificates of insurance from a company or companies approved by Landlord, furnished to Landlord by Tenant for “Builder’s All-Risk” insurance in an amount approved by Landlord covering
the construction of the improvements; (iv) adequate financial assurances in form and substance reasonably requested by Landlord securing the lien free completion of the intended work, and (v) detailed plans and specifications for such
work, prepared by a licensed architect and engineer approved in writing by Landlord. 
  
 (b) All such work shall be done strictly in accordance with the plans approved by Landlord and otherwise in conformity with a valid
building permit and/or all other permits or licenses when and where required, copies of which shall be furnished to Landlord before the work is commenced, and with any work not acceptable to any governmental authority or agency having or exercising
jurisdiction over such work, or not reasonably satisfactory to Landlord, being promptly replaced and corrected at Tenant’s expense. Landlord’s approval or consent to any such work shall not impose any liability upon the Landlord.

  
 (c) Tenant shall pay Landlord prior to
commencement of the work an administration fee equal to five percent (5%) of the cost of the work to compensate Landlord for the administrative costs incurred and the Building services provided by Landlord in the supervision and coordination of
the work. 
  

					
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	  	11	  	 

 (d) Tenant shall immediately reimburse Landlord for any expense incurred by Landlord by
reason of any faulty work done by Tenant or Tenant’s contractors, or by reason of delays caused by such work, or by reason of inadequate cleanup. 
  
 (e) Tenant shall be responsible for any alterations, additions or improvements required by law to be made by Landlord to or in the
Premises or the Building as a result of Tenant’s proposed alterations, additions or improvements. 
  
 (f) Tenant or its contractors will in no event be allowed to make plumbing, mechanical or electrical improvements to the Premises which
adversely affect the Building or any structural modification to the Building without first obtaining Landlord’s consent, which Landlord can in its sole and absolute discretion. 
  
 (g) All work by Tenant shall be scheduled through Landlord and shall be diligently and continuously pursued
from the date of its commencement through its completion. 
  
 (h) Upon completion of any alterations, additions or improvements in or to the Premises by Tenant, Tenant shall, at its sole cost and expense, promptly provide Landlord with updated “record” drawings
of all such alterations and improvements. 
  
 9.2. Tenant
shall give written notice to Landlord of the date on which construction of any work will be commenced at least ten (10) days prior to such date. Tenant shall keep the Premises and the Building free from mechanics’, materialmen’s and
all other liens arising out of any work performed, labor supplied, materials furnished or other obligations incurred by Tenant. Landlord shall have the right to post and keep posted on the Premises any notices that may be provided by law or which
Landlord may deem to be proper for the protection of Landlord, the Premises and the Building from such liens. Tenant shall promptly and fully pay and discharge all claims on which any such lien could be based, and in case of any such lien attaching
or notice of any lien, Tenant covenants and agrees to cause it to be immediately released and removed of record. Notwithstanding anything to the contrary set forth in this Lease, in the event that such lien is not released and removed by bond or
otherwise within five (5) days after written notice of such lien is delivered by Landlord to Tenant, Landlord may, without waiving its rights and remedies based upon such breach by Tenant and without releasing Tenant from any of its
obligations, immediately take all action necessary to release and remove such lien, without any duty to investigate the validity thereof, and all sums, costs and expenses, including reasonable attorneys’ fees and costs, incurred by Landlord in
connection with such lien shall be deemed additional rent under this Lease and shall immediately be due and payable by Tenant. 
  
 9.3. All alterations, additions, fixtures and improvements, including carpeting, whether temporary or permanent in character, made in or to the
Premises by Landlord or Tenant (other than and excluding trade fixtures paid for by Tenant, shall become part of the Building and Landlord’s property immediately upon installation or completion of construction. Upon termination of this Lease,
Landlord shall have the right, at Landlord’s option, by giving written notice to Tenant at any time before or within thirty (30) days after such termination, to retain all such alterations, additions, fixtures (including trade fixtures)
and improvements in the Premises, without compensation to Tenant, or to require Tenant to remove all such alterations, additions, fixtures and improvements from the Premises, repair all damage caused by any such removal, 

  

					
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	  	12	  	 

 
and restore the Premises (including restoration of all openings or holes, stairs and vertical penetrations in the Premises) to the condition in which the
Premises existed before such alterations, additions, fixtures and improvements were made. If Tenant fails to remove such property and improvements following demand by Landlord, Tenant shall pay to Landlord, upon billing by Landlord, the cost of such
removal, repair and restoration (including a reasonable charge for Landlord’s overhead and profit). All movable furniture, equipment, trade fixtures paid for by Tenant, computers, office machines and other personal property shall remain the
property of Tenant. Upon termination of this Lease, Tenant shall, at Tenant’s expense, remove all such movable furniture, equipment, trade fixtures, computers, office machines, telephones and other personal property (including without
limitation all cables, wiring and conduits connecting same) from the Building and repair all damage caused by any such removal. Termination of this Lease shall not affect the obligations of Tenant pursuant to this Section 9.3 to be performed
after such termination. 
  
 10. INDEMNIFICATION AND RELEASE OF
LANDLORD 
  
 10.1. Landlord shall not be liable to
Tenant, and Tenant hereby waives any and all claims against Landlord, for any damage to or loss or theft of any property or for any bodily or personal injury, illness or death of any person in, on or about the Premises or the Building, or any loss
of business or goodwill arising at any time and from any cause whatsoever, except to the extent caused by the gross negligence or willful misconduct of Landlord. In addition to the foregoing limitations of liability set forth above, Tenant
acknowledges and agrees that in the event it shall have any claim against Landlord arising out of or related to this Lease, Tenant’s sole and exclusive recourse shall be against the interest of Landlord in the Building, and Tenant hereby
releases and waives any and all rights to assert any claim against, or obtain any damages from, the partners, directors and officers of Landlord or any persons or entities constituting or representing Landlord. 
  
 10.2. Tenant shall indemnify and defend Landlord and save it harmless
from and against any and all claims, suits, actions, proceedings, liability, damages, costs or expenses, including attorneys’ and experts’ fees and court costs, arising (i) from any act, omission, or negligence of Tenant or its
officers, contractors, licensees, agents, employees, guests, invitees, or visitors in or about the Premises, (ii) from Tenant’s use or occupancy of the Premises or the business conducted by Tenant therein, (iii) from any breach or
default under this Lease by Tenant, (iv) from or relating to the enforcement by Landlord of the provisions of this Lease as against Tenant, or (v) from any accident, injury, or damage, howsoever and by whomsoever caused, to any person
claiming by through or under Tenant, or to property, occurring in or about the Building, the Premises or the Property caused by Tenant or its officers, contractors, licensees, agents, employees, guests, invitees or visitors. This provision shall not
be construed to make Tenant responsible for loss, damage, liability or expense resulting from the injuries to third parties caused solely and directly by the negligence, acts or omissions of Landlord or its officers, contractors, licenses, agents,
employees or invitees. The provisions of this Section shall survive the expiration or termination of this Lease. 
  
 10.3. The indemnification provisions of this Article 10 are in addition to and shall not detract from, or impair, the indemnification obligations
of Tenant under any other provisions of this Lease. 
  

					
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 11. INSURANCE

  
 11.1. Insurance Maintained by Tenant. Tenant shall
maintain in full force and effect during the entire term of this Lease, at its own cost and expense, the following policies of insurance: 
  
 (a) Commercial General Liability Insurance and Umbrella Liability Insurance. In an amount equal to that currently maintained by Tenant,
but not less than $2,000,000 each occurrence. If such CGL insurance contains a general aggregate limit, it shall apply separately to this location. Said policy shall provide coverage for bodily injury, property damage and advertising/personal injury
arising from premises, operations, independent contractors, products- completed operations, and liability assumed under an insured contract both oral and written. Not more frequently than once each three years, if, in the opinion of Landlord the
amount of Commercial General Liability insurance coverage at that time is not adequate, Tenant shall increase the insurance coverage as reasonably required by Landlord not more than the amount customarily required by landlords for comparable
buildings. 
  
 (b) Workers’ Compensation
Insurance and Employers’ Liability Insurance. Worker’s Compensation Insurance as required by law and Employer’s Liability Insurance in an amount equal to that currently maintained by Tenant, but not less than the following:

  
 (i) Bodily Injury by Accident: $1,000,000
each accident; 
  
 (ii) Bodily Injury by
Disease: $1,000,000 policy limit; and 
  
 (iii) Bodily Injury by Disease: $1,000,000 each employee. 
  
 (c) Commercial Property Insurance. Covering the Tenant Improvements and other Tenant personal property, including fixtures, inventory, equipment, and betterments and all other of the Premises and (if any, such as
installed by or for Tenant) all mechanical, plumbing, heating, ventilating, air conditioning, electrical. The policy shall, at a minimum, cover the perils insured under the ISO Special Causes of Loss Form (CP 10 30), but must include coverage for
the following: vandalism, malicious mischief, sprinkler leakage. Such insurance shall be in an amount equal to 100% of the full replacement cost. Any coinsurance requirement in the policy shall be eliminated through the attachment of an agreed
amount endorsement, or as is otherwise appropriate under the particular policy form. The proceeds of such insurance, so long as this Lease remains in effect, shall be used to repair and/or replace the Premises, and the Tenant Improvements, fixtures,
glass, equipment, mechanical, plumbing, heating, ventilating, air conditioning, electrical, telecommunication and other equipment, systems and facilities so insured. 
  
 Because this property is located in a zone known for the hazard of Earthquakes, Tenant shall also purchase Earthquake coverage with a limit
equal to the full replacement cost of the property described in this Section 11.1 (c) above, but Tenant shall not be required to insure any part of the Building not included in the Premises. 
  
 (d) Business Interruption or Rental Loss Insurance.
Sufficient to cover, for a period of not less than one year, all rental, expense and other payment obligations of Tenant 

  

					
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	  	14	  	 

 
under this Lease, including, without limitation, Base Rent and adjustments thereto, and Taxes, Operating Expenses and all other costs, fees, charges and
payments which would be borne by or due from Tenant under this Lease if the Premises and Tenant’s business were fully open and operating. 
  
 (e) Any other forms of insurance Landlord may require from time to time, in form and amounts and for insurance risks against which a
prudent Tenant of comparable size in a comparable business would protect itself. 
  
 11.2. Form of Insurance. 
  
 (a) All insurance required to be carried by Tenant hereunder: 
  
 (b) shall be issued by insurance carriers authorized to conduct business in the state in which the Premises are located and with an A.M.
Best’s guide rating of no less than A VIII; 
  
 (c) shall be written as primary insurance and non-contributory over any insurance purchased by Landlord; 
  
 (d) shall contain a provision whereby each insurer agrees to give Landlord at least thirty (30) days’ prior written notice of
any cancellation; 
  
 (e) may provide for a
deductible so long as the deductible does not exceed $10,000 per occurrence; 
  
 (f) shall be written on an Occurrence basis. Any policies underwritten as Claims Made will not satisfy the insurance requirements outlined above in 11.1; 
  
 (g) shall not be modified to reduce the extent of coverage or limits required herein without the prior
written consent of Landlord. 
  
 (h) as respects
the Commercial General Liability, Commercial Automobile Liability and Umbrella Liability policies, Tenant shall ensure that the following are added by endorsement under the ISO form (CG 20 11) as additional insureds to the policies: 
  
 Landlord and RREEF (“Manager”), their parent companies, subsidiaries,
affiliate companies and partnerships and all of their directors, officers, agents, representatives and employees. 
  
 (i) Evidence of Commercial Property Insurance shall be provided under the form ACORD 24, and certificates of all other insurance and
appropriate endorsements shall be provided under the form ACORD 25, said certificates shall be provided to Landlord five (5) days prior to occupancy and evidence of renewal shall be provided to Landlord no less than fifteen (15) business
days prior to expiry 
  
 11.3. Failure to Maintain. If
Tenant shall fail to acquire and maintain the insurance required pursuant to this Article, Landlord may, in addition to any other rights and remedies 

  

					
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	  	15	  	 

 
available to Landlord, but shall not be obligated to, acquire such insurance and pay the premiums therefor, which premiums shall be payable by Tenant to
Landlord immediately upon demand. 
  
 11.4. Blanket
Insurance. Tenant may, at its option, satisfy its insurance obligations hereunder by policies of so-called blanket insurance carried by Tenant provided that the same shall, in all respects, comply with the provision hereof. In such event, Tenant
shall not be deemed to have complied with its obligation hereunder until Tenant shall have obtained and delivered to Landlord a certificate of insurance with appropriate endorsements, or upon Landlord’s request, a copy of said policy with
endorsements. 
  
 11.5. Insurance Maintained by Landlord.
Landlord shall obtain and keep in force during the Term Commercial General Liability Insurance, Commercial Property Insurance, and Boiler & Machinery Insurance covering the Building, Building Area and any permanent Tenant Improvements
provided by Landlord, with coverages and in amounts deemed prudent by Landlord from time to time. Tenant shall pay to Landlord as Additional Rent Tenant’s Proportionate Share of the total dollar increase in cost of the premiums for all such
insurance over the Base Expense Year and the reasonable cost of Landlord’s insurance consultants. Notwithstanding any contribution by Tenant to the cost of insurance premiums as provided herein, Tenant acknowledges that Tenant has no right to
receive any proceeds from any insurance policies carried by Landlord. 
  
 11.6. Waiver of Subrogation. Landlord and Tenant hereby waive any recovery of damages against each other (including their employees, officers, directors, agents, or representatives) for loss or damage to the Building, Tenant
Improvements and betterments, fixtures, equipment, and any other personal property to the extent covered by commercial property insurance or boiler and machinery insurance required above. If the commercial property insurance and boiler and machinery
insurance purchased by Tenant or Landlord as required above do not expressly allow the insured to waive rights of subrogation prior to loss, Tenant and Landlord shall cause the policies to be endorsed with a waiver of subrogation to the extent
described in this Section 11.6. The cost of the endorsement, if any, shall be borne exclusively by Tenant and Landlord respectively. 
  
 12. COMPLIANCE WITH LEGAL REQUIREMENTS 
  
 12.1. Tenant shall, at Tenant’s sole cost and expense, promptly comply with all laws, ordinances, rules, regulations, orders and other
requirements of any government or public authority now in force or which may hereafter be in force, including, without limitation, all relevant laws, ordinances, rules, regulations and orders dealing with the use, transport, storage and disposal of
asbestos, petroleum products and hazardous substances, materials and waste which are or may become regulated by any local government authority, the State of California or the United States of America, the federal Americans With Disabilities Act as
it affects Tenant’s operations and employees in the Premises, with all requirements of any board of fire underwriters or other similar body now or hereafter constituted, with the conditions of any certificate of occupancy of the Building or any
recorded instrument encumbering the Building (copies of which are provided to Tenant), and with all directives issued pursuant to any law by any governmental agency or officer, insofar as any thereof relate to or are required by the condition
(including any condition preexisting the delivery of the Premises to Tenant), use or 
  

					
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	  	16	  	 

 
occupancy of the Premises, or the operation, use or maintenance of any personal property, fixtures, machinery, equipment or improvements in the Premises,
whether now in effect or enacted in the future and whether or not now foreseeable, but Tenant shall not be required to make structural changes unless structural changes are related to or required by Tenant’s acts or use of the Premises or by
improvements made by or for Tenant. 
  
 13. ASSIGNMENT OR
SUBLEASE 
  
 13.1. 
  
 (a) Tenant shall not, directly or indirectly, without the
prior written consent of Landlord (which consent shall not be unreasonably withheld), assign this Lease or any interest herein or sublease the Premises or any part thereof, or permit the use or occupancy of the Premises by any person or entity other
than Tenant. Tenant shall not, directly or indirectly, without the prior written consent of Landlord, pledge, mortgage or hypothecate this Lease or any interest herein. Any sale or transfer (including, without limitation, by consolidation, merger or
reorganization) of a controlling interest in the voting stock of Tenant, if Tenant is a corporation, or of a controlling partnership interest of Tenant, if Tenant is a partnership, shall be deemed an assignment for purposes of this
Section 13.1. The term “controlling” as used in the immediately preceding sentence shall mean the right to exercise, directly or indirectly, forty-five percent (45%) or more of the voting or equity rights attributable to
the interest of the controlled entity. If Tenant is currently a partnership (either general or limited), joint venture, cotenancy or joint tenancy, the conversion of any Tenant entity into any type of entity which possesses the characteristics of
limited liability such as, by way of example only, a corporation, a limited liability company, or limited liability partnership, shall be deemed an assignment for purposes of this Section 13.1. This Lease shall not, nor shall any interest
herein, be assignable as to the interest of Tenant involuntarily or by operation of law without the prior written consent of Landlord. Any of the foregoing acts without such prior written consent of Landlord shall be void and shall, at the option of
Landlord, constitute a default that entitles Landlord to terminate this Lease. Without limiting the generality of the foregoing, in the case of an assignment of this Lease (or Tenant’s interest herein) by Tenant, voluntarily, involuntarily or
by operation of law, or a subletting of all or substantially all of the Premises, Landlord, in lieu of consenting or withholding its consent to such transfer shall have the right to terminate this Lease on the terms hereafter provided. 

 
 (b) Without limiting or excluding other reasons for
withholding Landlord’s consent, Landlord shall have the right to withhold consent if the proposed assignee or subtenant or the use of the Premises to be made by the proposed assignee or subtenant is not consistent with the character and nature
of other tenants and uses in the Building or is prohibited by this Lease, or if the proposed assignee or subtenant is currently a tenant or other occupant of the Building, or if it is not demonstrated to the satisfaction of Landlord that the
proposed assignee or subtenant has good business and moral character and reputation and that the financial condition of the proposed assignee or subtenant equals or exceeds that required by Landlord of other tenants leasing comparable space in the
Building. 
  
 (c) Tenant agrees that the
instrument by which any assignment or sublease to which Landlord consents is accomplished shall expressly provide that the assignee or subtenant 

  

					
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	  	17	  	 

 
will perform all of the covenants to be performed by Tenant under this Lease (in the case of a sublease, only insofar as such covenants relate to the portion
of the Premises subject to such sublease) as and when performance is due after the effective date of the assignment or sublease and that Landlord will have the right to enforce such covenants directly against such assignee or subtenant. Any
purported assignment or sublease without an instrument containing the foregoing provisions shall be void. 
  
 13.2. If Tenant wishes to assign this Lease or sublease all or any part of the Premises, Tenant shall give written notice to Landlord identifying
the intended assignee or subtenant by name and address and specifying all of the terms of the intended assignment or sublease. Tenant shall give Landlord such additional information concerning the intended assignee or subtenant (including complete
financial statements and a business history) or the intended assignment or sublease (including true copies thereof) as Landlord requests. For a period of thirty (30) days after such written notice is given by Tenant, Landlord shall have the
right, by giving written notice to Tenant, to (a) consent in writing to the intended assignment or sublease, subject to the terms of this Article 13, (b) withhold and decline to consent to the intended assignment or sublease, or
(c) in the case of an assignment of this Lease or a sublease of the entire or substantially all of the Premises, to terminate this Lease by written notice to Tenant, which termination shall be effective as of the date on which the intended
assignment or sublease would have been effective if Landlord had not exercised such termination right. A sublease of seventy- five percent (75%) or more of the Premises shall be deemed a sublease of substantially all of the Premises. If
Landlord elects to terminate this Lease, then from and after the date of such termination Landlord and Tenant each shall have no further obligation to the other under this Lease with respect to the Premises except for matters occurring or
obligations arising hereunder prior to the date of such termination. If Landlord elects to terminate this Lease, Tenant shall have the right, by giving written notice to Landlord within five (5) days of Landlord’s exercise of its right
under clause (c) above, to rescind its request to Landlord to consent to the proposed assignment or subletting, in which event this Lease shall not terminate and this Lease shall remain in full force and effect. If Landlord does not exercise
any of the rights set forth in clause (a), (b) or (c) above by giving written notice to Tenant within such period of thirty (30) days, Landlord shall be deemed to consent in writing to the intended assignment or sublease pursuant to
clause (a) above. 
  
 13.3. If Landlord consents in
writing (or Landlord is deemed to consent in writing in accordance with Section 13.2 hereof), Tenant may complete the intended assignment or sublease subject to the following covenants: (a) the assignment or sublease shall be on the same
terms as set forth in the written notice given by Tenant to Landlord, (b) no assignment or sublease shall be valid and no assignee or subtenant shall take possession of the Premises or any part thereof until an executed duplicate original of
such assignment of sublease, in compliance with Section 13.1 hereof, has been delivered to Landlord, (c) no assignee or subtenant shall have a right further to assign or sublease, and (d) all excess rent (as hereinafter defined)
derived from such assignment or sublease shall be paid to Landlord. Such excess rent shall be deemed to be, and shall be paid by Tenant to Landlord, as additional rent. Tenant shall pay such excess rent to Landlord immediately as and when such
excess rent becomes due and payable to Tenant. As used in this Section 13.3, “excess rent” shall mean the amount by which the total money and other economic consideration to be paid by the assignee or subtenant as a result of
an assignment or sublease, whether denominated rent or otherwise, exceeds, in the aggregate, the total amount of rent which 

  

					
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Tenant is obligated to pay to Landlord under this Lease (prorated to reflect the rent allocable to the portion of the Premises subject to such assignment or
sublease), less only the reasonable costs paid by Tenant for additional improvements installed in the portion of the Premises subject to such assignment or sublease at Tenant’s sole cost and expense for the specific assignee or subtenant in
question and approved by Landlord in accordance with the provisions of Article 9 hereof, and reasonable leasing commissions paid by Tenant in connection with such assignment or sublease, without deduction for carrying cost due to vacancy or
otherwise. Such costs of additional improvements and leasing commissions shall be amortized without interest over the term of such assignment or sublease. 
  
 13.4. No assignment or sublease whatsoever shall release Tenant from Tenant’s obligations and liabilities under this Lease or alter the
primary liability of Tenant to pay all rent and to perform all obligations to be paid and performed by Tenant. The acceptance of rent by Landlord from any other person or entity shall not be deemed to be a waiver by Landlord of any provision of this
Lease. Consent to one assignment or sublease shall not be deemed consent to any subsequent assignment or sublease. If any assignee, subtenant or successor of Tenant defaults in the performance of any obligation to be performed by Tenant under this
Lease, Landlord may proceed directly against Tenant without the necessity of exhausting remedies against such assignee, subtenant or successor. Landlord may consent to subsequent assignments or subleases or amendments or modifications to this Lease
with assignees, subtenants or successors of Tenant, without notifying Tenant or any successor of Tenant and without obtaining any consent thereto from Tenant or any successor of Tenant and such action shall not release Tenant from liabilities under
this Lease. 
  
 13.5. If Tenant requests the consent or
approval of Landlord to any assignment or sublease under this Article 13, Tenant shall pay to Landlord on demand, as additional rent, all costs and expenses, including reasonable attorneys’ fees and disbursement, incurred by Landlord in
connection with Landlord’s review and negotiation of any assignment, sublease and/or consent documentation relating to the subject transaction, whether or not the consent of Landlord is actually given or the transaction actually is consummated,
not to exceed $1,500. 
  
 14. RULES AND REGULATIONS

  
 14.1. Tenant shall faithfully observe and comply
with the rules and regulations (the “Rules and Regulations”) set forth in Exhibit B attached hereto and, after notice thereof, all reasonable modifications thereof and additions thereto from time to time made in writing by
Landlord. If there is any conflict, this Lease shall prevail over the Rules and Regulations and any modifications thereof or additions thereto. Landlord shall not be liable to Tenant or responsible for the noncompliance by any other tenant or
occupant of the Building with any Rules and Regulations. 
  
 15.
ENTRY BY LANDLORD 
  
 15.1. Landlord shall have the
right to enter the Premises with reasonable verbal or written notice at any time to (a) inspect the Premises, (b) exhibit the Premises to prospective purchasers, lenders or tenants, (c) determine whether Tenant is performing all of
Tenant’s obligations, (d) supply any services to be provided by Landlord, (e) post notices of 

  

					
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nonresponsibility, and (f) make any repairs to the Premises. or make any repairs to any adjoining space or utility services, or make any repairs,
alterations or improvements to any other portion of the Building. provided all such work shall be done as promptly as reasonably practicable and so as to cause as little interference to Tenant as reasonably practicable. Tenant waives all claims for
damages for any injury or inconvenience to or interference with Tenant’s business, any loss of occupancy or quiet enjoyment of the Premises or any other loss occasioned by such entry. All locks for all doors in, on or about the Premises
(excluding Tenant’s vaults, safes and similar special security areas designated in writing by Tenant) shall be keyed to the master system for the Building. Landlord shall at all times have a key to unlock all such doors and Landlord shall have
the right to use any and all means which Landlord may deem proper to open such doors in an emergency to obtain entry to the Premises. Any entry to the Premises obtained by Landlord by any of such means shall not under any circumstances be construed
or deemed to be a forcible or unlawful entry into or a detainer of the Premises or an eviction, actual or constructive, of Tenant from the Premises or any portion thereof. 
  
 16. EVENTS OF DEFAULT AND REMEDIES 
  
 16.1. The occurrence of any one or more of the following events (“Event of Default”) shall
constitute a breach of this Lease by Tenant: 
  
 (a) Tenant fails to pay any Base Rent or additional monthly rent under Section 3.1 hereof as and when such rent becomes due and payable and such failure continues for more than three (3) days after Landlord gives written notice
thereof to Tenant; provided, however, that after the first such failure in a calendar year, only the passage of time, but no further notice, shall be required to establish an Event of Default in the same calendar year; or 
  
 (b) Tenant fails to pay any additional rent or other amount
of money or charge payable by Tenant hereunder as and when such additional rent or amount or charge becomes due and payable and such failure continues for more than ten (10) days after Landlord gives written notice to Tenant; provided, however,
that after the first such failure in a calendar year, only the passage of time, but no further notice, shall be required to establish an Event of Default in the same calendar year; or 
  
 (c) Any assignment or subletting in violation of the terms of this Lease, or the taking of any action
leading to, or the actual dissolution or liquidation of Tenant, if Tenant is other than an individual; or 
  
 (d) Except as otherwise provided in this Section 16.1, Tenant fails to perform or breaches any other agreement or covenant of this
Lease to be performed or observed by Tenant as and when performance or observance is due and such failure or breach continues for more than twenty (20) days after Landlord gives written notice thereof to Tenant; provided, however, that if, by
the nature of such agreement or covenant, such failure or breach cannot reasonably be cured within such period of twenty (20) days, an Event of Default shall not exist as long as Tenant commences with due diligence and dispatch the curing of
such failure or breach within such period of twenty (20) days and having so commenced, thereafter prosecutes with diligence and dispatch and completes the curing of such failure or breach; or 
  

					
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 (e) Tenant (i) is generally not paying its debts as they become due,
(ii) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy, insolvency or
other debtors, relief law of any jurisdiction, (iii) makes an assignment for the benefit of its creditors, (iv) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers of Tenant or of any
substantial part of Tenant’s property, or (v) takes action for the purpose of any of the foregoing; or 
  
 (f) Without consent by Tenant, a court or government authority enters an order, and such order is not vacated within thirty
(30) days, (i) appointing a custodian, receiver, trustee or other officer with similar powers with respect to Tenant or with respect to any substantial part of Tenant’s property, or (ii) constituting an order for relief or
approving a petition, for relief or reorganization or arrangement, or any other petition in bankruptcy, or for liquidation, or to take advantage of any bankruptcy, insolvency or other debtors, relief law of any jurisdiction or (iii) ordering
the dissolution, winding up or liquidation of Tenant; or 
  
 (g) This Lease or any estate of Tenant hereunder is levied upon under any attachment or execution and such attachment or execution is not vacated within thirty (30) days; or 
  
 (h) Tenant abandons the Premises. 
  
 The notice periods provided herein run concurrently with, and not in addition to, any
statutory notice periods required by law. 
  
 16.2. If an
Event of Default occurs, Landlord shall have the right at any time to give a written termination notice to Tenant and, on the date specified in such notice, Tenant’s right to possession shall terminate and this Lease shall terminate. Upon such
termination, Landlord shall have the right to recover from Tenant: 
  
 (a) The worth at the time of award of all unpaid rent which had been earned at the time of termination; 
  
 (b) The worth at the time of award of the amount by which all unpaid rent which would have been earned after termination until the time of
award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; 
  
 (c) The worth at the time of award of the amount by which all unpaid rent for the balance of the term of this Lease after the time of
award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided; and 
  
 (d) All other amounts necessary to compensate Landlord for all the detriment proximately caused by Tenant’s failure to perform all of
Tenant’s obligations under this Lease or which in the ordinary course of things would be likely to result therefrom. The “worth at the time of award” of the amounts referred to in clauses (a) and (b) above shall be
computed by allowing interest at the maximum annual interest rate allowed by law for business loans (not primarily for personal, family or household purposes) not exempt from the usury law at the time of termination or, if there is no such maximum
annual interest rate, at the rate of eighteen percent 

  

					
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(18%) per annum. The “worth at the time of award” of the amount referred to in clause (c) above shall be computed by discounting such
amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus one percent (1%). For the purpose of determining unpaid rent under clauses (a), (b) and (c) above, the rent reserved in this Lease shall be
deemed to be the total rent payable by Tenant under Articles 3, 4 and 5 hereof. 
  
 16.3. Even though Tenant has breached this Lease, this Lease shall continue in effect for so long as Landlord does not terminate Tenant’s right to possession, and Landlord shall have the right to enforce
all its rights and remedies under this Lease, as set forth in California Civil Code Section 1951.4, including the right to recover all rent as it becomes due under this Lease. Acts of maintenance or preservation or efforts to relet the Premises
or the appointment of a receiver upon initiative of Landlord to protect Landlord’s interest under this Lease shall not constitute a termination of Tenant’s right to possession unless written notice of termination is given by Landlord to
Tenant. 
  
 16.4. The remedies provided for in this Lease
are in addition to all other remedies available to Landlord at law or in equity by statute or otherwise. 
  
 16.5. All agreements and covenants to be performed or observed by Tenant under this Lease shall be at Tenant’s sole cost and expense and
without any abatement of rent. If Tenant fails to pay any sum of money to be paid by Tenant or to perform any other act to be performed by Tenant under this Lease, Landlord shall have the right, but shall not be obligated, and without waiving or
releasing Tenant from any obligations of Tenant, to make any such payment or to perform any such other, act on behalf of Tenant in accordance with this Lease. All sums so paid by Landlord and all necessary incidental costs shall be deemed additional
rent hereunder and shall be payable by Tenant to Landlord on demand, together with interest on all such sums from the date of expenditure by Landlord to the date of repayment by Tenant at the maximum annual interest rate allowed by law for business
loans (not primarily for, personal, family or household purposes) not exempt from the usury law at the date of expenditure or, if there is no such maximum annual interest rate, at the rate of eighteen percent (18%) per annum. Landlord shall
have, in addition to all other rights and remedies of Landlord, the same rights and remedies in the event of the nonpayment of such sums plus interest by Tenant as in the case of default by Tenant in the payment of rent. 
  
 16.6. If Tenant abandons or surrenders the Premises, or is
dispossessed by process of law or otherwise, any movable furniture, equipment, trade fixtures or personal property belonging to Tenant and left in the Premises shall be deemed to be abandoned, at the option of Landlord, and Landlord shall have the
right to sell or otherwise dispose of such personal property in any commercially reasonable manner. 
  
 17. DAMAGE OR DESTRUCTION 
  
 17.1. If the Building or the Premises, or any part thereof, is damaged by fire or other casualty before the Commencement Date or during the term of this Lease, and this Lease is not terminated pursuant to
Sections 17.2 and 17.3 hereof, Landlord shall repair such damage and restore the Building and the Premises to substantially the same condition in which the Building and the Premises existed before the occurrence of such fire or other casualty, as
permitted by and 

  

					
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subject to then applicable law, ordinance and regulation, and this Lease shall, subject to this Section 17.1, remain in full force and effect. In
performing such repair and reconstruction Landlord shall only be obligated to reconstruct the shell, core and common areas of that portion of the Building damaged or destroyed and the tenant improvements that are deemed Landlord’s property
under Section 9.3 hereof. If such fire or other casualty damages the Premises or Common Areas of the Building necessary for Tenant’s use and occupancy of the Premises, and if such damage is not the result of the negligence or willful
misconduct of Tenant or Tenant’s agents, officers, employees, contractors, licensees or invitees, then, during the period the Premises are rendered unusable by such damage, Tenant shall be entitled to a reduction in Base Rent in the proportion
that the area of the Premises rendered unusable by such damage bears to the total area of the Premises. Landlord shall not be obligated to restore or repair any damage to, or to make any replacement of, any improvements constructed by Tenant, at
Tenant’s sole cost and expense, including trade fixtures, or any movable furniture, equipment or personal property in the Premises. Tenant shall, at Tenant’s sole cost and expense, repair and replace all such improvements, movable
furniture, equipment, trade fixtures and personal property. Such repair and replacement by Tenant shall be done in accordance with Article 9 hereof. Tenant hereby waives California Civil Code Sections 1932(2) and 1933(4). 
  
 17.2. If the Building or the Premises receives Major Damage (as that
term is hereinafter defined), Landlord shall have the right to terminate this Lease on thirty (30) days’ prior written notice to Tenant given within ninety (90) days after the date of the occurrence of said damage or casualty. As used
in this Section 17.2, the term “Major Damage” is defined as: 
  
 (a) damage to or destruction of the Building or the Premises to such an extent that either (i) the estimated cost of repair or
restoration is greater than twenty-five percent (25%) of the replacement cost of the Building (excluding footings, foundations and installations below the basement floor), which damage or destruction is the result of a risk that is actually
covered by the insurance maintained by Landlord with respect to the Building to the extent of such damage or destruction (excepting the deductible amount of any policy) or (ii) Landlord would be required to abate Base Rent under
Section 17.1 with respect to the entire Premises for a period in excess of one hundred eighty (180) days in order to effect repairs to and restoration of the Premises; or 
  
 (b) damage to or destruction of the Building or the Premises to such an extent that the estimated cost of
repair or restoration exceeds available insurance proceeds by more than five percent (5%) of the replacement cost of the Building (excluding footings, foundations and installations below the basement floor), which damage or destruction
(i) results from a risk that is covered by Landlord’s insurance, but not to the extent of such damage or destruction (excepting the deductible amount of any policy) or (ii) does not result from a risk that is actually covered by the
insurance maintained by Landlord with respect to the Building. 
  
 To the extent
insurance proceeds must be paid by Landlord to a mortgagee or deed of trust beneficiary encumbering the Premises or the Building to reduce any indebtedness of Landlord secured thereby, Landlord shall not be deemed to have insurance coverage to the
extent of the damage and destruction unless such mortgagee or beneficiary permits Landlord to use such proceeds for the rebuilding, restoration and repair of the Premises or the Building. 
  

					
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 17.3. Notwithstanding anything to the contrary in Section 17.2 hereof, if the fire or other
casualty occurs during the last twelve (12) months of the term of this Lease and the repair and restoration work to be performed by Landlord in accordance with Section 17.1 hereof cannot, as reasonably estimated by Landlord, be completed
within two (2) months after the occurrence of such fire or other casualty, Landlord, and if the fire or other casualty is not the result of the negligence or willful misconduct of Tenant or Tenant’s agents, officers, employees,
contractors, licensees or invitees, Tenant, shall have the right, by giving written notice to the other party within thirty (30) days of the occurrence of such fire or other casualty, to terminate this Lease as of the date of said notice. A
total destruction of the Building shall automatically terminate this Lease effective as of the date of such total destruction. 
  
 18. EMINENT DOMAIN 
  
 18.1. If all or any part of the Premises shall be either taken or condemned for any public or quasi-public use or purpose, or transferred by
agreement in connection with any public or quasi-public use or purpose with or without any condemnation action or proceeding being instituted (either such event herein called a “Taking”), and if such Taking is permanent, the term of
this Lease shall automatically terminate with respect to the part of the Premises so taken as of the date when the possession of such part is required. If all or any portion of the Premises is subject to a temporary Taking, this Lease shall remain
in full force and effect and Tenant shall continue to perform all terms, conditions and covenants of this Lease. If a portion of the Premises or the Building is taken so as to require, in Landlord’s reasonable judgment, a substantial alteration
or reconstruction of the remaining portions, Landlord, at its sole election, may terminate this Lease as of the date when possession of the part so taken is required. If a portion of the Premises is permanently taken and the remaining portion of the
Premises is not reasonably suited for Tenant’s purposes (without material impairment to its ordinary business activities) Tenant may terminate this Lease as of the same date. Without obligation to Tenant, Landlord may agree to transfer to any
condemnor all or any portion of the Building sought by such condemnor, free from this Lease and the rights of Tenant hereunder, without first requiring that any action or proceeding be instituted or, if instituted, pursued to a judgment. 

 
 18.2. Landlord shall be entitled to the entire award made to it for
any Taking, provided, however, that: (a) Landlord shall have no interest in any award made to Tenant specifically for its relocation expenses, the Taking of personal property or fixtures belonging to Tenant, or the interruption of or a damage
to Tenant’s business, if any such award is made separately to Tenant and not as a part of an award or damages recoverable by Landlord, and (b) Tenant shall be entitled to receive the entire award made in connection with any temporary
Taking allocable to the period prior to the expiration of the term. 
  
 18.3. Landlord and Tenant hereby waive the provisions of California Code of Civil Procedure Sections 1265.110 through 1265.160 to the extent that such provisions are inconsistent with this Lease. 
  
 19. SUBORDINATION, MERGER AND SALES 
  
 19.1. This Lease shall be subject and subordinate at all times to the
lien of all mortgages and deeds of trust securing any amount or amounts whatsoever which may now exist 

  

					
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or hereafter be placed on or against the Building or on or against Landlord’s interest or estate therein, all without the necessity of having further
instruments executed by Tenant to effect such subordination. Notwithstanding the foregoing, in the event of a foreclosure of any such mortgage or deed of trust or of any other action or proceeding for the enforcement thereof, or of any sale
thereunder, this Lease shall not be terminated or extinguished, nor shall the rights and possession of Tenant hereunder be disturbed, if no Event of Default then exists under this Lease, and Tenant shall attorn to the person who acquires
Landlord’s interest hereunder through any such mortgage or deed of trust. Tenant agrees to execute, acknowledge and deliver upon demand such further instruments evidencing such subordination of this Lease to the lien of all such mortgages and
deeds of trust as may reasonably be required by Landlord. If Landlord, Landlord’s mortgagee or any other successor to Landlord elects in writing, this Lease shall be deemed superior to the lien of the mortgage or deed of trust specified
regardless of the date of recording, and Tenant shall execute an agreement confirming this election on request. If Landlord’s mortgagee or its successor or any successor to Landlord succeeds to Landlord’s interest under this Lease, whether
voluntarily or involuntarily, Tenant shall attorn to such person and recognize such person as Landlord under this Lease. 
  
 19.2. The voluntary or other surrender of this Lease by Tenant, or a mutual cancellation thereof, shall not work a merger and shall, at the option
of Landlord, terminate all or any existing subleases or subtenancies or operate as an assignment to Landlord of any or all such subleases or subtenancies. 
  
 19.3. If the original Landlord hereunder, or any successor owner of the Building, sells or conveys the Building, all liabilities and obligations on
the part of the original Landlord, or such successor owner, under this Lease accruing after such sale or conveyance shall terminate and the original Landlord, or such successor owner, shall automatically be released therefrom, and thereupon all such
liabilities and obligations shall be binding upon the new owner. 
  
 20. ESTOPPEL CERTIFICATE 
  
 20.1. At any
time and from time to time, Tenant shall, within ten (10) days after written request by Landlord, execute, acknowledge and deliver to Landlord a certificate certifying: (a) that this Lease is unmodified and in full force and effect (or, if
there have been modifications, that this Lease is in full force and effect as modified, and stating the date and nature of each modification); (b) the Commencement Date and the Expiration Date determined in accordance with Article 2 hereof and
the date, if any, to which all rent and other sums payable hereunder have been paid; (c) that no notice has been received by Tenant of any default by Tenant hereunder which has not been cured, except as to defaults specified in such
certificate; (d) that Landlord is not in default under this Lease, except as to defaults specified in such certificate; and (e) such other matters as may be reasonably requested by Landlord or any actual or prospective purchaser or
mortgage lender. Any such certificate may be relied upon by Landlord and any actual or prospective purchaser or mortgage lender of the Building or any part thereof. Failure by Tenant to timely deliver such estoppel certificate shall be deemed a
conclusively binding certification by Tenant that the statements in clauses (a) through (d) above are true and correct. 
  
 20.2. At any time and from time to time, Tenant shall, within ten (10) days after written request by Landlord, deliver to Landlord copies, as
reasonably necessary for Landlord’s 

  

					
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purposes, of all current financial statements (including, without limitation, a balance sheet, an income statement, and an accumulated retained earnings
statement), annual reports, and other financial and operating information and data of Tenant prepared by Tenant in the course of Tenant’s business. Unless available to the public, Landlord shall disclose such financial statements, annual
reports and other information or data only to actual or prospective purchasers or mortgage lenders of the Building or any part thereof, and otherwise keep them confidential unless other disclosure is required by law. 
  
 21. HOLDING OVER 
  
 21.1. If, without objection by Landlord, Tenant holds possession of
the Premises after expiration of the term of this Lease, Tenant shall become a tenant from month to month upon the terms herein specified but at a Base Rent equal to one hundred and fifty percent (150%) of the Base Rent in effect at the
expiration of the term of this Lease pursuant to Article 3 hereof, payable in advance on or before the first day of each month. Such month to month tenancy may be terminated by either Landlord or Tenant by giving thirty (30) days’ written
notice of termination to the other at any time. If Tenant fails to surrender the Premises upon the expiration or termination of this Lease except as hereinabove provided, Tenant hereby indemnifies and agrees to hold Landlord harmless from all costs,
loss, expense or liability, including without limitation, costs, real estate brokers claims and attorneys’ fees, arising out of or in connection with any delay by Tenant in surrendering and vacating the Premises, including, without limitation,
any claims made by any succeeding tenant based on any delay and any liabilities arising out of or in connection with these claims. Nothing in this Section 21.1 shall be deemed to permit Tenant to retain possession of the Premises after the
expiration or sooner termination of the Lease term. 
  
 22.
SECURITY DEPOSIT 
  
 22.1. Upon signing this Lease,
Tenant shall pay to Landlord the amount of the Deposit specified in the Basic Lease Information. Each time Base Rent is increased in accordance with this Lease, Tenant shall deposit additional cash with Landlord sufficient to increase the Deposit to
an amount which bears the same proportion to the increased Base Rent as the initial Deposit bore to the initial Base Rent. The Deposit shall be held by Landlord as security for the performance by Tenant of all of the covenants of this Lease to be
performed by Tenant, including, without limitation, defaults by Tenant in the payment of rent, the repair of damage to the Premises caused by Tenant, and the cleaning of the Premises upon termination of the tenancy created hereby, and Tenant shall
not be entitled to interest thereon. The Deposit is not an advance rent deposit, an advance payment of any other kind, or a measure of Landlord’s damages in any case of Tenant’s default. If Tenant fails to perform any of the covenants of
this Lease to be performed by Tenant, then Landlord shall have the right, but no obligation, to apply the Deposit, or so much thereof as may be necessary, to cure any such failure by Tenant. If Landlord applies the Deposit or any part thereof to
cure any such failure by Tenant, then Tenant shall immediately pay to Landlord the sum necessary to restore the Deposit to the full amount then required by this Section 22.1. Any remaining portion of the Deposit shall be returned to Tenant upon
termination of this Lease. Landlord’s obligations with respect to the Deposit are those of a debtor and not a trustee. Landlord shall not be required to maintain the Deposit separate and apart from Landlord’s general or other funds and
Landlord may commingle the 

  

					
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Deposit with any of Landlord’s general or other funds. Upon termination of the original Landlord’s or any successor owner’s interest in the
Premises or the Building, the original Landlord or such successor owner shall be released from further liability with respect to the Deposit upon the original Landlord’s or such successor owner’s complying with California Civil Code
Section 1950.7. 
  
 23. WAIVER 
  
 23.1. The waiver by Landlord or Tenant of any breach of any covenant
in this Lease shall not be deemed to be a waiver of any subsequent breach of the same or any other covenant in this Lease, nor shall any custom or practice which may grow up between Landlord and Tenant in the administration of this Lease be
construed to waive or to lessen the right of Landlord or Tenant to insist upon the performance by Landlord or Tenant in strict accordance with this Lease. The subsequent acceptance of rent hereunder by Landlord or the payment of rent by Tenant shall
not waive any preceding breach by Tenant of any covenant in this Lease, nor cure any Event of Default, nor waive any forfeiture of this Lease or unlawful detainer action, other than the failure of Tenant to pay the particular rent so accepted,
regardless of Landlord’s or Tenant’s knowledge of such preceding breach at the time of acceptance or payment of such rent. 
  
 24. NOTICES 
  
 24.1. All requests, approvals, consents, notices and other communications given by Landlord or Tenant under this Lease shall be properly given only
if made in writing and either deposited in the United States mail, postage prepaid, certified with return receipt requested, or delivered by hand (which may be through a messenger or recognized delivery, courier or air express service) and addressed
to Landlord at the address of Landlord specified in the Basic Lease Information, or at such other place as Landlord may from time to time designate in a written notice to Tenant; to Tenant, at the address of Tenant specified in the Basic Lease
Information, and after the Commencement Date, at the Premises, or at such other place as Tenant may from time to time designate in a written notice to Landlord. Such requests, approvals, consents, notices and other communications shall be effective
on the date of receipt (evidenced by the certified mail receipt), if mailed, or on the date of hand delivery, if hand delivered. If any such request, approval, consent, notice or other communication is not received or cannot be delivered due to a
change in the address of the receiving party of which notice was not previously given to the sending party or due to a refusal to accept by the receiving party, such request, approval, consent, notice or other communication shall be effective on the
date delivery is attempted. Any request, approval, consent, notice or other communication under this Lease may be given on behalf of a party by the attorney for such party. Tenant hereby appoints as its agent to receive the service of all default
notices and notice of commencement of unlawful detainer proceedings the person in charge of or apparently in charge of or occupying the Premises at the time, and, if there is not such person, then such service may be made by attaching the same on
the maintenance of the Premises and such service shall be effective for all purposes under this Lease. 
  

					
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 25. MISCELLANEOUS

  
 25.1. The words “Landlord” and
“Tenant”, as used herein shall include the plural as well as the singular. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase
“without limitation.” If there is more than one Tenant, the obligations hereunder imposed upon Tenant shall be joint and several. Time is of the essence of this Lease and each and all of its provisions. Submission of this instrument
for examination or signature by Tenant does not constitute a reservation of or option for lease, and it is not effective as a lease or otherwise until execution and delivery by both Landlord and Tenant. Subject to Article 13 hereof, this Lease shall
benefit and bind Landlord and Tenant and the personal representatives, heirs, successors and assigns of Landlord and Tenant. Tenant shall not use the name of the Building for any purpose whatsoever other than as the address of Tenant at the
Premises. If any provision of this Lease is determined to be illegal or unenforceable, such determination shall not affect any other provision of this Lease and all such other provisions shall remain in full force and effect. This Lease shall be
governed by and construed in accordance with the laws of the State of California. 
  
 25.2. Tenant acknowledges that the late payment by Tenant of any monthly installment of Base Rent or additional monthly rent will cause Landlord to incur costs and expenses, the exact amount of which is
extremely difficult and impractical to fix. Such costs and expenses will include administration and collection costs and processing and accounting expenses. Therefore, if any monthly installment of Base Rent or additional monthly rent is not
received by Landlord within five (5) days after such installment is due, Tenant shall immediately pay to Landlord a late charge equal to four percent (4%) of such delinquent installment. Landlord and Tenant agree that such late charge
represents a reasonable estimate of such costs and expenses and is fair compensation to Landlord for the loss suffered by Tenant’s failure to make timely payment. In no event shall such late charge be deemed to grant to Tenant a grace period or
extension of time within which to pay any monthly rent or prevent Landlord from exercising any right or enforcing any remedy available to Landlord upon Tenant’s failure to pay each installment of monthly rent due under this Lease in a timely
fashion, including the right to terminate this Lease. All amounts of money payable to Tenant to Landlord hereunder, if not paid when due, shall bear interest from the due date until paid at the maximum annual interest rate allowed by law for
business loans (not primarily for personal, family or household purposes) not exempt from the usury law at such due date or, if there is no such maximum annual interest rate, at the rate of eighteen percent (18%) per annum. 
  
 25.3. If there is any legal action or proceeding between Landlord and
Tenant to enforce this Lease or to protect or establish any right or remedy under this Lease, the unsuccessful party to such action or proceeding shall pay to the prevailing party all costs and expenses, including reasonable attorneys’ fees and
disbursements, incurred by such prevailing party in such action or proceeding and in any appeal in connection therewith. If such prevailing party recovers a judgment in any such action, proceeding or appeal, such costs, expenses and attorneys’
fees and disbursements shall be included in and as a part of such judgment. 
  
 25.4. Landlord covenants and agrees that Tenant, upon making all of Tenant’s payments as and when due under this Lease (taking into account any grace periods granted Tenant), and upon performing, observing
and keeping the covenants, agreements and conditions 

  

					
	 OP&F-Lionbridge/Office Lease
	  	28	  	 

 
of this Lease on its part to be performed, observed and kept, shall peaceably and quietly hold, occupy and enjoy the Premises during the term of this Lease,
subject to the terms and conditions of this Lease. 
  
 25.5. Each party warrants and represents to the other that each party has negotiated this Lease directly with their respective real estate broker(s) specified in the Basic Lease Information and has not authorized or employed, or
acted by implication to authorize or to employ any other real estate broker or salesman to act on its behalf in connection with this Lease. Landlord’s Broker and Tenant’s Broker shall be paid a commission pursuant to a separate written
agreement between Landlord and Landlord’s Broker. 
  
 25.6. If Tenant is a corporation or limited liability company, Tenant and each person executing this Lease on behalf of Tenant represents and warrants to Landlord that (a) Tenant is duly incorporated or formed, as the case may
be and validly existing under the laws of its state of incorporation or formation, (b) Tenant is qualified to do business in California, (c) Tenant has the full right, power and authority to enter into this Lease and to perform all of
Tenant’s obligations hereunder, and (d) each person signing this Lease on behalf of the corporation or company is duly and validly authorized to do so. If Tenant is a partnership (whether a general or limited partnership), each person
executing this Lease on behalf of Tenant represents and warrants to Landlord that (i) he/she is a general partner of Tenant, (ii) he/she is duly authorized to execute and deliver this Lease on behalf of Tenant, (iii) this Lease is
binding on Tenant (and each general partner of Tenant) in accordance with its terms, and (iv) each general partner of Tenant is personally liable for the obligations of Tenant under this Lease. 
  
 25.7. The terms and conditions of this Section 25.7 shall not
apply during the initial one (1) year term of this Lease; provided however, in the event the term of this Lease is extended beyond such initial one (1) year term, the provisions of this Section 25.7 shall apply thereafter. Landlord
shall have the right, at any time and from time to time during the term of this Lease, by giving at least ninety (90) days’ prior written notice to Tenant, to substitute other space in the Building (the “Substitute
Premises”) for the Premises and to relocate Tenant to the Substitute Premises. Landlord shall designate the effective date for the substitution of the Substitute Premises for the Premises and the relocation of Tenant to the Substitute
Premises in such notice. The area of the Substitute Premises shall be approximately comparable to the area of the Premises. Landlord shall, at Landlord’s expense before such effective date, construct and install in the Substitute Premises
improvements substantially similar in quality and quantity to the improvements in the Premises. Landlord shall pay the reasonable costs of moving Tenant’s movable furniture, equipment, trade fixtures and personal property from the Premises to
the Substitute Premises. As of the effective date for the substitution of the Substitute Premises for the Premises and the relocation of Tenant to the Substitute Premises, Tenant shall vacate the Premises and move to the Substitute Premises, and the
Substitute Premises shall be substituted for the Premises under this Lease. Landlord and Tenant each shall, promptly after such effective date, execute and deliver to the other an amendment to this Lease which sets forth the substitution of the
Substitute Premises for the Premises, with an appropriate new Exhibit A, and the effective date of such substitution, but the Substitute Premises shall be substituted for the Premises on such effective date whether or not such amendment is
executed. 
  

					
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	  	29	  	 

 25.8. There are no oral agreements between Landlord and Tenant affecting this Lease, and this
Lease supersedes and cancels any and all previous negotiations, arrangements, brochures, offers, agreements and understandings, oral or written, if any, between Landlord and Tenant or displayed by Landlord to Tenant with respect to the subject
matter of this Lease, the Premises or the Building. There are no representations between Landlord and Tenant or between any real estate broker and Tenant other than those expressly set forth in this Lease and all reliance with respect to any
representations is solely upon representations expressly set forth in this Lease. This Lease may not be amended or modified in any respect whatsoever except by an instrument in writing signed by Landlord and Tenant. 
  
 25.9. Landlord and Tenant hereby waive their respective right to trial
by jury of any cause of action, claim, counterclaim or cross-complaint in any action, proceeding and/or hearing brought by either Landlord against Tenant or Tenant against Landlord on any matter whatsoever arising out of, or in any way connected
with, this Lease, the relationship of Landlord and Tenant, Tenant’s use of occupancy of the Premises, or any claim of injury or damage, or the enforcement of any remedy under any law, statute, or regulation, emergency or otherwise, now or
hereafter in effect. 
  
 IN WITNESS WHEREOF, Landlord and Tenant
have executed this Office Lease as of the date first hereinabove written. 
  

											
	LANDLORD:	 	 	 	TENANT:
			
	OP&F STEVENSON STREET	 	 	 	LIONBRIDGE U.S., INC., a
	CORPORATION,	 	 	 	California corporation
	a California corporation	 	 	 	 	 	 
					
	 By:
	 	 RREEF MANAGEMENT COMPANY,
 a
Delaware corporation, its Manager
	 	 	 	 	 	 
						
	 	 	 By:
	 	

	 	 	 	 By:
	 	

	 	 	 	 	Lisa Vogel,	 	 	 	Print Name	 	David W Dahn
	 	 	 	 	Vice President and District Manager	 	 	 	 Its:
	 	Treasurer

  

					
	 OP&F-Lionbridge/Office Lease
	  	30	  	 

 EXHIBIT A 
 FLOORPLAN OF PREMISES SUITE 1400 
 APPROXIMATELY 7,721 RENTABLE SQ. FT. 
  
 

 

 EXHIBIT “B” 
  
 RULES AND REGULATIONS 
  
 49 STEVENSON STREET 
 OFFICE LEASE

  
 Capitalized terms used in these Rules and Regulations and
not otherwise defined shall have the meaning given said terms in the Lease to which this Exhibit is attached. 
  
 1. The sidewalks, halls, passages, exits, entrances, elevators and stairways of the Building shall not be obstructed by Tenant or used by it for any
purpose other than for ingress and egress from the Premises. The halls, passages, exits, entrances, elevators, escalators and stairways are not for the use of the general public, and, Landlord shall in all cases retain the right to control and
prevent access thereto of all persons whose presence in the judgment of Landlord would be prejudicial to the safety, character, reputation and interests of the Building and its tenants. If the Premises provide access to any exterior balconies or
deck areas, these areas shall not be used except for maintenance access by Landlord and Tenant shall not store furniture, plants or any other personal property in these areas. Tenant shall not go upon the roof of the Building. 
  
 2. No sign, placard, picture, name, advertisement or notice visible from the
exterior of the Premises shall be inscribed, painted, affixed or otherwise displayed by Tenant on any part of the Building without the prior written consent of Landlord. Landlord will adopt and furnish to Tenant general guidelines relating to signs
inside the Building and Tenant agrees to conform to such guidelines. All approved signs or lettering on doors shall be printed, painted, affixed or inscribed at the expense of Tenant by a person approved by Landlord, which approval will not be
unreasonably withheld. Material visible from outside the Building is not permitted. 
  
 3. The Premises shall not be used for the storage of merchandise held for sale to the general public or for lodging. No cooking shall be done or permitted by Tenant on the Premises, except that use by Tenant of
Underwriters’ Laboratory-approved portable equipment for brewing coffee, tea, hot chocolate and similar beverages, and a microwave oven, shall be permitted, provided that such use is in accordance with all applicable federal, state and local
laws, codes, ordinances, rules and regulations. No vending machine shall be maintained or operated within the Premises or the Building without the prior written consent of the Landlord. 
  
 4. Tenant shall not employ any person or persons other than the janitor of Landlord for the purpose of cleaning the
Premises, unless otherwise agreed to by Landlord in writing. Except with the written consent of Landlord, no person or persons other than those approved by Landlord shall be permitted to enter the Building for the purpose of cleaning same. Tenant
shall not cause any unnecessary labor by reason of Tenant’s carelessness or indifference in the preservation of good order and cleanliness. 
  
 5. Landlord will furnish Tenant with two (2) keys to the Premises, free of charge. Additional keys shall be obtained only from Landlord and Landlord
may make a reasonable charge for such additional keys. No additional locking devices shall be installed in the Premises 

  

					
	 OP&F-Lionbridge/Office Lease
	  	B-1	  	 

 
by Tenant, nor shall any locking device be changed or altered in any respect without the prior written consent of Landlord. All locks installed in the
Premises, excluding Tenant’s vaults and safes, or special security areas (which shall be designated by Tenant in a written notice to Landlord), shall be keyed to the Building master key system. Landlord may make reasonable charge for any
additional lock or any bolt (including labor) installed on any door of the Premises. Tenant, upon the termination of its tenancy, shall deliver to Landlord all keys to doors in the Premises. 
  
 6. The elevators to be used for the loading of freight shall be available to
Tenant in accordance with such reasonable scheduling as Landlord shall deem appropriate. Tenant shall schedule with Landlord, by written notice given no less than forty-eight (48) hours in advance, its move into or out of the Building, which
moving shall occur only on weekend days if required by Landlord; and Tenant shall reimburse Landlord upon demand for any additional security or other charges incurred by Landlord as a consequence of such moving. The persons employed by Tenant to
move equipment or other items in or out of the Building must be acceptable to Landlord. The floors, corners and walls of elevators and corridors used for the moving of equipment or other items in or out of the Building must be adequately covered,
padded and protected, and Landlord may provide such padding and protection, at Tenant’s expense, if Landlord determines that such measures undertaken by Tenant or Tenant’s movers are inadequate. Landlord shall have the right to prescribe
the weight, size and position of all equipment, materials, supplies, furniture or other property brought into the Building. Heavy objects shall, if considered necessary by Landlord, stand on wood strips of such thickness as is necessary to properly
distribute the weight of such objects. Landlord will not be responsible for loss of or damage to any such property from any cause, and all damage done to the Building by moving or maintaining Tenant’s property shall be repaired at the expense
of Tenant. 
  
 7. Tenant shall not use, keep or permit or suffer
the Premises to be occupied or used in a manner offensive or objectionable to Landlord or other occupants of the Building by reason of noise, odors and/or vibrations, or interfere in any way with other tenants or those having business in the
Building. 
  
 8. Landlord reserves the right to exclude from the
Building during hours other than the regular business hours for the Building established by Landlord all persons who do not present a pass to the Building signed by Landlord and properly in the possession of the person presenting such pass. Landlord
will furnish passes to persons for whom Tenant requests same in writing. Tenant shall be responsible for all persons for whom it requests passes and shall be liable to Landlord for all acts of such persons. Landlord shall in no case be liable for
damages for any error with regard to the admission to or exclusion from the Building of any person. In the case of invasion, mob, riot, public excitement or other circumstances rendering such action advisable in Landlord’s opinion, Landlord
reserves the right to prevent access to the Building during the continuance of same by such action as Landlord may deem appropriate, including closing any doors in the Building. 
  
 9. A directory of the Building will be provided for the display of the name and location of tenants and Landlord reserves
the right to exclude any other names therefrom. Any additional name that Tenant shall desire to place upon the directory must first be approved by Landlord and, if so approved, a charge will be made for each such name. 
  

					
	 OP&F-Lionbridge/Office Lease
	  	B-2	  	 

 10. No curtains, draperies, blinds, shutters, shades, screens or other coverings, hangings or decorations
shall be attached to, hung or placed in, or used in connection with any window of the Building without the prior written consent of Landlord. In any event, with the prior written consent of the Landlord, such items shall be installed on the office
side of Landlord’s standard window covering and shall in no way be visible from the exterior of the Building. The windows, glass lights, and any lights or skylights that reflect or admit light into the halls or other places of the Building
shall not be covered or obstructed. 
  
 11. Tenant shall see that
the doors of the Premises are closed and locked and that all water faucets, water apparatus and utilities are shut off before Tenant or Tenant’s employees leave the Premises, so as to prevent waste or damage. On multiple-tenancy floors, all
tenants shall keep the doors of the Premises opening onto the Building corridors closed at all times except for ingress and egress, and all tenants shall at all times comply with any rules or orders of the fire department with respect to ingress and
egress. 
  
 12. The toilet rooms, toilets, urinals, wash bowls and
other apparatus shall not be used for any purpose other than that for which they were constructed, no foreign substance of any kind whatsoever shall be deposited therein, and any damages resulting to same from Tenant’s misuse thereof shall be
paid for by Tenant. 
  
 13. Tenant shall not install any radio or
television antenna, loudspeaker, or other device on or about the roof area or exterior walls of the building. 
  
 14. Tenant shall not use any hand trucks except those equipped with rubber tires and side guards or such other material-handling equipment as Landlord may
approve. No other vehicles of any kind shall be brought by Tenant into the Building or kept in or about the Premises. 
  
 15. Tenant shall not sweep or throw or permit to be swept or thrown from the Premises any dirt or other substance into any of the corridors or halls or
elevators, or out of the doors or windows or stairways of the Building. Tenant shall store all its trash and garbage within the Premises until removal of same to such location in the Building as may be designated from time to time by Landlord. No
material shall be placed in the Building trash boxes or receptacles if such material is of such nature that it may not be disposed of in the ordinary and customary manner of removing and disposing of trash and garbage in the City of San Francisco
without being in violation of any law or ordinance governing such disposal. 
  
 16. All loading and unloading of merchandise, supplies, materials, garbage and refuse shall be made only through such entryways and freight elevators and at such times as Landlord shall designate. No furniture,
packages or merchandise shall be received or carried up or down in the passenger elevators of the Building. In its use of the loading areas of the Building, Tenant shall not obstruct or permit the obstruction of said loading areas, and at no time
shall Tenant park vehicles therein except for immediate loading and unloading purposes. 
  
 17. Canvassing, soliciting, peddling or distribution of handbills or any other written material in the Building is prohibited and Tenant shall cooperate to prevent same. 
  

					
	 OP&F-Lionbridge/Office Lease
	  	B-3	  	 

 18. Landlord reserves the right to select the name of the Building and to make such change or changes of
name as it may deem appropriate from time to time. Tenant shall not use the name of the Building in any respect other than as an address of its operation in the Building without the prior written consent of Landlord. 
  
 19. All incoming mail and package deliveries shall be received at the area in
the Building designated by Landlord for such purposes and distributed through means established by Landlord. No messenger or other delivery personnel shall be permitted to enter any area of the Building other than the area designated by Landlord for
the pick-up and receipt of such deliveries. Landlord shall immediately notify Tenant as soon as possible after a delivery for Tenant has been received. 
  
 20. Landlord reserves the right to exclude or expel from the Building any person who is, in the judgment of Landlord, intoxicated or under the influence
of alcohol or other drug or who is in violation of any of the Rules or Regulations of the Building. 
  
 21. No animal or bird shall be permitted in the Premises or the Building. 
  
 22. The requirements of Tenant will be attended to only upon application by telephone or writing or in person at the
management office of the Building. Employees of Landlord shall not perform any work or do anything outside of their regular duties unless under special instructions from Landlord. 
  
 23. Landlord may waive any one or more of these Rules and Regulations for the benefit of any particular tenant or tenants,
but no such waiver by Landlord shall be construed as a waiver of these Rules and Regulations in favor of any other tenant or tenants, nor prevent Landlord from thereafter enforcing any such Rules and Regulations against any or all of the tenants of
the Building. 
  
 24. Wherever the word “Tenant” occurs
in these Rules and Regulations, it is understood and agreed that it shall mean Tenant’s associates, agents, clerks, employees and visitors. Wherever the word “Landlord” occurs in these Rules and Regulations, it is understood and
agreed that it shall mean Landlord’s assigns, agents, clerks, employees and visitors. 
  
 25. These Rules and Regulations are in addition to, and shall not be construed in any way to modify, alter or amend, in whole or part, the terms, covenants, agreements and conditions of any lease of premises in the
Building. 
  
 26. Landlord reserves the right to amend or revise
these Rules and Regulations and make such other and reasonable rules and regulations as in its judgment may from time to time be needed for the safety, care and cleanliness of the Building, and for the preservation of good order therein, and such
amendments, revisions and additional rules and regulations shall be effective and binding upon Tenant upon written notice to Tenant. 
  
 27. Tenant shall be responsible for the observance of all of the foregoing Rules and Regulations by Tenant’s employees, agents, clients, customers,
invitees and guests. 
  

					
	 OP&F-Lionbridge/Office Lease
	  	B-4	  	 

 TABLE OF CONTENTS 
  

					
			
	 1.
	  	PREMISES	  	1
			
	 2.
	  	TERM	  	2
			
	 3.
	  	RENT	  	2
			
	 4.
	  	OPERATING EXPENSES AND PROPERTY TAXES	  	4
			
	 5.
	  	OTHER TAXES PAYABLE BY TENANT	  	6
			
	 6.
	  	USE	  	7
			
	 7.
	  	SERVICES	  	8
			
	 8.
	  	MAINTENANCE AND REPAIRS	  	10
			
	 9.
	  	ALTERATIONS	  	11
			
	 10.
	  	INDEMNIFICATION AND RELEASE OF LANDLORD	  	13
			
	 11.
	  	INSURANCE	  	14
			
	 12.
	  	COMPLIANCE WITH LEGAL REQUIREMENTS	  	16
			
	 13.
	  	ASSIGNMENT OR SUBLEASE	  	17
			
	 14.
	  	RULES AND REGULATIONS	  	19
			
	 15.
	  	ENTRY BY LANDLORD	  	19
			
	 16.
	  	EVENTS OF DEFAULT AND REMEDIES	  	20
			
	 17.
	  	DAMAGE OR DESTRUCTION	  	22
			
	 18.
	  	EMINENT DOMAIN	  	24
			
	 19.
	  	SUBORDINATION, MERGER AND SALES	  	24
			
	 20.
	  	ESTOPPEL CERTIFICATE	  	25
			
	 21.
	  	HOLDING OVER	  	26
			
	 22.
	  	SECURITY DEPOSIT	  	26
			
	 23.
	  	WAIVER	  	27
			
	 24.
	  	NOTICES	  	27
			
	 25.
	  	MISCELLANEOUS	  	28

  
 Exhibit A – Floor Plan Outlining the Premises 
  
 Exhibit B – Rules and Regulations 
  

					
	 OP&F-Lionbridge/Office Lease
	  	i	  	 

 49 STEVENSON STREET 
  
 GUARANTY OF LEASE 
  
 This GUARANTY OF LEASE (“Guaranty”) is executed as of July 28, 2005, pursuant to the terms of that certain Office Lease, executed concurrently
herewith by and between OP&F Stevenson Street Corporation, a California corporation (“Landlord”) and Lionbridge U.S., Inc., a Delaware corporation (“Tenant”), relating to the leasing by Landlord to Tenant of certain Premises
known as Suite 1400 (the “Premises”) on the fourteenth floor of that certain office building (the “Building”) located at 49 Stevenson Street, San Francisco, California (the “Lease”). The undersigned, Lionbridge
Technologies, Inc., a Delaware corporation (“Guarantor”), is directly benefited by the execution of the Lease. In consideration of such benefits, and as the material inducement to Landlord to enter into the Lease, Guarantor agreed to enter
into this Guaranty. Guarantor acknowledges and understands that Landlord would not have agreed to enter into the Lease but for this Guaranty. 
  
 1. Guaranty. As an essential inducement to Landlord’s entering into the Lease, Guarantor hereby unconditionally and irrevocably
guarantees to Landlord the timely payment and performance by Tenant of all rent, charges, and the payment and performance of all other obligations under and arising out of the Lease, and all other documents evidencing or securing the obligations
under such Lease to be paid or performed (collectively, the “Guarantied Obligations”). Guarantor acknowledges, covenants and agrees that this Guaranty shall survive the termination of the Lease and shall continue in full force and effect
with respect to any of Tenant’s obligations under the Lease which are not performed upon and which survive the termination of the Lease. This is a continuing Guaranty relating to the Guarantied Obligations, including, without limitation,
obligations and liabilities arising under modifications or amendments to the Lease that either increase, decrease or continue the Guarantied Obligations, or, from time to time, renew Guarantied Obligations that have been satisfied, independent of
and in addition to any other guaranty, endorsement, or collateral now or hereafter held by Landlord, whether or not furnished by the Guarantor. 
  
 2. Rights of Landlord. Guarantor consents that the Landlord may and hereby authorizes Landlord at any time in its discretion to, without
notice or demand and without affecting the indebtedness and liabilities of Guarantor hereunder, (i) alter any of the terms of the Guarantied Obligations, including without limitation, renewing, amending, releasing, waiving, compromising,
extending or accelerating, or otherwise changing the time for payment of, or increasing or decreasing the Guarantied Obligations or the rate of interest on the Guarantied Obligations; accepting new or additional documents, instruments or agreements
relative to the Guarantied Obligations; consenting to the change, restructure or termination of the entity comprising Tenant, Guarantor or any other person or any affiliate of Tenant, Guarantor or any other person, and correspondingly restructure
the Guarantied Obligations; accepting partial payments on the Guarantied Obligations; taking and holding any security or additional guaranties for the Guarantied Obligations and amending, altering, exchanging, substituting, transferring, enforcing,
perfecting or failing to perfect, waiving, subordinating, terminating, compromising, or releasing any such security or guaranties; applying any security, and directing the order and 

  

 OP&F – 49 Stevenson Street 
 Lionbridge Technologies – Lease Guaranty 

 
manner of sale thereof as Landlord in its sole discretion may determine; settling, releasing on terms satisfactory to Landlord or by operation of law or
otherwise, compounding, compromising, collecting or otherwise liquidating the Guarantied Obligations and/or the security or any guaranty therefor in any manner; releasing Tenant or any other person of its liability for all or any of the Guarantied
Obligations; participating in any settlement offered by Tenant, any guarantor or any other person, whether in liquidation, reorganization, receivership, bankruptcy, assignment for the benefit of creditors or other debtor-relief proceeding or
otherwise; exercising or not exercising rights available to it in any liquidation, reorganization, receivership, bankruptcy, assignment for benefit of creditors or other debtor-relief proceeding, including voting or not voting to accept a plan and
filing or not filing a proof of claim; releasing, substituting or adding any one or more guarantors or endorsers; and (ii) assign this Guaranty, or any of the Guarantied Obligations, in whole or in part. Landlord may take any of the foregoing
actions upon any terms and conditions as Landlord may elect, without giving notice to Guarantor or obtaining the consent of Guarantor and without affecting the liability of Guarantor to Landlord. 
  
 3. Tenant’s Financial Condition. Guarantor is relying upon
his own knowledge and is fully informed with respect to Tenant’s financial condition. Guarantor assumes full responsibility for keeping fully informed of the financial condition of Tenant and all other circumstances affecting Tenant’s
ability to perform its obligations to Landlord, and agrees that Landlord will have no duty to report to Guarantor any information which Landlord receives about Tenant’s financial condition or any circumstances bearing on Tenant’s ability
to perform all or any portion of the Guarantied Obligations, regardless of whether Landlord has reason to believe that any such facts materially increase the risk beyond that which Guarantor intends to assume or has reason to believe that such facts
are unknown to Guarantor or have a reasonable opportunity to communicate such facts to Guarantor. 
  
 4. Default. The occurrence of any one of the following events shall, at the election of Landlord, be deemed an event of default by Guarantor
under this Guaranty: (i) Guarantor shall fail or neglect to perform, keep or observe any term, provision, condition or covenant, contained in this Guaranty; (ii) if any representation or warranty made in this Guaranty shall be false in any
material respect; (iii) if any material portion of Guarantor’s assets are seized, attached, subjected to a writ, or are levied upon, or come within the possession of any receiver, trustee, custodian or assignee for the benefit of creditors
and the same is not terminated or dismissed within sixty (60) days thereafter; (iv) if a petition under any state or federal bankruptcy or insolvency law or statute or any similar law or regulation shall be filed by Guarantor, or if
Guarantor shall make an assignment for the benefit of creditors; (v) if Guarantor is enjoined, restrained or any way prevented by court order from conducting all or any material part of Guarantor’s business affairs or if a petition under
any section or chapter of any state or federal bankruptcy or insolvency law or statute or any similar law or regulation is filed against Guarantor or if any case or proceeding is filed against Guarantor for liquidation of Guarantor’s assets and
such injunction, restraint or petition is not dismissed or stayed within sixty (60) days after the entry or the filing thereof; (vi) if an application is made by the Guarantor for the appointment of a receiver, trustee, conservator or
custodian for all or a material portion of Guarantor’s assets; (vii) if an application is made by any person other than Guarantor for the appointment of a receiver, trustee, custodian or conservator for all or a material portion of
Guarantor’s assets and the same is not dismissed within sixty (60) days after the application therefor; or (viii) if a notice of lien, levy or 

  

 OP&F – 49 Stevenson Street 
 Lionbridge Technologies – Lease Guaranty 

 
assessment is filed of record with respect to all or a material portion of Guarantor’s assets by the United States or any department, agency or
instrumentality thereof or by any state, county, municipal or other governmental agency, or if any taxes or debts owing at any time or times hereafter to any one of them becomes a lien or encumbrance upon all or a material portion of
Guarantor’s assets. Upon the occurrence of an event of default, the Guarantied Obligations hereunder shall be, at the option of Landlord, accelerated and shall all be due and payable and enforceable against Guarantor, whether or not the
Guarantied Obligations are then due and payable and Landlord may, in its sole discretion, in addition to any other right or remedy provided by law, all of which are cumulative and non-exclusive, proceed to suit against Guarantor, whether suit has
been commenced against Tenant. 
  
 5. Costs and
Expenses. Guarantor agrees to pay, upon demand, Landlord’s reasonable costs and expenses, including but not limited to reasonable legal fees and disbursements, incurred in any effort to collect or enforce any of the Guarantied
Obligations or this Guaranty, whether or not any lawsuit is filed, and in the representation of Landlord in any insolvency, bankruptcy, reorganization or similar proceeding relating to Tenant or Guarantor. Until paid to Landlord, such sums will bear
interest from the date such costs and expenses are incurred at the rate set forth in the Lease for past due obligations. The obligations of Guarantor under this Section 5 shall include payment of Landlord’s costs and expenses of enforcing
any judgment, which obligations shall be severable from the remaining provisions of this Guaranty and shall survive the entry of judgment. 
  
 6. Reinstatement. The liability of Guarantor hereunder shall be reinstated and revived, and the rights of Landlord shall continue, with
respect to any amount at any time paid on account of the Guarantied Obligations which Landlord shall thereafter be required to restore or return in connection with the bankruptcy, insolvency or reorganization of Tenant, or Guarantor, or otherwise,
all as though such amount had not been paid. The determination as to whether any such payment must be restored or returned shall be made by Landlord in its sole discretion. Landlord shall be under no obligation to return or deliver this Guaranty to
Guarantor, notwithstanding the payment of the Guarantied Obligations. If this Guaranty is nevertheless returned to Guarantor or is otherwise released, then the provisions of this Section 6 shall survive such return or release, and the liability
of Guarantor under this Guaranty shall be reinstated and continued under the circumstances provided in this Section 6 notwithstanding such return or release. 
  
 7. Representations and Warranties. Guarantor makes the following representations and warranties, which shall
be deemed to be continuing representations and warranties until payment and performance in full of the Guarantied Obligations: 
  
 7.1 Guarantor has all the requisite power and authority to execute, deliver and be legally bound by this Guaranty on the terms and
conditions herein stated; 
  
 7.2 This Guaranty
constitutes the legal, valid and binding obligations of Guarantor enforceable against Guarantor in accordance with its terms; 
  
 7.3 Neither the execution and delivery of this Guaranty nor the consummation of the transactions contemplated hereby will, with or without
notice and/or lapse of time, 

  

 OP&F – 49 Stevenson Street 
 Lionbridge Technologies – Lease Guaranty 

 
constitute a breach of any of the terms and provisions of any note, contract, document, agreement or undertaking, whether written or oral, to which Guarantor
is a party or to which Guarantor’s property is subject, accelerate or constitute any event entitling the holder of any indebtedness of Guarantor to accelerate the maturity of any such indebtedness, conflict with or result in a breach of any
writ, order, injunction or decree against Guarantor of any court or governmental agency or instrumentality, or conflict with or be prohibited by any federal, state, local or other governmental law, statute, rule or regulation; 
  
 7.4 No consent of any other person not heretofore obtained
and no consent, approval or authorization of any person or entity is required in connection with the valid execution, delivery or performance by Guarantor of this Guaranty; and 
  
 7.5 Guarantor is not insolvent, and will not be rendered insolvent by the incurring of its obligations
hereunder. 
  
 8. Bankruptcy. So long
as any Guarantied Obligations shall be owing to Landlord, Guarantor shall not, without the prior written consent of Landlord, commence, or join with any other person or entity in commencing, any bankruptcy, reorganization, or insolvency proceeding
against Tenant. The obligations of Guarantor under this Guaranty shall not be altered, limited, or affected by any proceeding, voluntary or involuntary, involving the bankruptcy, insolvency, receivership, reorganization, liquidation, or arrangement
of Tenant, or by any defense Tenant may have by reason of any order, decree, or decision of any court or administrative body resulting from any such proceeding. 
  

9. Claims in Bankruptcy. Guarantor shall file in any bankruptcy or other proceeding in which the filing of claims is
required or permitted by law all claims that Guarantor may have against Tenant relating to any indebtedness of Tenant to Guarantor, and upon request will assign to Landlord all rights of Guarantor thereunder. If Guarantor does not file any such
claim, then to the extent allowed by law, Landlord, as attorney-in-fact for Guarantor, is hereby authorized to do so in the name of Guarantor or, in Landlord’s discretion, to assign the claim to a nominee, and to cause proof of claim to be
filed in the name of Landlord’s nominee. The foregoing power of attorney is coupled with an interest and cannot be revoked. Landlord, or its nominee, shall have the right to accept or reject any plan proposed in such proceedings in its
reasonable business judgment and to take any other action that a party filing a claim is entitled to do. In all such cases, whether in administration, bankruptcy, or otherwise, the person or persons authorized to pay such claim shall pay to Landlord
the amount payable on such claim. Guarantor hereby assigns to Landlord all of Guarantor’s rights to any such payments or distributions to which Guarantor would otherwise be entitled; provided, however, that Guarantor’s
obligations hereunder shall not be satisfied except to the extent that Landlord receives cash by reason of any such payment or distribution. If Landlord receives anything hereunder other than cash, the same shall be held as collateral for amounts
due under this Guaranty. 
  
 10. New Lease
Provision. Guarantor expressly agrees (without in any way limiting its liability under any provisions of this Guaranty) that Guarantor (or the designee of Guarantor), at the request of Landlord, shall enter into a new lease with Landlord
upon the same terms and conditions as contained in the Lease immediately prior to its termination (hereinafter described) for a term commencing on the termination date and ending on the expiration date as set forth 

  

 OP&F – 49 Stevenson Street 
 Lionbridge Technologies – Lease Guaranty 

 
therein if under any proceeding under the Bankruptcy Act of the United States, as amended from time to time, or any proceeding under any other similar
present or future federal or state law, or as a result of the operation of any present or future provisions of the Bankruptcy Act or any similar statute or as a result of the decision of any court interpreting any of the same, the Lease shall be
terminated or rejected or the obligations of Tenant thereunder or any rights or remedies of Landlord against Tenant shall be limited, impaired, stayed, changed, released or modified on account of the same. If a designee of Guarantor shall enter into
such a lease, Guarantor shall, contemporaneously therewith, enter into a guaranty identical to this Guaranty with respect to the obligations of such designee under said lease. 
  
 11. Joint and Several Liability. The obligations and promises of Guarantor set forth herein and of all
other guarantors of the Lease shall be the joint and several undertakings with each Guarantor being fully responsible and liable to the full extent of the Guaranteed Obligations. 
  
 12. Inducement. Guarantor acknowledges that the undertaking given hereunder is given in consideration
of Landlord’s entering into the Lease and that Landlord would not consummate the Lease but for the execution and delivery of this Guaranty. 
  
 13. Notice. All notices and other communications provided for hereunder shall be in writing (including telecopied communication) and
mailed or telecopied or delivered to the parties at Landlord’s address designated in the Lease or at Guarantor’s address as set forth on the signature page hereto, or, as to each party, at such other address as shall be designated by such
party in a written notice to the other parties complying as to delivery with the terms of this Section 13. All such notices and communications, if mailed, shall be effective two (2) business days after deposit in the United States mail,
first-class (or certified) postage prepaid; if telecopied, shall be effective when transmitted and confirmed; and if delivered in another way, shall be effective upon receipt. 
  
 14. Miscellaneous. No provision of this Guaranty or Landlord’s rights hereunder can be waived or
modified nor can Guarantor be released from its obligations hereunder except by a writing executed by Landlord. No such waiver shall be applicable except in the specific instance for which given. No delay or failure by Landlord to exercise any right
or remedy against Tenant or Guarantor will be construed as a waiver of that right or remedy. All remedies of Landlord against Tenant and Guarantor are cumulative. The invalidity or unenforceability of any one or more provisions of this Guaranty will
not affect the validity or enforceability of any other provision. This Guaranty shall be governed by and construed under the laws of the State of California. The provisions of this Guaranty will bind and benefit the heirs, executors, administrators,
legal representatives, successors and assigns of Guarantor and Landlord. The term “Tenant” will mean both the named Tenant and any other person or entity at any time assuming or otherwise becoming primarily liable for all or any part of
the Guarantied Obligations. The term “Landlord” will mean both the Landlord named herein and any future owner or holder of the Lease, or any interest therein. This Guaranty constitutes the entire agreement between Guarantor and Landlord
with respect to its subject matter, and supersedes all prior or contemporaneous agreements, representations and understandings. All headings in this Guaranty are for convenience only and shall be disregarded in construing the substantive provisions
of this Guaranty. 
  

 OP&F – 49 Stevenson Street 
 Lionbridge Technologies – Lease Guaranty 

 15. Limitation on Liability. Any provision hereof to the contrary notwithstanding, it is
the intent of the parties that the liability of Guarantor hereunder shall not be greater than its liability would be as a maker of the Lease. Guarantor is giving this Guaranty on the condition, and by its acceptance of this Guaranty Landlord is
agreeing to the condition, that Guarantor shall be entitled to all defenses, setoffs, counterclaims, rights of subrogation, reimbursement and indemnity and rights of enforcement that the Tenant is or shall become entitled to under the Lease.

  
 IN WITNESS WHEREOF, the undersigned Guarantor has executed
this Guaranty where provided below as of the date first above written. 
  

									
	 	 	 	 	GUARANTOR:
			
	 Address of Guarantor:
	 	 	 	LIONBRIDGE TECHNOLOGIES, INC.,
	 1050 Winter Street
	 	 	 	 a Delaware corporation

	 Waltham, Massachusetts 02451
	 	 	 	 
					
	 	 	 	 	 	 	By:	 	

	 	 	 	 	 	 	 Name:
	 	David W. Dahn
	 	 	 	 	 	 	 Its:
	 	Treasurer

  

 OP&F – 49 Stevenson Street 
 Lionbridge Technologies – Lease GuarantyPartnership Interest Agreement dated as of August 2, 2005

 Exhibit 10.1 
  
 PARTNERSHIP INTEREST 
 PURCHASE AGREEMENT 
  
 dated as of 
  
 AUGUST 2, 2005 
  
 by and between 
  
 DYNEGY INC., 
  
 DYNEGY HOLDINGS INC., 
  
 DYNEGY MIDSTREAM HOLDINGS, INC., 
  
 and 
  
 DYNEGY MIDSTREAM G.P., INC. 
  
 AS SELLERS 
  
 and 
  
 TARGA RESOURCES, INC., 
  
 TARGA RESOURCES PARTNERS OLP LP, 
  
 and 
  
 TARGA MIDSTREAM GP, LLC

  
 AS BUYERS 
  

 Purchase Agreement 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	ARTICLE I	  	DEFINITIONS	  	2
	             1.1
	  	Definitions	  	2
	             1.2
	  	Certain Definitional and Interpretive Provisions	  	16
			
	 ARTICLE II
	  	PURCHASE AND SALE; CLOSING	  	17
	             2.1
	  	Purchase and Sale	  	17
	             2.2
	  	Purchase Price; Purchase Price Adjustment	  	17
	             2.3
	  	Working Capital Adjustment	  	18
	             2.4
	  	Substitutions of Credit Support Obligations	  	19
	             2.5
	  	The Closing	  	22
	             2.6
	  	Closing Procedures and Deliveries	  	23
			
	 ARTICLE III
	  	REPRESENTATIONS AND WARRANTIES OF SELLER PARTIES	  	24
	             3.1
	  	Organization and Related Matters; Interests	  	24
	             3.2
	  	Financial Statements; Absence of Changes and Undisclosed Liabilities	  	25
	             3.3
	  	Tax Returns	  	26
	             3.4
	  	Material Contracts	  	27
	             3.5
	  	Real Property	  	28
	             3.6
	  	Personal Property; Sufficiency of Assets	  	29
	             3.7
	  	Authorization; No Conflicts	  	29
	             3.8
	  	Actions	  	30
	             3.9
	  	Compliance with Law	  	30
	             3.10
	  	Employees and Employee Benefit Matters	  	30
	             3.11
	  	Operation in the Ordinary Course	  	32
	             3.12
	  	Environmental Compliance	  	32
	             3.13
	  	Permits	  	33
	             3.14
	  	Intellectual Property	  	33
	             3.15
	  	Insurance	  	33
	             3.16
	  	Preferential Purchase Rights	  	33
	             3.17
	  	No Brokers or Finders	  	34
			
	 ARTICLE IV
	  	REPRESENTATIONS AND WARRANTIES OF BUYERS	  	34
	             4.1
	  	Organization and Related Matters	  	34
	             4.2
	  	Authorization; No Conflicts	  	34
	             4.3
	  	Actions	  	34
	             4.4
	  	No Brokers or Finders	  	35

  
  

					
	 	 	-i-	 	Purchase Agreement

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	             4.5
	  	Financing	  	35
	             4.6
	  	Investment Representation	  	35
			
	 ARTICLE V
	  	COVENANTS WITH RESPECT TO THE PERIOD PRIOR TO THE CLOSING	  	36
	             5.1
	  	Access	  	36
	             5.2
	  	Conduct of Business	  	36
	             5.3
	  	Efforts; No Inconsistent Action	  	39
	             5.4
	  	Financing	  	40
	             5.5
	  	Supplemental Disclosure	  	43
	             5.6
	  	Consummation of Certain Pre-Closing Transactions	  	44
	             5.7
	  	Specified Letters of Credit	  	44
	             5.8
	  	Business Segment	  	44
	             5.9
	  	Quarterly Financial Statements; Footnotes	  	44
	             5.10
	  	Monthly Status Meeting	  	45
	             5.11
	  	Sublease	  	45
			
	 ARTICLE VI
	  	CONTINUING COVENANTS	  	45
	             6.1
	  	Cooperation; Legal Privileges	  	45
	             6.2
	  	Post-Closing Operations	  	46
	             6.3
	  	Use of Name	  	47
	             6.4
	  	Acknowledgment of Limitation of Warranties	  	47
	             6.5
	  	Insurance Matters	  	49
	             6.6
	  	Non-Solicitation	  	50
	             6.7
	  	Sellers’ Records	  	51
	             6.8
	  	Seller Parties and Buyer Parties	  	51
	             6.9
	  	Post-Closing Cooperation and Documentation	  	51
	             6.10
	  	Firm Transportation Contracts	  	53
	             6.11
	  	Assets Disposed of Prior to Closing	  	53
			
	 ARTICLE VII
	  	EMPLOYEES AND EMPLOYEE BENEFIT MATTERS	  	54
	             7.1
	  	Employee and Employee Benefit Matters	  	54
			
	 ARTICLE VIII
	  	TAX MATTERS	  	59
	             8.1
	  	Tax Treatment	  	59
	             8.2
	  	Tax Returns	  	60
	             8.3
	  	Tax Refunds and Treatment of Payments	  	61
	             8.4
	  	Transfer Taxes	  	61

  
  

					
	 	 	-ii-	 	Purchase Agreement

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

	             8.5
	  	Audit Matters	  	62
	             8.6
	  	Cooperation and Exchange of Information	  	62
			
	 ARTICLE IX
	  	CONDITIONS OF PURCHASE	  	63
	             9.1
	  	General Conditions	  	63
	             9.2
	  	Conditions to Obligation of Buyers	  	63
	             9.3
	  	Conditions to Obligation of Sellers	  	65
			
	 ARTICLE X
	  	TERMINATION OF OBLIGATIONS	  	65
	             10.1
	  	Termination of Agreement	  	65
	             10.2
	  	Effect of Termination	  	66
			
	 ARTICLE XI
	  	INDEMNIFICATION; SURVIVAL	  	67
	             11.1
	  	Obligations of Seller Parties	  	67
	             11.2
	  	Obligations of Buyer Parties	  	68
	             11.3
	  	Procedure	  	69
	             11.4
	  	Survival	  	70
	             11.5
	  	Limitations on Indemnification	  	70
	             11.6
	  	Treatment of Payments	  	71
	             11.7
	  	Remedies Exclusive	  	71
	             11.8
	  	Retained Excluded Claims and Reserved Claim	  	71
			
	 ARTICLE XII
	  	GENERAL	  	74
	             12.1
	  	Amendments; Waivers	  	74
	             12.2
	  	Disclosure Schedules; Exhibits	  	74
	             12.3
	  	Post-Closing Further Assurances	  	74
	             12.4
	  	Governing Law; Consent to Jurisdiction; Waiver of Jury Trial	  	74
	             12.5
	  	Counterparts	  	75
	             12.6
	  	Parties in Interest	  	75
	             12.7
	  	Waiver	  	75
	             12.8
	  	Severability	  	75
	             12.9
	  	No Punitive Damages	  	75
	             12.10
	  	Notices	  	76
	             12.11
	  	Publicity and Reports	  	77
	             12.12
	  	Integration	  	77
	             12.13
	  	Expenses	  	77
	             12.14
	  	No Assignment	  	78
	             12.15
	  	Representation By Counsel; Interpretation	  	78
	             12.16
	  	No Third Party Beneficiaries	  	78

  
  

					
	 	 	-iii-	 	Purchase Agreement

 Exhibits 
  

			
	 Exhibit A
	  	Determination of Adjusted Working Capital
	 Exhibit B
	  	Determination of Cash Collateral
	 Exhibit C
	  	Form of Transition Services Agreement
	 Exhibit D
	  	Form of Assignment of Interests
	 Exhibit E
	  	Form of Confidentiality Agreement
	 Exhibit F
	  	Required Information

					
	 	 	 	 	Purchase Agreement

 PARTNERSHIP INTEREST PURCHASE AGREEMENT 
  
 This Partnership Interest Purchase Agreement is entered into as of
August 2, 2005 by and among Dynegy Inc., an Illinois corporation (“Dynegy”), Dynegy Holdings Inc., a Delaware corporation (“DHI”), Dynegy Midstream Holdings, Inc., a Delaware corporation
(“DMHI”), and Dynegy Midstream G.P., Inc., a Delaware corporation (“DMGP”, and together with DMHI, “Sellers”), and Targa Resources, Inc., a Delaware corporation (“Targa”), Targa
Resources Partners OLP LP, a Delaware limited partnership (“OLP”), and Targa Midstream GP, LLC, a Delaware limited liability company (“TM”, and together with OLP, “Buyers”). 
  
 R E C I T A L S 
  
 WHEREAS, Sellers collectively own all of the outstanding partnership
interests (the “Interests”) in Dynegy Midstream Services, Limited Partnership, a Delaware limited partnership (the “Partnership”); 
  
 WHEREAS, (i) the Partnership owns (a) all of the outstanding membership interests in each of Midstream Barge
Company, L.L.C., a Delaware limited liability company (“MBC”), Dynegy Liquids G.P., L.L.C., a Delaware limited liability company (“DLGP”), Dynegy Regulated Holdings, LLC, a Delaware limited liability company
(“DRH”), Dynegy Energy Pipeline Company, L.L.C., a Delaware limited liability company (“DEPC”), and Warren Petroleum Company, LLC, a Delaware limited liability company (“WPC”), (b) 63% of the
outstanding membership interests in Versado Gas Processors, L.L.C., a Delaware limited liability company (“Versado”), (c) 99% of the outstanding membership interests in Dynegy Liquids Marketing and Trade, a Delaware general
partnership (“DLMT”), (d) 88% of the outstanding membership interests in Downstream Energy Ventures Co., L.L.C., a Delaware limited liability company (“DEVCO”), (e) 86.24% of the outstanding membership
interests in Cedar Bayou Fractionators, LP, a Delaware limited partnership (“CBF”), and (f) all of the outstanding capital stock of NCLB Liquids Inc., a British Columbia corporation (“NCLB”); (ii) DLGP
owns the remaining 1% of the outstanding membership interests in DLMT; (iii) DEVCO owns an additional 2% of the outstanding membership interests in CBF; and (iv) DRH owns all of the outstanding membership interests in each of Dynegy NGL
Pipeline Company, LLC, a Delaware limited liability company (“DNPC”), Dynegy Intrastate Pipeline, LLC, a Delaware limited liability company (“DIP”), and Dynegy OPI, LLC, a Delaware limited liability company
(“DOPI”) (the Partnership, together with MBC, DLGP, DRH, DEPC, WPC, Versado, DLMT, DEVCO, CBF, NCLB, DNPC, DIP and DOPI are referred to herein collectively as the “DMS Entities,” and each is individually referred to
herein as a “DMS Entity”); 
  
 WHEREAS, the
Partnership owns (a) 22.8958% of the outstanding membership interests in Venice Energy Services Company, LLC, a Delaware limited liability company (“VESCO”), and (b) 38.75% of the outstanding partnership interests in Gulf
Coast Fractionators, a Texas general partnership (“GCF”); and 
  
 WHEREAS, Sellers desire to sell, and Buyers desire to purchase, all of the outstanding partnership interests of the Partnership for the consideration and on the terms and conditions described herein. 
  

 Purchase Agreement 

 A G R E E M E N T 
  
 In consideration of the premises and mutual promises contained herein and other good and valuable consideration, and
intending to be legally bound, the Parties agree as follows: 
  
 ARTICLE I 
 DEFINITIONS 
  
 1.1 Definitions. For all purposes of this Agreement, except as otherwise expressly provided, the following definitions shall apply:

  
 “2005 Bonus Payment Date” has the meaning
set forth in Section 7.1(d). 
  
 “Abandonment
Date” has the meaning set forth in Section 2.4(a)(4). 
  
 “Absentee List” has the meaning set forth in Section 7.1(l). 
  
 “Accounting Firm” means Deloitte & Touche LLP (or, if such firm shall decline or is unavailable or is not, at the time of such
submission, independent of each of the Parties, another independent nationally recognized accounting firm mutually acceptable to the Parties). 
  
 “Action” means any action, complaint, petition, investigation, suit or other proceeding before any Governmental Entity. 
  
 “Additional Audit Date” means the date of delivery to Buyers
by PriceWaterhouseCoopers LLP of completed and executed audit reports relating to the Additional Financial Information. 
  
 “Additional Credit Support Payment” means any payment actually made or cost actually incurred by Dynegy or its Affiliates (other than the
DMS Entities) following the Closing in satisfaction of an underlying obligation of a DMS Entity pursuant to any guaranty, indemnity or keep-well agreement entered into by Dynegy or its Affiliates (other than the DMS Entities) prior to the execution
of this Agreement; provided that such underlying obligation of such DMS Entity arises under any of the following (but excluding Cash Collateral and Support Letters of Credit and other pledges of cash collateral or postings of letters of
credit or deliveries or maintenance of surety or performance bonds by Dynegy or its Affiliates (other than a DMS Entity)): (i) gathering, processing, treating, fractionation, storage, terminalling, transportation or purchase or sale agreements
for natural gas and natural gas liquids or other agreements entered into by the DMS Entities in the ordinary course of business, (ii) Material Contracts made available to Buyers prior to the date hereof, (iii) obligations of the DMS
Entities in connection with transactions specifically referenced in the Partnership Financial Statements and (iv) agreements listed on Schedule 1.1(a); and provided, further, that any such payment or cost shall constitute
an Additional Credit Support Payment to the extent that, and only to the extent that, (1) a DMS Entity or the DMS Entities would have been required to make (taking into consideration applicable defenses, setoffs and offset rights) such payments
or incur such costs pursuant to the underlying obligation and (2) none of Buyers or their Affiliates (including the DMS Entities) or any Representative thereof would be entitled to indemnification pursuant to Section 11.1 in respect
of the underlying obligation (for purposes of this clause (2), without giving effect to any 
  

					
	 	 	2	 	Purchase Agreement

 materiality, Material Adverse Effect, or similar qualifiers, except as otherwise provided in Section 11.1,
and without giving effect to any limitations on indemnification set forth in Section 11.5). 
  
 “Additional Financial Information” shall have the meaning set forth in Section 6.9(a). 
  
 “Additional Information Termination Date” has the meaning
set forth in Section 6.9(e). 
  
 “Additional
Required Information” means all information (other than the Required Information) regarding the Partnership as may be reasonably requested by Buyers that would be customarily required for inclusion in an offering memorandum or offering
circular for an offering in reliance on Rule 144A under the Securities Act of securities by the Partnership, assuming that any such offering were consummated at the same time during the Partnership’s fiscal year as the offering of debt
securities contemplated by the Debt Financing Commitment Letter. 
  
 “Adjusted Base Purchase Price” has the meaning set forth in Section 2.2(b). 
  
 “Adjusted Working Capital” has the meaning set forth on Exhibit A. 
  
 “Affiliate” means, with respect to a specified Person, a Person that directly, or indirectly through one or
more intermediaries, controls, or is controlled by, or is under common control with, the specified Person. For the purposes of this definition, “control” means the power to direct or cause the direction of the management or policies of
such Person, whether through the ownership of voting securities, by contract or otherwise. The Parties hereby agree that for any purpose under this Agreement, (a) Chevron and its Affiliates shall not be deemed to be Affiliates of Dynegy, the
DMS Entities or any of their respective Affiliates and (b) the Warburg Pincus Equity Investors, their Affiliates, and all private equity funds or other investment funds or portfolio companies owned or managed by Warburg Pincus or its Affiliates
shall not be deemed to be Affiliates of Buyers or their Affiliates. 
  
 “Agreement” means this Partnership Interest Purchase Agreement, as may be amended or supplemented from time to time in accordance with the terms hereof, together with all Exhibits attached hereto and Disclosure Schedules.

  
 “Approval” means any approval, authorization,
consent, qualification or registration, or any extension, modification, amendment or waiver of any of the foregoing (without regard to conditions on or any rights to seek rehearing or appeal thereof) required to be obtained from, or any notice,
statement or other communication required to be filed with or delivered to, any Governmental Entity. 
  
 “Base Purchase Price” has the meaning set forth in Section 2.2(a). 
  
 “BI Proceeds” has the meaning set forth in
Section 6.5(b). 
  
 “Business” means
the business of the DMS Entities as conducted by the DMS Entities on the date hereof, consisting of the gathering and processing of natural gas to produce natural gas liquids and pipeline quality natural gas, the fractionation and terminalling of
natural gas liquids and the storing, marketing, purchase, sale, distribution and transportation of natural gas and natural gas liquids. 
  

					
	 	 	3	 	Purchase Agreement

 “Business Assets” has the meaning set forth in Section 3.6(b). 

 
 “Business Day” means a day (excluding Saturday and
Sunday) on which banks generally are open for the transaction of business in New York, New York. 
  
 “Business Employees” has the meaning set forth in Section 3.10(a). 
  
 “Business Segment” means each of the following two segments
of the Business: (i) North Texas Region; and (ii) Downstream Segment. 
  
 “Buyer” or “Buyers” has the meaning set forth in the Preamble. 
  
 “Buyer Group” has the meaning set forth in Section 10.2(c). 
  
 “Buyer Parties” means, collectively, Targa, OLP and TM. 
  
 “Buyers’ Proposal” has the meaning set forth in
Section 2.3(a). 
  
 “Buyers Replacement Letter
of Credit” has the meaning set forth in Section 2.4(b)(1). 
  
 “Buyers’ Consent Representatives” has the meaning set forth in Section 5.2. 
  
 “Buyers’ DC Plan” has the meaning set forth in Section 7.1(g). 
  
 “Buyers’ Taxes” means any Tax for any Pre-Closing
Taxable Period or Interim Period Tax that would not have been imposed on the DMS Entities or any Seller or Affiliate thereof but for any action taken by the DMS Entities or Buyers after the Closing that is not in the ordinary course of business or
is not otherwise contemplated in this Agreement. 
  
 “Buyers’ Termination Fee” means U.S.$65,000,000. 
  
 “Canadian Business Employees” has the meaning set forth in Section 7.1(k) 
  
 “Cash Collateral” has the meaning set forth on Exhibit B. 
  
 “Cash Collateral Good Faith Period” has the meaning set forth in Section 2.4(a)(2). 

 
 “Cash Collateral Undisputed Payment Due Date” has the
meaning set forth in Section 2.4(a)(2). 
  
 “CBF” has the meaning set forth in the Recitals. 
  
 “Chevron” means Chevron Corporation and its Affiliates (other than Dynegy and its Subsidiaries). 
  
 “Closing” has the meaning set forth in Section 2.5(a). 
  

					
	 	 	4	 	Purchase Agreement

 “Closing Condition Permitted Liens” has the meaning set forth in
Section 9.2(f). 
  
 “Closing Date”
has the meaning set forth in Section 2.5(b). 
  
 “Closing Purchase Price” has the meaning set forth in Section 2.2(d). 
  
 “Code” means the Internal Revenue Code of 1986, as amended. 
  
 “Collateral Notice of Objections” has the meaning set forth in Section 2.4(a)(2). 

 
 “Collateral Written Submission Date” has the meaning set
forth in Section 2.4(a)(2). 
  
 “Compliant” means, with respect to Required Information provided hereunder by Sellers, that such Required Information does not contain any untrue statement of a material fact regarding the Partnership and its businesses or
omit to state a material fact regarding the Partnership and its businesses necessary in order to make such Required Information not misleading, in each case assuming such Required Information is intended to be the information to be used for a public
offering of securities by the Partnership (and without taking into account the acquisition of the Partnership by Buyers) pursuant to Regulation S-K and Regulation S-X and a registration statement on Form S-1 (or any applicable successor form) under
the Securities Act. 
  
 “Confidentiality
Agreement” has the meaning set forth in Section 5.1(a). 
  
 “Contaminants” means (i) asbestos; (ii) petroleum, polychlorinated biphenyl (“PCB”), PCB-containing equipment or materials, lead, pollutants, contaminants, hazardous,
corrosive or toxic substances, hazardous waste, waste or pesticides; or (iii) any other substance that is regulated under any applicable Environmental Law with respect to its collection, storage, transportation for disposal, treatment or
disposal because of its dangerous or deleterious properties or characteristics. 
  
 “Contract” means any legally binding agreement, arrangement, purchase and sale order, bond, commitment, franchise, indemnity, indenture or lease. 
  
 “Debt Financing” has the meaning set forth in
Section 4.5. 
  
 “Debt Financing Commitment
Letter” has the meaning set forth in Section 4.5. 
  
 “DEPC” has the meaning set forth in the Recitals. 
  
 “DEVCO” has the meaning set forth in the Recitals. 
  
 “DHI” has the meaning set forth in the Preamble. 
  

“DIP” has the meaning set forth in the Recitals. 
  
 “Disclosure Schedules” means the Disclosure Schedules dated the date of this Agreement and delivered
contemporaneously herewith, as they may be supplemented from time to time after the date hereof in accordance with the terms of this Agreement. 
  

					
	 	 	5	 	Purchase Agreement

 “DLGP” has the meaning set forth in the Recitals. 
  
 “DLMT” has the meaning set forth in the Recitals.

  
 “DMGP” has the meaning set forth in the
Preamble. 
  
 “DMHI” has the meaning set forth in
the Preamble. 
  
 “DMS Covered Assets and
Persons” has the meaning set forth in Section 6.5(h). 
  
 “DMS Entity” or “ DMS Entities” has the meaning set forth in the Recitals. 
  
 “DNPC” has the meaning set forth in the Recitals. 
  
 “DOPI” has the meaning set forth in the Recitals. 
  
 “Downstream Segment” means that portion of the Business that
utilizes the following principal assets: Houston Area, Louisiana Area, NGL Marketing, and Wholesale Marketing and Commercial Transportation. 
  
 “DRH” has the meaning set forth in the Recitals. 
  

“Dynegy” has the meaning set forth in the Preamble. 
  
 “Electronic Data Room” has the meaning set forth in Section 1.2(d). 
  
 “Environmental Laws” means all Laws relating to pollution or
protection of the environment. 
  
 “Equity
Financing” has the meaning set forth in Section 4.5. 
  
 “Equity Financing Commitment Letter” has the meaning set forth in Section 4.5. 
  
 “Equity Securities” means any capital stock or other equity interest (including partnership interests), any securities convertible into
or exchangeable for capital stock or equity interests (including partnership interests), or any other rights, warrants or options to acquire any of the foregoing securities or interests from the issuer thereof. 
  
 “ERISA” means the Employee Retirement Income Security Act of
1974, as amended. 
  
 “ERISA Affiliate” means,
with respect to any Person, any other Person which, together with such Person, would be treated as a single employer under Section 414 (b) or (c) of the Code. 
  
 “Estimated Adjusted Working Capital” has the meaning set forth in Section 2.2(c). 

 
 “Estimated Cash Collateral” has the meaning set forth in
Section 2.4(a)(1). 
  
 “Final Cash Collateral
Amount” has the meaning set forth in Section 2.4(a)(2). 
  

					
	 	 	6	 	Purchase Agreement

 “Financing Commitments” has the meaning set forth in Section 4.5.

  
 “Final Determination” means the final
resolution of liability for any Tax for a taxable period (i) by IRS Form 870 or 870 AD (or any successor forms thereto), on the date of acceptance by or on behalf of the taxpayer, or by a comparable form under the laws of other jurisdictions,
except that a Form 870 or 870 AD or comparable form that reserves (whether by its terms or by operation of law) the right of the taxpayer to file a claim for refund and/or the right of the Taxing Authority to assert a further deficiency shall not
constitute a Final Determination, (ii) by an Order entered by a court of competent jurisdiction that has become final and unappealable, (iii) by a closing agreement or accepted offer in compromise under Section 7121 or 7122 of the
Code, or comparable agreements under the laws of other jurisdictions, (iv) by any allowance of a refund or credit in respect of an overpayment of Tax, but only after the expiration of all periods during which such refund may be recovered
(including by way of offset) by the Tax imposing jurisdiction, or (v) by any other final disposition, including by reason of the expiration of the applicable statute of limitations or by mutual agreement of the Parties. 
  
 “First Report For Work Day” has the meaning set forth in
Section 7.1(l). 
  
 “First Reported
Day” has the meaning set forth in Section 7.1(m). 
  
 “GAAP” means United States generally accepted accounting principles. 
  
 “GCF” has the meaning set forth in the Recitals. 
  
 “GCF Interest” means the 38.75% percentage interest held by the Partnership in GCF. 
  
 “GCF Partnership Agreement” means the Amended and Restated
Partnership Agreement effective December 1, 1992 among Trident NGL, Inc., Liquid Energy Corporation and Conoco Inc. 
  
 “GCF ROFR Offer” has the meaning set forth in Section 2.2(b). 
  
 “GCF Sale Price” has the meaning set forth in Section 2.2(b). 
  
 “Governmental Entity” means any government or any agency,
bureau, board, commission, court, department, official, tribunal or other instrumentality of any government, whether federal, state, provincial, territorial or local, domestic or foreign, that has, in each case, jurisdiction over the matter in
question. 
  
 “Hart-Scott-Rodino Act” means the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the related regulations and published interpretations. 
  
 “Hedging Obligation” means any (i) financially settled rate or price swap or option transaction, basis swap, equity or equity index
swap or option, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option
or (ii) forward priced sale or purchase of (x) natural gas in excess of 30,000 MMBtu or (y) NGL products in excess of 5,000 Bbls. 
  

					
	 	 	7	 	Purchase Agreement

 “Holdback Amount” means U.S.$15,000,000. 
  
 “Houston Area” means that portion of the Business that
utilizes the following principal assets: the Cedar Bayou Fractionator, the Gulf Coast Fractionator, the Galena Park Marine Terminal, the Mont Belvieu Underground NGL Storage and Terminal Facility and the Houston Area NGL Pipeline Gathering System.

  
 “Identified Representations” means the
following representations and warranties of Sellers contained herein: (i) Section 3.1(a), (ii) the first two sentences of Section 3.1(b)(1), (iii) Section 3.1(b)(2),
(iv) Section 3.1(c)(2), (v) Section 3.2(a), (vi) the first two sentences of Section 3.7, and (vii) Section 3.16. 
  
 “Included Claims” has the meaning set forth in Section 11.5(a). 
  
 “Indebtedness” means for any Person (i) indebtedness
for borrowed money, including any obligation to reimburse any bank or other Person in respect of amounts paid or payable under a standby letter of credit; (ii) indebtedness for borrowed money of others secured by a Lien on the property of such
Person, whether or not the respective indebtedness so secured has been assumed by such Person; (iii) capital lease obligations of such Person or (iv) any guarantee with respect to Indebtedness of another Person. 
  
 “Indemnifiable Claim” means any claim of an Indemnifiable
Loss for or against which any party is entitled to indemnification under this Agreement. 
  
 “Indemnifiable Loss” means any cost, damage, disbursement, expense, liability, loss, deficiency, penalty or settlement, including any reasonable legal, accounting or other professional fee or expense
or amount paid in connection therewith, that is actually imposed on or otherwise actually incurred or suffered by the specified Person. 
  
 “Indemnified Party” means the party entitled to indemnification hereunder. 
  
 “Indemnifying Party” means the party obligated to provide indemnification hereunder. 
  
 “Initial Payment” shall have the meaning set forth in
Section 2.4(a)(2). 
  
 “Intellectual
Property” shall mean any (i) invention, patent application, or patent (including all reissues, reexaminations, divisions, continuations and extensions thereof), (ii) trademark, trademark registration, trademark application,
service mark, trade name, business name, or brand name, (iii) copyright or copyright registration, and (iv) design, design registration, or trade secret (including confidential information, know-how, formula, process, procedure, research
record, record of invention, test information, market survey and marketing know-how) and any right to any of the foregoing. 
  
 “Interests” has the meaning set forth in the Recitals. 
  
 “Interim Period” means, with respect to any Straddle Period, the portion of such Straddle Period that
begins on the first day of such Straddle Period and that ends on the Closing Date. 
  

					
	 	 	8	 	Purchase Agreement

 “Interim Period Taxes” means, with respect to any Straddle Period, Taxes attributable to
the Interim Period, which shall be deemed to equal: (i) in the case of Taxes based upon or related to income or receipts, the amount that would be payable if the Straddle Period had ended on the Closing Date and the books of the DMS Entities
were closed as of the close of business on such date; (ii) in the case of Taxes imposed on specific transactions or events, Taxes imposed on specific transactions or events occurring on or before the Closing Date; and (iii) in the case of
Taxes imposed on a periodic basis, or in the case of any other Taxes not covered by clause (i) or clause (ii), the amount of such Taxes for the entire Straddle Period multiplied by a fraction (a) the numerator of which is the number of
calendar days in the Interim Period and (b) the denominator of which is the number of calendar days in the entire Straddle Period. 
  
 “IRS” means the Internal Revenue Service. 
  
 “Law” means any applicable constitutional provision, statute, law, regulation, rule, code, Order or other requirement or rule of law
enacted or adopted by a Governmental Entity on or prior to the Closing Date. 
  
 “Lien” means any lien (statutory or otherwise), pledge, mortgage, hypothecation, deed of trust or security interest. 
  
 “Louisiana Area” means that portion of the Business that utilizes the following principal assets: the Lake
Charles Fractionator, Hackberry Underground NGL Storage Facility, Hattiesburg Underground NGL Storage Facility, the Lake Charles NGL Pipeline Gathering System (including its distribution system), and the Lake Charles to Mont Belvieu 12 inch NGL
Pipeline. 
  
 “LTD Determination Date” has the
meaning set forth in Section 7.1(m). 
  
 “Marketing Period” means the first period of 25 consecutive calendar days commencing on the day after the Marketing Period Trigger Date (i) throughout which (A) Buyers shall have the Required Information (and such
Required Information is Compliant), and (B) no event shall occur and no condition shall exist that would cause any of the conditions set forth in Section 9.2(a) and Section 9.2(b) to fail to be satisfied assuming the
Closing were to be scheduled for any time during such 25 consecutive calendar day period, and (ii) at the end of which the conditions set forth in Section 9.1 and Section 9.2 shall be satisfied (other than conditions
which, by their nature, are to be satisfied on the Closing Date and other than the condition set forth in Section 9.2(h) if, and only if, Buyers shall have failed to comply with Section 5.7); provided, that the
Marketing Period shall end on any earlier date that is the date on which the Debt Financing is consummated. 
  
 “Marketing Period Trigger Date” means the last day of the Pre-Marketing Period. 
  
 “Material Adverse Effect” means any change, effect, event,
occurrence or circumstance (or series of related changes, effects, events, occurrences or circumstances) on the operations, assets or financial condition of the DMS Entities, which, individually or in the aggregate, has had or would reasonably be
expected to have a material adverse effect on the DMS Entities, taken as a whole, but excluding any such effect to the extent caused by, results from or arises out of (i) any changes in prices for commodities, goods or services, or the
availability or costs of hedges, 
  

					
	 	 	9	 	Purchase Agreement

 (ii) without limiting clause (i) above, any set of facts, circumstance, occurrence or condition that is generally
applicable to the businesses or industries or markets in which the DMS Entities participate, operate or conduct business or to the United States or global economic conditions or securities or financial markets, but only if the impact of such facts,
circumstances, occurrences or conditions on the DMS Entities is not materially disproportionate to the impact on the midstream industry generally, (iii) any set of facts, circumstance, occurrence or condition that is reflected in the Disclosure
Schedules as of the date of execution of this Agreement, or (iv) the execution or announcement of this Agreement. 
  
 “Material Contract” has the meaning set forth in Section 3.4. 
  
 “MBC” has the meaning set forth in the Recitals. 
  
 “Midstream Consulting Firm” means an independent industry
recognized midstream consulting firm jointly chosen by the Parties within 30 days after the date hereof (or, if such firm shall decline or is unavailable or is not, at the time of the submission referred to in Section 2.3(a),
independent of each of the Parties, another independent industry recognized midstream consulting firm mutually acceptable to the Parties). 
  
 “Midstream Plan” has the meaning set forth in Section 7.1(b). 
  
 “Multiemployer Plan” has the meaning set forth in Section 3.10(d). 
  
 “NCLB” has the meaning set forth in the Recitals.

  
 “NGL” means natural gas liquids. 

 
 “NGL Marketing” means that portion of the Business that
purchases and fractionates unfractionated (“raw”) NGL product, mixed NGLs and spec NGLs from producers and sells fractionated NGL products to petrochemical manufacturers, refiners and other NGL marketers. 
  
 “Non-Substituted Support Letter of Credit” has the meaning
set forth in Section 2.4(b)(1). 
  
 “North
Texas Region” means that portion of the Business that utilizes the following principal assets: Chico Gas Processing Plant, Shackelford Gas Processing Plant, and a common gas gathering system connected to both plants. 
  
 “OLP” has the meaning set forth in the Preamble. 

 
 “Order” means any decree, injunction, judgment, order,
ruling, assessment or writ issued by a Governmental Entity. 
  
 “Other GCF Partners” means the partners in GCF other than the Partnership. 
  
 “Other Party” has the meaning set forth in Section 8.5. 
  
 “Parties” means, collectively, the Seller Parties and the Buyer Parties. 
  
 “Partnership” has the meaning set forth in the Recitals.

  

					
	 	 	10	 	Purchase Agreement

 “Partnership Audited Financial Statements” means the audited consolidated balance sheets
of the Partnership as at December 31, 2003 and December 31, 2004 and the audited consolidated statements of operations and cash flows of the Partnership for the twelve-month periods ended December 31, 2002, December 31, 2003 and
December 31, 2004, including any related notes and schedules thereto. 
  
 “Partnership Benefit Plans” has the meaning set forth in Section 7.1(e). 
  
 “Partnership Financial Statements” means the Partnership Audited Financial Statements and the Partnership Unaudited Financial Statements.

  
 “Partnership Stub Financial Information”
shall have the meaning set forth in Section 6.9(a). 
  
 “Partnership Unaudited Financial Statements” means the unaudited consolidated balance sheet of the Partnership as at June 30, 2005 and the unaudited consolidated statement of operations and cash flows for the six-month
period ended June 30, 2005. 
  
 “Payment
Breach” has the meaning set forth in Section 10.1(e). 
  
 “Permian Basin Region” means that portion of the Business that utilizes the following principal assets: the Versado assets which include the Saunders, Monument and Eunice Processing Plant Complexes;
the Sand Hills Plant Complex, the Puckett Gas Gathering System, and the West Seminole Gas Gathering System. 
  
 “Permit” means any license, permit, franchise, certificate of authority or Order and any extension, modification, amendment or waiver of
the foregoing, required to be issued by any Governmental Entity. 
  
 “Permitted Liens” means: (i) Liens for current Taxes and assessments not yet due and payable or not yet delinquent, (ii) mechanics’, materialmen’s, carriers’, workers’, repairers’ and
inchoate statutory liens and rights in rem and other similar Liens arising or incurred in the ordinary course of business for obligations not yet due or payable or not yet delinquent, (iii) Liens that do not materially interfere with or
impair the operation of the Business as currently conducted, (iv) Liens to lenders incurred in deposits made in the ordinary course in connection with maintaining bank accounts, and (v) Liens created by this Agreement, or in connection
with the transactions contemplated hereby, or by the actions of Buyers and (vi) Liens listed on Schedule 1.1(b). 
  
 “Person” means an association, a corporation, an individual, a partnership, a limited liability company, an unlimited liability company,
a limited liability partnership, a trust or any other entity or organization. 
  
 “Personal Property” has the meaning set forth in Section 3.6(a). 
  
 “Post-Closing Taxable Period” has the meaning set forth in Section 8.3(b). 
  
 “Pre-Closing Covenants” has the meaning set forth in
Section 11.4. 
  

					
	 	 	11	 	Purchase Agreement

 “Pre-Closing Taxable Periods” has the meaning set forth in Section 8.2(a).

  
 “Pre-Marketing Period” means the 45 calendar
day period following the delivery of the Required Information that is Compliant; provided that the Pre-Marketing Period shall not commence until two underwriters engaged in connection with the Debt Financing have deemed, to their reasonable
satisfaction, the Required Information to be substantially complete; provided further that throughout such Pre-Marketing Period, no event shall occur and no condition shall exist that would cause any of the conditions set forth in
Section 9.2(a) and Section 9.2(b) to fail to be satisfied assuming the Closing were to be scheduled for any time during such period; provided further that in the event that, following commencement of the Pre-Marketing
Period, Sellers become aware, either by notice from Buyers or otherwise, that any of the information specified in clause (ii) or (iii) of the definition of Required Information is not Compliant, the Pre-Marketing Period shall cease to run,
and following the delivery of such corrective information as necessary such that the Required Information, as corrected, is Compliant, the Pre-Marketing Period will recommence and will end upon the date that is the number of days following the date
of delivery of such corrected information equal to the greater of (x) the number of days remaining in the Pre-Marketing Period at the time Sellers become aware that the information is not or was not Compliant and (y) 20 days;
provided further that in the event that, following commencement of the Pre-Marketing Period, Sellers become aware, either by notice from Buyers or otherwise, that any of the information specified in clause (i) of the definition of
Required Information is not Compliant, the Pre-Marketing Period shall be deemed not to have commenced, and following the delivery of such corrective information as necessary such that the Required Information, as corrected, is Compliant, the
Pre-Marketing Period will be deemed to have commenced. 
  
 “Prime Rate” means a variable rate of interest per annum equal to the rate of interest from time to time published by the Board of Governors of the Federal Reserve System in Federal Reserve statistical release H.15
(519) entitled “Selected Interest Rates” as the bank prime loan rate. The Prime Rate also includes rates published in any successor publications of the Federal Reserve System reporting the bank prime loan rate or its equivalent.

  
 “Proposed Working Capital Adjustment” has the
meaning set forth in Section 2.3(a). 
  
 “Proposed Final Cash Collateral” has the meaning set forth in Section 2.4(a)(2). 
  
 “Purchase Price” has the meaning set forth in Section 2.2(a). 
  
 “Purchase Price Allocation” has the meaning set forth in Section 8.1(b). 
  
 “Real Estate Permitted Liens” means: (i) zoning,
building, entitlement and other land use and environmental regulations promulgated by Governmental Entities, (ii) such easements, covenants, conditions, restrictions, agreements, rights of way, Liens and other encumbrances identified in the
title reports made available to Buyers and which title reports are listed on Schedule 1.1(c), (iii) such easements, covenants, conditions, restrictions, agreements, rights-of-way, Liens and other encumbrances which do not materially
interfere with or impair the operation of the Business as currently conducted and (iv) subleases to third party tenants and similar use and/or occupancy agreements which are listed on Schedule 1.1(c). 
  

					
	 	 	12	 	Purchase Agreement

 “Reference Balance Sheet” means the unaudited consolidated balance sheet of the
Partnership at June 30, 2005, a copy of which is attached as Schedule 1.1(d). 
  
 “Release” means any spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping or disposing of Contaminants in the environment that (i) is
required to be reported to a Governmental Entity under Environmental Laws or (ii) would constitute a violation of any Environmental Law. 
  
 “Representative” means, with respect to any Person, any officer, director, managing member, employee, agent or representative of such
Person. 
  
 “Required Information” has the
meaning set forth in Exhibit F. 
  
 “Reserved
Claim” means the Action referenced as Defense Item 8 on Schedule 3.8, and any additional actions, proceedings, arbitrations and investigations relating to, arising out of, or connected with the subject matter disclosed therein.

  
 “Responsible Party” has the meaning set forth
in Section 8.5. 
  
 “Retained Excluded
Claims” means the actions, proceedings, arbitrations and investigations referenced as Defense Item 1 on Schedule 3.8, liabilities and obligations retained by Seller Parties under Section 6.11, and any additional
actions, proceedings, arbitrations and investigations (whether instituted by a Governmental Entity or other Person) relating to, arising out of, or connected with the subject matter and in the case of Defense Item 1 the subject properties
disclosed therein. 
  
 “SEC” means the United
States Securities and Exchange Commission. 
  
 “Securities
Act” means the Securities Act of 1933, as amended. 
  
 “Segment Financial Information” shall have the meaning set forth in Section 6.9(a). 
  
 “Seller” or “Sellers” has the meaning set forth in the Preamble. 
  
 “Seller Parties” means, collectively, Dynegy, DHI, DMHI and
DMGP. 
  
 “Sellers’ Benefit Plans” has the
meaning set forth in Section 3.10(c). 
  
 “Sellers’ Bonus Plans” has the meaning set forth in Section 7.1(d). 
  
 “Sellers’ Consent Representatives” has the meaning set forth in Section 5.2. 
  
 “Sellers’ DC Plan” has the meaning set forth in
Section 7.1(g). 
  
 “Sellers’ Insurance
Policies” has the meaning set forth in Section 6.5(a). 
  
 “Sellers’ Records” has the meaning set forth in Section 6.7. 
  
 “Sellers’ Tax” has the meaning set forth in Section 8.2(c). 
  

					
	 	 	13	 	Purchase Agreement

 “Southeast Louisiana Area” means that portion of the Business that utilizes the
following principal assets: the Yscloskey Gas Processing Plant, the VESCO Complex including the offshore gathering systems, and various non-operated gas processing plants in which the Partnership owns undivided interests. 
  
 “Southwest Louisiana Area” means that portion of the
Business that utilizes the following principal assets: the Stingray Natural Gas Processing Plant, the Barracuda Natural Gas Processing Plant, the Lowry Natural Gas Processing Plant, the Seahawk Offshore Gas Gathering Pipeline Systems, and Pelican
Offshore Gas Gathering Pipeline Systems. 
  
 “Specified
Cash Collateral” means, at any time of determination, any Cash Collateral with respect to Chevron or VESCO. 
  
 “Specified Representations” has the meaning set forth in Section 6.4(b). 
  
 “Straddle Periods” has the meaning set forth in
Section 8.2(a). 
  
 “Subsidiary”
means, with respect to any Person, any Person in which such Person has a direct or indirect equity or ownership interest in excess of 50%. 
  
 “Support Letters of Credit” means letters of credit of any kind supporting the credit or facilitating the transactions of any of the DMS
Entities in connection with the Business. 
  
 “Targa” has the meaning set forth in the Preamble. 
  
 “Tax” means any tax imposed of any nature, including federal, state, local or foreign net income tax, alternative or add-on minimum tax, profits or excess profits tax, franchise tax, gross income,
adjusted gross income or gross receipts tax, employment related tax (including employee withholding or employer payroll tax or FICA), real or personal property tax or ad valorem tax, sales or use tax, excise tax, stamp tax, any withholding or backup
withholding tax, value added tax, severance tax, prohibited transaction tax, premiums tax, occupation tax, together with any interest or any penalty, addition to tax or additional amount imposed by any Governmental Entity responsible for the
imposition of any such tax. 
  
 “Taxing
Authority” means any Governmental Entity having jurisdiction over the assessment, determination, collection or imposition of any Tax. 
  
 “Tax Refund” shall mean a refund of Taxes as the result of a Final Determination. 
  
 “Tax Return” means any return, declaration, report or
similar statement required to be filed with respect to any Taxes (including any attached schedules), including any information return, claim for refund, declaration of estimated Tax, and any amendment to any of the foregoing. 
  
 “TM” has the meaning set forth in the Preamble. 

 

					
	 	 	14	 	Purchase Agreement

 “Transition Services Agreement” mean that certain Transition Services Agreement
substantially in form and substance as set forth in Exhibit C, to be entered into among Sellers or their Affiliates, the Partnership and Buyers immediately prior to the Closing. 
  
 “Undisputed Cash Collateral Amount” has the meaning set forth in Section 2.4(a)(2). 

 
 “U.S.$” means the lawful currency of the United States of
America. 
  
 “Versado” has the meaning set forth
in the Recitals. 
  
 “VESCO” has the meaning set
forth in the Recitals. 
  
 “VESCO Audited Financial
Statements” means the audited consolidated balance sheet of VESCO as at December 31, 2002, and the audited consolidated statement of operations and cash flows of VESCO for the twelve-month period ended December 31, 2002, including
any related notes and schedules thereto. 
  
 “VESCO
Business” means the business of VESCO as conducted by VESCO on the date hereof, consisting principally of the gathering and processing of natural gas to produce natural gas liquids and pipeline quality natural gas, the fractionation of
natural gas liquids and the transportation of natural gas and natural gas liquids. 
  
 “VESCO Financial Statements” means the VESCO Audited Financial Statements and the VESCO Unaudited Financial Statements. 
  
 “VESCO Interests” means the 22.8958% percentage interest held by the Partnership in VESCO. 
  
 “VESCO Unaudited Financial Statements” means (i) the
unaudited consolidated balance sheet of VESCO as at December 31, 2003 and December 31, 2004, and the unaudited consolidated statement of operations and cash flows of VESCO for the twelve-month periods ended December 31, 2003 and
December 31, 2004 and (ii) the unaudited consolidated balance sheet of VESCO as at June 30, 2005 and the unaudited consolidated statement of operations and cash flows for the six-month period ended June 30, 2005. 
  
 “VGS” means Venice Gathering System, LLC, a Delaware limited
liability company. 
  
 “Warburg Pincus Equity
Investors” means the Warburg Pincus funds that are parties to the Equity Financing Commitment Letter. 
  
 “Wholesale Marketing and Commercial Transportation” means that portion of the Business that utilizes the following principal assets:
terminal assets (excluding the Mt. Belvieu Terminal and the VESCO Terminal), owned and leased truck transport fleet, NGL barge fleet and a Chevron owned rail car fleet. 
  
 “Working Capital Certificate” has the meaning set forth in Section 9.2(j). 
  
 “Working Capital Notice of Objections” has the meaning set
forth in Section 2.3(a). 
  

					
	 	 	15	 	Purchase Agreement

 “Working Capital Written Submission Date” has the meaning set forth in
Section 2.3(a). 
  
 “WPC” has the
meaning set forth in the Recitals. 
  
 1.2 Certain
Definitional and Interpretive Provisions. 
  
 (a) The
words “hereof”, “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Preamble, Recital,
Article, and Section references are to the body of this Agreement unless otherwise specified. 
  
 (b) All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit or Schedule
but not otherwise defined therein shall have the meaning as defined in this Agreement unless the context otherwise requires. 
  
 (c) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. References herein to the
singular include, unless the context otherwise requires, references to the plural and vice versa. 
  
 (d) The phrase “made available” in this Agreement shall mean, with respect to any document, that the document containing the information
referred to was actually delivered to the Party or its Representative to whom such information is asserted as having been made available, or such document was actually included in the electronic data room established by Sellers on Intralink (the
“Electronic Data Room”) in connection with the transactions contemplated hereby and Buyers were actually permitted to enter such Electronic Data Room and access the subject document. 
  
 (e) When used in this Agreement, the words “include”,
“includes” or “including” shall be deemed followed by the words “without limitation”. The meaning of general words herein shall not be limited by specific examples introduced by “such as” or “for
example” or other similar expressions unless otherwise specified. 
  
 (f) References to “the date of this Agreement,” “the date hereof” or words of like import shall mean the date set forth in the Preamble to this Agreement. 
  
 (g) References to a Person include its successors and permitted assigns. 
  
 (h) The descriptive headings of the Articles, Sections and subsections of
this Agreement are for convenience only and do not constitute a part of this Agreement. 
  
 (i) Whenever any statement herein or in any Schedule, Exhibit, certificate or other document delivered to any party pursuant to this Agreement is made “to [his, her or its] knowledge” or words of similar
intent or effect of any Party or its Representative, the Person making such statement shall be accountable only for those facts, circumstances or events, which as of the date the representation is given, are actually known to the Person making such
statement, which with respect to Sellers or the DMS Entities, means the persons identified on Schedule 1.2(i)(1), and with respect to Buyers, means the persons identified on Schedule 1.2(i)(2). 
  

					
	 	 	16	 	Purchase Agreement

 (j) Any event hereunder requiring the payment of cash or cash equivalents on a day that is not a Business
Day shall be deferred until the next Business Day. 
  
 ARTICLE
II 
 PURCHASE AND SALE; CLOSING 
  
 2.1 Purchase and Sale. Sellers each agree to sell to Buyers, and Buyers agree to purchase from Sellers, the Interests, free and clear
of any and all Liens, for the consideration and on and subject to the terms and conditions of this Agreement. 
  
 2.2 Purchase Price; Purchase Price Adjustment. 
  
 (a) Subject to the terms and conditions of this Agreement, the aggregate purchase price for the Interests shall be an amount equal to U.S.$2,350,000,000
(the “Base Purchase Price”). The Base Purchase Price is subject to adjustment prior to the Closing pursuant to Section 2.2(b) below and after the Closing pursuant to Sections 2.3 and 2.4(a) below (the Base
Purchase Price as so finally adjusted, the “Purchase Price”). 
  
 (b) Not later than five (5) Business Days following the date hereof, Sellers shall cause the Partnership to deliver written notice to the Other GCF Partners offering the entire GCF Interest to the Other GCF
Partners in accordance with Section 6.03 of the GCF Partnership Agreement (the “GCF ROFR Offer”) at an aggregate sale price of U.S.$40,000,000 (the “GCF Sale Price”). In the event the GCF ROFR Offer is accepted
by any or all of the Other GCF Partners and the sale of the GCF Interests is consummated prior to the Closing, the Base Purchase Price payable at the Closing will be decreased by the GCF Sale Price (the Base Purchase Price as so adjusted, the
“Adjusted Base Purchase Price”). Sellers agree to provide Buyers with a copy of the Partnership’s written notice upon delivery to the Other GCF Partners and a copy of the written responses of the Other GCF Partners to the
Partnership’s written notice upon receipt thereof. 
  
 (c)
Not less than five (5) Business Days prior to the Closing Date, Sellers will give to Buyers a good faith estimate of the Adjusted Working Capital as of the Closing Date (the “Estimated Adjusted Working Capital”). The
Estimated Adjusted Working Capital shall be prepared in accordance with GAAP and in a manner consistent with the Reference Balance Sheet and shall be accompanied by a certificate executed on behalf of Sellers by the Chief Executive Officer,
President or Chief Financial Officer of one of the Seller Parties; provided, however, that, notwithstanding the foregoing, in determining the Estimated Adjusted Working Capital, the inclusions, exclusions, adjustments and terms set
forth on Exhibit A shall be given effect. 
  
 (d) The Base
Purchase Price or Adjusted Base Purchase Price, as the case may be, is herein referred to as the “Closing Purchase Price.” 
  

					
	 	 	17	 	Purchase Agreement

 2.3 Working Capital Adjustment. 
  
 (a) If Buyers determine that the statements made in the Working Capital
Certificate delivered by Sellers at Closing pursuant to Section 9.2(j) were inaccurate in any respect, then, promptly following the Closing Date, but in no event later than sixty days after the Closing Date, Buyers shall prepare and
submit to Sellers a certificate executed on behalf of Buyers by the Chief Executive Officer, President or Chief Financial Officer of one of the Buyer Parties dated the date of its delivery, setting forth Buyers’ proposal (“Buyers’
Proposal”) for an adjustment in the Purchase Price (the “Proposed Working Capital Adjustment”) based upon the failure of Sellers to comply with the cash amount and obligations and standards certified in the Working Capital
Certificate (which Buyers’ Proposal shall set forth, in writing and in reasonable detail, a description of the basis upon which Buyers’ conclusion that Sellers have failed to comply is based, together with the Buyers’ calculation of
Adjusted Working Capital as of the Closing Date and the Proposed Working Capital Adjustment), provided that in determining the Proposed Working Capital Adjustment, the inclusions, exclusions, adjustments and terms set forth on Exhibit A used
in preparing the June 30, 2005 Adjusted Working Capital shall be given effect. If Buyers fail to deliver the Buyers’ Proposal within sixty days after the Closing Date, then Buyers shall be deemed to have accepted Sellers’ Working
Capital Certificate. In the event Buyers deliver the Buyers’ Proposal and Sellers dispute the correctness of the Proposed Working Capital Adjustment, Sellers shall notify Buyers in writing of their objections within thirty days after
receipt of the Buyers’ Proposal and shall set forth, in writing and in reasonable detail, the reasons for Sellers’ objections (the “Working Capital Notice of Objections”). If Sellers fail to deliver the Working Capital
Notice of Objections within thirty days after receipt of the Buyers’ Proposal, Sellers shall be deemed to have accepted Buyers’ calculation. If the Proposed Working Capital Adjustment is not disputed or Sellers fail to timely deliver
the Working Capital Notice of Objections, then an amount equal to the Proposed Working Capital Adjustment shall be paid by Sellers to Buyers within five (5) Business Days of such event. Sellers and Buyers shall endeavor in good faith to
resolve any disputed matters concerning the Proposed Working Capital Adjustment within fifteen days after receipt of Sellers’ Working Capital Notice of Objections. If Sellers and Buyers are unable to resolve the disputed matters, Sellers and
Buyers shall refer the disputed matters to the Midstream Consulting Firm on the thirtieth day after receipt of Sellers’ Working Capital Notice of Objections. Sellers and Buyers shall provide written submissions regarding their positions on the
disputed matters, which written submissions shall be provided to each other and to the Midstream Consulting Firm no later than fifteen days after the date of referral of the disputed matters to the Midstream Consulting Firm (the “Working
Capital Written Submission Date”). The determination of the Midstream Consulting Firm shall be based solely on the written submissions by Sellers and Buyers and shall not be by independent review. The Midstream Consulting Firm shall deliver
a written report resolving all disputed matters and setting forth the basis for such resolution within thirty days after the Working Capital Written Submission Date. The determination of the Midstream Consulting Firm in respect of the correctness of
each matter remaining in dispute shall be conclusive and binding on Sellers and Buyers. The fees and expenses, if any, of the Midstream Consulting Firm retained in accordance with this Section 2.3(a) to resolve any dispute shall be paid
one-half by Buyers and one-half by Sellers. 
  
 (b) If the
Midstream Consulting Firm determines that Buyers are entitled to all or some portion of the Proposed Working Capital Adjustment, then Sellers shall pay to 
  

					
	 	 	18	 	Purchase Agreement

 Buyers such amount, with simple interest thereon from the Closing Date to the date of payment at a rate per annum equal
to the Prime Rate at such time plus 2%. Such payment shall be made in immediately available U.S. dollar funds not later than two Business Days after such determination by the Midstream Consulting Firm by wire transfer to a bank account designated in
writing by Buyers. 
  
 (c) From and after the Closing, Buyers
shall, and shall cause their Affiliates (including the DMS Entities) and each of their respective Representatives to, provide reasonable cooperation to Sellers, their Affiliates and each of their respective Representatives in their review of the
Proposed Working Capital Adjustment and shall provide Sellers, their Affiliates and each of their respective Representatives reasonable, timely access to the personnel, properties, books and records (including providing upon request both hard and
electronic copies of any and all documents (including source documents) and work papers and spreadsheets that were used, directly or indirectly, by Buyers in calculating the Proposed Working Capital Adjustment) of the DMS Entities for such purpose
and for the other purposes set forth in this Section 2.3. From and after the Closing, Sellers shall, and shall cause their Affiliates and each of their respective Representatives to, provide reasonable cooperation to Buyers, their
Affiliates and each of their respective Representatives in connection with the review by Buyers of Sellers’ objections to the Proposed Working Capital Adjustment and shall provide Buyers, their Affiliates and each of their respective
Representatives reasonable, timely access to the personnel, properties, books and records (including providing upon request both hard and electronic copies of any and all documents (including source documents) and work papers and spreadsheets that
were used, directly or indirectly, by Sellers in preparing the Working Capital Notice of Objections) for such purpose and for the other purposes set forth in this Section 2.3. 
  
 2.4 Substitutions of Credit Support Obligations. 
  
 (a) Payment of Cash Collateral. 
  
 (1) Attached as Schedule 2.4(a)(1) is Sellers’ determination of
the Cash Collateral as of June 30, 2005 including the breakdown of such Cash Collateral on an item by item basis. Not less than five (5) Business Days prior to the Closing Date, Sellers shall prepare and submit to Buyers a certificate
executed on behalf of Sellers by the Chief Executive Officer, President or Chief Financial Officer of one of the Seller Parties, dated the date of its delivery, setting forth Sellers’ good faith estimate of the outstanding dollar amount of Cash
Collateral employed in the Business and an estimated breakdown of such Cash Collateral on an item by item basis as of the close of business on the Closing Date (the “Estimated Cash Collateral”). In determining the Estimated Cash
Collateral, Sellers shall give effect to the inclusions, exclusions, adjustments and terms set forth on Exhibit B. There shall be no less than U.S.$15,000,000 in Cash Collateral immediately preceding the Closing. The Parties agree that Buyers
shall withhold an amount of Cash Collateral equal to the Holdback Amount to be released to Sellers pursuant to Section 2.4(a)(4). 
  
 (2) Promptly following the Closing Date, but in no event later than thirty days after the Closing Date, Buyers shall prepare and submit to Sellers a
certificate executed on behalf of Buyers by the Chief Executive Officer, President or Chief Financial Officer of one of the Buyer Parties, dated the date of its delivery, setting forth (i) Buyers’ 
  

					
	 	 	19	 	Purchase Agreement

 calculation of Cash Collateral employed in the Business as of the Closing Date; provided that in determining such
calculation of Cash Collateral as of the Closing Date, the inclusions, exclusions, adjustments and terms set forth on Exhibit B shall be given effect (the “Proposed Final Cash Collateral”), and (ii) Buyers’
reasonably detailed calculation of the Proposed Final Cash Collateral, which shall include a reconciliation to the Estimated Cash Collateral on an item by item basis. Buyers agree that any adjustments proposed in accordance with the foregoing shall
give effect to the inclusions, exclusions, adjustments and terms set forth on Exhibit B and will not involve changes in or challenges to Sellers’ accounting policies, procedures, principles, practices, classifications, estimates,
assumptions and methodologies as of June 30, 2005 that were given effect in the calculation of Cash Collateral. In the event Sellers dispute the correctness of the Proposed Final Cash Collateral, Sellers shall notify Buyers in writing of their
objections within fifteen days after receipt of the Proposed Final Cash Collateral and shall set forth, in writing and in reasonable detail, the reasons for Sellers’ objections on an item by item basis (the “Collateral Notice of
Objections”). If Sellers fail to deliver their Collateral Notice of Objections within fifteen days after receipt of the Cash Collateral Statement, Sellers shall be deemed to have accepted Buyers’ calculation (provided that Buyers shall
have fully complied with Section 2.4(a)(5)). Sellers and Buyers shall endeavor in good faith to resolve any disputed matters concerning the Proposed Final Cash Collateral within fifteen days after receipt of Sellers’ Collateral
Notice of Objections (such fifteen day period, the “Cash Collateral Good Faith Period”). Following the Cash Collateral Good Faith Period, but in no event later than sixty days following the Closing Date (the “Cash Collateral
Undisputed Payment Due Date”), subject to Section 2.4(a)(4), Buyers shall pay to Sellers an amount (the “Initial Payment”) equal to the amount, if any, by which the Cash Collateral that is not in dispute (the
“Undisputed Cash Collateral Amount”) exceeds the Holdback Amount, by wire transfer to a bank account designated in writing by Sellers. If Sellers and Buyers are unable to resolve the disputed matters, Sellers and Buyers shall refer
the disputed matters to the Accounting Firm on the sixteenth day after receipt of Sellers’ Collateral Notice of Objections. Sellers and Buyers shall provide written submissions regarding their positions on the disputed matters, which written
submissions shall be provided to each other and to the Accounting Firm no later than fifteen days after the date of referral of the disputed matters to the Accounting Firm (the “Collateral Written Submission Date”). The
determination of the Accounting Firm shall be based solely on the written submissions by Sellers and Buyers and shall not be by independent review. The Accounting Firm shall deliver a written report resolving all disputed matters and setting forth
the basis for such resolution within thirty days after the Collateral Written Submission Date. The determination of the Accounting Firm in respect of the correctness of each matter remaining in dispute shall be conclusive and binding on Sellers and
Buyers. The fees and expenses, if any, of the Accounting Firm retained in accordance with this Section 2.4(a)(2) to resolve any dispute shall be paid one-half by Buyers and one-half by Sellers. The amount of Cash Collateral as of the
Closing Date, as finally determined pursuant to this Section 2.4(a)(2) (whether by failure of Sellers to deliver the Collateral Notice of Objections, by agreement of Sellers and Buyers or by determination of the Accounting Firm), is
referred to herein as the “Final Cash Collateral Amount”. 
  
 (3) Within five Business Days following the final determination of the Final Cash Collateral Amount pursuant to Section 2.4(a)(2), Buyers shall pay to Sellers an amount equal to (i) (A) if an
Initial Payment was required pursuant to Section 2.4(a)(2), the Final Cash Collateral Amount less the sum of the Initial Payment and the Holdback Amount or (B) if 
  

					
	 	 	20	 	Purchase Agreement

 no Initial Payment was required pursuant to Section 2.4(a)(2), the Final Cash Collateral Amount less the
Holdback Amount, plus (ii) simple interest thereon from the Cash Collateral Undisputed Payment Due Date to the date of payment at a rate per annum equal to the Prime Rate at such time plus 2%, by wire transfer of immediately available
U.S. dollar funds to an account designated in writing by Sellers. 
  
 (4) The Holdback Amount shall be paid to Sellers as follows: (A) an amount equal to U.S.$5,000,000, on the fifth Business Day following the date of delivery to Buyers of all executed representation letters required to be delivered
pursuant to Section 6.9(c) and (B) the remaining U.S.$10,000,000, on the fifth Business Day following the earliest to occur of (x) the Additional Audit Date, and (y) the date on which Buyers are no longer actively pursuing
the audits of the Additional Financial Information (the “Abandonment Date”), in each case, by wire transfer of immediately available U.S. dollar funds to an account designated in writing by Sellers; provided, however,
that no payment shall be required pursuant to clause (B) if the Abandonment Date occurs and Seller Parties are in breach of their obligations pursuant to Section 6.9 in any material respect. Each payment pursuant to this
Section 2.4(a)(4) shall include simple interest on the amount of the payment calculation from the Cash Collateral Undisputed Payment Due Date to the date of payment at a rate per annum equal to the Prime Rate at such time plus 2% by wire
transfer of immediately available U.S. dollar funds to an account designated in writing by Sellers; provided, however, that no such interest shall be payable with respect to any period during which Sellers are in breach of their
obligations pursuant to Section 6.9 in any material respect. 
  
 (5) From and after the Closing, Buyers shall, and shall cause their Affiliates (including the DMS Entities) and each of their respective Representatives to, provide reasonable cooperation to Sellers, their Affiliates
and each of their respective Representatives in their review of the Proposed Final Cash Collateral and shall provide Sellers, their Affiliates and each of their respective Representatives reasonable, timely access to the personnel, properties, books
and records (including providing upon request both hard and electronic copies of any and all documents (including source documents) and work papers and spreadsheets that were used, directly or indirectly, by Buyers in calculating the Proposed Final
Cash Collateral) of the DMS Entities for such purpose and for the other purposes set forth in this Section 2.4(a). From and after the Closing, Sellers shall, and shall cause their Affiliates and each of their respective Representatives
to, provide reasonable cooperation to Buyers, their Affiliates and each of their respective Representatives in connection with the review by Buyers of Sellers’ objections to the Proposed Final Cash Collateral and shall provide Buyers, their
Affiliates and each of their respective Representatives reasonable, timely access to the personnel, properties, books and records (including providing upon request both hard and electronic copies of any and all documents (including source documents)
and work papers and spreadsheets that were used by Sellers, directly or indirectly, in preparing the Collateral Notice of Objections) for such purpose and for the other purposes set forth in this Section 2.4(a). 
  
 (b) Substitution of Letters of Credit. 
  
 (1) Schedule 2.4(b) sets forth the Support Letters of Credit
provided, in whole or in part, by Dynegy, DHI or their Affiliates (other than the DMS Entities) for the benefit of the Business as of the date hereof. Buyers shall use commercially reasonable efforts to 
  

					
	 	 	21	 	Purchase Agreement

 cause themselves or one or more of their Affiliates to be substituted, effective as of the Closing Date, in all respects
for Dynegy, DHI or one or more of their Affiliates, as the case may be, in respect of all obligations of Sellers or any of their Affiliates under each and every Support Letter of Credit outstanding as of the Closing Date and shall use commercially
reasonable efforts to cause Dynegy, DHI, and each of their Affiliates, as the case may be, to be forever released and discharged from all obligations under any such Support Letter of Credit. If Buyers are unable to timely effect such substitution
with respect to any Support Letter of Credit outstanding as of the Closing Date (each such Support Letter of Credit, a “Non-Substituted Support Letter of Credit”), then Buyers will, effective as of the Closing Date, assume all
obligations of Sellers or any of their Affiliates under each and every Non-Substituted Support Letter of Credit and obtain a letter of credit for the benefit of Dynegy, DHI or one or more of their Affiliates, on terms and from a financial
institution reasonably satisfactory to Sellers, with respect to the obligations of Dynegy, DHI, and each of their Affiliates under each such Non-Substituted Support Letter of Credit (the “Buyers Replacement Letter of Credit”).

  
 (2) In addition, from and after the Closing Date, Buyers
shall continue to use commercially reasonable efforts to cause themselves or one of more of their Affiliates to be substituted in all respects for Dynegy, DHI or one or more of their Affiliates, as the case may be, in respect of all obligations of
Sellers or any of their Affiliates under each Non-Substituted Support Letter of Credit. If any Non-Substituted Support Letter of Credit remains outstanding ninety days after the Closing Date, then Buyers agree to promptly post cash collateral in the
amount of and in respect of the Non-Substituted Support Letter of Credit, provided that the aggregate amount of cash collateral which Buyers will be obligated to post under this Section 2.4(b)(2) will not exceed U.S.$15,000,000.

  
 (c) Additional Credit Support Payments. Buyers shall
indemnify and hold harmless Dynegy and its Affiliates from and against any Additional Credit Support Payments. 
  
 2.5 The Closing. 
  
 (a) Unless this Agreement shall have been terminated pursuant to Article X, the transactions contemplated by this Agreement shall take place,
subject to the terms and conditions contained herein, at a closing (the “Closing”) to be held at the offices of O’Melveny & Myers LLP, Times Square Tower, Seven Times Square, New York, New York, or at such other
location as may be agreed upon in writing by Sellers and Buyers. 
  
 (b) The Closing shall take place on the date on which the conditions to the transactions contemplated by this Agreement contained in Article IX shall have been satisfied or waived (other than conditions which, by their nature are to
be satisfied on the Closing Date) (the date on which the Closing occurs is herein referred to as the “Closing Date”); provided, however, that except as otherwise agreed in writing by Buyers and Sellers, the Closing
shall not take place on any day other than September 30, 2005, October 31, 2005, November 30, 2005 or any day thereafter; provided further, however, that notwithstanding the satisfaction or waiver of the
conditions set forth in Article IX, Buyers shall not be required to effect the Closing until the earlier of (i) a date during the Marketing Period specified by Buyers on no less than three (3) Business Days’ notice to Sellers
and (ii) the final day of the Marketing Period; provided further, however, that notwithstanding the satisfaction or waiver of the conditions set forth in Article IX, 
  

 22 

 Buyers shall not be required to effect the Closing, and this Agreement may be terminated pursuant to and in accordance
with Section 10.1, in the event the final day of the Marketing Period shall not have occurred before such termination. In the event that the Closing is to occur in December other than on December 31, the Parties will cooperate in
good faith to establish a mutually agreeable date of Closing and procedures relating thereto. The Parties agree that Closing shall be deemed to occur for all purposes (other than Tax, employee benefits, payroll and accounting matters) immediately
following the receipt by Sellers of the Closing Purchase Price. For purposes of Tax, employee benefits, payroll and accounting matters, the Closing shall be deemed to have occurred at 11:59 p.m., Houston, Texas time, on the Closing Date.
Notwithstanding anything to the contrary contained herein, no Party shall have the obligation to effect the Closing if the conditions to such Party’s obligation to do so set forth in Article IX have not been satisfied or waived at the
Closing. 
  
 (c) All proceedings to be taken and all documents to
be executed and delivered by all Parties at the Closing shall be deemed to have been taken and executed simultaneously, and no proceedings shall be deemed taken nor any documents executed or delivered until all have been taken, executed and
delivered. 
  
 2.6 Closing Procedures and
Deliveries. 
  
 (a) At the Closing, Seller Parties shall
deliver, or shall cause to be delivered, to Buyer Parties, the following: 
  
 (1) an Assignment of Interests in the form of Exhibit D in favor of Buyers; 
  
 (2) the certificate referred to in Section 9.2(c); 
  

(3) the resignations referred to in Section 9.2(d); 
  
 (4) if not previously delivered, the consents and releases referred to in Sections 9.2(e) and 9.2(f);

  
 (5) the certificate referred to in
Section 9.2(j); and 
  
 (6) the Transition Services
Agreement, duly executed by Dynegy Marketing and Trade, a Colorado general partnership and any other required Dynegy Affiliates. 
  
 (b) At the Closing, Buyer Parties shall deliver, or shall cause to be delivered, to Seller Parties, the following: 
  
 (1) the wire transfer of immediately available U.S. dollar funds in the
amount of the Closing Purchase Price; 
  
 (2) the certificate
referred to in Section 9.3(c); 
  

					
	 	 	23	 	Purchase Agreement

 (3) written confirmation that all Approvals required under the Hart-Scott-Rodino Act have been obtained
and notices required under the Hart-Scott-Rodino Act have been given; 
  
 (4) the Buyers Replacement Letter of Credit, if any; and 
  
 (5) the Transition Services Agreement, duly executed by Buyers. 
  
 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES OF SELLER PARTIES 
  
 Seller Parties represent and warrant, jointly and severally, to Buyers as
follows: 
  
 3.1 Organization and Related Matters;
Interests. 
  
 (a) Seller Parties. 
  
 (1) Each Seller Party is a corporation duly incorporated, validly existing
and in good standing under the laws of its respective jurisdiction of incorporation. Each Seller Party has all necessary corporate power and authority to execute, deliver and perform this Agreement. 
  
 (2) Sellers collectively own, beneficially and of record, all of the issued
and outstanding Interests. Other than the Interests, there are no outstanding Equity Securities of the Partnership. Except as set forth on Schedule 3.1(a)(2), the Interests are owned by Sellers, free and clear of any Lien. The Interests are
duly authorized, validly issued and outstanding and are fully paid and nonassessable. 
  
 (b) DMS Entities. 
  
 (1)
Each of the DMS Entities is duly formed or organized, validly existing and in good standing, as applicable, under the laws of its respective state of formation or organization. Each DMS Entity has all necessary power and authority to own its
properties and assets and to carry on its business as now conducted. Each DMS Entity is duly qualified, as applicable, to do business in all jurisdictions in which the nature of its business requires it to be so qualified, except where the failure
to be so qualified does not constitute a Material Adverse Effect. 
  
 (2) Except as set forth on Schedule 3.1(b), no DMS Entity holds any Equity Securities in any Person. Except as set forth on Schedule 3.1(b), there are no other outstanding Equity Securities of the DMS Entities authorized,
issued or outstanding or reserved for any purpose. Except as set forth on Schedule 3.1(b), all outstanding Equity Securities set forth on Schedule 3.1(b) as being outstanding and held by the DMS Entities are owned by the DMS Entities
free and clear of any Lien and are duly authorized, validly issued and outstanding and are fully paid and nonassessable. Except as contemplated hereby or set forth on Schedule 3.1(b), there are no outstanding Contracts or other rights to
subscribe for or purchase, or Contracts or other obligations to issue or grant any rights to acquire, any Equity Securities of the DMS Entities. Except as contemplated hereby or set forth on Schedule 3.1(b), there are no 
  

					
	 	 	24	 	Purchase Agreement

 outstanding Contracts of the DMS Entities to repurchase, redeem or otherwise acquire, or affecting the voting rights of,
or requiring the registration for sale of, any Equity Securities of the DMS Entities. Except as set forth on Schedule 3.1(b), there are no preemptive rights in respect of any Equity Securities of the DMS Entities. 
  
 (c) VESCO. 
  
 (1) To the knowledge of Sellers, VESCO is duly formed or organized, validly
existing and in good standing, as applicable, under the laws of its respective state of formation or organization. To the knowledge of Sellers, VESCO has all necessary power and authority to own its properties and assets and to carry on its business
as now conducted. To the knowledge of Sellers, VESCO is duly qualified to do business in all jurisdictions in which the nature of its business requires it to be so qualified, except where the failure to be so qualified does not constitute a Material
Adverse Effect. 
  
 (2) Except for VGS, to the knowledge of
Sellers, VESCO does not hold any Equity Securities in any Person. Except as set forth on Schedule 3.1(c), to the knowledge of Sellers, there are no other outstanding Equity Securities of VESCO authorized, issued or outstanding or reserved for
any purpose. Except as contemplated hereby or set forth on Schedule 3.1(c), to the knowledge of Sellers, there are no outstanding Contracts or other rights to subscribe for or purchase, or Contracts or other obligations to issue or grant any
rights to acquire, any Equity Securities of VESCO. Except as contemplated hereby or set forth on Schedule 3.1(c), to the knowledge of Sellers, there are no outstanding Contracts of VESCO to repurchase, redeem or otherwise acquire, or
affecting the voting rights of, or requiring the registration for sale of, any Equity Securities of VESCO. Except as set forth on Schedule 3.1(c), to the knowledge of Sellers, there are no preemptive rights in respect of any Equity Securities
of VESCO. 
  
 3.2 Financial Statements; Absence of Changes
and Undisclosed Liabilities. 
  
 (a) The Partnership
Financial Statements and VESCO Financial Statements that are attached hereto as Schedules 3.2(a)(i) and 3.2(a)(ii), respectively, were prepared from the books and records of the Partnership and VESCO, respectively, in accordance with
GAAP applied on a consistent basis (other than as set forth therein and subject to, in the case of the Partnership Unaudited Financial Statements and VESCO Financial Statements, any normal year-end adjustments and, with respect to the Partnership
Unaudited Financial Statements and VESCO Unaudited Financial Statements, the absence of footnotes) and present fairly, in all material respects, the financial condition, results of operations and cash flows of the Partnership and VESCO,
respectively, as of the dates thereof and for the periods indicated therein. Additional quarterly financial statements of the Partnership and footnotes provided pursuant to Section 5.9, when delivered, will be prepared from the books and
records of the Partnership in accordance with GAAP applied on a consistent basis (other than as set forth therein and subject to, in the case of any such quarterly unaudited financial statements, any normal year-end adjustments) and will present
fairly, in all material respects, the financial condition, results of operations and cash flows of the Partnership as of the dates thereof and for the periods indicated therein. 
  

					
	 	 	25	 	Purchase Agreement

 (b) Except as set forth on Schedule 3.2(b), since December 31, 2004, there has not been a
Material Adverse Effect. 
  
 (c) Neither the Partnership nor VESCO
has incurred any liabilities that would be required in accordance with GAAP to be disclosed in a balance sheet of the Partnership or VESCO, respectively, or the notes thereto, except liabilities which: (i) are disclosed or reserved against on
the Partnership Audited Financial Statements or VESCO Audited Financial Statements, respectively, (ii) were incurred after December 31, 2004 in the ordinary course of business and that do not materially and adversely impact the Business or
the VESCO Business, (iii) have been discharged or paid in full or will be discharged or paid in full prior to the Closing Date in the ordinary course of business, or (iv) are set forth on Schedule 3.2(c). 
  
 3.3 Tax Returns. 
  
 (a) Except as set forth on Schedule 3.3(a), all Tax Returns required
to be filed on or prior to the Closing Date by or on behalf of the DMS Entities have been or will be filed prior to the Closing Date and are complete and accurate in all respects, and all Taxes due or claimed to be due have been or will be paid
prior to the Closing Date. 
  
 (b) There are no Liens with respect
to any Taxes upon any of the assets or properties of the DMS Entities, other than with respect to Taxes not yet due and payable. 
  
 (c) Except as set forth on Schedule 3.3(c), no audit or other proceeding by any Governmental Entity has formally commenced and no written
notification has been given to the DMS Entities that such an audit or other proceeding is pending or threatened with respect to any Taxes due from any of the DMS Entities or any Tax Return filed by or with respect to any of the DMS Entities for any
Taxes. Except as set forth on Schedule 3.3(c), no assessment of Tax has been proposed in writing against any of the DMS Entities or any of its assets or properties. Except as set forth on Schedule 3.3(c), no waiver or extension of any
statute of limitations is in effect with respect to Taxes or Tax Returns of any of the DMS Entities. 
  
 (d) Neither Seller is a “foreign person” (as that term is defined in Section 1445 of the Code). 
  
 (e) Except as set forth on Schedule 3.3(e), each of the DMS Entities
(other than NCLB) has been classified for federal tax purposes from its inception as either a partnership or an entity disregarded as separate from its owner. 
  

(f) Each of the DMS Entities that is classified as a partnership for federal income tax purposes has in effect an election under Section 754 of
the Code. 
  
 (g) The assets of each of the DMS Entities have been
properly listed and described on the property tax rolls for the taxing units in which such assets are located and no portion of such assets constitutes omitted property for property tax purposes. 
  
 (h) No DMS Entity is a party to any ordinary course, stand alone Tax,
allocation or sharing agreement that would require it to make any Tax related payments to any non DMS Entity. 
  

					
	 	 	26	 	Purchase Agreement

 (i) None of the assets of any of the DMS Entities is held in an arrangement (other than a DMS Entity)
that could be classified as a partnership for federal tax purposes. 
  
 (j) None of the property of any of the DMS Entities is “tax exempt use property” (within the meaning of Section 168(h) of the Code) or “tax exempt bond financed property” (within the meaning of
Section 168(g)(5) of the Code). 
  
 3.4
Material Contracts. Schedule 3.4(i) contains a list, as of the date of this Agreement, of the Contracts (each a “Material Contract”) to which any of the DMS Entities are a party: 
  
 (a) that account for, in the aggregate, at least 40% (or 65% in the case of
the North Texas Region) of total revenues (other than revenues received under Contracts with Chevron) for calendar year 2004 for each of the following individual Business units: (i) Permian Basin Region, (ii) North Texas Region,
(iii) Southwest Louisiana Area, and (iv) Southeast Louisiana Area; 
  
 (b) that account for, in the aggregate, at least 40% (or 65% in the case of the North Texas Region) of total revenues (other than revenues received under Contracts with Chevron) for the first calendar quarter of 2005
for each of the following individual Business units: (i) Permian Basin Region, (ii) North Texas Region, (iii) Southwest Louisiana Area, and (iv) Southeast Louisiana Area; 
  
 (c) under which a DMS Entity received at least U.S.$10,000,000 in the
aggregate under a Contract during the first two calendar quarters of 2005 for each of the following individual Business units: (i) Louisiana Area Assets, (ii) Houston Area Assets, (iii) Wholesale Marketing and Commercial
Transportation, and (iv) NGL Marketing; 
  
 (d) that has
Chevron as a counterparty and involved payments received or payments made (x) for the period from January 1, 2004 through March 31, 2005 in excess of U.S.$5,000,000 in the aggregate for the following Business units taken as a whole:
(i) Permian Basin Region, (ii) North Texas Region, (iii) Southwest Louisiana Area, and (iv) Southeast Louisiana Area, and (y) for the period from January 1, 2005 through June 30, 2005 in excess of U.S.$5,000,000 in
the aggregate for the following Business units taken as a whole: (i) Louisiana Area Assets, (ii) Houston Area Assets, (iii) Wholesale Marketing and Commercial Transportation, and (iv) NGL Marketing; 
  
 (e) that create a partnership, limited liability company or joint venture;

  
 (f) that create or cause the incurrence or assumption of
Indebtedness (other than pursuant to lease obligations or Contracts or arrangements between or among DMS Entities); 
  
 (g) for the lease of personal property involving aggregate payments in excess of U.S.$250,000 in any calendar year; 
  
 (h) for the lease of real property used in the Business involving aggregate
payments in excess of U.S.$50,000 in any calendar year; 
  

					
	 	 	27	 	Purchase Agreement

 (i) that are employment Contracts, or severance, retention or bonus arrangements, in each case other than
(x) under any employee or other benefit plans and (y) Contracts or severance, retention or bonus arrangements the obligations of which will not be assumed by Buyers, retained by the DMS Entities after the Closing Date or otherwise give
rise to any liability or obligations of the Buyers or the DMS Entities from and after the Closing Date; 
  
 (j) that has any Seller Party or any Affiliate of a Seller Party (other than a DMS Entity) as a counterparty, identifying those Contracts that will
survive the Closing and those that will terminate on or prior to the Closing; 
  
 (k) that, to the knowledge of Sellers, provides for a limit on the ability of a DMS Entity to compete in any line of business with any Person or in any geographic area during any period of time after the Closing; and

  
 (l) under which the DMS Entities made payment in excess
$10,000,000 during fiscal year 2004, other than Contracts for purchases and sales of commodities in the ordinary course relating to the gathering, processing, fractionating, terminalling, and transporting of natural gas to produce natural gas and
natural gas liquids. 
  
 Notwithstanding the provisions of Sections
3.4(a)-(l), Material Contracts shall be deemed not to include the Contracts referred to in Section 3.10 or set forth on Schedules 3.10(b), (c), (d) or (i). 
  
 Except as set forth on Schedule 3.4(i), as of the date hereof, (i) each Material
Contract is valid, binding, in full force and effect, and enforceable by the applicable DMS Entity in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar Laws
or equitable principles relating to or affecting the rights of creditors generally; (ii) the DMS Entities are not in default thereunder in any material respect and have not received written notice alleging a material default or a material
breach under any such Material Contract (other than notices of default or breach that have been rescinded or with respect to defaults or breaches that have been cured or waived); (iii) the DMS Entities have not modified any of the material
terms thereof and (iv) to the knowledge of Sellers, no other party to any Material Contract is in breach or default in any material respect thereunder. True copies of the Material Contracts, including all substantive amendments, waivers and
modifications thereto, have been made available to Buyers, except for those Material Contracts identified on Schedule 3.4(i) as not having been made available to Buyers. 
  
 Schedule 3.4 (ii) sets forth, as of the date hereof, each Hedging Obligation of the DMS Entities. 
  
 3.5 Real Property. 
  
 (a) The DMS Entities have good and marketable title, free and clear of all
Liens, to all material real property, owned by, and a valid leasehold interest in all material real property leased by, the DMS Entities, except (a) Permitted Liens and (b) Real Estate Permitted Liens. Schedule 3.5 contains a
list, as of the date of this Agreement, of all real property owned in fee by any DMS Entity. 
  
 (b) To the knowledge of Sellers, (i) the DMS Entities at and immediately following the Closing will have all material easements, rights of way, licenses and use 
  

					
	 	 	28	 	Purchase Agreement

 agreements necessary to conduct the Business (as the Business was conducted throughout the period from December 31,
2004 through the date hereof) and (ii) at and immediately following the Closing, there will not be any gaps, defects or deficiencies in the easements, rights of way, licenses and use agreements used in the Business that would, individually or
in the aggregate, materially impair or disrupt the conduct of the Business (as the Business was conducted throughout the period from December 31, 2004 through the date hereof). 
  
 3.6 Personal Property; Sufficiency of Assets. 
  
 (a) The DMS Entities have good and valid title to, an adequate and valid leasehold interest in, or other right to use all of
the tangible assets and properties (other than real property, which is addressed in Section 3.5) that are reflected in the balance sheet dated December 31, 2004 included in the Partnership Financial Statements or were acquired since
December 31, 2004 (the “Personal Property”), except for Personal Property disposed of since December 31, 2004 in the ordinary course of business and except as disclosed on Schedule 3.11. 
  
 (b) Except as set forth on Schedule 3.6(b), the real property,
Personal Property, Material Contracts, Intellectual Property, and Permits (the “Business Assets”) owned, leased, held or licensed by the DMS Entities constitute substantially all of the real property, Personal Property, Material
Contracts, Intellectual Property, and Permits used by the DMS Entities in the conduct of the Business as conducted as of the date hereof, except assets and properties that may be necessary to the conduct of the Business as of the date hereof and
that (i) are listed on Schedule 3.6(b) and will be transferred to the DMS Entities on or prior to the Closing Date, or (ii) will be provided or otherwise made available to the DMS Entities or Buyers on or after the Closing Date,
including pursuant to the Transition Services Agreement. The Business Assets (including the assets and properties on Schedule 3.6(b) which, for the avoidance of doubt, are not being sold to Buyers pursuant to this Agreement unless otherwise
provided) constitute such assets and rights as are sufficient to enable Buyers and the DMS Entities to conduct the Business as conducted from December 31, 2004 through date hereof from and after the Closing in substantially the same manner as
it was conducted during such period, except (x) for assets that will be transferred to the DMS Entities on or prior to the Closing Date, (y) for assets and properties disposed of, eliminated, consumed, transferred, replaced or conveyed
since December 31, 2004 in the ordinary course of business, and (z) as disclosed on Schedule 3.11. 
  
 3.7 Authorization; No Conflicts. The execution, delivery and performance by Seller Parties of this Agreement have been duly and
validly authorized by the Board of Directors of each Seller Party and by all other necessary corporate action on the part of each Seller Party. This Agreement constitutes a legally valid and binding obligation of each Seller Party enforceable
against each Seller Party in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws and equitable principles relating to or limiting creditors’ rights generally. Except
for matters identified on Schedule 3.7, any Approvals set forth on Schedule 9.1(b) and any consents set forth on Schedule 9.2(e), the execution and delivery by each Seller Party of this Agreement and performance by Sellers
and the DMS Entities of the transactions contemplated by this Agreement will not (i) violate, or constitute a breach or default (whether upon lapse of time and/or the occurrence of any act or event or otherwise) under, the charter documents,
by-laws or other organizational documents, as applicable, of the Seller Parties or the DMS Entities or 
  

					
	 	 	29	 	Purchase Agreement

 (ii) materially violate, or constitute a material breach or default (whether upon lapse of time and/or the
occurrence of any act or event or otherwise) under any Material Contract, (iii) result in the imposition of any Lien against any material assets or properties of the DMS Entities, (iv) materially violate any Law, or (v) require any
material Approvals or consents to be obtained. 
  
 3.8
Actions. There is no Order or Action pending or, to the knowledge of Sellers, threatened in writing against Sellers or any of their Affiliates that seeks to enjoin the consummation of the transactions contemplated herein. Schedule
3.8 sets forth a list as of the date hereof of all pending or, to the knowledge of Sellers, threatened Actions in which any of the DMS Entities is a party. 
  

3.9 Compliance with Law. Except as set forth on Schedule 3.9, each of the DMS Entities is, and, to the knowledge of
Sellers, VESCO is, in compliance in all material respects with all Laws. To the knowledge of Sellers, there are no investigations or reviews pending or threatened by any Governmental Entity relating to any alleged violation of Law arising out of the
operation of the Business. It is the intent of the Parties that this representation and warranty is not applicable to matters relating to Taxes, employees and employee benefit matters or environmental matters, which are the subject of Sections
3.3, 3.10 and 3.12, respectively. 
  
 3.10
Employees and Employee Benefit Matters. 
  
 (a)
Schedule 3.10(a) sets forth a list as of the date hereof of all employees employed by the DMS Entities and each other employee whose duties relate primarily to the Business by name, position or job title, rate of pay and date of hire, but
excluding any such employees who, as of the date hereof, are receiving long-term disability benefits under any of Sellers’ Benefit Plans or who have applied for such benefits due to a disability under such plans but are awaiting a determination
as to their eligibility therefor (such list as may be modified as provided below, “Business Employees”). Business Employees shall not include any former employees of Sellers or their Affiliates. The information set forth on
Schedule 3.10(a) shall be updated as of the Closing Date to include Business Employees hired, in the ordinary course of business, after the date hereof and to delete Business Employees who are no longer employed in the Business as of the
Closing Date, and to reflect any changes with respect to long-term disability status as described above between the date hereof and the Closing Date. 
  
 (b) As of the date hereof, neither the DMS Entities nor Sellers are a party to any current labor or collective bargaining agreement with respect to the
Business Employees. Except as set forth on Schedule 3.10(b), as of the date hereof, (i) to the knowledge of Sellers, there are no union organizing efforts with respect to the Business Employees; (ii) there are no strikes, work
stoppages or slowdowns pending or, to the knowledge of Sellers, threatened against the DMS Entities; (iii) the DMS Entities are not a party to any contract of employment with a Business Employee that cannot be terminated at no expense to the
DMS Entities (other than expenses incurred pursuant to Sellers’ Benefit Plans); (iv) there are no Actions against the DMS Entities pending or, to the knowledge of Sellers, threatened to be brought or filed against the DMS Entities with any
Governmental Entity in connection with the employment by the DMS Entities of the Business Employees; and (v) the DMS Entities are currently in compliance in all material respects with all Laws relating to employment and employment practices.

  

					
	 	 	30	 	Purchase Agreement

 (c) Schedule 3.10(c) sets forth a list identifying each “employee welfare benefit plan,”
as defined in Section 3(1) of ERISA, each “employee pension benefit plan,” as defined in Section 3(2) of ERISA, and each other plan providing for insurance coverage (including any self-insured arrangements), disability benefits,
supplemental unemployment benefits, vacation benefits, retirement benefits, deferred compensation, profit sharing, bonuses, stock options, stock appreciation rights, stock purchase or post-retirement benefits which is maintained, administered, or
contributed to by Sellers, the DMS Entities or any of their ERISA Affiliates and which covers any employee or former employee of the DMS Entities or under which the DMS Entities or any of their ERISA Affiliates has any liability on behalf of any
employee or former employee of the DMS Entities. Such plans are referred to in this Agreement as the “Sellers’ Benefit Plans.” Sellers have made available to Buyers accurate and complete copies as of the date hereof of
(i) each Sellers’ Benefit Plan, including, where applicable, the plan document, trust agreements (or other funding arrangements) and amendments, (ii) the most recent annual report (Form 5500 including all schedules thereto) prepared
in connection with any Sellers’ Benefit Plan required to file such report, (iii) the most recent actuarial valuation report prepared in connection with any Sellers’ Benefit Plan required to maintain such report, and (iv) the
latest IRS determination letter obtained with respect to each Sellers’ Benefit Plan intended to be qualified under Section 401(a) or 501(a) of the Code. 
  
 (d) Except as set forth on Schedule 3.10(d), no Sellers’ Benefit Plan (i) constitutes a “multiemployer
plan,” as defined in Section 3(37) of ERISA (for purposes of this Section, a “Multiemployer Plan”), (ii) is maintained in connection with a trust described in Section 501(c)(9) of the Code or welfare benefit fund
described in Section 419 of the Code, or (iii) is subject to Title IV of ERISA or to the minimum funding standards of ERISA or the Code. Neither Sellers, the DMS Entities nor any of their ERISA Affiliates has incurred any material
liability under Title IV of ERISA arising in connection with the termination of, or complete or partial withdrawal from, any plan covered or previously covered by Title IV of ERISA, except for any liabilities which have been satisfied or waived.

  
 (e) There are no accumulated funding deficiencies as defined
in Section 412 of the Code (whether or not waived) with respect to any Sellers’ Benefit Plan. 
  
 (f) Each Sellers’ Benefit Plan that is intended to be qualified under Section 401 of the Code either (i) has received a favorable
determination letter from the Internal Revenue Service to the effect that such Sellers’ Benefit Plan is qualified and any trust thereunder is exempt from Federal income taxes under Section 501 of the Code, or (ii) is still within the
“remedial amendment period,” as defined in Section 401(b) of the Code and the regulations thereunder. No such determination letter has been revoked nor, to the knowledge of Sellers, has revocation been threatened by the Internal
Revenue Service, nor has any such Sellers’ Benefit Plan been amended since the date of its most recent determination letter or application therefor in any respect that would materially and adversely affect its qualification. 
  
 (g) Except as set forth on Schedule 3.10(g), each Sellers’
Benefit Plan has been maintained in all material respects in accordance with (i) its terms and (ii) the requirements prescribed by all Laws, including ERISA and the Code. There is no Lien upon any Business Asset outstanding pursuant to
Section 412(n) of the Code in favor of any employee benefit plan, program or arrangement. No Business Asset has been provided as security for any employee benefit plan, program or arrangement pursuant to Section 401(a)(29) of the Code.

  

					
	 	 	31	 	Purchase Agreement

 (h) Neither the DMS Entities nor any of their Representatives has, with respect to any Sellers’
Benefit Plan, engaged in or been a party to any “prohibited transaction,” as such term is defined in Section 4975 of the Code or Section 406 of ERISA, which could result in the imposition of a material penalty assessed pursuant
to Section 502(i) of ERISA or a tax imposed by Section 4975 of the Code. 
  
 (i) Except as set forth on Schedule 3.10(i), neither Sellers, the DMS Entities nor any of their ERISA Affiliates provides on behalf of any Business Employees, and neither Sellers, the DMS Entities nor any of
their ERISA Affiliates has any liability on behalf of any Business Employee for, post-retirement medical, health or life coverage or contributes to any employee welfare benefit plan that provides for medical, health or life benefit coverage
following termination of employment except as is required by Section 4980B of the Code. 
  
 (j) There are no pending material claims, suits or other proceedings, or, to the knowledge of Sellers, any threatened claims, suits or other proceedings, by any Business Employees, or plan participants or the
beneficiaries, spouses or Representatives of any of them, against any Sellers’ Benefit Plan, the assets held thereunder, the trustee of any such assets, or the DMS Entities relating to the Sellers’ Benefit Plans, other than ordinary and
usual claims for benefits by participants or beneficiaries. 
  
 3.11 Operation in the Ordinary Course. Except as set forth on Schedule 3.11, since December 31, 2004, the Business and, to the knowledge of Sellers, the VESCO Business, has been operated in the ordinary
course of business in all material respects. 
  
 3.12
Environmental Compliance. 
  
 (a) Except as set
forth on Schedule 3.12: 
  
 (1) each of the DMS
Entities is, and, to the knowledge of Sellers, VESCO is, in compliance, in all material respects, with all Environmental Laws; 
  
 (2) the DMS Entities hold, and, to the knowledge of Sellers, VESCO holds, all Permits that are required of the DMS Entities or VESCO, as applicable, by
Environmental Laws to conduct the Business or the VESCO Business, as applicable, as conducted as of the date hereof, and all such Permits are valid and in full force and effect, except where the failure to hold any such Permit or for such Permit to
be in full force and effect does not constitute a Material Adverse Effect; 
  
 (3) the DMS Entities have not, and, to the knowledge of Sellers, VESCO has not, during the past three years, received any written notice of any alleged violation of or liability under any Environmental Laws from any
Governmental Entity; 
  
 (4) there are no pending Orders or
Actions involving environmental matters or Environmental Laws against the DMS Entities and, to the knowledge of the Sellers, VESCO, and to the knowledge of Sellers no such Actions have been threatened; and 
  

					
	 	 	32	 	Purchase Agreement

 (5) there has been no Release of a Contaminant at or from the real property owned or leased by the DMS
Entities, and, to the knowledge of Sellers, at or from the real property owned or leased by VESCO, in each case that requires remediation by the DMS Entities or VESCO, as applicable, of soil, groundwater, surface water or sediments pursuant to
Environmental Laws. 
  
 (b) This Section 3.12 contains
the sole and exclusive representations and warranties of Sellers with respect to any environmental matters, including any matters arising under Environmental Laws. 
  
 3.13 Permits. The DMS Entities hold all Permits that are required of the DMS Entities by any
Governmental Entity to conduct the Business as conducted as of the date hereof, and all such Permits are valid and in full force and effect, except where the failure to hold any such Permit or for such Permit to be in full force and effect does not
constitute a Material Adverse Effect. No proceeding is pending or, to the knowledge of Sellers, threatened with respect to any alleged failure by the Business or any DMS Entity to have any material Permit or be in compliance therewith. It is the
intent of the Parties that this representation and warranty is not applicable to Permits required to be held by the DMS Entities under Environmental Laws, which are the subject of Section 3.12. 
  
 3.14 Intellectual Property. The DMS Entities own, or are
licensed or otherwise have the right to use, all Intellectual Property used by the DMS Entities on the date hereof in the conduct of the Business, except where the failure to do so would not reasonably be expected to materially impair the conduct of
the Business by Buyers or the DMS Entities. None of the DMS Entities has violated or infringed upon the Intellectual Property of others and the Intellectual Property of the DMS Entities does not materially infringe upon the rights of others;
provided, however, that, Sellers make no representations or warranties in this regard with respect to violations and infringements resulting from Intellectual Property licensed or sold to the DMS Entities by third parties. Except as
listed in Schedule 3.14, no Person has notified the DMS Entities in writing that its use of its Intellectual Property infringes on the rights of any Person that gives rise to any material liability on the part of the DMS Entities, and, to
Sellers’ knowledge, no Person is infringing on any right of the DMS Entities with respect to any such Intellectual Property. 
  
 3.15 Insurance. Schedule 3.15 contains a list of all material policies of insurance and related surety and surety bond
arrangements held by or for the benefit of any of the DMS Entities as of the date hereof. Except as set forth on Schedule 3.15, all such policies are in full force and effect in all material respects, all premiums due and payable thereon
covering all periods up to and including the date hereof have been paid (other than retroactive or retrospective premium adjustments that are not yet, but may be, required to be paid with respect to any period ending prior to the Closing Date), and
as of the date hereof no written notice of cancellation or termination has been received with respect to any such policy which has not been replaced on substantially similar terms prior to the date of such cancellation. 
  
 3.16 Preferential Purchase Rights. Except as set forth
on Schedule 3.16, (a) there are no preferential purchase rights or options, rights of first offer, rights of first refusal, and similar rights held by any Person other than a DMS Entity that gives the holder thereof the right 

 

					
	 	 	33	 	Purchase Agreement

 to purchase or acquire any interest owned, directly or indirectly, by Sellers in a DMS Entity and (b) to the
knowledge of Sellers, there are no preferential purchase rights or options, rights of first offer, rights of first refusal, and similar rights held by any Person not a party to this Agreement that gives the holder thereof the right to purchase or
acquire any interest owned, directly or indirectly, by Sellers in GCF or VESCO. 
  
 3.17 No Brokers or Finders. Except for the fees and commissions payable to Credit Suisse First Boston LLC, which will be the sole responsibility of Sellers, no agent, broker, finder, or investment
or commercial banker, or other Person or firm engaged by or acting on behalf of Sellers or any of their Affiliates in connection with the negotiation, execution or performance of this Agreement or the transactions contemplated by this Agreement is
or will be entitled to any broker’s or finder’s or similar fee or other commission arising in connection with this Agreement or such transactions. 
  
 ARTICLE IV 
 REPRESENTATIONS AND
WARRANTIES OF BUYERS 
  
 Buyers represent and warrant, jointly
and severally, to Sellers as follows: 
  
 4.1
Organization and Related Matters. Each Buyer is a duly formed, validly existing limited liability company or limited partnership, as the case may be, under the laws of the State of Delaware. Targa is a duly formed, validly existing
corporation duly incorporated under the laws of the State of Delaware. Each Buyer Party has the necessary limited liability company, partnership or corporate power and authority to execute, deliver and perform this Agreement. Buyers have full
limited liability company power and authority to own its properties and assets and to carry on its business as now conducted, except where the failure to be so qualified would not, individually or in the aggregate, be reasonably expected to have a
material adverse effect on such Buyer’s ability to perform its obligations under this Agreement. 
  
 4.2 Authorization; No Conflicts. The execution, delivery and performance of this Agreement by each Buyer Party have been duly and
validly authorized by all necessary limited liability company, partnership or corporate action on the part of each Buyer Party. This Agreement constitutes a legally valid and binding obligation of each Buyer Party, enforceable against each Buyer
Party in accordance with its terms except as may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws and equitable principles relating to or limiting creditors’ rights generally. Except for any Approvals set
forth on Schedule 9.1(b) and any consents set forth on Schedule 9.3(d), the execution, delivery and performance of this Agreement by each Buyer Party will not (i) violate, or constitute a breach or default (whether upon lapse of
time and/or the occurrence of any act or event or otherwise) under the charter documents or by-laws of each Buyer Party, (ii) materially violate, or constitute a material breach or default (whether upon lapse of time and/or the occurrence of
any act or event or otherwise) under any Contract to which each Buyer Party is a party, (iii) result in the imposition of any Lien against any material assets or properties of Buyer Parties, (iv) materially violate any Law, or
(v) require any material Approvals or consents to be obtained. 
  
 4.3 Actions. There is no Order or Action pending or, to the knowledge of Buyers, threatened against Buyers or any of their Affiliates or against the Warburg Pincus Equity 
  

					
	 	 	34	 	Purchase Agreement

 Investors, that individually or when aggregated with one or more other Orders or Actions has or could reasonably be
expected to have a material adverse effect on each Buyer’s ability to perform its obligations under this Agreement. 
  
 4.4 No Brokers or Finders. Except for the fees and commissions of Merrill Lynch, Pierce, Fenner & Smith Incorporated, which
shall be the sole responsibility of Buyers, no agent, broker, finder or investment or commercial banker, or other Person or firms engaged by or acting on behalf of each Buyer or their Affiliates in connection with the negotiation, execution or
performance of this Agreement or the transactions contemplated by this Agreement, is or will be entitled to any broker’s or finder’s or similar fees or other commissions arising in connection with this Agreement or the transactions
contemplated herein. 
  
 4.5 Financing.
Buyers have received, accepted and delivered to Sellers true and correct executed copies of (i) a commitment letter from certain lenders (the “Debt Financing Commitment Letter”), pursuant to which such lenders have committed to
provide to Buyers debt financing in the amounts set forth therein, subject only to the terms and conditions set forth therein (such debt financing, the “Debt Financing”), and (ii) an equity commitment letter from the Warburg
Pincus Equity Investors (the “Equity Financing Commitment Letter” and together with the Debt Financing Commitment Letter, the “Financing Commitments”), pursuant to which the Warburg Pincus Equity Investors have
committed to provide to Buyers equity financing in the amounts set forth therein, subject only to the terms and conditions set forth therein (such equity financing, the “Equity Financing” and together with the Debt Financing, the
“Financing”). None of the Financing Commitments has been amended or modified prior to the date of this Agreement and, as of the date hereof, the respective commitments contained in the Financing Commitments have not been withdrawn
or rescinded in any respect. To the knowledge of Buyers, the Financing Commitments are in full force and effect. Buyers and the Warburg Pincus Equity Investors do not have, and, to the knowledge of Buyers, the lenders party to the Debt Financing
Commitment Letter do not have, any conditions precedent or other agreements related to the funding of the full amount of the Financing between Buyers or the Warburg Pincus Equity Investors and the lenders party to the Debt Financing Commitment
Letter, other than as set forth in or contemplated by the Financing Commitments. The aggregate proceeds contemplated by the Financing Commitments, together with available cash of the Buyers, will be sufficient for Buyers to pay the Purchase Price,
and to pay all related fees and expenses. As of the date of this Agreement, Buyers do not have any reason to believe that any of the conditions to the Financing will not be satisfied or that the Financing will not be available to Buyers on the
Closing Date. 
  
 4.6 Investment
Representation. Each Buyer is aware that the Interests are not registered under the Securities Act. Each Buyer is an “accredited investor” as defined under the Securities Act and possesses such knowledge and experience in financial
and business matters that it is capable of evaluating the merits and risks of its investments hereunder. Each Buyer is acquiring the Interests from Sellers for its own account as principal, for investment purposes only and not with a view to the
distribution thereof. Each Buyer agrees that the Interests will not be sold, transferred, offered for sale, pledged, hypothecated or otherwise disposed of without registration under the Securities Act, except pursuant to a valid exception from
registration under the Securities Act. 
  

					
	 	 	35	 	Purchase Agreement

 ARTICLE V 
 COVENANTS WITH RESPECT TO THE PERIOD PRIOR TO THE CLOSING 
  
 5.1 Access. 
  
 (a) Between the date hereof and the Closing Date, Sellers shall cause the DMS Entities to authorize and permit Buyers and their Representatives (including
their independent accountants and counsel) to have reasonable access during normal business hours, upon reasonable prior notice and in such manner as will not unreasonably interfere with the operations or conduct of the Business or the other
businesses of Sellers or their Affiliates, to such (i) facilities and assets of the DMS Entities, (ii) properties, books and records relating to the Business and (iii) officers of Sellers or their Affiliates, in each case, as Buyers
may from time to time reasonably request for the purpose of obtaining any necessary Approvals of, consents for or Permits for the transactions contemplated by this Agreement; provided, however, that neither Sellers nor the DMS Entities
shall be required to supply any document or information or take any other action that would or may reasonably be expected to constitute a waiver of the attorney-client or other legal privilege or protection, violate any Law, or result in a breach of
or a default under any obligation owed to a third party. All requests for such access shall be made to such of Sellers’ Consent Representatives as Sellers shall designate, who shall be solely responsible for coordinating and shall coordinate
all such requests and all access permitted hereunder. Any information provided to or obtained by Buyers or their representatives under this Section 5.1 shall be subject to the terms of the confidentiality agreement dated May 18,
2005, between Targa, and Dynegy (as amended, the “Confidentiality Agreement”) provided the Confidentiality Agreement shall expire at the Closing. 
  
 (b) Prior to the Closing Date, the Sellers shall cause the Electronic Data Room to be maintained and shall allow Buyers
continued access to the Electronic Data Room. The Sellers will use commercially reasonable efforts to cause IntraLinks not later than ten (10) Business Days after the Closing to provide to Buyers an electronically readable form of the data
included in the Electronic Data Room or, if unsuccessful in such regard, will directly provide such data to Buyers. 
  
 5.2 Conduct of Business. During the period from the date of this Agreement to the Closing Date, except as set forth on Schedule
5.2 or otherwise provided for in, or contemplated by, this Agreement (including the sale of GCF, as contemplated by Section 2.2(b)), Sellers shall and shall cause the DMS Entities to conduct the Business in the ordinary course of
business consistent with past practice (including making capital expenditures, maintaining and building inventories and posting Cash Collateral) and, without the prior written consent of Buyers, which consent shall not be unreasonably withheld,
delayed or conditioned, the DMS Entities shall not and Sellers’ shall cause the DMS Entities not to: 
  
 (a) conduct the Business in any manner other than in the ordinary course; 
  
 (b) except to the extent required by Law, (i) increase in any material respect the compensation, pension or welfare
benefits of any of the Business Employees, except in the ordinary course of business, (ii) enter into any new, or amend any existing, severance or change in control plan the obligations of which will be retained by the DMS Entities or assumed
by 
  

					
	 	 	36	 	Purchase Agreement

 Buyers post-Closing, or (iii) enter into any Contracts of employment other than at-will agreements or arrangements
(other than, with respect to this clause (iii), Contracts terminable by the DMS Entities without any obligation or liability to Buyers or the DMS Entities after the Closing Date); 
  
 (c) sell, transfer, lease or license or otherwise dispose of any material assets, except (i) for dispositions of
property which are not strategic to or required in the Business not greater than U.S.$5,000,000 in the aggregate, (ii) for sales of inventory or obsolete, damaged, broken, or excess equipment in the ordinary course of business or grants of
licenses in the ordinary course of business, or (iii) pursuant to any Contracts in effect on the date hereof or entered into in compliance with this Section 5.2; 
  
 (d) make any capital expenditures or commitments with respect thereto in excess of U.S.$5,000,000 in the aggregate, except
(i) pursuant to any Contracts in effect on the date hereof or entered into in compliance with this Section 5.2; (ii) pursuant to the capital expenditure forecast set forth on Schedule 5.2(d); or (iii) as reasonably
required in order to effectuate unplanned repair or maintenance of facilities and equipment in a manner consistent with past practice; 
  
 (e) acquire by merging or consolidating with, by purchasing a substantial portion of the assets of, or by any other manner, any business or any
corporation, partnership, association or other business organization or division thereof or otherwise acquire any assets that are material, individually or in the aggregate, to the Business, except pursuant to capital expenditures in accordance with
Schedule 5.2(d); 
  
 (f) except in connection with a lease
pursuant to clause (g) below, incur any indebtedness for borrowed money, other than indebtedness incurred in the ordinary course (including accounts payable) to be repaid at or prior to the Closing; 
  
 (g) enter into any leases for new or existing equipment, which lease requires
payment in excess of U.S.$5,000,000 in the aggregate, other than with respect to entering into any lease for new or existing equipment for the replacement of or substitution for equipment presently leased for which the leasing Contract terminates by
the passage of time; 
  
 (h) enter into any joint venture,
partnership or other similar arrangement; 
  
 (i) except as
permitted by its terms, amend in any material respect or terminate any Material Contract other than in the ordinary course of business; 
  
 (j) enter into any new Contract that would have been deemed a Material Contract, except for Contracts (i) entered into in the ordinary course of
business and (ii) which are not reasonably expected to require payment by, or impose obligations on, the DMS Entities taken as a whole, or generate revenues for, the DMS Entities taken as a whole, (A) in the case of upstream commodity and
services contracts, in excess of $7,500,000 per year, (B) in the case of downstream commodity, processing, fractionating, terminalling, and transport contracts, in excess of $15,000,000 per month and (C) in the case of Contracts other than
those specified in clause (A), clause (B) or other than those for the purchase of commodities relating to the gathering, processing, fractionating, terminalling and transporting or natural gas and natural gas liquids, in excess of $10,000,000
per year. 
  

					
	 	 	37	 	Purchase Agreement

 (k) change or amend their charter documents or bylaws; 
  
 (l) make any material change in any method of accounting or accounting
principles, practices or policies, other than those required by GAAP or Law; 
  
 (m) enter into any new agreement or arrangement with Dynegy or any of its Affiliates (other than another DMS Entity) (provided that this paragraph (m) shall not be deemed to prohibit performance by the DMS
Entities in accordance with the terms of agreements existing on the date hereof with Dynegy or any of its Affiliates); 
  
 (n) issue, sell, redeem or acquire for value any Equity Securities of any of the DMS Entities; 
  
 (o) take any action, refrain from taking any action, or enter into any
Contract that would result in the imposition of any Lien on any properties or assets used in the Business other than (x) Permitted Liens, and (y) Real Estate Permitted Liens; 
  
 (p) enter into any Hedging Obligation except (i) in the ordinary course of business consistent with past practice over
the prior twelve months from the date hereof and (ii) with a term of less than 60 days with respect to activities of or relating to the following Business Units: (i) Permian Basin Region; (ii) North Texas Region; (iii) Southwest
Louisiana Area; and (iv) Southeast Louisiana Area, and a term ending on or prior to April 1, 2006 with respect to activities of or relating to the following Business Units: (i) Louisiana Area Assets; (ii) Houston Area Assets;
(iii) Wholesale Marketing and Commercial Transportation; and (iv) NGL Marketing; 
  
 (q) enter into Agreement with respect to any sale or disposition of assets or properties of the DMS Entities which impose post-closing indemnification obligations upon any of the DMS Entities with respect to such sale
or disposition; or 
  
 (r) agree to or make any binding commitment
to take any actions prohibited by this Section 5.2. 
  
 Notwithstanding the foregoing, nothing contained in this Agreement shall give Buyers, directly or indirectly, the right to control or direct the DMS Entities’ operations or the Business prior to the Closing Date. 
  
 Buyers hereby designate the two officers of Buyers or their Affiliates listed
on Schedule 5.2, or such other officers as Buyers may hereafter designate upon written notice to Sellers (the “Buyers’ Consent Representatives”), to be responsible for determining whether consent to any action
prohibited by this Section 5.2 shall be given by Buyers. Sellers hereby designate the two officers of Sellers or their Affiliates listed on Schedule 5.2, or such other officers as Sellers may hereafter designate upon written
notice to Buyers (the “Sellers’ Consent Representatives”), to contact Buyers’ Consent Representatives with any requests for consent to any action prohibited by this Section 5.2. Buyers’ Consent
Representatives shall respond 
  

					
	 	 	38	 	Purchase Agreement

 promptly in writing to any request for consent to the taking of any action under this Section 5.2. If
Buyers’ Consent Representatives do not respond in writing to any request within three (3) Business Days of its receipt, such consent will be deemed to have been given. The time periods within which Buyers’ Consent Representatives must
respond shall commence on the date on which either of Buyers’ Consent Representatives receives a written request for consent. 
  
 5.3 Efforts; No Inconsistent Action. 
  
 (a) Subject to the terms and conditions hereof, in addition to any express obligations set forth herein, Buyers and Sellers shall cooperate and use
commercially reasonable efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable to consummate and make effective the transactions contemplated by this Agreement and to cause the
conditions to each other’s obligation to close the transactions contemplated hereby as set forth in Article IX to be satisfied. 
  
 (b) In furtherance and not in limitation of the foregoing, Buyers and Sellers shall use commercially reasonable efforts to file Notification and Report
Forms under the Hart-Scott-Rodino Act and similar merger control filings as promptly as practicable following the date hereof and in any event no later than ten Business Days following the date hereof. Buyers and Sellers shall each be responsible
for one-half of any and all application or filing fees with respect to applications made with respect to any and all applications or filings under the Hart-Scott-Rodino Act and similar applications and filings. As promptly as practicable following
the date hereof, and in no event later than 20 Business Days following the date hereof, Buyers and Sellers shall make all necessary filings for all other Approvals required from Governmental Entities to consummate the transactions contemplated by
this Agreement. Buyers and Sellers shall cooperate and use commercially reasonable efforts to obtain any Approvals required for the Closing (including through compliance with the Hart-Scott-Rodino Act), to respond to any requests for information
from a Governmental Entity, and to contest and resist any Action and to have vacated, lifted, reversed or overturned any Order (whether temporary, preliminary or permanent) that restricts, prevents or prohibits the consummation of the transactions
contemplated by this Agreement. Notwithstanding the foregoing, Buyers agree to use their best efforts to promptly secure clearance under the Hart-Scott-Rodino Act and other Approvals with respect to the consummation of the transactions contemplated
by this Agreement. 
  
 (c) To the extent permitted by Law, Buyers
and Sellers shall each provide the other the opportunity to make copies of all material correspondence, filings or communications (or memoranda setting forth the substance thereof) between such Party or its Representatives, on the one hand, and any
Governmental Entity, on the other hand, with respect to this Agreement or the transactions contemplated by this Agreement, except for documents filed pursuant to Item 4(c) of the Hart-Scott-Rodino Notification and Report Form or communications
regarding the same or documents or information submitted in response to any request for additional information or documents pursuant to the Hart-Scott-Rodino Act which reveal Sellers’ or Buyers’ negotiating objectives or strategies or
purchase price expectations. Buyers and Sellers acknowledge that all such information provided pursuant to the foregoing sentence shall be subject to the terms of the Confidentiality Agreement. 
  

					
	 	 	39	 	Purchase Agreement

 (d) Each of Buyers and Sellers will give the other(s) reasonable notice of and a reasonable opportunity
to participate in contacts and meetings with any Governmental Entity regarding antitrust or merger control matters, including cooperation in the scheduling of such contacts and meetings. Buyers and Sellers shall cooperate with each other to the
extent reasonable in connection with the foregoing. In furtherance and not in limitation of the foregoing, Buyers and Sellers shall notify and keep the other advised as to (i) any material communication from the Federal Trade Commission, the
Department of Justice or any other Governmental Entity regarding any of the transactions contemplated hereby and (ii) any Action pending and known to such Party or, to its knowledge, threatened, which challenges the transactions contemplated
hereby. Buyers and Sellers shall not take any action inconsistent with their obligations under this Agreement that would materially hinder or delay the consummation of the transactions contemplated by this Agreement. 
  
 (e) Prior to the Closing, the Parties shall use commercially reasonable
efforts to obtain (and cooperate with the other Parties in obtaining) all material consents, permits, authorizations, approvals of, and exemptions by, any third party necessary for the consummation of the transactions contemplated by this Agreement.

  
 (f) All documents required to be filed by any of the Parties
or any of their respective Affiliates with any Governmental Entity in connection with this Agreement or the transactions contemplated by this Agreement will comply in all material respects with the provisions of Law. 
  
 5.4 Financing. 
  
 (a) Buyers will promptly notify Sellers, in writing, (i) of any
proposal by any of the lenders party to the Debt Financing Commitment Letter to amend, modify, withdraw or terminate the Debt Financing Commitment Letter (or any material breach by any party to the Debt Financing Commitment Letter) in any manner
that is reasonably likely to impair materially the likelihood of receipt at Closing of funds necessary to consummate the transactions contemplated hereby or (ii) of any proposal by the Warburg Pincus Equity Investor to amend, modify, withdraw
or terminate the Equity Financing Commitment Letter in any manner that is reasonably likely to impair materially the likelihood of receipt at Closing of funds necessary to consummate the transactions contemplated hereby. In addition, upon
Sellers’ reasonable request, Buyers shall advise and update Sellers, in a level of detail reasonably satisfactory to Sellers, with respect to the status, proposed closing date and material terms of the proposed Debt Financing and to provide to
Sellers copies of all agreements related to the Debt Financing (other than ancillary documents, subject to confidentiality agreements). Buyers shall not consent to any amendment, modification or early termination of the Debt Financing Commitment
Letter that is reasonably likely to impair materially the likelihood of receipt at the Closing of funds necessary to consummate the transactions contemplated hereby. 
  
 (b) Sellers shall provide, and shall cause their Affiliates to provide, and shall use their respective reasonable best
efforts to cause the respective officers, employees, Representatives and advisors (including legal and accounting advisors) of Sellers and their respective Affiliates to provide, to Buyers all cooperation requested by Buyers that is necessary,
proper or advisable in connection with the Debt Financing and the other transactions 
  

					
	 	 	40	 	Purchase Agreement

 contemplated hereby, in each case upon Buyers’ request with reasonable prior notice, including
(i) participation in meetings, presentations, road shows, due diligence sessions and sessions with rating agencies, (ii) assisting with the preparation of materials for rating agency presentations, offering documents, private placement
memoranda, bank information memoranda, prospectuses and similar documents required in connection with the Debt Financing, (iii) furnishing Buyers and their financing sources with the Required Information, (iv) furnishing Buyers and their
financing sources with the Additional Required Information, (v) obtaining accountants’ comfort letters, legal opinions, surveys and title insurance as reasonably requested by Buyers, and (vi) (A) permitting the prospective lenders
involved in the Debt Financing to identify and evaluate the Partnership’s assets, cash management and accounting systems, policies and procedures relating thereto for the purposes of establishing collateral arrangements, and
(B) establishing for Buyers bank and other accounts and blocked account agreements in connection with the foregoing. Buyers acknowledge that the assistance provided by Sellers, their Affiliates and each of their respective Representatives are
being provided at the request of Buyers. Buyers shall indemnify and hold harmless Sellers, their Affiliates and each of their respective Representatives from and against any Indemnifiable Losses resulting from any assistance or activities provided
pursuant to this Section 5.4, except to the extent that such Indemnifiable Losses arose or resulted from (i) any breach by any Seller of its obligations, representations, warranties, covenants or agreements under this Agreement
(without giving effect to any materiality, Material Adverse Effect or similar qualifiers except as specified in Section 11.1), or (ii) the gross negligence or willful misconduct of any Seller, any Affiliate of any Seller or any of
their respective Representatives. The provisions of this Section 5.4(b) (including the indemnity provisions) shall not affect any rights of any Buyer or any Affiliate or Representative thereof under Section 11.1. Buyers
shall, promptly upon request by the Sellers, reimburse the Sellers for all reasonable and documented out-of-pocket costs incurred by the Sellers and their Affiliates in connection with such cooperation. 
  
 (c) Buyers shall use their reasonable best efforts to take, or cause to be
taken, all actions and to do, or cause to be done, all things necessary, proper or advisable to arrange the Financing on the terms and conditions described in the Financing Commitments, including using reasonable best efforts to (i) maintain in
effect the Financing Commitments, (ii) satisfy on a timely basis all conditions applicable to Buyers to obtaining the Financings set forth therein (including by consummating the Equity Financing pursuant to the terms of the Equity Financing
Commitment Letter), (iii) enter into definitive agreements with respect thereto on the terms and conditions contemplated by the Debt Financing Commitment Letter (including the related flex provisions) or on other terms not materially less
beneficial to Buyers, including with respect to conditionality, as determined in the reasonable judgment of Buyers, and (iv) consummate the Financings at or prior to Closing. In the event any portion of the Debt Financing becomes unavailable on
the terms and conditions contemplated in the Debt Financing Commitment Letter, Buyers shall use their reasonable best efforts to arrange to obtain alternative financing from alternative sources in an amount sufficient to consummate the transactions
contemplated by this Agreement on terms not materially less beneficial to Buyers (as determined in the reasonable judgment of Buyers) as promptly as practicable following the occurrence of such event but no later than the last day of the Marketing
Period. For the avoidance of doubt, in the event that (x) all or any portion of the Debt Financing structured as high yield financing has not been consummated, (y) all closing conditions contained in Article IX shall have been
satisfied or waived (other than conditions which, by their nature, are to be satisfied on the Closing Date and 
  

					
	 	 	41	 	Purchase Agreement

 which the Sellers would be able to satisfy at the Closing if the Closing were to occur at such time) and (z) the
bridge facilities contemplated by the Debt Financing Commitment Letter (or alternative bridge financing obtained in accordance with this Section 5.4(c)) are available on the terms and conditions described in the Debt Financing Commitment
Letter (or replacements thereof as contemplated by this Section 5.4(c)), then Buyers shall use the proceeds of such bridge financing to replace such high yield financing no later than the last day of the Marketing Period. 
  
 (d) In the event that following the commencement of the Pre-Marketing Period,
Sellers become aware, either by notice from Buyers or otherwise, that any of the information specified in the definition of Required Information is not Compliant, Sellers shall promptly deliver to Buyers such corrective information as may be
necessary such that such Required Information, as corrected, is Compliant. 
  

					
	 	 	42	 	Purchase Agreement

 5.5 Supplemental Disclosure. 
  
 (a) Prior to the third (3rd) Business Day preceding the Closing Date, Sellers shall supplement the Disclosure Schedules relating to Article III hereunder, as appropriate, with respect to any matter that arises or
becomes known by Sellers after the date hereof and that would have been required to be set forth or described in the Disclosure Schedules had such matter existed or been known to Sellers as of the date of this Agreement; provided that the
Sellers shall not be entitled to update the Disclosure Schedules for errors or omissions to the Disclosure Schedules as of the date hereof. Any such update shall be made promptly after such matter arises or becomes known to any Seller Party, as
applicable. Any such update of the Disclosure Schedules will be deemed to have cured any breach of any representation or warranty made in this Agreement with respect to such matter, only to the extent that the matter giving rise to such update of
the Disclosure Schedules, when aggregated with all other matters giving rise to updates of the Disclosure Schedules and without taking into account any of the provisions of Article XI, has resulted in the DMS Entities, taken as a whole, being
required to make payments, incur obligations, or suffer liabilities or losses of up to U.S.$10,000,000 (whether actually incurred prior to or after the Closing) (it being understood that the consummation of the Closing with respect to any such
update will be deemed to constitute a waiver of a right to indemnity with respect to the breach or breaches cured by such update with respect to the first U.S.$10,000,000 in the aggregate of payments, obligations incurred, or liabilities or losses
suffered in connection with such breach or breaches). In the event that any such matter giving rise to an update of the Disclosure Schedules, when aggregated with all other matters giving rise to updates of the Disclosure Schedules and without
taking into account any of the provisions of Article XI, has resulted in the DMS Entities, taken as a whole, being required to make payments, incur obligations, or suffer liabilities or losses in excess of U.S.$10,000,000 (whether actually
incurred prior to or after the Closing), such update will not be deemed to have cured any breach of any representation or warranty made in this Agreement with respect to such matter to the extent the aggregate amount of such payments, obligations,
liabilities and losses exceed U.S.$10,000,000 in the aggregate (it being understood that the consummation of the Closing with respect to any such update will not be deemed to constitute a waiver of a right to indemnity with respect to such matters
in excess of U.S.$10,000,000 in the aggregate, and the provisions of Article XI shall apply to such matters). 
  
 (b) Notwithstanding the foregoing, no matter included on any update to the Disclosure Schedules made pursuant to Section 5.5(a) will be deemed
to have been disclosed for purposes of determining whether or not the conditions set forth in Section 9.2(a) have been satisfied. 
  
 (c) In the event that the matters disclosed in the supplements to the Disclosure Schedules proposed by Sellers pursuant to Section 5.5(a),
individually or in the aggregate, constitute a Material Adverse Effect then Buyers shall have the right to terminate this Agreement by providing written notice of termination to Sellers. It is acknowledged and agreed that any termination of this
Agreement by Buyers pursuant to this Section 5.5(c) shall not require payment of the Buyers’ Termination Fee. 
  

					
	 	 	43	 	Purchase Agreement

 5.6 Consummation of Certain Pre-Closing Transactions. 
  
 (a) Prior to the Closing, Sellers shall take such action as may be necessary
or appropriate to effect the transfer to the DMS Entities of the employment of each Business Employee who was employed by any Seller or Affiliate of Sellers which is not a DMS Entity. 
  
 (b) At or before the close of business on the day prior to the Closing Date: 
  
 (1) the Partnership shall pay a cash dividend or otherwise distribute to
DMHI and DMGP or an Affiliate of DMHI and DMGP an aggregate amount equal to all cash and cash equivalents, if any, of the Partnership at the close of the business on the day prior to the Closing Date (including cash received by the Partnership
pursuant to Section 5.6(b)(2)), other than the amount of cash required to satisfy the conditions set forth in Section 9.2(j); 
  
 (2) all accounts receivable, notes receivable and other intercompany loans (including any accrued interest thereon) payable to the DMS Entities by Dynegy
or any of its Affiliates shall be paid, forgiven, contributed or otherwise eliminated or settled; and 
  
 (3) all accounts payable, notes payable and other intercompany loans (including any accrued interest thereon) payable by the DMS Entities to Dynegy or
any of its Affiliates shall be paid, forgiven, contributed or otherwise eliminated or settled. 
  
 5.7 Specified Letters of Credit. Subject to the terms and conditions hereof, Buyers and Sellers shall cooperate and use commercially reasonable efforts to take, or cause to be taken, all actions
and to do, or cause to be done, all things necessary, proper or advisable to obtain a commitment from Chevron and VESCO on market-based terms to replace the Specified Cash Collateral with letters of credit to be issued by or on behalf of Buyers for
the benefit of such Persons, as applicable, as of the Closing. In furtherance of the foregoing, Buyers shall agree to enter into letter of credit terms with Chevron and VESCO that are not materially less advantageous to Buyers than the letter of
credit terms then-customarily agreed to and accepted by Chevron and VESCO for similarly situated entities (including with respect to creditworthiness) and similar underlying commercial transactions or contracts. Buyers
acknowledge that the amounts required to be posted under such letters of credit are expected to cover payment obligations through stated due dates and such amounts may be higher than the amount of the Cash Collateral associated with either Chevron
or VESCO.
  
 5.8 Business Segment. The
Parties shall comply with the terms of Schedule 5.8. 
  
 5.9 Quarterly Financial Statements; Footnotes. (a) Sellers shall provide to Buyers prior to the Closing true and correct copies of: (i) an unaudited consolidated balance sheet of the Partnership as of the end of each
fiscal quarter ending after June 30, 2005, within 45 days following the end of such fiscal quarter, unless the applicable fiscal quarter ends less than 45 days prior to the Closing Date (in which case Sellers shall reasonably cooperate with
Buyers in Buyers’ production of such financial statements), and (ii) an unaudited consolidated statement of operations and cash flows of the Partnership for the fiscal year-to date period to the end of each fiscal quarter ending after
June 30, 2005, within 45 days following the end of such fiscal quarter, unless the applicable fiscal quarter ends less than 45 days prior to the Closing Date (in which case Sellers shall reasonably cooperate with Buyers in Buyers’
production of such financial statements). 
  

					
	 	 	44	 	Purchase Agreement

 (b) Sellers shall deliver to Buyers unaudited footnotes relating to the Partnership Unaudited Financial
Statements promptly after preparation thereof in the ordinary course consistent with past practice. 
  
 5.10 Monthly Status Meeting. From and after the date hereof until the Closing Date, Sellers shall provide a monthly written working
capital report to Buyers, and Sellers and Buyers agree to and shall conduct a monthly status meeting to review the status of the Business and of matters relating to working capital, including all activities involving receivables, payables, accrued
liabilities, collections and inventory. 
  
 5.11
Sublease. At the Closing, the Seller Parties shall effect a sublease in favor of Buyer or the DMS Entities of Floors 45 and 46 (or such other floors that are mutually agreeable) of the Wells Fargo Tower in Houston, Texas, such sublease
to contain the same general terms and rental rates as provided to Targa in its current lease arrangement with an Affiliate of the Seller Parties for the 47th floor of the Wells Fargo Tower. Furthermore, the Seller Parties shall at Closing take such
actions as may be necessary for one of the DMS Entities to own all of the equipment, furniture (including office cubicles) and artwork related to the Business and located on such floors (or located on the floors moved to such floors). 
  
 ARTICLE VI 
 CONTINUING COVENANTS 
  
 6.1 Cooperation; Legal Privileges. 
  
 (a) After the Closing Date, upon Sellers’ reasonable request (at Sellers’ expense for out-of-pocket expenses incurred by Buyers or the DMS Entities, but without any fees or charges being imposed by Buyers or
the DMS Entities) and without necessity of subpoena or any other legal process, Buyers will, and will cause its Affiliates (including the DMS Entities) and each of their respective Representatives to, cooperate reasonably with Sellers, their
Affiliates and each of their respective Representatives for purposes of permitting Sellers to address and respond to any matters that arise as a result of or are otherwise related to (i) Sellers’ prior ownership of the DMS Entities,
whether or not related to this Agreement, including any claims made by or against or Actions involving Sellers or any of their Affiliates, whether involving any Governmental Entity or third party, and (ii) any work performed or handled or
matters investigated by Business Employees prior to the Closing and pertaining to Dynegy’s businesses other than the Business (other than the Retained Excluded Claims). Buyers’ obligations under this Section 6.1 are in addition
to Buyers’ other obligations to cooperate with Sellers contained in this Agreement. 
  
 (b) Such cooperation under Section 6.1(a) shall include (i) upon reasonable prior notice to Buyers, providing to Sellers, their Affiliates and each of their respective Representatives reasonable
access during normal business hours to (A) Buyers’ and their Affiliates’ (including the DMS Entities’) respective Representatives (including auditors, counsel and tax advisors) and (B) Buyers’ and their Affiliates’
(including the DMS Entities’) properties, 
  

					
	 	 	45	 	Purchase Agreement

 books, records and operating instructions and procedures, (ii) at Sellers’ cost, assisting Sellers in
connection with any pending, threatened or potential Actions involving Sellers or any of their Affiliates (including the Retained Excluded Claims), including preparation for any Actions such as discovery, depositions and similar activities,
(iii) at Sellers’ cost, the right to review, make and retain copies of all pertinent documents and records relating to any such matters, and (iv) requiring the appropriate Representatives of Buyers or their Affiliates (including the
DMS Entities) that were employed by Sellers or their Affiliates (including the DMS Entities) prior to the Closing Date to assist Dynegy, DHI, Sellers, their respective Affiliates and each of their respective Representatives in the preparation by
Dynegy and DHI of financial statements, SEC Reports and earnings release materials after the Closing Date, including certifications required by the Sarbanes Oxley Act of 2002 and other Laws and any and all backup and other certifications (including
certifications supporting representation letters for periods prior to Closing) required consistent with past practice. Assistance in the preparation and execution of the foregoing, shall include, but is not limited to (W) recording accounting
entries in Dynegy’s general ledger to reflect the DMS Entities operations and results in accordance with GAAP and consistent with Dynegy’s policies for the period ended prior to the Closing Date, (X) preparing income statement,
balance sheet, and cash flow variance analysis consistent with past practice, and (Z) preparation of lead schedules and other information (including assistance in preparing certifications supporting representation letters for periods prior to
Closing) required by Dynegy’s auditors. 
  
 (c) Without
limiting Sections 6.1(a), or 6.1(b), and Buyers’ other duties of cooperation hereunder, Buyers shall cause the DMS Entities to retain, for seven years after the Closing Date, all books, records and other documents pertaining to
the Business that relate to the period prior to the Closing Date, except for Tax Returns and supporting documentation relating to the Business or its assets, which shall be retained until sixty (60) days after the expiration of the applicable
statute of limitations, and to make the same available to Sellers, their Affiliates and each of their respective Representatives without charge after the Closing Date for inspection at Buyers’ offices and copying by Sellers, their Affiliates or
any of their respective Representatives at Sellers’ expense. At and after the expiration of such period, if Sellers or any of their Affiliates has previously requested in writing that such books and records be preserved, Buyers shall either
preserve such books and records for such reasonable period as may be requested by Sellers or any of their Affiliates or transfer such books and records to Sellers or their designated Affiliates. Sellers agree that such records will be kept strictly
confidential, provided such books and records may be used for purposes of accounting, Taxes, litigation, as required by any Governmental Entity, or other legitimate purpose relating to Sellers’ former ownership of the Business.

  
 (d) Any access by Sellers to Buyers’ or the DMS
Entities’ personal properties and records shall be made in a manner so not to unreasonably interfere with Buyers’ and the DMS Entities’ conduct of business. At the Closing, Sellers will enter into a Confidentiality Agreement in
substantially the form attached as Exhibit E, pursuant to which Sellers will have confidentiality obligations with respect to information pertaining to the DMS Entities, including information and data to which Sellers gain access pursuant to
the provisions of this Section 6.1. 
  
 6.2
Post-Closing Operations. Each Buyer acknowledges that it is an experienced and knowledgeable owner and operator of facilities and assets similar to the Business and will rely on its own expertise in conducting the Business from and
after the Closing. 
  

					
	 	 	46	 	Purchase Agreement

 6.3 Use of Name. Prior to the Closing, Sellers may cause the DMS Entities to remove
any right, title or interest in any logo, trade name, trademark, service mark, house mark, domain name, web site or company name to the extent it contains or consists of the word “Dynegy” or the “Dynegy” emblem or any other mark
in which one or the other of these elements appear. As soon as is commercially practicable after the Closing and, in any event: 
  
 (a) no later than the tenth (10th) Business Day after the Closing, Buyers shall change the name of each of the DMS Entities to eliminate therefrom any reference to the name “Dynegy”; provided, however, that Sellers may, at their election,
effectuate such change prior to the Closing; 
  
 (b) no later than
the sixtieth (60th) Business Day after the Closing, subject to Section 6.3(c), Buyers and their
Affiliates (including the DMS Entities) shall cease all use of the name “Dynegy” (and any derivative thereof) and any logo, trade name, trademark, service mark, house mark, domain name and web site associated therewith; and 
  
 (c) no later than 365 days after the Closing, Buyers and their Affiliates
(including the DMS Entities) shall remove the name “Dynegy” (and any derivative thereof) and any logos, trade names, trademarks, service marks, house marks, domain names and websites associated therewith, from all of the properties of the
DMS Entities. 
  
 After the Closing, (i) Buyers shall not take, and shall not
permit the DMS Entities or any Affiliate of Buyers to take, any action that would indicate to any Person that Buyers are, or the DMS Entities continue after the Closing to be, affiliated with Sellers or any of their Affiliates, and (ii) Sellers
shall not take, and shall not permit any of their Affiliates to take, any action that would indicate to any Person that Sellers or any of their Affiliates continue after the Closing to in any way be affiliated with the DMS Entities or any part
thereof. 
  
 6.4 Acknowledgment of Limitation of
Warranties. 
  
 (a) Each Buyer hereby acknowledges that:

  
 (1) it has selected and been represented by, and/or
consulted with, such expert advisors as it has deemed appropriate in connection with the negotiation of this Agreement and its determination to enter into and consummate the transactions contemplated hereby; 
  
 (2) it is an informed and sophisticated participant in the transactions
contemplated hereby and has sufficient knowledge and experience to evaluate the technical, commercial, financial, legal and other risks associated with acquiring the Interests on the terms hereunder; and 
  
 (3) it has conducted to its satisfaction a thorough and independent
investigation, review and analysis of the Business, operations, assets, liabilities, results of operations, financial condition, software, technology and the prospects of the DMS Entities and the Laws applicable to the Business. 
  

					
	 	 	47	 	Purchase Agreement

 (b) Each Buyer hereby agrees that, except as expressly set forth in Article III of this Agreement
(collectively, the “Specified Representations”), the Interests, the Business and the assets and liabilities of the DMS Entities are transferred “AS IS,” “WHERE IS” AND, SUBJECT ONLY TO THE SPECIFIED
REPRESENTATIONS, AND WITHOUT ANY OTHER REPRESENTATION OR WARRANTY OF ANY KIND OR NATURE WHATSOEVER, EXPRESS OR IMPLIED, ORAL OR WRITTEN, AND IN PARTICULAR, BUT WITHOUT LIMITATION, WITHOUT ANY IMPLIED WARRANTY OR REPRESENTATION AS TO: 
  

	 	(A)	CONDITION, VALUE, MERCHANTABILITY OR FITNESS OR SUITABILITY FOR ANY SPECIFIC PURPOSE AS TO ANY OF THE ASSETS OR PROPERTIES OF THE BUSINESS; 

  

	 	(B)	THE OPERATION OF THE BUSINESS BY BUYERS AFTER THE CLOSING IN ANY MANNER; OR 

  

	 	(C)	THE PROBABLE SUCCESS OR PROFITABILITY OF THE OWNERSHIP, USE OR OPERATION OF THE INTERESTS, BUSINESS OR ASSETS OF THE DMS ENTITIES BY BUYERS AFTER THE CLOSING.

  
 (c) Each Buyer acknowledges and agrees that,
except for the Specified Representations, neither Sellers, their Affiliates, any of their respective Representatives, nor any other Person, makes or shall be deemed to make, any representation or warranty to Buyers, express or implied, at law or in
equity, on behalf of Sellers with respect to the Interests, the Business, the assets or liabilities of the DMS Entities, or otherwise, including with respect to any other information provided prior to or after the date hereof to Buyers, whether on
behalf of Sellers or such other Persons. Sellers hereby disclaim any representation or warranty except for the Specified Representations, whether made by or attributed to Sellers, their Affiliates, any of their respective Representatives or any
other Person, notwithstanding the delivery or disclosure to Buyers or any of its Representatives or any other Person of any documentation or other information by or purportedly by Sellers, their Affiliates, any of their respective Representatives or
any other Person. In furtherance of the foregoing, each Buyer acknowledges and agrees that, except for an Action based on the Specified Representations (including any Action by Buyers alleging fraud by Sellers with respect to the Specified
Representations), no Action may be brought by or on behalf of Buyers or any other Person against Sellers or any other Person, and neither Sellers nor any other Person will have or be subject to any liability or indemnification obligation to Buyers
or any other Person, based on any representations and warranties or resulting from the distribution to Buyers, or Buyers’ use of, any projections, forecasts, models, modeling runs, estimates, documents, materials or any other information made
available to Buyers at any time in any and all “data rooms,” management presentations, “break-out” discussions, responses to questions submitted by or on behalf of Buyers, whether orally or in writing, or in any other form in
expectation or furtherance of the transactions contemplated by this Agreement. 
  

					
	 	 	48	 	Purchase Agreement

 6.5 Insurance Matters. 
  
 (a) Each Buyer acknowledges and agrees that, from and after the Closing, (i) Sellers or their Affiliates will terminate
coverage with respect to the DMS Covered Assets and Persons (as defined below) under any and all insurance policies (including property/casualty and workers’ compensation policies) maintained immediately prior to the Closing by Sellers or any
of their Affiliates (collectively, “Sellers’ Insurance Policies”), (ii) none of the DMS Covered Assets and Persons will be covered under the Sellers’ Insurance Policies, and (iii) each Buyer shall become solely
responsible for procuring, maintaining and paying for all insurance policies with respect to the DMS Covered Assets and Persons; provided, however, that, notwithstanding the foregoing, (1) no such termination of coverage under any
“occurrence”-based Sellers’ Insurance Policy (other than any business interruption policy) shall be effected by Sellers or their Affiliates in such a manner as to prevent Buyers from being able to make and pursue after the Closing
claims with respect to the DMS Covered Assets and Persons under such “occurrence”-based Sellers’ Insurance Policies for insured losses caused by events, facts or circumstances occurring prior to the Closing to the extent such claims
could have been made thereunder immediately prior to the Closing and (2) Sellers and their Affiliates shall use their commercially reasonable efforts prior to the Closing to cause the issuer(s) of any “claims-made” Sellers’
Insurance Policy to permit Sellers and their Affiliates, during an extended reporting and discovery period of 30 days immediately following the Closing, to make claims with respect to the DMS Covered Assets and Persons under such
“claims-made” Sellers’ Insurance Policies for insured losses caused by events, facts or circumstances occurring prior to the Closing to the extent such claims could have been made thereunder immediately prior to the Closing. Buyers
shall notify Sellers’ and Dynegy in writing of any claim that Buyers desire to make under Sellers’ Insurance Policies that is permitted hereunder as soon as reasonably practicable after Buyers become aware of such claim, setting forth the
claim and describing in reasonable detail the basis for and facts and circumstances surrounding the claim. 
  
 (b) Sellers and their Affiliates shall be entitled to receive and retain any and all amounts paid to insureds pursuant to any Sellers’ Insurance
Policy in respect of any business interruption claim relating to the DMS Entities (“BI Proceeds”) in the event the entire period of business interruption occurred on or prior to the Closing. In the event the period of business
interruption includes periods prior to and after the Closing Date: (i) Sellers and their Affiliates shall assume any associated waiting period days and be entitled to receive and retain the BI Proceeds attributable to the period on or prior to
the Closing Date and (ii) Buyers and the DMS Entities shall assume any associated waiting period days and be entitled to receive and retain the BI proceeds attributable to the period after the Closing Date. To facilitate the foregoing
allocation of BI Proceeds, the Seller Parties will use commercially reasonable efforts to have Buyers and the DMS Entities named as additional loss payees as their interests may appear under the Sellers’ Insurance Policies relating to BI
Proceeds that Buyers would be entitled to receive pursuant to clause (ii) of this Section 6.5(b). 
  
 (c) From and after the Closing, Buyers shall be responsible for any and all costs and expenses related to any insurance and/or self-insurance claim filed
prior to, on or after the Closing under Sellers’ Insurance Policies (other than with respect to workers’ compensation and auto liability claims, which are the responsibility of Sellers pursuant to Section 6.5(e)), including
deductibles, self-insured retentions, claims adjusting expenses, loss conversion factor 
  

					
	 	 	49	 	Purchase Agreement

 expenses, retroactive premium adjustments, audits, collateral requirements (including surety bonds and collateral) and
associated costs (including replacing any and all outstanding Cash Collateral and/or Support Letters of Credit and/or Additional Credit Support Payments with insurers and/or surety companies in accordance with Section 2.4), uninsured
losses, security deposits, legal fees, indemnity benefits, and any other costs or expenses that become due and payable by Sellers or their Affiliates in connection with any such claims. Buyers shall reimburse Sellers or their Affiliates for these
costs and expenses by wire transfer of funds within twenty days of receipt from Sellers or their Affiliates of an invoice therefor in substantially the form attached as Schedule 6.5(c). 
  
 (d) The Parties shall comply with the terms of Schedule 6.5(d).

  
 (e) Sellers acknowledge and agree that (i) Sellers are
retaining responsibility for any automobile accident or automobile liability claims or any workers’ compensation claims that arise out of the conduct of the Business or Sellers’ ownership or use of the assets and properties of the DMS
Entities prior to the Closing Date and (ii) Sellers shall indemnify and hold harmless Buyers from and against any Indemnifiable Losses incurred by Buyers or the DMS Entities arising out of the claims for which responsibility was retained by
Sellers pursuant to clause (i) above. 
  
 (f) If after the
Closing Date Buyers or either Seller (or any of their respective Affiliates) reasonably requires any information regarding claim data or other information pertaining to a claim in order to make filings with insurance carriers or claims adjustors or
administrators or to administer or otherwise manage a claim, then Sellers or Buyers, as the case may be, shall cause such information to be supplied to the other (or its/their designee), to the extent such information is in their/its possession and
control or can be reasonably obtained by Sellers or Buyers (or their Affiliates), as applicable, promptly upon a written request therefor. If Buyers desires access to and utilization of claims data or information maintained by an insurance company
or other third party in respect of any claim, Buyers shall be exclusively responsible for acquiring from such insurance company or third party, at Buyers’ sole cost and expense, the rights necessary to permit it to obtain access to and
utilization of such claims data or information. 
  
 (g) The
provisions of this Section 6.5 shall not apply to any insurance policies that provide funding for any of Sellers’ Benefit Plans. 
  
 (h) As used in this Section 6.5, “DMS Covered Assets and Persons” means (i) the DMS Entities, and (ii) the assets,
liabilities, ownership, activities, business, operations, directors, officers and employees (including the Inclusive Business Employees) of the DMS Entities. 
  
 6.6 Non-Solicitation. 
  
 (a) For a period of one (1) year from the Closing, Sellers shall not, and Sellers shall cause each of their Affiliates not to, directly or
indirectly, without the prior approval of Buyers, solicit, recruit or hire any officers or employees of the Business or the DMS Entities; provided, however, that nothing shall prohibit Sellers and their Affiliates from performing, or
having performed on its behalf, a general solicitation for employees not specifically focused at 
  

					
	 	 	50	 	Purchase Agreement

 the Buyers’ or DMS Entities’ employees through the use of media, advertisement, electronic job boards or other
general, public solicitations and from hiring such employees who respond to such general solicitation. 
  
 (b) Notwithstanding anything contained in this Agreement to the contrary, the Parties recognize and agree that in the event of a breach of the covenants
set forth in this Section 6.6 by any party, money damages would not be an adequate remedy to the injured party for such breach and, even if money damages were adequate, it would be impossible to ascertain or measure with any degree of
accuracy the damages sustained by such injured party therefrom. Accordingly, if there should be a breach or threatened breach by any party of any provisions of this Section 6.6, the injured party shall be entitled, either with or without
pursuing any potential damage remedies, to obtain an injunction prohibiting the breaching party from violating this section without showing or proving actual damage sustained by the injured party. Nothing in the preceding sentence shall limit or
otherwise affect any remedies that a party may otherwise have under applicable law. 
  
 6.7 Sellers’ Records. Sellers shall cause and shall cause their respective Affiliates to retain, in accordance with the Dynegy Records Management Policy, all books, records and other
documents pertaining to the Business or the DMS Entities that relate to the period prior to the Closing Date that are not delivered to Buyers in connection with the Closing (the “Sellers’ Records”). Upon Buyers’ reasonable
request (at Buyers’ expense for out-of-pocket expenses incurred by Buyers or the DMS Entities, but without any fees or charges being imposed by Sellers), and except as may be prohibited by Law or otherwise, Sellers agree to make the
Sellers’ Records available during normal business hours to Buyers, their Affiliates and each of their respective Representatives after the Closing Date for inspection at a location reasonably designated by Sellers and copying by Buyers, their
Affiliates or any of their respective Representatives at Buyers’ expense. Buyers agree that such records will be kept strictly confidential. Any access by Buyers, their Affiliates or their respective Representatives to the Sellers’
personal properties and records shall be made in a manner so as not to unreasonably interfere with Sellers’ conduct of business. 
  
 6.8 Seller Parties and Buyer Parties. 
  
 (a) Each of Dynegy and DHI shall cause each Seller to take all actions required to be taken by Sellers hereunder. 
  
 (b) Targa shall cause each Buyer to take all actions required to be taken by
Buyers hereunder. 
  
 6.9 Post-Closing Cooperation
and Documentation. 
  
 (a) Sellers shall use their
reasonable best efforts to provide, and to cause their Affiliates and the respective officers, employees, Representatives and advisors (including legal and accounting advisors) of the Sellers and their respective Affiliates to provide, all
cooperation and assistance reasonably requested by Buyers and their accountants in Buyers’ preparation of audited financial statements for the fiscal year-to-date period ending upon the Closing Date for the Partnership, including Buyers’
preparation of a written “Management’s Discussion and 
  

					
	 	 	51	 	Purchase Agreement

 Analysis of Financial Condition and Results of Operations” for the Partnership (collectively, the
“Partnership Stub Financial Information”) and historical audited financial statements and audited financial statements for the fiscal year-to-date period ending upon the Closing Date for each Business Segment, including a written
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” for the Downstream Segment (collectively, the “Segment Financial Information”, and together with the Partnership Stub Financial
Information, the “Additional Financial Information”). Sellers acknowledge that Buyers’ preparation of the Additional Financial Information is intended by Buyers to satisfy the requirements under Regulation S-K under the
Securities Act for inclusion in a registration statement on Form S-1 (or any applicable successor form) under the Securities Act for a public offering of securities by the Partnership or an entity holding the Business Segment, as applicable. Sellers
shall provide reasonable access to data and personnel of the Sellers and their Affiliates, such that with diligent efforts by Buyers and diligent assistance by Sellers, the Additional Financial Information may be prepared by Buyers and its
accountants on a date after the Closing Date that is no later than: (x) in the case of the Partnership Stub Financial Information, six (6) months following the Closing Date, (y) in the case of the Segment Financial Information for the
Downstream Segment, four (4) months following the Closing Date, and (z) in the case of the Segment Financial Information for the North Texas Region, six (6) months following the Closing Date. In the event that the Additional Financial
Information is not completed within such timeframe, Sellers will continue to provide such access and such cooperation consistent with this Section 6.9 until such time as the Additional Financial Information is completed or until Buyers
no longer actively pursue the preparation of the Additional Financial Information (other than as a result of a breach by any Sellers of their obligations under this Section 6.9 in any material respect). 
  
 (b) After the first day of the Pre-Marketing Period and prior to the
completion or abandonment of the audits for the Additional Financial Information, Sellers shall authorize and permit, and shall use reasonable best efforts to cause its Affiliates and Representatives of Sellers and their Affiliates to authorize and
permit, Buyers and their Representatives (including their independent accountants and counsel) to have reasonable access during normal business hours, upon reasonable prior notice and in such manner as will not unreasonably interfere with operations
or the conduct of the business of such persons, to the properties, books and records relating to the Business and the officers of Sellers or their Affiliates, in each case, as Buyers may from time to time reasonably request for the purpose of
completing the Additional Financial Information, including the items set forth on Schedule 6.9(b); provided, however, that neither Sellers nor Affiliates or their respective Representatives shall be required to supply any
document or information or take any other action that would or may reasonably be expected to constitute a waiver of the attorney-client or other legal privilege or protection, violate any Law, or result in a breach of or a default under any
obligation owed to a third party. All requests for such access shall be made to such of Sellers’ Consent Representatives as Sellers shall designate, who shall be solely responsible for coordinating and shall coordinate all such requests and all
access permitted hereunder. Any information provided to or obtained by Buyers or their representatives under this Section 6.9 shall be subject to the terms of the Confidentiality Agreement. 
  
 (c) In connection with the preparation of such Additional Financial
Information, Sellers shall provide to Buyers the documents set forth in Schedule 6.9(c). 
  

					
	 	 	52	 	Purchase Agreement

 (d) Buyers shall indemnify and hold harmless Sellers, their Affiliates and each of their respective
Representatives from and against any Indemnifiable Losses resulting from any assistance or activities provided pursuant to Section 6.9, except to the extent that such Indemnifiable Losses arose or resulted from (i) any breach by any
Seller of its obligations, representations, warranties, covenants or agreements under this Agreement (without giving effect to any materiality, Material Adverse Effect or similar qualifiers except as permitted pursuant to Section 11.1),
or (ii) the gross negligence or willful misconduct of any Seller, any Affiliate of any Seller or any of their respective Representatives. Buyers shall, promptly upon request by the Sellers, reimburse the Sellers for all reasonable and
documented out-of-pocket costs incurred by the Sellers and their Affiliates in connection with such cooperation. 
  
 (e) Following the Closing, until the earliest to occur of (i) the Additional Audit Date, (ii) the Abandonment Date and (iii) the date the
Buyer Parties have no further obligations to make any payments pursuant to Section 2.4(a) and Schedule 5.8(d) (such earliest date, the “Additional Information Termination Date”), Buyers agree to actively
pursue the completion of the audits relating to the Additional Financial Information. In the event that the Additional Information Termination Date does not occur on or prior to June 30, 2006, Buyers shall provide to Sellers a monthly written
update of the progress, including an updated estimated timetable, relating to the completion of the Additional Financial Information. 
  
 6.10 Firm Transportation Contracts. With respect to any and all firm transportation, pipeline capacity allocation and similar
agreements (including those agreements listed on Schedule 6.10) involving the transportation of gas or natural gas liquids which are held by the Seller Parties or any of their Affiliates (other than a DMS Entity) but are or have been used in
the ordinary course by the DMS Entities, the Seller Parties agree at Closing to assign such agreements and the rights represented thereby to a DMS Entity or other Person designated by Buyers to the extent such agreements are assignable. If such
agreements cannot be assigned by the Seller Parties or such Affiliates, then such Person shall use commercially reasonable efforts to renew such agreements for the benefit of Buyers and its designees or, if applicable, to designate Buyers or its
designees as a “prearranged” bidder with respect to such rights on or prior to the Closing. If such Person is unable to effect such renewal or designation on or prior to the Closing, such Person shall continue to (i) use commercially
reasonable efforts to achieve an assignment of such agreement, a renewal of such agreement for the benefit of Buyers or its designees or, if applicable, a designation of Buyers or its designees as a “prearranged” bidder with respect to the
rights under such agreement, and (ii) to hold and operate such rights for the benefit of Buyers and its designees, in each case until the earlier of a transfer pursuant to clause (i) or the expiration, or termination by a party thereto
(other than an Affiliate of a Seller Party), of such firm transport agreement. 
  
 6.11 Assets Disposed of Prior to Closing. Except for the matters described in Schedule 6.11 which will be retained by the DMS Entities, the Seller Parties shall retain and be responsible
for and shall indemnify and hold harmless Buyers and the DMS Entities from and against any and all losses, costs, expenses, liabilities or obligations of any kind or nature arising out of or relating to any assets, properties or businesses which
have been disposed of by the Business or the DMS Entities prior to the Closing, including any and all losses, costs, expenses, liabilities or obligations arising under the provisions of any purchase and sale agreement or exchange agreement entered
into in connection with the disposition of such assets, properties or business. 
  

					
	 	 	53	 	Purchase Agreement

 ARTICLE VII 
 EMPLOYEES AND EMPLOYEE BENEFIT MATTERS 
  
 7.1 Employee and Employee Benefit Matters. 
  
 (a) Effective as of the Closing, and except as otherwise provided in this Section 7.1, Buyers and the DMS Entities agree to continue the employment of the Business Employees and assume and be solely
responsible for compliance with all Laws and for any and all claims against and liabilities or obligations of Sellers and their Affiliates, whether contingent or otherwise, with respect to the Business Employees (including liabilities or obligations
with respect to their beneficiaries and alternate payees) arising out of or based upon events occurring after the Closing. Notwithstanding anything in this Agreement to the contrary, Buyers and the DMS Entities shall not assume any of the
Sellers’ Benefit Plans and, as a result, Sellers and their Affiliates shall remain solely responsible for compliance with all Laws relating to the Sellers’ Benefit Plans and for any and all obligations, liabilities and claims that may
arise, including those incurred but not reported, as of the Closing, with respect to such plans, including the payment of all benefits under such plans (except for any contracts or other obligations or liabilities that are allocated or otherwise
assumed by Buyers and the DMS Entities pursuant to this Section 7.1). 
  
 (b) As of the date hereof, (i) the Partnership participates in the Dynegy Midstream Services Retirement Plan (“Midstream Plan”), which provides benefits to certain Business Employees and former
employees whose duties related primarily to the midstream business historically or as currently operated by the DMS Entities or their past or current Affiliates and is sponsored by Dynegy, and (ii) the assets of the Midstream Plan are held in a
master trust sponsored by Dynegy. Sellers agree that the sponsorship of the Midstream Plan shall not be transferred to or otherwise retained or assumed by Buyers or their Affiliates from and after the Closing. From and after the Closing, Sellers
shall be responsible for the payment of all benefits under the Midstream Plan, including payment of benefits to participants who retired or became entitled to deferred vested benefits on or before the Closing. 
  
 (c) For a period of one year following the Closing Date, Buyers shall provide
or cause the DMS Entities to provide each Business Employee with an annual base salary or hourly wage that is at least equal to such employee’s annual base salary or hourly wage with the DMS Entities or their Affiliates immediately prior to the
Closing Date. As of the Closing, Buyers shall provide (i) each Business Employee (other than a Canadian Business Employee) with the employee benefit plans and qualified retirement plans which plans, programs and policies, or copies thereof,
have been made available to Sellers and their Affiliates as of the date hereof, and other employee-related plans, programs and policies as referenced on Schedule 7.1(c), and (ii) each Canadian Business Employee with the plans,
programs and policies as referenced on Schedule 7.1(k). Buyers shall take all such action as may be necessary and appropriate to ensure that the aforementioned benefits are provided to all Business Employees so as to ensure coverage for
all Business Employees as of the 
  

					
	 	 	54	 	Purchase Agreement

 Closing. Sellers shall take all such action as may be necessary and appropriate to vest in the Business Employees their
accrued benefits under the qualified retirement plans of the DMS Entities or their Affiliates immediately prior to the Closing. Except as expressly set forth in this Section 7.1, effective immediately prior to the Closing, all Business
Employees shall cease to participate in the Sellers’ Benefit Plans. In addition, effective immediately prior to the Closing, the DMS Entities shall withdraw from participation in Sellers’ Benefit Plans and the Business Employees shall
cease to accrue benefits under Sellers’ Benefit Plans. Nothing in this Agreement shall be deemed to restrict the ability of Buyers or their Affiliates to terminate the employment of any Business Employee after the Closing Date, provided that,
for a period of one year following the Closing Date, Buyers shall be solely responsible for and shall pay severance benefits to such Business Employees that are identical to the severance benefits under the applicable Sellers’ Benefit Plans,
including, without limitation, the “change in control” and COBRA premium payment period provisions contained therein (which “change in control” provisions will be applicable to Business Employees as a result of the Closing);
provided, that the COBRA medical benefit coverage shall be provided pursuant to the terms and conditions of the Partnership Benefit Plans set forth on Schedule 7.1(c) (or any replacement plans adopted thereafter in the ordinary course of
business) consistent with the medical benefit coverage to be provided by Buyers to all Business Employees as described in this Section 7.1(c). 
  
 (d) Notwithstanding anything in this Agreement to the contrary, Buyers shall be solely responsible for and shall pay all
bonuses and incentive payments applicable to the Business Employees as follows: (i) for Business Employees who remain employed by the DMS Entities or their Affiliates through the earlier of March 1, 2006, and the date on which Buyers
otherwise pay their annual bonuses and incentive payments to similarly situated employees (the “2005 Bonus Payment Date”), bonuses and incentive payments shall be paid to applicable Business Employees on the 2005 Bonus Payment Date
in accordance with the bonus and incentive plans or programs of Buyers, but in no event in an amount less than the target amount that would have been earned by such Business Employees under Sellers’ bonus and incentive plans and programs (which
are listed on Schedule 7.1(d) and referred to herein as “Sellers’ Bonus Plans”) for 2005 assuming all applicable targets under Sellers’ Bonus Plans had been satisfied, and (ii) for Business Employees who are no
longer employed by the DMS Entities or their Affiliates as of the 2005 Bonus Payment Date, bonuses and incentive payments shall be paid to such former Business Employees as part of the “change in control” severance benefits required to be
paid by Buyers under Section 7.1(c) upon their termination of employment. 
  
 (e) From and after the Closing, Buyers shall cause the service and level of each Business Employee with the DMS Entities and their ERISA Affiliates immediately prior to the Closing to be fully recognized for purposes
of eligibility, vesting, level of benefits and benefit accrual (excluding the accrual of benefits under a defined benefit plan) under each severance, retirement, compensation, workers’ compensation, vacation, fringe, welfare or other benefit
plan, program or arrangement of Buyers, the DMS Entities or any of their ERISA Affiliates (collectively, the “Partnership Benefit Plans”) in which any Business Employee is or becomes eligible to participate. As of the Closing, with
respect to each Partnership Benefit Plan that is an “employee welfare benefit plan” as defined in Section 3(1) of ERISA in which any Business Employee is or becomes eligible to participate, Buyers shall 
  

					
	 	 	55	 	Purchase Agreement

 cause each such Partnership Benefit Plan to (i) waive all limitations as to pre-existing conditions and waiting
periods with respect to participation and coverage requirements applicable under such Partnership Benefit Plan to the same extent that such pre-existing conditions and waiting periods would not have applied or would have been waived under the
corresponding Sellers’ Benefit Plan in which such Business Employee was a participant immediately prior to his commencement of participation in such Partnership Benefit Plan and (ii) cause each such Partnership Benefit Plan to provide each
Business Employee with full credit for any out-of-pocket and deductible amounts paid by such Business Employee in the calendar year that, and prior to the date that, such Business Employee commences participation in such Partnership Benefit Plan in
satisfying any applicable out-of-pocket or deductible requirements under such Partnership Benefit Plan for the applicable calendar year. For purposes of crediting out-of-pocket and deductible amounts in accordance with clause (ii) of the
preceding sentence, the Partnership Benefit Plan will accept copies of explanation of benefit forms from the Sellers’ Benefit Plan supplied by any Business Employee on behalf of himself or any covered dependent. 
  
 (f) Buyers shall cause each Business Employee who participated in a flexible
spending account plan with Sellers or their Affiliates to have a flexible spending account(s) with an amount payable as of the Closing equal to the amount payable immediately prior to the Closing under flexible spending account plans covering
Business Employees immediately prior to the Closing. After the Closing, Buyers will continue to take appropriate deductions for the remaining calendar year in order for the Business Employees to satisfy their initial enrollment amount(s) under
Sellers’ Benefit Plans for such calendar year. All claims submitted after the Closing for flexible spending account benefits by the Business Employees shall be paid by Buyers’, the DMS Entities’ or their ERISA Affiliates’
flexible spending account plan. As soon as reasonably practicable after the Closing, Sellers shall transfer to Buyers the net aggregate amount of flexible spending account deferrals made by Business Employees that are held by Sellers or their
Affiliates immediately prior to the Closing, such net aggregate amount to be comprised of both positive and negative account balances that exist immediately prior to the Closing. Sellers agree to provide Buyers with such information and data as may
be reasonably necessary to comply with the provisions of this paragraph. 
  
 (g) As soon as reasonably practicable after the Closing, with respect to each Business Employee who is a participant in a Sellers’ defined contribution plan (“Sellers’ DC Plan”), Sellers
shall provide each such employee with the right to receive a distribution of such employee’s vested interest under the applicable Sellers’ DC Plan and an election to roll over such employee’s vested interest in the applicable
Sellers’ DC Plan including any participant loans (provided such loans are adequately secured pursuant to applicable law and the plan’s terms) to a Buyers’ defined contribution plan (“Buyers’ DC Plan”) in
accordance with Section 402 of the Code. Sellers shall provide to each Business Employee that has an outstanding plan loan as of the Closing Date written notification of such Business Employee’s potential ability to roll the loan into
Buyers’ DC Plan. Sellers shall provide such information to Buyers as is necessary and cooperate with Buyers to ensure that plan loans held by Business Employees do not go into default prior to their being rolled over into the Buyers’ DC
Plan (other than any default caused by a Business Employee’s refusal to continue making loan payments). Buyers shall use their best efforts to take or cause the DMS Entities 
  

					
	 	 	56	 	Purchase Agreement

 to take all such action as may be necessary or appropriate (including amending Buyers’ DC Plan if necessary) to
permit the Business Employees to roll over their vested interests in Sellers’ DC Plan including any participant loans (provided such loans are adequately secured pursuant to the applicable law and the Sellers’ DC Plan’s terms) to
Buyers’ DC Plan within ninety (90) days following the Closing. Buyers will, and will cause its Affiliates (including the DMS Entities) and each of their respective Representatives to, cooperate with Sellers, their Affiliates and each
of their respective Representatives in providing information to the Business Employees regarding rollovers of their interests from the applicable Sellers’ DC Plan to Buyers’ DC Plan. 
  
 (h) The Sellers’ Benefit Plans shall retain responsibility for any valid
claim for long-term disability or life insurance benefits made by a Business Employee after the Closing arising from a claim incurred before the Closing. For purposes of this paragraph, a claim for life insurance is considered incurred when the
death occurs and a claim for long-term disability benefits is considered incurred on the first day the employee is determined to be disabled for purposes of entitlement to disability benefits. Further, the Sellers’ Benefit Plans shall retain
responsibility for any valid claim for medical or dental benefits made by a Business Employee after the Closing arising from a claim incurred before the Closing. For purposes of this paragraph, a medical or dental claim is considered incurred when
the services are rendered, the supplies are provided or medication is filled, and not when the condition arose, except that claims relating to a hospital confinement that begins before the Closing shall be treated as incurred before the Closing.
Except as set forth in this Section 7.1(h) or Section 7.1(l), as of the Closing, the Buyers and the Partnership Benefit Plans applicable to the Business Employees shall be responsible for all benefits payable with respect to
the Business Employees for claims incurred after the Closing. 
  
 (i) No provision of this Section 7.1 shall create any third-party beneficiary rights in any Person, including employees or former employees (including any beneficiary or dependent thereof) of the DMS Entities or any of their
Affiliates, unions or other representatives of such employees or former employees, or trustees, administrators, participants or beneficiaries of any employee benefit plan, and no provision of this Section 7.1 shall create such
third-party beneficiary rights in any such person or organization in respect of any benefits that may be provided, directly or indirectly, under any employee benefit plan or arrangement, including currently existing Sellers’ Benefit Plans of
the DMS Entities or their Affiliates. 
  
 (j) As of the Closing,
Sellers shall pay to the Business Employees all banked vacation balances to which they are entitled, as set forth on Schedule 7.1(j). After the Closing Date, Buyers and the DMS Entities shall be solely responsible for and shall pay and
discharge the earned and accrued vacation benefits for the Business Employees for the 2005 calendar year consistent with the applicable Sellers’ Benefit Plans, including any non-banked vacation days carried over from the 2004 calendar year but
excluding all banked vacation balances set forth on Schedule 7.1(j). With respect to any earned and accrued vacation benefits for the 2005 and 2004 calendar years that are not used by Business Employees prior to January 1, 2006, Buyers
and the DMS Entities shall pay to the Business Employees such unused vacation benefits, as of December 31, 2005, as soon as reasonably practicable thereafter, with such payment discharging in full Buyers’ and the DMS Entities’
obligations 
  

					
	 	 	57	 	Purchase Agreement

 with respect to such vacation benefits. Beginning on January 1, 2006, the Buyers and the DMS Entities shall provide
the Business Employees with vacation benefits pursuant to Buyers’ vacation plan, policy or practice, provided that, for purposes of determining the numbers of days to which each Business Employee is entitled per year, Buyers and the DMS
Entities shall credit each Business Employee with service from their original hire date with Sellers or their Affiliates or any predecessors thereto. 
  
 (k) Notwithstanding anything in this Agreement to the contrary, Buyers and the DMS Entities shall assume the contracts listed on Schedule 7.1(k)
relating to benefits provided to Canadian Business Employees and shall provide the benefits, including benefits attributable to periods prior to the Closing, contained in such contracts to the Business Employees listed on Schedule 7.1(k)
(“Canadian Business Employees”). 
  
 (l)
Notwithstanding anything in this Agreement to the contrary, the Parties acknowledge that certain Business Employees may not actively report to work for an entity controlled by the Buyers on the first day that such Business Employee is normally
scheduled to work (“First Report For Work Day”) immediately following the Closing Date. Within 30 days following the Closing Date, Buyers will provide Sellers with a list (the “Absentee List”) of such Business
Employees who did not actively report to work for the Buyers on the First Report For Work Day immediately following the Closing Date. With respect to any Business Employees who are not scheduled to report to work on the First Report For Work Day
following the Closing Date because of (i) an absence under the applicable personal paid time or similar policy, or (ii) a shift work schedule that did not identify such day as a work day for such Business Employee, the first day such
Business Employee is scheduled to return to work shall be used for preparation of the Absentee List instead of the First Report For Work Day immediately following the Closing Date. The Absentee List shall be prepared by Buyers in accordance with
their then current practice for recording time or otherwise accounting for employee attendance. Buyers shall provide such reasonable documentation to Sellers as Sellers may reasonably request to validate the correctness of the Absentee List.

  
 (m) The Parties agree that, with respect to all Business
Employees identified on the final Absentee List, as jointly agreed to by Buyers and Sellers, (i) Buyers will notify Sellers as soon as reasonably practicable following the day on which each such Business Employee actively reports to work for
Buyers (the “First Reported Day”) and (ii) Buyers will be solely responsible for and pay each such Business Employee, from and after the Closing Date through the First Reported Day, such leave of absence payments as such
Business Employee was receiving immediately prior to the Closing Date and provide such Business Employee with the applicable benefits specified in Section 7.1(c), under the Partnership Benefit Plans, including but not limited to, medical
benefits; provided, however, that if the First Reported Day for any Business Employee does not occur within sixty (60) days following the Closing Date, Buyers agree to notify Sellers of this fact and each of Buyers and Sellers agree to
cooperate as reasonably appropriate if it becomes necessary for such Business Employee to apply for long-term disability under the applicable Sellers’ Benefit Plan as a result of a pre-Closing claim giving rise to liability for long-term
disability benefits under Sellers’ Benefit Plans as provided in Section 7.1(h); and provided, further, that if such Business Employee applies for and is determined to be eligible for long-term disability benefits under the
applicable Sellers’ Benefit Plans, then as of the date of 
  

					
	 	 	58	 	Purchase Agreement

 determination of such long-term disability (the “LTD Determination Date”), (i) Buyers agree to take
such action as is necessary for such Business Employee to immediately cease to be an employee of Buyers or their Affiliates and (ii) Sellers agree to take such action as is necessary for Sellers to provide long-term disability, medical, dental
and other applicable benefits to such Business Employee from and after the LTD Determination Date, for as long as Sellers provide such benefits under the applicable Sellers’ Benefit Plans to similarly situated employees. 
  
 ARTICLE VIII 
 TAX MATTERS 
  
 8.1 Tax Treatment. 
  
 (a) Sellers
and Buyers agree that for U.S. federal income Tax purposes, they will report (and cause their Affiliates to report) the sale of Interests as resulting in the termination of the Partnership pursuant to Rev. Rul. 99-6 and Section 708(b)(1)(A) of
the Code, Sellers being treated as having sold interests in the Partnership, and Buyers being treated as having purchased all of the assets of the Partnership. 
  

(b) Purchase Price Allocation. Within 60 days after the date hereof, Buyers shall provide to Sellers a draft Purchase Price allocation intended
to comply with the requirements of Section 1060 of the Code (and which shall include allocations for any agreements described in line 6 of Internal Revenue Service Form 8594) (the “Purchase Price Allocation”) for
Sellers’ consent, not to be unreasonably withheld. If Sellers do not consent to the draft Purchase Price Allocation, Sellers shall propose to Buyers any changes in the draft Purchase Price Allocation within 60 days of the receipt thereof. In
the event that no such changes are proposed in writing to Buyers within such time, Sellers shall be deemed to have agreed to the Purchase Price Allocation. If any such changes are proposed, Buyers and Sellers shall negotiate in good faith and shall
use their best efforts to agree upon the Purchase Price Allocation. In the event that Buyers and Sellers are unable to agree upon the Purchase Price Allocation within 180 days of the Closing Date, then the disputed items shall be resolved within the
next 30 days by an independent accounting firm, or a nationally recognized valuation firm, in each case, that is mutually acceptable to the Parties and whose fees shall be borne equally by Buyers, on one hand, and Sellers, on the other. Such
determination by the accounting or valuation firm shall be final and binding on the Parties and shall be based solely upon written submissions by Buyers and Sellers, consistent with Section 1060 of the Code. If the Parties have not reached an
agreement with respect to the Purchase Price Allocation and the accounting or valuation firm has not reached a determination with respect to the disputed items by the latest date (taking into account all permissible extensions) on which one of the
Parties is required to file a Tax Return for which the Purchase Price Allocation is needed or relevant, such Party shall be entitled to file such Tax Return and take any reasonable position with respect to the allocation of the Purchase Price;
provided, however, that upon final agreement or determination regarding the Purchase Price Allocation, such Party shall, if necessary to be consistent with the final agreed-upon or determined Purchase Price Allocation, file an amended Tax
Return (or make a hold-for-audit adjustment to the Tax Return) to reflect the final Purchase Price Allocation. 
  

					
	 	 	59	 	Purchase Agreement

 (c) No Inconsistent Positions. Except as otherwise required by a Governmental Entity or a taxing
authority pursuant to a Final Determination, Sellers and Buyers agree to report the transactions contemplated by this Agreement in the manner specified in subsections (a) and (b) hereof and agree not to take any position on any Tax Return
inconsistent therewith, to prepare and file all Tax Returns and reports relating to the purchase and sale contemplated by this Agreement, including all federal, state and local Tax Returns, in a manner which is consistent with such characterization
and the Purchase Price Allocation and to conduct any audit, Tax proceeding or Tax litigation relating thereto in a manner entirely consistent with such characterization and the Purchase Price Allocation. 
  
 8.2 Tax Returns. 
  
 (a) All Tax Returns filed after the Closing Date for all taxable periods
ending on or before the Closing Date (“Pre-Closing Taxable Periods”) and for all taxable periods that include but do not end on the Closing Date (“Straddle Periods”) shall be prepared and filed on a timely basis
(including extensions) by the Party responsible for such preparation and filing under this Article VIII. The Party responsible under this Article VIII for such preparation and filing shall make all decisions relating to the preparation
and filing of such Tax Returns (subject to any Party’s rights to review such Tax Returns as provided in this Article VIII). 
  
 (b) Sellers shall, at their own expense, timely prepare and file with the appropriate Tax Authorities all Tax Returns of the DMS Entities that have not
been filed and are not due as of the Closing Date and relate solely to any Pre-Closing Taxable Period of the DMS Entities. Sellers shall timely pay all Taxes attributable to all Pre-Closing Taxable Periods due with respect to such Tax Returns,
except for any Buyers’ Taxes. 
  
 (c) Buyers shall, at their
own expense, timely prepare and file with the appropriate Tax Authorities all Tax Returns of the DMS Entities for all Straddle Periods and shall timely pay all Taxes due with respect to such Tax Returns. For any Tax Return in respect of any Straddle
Period, (i) Buyers shall prepare such Tax Returns on a basis consistent with the practices of the DMS Entities prior to the Closing, as applicable, (ii) Buyers shall furnish such Tax Return to Sellers for their approval and consent to file
(which approval and consent shall not be unreasonably withheld or delayed) at least 10 days prior to the due date for filing such Tax Returns, and such Tax Return shall be accompanied by a calculation of the portion of any Tax due in respect of the
period covered by such Tax Return that constitutes an Interim Period Tax and (iii) Sellers shall pay to Buyers the amount of Tax determined to be due by reason of the approval of such amount by Sellers, or by resolution by the Accounting Firm,
as described below, with respect to the amount of Interim Period Tax due in connection with filing such Tax Return (the “Sellers’ Tax”), at least one Business Day prior to such due date except to the extent that such Tax was
included as a liability in the Partnership Financial Statements. If either Seller objects to any Tax Return or any calculation of Interim Period Taxes provided by Buyers pursuant to the second preceding sentence, such Seller shall deliver a written
notice to Buyers specifying in reasonable detail the nature of any objection not less than five days prior to the due date of such Tax Return. If Buyers and Sellers are unable to resolve all such objections within five days, any remaining dispute
will be submitted to the Accounting Firm for resolution. If Buyers and Sellers have not reached an agreement with respect to any such Tax Return and the Accounting Firm has not reached a determination with respect to the remaining disputed items

  

					
	 	 	60	 	Purchase Agreement

 by the latest date (taking into account all permissible extensions) on which such applicable Tax Return is required to be
filed, Buyers shall be entitled to file such Tax Return and take any reasonable position with respect to any remaining disputed items; provided, however, that upon final agreement or determination regarding the disputed item, Buyers
shall, if necessary to be consistent with the final agreed-upon or determined Tax Return, file an amended Tax Return (or make a hold-for-audit adjustment to the Tax Return) to reflect the final agreement or determination. In the event that the
Accounting Firm resolves all disputes presented to it entirely in the manner proposed by Buyers or Sellers, as the case may be, the fees and expenses of the Accounting Firm and, in the event the dispute resolution process results in any Tax Return
not being filed in a timely manner, any penalties and interest resulting from the late filing, shall be paid by the other party. In all other events, the fees and expenses of the Accounting Firm shall be shared equally. 
  
 (d) To the extent allowable under the Tax Laws in each jurisdiction in which
a Tax Return must be filed, Sellers and Buyers agree to cause each of the DMS Entities to close its books as of immediately prior to the Closing for Tax purposes and to file any Tax Returns in a manner that does not give rise to a Straddle Period.

  
 (e) Without the written consent of Sellers, Buyers will not,
and will cause its Affiliates not to, file any amended Tax Return, carry-back claim, or other adjustment or take any other action with respect to Taxes relating to any Pre-Closing Taxable Period for any of the DMS Entities or for which Sellers or
their Affiliates could be liable. 
  
 8.3 Tax Refunds and
Treatment of Payments. 
  
 (a) In the case of any Final
Determination regarding a Tax Return for a Pre-Closing Taxable Period, any Tax Refund received from the appropriate Taxing Authority with respect to such Tax Return shall be paid to Sellers, and if any such Tax Refund is received by the Buyers, any
DMS Entity or any of their Affiliates, Buyers shall forward any such Tax Refund to Sellers within ten days after receipt thereof. 
  
 (b) In the case of any Final Determination regarding a Tax Return for a Straddle Period or any taxable period beginning after the Closing Date (a
“Post-Closing Taxable Period”) that is attributable to the Business as conducted after the Closing or to Buyers, the DMS Entities or Buyers’ other Affiliates from and after the Closing, any Tax Refund received from the
appropriate Taxing Authority with respect to such Tax Return shall be paid to Buyers; provided, however, that Buyers shall cause any portion of such Tax Refund relating to Interim Period Taxes to be forwarded to Sellers within ten days
after receipt thereof. If any such Tax Refund is received by Sellers, Sellers shall forward any such Tax Refund (except any portion thereof relating to Interim Period Taxes) to Buyers within ten days after receipt thereof. 
  
 (c) Any payments made under Section 8.2 or 8.3 by one of
the Parties to the other Party shall be treated by each of the Parties as satisfaction of liabilities of such paying Party and shall not be subject to any gross-up or additional payment. 
  
 8.4 Transfer Taxes. Notwithstanding anything in this Agreement to the contrary, the Buyers and Sellers
shall each be responsible for one-half of any and all transfer, 
  

					
	 	 	61	 	Purchase Agreement

 documentary, sales, use, registration, recording, titling and other similar Taxes, and any penalties, interest and
additions to such Taxes, that are incurred as a direct result of sale of the Interests, and Buyers shall be responsible for the filing of all returns, reports and forms that may be required in connection therewith; provided, the expenses incurred to
prepare such returns, reports and forms shall be paid by Sellers. Buyers shall promptly provide proof to Sellers of the timely filing and payment of all such Taxes. 
  
 8.5 Audit Matters. The Party having the responsibility for filing a Tax Return (the
“Responsible Party”) shall have primary responsibility for conducting the audit of such Tax Return, and shall have primary responsibility for conducting any appeal or subsequent litigation relating thereto. In addition, if the
disposition, resolution or compromise of such audit, appeal or litigation will or might reasonably be expected to result in the other Party (the “Other Party”) having an increased Tax liability, or any other adverse Tax consequence
for any period beginning after the Closing Date, the Other Party shall have the right, exercisable within ten days of its receipt of notice of a proposed disposition of the audit, appeal or litigation, to veto the disposition of any audit adjustment
with respect to such periods, such veto not to be unreasonably exercised. Each Party shall bear its own internal expenses of participation in such audits, appeals, or litigation. If the Responsible Party declines to defend any matter provided for in
this Section 8.5, the Other Party has the right to pay, compromise or contest the matter, and the Responsible Party shall bear the Responsible Party’s costs in so defending the matter. 
  
 8.6 Cooperation and Exchange of Information. From and
after the Closing, Buyers, on behalf of themselves and the DMS Entities, agree to provide Sellers with such cooperation and information as Sellers shall reasonably request in connection with the preparation, filing or defense of any Tax Return or
claim for refund not inconsistent with this Agreement or in connection with any audit or Action in respect of Taxes for which Sellers or their Affiliates are or could be liable. From and after the Closing, Sellers, on behalf of themselves, agree to
provide Buyers with such cooperation and information as Buyers shall reasonably request in connection with the preparation, filing or defense of any Tax Return or claim for refund not inconsistent with this Agreement or in connection with any audit
or Action in respect of Taxes for which Buyers or their Affiliates are or could be liable. The cooperation and information contemplated in the two previous sentences shall include the designation of an officer of Sellers, Buyers, and the DMS
Entities for the purpose of signing Tax Returns, receiving and cashing refund checks and defending audits as well as promptly forwarding copies of appropriate notices and forms or other communications received from or sent to any Taxing Authority
which relate to Sellers or the Tax Returns hereunder, and providing copies of all relevant Tax Returns, together with related schedules and workpapers, documents relating to rulings or other determinations by taxing authorities, including foreign
taxing authorities, records concerning the ownership and Tax basis of property, and other Tax-related documents and information which either Party may possess. The Parties shall take all actions necessary to establish Sellers as the sole agent for
Tax purposes of the DMS Entities for all Tax Returns of the Partnership for Pre-Closing Taxable Periods (including providing Sellers’ or their designee with a power of attorney reasonably acceptable to Sellers authorizing Sellers or their
designee to make all filings of Tax Returns for Pre-Closing Tax Periods). From and after the Closing, Sellers shall, and Buyers shall, and shall cause the DMS Entities and their Affiliates to, and each Party shall use good faith efforts to cause
their respective Representatives to, make their employees and facilities available on a mutually convenient basis to provide explanations of any document or information provided under this Article VIII, without charge. 
  

					
	 	 	62	 	Purchase Agreement

 ARTICLE IX 
 CONDITIONS OF PURCHASE 
  
 9.1 General Conditions. The obligations of Buyers and Sellers to effect the Closing shall be subject to the following conditions, unless waived in writing by the relevant Party: 
  
 (a) No Orders; Actions. At the Closing Date, (i) no
Law or Order shall have been enacted, entered, issued, promulgated or enforced by any Governmental Entity that prohibits any of the transactions contemplated hereby and (ii) no Action shall have been commenced by any Governmental Entity that
seeks to prohibit or enjoin the transactions contemplated hereby. 
  
 (b) Approvals. All Approvals that are identified on Schedule 9.1(b) shall have been received or obtained on or prior to the Closing Date and any applicable waiting period under the Hart-Scott-Rodino Act shall have expired or
been terminated. 
  
 9.2 Conditions to Obligation of
Buyers. The obligation of Buyers to effect the Closing shall be subject to the following conditions, unless waived in writing by Buyers: 
  
 (a) Representations and Warranties of Sellers. (i) The representations and warranties of Sellers contained herein shall be true and correct as
of the Closing Date as though made on and as of the Closing Date (without regard to any materiality or Material Adverse Effect qualifiers set forth therein), except to the extent such representations and warranties by their terms speak as of an
earlier date, in which case they shall be true and correct as of such earlier date (without regard to any materiality or Material Adverse Effect qualifiers set forth therein), except to the extent that the failure of such representations and
warranties to be true and correct, individually or in the aggregate does not constitute a Material Adverse Effect; and (ii) the Identified Representations shall be true and correct as of the Closing Date as though made on and as of the Closing
Date, except to the extent that the failure of the Identified Representations to be true and correct as of the Closing Date would be immaterial to Buyers. 
  
 (b) Covenants of Sellers. Sellers shall have performed in all material respects all obligations and complied in all material respects with all
covenants set forth in this Agreement that are required to be performed or complied with by them at or prior to the Closing. 
  
 (c) Officer’s Certificate. Buyers shall have received a certificate of each Seller, dated the Closing Date, signed by an authorized officer of
each Seller to the effect that the conditions in Sections 9.2(a) and 9.2(b) have been satisfied. 
  
 (d) Resignation of Certain Officers. The officers of the DMS Entities who will remain employed by Sellers or one of their Affiliates after the
Closing Date shall have submitted their resignations in writing to the DMS Entities, as applicable. Such resignations of officers shall be effective as of the Closing. 
  

					
	 	 	63	 	Purchase Agreement

 (e) Required Consents. Sellers shall have obtained and Buyers shall have received a written copy
of the consents listed on Schedule 9.2(e). 
  
 (f)
Release of Liens. Sellers shall have delivered to Buyers duly executed letter agreements, in form and substance reasonably satisfactory to Buyers and their counsel, providing for the release of (i) Liens set forth on Schedules
1.1(b), 3.1(a)(2), 3.1(b)(3) and 9.2(f), (ii) any other Liens securing any Indebtedness and (iii) any other Liens that would prevent Buyers from, immediately upon Closing, granting a first priority security interest in
the Interests, the Partnership’s interests in the DMS Entities, VESCO and GCF and substantially all the properties and assets owned by the DMS Entities, except Closing Condition Permitted Liens. For purposes hereof “Closing Condition
Permitted Liens” means: (A) Liens for Taxes and assessments (“Tax Liens”) not yet due and payable or not yet delinquent, (B) mechanics’, materialmen’s, carriers’, workers’, repairers’ and
inchoate statutory liens and rights in remand other similar Liens (“Materialmen’s Liens”) arising or incurred in the ordinary course of business for obligations not yet due or payable or not yet delinquent, (C) Liens
(other than Tax Liens and Materialmen’s Liens but including, for the avoidance of doubt, (i) zoning, building, entitlement and other land use and environmental regulations promulgated by Governmental Entities and (ii) easements,
covenants, conditions, restrictions, agreements, rights of way, and other encumbrances) that (x) do not materially interfere with or impair the operation of the Business as currently conducted and (y) do not prevent Buyers from,
immediately upon Closing, granting security interests that are junior or subject to such Liens and (D) Liens created by this Agreement, or in connection with the transactions contemplated hereby, or by the actions of Buyers. 
  
 (g) Material Adverse Effect. Since the date hereof, there shall not
have occurred a Material Adverse Effect. 
  
 (h) Specified
Letters of Credit. Chevron and VESCO shall have accepted letters of credit issued by or on behalf of Buyers and/or their respective Affiliates in substitution of any and all Specified Cash Collateral. 
  
 (i) Closing Deliveries. Buyers shall have received the documents
referred to in Section 2.6(a). 
  
 (j) Working
Capital Certificate. The DMS Entities shall have at least U.S.$33,000,000 in cash in their accounts immediately following the Closing Date (of which not more than U.S.$10,000,000 is attributable to DMS’ interest in joint ventures); the
Seller Parties and the DMS Entities shall have, from the date of this Agreement through the Closing Date, maintained working capital (including practices with respect to receivables, payables, accrued liabilities, collateral and product inventory
levels) in the ordinary course of business consistent with past practices and in accordance with a reasonable prudent operator standard and with good industry practices; and the Seller Parties shall have delivered to the Buyers a certificate (the
“Working Capital Certificate”), dated the Closing Date, executed on behalf of the Seller Parties by their respective Chief Executive Officer and Chief Financial Officer and by the Chief Executive Officer and Chief Financial Officer
of the Partnership certifying that such level of cash and standards of operations have been fully complied with. 
  

					
	 	 	64	 	Purchase Agreement

 9.3 Conditions to Obligation of Sellers. The obligation of Sellers to effect the
Closing shall be subject to the following conditions, unless waived in writing by Sellers: 
  
 (a) Representations and Warranties of Buyers. The representations and warranties of Buyers contained herein shall be true and correct as of the Closing Date as though made on and as of the Closing Date (without
regard to any materiality or material adverse effect qualifiers set forth therein), except to the extent such representations and warranties by their terms speak as of an earlier date, in which case they shall be true and correct as of such earlier
date (without regard to any materiality or material adverse effect qualifiers set forth therein), except to the extent that the failure of such representations and warranties to be true and correct would not, individually or in the aggregate,
constitute a material adverse effect on Buyers’ ability to fulfill its obligations under this Agreement. 
  
 (b) Covenants of Buyers. Buyers shall have performed in all material respects all obligations and complied in all material respects with all
covenants set forth in this Agreement that are required to be performed or complied with by them at or prior to the Closing. 
  
 (c) Officer’s Certificate. Sellers shall have received a certificate of Buyers signed by an authorized officer of Buyers to the effect that
the conditions in Sections 9.3(a) and 9.3(b) have been satisfied. 
  
 (d) Required Consents. Buyers shall have obtained and Sellers shall have received a written copy of the consents listed on Schedule 9.3(d). 
  
 (e) Closing Deliveries. Sellers shall have received the payments and documents referred to in
Section 2.6(b). 
  
 ARTICLE X 
 TERMINATION OF OBLIGATIONS 
  
 10.1 Termination of Agreement. Anything herein to the contrary notwithstanding, this Agreement may be terminated at any time before
the Closing as follows and in no other manner: 
  
 (a) by mutual
consent in writing of Buyers and Sellers; 
  
 (b) by either Buyers
or Sellers upon written notice to the other(s) any time after December 31, 2005, if the Closing shall not have occurred by such date, unless extended by mutual consent in writing of Buyers and Sellers; provided, however, that the
right to terminate this Agreement under this Section 10.1(b) shall not be available to any Party whose failure to fulfill any material obligation under this Agreement has been the primary cause of, or primarily resulted in, the failure
of the Closing to occur by such date; 
  
 (c) by Buyers upon
written notice to Sellers if any event occurs or condition exists which would render impossible the satisfaction of one or more conditions to the obligations of Buyers to consummate the Closing contemplated by this Agreement as set forth in
Article IX; provided, however, that any such event or condition relating to a breach or a failure to perform a representation, warranty, covenant or other agreement prior to the Closing Date 
  

					
	 	 	65	 	Purchase Agreement

 shall be a cause for termination of this Agreement only if such breach or failure cannot be cured or has not been cured
within thirty days after the giving of written notice of such breach or failure to Sellers, such notice to be given promptly after Buyers become aware of such breach or failure; 
  
 (d) by Sellers upon written notice to Buyers if any event occurs or condition exists which would render impossible the
satisfaction of one or more conditions to the obligations of Sellers to consummate the Closing contemplated by this Agreement as set forth in Article IX; provided, however, that any such event or condition relating to a
breach or a failure to perform a representation, warranty, covenant or other agreement prior to the Closing Date shall be a cause for termination of this Agreement only if such breach or failure cannot be or has not been cured within thirty days
after the giving of written notice of such breach or failure to Buyers, such notice to be given promptly after Sellers become aware of such breach or failure; 
  

(e) by Sellers, if Buyers shall have breached their obligation to pay the Closing Purchase Price at the Closing pursuant to
Section 2.6(b)(1) hereof (such breach, a “Payment Breach”); 
  
 (f) by Buyers after December 31, 2005, upon payment of the Buyers’ Termination Fee; or 
  
 (g) by Buyers pursuant to Section 5.5(c). 
  
 10.2 Effect of Termination. 
  
 (a) In the event that this Agreement shall be terminated pursuant to Section 10.1, all obligations of the Parties under this Agreement shall
terminate without further liability of any Party to another; provided, however, that the obligations of the Parties contained in this Section 10.2 and Sections 12.11, 12.13, and 12.16 and all provisions
of this Agreement necessary for the interpretation and enforcement thereof and the Confidentiality Agreement shall survive any such termination. Except as provided in clauses (b) and (c) of this Section 10.2, a termination
under Section 10.1 shall not relieve any Party of any liability for a willful breach of any covenant or agreement under this Agreement or be deemed to constitute a waiver of any available remedy (including specific performance if
available) for any such breach. If this Agreement is terminated for any reason, no Representative of Buyers will directly or indirectly attempt to influence any employee of the DMS Entities to seek employment with Buyers or any of their Affiliates
for a period of one year after this Agreement is terminated. 
  
 (b) In the event that this Agreement is terminated (w) by Sellers pursuant to clause (b) of Section 10.1 as a result of any Payment Breach or other willful breach by Buyers of this Agreement, provided that at
the time of such termination Sellers are not in breach of this Agreement such that any of the conditions set forth in Sections 9.2(a) and 9.2(b) would not be satisfied, (x) by Sellers pursuant to clause (d) of
Section 10.1 as a result of any Payment Breach or other willful breach by Buyers of this Agreement, provided that at the time of such termination Sellers are not in breach of this Agreement such that any of the conditions set forth in
Sections 9.2(a) and 9.2(b) would not be satisfied, (y) by Sellers pursuant to clause (e) of Section 10.1, or (z) by Buyers pursuant to clause (f) of Section 10.1, Buyers
shall pay the 
  

					
	 	 	66	 	Purchase Agreement

 Buyers’ Termination Fee to Sellers or as directed by Sellers as promptly as reasonably practicable (and, in any
event, within two Business Days following such termination) by wire transfer of same day funds. 
  
 (c) The Parties agree that the Buyers’ Termination Fee represents a fair and reasonable estimation of the damages that would result to Sellers in the
event of a termination by Sellers pursuant to clause (b), (d), or (e) of Section 10.1 under the circumstances specified in Section 10.2(b), or a termination by Buyers pursuant to clause (f) of
Section 10.1 (including, in the event of such termination, any damages that Sellers may have suffered as a result of any breach by Buyers under this Agreement). The parties agree that the remedy of payment by Buyers of the Buyers’
Termination Fee shall be the sole and exclusive remedy of the Seller Parties in connection with any such termination (and, in the event of such termination, any breach giving rise thereto), and in such event the Buyer Parties shall have no liability
other than payment of the Buyers’ Termination Fee, except with respect to the indemnification and reimbursement obligations under Sections 5.4(b), 6.9(d) and 10.2(d) and clause (e) of Schedule 5.8.
Sellers waive, and shall not assert, any other right or remedy in connection with such termination (and, in connection with such termination, any breach giving rise thereto) against Buyer Parties or any other person, including, any stockholders,
partners, members, directors, officers, agents, advisors, lenders and affiliates of or to Buyers (such persons, collectively with Buyers, the “Buyer Group”). Notwithstanding anything to the contrary contained herein, in the event
the Closing does not occur, the aggregate liability of the Buyer Group hereunder for all losses and damages arising from or in connection with this Agreement and the transactions contemplated hereby shall not exceed U.S.$65,000,000 (except with
respect to the indemnification and reimbursement obligations under Sections 5.4(b), 6.9(d) and 10.2(d) and clause (e) of Schedule 5.8.) 
  
 (d) Each of Seller Parties and Buyer Parties acknowledges that the agreements contained in this Section 10.2 are
an integral part of the transactions contemplated by this Agreement. In the event that Buyer Parties shall fail to pay the Buyers’ Termination Fee when due, Buyer Parties shall reimburse Seller Parties for all reasonable costs and expenses
actually incurred or accrued by Seller Parties (including reasonable fees and expenses of counsel) in connection with the collection under and enforcement of this Section 10.2. 
  
 ARTICLE XI 
 INDEMNIFICATION; SURVIVAL 
  
 11.1 Obligations of Seller Parties. Effective as of the Closing, and subject to the other terms hereof, Seller Parties, jointly and severally, shall indemnify and hold harmless Buyers, their
Affiliates (including the DMS Entities), and each of their respective Representatives from and against any and all Indemnifiable Losses due to: 
  
 (a) any inaccuracy in or breach of any of the representations and warranties set forth in Article III of this Agreement and made or deemed to be
made by Sellers on the Closing Date; 
  
 (b) any material breach
or nonperformance of any of the covenants of Sellers contained in this Agreement (other than a breach or nonperformance of the covenants contained 
  

					
	 	 	67	 	Purchase Agreement

 in Section 5.4(b)(iii) with respect to the information provided pursuant to clause (ii)(A) of the
definition of Required Information, except to the extent arising or resulting from gross negligence or willful misconduct of any Seller, any Affiliate of any Seller or any of their respective Representatives); 
  
 (c) any Taxes of any DMS Entity, VESCO, or GCF with respect to any
Pre-Closing Taxable Periods and any Interim Period Taxes (other than Buyers’ Taxes), including any Taxes attributable to the transactions contemplated by Section 5.6 of any DMS Entity, VESCO, or GCF; except, in any case, to the
extent that any such Taxes were (or will be) treated as a liability in the Partnership Financial Statements. 
  
 (d) any and all liabilities or obligations of any kind or nature arising out of or relating to the disposed assets, properties and businesses specified on
Schedule 6.11, including any liabilities or obligations arising under the provisions of any purchase and sale agreement entered into in connection with the disposition of such assets, properties or business; or 
  
 (e) any other matter as to which Sellers in other provisions of this
Agreement have expressly agreed to indemnify Buyers. 
  
 For
purposes of this Section 11.1, each representation and warranty of Sellers shall be read without giving effect to any materiality or Material Adverse Effect or similar exception or qualifier set forth therein. Notwithstanding the
foregoing, the following occurrences as to materiality or Material Adverse Effect or similar exception or qualifier shall not be disregarded in the application of Section 11.1(a): (A) in the phrase “fairly presents in all
material respects” in Section 3.2(a); (B) in Section 3.2(b) and (C) clause (ii) of Section 3.2(c); provided further that the defined term “Material Contracts” shall not
be deemed to read “Contracts” for the purposes of the application of Section 11.1(a). In addition, the requirement to disregard qualifications as to materiality and Material Adverse Effect shall not be deemed to modify or
eliminate any dollar amount specifically stated in this Agreement or any concept of materiality that is embodied in any requirement of Law or in GAAP. 
  
 11.2 Obligations of Buyer Parties. Effective as of the Closing, and subject to the other terms hereof, Buyer Parties, jointly and
severally, shall indemnify and hold harmless Seller Parties, their Affiliates and each of their respective Representatives from and against any and all Indemnifiable Losses due to: 
  
 (a) any inaccuracy in or breach of any of the representations and warranties set forth in Article IV of this
Agreement and made by Buyers on the Closing Date; 
  
 (b) any
material breach or nonperformance of any of the covenants of Buyers contained in this Agreement; 
  
 (c) the conduct, operation or ownership of the Business on or after the Closing; provided, however, that Buyers shall not be required to
indemnify any Person pursuant to this Section 11.2(c), with respect to any Indemnifiable Loss to the extent such Indemnifiable Loss arose or resulted from (i) any breach by any Seller of its obligations, representations, warranties,
covenants or agreements under this Agreement (without giving effect to any materiality, Material Adverse Effect or similar qualifiers except as permitted pursuant to Section 11.1) or (ii) gross negligence or willful misconduct of
any Seller, any Affiliate of any Seller or any of their respective Representatives; 
  

					
	 	 	68	 	Purchase Agreement

 (d) any Buyers’ Taxes; or 
  
 (e) any other matter as to which Buyers in other provisions of this Agreement has expressly agreed to indemnify Sellers.

  
 11.3 Procedure. The following procedures
shall apply with respect to Indemnifiable Claims: 
  
 (a) Any
Party seeking indemnification of any Indemnifiable Loss or potential Indemnifiable Loss, whether the underlying claim is asserted by a Party or a third party, shall give written notice to the Party from whom indemnification is sought, setting forth
in reasonable detail the nature and reasonably estimated amount of, and basis for, such claim to the extent then known. Written notice to the Indemnifying Party of the existence of a third-party claim shall be given by the Indemnified Party promptly
after its receipt of an assertion of liability from the third party, and in any event within ten days of such assertion; provided that any failure to provide such notice will not affect the rights or obligations of the Indemnifying Party except and
only to the extent that, as a result of such failure, the Indemnifying Party was actually prejudiced. 
  
 (b) Except with respect to Taxes, for which the provisions of Section 8.5 shall apply in lieu of the provisions below, in the case of a third
party claim, the Indemnifying Party may, at its option, control the defense of an Indemnifiable Claim. Notwithstanding the foregoing, the Indemnified Party shall have the right to retain counsel of its choice at its own expense and participate in
the defense of the Indemnifiable Claim. If the Indemnifying Party does not assume such defense or notifies the Indemnified Party within twenty-one (21) days after receipt of the notice required under Section 11.3(a) that it will not
assume such defense, the Indemnified Party may control the defense of such Indemnifiable Claim and may settle the claim on behalf of and for the account and risk of the Indemnifying Party, who shall be bound by the result. In all cases, the Party
without the right to control the defense of the Indemnifiable Claim may participate in such defense at its sole cost and expense. 
  
 (c) Any amounts payable by the Indemnifying Party to an or on behalf of an Indemnified Party pursuant to this Agreement shall be reduced by all insurance
recoveries and other reimbursements or compensation actually received by the Indemnified Party as a result of the claim, loss or damage involved. The Indemnified Party shall seek full recovery under all insurance policies covering any such claim,
loss or damage to the same extent as the Indemnified Party would if such claim, loss or damage were not subject to indemnification hereunder. In the event that an insurance payment is received or other recovery is made by any Indemnified Party with
respect to any matter for which any such Person has already been indemnified hereunder, then a refund in immediately available funds in U.S. dollars equal to the aggregate amount of the recovery shall be made promptly to the Person or Persons that
provided such indemnity payments to such Indemnified Party. 
  
 (d) Notwithstanding anything in this Section 11.3 to the contrary, neither the Indemnifying Party nor the Indemnified Party shall, without the written consent of the other 
  

					
	 	 	69	 	Purchase Agreement

 Party, settle or compromise any Indemnifiable Claim or permit a default or consent to entry of any judgment, unless such
settlement or compromise includes a complete release of the Indemnified Party with respect to liability related to such Indemnifiable Claim. Notwithstanding the preceding sentence, if a settlement offer solely for money damages is made by the
applicable third party claimant and the Indemnifying Party notifies the Indemnified Party in writing of the Indemnifying Party’s willingness to accept the settlement offer and pay the amount called for by such offer without reservation of any
rights or defenses against the Indemnified Party, the Indemnified Party may continue to contest such claim, free of any participation by the Indemnifying Party, and the amount of any ultimate liability with respect to such Indemnifiable Claim that
the Indemnifying Party has an obligation to pay hereunder shall be limited to the lesser of (A) the amount of the settlement offer that the Indemnified Party declined to accept plus the Indemnifiable Losses of the Indemnified Party relating to
such Indemnifiable Claim through the date of its rejection of the settlement offer or (B) the aggregate Indemnifiable Losses of the Indemnified Party with respect to such Indemnifiable Claim. If the Indemnifying Party makes any payment on any
Indemnifiable Claim, the Indemnifying Party shall be subrogated, to the extent of such payment, to all rights and remedies of the Indemnified Party to any insurance benefits or other claims of the Indemnified Party with respect to such claim.

  
 11.4 Survival. The representations and
warranties contained in or made pursuant to this Agreement shall expire on the first anniversary of the Closing, except that (i) the representations and warranties contained in Section 3.12 shall expire on the twenty-four-month
anniversary of the Closing, (ii) the representations and warranties contained in Sections 3.1, 3.7 and 3.17 shall remain in full force and effect indefinitely and (iii) the representations and warranties contained in
Section 3.3 shall remain in full force for the applicable statute of limitation period. This Article XI shall survive the Closing and shall remain in effect (a) with respect to Sections 11.1(a) and 11.2(a), so
long as any of the relevant representations and warranties survive, (b) with respect to Sections 11.1(b) and 11.2(b), to the extent those Sections relate to the covenants requiring performance prior to the Closing
(“Pre-Closing Covenants”), for one year after the Closing, (c) with respect to Sections 11.1(b) and 11.2(b), to the extent those Sections relate to covenants requiring performance after the Closing, so long as the
applicable covenant survives, and (d) with respect to Sections 11.1(c), 11.1(d) and 11.1(e), 11.2(c), 11.2(d) and 11.2(e), indefinitely. Any matter as to which a non-speculative claim has been asserted
by written notice setting forth in reasonable detail the nature of such claim to the other Party that is pending, unresolved and being diligently pursued at the end of any applicable limitation period shall continue to be covered by this Article
XI notwithstanding any applicable limitation period until such matter is finally terminated, not being diligently pursued or otherwise resolved by the Parties under this Agreement or by a court of competent jurisdiction and any amounts payable
hereunder are finally determined and paid. 
  
 11.5
Limitations on Indemnification. 
  
 (a) Seller Parties
shall not be required to indemnify any Person under Section 11.1(a) or, solely with respect to Pre-Closing Covenants, Section 11.1(b), or Section 11.1(d) unless (i) the amount which would otherwise be payable
by Sellers thereunder with respect to any given claim exceeds U.S.$100,000 (“Included Claims”) and (ii) the aggregate amount for all Included Claims exceeds U.S.$25,000,000, and in such event Sellers shall be responsible for
only the amount in excess of such amount. In no event shall the total 
  

					
	 	 	70	 	Purchase Agreement

 indemnification to be paid by Sellers under this Article XI (other than amounts paid pursuant to
Section 11.1(b) with respect to post-Closing covenants, 11.1(c) and 11.1(e)) exceed U.S.$300,000,000. 
  
 (b) Any Indemnifiable Claim with respect to any breach or nonperformance by either Party of a representation, warranty, covenant or agreement shall be
limited to the amount of actual Indemnifiable Losses sustained by the Indemnified Party by reason of such breach or nonperformance, net of any insurance proceeds. Nothing in this Agreement shall be construed to require the Indemnifying Party to make
duplicative payments, in whole or in part, to an Indemnified Party, or to allow an Indemnified Party to receive duplicative payments or benefits, in whole or in part, in respect of an Indemnifiable Claim. 
  
 (c) If an inaccuracy in any of the representations and warranties made by
Sellers or a breach of any covenants of Sellers gives rise to an adjustment in the Purchase Price in accordance with Section 2.2, then such inaccuracy or breach shall not give rise to an indemnification obligation under
Section 11.1. 
  
 (d) For purposes of indemnification
for breaches of representations or warranties contained in Section 3.3(a) and 3.3(g), Indemnifiable Losses shall not include any liability for Taxes in respect of such representations and warranties where the underlying liability
is in respect of any Post-Closing Taxable Period, it being understood that the foregoing shall not limit indemnification hereunder in respect of interest, penalties, or other costs incurred in any Post-Closing Taxable Period where the underlying
liability is in respect of Taxes for Pre-Closing Taxable Periods. 
  
 11.6 Treatment of Payments. All payments made pursuant to this Article XI shall be treated as adjustments to the Purchase Price. Notwithstanding anything in this Agreement to the contrary, Buyers shall not
be indemnified or reimbursed for any Tax consequences arising from the receipt or accrual of an indemnity payment hereunder, including any such consequences arising from adjustments to the basis of any asset resulting from an adjustment to the
Purchase Price or any additional Taxes resulting from any such basis adjustment. 
  
 11.7 Remedies Exclusive. Except as otherwise provided in Article VIII, from and after the Closing, the remedies provided for in this Article XI shall be exclusive and shall
preclude assertion by any Indemnified Party of any other rights or the seeking of any and all other remedies against the Indemnifying Party for claims based on or Indemnifiable Losses incurred in connection with the negotiation, execution, delivery,
performance or non-performance of this Agreement. Each Party hereby waives any provision of Law, including the Federal Comprehensive Environmental Response, Compensation and Liability Act and any other Environmental Law, to the extent that it would
limit or restrict the agreement contained in this Section 11.7. 
  
 11.8 Retained Excluded Claims and Reserved Claim. 
  
 (a) Notwithstanding anything herein to the contrary, and without regard to any limitations set forth herein, Sellers shall retain and be responsible for
the Retained Excluded 
  

					
	 	 	71	 	Purchase Agreement

 Claims and the Reserved Claim and shall indemnify and hold harmless Buyers, the DMS Entities and their respective
Affiliates from and against any and all costs, damages, expenses, liabilities or losses, including any reasonable legal, accounting or other professional fee or expense or amount paid in settlement, relating to or arising out of the Retained
Excluded Claims or the Reserved Claim. 
  
 (b) Without limiting
Buyers’ general obligation to cooperate with Sellers under the other provisions of this Agreement, including Section 6.1, Buyers agree that: 
  

(i) absent the written consent of Sellers, each Business Employee who has direct responsibility for and/or handles the day-to-day
management of a Retained Excluded Claim or the Reserved Claim, as applicable, as of the Closing shall continue to have direct responsibility for and/or handle the day-to-day management of such Retained Excluded Claim or the Reserved Claim, as
applicable, after the Closing, except to the extent that such Business Employee (A) is no longer employed by a DMS Entity or any of their Affiliates or (B) shall have accepted and taken another position that excludes direct responsibility
for and/or handling the day-to-day management of such Retained Excluded Claim or the Reserved Claim from the job scope, in either of which case Buyers shall cause a reasonably qualified Business Employee or other reasonably qualified employee to
replace such Business Employee (or the replacement thereof pursuant to this Section 11.8(b)) and assume direct responsibility for and/or handle the day-to-day management of such Retained Excluded Claim or the Reserved Claim, as
applicable; 
  
 (ii) Sellers shall, subject to
the limitations prescribed in this Section 11.8, be entitled to direct and control the Retained Excluded Claims and the Reserved Claim, including the management of the Retained Excluded Claims or the Reserved Claim by outside counsel and
coordination with Business Employees who have direct responsibility for and/or are handling the day-to-day management of the Retained Excluded Claims or the Reserved Claim; provided, however, that Buyers and Sellers shall work with
each other in good faith to attempt to develop prior to and implement as of the Closing a mutually acceptable, detailed joint plan of cooperation and process specifically with respect to the Reserved Claim, whether in connection with the development
of the joint defense agreement under Section 11.8(c) or otherwise. 
  
 (iii) Sellers may keep copies, or make copies of, and shall have reasonable access to during normal business hours and following
reasonable notice, any and all books, records, and other documents (other than documents which report progress or activity with respect to any of the Retained Excluded Claims or the Reserved Claim and are prepared by an employee of Buyers or an
Affiliate thereof who is involved in a Retained Excluded Claim or the Reserved Claim for another employee of Buyers or an Affiliate thereof) and information, whether written, electronic, or other, relating to any of the Retained Excluded Claims or
the Reserved Claim; 
  
 (iv) Sellers shall have
reasonable access, during normal business hours and following reasonable notice, to relevant properties of Buyers or their Affiliates and to the employees of Buyers or their Affiliates who have or may have knowledge, material, documents, or
information relating to any of the Retained Excluded Claims or the Reserved Claim; and 
  

					
	 	 	72	 	Purchase Agreement

 (v) Sellers shall have all rights to and may assert all claims, defenses and related
rights available to Sellers in connection with the Retained Excluded Claims or the Reserved Claim. 
  
 (c) Buyers and Sellers acknowledge and agree that they have a common interest in the defense and resolution of the Retained Excluded Claims and the
Reserved Claim and that their common interests would be advanced by sharing data and information and cooperation joint defense efforts as reflected in this Section 11.8. Under such joint cooperation and defense arrangement, all assets
and materials relating to the Retained Excluded Claims and the Reserved Claim are to be protected by the attorney-client privilege, work product doctrine or other legal protections. By agreeing to participate in this joint cooperation and defense
relationship, none of Buyers, the DMS Entities or Sellers are waiving or intending to diminish in any way applicable privileges, doctrines and protections. Furthermore, all non-public information concerning the Retained Excluded Claims or the
Reserved Claim shall be held in confidence by Sellers and Buyers, and Sellers and Buyers shall not, and shall cause their respective Affiliates and Representatives not to, disclose or otherwise communicate to any Person who does not need to know
such information all or any portion of such confidential information except as and to the extent agreed in writing by the other party or required by Law or civil process and shall not use any such confidential information for any purpose not
contemplated in this Section 11.8. 
  
 (d)
Notwithstanding that Sellers shall be entitled to direct and control the Retained Excluded Claims and the Reserved Claim, Sellers shall not, without the prior written consent of Buyers effect any settlement or resolution of the Retained Excluded
Claims or the Reserved Claim if such settlement or resolution involves (i) any admission or acknowledgement of guilt or criminal wrongdoing by any of the DMS Entities, (ii) any finding, determination or acknowledgement that any of the DMS
Entities violated any Law or (iii) any terms (other than a payment of consideration by Sellers) which would reasonably be expected to adversely impact the reputation of any of the DMS Entities or adversely impair in any material respect the
ongoing business operations and activities of any of the DMS Entities. In each instance where Sellers are attempting to settle or resolve a Retained Excluded Claim, Sellers shall request and use commercially reasonable efforts to obtain a full
written release of the DMS Entities. 
  
 (e) The cooperative
services provided by Buyers to Sellers shall be made without fees or charges by the Buyers to Sellers other than reimbursement by Sellers of the documented, reasonable out-of-pocket costs incurred by Buyers or any of the DMS Entities. Any access by
Sellers to properties, records and personnel under this Section 11.8 shall be made in a manner so as not to unreasonably interfere with Buyers’ and the DMS Entities’ conduct of business. 
  

					
	 	 	73	 	Purchase Agreement

 ARTICLE XII 
 GENERAL 
  
 12.1
Amendments; Waivers. This Agreement, including all Schedules and Exhibits attached hereto, may be amended only by an agreement in writing of all Parties. No waiver of any provision nor consent to any exception to the terms of
this Agreement or any agreement contemplated hereby shall be effective unless in writing and signed by the Party to be bound and then only to the specific purpose, extent and instance so provided. 
  
 12.2 Disclosure Schedules; Exhibits. Each
Schedule and Exhibit delivered pursuant to the terms of this Agreement shall be in writing and shall constitute a part of this Agreement. The mere inclusion of an item in a Disclosure Schedule as an exception to a representation or warranty shall
not be deemed an admission by Sellers that such item represents an exception thereto or a material fact, event or circumstance or that such item constitutes a Material Adverse Effect. Such disclosures and the dollar thresholds set forth herein
(including those in Section 11.5(a)) shall not be used as a basis for interpreting the terms “material” or “Material Adverse Effect” or other similar terms in this Agreement. Any fact, matter or item which is
disclosed on any Disclosure Schedule to this Agreement in such a way as to make its relevance or applicability to information called for by another Disclosure Schedule or other Disclosure Schedules to this Agreement reasonably apparent shall be
deemed to be disclosed on such other Disclosure Schedule or Disclosure Schedules, as the case may be, notwithstanding the omission of a reference or cross-reference thereto. 
  
 12.3 Post-Closing Further Assurances. Each Buyer Party and Seller Party shall execute and
deliver after the Closing such further certificates, agreements and other documents and take such other actions as the other Party may reasonably request to consummate or implement the transactions contemplated hereby or to evidence such events or
matters. With respect to the securing of any requisite Approvals and consents after the Closing, the Parties shall timely and promptly make all filings which may be required for the securing of such Approvals and consents. In furtherance and not in
limitation of the foregoing, each of Buyers and Sellers shall use commercially reasonable efforts to file notification and report forms and similar applications with any applicable Governmental Entity whose Approval may be required following the
Closing Date. Buyers and Sellers shall cooperate and use their respective commercially reasonable efforts to respond to any requests for information by any Governmental Entity in connection with such post-Closing Approvals. 
  
 12.4 Governing Law; Consent to Jurisdiction; Waiver of Jury Trial.

  
 (a) This Agreement and the legal relations between the
Parties shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and performed in such State and without regard to conflicts of law doctrines (other than New York General Obligations Law,
Section 5-1401). Each of the Parties (i) consents to submit itself to the personal jurisdiction of any Federal court located in the State of Texas or any Texas state court in connection with any dispute that arises out of this
Agreement or any of the transactions contemplated by this Agreement, (ii) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court and (iii) agrees that it will
not bring any action relating to this Agreement or any other agreement contemplated hereby or any of the transactions contemplated hereby or thereby in any court other than a Federal court sitting in the State of Texas or a Texas state court unless
venue would not be proper under rules applicable in such courts. 
  

					
	 	 	74	 	Purchase Agreement

 (b) EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY
JURY IN RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY. EACH PARTY (I) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY
HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (II) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG
OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 12.4(B). 
  
 12.5 Counterparts. This Agreement and any amendment hereto or any other agreement (or document) delivered pursuant hereto may be executed in one or more counterparts and by different Parties in
separate counterparts. All of such counterparts shall constitute one and the same agreement (or other document) and shall become effective (unless otherwise provided therein) when one or more counterparts have been signed by each Party and delivered
to the other Party. 
  
 12.6 Parties in Interest.
This Agreement shall be binding upon and inure to the benefit of each Party, and, except as provided in Section 12.16, nothing in this Agreement, express or implied, is intended to confer upon any other Person any rights or remedies
of any nature whatsoever under or by reason of this Agreement. Nothing in this Agreement is intended to relieve or discharge the obligation of any third person to any Party to this Agreement. 
  
 12.7 Waiver. No failure on the part of any Party to
exercise or delay in exercising any right hereunder shall be deemed a waiver thereof, nor shall any single or partial exercise preclude any further or other exercise of such or any other right. 
  
 12.8 Severability. If any provision of this Agreement is
determined to be invalid, illegal or unenforceable by any Governmental Entity, the remaining provisions of this Agreement to the extent permitted by Law shall remain in full force and effect, provided that the essential terms and conditions
of this Agreement for both Parties remain valid, binding and enforceable, and provided, further, that the economic and legal substance of the transactions contemplated by this Agreement is not affected in any manner materially adverse
to any Party. In event of any such determination, the Parties agree to negotiate in good faith to modify this Agreement to fulfill as closely as possible the original intents and purposes hereof. To the extent permitted by Law, the Parties hereby to
the same extent waive any provision of Law that renders any provision hereof prohibited or unenforceable in any respect. 
  
 12.9 No Punitive Damages. Notwithstanding anything to the contrary elsewhere in this Agreement, no Party (or its Affiliates) shall,
in any event, be liable to another Party (or its Affiliates) for any consequential, special, indirect, exemplary or punitive damages relating to the breach or alleged breach or nonperformance or alleged nonperformance of this Agreement. 

 

					
	 	 	75	 	Purchase Agreement

 12.10 Notices. Any notice, consent, approval, request, claim, demand or other
communication hereunder must be given in writing and (a) delivered in person, (b) transmitted by telefax or telecommunications mechanism, (c) mailed by certified or registered mail (postage prepaid), receipt requested, or
(d) sent by recognized express delivery or courier service, receipt requested, to the Parties and at the addresses specified herein or to such other address or to such other person as either Party shall have last designated by such notice to
the other Party. Each such notice, consent, approval, request, claim, demand or other communication shall be effective (i) if given by telecommunication, when transmitted to the applicable number so specified herein and an appropriate
confirmation of transmission is received, (ii) if given by certified or registered mail, three days after such communication is deposited in the mails with full postage prepaid, addressed as aforesaid or (iii) if given by any other means,
when actually received at such address. Any notice or other communication hereunder shall be delivered as follows: 
  
 If to Buyers, addressed to: 
  
 Targa Resources, Inc., Targa Resources Partners OLP LP and Targa Midstream 
 GP, LLC 
 1000 Louisiana, Suite 4700 
 Houston, Texas 77002 
 Attention: Paul W.
Chung, General Counsel 
 Facsimile: (713) 584-1110 
  
 With a copy to: 
  
 Vinson & Elkins L.L.P. 
 1001 Fannin,
Suite 2700 
 Houston, Texas 77002 
 Attention: Christopher S. Collins, Esq. 
 Facsimile: (713) 615-5883 
  
 and with a copy to: 
  
 Cleary Gottlieb Steen & Hamilton LLP 
 One Liberty Plaza 
 New York, New York 10006

 Attention: David Leinwand, Esq. 
 Facsimile: (212) 225-3999 
  

					
	 	 	76	 	Purchase Agreement

 If to Sellers addressed to: 
  
 Dynegy Inc., Dynegy Holdings Inc., Dynegy Midstream Holdings, Inc. and 
 Dynegy Midstream G.P., Inc. 
 c/o Dynegy Inc.

 1000 Louisiana St., Suite 5800 
 Houston, Texas 77002 
 Attention: General Counsel 
 Facsimile No.: (713) 507-6808 
  
 With a copy to: 
  
 O’Melveny & Myers LLP

 Times Square Tower 
 Seven
Times Square 
 New York, New York 10036 
 Attention: Gregory P. Patti, Jr., Esq. 
 Facsimile: (212) 326-2061 
  
 12.11 Publicity and Reports. Prior to the Closing,
Sellers and Buyers shall coordinate all publicity relating to the transactions contemplated by this Agreement and neither Sellers nor Buyers (or any of their respective Affiliates) shall issue or make any press release, publicity statement or other
public notice, comment or announcement relating to this Agreement, or the transactions contemplated by this Agreement, without the prior written consent of the other Party; provided, however, that to the extent that a particular action
is required by Law or applicable stock exchange regulations, Sellers and Buyers, as the case may be, shall be obligated only to use commercially reasonable efforts to consult with the other and to attempt in good faith to agree upon a mutually
acceptable press release, publicity statement, or other public notice, comment or announcement prior to issuing the same. Nothing herein shall prevent reasonable pre-Closing communication between the DMS Entities and their customers for the purpose
of responding to customer concerns regarding the effect of the transactions contemplated by this Agreement on service delivery. Notwithstanding the foregoing, prior to the Closing, paragraph 12 of the Confidentiality Agreement shall continue to
govern with respect to Buyers’ contact with customers and suppliers of the Partnership. 
  
 12.12 Integration. This Agreement and the Confidentiality Agreement, together with the Disclosure Schedules and Exhibits thereto, (a) constitute the entire agreement among the Parties
pertaining to the subject matter hereof and (b) supersede any and all prior agreements and understandings of the Parties in connection therewith, except for the Confidentiality Agreement, which remains in full force and effect. 
  
 12.13 Expenses. Except as otherwise provided herein,
each Seller Party and Buyer Party shall pay its own expenses incident to the evaluation of the DMS Entities and the Business and the negotiation, preparation and performance of this Agreement and the transactions contemplated hereby, including the
fees, expenses and disbursements of their respective investment bankers, accountants and counsel. The Seller Parties acknowledge and agree that the DMS Entities shall not be responsible (directly, through financial accruals or otherwise) for any
expenses relating to the Seller Parties’ negotiation, preparation and performance of the transactions contemplated by this Agreement. 
  

					
	 	 	77	 	Purchase Agreement

 12.14 No Assignment. Except as provided in item (f) of Schedule
5.8, neither this Agreement nor any rights or obligations under it are assignable by Buyer Parties, except that (i) Buyer Parties may assign their rights hereunder to any wholly owned Subsidiary of Buyer Parties and (ii) Buyer Parties
may assign this Agreement and their rights hereunder by way of security for the benefit of its financing providers provided that no such assignment shall relieve Buyer Parties of any liability hereunder. Buyer Parties shall remain liable to Seller
Parties for the payment of the consideration set forth herein and other obligations of Buyer Parties hereunder notwithstanding a permitted assignment. Seller Parties may assign their rights under this Agreement to any Affiliate of Seller Parties;
provided, that such assignor shall not be released from any of its obligations under this Agreement. Any attempted assignment in violation of the provisions of this Section 12.14 shall be null and void ab initio. In the event a
Party consolidates with or merges into any other Person and shall not be the continuing or surviving corporation or entity of such consolidation or merger or transfers all or substantially all of its properties and assets to any Person, then and in
any such case, proper provision shall be made so that the successors and assigns of such party shall assume the obligations set forth in this Agreement. 
  
 12.15 Representation By Counsel; Interpretation. The Parties each acknowledge that it has been represented by counsel in connection
with this Agreement and the transactions contemplated hereby. Accordingly, any rule of Law or any legal decision that would require interpretation of any claimed ambiguities in any portions of this Agreement against the Party that drafted it has no
application and is expressly waived. If any provision of this Agreement is, in the judgment of the trier of fact, ambiguous or unclear, that provision shall be interpreted in a reasonable manner to effect the intent of the Parties. 
  
 12.16 No Third Party Beneficiaries. This Agreement is
not intended to, and shall not be construed to, confer upon any Person other than the Parties any rights or remedies hereunder, except that each member of the Buyer Group shall be third party beneficiaries of Section 10.2(c) and the
Indemnified Parties shall be third party beneficiaries of Article XI. 
  
 [Remainder of Page Intentionally Left Blank] 
  

					
	 	 	78	 	Purchase Agreement

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed by its duly authorized
officers as of the day and year first above written. 
  

			
	BUYERS:
	
	TARGA RESOURCES, INC.
		
	By:	 	 /s/ Rene R. Joyce

	Name:	 	Rene R. Joyce
	Title:	 	Chief Executive Officer

  

			
	TARGA RESOURCES PARTNERS OLP LP
		
	BY:	 	 TARGA RESOURCES OLP GP, LLC,
 its general
partner

		
	By:	 	 /s/ Rene R. Joyce

	Name:	 	Rene R. Joyce
	Title:	 	Chief Executive Officer
	
	TARGA MIDSTREAM GP, LLC
		
	By:	 	 /s/ Rene R. Joyce

	Name:	 	Rene R. Joyce
	Title:	 	Chief Executive Officer
	
	SELLERS: 
	
	DYNEGY INC.
		
	By:	 	 /s/ Bruce A. Williamson

	Name:	 	Bruce A. Williamson
	Title:	 	 Chairman, President and Chief
 Executive
Officer

  
 Purchase Agreement

			
	DYNEGY HOLDINGS INC.
		
	By:	 	 /s/ Bruce A. Williamson

	Name:	 	Bruce A. Williamson
	Title:	 	President
	
	DYNEGY MIDSTREAM HOLDINGS, INC.
		
	By:	 	 /s/ R. Blake Young

	Name:	 	R. Blake Young
	Title:	 	President
	
	DYNEGY MIDSTREAM G.P., INC.
		
	By:	 	 /s/ Carolyn M. Campbell

	Name:	 	Carolyn M. Campbell
	Title:	 	Vice President and Secretary

  
 Purchase Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00093-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00093-of-00352.parquet"}]]