Document:

Master Solar Module Sales Agreement

 Exhibit 10.1 
 [*] Designates portions of this document that have been omitted pursuant to a request for confidential treatment filed separately with the Commission. 

MASTER SOLAR MODULE SALES AGREEMENT 
 THIS MASTER SOLAR MODULE SALES AGREEMENT (this “Agreement”) is entered into as of November 9, 2011 by and between KDC Solar Credit LS LLC, a New Jersey limited liability company
(“Buyer”), and Solar Power, Inc., a California corporation (“Seller”). Buyer and Seller are referred to herein individually as a “Party” and collectively as the “Parties”.

 RECITALS 
 A. Buyer through its Affiliates is developing multiple photovoltaic solar electric energy generation projects in New Jersey (the “Projects”). 

B. Seller sells photovoltaic solar modules that convert photons in light to electricity (the “Modules”). 

C. In connection with the Projects, Buyer desires to purchase Modules from Seller, and Seller desires to sell Modules to Buyer, all as
more particularly described herein. 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties
hereby agree as follows: 
 ARTICLE 1 
 DEFINITIONS AND INTERPRETATION 
 1.1 Definitions. Capitalized terms
used in this Agreement without other definition shall have the meanings set forth below: 
 “Affiliate” means,
with respect to any entity, another entity which controls, is controlled by, or is under common control with the first entity. For purposes of this definition “control” (including, with correlative meanings, the terms “controlled
by” and “under common control with”), as used with respect to any entity, means the possession, directly or indirectly through one or more intermediaries, of any of the following with respect to another entity (a) the legal or
beneficial ownership of more than 50% of the economic interest in such entity, (b) the power to elect more than 50% of the directors, managers or other voting members of the governing body of such entity or (c) the legal or beneficial
ownership of more than 50% of the voting securities (or equivalent voting interests) in such entity. 
 “Buyer”
has the meaning set forth in the preamble to this Agreement. 
 “Contract Amount” has meaning set forth in
Section 3.1. 

  
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 “Day” means a calendar day. 

“Delayed Payment Rate” means a rate of interest of 2% per year above the interest rate specified in
Section 3.1, or the maximum rate permitted by applicable Law, whichever is less. 
 “Event of Default” has
the meaning set forth in Section 8.1. 
 “Laws” means all laws, statutes, treaties, ordinances,
codes, judgments, decrees, directives, guidelines, policies, injunctions, writs, orders, rules, regulations, interpretations, licenses, permits and other approvals with, from or of any governmental authority having jurisdiction over the Modules, the
applicable Project and this Agreement and each other document, instrument and agreement delivered hereunder or in connection herewith, including those relating to health, safety or the environment. 

“Module” has the meaning set forth in the recitals. 

“Payment Security Agreement” means a Purchase Money Security Agreement between the Parties substantially in the form
attached hereto as Exhibit B. 
 “Seller” has the meaning set forth in the preamble to this Agreement.

 “Specifications” means the specifications for the Modules set forth in Exhibit A. 

“Standards and Codes” means, collectively, UL 1703, IEC 61730, IEC 61215, CEC, Class C Fire Rating and IEC labeled for
application at up to 1000V maximum system voltage. 
 1.2 Rules of Interpretation. The Rules of Interpretation set forth
below shall apply to this Agreement: 
 (a) The terms “herein,” “herewith” and
“hereof” are references to this Agreement. 
 (b) The term “includes” or
“including” shall mean “including, without limitation”. 
 (c) References to a
“Section,” “subsection,” “clause,” “Article” or “Exhibit” shall mean a Section, subsection, clause, Article or Exhibit of this Agreement, as the case may be, unless in any such case the context
requires otherwise. 
 (d) All references to an agreement, instrument or other document, or to any Law, Standard
or Code, shall be a reference to such agreement, instrument or other document, or to such Law, Standard or Code, modified, amended, supplemented or restated from time to time. 

(e) Reference to a person or party includes its successors and permitted assigns. 

  
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 (f) The singular shall include the plural and the masculine shall include
the feminine and neuter, and vice versa. 
 (g) Where the words “required,” “approved,”
“satisfactory,” “determined,” “acceptable,” “decision,” or words of like import are used in this Agreement, action by Buyer is indicated unless the context clearly indicates otherwise. 

(h) References to “dollar” or “$” are to US dollars. 

ARTICLE 2 

PURCHASE AND SALE OF MODULES 
 Buyer hereby purchases from Seller and Seller hereby sells to Buyer 128,139 Modules conforming to the Specifications on the terms and conditions set forth in this Agreement. The Modules purchased pursuant
to this Agreement shall consist of (a) 10,474 LDK-230P-20 Modules, (b) 93,108 LDK-235P-20Modules, (c) 10,349 LDK-250D-20 Modules, (d) 5,867 LDK-260P-20 Modules, and (e) 8,341 LDK-280P-24Modules. 

ARTICLE 3 

CONTRACT PRICE AND PAYMENT TERMS 
 3.1 Contract Amount. The price for each Module shall be equal to (a) $[*] per watt plus (b) interest on such amount at the rate of [*] percent ([*]%) per year from the date that is thirty
(30) Days after the date that title to such Module passes from Seller to Buyer pursuant to Section 4.2 until the date such amount is paid pursuant to Section 3.3 (the “Contract Amount”). 

3.2 Full Compensation. The Contract Amount is the complete compensation for the provision of all Modules purchased by Buyer and
includes (a) all sales, use, export, import, customs and other taxes, duties, tariffs and other similar amounts levied or assessed under any law, rule or regulation in any applicable jurisdiction up to the point of title transfer and delivery
as set forth in Section 4.1, (b) all packaging, transportation, shipping, transit, insurance and similar costs and charges of Seller, and (c) all licensing fees, royalties or other similar charges, in each case of any and all
kinds imposed with respect to the provision of any Modules or otherwise with respect to the transactions contemplated hereby, including any increases in any of the same during the term of this Agreement. 

3.3 Payment Schedule. Buyer shall pay Seller the Contract Amount in [*] ([*]) installments: (a) [*] percent ([*] %) of the
Contract Amount by [*] ([*]) Days from the date of this Agreement, (b) [*] percent ([*] %) of the Contract Amount by [*] ([*]) Days from the date of this Agreement and (c) [*] percent ([*] %) of the Contract Amount by [*] ([*]) Days from
the date of this Agreement. 
 3.4 Payment. On each payment date set forth in Section 3.3, Buyer shall pay
Seller the full amount of the Contract Amount then due. All payments to Seller shall be made by wire transfer to the account of Seller as Seller shall designate by written notice to Buyer. 

  
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 3.5 Late Payments. If there is a dispute regarding any amount payable hereunder, the
amount not in dispute shall be promptly paid as described in this Article 3, and any disputed amount which is ultimately determined to be payable shall be paid with interest, at the Delayed Payment Rate, from the date due to the date of
payment. 
 ARTICLE 4 
 DELIVERY, TITLE, INSPECTIONS AND RISK OF LOSS 
 4.1 Delivery of Modules
and Packaging. Seller shall deliver the Modules to Buyer on or prior to December 21, 2011. Seller, at its own cost and expense, shall be responsible for arranging delivery of the Modules to Buyer FCA (Incoterms 2010) to Yantian (Nanchang),
China and Yangshan (Suzhou), China. Seller shall provide such assistance as may be reasonably requested by Buyer at Buyer’s expense in arranging for further transportation of the Modules from such port to the United States. Seller shall
package, mark and handle the Modules in accordance with prudent commercial practices in the United States solar industry. All packaging (inner and outer cartons) shall identify the contents by manufacturing model number and serial number for each
Module contained in such packaging, and all labeling shall be bar-coded. Seller shall also provide the following with the Modules: (a) installation manual, (b) specification sheet, (c) flash test data for each Module and
(d) UL/IEC certification. 
 4.2 Transfer and Warranty of Title. Title to each Module shall pass from Seller to
Buyer upon delivery of such Module to Buyer’s FCA logistics provider at the ports described in Section 4.1 in accordance with the terms of this Agreement. Seller warrants good title to all Modules furnished hereunder, and Seller
warrants that title and ownership thereto shall pass to and vest in Buyer as described in this Section 4.2 free and clear of any and all liens, claims, charges, security interests, encumbrances and rights of other persons other than
those arising (a) as a result of any actions of Buyer or its Affiliates and (b) pursuant to the Payment Security Agreement. 
 4.3 Delivery Inspections. Buyer may reject any Module if, after visual inspection thereof prior to delivery under Section 4.1, it appears in Buyer’s reasonable judgment that
any portion thereof is materially damaged or such Module is not the Module ordered. All other Modules shall be deemed accepted by Buyer upon delivery, subject to Buyer’s rights under the LDK warranty which is attached Exhibit C. If Buyer
rejects any Module, such Module shall not be delivered to Buyer pursuant to Section 4.1 and Seller shall replace the rejected Module and deliver a replacement Module (in the same manner as specified in Section 4.1) within 30 Days
after Buyer’s written notice of rejection but in all events prior to December 31, 2011. 
 4.4 Risk of Loss.
Care, custody and control of the Modules, and risk of loss to the Modules, shall transfer from Seller to Buyer in accordance with the Incoterms (2010) designation “FCA”. 

  
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 ARTICLE 5 
 WARRANTIES 
 LDK Solar Co., Ltd. (“LDK”) provides the
warranties for the Modules set forth in Exhibit C. Notwithstanding anything to the contrary set forth in Exhibit C, Seller shall obtain from LDK the obligation, and shall pass such obligation to Buyer that all warranty periods with
respect to a Module shall commence upon delivery of such Module to an installation site but not later than twenty-four (24) months from the date of delivery. EXCEPT AS SET FORTH IN THIS ARTICLE 5, NEITHER SELLER NOR LDK MAKES ANY OTHER
WARRANTIES, EXPRESS OR IMPLIED, INCLUDING WARRANTY OF MERCHANTABILITY AND/OR FITNESS FOR A PARTICULAR PURPOSE OR USE. 

ARTICLE 6 

INDEMNIFICATION 
 6.1 General Indemnity by Seller. Seller shall fully indemnify, hold harmless, release and defend Buyer and its Affiliates and their respective representatives, agents and employees (“Buyer
Parties”) from and against any and all actions, claims, demands, damages, disability, losses, expenses (including reasonable attorneys’ fees and other defense costs) and liabilities of any nature (including property damage and personal
and bodily injury, sickness and disease) to the extent caused by (a) Seller’s (i) breach of any obligation, representation or warranty contained herein, and/or (ii) negligence or willful misconduct (including any such breach,
negligence or willful misconduct by Seller’s officers, employees, subcontractors and agents) or (b) any tariffs or similar charges imposed in respect of the Modules as a result of any trade case filed against Seller or LDK for improper
pricing and exporting of Modules to the United States or government support of the solar panel industry in China. 
 6.2
General Indemnity by Buyer. Buyer shall fully indemnify, hold harmless, release and defend Seller and its Affiliates and their respective officers, employees, and agents from and against any and all actions, claims, demands, damages,
disability, losses, expenses (including reasonable attorneys’ fees and other defense costs) and liabilities of any nature (including property damage and personal and bodily injury, sickness and disease) to the extent caused by Buyer’s
(a) breach of any material obligation, representation or warranty contained herein, and/or (b) negligence or willful misconduct (including any such breach, negligence or willful misconduct by Buyer’s officers, employees,
subcontractors and agents). 
 6.3 Proprietary Rights. Seller shall defend, indemnify and hold harmless the Buyer Parties
from any claim of any third party that any Module furnished under this Agreement infringes any patent, copyright or other intellectual property rights of any type. Seller shall, at its own expense and option, either (a) settle or defend the
claim or any suit or proceeding and pay all damages and costs awarded in it against any Buyer Party, (b) procure for Buyer, or reimburse Buyer for procuring, the right to continue using the infringing Module or (c) modify or replace the
infringing Module so that it becomes non-infringing, in each case in a manner and time period reasonably acceptable to Buyer. 

  
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 6.4 Term of Indemnities. Notwithstanding any other provision in this Agreement to the
contrary, the indemnification obligations and rights set forth in this Article 6 shall survive the expiration or other termination of this Agreement, and Buyer’s acceptance of Modules shall not be construed to relieve either Party of any
obligation under this Article 6. 
 ARTICLE 7 

COMPLIANCE WITH LAWS AND STANDARDS AND CODES 
 Seller shall at all times comply, and shall assure that the Modules at the time of delivery comply, in all material respects, with all Laws and Standards and Codes applicable to the design and/or
manufacture of the Modules, the delivery thereof, and the performance by Seller of its other obligations hereunder, including all Laws and Standards and Codes relating to hazardous, toxic and similar substances and the protection of the environment.

 ARTICLE 8 
 DEFAULT AND TERMINATION 
 8.1 Events of Default. Each of the
following events in respect of a Party shall be an “Event of Default” with respect to the such Party: 
 (a) Such Party fails to make payment of any amount when due under this Agreement (other than amounts disputed in good faith) as required to be made by such Party which failure continues for 5 Days after
receipt of written notice of such non-payment from the other Party; 
 (b) Such Party fails to cure a material
default in the performance of its obligations under this Agreement not otherwise specifically addressed in this Section 8.1 within 10 Days after receipt of written notice of the particulars of such material default from the other Party;

 (c) If any representation, or warranty made by such Party herein was materially false misleading when made,
and such Party fails to remedy such materially false or misleading representation or warranty and to make the other Party whole for any consequences thereof within 30 Days after receipt of written notice of the particulars of such materially false
or misleading representation or warranty from the other Party; or 
 (d) If such Party files a petition in
bankruptcy, files a petition seeking reorganization, arrangement, composition or similar relief, or makes an assignment for the benefit of creditors, or if any involuntary petition or proceeding under bankruptcy or insolvency laws is instituted
against such Party and not stayed, enjoined or discharged within 90 Days. 

  
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 8.2 Remedies for Event of Default by Buyer. 

(a) In the event of an Event of Default by Buyer, Seller shall have the right to terminate this Agreement by giving
written notice to Buyer. Any such termination shall be without prejudice to any other right or remedy Seller may have under this Agreement or at Law or in equity with respect to the obligations of Buyer hereunder (including the remedy of contract
damages), and no such remedy of Seller shall be exclusive of any other remedy. 
 (b) In the event of an Event of
Default by Buyer pursuant to Section 8.1(a) in respect of the payment of the Contract Amount for a quantity of Modules, Seller may in its sole discretion elect to exercise all rights and remedies under the Payment Security Agreement in
respect of such quantity of Modules. If Seller elects to exercise its rights under the Payment Security Agreement, Seller shall use commercially reasonable efforts to dispose of the collateral thereunder by public sale, in accordance with the
provisions of the Payment Security Agreement and the applicable provisions of the Uniform Commercial Code (“UCC”). Seller shall have the right to participate in any such sale and credit bid the Contract Amount in respect of such
quantity of Modules and the reasonable expenses of collection and enforcement, including, attorney’s fees and legal expenses. Cash proceeds from any such sale shall be applied in the following order: (i) the reasonable expenses of
collection and enforcement, including, attorney’s fees and legal expenses, (ii) the satisfaction of the Contract Amount obligation which shall include interest at the Delayed Payment Rate through and including the date of sale and
(iii) any surplus paid to Buyer. 
 8.3 Termination for Event of Default by Seller. In the event of an Event of
Default by Seller, Buyer shall have the right to terminate this Agreement by giving written notice to Seller. Any such termination shall be without prejudice to any other right or remedy Buyer may have under this Agreement or at Law or in equity
with respect to the obligations of Seller hereunder (including the remedy of contract damages), and no such remedy of Buyer shall be exclusive of any other remedy. 
 ARTICLE 9 
 REPRESENTATIONS AND WARRANTIES OF PARTIES 

9.1 Representations by Seller. Seller hereby represents and warrants to Buyer as follows: 

9.1.1 Due Organization; Good Standing. Seller is a corporation duly organized, validly existing and in good
standing under the laws of California. No action relating to the insolvency, liquidation or suspension of payments of Seller has been taken. 
 9.1.2 Due Authorization. The execution, delivery and performance of this Agreement by Seller have been duly authorized by all necessary corporate action and do not and will not require the consent
of any trustee or holder of any indebtedness or other obligation of Seller or any other party to any other contract with Seller except for any consents that have been obtained. 

  
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 9.1.3 Execution and Delivery. This Agreement has been duly executed
and delivered by Seller. This Agreement constitutes the legal, valid and binding obligation of Seller, enforceable against Seller in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency or
similar laws affecting creditors’ rights generally and by general equitable principles. 
 9.1.4
Governmental Approvals. No governmental authorization, approval, order, license, permit franchise or consent, and no registration, declaration or filing with any governmental authority is required on the part of Seller in connection with the
execution, delivery and performance of this Agreement except those which have already been obtained or which Seller anticipates will be timely obtained in the ordinary course of performance of this Agreement and before being required by applicable
Law. 
 9.1.5 No Conflict. The execution, delivery and performance by Seller of this Agreement will not
conflict with or cause any default under (a) its organizational documents, (b) any indebtedness or other obligation of it or any contract to which it is a party or by which it or its properties may be bound or (c) as of the date
hereof, any applicable Law governing Seller or its performance hereunder; and will not subject the Buyer or any Project or any component thereof (including the Modules) to any lien or encumbrance other than as contemplated or permitted by this
Agreement. 
 9.1.6 Intellectual Property Rights. Without limiting Seller’s obligations pursuant to
Section 11.1, the Modules to be supplied by Seller under this Agreement, and Buyer’s intended use of such Modules in the Projects as described herein, do not and will not violate or infringe any intellectual property rights or other
rights of third parties. 
 9.1.7 Purchase Order with LDK. Within three (3) Days of the date of this
Agreement, Seller shall order the Modules which are the subject of this Agreement from LDK and provide a copy of the purchase order to Buyer. Other than the price for the Modules, such purchase order shall incorporate and include the same terms and
conditions as between Seller and LDK as set forth in Articles 2-7 and Section 11.1 of this Agreement and state that Buyer is an intended third party beneficiary of such terms. Notwithstanding any other provision of this Agreement, including,
without limitation, the provisions of Article 8, Buyer shall have three (3) Days after Seller provides a copy of the purchase order with LDK to Buyer to accept or reject the terms of the purchase order. In the event that Buyer rejects such
purchase order, the sole remedy and right of Buyer shall be to terminate this Agreement within such three (3) Day period, and neither Buyer nor Seller shall have any further rights, remedies, or obligations to each other under this Agreement.
In the event that Buyer accepts the terms of the purchase order, the purchase order shall be deemed to comply with all of the requirements set forth under this Section 9.1.7. In the event that Buyer does not respond within such three
(3) Day period, Buyer shall be deemed to have accepted the purchase order under this provision. 

  
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 9.2 Representations by Buyer. Buyer hereby represents and warrants to Seller as
follows: 
 9.2.1 Due Organization; Good Standing. Buyer is a limited liability company duly organized,
validly exiting and in good standing under the laws of the State of New Jersey. No action relating to the insolvency, liquidation or suspension of payments of Buyer has been taken. 

9.2.2 Due Authorization. The execution, delivery and performance of this Agreement by Buyer have been duly
authorized by all necessary company action and do not and will not require the consent of any trustee or holder of any indebtedness or other obligation of Buyer or any other party to any other contract with Buyer, except for any consents that have
been obtained. 
 9.2.3 Execution and Delivery. This Agreement has been duly executed and delivered by
Buyer. This Agreement constitutes the legal, valid and binding obligation of Buyer, enforceable against Buyer in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting
creditors’ rights generally and by general equitable principles. 
 9.2.4 Governmental Approvals. No
governmental authorization, approval, order, license, permit, franchise or consent, and no registration, declaration or filing with any governmental authority is required on the part of Buyer in connection with the execution, delivery and
performance of this Agreement except those which have already been obtained or which Buyer anticipates will be timely obtained in the ordinary course of performance of this Agreement and before being required by applicable Law. 

9.2.5 No Conflict. The execution, delivery and performance by Buyer of this Agreement will not conflict with or
cause any default under (a) its organizational documents, (b) any indebtedness or other obligation of Buyer or any contract to which Buyer is a party or by which it or its properties may be bound or (c) as of the date hereof, any
applicable Law governing Buyer or the performance of its obligations hereunder. 
 ARTICLE 10 

DISPUTE RESOLUTION 
 10.1 Good Faith Negotiations. If any question, dispute, difference or claim arises out of or in connection with this Agreement, including any question regarding its existence, validity, performance
or termination (a “Dispute”), which either Party has notified to the other, senior management personnel from each Party shall meet and diligently attempt in good faith to resolve the Dispute for a period of thirty (30) Days
following one Party’s written request to the other Party for such a meeting. If, however, either Party refuses or fails to so meet, or the Dispute is not resolved by negotiation during such 30-Day period, the provisions of
Section 10.2 shall apply. 
 10.2 Venue and Jurisdiction of Legal Action or Proceeding. With respect to any
Dispute that is not settled to the mutual satisfaction of the Parties pursuant to Section 10.1, the claiming Party shall have the right to commence binding arbitration in Somerset County, New Jersey pursuant to the Construction Industry
Rules of the American Arbitration Association (AAA). However, notwithstanding that AAA Rules may provide otherwise, the Parties agree that the prevailing party, as determined by the AAA arbitrator(s), shall be entitled to an award of its counsel
fees, arbitrators’ fees and AAA charges. 

  
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 ARTICLE 11 
 MISCELLANEOUS 
 11.1 Grant of License Regarding Intellectual Property
Rights. Seller hereby grants to Buyer and its successors and permitted assigns a continuing, non-exclusive, transferable and irrevocable right and license, for so long as any of them has any rights of ownership in or to the Modules, and on a
royalty-free basis, to import, purchase, install, use, operate, maintain, repair and sell the Modules. 
 11.2 Applicable
Law. This Agreement, and the rights and obligations of the Parties and any dispute arising under or relating thereto (whether in contract, tort or otherwise), shall be governed by, and construed in accordance with, the laws of the State of New
Jersey, without giving effect to the conflict of law rules thereof or any other statute or doctrine that might call for the application of the laws of any other jurisdiction. 
 11.3 Assignment. Buyer shall have the right to assign this Agreement in whole or in part or any Modules, with notice to, but without the consent of Seller to any Affiliate who agrees
unconditionally to assume in writing all the obligations under this Agreement and the Payment Security Agreement with regard to any Modules sold, transferred or assigned hereby. A copy of such assumption shall be provided with any notice of
assignment hereunder. 
 11.4 Severability. The invalidity of one or more phrases, sentences, clauses, sections or
articles contained in this Agreement shall not affect the validity of the remaining portions of this Agreement so long as the material purposes of this Agreement can be determined and effectuated. 

11.5 Amendments. No change, amendment or modification of this Agreement shall be valid or binding upon the Parties unless such
change, amendment or modification shall be in writing and duly executed by the Parties. 
 11.6 Non-Waiver. Any failure
of any Party to enforce any of the provisions of this Agreement or any decision or failure to require compliance with any of its terms at any time during the pendency of this Agreement shall in no way affect the validity of this Agreement, or any
part hereof, and shall not be deemed waiver of the right of such Party thereafter to enforce any and each such provision. 

11.7 Successors and Assigns. Subject to Section 11.3, this Agreement shall be binding upon and inure to the benefit of
the Parties, their successors and permitted assigns. 
 11.8 Counterparts and Execution. This Agreement may be signed in
any number of counterparts and each counterpart shall represent a fully executed original as if signed by both Parties. Delivery of this Agreement may be accomplished by means of an exchange of facsimile or e-mailed signatures with original copies
to follow by mail or courier service. 

  
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 11.9 Notices. Notices and other communications by either Party under this Agreement
shall be deemed given when sent either by (a) upon personal delivery, (b) two (2) business days after the deposit with the US Postal Service, postage prepaid registered or certified mail, return receipt requested, (c) one
(1) Day after deposit with a nationally recognized courier service such as Federal Express, or (d) confirmed facsimile transmission, in each case addressed to the Parties as follows, or to such other address as either of the Parties shall
have provided to the other in writing pursuant to this Section: 
  

	 	Buyer:	    KDC Solar Credit LS LLC 

	 	    	     1545 Hwy 206 Suite 100 

	 	    	     Bedminster, New Jersey 07921 

	 	    	     Attn: President and Senior Vice President of Engineering 

 

	 	Seller:	    Solar Power, Inc. 

	 	    	     2249 Douglas Blvd., Suite 200 

	 	    	     Roseville, California 95661 

	 	    	     Fax: (916) 770-8199 

	 	    	     Attention: CFO 

 11.10 Complete Contract. This Agreement, including all Exhibits attached hereto, constitutes the complete agreement between the Parties regarding the subject matter hereof, and supersedes any and
all agreements made or dated prior thereto between the Parties relating to the subject matter hereof. 
 11.11 Survival.
The provisions of Articles 5, 6, 10 and 11 and of Section 4.2 and of Exhibit C shall survive the expiration or other termination of this Agreement. 

  
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 IN WITNESS WHEREOF, the Parties have entered into this Agreement as of the date set forth
above. 
  

									
	SELLER	 		 	BUYER
			
	Solar Power, Inc.	 		 	KDC Solar Credit LS LLC
					
	By:	 	/s/ James R. Pekarsky	 		 	By:	 	/s/ Alan M. Epstein
	Name:	 	James R. Pekarsky	 		 	Name:	 	Alan M. Epstein
	Title:	 	CFO	 		 	Title:	 	President

  
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 EXHIBIT A 
 SPECIFICATIONS 
 

 

  
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 EXHIBIT B 
 PURCHASE MONEY SECURITY AGREEMENT 
 THIS PURCHASE MONEY SECURITY AGREEMENT (this
“Security Agreement”), dated as of November 5, 2011, is made between Solar Power, Inc., a California corporation (“Secured Party”), and KDC Solar Credit LS LLC, a New Jersey limited liability company (“Debtor”).

 Debtor and Secured Party hereby agree as follows: 
 1. Definitions. Where applicable and except as otherwise defined herein, terms used in this Security Agreement shall have the meanings assigned to them in the New Jersey Uniform Commercial Code.

 2. Purchase Money Security Interest. 

(a) As security for the payment and performance of Debtor’s obligation to pay the Contract Amount as such term is
defined in the Master Solar Module Sales Agreement (the “Supply Agreement”), dated as of the date hereof, between Secured Party and Debtor (the “Obligations”), Secured Party hereby retains and Debtor hereby grants to Secured
Party a purchase money security interest pursuant to Section 9-103 of the New Jersey Uniform Commercial Code in all of Debtor’s right, title and interest in, to and under the Modules (as such term is defined in the Supply Agreement) (the
“Goods” or the “Collateral”), including, without limitation, the proceeds of the foregoing, all rights of Debtor to receive moneys due under or pursuant to the Collateral, all rights of Debtor to receive the proceeds of any
insurance with respect to the Collateral, or to receive and apply the proceeds of any judgments or settlements made in lieu thereof for damage to or diminution of the Collateral. 

(b) This Security Agreement shall create a continuing security interest in the Collateral which shall remain in effect
until terminated in accordance with Section 20 hereof. 
 (c) To the maximum extent permitted by applicable
law, the rights and remedies of the Secured Party hereunder, the liens created hereby and the obligations of the Debtor under this Security Agreement are absolute, irrevocable and unconditional and will remain in full force and effect without regard
to, and will not be released, suspended, discharged, terminated or otherwise affected by, any circumstance or occurrence whatsoever (other than upon the payment in full of the Obligations), including: 

(i) any invalidity, irregularity or unenforceability of any part of the Obligations, the Supply Agreement, or any other
agreement or instrument relating thereto; 
 (ii) any renewal, extension, amendment, or modification of, or
supplement to, or deletion from, the Supply Agreement, or any other agreement or instrument relating thereto, or any assignment or transfer of all or any part thereof; 

  
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 (iii) any change in the manner or place of payment of, or in any other term
of, all or any of the Obligations, or (y) any other amendment or waiver of, or any consent to any departure from, any indulgence or other action or inaction under or in respect of, the Supply Agreement, any of the Collateral, or any other
agreement or instrument relating thereto, or (z) any exercise or non exercise of any right, remedy, power or privilege under or in respect of any of the Obligations, this Security Agreement, the Supply Agreement, or any other agreement or
instrument relating hereto or thereto; 
 (iv) any modification of the time of payment of the Obligations;

 (v) any furnishing of additional security for the Obligations or any part thereof to the Secured Party or any
acceptance thereof by the Secured Party, or any substitution, sale, exchange, release, surrender or realization of or upon any such security by the Secured Party, or the failure to create, preserve, validate, perfect or protect any lien granted to,
or purported to be granted to, or in favor of, the Secured Party; or 
 (vi) any other circumstance that might
otherwise constitute a defense available to, or a discharge of, the Debtor or any third party with respect to the payment in full of the Obligations. 
 3. Representations and Warranties. Debtor represents and warrants to Secured Party that Debtor’s jurisdiction of organization is New Jersey. Debtor’s exact legal name is as set forth in
the first paragraph of this Security Agreement. Debtor owns the Collateral free of all liens, claim, encumbrances and security interests other than the security interest of the Secured Party. The execution, delivery and performance by Debtor of this
Security Agreement do not contravene (or require any consent or approval that has not been obtained under) (a) Debtor’s organic documents, (b) any law binding on or affecting Debtor or (c) any contractual obligation binding on or
affecting Debtor. This Security Agreement has been duly authorized, validly executed and delivered, and constitutes the legal, valid and binding obligation of Debtor enforceable against Debtor in accordance with its terms. 

4. Covenants. So long as any of the Obligations remain unpaid, Debtor agrees that: 

(a) Debtor shall give Secured Party at least ten (10) days’ prior written notice of: (i) any change in the
location of Debtor’s principal business address; (ii) any change in its name; (iii) any changes in its identity or structure in any manner which might make any financing statement filed hereunder incorrect or misleading; (iv) any
change in its registration as a limited liability company (or any new such registration); and (v) any change in its jurisdiction of organization. 
 (b) Debtor shall keep the Collateral free of all liens other than the lien created by this Security Agreement. 
 (c) Debtor shall pay and discharge all taxes, fees, assessments and governmental charges or levies imposed upon it with respect to the Collateral prior to the date on which penalties attach thereto.

  
 20 

 (d) Debtor shall promptly execute and deliver all further instruments and
documents, and take all further action, that may be reasonably necessary (including under any applicable law and, in any event, under Section 9-106 of the UCC), or that Secured Party may reasonably request, in order to create, perfect,
establish and preserve the validity, perfection and priority of the liens granted by this Security Agreement in any and all of the Collateral, protect the collateral assignment and security interest granted or intended to be granted hereby, or to
enable Secured Party to exercise and enforce its rights, powers, privileges and remedies hereunder with respect to any Collateral. 
 (e) Debtor shall not take any action that would impair in any material manner the enforceability of Secured Party’s security interest in and lien on any Collateral. 

(f) Debtor shall maintain and preserve its legal existence, its rights to transact business and all other rights,
franchises and privileges necessary or desirable in the normal course of its business and operations. 
 5. Authorization;
Secured Party Appointed Attorney in-Fact, Further Assurances. 
 (a) Secured Party shall have the right to,
and Debtor hereby authorizes it to, file any of the financing statements and other documents and instruments which must be filed to perfect or continue perfected, maintain the priority of or provide notice of Secured Party’s security interest
in the Collateral. 
 (b) Secured Party shall have the right to in the name of Debtor, upon prior written notice
to, but without the requirement of assent by Debtor, and only upon Debtor’s failure to take such action promptly after Secured party’s reasonable request, and Debtor hereby constitutes and appoints Secured Party (and any of Secured
Party’s officers, employees or agents designated by Secured Party) as Debtor’s true and lawful attorney-in-fact, with full power and authority only to: (i) execute documents or notices in connection with the federal assignment of
claims act and (ii) execute any and all such other documents and instruments, and do any and all acts and things for and on behalf of Debtor, which Secured Party may deem reasonably necessary or advisable to maintain, protect, realize upon and
preserve the Collateral and Secured Party’s security interest therein and to accomplish the purposes of this Security Agreement. The foregoing limited power of attorney is coupled with an interest and irrevocable, but shall terminate upon the
satisfaction of the Obligations. 
 (c) Debtor agrees that from time to time, at the expense of Debtor, that it
shall promptly execute and deliver all further instruments and documents, and take all reasonable further action, that may be necessary or reasonably desirable, or that Secured Party may reasonably request, in order to create and/or maintain the
validity, perfection or priority of any security interest granted or purported to be granted hereby or to enable Secured Party to exercise and enforce its rights and remedies hereunder with respect to any Collateral. 

  
 21 

 6. Remedies. Upon any Event of Default, Secured Party shall have all rights of a
secured party at law or in equity, including, without limitation, those available under the New Jersey Uniform Commercial Code (and any other applicable Uniform Commercial Code). Upon the occurrence and during the continuation of an Event of
Default, the proceeds of any sale of, or other realization upon, all or any part of the Collateral shall be applied in accordance with the Uniform Commercial Code. The Debtor shall remain liable for any deficiency. 

7. Events of Default. Any of the following events which shall occur and be continuing shall constitute an “Event of
Default”: 
 (a) Failure to pay the Obligations when due. 

(b) Any material impairment in the value of the Collateral or the priority of Secured Party’s lien hereunder.

 (c) Any failure by Debtor to perform or comply with the terms and conditions of this Security Agreement,
including breach of any covenant contained herein, if such failure continues for ten (10) calendar days after notice to Debtor demanding that such failure to perform be cured. 

(d) Any representation or warranty made by Debtor in this Security Agreement was false or misleading in any material
respect when made. 
 (e) Any levy upon, seizure or attachment of any of the Collateral 

(f) Sale, assignment or transfer of the Collateral except in accordance with the terms of the Supply Agreement.

 8. Certain Waivers. Debtor waives, to the fullest extent permitted by law, (i) any right of redemption with
respect to the Collateral and all rights, if any, of marshalling of the Collateral; (ii) any right to require Secured Party (A) to proceed against any person or entity, (B) to exhaust any other collateral or security for any of the
Obligations, (C) to pursue any remedy in Secured Party’s power, or (D) to make or give any presentments, demands for performance, notices of nonperformance, protests, notices of protests or notices of dishonor in connection with any
of the Collateral; (iii) all claims, damages, and demands against Secured Party arising out of the repossession, retention, sale or application of the proceeds of any sale of the Collateral; (iv) all rights to assert the bankruptcy or
insolvency of Debtor as a defense hereunder or as the basis for rescission hereof; (v) all rights under any law purporting to reduce Debtor’s obligations hereunder if the Obligations are reduced (other than as a result of payment of the
Obligations); (vi) all defenses based on the disability or lack of authority of Debtor or any person, the repudiation of the Supply Agreement by Debtor or any person, the failure by Secured Party to enforce any claim against Debtor, or the
unenforceability in whole or in part of this Security Agreement or the Supply Agreement; and (vii) all suretyship and guarantor’s defenses generally. 

  
 22 

 9. Filing of Financing and Continuation Statements. The Debtor hereby authorizes the
filing of any financing statements or continuation statements, and amendments to financing statements, or any similar document in any jurisdictions and with any filing offices as Secured Party may reasonably determine are necessary or advisable to
perfect, or preserve the validity, perfection or priority of, the security interest granted to Secured Party herein. 
 10.
No Impairment of Remedies. If, in the exercise of any of its rights and remedies hereunder, Secured Party forfeits any of its rights or remedies, including any right to enter a deficiency judgment against Debtor or any other person, whether
because of any applicable law pertaining to “election of remedies” or otherwise, Debtor hereby consents to such action by Secured Party and, to the extent permitted by applicable law, waives any claim based upon such action, even if such
action by Secured Party would result in a full or partial loss of any rights of subrogation, indemnification or reimbursement which Debtor might otherwise have had but for such action by Secured Party or the terms herein. Any election of remedies
which results in the denial or impairment of the right of Secured Party to seek a deficiency judgment against Debtor shall not, to the extent permitted by applicable laws, impair Debtor’s obligations hereunder. 

11. Remedies Cumulative. No right, power or remedy herein conferred upon or reserved to Secured Party hereunder is intended to be
exclusive of any other right, power or remedy, and every such right, power and remedy shall, to the extent permitted by applicable law, be cumulative and in addition to every other right, power and remedy given hereunder existing at law or in equity
or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. Resort to any or all security now or hereafter held by
Secured Party may be taken concurrently or successively and in one or several consolidated or independent judicial actions or lawfully taken nonjudicial proceedings, or both. 
 12. Delay Not Waiver; Separate Causes of Action. No delay or omission to exercise any right, power or remedy accruing to Secured Party upon the occurrence of any Event of Default shall impair any
such right, power or remedy of Secured Party, nor shall it be construed to be a waiver of any such Event of Default, or an acquiescence therein, or of or in any other breach or default thereafter occurring, nor shall any waiver of any other breach
or default under this Security Agreement or the Supply Agreement be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of Secured Party of
any breach or default under this Security Agreement, or any waiver on the part of the Secured Party of any provision or condition of this Security Agreement, must be in writing and shall be effective only to the extent specifically set forth in such
writing. Each and every default by Debtor in payment hereunder shall give rise to a separate cause of action hereunder, and separate suits may be brought hereunder as each cause of action arises. 

  
 23 

 13. Governing Law. This Security Agreement and all actions arising out of or in
connection with this Agreement shall be governed by and construed in accordance with the laws of the State of New Jersey, without regard to the conflicts of law provisions of the State of New Jersey or of any other state. 

14. Successors and Assigns. The rights and obligations of Debtor and Secured Party hereunder shall be binding upon and benefit the
successors and assigns of the parties. Except in accordance with the terms of the Supply Agreement, Debtor is not entitled to assign, transfer or sell the Collateral or its obligations hereunder to any other person without the written consent of
Secured Party, and any purported assignment in violation of this provision shall be void. 
 15. Expenses. Debtor agrees
to pay on demand to Secured Party all costs and expenses incurred by Secured Party (including fees, expenses and disbursements of counsel) incident to its enforcement, exercise, protection or preservation of any of its rights, remedies or claims
under this Security Agreement. 
 16. Severability. If any provision of this Security Agreement is held to be illegal,
invalid or unenforceable, the legality, validity and enforceability of the remaining provisions of this Security Agreement shall not be affected or impaired thereby. The invalidity of a provision in a particular jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction. 
 17. Counterparts. This Security Agreement may be
executed in one or more counterparts, all of which together will constitute one and the same agreement. Facsimile copies of signed signature pages will be deemed binding originals. 

18. Reinstatement. This Security Agreement and the obligations of the Debtor hereunder shall automatically be reinstated if and to
the extent that for any reason any payment made pursuant to this Security Agreement or the Supply Agreement, is rescinded or must otherwise be restored or returned by Secured Party to Debtor, whether as a result of any proceedings in insolvency,
bankruptcy, liquidation or reorganization or otherwise with respect to the Debtor or any other person party to the Supply Agreement or as a result of any settlement or compromise with any person (including the Debtor) in respect of such payment, or
upon dissolution of, or appointment of any intervenor, conservator of, or trustee or similar official for, the Debtor or any other person party to the Supply Agreement or any substantial part of the Debtor’s or any other such person’s
assets, or otherwise, all as though such payments had not been made. 
 19. Entire Agreement. This Security Agreement,
together with the Supply Agreement, is intended by the parties as a final expression of their agreement as to the matters covered thereby and is intended as a complete and exclusive statement of the terms and conditions with respect to such matters.
This Security Agreement shall not be amended except pursuant to a written agreement signed by Debtor and Secured Party. 

  
 24 

 20. Termination. Upon payment and performance in full of all Obligations, the
security interest created under this Security Agreement shall terminate and Secured Party shall promptly execute and deliver to Debtor such documents and instruments reasonably requested by Debtor as shall be necessary to evidence termination of all
security interests given by Debtor to Secured Party hereunder. 
 [Remainder of page intentionally left blank] 

  
 25 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Purchase Money Security
Agreement as of the date first above written. 
  

									
	DEBTOR:	 		 	KDC Solar Credit LS LLC
					
		 		 		 	By:	 	/s/ Alan M. Epstein
		 		 		 	Name:	 	Alan M. Epstein
		 		 		 	Title:	 	President
			
	SECURED PARTY:	 		 	Solar Power, Inc.
					
		 		 		 	By:	 	James R. Pekarsky
		 		 		 	Name:	 	James R. Pekarsky
		 		 		 	Title:	 	CFO

  
 26 

 EXHIBIT C 
 WARRANTY 
 

 
  

LDK SOLAR 

Limited Warranty for PV Modules 
 2011 
 Thank you for purchasing a Photovoltaic Solar Module (“MODULE”‘)
manufactured by LDK Solar Hi Tech Co., Ltd. (“LDK SOLAR”). 
 1. Limited Product Warranty – Five Years Repair, Replacement or
Refund Remedy 
 LDK SOLAR warrants each MODULE will be free in all material respects from defects in materials and workmanship under normal
application, installation, use and service conditions for a period of sixty (60) months from the date of purchase of that MODULE by CUSTOMER (“SALES DATE”). If any MODULE fails to conform to the warranty in this Section 1, LDK SOLAR
will, at its sole option, either (a) repair or replace the MODULE or (b) refund a reasonable pro-rate portion of the purchase price paid by CUSTOMER for the MODULE (taking into account the period of reduced functionality for the MODULE as
a result of such failure). The foregoing remedies shall be LDK SOLAR’s sole and exclusive obligation, and CUSTOMER’s sole and exclusive remedy, for any MODULE’S failure to conform to the warranty in this Section 1 and any repair
or replacement shall not extend the warranty period set forth herein. The warranty in this Section 1 does not warrant a specific power output, which shall be exclusively covered Section 2 of this LIMITED WARRANTY. 

2. Minimum Peak Power Limited Warranties 

(a) Limited Remedy – 12 years 
 If,
within a period of twelve (12) years from the SALES DATE, any MODULE exhibits a power output less than ninety percent (90 %) of the minimum PEAK POWER AT STC (as defined in section ‘Definitions’) specified in LDK SOLAR’s
applicable product information sheet for the MODULE, and provided that such loss in power is determined by LDK SOLAR (at its sole and absolute discretion) to be due solely to defects in materials or workmanship, then LDK SOLAR will, at its sole
option, replace such loss in power by either (a) providing an additional MODULE to CUSTOMER to make up for such loss in power or (b) replacing the affected MODULE. The foregoing remedies shall be LDK SOLAR’s sole and exclusive
obligation, and CUSTOMER’s sole and exclusive remedy, for any MODULE’s failure to conform to the warranty in this Section 2(a) and any repair or replacement shall not extend the warranty period set forth herein. 

(b) Limited Remedy – 25 years 
 If,
within a period of twenty-five (25) years from the SALES DATE, any MODULE exhibits a power output less than eighty percent (80%) of the minimum PEAK POWER AT STC (as defined in section ‘Definitions’) specified in LDK SOLAR’s
applicable product information sheet for the MODULE, and provided that such loss in power is determined by LDK SOLAR (at its sole and absolute discretion) to be due solely to defects in materials or workmanship, then LDK SOLAR will, at its sole
option, replace such loss in power by either (a) providing an additional MODULE to CUSTOMER to make up for such loss in power or (b) replacing affected MODULE. The foregoing remedies shall be LDK SOLAR’s sole and exclusive obligation,
and CUSTOMER’s sole and exclusive remedy, for any MODULE’s failure to conform to the warranty in this Section 2(b) and any repair or replacement shall not extend the warranty period set forth herein. 

3. Exclusions and Limitations 
 In
addition to any other exclusion, limitations or conditions set forth in this LIMITED WARRANTY, the following exclusions and limitations apply to this LIMITED WARRANTY. 
  

			
	 LDK Solar Co. Ltd / Limited Warranty for PV Modules
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 (a) All warranty claims must be received d within the applicable warranty period for this warranty to be
effective. 
 (b) This LIMITED WARRANTY does not apply to any MODULE which, in LDK SOLAR’s sole judgment, has been subjected to:

  

	 	•	 	 Misuse, abuse, neglect or accident; 

  

	 	•	 	 Improper transportation, storage or handling 

  

	 	•	 	 Alteration, improper installation or application; 

  

	 	•	 	 Non-observance of LDK SOLAR’s installation and maintenance instructions; 

 

	 	•	 	 Repair or modifications by someone other than an approved service technician of LDK SOLAR; 

 

	 	•	 	 Installation in mobile applications or in marine environment; or 

 

	 	•	 	 Power failure surges, lighting, flood, fire, natural disaster, accidental breakage, vandalism or other events outside LDK SOLAR’s control.

 (c) This LIMITED WARRANTY does not cover any costs associated with installation, removal or re-installation of any MODULE
and (except as explicitly set forth in the final paragraph of Section 5 below) customs clearance or any other costs for return of any MODULE. 
 (d) Warranty claims will not be honored if the type or serial number of any MODULE has been altered, removed or made illegible. 
 4. Limitation of Warranty Scope 
 (a) Disclaimers 

THIS LIMITED WARRANTY IS EXPRESSLY IN LIEU OF AND EXCLUDES ALL OTHER EXPRESS OR IMPLIED WARRANTIES, INCLUDING BUT NOT LIMITED TO WARRANTIES OF
MERCHANTABILITY, TITLE, NON-INFRINGEMENT AND FITNESS FOR PARTICULAR PURPOSE, USE, OR APPLICATION, AND ALL OTHER OBLIGATIONS OR LIABILITIES ON THE PART OF LDK SOLAR, UNLESS SUCH OTHER OBLIGATIONS OR LIABILITIES ARE EXPRESSLY AGREED TOO IN A WRITING
SIGNED AND APPROVED BY LDK SOLAR. 
 (b) Limitation of Liability 
 TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, LDK SOLAR SHALL HAVE NO RESPONSIBILITY OR LIABILITY WHATSOEVER FOR DAMAGE OR INJURY TO PERSONS OR PROPERTY. OR FOR OTHER LOSS OR INJURY, RESULTING FROM
ANY CAUSE WHATSOEVER ARISING OUT OF OR RELATED TO ANY MODULE, INCLUDING, WITHOUT LIMITATION, ANY DEFECT IN ANY MODULE, OR FROM USE OR INSTALLATION OF ANY MODULE. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, UNDER NO CIRCUMSTANCES SHALL LDK
SOLAR BE LIABLE FOR INCIDENTAL CONSEQUENTIAL OR SPECIAL DAMAGES, HOWSOEVER CAUSED AND EVEN IF LDK SOLAR HAS BEEN ADVISED OF OR REASONABLY COULD HAVE FORESEEN SUCH DAMAGES. LOSS OF USE, LOSS OF PROFITS, LOSS OF PRODUCTION AND LOSS OF REVENUES ARE
HEREBY SPECIFICALLY AND WITHOUT LIMITATION EXCLUDED. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, LDK SOLAR’S AGGREGATE LIABILITY, IF ANY. IN DAMAGES OR OTHERWISE. SHALL NOT EXCEED THE AMOUNT PAID BY CUSTOMER FOR THE MODULE THAT GAVE RISE
TO THE WARRANTY CLAIM. 
 5. Warranty Claim Submission and Verification 
 If CUSTOMER believes it has a justified claim covered by, and wishes to seek a remedy under, this LIMITED WARRANTY, CUSTOMER must submit written notification directly to LDK SOLAR by mailing a registered
letter to the address of LDK SOLAR listed hereunder or by sending an email letter to the email account of LDK SOLAR listed hereunder in which CUSTOMER describes the claim in reasonable detail. Together with the notification, CUSTOMER must enclose
the original invoice or sales receipt (indicating, among other things, the SALES DATE and the model and 

  

			
	 LDK Solar Co. Ltd / Limited Warranty for PV Modules
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 28 

 

 
  
  

 
serial number of the MODULE(s)). Upon receipt, LDK SOLAR may in its sole and absolute discretion seek further verification of CUSTOMER’s claim. The return of any MODULES will not be accepted
unless prior written authorization has been given by LDK SOLAR and CUSTOMER has complied with the packaging and shipping instructions provided by LDK SOLAR. Only if previously authorized in writing by LDK SOLAR’s customer service department,
LDK SOLAR shall reimburse CUSTOMER for reasonable, customary and documented transportation charges by sea freight for both the return of the MODULES and reshipment of any repaired or replaced MODULES. 

6. Severability 
 If a part, provision or
clause of this LIMITED WARRANTY, or the application thereof to any person or circumstance, is held invalid, void or unenforceable, such holding shall not affect the validity or enforceability of any other part, provision or clause of this LIMITED
WARRANTY or its applicability to any other person or circumstance, and to this end such other parts, provisions, clauses or a applications of this LIMITED WARRANTY shall be treated as severable. 

7. Technical Disputes 
 In case of any
dispute between LDK SOLAR and CUSTOMER as to the validity of any claim made under this LIMITED WARRANTY, a first-class international CBTL test-institute selected by LDK SOLAR in its sole and absolute discretion (such as Fraunhofer ISE in
Freiburg/Germany, TUV Rheinland in Cologne/ Germany or Arizona State University in Arizona/USA) shall be involved to judge the claim finally. Any measurements will be conducted in accordance with IEC 61215 Ed2 standards. All fees and expenses
associated with engaging such institute shall be borne by the losing party. 
 8. Various 

YOU MAY HAVE SPECIFIC LEGAL RIGHTS OUTSIDE THIS WARRANTY, AND YOU MAY ALSO HAVE OTHER RIGHTS THAT VARY FROM JURISDICTION TO JURISDICTION. THIS LIMITED
WARRANTY DOES NOT AFFECT ANY ADDITIONAL RIGHTS YOU MAY HAVE UNDER LAWS OF MANDATORY APPLICATION IN YOUR JURISDICTION. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL DAMAGES SO THE LIMITATIONS OR EXCLUSIONS
IN THIS LIMITED WARRANTY MAY NOT APPLY TO YOU. In the event LDK SOLAR replaces any MODULE under this LIMITED WARRANTY, then (a) The replaced MODULE shall become the property of LDK SOLAR and (b) LDK SOLAR has the right to deliver a
replacement MODULE of a different type (e.g., in size, color, shape and/or power) than the replaced MODULE if LDK SOLAR has discontinued producing the replaced MODULE at the time of the claim. 

9. Warranty Transfer 
 This LIMITED
WARRANTY is transferable to any subsequent owner of a MODULE solely in circumstances in which that MODULE remains installed in its original location. Any transferee is subject to all exclusions, limitations and conditions set forth herein.

 10. Force Majeure 
 LDK SOLAR
shall not be responsible or liable in any way to CUSTOMER or any third-party for any non-performance or delay in performance of any terms and conditions of sale, including this LIMITED WARRANTY, due to Acts of God, war, riots, strikes warlike
conditions, plague or other epidemics, fire, flood, or any other similar cause or circumstance beyond the reasonable control of LDK SOLAR. In such cases, performance by LDK SOLAR of this LIMITED WARRANTY shall be suspended without liability for the
period of delay reasonably attributable to such causes. 

  

			
	 LDK Solar Co. Ltd / Limited Warranty for PV Modules
	 	V1/EN/2011

 29 

 

 
  
  

 Definitions: 
 As used in Section 2 of this LIMITED WARRANTY, the term “PEAK POWER AT STC” means the power in Watt peak that a MODULE generates in its Maximum Power Point. “STC” stands for
Standard Test Conditions, meaning: (a) light spectrum of AM 1.5, (b) an irradiation of 1000 W per m2 and (c) a cell temperature of 25 degree centigrade at right angle irradiation. The measurements are carried out in accordance with
IEC 61215 as tested at the connectors or junction box terminals – as applicable – per calibration and testing standards of LD DK SOLAR valid at the date of manufacture of the PV-modules. 

The term “minimum PEAK POWER AT STC” refers to the warranted minimum PEAK POWER AT STC of the MODULE within a given period according to this
Limited Warranty, meaning the power in Watt peak that a MODULE generates in its Maximum Power Point, less the percentage of power tolerance stated in the a applicable product information sheet for the MODULE. 

Contact Information: 
 LDK Solar
Customer Service 
 LDK Solar Co. Ltd Address: 
 No. 998 Torch Boulevard, 
 Nanchang City, Jiangxi Province, China 

Tel: +86 791 810 8260 
 Email:
module.service@ldkenergy.com.cn 
 Web Site: www.ldksolar.com 

  

			
	 LDK Solar Co. Ltd / Limited Warranty for PV Modules
	 	Vl/EN/2011

 30Energen Corporation Stock Incentive Plan

 Exhibit 10(a) 
 ENERGEN CORPORATION 
 STOCK INCENTIVE PLAN 

(As Amended Effective April 27, 2011) 
 The purpose of this Plan is to provide a means whereby Energen Corporation may, through the use of stock and stock related compensation, attract and retain persons of ability as employees and motivate
such employees to exert their best efforts on behalf of Energen Corporation and its subsidiaries. 
 1. Definitions. As
used in the Plan, the following terms have meanings indicated: 
 (a) “Award” means any grant or award under the Plan
of Incentive Stock Options, Nonqualified Stock Options, Restricted Stock and/or Performance Shares granted under the Plan. 

(b) “Award Period” means the 4-year period (Energen fiscal years) commencing with the first day of the fiscal year in which the
applicable Performance Share Award is granted, except as otherwise determined by the Committee at the time of grant and subject to the other provisions of this Plan. 
 (c) “Board” means the Board of Directors of Energen. 
 (d)
“Cause” means any of the following: 
 (1) The willful and continued failure by a Participant to
substantially perform such Participant’s duties with Energen or a Subsidiary (other than any such failure resulting from such Participant’s incapacity due to physical or mental illness) after a written demand for substantial performance is
delivered to the Participant specifically identifying the manner in which such Participant has not substantially performed such Participant’s duties. 
 (2) The engaging by a Participant in willful, reckless or grossly negligent misconduct which is demonstrably injurious to Energen or a Subsidiary monetarily or otherwise; or 

(3) The conviction of a Participant of a felony. 
 (e) “Change in Control” means: the occurrence of any one or more of the following: 

(Note: the Change in Control provisions of Section 13 are not applicable to Awards granted on or after January, 2010) 

(1) The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the
Exchange Act) (a “Person”) of beneficial ownership (within the meaning of Rule 13(d)-3 promulgated under the Exchange Act) of 25% or more of either (i) the then outstanding shares of common stock of Energen (the “Outstanding
Common Stock”) or (ii) the combined voting power of the then outstanding voting securities of Energen entitled to vote generally in the election of directors (the “Outstanding Voting Securities”); provided, however, that for
purposes of this subsection (1) any acquisition by an employee benefit plan (or related trust) sponsored or maintained by Energen or any corporation controlled by Energen shall not constitute a Change in Control; 

(2) Individuals who, as of January 1, 2007, constitute the Board of Directors of Energen (the “Incumbent
Board”) cease for any reason to constitute at least a majority of the Board of Directors of Energen (the “Board of Directors”); provided, however that any individual becoming a director subsequent to such date whose election, or
nomination for election by Energen’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the

 
Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the
election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board of Directors; 

(3) Consummation of a reorganization, merger or consolidation, or sale or other disposition of all or substantially all of
the assets, of Energen (a “Business Combination”), in each case, unless, following such Business Combination, (i) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the
Outstanding Common Stock and Outstanding Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of common stock and the combined voting
power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a corporation which as a result
of such transaction owns Energen or all or substantially all of Energen’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination, of
the Outstanding Common Stock and Outstanding Voting Securities, as the case may be, (ii) no Person (excluding any corporation resulting from such Business Combination or any employee benefit plan (or related trust) of Energen or such
corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 25% or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such Business Combination or the combined
voting power of the then outstanding voting securities of such corporation except to the extent that such ownership existed prior to the Business Combination and (iii) at least a majority of the members of the board of directors of the
corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board of Directors, providing for such Business Combination; 

(4) Any transaction or series of transactions which is expressly designated by resolution of the Board of Directors to
constitute a Change in Control for purposes of this Plan. The Board of Directors may limit the applicability of such Change in Control designation to specific participants and/or specific purposes. 

(5) In addition to the above described Changes in Control, a Subsidiary transaction (defined below) will constitute a
Change in Control to the extent specified below. A “Subsidiary Transaction” is a transaction that results in securities representing 80% or more of the voting interests in a Subsidiary or substantially all of a Subsidiary’s assets
being transferred to an entity not controlled by or under common control with Energen. 
 (i) A Subsidiary
Transaction involving a disposition of Energen’s largest Subsidiary or the assets of Energen’s largest Subsidiary will constitute a Change in Control if immediately prior to such transaction the Participant was an officer or employee of
Energen or Energen’s largest Subsidiary. The largest Subsidiary is determined by net book value of property, plant and equipment. 
 (ii) A Subsidiary Transaction involving a disposition of Energen Resources Corporation or its assets will constitute a Change in Control with respect to each Participant who immediately prior to the
transaction was an officer or employee of Energen Resources Corporation. 
 (iii) A Subsidiary Transaction
involving a disposition of Alabama Gas Corporation or its assets will constitute a Change in Control with respect to each Participant who immediately prior to the transaction was an officer or employee of Alabama Gas Corporation. 

(f) “Code” means the Internal Revenue Code of 1986, as amended from time to time. 

(g) “Committee” means the Officers Review Committee of the Board or such other Committee of two or more directors as may be
determined by the Board. 
 (h) “Energen” means Energen Corporation and any successor corporation by merger or other
reorganization. 

 (i) “Employee” means any employee of one or more of Energen and the Subsidiaries.

 (j) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(k) “Exercise Date” means the date on which a notice of option exercise is delivered to Energen pursuant to Section 6.2(c)
or a notice of option cancellation is delivered to Energen pursuant to Section 6.2(i). 
 (l) “Expiration Date”
means the last day of the option period specified at the time of grant pursuant to Section 6.2(a). 
 (m) “Fair Market
Value” means, with respect to a share of Stock, the closing price of the Stock on the New York Stock Exchange (or such other exchange or system on which the Stock then trades or is quoted) or, if there is no trading of the Stock on the relevant
date, then the closing price on the most recent trading date preceding the relevant date. With respect to other consideration, the term Fair Market Value means fair market value as may be reasonably determined by the Committee; provided that any
valuation subject to Code Section 409A shall be made in accordance with Code Section 409A and the regulations thereunder. 
 (n) “Incentive Stock Options” means options granted under the Plan to purchase Stock which at the time of grant qualify as “incentive stock options” within the meaning of
Section 422 of the Code. 
 (o) “Independent Auditor” means the firm of certified public accountants which at the
time of the Change in Control had been most recently engaged by Energen to render an opinion on Energen’s consolidated financial statements, or any other firm of certified public accountants mutually agreeable to Energen and at least eighty
percent of the Participants holding Awards outstanding as of the date of the Change in Control. 
 (p) “Interim
Period” means a 1, 2 or 3 year period within a Performance Share Award Period for which the Committee determines that there shall be Interim Periods. 
 (q) “Measurement Value” means the average of the daily closing prices for a share of Stock for the 20 trading days ending on the fifth business day prior to the date of payment of Performance
Shares for an Award Period or an Interim Period, as the case may be, on the Composite Tape for the New York Stock Exchange — Listed Stocks, or, if the stock is not listed on such Exchange, on the principal United States securities exchange
registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), on which the stock is listed, or, if the stock is not listed on any such Exchange, the average of the daily closing bid quotations with respect to a
share of the stock for such 20 trading days on the National Association of Securities Dealers, Inc., Automated Quotations System or any system then in use, or, if no such quotations are available, the fair market value of a share of Stock as
determined by a majority of the Board of Directors; provided, however that if a Change in Control shall have occurred, then if no such quotations are available, such determination shall be made by a majority of the Incumbent Board (as defined in the
Change in Control definition above). 
 (r) “Nonqualified Stock Options” means options granted under the Plan to
purchase Stock which are not Incentive Stock Options. 
 (s) “Participant” means an Employee who is selected by the
Committee to receive an Award. 
 (t) “Performance Measures” has the meaning set forth in Section 10. 

(u) “Performance Share” means the value equivalent of one share of Stock. 

(v) “Plan” means this Energen Corporation Stock Incentive Plan, as amended from time to time. 

 (w) “Qualified Termination” means termination of a Participant’s employment
with Energen and all Subsidiaries under any one of the following circumstances: 
 (1) An involuntary termination
by Energen and the Subsidiaries, as applicable, other than for Cause. 
 (2) Expressly agreed in writing by the
Participant and Energen and/or a Subsidiary to constitute a Qualified Termination for purposes of this Plan. 

(3) A result of the Participant’s death or disability. 

(4) A result of Participant’s retirement under the Energen Corporation Retirement Income Plan, as amended from time
to time. 
 (5) With respect to Awards granted prior to a Change in Control, a voluntary termination for good
reason entitling the Participant to severance compensation under a written change in control severance compensation agreement between Energen and the Participant. 
 (x) “Restricted Stock” means Stock granted to a Participant under Section 7 with respect to which the applicable Restrictions have not lapsed or been removed. 

(y) “Restrictions” means the transfer and other restrictions set forth in Section 7.2(a). 

(z) “Stock” means the common stock, par value $.01 per share, of Energen as such stock may be reclassified, converted or
exchanged by reorganization, merger or otherwise. 
 (aa) “Subsidiary” means any corporation, the majority of the
outstanding voting stock of which is owned, directly or indirectly by Energen Corporation. 
 (bb) “Ten Percent
Shareholder” means an individual who, at the time of grant, owns stock possessing more than ten (10) percent of the total combined voting power of all classes of stock of Energen. 

2. Share Limitations. 
 2.1 Shares Subject to the Plan. Subject to adjustment in accordance with Section 3, as of April 27, 2011, 3,794,326 shares of Stock were reserved and available for issuance under the Plan
for future Awards. (reflecting the original 650,000-share authorization, the 1998 stock split adjustment, an additional 1,500,000 shares authorized at the January 2002 shareholder meeting, the 2005 stock split adjustment and 3,000,000 shares
authorized at the April 2011 shareholder meeting; reduced by prior grants). Shares of Stock allocable to an Award or portion of an Award that is canceled by forfeiture, expiration or for any other reason (excepting pursuant to a stock appreciation
right election under Section 6.2(i)) shall again be available for additional Awards. If any option granted under the Plan shall be canceled as to any shares of Stock pursuant to Section 6.2(i) (stock appreciation rights), then such shares
of Stock shall not be available for the grant of another Award. Shares of Stock not issued as the result of the net exercise of a stock appreciation right, shares tendered by the Participant or retained by Energen as full or partial payment to
Energen for the purchase of an Award or to satisfy tax withholding obligations in connection with an Award, or shares repurchased on the open market with the proceeds from the payment of an exercise price of an option shall not again be available
for issuance under the Plan. 
 2.2 Limitations. Subject to adjustment in accordance with Section 3,
(i) the maximum aggregate number of shares of Stock represented by all Awards granted to any one Participant during any one Energen fiscal year shall not exceed 400,000 calculated assuming maximum payout of the Awards and with each Performance
Share representing one share of Stock; (ii) the maximum number of shares of Stock represented by all Restricted Stock and Performance Share Awards granted on or after April 27, 2011, shall not exceed 1,500,000; and (iii) the maximum
number of shares of stock represented by Incentive Stock Options granted on or after April 27, 2011 shall not exceed 3,794,326. 

 3. Adjustments in Event of Change in Common Stock. In the event of any change
in the Stock by reason of any stock dividend, recapitalization, reorganization, merger, consolidation, split-up, combination or exchange of shares, or rights offering to purchase Stock at a price substantially below fair market value, or of any
similar change affecting the Stock, the number and kind of shares which thereafter may be available for issuance under the Plan, the terms of outstanding Awards shall be appropriately adjusted consistent with such change in such manner as the
Committee may deem equitable to prevent dilution or enlargement of the rights granted to, or available for, Participants in the Plan. If the adjustment would result in fractional shares with respect to an Award, then the Committee may make such
further adjustment (including, without limitation, the use of consideration other than Stock or rounding to the nearest whole number of shares) as the Committee shall deem appropriate to avoid the issuance of fractional shares. 

4. Administration of the Plan. The Plan shall be administered by the Committee. No member of the Committee shall be eligible to
participate in the Plan while serving as a member of the Committee. Subject to the provisions of the Plan, the Committee shall have the exclusive authority to select the Employees who are to be Participants in the Plan, to determine the Award to be
made to each Participant, and to determine the conditions subject to which Awards will become payable under the Plan. The Committee shall have full power to administer and interpret the Plan and to adopt such rules and regulations consistent with
the terms of the Plan as the Committee deems necessary or advisable in order to carry out the provisions of the Plan. The Committee’s interpretation and construction of the Plan and of any conditions applicable to Awards shall be conclusive and
binding on all persons, including Energen and all Participants. Any action which can be taken, or authority which can be exercised, by the Committee with respect to the Plan, may also be taken or authorized by the Board. 

5. Participation. Participants in the Plan shall be selected by the Committee from those Employees who, in the judgment of the
Committee, have significantly contributed or can be expected to significantly contribute to Energen’s success. 
 6.
Options 
 6.1 Grant of Options. Subject to the provisions of the Plan, the Committee may
(a) determine and designate from time to time those Participants to whom options are to be granted and the number of shares of Stock to be optioned to each employee; (b) authorize the granting of Incentive Stock Options, Nonqualified Stock
Options, or combination of Incentive Stock Options and Nonqualified Stock Options; (c) determine the number of shares subject to each option; (d) determine the time or times when each Option shall become exercisable and the duration of the
exercise period; and (e) determine whether and, if applicable, the manner in which each option shall contain stock appreciation rights; provided, however, that (i) no Incentive Stock Option shall be granted after the expiration of ten
years from the ISO Effective Date as defined in Section 15and (ii) the aggregate Fair Market Value (determined as of the date the option is granted) of the Stock with respect to which Incentive Stock Options are exercisable for the first
time by any employee during any calendar year (under all plans of Energen and its Subsidiaries) shall not exceed $100,000. 
 6.2 Terms and Conditions of Options. Each option granted under the Plan shall be evidenced by a written agreement. Such agreement shall be subject to the following express terms and conditions and
to such other terms and conditions as the Committee may deem appropriate: 
 (a) Option Period. Each
option agreement shall specify the period for which the option thereunder is granted and shall provide that the option shall expire at the end of such period. The Committee may extend such period provided that, in the case of an Incentive Stock
Option, such extensions shall not in any way disqualify the option as an Incentive Stock Option. In no case shall such period for an Incentive Stock Option, including any such extensions, exceed ten years from the date of grant, provided, however
that, in the case of an Incentive Stock Option granted to a Ten Percent Shareholder, such period, including extensions, shall not exceed five years from the date of grant. 

 (b) Option Price, No Repricing. The option price per share shall be
determined by the Committee at the time any option is granted, and shall be not less than (i) the Fair Market Value, or (ii) in the case of an Incentive Stock Option granted to a Ten Percent Shareholder, 110 percent of the Fair Market
Value, (but in no event less than the par value) of one share of Stock on the date the option is granted, as determined by the Committee. Except as otherwise permitted by Section 3, the terms of outstanding Awards may not be amended to reduce
the exercise price of outstanding options or stock appreciation rights or cancel outstanding options or stock appreciation rights in exchange for cash, other awards or options or with an exercise price that is less than the exercise price of the
original options or stock appreciation rights without shareholder approval. 
 (c) Exercise of Option. No
part of any option may be exercised until the optionee shall have remained in the employ of Energen or of a Subsidiary for such period, if any, as the Committee may specify in the option agreement, and the option agreement may provide for
exercisability in installments. The Committee shall have full authority to accelerate for any reason it deems appropriate the vesting schedule of all or any part of any option issued under the Plan. Each option shall be exercisable in whole or part
on such date or dates and during such period and for such number of shares as shall be set forth in the applicable option agreement. An optionee electing to exercise an option shall give written notice to Energen of such election and of the number
of shares the optionee has elected to purchase and shall at the time of exercise tender the full purchase price of the shares the optionee has elected to purchase plus any required withholding taxes in accordance with Sections 6.2(d) and 9.

 (d) Payment of Purchase Price upon Exercise. The purchase price of the shares as to which an option
shall be exercised shall be paid to Energen at the time of exercise (i) in cash, (ii) in Stock already owned by the optionee having a total Fair Market Value equal to the purchase price and not subject to any lien, encumbrance or
restriction on transfer other than pursuant to federal or state securities laws, (iii) by election to have Energen withhold (from the Stock to be delivered to the optionee upon such exercise) shares of Stock having a Fair Market Value equal to
the purchase price or (iv) by any combination of such consideration having a total Fair Market Value equal to the purchase price; provided that the use of consideration described in clauses (ii), (iii) and (iv) shall be subject to
approval by the Committee. In addition the Committee in its discretion may accept such other consideration or combination of consideration as the Committee shall deem to be appropriate and to have a total Fair Market Value equal to the purchase
price. In each case, Fair Market Value shall be determined as of the Exercise Date. 
 (e) Exercise in the
Event of Death or Termination of Employment. If an optionee’s employment by Energen and all Subsidiaries shall terminate for Cause, then all options held by the terminated Employee shall immediately expire. In the event of a Qualified
Termination, then all options (subject to the pre-Change in Control grant date limitation of Section 1(w)(5)), held by the optionee shall be immediately and fully vested and, subject to the following sentence, may be exercised on or prior to the
applicable Expiration Dates. With respect to options issued on or after October 25, 2006, (i) in the event of a Section 1(w)(4) Qualified Termination due to retirement, the options may be exercised on or prior to the earlier of the
applicable Expiration Dates or the fifth anniversary of the termination date; and (ii) in the event of any other Qualified Termination, the options may be exercised on or prior to the earlier of the applicable Expiration Dates or the third
anniversary of the termination date. If an optionee’s employment by Energen and all Subsidiaries shall terminate for any reason other than Cause or a Qualified Termination, then all of the optionee’s unvested options shall expire as of the
termination date and all of the optionee’s vested options shall expire ninety days following the date of termination of employment, provided that the Committee shall have the authority to extend such option expiration date up to the original
Expiration Date. Without limiting the generality of Section 5(c), the Committee shall have full authority to accelerate the vesting schedule of all or any part of any option issued under the Plan and held by an employee who has terminated or
plans to terminate his or her employment, such that a terminated employee, his heirs or personal representatives may 

 
exercise (at such time or times on or prior to the applicable Expiration Dates as may be specified by the Committee) any part or all of any unvested option under the Plan held by such employee at
the date of his or her termination of employment. The foregoing notwithstanding, the Committee may at the time of grant provide for different or supplemental terms and conditions with respect to termination of employment and any such terms and
conditions expressly provided in the written option agreement shall be controlling with respect to that option. 

(f) Nontransferability. Except as may otherwise be provided in this Section 6.2(f), no option granted under
the Plan shall be transferable other than by will or by the laws of descent and distribution and, during the lifetime of the optionee, an option shall be exercisable only by the optionee. The foregoing notwithstanding, the optionee may transfer
Nonqualified Stock Options to (i) the optionee’s spouse or natural, adopted or step-children or grandchildren (including the optionee, “Immediate Family Members”), (ii) a trust for the benefit of one or more of the Immediate
Family Members, (iii) a family charitable trust established by one or more of the Immediate Family Members, or (iv) a partnership in which the only partners are (and, except as may be otherwise agreed by the Committee, will remain during
the option period) one or more of the Immediate Family Members. Any options so transferred shall not be further transferable except in accordance with the terms of this Plan, shall remain subject to all terms and conditions of the Plan and the
applicable option agreement, and may be exercised by the transferee only to the extent that the optionee would have been entitled to exercise the option had the option not been transferred. 

(g) Investment Representation. To the extent reasonably necessary to assure compliance with all applicable
securities laws, upon demand by the Committee for such a representation, the optionee shall deliver to the Committee at the time of any exercise of an option or portion thereof or settlement of stock appreciation rights a written representation that
the shares to be acquired upon such exercise are to be acquired for investment and not for resale or with a view to the distribution thereof. Upon such demand, delivery of such representation prior to the delivery of any shares issued upon exercise
of an option and prior to the expiration of the option period shall be a condition precedent to the right of the optionee or such other person to purchase any shares. 

(h) Incentive Stock Options. Each option agreement which provides for the grant of an Incentive Stock Option to a
participant shall contain such terms and provisions as the Committee may determine to be necessary or desirable in order to qualify such option as an “incentive stock option” within the meaning of Section 422 of the Code, or any
amendment thereof or substitute therefor. As provided in Section 6.1, no Incentive Stock Option shall be granted after the expiration of ten years from the ISO Effective Date as defined in Section 15. Energen, in its discretion, may retain
possession of any certificates for Stock delivered in connection with the exercise of an Incentive Stock Option or appropriately legend such certificates during the period that a disposition of such Stock would disqualify the exercised option from
treatment as an incentive stock option under Section 422 of the Code (a “422 Option”). Subject to the other provisions of the Plan, Energen shall cooperate with the optionee should the optionee desire to make a disqualifying
disposition. Any Incentive Stock Option which is disqualified from treatment as a 422 Option for whatever reason, shall automatically become a Nonqualified Stock Option. No party has any obligation or responsibility to maintain an Incentive Stock
Option’s status as a 422 Option. The optionee shall, however, immediately notify Energen of any disposition of Stock which would cause an Incentive Stock Option to be disqualified as a 422 Option. 

(i) Stock Appreciation Right. Each option agreement may provide that the optionee may from time to time elect, by
written notice to Energen, to cancel all or any portion of the option then subject to exercise, in which event Energen’s obligation in respect of such option shall be discharged by payment to the optionee of an amount in cash equal to the
excess, if any, of the Fair Market Value as of the Exercise Date of the shares subject to the option or the portion thereof so canceled over the aggregate purchase price for such shares as set forth in the option agreement or, if mutually agreed by
the Committee and the optionee, (i) the issuance or transfer to the optionee of shares of Stock with a Fair Market Value as of the Exercise Date equal to any such excess, or (ii) a combination of cash and shares of Stock with a combined
value as of the Exercise Date equal to any such excess. 

 (j) No Rights as Shareholder. No optionee shall have any rights as a
shareholder with respect to any shares subject to the optionee’s option prior to the date of issuance to the optionee of a certificate or certificates for such shares. 

(k) Delivery of Certificates. Subject to Section 6.2(h), as soon as reasonably practicable after receipt of an
exercise notice and full payment, Energen shall deliver to the optionee, registered in the optionee’s name, certificates for the appropriate number of shares of Stock. 
 7. Restricted Stock 
 7.1 Grant of Restricted Stock.
The Committee may make grants of Restricted Stock to Participants. Each restricted Stock Award shall be evidenced by a written agreement setting forth the number of shares of Restricted Stock granted and the terms and conditions to which the
Restricted Stock is subject. Restricted Stock may be awarded by the Committee in its discretion with or without cash consideration. 
 7.2 Terms and Conditions of Restricted Stock. 
 (a)
Restrictions. No shares of Restricted Stock may be sold, assigned, transferred, pledged, hypothecated, or otherwise encumbered or disposed of (the “Restrictions”) until the Restrictions on such shares have lapsed or been removed.

 (b) Lapse. The Committee shall establish as to each Award of Restricted Stock the terms and conditions
upon which the Restrictions shall lapse, which terms and conditions may include, without limitation, a required period of service, Performance Measures, or any other individual or corporate performance conditions. 

(c) Termination of Employment. In the event of a Qualified Termination, then all restrictions on the
Participant’s outstanding Restricted Stock (subject to the pre-Change in Control grant date limitation of Section 1(w)(5)) shall immediately lapse. Should a Participant’s employment with Energen and all Subsidiaries terminate for any
reason other than a Qualified Termination, any shares of the Participant’s Stock which remain subject to Restrictions, shall be forfeited and returned to Energen. The foregoing notwithstanding, the Committee may at the time of grant provide for
different or supplemental terms and conditions with respect to termination of employment and any such terms and conditions expressly provided in the written Restricted Stock agreement shall be controlling with respect to that grant of Restricted
Stock. 
 (d) Lapse at Discretion of Committee. The Committee may at any time, in its sole discretion,
accelerate the time at which any or all Restrictions on a Restricted Stock Award will lapse or remove any and all such Restrictions; provided that the Committee may not accelerate the lapse of or remove Restrictions which require the attainment of a
Performance Measure except as may be permitted by the performance-based exception to Section 162(m) of the Code. 
 (e) Rights with respect to Restricted Stock. Upon the acceptance by a Participant of an award of Restricted Stock, such Participant shall, subject to the restrictions set forth in paragraph
(b) above, have all the rights of a shareholder with respect to such shares of Restricted Stock, including, but not limited to, the right to vote such shares of Restricted Stock and the right to receive all dividends and other distributions
paid thereon. Certificates representing Restricted Stock may be held by Energen until the restrictions lapse and shall bear such restrictive legends as Energen shall deem appropriate. 

(f) No Section 83(b) Election. Unless otherwise expressly agreed in writing by Energen, a Participant shall
not make an election under Section 83(b) of the Code with respect to a Restricted Stock Award and upon the making of any such election, all shares of Restricted Stock subject to the election shall be forfeited and returned to Energen.

 8. Performance Shares 

8.1 Grant of Performance Shares 

(a) The Committee may from time to time select employees to receive Performance Shares under the Plan. An Employee may be
granted more than one Performance Share Award under the Plan. In its discretion at the time of grant, the Committee may determine that an Interim Period or Interim Periods should be established for payment with respect to Performance Share Awards.
Whenever Interim Periods are established, the terms and conditions with respect to payment after the end of such Interim Period shall be those set by the Committee. 

(b) A Performance Share Award shall not entitle a Participant to receive any dividends or dividend equivalents on
Performance Shares; no Participant shall be entitled to exercise any voting or other rights of a shareholder with respect to any Performance Share Award under the Plan; and no Participant shall have any interest in or rights to receive any shares of
Stock prior to the time when the committee determines the form of payment of Performance Shares pursuant to Section 8.2. 
 (c) Payment of a Performance Share Award to any Participant shall be made in accordance with Section 8.2 and shall be subject to such conditions for payment as the Committee may prescribe at the time
the Performance Share Award is made. The Committee may prescribe conditions such that payment of a Performance Share Award may be made with respect to a number of shares of Stock greater than the number of Performance Shares awarded. The Committee
may prescribe different conditions for different Participants. 
 (d) Each Performance Share Award shall be made
in writing and shall set forth the terms and conditions set by the Committee for payment of such Performance Share Award. 
 8.2 Payment of Performance Share Awards 
 Each Participant
granted a Performance Share Award shall be entitled to payment on account thereof as of the close of the applicable Award Period, but only if the Committee has determined that the conditions for payment of the Award set by the Committee have been
satisfied. Participants granted Awards with Interim Periods shall be entitled to partial payment on account thereof as of the close of the Interim Period, but only if the Committee has determined that the conditions for partial payment of the Award
set by the Committee have been satisfied. Performance Shares paid to a Participant for an Interim Period need not be repaid to Energen, notwithstanding that, based on the conditions set for payment at the end of the Award Period, such Participant
would not have been entitled to payment of any portion of such Award. Any Performance Shares paid to a Participant for the Interim Period during an Award Period shall be deducted from the Performance Shares to which such Participant is entitled at
the end of the Award Period. 
 Payment of Awards shall be made by Energen promptly following the determination
by the Committee that payment has been earned and by March 15 of the year following the year in which the Award is earned. Payment shall be made in the form of shares of Stock. 

8.3 Termination of Employment 

Except in the case of a Qualified Termination, if, prior to the close of the Award Period with respect to a Performance
Share Award, a Participant’s employment with Energen and all Subsidiaries terminates, then any unpaid portion of such Participant’s Performance Share Award shall be forfeited. In the case of a Qualified Termination, the Participant shall
remain entitled to payout of any outstanding Performance Share Awards (subject to the retirement reduction described below) at the end of the applicable Award Period in accordance with the terms of this Plan including without limitation applicable
performance conditions. 

 Retirement. If the Participant’s termination satisfies only that part of the
Qualified Termination definition related to retirement (Section 1(w)(4)), then this paragraph applies. If the Participant, having reached Retirement Date as defined under the Energen Corporation Retirement Income Plan, as amended from time to time,
retires prior to the end of the first twelve months of an Award Period (the “Initial Fiscal Year”), the number of Performance Shares for such Award shall be reduced. The reduced Award shall equal the number of Performance Shares originally
granted multiplied by a fraction the numerator of which is the number of Initial Fiscal Year months which occur prior to retirement and the denominator of which is 12. For example, assuming a calendar fiscal year, if the original Award was for 1,000
Performance Shares and the Participant retired on April 1 of the Initial Fiscal Year, the size of the Award would be reduced by 75% to 250 Performance Shares, with the payment of such 250 Performance Shares remaining subject to the applicable
Performance Conditions for the full Award Period and the remaining 750 Performance Shares being forfeited. 

8.4 Consulting, Non-Compete and Confidentiality 

A Participant’s entitlement, if any, to payout of Performance Share Awards subsequent to termination of employment
with Energen and all Subsidiaries shall continue so long as the Participant is in compliance with the following requirements. Failure to comply shall result in forfeiture of all then outstanding Performance Share Awards. 

(a) Consulting Services. For a period of three years following the termination of the Participant’s employment
(“Date of Termination”), Participant will fully assist and cooperate with Energen, the Subsidiaries and their representatives (including outside auditors, counsel and consultants) with respect to any matters with which the Participant was
involved during the course of employment, including being available upon reasonable notice for interviews, consultation, and litigation preparation. Except as otherwise agreed by Participant, Participant’s obligation under this
Section 8(a) shall not exceed 80 hours during the first year and 20 hours during each of the following two years. Such services shall be provided upon request of Energen and the Subsidiaries but scheduled to accommodate Participant’s
reasonable scheduling requirements. Participant shall receive no additional fee for such services but shall be reimbursed all reasonable out-of-pocket expenses. 
 (b) Non-Compete. For a period of twelve months following the Date of Termination, unless otherwise expressly approved in writing by Energen, the Participant shall not Compete, (as defined below) or
assist others in Competing with Energen and the Subsidiaries. For purposes of this Agreement, “Compete” means (i) solicit in competition with Alabama Gas Corporation (“Alagasco”) any person or entity which was a customer of
Alagasco at the Date of Termination; (ii) offer to acquire any local gas distribution system in the State of Alabama; or (iii) offer to acquire any oil or gas mineral interest in the State of Alabama. Employment by, or an investment of
less than one percent of equity capital in, a person or entity which Competes with Energen or the Subsidiaries does not constitute Competition by Participant so long as Participant does not directly participate in, assist or advise with respect to
such Competition. 
 (c) Confidentiality. Participant agrees that at all times following the Date of
Termination, Participant will not, without the prior written consent of Energen, disclose to any person, firm or corporation any confidential information of Energen or the Subsidiaries which is now known to Participant or which hereafter may become
known to Participant as a result of Participant’s employment, unless such disclosure is required under the terms of a valid and effective subpoena or order issued by a court or governmental body; provided, however, that the foregoing shall not
apply to confidential information which becomes publicly disseminated by means other than a breach of this provision. 
 8.5 No Assignment of Interest 
 Except as provided in
Section 6.2(f). The interest of any person in the Plan shall not be assignable, either by voluntary assignment or by operation of law, and any assignment of such interest, whether voluntary or by operation of law, shall render the Award void.
Amounts payable under the Plan shall be transferable only by will or by the laws of descent and distribution. 

 9. Withholding. Each Participant shall, no later than the date as of which the value
of an Award first becomes includable in the gross income of the Participant for Federal, state or local income tax purposes, pay to Energen and Subsidiaries, or make arrangements satisfactory to the Committee, in its sole discretion, regarding
payment of any Federal, state, or local taxes of any kind required by law to be withheld with respect to the Award together with any Federal (including FICA and FUTA), state, or local employment taxes required to be withheld. The obligations of
Energen under the Plan shall be conditional on such payment or arrangements. Energen and, where applicable, its Subsidiaries shall, to the extent permitted by law, have the right to deduct any such taxes owed hereunder by a Participant from any
payment of any kind otherwise due to said Participant. The Committee may permit Participants to elect to satisfy their Federal, and where applicable, state and local tax withholding obligations with respect to all Awards by the reduction, in an
amount necessary to pay all said withholding tax obligations, of the number of shares of Stock or amount of cash otherwise issuable or payable to said Participants in respect of an Award. 

10. Performance Measures. At its discretion, the Committee may make the Awards subject to the attainment of one or more
Performance Measures designed to qualify for the performance-based exceptions from Section 162(m) of the Code. 
 Unless and until
Energen’s shareholders approve a change in the Performance Measures set forth in this Section 10, the Performance Measures to be used for purposes of such Awards shall be chosen from among the following alternatives, as measured with
respect to Energen and/or any one or more of the Subsidiaries, with or without comparison to a peer group: 
 (a)
return on shareholder’s equity; 
 (b) return on assets; 

(c) net income; 
 (d) earnings per common share; 
 (e) total shareholder return;

 (f) oil and/or gas reserve additions; 

(g) utility customer number, volume and/or revenue growth; and 

(h) such other criteria as may be established by the Committee in writing and which meets the requirements of the
performance-based exception to Section 162(m) of the Code. 
 In the event that the performance-based exception to Section 162(m) of
the Code or its successor is amended such that the performance-based exception permits the employer to alter the governing performance measures without obtaining shareholder approval of such changes, the Committee shall have discretion to make such
changes without obtaining shareholder approval 
 11. No Rights to Continued Employment. The Plan and any Award granted
under the Plan shall not confer upon any Participant any right with respect to continuance of employment by Energen or any Subsidiary or any right to further Awards under the Plan, nor shall they interfere in any way with the right of Energen or any
Subsidiary by which a Participant is employed to terminate the Participant’s employment at any time. 

 12. Compliance with Other Laws and Regulations. The Plan, the grant and fulfillment
of Awards thereunder, and the obligations of Energen to sell, issue, release and/or deliver shares of Stock shall be subject to all applicable federal and state laws, rules, and regulations and to such approvals by any government or regulatory
agency as may be required. Energen shall not be required to issue or deliver any certificates for shares of Stock prior to (a) the listing of such shares on any stock exchange on which the Stock may then be listed and (b) the completion of
any registration or qualification of such shares under any federal or state law, or any ruling or regulation of any government body which Energen shall, in its sole discretion, determine to be necessary or advisable. 

13. Change in Control. This Section 13 applies only with respect to Awards granted prior to January 1,
2010. A Change in Control shall not constitute an “Acceleration Event” with respect to any Award granted on or after January 1, 2010. 
 13.1 Acceleration Event. For purposes of this Section 13, “Acceleration Event” means the occurrence of a Change in Control described in clauses (2), (3), (4), or (5)(i) of the
Section 1(e) definition of Change in Control. 
 13.2 Options, Restricted Stock. Except as may be
otherwise expressly provided in the applicable Award agreement, upon the occurrence of an Acceleration Event, all outstanding Incentive Stock Options and Nonqualified Stock Options shall be immediately and fully vested and exercisable and all
restrictions on all outstanding Restricted Stock shall immediately lapse. (Also see Sections 1(w)(5), 6.2(e) and 7.2(c)) 
 13.3 Performance Shares. 
 (a) Payment Acceleration.
If an Acceleration Event occurs, all outstanding Performance Share Awards shall be valued as soon after the date of such Acceleration Event as practicable. Valuation of the Performance Share awards shall be based on satisfaction of the applicable
performance conditions measured as if all Award Periods had ended at the close of Energen’s last whole fiscal year prior to the date of the Acceleration Event, provided that for purposes of any performance conditions involving the price of the
Common Stock or payment of dividends, stock shall be priced equal to its Measurement Value based on the twenty trading days immediately preceding the date of such Acceleration Event and the period for dividend measurement shall extend to and include
the day immediately prior to the date of the Acceleration Event. As soon as practicable following the completion of such valuation, all outstanding Performance Share Awards shall be paid based on such valuation. 

(b) Independent Auditor. Following an Acceleration Event, all calculations with respect to performance measurement
and Award payment shall be made by the Independent Auditor at the expense of Energen. The Independent Auditor shall resolve any procedural ambiguities discovered in making such calculations using its own judgment and discretion in light of the
purposes of the Plan and past practices in calculating Performance Share Award payments. 
 13.4 Payment of
Professional Fees and Expenses. If a Change in Control occurs, Energen shall pay promptly as incurred all legal, accounting and other professional fees and expenses (collectively, “Professional Fees”) which a Participant may reasonably
incur as a result of any contest (regardless of the outcome thereof) by Energen, Participant or others of the validity or enforceability of, or liability under, any provision of the Plan (including as a result of any contest by Participant about the
amount of any payment pursuant to the Plan), plus in each case interest on any delayed payment at the applicable Federal rate provided for in Section 7872(f)(2)(A) of the Code. In addition Energen shall promptly pay to Participant an additional
amount (the “Tax Reimbursement Payment”) such that the net amount retained by the Participant with respect to all payments made under this paragraph 13.4 after deduction of Taxes, shall be equal to the amount of the Professional Fees
reimbursement plus applicable interest. For purposes of this Section 13.4, “Taxes” means all federal, state and local, employment and income taxes payable or withheld with respect to Professional Fees reimbursement payments (excluding
interest) and Tax Reimbursement payments. The Independent Auditor, at Energen’s expense, shall make all calculations with respect to the Tax Reimbursement Payment and in making such calculations shall assume that Participant is subject to the
highest marginal tax rates. 

 14. Amendment and Discontinuance. The Board may from time to time amend, suspend or
discontinue the Plan. Subject to Section 18, without the written consent of a Participant, no amendment or suspension of the Plan shall alter or impair any Award previously granted to a Participant under the Plan. 

15. Effective Date of the Plan. The original effective date of the Plan was November 25, 1997, the date of its adoption by
the Board, subject to approval by the shareholders of Energen holding not less than a majority of the shares present and voting at its January 1998 Annual Meeting. From time to time the Board has made amendments to the Plan that require shareholder
approval for effectiveness and the shareholders of Energen have approved such amendments, each of which is deemed to be a re-adoption by the Board and re-approval by the shareholders of the Plan for the purposes of Code Section 422(b)(2). The
“ISO Effective Date” is the earlier of the dates of such re-adoption and re-approval of the most recent shareholder approved Plan amendment or restatement. 
 16. Name. The Plan shall be known as the “Energen Corporation Stock Incentive Plan.” 
 17. 1997 Deferred Compensation Plan. If and to the extent permitted under the Energen Corporation 1997 Deferred Compensation Plan (the “Deferred Compensation Plan”), a Participant may
elect, pursuant to the Deferred Compensation Plan, to defer receipt of part or all of any shares of Stock or other consideration deliverable under an Award and upon such deferral shall have no further right with respect to such deferred Award other
than as provided under the Deferred Compensation Plan. In the event of such a deferral election, certificates for such shares of Stock as would have otherwise been issued under the Plan but for the deferral election, may at the discretion of Energen
be delivered to the Trustee under the Deferred Compensation Plan and registered in the name of the Trustee or such other person as the Trustee may direct. Regardless of whether such deferred shares of Stock are issued to the Trustee, they shall
constitute “issued” shares for purposes of the Plan’s maximum number of shares limitation set forth in Section 2. 
 18. Effect of Code Section 409A. Payments and benefits under this Plan are intended to comply with Section 409A of the Code (“Code Section 409A”) and all provisions of the
Plan shall be interpreted in accordance with Code 409A and Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the date
hereof. Notwithstanding any provision of the Plan to the contrary, in the event that Energen determines that any payments or benefits may or do not comply with Section 409A, Energen may amend the Plan (without Participant consent) or take any
other actions that Energen determines are necessary or appropriate to (i) exempt the payments or benefits hereunder from the application of Code Section 409A or preserve the intended tax treatment of the payments and benefits provided
hereunder, or (ii) comply with the requirements of Code Section 409A.

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