Document:

Exhibit 10.1

PRUDENTIAL SAVINGS BANK

SEVERANCE AGREEMENT

This Severance Agreement (the "Agreement") dated as of December 28, 2015 is between Prudential Savings Bank, a Pennsylvania‐chartered, stock-form savings bank (the "Bank" or the "Employer"), and Jack E. Rothkopf (the "Executive").

WHEREAS, the Executive is presently employed as Senior Vice President, Chief Financial Officer and Treasurer of the Bank;

WHEREAS, the Employer desires to be ensured of the Executive's continued active participation in the business of the Employer;

WHEREAS, the Bank and the Bank entered into an amended and restated employment agreement dated June 17, 2015, as amended by Amendment No. 1 thereto dated as of November 13, 2015 (collectively, the "Amended Employment Agreement");

WHEREAS, pursuant to the provisions of Section 2(a) of the Amended Employment Agreement, the Amended Employment Agreement will terminate on December 31, 2016;

WHEREAS, in order to induce the Executive to remain in the employ of the Employer subsequent to December 31, 2016 and in consideration of the Executive's agreeing to remain in the employ of the Employer, the parties desire to specify the severance benefits which shall be due the Executive in the event that his employment with the Employer is terminated under specified circumstances subsequent to December 31, 2016; and

WHEREAS, the Executive is willing to serve the Bank on the terms and conditions hereinafter set forth.

NOW THEREFORE, in consideration of the premises and the mutual agreements herein contained, the parties hereby agree as follows:

1.            Definitions.  The following words and terms shall have the meanings set forth below for the purposes of this Agreement:

(a)            Average Annual Compensation.  The Executive's "Average Annual Compensation" for purposes of this Agreement shall be deemed to mean the average amount of Base Salary and cash bonus received by the Executive from the Employer or any subsidiary thereof (excluding any deferred amounts) during the most recent five calendar years immediately preceding the Date of Termination (or such shorter period as the Executive was employed).

(b)            Base Salary.  "Base Salary" shall mean the amount per calendar year that the Bank pays Executive for his services, which amount may be adjusted from time to time as determined by the Board of Directors, subject to the provisions hereof.

(c)            Cause. Termination of the Executive's employment for "Cause" shall mean termination because of personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or final cease-and-desist order, willful conduct which is materially detrimental (monetarily or otherwise) to the Employer or material breach of any provision of this Agreement.

(d)            Change in Control.  "Change in Control" shall mean a change in the ownership of the Corporation or the Bank, a change in the effective control of the Corporation or the Bank or a change in the ownership of a substantial portion of the assets of the Corporation or the Bank, in each case as provided under Section 409A of the Code and the regulations thereunder.

 

 

  

(e)            Code.  "Code" shall mean the Internal Revenue Code of 1986, as amended.

(f)            Corporation.  "Corporation" shall mean Prudential Bancorp, Inc., the holding company for the Bank, or any successor thereto.

(g)            Date of Termination.  "Date of Termination" shall mean (i) if the Executive's employment is terminated for Cause, the date on which the Notice of Termination is given, and (ii) if the Executive's employment is terminated for any other reason, the date specified in such Notice of Termination.

(h)            Disability. "Disability" shall mean the Executive (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Bank.

(i)            Effective Date. "Effective Date" means January 1, 2017, the effective date of this Agreement.

(j)            Good Reason.  "Good Reason" means the occurrence of any of the following events:

(i)            any material breach of this Agreement by the Employer, including without limitation any of the following: (A) a material diminution in the Executive's base compensation, (B) a material diminution in the Executive's authority, duties or responsibilities, or (C) a material diminution in the authority, duties or responsibilities of the supervisor to whom the Executive is required to report, or

(ii)            any material change in the geographic location at which the Executive must perform his services under this Agreement;

provided, however, that prior to any termination of employment for Good Reason, the Executive must first provide written notice to the Employer within ninety (90) days of the initial existence of the condition, describing the existence of such condition, and the Employer shall thereafter have the right to remedy the condition within thirty (30) days of the date the Employer received the written notice from the Executive.  If the Employer remedies the condition within such thirty (30) day cure period, then no Good Reason shall be deemed to exist with respect to such condition.  If the Employer does not remedy the condition within such thirty (30) day cure period, then the Executive may deliver a Notice of Termination for Good Reason at any time within sixty (60) days following the expiration of such cure period.

(k)            Notice of Termination.  Any purported termination of the Executive's employment by the Employer for any reason, including without limitation for Cause, Disability or Retirement, or by the Executive for any reason, including without limitation for Good Reason, shall be communicated by a written "Notice of Termination" to the other party hereto.  For purposes of this Agreement, a "Notice of Termination" shall mean a dated notice which (i) indicates the specific termination provision in this Agreement relied upon, (ii) sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive's employment under the provision so indicated, (iii) specifies a Date of Termination, which shall be not less than thirty (30) nor more than ninety (90) days after such Notice of Termination is given, except in the case of the Employer's termination of the Executive's employment for Cause, which shall be effective immediately; and (iv) is given in the manner specified in Section 8 hereof.

(l)            Retirement.  "Retirement" shall mean voluntary termination by the Executive in accordance with the Employer's retirement policies, including early retirement, generally applicable to the Employer's salaried employees.

 

 

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2.            Term of Agreement.

Subject to the terms hereof, the term of this Agreement shall commence on the Effective Date and terminate on December 31, 2017 and this Agreement shall be of no force and effect (i) prior to the Effective Date or  (ii) if the Amended Employment Agreement does not terminate as of December 31, 2016.  Beginning on December 31, 2017 and on each December 31st thereafter, the term of this Agreement shall be extended for a period of one additional year, provided that the Employer has not given notice to the Executive in writing at least 30 days prior to such day that the term of this Agreement shall not be extended further and/or the Executive has not given notice to the Employer of his election not to extend the term at least thirty (30) days prior to any such December 31st; provided, however, notwithstanding the foregoing to the contrary, if a Change in Control occurs during the term of this Agreement, then the remaining term of this Agreement shall be automatically extended until the one-year anniversary of the completion of the Change in Control. If any party gives timely notice that the term will not be extended as of any such December 31st, then this Agreement shall terminate at the conclusion of its remaining term.  References herein to the term of this Agreement shall refer both to the initial term and successive terms.

3.            Benefits Upon Termination in Connection with or Following a Change in Control occurring after the Effective Date.

(a)            If the Executive's employment is terminated by the Employer in connection with or subsequent to a Change in Control occurring subsequent to the Effective Date by (i) the Employer other than for Cause, Disability, Retirement or as a result of Executive's death or (ii) such employment is terminated by the Executive for Good Reason, then the Employer shall, subject to the provisions of Section 4 hereof, if applicable:

 

(A)        pay to the Executive, in a lump sum within five (5) business days following the Date of Termination, a cash severance amount equal to two (2) times the Executive's Average Annual Compensation;

 

(B)            maintain and provide for a period ending at the earlier of (i) two (2) years subsequent to the Date of Termination or (ii) the date of the Executive's full-time employment by another employer (provided that the Executive is entitled under the terms of such employment to benefits substantially similar to those described in this subparagraph (B)), at no cost to the Executive, the Executive's continued participation in all group insurance, life insurance, health, dental and accident insurance, and disability insurance plans offered by the Employer in which the Executive was participating immediately prior to the Date of Termination; in each case subject to clauses (C) and (D) of this Section 3(a);

(C)            in the event that the continued participation of the Executive in any group insurance plan as provided in clause (B) of this Section 3(a) is barred or would trigger the payment of an excise tax under Section 4980D of the Code, or during the period set forth in Section 3(a)(B) any such group insurance plan is discontinued, then the Bank shall at its election either (i) arrange to provide the Executive with alternative benefits substantially similar to those which the Executive was entitled to receive under such group insurance plans immediately prior to the Date of Termination, provided that the alternative benefits do not trigger the payment of an excise tax under Section 4980D of the Code, or (ii) pay to the Executive within 10 business days following the Date of Termination (or within 10 business days following the discontinuation of the benefits if later) a lump sum cash amount equal to the projected cost to the Bank of providing continued coverage to the Executive until the two-year anniversary of his Date of Termination, with the projected cost to be based on the costs being incurred immediately prior to the Date of Termination (or the discontinuation of the benefits if later);

(D)            any insurance premiums payable by the Bank pursuant to Section 3(a)(B) or (C) shall be payable at such times and in such amounts (except that the Employer shall also pay any employee portion of the premiums) as if the Executive was still an employee of the Bank, subject to any increases in such amounts imposed by the insurance company or COBRA, and the amount of insurance premiums required to be paid by the Bank in any taxable year shall not affect the amount of insurance premiums required to be paid by the Bank in any other taxable year; and

(E)            pay to the Executive, in a lump sum within five (5) business days following the Date of Termination, a cash amount equal to the projected cost to the Employer of providing benefits to the Executive for a period of twenty-four (24) months pursuant to any other employee benefit plans, programs 

 

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or arrangements offered by the Employer in which the Executive was entitled to participate immediately prior to the Date of Termination (other than stock option plans, restricted stock plans or retirement plans of the Employer or the Corporation), with the projected cost to the Employer to be based on the costs incurred for the calendar year immediately preceding the year in which the Date of Termination occurs, and with any automobile-related costs to exclude any depreciation on Bank-owned automobiles.

(b)            Notwithstanding any other provision contained in this Agreement, if either (i) the time period for making any cash payment under subsections (A), (C) and (E) of Section 3(a) commences in one calendar year and ends in the succeeding calendar year or (ii) in the event any payment under this Section 3 is made contingent upon the execution of a general release and the time period that the Executive has to consider the terms of such general release (including any revocation period under such release) commences in one calendar year and ends in the succeeding calendar year, then the payment shall not be paid until the succeeding calendar year.

4.            Limitation of Benefits under Certain Circumstances.  If the payments and benefits pursuant to Section 3 hereof, either alone or together with other payments and benefits which the Executive has the right to receive from the Employer and the Corporation, would constitute a "parachute payment" under Section 280G of the Code, then the payments and benefits payable by the Employer pursuant to Section 3 hereof shall be reduced by the minimum amount necessary to result in no portion of the payments and benefits payable by the Employer under Section 3 being non‐deductible to the Employer pursuant to Section 280G of the Code and subject to the excise tax imposed under Section 4999 of the Code.  If the payments and benefits under Section 3 are required to be reduced, the cash severance shall be reduced first, followed by a reduction in the fringe benefits.  The determination of any reduction in the payments and benefits to be made pursuant to Section 3 shall be based upon the opinion of independent tax counsel selected by the Employer and paid by the Employer.  Such counsel shall promptly prepare the foregoing opinion, but in no event later than thirty (30) days from the Date of Termination, and may use such actuaries as such counsel deems necessary or advisable for the purpose.  Nothing contained in this Section 4 shall result in a reduction of any payments or benefits to which the Executive may be entitled upon termination of employment under any circumstances other than as specified in this Section 4, or a reduction in the payments and benefits specified in Section 3 below zero.

5.            Mitigation; Exclusivity of Benefits.

(a)            The Executive shall not be required to mitigate the amount of any benefits hereunder by seeking other employment or otherwise, nor shall the amount of any such benefits be reduced by any compensation earned by the Executive as a result of employment by another employer after the Date of Termination or otherwise, except as set forth in Section 3(a)(B)(ii) above.

(b)            The specific arrangements referred to herein are not intended to exclude any other benefits which may be available to the Executive upon a termination of employment with the Employer pursuant to employee benefit plans of the Employer or otherwise.

6.            Withholding.  All payments required to be made by the Employer hereunder to the Executive shall be subject to the withholding of such amounts, if any, relating to tax and other payroll deductions as the Employer may reasonably determine should be withheld pursuant to any applicable law or regulation.

7.            Assignability.  The Employer may assign this Agreement and its rights and obligations hereunder in whole, but not in part, to any corporation, bank or other entity with or into which the Employer may hereafter merge or consolidate or to which the Employer may transfer all or substantially all of its assets, if in any such case said corporation, bank or other entity shall by operation of law or expressly in writing assume all obligations of the Employer hereunder as fully as if it had been originally made a party hereto, but may not otherwise assign this Agreement or its rights and obligations hereunder.  The Executive may not assign or transfer this Agreement or any rights or obligations hereunder.

8.            Notice.  For the purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by certified or registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below:

 

 

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To the Employer:

	
President and Chief Executive Officer

	 	 	
Prudential Savings Bank

	 	 	
1834 West Oregon Avenue

	 	 	
Philadelphia, Pennsylvania 19145

	 	 	 
	 	
To the Executive:

	
Jack E. Rothkopf

	 	 	
At the address last appearing on the

	 	 	
personnel records of the Employer

 

9.            Amendment; Waiver.  No provisions of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by the Executive and such officer or officers as may be specifically designated by the Board of Directors of the Employer to sign on its behalf.  No waiver by any party hereto at any time of any breach by any other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.  In addition, notwithstanding anything in this Agreement to the contrary, the Employer may amend in good faith any terms of this Agreement, including retroactively, in order to comply with Section 409A of the Code.

10.            Governing Law.  The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the United States where applicable and otherwise by the substantive laws of the Commonwealth of Pennsylvania.

11.            Nature of Obligations.

(a)            Nothing contained herein shall be deemed to create other than a terminable at will employment relationship between the Employer and the Executive, and the Employer may terminate the Executive's employment at any time, subject to providing any payments specified herein in accordance with the terms hereof.

(b)            Nothing contained herein shall create or require the Employer to create a trust of any kind to fund any benefits which may be payable hereunder, and to the extent that the Executive acquires a right to receive benefits from the Employer hereunder, such right shall be no greater than the right of any unsecured general creditor of the Employer.

12.            Headings.  The section headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

13.            Validity.  The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provisions of this Agreement, which shall remain in full force and effect.

14.            Changes in Statutes or Regulations. If any statutory or regulatory provision referenced herein is subsequently changed or re-numbered, or is replaced by a separate provision, then the references in this Agreement to such statutory or regulatory provision shall be deemed to be a reference to such section as amended, re-numbered or replaced.

15.            Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

16.            Regulatory Prohibition.  Notwithstanding any other provision of this Agreement to the contrary, any renewal of this Agreement and any payments made to the Executive pursuant to this Agreement, or otherwise, are subject to and conditioned upon their compliance with Section 18(k) of the FDIA (12 U.S.C. §1828(k)) and the regulations promulgated thereunder, including 12 C.F.R. Part 359.  In the event of the Executive's termination of employment with the Bank for Cause, all employment relationships and managerial duties with the Bank shall immediately cease regardless of whether the Executive is in the employ of the Corporation following such termination.  

 

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Furthermore, following such termination for Cause, the Executive will not, directly or indirectly, influence or participate in the affairs or the operations of the Bank.

17.            Payment of Costs and Legal Fees and Reinstatement of Benefits.  In the event any dispute or controversy arising under or in connection with the Executive's termination is resolved in favor of the Executive, whether by judgment, arbitration or settlement, the Executive shall be entitled to the payment of (a) all legal fees incurred by the Executive in resolving such dispute or controversy, and (b) any back-pay, including Base Salary, bonuses and any other cash compensation, fringe benefits and any compensation and benefits due to the Executive under this Agreement.

18.            Entire Agreement.  This Agreement embodies the entire agreement between the Employer and the Executive with respect to the matters agreed to herein. All prior agreements, if any, between the Employer and the Executive with respect to the matters agreed to herein are hereby superseded and shall have no force or effect.

[signature page follows]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

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

	
ATTEST:

	
PRUDENTIAL SAVINGS BANK

	 	 	 	 
	
By:

	
/s/Regina Wilson

	
By:

	
/s/ Joseph R. Corrato

	
Name:

	
Regina Wilson

	 	
Joseph R. Corrato

	
Title:

	
Corporate Secretary

	 	
President and Chief Executive Officer

	 	 	 	 
	 	 	 	 
	 	 	
EXECUTIVE

	 	 	 	 
	 	 	
By:

	 

/s/ Jack E. Rothkopf

	 	 	 	
Jack E. Rothkopf

	 	 	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

7EX-10.1

 Exhibit 10.1 

Execution Version 
 PAYMENT
AGREEMENT 
 This Payment Agreement, dated as of December 29, 2015 (this “Agreement”), is by and among
SunEdison, Inc., a Delaware corporation (“Holdco Buyer”) and D. E. Shaw Composite Holdings, L.L.C. and Madison Dearborn Capital Partners IV, L.P., acting jointly, solely in their capacity as the Sellers’ Representative (as
defined in the Purchase and Sale Agreement, dated as of November 17, 2014 (the “Purchase Agreement”), by and among Holdco Buyer, TerraForm Power, LLC, a Delaware limited liability company, the Sellers’ Representative and
each of the other parties thereto). 
 RECITALS 

A. Certain earnout payments may become due and payable pursuant to the Purchase Agreement, and Sellers Representative is willing to agree to a
forbearance arrangement with regard to those payments on the terms set out herein. 
 B. Holdco Buyer and Sellers Representative have agreed
that the first of the following Projects to reach Earnout Project Completion shall be added as an Earnout Project for purposes of Bucket 3 of Annex C to the Purchase Agreement: Castle Gap, Passadumkeag, Sunflower, Rocksprings, Route 66 II,
Buckthorn, and Mt. Signal 2&3. 
 NOW, THEREFORE, in consideration of the premises set forth above and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the parties hereto hereby agree as follows: 

1. Defined Terms. 

(a) Capitalized terms used but not defined herein shall have the meanings set forth in the Purchase Agreement. 

(b) As used in this Agreement, the following terms shall have the meanings indicated below: 

“2015 Purchase Agreement” means the Purchase and Sale Agreement, dated as of December 29, 2015, by and
among SunE Hawaii Solar Holdings, LLC, First Wind Solar Portfolio, LLC, First Wind California Holdings, LLC, and SunE Wind Holdings, Inc., as Sellers, SunEdison Inc., as Seller Parent, Seller Note, LLC, as Note Issuer, and Madison Dearborn Capital
Partners IV, L.P, D. E. Shaw Composite Holdings, LLC and certain other entities, as Buyers, as amended, modified or supplemented from time to time. 

“Total Remaining Payment” means, as of any date, the aggregate amount of all Scheduled Payments listed on
Schedule 2.04 minus all Scheduled Payments made prior to such date but after the effective date of this Agreement. 

 “Trigger Event” means any of (a) a failure by Holdco Buyer
to timely comply with any of its obligations under this Agreement, (b) any bankruptcy, reorganization, debt arrangement or other proceeding under any bankruptcy or insolvency law, or any dissolution or liquidation proceeding, instituted by or
against Holdco Buyer that remains undismissed, undischarged or unbonded for a period of 20 days and (c) any failure by Holdco Buyer to timely comply with its payment obligations under the 2015 Purchase Agreement, including the obligations to
pay (i) any Note Prepayment Amount (as such term is defined under the 2015 Purchase Agreement), (ii) any Deemed Interest Amount (as such term is defined under the 2015 Purchase Agreement) and (iii) any accrued and unpaid interest on
any Exchangeable Notes (as such term is defined under the 2015 Purchase Agreement), in each case, as required by the 2015 Purchase Agreement. 

2. Agreement as to Installment Payments. 

(a) In consideration of the forbearance undertakings set out in Section 3 below, Holdco Buyer agrees that it shall pay to
Sellers’ Representative five installment payments in the amounts and on the dates set forth on Schedule 2.04 attached hereto (each, a “Scheduled Payment”) in accordance with Section 2(b) below. 

(b) Holdco Buyer shall pay or cause to be paid each Scheduled Payment to the Paying Agent on behalf of the Sellers on or before
the date on which such Scheduled Payment is due, and direct the Paying Agent to pay or distribute, as applicable, each Scheduled Payment to the Sellers promptly after it receives the same in accordance with the Allocation Schedule. 

(c) In the event that a Trigger Event shall occur, Holdco Buyer shall immediately deliver the Total Remaining Payments to the
Paying Agent and direct it to pay or distribute, as applicable, such amount to the Sellers promptly after it receives the same in accordance with the Allocation Schedule. 

(d) For the avoidance of doubt, subject to Section 3 below, nothing herein shall have any effect on any payment obligation
under the Purchase Agreement, provided that Sellers’ Representative agrees that it shall not seek payments with regard to Earnout Project Payments to be paid after the date hereof under the Purchase Agreement exceeding an amount equal to
the Total Remaining Payments at any given time. 
 (e) Sellers’ Representative agrees that, upon timely receipt in full
of payment of $231,000,000 in Scheduled Payments pursuant to this Agreement, all obligations to pay Earnout Project Payments pursuant to the Purchase Agreement shall be deemed to be satisfied and discharged in full. 

  
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 3. Forbearance. 

Sellers’ Representative hereby agrees to forbear from exercising any of its rights (other than those necessary in order to preserve any rights) under
Section 2.04 of the Purchase Agreement or otherwise with respect to the Earnout Projects or Earnout Project Payments unless and until the earlier of the following (the “Forbearance Termination Date”): (i) an Acceleration
Event has occurred under the Purchase Agreement (other than solely under clause (a) of such defined term), and (ii) Holdco Buyer has failed timely and fully to comply with any obligations under this Agreement, whereupon such forbearance
shall automatically expire without action, notice, demand or any other occurrence. Upon the occurrence of the Forbearance Termination Date, the Sellers’ Representative shall be free in its sole and absolute discretion, and without the need for
further notice of such Forbearance Termination Date, to proceed to enforce any or all of their rights and remedies under or in respect of Section 2.04 of the Purchase Agreement and applicable Law. 

4. Holdco Buyer’s Representations and Warranties. Holdco Buyer hereby represents and warrants to the Sellers’ Representative,
for the benefit of each Seller, as follows as of the date hereof: 
 (a) Organization. It is duly formed, validly
existing and in good standing under the Applicable Laws of its jurisdiction of organization, and has all requisite power and authority to conduct its business as it is now being conducted and to own, lease and operate its properties. 

(b) Authority; Enforceability. It has all requisite power and authority to execute and deliver this Agreement, to
perform its respective obligations hereunder and to consummate the transactions contemplated hereby. The execution and delivery by it of this Agreement, and the performance by it of its obligations hereunder, have, or shall have prior to execution,
been duly and validly authorized by all necessary action. This Agreement has been duly and validly executed and delivered and constitutes its legal, valid and binding obligation enforceable against it in accordance with its terms, except as the same
may be limited by bankruptcy, insolvency, reorganization, fraudulent conveyance, arrangement, moratorium or other similar Applicable Laws relating to or affecting the rights of creditors generally, or by general equitable principles. 

(c) No Conflicts; Consents and Approvals. The execution and delivery by it of this Agreement do not, and the performance
by it of its respective obligations under this Agreement will not: (a) conflict with or result in a violation or breach of any of the terms, conditions or provisions of its Organizational 

  
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Documents; (b) be in violation of or result in a breach of or default (or give rise to any right of termination, cancellation or acceleration) under (with or without the giving of notice,
the lapse of time, or both) any Contract to which it is a party, except for any such violations or defaults (or rights of termination, cancellation or acceleration) which would not, individually or in the aggregate, reasonably be expected to result
in a material adverse effect on its ability to perform its obligations hereunder. 
 5. Governing Law; Submission to Jurisdiction; Waiver
of Jury Trial. This Agreement shall be governed by and construed in accordance with the terms and conditions set forth in Sections 12.14, 12.15 and 12.16 of the Purchase Agreement, which are hereby incorporated by reference. 

6. Counterparts. This Agreement may be executed in several identical counterparts, each of which shall be deemed to be an original, and
all of which together shall be deemed to be one and the same agreement. Execution copies of this Agreement may be delivered by facsimile, electronic mail or otherwise, each of which shall be deemed to be an original. 

7. Headings. The headings contained in this Agreement are for purposes of convenience only and shall not constitute a part of or affect
the meaning or interpretation of this Agreement. 
 8. No Third Party Beneficiary. Nothing in this agreement shall give rise to a
right in any party other than those signatory to it. 
 9. No Other Modification or Waiver. Except as set forth in this Agreement,
the terms and conditions of the Purchase Agreement shall remain in full force and effect, and are hereby ratified and confirmed by Holdco Buyer. 

10. Election. Effective upon the occurrence of a Trigger Event, Holdco Buyer hereby elects pursuant to Section 2.04(i) of the
Purchase Agreement not to proceed with the 100 MW project identified in Bucket 1 in Annex C to the Purchase Agreement in the manner required by Section 2.04(c) of the Purchase Agreement. 

[Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly authorized
officer of each party hereto as of the date first above written. 
  

			
	SUNEDISON, INC.
		
	By:	 	 /s/ Ahmad Chatila

		 	Name: Ahmad Chatila
		 	Title: President & CEO

 
			
	D. E. SHAW COMPOSITE HOLDINGS, L.L.C., as Sellers’ Representative
		
	By:	 	D. E. Shaw & Co., L.L.C., as manager
		
	By:	 	 /s/ Bryan Martin

		 	Name: Bryan Martin
		 	Title: Authorized Signatory

 
			
	MADISON DEARBORN CAPITAL PARTNERS IV, L.P., as Sellers’ Representative
	
	By: Madison Dearborn Partners IV, L.P.
	Its: General Partner
	
	By: Madison Dearborn Capital Partners, LLC
	Its: General Partner
		
	By:	 	 /s/ Matthew Raino

		 	Name: Matthew Raino
		 	Title: Director

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