Document:

Second Amended and Restated Limited Liability Agreement

 Exhibit 10.5 
  

 SECOND AMENDED AND RESTATED 
 LIMITED LIABILITY COMPANY AGREEMENT OF 
 DUKE ENERGY FIELD SERVICES, LLC

 by and between 
 CONOCOPHILLIPS GAS COMPANY 
 and 
 DUKE ENERGY ENTERPRISES CORPORATION 
 Dated as of July 5, 2005 
  

 Table of Contents 
  

					
		 	ARTICLE I	  	
		 	CERTAIN DEFINITIONS	  	
			
	 Section 1.1
	 	Definitions	  	iii
	 Section 1.2
	 	Construction	  	10
			
		 	ARTICLE II	  	
		 	ORGANIZATION	  	
			
	 Section 2.1
	 	Formation	  	10
	 Section 2.2
	 	Name	  	10
	 Section 2.3
	 	Registered Office; Registered Agent; Principal Office; Other	  	10
	 Section 2.4
	 	Purpose; Powers	  	11
	 Section 2.5
	 	Foreign Qualification	  	11
	 Section 2.6
	 	Term	  	11
	 Section 2.7
	 	No State-Law Partnership	  	11
	 Section 2.8
	 	Title to Company Assets	  	11
	 Section 2.9
	 	No Power to Bind Company or Other Members	  	12
	 Section 2.10
	 	Liability to Third Parties	  	12
			
		 	ARTICLE III	  	
		 	MANAGEMENT	  	
			
	 Section 3.1
	 	Management of the Company’s Affairs	  	12
	 Section 3.2
	 	Member Obligations	  	13
	 Section 3.3
	 	Company Board Composition; Initial Directors	  	14
	 Section 3.4
	 	Removal and Replacement of Directors	  	14
	 Section 3.5
	 	Meetings of the Company Board	  	14
	 Section 3.6
	 	Notice of Company Board Meetings	  	14
	 Section 3.7
	 	Actions by the Company Board	  	15
	 Section 3.8
	 	Action by Unanimous Written Consent of Voting Directors	  	15
	 Section 3.9
	 	Officers	  	16
	 Section 3.10
	 	Failure to Approve Budgets	  	17
	 Section 3.11
	 	Compensation	  	17
	 Section 3.12
	 	Deadlock Resolution Procedures	  	17
	 Section 3.13
	 	Cash Contribution	  	18
			
		 	ARTICLE IV	  	
		 	BOOKS AND RECORDS; REPORTS AND	  	
		 	INFORMATION AND ACCOUNTS	  	
			
	 Section 4.1
	 	Maintenance of Books and Records	  	18
	 Section 4.2
	 	Auditors; Corporate Reports; Annual Financial Statements	  	18
	 Section 4.3
	 	Confidentiality	  	19

  

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		  	ARTICLE V	  	
		  	LIQUIDITY AND TRANSFER RESTRICTIONS	  	
			
	 Section 5.1
	  	Transfer of Interest	  	20
	 Section 5.2
	  	Right of First Offer	  	20
	 Section 5.3
	  	Change of Control	  	21
	 Section 5.4
	  	Transfers to Wholly Owned Subsidiaries	  	23
	 Section 5.5
	  	Void Transfers	  	23
			
		  	ARTICLE VI	  	
		  	CAPITAL CONTRIBUTIONS AND CAPITAL ACCOUNTS	  	
			
	 Section 6.1
	  	Capital Contributions	  	23
	 Section 6.2
	  	Additional Capital Contributions	  	23
	 Section 6.3
	  	Capital Accounts	  	24
	 Section 6.4
	  	Return of Contributions	  	24
			
		  	ARTICLE VII	  	
		  	PROFITS AND LOSSES; DISTRIBUTIONS	  	
			
	 Section 7.1
	  	Allocation of Profit and Losses	  	24
	 Section 7.2
	  	Limitations on Allocations	  	25
	 Section 7.3
	  	Restoration of Negative Capital Accounts	  	27
	 Section 7.4
	  	Interim Allocations Relating to Transferred Company Interests	  	27
	 Section 7.5
	  	Code Section 704(c) Allocations	  	27
	 Section 7.6
	  	Distributions	  	28
			
		  	ARTICLE VIII	  	
		  	WITHHOLDING TAX MATTERS; TAX STATUS AND TREATMENT	  	
			
	 Section 8.1
	  	Withholding	  	29
	 Section 8.2
	  	Tax Status	  	29
	 Section 8.3
	  	Tax Matters Partner; Tax Elections	  	32
			
		  	ARTICLE IX	  	
		  	DISSOLUTION, WINDING-UP AND TERMINATION	  	
			
	 Section 9.1
	  	Dissolution	  	33
	 Section 9.2
	  	Winding-Up and Termination	  	33
			
		  	ARTICLE X	  	
		  	MISCELLANEOUS	  	
			
	 Section 10.1
	  	Counterparts	  	34
	 Section 10.2
	  	Governing Law; Jurisdiction and Forum; Waiver of Jury Trial	  	34
	 Section 10.3
	  	Grant of Security Interest; Member Status	  	34
	 Section 10.4
	  	Entire Agreement	  	35
	 Section 10.5
	  	Notices	  	35
	 Section 10.6
	  	Successors and Assigns	  	37

  

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	 Section 10.7
	  	Headings	  	37
	 Section 10.8
	  	Amendments and Waivers	  	37
	 Section 10.9
	  	Severability	  	37
	 Section 10.10
	  	Interpretation	  	37
	 Section 10.11
	  	Further Assurances	  	37

 SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF DUKE ENERGY FIELD SERVICES,
LLC, dated as of July 5, 2005, by and between CONOCOPHILLIPS GAS COMPANY, a Delaware corporation (“CPGC”), and DUKE ENERGY ENTERPRISES CORPORATION (formerly Duke Energy Field Services Corporation), a Delaware corporation
(“DEFS Holding”). 
 RECITALS: 
 1. Duke Energy Field Services, LLC (the “Company”) was formed as a Delaware limited liability company on December 15, 1999 (the “Formation Date”), by the filing of a Certificate of
Formation (the “Certificate”) under and pursuant to the Act. DEFS Holding was admitted to the Company as the sole member, effective as of the Formation Date, pursuant to that certain Limited Liability Company Agreement of the
Company, dated as of December 15, 1999 (the “Original Agreement”). 
 2. DEFS Holding and CPGC (formerly Phillips Gas
Company) amended and restated the Original Agreement in its entirety on March 31, 2000 to reflect the admission of CPGC as a member of the Company (including the Amendments (defined below), the “Amended and Restated Agreement”).

 3. The Amended and Restated Agreement was further amended by the First Amendment dated August 4, 2000 among CPGC, DEFS Holding, Phillips
Gas Investment Company (“Phillips Investment”) and Duke Energy Field Services Investment Corp. (“DEFS Investment”) to reflect the admission of Phillips Investment and DEFS Investment as Preferred Members of the
Company, as defined therein, and by a Second Amendment dated as of July 29, 2004 (such First Amendment and Second Amendment, the “Amendments”). 
 4. Phillips Investment and DEFS Investment are no longer Preferred Members of the Company effective as of December 31, 2003. 
 NOW, THEREFORE, in consideration of the premises and the covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and
intending to be legally bound hereby, DEFS Holding and CPGC hereby amend and restate the Amended and Restated Agreement as follows: 
 ARTICLE I 
 CERTAIN DEFINITIONS 
 Section 1.1 Definitions. Each capitalized term used herein shall have the meaning given such term set forth below: 
 “Act” shall mean the Delaware Limited Liability Company Act and any successor statute, as amended from time to time. 
  

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 “Adjusted Capital Account Deficit” shall mean, with respect to any Member, the deficit balance,
if any, in such Member’s Capital Account as of the end of the relevant Fiscal Year, after giving effect to the following adjustments: 
 (a) such Capital Account shall be deemed to be increased by any amounts that such Member is obligated to restore to the Company (pursuant to this Agreement or otherwise) or is deemed to be obligated to restore
pursuant to (i) the penultimate sentence of Regulation Section 1.704-2(g)(1), or (ii) the penultimate sentence of Regulation Section 1.704-2(i)(5); and 
 (b) such Capital Account shall be deemed to be decreased by the items described in Regulation Sections 1.704-1(b)(2)(ii)(d)(4), (5), and (6). 
 The foregoing definition of Adjusted Capital Account Deficit is intended to comply with the provisions of Regulation Section 1.704-1(b)(2)(ii)(d) and
shall be interpreted consistently therewith. 
 “Affiliate” shall mean, with respect to any Person, a Person directly or indirectly
Controlling, Controlled by or under common Control with such Person. 
 “Agreement” shall mean this Second Amended and Restated
Limited Liability Company Agreement, as amended from time to time. 
 “Amended and Restated Agreement” shall have the meaning set
forth in the Recitals. 
 “Amendments” shall have the meaning set forth in the Recitals. 
 “Book Value” shall mean (a) with respect to the assets of the Company contributed in accordance with Section 6.1(a) (i) by DEFS Holding,
$3,585,500,000 and (ii) by CPGC, $2,139,500,000; (b) with respect to the assets of the Company contributed by CPGC in accordance with Section 6.1(b), $398,000,000; (c) with respect to any asset of the Company contributed by any Member (other than as
provided in clause (a) or (b) above), the asset’s fair market value at the time of such contribution; and (d) with respect to any other asset of the Company, the adjusted tax basis of such asset as of the relevant date for U.S. federal income
tax purposes, except as follows: 
 (1) the Book Values of all Company assets (including intangible assets such as goodwill)
shall be adjusted to equal their respective fair market values (taking Code Section 7701(g) into account) as of the following times: 
 (A) the acquisition of an additional interest in the Company by any new or existing Member in exchange for more than a de minimis Capital Contribution if such adjustment is necessary to reflect the relative economic
interests of the interest holders in the Company; the contribution of cash by CPGC in accordance with Section 6.1(b) shall cause such an adjustment; 
  

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 (B) the distribution by the Company to a Member of more than a de minimis amount of
money or Company property as consideration for an interest in the Company if such adjustment is necessary to reflect the relative economic interests of the interest holders in the Company; the distribution, in accordance with the Reorganization
Agreement, of the Equity Interests in the Canadian Holding Company (as defined in the Reorganization Agreement) and the TEPPCO GP Sale Proceeds Amount (as defined in the Reorganization Agreement) shall cause such an adjustment; 
 (C) the liquidation of the Company within the meaning of Regulation Section 1.704-1(b)(2)(iv)(f)(5)(ii); 
 (D) the grant of an interest in the Company (other than a de minimis interest) as consideration for the provision of services to or for
the benefit of the Company by an existing Member acting in its capacity as a Member or by a new Member acting in its capacity as a Member or in anticipation of becoming a Member; and 
 (E) any other event to the extent determined by the Tax Committee to be necessary to properly reflect Book Values in accordance with the
standards set forth in Treasury Regulation Section 1.704-1(b)(2)(iv)(q). 
 (2) the Book Value of any Company asset
distributed in kind to any Member shall be the gross fair market value of such asset (taking Code Section 7701(g) into account) on the date of such distribution; and 
 (3) the Book Value of Company assets shall be increased or decreased, as appropriate, to reflect any adjustments to the adjusted tax bases
of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Regulation Section 1.704-1(b)(2)(iv)(m) and subparagraph (f) of
the definition of “Profits” and “Losses” herein; provided, however, that Book Values shall not be adjusted pursuant to this subparagraph (3) to the extent that an adjustment pursuant to subparagraph (1) hereof is required in
connection with a transaction that would otherwise result in an adjustment pursuant to this subparagraph (3). 
 The Book
Value of an asset shall be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Profits and Losses and other items allocated pursuant to Article VII hereof. The foregoing definition of Book Value is
intended to comply with the provisions of Regulation Section 1.704-1(b)(2)(iv) and shall be interpreted and applied consistently therewith. 
 “Business Day” shall mean any day on which banks are generally open to conduct business in the State of New York. 
 “Business Dispute” shall have the meaning set forth in Section 3.12(a). 
 “Capital Account” shall have the
meaning set forth in Section 6.3. 
 “Capital Contribution” shall mean, with respect to any Member, the amount of any money and the
initial Book Value of any property (other than money) contributed to the 

  

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Company with respect to the interest in the Company held or purchased by such Member and credited to each such Member’s Capital Accounts pursuant to
Article VI hereof. 
 “Certificate” shall have the meaning set forth in the Recitals. 
 “Change of Control” shall mean an event that causes a Person that holds a Company Interest to cease to be Controlled by such Person’s
Parent; provided, however, that an event that causes Duke or COP to be Controlled by another Person shall not constitute a Change of Control; provided further, however, that the distribution of the equity interests in an entity that holds
Duke’s then existing interstate pipeline business and the Duke Member to the equity holders of Duke (or of the Parent of Duke) shall not constitute a Change of Control and thereafter the defined term Duke shall mean such entity. 
 “Changing Member” shall have the meaning set forth in Section 5.3(b). 
 “Changing Member Appraiser” shall have the meaning set forth in Section 5.3(c). 
 “Closing Date” shall have the meaning set forth in Section 3.1 of the Contribution Agreement. 
 “Code” shall mean the United States Internal Revenue Code of 1986, as amended. 
 “Company” shall have the meaning set forth in the Recitals. 
 “Company Board” shall have the meaning set forth in Section 3.1. 
 “Company Interest”
shall mean, with respect to either Member, such Member’s respective membership interest in the Company. 
 “Contribution
Agreement” shall mean the Contribution Agreement, dated as of December 16, 1999, by and among Duke Energy Corporation, Phillips and the Company, as the same may be amended from time to time. 
 “Control” shall mean the possession, directly or indirectly, through one or more intermediaries, by any Person or group (within the meaning of
Section 13(d)(3) under the Securities Exchange Act of 1934, as amended) of both of the following: 
 (a) (i) in the case of a
corporation, more than 25% of the direct or indirect economic interest in the outstanding equity securities thereof; (ii) in the case of a limited liability company, partnership, limited partnership or venture, the right to more than 25% of the
distributions therefrom (including liquidating distributions); (iii) in the case of a trust or estate, including a business trust, more than 25% of the beneficial interest therein; and (iv) in the case of any other entity, more than 25% of the
economic or beneficial interest therein; and 
 (b) in the case of any entity, the power or authority, through ownership of
voting securities, by contract or otherwise, to control or direct the management and policies of the entity. 
  

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 “Control Acceptance” shall have the meaning set forth in Section 5.3(b). 
 “Control Appraiser Committee” shall have the meaning set forth in Section 5.3(c). 
 “Control Notice” shall have the meaning set forth in Section 5.3(b). 
 “Control Offer Period” shall have the meaning set forth in Section 5.3(b). 
 “COP” shall mean ConocoPhillips, a Delaware corporation. 
 “COP Directors” shall have the meaning set forth in Section 3.3. 
 “COP Member” shall
mean CPGC or any wholly owned Subsidiary of COP admitted as a substitute Member pursuant to Section 5.4; provided that in the event a COP Member transfers less than all of its Company Interest to a wholly owned subsidiary of COP pursuant to Section
5.4, then “COP Member” shall be deemed to include both such COP Member and such wholly owned subsidiary of COP, to the extent applicable; provided, however, that in no event shall the COP Members collectively own more than a 50 percent
Percentage Interest. 
 “CPGC” shall have the meaning set forth in the Preamble. 
 “CPGC Contribution” shall have the meaning set forth in Section 8.2. 
 “CPGC Distribution” shall have the meaning set forth in Section 8.2. 
 “DEFS Holding” shall have the meaning set forth in the Preamble. 
 “DEFS Investment” shall have the meaning set forth in the Recitals. 
 “Depreciation”
shall mean, for each Fiscal Year or part thereof, an amount equal to the depreciation, amortization, or other cost recovery deduction allowable for U.S. federal income tax purposes with respect to an asset for such Fiscal Year or part thereof,
except that if the Book Value of an asset differs from its adjusted tax basis for U.S. federal income tax purposes at the beginning of such Fiscal Year, the depreciation, amortization, or other cost recovery deduction for such Fiscal Year or part
thereof shall be an amount which bears the same ratio to such Book Value as the U.S. federal income tax depreciation, amortization, or other cost recovery deduction for such Fiscal Year or part thereof bears to such adjusted tax basis. If such asset
has a zero adjusted tax basis for U.S. federal income tax purposes, the depreciation, amortization, or other cost recovery deduction for such asset for such Fiscal Year shall be determined under a method reasonably selected by agreement among the
Members. 
 “Director” shall mean one or more members of the Company Board, as the context may require. 
 “Disguised Sale Amount” shall mean the excess of (a) $1,200,000,000 over (b) the product of the Percentage Interest of CPGC in the Company as
of the Closing Date and $2,400,000,000. 
  

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 “Dispute Notice” shall have the meaning set forth in Section 3.12(a). 
 “Distribution” shall mean, with respect to any Member, the amount of money and the Book Value of any property (other than money) distributed to
such Member pursuant to Section 7.6 hereof (or pursuant to Section 2.2(a), 2.2(b)(ii) ), or 3.3(b) of the Reorganization Agreement) with respect to such Member’s Company Interest. 
 “Duke” shall mean Duke Energy Corporation, a North Carolina corporation. 
 “Duke Directors” shall have the meaning set forth in Section 3.3. 
 “Duke Member” shall mean DEFS Holding or any wholly owned Subsidiary of Duke admitted as a substitute member pursuant to Section 5.4; provided
that in the event a Duke Member transfers less than all of its Company Interest to a wholly owned subsidiary of Duke pursuant to Section 5.4, then “Duke Member” shall be deemed to include both such Duke Member and such wholly owned
subsidiary of Duke, to the extent applicable; provided, however, that in no event shall the Duke Members collectively own more than a 50 percent Percentage Interest. 
 “EBITDA” shall mean earnings before interest, taxes, depreciation and amortization, determined in accordance with GAAP. 
 “Equity Interest” shall mean, with respect to any Person, any and all shares, interests, participations or other equivalents, including membership interests (however designated, whether voting or nonvoting
or certificated or noncertificated), of equity of such person, including, if such Person is a partnership, partnership interests (whether general or limited) and any other interest or participation that confers on a person the right to receive a
share of the profits and losses of, or distributions of property of, such partnership, excluding debt securities convertible or exchangeable into such equity. 
 “Fair Market Value” shall mean, with respect to any Member’s Company Interest, a purchase price equal to the value that would be obtained for such Company Interest, in an arm’s-length transaction
between an informed and willing buyer under no compulsion to buy, and an informed and willing seller under no compulsion to sell, such Company Interest. 
 “Financing” shall have the meaning set forth in the Contribution Agreement. 
 “Fiscal
Year” shall mean the taxable year of the Company, which shall be a fiscal year ending on December 31st. 
 “Flow Through
Subsidiaries” shall have the meaning set forth in Section 8.2. 
 “Formation Date” shall have the meaning set forth in the
Recitals. 
 “GAAP” shall mean generally accepted accounting principles in the United States. 
 “Governmental Entity” shall mean any federal, state, political subdivision or other governmental agency or instrumentality, foreign or
domestic. 
  

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 “Law” shall mean any applicable constitutional provision, statute, act, code (including the
Code), law, regulation, rule, ordinance, order, decree, ruling, proclamation, resolution, judgment, decision, declaration or interpretative or advisory opinion or letter of a Governmental Entity. 
 “Lien” shall mean any mortgage, pledge, hypothecation, security interest, encumbrance, lien, charge or deposit arrangement or other arrangement
having the practical effect of the foregoing. 
 “Member” shall mean one or more of DEFS Holding, CPGC and any Person hereafter
admitted to the Company as a member as provided in this Agreement, as the context may require, but such term does not include any Person who has ceased to be a member in the Company. 
 “MLP” shall have the meaning set forth in Section 3.7. 
 “Neutral Control Appraiser” shall have the meaning set forth in Section 5.3(c). 
 “Neutral
Firm” means a neutral nationally-recognized law firm or accounting firm designated by Duke and COP by mutual agreement. 
 “Non-Changing Member” shall have the meaning set forth in Section 5.3(b). 
 “Non-Changing Member Appraiser”
shall have the meaning set forth in Section 5.3(b). 
 “Nonrecourse Deductions” shall have the meaning set forth in Regulation
Section 1.704-2(b)(1). The amount of Nonrecourse Deductions for any Fiscal Year equals the excess, if any, of (a) the net increase in the amount of Partnership Minimum Gain during such Fiscal Year over (b) the aggregate amount of any distributions
during such Fiscal Year of proceeds of a Nonrecourse Liability that are allocable to an increase in Partnership Minimum Gain, determined in accordance with Regulation Section 1.704-2(c). 
 “Nonrecourse Liability” shall have the meaning set forth in Regulation Section 1.704-2(b)(3). 
 “Non-Transfer Member” shall have the meaning set forth in Section 5.2. 
 “Officers” shall have the meaning set forth in Section 3.1. 
 “Original Agreement” shall have the meaning set forth in the Recitals. 
 “Other Member”
shall have the meaning set forth in Section 7.6(a)(i). 
 “Parent” shall mean, with respect to a particular Person, the Person that
Controls such particular Person and is not itself Controlled by any other Person. 
 “Parent CEO” shall have the meaning set forth
in Section 3.12(b). 
 “Partnership Minimum Gain” shall mean the aggregate amount of gain (of whatever character), determined for
each Nonrecourse Liability of the Company, that would be realized by 

  

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the Company if it disposed of the Company property subject to such Nonrecourse Liability in a taxable transaction in full satisfaction thereof (and for no
other consideration), determined in accordance with Regulation Sections 1.704-2(d) and (k), and the determination of a Member’s share of Partnership Minimum Gain in accordance with Regulation Section 1.704-2(g). 
 “Partner Nonrecourse Debt” shall have the meaning set forth in Regulation Section 1.704-2(b)(4). 
 “Partner Nonrecourse Debt Minimum Gain” shall mean the aggregate amount of gain (of whatever character), determined for each Partner
Nonrecourse Debt, that would be realized by the Company if it disposed of the Company property subject to such Partner Nonrecourse Debt in a taxable transaction in full satisfaction thereof (and for no other consideration), determined in accordance
with Regulation Sections 1.704-2(i)(3) and (k), and the determination of a Member’s share of minimum gain attributable to a Partner Nonrecourse Debt in accordance with Regulation Section 1.704-2(i)(5). 
 “Partner Nonrecourse Deductions” shall mean the excess, if any, of (a) the net increase, if any, in the amount of Partner Nonrecourse Debt
Minimum Gain during any Fiscal Year over (b) the aggregate amount of any distributions during such Fiscal Year of proceeds of a Partner Nonrecourse Debt that are allocable to an increase in Partner Nonrecourse Debt Minimum Gain, determined in
accordance with Regulation Sections 1.704-2(i)(2). 
 “Percentage Interest” shall mean, with respect to the Company Interest owned
by the Duke Member, 50 percent, and with respect to the Company Interest owned by the COP Member, 50 percent. 
 “Person” shall
mean any individual, partnership, limited liability company, firm, corporation, association, joint venture, trust or other entity or any Governmental Entity. 
 “Phillips” shall mean Phillips Petroleum Company. 
 “Phillips Investment” shall have the
meaning set forth in the Recitals. 
 “Profits” and “Losses” shall mean, for each Fiscal Year or part thereof, the
taxable income or loss of the Company for such Fiscal Year determined, solely for U.S. federal income tax purposes, in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss, or deduction required to be stated
separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments (without duplication): 
 (a) any income of the Company that is exempt from U.S. federal income tax and not otherwise taken into account in computing Profits or Losses pursuant to this definition shall be added to such taxable income or loss;

 (b) any expenditure of the Company that is (i) not deductible in computing U.S. taxable income and not properly chargeable
to the Members’ Capital Accounts as described in Code Section 705(a)(2)(B) or treated as such pursuant to Regulation Section 1.704-1(b)(2)(iv)(i), and (ii) not otherwise taken into account in computing Profits and Losses pursuant to this
definition, shall be subtracted from such taxable income or loss; 
  

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 (c) any Depreciation for such Fiscal Year or part thereof shall be taken into account in
lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing such taxable income or loss; 
 (d) gain or loss resulting from any disposition of Company property with respect to which gain or loss is recognized for U.S. federal income tax purposes shall be computed with reference to the Book Value of the
property disposed of, notwithstanding that the adjusted tax basis of such property for U.S. federal income tax purposes differs from its Book Value; 
 (e) in the event the Book Value of any Company asset is adjusted pursuant to subparagraphs (1) and (2) of the definition of Book Value, the amount of such adjustment shall be treated as an item of gain (if the
adjustment increases the Book Value of the asset) or an item of loss (if the adjustment decreases the Book Value of the asset) from the disposition of such asset and shall be taken into account for purposes of computing Profits and Losses;

 (f) to the extent an adjustment to the adjusted tax basis of any Company asset under Code Section 734(b) is required,
pursuant to Regulation Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as a result of a distribution other than in liquidation of a Member’s Company Interest, the amount of such adjustment shall be
treated as an item of gain (if the adjustment increases the adjusted tax basis of the asset) or an item of loss (if the adjustment decreases the adjusted tax basis of the asset) from the disposition of such asset and shall be taken into account for
purposes of computing Profits and Losses; and 
 (g) notwithstanding any other provision of this definition, such taxable
income or loss shall be deemed not to include any income, gain, loss, deduction or other item thereof specially allocated pursuant to Section 7.2(b), (c), (d), (e), (f) or (h) or the proviso in Section 7.1(b). 
 The amounts of the items of Company income, gain, loss or deduction available to be specially allocated pursuant to Section 7.2(b), (c),
(d), (e), (f) and (h) shall be determined by applying rules analogous to those set forth in subparagraphs (a) through (f) above. 
 “Regulation” shall mean the income tax regulations promulgated under the Code by the U.S. Department of the Treasury (whether final or temporary). 
 “Regulatory Allocations” shall have the meaning set forth in Section 7.2(g). 
 “Reorganization Agreement” shall mean the DEFS Reorganization Agreement, dated as of May 26, 2005, by and among Duke Capital LLC, COP and the Company, as the same may be amended from time to time. 
 “Securities Act” shall mean the Securities Act of 1933, as amended. 
 “Subject Subsidiary” shall have the meaning set forth in Section 5.2. 
 “Subsidiary” shall mean, when used with respect to any Person, any Affiliate of such Person that is Controlled by such Person. 
  

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 “Tax Committee” shall have the meaning set forth in Section 8.3(a). 
 “Tax Matters Partner” shall have the meaning set forth in Section 8.3(a). 
 “Taxing Authority” shall have the meaning set forth in the Reorganization Agreement. 
 “Transfer” shall mean any sale, assignment or other transfer, whether by operation of law or otherwise (and any deemed transfer pursuant to
Section 338 of the Code of the assets of a Member in connection with the purchase of the stock of such Member and any other transfer for U.S. federal income tax purposes of the assets held by a Member if such deemed transfer or transfer would result
in a termination of the Company pursuant to Section 708(b)(1)(B) of the Code). “Transferred” and “Transferring” shall have correlative meanings. 
 “Transfer Member” shall have the meaning set forth in Section 5.2. 
 “Transfer Notice”
shall have the meaning set forth in Section 5.2. 
 Section 1.2 Construction. Unless the context requires otherwise: (a) the gender
(or lack of gender) of all words used in this Agreement includes the masculine, feminine and neuter; (b) references to Articles and Sections refer to Articles and Sections of this Agreement; (c) references to Laws refer to such Laws as they may be
amended from time to time, and references to particular provisions of a Law include any corresponding provisions of any succeeding Law; (d) references to money refer to legal currency of the United States of America; (e) the word
“including” means “including, without limitation”; and (f) all capitalized terms defined herein are equally applicable to both the singular and plural forms of such terms. For the avoidance of doubt, the parties hereto agree
that, except as specifically provided herein, (x) this Agreement takes effect and governs with respect to the Fiscal Years, or portions thereof, in each case, beginning after the date hereof and (y) with respect to the Fiscal Years, or portions
thereof, in each case, ending on or prior to the date hereof, the Amended and Restated Agreement governs. 
 ARTICLE II 
 ORGANIZATION 
 Section 2.1
Formation. The Company has been organized as a Delaware limited liability company by the filing of the Certificate under and pursuant to the Act. Each of DEFS Holding’s and CPGC’s status as a Member is hereby continued, in each case
effective contemporaneously with the execution by such Person of this Agreement. 
 Section 2.2 Name. The name of the Company is
“Duke Energy Field Services, LLC”, and all Company business must be conducted in that name or such other names that comply with Law as the Company Board may select. 
 Section 2.3 Registered Office; Registered Agent; Principal Office; Other. The registered office of the Company required by the Act to be
maintained in the State of Delaware shall be the office of the initial registered agent for service of process named in the Certificate or such other office (which need not be a place of business of the Company) as the Company Board may designate in
the manner provided by Law. The registered agent for service of process of the Company in the State of Delaware shall be the initial registered agent for service of process 

  

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named in the Certificate or such other Person or Persons as the Company Board may designate in the manner provided by Law. The principal office of the
Company in the United States shall be 370 17th Street, Suite 900, Denver, Colorado 80202, or such other place as the Company Board may from time to time designate, which need not be in the State of Delaware, and the Company shall maintain records
there and shall keep the street address of such principal office at the registered office of the Company in the State of Delaware. The Company may have such other offices as the Company Board may designate. 
 Section 2.4 Purpose; Powers. 
 (a) The purposes of the Company are to engage in the midstream gas gathering, processing, transportation and marketing business in the United States and Canada, the marketing of natural gas liquids in Mexico, the transportation of refined
petroleum products and liquefied petroleum gases and related products and related terminaling, storage and other activities, and the gathering, transportation, storage and marketing of crude oil. The Company may also pursue other business purposes
beyond those described in the immediately preceding sentence; provided that any such other business purposes (i) are not forbidden by the Act or by applicable Law and (ii) are approved by the Company Board in accordance with Section 3.7. 

(b) The Company has the power to do any and all acts necessary, appropriate, proper, advisable, incidental or convenient to or in
furtherance of the purposes of the Company set forth in Section 2.4(a) herein and has, without limitation, any and all powers that may be exercised on behalf of the Company by the Directors and Officers pursuant to Article III hereof. 
 Section 2.5 Foreign Qualification. Prior to the Company’s conducting business in any jurisdiction other than Delaware, the Company Board
shall cause the Company to comply, to the extent procedures are available and those matters are reasonably within the control of the Company Board, with all requirements necessary to qualify the Company as a foreign limited liability company in that
jurisdiction. At the request of the Company Board, each Member shall execute, acknowledge, swear to and deliver all certificates and other instruments conforming with this Agreement that are necessary or appropriate to qualify, continue and
terminate the Company as a foreign limited liability company in all such jurisdictions in which the Company may conduct business. 
 Section
2.6 Term. The Company commenced on December 15, 1999 by the filing of the Certificate with the Secretary of State of the State of Delaware, and its existence shall be perpetual, unless and until it is dissolved in accordance with Article IX.

 Section 2.7 No State-Law Partnership. The Members intend that the Company shall be a limited liability company and, except as
provided in Section 8.2 with respect to U.S. federal income tax treatment (and other tax treatment consistent therewith), the Company shall not be a state Law partnership (including a limited partnership) or joint venture, and no Member shall be a
state Law partner or joint venturer of any other Member, for any purposes, and this Agreement may not be construed to suggest otherwise. 
 Section 2.8 Title to Company Assets. Title to Company assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by the Company as an 

  

 11 

 
entity, and no Member, Director or Officer, individually or collectively, shall have any ownership interest in such Company assets or any portion thereof.
Title to any or all of the Company assets may be held in the name of the Company or one or more of its Affiliates or one or more nominees, as the Company Board may determine. All Company assets shall be recorded as the property of the Company in its
books and records, irrespective of the name in which record title to such Company assets is held. The Company’s credit and assets shall be used solely for the benefit of the Company, and no asset of the Company shall be Transferred or
encumbered for, or in payment of any individual obligation of, any Member, Director or Officer. 
 Section 2.9 No Power to Bind Company or
Other Members. A Member or Affiliate of a Member may not take any action purporting to bind the Company, any other Member or their respective Affiliates, except as provided in this Agreement. All actions undertaken by the Members and their
Affiliates, or any of them, are at their sole risk and expense except to the extent, if any, that the Company with the approval of the Company Board assumes those obligations by executing appropriate documentation in accordance with this Agreement.
None of the Members is an agent, employee, contractor, vendor, representative or (except for tax purposes) partner of any other Member or its Affiliates by virtue of its execution of this Agreement, and a Member may not hold itself out as such;
provided, however, that Members and their Affiliates may, subject to any applicable terms hereof, be parties to agreements with the Company with the approval of the Company Board. 
 Section 2.10 Liability to Third Parties. No Member shall be liable for the debts, obligations or liabilities of the Company solely by reason of
being a Member. 
 ARTICLE III 
 MANAGEMENT 
 Section 3.1 Management of the Company’s Affairs. All management powers over the business and
affairs of the Company shall be exclusively vested in a board of directors (the “Company Board”) and, subject to the direction of the Company Board, the officers of the Company (the “Officers”). The Officers and
Directors shall collectively constitute “managers” of the Company within the meaning of the Act. Neither Member, by virtue of its status as a member of the Company, shall have any management power over the business and affairs of the
Company or actual or apparent authority to enter into contracts on behalf of, or to otherwise bind, the Company. Except as otherwise specifically provided in this Agreement, the authority and functions of the Company Board on the one hand and of the
Officers on the other shall be identical to the authority and functions of the board of directors and officers, respectively, of a corporation organized under the Delaware General Corporation Law. Thus, except as otherwise specifically provided in
this Agreement, the business and affairs of the Company shall be managed under the direction of the Company Board, which may delegate from time to time such authority and duties as it deems appropriate to one or more of the Officers, who shall be
agents of the Company. In addition to the powers that now or hereafter can be granted to managers under the Act and to all other powers granted under any other provision of this Agreement, and subject to any provisions of this Agreement (including
Section 3.7 and Section 3.9) that permit action or require approval of specified Persons, the Company Board and the Officers (subject to the direction of the Company Board) shall have full, complete and absolute power and authority 

  

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to do all things on such terms as they may deem necessary or appropriate to conduct, or cause to be conducted, or to manage, the business and affairs of the
Company, including the following: 
 (a) the making of any expenditures, the lending or borrowing of money, the assumption or
guarantee of, or other contracting for, indebtedness and other liabilities, the issuance of evidences of indebtedness and the incurring of any other obligations; 
 (b) the making of tax (consistent with Articles VII and VIII), regulatory and other filings, or rendering of periodic or other reports to
governmental or other agencies having jurisdiction over the business or assets of the Company; 
 (c) the merger or other
combination of the Company with or into another Person; 
 (d) the use of the assets of the Company (including cash on hand)
for any purpose consistent with the terms of this Agreement and the repayment of obligations of the Company; 
 (e) the
negotiation, execution and performance of any contracts, conveyances or other instruments; 
 (f) the distribution of Company
cash; 
 (g) the selection, engagement and dismissal of Officers, employees and agents, outside attorneys, accountants,
engineers, consultants and contractors and the determination of their compensation and other terms of employment or hiring; 
 (h) the maintenance of such insurance for the benefit of the Company as it deems necessary or appropriate; 
 (i) the
acquisition or disposition of assets; 
 (j) the formation of, or acquisition of an interest in, or the contribution of
property to, any entity; 
 (k) the control of any matters affecting the rights and obligations of the Company, including the
commencement, prosecution and defense of actions at law or in equity and otherwise engaging in the conduct of litigation and the incurring of legal expense and the settlement of claims and litigation; and 
 (l) the indemnification of any Person against liabilities and contingencies to the extent permitted by law. 
 Section 3.2 Member Obligations. Neither Member nor any Affiliate of, or any Director appointed by, either Member shall have any obligation or owe
any duty, fiduciary or otherwise, to the Company or to any other Member or its Affiliates, including any obligation (a) to offer business opportunities to the Company, (b) to refrain from pursuing business opportunities that may have a competitive
impact upon the Company or (c) to refrain from taking 

  

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any other action that will or may be detrimental to the Company, and neither Member nor any Affiliate of such Member shall, by virtue of the relationship
established pursuant to this Agreement, have any other obligations to take or refrain from taking any other action that may impact the Company. The provisions of this Section 3.2 constitute an agreement to modify or eliminate fiduciary duties
pursuant to the provisions of Section 18-1101 of the Act. 
 Section 3.3 Company Board Composition; Initial Directors. The Company
Board shall consist of five Directors, four of whom shall be voting Directors. The President of the Company shall be the Chairman of the Board. The Chairman of the Board shall be the fifth Director and shall be a non-voting Director. The Duke Member
shall appoint two voting Directors (the “Duke Directors”). The COP Member shall appoint two voting Directors (the “COP Directors”). Each Director appointed to the Company Board shall serve until his or her successor
is duly appointed or until his or her earlier removal or resignation. 
 Section 3.4 Removal and Replacement of Directors. The Duke
Member shall have the right, at any time and for any reason (or for no reason), to remove any or all of the Duke Directors. The COP Member shall have the right, at any time and for any reason (or for no reason), to remove any or all of the COP
Directors. Should any Director be unwilling or unable to continue to serve, or otherwise cease to serve (including by reason of his or her involuntary removal or the expiration of any applicable term of office), then (a) in the case of a vacancy of
a Duke Director, the Duke Member shall fill the resulting vacancy on the Company Board by a Person designated by the Duke Member, and (b) in the case of a vacancy of a COP Director, the COP Member shall fill the resulting vacancy in the Company
Board by a Person designated by the COP Member. 
 Section 3.5 Meetings of the Company Board. 
 (a) Regular meetings of the Company Board shall be held quarterly. 
 (b) Either Member may request a special meeting of the Company Board at any time on two Business Days’ prior notice. 
 (c) A quorum for meetings of the Company Board shall be at least three voting Directors, present in person, by telephone or represented by
proxy. 
 (d) Directors may participate in and hold a meeting of the Company Board by means of conference telephone,
videoconference or similar communications equipment by which all Persons participating in the meeting can hear each other, and participation in such manner in any such meeting constitutes presence in person at the meeting. 
 (e) The Chairman of the Board, if present and acting, shall preside at all meetings of the Company Board and of Members. Otherwise, any
other Director chosen by the Company Board, shall preside. 
 Section 3.6 Notice of Company Board Meetings. Written notice of all
regular meetings of the Company Board must be given to all Directors at least 15 days prior to any regular meeting of the Company Board and two Business Days prior to any special meeting of the Company Board. Any such notice, or waiver thereof, need
not state the purpose of such 

  

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meeting except as may otherwise be required by Law. Attendance of a Director at a meeting (including pursuant to Section 3.5(d)) shall constitute a waiver of
notice of such meeting, except where such Director attends the meeting for the express purposes of objecting to the transaction of any business on the ground that the meeting is not lawfully called or convened. 
 Section 3.7 Actions by the Company Board. All decisions of the Company Board shall require the affirmative majority vote of the voting Directors
present at a meeting at which a quorum is present provided that the affirmative vote of both at least one Duke Director and at least one COP Director shall be required for all decisions of the Company Board. Notwithstanding the foregoing, (a) the
Duke Member and the COP Member will cause their respectively appointed Company Board members to take all action necessary to cause the Company to form a master limited partnership (“MLP”) as soon as reasonably practicable in 2005,
including (i) initially contributing assets from the list of assets on Schedule 3.7 with an aggregate EBITDA of up to $75 million and priced in the aggregate at not less than 7 times such EBITDA, (ii) effecting an initial public offering of limited
partner interests and an initial debt financing for the MLP in compliance with Sarbanes Oxley and all other applicable laws and regulations, and (iii) subject to clause (b) immediately below, designating Jim Mogg and Mike Bradley as the initial
Chairman and CEO, respectively, of the general partner of the MLP with authority on behalf of DEFS to implement and make decisions relating to the formation of the MLP, (b) persons subsequently holding the positions of Chairman and CEO of the
general partner of the MLP and all executive officers of such general partner and the MLP shall be selected by the board of the general partner of the MLP, which board shall consist of nine individuals, two of which shall be appointed by the Duke
Member, two of which shall be appointed by the COP Member and five of which shall consist of independent directors as mutually agreed in good faith by the Duke Member and the COP Member; provided, however, that the board of the general partner of
the MLP shall have the authority to appoint, remove and replace the Chairman and CEO of the general partner of the MLP and all executive officers of such general partner and the MLP, and (c) the Duke Directors shall make all decisions relating to
the enforcement of any rights or obligations of the Company or any of its Affiliates against or to COP or any of its Affiliates, and the COP Directors shall have the exclusive authority to make all decisions relating to the enforcement of any rights
or obligations of the Company or any of its Affiliates against or to Duke or any of its Affiliates, and the COP Directors shall have the exclusive authority to make all decisions relating to the enforcement of any rights or obligations of the
Company or any of its Affiliates against or to Duke or any of its Affiliates and, in the event of a Change of Control that results (pursuant to the last proviso in the definition of the term “Change of Control”) in the term
“Duke” no longer referring to Duke Energy Corporation, against Duke Energy Corporation as to matters relating to periods prior to such Change of Control. The formation of additional master limited partnerships shall be at the discretion of
the Company Board. 
 Section 3.8 Action by Unanimous Written Consent of Voting Directors. To the extent permitted by applicable Law,
the Company Board may act without a meeting, without prior notice and without a vote so long as all voting Directors shall have executed a written consent or consents with respect to any such Company Board action taken in lieu of a meeting.

  

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 Section 3.9 Officers. (a) Generally. Unless provided otherwise in this Agreement or by resolution
of the Company Board, the Officers shall have the titles, power, authority and duties described below in this Section 3.9. 
 (b) Titles and Number. The Officers of the Company shall be the Chairman of the Board, the President, any and all Vice Presidents, the Secretary and Treasurer and any and all Assistant Secretaries and Assistant Treasurers. There shall be
appointed from time to time, in accordance with Section 3.9(c) below, such Vice Presidents, Secretaries, Assistant Secretaries, Treasurers and Assistant Treasurers as the Company Board may desire. Any person may hold two or more offices. 

(c) Appointment and Term of Office. The Officers shall be appointed by the Company Board at such time and for such term as the Company
Board shall determine. Any Officer may be removed, with or without cause, only by the Company Board, provided, however, that such removal shall be without prejudice to the rights, if any, of such Officer under any contract to which the Company is a
party. Vacancies in any office may be filled only by the Company Board. Any Officer may resign at any time by giving written notice to the Company Board. Any resignation shall take effect at the date of the receipt of that notice or at any later
time specified in that notice; and, unless otherwise specified in that notice, the acceptance of the resignation shall not be necessary to make it effective. Any resignation is without prejudice to the rights, if any, of the Company under any
contract to which the officer is a party. 
 (d) President. Subject to the limitations imposed by this Agreement, any
employment agreement, any employee plan or any determination of the Company Board, the President, subject to the direction of the Company Board, shall be the chief executive officer and Chairman of the Board of the Company and, as such, shall be
responsible for the management and direction of the day-to-day business and affairs of the Company, its other Officers, employees and agents, shall supervise generally the affairs of the Company and shall have the full authority to execute all
documents and take all actions that the Company may legally take. The President shall exercise such other powers and perform such other duties as may be assigned to him by this Agreement or the Company Board, including any duties and powers stated
in any employment agreement approved by the Company Board. 
 (e) Vice President. In the absence of the President, each Vice
President shall have all of the powers and duties conferred upon the President, including the same power as the President to execute documents on behalf of the Company. Each such Vice President shall perform such other duties and may exercise such
other powers as may from time to time be assigned to him by the Company Board or the President. 
 (f) Secretary and Assistant
Secretaries. The Secretary shall record or cause to be recorded in books provided for that purpose the minutes of the meetings or actions of the Company Board and Members, shall see that all notices are duly given in accordance with the provisions
of this Agreement and as required by Law, shall be custodian of all records (other than financial), shall see that the books, reports, statements, certificates and all other documents and records required by Law are properly kept and filed, and, in
general, shall perform duties incident to the office of Secretary and such other duties as may, from time to time, be assigned to 

  

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him by this Agreement, the Company Board or the President. The Assistant Secretaries shall exercise the powers of the Secretary during that Officer’s
absence or inability or refusal to act. 
 (g) Treasurer and Assistant Treasurers. The Treasurer shall keep or cause to be
kept the books of account of the Company and shall render statements of the financial affairs of the Company in such form and as often as required by this Agreement, the Company Board or the President. The Treasurer, subject to the order of the
Company Board, shall have the custody of all funds and securities of the Company. The Treasurer shall perform all other duties commonly incident to his office and shall perform such other duties and have such other powers at this Agreement, the
Company Board or the President shall designate from time to time. The Assistant Treasurers shall exercise the power of the Treasurer during the Officer’s absence or inability or refusal to act. Each of the Assistant Treasurers shall possess the
same power as the Treasurer to sign all certificates, contracts, obligations and other instruments of the Company. If no Treasurer or Assistant Treasurer is appointed and serving or in the absence of the appointed Treasurer and Assistant Treasurer,
the Senior Vice President, or such other Officer as the Company Board shall select, shall have the powers and duties conferred upon the Treasurer. 
 Section 3.10 Failure to Approve Budgets. If the Company Board fails to timely approve capital or operating budgets for any period, the Officers are hereby authorized to spend such amounts as are necessary or appropriate to meet the
Company’s prior commitments and obligations and to conduct and maintain the Company’s operations and properties in a safe and efficient manner in accordance with industry practice. 
 Section 3.11 Compensation. The Officers shall receive such compensation for their services as may be designated by the Company Board. In addition,
the Officers shall be entitled to be reimbursed for out-of-pocket costs and expenses incurred in the course of their service hereunder. In addition, the members of the Company Board shall be entitled to be reimbursed for out-of-pocket costs and
expenses incurred in the course of their service hereunder. 
 Section 3.12 Deadlock Resolution Procedures. 
 (a) Failure to Approve Actions Requiring Approval by Company Board. If the Company Board has disagreed regarding any action when properly
submitted to it for a vote (a “Business Dispute”) pursuant to Section 3.7, then the voting Directors will consult and negotiate with each other in good faith to find a solution that would be approved by the Company Board. If the
voting Directors do not reach such solution within 10 Business Days from the date the disagreement occurred, then either Member may give written notice to the other that the Company Board’s failure to approve such action will, in such
Member’s judgment, adversely affect the Company (a “Dispute Notice”). 
 (b) Consideration by Member
Executives. Within two Business Days after the giving of the Dispute Notice, the Business Dispute will be referred by the Directors to the chief executive officer of the Parent of each Member to whom the respective Directors report (each a
“Parent CEO”) in an attempt to reach resolution. The Parent CEOs will consult and negotiate with each other in good faith. If they are unable to agree within 20 Business Days of the date of the Dispute Notice, then they will adjourn
such attempts for a further period of 5 Business Days during which the Parent CEOs will not consult with each other. On the day 

  

 17 

 
following such period, the Parent CEOs will consult with each other again in an effort to resolve the Business Dispute. If the Parent CEOs are unable to
resolve the Business Dispute within 48 hours after the time at which they last consulted with each other, then the action shall be considered not approved by the Company Board. 
 Section 3.13 Cash Contribution. The Company shall segregate the cash contribution referenced in Section 8.2(c)(5) in a separate account and shall
use such cash for the acquisition or improvement of plant, property and equipment. 
 ARTICLE IV 
 BOOKS AND RECORDS; REPORTS AND 
 INFORMATION AND ACCOUNTS 
 Section 4.1 Maintenance of Books and Records. Records and books of account (including
those required by the Act) shall be kept by the Company in which shall be entered all transactions and other matters relative to the Company’s business as are usually entered into records and books of account maintained by Persons engaged in
business of like character. The Company books and records shall be maintained in accordance with GAAP. 
 Section 4.2 Auditors; Corporate
Reports; Annual Financial Statements. 
 (a) Auditors. As of the date hereof, the auditors of the Company shall be
Deloitte & Touche L.L.P.; provided that the Company’s auditors may be changed from time to time by the Company Board, in accordance with Section 3.7. 
 (b) Company Reports. (i) Each Member and its respective representatives shall be entitled to reasonable access, during regular business
hours and upon reasonable advance notice, to the corporate books and records and properties, and the executive officers and representatives, of the Company and its Subsidiaries, for any reasonable purpose, including in order to conduct any
investigation or audit of the business, financial position and financial statements of any such entity; provided that nothing herein shall authorize access to classified or controlled unclassified information, except as authorized by applicable Law.

 (ii) Each Member shall be supplied not later than 45 days after the end of each of the first three calendar quarters of
each year with unaudited financial statements of the Company and each of its Subsidiaries on a consolidated basis, including a balance sheet, an income statement and a statement of cash flows, as well as a comparison of actual performance with any
applicable business plan and such tax information as either Member may reasonably request. 
 (iii) The Company Board shall be
supplied not later than 45 days after the end of each calendar month with unaudited financial statements of the Company and each of its Subsidiaries on a consolidated basis, including a balance sheet, an income statement and a statement of cash
flows, as well as a comparison of actual performance with any applicable business plan and, within 45 days of the end of each calendar quarter, budget and cash flow forecasts showing the position of the Company and its Subsidiaries on a consolidated
basis for the next 12- month period together with such additional information as the Company Board may reasonably request. 
  

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 (c) Annual Financial Statements. (i) Annual financial statements for the Company and its
Subsidiaries on a consolidated basis shall be prepared in accordance with GAAP and subject to an audit by the auditors of the Company. 
 (ii) The Company shall make available to each Member simultaneously the consolidated annual audited financial statements for the Company and its Subsidiaries, taken as a whole, and the reports of the auditors thereon
as soon as practicable after the issuance by the auditors of such reports. 
 (iii) The Company and its Subsidiaries shall
prepare annual financial statements in respect of each fiscal year for presentation to the auditors within one month from the end of that fiscal year and shall use reasonable best efforts to ensure that the auditors will issue their reports on such
financial statements by March 15 of each year. 
 Section 4.3 Confidentiality. (a) Each Member and its respective Affiliates shall
keep confidential all information which is obtained by them as Members or otherwise pursuant to this Agreement or the Reorganization Agreement, whether that information is (i) generated or commissioned by the Company or any of its Subsidiaries or
(ii) related to the business affairs of any of the Members or of their respective Affiliates. 
 (b) The restrictions in
Section 4.3(a) shall not apply to: 
 (i) information which enters the public domain otherwise than by breach of this
Agreement; 
 (ii) information already in the possession of a Member or any of its Affiliates before disclosure to it under
this Agreement and which was not acquired directly or indirectly from the other Member or any of its Affiliates and which is not the subject of a confidentiality agreement in favor of the provider of such information; 
 (iii) information lawfully obtained from a third party that is free to disclose such information; 
 (iv) information developed or created by a Member or any of its Affiliates (other than the Company or its Subsidiaries) independent of
this Agreement; 
 (v) information required to be disclosed by a Member or any of its Affiliates to a third party
contemplating purchasing shares in that Member in order to permit such third party to decide whether or not to proceed and what price to offer; provided that such third party shall prior to any such disclosure have entered into a confidentiality
agreement with such Member and its Affiliates on terms no less strict than the terms of this Section 4.3; 
 (vi) information
requested by any Governmental Entity entitled by Law to require the same; provided that prior to such disclosure if practicable, the disclosing Member shall notify in writing the owner of such information (where the identity of such owner can be
reasonably determined) that such request has been made; provided further that the Member seeking to rely on an exemption contained in this Section 4.3(b) shall provide such evidence as 

  

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the other Member may reasonably require to prove that the information sought to be exempted falls within the relevant category; and 
 (vii) information that a Member or its Affiliates must disclose under applicable securities Laws or stock exchange regulations.

 (c) The restrictions contained in Section 4.3(a) shall last until the date two years from the relevant disclosure.

 ARTICLE V 
 LIQUIDITY
AND TRANSFER RESTRICTIONS 
 Section 5.1 Transfer of Interest. Except to the extent permitted pursuant to Section 5.4, no Member
may Transfer all or any part of its Company Interest without the express prior written consent of the other Member. 
 Section 5.2 Right
of First Offer. If the holder of any Equity Interest in the Duke Member or the holder of any Equity Interest in the COP Member desires to Transfer all or any part of such Equity Interest to a Person other than a wholly owned Subsidiary of the
Parent of such Member, then prior to effecting or making such Transfer, the Duke Member (if the subject Equity Interest is in the Duke Member) or the COP Member (if the subject Equity Interest is in the COP Member) (the “Transfer
Member”) shall notify in writing the other Member (the “Non-Transfer Member”) of the terms and conditions upon which such Transfer is proposed to be effected (which notice shall be herein referred to as a “Transfer
Notice” and shall include all material price and non-price terms and conditions). The Non-Transfer Member shall have the right to cause a wholly owned Subsidiary of its Parent (the “Subject Subsidiary”) to acquire all (but
not less than all) of the Equity Interest that is the subject of the Transfer Notice on the same terms and conditions as are set forth in the Transfer Notice. The Non-Transfer Member shall have 30 days following delivery of the Transfer Notice
during which to notify the Transfer Member whether or not it desires to exercise such right of first offer. If the Non-Transfer Member does not respond during the applicable period set forth above for exercising its purchase right under this Section
5.2, such Non-Transfer Member shall be deemed to have waived such right. If the Non-Transfer Member elects to cause the Subject Subsidiary to purchase all, but not less than all, of the Equity Interest that is the subject of the Transfer Notice, the
closing of such purchase shall occur at the principal place of business of the Company on the tenth day following the first date on which all applicable conditions precedent have been satisfied or waived (but in no event shall such closing take
place later than the date that is 60 days (subject to extension for regulatory approvals, but in no event more than 180 days) following the date on which the Non-Transfer Member agrees to cause the Subject Subsidiary to purchase all of the Equity
Interest that is the subject of the Transfer Notice). The Transfer Member agrees, and the Non-Transfer Member agrees to cause the Subject Subsidiary, to use commercially reasonable efforts to cause any applicable conditions precedent to be satisfied
as expeditiously as possible. At the closing, (a) the Transfer Member shall cause the holder of the Equity Interest to execute and deliver to the Subject Subsidiary (i) an assignment of the Equity Interest described in the Transfer Notice, in form
and substance reasonably acceptable to the Subject Subsidiary, and (ii) any other instruments reasonably requested by the Subject Subsidiary to give effect to the purchase; and (b) the Non-Transfer Member shall cause the Subject Subsidiary to
deliver to the 

  

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holder of such Equity Interest the purchase price specified in the Transfer Notice in immediately available funds or other consideration as specified in the
Transfer Notice. If the Non-Transfer Member does not elect to cause the Subject Subsidiary to purchase the Equity Interest pursuant to this Section 5.2, or having elected to so purchase such Equity Interest fails to do so within the time period
required by this Section 5.2, the holder of such Equity Interest shall be free for a period of 180 days after the expiration of the offer period referred to above or the date of such failure, as applicable, to enter into a definitive written
agreement with an unaffiliated third party regarding the Transfer of such Equity Interest on terms and conditions that satisfy the following criteria: 
 (1) the amount of consideration to be paid by the purchasing party may not be less than the consideration set forth in the Transfer Notice; 
 (2) the form of consideration may not be materially different from that set forth in the Transfer Notice, except to the extent any change
in the form of consideration makes the terms of the transaction less favorable from the purchaser’s standpoint; and 
 (3) the terms and conditions set forth in such definitive written agreement, when considered together with the form and amount of consideration to be paid by such purchasing party, may not render the terms of such transaction, taken as a
whole, materially inferior (to the holder of such Equity Interest from an economic standpoint) to those set forth in the Transfer Notice (it being agreed that the granting by the holder of such Equity Interest of representations, warranties and
indemnities with respect to the business or properties of the Company, as applicable, or any of its subsidiaries that are different from or in addition to any such provisions referenced in the Transfer Notice shall not be considered to be more
favorable to the purchaser for purposes of this clause (3)). 
 If such a definitive written agreement is entered into with an unaffiliated
third party within such time period, the holder of such Equity Interest shall be free for a period of 270 days following the execution of such definitive written agreement to consummate the Transfer of such Equity Interest in accordance with the
terms thereof. If such Transfer is not consummated within such time period in accordance with the terms of such definitive written agreement, the requirements of this Section 5.2 shall apply anew to any further efforts by the holder of such Equity
Interest to Transfer such Equity Interest. 
 Section 5.3 Change of Control. 
 (a) If (i) a Change of Control occurs with respect to the Duke Member other than pursuant to Section 5.2, the COP Member shall have the
option to purchase the Duke Member’s Company Interest for Fair Market Value pursuant to the provisions of Section 5.3(b), (c) and (d), or (ii) a Change of Control occurs with respect to the COP Member other than pursuant to Section 5.2, the
Duke Member shall have the option to purchase the COP Member’s Company Interest for Fair Market Value pursuant to the provisions of Section 5.3(b), (c) and (d). 
 (b) In the event of a transaction giving rise to a Change of Control of either the Duke Member or the COP Member other than pursuant to
Section 5.2, the Member who has suffered such a Change of Control (the “Changing Member”) shall promptly (and in any event 

  

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within three days of the consummation of such transaction) deliver notice (the “Control Notice”) to the other Member (the
“Non-Changing Member”) of such Change of Control transaction. The Non-Changing Member shall have the right, to be exercised by notice (the “Control Acceptance”) on or before the 60th day following receipt of the
Control Notice (the “Control Offer Period”), to elect to purchase the Company Interest of the Changing Member for Fair Market Value as of the date of the Change of Control. The Control Acceptance shall set forth the name of a
nationally recognized appraisal firm (which may be an investment banking, accounting or other firm that performs appraisal and valuation services) designated by the Non-Changing Member as its appraisal firm (the “Non-Changing Member
Appraiser”). 
 (c) If the Non-Changing Member timely delivers the Control Acceptance during the Control Offer
Period, within 15 days from the date of receipt of the Control Acceptance, the Changing Member shall notify the Non-Changing Member in writing of the name of an appraisal firm (which may be an investment banking, accounting or other firm that
performs appraisal and valuation services) designated as the Changing Member’s appraisal firm (the “Changing Member Appraiser”). The Non-Changing Member Appraiser and the Changing Member Appraiser shall jointly choose a third
appraisal firm (which may be an investment banking, accounting or other firm that performs appraisal and valuation services) within 15 days after the appointment of the Non-Changing Member Appraiser (provided, however, that if they fail to select a
third appraisal firm within 15 days after the appointment of the Non-Changing Member Appraiser, such third firm (which shall be an investment banking, accounting or other firm that performs appraisal and valuation services) will be selected by the
American Arbitration Association at the request of either party within 10 days after such request) (the “Neutral Control Appraiser”, and together with the Changing Member Appraiser and the Non-Changing Member Appraiser, the
“Control Appraiser Committee”). Once the Control Appraiser Committee has been chosen, each of the Changing Member and Non-Changing Member shall submit proposed Fair Market Values of the Changing Member’s Company Interest to the
Control Appraiser Committee, together with any supporting documentation such Member deems appropriate, as soon as practicable, but in no event earlier than 30 days after the date of receipt of the Control Acceptance nor later than 30 days after the
date of selection of the Neutral Control Appraiser. If either Member fails to submit its proposed Fair Market Value within the required time period, the Fair Market Value proposed by the other Member (assuming such other Member has submitted its
proposed value within the required time period) shall be deemed to be the Fair Market Value of the Changing Member’s Company Interest for purposes of this Section 5.3. If both Members submit their respective proposed values on a timely basis,
the Control Appraiser Committee shall determine, by majority vote, the Fair Market Value as of the date of the Change of Control of the Changing Member’s Company Interest as promptly as possible (and in any event on or before the 30th day after
submittal of the competing proposals), which determination shall be final and binding on the Members. The cost of such appraisal shall be paid in equal portions by the Duke Member and the COP Member. Each of the Changing Member and the Non-Changing
Member shall provide to the other and, if applicable, the Control Appraisal Committee, all information reasonably requested by them. 
 (d) The closing of the Non-Changing Member’s acquisition of the Changing Member’s Company Interest shall be consummated on or before the 60th day after the determination of the Fair Market Value in accordance with Section 5.3(c).
The acquisition shall be consummated at a closing held at the principal offices of the Company (unless otherwise 

  

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mutually agreed by the Changing Member and the Non-Changing Member) at which time the purchase price, payable in the form of immediately available funds,
shall be delivered to the Changing Member, and the Changing Member shall deliver or cause to be delivered to the Non-Changing Member (or at the election of the Non-Changing Member, its designee) such transfer documentation reasonably acceptable to
the Non-Changing Member as shall be required to evidence the transfer of the Changing Member’s Company Interest free and clear of all liens and encumbrances, except those created under this Agreement. 
 Section 5.4 Transfers to Wholly Owned Subsidiaries. A Member may Transfer all or any part of its Company Interest to a wholly owned Subsidiary of
the Parent of the COP Member (in the case of the COP Member) or of the Parent of the Duke Member (in the case of the Duke Member), and such wholly owned Subsidiary shall be admitted as a substitute Member, all without the consent of the other
Member, provided that (i) reasonable advance notice of such Transfer is provided to the other Member, including for purposes of effecting the provisions of Section 10.3(a), (ii) such wholly owned Subsidiary becomes a party to this Agreement by
executing an assumption and adoption agreement in a form reasonably acceptable to the other Member and (iii) such Member remains fully liable for the fulfillment of its obligations hereunder. Notwithstanding the foregoing, if any such Transfer would
result in a termination of the Company pursuant to Section 708(b)(1)(B) of the Code, (i) a Member may Transfer only so much of its Company Interest to such wholly owned Subsidiary as will not cause such a termination, and (ii) provided that
reasonable advance notice of such Transfer is provided to the other Member, including for purposes of effecting the provisions of Section 10.3(a), the remaining portion of its Company Interest may be transferred to such wholly owned Subsidiary as
soon as practicable after the date that such a transfer will not cause such a termination.  
 Section 5.5 Void Transfers. For
the absence of doubt, notwithstanding Section 5.2, 5.3 or 5.4, there shall be no Transfer of a Company Interest held by a Member that would result in a termination of the Company pursuant to Section708(b)(1)(B) of the Code without the prior written
consent of the other Member. Any purported Transfer of a Company Interest, of any Equity Interest in the COP Member, or of any Equity Interest in the Duke Member prohibited by this Article V shall be void. 
 ARTICLE VI 
 CAPITAL CONTRIBUTIONS
AND CAPITAL ACCOUNTS 
 Section 6.1 Capital Contributions. 
 (a) The initial Capital Contributions made to the Company by the Members shall be the property contributed by the Members pursuant to
Article II of the Contribution Agreement. 
 (b) On the date of this Agreement, CPGC has made a Capital Contribution to the
Company pursuant to Section 2.2(d) of the Reorganization Agreement. 
 Section 6.2 Additional Capital Contributions. The Members may
make additional Capital Contributions or loans to the Company as requested by the Company Board. Except for 

  

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the Capital Contributions required of the Members pursuant to Section 6.1, no Member shall be required to make any Capital Contributions to the Company.

 Section 6.3 Capital Accounts. A “Capital Account” shall be maintained for each Member on the books of the Company
in compliance with the requirements of Code Section 704(b) and the Regulations thereunder. The Capital Accounts of the Members immediately after the Capital Contributions made pursuant to Section 6.1(a) were (prior to reduction for the amount of any
cash distributed to DEFS Holding and CPGC on the Closing Date), in the case of DEFS Holding, $3,585,500,000 and, in the case of CPGC, $2,139,500,000. In connection with the transactions contemplated by the Reorganization Agreement, the
Capital Accounts of the Members shall be adjusted in the manner illustrated in Schedule 6.3 of this Agreement. Each Member’s Capital Account shall be increased by (i) the Capital Contributions of such Member, (ii) Profits and items of income or
gain allocated to such Member as set forth in Article VII hereof, (iii) any positive adjustment to such Capital Account by reason of an adjustment to the Book Value of Company assets, and (iv) the amount of Company liabilities assumed by such Member
or which are secured by any property distributed to such Member. Each Member’s Capital Account shall be decreased by (i) the amount of any cash and the Book Value of any property distributed to such Member, (ii) Losses, Nonrecourse Deductions,
Partner Nonrecourse Deductions, and items of loss or deduction allocated to such Member as set forth in Article VII hereof, (iii) any negative adjustment to such Capital Account by reason of an adjustment to the Book Value of Company assets, and
(iv) the amount of any liabilities of such Member assumed by the Company or which are secured by property contributed by such Member to the Company. In determining the amount of any liability for purposes of the preceding two sentences, there shall
be taken into account Code Section 752(c) and any other applicable provisions of the Code and Regulations. 
 Section 6.4 Return of
Contributions. Although a Member has the right to receive Distributions in accordance with the terms of this Agreement, a Member is not entitled to the return of any part of its Capital Contributions or to be paid interest in respect of either
its Capital Account or its Capital Contributions. An unrepaid Capital Contribution is not a liability of the Company or of any Member. No Member will be required to contribute or to lend any cash or property to the Company to enable the Company to
return any Member’s Capital Contributions. 
 ARTICLE VII 
 PROFITS AND LOSSES; DISTRIBUTIONS 
 Section 7.1 Allocation of Profit and
Losses. 
 (a) In General. This Section 7.1 sets forth the general rules for book allocations to the Members and shall
apply to allocations with respect to the operations and liquidation of the Company, maintaining the books and records of the Company and computing the Members’ Capital Accounts or share of Profit, Losses, other items or distributions pursuant
to this Agreement, in each case as required for U.S. federal income tax purposes under Code Section 704(b) and the Regulations thereunder. These provisions do not apply to the requirement that the Company maintain books and records for financial
reporting purposes in accordance with Section 4.1. 
  

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 (b) Profits and Losses. For Fiscal Years, or portions thereof, in each case, beginning
after the date hereof, Profits and Losses shall be allocated among the Members in accordance with their respective Percentage Interests in the Company; provided, however, that the Company shall make special allocations to the extent required
pursuant to Article V of Annex A to the Contribution Agreement and Sections 3.3(a), 7.10 and 7.15(c) of the Reorganization Agreement. 
 Section 7.2 Limitations on Allocations. Notwithstanding the general allocation rules set forth in Section 7.1 hereof, the following special allocation rules and limitations shall apply with respect to maintaining the Company’s
books and records and computing the Members’ Capital Accounts or share of Profits, Losses, other items or distributions pursuant to this Agreement, in each case as required for U.S. federal income tax purposes under Code Section 704(b) and the
Regulations thereunder. 
 (a) Limitations on Loss Allocations. The losses allocated to any Member pursuant to Section 7.1(b)
hereof with respect to any Fiscal Year shall not exceed the maximum amount of losses that can be so allocated without causing such Member to have an Adjusted Capital Account Deficit at the end of such Fiscal Year. In the event some but not all of
the Members would have Adjusted Capital Account Deficits as a consequence of an allocation of losses pursuant to Section 7.1(b) hereof, the limitation set forth in this Section 7.2(a) shall be applied on a Member-by-Member basis and any such losses
not allocable to a Member as a result of such limitation shall be allocated to the other Members in accordance with their positive Capital Account balances so as to allocate the maximum possible losses to each Member under Regulation Section
1.704-1(b)(2)(ii)(d). 
 (b) Qualified Income Offset. If in any Fiscal Year a Member unexpectedly receives an adjustment,
allocation or distribution described in Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5), or (6), and such adjustment, allocation, or distribution causes or increases an Adjusted Capital Account Deficit for such Member, then, before any other
allocations are made under this Article VII or otherwise, such Member shall be allocated items of income and gain (consisting of a pro rata portion of each item of Company income, including gross income and gain) in an amount and manner sufficient
to eliminate such Adjusted Capital Account Deficit as quickly as possible; provided that an allocation pursuant to this Section 7.2(b) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all
other allocations provided for in this Article VII have been made as if this Section 7.2(b) were not in this Agreement. This Section 7.2(b) is intended to constitute a “qualified income offset” as provided in Regulation Section
1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 
 (c) Partnership Minimum Gain Chargeback. If there is
a net decrease in Partnership Minimum Gain during any Fiscal Year, then, except as provided in Regulation Section 1.704-2(f)(2), (3), or (5), each Member shall be allocated items of income and gain for such Fiscal Year (and, if necessary, for
subsequent Fiscal Years) in proportion to, and to the extent of, such Member’s share of the net decrease in Partnership Minimum Gain during such Fiscal Year. Allocations pursuant to the previous sentence shall be made in proportion to the
respective amounts required to be allocated to each Member pursuant thereto and the items to be so allocated shall be determined in accordance with Regulation Sections 1.704-2(f)(6) and 1.704-2(j)(2). 

  

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To the extent that this Section 7.2(c) is inconsistent with Regulation Section 1.704-2(f) or incomplete with respect to such Regulations, the Partnership
Minimum Gain chargeback provided for herein shall be applied and interpreted in accordance with such Regulation. 
 (d)
Partner Nonrecourse Debt Minimum Gain Chargeback. If there is a net decrease in Partner Nonrecourse Debt Minimum Gain during any Fiscal Year, then, except as provided in Regulation Section 1.704-2(i)(4), each Member with a share of Partner
Nonrecourse Debt Minimum Gain shall be allocated items of income and gain for such Fiscal Year (and, if necessary, for subsequent Fiscal Years) in proportion to, and to the extent of, such Member’s share of the net decrease in Partner
Nonrecourse Debt Minimum Gain during such Fiscal Year. Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Member pursuant thereto and the items to be so allocated
shall be determined in accordance with Regulation Sections 1.704-2(i)(4) and 1.704-2(j)(2). To the extent that this Section 7.2(d) is inconsistent with Regulation Section 1.704-2(i) or incomplete with respect to such Regulation, the Partner
Nonrecourse Debt Minimum Gain chargeback provided for herein shall be applied and interpreted in accordance with such Regulation. 
 (e) Nonrecourse Deductions. Nonrecourse Deductions for any Fiscal Year shall be specially allocated to the Members in proportion to each of their respective Percentage Interests in the Company. This provision is to be interpreted in a
manner consistent with Regulation Sections 1.704-2(b)(1) and 1.704-2(e). 
 (f) Partner Nonrecourse Deductions. Partner
Nonrecourse Deductions shall be allocated among the Members in accordance with the ratios in which the Members share the economic risk of loss for the Partner Nonrecourse Debt that gave rise to those deductions. This allocation is intended to comply
with the requirements of Regulation Section 1.704-2(i) and shall be interpreted and applied consistently therewith. 
 (g)
Limited Effect and Interpretation. The special rules set forth in Section 7.2(a), (b), (c), (d), (e) and (f) (the “Regulatory Allocations”) shall be applied only to the extent required by applicable Regulations for the resulting
allocations provided for in this Section 7.2, taking into account such Regulatory Allocations, to be respected for U.S. federal income tax purposes. The Regulatory Allocations are intended to comply with the requirements of Regulation Sections
1.704-1(b), 1.704-2 and 1.752-1 through 1.752-5, inclusive and shall be interpreted and applied consistently therewith. 
 (h)
Offsetting Allocations. The Regulatory Allocations may not be consistent with the manner in which the Members intend to divide Company Profits, Losses, and other similar items. It is the intent of the Members that, to the extent possible, all
Regulatory Allocations shall be offset either with other Regulatory Allocations or with special allocations of other items of Company income, gain, loss or deduction pursuant to this Section 7.2(h). Therefore, notwithstanding any other provision of
this Article VII (other than the Regulatory Allocations), the Company shall make such offsetting special allocations of Company income, gain, loss or deduction in a manner such that, after the offsetting allocations are made, each Member’s
Capital Account Balance is, to the extent possible, equal to the Capital Account 

  

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balance such Member would have had if the Regulatory Allocations were not part of this Agreement and all Company items were allocated pursuant to Section 7.1
hereof. 
 Section 7.3 Restoration of Negative Capital Accounts. At no time shall a Member with a negative balance in its Capital
Account have any obligation to the Company or to any other Member to restore such negative balance. 
 Section 7.4 Interim Allocations
Relating to Transferred Company Interests. Notwithstanding any other provision of this Agreement or the Reorganization Agreement, in the event of a change in a Member’s Percentage Interest in the Company as a result of a Transfer or deemed
Transfer of a Member’s Company Interest or as a result of a contribution of assets by a Member to the Company or a distribution of assets by the Company to a Member during a Fiscal Year, the allocations required under this Article VII shall be
made with respect to the Members for the portions of the Fiscal Year through the date of the Transfer, contribution or distribution and after the date of the Transfer, contribution or distribution based on an interim closing of the Company’s
books. The effective date of any such Transfer, contribution or distribution shall be the actual date of the Transfer, contribution or distribution as recorded on the books of the Company. This Section 7.4 shall also apply for purposes of computing
a Member’s Capital Account. For the avoidance of doubt, there shall be an interim closing of the Company’s books as of the date hereof, and the allocations required under this Article VII shall be made with respect to the Members (i) for
the portion of the Fiscal Year through the date hereof in accordance with the Members’ Percentage Interests being 69.7 percent for the Duke Member and 30.3 percent for the COP Member, and (ii) for the portion of the Fiscal Year after the date
hereof in accordance with the Members’ Percentage Interests being 50 percent for the Duke Member and 50 percent for the COP Member. 
 Section 7.5 Code Section 704(c) Allocations. 
 (a) In accordance with Code Section 704(c) and the Regulations
thereunder, income, gain, loss and deduction with respect to any property contributed to the capital of the Company or any Subsidiary thereof that is treated as a partnership or disregarded entity for U.S. federal income tax purposes shall, solely
for U.S. federal income tax purposes, be allocated among the Members so as to take account of any variation between the adjusted tax basis of such property to the Company for U.S. federal income tax purposes and its Book Value (computed in
accordance with the definition of Book Value) using the “Traditional Method with Curative Allocations” as defined in Regulation Section 1.704-3(c). 
 (b) In the event the Book Value of any asset of the Company (or any Subsidiary thereof that is treated as a partnership or disregarded
entity for U.S. federal income tax purposes) is adjusted pursuant to subparagraph (1) of the definition of Book Value or otherwise pursuant to Code Section 704(b) and the Regulations thereunder, subsequent allocations of income, gain, loss and
deduction with respect to any such asset so adjusted shall take account of any variation between the adjusted tax basis of such asset for U.S. federal income tax purposes and the Book Value in the same manner as under Code Section 704(c), the
Regulations thereunder and Section 7.5(a). 
  

 27 

 (c) Allocations pursuant to this Section 7.5 are solely for purposes of U.S. federal
income taxes and shall not affect, or in any way be taken into account in computing, any Member’s Capital Account or share of Profits, Losses or other items allocated under Section 7.1 or Section 7.2. 
 Section 7.6 Distributions. 
 (a) Distributions Other Than in Liquidation of the Company. Except as provided in Section 7.6(b) below (and taking into account deemed distributions, if any, under Section 8.1 which are not re-contributed pursuant to Section 8.1),
Distributions of cash of the Company shall be made at the end of each quarterly accounting period of the Company to each Member of the Company in the following amounts: 
 (i) the greater of (A) the excess of (x) the product of (I) the sum of the maximum U.S. regular federal income tax rate applicable to C
corporations under Section 11 of the Code and 4.5 percent and (II) the excess, if any, of taxable income and gain over taxable loss or deduction of the Company allocated to such Member with respect to such period over (y) the amount of any credits
allocated to such Member with respect to such period for U.S. regular federal income tax purposes and State income tax purposes and (B) (x) such Member’s Percentage Interest in the Company as of the end of such period multiplied by the quotient
of (y) the amount calculated under clause (A) with respect to such period for the other Member (or Members) (the “Other Member”) divided by (z) the Other Member’s Percentage Interest in the Company as of the end of such period;
and 
 (ii) such Distributions as the Company Board may determine in its discretion pursuant to Section 3.7. 
 Such Distributions pursuant to clause (i) shall be made in a manner consistent with the estimated annual tax items of the Company, and Distributions pursuant to clause
(i) for each quarterly accounting period (or portion thereof) shall be adjusted to the extent Distributions for prior quarterly accounting periods did not correctly estimate such items. For each quarterly accounting period ending prior to the date
of this Agreement, the Members’ Percentage Interests for purposes of this Section 7.6 shall be 69.7 percent for the Duke Member and 30.3 percent for the COP Member. For purposes of this Section 7.6(a), the quarterly accounting period during
which the date of this Agreement occurs shall be deemed to consist of two separate quarterly accounting periods, one of which shall be deemed to end as of the date hereof (with respect to which the Duke Member’s Percentage Interest shall be
equal to 69.7 and the COP Member’s Percentage Interest shall be equal to 30.3 percent) and the other of which shall be deemed to begin the day following the date hereof and end at the end of such quarterly accounting period (with respect to
which each of the Duke Member’s Percentage Interest and the COP Member’s Percentage Interest shall be equal to 50 percent). Notwithstanding the foregoing, (A) any taxable income or gain resulting from the TEPPCO GP Sale (as defined in the
Reorganization Agreement) shall be disregarded for purposes of this Section 7.6(a), and no Distribution shall be made pursuant to this Section 7.6(a) in respect of such taxable income or gain, and (B) any distribution under Section 7.6(a)(i) to be
made after the date hereof by reason of an increase in taxable income as a result of adjustments to depreciation deductions claimed by the Company or 

  

 28 

 
allocated to the Members for taxable years prior to 2005 or other adjustments to taxable income or deductions shall be made 50 percent to the Duke Member and
50 percent to the COP Member. 
 (b) Distributions in Liquidation of the Company. Upon the dissolution or liquidation of the
Company, the proceeds of sale of the properties and assets of the Company that have been sold in liquidation, and all other properties and assets of the Company not otherwise sold (and valued at their fair market value), shall be applied and
distributed as follows, and in the following order of priority: (i) first, to the payment of all debts and liabilities of the Company and the expenses of liquidation not otherwise adequately provided for; (ii) second, to the setting up of any
reserves that are reasonably necessary for any contingent unforeseen liabilities or obligations of the Company or of the Members arising out of or in connection with the Company; (iii) third, to the Members in proportion to the positive balances of
each of their respective Capital Accounts after all allocations have been made to such Capital Accounts pursuant to this Agreement, until the remaining balances of such Capital Accounts are zero; and (iv) fourth, the remaining proceeds to the
Members in proportion to each of their Percentage Interests in the Company. 
 ARTICLE VIII 
 WITHHOLDING TAX MATTERS; TAX STATUS AND TREATMENT 
 Section 8.1 Withholding. The Company shall comply with all withholding requirements under U.S. federal, state, local and foreign tax Laws and shall remit amounts withheld to, and file required forms with, such
applicable Taxing Authorities. To the extent that the Company withholds and pays over any amounts to any Taxing Authority with respect to the distributions or allocations to any Member, the amount withheld (or credited against withholding tax
otherwise due) shall be treated as a Distribution to such Member in the amount of the withholding (or credit). In the event of any claimed overwithholding by the Company, if the Company is required to take any action in order to secure a refund or
credit for the benefit of a Member in respect of any amount withheld by it, it will take any such action including applying for such refund on behalf of the Member and paying it over to such Member. If any amount required to be withheld was not
withheld from actual Distributions made to a Member, the Member to which the Distribution was made shall reimburse the Company for such withholding. In the event of any underwithholding by the Company to a Member, each Member agrees to indemnify and
hold harmless the Company and its subsidiaries from and against any liability, including interest and penalties, with respect to such underwithholding to such Member. Each Member agrees to furnish the Company with any representations and forms as
shall reasonably be requested by the Company to assist the Company in determining the extent of, and in fulfilling, the Company’s withholding obligations, if any. The provisions of this Section 8.1 shall be applied in a manner, taking into
consideration any tiered partnership structure that the Company may be part of, that reflects the relative economic interests of each Member in the Company. 
 Section 8.2 Tax Status. 
 (a) The Company is intended to be treated as a partnership
for U.S. federal income tax purposes, and each of the Subsidiaries of the Company organized under the laws of the United States, a State of the United States or any political subdivision thereof (other than 

  

 29 

 
Duke Energy Field Services Canada Holdings, Inc., DEFS Northern Investments, Inc., Duke Energy Guadalupe Pipeline, Inc., Gas Supply Resources, Inc., GSRI
Transportation, Inc. and any entity that the Tax Committee causes to elect to be classified as an association taxable as a corporation in connection with the reorganization of the Company’s Subsidiaries presently under review) (the
“Flow Through Subsidiaries”) is intended to be treated as a partnership or disregarded entity for U.S. federal income tax purposes. 
 (b) Each of the Members and the Company shall take no action or position inconsistent with (or that could reasonably be expected to be viewed by the Internal Revenue Service as inconsistent with), and shall make or
cause to be made all applicable elections with respect to: (i) the treatment of the Company (or any successor thereto) as a partnership for U.S. federal income tax purposes and the treatment of each of the Flow Through Subsidiaries (or any successor
thereto) as a partnership or disregarded entity for U.S. federal income tax purposes; (ii) the treatment of the Company as not being a publicly traded partnership for U.S. federal income tax purposes; (iii) for all periods (or portions thereof)
prior to the First Closing (as defined in the Reorganization Agreement), the allocation of the Financing under Regulation Section 1.752-3(a)(3) among the Members in proportion to their Percentage Interests as of the Closing Date; (iv) the treatment
of the contribution to the Company by DEFS Holding pursuant to Section 2.2 of the Contribution Agreement as a contribution pursuant to Code Section 721, the treatment of the distribution to DEFS Holding pursuant to Section 3.2(c)(2) of the
Contribution Agreement (as adjusted pursuant to Section 3.3 thereof) as a distribution pursuant to Code Section 731 and the treatment that, for purposes of the Code, neither such contribution nor such distribution is a transfer that constitutes a
sale or exchange (or portion thereof) of property in whole or in part to the Company by a Member in the Company acting in a capacity other than as a Member of the Company; and (v) the treatment of the contribution to the Company by CPGC pursuant to
Section 2.3 of the Contribution Agreement (the “CPGC Contribution”) as a contribution pursuant to Code Section 721, the treatment of the distribution to CPGC pursuant to Section 3.2(c)(1) of the Contribution Agreement (as adjusted
pursuant to Section 3.3 thereof) (the “CPGC Distribution”) as a distribution pursuant to Code Section 731 and the treatment that, for purposes of the Code, neither the CPGC Contribution nor the CPGC Distribution is a transfer that
constitutes a sale or exchange (or portion thereof) of property in whole or in part to the Company by a Member in the Company acting in a capacity other than as a Member of the Company (except in the case of this clause (v) that the Members and the
Company shall treat (except to the extent Duke, COP, the Members and the Company agree in writing or are required by the Neutral Firm to treat otherwise) an amount of the CPGC Distribution equal to the Disguised Sale Amount as proceeds of a sale by
CPGC to the Company under Code Section 707(a) and an amount of the CPGC Contribution equal in fair market value to the Disguised Sale Amount as property that is sold by CPGC to the Company under Code Section 707(a) (such property treated as having
been sold having regular federal income tax basis equal to the aggregate regular federal income tax basis of the property contributed in the CPGC Contribution multiplied by a fraction the numerator of which is the Disguised Sale Amount and the
denominator of which is the value of the property contributed in the CPGC Contribution, such value being for this purpose $2,139,500,000). 
 (c) For U.S. federal income tax purposes, Duke (and Duke Energy Corporation in the event that references to “Duke” no longer refers to Duke Energy Corporation pursuant to the “Change of Control”
definition herein), COP, the Members and the Company 

  

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agree to file their respective federal income Tax Returns on a basis that is consistent, and agree not to take any position for U.S. federal income tax
purposes that is inconsistent, with the following (in each case unless either (i) required to do otherwise pursuant to a “determination” within the meaning of Section 1313(a) of the Code (or any similar provision of state, local or foreign
Tax law) or (ii) there is a change in applicable law or regulation). Capitalized terms used in this Section 8.2(c) but not otherwise defined herein shall have the meanings ascribed to them in the Reorganization Agreement. 
 (1) The fair market value of the Company Interests as of December 31, 2004 was $6,797,969,547 plus an amount determined by dividing the
COP Excess Canadian Cash by 30.3%. 
 (2) The sale of the Subject Company Equity Interest by DEFS Holding to COP Transferee
will be treated as a sale by a partner of an interest in a partnership to which Sections 741 and 751 of the Code apply. The fair market value of the Subject Company Equity Interest as of December 31, 2004 was $440 million. 
 (3) The distribution of 100% of the TEPPCO GP Sale Proceeds Amount by the Company to DEFS Holding will be treated as a distribution to
DEFS Holding of money to which Sections 731(a), 733 and 751 of the Code apply; provided, however, that for purposes of Section 751(b), the interest in Company property of each of DEFS Holding and CPGC after the transactions contemplated by the
Reorganization Agreement shall be determined (i) giving effect to the adjustment to the Book Value of all Company assets by reason of clauses (1)(A) and (1)(B) of such definition and (ii) taking into account reverse Code Section 704(c) allocations.

 (4) The distribution of the Equity Interests in the Canadian Holding Company by the Company to DEFS Holding will be treated
as a distribution by a partnership of property to a partner to which Sections 731(a), 731(b), 732(a) and 733 of the Code apply. The fair market value of the Equity Interests in the Canadian Holding Company as of the Second Closing Date is equal to
$300 million plus an amount determined by dividing the COP Excess Canadian Cash by 30.3%. 
 (5) The contribution of the
Second Closing Cash Amount in cash by CPGC to the Company will be treated as a contribution of money by a partner to a partnership to which Sections 721 and 722 of the Code apply. 
 (6) The transactions described in paragraphs (2), (3), (4) and (5) above will result in a reduction in DEFS Holding’s Percentage
Interest from 69.7% to 50% based upon the values of such transactions and of the Company Interests set forth above, subject to any adjustment to such values as agreed by the parties. 
 (7) Any contribution of cash pursuant to Section 3.3(a)(ii) of the Reorganization Agreement by Company to Canadian Holding Company will be
treated as a contribution to a corporation to which Section 351 of the Code applies. 
 (8) Any distribution of cash pursuant
to Section 3.3(b) of the Reorganization Agreement to DEFS Holding and CPGC will be treated as a distribution by a partnership to which Sections 731(a) and 733 of the Code apply, and any contribution of cash 

  

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pursuant to Section 3.3(b) of the Reorganization Agreement by DEFS Holding and CPGC will be treated as a contribution to a partnership to which Section 721
of the Code applies. 
 Section 8.3 Tax Matters Partner; Tax Elections. 
 (a) The Company hereby elects to have a “tax matters partner” as provided under Code Section 6231(a)(7)(B) (the “Tax
Matters Partner”). Subject to the provisions of Section 8.3(d) below, the Duke Member is hereby designated as such Tax Matters Partner. For the avoidance of doubt, except for the making of the elections described in Section 8.3(b)(1) and (2)
and Section 8.3(c), the Tax Matters Partner shall not (1) take any action without the approval of the Tax Committee (as defined below) or (2) fail to take any action that it is directed to take by the Tax Committee. 
 (b) The Company shall make all elections required under U.S. federal income tax Laws and regulations and any similar state statutes and
shall make the following elections: 
 (1) Adopt the calendar year as the annual accounting period; 
 (2) Adopt the accrual method of accounting; and 
 (3) Adopt the maximum allowable accelerated method and shortest permissible life for determining depreciation deductions. 
 (c) The Company shall make the election provided for in Section 754 of the Code in connection with the filing of Form 1065 (U.S. Return of
Partnership Income) for the first tax year for which it may make a valid election but not later than the tax year that includes the First Closing (as defined in the Reorganization Agreement) and shall provide each Member with a copy of such
election. 
 (d) The Company Board shall establish a separate committee responsible for tax matters (the “Tax
Committee”). The Tax Committee shall have two members, one of which shall be appointed by COP and one of which shall be appointed by Duke. The Tax Committee shall be responsible for, and shall determine all actions to be taken with respect
to, all tax matters of the Company and its Subsidiaries (consistent with the terms of this Agreement, the Reorganization Agreement and the Contribution Agreement) for all open taxable periods, including (1) approving all elections under U.S.
federal, state and local and foreign tax Laws and regulations other than the elections made pursuant to Sections 8.3(b)(1) and (2) and 8.3(c), (2) reviewing tax returns (including all federal income tax returns), (3) controlling tax audits and (4)
making any adjustments to depreciation deductions claimed by the Company or allocated to the Members for taxable years prior to 2005 or other adjustments to taxable income, deductions and allocations. The Company shall provide the Tax Committee,
Duke and COP with drafts of each IRS Form 1065 (U.S. Return of Partnership Income), Schedule K-1, and any other significant federal, state, local or foreign tax return at least three and one-half months prior to the due date (including extensions)
thereof for review and approval by the Tax Committee. COP and Duke and the members of the Tax Committee shall have 30 days to review such returns and provide comments thereon. All decisions of the Tax Committee shall be unanimous. In the event that
the Tax Committee is unable to agree with respect to any tax matter, then the members of the Tax Committee shall negotiate in good faith for a period of 21 days in an attempt to resolve the 

  

 32 

 
issue. If, at the end of 21 days, the members of the Tax Committee have been unable to resolve the disputed issue, the Chief Financial Officer of Duke (the
“Duke CFO”) and the Chief Financial Officer of COP (the “COP CFO” and, together with the Duke CFO, the “CFOs”) shall endeavor in good faith for a period of 21 days to resolve the issue. If, at the end of 21 days, the
CFOs have been unable to resolve the disputed issue, such issue shall be referred to the Neutral Firm, which shall resolve the dispute in accordance with this Agreement, the Contribution Agreement and the Reorganization Agreement in a timely manner
as directed by the Tax Committee. This Section 8.3(d) and any other provisions in this Agreement regarding the Tax Committee are for the benefit of COP and Duke and shall not be amended without their prior written consent. 
 ARTICLE IX 
 DISSOLUTION, WINDING-UP
AND TERMINATION 
 Section 9.1 Dissolution. The Company shall dissolve and its affairs shall be wound up on the first to occur of
the following events (each a “Dissolution Event”): 
 (a) the consent of the Company Board pursuant to
Section 3.7; or 
 (b) entry of a decree of judicial dissolution of the Company under Section 18-802 of the Act. 

Section 9.2 Winding-Up and Termination. 
 (a) On the occurrence of a Dissolution Event, the Company Board shall select one or more Persons to act as liquidator. The liquidator shall proceed diligently to wind up the affairs of the Company and make final
distributions as provided in Section 7.6(b) and in the Act. The costs of winding up shall be borne as a Company expense. Until final distribution, the liquidator shall continue to operate the Company properties with all of the power and authority of
the Company Board. 
 (b) All distributions in kind to the Members shall be made subject to the liability of each distributee
for costs, expenses and liabilities theretofore incurred or for the payment of which the Company has committed prior to the date of termination. The distribution of cash or property to a Member in accordance with the provisions of Section 7.6(b) and
this Section 9.2 constitutes a complete return to the Member of its Capital Contributions and a complete distribution to the Member of its share of all the Company’s property and constitutes a compromise to which all Members have consented
within the meaning of Section 18-502(b) of the Act. 
 (c) On completion of such final distribution, the liquidator shall file
a Certificate of Cancellation with the Secretary of State of the State of Delaware and take such other actions as may be necessary to terminate the existence of the Company. 
  

 33 

 ARTICLE X 
 MISCELLANEOUS 
 Section 10.1 Counterparts. This Agreement may be executed by facsimile and in
one or more counterparts, all of which shall be considered one and the same agreement, and shall become effective when one or more counterparts have been signed by each of the parties hereto and delivered (including by facsimile) to the other party.

 Section 10.2 Governing Law; Jurisdiction and Forum; Waiver of Jury Trial. 
 (a) This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without reference to the choice
of law principles thereof. 
 (b) Each Member hereto irrevocably submits to the jurisdiction of any Delaware state court or
any federal court sitting in the State of Delaware in any action arising out of or relating to this Agreement, and hereby irrevocably agrees that all claims in respect of such action may be heard and determined in such Delaware state or federal
court. Each Member hereby irrevocably waives, to the fullest extent it may effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. The Members further agree, to the extent permitted by Law, that final
and unappealable judgment against any of them in any action or proceeding contemplated above shall be conclusive and may be enforced in any other jurisdiction within or outside the United States by suit on the judgment, a certified copy of which
shall be conclusive evidence of the fact and amount of such judgment. 
 (c) To the extent that any Member has or hereafter
may acquire any immunity from jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, each
Member hereby irrevocably waives such immunity in respect of its obligations with respect to this Agreement. 
 (d) Each
Member waives, to the fullest extent permitted by applicable Law, any right it may have to a trial by jury in respect of any action, suit or proceeding arising out of or relating to this Agreement. Each Member certifies that it has been induced to
enter into this Agreement by, among other things, the mutual waivers and certifications set forth above in this Section 10.2. 
 Section 10.3
Grant of Security Interest; Member Status. 
 (a) Each Member represents to the Company and the other Member that it
owns good title to its Company Interest free and clear of all Liens as of the time of the attachment of the security interest granted pursuant to the following provisions of this Section 10.3(a), and each Member agrees to keep its Company Interest
free and clear of all Liens (other than the security interest granted pursuant to this Section 10.3(a)). Each Member grants to the Company and to each other Member, as security, equally and ratably, for the payment and performance of all
obligations, liabilities, costs and expenses owed to the Company or any other Member under this Agreement, a security interest in and a general lien on its Company Interest and other interests in the Company and the proceeds thereof, all under the
Uniform Commercial Code of the State of Delaware. The Company and each Member, as applicable, shall be entitled 

  

 34 

 
to all the rights and remedies of a secured party under the Uniform Commercial Code of the State of Delaware with respect to the security interest granted in
this Section 10.3(a). Each Member shall execute and deliver to the Company and each other Member all financing statements and other instruments that the Company Board or any other Member, as applicable, may request to effectuate and carry out the
preceding provisions of this Section 10.3(a). At the option of the Company Board or any Member, this Agreement or a copy hereof may serve as a financing statement. 
 (b) Each of the Duke Member and the COP Member agrees as to itself to have no assets other than its Company Interest and no liabilities
other than the obligations set forth in this Agreement. 
 Section 10.4 Entire Agreement. This Agreement constitutes the entire
agreement of the Members between the Members with respect to the subject matter hereof and there are no agreements, understandings, representations or warranties between the Members other than those set forth or referred to herein (including
references to the Reorganization Agreement). Except as set forth in Section 8.3(d), this Agreement is not intended to confer upon any person not a party hereto any rights or remedies hereunder. 
 Section 10.5 Notices. All notices and other communications to be given to any party hereunder (including notices to Directors under Section 3.6)
shall be sufficiently given for all purposes hereunder if in writing and delivered by hand, courier or overnight delivery service or three days after being mailed by certified or registered mail, return receipt requested, with appropriate postage
prepaid, or when received in the form of a telegram or facsimile and shall be directed, if the Company or a Member, to the address or facsimile number set forth below (or at such other address or facsimile number as the Company or such Member shall
designate by like notice): 
  

	 	(a)	If to the COP Member: 

 ConocoPhillips Gas Company

 c/o ConocoPhillips 
 600
North Dairy Ashford Road 
 Houston, Texas 77079-1175 
 Attention: Wayne C. Byers 
 Fax No.: (281) 293-4111 
 With a copy to: 
 Wachtell, Lipton, Rosen
& Katz 
 51 West 52nd Street 
 New York, NY 10019 
 Attention: Andrew R. Brownstein, Esq. 
 Gregory N. Racz, Esq. 
 Fax No.: (212)
403-2000 
  

 35 

	 	(b)	If to the Duke Member: 

 Duke Energy Enterprises
Corporation 
 370 17th Street, Suite 900 
 Denver, CO 80202 
 Attention: Brent L. Backes 
 Fax No.: (303) 605-2226 
 With a copy to:

 Duke Energy Corporation 
 5400 Westheimer Court, 8th Floor 
 Houston, Texas 77056-5310 
 Attention: General Counsel 
 Fax No.: (704)
382-7705 
 and 
 Vinson &
Elkins L.L.P. 
 1001 Fannin, Suite 2300 
 Houston, Texas 77002-6760 
 Attention: Bruce R. Bilger 
 Fax No.: (713) 615-5429 
  

	 	(c)	If to the Company: 

 ConocoPhillips 
 600 North Dairy Ashford Road 
 Houston,
Texas 77079-1175 
 Attention: Wayne C. Byers 
 Fax No.: (281) 293-4111 
 and 
 Duke Energy Field Services, LLC 
 370 17th Street, Suite 900 
 Denver, CO 80202 
 Attention: Brent L.
Backes 
 Fax No.: (303) 605-2226 
 and 
 Duke Energy Corporation 
 5400 Westheimer Court, 8th Floor 
 Houston, Texas 77056-5310 
 Attention: General Counsel 
 Fax No.: (704)
382-7705 
  

 36 

 Section 10.6 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit
of the Members (and Duke and COP to the extent provided in Sections 8.3(d) and 10.4) and their respective successors and permitted assigns; provided, however, that no Member will assign its rights or delegate any or all of its obligations under this
Agreement without the express prior written consent of each other Member other than in connection with a permitted Transfer pursuant to Section 5.4 (and then only to the wholly owned Subsidiary of the Parent of COP or Duke, as applicable, that is
the transferee of the Company Interest). 
 Section 10.7 Headings. The section and article headings contained in this Agreement are
inserted for convenience of reference only and will not affect the meaning or interpretation of this Agreement. 
 Section 10.8 Amendments
and Waivers. This Agreement may not be modified or amended except by an instrument or instruments in writing signed by all of the Members. Either Member may, only by an instrument in writing, waive compliance by the other Member with any term or
provision of this Agreement on the part of such other party hereto to be performed or complied with. The waiver by any Member of a breach of any term or provision of this Agreement shall not be construed as a waiver of any subsequent breach. Except
as otherwise expressly provided herein, no failure to exercise, delay in exercising or single or partial exercise of any right, power or remedy by any Member, and no course of dealing between the Members, shall constitute a waiver of any such right,
power or remedy. 
 Section 10.9 Severability. If any provision of this Agreement shall be held invalid, illegal or unenforceable, the
validity, legality or enforceability of the other provisions of this Agreement shall not be affected thereby, and there shall be deemed substituted for the provision at issue a valid, legal and enforceable provision as similar as possible to the
provision at issue. 
 Section 10.10 Interpretation. In the event an ambiguity or questions of intent or interpretation arises with
respect to this Agreement, this Agreement shall be construed as if it was drafted jointly by the Members, and no presumption or burden of proof shall arise favoring or disfavoring either Member by virtue of the authorship of any provisions of this
Agreement. 
 Section 10.11 Further Assurances. The Members agree that, from time to time, each of them will execute and deliver, or
cause to be executed and delivered, such further agreements and instruments and take such other action as may be necessary to effectuate the provisions, purposes and intents of this Agreement. 
  

 37 

 IN WITNESS WHEREOF, each of the undersigned has executed this Agreement as of the date first set forth
above. 
  

			
	 DUKE ENERGY ENTERPRISES CORPORATION

		
	 By:
	 	 /s/ Keith G. Butler

		 	 Keith G. Butler
 President

  

			
	 CONOCOPHILLIPS GAS COMPANY

		
	 By:
	 	  

			
	 Name:
	 	  
	 Title:
	 	  

 IN WITNESS WHEREOF, each of the undersigned has executed this Agreement as of the date first
set forth above. 
  

					
	 DUKE ENERGY ENTERPRISES CORPORATION

		
	 By:
	 	  
		 	 Name:
	 	  
		 	 Title:
	 	  

  

					
	 CONOCOPHILLIPS GAS COMPANY

		
	 By:
	 	 /s/ John E. Lowe

		 	 Name:
	 	 John E. Lowe

		 	 Title:
	 	 President

  

 38Master Transaction Agreement

 Exhibit 10.8 
 FOIA CONFIDENTIAL TREATMENT REQUESTED 
 EXECUTION COPY 
 PORTIONS OF THIS EXHIBIT MARKED BY *** HAVE BEEN OMITTED PURSUANT TO 
 A REQUEST FOR CONFIDENTIAL TREATMENT FILED SEPARATELY WITH THE 
 SECURITIES AND EXCHANGE COMMISSION

 MASTER TRANSACTION AGREEMENT 
 dated as of 
 November 17, 2005 
 by and among 
 DUKE ENERGY MARKETING AMERICA, LLC 
 DUKE ENERGY NORTH AMERICA, LLC 
 DUKE ENERGY TRADING AND MARKETING, L.L.C. 
 DUKE ENERGY MARKETING LIMITED PARTNERSHIP 
 and 
 ENGAGE ENERGY CANADA, L.P.,

 as Sellers 
 and

 BARCLAYS BANK PLC, 
 as Buyer 
  

  

 TABLE OF CONTENTS 
  

					
	ARTICLE I	  	 
	CERTAIN DEFINITIONS AND RULES OF CONSTRUCTION	  	
			
	Section 1.1	  	Definitions	  	1
	Section 1.2	  	Rules of Construction	  	12
		
	ARTICLE II	  	
	PURCHASE PRICE; DELIVERY OF DOCUMENTS	  	
			
	Section 2.1	  	Purchase Price	  	13
	Section 2.2	  	The Closing	  	14
	Section 2.3	  	Deliverables on the TRS Payment Commencement Date	  	15
	Section 2.4	  	Post-Closing Date Adjustments to the Purchase Price and Additional Purchase Price	  	17
		
	ARTICLE III	  	
	REPRESENTATIONS AND WARRANTIES RELATING TO THE SELLERS	  	
			
	Section 3.1	  	Organization of Sellers	  	19
	Section 3.2	  	Due Authorization	  	19
	Section 3.3	  	No Conflict	  	20
	Section 3.4	  	Litigation and Proceedings	  	20
	Section 3.5	  	Brokers’ Fees	  	20
	Section 3.6	  	Independent Analysis; No Agency	  	21
	Section 3.7	  	No Default or Termination	  	21
	Section 3.8	  	No Prior Transfers or Liens	  	21
	Section 3.9	  	Market Based Rate Authority	  	21
	Section 3.10	  	Tax Representations	  	22
		
	ARTICLE IV	  	
	REPRESENTATIONS AND WARRANTIES RELATING TO BUYER	  	
			
	Section 4.1	  	Organization of Buyer	  	23
	Section 4.2	  	Due Authorization	  	23
	Section 4.3	  	No Conflict	  	23
	Section 4.4	  	Litigation and Proceedings	  	24
	Section 4.5	  	Brokers’ Fees	  	24
	Section 4.6	  	Market-Based Rate Authority	  	24
	Section 4.7	  	Independent Analysis; No Agency	  	24
	Section 4.8	  	Tax Representations	  	24
		
	ARTICLE V	  	
	TRS OBLIGATIONS	  	
			
	Section 5.1	  	TRS Obligations	  	25
	Section 5.2	  	Effect of Novations or Assignments on TRS Obligations	  	26
	Section 5.3	  	Termination of TRS Obligations Upon Close Out, Bankruptcy or Specified Payment Termination Events	  	26
	Section 5.4	  	Payments	  	28

  

 i 

					
	Section 5.5	  	Collateral for TRS Obligations	  	31
	Section 5.6	  	Counterparty Acquires No Rights in TRS Obligations	  	33
	Section 5.7	  	Carve Out of Certain Accounts Payable and Accounts Receivable	  	33
	Section 5.8	  	Intent	  	33
		
	ARTICLE VI	  	
	COVENANTS	  	
			
	Section 6.1	  	Credit Support	  	33
	Section 6.2	  	Novation and Assignment of Transactions	  	38
	Section 6.3	  	Employee Matters	  	39
	Section 6.4	  	Support of Transaction; Books and Records	  	39
	Section 6.5	  	Regulatory Filings	  	40
	Section 6.6	  	Conduct of Transactions	  	41
	Section 6.7	  	Delivery of Certain Tax Documents	  	42
	Section 6.8	  	Deduction or Withholding of Tax	  	43
		
	ARTICLE VII	  	
	ADDITIONAL TRANSACTIONS	  	
			
	Section 7.1	  	Additional Trading Transactions.	  	44
	Section 7.2	  	Additional Physical Power Transactions.	  	45
		
	ARTICLE VIII	  	
	INDEMNIFICATION	  	
			
	Section 8.1	  	Survival	  	47
	Section 8.2	  	Indemnification	  	47
	Section 8.3	  	Indemnification Procedures	  	48
	Section 8.4	  	Limitations on Liability of Sellers	  	50
	Section 8.5	  	Limitations on Liability of Buyer	  	51
	Section 8.6	  	Waiver of Remedies	  	51
	Section 8.7	  	Waiver of Other Representations	  	52
		
	ARTICLE IX	  	
	PAYMENTS	  	
			
	Section 9.1	  	Payment Notices	  	52
	Section 9.2	  	Payment Procedures	  	53
		
	ARTICLE X	  	
	TERMINATION	  	
			
	Section 10.1	  	Termination	  	53
	Section 10.2	  	Effect of Termination	  	53
		
	ARTICLE XI	  	
	MISCELLANEOUS	  	
			
	Section 11.1	  	Relationship Between Sellers and Buyer	  	54
	Section 11.2	  	Joint and Several Liability	  	54
	Section 11.3	  	Notices	  	54

  

 ii 

					
	 Section 11.4
	  	Assignment	  	55
	 Section 11.5
	  	Rights of Third Parties	  	55
	 Section 11.6
	  	Expenses	  	55
	 Section 11.7
	  	Counterparts	  	56
	Section 11.8	  	Entire Agreement	  	56
	Section 11.9	  	Acknowledgement by Buyer	  	56
	Section 11.10	  	Disclosure Schedule	  	56
	Section 11.11	  	Amendments	  	56
	Section 11.12	  	Severability	  	56
	Section 11.13	  	Governing Law; Jurisdiction	  	57
			
	EXHIBITS	  		  	
			
	Exhibit A	  	Services Agreement	  	
	Exhibit B	  	Sample Calculation of Credit Support	  	
	Exhibit C	  	Form of Novation Agreement	  	
	Exhibit D	  	Form of Assignment and Assumption Agreement	  	
	Exhibit E	  	Form of Additional Transaction Request	  	
	Exhibit F	  	Form of Additional Transaction Addendum	  	
			
	SCHEDULES	  		  	
			
	Schedule 1.1 – KB	  	Knowledge of Buyer	  	
	Schedule 1.1 – KS	  	Knowledge of Sellers	  	
	Schedule 2.1	  	***	  	
	Schedule 2.2	  	Closing Date Transactions	  	
	Schedule 3.3	  	Seller Approvals	  	
	Schedule 3.4	  	Litigation and Proceedings—Sellers	  	
	Schedule 3.7	  	Notice of Default or Termination	  	
	Schedule 4.3	  	Buyer Approvals	  	
	Schedule 4.4	  	Litigation and Proceedings—Buyer	  	
	Schedule 6.6	  	Specified Counterparties	  	

  

	***	CONFIDENTIAL MATERIAL REDACTED AND FILED SEPARATELY WITH THE COMMISSION 

  

 iii 

 MASTER TRANSACTION AGREEMENT 
 THIS MASTER TRANSACTION AGREEMENT (this “Agreement”) is made as of November 17, 2005 (the “Closing
Date”), by and among Duke Energy Marketing America, LLC (“DEMA”), Duke Energy North America, LLC (“DENA”), Duke Energy Trading and Marketing, L.L.C. (“DETM”), Duke
Energy Marketing Limited Partnership (“DEMLP”), Engage Energy Canada, L.P. (“Engage” and together with DEMA, DENA, DETM, and DEMLP, “Sellers”), and Barclays Bank PLC
(“Buyer”). 
 RECITALS 
 WHEREAS, the Sellers have entered into and may continue to enter into transactions for the purchase and sale of natural gas, electric energy and capacity, other commodities and/or related products, including
transactions providing for physical delivery and/or transactions providing for financial settlement (“Marketing and Trading Transactions”); 
 WHEREAS, at the Closing, upon the terms and subject to the conditions set forth in this Agreement, Sellers desire to provide to Buyer, and Buyer desires to assume from Sellers, the economic equivalent of the benefits
and burdens associated with the Closing Date Transactions (other than accounts payable and accounts receivable relating to amounts arising under the Closing Date Transactions prior to January 1, 2006 and other than Retained Liabilities) with
the intent to put Buyer and Sellers in substantially the same economic position as if such Closing Date Transactions had been novated or assigned from Sellers to Buyer on the Closing Date; provided that no payments will be made between Buyer and
Sellers, and no Credit Support will be posted, with respect to any TRS Obligations prior to the TRS Payment Commencement Date; 
 WHEREAS, a
Seller may propose and Buyer may agree to convert certain Marketing and Trading Transactions into Additional Trading Transactions hereunder; and 
 WHEREAS, Sellers and Buyers desire to novate or assign such Closing Date Transactions to Buyer following the Closing upon the terms and subject to the conditions set forth in this Agreement. 
 AGREEMENT 
 NOW, THEREFORE, in
consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 
 ARTICLE I 
 CERTAIN DEFINITIONS AND RULES OF CONSTRUCTION 
 Section 1.1 Definitions. As used herein, the following terms shall have the following meanings: 
 “Additional Physical Power Transaction” has the meaning provided such term in Section 7.2(a). 

 “Additional PP Transaction Closing Date” has the meaning provided
such term in Section 7.2(b). 
 “Additional Purchase Price” has the meaning provided such term in
Section 7.1. 
 “Additional Split Buyer Transaction” has the meaning provided such term in Section 6.1(e).

 “Additional Split Marketing and Trading Transaction” has the meaning provided such term in Section 6.1(e).

 “Additional Trading Transaction” has the meaning provided such term in Section 7.1. 
 “Additional Trading Transaction Closing Date” has the meaning provided such term in Section 7.1. 
 “Additional Transaction” means each Additional Trading Transaction and each Additional Physical Power Transaction. 
 “Additional Transaction Addendum” means an Additional Transaction Addendum in the form of Exhibit F executed and delivered
pursuant to Section 7.1. 
 “Additional Transaction Closing Date” means (i) in the case of an Additional
Trading Transaction, the Additional Trading Transaction Closing Date for such Transaction, and (ii) in the case of an Additional Physical Power Transaction, the Additional PP Transaction Closing Date for such Transaction. 
 “Additional Transaction Request” means an Additional Transaction Request in the form of Exhibit E delivered pursuant to
Section 7.1. 
 “Affiliate” means, with respect to any specified Person, any Person that, directly or
indirectly, controls, is controlled by or is under common control with, such specified Person through one or more intermediaries or otherwise. For purposes of this definition, “control” of a Person means ownership of a majority of the
voting power of such Person. 
 “Agreement” has the meaning provided such term in the preamble to this Agreement.

 “Ancillary Agreement” means each of the Services Agreement, each Additional Transaction Addendum, each Novation
Agreement, each Assignment Agreement, the Novation Process Agreement, and each other document, instrument or agreement delivered in connection herewith or therewith according to the terms hereof or thereof. 
 “Assignment Agreement” means each Assignment and Assumption Agreement substantially in the form of Exhibit D executed and
delivered pursuant to Section 6.2. 
 “Available Amounts” has the meaning provided such term in
Section 5.4(f). 
  

 2 

 “Available Employees” has the meaning provided such term in Section 6.3.

 “Base Purchase Price” has the meaning provided such term in Section 2.1(a). 
 “Base Purchase Price Adjustment” has the meaning provided such term in Section 2.1(b). 
 “Bankruptcy” means, with respect to any Person, (i) the institution by such Person of any proceedings seeking an order for
relief under applicable bankruptcy or insolvency Laws or seeking to adjudicate such Person a bankrupt or insolvent, or seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment or composition of such Person or its debts
under any Law relating to bankruptcy or insolvency or relief of debtors or, (ii) without the consent of such Person, the institution against such Person of a proceeding described in clause (i) of this definition and such proceeding
continues undismissed or unstayed for a period of 90 consecutive days. 
 “Business Day” means any day that is not a
Saturday, Sunday or legal holiday in the State of New York or the State of Texas or a federal holiday in the United States of America. 
 “Buyer” has the meaning provided such term in the preamble to this Agreement. 
 “Buyer
Approvals” has the meaning provided such term in Section 4.3(a). 
 “Buyer Indemnified Parties”
has the meaning provided such term in Section 8.2(a). 
 “Buyer Pledged Collateral” has the meaning provided
such term in Section 5.5(c). 
 “Buyer Project Manager” has the meaning provided such term in the Services
Agreement. 
 “Buyer Service Provider” has the meaning provided such term in the Services Agreement. 
 “Canadian Transactions” means each Transaction to which either Engage or DEMLP is a party. 
 “Cap” has the meaning provided such term in Section 8.4(c). 
 “Change in Tax Law” means the enactment, promulgation, execution or ratification of, or any change in or amendment to, any Law
(or in the application or official interpretation of any Law) relating to any Tax that occurs after the date of this Agreement. 
 “Claim Notice” has the meaning provided such term in Section 8.3(a). 
  

 3 

 “Close Out” means to terminate, liquidate or cancel (including, if applicable, by
way of automatic early termination) any one or more Transactions (including due to the expiration of such Transaction or the expiration of the Trading Contract governing such Transaction). 
 “Close Out Date” has the meaning provided such term in Section 5.3(a). 
 “Close Out Event” means any event of default, termination or expiration event or other event (howsoever described): (i) the
occurrence of which permits a Seller or a Counterparty to Close Out one or more Transactions or (ii) that causes automatically the Close Out of any Transaction. 
 “Close Out Notice” has the meaning provided such term in Section 5.3(a). 
 “Close Out Settlement Amount” means, in respect of any Transaction, the net amount, if any, that is due and payable by one party thereto to the other party thereto in respect of the Close Out of such Transaction as
determined pursuant to the applicable Trading Contract. 
 “Closing” has the meaning provided such term in
Section 2.2(a). 
 “Closing Date” has the meaning provided such term in the preamble to this Agreement.

 “Closing Date Transactions” means those Marketing and Trading Transactions set forth on Schedule 2.2. 

“Closing-Out Party” has the meaning provided such term in Section 5.3(a). 
 “Common Transaction Document” means, with respect to any Transaction, a Master Agreement or a Credit Support document (such as a
master collateral agreement, credit support annex, collateral annex, margining agreement or similar arrangement) that governs both (i) such Transaction and (ii) at least one Marketing and Trading Transaction that is not a Transaction.

 “Confidentiality Agreement” means the confidentiality agreement dated as of March 21, 2005 between Buyer and
Duke Capital LLC, as amended on June 17, 2005, and as the same may be further amended, supplemented or modified from time to time. 
 “Counterparty” means each party to a Transaction other than any Seller or any Duke Credit Support Provider party thereto. 
 “Credit Support” means each item of credit support, including cash, letters of credit, and guarantees, posted or provided by or on behalf of a Person (including a Counterparty, any Seller or
any Affiliate of a Counterparty or any Seller) to secure all or any part of its (or its Affiliate’s) performance under a Marketing and Trading Transaction or a TRS Obligation. 
 “CS Calculation Date” has the meaning provided such term in Section 2.3(b)(iii). 
 “CS Payment Date” has the meaning provided such term in Section 6.1. 
  

 4 

 “CS Provider” means any Person providing Credit Support with respect to a
Marketing and Trading Transaction. 
 “Deficiency” means (a) any amount that is due but unpaid
from a Non-Split Counterparty to a Seller with respect to an Underlying Transaction (including with respect to any Close Out Settlement Amount) or any associated Credit Support, whether as a result of bankruptcy, inability or unwillingness to pay, a
dispute over the legality, enforceability or terms of a transaction or its underlying documentation, the alleged lack of capacity or authority of the Counterparty, a disputed calculation, force majeure or otherwise or (b) the amount of any
payment shortfall (including shortfalls in the posting of Credit Support) by a Counterparty that is allocated to Buyer with respect to a Split Buyer Transaction pursuant to Section 5.4(f)(ii). 
 “DEMA” has the meaning provided such term in the preamble to this Agreement. 
 “DEMLP” has the meaning provided such term in the preamble to this Agreement. 
 “DENA” has the meaning provided such term in the preamble to this Agreement. 
 “DETM” has the meaning provided such term in the preamble to this Agreement. 
 “Disclosure Schedule” means the schedules attached hereto. 
 “Disagreement” has the meaning provided such term in Section 2.4(b). 
 “Dispute Notice” has the meaning provided such term in Section 2.4(a). 
 “Dollars” and “$” mean the lawful currency of the United States of America. 
 “Duke Credit Support Providers” means Sellers or any of their Affiliates that provide Transaction Credit Support, including Duke
Capital LLC, Westcoast Energy, Inc., DENA and DETM, as the case may be. 
 “Engage” has the meaning provided such
term in the preamble to this Agreement. 
 “EPT” has the meaning provided such term in Section 5.4(b).

 “Estimated Base Purchase Price” has the meaning provided such term in Section 2.1(a). 
 “Exposure” means, for any date, for any Seller, and with respect to any Marketing and Trading Transaction, the sum (which may be
positive or negative) of (i) the Mark-to-Market Value of such Marketing and Trading Transaction for such Seller on such date, plus (ii) the aggregate of all accounts receivable and, in the case of Physical Power Transactions,
delivered but unbilled amounts arising under such Marketing and Trading Transaction (other than such accounts receivable and delivered but unbilled amounts arising under such Transactions prior to January 1, 2006 (or in the case of an
Additional Transaction entered into after January 1, 2006, the applicable Additional Trading Transaction Closing Date)) that are payable to such Seller by 
  

 5 

 or on behalf of the applicable Counterparty and that remain unpaid as of such date, minus (iii) the aggregate
of all accounts payable and, in the case of Physical Power Transactions, delivered but unbilled amounts arising under such Marketing and Trading Transaction (other than such accounts payable and delivered but unbilled amounts arising under such
Transactions prior to January 1, 2006 (or in the case of an Additional Transaction entered into after January 1, 2006, the applicable Additional Trading Transaction Closing Date)) that are payable by such Seller to the applicable
Counterparty and that remain unpaid as of such date. 
 “FERC” means the Federal Energy Regulatory Commission.

 “Final Amount” has the meaning provided such term in Section 2.1(c). 
 “Final Trade Date” means the first Business Day on which there are no Underlying Transactions for which payments or settlements
will be or are due and unpaid (including as a result of novation or assignment of the Underlying Trade to Buyer). 
 *** 
 “FPA” means the Federal Power Act of 1920, as amended. 
 “GAAP” means generally accepted accounting principles of the United States, consistently applied. 
 “Governmental Authority” means any United States or non-United States federal, national, supranational, provincial, state,
municipal, local or similar government, governmental authority, regulatory or administrative agency, governmental commission, department, board, bureau, agency or instrumentality, court, tribunal, arbitrator or arbitral body. 
 “Indemnifiable Tax” means any Tax other than a Tax that would not be imposed in respect of a payment under this Agreement or any
Ancillary Agreement but for a present or former connection between the jurisdiction of the government or taxation authority imposing such Tax and the recipient of such payment or a person related to such recipient (including, without limitation, a
connection arising from such recipient’s or related person’s being or having been a citizen or resident of such jurisdiction, or being or having been organized, present or engaged in a trade or business in such jurisdiction, or having or
having had a permanent establishment or fixed place of business in such jurisdiction, but excluding a connection arising solely from such recipient’s or related person’s having executed, delivered, performed its obligations or received a
payment under, or enforced, this Agreement or any Ancillary Agreement). 
 “Indemnified Party” has the meaning
provided such term in Section 8.3. 
 “Indemnifying Party” has the meaning provided such term in
Section 8.3. 
 “Independent Accountant” means (i) Ernst & Young LLP and its successors, or
(ii) if Ernst & Young LLP is (A) unable or unwilling to serve in such capacity or (B) engaged by any 
  

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 6 

 Seller or Buyer as its accounting auditor during the two-year period preceding the date of the selection of an
Independent Auditor under Section 2.4, such other independent accounting firm of nationally recognized standing that is mutually selected by Buyer and DENA and has not been engaged to act as an accounting auditor for Buyer or any Seller during
the two-year period preceding such selection. 
 “Initial Amount” has the meaning provided such term in
Section 2.1(c). 
 “Interest Rate” means, for any day, a rate equal to the rate per annum appearing on such day
on Page BBAM1 of the Bloomberg Service (or on any successor or substitute page of such service, or any successor to or substitute for such service, providing comparable rate quotations, as may be nominated by British Bankers’ Association for
purposes of providing quotations of interest rate applicable to Dollar deposits in the London interbank market) for one-month interest periods. 
 “ISDA” has the meaning provided such term in Section 5.3. 
 “Knowledge of
Buyer” means the actual knowledge of those persons listed in Schedule 1.1 –KB. 
 “Knowledge of
Sellers” means (i) for purposes of Section 3.7(i), the knowledge after due inquiry of those persons listed on Schedule 1.1-KS -1, and (ii) for all other purposes under this Agreement, the actual knowledge of those persons
listed in Schedule 1.1 –KS –2. 
 “Law” means any applicable law (including common law), rule, regulation,
order, judgment or decree of a Governmental Authority. 
 “Lien” means any mortgage, deed of trust, pledge,
hypothecation, encumbrance, security interest or other lien or encumbrance of any kind. 
 “Losses” means any and all
judgments, losses, awards, liabilities, amounts paid in settlement, damages, fines, penalties, deficiencies, costs and expenses (including interest, court costs, reasonable fees of attorneys, accountants and other experts or other reasonable
expenses of litigation or other proceedings or of any claim, default or assessment), but only to the extent such Losses are not covered by a payment from some third party or by insurance or otherwise recoverable from third parties and are net of any
associated benefits arising in connection with such loss, including any associated tax benefits. 
 “Mark-to-Market
Value” means, for any date, for any Seller, and with respect to a Transaction, the mark-to-market value (which may be positive or negative) of such Transaction on such date for such Seller based on the mid-market price as of the close
of business for the relevant market on such date and calculated in a manner that is consistent and in accordance with the methodology and calculation used to calculate the Purchase Price. 
 “Marketing and Trading Transactions” has the meaning provided such term in the Recitals to this Agreement. For purposes of
clarification, Marketing and Trading Transactions may include both Transactions and transactions that are not “Transactions” under this Agreement. 
  

 7 

 “Master Agreement” means, (i) in the case of transactions nominally for the
delivery of natural gas or natural gas products, the Gas Industry Standards Board Base Contract for the Sale and Purchase of Natural Gas, the North American Energy Standards Board Base Contract for the Sale and Purchase of Natural Gas, the GasEDI
Base Contract for Short-Term Sale and Purchase of Natural Gas, the Master Natural Gas Purchase and Sales Agreement and similar agreements for the delivery of natural gas or natural gas products; (ii) in the case of transactions nominally for
the delivery of electric energy, capacity or related products, the Edison Electric Institute Master Power Purchase and Sale Agreement, the Western Systems Power Pool Agreement and the Power Purchase and Sale Agreement and similar agreements for the
delivery of electric energy, capacity or related products; (iii) in the case of financially settled transactions, the International Swaps and Derivatives Association Master Agreement; or (iv) in the case of the foregoing or other products
and commodities, such other forms of master agreements or general terms and conditions as have been accepted by a significant portion of the applicable market for trading such products or commodities. 
 “Material Economic Terms” means the identity of the buyer and the seller, the commodity or product, the contract or notional
quantity, the contract price, and, if applicable, the period of delivery and the delivery point(s), and, for a transaction involving an option, the option type, premium, strike price and expiration date. 
 “Non-Split Counterparty” means with respect to a Transaction, any Counterparty to such Transaction that is not a Split
Counterparty with respect to such Transaction. 
 “Novated Physical Power Transaction” has the meaning provided such
term in Section 7.2(a). 
 “Novation Agreement” means each Novation Agreement substantially in the form of
Exhibit C executed and delivered pursuant to Section 6.2. 
 “Novation Process Agreement” means the Novation
Process Agreement dated as of the Closing Date among DEMA, DENA and Engage and Buyer. 
 *** 
 “Organizational Documents” means, with respect to a Person, the charter, certificate of incorporation, articles of association,
bylaws, operating agreement or similar formation or governing documents of such Person. 
 “Overall Services Flip
Date” has the meaning provided such term in the Services Agreement. 
 “Parties” means Sellers and
Buyer. 
  

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 8 

 “Permitted Liens” means (i) Liens arising in favor of a Counterparty in the
ordinary course of the trading activities of any Seller with respect to a Trading Contract relating to a Transaction and not incurred in connection with indebtedness for borrowed money, and (ii) Liens created in favor of the Buyer. 

“Person” means any individual, firm, corporation, partnership, limited liability company, incorporated or unincorporated
association, joint venture, joint stock company, governmental agency or instrumentality or other entity of any kind. 
 “Physical
Power Hedging Transaction” has the meaning provided such term in Section 7.2(a). 
 “Physical Power
Transaction” has the meaning provided such term in Section 7.2(a). 
 “Pledged Collateral” means,
collectively, Seller Pledged Collateral or Buyer Pledged Collateral, as the case may be. 
 “Premium” has the meaning
provided such term in Section 2.1(a). 
 “Prevailing Party” has the meaning provided such term in
Section 2.4(b). 
 “Proceeding” means any complaint, lawsuit, action, suit, claim (including claim of a
violation of Law) or other proceeding at Law or in equity. 
 “Proposed Additional Trading Transaction” has the
meaning provided such term in Section 7.1. 
 “Purchase Price” has the meaning provided such term in
Section 2.1(a). 
 “Purchase Price Allocation” has the meaning provided such term in Section 2.1(d).

 “Referral Date” has the meaning provided such term in Section 2.4(b). 
 “Referral Notice” has the meaning provided such term in Section 2.4(b). 
 “Resolution” has the meaning provided such term in Section 2.4(b). 
 “Resolution Date” has the meaning provided such term in Section 2.4(b). 
 “Representatives” means, as to any Person, its officers, directors, employees, counsel, accountants, financial advisers and
consultants. 
 “Retained Liabilities” *** 
 “Sample Calculation of Credit Support” means the sample calculation set forth on Exhibit B. 
  

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 9 

 “Secured Party” means the pledgee of the Pledged Collateral in
Section 5.5(a) or (c). 
 “Seller Approvals” has the meaning provided such term in Section 3.3(a).

 “Seller Indemnified Parties” has the meaning provided such term in Section 8.2(b). 
 “Seller Pledged Collateral” has the meaning provided such term in Section 5.5(a). 
 “Seller Project Manager” has the meaning provided such term in the Services Agreement. 
 “Seller Service Provider” has the meaning provided such term in the Services Agreement. 
 “Sellers” has the meaning provided such term in the preamble to this Agreement. 
 “Service Provider” has the meaning provided such term in the Services Agreement. 
 “Services Agreement” has the meaning provided such term in Section 2.2. 
 “Specified Payment Termination Event” means, with respect to Buyer or any Seller, the failure by such Person to make, when due,
any payment required to be made by such Person under Section 5.4 or any posting of Credit Support in the form of cash collateral (or, if applicable in the case of Buyer, in the form of a letter of credit) required to be made by such Person
under Section 6.1 and such failure shall not be remedied within 10 Business Days after receipt from a Seller (in the case of Buyer) or from Buyer (in the case of a Seller) of a written notice clearly marked as a “Notice of Specified
Payment Termination Event”; provided, however, that no Specified Payment Termination Event shall result (i) if the amount paid by such Seller to Buyer with respect to a TRS Obligation is the amount such Seller has determined, in its
discretion acting in good faith, is owed by Counterparty under the corresponding Underlying Transaction (and its associated Trading Contracts), or (ii) if the amount of Credit Support posted by such Seller to Buyer under Section 6.1 is
(a) in the case of a Transaction with a Non-Split Counterparty, the amount such Seller has determined, in its discretion acting in good faith, is owed by the Counterparty as Credit Support under the terms of such Transaction (and its associated
Trading Contracts) and (b) in the case of a Buyer Split Transaction, the amount such Seller has determined, in its discretion acting in good faith, is required to be posted to Buyer with respect to such Buyer Split Transaction; and provided,
further, that a Specified Payment Termination Event shall be deemed cured to the extent, but only to the extent, that, not later than the 10th Business Day after receipt of a Notice of Specified Payment Termination Event, (x) a Seller shall
have made, or Buyer shall have exercised its set off rights pursuant to Section 5.4(g) in respect of, the required payment or posting; (y) a Deficiency exists with respect to an Underlying Transaction that corresponds to such failure, or
(z) Buyer (in the case of a Seller) or a Seller (in the case of Buyer) can apply Transaction Credit Support held by it to set off such failure. 
 “Split Buyer Transactions” has the meaning provided such term in Section 2.3(b). 
  

 10 

 “Split Counterparty” means, with respect to a Transaction, a Counterparty that is
simultaneously a party to both (i) a Marketing and Trading Transaction that is not a Transaction, but is governed by a Common Transaction Document, and (ii) such Transaction. For purposes of clarification, a Counterparty can be a Split
Counterparty with respect to Transactions governed by a Common Transaction Document and a Non-Split Counterparty with respect to Transactions that are not governed by a Common Transaction Document. 
 “Split Counterparty Shortfall” has the meaning provided such term in Section 5.4(f). 
 “Split Marketing and Trading Transactions” has the meaning provided such term in Section 2.3(b). 
 “Split Secured Amount” has the meaning provided such term in Section 5.5(a). 
 “Supporting Obligations” has the meaning ascribed thereto in the Uniform Commercial Code. 
 “Tax” means any present or future tax, levy, impost, duty, charge, assessment or withholding of any nature imposed by any
federal, state, local or foreign government or other taxing authority. 
 “Third Party Claim” has the meaning
provided such term in Section 8.3. 
 “Trading Contracts” means, with respect to a Transaction, all Master
Agreements, confirmations, Transaction Credit Support documents, Supporting Obligations, schedules, credit support annexes, cover sheets, master netting agreements, master collateral agreements or similar or related agreements to which a Seller
and/or a Duke Credit Support Provider is a party, in each case that relate to such Transaction. 
 “Transaction”
means each Closing Date Transaction and each Additional Transaction. 
 “Transaction Credit Support” means any Credit
Support posted or provided by or on behalf of a Person in connection with a Transaction, including the portion of any Credit Support posted or provided to or by a Split Counterparty that is allocated to Buyer pursuant to Section 2.3(b) or
Section 6.1. 
 “Transactional Taxes” means any documentary, excise, goods and services, gross receipts,
property, recording, sales or use, stamp, or transfer Taxes imposed by any Governmental Authority, including any interest and penalties. 
 “TRS Obligation” has the meaning provided such term in Section 5.1(a). 
 “TRS Payment
Commencement Date” means January 3, 2006. 
 “TRS Termination Amount” has the meaning provided such
term in Section 5.3(c). 
  

 11 

 “Underlying Transaction” has the meaning provided such term in
Section 5.1(a). 
 “Uniform Commercial Code” means the Uniform Commercial Code as in effect in the State
of New York and, with respect to each Seller, the Uniform Commercial Code as in effect in the jurisdiction of organization of such Seller. 
 “U.S. Person” has the meaning provided such term in sections 1.1441-4(a)(3)(ii) and 1.1441-1(c)(2) of the United States Treasury Regulations. 
 Section 1.2 Rules of Construction 
 (a) All article, section, schedule and exhibit references used in this Agreement are to articles, sections, schedules and exhibits to this Agreement unless otherwise specified. The schedules and exhibits attached to this Agreement
constitute a part of this Agreement and are incorporated herein for all purposes. 
 (b) If a term is defined as one part of speech (such as
a noun), it shall have a corresponding meaning when used as another part of speech (such as a verb). Terms defined in the singular have the corresponding meanings in the plural, and vice versa. Unless the context of this Agreement clearly requires
otherwise, words importing the masculine gender shall include the feminine and neutral genders and vice versa. The term “includes” or “including” shall mean “including without limitation.” The words “hereof,”
“hereto,” “hereby,” “herein,” “hereunder” and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not any particular section or article in which such words
appear. 
 (c) Any reference to a Law shall include any amendment thereof or any successor thereto and any rules and regulations promulgated
thereunder. 
 (d) The Parties acknowledge that each Party and its attorney have reviewed this Agreement and that any rule of construction to
the effect that any ambiguities are to be resolved against the drafting Party, or any similar rule operating against the drafter of an agreement, shall not be applicable to the construction or interpretation of this Agreement. 
 (e) The captions in this Agreement are for convenience only and shall not be considered a part of or affect the construction or interpretation of any
provision of this Agreement. 
 (f) All references to currency herein shall be to, and all payments required hereunder shall be paid in,
Dollars. In all cases where it is necessary to determine the amount of a Loss or whether a monetary limit or threshold set out herein has been reached or exceeded and 
  

 12 

 the value of the relevant Loss or underlying value is expressed in a currency other than Dollars, the value of each such
Loss or underlying value shall be converted into Dollars at an exchange rate equal to the most recent exchange rate published by The Financial Times on the date such payment is due hereunder (or, if no such exchange rate is published by
The Financial Times, then the most recent exchange rate published by The Wall Street Journal on the date such payment is due hereunder). 
 (g) All references to any agreement, instrument, or document shall include such agreement, instrument or document as the same may be amended, modified or supplemented from time to time in accordance with its terms and
the terms of this Agreement. 
 (h) All accounting terms used herein and not expressly defined herein shall have the meanings given to them
under GAAP. 
 ARTICLE II 
 PURCHASE PRICE; DELIVERY OF DOCUMENTS 
 Section 2.1 Purchase Price 
 (a) Purchase Price. Purchase Price. Sellers agree to pay Buyer, as the aggregate consideration for entering into this Agreement and performing or
assuming the obligations hereunder with respect to the Closing Date Transactions *** (the “Estimated Base Purchase Price” and, after giving effect to any Base Purchase Price Adjustment made pursuant to Section 2.1(b) and
any adjustment made pursuant to Section 2.1(c), the “Base Purchase Price”), plus *** (the “Premium” and, together with the Base Purchase Price, the “Purchase Price”).

 (b) Adjustments to Estimated Base Purchase Price between Closing Date and TRS Payment Commencement Date. If any Close Out
Settlement Amount is paid or received by any Seller with respect to any Transaction after the Closing Date but prior to the TRS Payment Commencement Date, then the Estimated Base Purchase Price shall be adjusted to add amounts received by any Seller
as a result of such Close Out Settlement Amount and to subtract amounts paid by a Seller as a result of such Close Out Settlement Amount (collectively, the “Base Purchase Price Adjustment”) and, in addition, Sellers
hereby irrevocably assigns to Buyer as of the TRS Payment Commencement Date, any claim existing or future for any Deficiency with respect to such Close Out Settlement Amounts relating to Non-Split Counterparties to the extent that such Deficiency
has resulted in an adjustment to the Purchase Price under this clause (b). 
 (c) *** 
  

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 13 

 (d) Allocation of Purchase Price. Prior to the TRS Payment Commencement Date, the Sellers shall
allocate the Purchase Price among the Sellers and shall deliver notice of such allocation to Buyer (the “Purchase Price Allocation”); provided, that the Premium shall be borne and paid solely by DENA. 
 Section 2.2 The Closing 
 (a) Place of Closing. The closing of the transactions contemplated by this Agreement (the “Closing”) shall take place on the Closing Date at the offices of Vinson & Elkins LLP, 1001 Fannin Street,
Houston, Texas 77002 or at such other location agreed to by the Parties. The Closing shall for all purposes be deemed to have been consummated at 12:01 a.m. Houston time on the Closing Date. 
 (b) Closing Deliverables. At the Closing (or in the case of clauses (v) and (xi), on or before the second Business Day following the
Closing): 
 (i) MTA. Buyer and Sellers shall execute and deliver to each other this Agreement; 
 (ii) Services Agreement. Buyer and Sellers shall execute and deliver to each other the Services Agreement in the form of Exhibit A (the
“Services Agreement”); 
 (iii) Schedule 2.2. DENA shall deliver Schedule 2.2 to Buyer on behalf of the
Sellers, which schedule shall set forth the Closing Date Transactions; 
 (iv) *** 
 (v) Premium. DENA shall pay to Buyer on or before the second Business Day following the Closing Date the Premium, by wire transfer of immediately
available funds, to an account designated by Buyer at least three Business Days prior to the Closing Date in writing; 
 (vi) Buyer Tax
Forms. Buyer shall deliver to each Seller an executed U.S. Internal Revenue Service Form W-8ECI and such other forms or documents that are required to enable each Seller to make a payment under this Agreement or any Ancillary Agreement without
any deduction or withholding for or on account of any Tax or with such deduction or withholding at a reduced rate; 
 (vii) Seller Tax
Forms. Each Seller that is a U.S. Person shall deliver to Buyer an executed U.S. Internal Revenue Service Form W-9 which includes a U.S. federal employer identification number and a statement that it (or, in the case of a Seller disregarded as
separate from its owner for U.S. federal income tax purposes, its owner and, in the case of a Seller classified as a partnership for U.S. federal income tax purposes, each of its partners) is a 

  

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 14 

 
domestic corporation. Each Seller that is not a U.S. Person shall deliver to Buyer an executed U.S. Internal Revenue Service Form W-8ECI or Form W-8IMY (and,
in the case of a Seller classified as a partnership for U.S. federal income tax purposes that delivers a Form W-8IMY, an executed U.S. Internal Revenue Service Form W-8BEN with respect to each of its partners) and such other forms or documents that
are required to enable Buyer to make a payment under this Agreement or any Ancillary Agreement without any deduction or withholding for or on account of any Tax or with such deduction or withholding at a reduced rate; 
 (viii) Novation Process Agreement. Buyer and Sellers shall execute and deliver to each other the Novation Process Agreement; 
 (ix) DETM ISDA. Buyer and DETM shall execute and deliver an ISDA 1992 Master Agreement with a Power Annex; 
 (x) DEMA ISDA. Buyer and DEMA shall execute and deliver an ISDA 1992 Master Agreement with a Power Annex; and 
 (xi) Payment Receipt. Buyer shall deliver to Sellers written confirmation of the Premium paid by Sellers on or before the second Business Day
following the Closing. 
 Section 2.3 Deliverables on the TRS Payment Commencement Date 
 On the TRS Payment Commencement Date: 
 (a) Payment Receipt. Buyer shall deliver to Sellers written confirmation of receipt of the Base Purchase Price *** paid to it pursuant to Section 2.3. 
 (b) TRS Payment Commencement Date Payments. The Parties shall make each of the following payments, in each case by wire transfer of immediately
available funds, to an account designated at least three Business Days prior to the TRS Payment Commencement Date in writing by the recipient of such payment: 
 (i) (A) Each Seller shall pay to Buyer the portion of the Base Purchase Price allocated in the Purchase Price Allocation to such Seller (where the Mark-to Market Value of the Base Purchase Price allocated to such
Seller is negative), plus an amount of accrued interest equal to the product of (x) the Base Purchase Price allocated to such Seller, and (y) the Interest Rate, multiplied by (z) the number of days from but excluding the
Closing Date to and including the TRS Payment Commencement Date divided by three-hundred and sixty (360); and (B) Buyer shall pay to each Seller the portion of the Base Purchase Price allocated in the Purchase Price Allocation to such
Seller (where the Mark-to-Market Value of the Base Purchase Price allocated to such Seller is positive), plus an amount of accrued interest equal to the product 
  

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 15 

 of (x) the Base Purchase Price allocated to such Seller, and (y) the Interest Rate, multiplied by
(z) the number of days from but excluding the Closing Date to and including the TRS Payment Commencement Date divided by three-hundred and sixty (360); 
 (ii) DENA shall deliver to Buyer a schedule in the form Exhibit B showing the calculation of the Credit Support delivered by the Parties pursuant to Section 2.3(b)(iii) and (iv); 
 (iii) Buyer shall pay to DENA (on behalf of all Sellers) in cash an amount equal to the sum (without duplication) of the following amounts, calculated
using the applicable values as of the end of the Business Day immediately preceding the TRS Payment Commencement Date (the “CS Calculation Date”): 
 (A) for Transactions with Non-Split Counterparties, the amount of all outstanding Transaction Credit Support in the form of cash collateral and the face value of all outstanding Transaction Credit Support in the form
of letters of credit, in each case then posted by or on behalf of the Sellers (and/or the Duke Credit Support Providers) in favor of Non-Split Counterparties with respect to the Transactions outstanding on the CS Calculation Date; 
 (B) for Transactions with Split Counterparties governed by Common Transaction Documents (“Split Buyer Transactions”) the product
of (1) the amount of all outstanding Credit Support in the form of cash collateral and the face value of all outstanding Credit Support in the form of letters of credit, in each case then posted by or on behalf of Sellers (and/or the Duke
Credit Support Providers) in favor of Split Counterparties under all Marketing and Trading Transactions that are governed by Common Transaction Documents (“Split Marketing and Trading Transactions”) outstanding on the CS
Calculation Date and (2) a fraction, the numerator of which is the sum of the Exposures of Sellers under all Split Buyer Transactions outstanding on the CS Calculation Date and the denominator of which is the sum of the Exposures of Sellers
under all Split Marketing and Trading Transactions outstanding on the CS Calculation Date; provided, however, that (x) if the absolute value of the resulting fraction is greater than one (1), then the fraction shall be deemed to equal one
(1) and (y) if the sum of the Exposures of Sellers under all Split Buyer Transactions outstanding on the CS Calculation Date is a positive number, then the fraction shall be deemed to equal zero (0); and 
 (C) an amount of accrued interest equal to the product of (1) the amount of cash to be paid by Buyer to DENA on the TRS Payment Calculation Date
under Section 2.3(b)(iii)(A) and (B) above, and (2) the Interest Rate, multiplied by (3) the number of days from but excluding the Closing Date to and including the TRS Payment Commencement Date divided by
three-hundred and sixty (360); 
 (iv) DENA (on behalf of all Sellers) shall pay to Buyer in cash an amount equal to the sum (without
duplication) of the following amounts, calculated as of the CS Calculation Date: 
 (A) for Transactions with Non-Split Counterparties,
the amount of all outstanding Transaction Credit Support in the form of cash collateral then posted in favor of the Sellers by or on behalf of all Non-Split Counterparties or their CS Providers with respect to the Transactions outstanding on the CS
Calculation Date; 
  

 16 

 (B) for Split Buyer Transactions, the product of (1) the amount of all outstanding Credit Support
in the form of cash collateral then posted under all Split Marketing and Trading Transactions outstanding on the CS Calculation Date in favor of Sellers by or on behalf of the Split Counterparties or their CS Providers and (2) a fraction, the
numerator of which is the sum of the Exposures of Sellers under all Split Buyer Transactions outstanding on the CS Calculation Date and the denominator of which is the sum of the Exposures of Sellers under all Split Marketing and Trading
Transactions outstanding on the CS Calculation Date; provided, however, that (x) if the resulting fraction is greater than one (1), then the fraction shall be deemed to equal one (1) and (y) if the sum of the Exposures of Sellers
under all Split Buyer Transactions outstanding on the CS Calculation Date is a negative number, then the fraction shall be deemed to equal zero (0); 
 (C) an amount of accrued interest equal to the product of (1) the amount of cash to be paid by DENA to Buyer on the TRS Payment Commencement Date under Section 2.3(b)(iv)(A) and (B) above, and
(2) the Interest Rate, multiplied by (3) the number of days from but excluding the Closing Date to and including the TRS Payment Commencement Date divided by three-hundred and sixty (360); and 
 (v) *** 
 Each Party agrees that when determining the
amounts to be wire transferred on the TRS Payment Commencement Date pursuant to this Section 2.3, any amount payable on the TRS Payment Commencement Date under this Section 2.3 by one Party (“Party X”) to another Party
(“Party Y”) may be netted and offset against any amounts owed by Party Y to Party X on the TRS Payment Commencement Date under this Section 2.3. 
 Section 2.4 Post-Closing Date Adjustments to the Purchase Price and Additional Purchase Price 
 (a) Adjustment to Correct Inaccuracies or Omissions. If a Party in good faith believes that there is (i) a material inaccuracy and/or omission with respect to a Material Economic Term of any Transaction as set forth either on
Schedule 2.2 or an Additional Transaction Addendum, or (ii) an omission of a transaction from Schedule 2.2 if such transaction was included in the calculation of the Base Purchase Price or the inclusion of a transaction on Schedule 2.2 if such
transaction was not included in the calculation of the Base Purchase Price or if such transaction was erroneously included in Schedule 2.2 and erroneously included in the 

  

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 17 

 
Base Purchase Price, then such Party shall deliver to the other Parties on or prior to the *** following the Closing Date (or with respect to any Additional
Transaction, following the applicable Additional Closing Date) a written notice (“Dispute Notice”) containing a detailed description of such inaccuracy or omission. If no Party provides a Dispute Notice to the other Parties
on or prior to such ***, the Parties shall be deemed to have accepted Schedule 2.2 and/or such Additional Transaction Addendum, as applicable, which shall then be deemed final, binding and conclusive for all purposes hereunder. If a Dispute Notice
is timely provided, then the affected Parties shall each use good faith efforts for a period of 15 days after delivery of such Dispute Notice to agree on (i) whether such an inaccuracy or omission exists and, if so, what revisions should be
made to Schedule 2.2 or such Additional Transaction Addendum, as applicable, to correct the same, and (ii) what, if any, adjustments need to be made to the Purchase Price (or Additional Purchase Price, as applicable) to reflect such
corrections; provided that any such adjustment to the Purchase Price or the Additional Purchase Price, as applicable, shall be consistent with the methodology and calculations used to calculate the Purchase Price. If the Parties are unable to agree
on such revisions or adjustments by the end of such 15-day period, then any such disagreement shall be resolved in accordance with Section 2.4(b). Promptly and in any event within two Business Days following the Resolution Date, (A) the
Sellers shall prepare and deliver to Buyer a revised Schedule 2.2 or Additional Transaction Addendum reasonably satisfactory to Buyer, as applicable, which, in each case under this sub-clause (A) shall correct any such inaccuracy or omission in
accordance with the resolution reached pursuant to this Section 2.4 (including clause (b) hereof), and (B) the Party owing any amount to another Party pursuant to any adjustment to the Purchase Price or the Additional Purchase Price,
as applicable, pursuant to this Section 2.4 (including clause (b) hereof) shall pay such other Party such amount in cash to an account designated in writing by the Party that is to receive such payment together with interest at the
Interest Rate from the date such payment was initially due hereunder to, but excluding the date of such payment. From and after the time of such delivery, such revised Schedule 2.2 or Additional Transaction Addendum shall be used as a replacement
for Schedule 2.2 or such Additional Transaction Addendum attached hereto for all purposes hereunder. 
 (b) Dispute Resolution by Senior
Management and Independent Accountants. If the Parties are unable to resolve any disagreement with respect to the matters described in Section 2.4(a) or Section 2.1(c) (each a “Disagreement”) within the time
periods and through the procedures set forth therein, then Buyer, on the one hand, and the applicable Sellers, on the other hand, shall each nominate promptly (and in any event within five Business Days) an officer from their senior management to
use commercially reasonable efforts to resolve such Disagreement on or before the tenth day following such nomination. If such senior management representatives are unable to resolve such Disagreement by the end of such 10-day period, then any Party
may refer such Disagreement to an Independent Accountant, and such referring Party shall give prompt written notice (“Referral Notice”) to the other Parties (with a copy to such Independent Accountant) of its referral of such
Disagreement to such Independent Accountant (the date of delivery of such notice to the other Parties being the “Referral Date”), which notice shall identify the Independent Accountant, state that it is a Referral Notice
under this Section 2.4(b) and contain a detailed description of any Disagreement being then referred to such Independent Accountant. The Independent Accountant shall execute a standard confidentiality agreement 
  

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 with respect to any confidential or proprietary information that may be provided to it in connection with its role under
Section 2.4(b). The Parties shall cooperate with the Independent Accountant during the term of its engagement. Within 10 Business Days after the Referral Date, each of Buyer, on the one hand, and Sellers, on the other hand, shall submit a
written proposal to the Independent Accountant identifying its proposed resolution of the Disagreement and any resulting adjustment to the Purchase Price or Additional Purchase Price, as applicable. The Independent Accountant shall resolve each
Disagreement as promptly as practicable and in any event within 30 days of the Referral Date by notifying the Parties in writing of its resolution of the Disagreement (the “Resolution”). The Independent Accountant shall be
required to make its determination (i) in accordance with the guidelines and procedures set forth in this Agreement (i.e., not on the basis of an independent review) and (ii) only with respect to Disagreements specifically set forth in the
applicable Referral Notice. The Resolution by the Independent Accountant of any Disagreement, may, in the Independent Accountant’s discretion, identify the prevailing Party (the “Prevailing Party”) and shall become final
and binding on the Parties on the date the Independent Accountant delivers to the Parties its written notice of Resolution with respect to such Disagreement. The fees and expenses of the Independent Accountant shall be paid by the non-Prevailing
Party unless no Prevailing Party is identified, in which case the fees and expenses of the Independent Accountant shall be shared equally by the Buyer, on the one hand, and the Sellers, on the other hand. The date on which the last disputed item is
resolved in accordance with this Section 2.4 with respect to a Disagreement shall be referred to herein as the “Resolution Date” for such Disagreement. 
 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES RELATING TO THE SELLERS

 Each Seller hereby represents and warrants to Buyer, as of the Closing Date, as follows: 
 Section 3.1 Organization of Sellers. Such Seller is a limited partnership, limited liability company, or corporation, as applicable,
duly organized, validly existing and in good standing under the Laws of its jurisdiction of organization. 
 Section 3.2 Due
Authorization. Such Seller has all requisite organizational power and authority to execute and deliver this Agreement and the Ancillary Agreements to which it is (or in the case of any Novation Agreement and any Assignment Agreement, will
be) a party and to perform all obligations to be performed by it hereunder and thereunder. The execution and delivery of this Agreement and the Ancillary Agreements to which it is (or in the case of any Novation Agreement and any Assignment
Agreement, will be) a party and the consummation of the transactions contemplated hereby and thereby have been duly and validly authorized and approved by all requisite action on the part of such Seller. This Agreement and the Ancillary Agreements
to which such Seller is a party are, or when executed will have been, duly and validly executed and delivered by such Seller, and this Agreement and the Ancillary Agreements to which it is a party constitute, or when executed will constitute, valid
and binding obligations of such Seller, enforceable against such Seller in accordance with their terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar Laws affecting creditors’ rights
generally and subject, as to enforceability, to general principles of equity. 
  

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 Section 3.3 No Conflict. The execution and delivery by such Seller of this Agreement
and the Ancillary Agreements to which it is a party and the consummation and performance of the transactions contemplated hereby and thereby by such Seller do not: 
 (a) assuming all required filings, waivers, approvals, consents, authorizations and notices set forth in Schedule 3.3 (collectively, the “Seller Approvals”) have been made, given or obtained,
violate any provision of, or result in the breach of, any material Law applicable to such Seller, or require any material consent, approval or authorization of any Governmental Authority; 
 (b) violate or result in the breach of any Organizational Documents of such Seller; or 
 (c) violate or breach in any material respect, or result in a material default under, any contract, indenture or other instrument (but excluding in any
event the Trading Contracts) to which such Seller is a party or by which such Seller or any of its properties may be bound. 
 Section 3.4 Litigation and Proceedings. Except as disclosed in Schedule 3.4, (a) there are no Proceedings or, to the Knowledge of Sellers, investigations, before or by any Governmental Authority pending or, to the
Knowledge of Sellers, threatened against such Seller (i) with respect to the Closing Date Transactions that could reasonably be expected to have a material adverse effect on the Closing Date Transactions or (ii) that could reasonably be
expected to have a material adverse effect on the ability of such Seller to enter into and perform its obligations under this Agreement and the Ancillary Agreements, and (b) there is no unsatisfied judgment or any open injunction binding upon
such Seller which could reasonably be expected to have a material adverse effect on the Closing Date Transactions or the consummation of the transactions contemplated by this Agreement or the Ancillary Agreements. 
 Section 3.5 Brokers’ Fees. No broker, finder, investment banker or other Person is entitled to any brokerage fee, finders’
fee or other commission in connection with the transactions contemplated by this Agreement based upon arrangements made by such Seller or any of its Affiliates except for such fees that will be paid by Sellers. 
  

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 Section 3.6 Independent Analysis; No Agency. Such Seller is acting for its own
account, and it has made its own independent decisions to enter into this Agreement, the Ancillary Agreements to which it is or will be a party and the transactions contemplated hereby and thereby and as to whether such agreements and transactions
are appropriate or proper for it based upon its own judgment and upon advice from such advisers as it has deemed necessary. Such Seller is not relying on any communication (written or oral) of Buyer or any of its Affiliates as investment advice or
as a recommendation to enter into such agreements or transactions, it being understood that information and explanations related to the terms and conditions of such agreements or transactions shall not be considered to
be investment advice or a recommendation to enter into such agreements and transactions. No communication (written or oral) received from Buyer shall be deemed to be an assurance or guarantee as to the expected results of any
transaction entered into in connection herewith. Such Seller is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and understands and accepts the terms and conditions and risks of
this Agreement, the Ancillary Agreements to which it is or will be a party and the transactions contemplated hereby and thereby. Such Seller is also capable of assuming, and assumes, the risks of the transactions contemplated hereby. No Seller is
acting as a fiduciary for, agent of or adviser to any other Party in respect of the transactions contemplated hereby. 
 Section 3.7 No Default or Termination. Except as set forth on Schedule 3.7, to the Knowledge of Sellers, (i) such Seller has not delivered to or received from any Counterparty to a Closing Date Transaction during the
*** period preceding the Closing Date any written notice of default or written notice of termination with respect to a Closing Date Transaction to which such Seller is a party and (ii) there is no event of default or termination resulting from
a failure to make a payment when due or to post cash or letters of credit as credit support when due, in each case with respect to a Closing Date Transaction to which such Seller is a party, that has not been cured prior to the Closing Date.

 Section 3.8 No Prior Transfers or Liens. Such Seller is not a party to any agreements as of the Closing Date (other
than this Agreement) to sell, assign, convey or otherwise transfer or pledge, encumber or otherwise grant a security interest in (other than Permitted Liens) any Closing Date Transaction or any interest therein, and there are no Liens other than
Permitted Liens in effect on the Closing Date with respect to the Closing Date Transactions to which such Seller is a party. 
 Section 3.9 Market Based Rate Authority. Each of DETM and DEMA represents that it has on file with FERC effective rate schedules to make sales of electric energy, capacity, and ancillary services at market-based rates in
compliance with the FPA and that such rate schedules are in full force and effect. 
  

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 Section 3.10 Tax Representations. 
 (a) Payor Representations. Such Seller is not required by any applicable Law, as modified by the practice of any relevant governmental revenue
authority, to make any deduction or withholding for or on account of any Tax from any payment to be made by it to Buyer under this Agreement or any Ancillary Agreement. In making this representation, such Seller may rely on (i) the accuracy of
the representations made by Buyer pursuant to Section 4.8(b) and (ii) the satisfaction of the agreement to provide tax documents pursuant to Sections 2.2(b)(vi) and 6.8. 
 (b) Payee Representations. 
 (i) DEMA
is a U.S. Person and is classified as a domestic corporation for U.S. federal income tax purposes. 
 (ii) DENA is
an entity disregarded as separate from its owner for U.S. federal income tax purposes and its owner for U.S. federal income tax purposes is a U.S. Person classified as a domestic corporation. 
 (iii) DETM is a U.S. Person classified as a partnership for U.S. federal income tax purposes and each of its members is a U.S. Person classified as a
domestic corporation for U.S. federal income tax purposes. 
 (iv) DEMLP is a partnership organized under the laws of Canada and classified
as a partnership for U.S. federal income tax purposes, and each of the partners of DEMLP is a corporation organized under the laws of Canada and classified as a foreign corporation for U.S. federal income tax purposes. DEMLP represents that each
payment received or to be received by it in connection with this Agreement or any Ancillary Agreement will be effectively connected with its conduct of a trade or business in the United States. 
 (v) Engage is a partnership organized under the laws of Canada and classified as a partnership for U.S. federal income tax purposes, and each of the
partners of Engage is a corporation organized under the laws of Canada and classified as a foreign corporation for U.S. federal income tax purposes. Engage represents that it is (i) a non-U.S. branch of a foreign person (as that term is used in
section 1.1441-4(a)(3)(ii) of the United States Treasury Regulations and (ii) a foreign person (as that term is used in section 1.6041-4(a)(4) of the United States Treasury Regulations. Engage further represents that none of the payments
received or to be received by it in connection with this Agreement or any Ancillary Agreement will be effectively connected with the conduct of a trade or business in the United States. 
 (c) Canadian Transactions. The contractual terms and conditions of any Canadian Transactions that are novated, assigned or otherwise transferred
from a Seller to Buyer under this Agreement provide that those Canadian Transactions may only be settled for cash and not through physical settlement. 
  

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 (d) Canadian Tax Representation. Each of DEMLP and Engage is duly registered under Part IX of the
Excise Tax Act (Canada) with respect to the goods and services tax and harmonized sales tax and their respective registration numbers are 89716 8696 RT0001 and 89003 4986 RT0001. 
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES RELATING TO BUYER 

Buyer hereby represents and warrants to Sellers, as of the Closing Date, as follows: 
 Section 4.1 Organization of Buyer. Buyer is a public limited company, duly organized, validly existing and in good standing under the
Laws of England. 
 Section 4.2 Due Authorization. Buyer has all requisite organizational power and authority to execute
and deliver this Agreement and the Ancillary Agreements to which it is (or in the case of any Novation Agreement and any Assignment Agreement, will be) a party and to perform all obligations to be performed by it hereunder and thereunder. The
execution and delivery of this Agreement and the Ancillary Agreements to which it is (or in the case of any Novation Agreement and any Assignment Agreement, will be) a party and the consummation of the transactions contemplated hereby and thereby
have been duly and validly authorized and approved by all requisite action on the part of Buyer. This Agreement and the Ancillary Agreements to which it is a party are, or when executed will have been, duly and validly executed and delivered by
Buyer, and this Agreement and the Ancillary Agreements to which it is a party constitute, or when executed will constitute, valid and binding obligations of Buyer, enforceable against Buyer in accordance with their terms, subject to applicable
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar Laws affecting creditors’ rights generally and subject, as to enforceability, to general principles of equity. 
 Section 4.3 No Conflict. The execution and delivery by Buyer of this Agreement and the Ancillary Agreements to which it is a party and
the consummation and performance of the transactions contemplated hereby and thereby by Buyer do not: 
 (a) assuming all required filings,
waivers, approvals, consents, authorizations and notices set forth in Schedule 4.3 (collectively, the “Buyer Approvals”) have been made, given or obtained, violate any provision of, or result in the breach of any material Law
applicable to Buyer, or require any material consent, approval or authorization of any Governmental Authority; 
 (b) violate or result in
the breach of any Organizational Documents of Buyer; or 
  

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 (c) violate or breach in any material respect, or result in a material default under, any material
contract, indenture or other instrument to which Buyer is a party or by which Buyer or any of its properties may be bound. 
 Section 4.4 Litigation and Proceedings. Except as disclosed in Schedule 4.4, as of the date of this Agreement (a) there are no Proceedings or, to the Knowledge of Buyer, investigations, before or by any Governmental
Authority pending or, to the Knowledge of Buyer, threatened against Buyer that could reasonably be expected to have a material adverse effect on the ability of Buyer to enter into and perform its obligations under this Agreement and the Ancillary
Agreements, and (b) there is no unsatisfied judgment or any open injunction binding upon Buyer which could reasonably be expected to have a material adverse effect on the consummation of the transactions contemplated by this Agreement or the
Ancillary Agreements. 
 Section 4.5 Brokers’ Fees. No broker, finder, investment banker or other Person is entitled
to any brokerage fee, finders’ fee or other commission in connection with the transactions contemplated by this Agreement based upon arrangements made by Buyer or any of its Affiliates. 
 Section 4.6 Market-Based Rate Authority. Buyer has on file with FERC effective rate schedules to make sales of electric energy,
capacity, and ancillary services at market-based rates in compliance with the FPA and such rate schedules are in full force and effect. 
 Section 4.7 Independent Analysis; No Agency. Buyer has made its own independent decisions to enter into this Agreement, the Ancillary Agreements to which it is or will be a party and the transactions contemplated hereby
and thereby and as to whether such agreements and transactions are appropriate or proper for it based upon its own judgment and upon advice from such advisers as it has deemed necessary. Buyer is not relying on any communication (written or oral) of
any Seller or any of its Affiliates as investment advice or as a recommendation to enter into such agreements or transactions, it being understood that information and explanations related to the terms and conditions of such agreements or
transactions shall not be considered to be investment advice or a recommendation to enter into such agreements and transactions. No communication (written or oral) received from any Seller shall be deemed to be an assurance or guarantee as to the
expected results of any transaction entered into in connection herewith. Buyer is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and understands and accepts the terms and
conditions and risks of this Agreement, the Ancillary Agreements to which it is or will be a party and the transactions contemplated hereby and thereby. Buyer is also capable of assuming, and assumes, the risks of the transactions contemplated
hereby. Buyer is not acting as a fiduciary for, agent of or adviser to any other Party in respect of the transactions contemplated hereby. 
 Section 4.8 Tax Representations. 
 (a) Payor Representations. Buyer is not required by any applicable Law,
as modified by the practice of any relevant governmental revenue authority, to make any deduction or withholding for or on account of any Tax from any payment to be made by it to any Seller under this Agreement or any Ancillary Agreement. In making
this representation, Buyer may rely on (i) the accuracy of the representations made by Sellers pursuant to Section 3.10(b) and (ii) the satisfaction of the agreement to provide tax documents pursuant to Sections 2.2(b)(vii) and 6.8.

  

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 (b) Payee Representations. Buyer represents that it is a qualified business unit of a foreign
person located in the United States (as that term is used in section 1.1441-4(a)(3)(i) of the United States Treasury Regulations) and that each payment received or to be received by it in connection with this Agreement or any Ancillary Agreement
will be effectively connected with its conduct of a trade or business in the United States. 
 (c) Canadian Tax Representation. Buyer
is duly registered under Part IX of the Excise Tax Act (Canada) with respect to the goods and services tax and harmonized sales tax and its registration number is 86390 0494 RT0001. 
 ARTICLE V 
 TRS OBLIGATIONS 
 From the Closing Date (or with respect to any Additional Transaction, from the applicable Additional Transaction Closing Date) until the Final Trade
Date: 
 Section 5.1 TRS Obligations. 
 (a) TRS Obligations. On the Closing Date (or, with respect to each Additional Transaction, on the applicable Additional Transaction Closing Date), a total return swap (each a “TRS
Obligation”) with respect to each Transaction (each an “Underlying Transaction”) is hereby entered into by and between Buyer and the applicable Seller. The terms of each TRS Obligation shall be determined by
reference to the terms of the Underlying Transaction that corresponds to such TRS Obligation, except that in respect of each TRS Obligation, the relationship of the applicable Seller to the Counterparty under the corresponding Underlying Transaction
shall be reversed (e.g. where the Counterparty was the seller or the fixed rate payor and such Seller was the buyer or the floating rate payor under the Underlying Transaction, such Seller will be the seller or fixed rate payor and Buyer will be the
buyer or the floating rate payor under the corresponding TRS Obligation, and where the Counterparty was the buyer or floating rate payor and such Seller was the seller or the fixed rate payor under the Underlying Transaction, such Seller will be the
buyer or floating rate payor and Buyer will be the seller or the fixed rate payor under the corresponding TRS Obligation). Any obligation in an Underlying Transaction to physically deliver any commodity or perform any service shall be financially
settled between the applicable Seller and Buyer for purposes of the corresponding TRS Obligation. All TRS Obligations between Buyer and any one Seller are entered into in reliance on the fact that the provisions of this Agreement pertaining to such
TRS Obligations and all transactions that comprise the TRS Obligations form a single agreement between Buyer and such Seller and they would not otherwise enter into a TRS Obligation. 
 (b) TRS Payment Commencement Date. Notwithstanding anything to the contrary in this Article V, no payments will accrue or be made by or on behalf
of Buyer or any 

  

 25 

 
Seller with respect to the TRS Obligations until the TRS Payment Commencement Date, and the Purchase Price shall be adjusted pursuant to Section 2.1(b)
to reflect any Close Outs and/or Deficiencies with respect to any Underlying Transaction during the period from the Closing Date to but excluding the TRS Payment Commencement Date. 
 Section 5.2 Effect of Novations or Assignments on TRS Obligations. Upon the effective date of any novation or assignment (or, in the
case of a Physical Power Transaction, any book transfer) of an Underlying Transaction from a Seller to Buyer in accordance with Section 6.2, (i) the TRS Obligation corresponding to such Underlying Transaction shall automatically terminate
and no settlement amount shall be owed therefor, except for the settlement of amounts (A) paid to such Seller by the Counterparty to such Underlying Transaction but not yet transferred to Buyer pursuant to Section 5.4, which amounts such
Seller shall hold in trust for Buyer and promptly pay to Buyer and (B) owed by a Seller to a Counterparty with respect to such Underlying Transaction for periods prior to such novation, assignment or book transfer, which amounts Buyer shall
promptly pay over to such Seller and (ii) Buyer and such Seller shall have no further obligation or liability to each other for the corresponding TRS Obligation except as set forth in this Section 5.2, Section 6.1(f) or Article VIII.

 Section 5.3 Termination of TRS Obligations Upon Close Out, Bankruptcy or Specified Payment Termination Events.

 (a) Notice of Close Out of an Underlying Transaction. If, at any time: (i) a Close Out Event has occurred with respect
to an Underlying Transaction and (ii) the party to such Underlying Transaction that has the right to Close Out such Underlying Transaction (the “Closing-Out Party”) designates a day to Close Out such Underlying
Transaction, or such a day is automatically deemed to have occurred (the date of such Close Out being the “Close Out Date”), then the applicable Seller shall specify in a notice (the “Close Out
Notice”) to Buyer the date on which each such Underlying Transaction has been or shall be Closed Out. The Close Out Notice shall be delivered as soon as reasonably practicable. Payments under any TRS Obligation made with respect to a
Close Out of an Underlying Transaction shall be made (A) in accordance with Section 2.1(b) with respect to Close Out Settlement Amounts paid by or on behalf of or received by a Seller in respect of an Underlying Transaction prior to the
TRS Payment Commencement Date, and (B) in accordance with this Article V (including Section 5.4(d)) with respect to Close Out Settlement Amounts paid by or on behalf of or received by a Seller in respect of an Underlying Transaction on or
after the TRS Payment Commencement Date. 
 (b) Termination of TRS Obligations Upon Close Out. Irrespective of whether the applicable
Seller has given the Close Out Notice pursuant to Section 5.3(a), upon the Close Out of an Underlying Transaction for any reason, including the expiration thereof, the corresponding TRS Obligation shall automatically terminate on the Close Out
Date of such Underlying Transaction, without any further act by any Party or other Person; provided, however, that payments to be made by Buyer or a Seller with respect to a Close Out of an Underlying Transaction shall be made (i) in accordance
with Section 2.1(b) with respect to Close 

  

 26 

 
Out Settlement Amounts paid by or on behalf of or received by a Seller in respect of an Underlying Transaction prior to the TRS Payment Commencement Date,
and (ii) in accordance with this Article V (including Section 5.4(d)) with respect to Close Out Settlement Amounts paid by or on behalf of or received by a Seller in respect of an Underlying Transaction on or after the TRS Payment
Commencement Date. 
 (c) Termination Rights Upon Bankruptcy or Specified Payment Termination
Events. In the event of: 
 (i) (A) a Bankruptcy of any Seller, to the extent, if any, that a TRS Obligation
(1) does not automatically terminate pursuant to the terms of the applicable Trading Contract governing the corresponding Underlying Transaction upon a Bankruptcy of such Seller and (2) has not been terminated within five (5) days
pursuant to Section 5.3(b) as a result of the Counterparty designating a Close Out Date as a result of a Bankruptcy of such Seller, or (B) the occurrence and continuation of a Specified Payment Termination Event with respect to a Seller,
then Buyer shall have the right, by delivering written notice hereunder, to designate a day not earlier than the day such notice is effective to terminate all (but not less than all) TRS Obligations between Buyer and such Seller and the termination
amount owing between Buyer and such Seller as a result of such termination (the “TRS Termination Amount”) shall be determined in accordance with the methodology for determining “Close-Out Amounts” under the 2002
Master Agreement published by the International Swaps and Derivatives Association (the “ISDA”), together with any unpaid amounts owing by such Seller to Buyer less any unpaid amounts owing by Buyer to such Seller, in both
cases under the TRS Obligations between Buyer and such Seller. 
  

 27 

 (ii) (A) a Bankruptcy of Buyer or (B) the occurrence and continuation of a Specified Payment
Termination Event with respect to Buyer, then Seller shall have the right to designate a day not earlier than the day such notice is effective to terminate all (but not less than all) TRS Obligations between Buyer and such Seller and the TRS
Termination Amount shall be determined in accordance with the methodology for determining “Close-Out Amounts” under the ISDA 2002 Master Agreement, together with any unpaid amounts owing by Buyer to such Seller less any unpaid amounts
owing by such Seller to Buyer, in both cases under the TRS Obligations between Buyer and Seller. 
 (d) Payment of TRS Termination
Amount. A TRS Termination Amount due in respect of any early termination under Section 5.3(c)(i) or (ii) will, together with interest thereon accruing at the Interest Rate plus *** percent *** from the date due until the date paid, be
payable on the Business Day when notice of the amount payable is effective. The TRS Termination Amount may be owed by or to the Buyer, as applicable. 
 Section 5.4 Payments. 
 (a) Payments Generally. Subject to Section 5.4(c),
(f) and (g), from and after the TRS Payment Commencement Date, Buyer and each applicable Seller shall make payments to one another in such amounts and in such currency in accordance with the terms of the applicable TRS Obligation and at the
times specified in Section 5.4(b). *** 
 (b) Timing of Payments. Subject to Section 5.4(c), (f) and (g), from and
after the TRS Payment Commencement Date, (i) any payments required to be made by a Seller to Buyer in respect of a TRS Obligation shall be made by 2:00 p.m. eastern prevailing time (“EPT”) on the due date of the
referenced payment obligation under the corresponding Underlying Transaction and (ii) any payments required to be made by Buyer to a Seller in respect of a TRS Obligation shall be made by 2:00 p.m. EPT on the due date of the referenced payment
obligation under the corresponding Underlying Transaction; provided that if Buyer or a Seller cannot determine a Close-Out Settlement Amount without notice of such amount from a Seller (in the case of Buyer) or Buyer ( in the case of a Seller), then
such Party shall request that such Seller (in the case of Buyer) or Buyer (in the case of a Seller) provide notice of such amount and such Seller or Buyer, as applicable, shall so notify Buyer or such Seller, as the case may be, and Buyer or such
Seller, as applicable, shall make such payment in accordance with Section 9.1. 
 (c) True Up Procedures. Notwithstanding
anything to the contrary in Article V, (i) if a Seller makes a payment to Buyer with respect to a TRS Obligation pursuant to Section 5.4 
  

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 28 

 and such Seller subsequently determines that the amount it actually received with respect to the Underlying Transaction
that corresponds to such TRS Obligation from the Counterparty thereto is different *** than the amount paid by such Seller to Buyer with respect thereto, then such Seller shall notify Buyer of such difference and such Seller and Buyer agree within
three Business Days following such notice to exchange cash payments (which may be a payment by the Buyer or a payment by such Seller, as the case may be) so that after giving effect to such corrective payments, such Seller has paid and Buyer has
received with respect to such TRS Obligation the amount actually received by such Seller from the applicable Counterparty with respect to such payment under the corresponding Underlying Transaction, and (ii) if Buyer makes a payment to a Seller
with respect to a TRS Obligation pursuant to Section 5.4 and such Seller and the applicable Counterparty determine in their good faith discretion that the amount owed by such Seller with respect to the Underlying Transaction that corresponds to
such TRS Obligation to the Counterparty thereto is different than the amount paid by Buyer to such Seller with respect thereto, then such Seller shall notify Buyer of such difference and such Seller and Buyer agree within three Business Days
following such notice to exchange cash payments so that after giving effect to such corrective payments, Buyer has paid and such Seller has received with respect to such TRS Obligation an amount equal to the amount actually owed as determined in
good faith by such Seller to the applicable Counterparty by such Seller with respect to such payment under the corresponding Underlying Transaction. Payments made by one Party (“payor”) to another Party (“payee”) pursuant to this
Section 5.4(c) shall be increased so as to include interest on such adjusting amounts paid by payor to payee at the Interest Rate from the date the initial payment was initially made or due, as applicable, under Section 5.4 to but
excluding the date of such adjusting payment. 
 (d) Amount Payable Upon Close Out of Underlying Transaction. Except as set forth in
Section 5.3 and subject to Section 5.4(c), (f) and (g), the termination amount payable by a Seller or Buyer, as applicable, in respect of a TRS Obligation that is the result of a Close Out of its corresponding Underlying Transaction
shall be (A) equal to the Close Out Settlement Amount payable in respect of such corresponding Underlying Transaction, as determined pursuant to the applicable Trading Contract or Law *** provided that if Buyer or a Seller cannot determine the
amount of a required payment without notice of such amount from a Seller (in the case of Buyer) or Buyer (in the case of a Seller), then such Party shall request that such Seller (in the case of Buyer) or Buyer (in the case of a Seller) provide
notice of such amount and such Seller or Buyer, as applicable, shall so notify Buyer or such Seller, as the case may be, and Buyer or such Seller, as applicable, shall made such payment in accordance with Section 9.1. 
 (e) *** 
 (f) Deficiency. 

(i) If a Deficiency arises with respect to an Underlying Transaction with a Non-Split Counterparty: *** Buyer shall return to such Seller any amounts
previously 

  

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 29 

 
paid or posted by or on behalf of Seller to Buyer with respect to the Deficiency in accordance with Section 5.4(c) or Section 6.1(c). From and
after the TRS Payment Commencement Date, such Seller shall promptly turn over to Buyer any amounts from time to time received by such Seller on account of any such Deficiency whether before or after termination or close out of the corresponding TRS
Obligation. To the extent permitted by the applicable Trading Contracts and applicable Law, Seller hereby irrevocably assigns effective as of the TRS Payment Commencement Date to Buyer any present or future claims of such Seller related to any such
Deficiency against the applicable Non-Split Counterparty or its CS Provider. 
 (ii) If a Split Counterparty fails to make all or any
portion of a payment when due to a Seller *** (a “Split Counterparty Shortfall”), and at such time a payment is or becomes due to such Seller under a Split Buyer Transaction, then the Buyer shall receive the following amounts
(and, in the case of any Close Out of a Split Buyer Transaction, Buyer shall return to such Seller all Credit Support it holds on account of such Split Buyer Transaction): 
 *** if such Split Counterparty Shortfall is not in respect of a Close Out Settlement Amount, Buyer shall receive the product of (1) any payments received from such Split Counterparty on account of the Split
Marketing and Trading Transactions for which payments are or become due at such time and (2) a fraction, *** 
 The excess of the amount owed at such
time by the Split Counterparty with respect to the Split Buyer Transactions over the amounts paid to Buyer under this Section 5.4(f)(ii) shall constitute the “Deficiency” applicable to such Split Buyer Transactions. With respect to
any such Deficiency, *** Buyer shall return to such Seller any amounts paid by or on behalf of Seller to Buyer with respect to the Deficiency in accordance with Section 5.4(c). If such Seller shall receive any amount from time to time on
account of the Split Counterparty Shortfall (whether before or after a Close Out Event), it shall promptly pay to Buyer the product of such amount and the fraction set forth in Section 5.4(f)(ii)(A)(2), together with interest at the Interest
Rate on the amount it receives from the Business Day following receipt of such amount to the date such amount is paid to Buyer. 
 (g) No
Setoff, etc. All payments made by Buyer and Sellers to one another under Article V or under Section 6.1 shall be made without setoff, deduction, recoupment or counterclaim except: (i) if a Specified Payment Termination Event or a
Bankruptcy exists or (ii) to the extent that the applicable party has provided notice of the occurrence of a Specified Payment Termination Event in accordance with this Agreement, if a Specified Payment Termination Event would exist but for the
lapse of the 10 Business Day grace period contained in the definition thereof, then (A) in the case of such a Specified Payment Termination Event or Bankruptcy of the Buyer, the applicable Seller may set off or net amounts owed by such Seller
to Buyer under Section 5.3(c) and 5.4 against the amount of any such payment failure or posting failure of Buyer and (B) in the case of such a Specified Payment Termination Event or 
  

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 30 

 Bankruptcy of a Seller, Buyer may set off or net amounts owed by Buyer to such Seller under Section 5.3(c) and 5.4
against the amount of such payment failure or posting failure of such Seller. 
 (h) Payment Procedures. Payments pursuant to this
Article V shall be made in accordance with Section 9.2. 
 Section 5.5 Collateral for TRS Obligations. 
 (a) Seller Pledged Collateral: (i) As collateral security for the prompt and complete payment when due of all amounts due by a Seller to Buyer
under Article V (with respect to Buyer Split Transactions, up to but not to exceed the Split Secured Amount) and only to the extent permitted by the terms of each applicable Trading Contract (or if otherwise permitted and enforceable under the
Uniform Commercial Code Section 9-406 and 9-408) and applicable Law, such Seller hereby grants to Buyer effective as of the Closing Date a present and continuing security interest in all of such Seller’s right, title and interest in each
of the following now existing or hereafter acquired property (the property with respect to which such security interest is granted, the “Seller Pledged Collateral”): (A) all of such Seller’s right, title and
interest in the Underlying Transactions, (B) all Transaction Credit Support and Supporting Obligations (including letters of credit) with respect to such Underlying Transactions that is now or hereafter posted with or credited to such Seller by
a Counterparty or its Affiliate or any other Person, (C) all amounts from time to time payable or paid by the Counterparties to such Underlying Transactions to such Seller with respect to the Underlying Transactions, including any Credit
Support and any Close-Out Settlement Amount (and all proceeds therefrom and general intangibles related thereto), (D) all books and records related to the foregoing assets and properties, and (E) all products, proceeds and distributions in
respect of the foregoing assets and properties. In the case of a Split Counterparty, in no event shall the security interest granted herein secure payment of an amount in excess of (and the amount that Buyer may recover pursuant to the rights
granted hereunder shall be limited to) the amount to be received by Buyer under Section 5.4(f)(ii) calculated as of the date of the application by Buyer of proceeds from Seller Pledged Collateral (the “Split Secured
Amount”). Upon the failure of a Seller to make any payment when due under Article V from and after the TRS Payment Commencement Date, Buyer may exercise its rights as a secured party in respect of the security interest granted pursuant
to this Section 5.5(a) (subject to the limitations set forth herein with respect to any Underlying Transaction with a Split Counterparty), but the Parties agree and understand that the exercise of such right shall be the sole and exclusive
remedy against such Seller in respect of the collection of such payment obligation (other than as set forth in Section 5.3(c) and 5.4(g) and the right to enforce such Seller’s obligation to turn over amounts received by it in respect of
any Deficiency or Split Counterparty Shortfall) and such Seller shall have no further liability (including, with respect to any Deficiency or Split Counterparty Shortfall) to Buyer in respect of such payment obligation. Upon Buyer’s request,
each applicable Seller agrees to take such action, at Buyer’s sole cost and expense, as Buyer reasonably requires in order to perfect its security interest created hereby with respect to the Seller Pledged Collateral; provided, however, that no
Seller shall have any obligation to take any action to perfect such security interest in any letter of credit or in any letter of credit rights. 
  

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 (b) Cooperation for Enforcement of Rights. With respect to Transactions with Non-Split
Counterparties, Sellers shall cooperate with Buyer at Buyer’s sole cost and expense to take such further actions, as may reasonably be requested by Buyer, that are necessary to enforce Seller’s rights with respect to such Transaction and
any associated Seller Pledged Collateral including, where applicable, (i) sending an early termination notice to the Counterparty or (ii) sending a notice of drawing under Credit Support in the form of guaranties or letters of credit that
relate to such Transactions provided that (A) Buyer has requested in writing that the applicable Seller take such action; and (B) such Seller is permitted to do so under the terms of the applicable Trading Contract; provided that Sellers
shall not be required to incur any material costs in connection with such cooperation. If a Split Counterparty defaults under any Marketing and Trading Transaction, the Parties shall negotiate in good faith regarding the exercise of any rights and
remedies against such Split Counterparty that Sellers may have, including any rights against any Credit Support posted by or on behalf of such Split Counterparty or any rights to declare a default with respect to any other Marketing and Trading
Transactions (including any Underlying Transactions). In the event that one or more Underlying Transactions with respect to a Split Counterparty is Closed-Out, then the applicable Seller shall send a notice of drawing under Credit Support in the
form of guaranties or letters of credit that relate to such Transactions provided that (A) Buyer has requested in writing that the applicable Seller take such action; and (B) such Seller is permitted to do so under the terms of the
applicable Trading Contract provided that Sellers shall not be required to incur any material costs in connection with such cooperation. 
 (c) Buyer Pledged Collateral. As collateral security for the prompt and complete payment when due of all amounts due by Buyer to each Seller under Article V, Buyer hereby grants to the Sellers a present and continuing security
interest in all of Buyer’s right, title and interest in and to all amounts held by any Seller at any time that were paid by Buyer to such Seller as collateral under Section 2.3(b)(iii) or Section 6.1 for Buyer’s obligations under
Article V and all products, proceeds and distributions in respect thereof (collectively, “Buyer Pledged Collateral”). Upon any Seller’s request, Buyer agrees to take such action at Seller’s sole cost and expense,
that any Seller reasonably requires in order to perfect such security interest. From and after the TRS Payment Commencement Date, upon the failure of Buyer to make any payment to any Seller when due under Article V, such Seller may exercise its
rights as a secured party in respect of the security interest granted pursuant to this Section 5.5(c), including the right to apply any amounts described in this paragraph to the satisfaction of any obligations due and owing to a Counterparty
under any Underlying Transactions. With respect to Transactions with Non-Split Counterparties, Buyer shall cooperate with Sellers at Sellers’ sole cost and expense to take such further actions, as may reasonably be requested by any Seller, that
are necessary to enforce a Seller’s rights with respect to the Buyer Pledged Collateral under this clause (c); provided that Buyer shall not be required to expend any monies in connection with such cooperation. 
  

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 Section 5.6 Counterparty Acquires No Rights in TRS Obligations 
 Except as specifically set forth in Article V or Section 6.1, nothing in Article V or Section 6.1 shall operate as an assignment or transfer of any Underlying
Transaction or of any interest therein or of any Seller’s rights or obligations under or in connection with any Underlying Transaction, or result in a Counterparty, any of its Affiliates, or any Person providing Credit Support on behalf of such
Counterparty, acquiring any rights enforceable against, or the benefit of any obligations owed by, Buyer or Sellers under this Agreement or any TRS Obligation. 
 Section 5.7 Carve Out of Certain Accounts Payable and Accounts Receivable. For purposes of clarification and notwithstanding anything to the contrary in this Agreement, no amounts with respect to
any accounts payable and/or accounts receivable relating to amounts arising under the Underlying Transactions prior to January 1, 2006 (or with respect to any Additional Transaction, the applicable Additional Transaction Closing Date) shall be
for the account of Buyer and any amounts received by a Party in contravention of this sentence shall be held in trust for the benefit of, and paid over to, the applicable Party. 
 Section 5.8 Intent. Buyer and Sellers agree that it is the intent of the Parties that, pursuant to the provisions of this Agreement,
Buyer shall receive via the TRS Obligations the economic equivalent of Sellers’ benefits and burdens (including with respect to the posting of Credit Support) with respect to the Underlying Transactions (other than accounts payable and accounts
receivable relating to amounts arising under the Underlying Transactions prior to January 1, 2006 (or with respect to any Additional Transaction, the applicable Additional Transaction Closing Date)) and Buyer shall promptly reimburse Sellers
for any expenses relating thereto incurred by Sellers or their Affiliates, such that the Parties shall be in substantially the same economic position as if the Underlying Transactions had been novated or assigned to Buyer as of the Closing Date (or
with respect any Additional Transaction, the applicable Additional Transaction Closing Date); provided that no payments will be made between Buyer and Sellers, and no Credit Support will be posted, with respect to any TRS Obligations prior to the
TRS Payment Commencement Date. 
 ARTICLE VI 
 COVENANTS 
 Section 6.1 Credit Support. Commencing on the TRS Payment Commencement
Date (or with respect to any Additional Transaction entered into after the TRS Payment Commencement Date, from the applicable Additional Transaction Closing Date) until the earlier to occur of novation or assignment of a Transaction to Buyer or
Close Out of a Transaction and in addition to the obligations set forth with respect to Credit Support in Sections 2.3(b)(iii) and (iv): 
  

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 (a) Postings for Non-Split Counterparties. 
 (i) Buyer’s Obligations. Whenever any Seller or a Duke Credit Support Provider is required to post Transaction Credit Support (other than in
the form of a guaranty) in favor of a Non-Split Counterparty pursuant to the terms of the applicable Trading Contracts governing a Transaction, Buyer shall (by 2:00 p.m. EPT on the date such transfer of Transaction Credit Support is required to be
made by such Seller or Duke Credit Provider pursuant to the terms of such Transaction) post to such Seller, Transaction Credit Support in the form of cash (or, with the consent of DENA or the applicable Seller, in the form of a letter of credit that
complies with the applicable Trading Contract and the provisions of Section 6.1(i)(i)) in an amount equal to the amount required to be posted on such date by such Seller or Duke Credit Support Provider for such Transaction. 
 (ii) Sellers’ Obligations with respect to Cash Collateral. Subject to Section 6.1(c), whenever any Non-Split Counterparty is required
to post Transaction Credit Support in the form of cash collateral pursuant to the terms of the applicable Trading Contracts governing a Transaction, the applicable Seller that is party to such Transaction shall (by 2:00 p.m. EPT on the date such
transfer of Transaction Credit Support is required to be made to such Seller by such Counterparty under the terms of the Transaction) post to Buyer, Transaction Credit Support in the form of cash in an amount equal to the amount required to be
posted on such date by such Counterparty to such Seller for such Transaction. 
 (iii) Interest. To the extent interest is required
to be paid under the applicable Trading Contract relating to a Transaction with a Non-Split Counterparty for Transaction Credit Support that has been posted in the form of cash, then interest shall be paid (A) by Buyer to the Seller party to
such Transaction to the extent, at such times and in such amounts as such interest is required to be paid by such Seller to such Counterparty under the terms of such Trading Contract, and (B) subject to Section 6.1(c), by such Seller to
Buyer to the extent, at such times and in such amounts as such interest is actually paid by Counterparty to such Seller under the terms of such Trading Contract. 
 (b) Postings for Split Counterparties.*** 
 (c) True Up Procedures: Notwithstanding anything
to the contrary in Section 6.1, if a Seller posts Credit Support in the form of cash to Buyer under this Section 6.1 and such Seller determines in its good faith discretion that the amount such Seller actually received as Credit Support in
the form of cash with respect to such Transaction from or on behalf of a Non-Split Counterparty that is a party to such Transaction is different than the amount posted by such Seller to Buyer with respect thereto, then such Seller shall notify Buyer
of such difference and such Seller and Buyer shall within three Business Days following such notice exchange payments so that after giving effect to such corrective payments, such Seller has paid and Buyer has received, with respect to such
Transaction, an amount of Credit Support in the form of cash collateral equal to the sum of (i) the amount of Credit Support in the form of cash collateral actually received by such Seller from the applicable Non-Split Counterparty with respect
to such Transaction plus (ii) interest on such corrective amount at the Interest Rate from the date such 
  

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 Credit Support was initially posted in accordance with Section 6.1 to but excluding the date of such corrective
payment. If Buyer posts Credit Support in the form of cash or a letter of credit to a Seller under Section 6.1(a) and such Seller determines in its good faith discretion that a different amount of Credit Support was required pursuant to the
terms of the applicable Trading Contracts and such different amount is posted by or to such Seller under such Trading Contract to the Seller, then such Seller shall notify Buyer of such difference and such Seller and Buyer shall within three
Business Days following such notice exchange Credit Support in the form of cash (or, in the case of an additional amount of Credit Support to be posted by Buyer, with the consent of DENA or the applicable Seller, in the form of a letter of credit
that complies with the applicable Trading Contract and the provisions of Section 6.1(i)(i)) so that after giving effect to such corrective payments, Buyer has posted and such Seller has received with respect to such Transaction an amount equal
to the sum of (A) Credit Support in the form of cash collateral equal to the amount of Credit Support in the form of cash collateral or letters of credit actually posted by such Seller to the applicable Counterparty with respect to such
Transaction plus (B) interest on such corrective amount at the Interest Rate from the first date such Credit Support was initially posted under Section 6.1 to but excluding the date of such corrective payment. 
 (d) Guaranties. Subject to Section 6.7, the applicable Seller shall maintain, or shall cause its Affiliates to maintain, Transaction Credit
Support in the form of guarantees with respect to such Transactions to the extent that Transaction Credit Support is required by, and cash collateral, letters of credit or other acceptable forms of credit support cannot be provided to support, such
Transaction, until the earlier of (i) the assignment, novation, termination or expiration of all such Transactions to which such Transaction Credit Support relates, and (ii) the expiration of such Transaction Credit Support in accordance
with its terms. 
 (e) Transfer of Transaction Credit Support on Additional Transaction Closing Dates. On the Additional Transaction
Closing Date applicable to an Additional Transaction: 
 (i) Non-Split Counterparties. With respect to any Additional Transaction with
a Non-Split Counterparty: (A) to the extent permitted under such Additional Transaction (and its associated Trading Contracts), the applicable Seller shall pay to Buyer cash in an amount equal to all outstanding Transaction Credit Support that
is in the form of cash collateral then posted in favor of such Seller by or on behalf of such Non-Split Counterparty with respect to such Additional Transaction, and (B) Buyer shall transfer to the applicable Seller (or its Affiliate as
directed by such Seller) an amount in cash equal to the sum of (without duplication) (1) the amount as of such Additional Transaction Closing Date of all outstanding Transaction Credit Support in the form of cash collateral and (2) the
face value as of such Additional Transaction Closing Date of all outstanding Transaction Credit Support in the form of letters of credit, in the case of clause (B) (1) and (2) that are then posted by or on behalf of such Seller
(and/or a Duke Credit Support Provider) in favor of such Non-Split Counterparty with respect to such Additional Transaction; and 
 (ii)
Split Counterparties. *** 
  

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 (f) Transfer of Credit Support Upon Novation or Assignment or Close Out. 
 (i) Non-Split Counterparties. On the effective date of any Novation Agreement or Assignment Agreement for any Transaction with a Non-Split
Counterparty and upon the Close Out of any Transaction with a Non-Split Counterparty (other than a Close Out that involves a Deficiency from a Counterparty, which is addressed in Section 5.5(a)), any items of Transaction Credit Support with
respect to the TRS Obligation corresponding to such Transaction posted by or on behalf of (1) the applicable Seller to Buyer shall be returned to such Seller and (2) Buyer to such Seller shall be returned to Buyer to the extent (and only
to the extent) that such Seller has received from the applicable Counterparty a return of the Credit Support associated with the Transaction being novated, assigned or Closed Out; provided that, (x) if a party is unable to return such items of
Transaction Credit Support (in the form of letters of credit or guaranties) because such items of Transaction Credit Support cannot be located after diligent efforts, then in lieu of returning such item of Transaction Credit Support the party
obligated to make such return may, with the consent of the person entitled to receive such Transaction Credit Support, provide an affidavit of lost guaranty or letter of credit, which shall contain an indemnity reasonably satisfactory to such
receiving party and which shall acknowledge that such Transaction Credit Support is terminated and no further obligations exist thereunder, and (y) this clause (f)(i) shall not apply with respect to any items of Transaction Credit Support (in
the form of letters of credit or guaranties) required to support Transactions the novation or assignment of which has not yet occurred. 
 (ii) Split Counterparties. *** 
 (g) Changes in Status. 
 (i) If a Seller Closes Out all Marketing and Trading Transactions (other than Transactions) with a particular Split Counterparty, Sellers shall provide
notice promptly to Buyer. From and after delivery of such notice, such Counterparty shall be deemed to be a Non-Split Counterparty for all purposes hereunder. The Transaction Credit Support held by Buyer or Sellers at such time on account of any
Transactions with such Counterparty shall be adjusted (and appropriate payments shall be made) so that the Transaction Credit Support held by Buyer or Seller is consistent with the requirements of Section 6.1(a). 
 (ii) If, in accordance with Section 6.6, a Seller and a Counterparty enter into a Marketing and Trading Transaction that is not a Transaction but
is governed by a Common Transaction Document that also governs a Transaction between such Seller and such Counterparty, Sellers shall provide notice of such event promptly to Buyer. From and after delivery of such notice, such Counterparty shall be
deemed to be a Split Counterparty with respect to such Transactions for all purposes hereunder. The Transaction Credit Support held by Buyer or Sellers at such time on account of any Transactions with such Counterparty shall be adjusted (and
appropriate payments shall be made) so that the Transaction Credit Support held by Buyer or Seller is consistent with the requirements of Section 6.1(b). 
  

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 (h) Payment Instructions for Posting of Collateral. Sellers and Buyer shall post Credit Support
pursuant to this Section 6.1 in accordance with Section 9.2. 
 (i) Credit Support in the Form of Cash vs. Letters of
Credit. If requested by Buyer with respect to a particular Transaction with a Non-Split Counterparty and subject, in all cases whether under clause (i) or clause (ii), to the consent of the applicable Seller (such consent not to be
unreasonably withheld), such Seller will agree to use commercially reasonable efforts to replace (at Buyer’s sole cost and expense) any Transaction Credit Support: 
 (i) that is in the form of cash or a letter of credit with respect to such Transaction that is posted by or on behalf of such Seller with a letter of credit that is (A) non-recourse to Sellers or any of their
Affiliates, (B) issued by Buyer in favor of the applicable Counterparty and (C) in a form acceptable to the applicable Counterparty and Buyer and approved by such Seller (such approval not to be unreasonably withheld); and 
 (ii) that is in the form of a letter of credit posted by or on behalf of Sellers with cash collateral, to the extent permitted by the applicable Trading
Contracts, if the applicable Counterparty does not consent to accepting as Credit Support a letter of credit issued by Buyer in accordance with the provisions of Section 6.1(i)(i). 
 (j) Credit Support in the Form of U.S. Treasury Securities. If requested by Buyer with respect to a particular Transaction with a Non-Split
Counterparty and subject to the consent of the applicable Seller (such consent not to be unreasonably withheld), such Seller will use good faith efforts to (i) use appropriate accounts (established by Buyer (for the benefit of Seller) and
maintained at Buyer’s sole cost and expense) to enable such Seller to accept, and (ii) request from the applicable Non-Split Counterparties, Transaction Credit Support in the form of U.S. Treasury securities. 
 (k) Credit Support Held In Trust. If any transfer of Credit Support from a Seller to Buyer required by Section 2.3(b) or Section 6.1 is
not permitted under applicable Law or under the terms of the applicable Transaction (or its associated Trading Contract) or other agreement governing the rehypothecation, transfer or assignment of such Credit Support, such Seller shall hold any such
Credit Support or proceeds thereof received from the Counterparty or its Affiliate pursuant to such Trading Contract or other agreement in trust for the benefit of Buyer. In addition, any payment of Credit Support inadvertently made to Buyer by or
on behalf of a Seller or to Seller by Buyer shall be held in trust on behalf of, and promptly paid over to, the Party entitled to receive such amounts. 
 (l) DeMinimis Credit Support for Split Buyer Transactions. *** 
  

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 Section 6.2 Novation and Assignment of Transactions. Beginning promptly following the
Closing Date (or with respect to any Additional Transaction, following the applicable Additional Transaction Closing Date) through the Final Trade Date: 
 (a) Cooperation of Parties: The Parties agree to use commercially reasonable efforts, and to cooperate and provide each other with reasonable assistance, to cause the novation (or, with the consent of the
applicable Seller or DENA, the assignment) of the Transactions to Buyer and to obtain any requisite Counterparty consents (and, if needed, the consent of any Person providing Transaction Credit Support on behalf of such Counterparty) so that
(i) all right, title and interest of the applicable Seller with respect to the applicable Transaction (other than accounts receivable relating to amounts arising under the Transactions prior to January 1, 2006 (or, with respect to any
Additional Transaction entered into after January 1, 2006, prior to the applicable Additional Transaction Closing Date)) shall be novated or assigned to Buyer; provided that any transfer requiring prior approval from a Governmental Authority
shall be subject to the receipt or waiver of such approval from such Governmental Authority, (ii) all liabilities and obligations of such Seller and any Duke Credit Support Provider arising out of or relating to such Transaction (regardless of
the nature of such liabilities) shall in the case of an assignment be assumed by Buyer, (iii) each Counterparty and any beneficiary of any Transaction Credit Support provided with respect to such Transaction shall provide a valid and binding
written release of Seller and any Duke Credit Support Provider with respect to all liabilities and obligations of such Seller and any Duke Credit Support Provider arising out of or relating to such Transaction (regardless of the nature of such
liabilities), (iv) any items of Transaction Credit Support being posted with respect to such Transaction are returned to the applicable Person in accordance with Section 6.1(f), (v) unless otherwise agreed to by DENA or the applicable
Seller and Buyer, such novations or assignments that have been agreed to prior to the TRS Payment Commencement Date shall become effective on or after the TRS Payment Commencement Date, and (vi) any other such novations or assignments shall
become effective to the extent practicable at the end of the month in which they are agreed upon by the relevant parties. It being understood that the Sellers and each Duke Credit Support Provider are entitled to require that terms substantially
similar to those set forth in items (i) through (vi) above are contained in each Novation Agreement and each Assignment Agreement. 
 (b) Process for Obtaining Counterparty Consent. Buyer shall provide to each Counterparty to a Transaction within a period of time following the Closing Date (or with respect to an Additional Transaction, the applicable Additional
Transaction Closing Date) that is reasonably expected to result prior to *** in the novation or assignment of substantially all of the Transactions (i) a form of novation agreement that (A) is substantially in the form of Exhibit C (or,
with the consent of the applicable Seller or DENA, an assignment agreement substantially in the form of Exhibit D), with such modifications, if any, thereto that have been mutually agreed to by DENA and Buyer acting reasonably and (B) provides
that the Buyer shall be the transferee or assignee, as applicable, thereunder, and (ii) if a Transaction is to be novated to Buyer but Buyer and the applicable Counterparty are not parties to a Master Agreement corresponding to the type of
Master Agreement then in effect for such Transaction, a proposed Master Agreement of a type similar to that governing the Transaction containing terms that are customary and reasonable for comparable Master Agreements entered into by Buyer.

  

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 Section 6.3 Employee Matters. 
 By December 15, 2005, DENA shall provide Buyer with a list of certain employees of Service Provider or Sellers (the
“Available Employees”) who are available to Buyer to discuss potential employment with Buyer (which discussions the parties agree shall not violate the restrictions relating to
employees set forth in the Confidentiality Agreement). Buyer agrees that, to the extent possible, it will notify Sellers of the names of Available Employees who have accepted offers of employment from Buyer no later than March 15, 2006. Buyer
further agrees that any offers of employment to Available Employees will be with a Buyer entity located outside the State of Texas, and that Buyer will not employ any Available Employees at an office within the Houston metropolitan area prior to
October 31, 2006. Buyer agrees that any Available Employee who becomes employed by Buyer prior to January 1, 2007 shall have his or her years of service with the Sellers credited for the purposes of Buyer’s vacation policy, salary
continuation plan, discretionary services plan and solely for vesting and eligibility purposes under Buyer’s pension and thrift savings plan only. 
 Section 6.4 Support of Transaction; Books and Records. From the Closing Date through the Overall Services Flip Date: 
 (a) Buyer and Sellers shall (and shall each cause their respective Affiliates to) (i) use commercially reasonable efforts to promptly assemble, prepare and file any information in such Party’s possession
(and, as needed, to supplement such information) as may be reasonably necessary to obtain as promptly as practicable all consents from a Governmental Authority that are required to be obtained in connection with the transactions contemplated hereby,
including authorization by FERC pursuant to Section 203 of the FPA, and (ii) use commercially reasonable efforts to promptly obtain all material consents and approvals of third parties that any of Buyer, Sellers or their respective
Affiliates are required to obtain in order to consummate the transactions contemplated hereby. 
 (b) Sellers shall afford to Buyer and its
Representatives reasonable access, during normal business hours and in such manner as to not unreasonably interfere with normal operation of the business, to the books, contracts, and records relating to the Transactions, in each case to the extent
permitted by the applicable Trading Contracts. 
 (a) In the case of any assignment (but not a novation) pursuant to Section 6.2 of a
Transaction that is a Physical Power Transaction, the applicable Seller shall promptly deliver to Buyer copies of any Trading Contracts, invoices and billing related documents and to the extent required by Law, mutually agreed books and records, in
each case in its possession relating to such Physical Power Transaction that have not previously been delivered to Buyer. Sellers shall (and shall each cause its Affiliates) to use commercially reasonable efforts to 
  

 39 

 (b) promptly assemble, prepare and provide to Buyer any information in such Party’s possession as
may be reasonably necessary to respond to an inquiry or request by FERC. 
 Section 6.5 Regulatory Filings. From the date
of this Agreement through***: 
 (a) Buyer shall provide Sellers such assistance as Sellers reasonably request in connection with the
preparation and filing of an application by Buyer or such Sellers, as appropriate, for authorization by FERC, pursuant to Section 203 of the FPA, to engage in the transactions contemplated by this Agreement. 
 (b) Each Party shall (i) make or cause to be made the filings required to be made by such Party or any of its Affiliates under any Laws with respect
to the transactions contemplated by this Agreement and to pay any fees due of such Party in connection with such filings, as promptly as is reasonably practicable after the Closing Date, (ii) comply as promptly as is reasonably practicable with
any request under any Laws for additional information, documents or other materials received by such Party or any of its Affiliates from the FERC in respect of such filings or the transactions contemplated by this Agreement; and (iii) use
commercially reasonable efforts to cooperate with the other Parties hereto in connection with (x) making any filing under any Laws (including, with respect to the Party making a particular filing, giving due consideration to all reasonable
additions, deletions or changes suggested in connection therewith) and (y) any filings, conferences or other submissions related to resolving any investigation or other inquiry by any Governmental Authority, in either case, with respect to the
transactions contemplated by this Agreement. 
 (c) Each Party shall, and shall cause their respective Affiliates to, use their commercially
reasonable efforts to (i) cause the expiration of the notice periods under any Laws with respect to the transactions contemplated by this Agreement as promptly as is reasonably practicable after the Closing Date and (ii) resolve on
commercially reasonable terms such objections, if any, as may be asserted by any Governmental Authority with respect to the transactions contemplated by this Agreement. In connection therewith, if any administrative or judicial action or proceeding
is instituted (or threatened to be instituted) challenging the transaction contemplated by this Agreement as violative of any Law, each of the Parties shall, and shall cause their respective Affiliates to, cooperate and use their commercially
reasonable efforts to contest and resist, except insofar as the applicable Sellers and Buyer may otherwise agree, any such action or proceeding, including any action or proceeding that seeks a temporary restraining order or preliminary injunction
that would prohibit, prevent or restrict consummation of the transactions contemplated by this Agreement. 
  

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 (d) Each Party shall, and shall cause their respective Affiliates to, furnish to the other all
information necessary or reasonably desirable with respect to any application or other filing to be made in connection with the transactions contemplated by this Agreement, including in connection with any filings, conferences or other submissions
related to resolving any investigation or other inquiry by any such Governmental Authority with respect to the transactions contemplated by this Agreement. Each of Sellers and Buyer shall promptly inform the other of any communication with, and any
proposed understanding, undertaking or agreement with, any Governmental Authority in respect of any such filings, investigation or other inquiry. If a Party intends to independently participate in any meeting with any Governmental Authority in
respect of any such filings, investigation or other inquiry, then such Party shall give the other Party reasonable prior notice of such meeting such that the other Party has reasonable opportunity to attend and participate at such a meeting. The
Parties shall consult and cooperate with one another in connection with any analyses, appearances, presentations, memoranda, briefs, arguments and opinions made or submitted by or on behalf of any Party in connection with all meetings, actions and
proceedings under or relating to any such application or filing. Restrictions upon Certain Actions From the Closing Date (or, with respect to any Additional Transaction, the applicable Additional Transaction Closing Date) until the Final Trade Date,
no Seller shall, except as permitted under this Agreement or the Ancillary Agreements, or as approved in writing by Buyer: (a) consent to any amendment or waiver of its rights with respect to any Transactions other than such amendments or
waivers consented to by a Seller in the ordinary course of Sellers’ business consistent with past practice that could not reasonably be expected to materially and adversely affect the rights and obligations of Buyer with respect to the
Transactions; (b) permit or allow any Transaction or the applicable Trading Contracts to be subject to any Liens other than Permitted Liens; (c) sell, assign, transfer, convey, lease or otherwise dispose of any Transaction, or
(d) enter into any additional Marketing and Trading Transactions under a Master Agreement that at such time governs a Transaction, provided that notwithstanding the foregoing clause (d), Sellers may enter into any of the following (i) such
Marketing and Trading Transactions entered into with any Counterparty set forth on Schedule 6.6 (as such Schedule 6.6 may be updated following the Closing Date from time to time by Sellers in consultation with Buyer), (ii) such Marketing and
Trading Transactions that are entered into as cleared trades, (iii) such Marketing and Trading Transactions that are Physical Power Transactions on up to a one-month ahead basis or are physical gas transactions, and (iv) such Marketing and
Trading Transactions that are consented to by Buyer (such consent not to be unreasonably withheld or conditioned). 
 Section 6.6
Conduct of Transactions. 
 (a) Prior to Overall Services Flip Date. From the Closing Date (or, with respect to any Additional
Transaction, the applicable Additional Transaction Closing Date) until the earlier of the Final Trade Date or the Overall Services Flip Date, each Seller that is a party to a Transaction will, except as expressly permitted under this Agreement or
the Ancillary Agreements, use good faith efforts to comply in all material respects in a manner consistent with past practice with, and to not intentionally breach, the obligations within the control of such Seller that are contained in such
Transaction; provided that for purposes of clarification the 

  

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foregoing shall not apply to (i) items such as maintenance of credit ratings of Sellers or the Duke Credit Support Providers, or (ii) actions taken
in connection with the consummation of the transactions contemplated by this Agreement. 
 (b) After Overall Services Flip Date. From
and after the Overall Services Flip Date to the Final Trade Date, each Seller that is a party to an outstanding Transaction will, except as expressly permitted under this Agreement or the Ancillary Agreements, use good faith efforts (i) to
refrain from taking any affirmative actions to interfere in any material and adverse respect with the rights, duties and obligations of Buyer under the Services Agreement with respect to such Transactions, (ii) not to intentionally breach the
obligations within the control of such Seller that are contained in such Transaction, and (iii) not to enter into any amendment or waiver of its rights with respect to any Transactions; provided that for purposes of clarification the foregoing
clauses (i) through (iii) shall not apply to (A) items such as maintenance of credit ratings of Sellers or the Duke Credit Support Providers, or (B) actions taken in connection with the consummation of the transactions
contemplated by this Agreement. 
 Section 6.7 Delivery of Certain Tax Documents. 
 (a) Delivery of Certain Tax Documents. From the Closing Date through the Final Trade Date, (i) Buyer agrees to deliver to each Seller an
executed and valid U.S. Internal Revenue Service Form W-8ECI (or any successor from thereto), (ii) each Seller that is a U.S. Person agrees to deliver to Buyer an executed and valid U.S. Internal Revenue Service Form W-9 (or any successor form
thereto) which includes a U.S. federal employer identification number and a statement that it (or, in the case of a Seller disregarded as separate from its owner for U.S. federal income tax purposes, its owner and, in the case of a Seller classified
as a partnership for U.S. federal income tax purposes, each of its partners) is a domestic corporation, and (iii) each Seller that is not a U.S. Person agrees to deliver to Buyer an executed and valid U.S. Internal Revenue Service Form W-8ECI
or W-8IMY (or any successor form thereto) and, in the case of a Seller classified as a partnership for U.S. federal income tax purposes that delivers a Form W-8IMY, an executed U.S. Internal Revenue Service Form W-8BEN with respect to each of its
partners, in each case to the extent that any Form previously delivered (pursuant to Section 2.2(b) or this Section 6.8(a)) has become obsolete or incorrect, promptly upon learning that such previously-delivered Form has become obsolete or
incorrect. 
 (b) Responsibility for Certain Transactional Taxes. Each Seller shall be responsible for the timely filing of returns
for, and the payment of, any Transactional Taxes imposed on the Seller’s novation, assignment or other transfer of Transactions to Buyer pursuant to this Agreement. To the extent that Buyer is required by Law to pay any such Transactional Taxes
to a Governmental Authority for which Buyer is not entitled to receive a credit, the relevant Seller shall reimburse promptly Buyer for such Transactional Tax payment within 15 days after Buyer’s written request therefor evidencing Buyer’s
payment thereof. 
 (c) General Responsibility for Transactional Taxes. Except as provided in Section 6.8(b), as between Sellers
and Buyer: (i) Sellers shall be solely responsible for any Transactional Taxes that are imposed on or attributable to any Trading Transactions occurring in any taxable periods or portions thereof ending on or before the Closing Date, and
(ii) Buyer shall 

  

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be solely responsible for any Transactional Taxes that are imposed on or attributable to any Trading Transactions occurring in any taxable periods or
portions thereof beginning after the Closing Date. If a Seller is required by Law to remit or pay such Taxes that are Buyer’s responsibility hereunder, Buyer shall promptly reimburse such Seller for such Tax payment within 15 days after such
Seller’s written request therefor evidencing such Seller’s payment thereof. If Buyer is required by Law to remit or pay such Taxes that are a Seller’s responsibility hereunder, the relevant Seller shall promptly reimburse Buyer for
such Tax payment within 15 days after Buyer’s written request therefor evidencing Buyer’s payment thereof. 
 (d) Returns of
Transactional Taxes. Subject to the provisions of Sections 6.8(b) and 6.8(c), each of Sellers and Buyer shall file timely all returns with respect to Transactional Taxes which each is obligated to file under applicable Tax Law, and each of
Sellers and Buyer shall pay timely any Transactional Taxes which each is obligated to pay under applicable Tax Law. 
 (e)
Cooperation. The Parties shall provide each other with such cooperation and information as any of them may reasonably request of the other in filing any tax return, amended return or claim for refund, determining a liability or a right to a
refund of Taxes or Transactional Taxes or in defending any audit or proceeding with respect to Taxes or Transactional Taxes. Such duty of cooperation shall include any assistance that Buyer reasonably requests from Sellers in connection with
Buyer’s efforts to obtain new resale certificates or other exemption certificates from counterparties to the novated, assigned or transferred Transactions. 
 Section 6.8 Deduction or Withholding of Tax. 
 (a) Gross-up. All payments under
this Agreement and the Ancillary Agreements will be made without any deduction or withholding for or on account of any Tax unless such deduction or withholding is required by any applicable Law, as modified by the practice of any relevant
governmental revenue authority, then in effect. If a party is so required to deduct or withhold, then that party (“X”) will: (1) promptly notify the payee party (“Y”) of such requirement; (2) pay to the relevant
authorities the full amount required to be deducted or withheld (including the full amount required to be deducted or withheld from any additional amount paid by X to Y under this Section 6.9(a)) promptly upon the earlier of determining that
such deduction or withholding is required or receiving notice that such amount has been assessed against Y; (3) promptly forward to Y any available official receipt (or a certified copy), or other documentation reasonably acceptable to Y,
evidencing such payment to such authorities; and (4) if such Tax is an Indemnifiable Tax, pay to Y, in addition to the payment to which Y is otherwise entitled under the relevant Agreement, such additional amount as is necessary to ensure that
the net amount actually received by Y (free and clear of Indemnifiable Taxes, whether assessed against X or Y) will equal the full amount Y would have received had no such deduction or 
  

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 withholding been required. However, X will not be required to pay any additional amount to Y to the extent that it would
not be required to be paid but for: (A) the failure by Y to comply with or perform any agreement contained in Sections 2.2(b)(vi) or (vii) and 6.8; or (B) the failure of a representation made by Y pursuant to Section 3.10(b) or
4.8(b) to be accurate and true unless such failure would not have occurred but for (I) any action taken by a taxing authority, or brought in a court of competent jurisdiction, after the date of this Agreement (regardless of whether such action
is taken or brought with respect to a party to this Agreement) or (II) a Change in Tax Law. 
 (b) Liability. If: (1) X is
required by any applicable Law, as modified by the practice of any relevant governmental revenue authority, to make any deduction or withholding in respect of which X would not be required to pay an additional amount to Y under Section 6.9(a);
(2) X does not so deduct or withhold; and (3) a liability resulting from such Tax is assessed directly against X, then, except to the extent Y has satisfied or then satisfies the liability resulting from such Tax, Y will promptly pay to X
the amount of such liability (including any related liability for interest, but including any related liability for penalties only if Y has failed to comply with or perform any agreement contained in Sections 2.2(b)(vi) or (vii) and 6.8.

 ARTICLE VII 
 ADDITIONAL TRANSACTIONS 
 Section 7.1 Additional Trading Transactions. From the Closing Date through ***.

 (a) Additional Trading Transaction Procedures. Each Seller may request from time to time that any Marketing and Trading Transaction
(each a “Proposed Additional Trading Transaction”) become an Additional Trading Transaction hereunder by delivering to Buyer a written notice in the form of Exhibit E (the “Additional Transaction
Request”), which request shall identify the Material Economic Terms of, and the requested Additional Trading Transaction Closing Date and the proposed Additional Purchase Price for, such Proposed Additional Trading Transaction. Promptly
following the delivery of such Additional Transaction Request, such Seller shall provide Buyer with copies of the Trading Contracts relating to such Proposed Additional Trading Transaction. Buyer and the applicable Sellers shall promptly negotiate
in good faith to agree upon the Additional Purchase Price (which shall comply with the provisions in Section 7.1(c)) and shall use commercially reasonable efforts to execute and deliver an Additional Transaction Addendum with respect to such
Additional Trading Transaction within five Business Days of the delivery to Buyer of the Additional Transaction Request relating thereto. 
 (b) Additional Transaction Addendum; Payment of Additional Purchase Price. Each Additional Transaction Addendum relating to an Additional Trading Transaction shall contain the information set forth on Exhibit F, identify the
Marketing and Trading Transactions that are covered thereby (“Additional Trading Transactions”), and (unless otherwise mutually 
  

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 44 

 agreed by the Buyer and applicable Sellers) have as the “Additional Trading Transaction Closing Date” the date
proposed in the applicable Additional Transaction Request (“Additional Trading Transaction Closing Date”). If on the applicable Additional Trading Transaction Closing Date for an Additional Trading Transaction, (i) the
Additional Purchase Price for such Additional Trading Transaction is negative (which, by way of example, may result if the Mark-to-Market Value of the Additional Trading Transaction is negative), then the applicable Sellers shall pay to Buyer the
absolute value of the Additional Purchase Price specified in the applicable Additional Transaction Addendum, or (ii) the Additional Purchase Price for such Additional Trading Transaction is positive, then Buyer shall pay to the applicable
Sellers the Additional Purchase Price specified in the applicable Additional Transaction Addendum. 
 (c) Calculation of Additional
Purchase Price. The purchase price (the “Additional Purchase Price”) for any Additional Trading Transaction shall be the sum of (i) the Mark-to-Market Value to the applicable Seller (which may be positive or
negative) of such Additional Trading Transaction on the applicable Additional Trading Transaction Closing Date, plus (ii) the credit, market and legal risk premium, if any, for such Additional Trading Transaction; provided that the Additional
Purchase Price shall be calculated in a manner that is consistent and in accordance with the methodology and calculation used to calculate the Purchase Price (which shall be the Mark-to-Market Value to such Seller and any credit, market and legal
risk premium, if any); and provided further that the Additional Purchase Price for an Additional Trading Transaction shall not include (A) any market risk premium with respect to such Additional Trading Transaction to the extent the market risk
for such Additional Trading Transaction has been hedged by one or more other Additional Trading Transactions that are to be transferred to Buyer pursuant to this Agreement contemporaneously with such Additional Trading Transaction or (B) legal
or credit risk premiums that are inconsistent with those used for similar Trading Contracts or similar Counterparties to calculate the Purchase Price. For purposes of clarification, the calculation of the Additional Purchase Price with respect to
any Additional Trading Transaction shall exclude accounts payable or accounts receivable relating to amounts due under such Additional Trading Transaction on or prior to the applicable Additional Trading Transaction Closing Date. 
 (d) Effect Under this Agreement. Each Additional Trading Transaction identified in an Additional Transaction Addendum that has been executed and
delivered and for which the Additional Purchase Price has been paid, in each case in accordance with Section 7.1(b), shall become an Additional Transaction (and a Transaction) for all purposes hereunder (including Article V and Sections 6.1 and
6.2) effective as of the Additional Trading Transaction Closing Date specified in such Additional Transaction Addendum. 
 Section 7.2 Additional Physical Power Transactions. From the Closing Date through the Final Trade Date: 
 (a)
Additional Physical Power Transactions. If during any month: 
 (i) a Transaction that is for the purchase or sale of physical power
between (x) DETM or DEMA and (y) a Counterparty (a “Physical Power Transaction”) is, or has previously been, novated or assigned to Buyer pursuant to Section 6.2 (a “Novated Physical Power
Transaction”), 
  

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 (ii) one or more other Physical Power Transactions (a “Physical Power Hedging
Transaction”) that previously hedged the market risk associated with the Novated Physical Power Transaction has not yet been novated or assigned to Buyer, and 
 (iii) there are physical deliveries of power required to be delivered or purchased during such month under the terms of the Physical Power Hedging
Transaction, 
 then (if requested at least *** Business Days prior to the end of such month by Buyer (if such request is prior to ***) or by DETM or DEMA)
Buyer and such Seller shall enter into an additional Transaction (an “Additional Physical Power Transaction”) by promptly executing a confirmation to an ISDA 1992 Master Agreement with a Power Annex between Buyer and such
Seller, which confirmation shall specify the Material Economic Terms of such Additional Physical Power Transaction which, unless otherwise agreed by Buyer and such Seller, shall be (A) a volume that corresponds to the amount of physical power
scheduled to be delivered during such month under the Physical Power Hedging Transaction (to the extent it previously hedged such Novated Physical Power Transaction), (B) a term of one month, (C) the same location as the Physical Power
Hedging Transaction, (D) the then current market price (as reasonably specified by Buyer or Seller and approved by the other Party (such approval not to be unreasonably withheld)), and (E) a purchase or sale of physical power as applicable
to offset the short or long position, as applicable, of Buyer and Seller that resulted from the novation or assignment of the Novated Physical Power Transaction. In addition, contemporaneously with the entering into of any Additional Physical Power
Transaction pursuant to this Section 7.2(a), a TRS Obligation corresponding to such Additional Physical Power Transaction shall be entered into pursuant to Article V, including Section 5.1. It is the intent of the Parties that any amounts
owed by, or Transaction Credit Support to be posted, by the applicable Seller or Buyer under the Additional Physical Power Transaction will be offset by amounts or Transaction Credit Support to be received by Seller under the corresponding TRS
Obligation so that Sellers will not be required to pay any amounts or post any Credit Support with respect thereto (and Buyer indemnifies Sellers for any costs or expense or other Losses incurred by Sellers as a result of any Additional Physical
Power Transaction). 
 (b) Effect Under this Agreement. Each Additional Physical Power Transaction for which a confirmation has been
entered into pursuant to Section 7.2(a) shall become an Additional Transaction (and a Transaction) for all purposes hereunder (including Article V) effective as of the trade date (the “Additional PP Transaction Closing
Date”) specified in such confirmation. 
  

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 ARTICLE VIII 
 INDEMNIFICATION 
 Section 8.1 Survival. All representations and warranties of the
Parties contained in this Agreement, the Novation Process Agreement and any Additional Transaction Addendum, and all claims for breaches of such representations and warranties shall survive the Closing until the first anniversary of the Closing
Date, except that Sellers’ representations and warranties in (x) Section 3.7 (No Default or Termination) shall survive the Closing for 120 days after the Closing Date and (y) Section 3.2 (Due Authorization) and
Section 3.5 (Brokers’ Fees), and Buyer’s representations and warranties in Section 4.2 (Due Authorization) and Section 4.5 (Brokers’ Fees) shall survive the Closing indefinitely. No claim for a breach of a
representation or warranty may be made or brought by any Party hereto after the expiration of the applicable survival period unless such claim has been asserted by proper written notice under this Article VIII, specifying the details of the alleged
misrepresentation or breach of representation or warranty, on or prior to the expiration of the applicable survival period. If such written notice of a claim has been given in accordance with this Agreement prior to the expiration of the applicable
survival period for such representation or warranty, then the applicable representation or warranty shall survive as to such claim, until such claim has been finally resolved. 
 Section 8.2 Indemnification. 
 (a) Subject to the provisions of this Article VIII, from and after the Closing Date, Sellers shall indemnify and hold harmless Buyer, Buyer’s Affiliates and their respective Representatives, stockholders, members, employees, managers,
principals or other agents (the “Buyer Indemnified Parties”) from and against all Losses that Buyer Indemnified Parties incur arising from (i) any breach of any representation or warranty of Sellers in this Agreement,
the Novation Process Agreement and in any Additional Transaction Addendum; (ii) any breach of any obligation of any Seller in this Agreement or the Novation Process Agreement; or (iii) any Retained Liabilities. For purposes of
clarification, in no event shall any Losses for which Sellers are indemnifying Buyer pursuant to the preceding sentence of this Section 8.2(a) include any Losses arising from (A) any Deficiency, (B) the payment of any Close Out
Settlement Amount under any TRS Obligation, or (C) Buyer or any of its Affiliates entering into a trading, hedging, derivative or other transaction to replace, cover, hedge or otherwise mitigate in whole or in part (1) any Transaction that
is Closed Out or (2) any TRS Obligation corresponding to such Closed Out Transaction. For the purposes of this Agreement, (1) any action or omission by a Seller Service Provider, which constitutes or results in a breach of any
representation, warranty or obligation of the Seller hereunder shall constitute a breach by such Seller of such representation, warranty or obligation, (2) any action or omission by a Buyer Service Provider which constitutes or results in a
breach of any representation, warranty or obligation of the Buyer hereunder shall constitute a breach by the Buyer of such representation, warranty or obligation, and (3) any action or omission by a Buyer Service Provider, which constitutes or
results in a breach of any representation, warranty or obligation of any Seller hereunder shall not constitute a breach by such Seller of such representation, warranty or obligation. 
  

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 (b) Subject to the provisions of this Article VIII, from and after the Closing Date, Buyer shall
indemnify and hold harmless Sellers, Sellers’ respective Affiliates and their respective Representatives, stockholders, members, managers, principals or other agents (the “Seller Indemnified Parties”) from and against
all Losses (including Losses relating to any Credit Support posted by Sellers or any of their respective Affiliates) that Seller Indemnified Parties incur arising from (i) any breach of any representation or warranty of Buyer in this Agreement
or the Novation Process Agreement; (ii) any breach of any obligation of Buyer in this Agreement or the Novation Process Agreement; (iii) any Closing Date Transaction from and after the Closing Date (excluding any Retained Liabilities); or
(iv) any Additional Transaction from and after the applicable Additional Transaction Closing Date (excluding any Retained Liabilities). 
 (c) Notwithstanding anything to the contrary herein, the Parties shall have a duty to use commercially reasonable efforts to mitigate any prospective or actual Loss arising out of or relating to this Agreement, the Novation Process
Agreement or the transactions contemplated hereby. 
 Section 8.3 Indemnification Procedures. Claims for indemnification
under this Agreement shall be asserted and resolved as follows: 
 (a) Any Buyer Indemnified Party or Seller Indemnified Party claiming
indemnification under this Agreement (an “Indemnified Party”) with respect to any claim asserted against the Indemnified Party by a third party (“Third Party Claim”) in respect of any matter that is
subject to indemnification under Section 8.2 (without regard to the limitation in Section 8.4(a), Section 8.4(b) or Section 8.5(a) or 8.5(b), as applicable) shall promptly (i) notify the other Party (the
“Indemnifying Party”) of the Third Party Claim and (ii) transmit to the Indemnifying Party a written notice (“Claim Notice”) describing in reasonable detail the nature of the Third Party Claim, a
copy of all papers served with respect to such claim (if any), the Indemnified Party’s best estimate of the amount of Losses attributable to the Third Party Claim and the basis of the Indemnified Party’s request for indemnification under
this Agreement. Failure to timely provide such Claim Notice shall not affect the right of the Indemnified Party’s indemnification hereunder, except to the extent the Indemnifying Party is prejudiced by such delay or omission. 
 (b) The Indemnifying Party shall have the right to defend the Indemnified Party against a Third Party Claim (except when a Third Party Claim is made by a
Governmental Authority, in which case the Indemnified Party shall have the right to control such claim solely to the extent it pertains to such Indemnified Party) if it acknowledges in writing its obligations to indemnify the Indemnified Party for
such Third Party Claim. If the Indemnifying Party notifies the Indemnified Party that the Indemnifying Party elects to assume the defense of the Third Party Claim, then the Indemnifying Party shall have the right to defend such Third Party Claim
with counsel selected by the Indemnifying Party (who shall be reasonably satisfactory to the Indemnified Party), by all appropriate proceedings, to a final conclusion or settled at the discretion of the Indemnifying Party in accordance with this
Section 8.3(b). The Indemnifying 

  

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Party shall defend any such Third Party Claim in good faith and have full control of such defense and proceedings, including any compromise or settlement
thereof; provided that the Indemnifying Party shall not enter into any settlement agreement without the written consent of the Indemnified Party (which consent shall not be unreasonably withheld, conditioned or delayed); provided
further, that such consent shall not be required if (i) the settlement agreement contains a complete and unconditional general release by the third party asserting the claim to all Indemnified Parties affected by the claim and (ii) the
settlement agreement does not contain any sanction or restriction upon the conduct of any business by the Indemnified Party or its Affiliates. If requested by the Indemnifying Party, the Indemnified Party agrees, at the sole cost and expense of the
Indemnifying Party, to cooperate with the Indemnifying Party and its counsel in contesting any Third Party Claim which the Indemnifying Party elects to contest, including the making of any related counterclaim against the Person asserting the Third
Party Claim or any cross complaint against any Person. The Indemnified Party may participate in, but not control, any defense or settlement of any Third Party Claim controlled by the Indemnifying Party pursuant to this Section 8.3(b), and the
Indemnified Party shall bear its own costs and expenses with respect to such participation. 
 (c) If the Indemnifying Party fails to notify
the Indemnified Party within the 30 days after receipt of any Claim Notice that the Indemnifying Party elects to defend the Indemnified Party pursuant to Section 8.3(b), or to the extent an Indemnified Party is controlling a claim pursuant to
the parenthetical in the first sentence of Section 8.3(b), then the Indemnified Party shall defend any such Third Party Claim with counsel selected by the Indemnified Party (which counsel shall be reasonably satisfactory to the Indemnifying
Party), by all appropriate proceedings, which proceedings shall be prosecuted diligently by the Indemnified Party to a final conclusion or settled. In such circumstances, the Indemnified Party shall defend any such Third Party Claim in good faith
and have full control of such defense and proceedings; provided however, that the Indemnified Party may not enter into any compromise or settlement of such Third Party Claim (except when a Third Party Claim is made by a Governmental Authority
and solely to the extent it pertains to the Indemnified Party) if indemnification is to be sought hereunder, without the Indemnifying Party’s consent (which consent shall not be unreasonably withheld, conditioned or delayed). If requested by
the Indemnified Party, the Indemnifying Party agrees, at its sole cost and expense, to cooperate with the Indemnified Party and its counsel in contesting any Third Party Claim which the Indemnified Party elects to contest. The Indemnifying Party may
participate in, but not control, any defense or settlement controlled by the Indemnified Party pursuant to this Section 8.3(c) (except when a Third Party Claim is made by a Governmental Authority, in which case the Indemnified Party shall have
the right to control such defense or settlement solely to the extent it pertains to such Indemnified Party), and the Indemnifying Party shall bear its own costs and expenses with respect to such participation; provided that if at any time the
Indemnifying Party acknowledges in writing such Third Party Claim is a Loss subject to this Article VIII, the Indemnifying Party shall be entitled to assume the defense of such Third Party Claim in accordance with Section 8.3(b). 
  

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 (d) A claim for indemnification for any matter not involving a Third Party Claim may be asserted by
notice to the party from whom indemnification is sought. 
 (e) In the event an Indemnified Party shall recover Losses in respect of a claim
of indemnification under this Article VIII, no other Indemnified Party shall be entitled to recover the same Losses in respect of a claim for indemnification. 
 Section 8.4 Limitations on Liability of Sellers. Notwithstanding anything to the contrary herein: 
 (a) a breach of a representation or warranty in this Agreement, the Novation Process Agreement, or an Additional Transaction Addendum or of Section 6.7 in connection with any single item or group of related items that results in Losses
of less than *** shall be deemed, for all purposes of this Article VIII, not to be a breach of such representation or warranty or of Section 6.7; 
 (b) Sellers shall have no liability arising out of or relating to clause (i) or, to the extent relating to a breach of Section 6.7, clause (ii) of Section 8.2(a) except if the aggregate Losses
incurred by the Buyer Indemnified Parties thereunder exceed *** (and then, subject to Section 8.4(c), only to the extent such aggregate Losses exceed ***); 
 (c) in no event shall Sellers’ aggregate liability arising out of or relating to clause (i) or, to the extent relating to a breach of Section 6.7, clause (ii) of Section 8.2(a) (other than as
clause (i) relates to Sections 3.2 (Due Authorization) and 3.5 (Brokers’ Fees)) exceed ***; 
 (d) no Buyer Indemnified Party shall
be entitled to indemnification under Section 8.2(a) for Losses incurred by such Buyer Indemnified Party attributable to matters addressed in Section 2.4; 
 (e) a Party must give written notice to the other Party within a reasonable period of time after becoming aware of any breach by such other Party of any representation, covenant, warranty, agreement or obligation in
this Agreement or the Novation Process Agreement; 
 (f) Sellers shall have no liability for any breach of a representation, warranty,
covenant, agreement or obligation that was in the Knowledge of Buyer prior to the date of this Agreement; and 
  

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 50 

 (g) Buyer agrees not to pursue a claim against DETM or DEMLP under Section 8.2(a), and in
consideration for Buyer agreeing not to pursue a claim against either DETM or DEMLP under Section 8.2(a), the other Sellers agree to indemnify and hold harmless Buyer to the full extent of any such claim on a joint and several basis.

 Section 8.5 Limitations on Liability of Buyer. Notwithstanding anything to the contrary herein: 
 (a) a breach of a representation or warranty in this Agreement or the Novation Process Agreement in connection with any single item or group of related
items that results in Losses of less than *** shall be deemed, for all purposes of this Article VIII, not to be a breach of such representation or warranty; 
 (b) Buyer shall have no liability arising out of or relating to clause (i) of Section 8.3(b) except if the aggregate Losses incurred by the Seller Indemnified Parties thereunder exceed *** (and then, subject
to Section 8.5(c), only to the extent such aggregate Losses exceed ***); 
 (c) in no event shall Buyer’s aggregate liability
arising out of or relating to clause (i) of Section 8.2(b) (other than as clause (i) relates to Sections 0 (Due Authorization) and 4.5 (Brokers’ Fees)) exceed ***; 
 (d) a Party must give written notice to the other Party within a reasonable period of time after becoming aware of any breach by such other Party of any
representation, warranty, covenant, agreement or obligation in this Agreement or the Novation Process Agreement. 
 Section 8.6
Waiver of Remedies. From and after the Closing, except for instances of fraud (but not constructive fraud) and except as set forth in Section 2.4, notwithstanding anything to the contrary herein, the Parties hereby agree that, except
for (i) the indemnity obligations expressly provided elsewhere in this Agreement, (ii) the rights and obligations of the Parties under the Ancillary Agreements, and (iii) the right of any Party to seek specific performance or other
equitable relief as provided for hereunder, no Party shall have any liability, and no Party shall 
  

	***	CONFIDENTIAL MATERIAL REDACTED AND FILED SEPARATELY WITH THE COMMISSION 

 51 

 make any claim, for any Loss or other matter, under, arising out of or relating to this Agreement, any other document,
agreement, certificate or other matter delivered pursuant hereto or the transactions contemplated hereby whether based on contract, tort, strict liability, other Laws or otherwise. Nothing in this Agreement is intended to limit any right of a Party
to seek specific performance or other equitable relief for a breach of Section 6.2 and 6.7. 
 (b) Notwithstanding anything to the
contrary in this Agreement, except for claims made pursuant to the express indemnification provisions of this Article VIII, unless the indemnification provisions of this Article VIII are deemed to be unenforceable by a court of competent
jurisdiction, Buyer on behalf of Buyer Indemnified Parties and Sellers on behalf of Seller Indemnified Parties shall be deemed to have waived, to the fullest extent permitted under applicable Law, any right of contribution against Sellers or Buyer,
or any of their Affiliates, as the case may be, and any and all rights, claims and causes of action it may have against Sellers or any of their Affiliates or Buyer, or its Affiliates as the case may be, arising under or based on any Law or
otherwise. 
 (c) NOTWITHSTANDING ANYTHING IN THIS AGREEMENT TO THE CONTRARY, NO PARTY SHALL BE LIABLE FOR SPECIAL, PUNITIVE, EXEMPLARY,
INCIDENTAL, CONSEQUENTIAL OR INDIRECT DAMAGES OR LOST PROFITS, WHETHER BASED ON CONTRACT, TORT, STRICT LIABILITY, OTHER LAW OR OTHERWISE AND WHETHER OR NOT ARISING FROM THE OTHER PARTY’S SOLE, JOINT OR CONCURRENT NEGLIGENCE, STRICT LIABILITY OR
OTHER FAULT. 
 Section 8.7 Waiver of Other Representations. NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, IT IS THE
EXPLICIT INTENT OF EACH PARTY HERETO, AND THE PARTIES HEREBY AGREE, THAT NONE OF SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES OR REPRESENTATIVES HAS MADE OR IS MAKING ANY REPRESENTATION OR WARRANTY WHATSOEVER, EXPRESS OR IMPLIED, WRITTEN OR ORAL,
WITH RESPECT TO THE TRANSACTIONS, EXCEPT THOSE REPRESENTATIONS AND WARRANTIES CONTAINED IN THIS AGREEMENT. 
 ARTICLE IX 
 PAYMENTS 
 Section 9.1
Payment Notices If any payment is required to be made by a Party hereunder, including payments in respect of Transaction Credit Support or in respect of any Transaction or TRS Obligation or the Close Out thereof, and either Buyer has made a
written request to a Seller or a Seller has made a request to Buyer, then the Party that is responsible for calculating the amount of such payment shall provide notice to the applicable Seller Project Manager or Buyer Project Manager by electronic
mail and, if practicable, by telephonic notice, of the amount of such required payment (together with any information that may be reasonably necessary to verify the amount of such payment). If a Party provides any such notice at or before 10 a.m.
EPT on a particular Business Day, the other Party shall make the requested payment so that it is received no later than 2 p.m. EPT on such Business Day. If a Party provides any such notice after 10 a.m. EPT on a particular Business Day, the other
Party shall make such payment so that it is received no later than 10 a.m. EPT on the next Business Day. The time periods contained in this subsection may be amended from time to time by written agreement of the Parties 
  

 52 

 Section 9.2 Payment Procedures All payments hereunder shall be made by wire transfer
of immediately available federal funds to the applicable account listed below or to such other accounts as may be designated by the applicable Party. 
 If to Buyer, to the accounts designated by Buyer from time to time. 
 If to Sellers, to the
following accounts: 
 Payments with respect to Credit Support: 
 *** 
 Payments with respect to financial settlements other than power: 
 *** 
 Payments with respect to power
settlements: 
 *** 
 ARTICLE X

 TERMINATION 
 Section 10.1 Termination. This Agreement and the transactions contemplated hereby may be terminated by the mutual consent of Buyer and Sellers as evidenced in writing signed by each of Buyer and Sellers; provided,
however, that this Agreement shall automatically terminate on the Final Trade Date. 
 Section 10.2 Effect of Termination.
In the event of termination of this Agreement pursuant to Section 10.1, there shall be no liability or obligation on the part of Sellers or Buyer (or any of their Affiliates); provided that Sections 10.2, Article VIII, Article IX, Article XI
and the indemnity contained in Section 7.2 shall survive any such termination. The Confidentiality Agreement shall not be affected by a termination of this Agreement. 
  

	***	CONFIDENTIAL MATERIAL REDACTED AND FILED SEPARATELY WITH THE COMMISSION 

 53 

 ARTICLE XI 
 MISCELLANEOUS 
 Section 11.1 Relationship Between Sellers and Buyer. Nothing in
this Agreement shall be deemed to create or constitute a partnership, joint venture or association among the Parties or to impose a trust (except as provided in Sections 5.2, 5.4, 5.7 and 6.1(k)) or partnership duty, obligation or liability on or
with regard to the Parties. 
 Section 11.2 Joint and Several Liability. Except as provided in Section 8.4 with
respect to DETM and DEMLP, the obligations of the Sellers hereunder shall be joint and several. 
 Section 11.3 Notices.
All notices and other communications between the Parties shall be in writing and shall be deemed to have been duly given when (i) delivered in person, (ii) five days after posting in the United States mail having been sent registered or
certified mail return receipt requested or (iii) delivered by telecopy and promptly confirmed by delivery in person or post as aforesaid in each case, with postage prepaid, addressed as follows: 
  

	 	(a)	If to Buyer, to: 

 Barclays Bank PLC

 200 Park Avenue 
 New York, NY 10166 
 Attention: Legal Director, Commodities 
 Telecopy: 212-412-1825 
  

	 	(b)	If to Sellers, to: 

 Duke Energy North
America, LLC 
 5400 Westheimer Court 
 Houston, Texas 77056-5310 
 Attention: Chief Financial Officer 
 Telecopy: 713-627-6012 
 and 
 Attention: Sharon Ridge 
 Telecopy: 713-989-0368 
  

 54 

 and to: 
 Duke Energy Corporation 
 5400 Westheimer Court 
 Houston, Texas 77056-5310 
 Attention: General Counsel – Acquisitions & Divestitures 
 Telecopy: 713-386-4087 
 and to: 
 Duke Energy Corporation 
 400 Tryon Street, Suite 1800 
 Charlotte, NC 28202 
 Attention: Chief Risk Officer 
 Telecopy: 980-373-6632. 
 or to such other address or addresses as the Parties may from time to time designate in writing. 
 Section 11.4 Assignment. No Party shall assign this Agreement or any part hereof without the prior written consent of the other Parties except that any Seller shall be entitled to assign this Agreement or any part thereof
to one or more of its Affiliates (which assignment shall not, without the consent of Buyer, release the assigning Seller of its obligations hereunder). Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the
Parties and their respective permitted successors and assigns. 
 Section 11.5 Rights of Third Parties. Except for the
provisions of Articles VIII, nothing expressed or implied in this Agreement is intended or shall be construed to confer upon or give any Person, other than the Parties, any right or remedies under or by reason of this Agreement. 
 Section 11.6 Expenses. Except as otherwise expressly provided in this Agreement, whether or not the transactions contemplated hereby
are consummated, each Party will pay its own costs and expenses incurred in anticipation of, relating to and in connection with the negotiation and execution of this Agreement and the transactions contemplated hereby. 
  

 55 

 Section 11.7 Counterparts. This Agreement may be executed in two or more counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Any facsimile copies hereof or signature hereon shall, for all purposes, be deemed originals. 
 Section 11.8 Entire Agreement. This Agreement (together with the Disclosure Schedule and exhibits to this Agreement), the
Confidentiality Agreement and the Ancillary Agreements to which the Parties are a party constitute the entire agreement among the Parties and supersede any other agreements, whether written or oral, that may have been made or entered into by or
among any of the Parties or any of their respective Affiliates relating to the transactions contemplated hereby. No representations, warranties, covenants, understandings, agreements, oral or otherwise, relating to the transactions contemplated by
this Agreement exist between the Buyer and its Affiliates, on the one hand, and the Sellers and their Affiliates, on the other hand, or any of their respective Affiliates, except as expressly set forth in this Agreement or the Ancillary Agreements.
Nothing in any of the Ancillary Agreements shall be deemed to alter, amend or otherwise modify any obligation of Sellers or Buyer under this Agreement. In the event of any conflict between the terms of any Ancillary Agreement and the terms of this
Agreement, the terms of this Agreement shall control. 
 Section 11.9 Acknowledgement by Buyer. Buyer has not relied on
any representation or warranty from Sellers or any of their Affiliates except as set forth in this Agreement and the Ancillary Agreements. 
 Section 11.10 Disclosure Schedule. Unless the context otherwise requires, all capitalized terms used in the Disclosure Schedule shall have the respective meanings assigned in this Agreement. No reference to or disclosure
of any item or other matter in the Disclosure Schedule shall be construed as an admission or indication that such item or other matter is material or that such item or other matter is required to be referred to or disclosed in the Disclosure
Schedule. No disclosure in the Disclosure Schedule relating to any possible breach or violation of any agreement, Law or regulation shall be construed as an admission or indication that any such breach or violation exists or has actually occurred.
Information disclosed in the Disclosure Schedule shall constitute a disclosure for all purposes under this Agreement notwithstanding any reference to a specific section, and all such information shall be deemed to qualify the entire Agreement and
not just such section. 
 Section 11.11 Amendments. This Agreement may be amended or modified in whole or in part, and
terms and conditions may be waived, only by a duly authorized agreement in writing which makes reference to this Agreement executed by each Party affected thereby. All remedies, either under this Agreement or by Law or otherwise afforded, shall be
cumulative and not alternative. 
 Section 11.12 Severability. If any provision of this Agreement is held to be illegal,
invalid or unenforceable under any present or future Law, and if the rights or obligations of any Party under this Agreement will not be materially and adversely affected thereby, such provision will be fully severable, this Agreement will be
construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part hereof, the remaining provisions of this Agreement will remain in full force and effect and will not be affected by the 
  

 56 

 
illegal, invalid or unenforceable provision or by its severance herefrom and in lieu of such illegal, invalid or unenforceable provision, there will be added
automatically as a part of this Agreement a legal, valid and enforceable provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible. 
 Section 11.13 Governing Law; Jurisdiction. 
 (a) This Agreement shall be governed by and construed in accordance with the Laws of the State of New York, without regard to the Laws that might be applicable under conflicts of laws principles other than
Section 5-1401 of the New York General Obligations Law. 
 (b) The Parties hereby submit to the non-exclusive jurisdiction of the courts
of the State of New York in respect of any legal proceeding arising out of or related to this Agreement. Each Party waives any objection which it may have at any time to the laying of venue of any proceedings brought in any such court, waives any
claim that such proceedings have been brought in an inconvenient forum, and further waives the right to object, with respect to such proceedings, that such court does not have any jurisdiction over such Party. The Parties further agree that the
Parties shall not bring suit with respect to any disputes arising out of this Agreement or the transactions contemplated hereby in any court or jurisdiction other than the above specified courts; provided, however, that the foregoing
shall not limit the rights of the Parties to obtain execution of judgment in any other jurisdiction. The Parties further agree, to the extent permitted by Law, that a final and non-appealable judgment against a Party in any action or proceeding
contemplated above shall be conclusive and may be enforced in any other jurisdiction within or outside the United States by suit on the judgment, a certified or exemplified copy of which shall be conclusive evidence of the fact and amount of such
judgment. 
 (c) To the extent that any Party hereto has or hereafter may acquire any immunity from jurisdiction of any court or from any
legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, each such party hereby irrevocably (i) waives such immunity in
respect of its obligations with respect to this Agreement and (ii) submits to the personal jurisdiction of any court described in Section 11.13(b). 
 (d) THE PARTIES HERETO AGREE THAT THEY HEREBY IRREVOCABLY WAIVE THE RIGHT TO TRIAL BY JURY IN ANY ACTION TO ENFORCE OR INTERPRET THE PROVISIONS OF THIS AGREEMENT. 
  

 57 

 IN WITNESS WHEREOF this Agreement has been duly executed and delivered by each Party as of the date first
above written. 
  

			
	SELLERS:
	
	DUKE ENERGY MARKETING
	AMERICA, LLC
		
	By:	 	 /s/ Robert B. Evans

	Name:	 	
	Title:	 	President
	
	DUKE ENERGY NORTH AMERICA, LLC
		
	By:	 	 /s/ Robert B. Evans

	Name:	 	
	Title:	 	President and CEO
	
	DUKE ENERGY TRADING AND
	MARKETING, L.L.C.
		
	By:	 	 /s/ Larry A. Wall

	Name:	 	
	Title:	 	President
	
	DUKE ENERGY MARKETING LIMITED PARTNERSHIP
		
	By:	 	 /s/ Larry A. Wall

	Name:	 	
	Title:	 	President

  

 Exhibit F – Page 58 

			
	ENGAGE ENERGY CANADA, L.P.
	
	By: ENGAGE ENERGY CANADA CO.
		
	 By:
	 	 /s/ Robert B. Evans

	 Name:
	 	
	 Title:
	 	 President

	
	BUYER:
	
	BARCLAYS BANK PLC
		
	 By:
	 	 /s/ Joseph Gold

	 Name:
	 	
	 Title:
	 	 Managing Director

  

 Exhibit F – Page 59

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