Document:

Second Amended and Restated Investors' Rights Agreement

 Exhibit 10.24 
 [Execution Version] 
 SECOND AMENDED AND RESTATED 

INVESTORS’ RIGHTS AGREEMENT 
 This Second Amended and Restated Investors’ Rights Agreement (this “Agreement”) is made and entered into as of June 24, 2011 (the “Effective Date”) by and among
Elevance Renewable Sciences, Inc., a Delaware corporation (the “Company”), Cargill, Incorporated, a Delaware corporation (“Cargill”), Materia, Inc., a Delaware corporation (“Materia Inc.”), Materia
Innovations, LLC, a Delaware limited liability company (“Materia Innovations”), TPG STAR, L.P., a Delaware limited partnership (“TPG Star”), TPG Biotechnology Partners II, L.P., a Delaware limited partnership
(“TPG Bio”), Navelance SA, a Luxembourg Societe Anonyme (“Naxos”), Total Energy Ventures International, a French Societe par Actions Simplifiee (“Total”), BCP Investment, L.P., a Delaware limited
partnership (“BCP”), Robert Shapiro (“Shapiro”) and any undersigned party who is a Major Preferred Stockholder (as hereinafter defined) on the date such party executes this Agreement. Cargill, Materia Inc., Materia
Innovations, TPG Star, TPG Bio, Naxos, Total, BCP and Shapiro are each sometimes individually referred to herein as an “Investor” and are collectively referred to herein as the “Investors.” TPG Star, TPG Bio, Naxos,
Total, BCP and Shapiro are collectively referred to herein as the “Preferred Stock Investors.” TPG Star and TPG Bio are sometimes collectively referred to herein as “TPG.” Materia Inc. and Materia Innovations are
sometimes collectively referred to herein as “Materia.” Each Investor is listed in Exhibit A attached hereto. 
 R E C I T A L S 

A. Cargill, Materia, Materia Innovations and Shapiro own shares of the Company’s Common Stock, $0.0001 par value per share
(“Common Stock”). TPG owns shares of the Company’s Series B Preferred Stock, $0.0001 par value per share (“Series B Preferred Stock”) and warrants to purchase shares of Series B Preferred Stock (the
“TPG Warrants”). 
 B. Naxos, Total, BCP and Shapiro own shares of the Company’s Series C Preferred Stock,
$0.0001, par value per share (“Series C Preferred Stock”). Pursuant to that certain Subscription Agreement, dated of even date herewith among Naxos, Total, BCP, Shapiro (collectively, the “Series D Investors”) and
the Company (the “Subscription Agreement”), Series D Investors are purchasing from the Company shares of the Company’s Series D Preferred Stock, $0.0001 par value per share (“Series D Preferred Stock”). The
Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock of the Company are sometimes collectively referred to in this Agreement as the “Preferred Stock”. 

C. The Subscription Agreement provides that, as a condition to consummation of certain transactions contemplated thereunder, including,
without limitation, the purchase of Series D Preferred Stock by the Series D Investors, the Company and other parties thereto will amend and restate that certain First Amended and Restated Investors’ Rights Agreement made and entered into
between the Company and certain of its stockholders dated as of December 6, 2010 (as amended, restated or otherwise modified from time to time in accordance with its terms, the “Prior Agreement”) by entering into this
Agreement, which will supersede and replace the Prior Agreement. 

 NOW, THEREFORE, in consideration of the foregoing recitals and the mutual promises
hereinafter set forth, the parties hereto agree as follows: 
 1 INFORMATION RIGHTS. 

1.1 Financial Information. Subject to the terms and conditions of this Agreement, the Company covenants and agrees
that, beginning after the Effective Date, the Company will: 
 (a) Annual Reports. Furnish to each
Investor, as soon as practicable and in any event within 120 days after the end of each fiscal year of the Company, a consolidated balance sheet as of the end of such fiscal year, a consolidated statement of operations, a consolidated statement of
cash flows and a consolidated statement of stockholder’s equity of the Company and its subsidiaries for such fiscal year, setting forth in each case in comparative form the figures from the Company’s previous fiscal year, all prepared in
accordance with generally accepted accounting principles (“GAAP”) and practices and audited by independent certified public accountants selected and approved by the Board of Directors of the Company (the “Board”);

 (b) Quarterly Reports. Furnish to each Investor as soon as practicable, and in any case within
forty-five (45) days of the end of each fiscal quarter of the Company (except the last quarter of the Company’s fiscal year), quarterly unaudited financial statements, including an unaudited balance sheet, an unaudited statement of
operations and an unaudited statement of cash usage of the Company for such fiscal quarter and the fiscal year to date; 
 (c) Monthly Reports. Furnish to each Major Preferred Stockholder as soon as practicable, and in any case within thirty (30) days after the end of each calendar month (except the last month of
the Company’s fiscal year), monthly unaudited financial statements, including an unaudited balance sheet, an unaudited statement of operations, and an unaudited statement of cash usage covering such month and the fiscal year to date; and

 (d) Annual Budget and Operating Plan. Furnish to each Major Preferred Stockholder as soon as
practicable and in any event no later than thirty (30) days after Board approval thereof, an annual operating plan and budget for the next immediate fiscal year, and, as soon as prepared, any other updated or revised plan or budgets for such
fiscal year prepared by the Company. 
 (e) Notification; Other Reports. Provide periodic (not less than
on a quarterly basis) reports to each Major Preferred Stockholder comparing the Company’s financial and operating performance against the projections previously delivered to the Major Preferred Stockholders in May 2011 (the
“Projections”) in such form as to be agreed by the Audit Committee of the Board within 120 days of the Effective Date. 
 (f) Major Preferred Stockholder. For purposes of this Agreement, the term “Major Preferred Stockholder” means any Investor for so long as such Investor holds at least 900,000
shares of Preferred Stock (such number of shares of Preferred Stock being subject to adjustments from time to time to reflect for stock splits, subdivisions, reverse stock splits or combinations affecting the number of outstanding shares of
applicable series of the Preferred Stock held by such Investor). 

  
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 1.2 Inspection Rights. The Company shall permit Cargill, Materia,
Materia Innovations and each Major Preferred Stockholder, at such Investor’s expense, to visit and inspect the Company’s properties, to examine its books of account and records and to discuss the Company’s business, affairs, finances
and accounts with its officers, all at such reasonable times as may be requested by such Investor. 
 1.3
Termination of Certain Investors’ Information and Inspection Rights. Notwithstanding anything to the contrary herein, the rights of Cargill, Materia or Materia Innovations (each, a “Section 1.3 Investor”) under
Section 1.2 hereof will automatically expire and terminate immediately after the first date following the Effective Date on which such Section 1.3 Investor no longer holds shares of Common Stock that are at least twenty-five percent
(25%) of the number of such Investor’s “Section 1.3 Shares” as set forth in Exhibit B hereto (such number of Section 1.3 shares to be appropriately adjusted from time to time to reflect applicable stock splits,
combinations, dividends and like events affecting the number of outstanding shares of Common Stock). The provisions of this Section 1.3 are not applicable to any party to this Agreement other than Cargill, Materia and Materia Innovations.

 1.4 Confidentiality. Each Investor agrees to use (and to use commercially reasonable efforts to ensure
that its authorized representatives use) the same degree of care as such Investor uses to protect its own confidential information to keep confidential any Company Confidential Information (as defined below). As used herein, with respect to each
Investor “Company Confidential Information” means information regarding the Company or parties with whom the Company has business dealings that (a) the Company designates as confidential or proprietary information,
(b) would reasonably be understood by a prudent business person to be confidential or proprietary information or (c) is furnished or made available to such Investor by the Company pursuant to this Agreement; except that
Company Confidential Information shall not include any such information that (i) was in the public domain prior to the time it was furnished or made available to such Investor or its authorized representatives; (ii) is or becomes (through
no willful or improper action or inaction by such Investor or its authorized representatives) generally available to the public; (iii) was in such Investor’s possession or known by such Investor or its authorized representatives (as
evidenced by written records) without restriction on use thereof prior to its or their receipt of such information from the Company; (iv) was rightfully disclosed to such Investor or its authorized representatives by a third party without
restriction on disclosure or use; (v) is disclosed with the prior written approval of the Company; or (vi) was independently developed (as evidenced by written records) by such Investor or its authorized representatives without any use of
or reference to the Company’s confidential or proprietary information. Each Investor further agrees not to use any such Company Confidential Information for any purpose other than monitoring or managing its investment in the Company, making
decisions regarding the voting of its shares of the Company’s stock and its investment in the Company and not to disclose any Company Confidential Information except as permitted under this Section 1.4 or as consented to by the Company in
writing. Notwithstanding the foregoing, any Investor may disclose Company Confidential Information on a confidential basis to any former, current or prospective partner, limited partner, general partner, member, officer, director, manager or
management company of 

  
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such Investor or any person with whom such Investor is discussing a bona fide potential sale of any of securities of the Company owned by such Investor, or any employee or representative of any
of the foregoing (each of the foregoing persons, a “Permitted Disclosee”) or legal counsel, accountants or representatives for such Investor or Permitted Disclosee, so long as such Permitted Disclosees are subject to equivalent
confidentiality obligations with respect to the Company Confidential Information (which confidentiality obligations may include fiduciary obligations or obligations arising from such Permitted Disclosee’s professional ethical obligations).
Furthermore, nothing contained in this Section 1.4 shall prevent any Investor or Permitted Disclosee from, and such Investors and Permitted Disclosees shall be permitted to: (a) enter into any business, enter into any agreement with a
third party, or invest in or engage in investment discussions with any other company (whether or not competitive with the Company) or manage and/or participate in the management of, or join the boards of directors (or similar organizations) of any
of such Investor’s or Permitted Disclosee’s current or future investments, provided that such Investor or Permitted Disclosee does not, except as otherwise permitted in accordance with this Section 1.4, disclose or use any
Company Confidential Information in connection with such activities; and (b) make any disclosures required by law, rule, regulation, subpoena or court or other governmental order, or in connection with the defense or prosecution of claims in
any legal proceeding to which such Investor or its Permitted Disclosees are a party or witness, provided that, to the extent reasonably possible, such Investor first gives the Company advance written notice of such disclosure and an
opportunity to seek a protective order or similar protection of the confidentiality of such Company Confidential Information. Notwithstanding anything to the contrary herein, the Company agrees that any Investor may use, but not disclose, Residual
Knowledge in evaluating, making or managing investments or investment relationships. “Residual Knowledge” is knowledge of ideas, concepts and know-how that are Company Confidential Information that is retained in the memories of
persons who have had rightful access to Company Confidential Information. 
 1.5
Termination of Certain Rights. The Company’s obligations under Sections 1.1 and 1.2 above will terminate upon the earlier to occur of: (i) the closing of a Qualified IPO (as defined in Section 2.11);
(ii) the closing of a “Combination” (as such term is defined in Section 3.3 of the Company’s Restated Certificate of Incorporation that is in effect on the Effective Date of this Agreement) (the “Restated
Certificate”) if, as a result of such Combination, the outstanding shares of the Company’s capital stock are converted into or exchanged solely for (a) cash, (b) rights to cash, (c) contingent cash payments and/or
(d) securities whose issuer is subject to the periodic reporting obligations of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) if such securities are then publicly traded on a nationally recognized
securities exchange or automated securities quotation system (such a Combination is hereinafter referred to as an “Exit Combination”), and (iii) the liquidation, dissolution or winding up of the Company. In addition, (and
without limiting the provisions of Section 1.3) an Investor’s rights under Sections 1.1 and 1.2 alone will expire and terminate if such Investor no longer owns any shares of the Company’s capital stock or any options, warrants or
rights to acquire capital stock of the Company. 

  
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 2 REGISTRATION RIGHTS. 

2.1 Definitions. For purposes of this Section 2: 

(a) Registration. The terms “register,” “registered,” and
“registration” refers to a registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of effectiveness of such registration statement. 

(b) Registrable Securities. The term “Registrable Securities” means: 

(1) all shares of Common Stock held by Cargill, Materia and Materia Investors (the “Common Registrable
Shares”) or any other Person that becomes a party to this Agreement in accordance with its terms; 

(2) all the shares of Common Stock issued or issuable upon the conversion of any shares of Series C Preferred Stock
(“Series C Registrable Securities”); 
 (3) all the shares of Common Stock issued or issuable
upon the conversion of any shares of Series B Preferred Stock or other preferred stock of the Company (including but not limited to any shares of Series B Preferred Stock or other preferred stock of the Company acquired upon the exercise or
conversion of any of the TPG Warrants) now held by or hereafter issued to TPG Star, TPG Bio and/or any of their respective Affiliates (“Series B Registrable Securities”); 

(4) all the shares of Common Stock issued or issuable upon the conversion of any shares of Series D Preferred Stock
(“Series D Registrable Securities”) 
 (5) any shares of Common Stock issued as (or issuable
upon the conversion or exercise of any warrant, right or other security which is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, all such shares of Common Stock described in any of clauses (1),
(2), (3) or (4) of this subsection 2.1(b) or on any shares of Common Stock described in this clause (5); 
 excluding in all
cases, however, any (A) Registrable Securities sold by a person in a transaction in which rights under this Section 2 are not assigned in accordance with this Agreement and (B) any Registrable Securities sold to the public or sold
pursuant to Rule 144 promulgated under the Securities Act; provided, however that notwithstanding anything herein to the contrary, the Excluded Shares (as hereafter defined) shall not be Registrable Securities for the purposes of
Section 2.2 or Section 2.12 of this Agreement. As used herein, the term “Excluded Shares” means and includes, collectively, (i) the Common Registrable Shares and (ii) all shares of Common Stock described in
clause (4) of this Section that are issued, directly or indirectly, in respect of any Common Registrable Shares. 
 (c) Registrable Securities Then Outstanding. The number of shares of “Registrable Securities Then Outstanding” shall mean the number of shares of Common Stock which are Registrable
Securities and (1) are then issued and outstanding, or (2) are then issuable pursuant to the exercise or conversion of then outstanding and then exercisable options, warrants (including but not limited to the TPG Warrants) or then
outstanding Preferred Stock or convertible securities (or upon the conversion of Preferred Stock or convertible securities issuable upon the exercise of any such options or warrants, including but not limited to the TPG Warrants); provided,
however, that the Excluded Shares shall not be included in, or considered to be, “Registrable Securities Then Outstanding” for purposes of Section 2.2 or Section 2.12 of this Agreement. 

  
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 (d) Holder. “Holder” means any person owning of
record Registrable Securities who (i) is a party to this Agreement or (ii) is an assignee of record of such Registrable Securities to whom rights under this Section 2 have been duly assigned in accordance with this Agreement;
provided, however, that for purposes of this Agreement, a record holder of outstanding shares of Preferred Stock shall be deemed to be the Holder of the Registrable Securities issuable upon the conversion of such shares of Preferred
Stock and each holder of a TPG Warrant shall be considered to be the owner of the Registrable Securities issuable upon the exercise of such TPG Warrant or issuable upon the conversion of any shares of Preferred Stock or other capital stock issuable
upon the exercise of such TPG Warrant; provided, further, that the Company shall in no event be obligated to register shares of Preferred Stock or the TPG Warrants and that Holders of Registrable Securities will not be required to
convert their shares of Preferred Stock into Common Stock or to exercise the TPG Warrants in order to exercise the registration rights granted hereunder as to such Registrable Securities, until immediately before the closing of the offering to which
the registration relates; provided, however, that a person who owns of record no Registrable Securities other than Excluded Shares shall not be a “Holder” for purposes of Section 2.2 or Section 2.12 of this
Agreement and, for purposes of Section 2.2 and Section 2.12, no person shall be deemed to be a Holder to the extent that such person is a holder of Excluded Shares. 

(e) Form S-3. The term “Form S-3” means such form of registration statement under the Securities
Act as is in effect on the Effective Date of this Agreement or any successor registration form under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other
documents filed by the Company with the SEC. 
 (f) SEC. The term “SEC” or
“Commission” means the U.S. Securities and Exchange Commission. 
 (g) Securities Act.
The term “Securities Act” means the Securities Act of 1933, as amended. 
 (h) Affiliate.
An “Affiliate” of a person means a corporation, partnership, limited liability company or other entity that, directly or indirectly, through one or more intermediaries, controls or is controlled by or is under common control with
such person, where (for purposes of this definition) “control” of a person means the direct or indirect ownership of voting securities and/or equity interests possessing more than fifty percent (50%) of the total voting power
possessed by all outstanding securities and equity interests of such person 
 (i) Qualified IPO. The term
“Qualified IPO” shall have the meaning given to such term in the Company’s Certificate of Incorporation in effect at the time in question; provided however, that if the Company’s Certificate of Incorporation
does not contain the term “Qualified IPO”, then the term “Qualified IPO” shall mean a firm commitment underwritten public offering pursuant to an effective registration statement filed under the Securities Act

  
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covering the offer and sale of Common Stock for the account of the Company in which the aggregate public offering price (before deduction of underwriters’ discounts and commissions) equals
or exceeds Fifty Million Dollars ($50,000,000) and the public offering price per share of which equals or exceeds Thirty-Five Dollars ($35.00) per share of Common Stock (such public offering price per share of Common Stock to be subject to
proportional adjustment from time to time to reflect (i) the issue by the Company of additional shares of Common Stock as a dividend or other distribution on outstanding Common Stock, (ii) a subdivision (or stock split) of the outstanding
shares of Common Stock into a greater number of shares of Common Stock, or (iii) a combination (or reverse stock split) of the outstanding shares of Common Stock into a smaller number of shares of Common Stock) 

(j) Series B Director. “Series B Director” means, at the time in question, any of the members of
the Board who, pursuant to the provisions of the Company’s Certificate of Incorporation then in effect at such time, are elected to the Board by the vote or consent of the holders of the outstanding Series B Preferred Stock, voting as a
separate series. 
 (k) Series C Director. “Series C Director” means, at the time in
question, any of the members of the Board who, pursuant to the provisions of the Company’s Certificate of Incorporation then in effect at such time, are elected to the Board by the vote or consent of the holders of the outstanding Series C
Preferred Stock, voting as a separate series. 
 2.2 Demand Registration. 

(a) Request by Holders. If the Company shall receive at any time after the earlier of (i) one hundred
and eighty (180) days after the effective date of the Company’s initial public offering of its securities pursuant to a registration filed under the Securities Act and (ii) November 20, 2011, a written request from one or more
Major Preferred Stockholders who individually or collectively are Holders of (x) a majority of the Series B Registrable Securities, (y) a majority of the Series C Registrable Securities and (z) a majority of the Series D Registrable
Securities (“Demand Holder(s)”) that the Company file a registration statement under the Securities Act covering the registration of Registrable Securities pursuant to this Section 2.2, then the Company shall, within ten
(10) business days of the receipt of such written request, give written notice of such request (“Request Notice”) to all Holders, and effect, as soon as practicable, and in any event within 90 days after the receipt of the
written request from the Demand Holder(s), the registration under the Securities Act of all Registrable Securities which the Holder(s) request to be registered and included in such registration by written notice given by such Holder(s) to the
Company within twenty (20) days after the Request Notice is deemed delivered pursuant to Section 6.1, subject only to the limitations of this Section 2.2; provided, however, that the Company shall not have any obligation
to effect the filing of a registration statement under this Section 2.2(a): (i) if the Registrable Securities requested by all Holder(s) to be registered pursuant to a request hereunder have an anticipated aggregate public offering price
(before any underwriting discounts and commissions) of less than Seven Million Five Hundred Thousand Dollars ($7,500,000); or (ii) if the registration requested by the Holders pursuant to this Section 2.2 has not been approved by Series B
Directors and Series C Directors who are then members of the Board and then constitute at least seventy-five percent (75%) of the total number of Series B Directors and Series C Directors that can then be elected to the Board under the
Company’s Certificate of Incorporation as then in effect; provided however, that this 

  
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clause (ii) shall not apply to any request for registration under this Section 2.2 if either (A) the Company has previously consummated a Qualified IPO at the time the Request
Notice is given or (B) the Company’s Certificate of Incorporation does not require approval of such registration by seventy-five percent (75%) of the total number of Series B Directors and Series C Directors that can then be elected
to the Board; or (iii) during any period beginning with the date ninety (90) days prior to the Company’s good faith estimate of the date of filing of, and ending on a date one hundred and eighty (180) days following the effective
date of, any Company-initiated registration under the Securities Act (other than a registration relating solely to any employee stock, stock option or benefit plan or any similar compensatory plan, or a corporate reorganization, business combination
or other transaction under Rule 145 of the Securities Act); provided that the Company’s right under this clause (iii) not to file a registration statement shall be contingent upon the Company providing notice to the Initiating
Holders (as defined below) within thirty (30) days of their request under this Section 2.2 of the Company’s intent to file such a Company-initiated registration statement within ninety (90) days and the Company thereafter
actively employing in good faith, reasonable efforts to cause such Company-initiated registration statement to become effective. 
 (b) Underwriting. If the Demand Holder(s) initiating the registration request under this Section 2.2 (“Initiating Holders”) intend to distribute the Registrable Securities
covered by their request by means of an underwriting, then they shall so advise the Company as a part of their request made pursuant to this Section 2.2 and the Company shall include such information in the Request Notice referred to in
subsection 2.2(a). In such event, the right of any Holder to include his Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable
Securities in the underwriting (unless otherwise mutually agreed by a majority in interest of the Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall
enter into an underwriting agreement in customary form with the managing underwriter or underwriters selected for such underwriting by the Company (which underwriter or underwriters shall be reasonably acceptable to a majority in interest of the
Initiating Holders). Notwithstanding any other provision of this Section 2.2, if the managing underwriter advises the Company in writing that marketing factors require a limitation of the number of securities to be underwritten, then the
Company shall so advise all Holders of Registrable Securities which would otherwise be registered and underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be reduced as required by the
underwriter(s) and allocated among each of the Holders requesting inclusion of their Registrable Securities in the underwriting on a pro rata basis according to the number of Registrable Securities Then Outstanding held by each such Holder;
provided, however, that the number of shares of Registrable Securities to be included in such underwriting and registration shall not be reduced unless all other securities of the Company (including all securities proposed to be issued
by the Company and included therein and any other already-outstanding securities that are not Registrable Securities or that are not (under the terms of this Agreement) Registrable Securities for purposes of this Section 2.2) are first entirely
excluded from the underwriting and registration. Any Registrable Securities excluded and withdrawn from such underwriting shall be withdrawn from the registration. 

  
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 (c) Maximum Number of Demand Registrations. The Company is obligated
to effect only two (2) such registrations pursuant to this Section 2.2, counting for these purposes only (i) registrations which have been declared or ordered effective, remain in effect and as to which no stop order is then in effect
or pursuant to which the distribution described therein has been completed, and (ii) demand registrations under this Section 2.2 that are forfeited in accordance with the terms and conditions of Section 2.2(e). 

(d) Deferral. Notwithstanding the foregoing, if the Company shall furnish to the Initiating Holders requesting the
filing of a registration statement pursuant to this Section 2.2, a certificate signed by the President or Chief Executive Officer of the Company stating that, in the good faith judgment of the Board, it would be seriously detrimental to the
Company and its stockholders for such registration statement to be filed and it is therefore necessary to defer the filing of such registration statement, then the Company shall have the right to defer such filing for a period of not more than one
hundred twenty (120) days after receipt of the request of the Initiating Holders; provided, however, that the Company may not utilize this right together with the similar right in Section 2.4(b)(3) more than once in any
twelve (12) month period; provided, further, that the Company shall not register any securities for the account of itself or any other stockholder during such one hundred twenty (120) day period (other than a registration
relating solely to the sale of securities of participants in any employee stock, stock option or benefit plan or any similar compensatory plan, or a registration relating to a corporate reorganization, business combination or other transaction under
Rule 145 of the Securities Act). 
 (e) Expenses. All expenses incurred in connection with a
registration pursuant to this Section 2.2, including without limitation all registration and qualification fees, printers’ and accounting fees, fees and disbursements of counsel for the Company, and the reasonable fees and disbursements
(up to $200,000) of one counsel for the selling Holders selected by the selling Holders (but excluding underwriters’ discounts and commissions), shall be borne by the Company. Each Holder participating in a registration pursuant to this
Section 2.2 shall bear such Holder’s proportionate share (based on the total number of shares sold in such registration other than for the account of the Company) of all underwriters’ discounts and commissions. Notwithstanding the
foregoing, the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to this Section 2.2 (and the Holders electing to participate in such registration shall bear all such expenses on a pro rata
basis according to the number of Registrable Securities they elected to include in such registration) if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered,
unless the Holders of a majority of the Registrable Securities who have requested such registration agree to forfeit their right to one (1) then available demand registration pursuant to this Section 2.2 (in which case such right shall be
forfeited by all Holders of Registrable Securities); provided, however, that if at the time of such withdrawal, the Holders have learned of a material adverse change in the condition, business, or prospects of the Company not known to
the Holders at the time of their request for such registration and have withdrawn their request for registration with reasonable promptness after learning of such material adverse change, then the Holders shall not be required to pay any of such
expenses and shall not be required to forfeit a demand registration pursuant to this Section 2.2. 

  
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 2.3 Piggyback Registrations. The Company shall notify all Holders of
Registrable Securities in writing at least thirty (30) days prior to filing any registration statement under the Securities Act for purposes of effecting a public offering of securities of the Company (including, but not limited to,
registration statements relating to secondary offerings of securities of the Company, but excluding registration statements relating to any registration under Section 2.2 or Section 2.4 of this Agreement or to any employee stock,
stock option or benefit plan or any similar compensatory plan, or a corporate reorganization, business combination or other transaction under Rule 145 of the Securities Act) and will afford each such Holder an opportunity to include in such
registration statement all or any part of the Registrable Securities then held by such Holder. Each Holder desiring to include in any such registration statement all or any part of the Registrable Securities held by such Holder shall, within twenty
(20) days after the above-described notice from the Company is deemed delivered pursuant to Section 6.1, so notify the Company in writing, and in such notice shall inform the Company of the number of Registrable Securities such Holder
wishes to include in such registration statement. If a Holder decides not to include all of its Registrable Securities in any registration statement thereafter filed by the Company, such Holder shall nevertheless continue to have the right to
include any Registrable Securities in any subsequent registration statement or registration statements as may be filed by the Company with respect to offerings of its securities, all upon the terms and conditions set forth herein. 

(a) Underwriting. If a registration statement under which the Company gives notice under this Section 2.3 is
for an underwritten offering, then the Company shall so advise the Holders of Registrable Securities. In such event, the right of any such Holder’s Registrable Securities to be included in a registration pursuant to this Section 2.3 shall
be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their Registrable
Securities through such underwriting shall enter into an underwriting agreement in customary form with the managing underwriter or underwriter(s) selected for such underwriting. Notwithstanding any other provision of this Agreement, if the managing
underwriter advises the Company in writing that marketing factors require a limitation of the number of shares to be underwritten, then the managing underwriter may exclude shares (including Registrable Securities) from the registration and the
underwriting, and the number of shares that may be included in the registration and the underwriting shall be allocated, first, to the Company, second, to each of the Holders requesting inclusion of their Registrable Securities in such
registration statement, on a pro rata basis according to the number of Registrable Securities Then Outstanding held by each such Holder, and third, to all other stockholders of the Company requesting inclusion of securities of the Company in
such registration; provided however, that the right of the underwriters to exclude shares (including Registrable Securities) from the registration and underwriting as described above shall be restricted so that the number of
Registrable Securities included in any such registration is not reduced below thirty percent (30%) of the shares included in the registration, except for a registration relating to the Company’s initial public offering, from which all
Registrable Securities may be excluded. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter, delivered at least ten (10) days prior to
the effective date of the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. If shares are so withdrawn from the registration and if the number of
Registrable Securities to be 

  
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included in such registration was previously reduced as a result of marketing factors pursuant to Section 2.3(a), then the Company shall use reasonable efforts to offer to all Holders who
had requested that their Registrable Securities be included in the offering (and not withdrawn such request) the opportunity to include additional Registrable Securities in the registration in an aggregate amount equal to the number of shares so
withdrawn, with such shares to be allocated among the Holders requesting additional inclusion in the manner set forth above; provided however, that the terms and conditions under which such opportunity to include additional Registrable
Securities is provided shall be established by the Company in its sole discretion and provided, further, however, that the Company shall have no obligation pursuant to this sentence to the extent that offering any Holders such
opportunity could reasonably be expected to delay or otherwise impair the success of the offering. For any Holder which is a venture capital fund, partnership, limited liability company or corporation, the affiliated venture capital funds, partners,
retired partners, members, retired members and stockholders of such Holder, or the estates and family members of any such partners and retired partners and any trusts for the benefit of any of the foregoing persons shall be deemed to be a single
“Holder”, and any pro rata reduction with respect to such “Holder” shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included in such “Holder”, as
defined in this sentence. 
 (b) Expenses. All expenses incurred in connection with a registration
pursuant to this Section 2.3 (excluding underwriters’ discounts and commissions), including, without limitation all federal and “blue sky” registration and qualification fees, printers’ and accounting fees, fees and
disbursements of counsel for the Company and reasonable fees and disbursements of one counsel for the selling Holders (up to $100,000) selected by the selling Holders, shall be borne by the Company. 

2.4 Form S-3 Registration. In case the Company shall receive from any Holder or Holders of Series B Registrable
Securities, Series C Registrable Securities and/or Series D Registrable Securities a written request or requests that the Company effect a registration on Form S-3 and any related qualification or compliance with respect to all or a part of the
Registrable Securities owned by such Holder or Holders, then the Company will: 
 (a) Notice. Promptly
give written notice of the proposed registration and the Holder’s or Holders’ request therefor, and any related qualification or compliance, to all other Holders of Registrable Securities; and 

(b) Registration. As soon as practicable, effect such registration and all such qualifications and compliances as
may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holder’s or Holders’ Registrable Securities as are specified in such request, together with all or such portion of the
Registrable Securities of any other Holder or Holders joining in such request as are specified in a written request given within twenty (20) days after such written notice from the Company is deemed delivered pursuant to Section 6.1;
provided, however, that the Company shall not be obligated to effect any such registration, qualification or compliance pursuant to this Section 2.4: 

(1) if Form S-3 is not available for such offering by the Holders; 

  
 11 

 (2) if the Holders, together with the holders of any other securities of
the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public of less than Five Million Dollars ($5,000,000); 

(3) if the Company shall furnish to the Holders a certificate signed by the President or Chief Executive Officer of the
Company stating that in the good faith judgment of the Board, it would be seriously detrimental to the Company and its stockholders for such Form S-3 Registration to be effected at such time, in which event the Company shall have the right to defer
the filing of the Form S-3 registration statement no more than once during any twelve month period for a period of not more than one hundred twenty (120) days after receipt of the request of the Holder or Holders under this Section 2.4;
provided, however, that the Company may not utilize this right together with the similar right in Section 2.2(d) more than once in any twelve (12) month period; provided, further, that the Company shall not
register any securities for the account of itself or any other stockholder during such one hundred twenty (120) day period (other than a registration relating solely to the sale of securities of participants in a employee stock, stock option or
benefit plan or any similar compensatory plan, or a registration relating to a corporate reorganization, business combination or transaction under Rule 145 of the Securities Act, a registration on any form that does not include substantially
the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities, or a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt
securities that are also being registered); 
 (4) if the Company has, within the twelve (12) month period
preceding the date of such request, already effected two (2) registrations on Form S-3 for the Holders pursuant to this Section 2.4, counting for these purposes only registrations which have been declared or ordered effective, remain in
effect and no stop order is then in effect or pursuant to which the distribution described therein has been completed; or 
 (5) in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to service of process in effecting such registration, qualification or
compliance. 
 (c) Expenses. Subject to the foregoing, the Company shall file a Form S-3 registration
statement covering the Registrable Securities and other securities so requested to be registered pursuant to this Section 2.4 as soon as practicable after receipt of the request or requests of the Holders for such registration. The Company
shall pay all expenses incurred in connection with each registration requested pursuant to this Section 2.4 (excluding underwriters’ discounts and commissions), including without limitation all filing, registration and qualification,
printers’ and accounting fees and the reasonable fees and disbursements of one counsel for the selling Holder or Holders (up to $70,000) selected by the selling Holder(s) and counsel for the Company. 

(d) Not Demand Registration. Form S-3 registrations shall not be deemed to be demand registrations as described in
Section 2.2 above. 

  
 12 

 2.5 Obligations of the Company. Whenever required to effect the
registration of any Registrable Securities under this Agreement, the Company shall, as expeditiously as reasonably possible: 
 (a) Prepare and file with the SEC a registration statement with respect to such Registrable Securities and use commercially diligent efforts to cause such registration statement to become effective, and,
upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective until the earlier to occur of (i) one hundred twenty (120) days following the effective date and
(ii) the last date on which all Registrable Securities with respect to which such registration statement was filed are sold. 
 (b) Prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with
the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement. 
 (c) Furnish to the Holders such number of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as they may
reasonably request in order to facilitate the disposition of the Registrable Securities owned by them that are included in such registration. 
 (d) Use its best efforts to register and qualify the securities covered by such registration statement under such other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested
by the Holders, provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions. 

(e) In the event of any underwritten public offering, enter into and perform its obligations under an underwriting
agreement, in usual and customary form, with the managing underwriter(s) of such offering. 
 (f) Notify each
Holder of Registrable Securities covered by such registration statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in
such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the
circumstances then existing, such obligation to continue for 120 days or until the distribution described in such registration statement is completed, if earlier. 

(g) Furnish, at the request of any Holder requesting registration of Registrable Securities, on the date that such
Registrable Securities are delivered to the underwriters for sale, if such securities are being sold through underwriters, (i) an opinion, dated as of such date, of the counsel representing the Company for the purposes of such registration, in
form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters and (ii) a “comfort” letter dated as of such date, from the

  
 13 

 
independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public
offering addressed to the underwriters. 
 (h) Cause all such Registrable Securities registered pursuant to this
Section 2 to be listed on a national exchange or trading system and on each securities exchange and trading system on which similar securities issued by the Company are then listed. 

(i) Provide a transfer agent and registrar for all Registrable Securities registered pursuant hereunder and a CUSIP number
for all such Registrable Securities, in each case not later than the effective date of such registration. 
 (j)
Notify each Holder promptly after the Company receives notice thereof, of the time when such registration statement has become effective or a supplement of such registration has been filed. 

(k) Advise each Holder promptly after the Company shall receive notice or obtain knowledge thereof, of the issuance of any
stop order by the SEC suspending the effectiveness of such registration statement or the threatening of any proceeding for such purpose and promptly use all best efforts to prevent the issuance of any stop order should such be issued. 

(l) Make generally available to its security holders, and to deliver to the Holders an earnings statement of the Company
(that will satisfy the provisions of Section 11(a) of the Securities Act) covering a period of twelve (12) months beginning after the effective date of the registration statement (as defined in Rule 158(c) under the Securities Act) as soon
as is reasonably practicable after the termination of such twelve (12) month period. 
 2.6 Furnish
Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to Sections 2.2, 2.3 or 2.4 with respect to any selling Holder that such selling Holder shall furnish to the Company such information
regarding such selling Holder, the Registrable Securities held by such selling Holder, and such selling Holder’s intended method of disposition of such securities as shall be reasonably required to timely effect the registration of their
Registrable Securities. 
 2.7 Delay of Registration. No Holder shall have any right to obtain or seek an
injunction restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

2.8 Indemnification. In the event any Registrable Securities are included in a registration statement under
Sections 2.2, 2.3 or 2.4: 
 (a) By the Company. To the extent permitted by law, the Company will
indemnify and hold harmless each Holder, the partners, managers, officers and directors of each Holder, any underwriter (as defined in the Securities Act) for such Holder and each person, if any, who controls such Holder or underwriter within the
meaning of the Securities Act or the Exchange Act, against any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such
losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”): 

  
 14 

 (A) any untrue statement or alleged untrue statement of a material fact
contained in such registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; 
 (B) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or 

(C) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any federal or state
securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any federal or state securities law in connection with the offering covered by such registration statement; 

and the Company will reimburse each such Holder, partner, manager, member, officer or director, underwriter or controlling person for any legal or other
expenses reasonably incurred by them, as incurred, in connection with investigating or defending any such loss, claim, damage, liability or action; provided however, that the indemnity agreement contained in this subsection 2.8(a)
shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld or delayed), nor shall the Company
be liable in any such case for any such loss, claim, damage, liability or action to the extent (and only to the extent) that it arises out of or is based upon a Violation which occurs in reliance upon and in conformity with written information
furnished expressly for use in connection with such registration by such Holder, partner, manager, member, officer, director, underwriter or controlling person of such Holder. 

(b) By Selling Holders. To the extent permitted by law, each Holder selling Registrable Securities under a
registration statement of the Company will, severally and not jointly, indemnify and hold harmless the Company, each of its directors, each of its officers who have signed such registration statement, each person, if any, who controls the Company
within the meaning of the Securities Act, any underwriter and any other Holder selling securities under such registration statement or any of such other Holder’s partners, managers, members, directors or officers or any person who controls such
Holder within the meaning of the Securities Act or the Exchange Act, against any losses, claims, damages or liabilities (joint or several) to which the Company or any such director, officer, controlling person, underwriter or other such Holder,
partner, manager, member, or director, officer or controlling person of such other Holder may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages or liabilities (or actions
in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by such Holder expressly for use
in connection with such registration; and each such Holder will reimburse any legal or other expenses reasonably incurred by the Company or any such director, officer, controlling person, underwriter or other Holder, partner, manager, member,
officer, director or controlling person of such other Holder in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement contained in this subsection
2.8(b) shall not apply to amounts paid in settlement of 

  
 15 

 
any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld or delayed; and provided
further, that the total amounts payable in indemnity by a Holder under this Section 2.8(b) in respect of any Violation shall not exceed the net proceeds received by such Holder in the registered offering out of which such Violation arises.

 (c) Notice. Promptly after receipt by an indemnified party under this Section 2.8 of notice of the
commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 2.8, deliver to the indemnifying party a written notice
of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with
counsel mutually satisfactory to the parties; provided, however, that an indemnified party shall have the right to retain its own counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such
indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential conflict of interests between such indemnified party and any other party represented by such counsel in such proceeding. The
failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action, if materially prejudicial to its ability to defend such action, shall relieve such indemnifying party of any liability to
the indemnified party under this Section 2.8, but the omission so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 2.8.

 (d) Contribution. In order to provide for just and equitable contribution to joint liability under the
Securities Act in any case in which either: (i) any Holder exercising rights under this Agreement, or any controlling person of any such Holder, makes a claim for indemnification pursuant to this Section 2.8 but it is judicially determined
that such indemnification may not be enforced in such case notwithstanding the fact that this Section 2.8 provides for indemnification in such case; or (ii) contribution under the Securities Act may be required on the part of any such
selling Holder or any such controlling person in circumstances for which indemnification is provided under this Section 2.8; then, and in each such case, the Company and such Holder will contribute to the aggregate losses, claims,
damages or liabilities to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of the indemnifying party, on the one hand, and the indemnified party, on the other, in
connection with the statements or omissions or violations that resulted in such loss, liability, claim, damage or expense, as well as any other equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall
be determined by a court of law by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the
indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; provided, however, that, in any such case, (A) no such Holder will be
required to contribute any amount in excess of net proceeds received by such Holder (such amount to be combined with any amounts paid by such Holder pursuant to Section 2.8(b)); and (B) no person or entity guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any person or entity who was not guilty of such fraudulent misrepresentation. 

  
 16 

 Notwithstanding the foregoing, to the extent that the provisions on
indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control.

 (e) Survival. The obligations of the Company and Holders under this Section 2.8 shall survive the
completion of any offering of Registrable Securities in a registration statement, and otherwise. 
 2.9
“Market Stand-Off” Agreement. Each Holder hereby agrees that it shall not, to the extent requested by the Company or an underwriter of securities of the Company, lend, offer, pledge, sell, contract to sell, sell any option or
contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any Registrable Securities or other shares of stock of the Company then owned
by such Holder (other than to donees or partners or Affiliates of the Holder who agree with the Company in writing to be similarly bound) for up to one hundred eighty (180) days following the effective date of a registration statement of the
Company filed under the Securities Act (or such other period up to a maximum of 34 additional days as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (i) the publication or other distribution of
research reports and (ii) analyst recommendations and opinions, including, but not limited to, the restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto); (the
“Lock-Up Period”) provided, however, that: 
 (a) such agreement shall be
applicable only to the first such registration statement of the Company which covers securities to be sold on its behalf to the public in an underwritten offering but not to Registrable Securities sold pursuant to such registration statement;

 (b) all stockholders of the Company who hold in excess of one percent (1%) of the then outstanding Common
Stock and Common Stock equivalents of the Company and all executive officers and directors of the Company enter into similar agreements and, if any such stockholder is released from such agreement with respect to any shares of Common Stock or Common
Stock equivalents, then each Investor shall be released to the same extent (based on the percentage of shares released) as the applicable stockholder. 
 In order to enforce the foregoing covenant, the Company shall have the right to place restrictive legends on the certificates representing the shares subject to this Section and to impose stop transfer
instructions with respect to the Registrable Securities and such other shares of stock of each Holder (and the shares or securities of every other person subject to the foregoing restriction) until the end of such period. The Company shall reissue
certificates without such legends at the request of any Holder thereof if the Company has completed its initial public offering of the Company’s securities and the Lock-Up Period, as it may be extended by this Section 2.9, has expired.
Each Holder further agrees to enter into any agreement reasonably requested by the underwriters to implement the foregoing within any reasonable timeframe so requested. 

  
 17 

 2.10 Rule 144 Reporting. With a view to making available the benefits
of certain rules and regulations of the Commission which may at any time permit the sale of the Registrable Securities to the public without registration, after such time as a public market exists for the Common Stock of the Company, the Company
agrees to: 
 (a) Make and keep current public information available, as those terms are understood and defined
in Rule 144 under the Securities Act, at all times after the effective date of the first registration under the Securities Act filed by the Company for an offering of its securities to the general public; 

(b) File with the Commission in a timely manner all reports and other documents required of the Company under the
Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements); and 
 (c) So long as a Holder owns any Registrable Securities, to furnish to the Holder forthwith upon request a written statement by the Company as to its compliance with the reporting requirements of said
Rule 144 (at any time after 90 days after the effective date of the first registration statement filed by the Company for an offering of its securities to the general public), and of the Securities Act and the Exchange Act (at any time after it has
become subject to the reporting requirements of the Exchange Act) or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after it so qualifies), a copy of the most recent annual or quarterly report of
the Company, and such other reports and documents of the Company as a Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing a Holder to sell any such securities without registration (at any time after
the Company has become subject to the reporting requirements of the Exchange Act). 
 2.11 Termination of the
Company’s Obligations. The Company shall have no obligations under this Section 2 with respect to any request or requests for registration made: (i) on a date more than four (4) years after the closing of a Qualified IPO (or
such later date as may be agreed to by the parties); (ii) with respect to any Registrable Securities proposed to be sold by a Holder if, in the opinion of counsel to the Company, all such Registrable Securities proposed to be sold by such
Holder may be sold by such Holder in a three-month period without registration under the Securities Act pursuant to Rule 144 under the Securities Act; (iii) on or after (A) the closing of an Exit Combination (as defined in
Section 1.5) or (B) the liquidation, dissolution or winding up of the Company. 
 2.12 No Future
Grants of Registration Rights. From and after the Effective Date of this Agreement, the Company shall not, without the prior written consent of the Holders of at least a majority of the Registrable Securities Then Outstanding, enter into any
agreement with any holder or prospective holder of any securities of the Company which would give such holder or prospective holder any registration rights if (a) such registration rights would be pari passu with, or senior to, any registration
rights provided under this Agreement or (b) such holder would not be bound by obligations similar to the obligations of the Holders set forth in Sections 2.2(e), 2.8 and 2.9. 

  
 18 

 3 RIGHT OF FIRST REFUSAL. 

3.1 General. Each Preferred Stock Investor and any party to whom such Preferred Stock Investor’s rights under
this Section 3 have been duly assigned in accordance with Section 4.1(c) (each such Preferred Stock Investor or assignee being hereinafter referred to as a “Rights Holder”) has the right of first refusal to purchase such
Rights Holder’s Pro Rata Share (as defined below), of all (or any part) of any “New Securities” (as defined in Section 3.2) that the Company may from time to time issue after the date of this Agreement; provided,
however, that such right is contingent upon such Rights Holder demonstrating to the Company’s satisfaction that it is an “accredited investor” (as defined in Rule 501 of Regulation D promulgated under the Securities Act) if
such issuance of New Securities is offered only to accredited investors. A Rights Holder’s “Pro Rata Share” for purposes of this right of first refusal is the ratio of (a) the number of shares of Registrable Securities
held by such Rights Holder, to (b) a number of Registrable Securities held by all Rights Holders. 
 3.2
New Securities. “New Securities” shall mean any shares of capital stock of the Company (including but not limited to Common Stock of the Company or shares of any class or series of preferred stock of the Company), whether now
authorized or not, and any rights, options or warrants to purchase any capital stock of the Company, and securities of any type whatsoever that are, or may become, convertible or exchangeable into capital stock of the Company; provided,
however, that the term “New Securities” does not include: 
 (a) shares of
Series D Preferred Stock issued under the Subscription Agreement on the date hereof, and/or any shares of Common Stock issuable upon the conversion of such shares of Series D Preferred Stock; 

(b) any shares of Common Stock issuable upon the conversion of the Series C Preferred Stock; 

(c) (i) Series B Preferred Stock or other capital stock of the Company (other than shares of Series C Preferred Stock)
issued or issuable upon the exercise of the TPG Warrants in accordance with the terms thereof and (ii) shares of Common Stock and/or any other capital stock of the Company issuable upon the conversion of shares of Series B Preferred Stock and
other capital stock (other than Series C Preferred Stock) issued pursuant to clauses (i) and (ii) above of this subparagraph (c); 
 (d) shares of capital stock issuable upon the exercise or conversion of any warrants or options that are outstanding as of the Effective Date of this Agreement or upon conversion of any convertible
securities that are issued upon exercise thereof; or 
 (e) Any securities that are excluded from the definition
of “Additional Shares of Common Stock” in subsection 5.8(b)(i) of Article V of the Restated Certificate. 
 3.3 Procedures. In the event that the Company proposes to undertake an issuance of New Securities , it shall first give to each Rights Holder written notice of its intention to issue New Securities
(the “Notice”), describing the type of New Securities proposed to be issued and the price and the general terms upon which the Company proposes to issue such New Securities. Each Rights Holder shall have twenty (20) days from
the date of deemed delivery 

  
 19 

 
under Section 6.1 of any such Notice to agree in writing to purchase up to such Rights Holder’s Pro Rata Share of such New Securities for the price and upon the general terms specified
in the Notice by giving written notice to the Company and stating therein the quantity of New Securities to be purchased (not to exceed such Rights Holder’s Pro Rata Share). If any Rights Holder fails to so agree in writing within such twenty
(20) day period to purchase such Rights Holder’s full Pro Rata Share of an offering of New Securities (a “Nonpurchasing Holder”), then such Nonpurchasing Holder shall forfeit the right hereunder to purchase that part of
his Pro Rata Share of such New Securities that such Holder did not so agree to purchase and the Company shall promptly give each Rights Holder who has timely agreed to purchase such Rights Holder’s full Pro Rata Share of such offering of New
Securities (a “Purchasing Holder”) written notice of the failure of any Nonpurchasing Holder to purchase such Nonpurchasing Holder’s full Pro Rata Share of such offering of New Securities (the “Overallotment
Notice”). Each Purchasing Holder shall have a right of overallotment such that such Purchasing Holder may agree to purchase a portion of the Nonpurchasing Holders’ unpurchased Pro Rata Shares of such offering of New Securities on a pro
rata basis according to the relative Pro Rata Shares of the Purchasing Holders, at any time within five (5) days after deemed delivery under Section 6.1 of the Overallotment Notice. 

3.4 Failure to Exercise. In the event that the Rights Holders fail to exercise in full the right of first refusal
within such twenty (20) plus five (5) day period, then the Company shall have 90 days thereafter to sell the New Securities with respect to which the Rights Holders’ rights of first refusal hereunder were not exercised, at a price and
upon terms not more favorable to the purchasers thereof than specified in the Company’s Notice to the Rights Holders. In the event that the Company has not issued and sold the New Securities within such 90 day period, then the Company shall not
thereafter issue or sell any New Securities without again first offering such New Securities to the Rights Holders pursuant to this Section 3. 
 3.5 Termination. This right of first refusal shall terminate immediately before the earlier of the closing of: (i) a Qualified IPO and (ii) an Exit Combination (as defined in
Section 1.5) and (iii) the liquidation, dissolution or winding up of the Company. 
 4 ASSIGNMENT AND AMENDMENT.

 4.1 Assignment. Notwithstanding anything herein to the contrary: 

(a) Information Rights. The rights of an Investor under Section 1.1 and 1.2 hereof may be assigned by an
Investor only to: (i) a transferee who acquires from such Investor (or such Investor’s permitted assigns) at least 700,000 Registrable Securities (such number of shares to be subject to adjustment as provided in Section 6.11);
(ii) an Affiliate of an Investor who owns at least 100,000 Registrable Securities (such number of shares to be subject to equitable adjustment as provided in Section 6.11), provided that such rights will immediately terminate when
such Affiliate ceases to be an Affiliate of an Initial Investor unless such Affiliate would then otherwise be eligible to be assigned such rights under the above clause (i) of this Section 4.1(a); (iii) a successor entity into which
such Investor is merged or consolidated in a bona fide statutory merger or consolidation in which such successor entity succeeds to all such Investor’s assets, properties and liabilities and obligations by operation of law; or (iv) a
successor entity which acquires all or substantially all such Investor’s assets and properties and 

  
 20 

 
assumes all such Investor’s obligations under all agreements between such Investor and the Company; and provided further, that notwithstanding the foregoing, for any such rights of an
Investor under Section 1.1 or 1.2 that are given to or held only by Major Preferred Stockholders under the terms of this Agreement, such rights may be assigned only to an assignee who becomes a party to this Agreement as an “Investor”
hereunder and who is a Major Preferred Stockholder (subject to the aggregation provisions of Section 6.12). A transferee which acquires such required number and type of shares of capital stock of the Company pursuant to an assignment made in
accordance with the terms and conditions hereof shall be deemed to be an “Investor” for purposes of Section 1; provided, however that no party may be assigned any of the foregoing rights unless (A) the Company is
given written notice by the assigning party within a reasonable time after such assignment stating the name and address of the assignee and identifying the securities of the Company as to which the rights in question are being assigned,
(B) such transfer of the securities of the Company is made in compliance with the terms and conditions relating to restrictions and conditions of transfer applicable to such securities, and (C) such assignee executes and delivers to the
Company a counterpart signature page to this Agreement in a form reasonably satisfactory to the Company agreeing to be bound by all of the terms and conditions of this Agreement (including without limitation the provisions of this Section 4) as
an “Investor” hereunder. Notwithstanding anything to the contrary in this Agreement, no rights under Sections 1.1 or 1.2 may be transferred or assigned to any party (other than an Affiliate of Investor) that the Board reasonably concludes
is a competitor or potential competitor of the Company. 
 (b) Registration Rights. The registration
rights of a Holder under Section 2 hereof may be assigned only to: (i) a party who acquires at least 500,000 Registrable Securities (such number of shares to be subject to adjustment as provided in Section 6.11); provided,
however, that if a Holder under Section 2 hereof holds less than 500,000 Registrable Securities (such number to be subject to adjustment as provided in Section 6.11), then the registration rights under Section 2.3 may be
transferred to a transferee who acquires all of such Holder’s Registrable Securities; (ii) a transferee of Registrable Securities that is a subsidiary, parent, affiliated venture capital, private equity or other investment fund, partner,
limited partner, retired partner, member, retired member, stockholder, or Affiliate of such Holder; (iii) a successor entity into which such Holder is merged or consolidated in a bona fide statutory merger or consolidation in which such
successor entity succeeds to all such Investor’s assets, properties and liabilities and obligations by operation of law; or (iv) a successor entity which acquires all or substantially all such Holder’s assets and properties and
assumes all such Holder’s obligations under all agreements between such Holder and the Company; provided further, however, that no party may be assigned any of the foregoing rights unless (A) the Company is given
written notice by the assigning party within a reasonable time after such assignment stating the name and address of the assignee and identifying the securities of the Company as to which the rights in question are being assigned, (B) such
transfer of the securities of the Company is made in compliance with the terms and conditions relating to restrictions and conditions of transfer applicable to such securities, and (C) such assignee executes and delivers to the Company a
counterpart signature page to this Agreement in a form reasonably satisfactory to the Company agreeing to be bound by all of the terms and conditions of this Agreement (including without limitation the provisions of this Section 4) as an
“Investor” hereunder; and provided further, that notwithstanding the foregoing, for any such rights of an Investor under Section 2 hereof that are given to or held only by Major Preferred Stockholders under the terms of
this Agreement, such rights may be assigned only to an assignee who becomes a party to this Agreement as an “Investor” hereunder and who is a Major Preferred Stockholder (subject to the aggregation provisions of Section 6.12).

  
 21 

 (c) Refusal Rights. The rights of a Rights Holder under
Section 3 hereof may be assigned by such Rights Holder only to: (i) a transferee who acquires from such Rights Holder (or such Rights Holder’s permitted assigns) at least 500,000 Registrable Securities (such number of shares to be
subject to adjustment as provided in Section 6.11) and who becomes a party to this Agreement as an “Investor” hereunder and who is a Major Preferred Stockholder; (ii) with respect to a particular offering of New Securities, a
party who, both at the time of the assignment of such rights under Section 3 hereof and at the time of the exercise of such assigned rights of refusal under Section 3 hereof, is an Affiliate of such Rights Holder or is an affiliated
venture capital, private equity or other investment fund of such Rights Holder; (iii) a successor entity into which such Rights Holder is merged or consolidated in a bona fide statutory merger or consolidation in which such successor entity
succeeds to all such Investor’s assets, properties and liabilities and obligations by operation of law; or (iv) a successor entity which acquires all or substantially all such Rights Holder’s assets and properties and assumes all such
Rights Holder’s obligations under all agreements between such Rights Holder and the Company; provided, however that no party may be assigned any of the foregoing rights unless (A) the Company is given written notice by the
assigning party within a reasonable time after such assignment stating the name and address of the assignee and identifying the securities of the Company as to which the rights in question are being assigned, (B) such transfer of the securities
of the Company is made in compliance with the terms and conditions relating to restrictions and conditions of transfer applicable to such securities, and (C) such assignee executes and delivers to the Company a counterpart signature page to
this Agreement in a form reasonably satisfactory to the Company agreeing to be bound by all of the terms and conditions of this Agreement (including without limitation the provisions of this Section 4) as an “Investor” hereunder.
Notwithstanding anything to the contrary in this Agreement, no rights under Section 3 may be transferred or assigned to any party that the Board reasonably concludes is a competitor or potential competitor of the Company (other than to an
Affiliate of an Investor). 
 4.2 Amendment of Rights. Any provision of this Agreement may be amended and
the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and Holders of at least a majority of the Registrable Securities Then
Outstanding; provided, however, that any amendment that adversely affects the rights of an Investor set forth herein in a manner different than other Investors shall not be effective as to such adversely affected Investor
without its written consent. 
 5 CERTAIN COVENANTS OF THE COMPANY. 

5.1 Option and Stock Awards; Vesting. Except as may be otherwise approved by the Board, each option grant,
restricted stock award or similar equity grant made by the Company after the Effective Date of this Agreement to any employee, officer, director, contractor, consultant or adviser to the Company or any subsidiary of the Company (each, a
“Service Provider”) as a compensatory transaction under any equity incentive plan or 

  
 22 

 
arrangement of the Company (in each case an “Award”) will provide for reasonable vesting of such Award as determined by the Board or a committee
thereof. Subject to the continued provision of service, each Award will provide for the Company a freely assignable repurchase option to buy back at no greater than cost any unvested portion of the outstanding shares of Common Stock held by such
Service Provider if such Service Provider’s employment or directorship with, or consulting to, the Company is terminated prior to the expiration of the vesting period of such Award. 

5.2 Restrictions on Common Stock. Except as otherwise approved by the Board, all shares of Common Stock of the
Company issued to Service Providers shall be subject to a freely assignable Company right of first refusal on transfers, a standard 180 day market standoff provision, and each Award shall prohibit transfers of unvested shares (except by operation of
law or for estate planning purposes). 
 5.3 Invention Assignment Agreements. The Company shall require
all employees to execute and deliver an inventions assignment and confidentiality agreement in substantially the form approved by the Board. The Company shall cause all consultants who are engaged to provide engineering or other technical services
or who otherwise might have access to materials confidential information execute and deliver an agreement providing for the assignment to the Company of inventions conceived in the course of providing such services and the maintenance of
confidential information as confidential. 
 5.4 Qualified Small Business Status. Within twenty
(20) days after any Investor has delivered to the Company a written request therefor, the Company shall deliver to such Investor a written statement informing the Investor whether, in the Company’s good-faith judgment after a reasonable
investigation, such Investor’s interest in the Company constitutes “qualified small business stock” as defined in Section 1202(c) of the Internal Revenue Code of 1986, as amended (the “Code”), or
would constitute “qualified small business stock,” if determination of whether stock constitutes “qualified small business stock” were made by taking into account the modifications set forth in Section 1045(b)(4) of the
Code. 
 5.5 Termination of Covenants. The Company’s obligations under this Section 5 shall
terminate immediately before the earlier of the closing of (i) a Qualified IPO, (ii) an Exit Combination (as defined in Section 1.5) and (iii) the liquidation, dissolution or winding up of the Company. 

6 GENERAL PROVISIONS. 
 6.1 Notices. Any notice, request or other communication required or permitted hereunder shall be in writing and shall be deemed to have been duly given (i) on the day of delivery if personally
delivered; (ii) one (1) business day following deposit with a nationally recognized express courier service (fees prepaid) with instructions to deliver no later than the following business day for deliveries within the United States;
(iii) three (3) business days following deposit with an internationally recognized express courier service (fees prepaid) with instructions to deliver no later than three (3) business days later for deliveries across international
borders; or (iv) for deliveries inside the United States only, three (3) business days following deposit in the U.S. mail by registered or certified mail, return receipt requested, postage prepaid, as follows: 

(a) if to an Investor, at such Investor’s respective address as set forth on Exhibit A hereto; and 

  
 23 

 (b) if to the Company, at 175 E Crossroads Parkway, Suite F, Bolingbrook, IL
60440. 
 Any party hereto (and such party’s permitted assigns) may by notice so given change its address for future notices hereunder.
Notice shall conclusively be deemed to have been given when personally delivered or when deposited in the mail in the manner set forth above. 
 6.2 Entire Agreement. This Agreement, together with all the Exhibits hereto entered into as of the date of this Agreement, constitutes and contains the full and entire agreement and understanding
of the parties with respect to the granting by the Company of information rights, registration rights and rights of first refusal to certain Investors and supersedes any and all prior negotiations, correspondence, agreements, understandings, duties
or obligations between the parties respecting the subject matter hereof (including, without limitation, the Prior Agreement). 
 6.3 Governing Law. This Agreement shall be governed by and construed exclusively in accordance with the internal laws of the State of Delaware as applied to agreements among Delaware residents
entered into and to be performed entirely within Delaware, excluding that body of law relating to conflict of laws and choice of law. 
 6.4 Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, then such provision(s) shall be excluded from this Agreement and the balance of this
Agreement shall be interpreted as if such provision(s) were so excluded and shall be enforceable in accordance with its terms. 
 6.5 Third Parties. Nothing in this Agreement, express or implied, is intended to confer upon any person, other than the parties hereto and their successors and assigns, any rights or remedies under
or by reason of this Agreement. 
 6.6 Successors And Assigns. Subject to the provisions of
Section 4.1, the provisions of this Agreement shall inure to the benefit of, and shall be binding upon, the successors and permitted assigns of the parties hereto. 

6.7 Captions. The captions to sections of this Agreement have been inserted for identification and reference
purposes only and shall not be used to construe or interpret this Agreement. 
 6.8 Counterparts. This
Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

  
 24 

 6.9 Costs And Attorneys’ Fees. In the event that any action,
suit or other proceeding is instituted concerning or arising out of this Agreement or any transaction contemplated hereunder, the prevailing party shall recover all of such party’s costs and attorneys’ fees incurred in each such action,
suit or other proceeding, including any and all appeals or petitions therefrom. 
 6.10 Adjustments for Stock
Splits, Etc. Wherever in this Agreement there is a reference to a specific number of shares of Common Stock or Preferred Stock of the Company of any class or series, then, upon the occurrence of any subdivision, combination or stock dividend of
such class or series of stock, the specific number of shares so referenced in this Agreement shall automatically be proportionally adjusted to reflect the affect on the outstanding shares of such class or series of stock by such subdivision,
combination or stock dividend. 
 6.11 Aggregation of Stock. All shares held or acquired by affiliated
entities or persons shall be aggregated together for the purpose of determining the availability of any rights under this Agreement including, without limitation, determining who is a Major Preferred Stockholder hereunder and transfers of
Registrable Securities by affiliated entities or persons may be aggregated together for the purpose of meeting the thresholds necessary to permit the assignment of any rights hereunder pursuant to the provisions of Section 4.1 hereof. For
purpose of this Section 6.12 TPG Star and TPG Bio shall be treated at all times as affiliated entities. 

6.12 [Intentionally omitted.] 
 6.13 Limited Submission to Jurisdiction; Consent to Service of Process; Waiver of Jury Trial. 
 (a) The parties hereto hereby irrevocably submit to the non-exclusive jurisdiction of the United States District Court for the Northern District of Illinois (Eastern Division) solely over any dispute
arising out of or relating to this Agreement or any of the transactions contemplated hereby and each party hereby irrevocably agrees that all claims in respect of such dispute or any suit, action proceeding related thereto may be heard and
determined in such court. The parties hereby irrevocably waive, to the fullest extent permitted by applicable law, any objection which they may now or hereafter have to the laying of venue of any such dispute brought in such court or any defense of
inconvenient forum for the maintenance of such dispute. Each of the parties hereto agrees that a judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

(b) Each of the parties hereto hereby consents to process being served by any party to this Agreement in any suit, action
or proceeding by the delivery of a copy thereof in accordance with the provisions of Section 6.1. 
 (c)
EACH OF THE PARTIES HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT
SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION OR PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT AND FOR ANY COUNTERCLAIM RELATING THERETO. 

  
 25 

 [THE REMAINDER OF THIS PAGE HAS INTENTIONALLY BEEN LEFT BLANK] 

[Signature Page Follows] 

  
 26 

 IN WITNESS WHEREOF, the parties hereto have executed this Second Amended and Restated
Investors’ Rights Agreement as of the date first above written. 
  

			
	COMPANY:
	
	ELEVANCE RENEWABLE SCIENCES, INC.
		
	By:	 	/s/ K’Lynne Johnson
		
	 Name:
	 	K’Lynne Johnson
		
	 Title:
	 	CEO

 (Signature Page to Second Amended and Restated Investor Rights Agreement) 

 IN WITNESS WHEREOF, the parties hereto have executed this Second Amended and Restated
Investors’ Rights Agreement as of the date first above written. 
  

			
	INVESTOR:
	
	CARGILL, INCORPORATED
		
	 By:
	 	 
		
	 Name:
	 	 
		
	 Title:
	 	 

 (Signature Page to Second Amended and Restated Investor Rights Agreement) 

 IN WITNESS WHEREOF, the parties hereto have executed this Second Amended and Restated
Investors’ Rights Agreement as of the date first above written. 
  

			
	INVESTOR:
	
	MATERIA, INC.
		
	 By:
	 	 
		
	 Name:
	 	 
		
	 Title:
	 	 

 (Signature Page to Second Amended and Restated Investor Rights Agreement) 

 IN WITNESS WHEREOF, the parties hereto have executed this Second Amended and Restated
Investors’ Rights Agreement as of the date first above written. 
  

			
	INVESTOR:
	
	MATERIA INNOVATIONS, LLC
		
	 By:
	 	 
		
	 Name:
	 	 
		
	 Title:
	 	 

 (Signature Page to Second Amended and Restated Investor Rights Agreement) 

 IN WITNESS WHEREOF, the parties hereto have executed this Second Amended and Restated
Investors’ Rights Agreement as of the date first above written. 
  

			
	INVESTOR:
	
	TPG STAR, L.P.
		
	By:	 	TPG STAR GenPar, L.P.
		
	Its:	 	General Partner
		
	By:	 	TPG STAR GenPar Advisors, LLC
		
	Its:	 	General Partner
		
	By:	 	/s/
		 	Name:
		 	Title:

  

			
	TPG BIOTECHNOLOGY PARTNERS II, L.P.
		
	By:	 	TPG Biotechnology GenPar II, L.P.
		
	Its:	 	General Partner
		
	By:	 	TPG Biotechnology GenPar II Advisors, LLC
		
	Its:	 	General Partner
		
	By:	 	/s/
		 	Name:
		 	Title:

 (Signature Page to Second Amended and Restated Investor Rights Agreement) 

 IN WITNESS WHEREOF, the parties hereto have executed this Second Amended and Restated
Investors’ Rights Agreement as of the date first above written. 
  

			
	INVESTOR:
	
	NAVELANCE SA
		
	By:	 	/s/ Jacques Reckinger
	 Jacques Reckinger, Director

	
	 and

		
	By:	 	/s/ Christophe Piel
	 Christophe Piel, Director

 (Signature Page to Second Amended and Restated Investor Rights Agreement) 

 IN WITNESS WHEREOF, the parties hereto have executed this Second Amended and Restated
Investors’ Rights Agreement as of the date first above written. 
  

			
	INVESTOR:
	
	TOTAL ENERGY VENTURES INTERNATIONAL
		
	By:	 	/s/ Benoit Charpentier
	 Name: Benoit Charpentier

	 Title: Attorney-in-Fact

 (Signature Page to Second Amended and Restated Investor Rights Agreement) 

 IN WITNESS WHEREOF, the parties hereto have executed this Second Amended and Restated
Investors’ Rights Agreement as of the date first above written. 
  

			
	INVESTOR:
	
	BCP INVESTMENT, L.P.
		
	By:	 	Blum Investment Partners, Inc., its general partner
		
	By:	 	/s/ Marc T. Scholvinck
	 Marc T. Scholvinck, Chief Financial Officer

 (Signature Page to Second Amended and Restated Investor Rights Agreement) 

 IN WITNESS WHEREOF, the parties hereto have executed this Second Amended and Restated
Investors’ Rights Agreement as of the date first above written. 
  

	
	INVESTOR:
	
	/s/ Robert Shapiro
	 Robert Shapiro

 (Signature Page to Second Amended and Restated Investor Rights Agreement) 

 EXHIBIT A 

List of Investors 
  

					
		  	Investor Name and Address	 	
			
		  	 Cargill, Incorporated

15407 McGinty Road West
 Wayzata, MN
55391-2399
 Attn:
                            
	 	
			
		  	 Materia, Inc.
 60 N. San
Gabriel Blvd
 Pasadena, CA 91107
 Attn:
President
	 	
			
		  	 Materia Innovations, LLC

60 N. San Gabriel Blvd
 Pasadena, CA
91107
 Attn:
                            
	 	
			
		  	 TPG Star, L.P.
 c/o
Texas Pacific Group
 301 Commerce Street

Suite 3300
 Fort Worth, TX 76102

Attn: General Counsel
	 	
			
		  	 TPG Biotechnology Partners II, L.P.
 c/o Texas Pacific Group
 301 Commerce Street

Suite 3300
 Fort Worth, TX 76102

Attn: General Counsel
	 	
			
		  	 Navelance SA
 40,
boulevard Joseph II
 L-1840 Luxembourg

Tel:00 352 45 31 31
 Fax: 00 352 45 31
33
 E-mail: Sam.Reckinger@bdl.lu and Christoph.PIEL@bdl.lu
 Attn: Sam Reckinger and Christoph Piel
	 	

					
		  	 With a copy to (which shall not constitute notice hereunder):

 
 Jeffer Mangels Butler & Mitchell, LLP

1900 Avenue of the Stars, 7th Floor
 Los Angeles,
CA 90067
 Tel: 310 203-8080
 Fax: 310
203-0567
 E-mail: RS@JMBM.com

Attention: Robert Steinberg, Esq.
	 	
			
		  	 Total Energy Ventures International
 Total S.A.
 Legal Department - DG/DJ
 Mergers/Acquisitions & Finance Department
 Tour Coupole - 2, place Jean Millier -
92078
 PARIS LA DEFENSE
 Attn:
Marc-Olivier Nicolas
 Tel.: 33 (0) 1 47 44 26 88
 Fax: 33 (0) 1 47 44 43 05
 E-mail: marc-olivier.nicolas@total.com
	 	
			
		  	 BCP Investment, L.P.

909 Montgomery Street, Suite 400
 San Francisco,
California 94133
 Tel: (415) 288-7274
 Fax: (415) 283-0674
	 	
			
		  	 Robert Shapiro
 158 East
Walton Place, Apt 20A
 Chicago, IL 60611
	 	

 EXHIBIT B 

List of Investors; Section 1.3 Shares 
  

			
	 Investor Name and Address
	  	Section 1.3 Shares
	 Cargill, Incorporated
 15407 McGinty Road West
 Wayzata, MN 55391-2399

Attn: _______________
	  	893,645
		
	 Materia, Inc.
 60 N. San Gabriel Blvd
 Pasadena, CA 91107

Attn: President
	  	893,645
		
	 Materia Innovations, LLC
 60 N. San Gabriel Blvd
 Pasadena, CA 91107

Attn: President
	  	424,072Exhibit 4.1

 Exhibit 4.1 

 
 Hydro-Québec 

US$[ ] [ ]% [ ]Series [ ] due [ ] 
 Guaranteed irrevocably and unconditionally by Québec 
  

 
 FORM OF
FISCAL AGENCY AGREEMENT 
  
  

 FISCAL AGENCY AGREEMENT 

THIS AGREEMENT dated as of [    ]. 
 A M O N G: 
 HYDRO-QUÉBEC, a body corporate
duly incorporated and validly existing under the Hydro-Québec Act, as issuer, 

(“Hydro-Québec”) 
 - and - 
 QUÉBEC, as guarantor 

(the “Guarantor”) 
 - and - 

[                   
             ], a
[                                ], as fiscal agent, registrar, transfer agent and
principal paying agent, 
 (the “Fiscal Agent”) 

- and - 
 [                                ], a
[                                ], as London paying agent and London transfer
agent 
 (the “London Agent”) 

WHEREAS pursuant to a terms agreement (the “Terms Agreement”), dated as of
[    ], between Hydro-Québec, the Guarantor and [            ], as Representative[s] of the several Underwriters named therein, which incorporates
by reference all of the provisions of the Underwriting Agreement Standard Provisions for Hydro-Québec’s Debt Securities Guaranteed Irrevocably and Unconditionally as to Principal, Premium and Interest by Québec, dated
[        ], as amended or supplemented from time to time, Hydro-Québec has agreed to create, issue and sell $[    ] in lawful money of the United States of America (“U.S.
dollars” or “US$” or “$”) aggregate principal amount of [    ]% [    ]Series [    ] due [    ] (herein collectively called
the “Notes”, or individually, a “Note”), guaranteed irrevocably and unconditionally by the Guarantor as to payments of principal and interest and Additional Amounts, if any
(the “Guarantee”); 
 WHEREAS the sale of the Notes pursuant to the Terms
Agreement has taken place as described in a Prospectus Supplement dated [    ], which contains a description of the Notes and the clearing and settlement procedures related thereto; 

 WHEREAS the Notes are issuable in the form of one or more fully
registered global certificates (the “Global Notes”) and the Global Notes are to be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York (“DTC”), and held by the Fiscal
Agent, as custodian for DTC (the “Custodian”); 
 WHEREAS as long as DTC or its nominee
is the registered holder of the Global Notes it shall be considered the absolute owner of the Notes for all purposes notwithstanding any notice to the contrary, and none of Hydro-Québec, the Guarantor or the Fiscal Agent will have any
responsibility or liability for any aspect of the records of DTC, Euroclear Bank S.A./N.V., as operator of the Euroclear System (“Euroclear”), or Clearstream Banking, société anonyme (“CBL”)
(collectively, the “Clearing Systems”) relating to or payments made by any of the Clearing Systems on account of beneficial interests in the Global Notes; 

WHEREAS investors may hold interests in the Global Notes directly through any of the Clearing Systems if they are
participants of such systems, or indirectly through organizations which are participants in such systems; 

WHEREAS all Notes are recorded in a register held by the Fiscal Agent
(the “Register”), and are registered in the name of Cede & Co., for the benefit of owners of beneficial interests in the Notes through the Clearing Systems; and 

WHEREAS owners of beneficial interests in Notes are not, except in limited circumstances, entitled to receive
Certificated Notes (as hereinafter defined). 
 NOW THEREFORE it is hereby agreed as follows:

  

	1.	 Definitions 

 Terms and expressions defined in the “Terms and Conditions” of the Notes contained in the form of Global Notes set forth in Schedule A (the “Terms and Conditions”) shall
have the same meaning when used in this Agreement unless otherwise defined herein or unless the context otherwise requires. “Note holders” or “holders of Notes” or “holders” or “registered
holders” refers to persons entered in the Register as registered holders of Notes. 
  

	2.	 Appointment 

 Hydro-Québec hereby appoints the Fiscal Agent as its registrar, fiscal agent, transfer agent and principal paying agent in respect of the Notes upon and subject to the terms and conditions
contained herein and in the Terms and Conditions of the Notes and the Fiscal Agent hereby accepts such appointments. The Fiscal Agent shall have the powers and authority granted to and conferred upon it hereby and in the Notes and such further
powers and authority to act on behalf of Hydro-Québec as Hydro-Québec may hereafter grant to or confer upon it with the written concurrence of the Fiscal Agent. 

 

	3.	 Issue of the Notes 

  

	 	(1)	 The Notes shall be issued in the form of one or more Global Notes registered in the name of Cede & Co., as nominee of DTC, and shall be
executed by Hydro-

  
 -2-

	 	 
Québec substantially in the form attached as Schedule A with such changes as may be agreed among Hydro-Québec, the Guarantor and the Fiscal Agent. The Guarantee of the
Guarantor shall be endorsed on the Global Notes. The aggregate principal amount of Notes to be issued and outstanding at any time whether in the form of the Global Notes or Certificated Notes issued in accordance with Section 5, shall not
exceed $[    ], except to the extent further Notes are issued in accordance with Section 19. Forthwith after such execution, the Global Notes shall be delivered to the Fiscal Agent and shall be authenticated by the Fiscal
Agent upon the written order of Hydro-Québec (or by such other person as the Fiscal Agent may appoint for such purpose with the consent of Hydro-Québec), and shall be held by the Fiscal Agent as Custodian. 

 

	 	(2)	 Owners of beneficial interests in the Global Notes will not, except in the limited circumstances described in Section 5, be entitled to receive
certificates representing Notes (the “Certificated Notes”) or to have Notes registered in their names, nor will they be considered owners or holders of Notes under this Agreement. The Certificated Notes which may be
issued in such limited circumstances will be in fully registered form and substantially in the form of the Global Notes, with the appropriate adjustments and changes (and including the use of a summary of the Terms and Conditions of the Notes),
consistent with the provisions of this Agreement, as may be agreed upon by Hydro-Québec, the Guarantor and the Fiscal Agent. The Guarantee of the Guarantor shall be endorsed on the Certificated Notes. 

 

	 	(3)	 The Global Notes shall be issued and delivered only to or to the order of Cede & Co., as nominee for DTC, or its successor appointed by
Hydro-Québec in accordance with Subsection 5(1). The Global Notes shall be in the principal amount from time to time endorsed thereon. 

  

	 	(4)	 So long as Cede & Co., as nominee of DTC, with respect to the Global Notes, is the registered owner of the Global Notes, and subject to
applicable law, DTC, or its nominee, as the case may be, will be deemed to be, and will be treated as, the absolute owner of the Notes represented by the Global Notes for all purposes, notwithstanding any notice to the contrary. None of
Hydro-Québec, the Guarantor or the Fiscal Agent will have any responsibility or liability for any aspect of the records of the Clearing Systems relating to or payments made by the Clearing Systems on account of beneficial ownership interests
in the Global Notes or for maintaining, supervising or reviewing any records of the Clearing Systems relating to such beneficial ownership interests. 

  

	 	(5)	 The Global Notes and the Certificated Notes shall be signed (either manually or by facsimile signature) by two authorized representatives of
Hydro-Québec, and shall be authenticated by the Fiscal Agent upon the written authorization of Hydro-Québec (or by such other person as the Fiscal Agent may appoint for such purpose with the consent of Hydro-Québec). The
Guarantee shall be endorsed on the Global Notes and on the Certificated Notes and shall be signed (either manually or by facsimile signature) by the Minister of Finance or any other

  
 -3-

	 	 
authorized representative of the Guarantor authorized to conclude and to sign on behalf of the Minister of Finance, any borrowings or any documents related thereto. 

 

	4.	 The Register and Transfers 

  

	 	(1)	 The Fiscal Agent, as registrar and transfer agent of Hydro-Québec, shall be responsible for (i) maintaining a record of the aggregate
holdings of the Global Notes of Cede & Co. in the Register; (ii) ensuring that payments of principal and interest in respect of the Notes received by the Fiscal Agent from Hydro-Québec are duly credited to Cede & Co.;
(iii) transmitting to Hydro-Québec any notices from holders of Notes; and (iv) maintaining at its principal office in The City of New York, New York (the “New York Office”) a register for the following:
(a) registering transfers between holders of Notes, (b) registering and maintaining a record of any further issues of Notes pursuant to Section 19 and any subsequent transfers thereof. 

 

	 	(2)	 In the event Certificated Notes are issued in exchange for the Global Notes under the limited circumstances described in Section 5, the Fiscal
Agent shall (a) register and maintain a record of holders of Certificated Notes and (b) register transfers of Notes among holders of Certificated Notes in accordance with such procedures as the Fiscal Agent shall deem reasonable upon
consultation with Hydro-Québec. 

  

	 	(3)	 The Fiscal Agent shall not be required to inquire into, or take any action in respect of transfers of beneficial ownership interests in the Global
Notes (i) within each Clearing System, or (ii) between Clearing Systems’ participants. 

  

	 	(4)	 The Fiscal Agent will not impose any fees in respect of the Notes, other than reasonable fees for the replacement of lost, stolen, mutilated or
destroyed Notes as set out in Section 5. 

  

	 	(5)	 The Register shall at all reasonable times be open for inspection by Hydro-Québec and any agent of Hydro-Québec. In the event of any
discrepancy between the principal amount of the Global Notes and the aggregate principal amount of Notes held by Cede & Co., as shown on the Register, the aggregate principal amount of Notes as shown on the Register shall prevail.

  

	 	(6)	 Neither Hydro-Québec nor the Fiscal Agent shall be required (i) to register the transfer or exchange of any Notes on any Interest
Payment Date or during a period commencing at the close of business of the New York Office of the Fiscal Agent on the 14th calendar day immediately preceding any such date and ending on such date; or (ii) to register the transfer or exchange of
any Notes during the period commencing at the close of business of the New York Office of the Fiscal Agent on the record date of any notice by Hydro-Québec of any Notes to be redeemed or purchased through the date the notice of redemption or
purchase is given; or (iii) to register the transfer or exchange of any Notes called for 

  
 -4-

	 	 
redemption unless upon due presentation thereof such Notes called for redemption shall not be redeemed. 

 

	 	(7)	 Subject to applicable law, Hydro-Québec, the Fiscal Agent or any other agents of Hydro-Québec or the Fiscal Agent shall not be charged
with notice of or be bound to see to the execution of any trust, whether express, implied or constructive, in respect of any Notes and may register the transfer of all or part of the Notes on the direction of the holder thereof, whether named as
trustee or otherwise, as though that person were the beneficial owner thereof. 

  

	5.	 Replacement, Exchange and Transfer of Notes 

 

	 	(1)	 Hydro-Québec will issue or cause to be issued Certificated Notes upon registration of transfer of, or in exchange for, Notes represented by
the Global Notes i) if DTC notifies Hydro-Québec that it is unwilling or unable to continue as depositary in connection with the Global Notes or ceases to be a clearing agency registered under the Securities Exchange Act of
1934, as amended, at a time when it is required to be and a successor depository is not appointed by Hydro-Québec within 90 days after receiving such notice or becoming aware that DTC is no longer so registered; ii) if
Hydro-Québec, in its sole discretion at any time, determines not to have any of the Notes represented by Global Notes or iii) upon request by DTC, acting on direct or indirect instructions of a one or more holders of a Global Note or any
beneficial owner of an interest in a Global Note, but only after an event of default entitling the holders to give Hydro-Québec written notice that such holders elect to declare the principal amount of the Notes held by them and represented
by such Global Note to be due and payable has occurred and is continuing; provided that if DTC is unwilling or does not promptly make such request to Hydro-Québec, then any owner of a beneficial interest in such Global Note shall be
entitled to make such request with respect to such interest. 

  

	 	(2)	 In respect of any such issuance of Certificated Notes, pursuant to Subsection 5(1) above, (i) Hydro-Québec shall promptly provide
the Fiscal Agent with a sufficient number of Certificated Notes in blank form to proceed with such issuance, (ii) DTC shall cause any such Global Notes to be delivered to the Fiscal Agent and provide the Fiscal Agent with the necessary
registration information for such Certificated Notes, (iii) the Fiscal Agent shall authenticate and deliver such Certificated Notes in an aggregate principal amount equal to the principal amount of any such Global Notes to be exchanged for such
Certificated Notes, (iv) the Fiscal Agent shall cancel any such Global Notes and in the case of a partial exchange, issue and deliver to or to the order of DTC new Global Notes equal to the unexchanged portion of any such Global Notes partially
exchanged for Certificated Notes and (v) the Fiscal Agent shall reduce accordingly the holdings of the Global Notes on the Register. Such Certificated Notes shall be delivered as directed by the persons in whose names such Certificated Notes
are to be registered. All Notes represented by Certificated Notes issued upon any such issuance in exchange for the Notes represented by the Global Notes, shall have 

  
 -5-

	 	 
the Guarantee of the Guarantor endorsed thereon (which Guarantee shall be a valid obligation of the Guarantor), shall be a valid obligation of Hydro-Québec, shall be entitled to the same
benefits under this Agreement as the Global Notes, and shall be so exchanged without charge to the Fiscal Agent, DTC or the transferee. On or after any such exchange, the Fiscal Agent shall direct all payments in respect of such Certificated Notes
to the registered holders thereof, including when such exchange occurred after the record date for any payment and prior to the date of such payment. 

  

	 	(3)	 Hydro-Québec expressly acknowledges that if a Certificated Note is not promptly issued to a beneficial owner of an interest in a Global Note
in accordance with the terms of this Section 5, then such beneficial owner shall be entitled to pursue any remedy under this Agreement, the Notes or applicable law with respect to the portion of the Global Note that represents such beneficial
owner’s interest therein as if such Certificated Note had been issued. 

  

	 	(4)	 If any Global Notes are, pursuant to this section, exchanged for Certificated Notes, the Fiscal Agent, or an agent duly authorized by the Fiscal
Agent, shall be thereby authorized from time to time, in accordance with the provisions of the Notes and of this Section, to authenticate and deliver: 

 

	 	(a)	 Notes in exchange for or in lieu of Notes outstanding on the Register with the same maturity and of like form which have become mutilated, defaced,
destroyed, stolen or lost, provided that the applicant therefor shall have (i) paid such costs as may have been incurred in connection therewith; (ii) (in the case of a lost, stolen or destroyed Note) furnished the Fiscal Agent with such
evidence (including evidence as to the serial number of the Notes in question) and indemnity in respect thereof as Hydro-Québec and the Fiscal Agent may require; and (iii) surrendered to the Fiscal Agent any mutilated or defaced Notes to
be replaced; and 

  

	 	(b)	 Notes of an authorized form and denomination in exchange for a like aggregate principal amount of Notes. 

Each new Note authenticated and delivered upon any registration of transfer or exchange for or in lieu of the whole or
any part of any Note shall carry all the rights to interest, if any, accrued and unpaid and to accrue which were carried by the whole or such part of such latter Note, and notwithstanding anything to the contrary herein contained, such new Note
shall be dated the date of the authentication of such Note. 
  

	6.	 Paying Agents 

  

	 	(1)	 The Fiscal Agent shall act as the principal paying agent for Hydro-Québec in connection with the Notes. Hydro-Québec hereby appoints
[                ], as the London paying agent and London transfer agent (the “London Agent”) and may appoint any additional paying agents or transfer
agents or terminate the 

  
 -6-

	 	 
appointment of any paying agents or transfer agents at any time except that if and for so long as the Notes are admitted to the Official List of the Financial Services Authority in its capacity
as competent authority and to trading on the London Stock Exchange’s regulated market and the rules of the London Stock Exchange so require, Hydro-Québec will maintain a paying agent and transfer agent in London.

  

	 	(2)	 Hydro-Québec undertakes to maintain a paying agent in a Member State of the European Union that is not obliged to withhold or deduct tax
pursuant to the European Council Directive 2003/48/EC or any other law implementing or complying with, or introduced in order to conform to, such Directive. 

 

	7.	 Payments by Hydro-Québec to the Fiscal Agent 

 

	 	(1)	 Hydro-Québec shall, on each date on which payment of principal or interest (and any Additional Amounts) in respect of the Notes is due and
payable as specified in the Terms and Conditions of the Notes under the headings “Interest” and “Maturity, Redemption and Purchases”, transfer or cause to be transferred to the corporate trust account (not later than 10:00 a.m.
New York time) in same-day funds in The City of New York, New York designated by the Fiscal Agent such amount in U.S. dollars as is necessary to make all payments due with respect to the Notes on such due date as required by the terms of the
Notes and the Fiscal Agent shall apply such monies to such payment. 

  

	 	(2)	 All monies paid to the Fiscal Agent pursuant to and for the payment of the amounts referred to in this Section 7 shall be received and held by
the Fiscal Agent as agent for Hydro-Québec and shall be applied to the payment of the appropriate U.S. dollar amounts at the time and in the manner provided in this Agreement and the Notes. 

 

	 	(3)	 All monies paid to the Fiscal Agent pursuant to this Agreement shall be held by the Fiscal Agent in a separate account, under arrangements agreed
upon separately by Hydro-Québec and the Fiscal Agent, from the moment when such monies are received until the time of actual payment, for the benefit of the holders of the Notes to apply the said monies for payment of principal and interest
(and any Additional Amounts) due in respect of the Notes. If for any reason the amounts paid to the Fiscal Agent pursuant to this paragraph are insufficient to satisfy all such claims for interest payable in respect of all Notes, the Fiscal Agent
shall not be obliged to pay any such claims until the Fiscal Agent has received the full amount of the moneys then due and payable. The Fiscal Agent shall, to the extent permitted by law, return to Hydro-Québec any funds transferred to it for
payments with respect to the Notes that are not so paid by the Fiscal Agent at the expiration of three years after the due date for payment thereof. 

  
 -7-

	8.	 Payment of Notes 

  

	 	(1)	 All payments in respect of the Notes represented by the Global Notes will be made by the Fiscal Agent to the registered holder of the Global Notes
as set forth in the Terms and Conditions of the Notes. 

  

	 	(2)	 Payments of principal, interest and Additional Amounts, if any, in respect of Certificated Notes will be made by the Fiscal Agent after receipt of
such payment from Hydro-Québec as provided in Section 7 and as provided in the Terms and Conditions of the Notes. 

  

	 	(3)	 Hydro-Québec and the Guarantor shall have the right to require a holder of a Note, as a condition of payment of the principal of or interest
and any Additional Amounts on a Note, to deliver to the Fiscal Agent a certificate in such form as Hydro-Québec or the Guarantor may from time to time prescribe in order to enable Hydro-Québec or the Guarantor to determine its duties
and liabilities with respect to (i) any taxes, assessments or governmental charges which Hydro-Québec, the Guarantor or the Fiscal Agent may be required to deduct or withhold from payments in respect of such Note under any present or
future law of Canada or Québec or any regulation thereunder and (ii) any reporting or other requirements under such law or regulation. Hydro-Québec and the Guarantor shall each be entitled to determine its duties and liabilities
with respect to such deduction, withholding, reporting or other requirements on the basis of information contained in such certificate or, if no certificate shall be presented, on the basis of any presumption created by any such law or regulation,
and shall be entitled to act in accordance with such determination. 

  

	 	(4)	 Subject to applicable law and the terms hereof, Hydro-Québec, the Guarantor, the Fiscal Agent and any other agent of Hydro-Québec, the
Guarantor or the Fiscal Agent shall deem and treat the person whose name appears in the Register as the registered holder of a Note as the absolute owner thereof for all purposes whatsoever notwithstanding any notice to the contrary and any payment
in U.S. dollars of or on account of the principal of and interest and any Additional Amounts on such Note shall be made only to or to the order in writing of such holder, and such payment shall be valid and effectual to discharge the liability
of Hydro-Québec, the Guarantor, the Fiscal Agent, the London Agent and any other agent of Hydro-Québec, the Guarantor, the Fiscal Agent or the London Agent on such Note to the extent of the sum or sums so paid.

  

	 	(5)	 The registered holder of any Note shall be entitled to the payments of principal of and interest and any Additional Amounts on such Note, free from
all rights of set-off or counterclaim between Hydro-Québec, the Guarantor and the original or any intermediate holder thereof and all persons may act accordingly and a transferee of a Note shall, after the appropriate form of transfer is
lodged with the Fiscal Agent or other agent of Hydro-Québec or the Fiscal Agent for the purpose of and upon compliance with all other conditions relating thereto required by this Agreement or by any conditions contained in such Note or by
law, be entitled to 

  
 -8-

	 	 
be entered on the Register as the owner of such Note free from all rights of set-off or counterclaim between Hydro-Québec, the Guarantor and his transferor or any previous holder thereof,
save in respect to rights of which Hydro-Québec is required to take notice by statute or by order of a court of competent jurisdiction. The delivery to Hydro-Québec, the Guarantor or the Fiscal Agent by a holder of a Note or the
receipt by such holder of the principal, interest and any Additional Amounts in respect of such Note shall be a good discharge to Hydro-Québec, the Guarantor and the Fiscal Agent, which shall not be bound to inquire into the title of such
holder, save as ordered by a court of competent jurisdiction or as required by statute. 

  

	 	(6)	 Where a Note is registered in more than one name, the principal and interest and any Additional Amounts from time to time payable in respect
thereof shall be paid to or to the order of all the joint holders thereof, failing written instructions to the contrary from all such joint holders, and such payment shall be a valid discharge to Hydro-Québec, the Guarantor or the Fiscal
Agent and to any other agent of Hydro-Québec, the Guarantor or the Fiscal Agent. 

  

	 	(7)	 In the case of the death of one or more joint holders, the principal of and interest and any Additional Amounts on any Notes registered in their
names may, notwithstanding Section 8(4), be paid to the survivor or survivors of such holders whose receipt therefor shall constitute a valid discharge to Hydro-Québec, the Guarantor or the Fiscal Agent and to any other agent of
Hydro-Québec, the Guarantor or the Fiscal Agent. 

  

	9.	 Cancellation of Notes 

 All Notes that are presented for replacement, exchange or transfer pursuant to Section 5 or repaid on maturity or upon redemption or purchased shall upon such transfer, replacement, exchange,
repayment or purchase being made, be cancelled by the Fiscal Agent. The Fiscal Agent shall, as soon as reasonably possible after the date of any such transfer, replacement, exchange, repayment or purchase, furnish Hydro-Québec with a
certificate or certificates stating: (i) the serial numbers and total number of Notes so transferred, replaced, exchanged, redeemed, purchased or repaid; and (ii) the amount, if any, paid in respect of such Notes. All Notes canceled and
retired by the Fiscal Agent pursuant to this Section shall be destroyed from time to time in a manner consistent with the Fiscal Agent’s securities destruction policy and applicable law and upon the issuance of a certificate of destruction of
the Notes, duly signed by a representative of the Fiscal Agent, to Hydro-Québec. 
  

	10.	 Maturity, Redemption and Purchases 

Unless previously redeemed for tax reasons as provided in the Terms and Conditions of the Notes, or purchased, the
principal amount of the Notes shall be due and payable on [    ] or, if [    ] is not a Business Day, on the next following Business Day. 

Upon receipt of a written notice of intention to redeem, not less than 30 days nor more than 60 days prior to
the date fixed for redemption, (provided, however, that in any event 

  
 -9-

 
written notice of redemption shall be given to the Fiscal Agent not less than 45 days prior to the date fixed for redemption) the Fiscal Agent shall cause to be given on behalf of
Hydro-Québec, in accordance with the provisions under the heading “Notices” in the Terms and Conditions of the Notes, a notice of redemption stating: (i) the date fixed for redemption; (ii) the redemption price; and
(iii) if applicable, the place or places of surrender of the Notes to be redeemed. 
 Hydro-Québec
may, if not in default under the Notes, at any time purchase Notes in any manner and at any price. If purchases are made by tender, tenders must be available to all holders of Notes alike. 

 

	11.	Financial Documents 

 For so long as any of the Notes are outstanding, (i) each of Hydro-Québec and the Guarantor, for its own part, agrees to supply, upon request, the Fiscal Agent and the London Agent with copies
of all documents required to be available by any stock exchange on which the Notes are for the time being listed, (ii) Hydro-Québec agrees to supply, upon request, the Fiscal Agent and the London Agent with copies of the latest interim
financial statements and annual reports of Hydro-Québec as filed on Form 18-K and (iii) the Guarantor agrees to supply, upon request, the Fiscal Agent and the London Agent with electronic recordings in PDF or other form of the
Guarantor’s latest consolidated statements of revenues and expenditures and annual budget as soon as practicable after the publication thereof for inspection by holders of Notes at the Fiscal Agent’s New York Office and the London
Agent’s office in London. Notwithstanding anything herein contained, the obligations of each of Hydro-Québec and the Guarantor under this Section will terminate on such date as all amounts required to be paid to the holders of Notes by
Hydro-Québec under the Notes have been paid in full. The Fiscal Agent and the London Agent, subject to their being provided with electronic recordings in PDF or other form of the documents referred to above, undertake to make such documents
available, upon request, to holders of Notes at the Fiscal Agent’s New York Office and the London Agent’s office in London during the term of the Notes. All financial documents of Hydro-Québec and the Guarantor referred to in
this Section will also be made available from the Electronic Data Gathering, Analysis and Retrieval System, which is commonly known by the acronym EDGAR, through the Securities and Exchange Commission’s website (http://www.sec.gov). 

 

	12.	Fees and Expenses 

 Hydro-Québec shall pay to the Fiscal Agent, and the London Agent such fees for their respective services hereunder as are agreed upon separately by and between Hydro-Québec and the Fiscal
Agent and the London Agent, respectively. The obligations of Hydro-Québec pursuant to this Section shall survive the resignation or removal of the Fiscal Agent or the London Agent, and the satisfaction or termination of this Agreement and
payment of the Notes. 
 Hydro-Québec will also pay on demand all out-of-pocket costs and expenses
(including legal expenses) not already covered separately and which are reasonably incurred and duly documented and provided to Hydro-Québec by the Fiscal Agent in connection with its services together with any applicable issue, registration,
documentary or other similar duties. 

  
 -10-

	13.	Further Reports 

 The Fiscal Agent and the London Agent will provide to Hydro-Québec and the Guarantor information regarding the financial servicing of the Notes expressed in such form as Hydro-Québec and the
Guarantor may reasonably require. The Fiscal Agent or the London Agent, as the case may be, shall inform Hydro-Québec and the Guarantor promptly of any notice or other communication addressed to Hydro-Québec or the Guarantor in
connection with the Notes, including any notice of any legal action or proceeding which may be brought against Hydro-Québec or the Guarantor and of which the Fiscal Agent has notice. 

 

	14.	Meetings of Holders of Notes 

  

	 	(1)	 The Fiscal Agent shall, on receipt of a written request of Hydro-Québec or a written request signed in one or more counterparts by the
holders of not less than 10% of the principal amount of the Notes then outstanding and upon being indemnified to its reasonable satisfaction by Hydro-Québec or the holders of Notes signing such request against the costs which may be incurred
in connection with the calling and holding of such meeting, convene a meeting of the holders of Notes for any lawful purpose affecting their interests. If the Fiscal Agent fails to give notice convening such meeting within 30 days after receipt
of such request and indemnity, Hydro-Québec or such holders of Notes, as the case may be, may convene such meeting. Every such meeting shall be held in The City of New York, New York or such other place as may be approved or determined
by the Fiscal Agent. 

  

	 	(2)	 At least 21 days’ notice of any meeting shall be given to the holders of Global Notes or Certificated Notes, as the case may be, in the
manner provided pursuant to the provisions under the heading “Notices” in the Terms and Conditions of the Notes and a copy thereof shall be sent by post to the Fiscal Agent unless the meeting has been called by the Fiscal Agent, to
Hydro-Québec unless the meeting has been called by Hydro-Québec and to the Guarantor. Such notice shall state the day, time, place and purpose of the meeting and the general nature of the business to be transacted thereat, and shall
include a statement to the effect that, prior to 48 hours before the time fixed for the meeting, (i) in the limited circumstances in which Certificated Notes have been issued, those holders of Certificated Notes who deposit such Notes with
the Fiscal Agent or any other person authorized for such purpose by the Fiscal Agent or Hydro-Québec or (ii) in the case of Notes being represented by a Global Note, those persons recorded in the Register, shall be entitled to obtain
voting certificates for appointing proxies, but it shall not be necessary for any such notice to set out the terms of any resolution to be proposed at such meeting or any other provisions. All notices of meetings shall contain a requirement that the
Clearing Systems must notify Clearing Systems participants and, if known, owners of beneficial interests in the Global Notes of the meeting in accordance with procedures established from time to time by the Clearing Systems. The registered holders
of Notes shall seek 

  
 -11-

	 	 
voting instructions on the matters to be raised at such meeting from the Clearing Systems participants or, if known, from the owners of beneficial interests in Notes in accordance with the
applicable procedure of the Clearing Systems. For greater certainty, it is acknowledged that none of Hydro-Québec, the Fiscal Agent, any clearing agency or any intermediary or participant shall be required to comply with the time limits set
out in the applicable procedure of the Clearing Systems but shall use all reasonable efforts to otherwise comply with such procedure and attempt to provide non-registered holders of Notes with meeting materials and voting rights as if such
non-registered holders of Notes were registered holders thereof. 

  

	 	(3)	 A holder of Notes may appoint any person by instrument in writing as the holder’s proxy in respect of a meeting of the holders of Notes or any
adjournment of such meeting, and such proxy shall have all rights of the holder of Notes in respect of such meeting. 

  

	 	(4)	 A person, who need not be a holder of Notes, nominated in writing by the Fiscal Agent shall be chairman of the meeting and if no person is so
nominated or if the person so nominated is not present within 15 minutes from the time fixed for the holding of the meeting, the holders of the Notes present in person or by proxy shall choose a person present to be chairman, and, failing such
choice, Hydro-Québec may appoint a chairman. 

  

	 	(5)	 At a meeting of holders of Notes, a quorum shall consist of one or more holders of Notes present in person or by proxy who represent at least a
majority in aggregate principal amount of the Notes at the time outstanding. If a quorum of the holders of Notes shall not be present within one-half hour after the time fixed for holding any meeting, the meeting, if convened by or at the request of
holders of Notes, shall be dissolved, but if otherwise convened the meeting shall stand adjourned without notice to the same day in the next week (unless such day is not a business day in the place where the meeting is to take place in which case it
shall stand adjourned until the next business day thereafter) at the same time and place unless the chairman shall appoint some other place, day or time of which not less than 7 days’ notice shall be given in the manner provided above. At
any adjourned meeting called by Hydro-Québec or the Fiscal Agent one or more holders of Notes present in person or by proxy shall constitute a quorum and may transact the business for which the meeting was originally convened notwithstanding
that they may not represent at least a majority in aggregate principal amount of the Notes then outstanding. 

  

	 	(6)	 The chairman of any meeting at which a quorum of the holders of Notes is present may, with the consent of the holder(s) of a majority in aggregate
principal amount of the Notes represented thereat, adjourn any such meeting and no notice of such adjournment need be given except such notice, if any, as the meeting may prescribe. 

  
 -12-

	 	(7)	 Every motion or question submitted to a meeting shall be decided by Extraordinary Resolution (as hereinafter defined) and in the first place by the
votes given on a show of hands. At any such meeting, unless a poll is duly demanded as herein provided, a declaration by the chairman that a resolution has been carried or carried unanimously or by a particular majority or lost or not carried by a
particular majority shall be conclusive of the fact. On any question submitted to a meeting when ordered by the chairman or demanded by a show of hands by one or more holders of Notes acting in person or by proxy and holding at least 2% in aggregate
principal amount of the Notes then outstanding, a poll shall be taken in such manner as the chairman shall direct. 

  

	 	(8)	 On a poll each holder of Notes present in person or represented by a proxy duly appointed by an instrument in writing shall be entitled to one vote
in respect of each US$1,000, or its equivalent, principal amount of Notes then held by such holder. A proxy need not be a holder of Notes. In the case of Notes held jointly, any one of the joint holders present in person or by proxy may vote in the
absence of the other or others; but in case more than one of them be present in person or by proxy, only one of them may vote in respect of each US$1,000, or its equivalent, principal amount of Notes of which they are joint holders.

  

	 	(9)	 Hydro-Québec, the Fiscal Agent and the Guarantor, by their respective officers, directors and representatives, and the legal advisors of
Hydro-Québec, the Fiscal Agent and the Guarantor, may attend any meeting of the holders of Notes, but shall have no vote as such. 

  

	 	(10)	 Subject to Section 16 hereof, in addition to all other powers conferred upon them by any other provision of this Agreement or by law, holders
of Notes at a meeting shall have the following powers, any one or combination of which may be exercised from time to time by Extraordinary Resolution: 

 

	 	(a)	 power to confirm any modification or amendment of this Agreement or the terms and conditions of the Notes proposed by Hydro-Québec;

  

	 	(b)	 power to direct or authorize the Fiscal Agent to exercise any power, right, remedy or authority given to it by this Agreement or the Notes in any
manner specified in such Extraordinary Resolution or to refrain from exercising any such power, right, remedy or authority; 

  

	 	(c)	 power to waive and direct the Fiscal Agent to waive any default on the part of Hydro-Québec in complying with any provisions of this
Agreement or the Notes or to waive and direct the Fiscal Agent to waive future compliance with any provision or provisions of this Agreement or the Notes; and 

 

	 	(d)	 power to repeal, modify or amend any Extraordinary Resolution previously passed by the holders of Notes; 

  
 -13-

 provided, however, that no such modification nor amendment to this
Agreement or to the terms and conditions of the Notes or any other action taken may, without the consent of the holder of each such Note affected thereby: (i) change the stated maturity or interest payment date of any such Note;
(ii) reduce the principal amount of or rate of interest on any such Note; (iii) change the currency of payment of any such Note; (iv) impair the right to institute suit for the enforcement of any payment on or with respect to such
Note or the Guarantee; (v) reduce the percentage of the holders of Notes necessary to modify or amend this Agreement or the terms and conditions of the Notes or reduce the percentage of votes required for the taking of action or the quorum
required at any meeting of holders of Notes; or (vi) reduce the percentage of outstanding Notes necessary to waive any future compliance or past default. 
  

	 	(11)	 All actions that may be taken and all powers that may be exercised by the holders of Notes at a meeting held as hereinbefore provided may also be
taken and exercised by the holders of not less than 66 2/3 percent of the aggregate principal amount of the Notes at the time outstanding by an instrument in writing signed in one or more counterparts and the expression “Extraordinary Resolution” when
used in this Agreement shall include an instrument so signed. 

  

	 	(12)	 The term “Extraordinary Resolution” means a resolution proposed to be passed at a meeting of holders of Notes duly convened for the
purpose and held in accordance with the provisions of this Agreement, and passed by the affirmative vote of the holders of not less than 66 2/3 percent of the aggregate principal amount of Notes represented at the meeting in person or by proxy, or as an instrument in writing signed by the holders of
not less than 66 2/3 percent of the aggregate
principal amount of the outstanding Notes. 

  

	 	(13)	 Minutes of all resolutions and proceedings at every meeting of holders of Notes held in accordance with the provisions of this Agreement shall be
made and entered in books to be from time to time provided for that purpose by the Fiscal Agent at the expense of Hydro-Québec and any such minutes, if signed by the chairman of the meeting at which such resolutions were passed or proceedings
taken, or by the chairman of the next succeeding meeting of the holders of Notes, shall be prima facie evidence of the matters therein stated and, until the contrary is proved, every such meeting, in respect of the proceedings of which
minutes shall have been made, shall be deemed to have been duly held and convened, and all resolutions passed and proceedings taken thereat to have been duly passed and taken. 

 

	 	(14)	 Every Extraordinary Resolution passed in accordance with the provisions of this Agreement at a meeting of holders of Notes shall be binding upon all
the holders of Notes, whether present at or absent from such meeting, and every instrument in writing signed by holders of Notes in accordance with Subsection 14(11) of this Agreement shall be binding upon all the holders of Notes (whether or
not a signatory). Subject to the provisions for its indemnity herein contained, the Fiscal 

  
 -14-

	 	 
Agent shall be bound to give effect accordingly to every such Extraordinary Resolution. 

  

	 	(15)	 The Fiscal Agent, or Hydro-Québec with the approval of the Fiscal Agent, may from time to time make and from time to time vary such
regulations as it shall deem fit: 

  

	 	(a)	 for the deposit of instruments appointing proxies at such place as the Fiscal Agent, Hydro-Québec or the holders of Notes convening a
meeting, as the case may be, may in the notice convening such meeting direct; 

  

	 	(b)	 for the deposit of instruments appointing proxies at some approved place or places other than the place at which the meeting is to be held and
enabling particulars of such instruments appointing proxies to be mailed or sent by any other means of recorded communication before the meeting to Hydro-Québec or to the Fiscal Agent at the place where the same is to be held and for the
voting of proxies so deposited as though the instruments themselves were produced at the meeting. 

 Any regulation so made shall be binding and effective and votes given in accordance therewith shall be valid and shall be counted. Save as such regulations may provide, the only persons who shall be
entitled to vote at a meeting of holders of Notes shall be the holders thereof or their duly appointed proxies. 
  

	 	(16)	 The powers and any combination of the powers in this Agreement stated to be exercisable by the holders of Notes by Extraordinary Resolution may be
exercised from time to time and the exercise of any one or more such powers or any combination of powers from time to time shall not be deemed to exhaust the right of the holders of Notes to exercise such power or powers or combination of powers
then or any power or powers or combination of powers thereafter from time to time. 

  

	15.	Indemnities 

  

	 	(1)	 Hydro-Québec agrees to indemnify and hold harmless each of the Fiscal Agent and the London Agent and their respective officers, directors,
employees, representatives and agents against all claims, actions, demands, damages, costs and losses (including all reasonable legal fees and expenses) arising out of or relating to (a) in the case of the Fiscal Agent, its duties as fiscal
agent, registrar, transfer agent and principal paying agent, or (b) in the case of the London Agent, its duties as London paying agent and London transfer agent, in each case of clause (a) and (b) with respect to the Notes, except
such as may result from the Fiscal Agent or the London Agent’s, as applicable, gross negligence, wilful misconduct or bad faith. 

  

	 	(2)	 This Section 15 shall survive the payment in full of all obligations of the Notes, whether by redemption, repayment or otherwise and the resignation
or removal of the Fiscal Agent or the London Agent. 

  
 -15-

	16.	Modifications 

 This Agreement and the Notes may be amended by Hydro-Québec, the Guarantor and the Fiscal Agent without notice to or the consent of the holders of Notes, for the purpose of (i) curing any
ambiguity, (ii) curing, correcting or supplementing any defective provisions contained herein, (iii) effecting the issue of further Notes of Hydro-Québec pursuant to Section 19 or (iv) in any other manner in which
Hydro-Québec, the Guarantor and the Fiscal Agent, acting on the advice of independent counsel, may deem necessary or desirable, which will not be inconsistent with this Agreement or the Notes and which, in the reasonable opinion of
Hydro-Québec, the Guarantor and the Fiscal Agent, will not adversely affect the interest of the holders of Notes. 
 This Agreement may also be amended by Extraordinary Resolution of the holders of the Notes as specified in Section 14 of this Agreement and in the Terms and Conditions of the Notes under the heading
“Modifications.” 
 No amendment may be made to this Agreement which would in any way alter, amend or
change the duties, responsibilities, obligations of or the protections afforded to the London Agent from those set out in this Agreement as at the date of this Agreement without the prior written consent of the London Agent. 

 

	17.	The Fiscal Agent and London Agent 

 The duties, responsibilities and obligations of the Fiscal Agent and the London Agent shall be limited to those expressly set forth herein and no duties, responsibilities or obligations shall be inferred
or implied against the Fiscal Agent or the London Agent. The Fiscal Agent and the London Agent shall not be required to expend or risk any of its own funds or otherwise incur any liability, financial or otherwise, in the performance of any of its
duties hereunder. 
  

	 	(1)	 Subject to Subsection 7(3), in acting under this Agreement and in connection with the Notes, the Fiscal Agent and the London Agent are acting
solely as agents of Hydro-Québec and do not assume any obligation or relationship of agency, administration of the property of others or trust with any of the holders of Notes, except that all amounts received and held by the Fiscal Agent and
the London Agent for payment in respect of the Notes shall be held in trust for the holders of the Notes in a separate account or accounts for payment to the holders of Notes as provided herein. 

 

	 	(2)	 The Fiscal Agent and the London Agent may consult with legal counsel and shall be protected and shall incur no liability for action taken or not
taken, or suffered to be taken or not taken, with respect to all legal matters upon which they have received advice from their respective counsel in good faith and in accordance with the opinions and advice of such counsel.

  

	 	(3)	 The Fiscal Agent and the London Agent and their respective officers, directors and employees may become the owners of, or acquire an interest in,
any Notes, with the same rights that they would have if the Fiscal Agent or the London Agent 

  
 -16-

	 	 
was not acting as agent hereunder, and may engage or be interested in any financial or other transaction with Hydro-Québec, and may act on behalf of, or as a depositary, trustee or agent
for, any committee or body of holders of Notes or holders of other obligations of Hydro-Québec as freely as if the Fiscal Agent or the London Agent was not acting as agent hereunder. 

 

	 	(4)	 The Fiscal Agent and the London Agent may rely and shall be protected in acting upon any resolution, certificate, statement, instrument, opinion,
report, notice, request, consent, order, letter, telegram, facsimile transmission or other paper or document believed by them to be genuine and to have been signed, sent or presented by or on behalf of the proper party or parties and in particular,
may rely and shall be protected in acting on the basis of any such notice which is given in accordance with the provisions hereof. 

  

	 	(5)	 The Fiscal Agent and London Agent shall not incur any liability for not performing any act or fulfilling any duty, obligation or responsibility
hereunder by reason of any occurrence beyond the control of the Fiscal Agent and London Agent (including but not limited to any act or provision of any present or future law or regulation or governmental authority, any act of God or war, civil
unrest, local or national disturbance or disaster, any act of terrorism, or the unavailability of the Federal Reserve Bank wire or facsimile or other wire or communication facility). 

 

	18.	Resignation or Replacement of Fiscal Agent and London Agent 

  

	 	(1)	 Hydro-Québec agrees that there shall at all times be (a) a registrar, fiscal agent, transfer agent and principal paying agent hereunder
and (b) subject to Section 6 of this Agreement, a London paying agent and London transfer agent, in each case, until (i) all of the Notes authenticated and delivered hereunder shall have been delivered to the Fiscal Agent for
cancellation or become due and payable, and moneys sufficient to pay the principal of and interest on such Notes shall have been made available for payment and either paid or returned to Hydro-Québec as provided herein or
(ii) Hydro-Québec having established to the satisfaction of the Fiscal Agent and the London Agent that Hydro-Québec may avail itself of defenses under all relevant laws for the prescription of actions in respect of any outstanding
Notes. 

  

	 	(2)	 The Fiscal Agent and the London Agent may resign at any time by sending at least 90 days’ written notice by registered mail to
Hydro-Québec and the Guarantor. Upon receipt of such notice, Hydro-Québec shall appoint another financial institution or institutions as successor registrar, fiscal agent, transfer agent and principal paying agent (the
“Successor Fiscal Agent”), or as successor London paying agent and London transfer agent (the “Successor London Agent”), as applicable, under this Agreement. Subject to the provisions hereof, Hydro-Québec may
terminate the appointment of the Fiscal Agent as registrar, fiscal agent, transfer agent and principal paying agent, or terminate the appointment of the London Agent as London paying agent and London transfer

  
 -17-

	 	 
agent, and appoint another financial institution or institutions as Successor Fiscal Agent or Successor London Agent, as applicable, under this Agreement; provided that it give the Fiscal
Agent or the London Agent, as applicable, not less than 90 days’ written notice of termination. Neither the resignation nor the termination of the appointment of the Fiscal Agent as registrar, fiscal agent, transfer agent and principal paying
agent or the London Agent as London paying agent and London transfer agent shall take effect until the appointment of the Successor Fiscal Agent or Successor London Agent, as applicable, becomes effective. If Hydro- Québec is unable to agree
upon a Successor Fiscal Agent or Successor London Agent within thirty (30) days after such notice, the Fiscal Agent or London Agent may apply to a court of competent jurisdiction for the appointment of a Successor Fiscal Agent or Successor
London Agent or for other appropriate relief. The costs and expenses (including its attorneys’ fees and expenses) incurred by the Fiscal Agent or London Agent in connection with such proceeding shall be paid by Hydro- Québec. On the
effective date of the resignation of the Fiscal Agent or the London Agent or of the termination of its appointment as registrar, fiscal agent, transfer agent and principal paying agent or as London paying agent and London transfer agent, as
applicable, the Fiscal Agent or the London Agent, as applicable, shall deliver to its successor all funds, securities and other property of Hydro-Québec then on deposit with or held by it to the extent such funds, securities and other
property relate to the appointment being transferred and all documents relating to the Notes to the extent such documents relate to the appointment being transferred, and Hydro-Québec shall pay to the Fiscal Agent or the London Agent, as
applicable, all amounts owed by Hydro-Québec to such agent, pursuant to this Agreement up to the said effective date. After the resignation or removal of the Fiscal Agent or London Agent, the provisions of Section 17 hereof shall inure
to its benefit as to any action taken or omitted to be taken by it while it was the Fiscal Agent or London Agent, as applicable, hereunder. 

  

	 	(3)	 If the Fiscal Agent or London Agent shall be adjudged bankrupt or insolvent, or shall file a voluntary petition in bankruptcy or makes an assignment
for the benefit of its creditors or consents to the appointment of a receiver or custodian of all or any substantial part of its property, or shall admit in writing of its inability to pay or meet its debts as they mature, or if a receiver or
custodian of it or of all or any substantial part of its property shall be appointed or if any public officer shall have taken charge or control of it or of its property or affairs, for the purposes of rehabilitation, conservation or liquidation, a
Successor Fiscal Agent or a Successor London Agent, as applicable, shall be appointed by Hydro-Québec. Upon such an appointment of a Successor Fiscal Agent or a Successor London Agent, the Fiscal Agent or the London Agent, as applicable,
shall cease to be a registrar, fiscal agent, transfer agent and principal paying agent, or a London paying agent and London transfer agent, as applicable, hereunder whether or not notice of such termination shall have been given. If no Successor
Fiscal Agent or Successor London Agent shall have been appointed by Hydro-Québec, any holder of a Note, on behalf of itself and all other holders of a Note, or the Fiscal Agent or the London Agent, as applicable, may petition any court of
competent 

  
 -18-

	 	 
jurisdiction for the appointment of a Successor Fiscal Agent or a Successor London Agent, as applicable. 

 

	 	(4)	 Any Successor Fiscal Agent or Successor London Agent appointed hereunder shall execute, acknowledge and deliver to its predecessor and to
Hydro-Québec an instrument accepting such appointment hereunder, and thereupon such Successor Fiscal Agent or Successor London Agent, without any further act, deed or conveyance, shall become vested with all the authority, rights, powers,
trusts, immunities, duties and obligations of such predecessor, with like effect as if originally named as the Fiscal Agent or London Agent, as applicable, hereunder. Hydro-Québec will give prompt written notice to each other agent named
pursuant to Section 2 hereof of the appointment of a Successor Fiscal Agent or Successor London Agent and shall give notice to holders of the Notes. 

 

	 	(5)	 Any corporation or bank into which the Fiscal Agent or the London Agent may be merged or converted or any corporation or bank with which the Fiscal
Agent or the London Agent may be consolidated, or any corporation or bank resulting from any merger, conversion or consolidation to which the Fiscal Agent or the London Agent shall be a party, or any corporation or bank to which the Fiscal Agent or
the London Agent shall sell or otherwise transfer all or substantially all of its corporate trust business shall be a Successor Fiscal Agent or Successor London Agent, as applicable, under this Agreement without the execution or filing of any paper
or any further act on the part of any of the parties hereto; provided that such Successor Fiscal Agent or Successor London Agent shall be qualified as elsewhere provided in this Agreement. 

 

	19.	Further Issues 

 Hydro-Québec may from time to time without notice to or consent of the holders of the Notes create and issue further notes having the same terms and conditions as the Notes (or in all respects
except for the payment of interest accruing prior to the issue date of such further notes or except for the first payment of interest thereon), and such further notes shall be consolidated and form a single series with the Notes. Any further notes
forming a single series with the outstanding Notes shall be issued with the benefit of, and subject to an agreement supplemental to, this Agreement. 
  

	20.	Prescription 

 Under Québec law, an action to enforce a right to payment under the Notes may be prescribed if it is not exercised within three years of the date the payment is due. 

 

	21.	General 

  

	 	(1)	 Any notice pursuant to this Agreement shall be in writing in English and deemed to have been duly given upon the dispatch of such notice by
registered mail or telecopier (to be confirmed in writing by registered mail), addressed to (a) Hydro-Québec, (b) the Guarantor, (c) the Fiscal Agent or (d) the London Agent, as follows: 

  
 -19-

 Hydro-Québec: 

Hydro-Québec 

75 René-Lévesque Boulevard West 

6th Floor 
 Montréal (Québec) 
 CANADA
H2Z 1A4 
 Attention: Director – International Financing, Cash and Financial Services

 Telecopier No: (514) 289-5143 

Telephone No: (514) 289-2210 

the Guarantor: 

Québec 

Ministère des Finances 

Direction du financement des organismes publics et de la 

documentation financière 

12, rue Saint-Louis 

Québec (Québec) 

CANADA G1R 5L3 

Attention: La directrice principale 

Telecopier No: (418) 643-4700 

Telephone No: (418) 643-8141 

Fiscal Agent: 

[Name of the Fiscal Agent] 

[Address of the Fiscal Agent]  

Attention: [            ] 

Telecopier No: [            ] 

Telephone No: [            ] 

London Agent: 

[Name of the London Agent] 

[Address of the London Agent]  

Attention: [            ] 

Telecopier No: [            ] 

Telephone No: [            ] 

  
 -20-

 
or to any other address or number of which either of the parties shall have notified the other in writing in accordance with this provision. 

 

	 	(2)	THIS AGREEMENT SHALL BE GOVERNED BY AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF QUÉBEC AND THE LAWS OF CANADA APPLICABLE THEREIN.

 Hydro-Québec and the Guarantor hereby irrevocably consent to the fullest extent permitted by law to the
giving of any relief (including, without limitation, the making or enforcement of any order or judgment) made or given in connection with any proceedings arising out of or in connection with this Agreement and the Notes. 

Hydro-Québec and the Guarantor hereby appoint the person from time to time who holds the position of Delegate General of
Québec in New York, One Rockefeller Plaza, 26th floor, New York, New York, 10020-2102, as their authorized agent (the “Authorized Agent”) upon whom process may be served in any action by the Fiscal Agent or the holder of any
Note and based upon this Agreement, the Notes or the Guarantee which may be instituted in any State or Federal court in The City of New York, and expressly accept the non-exclusive jurisdiction of any such court in respect of such action.
Hydro-Québec and the Guarantor hereby irrevocably waive any immunity to service of process in respect of any such action to which the Authorized Agent might otherwise be entitled. Such appointment shall be irrevocable as long as any of the
Notes remain outstanding, except that, if for any reason the Authorized Agent ceases to be able to act as agent or no longer has an address in The City of New York, Hydro-Québec and the Guarantor will appoint another person or persons in The
City of New York, selected in their discretion, as Authorized Agent(s). Hydro-Québec and the Guarantor will take any and all action, including the filing of any and all documents and instruments that may be necessary to continue such
appointment or appointments in full force and effect as aforesaid. Service of process upon the Authorized Agent, together with written notice of such service mailed or delivered to Hydro-Québec and to the Guarantor at their respective
addresses set forth in Section 21(1), shall be deemed in every respect effective service of process upon Hydro-Québec and the Guarantor. Notwithstanding the foregoing, any action by the Fiscal Agent or the holder of any Note and based
upon this Agreement, the Notes or the Guarantee may be instituted in any competent court in Québec. Each of Hydro-Québec and the Guarantor hereby waives, to the fullest extent permitted by applicable law, any immunity to jurisdiction
to which it might otherwise be entitled in any action based on this Agreement, the Notes or the Guarantee which may be instituted as provided in this clause in any State or Federal court in The City of New York or in any competent court in
Québec. 
  

	 	(3)	 To help the government fight the funding of terrorism and money laundering activities, pursuant to Federal regulations that became effective on
October 1, 2003, Section 326 of the USA PATRIOT Act requires all financial institutions to obtain, verify, and record information that identifies each person establishing a

  
 -21-

	 	 
relationship or opening an account with [            ]. What this means:
[            ] will ask for the name, address, tax identification number and other information that will allow it to identify the individual or entity who is establishing the relationship
or opening the account and may also ask for formation documents such as articles of incorporation or other identifying documents to be provided. 

  

	 	(4)	This Agreement shall extend to and enure to the benefit of and be binding upon Hydro-Québec, the Guarantor, the Fiscal Agent and the London Agent and their
respective successors and assigns. 

  

	 	(5)	This Agreement may be executed in separate counterparts, and each such counterpart, when so executed and delivered, shall be deemed to be an original. Such counterparts
shall together constitute one and the same agreement. 

  
 -22-

 IN WITNESS WHEREOF, this Agreement has been executed in New York as of the date first above written.

  

	
	HYDRO-QUÉBEC
	
	/s/
	Authorized Representative
	
	/s/
	Authorized Representative
	
	QUÉBEC
	
	/s/
	Authorized Representative
	
	[Name of the Fiscal Agent]
	
	/s/
	Authorized Officer
	
	[Name of the London Agent]
	
	/s/
	Authorized Officer

  
 -23-

 SCHEDULE A 
 FORM OF GLOBAL NOTE 
 Unless this Global Note is presented by an authorized
representative of The Depository Trust Company, 55 Water Street, New York, New York, a New York corporation (“DTC”), to Hydro-Québec or its agent for registration of transfer, exchange or payment, and any
certificate issued is registered in the name of Cede & Co. or in such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

 

					
	 Series [  ]
	  	 	Certificate No. 	[  ] 

 CUSIP [  ] 
 HYDRO-QUÉBEC 
 [ ]% Notes Series [ ] 

due [ ] 

Guaranteed irrevocably and unconditionally by Québec 

This Global Note, registered in the name of Cede & Co., as nominee of DTC (the “Global Note”), is a permanent
Global Note in respect of the duly authorized issue of notes referred to above (the “Notes”) of Hydro-Québec, a body corporate validly existing under the Hydro-Québec Act, (Revised Statutes of Québec,
Chapter H-5), payment of which is irrevocably and unconditionally guaranteed subject to the guarantee given by Québec (the “Guarantee”), as guarantor (the “Guarantor”), and which is issued pursuant to a
fiscal agency agreement, dated as of [ ], among Hydro-Québec, the Guarantor, [ ], fiscal agent, transfer agent and principal paying agent (the “Fiscal Agent” which term includes any successor registrar, fiscal agent, transfer
agent and principal paying agent under the Fiscal Agency Agreement) and [ ] as London paying agent and London transfer agent (the “London Agent” which term includes any successor London paying agent and London transfer agent under
the Fiscal Agency Agreement), as such agreement may be supplemented or amended, as the case may be (the “Fiscal Agency Agreement”). This Global Note or any other Global Note in this form and so registered may also represent any
further notes which Hydro-Québec may issue, from time to time, pursuant to the Terms and Conditions hereof and Section 19 of the Fiscal Agency Agreement. In the event such further notes are issued, the word “Notes” as defined
above shall be deemed to also refer to such further notes. 

  
 -24-

 This Global Note and all the rights of the holder hereof are expressly subject to the Fiscal
Agency Agreement, and this Global Note and the Fiscal Agency Agreement constitute a contract to all of the terms and conditions of which the holder by acceptance hereof assents, is bound by and is deemed to have notice of. All defined terms unless
defined herein have the meaning ascribed to them in the Fiscal Agency Agreement. Copies of the Fiscal Agency Agreement are available for inspection at the principal office of the Fiscal Agent and the London Agent and from the Electronic Data
Gathering, Analysis and Retrieval System, which is commonly known by the acronym EDGAR, through the Securities and Exchange Commission’s website (http://www.sec.gov). 
 This is a fully registered Global Note without coupons attached. In certain limited circumstances, as described in Section 5 of the Fiscal Agency Agreement, it is exchangeable in whole or in part, at
the office of the Fiscal Agent, for Certificated Notes. 
 FOR VALUE RECEIVED, Hydro-Québec hereby promises to pay
to Cede & Co. or its registered assigns in the manner hereinafter mentioned on [  ] (or on such earlier date as the Principal Amount (as hereinafter defined) may become payable in accordance with the terms hereof) the principal
sum set forth in Schedule I hereto from time to time (the “Principal Amount”) in lawful money of the United States of America on presentation and surrender of this Global Note, and to pay interest in arrears on the said
Principal Amount at the rate of [  ]% per annum, from [  ], or from the most recent Interest Payment Date to which interest has been paid or duly provided for, in [two equal semi-annual] installments on [  ] and
[  ] in each year (each an “Interest Payment Date”), commencing [  ], until the Principal Amount is paid in full or duly made available for payment, in each case together with such further sum, if any, as may be
payable by way of Additional Amounts in accordance with the provisions set forth herein and should Hydro-Québec at any time default in the payment of any of the Principal Amount or interest on this Global Note or any Additional Amounts, to
pay interest on the amount in default (before as well as after judgment) at the same rate, in like money, on the same dates. References herein to principal and interest in respect of this Global Note or the Certificated Notes shall be deemed also to
refer to any Additional Amounts which may be payable concurrently therewith, unless the context otherwise requires. Interest will cease to accrue on this Global Note on [ ], subject to a change of such date as hereinabove mentioned (or on such
earlier date as the Principal Amount may become payable in accordance with the terms hereof), unless, upon due presentation of this Global Note, payment of the Principal Amount or any Additional Amounts is improperly withheld or refused. 

This Global Note shall not become valid and obligatory for any purpose unless and until this Global Note has been authenticated by the
Fiscal Agent or its authorized representative. 
 TERMS AND CONDITIONS 

Status of the Notes and Guarantee 
 The Notes will be the direct, unsecured and unconditional obligations of Hydro-Québec. The Notes will rank equally among themselves and with all other unsecured debt securities issued by
Hydro-Québec and outstanding at the date hereof or thereafter. 

  
 -25-

 The Guarantor will irrevocably and unconditionally guarantee the due and punctual payment of
the principal of and interest and any Additional Amounts on the Notes upon default in payment by Hydro-Québec, when and as the same shall respectively become due and payable, at maturity, upon call for redemption prior to maturity, by
acceleration or otherwise. The Guarantee will be endorsed on the certificates representing the Notes. Any funds required for the Guarantee shall be taken out of the Consolidated Revenue Fund of Québec. The Guarantee will be a direct,
unconditional and unsecured obligation of the Guarantor and will rank equally in right of payment with all other unsecured obligations for borrowed money of the Guarantor outstanding at the date hereof or in the future. 

Form, Denomination and Registration 
 The Notes will be issued in the form of one or more fully registered Global Notes registered in the name of Cede & Co., as nominee of DTC, and held by
[            ], as custodian for DTC (the “Custodian”). Beneficial interests in the Global Notes will be represented through book-entry accounts of financial institutions
acting on behalf of owners of such beneficial interests as direct and indirect participants in DTC, Euroclear Bank S.A./N.V., as operator of the Euroclear System, and Clearstream Banking, société anonyme (collectively, the
“Clearing Systems”). The Clearing Systems will be responsible for establishing and maintaining book-entry accounts for their participants having interests in the Notes. None of Hydro-Québec, the Guarantor or the Fiscal Agent will
have any responsibility or liability for any aspect of the records of the Clearing Systems relating to or payments made by such Clearing Systems on account of beneficial interests in the Global Notes or for maintaining, supervising or reviewing any
records of such Clearing Systems relevant to such beneficial interests. Owners of beneficial interests in Notes will not, except in limited circumstances described herein, be entitled to receive certificates representing Notes (“Certificated
Notes”) or to have Notes registered in their names, and will not be considered holders thereof under the Fiscal Agency Agreement. 

The Notes will only be sold in denominations of US$1,000 or integral multiples thereof. 

The Fiscal Agent will be responsible for (i) maintaining a record of the aggregate holdings of Notes, (ii) ensuring that
payments of principal and interest in respect of the Notes received by the Fiscal Agent from Hydro-Québec are duly credited to DTC, and (iii) transmitting to Hydro-Québec any notices from owners of beneficial interests in Notes.
The Fiscal Agent will not impose any fees in respect of the Notes, other than reasonable fees for the replacement of lost, stolen, mutilated or destroyed Notes. However, owners of beneficial interests in Notes may incur fees payable in respect of
the maintenance and operation of the book-entry accounts in which such Notes are held with the Clearing Systems. 
 Certificated Notes

 No owner of a beneficial interest in a Note will be entitled to receive a Certificated Note in definitive form except in
the limited circumstances described herein. 
 Hydro-Québec will issue or cause to be issued Certificated Notes upon
registration of, transfer of, or in exchange for Notes represented by this Global Note (i) if DTC notifies Hydro-Québec 

  
 -26-

 
that it is unwilling or unable to continue as depositary in connection with the Global Notes or ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as
amended, at a time when it is required to be so registered and a successor depositary is not appointed by Hydro-Québec within 90 days after receiving such notice or becoming aware that DTC is no longer so registered; (ii) if
Hydro-Québec, in its sole discretion at any time, determines not to have any of the Notes represented by Global Notes; or (iii) upon request by DTC, acting on direct or indirect instructions of one or more registered holders of this
Global Note or any beneficial owner of an interest in this Global Note, but only after an event of default entitling the registered holders to give Hydro-Québec written notice that such holders elect to declare the principal amount of the
Notes held by them and represented by this Global Note to be due and payable has occurred and is continuing; provided that if DTC is unwilling or does not promptly make such request to Hydro-Québec, then any beneficial owner of an
interest in this Global Note shall be entitled to make such request with respect to such interest. A publication will be made in accordance with “Notices” below describing how payments on Certificated Notes will be made. 

In respect of any such issuance of Certificated Notes, (i) Hydro-Québec shall promptly provide the Fiscal Agent with a
sufficient number of Certificated Notes in blank form to proceed with such issuance, (ii) DTC shall cause this Global Note to be delivered to the Fiscal Agent and provide the Fiscal Agent with the necessary registration information for such
Certificated Notes, (iii) the Fiscal Agent shall authenticate and deliver such Certificated Notes in an aggregate principal amount equal to the principal amount of this Global Note to be exchanged for such Certificated Notes, (iv) the
Fiscal Agent shall cancel this Global Note and in the case of a partial exchange, issue and deliver to or to the order of DTC a new Global Note equal to the unexchanged portion of this Global Note partially exchanged for Certificated Notes and
(v) the Fiscal Agent shall reduce accordingly the holdings of the registered holder on the Register. Such Certificated Notes shall be delivered as directed by the persons in whose names such Certificated Notes are to be registered. All Notes
represented by Certificated Notes issued upon any such issuance in exchange for the Notes represented by this Global Note shall have the Guarantee of the Guarantor endorsed thereon (which Guarantee shall be a valid obligation of the Guarantor),
shall be a valid obligation of Hydro-Québec, shall be entitled to the same benefits under the Fiscal Agency Agreement as the Global Notes, and shall be so exchanged without charge to the Fiscal Agent, DTC or the transferee. On or after any
such exchange, the Fiscal Agent shall direct all payments in respect of such Certificated Notes to the registered holders thereof, including when such exchange occurred after the record date for any payment and prior to the date of such payment.

 Hydro-Québec expressly acknowledges that if a Certificated Note is not promptly issued to a beneficial owner of an
interest in this Global Note as contemplated herein, then such beneficial owner shall be entitled to pursue any remedy under the Fiscal Agency Agreement, the Notes or applicable law with respect to the portion of this Global Note that represents
such beneficial owner’s interest therein as if such Certificated Note had been issued. 
 Title 

Subject to applicable law and the terms of the Fiscal Agency Agreement, Hydro-Québec, the Guarantor and the Fiscal Agent will deem
and treat the persons in whose name the Global Notes 

  
 -27-

 
are registered, initially Cede & Co., as the absolute owners thereof for all purposes whatsoever notwithstanding any notice to the contrary. All payments to or on the order of the
registered holders shall be valid and effectual to discharge the liability of Hydro-Québec, the Guarantor, the Fiscal Agent and the London Agent on the Notes to the extent of the sum or sums so paid. 

Interest 
 The Notes
will bear interest from [  ] at a rate of [  ]% per annum, payable in [two equal semi-annual] installments in arrears on [  ] and [  ], commencing
[            ]. Interest on the Notes will cease to accrue on the date fixed for redemption or repayment unless, upon due presentation of the Notes, payment of principal is improperly
withheld or refused. 
 Whenever it is necessary to compute any amount of interest in respect of the Notes, other than with
respect to regular [semi-annual] payments, such interest shall be calculated on the basis of a 360-day year of twelve 30-day months. The rate of interest specified in the Notes is a nominal rate and all interest payments and computations are to be
made without allowances or deductions for deemed reinvestment. 
 For purposes of disclosure pursuant to the Interest Act
(Canada), the rate of interest payable on any basis other than a full calendar year may be determined by multiplying the applicable annual interest rate by a fraction the numerator of which is the actual number of days in the period for which
interest is payable and the denominator of which is 365 days or 366 days, as the case may be. 
 Payments 

Principal of and interest and any Additional Amounts on the Notes are payable by Hydro-Québec in lawful money of the United States
of America (“U.S. dollars”, “US$” or “$”) to the person registered at the close of business on the relevant record date in the register held by the Fiscal Agent. The Fiscal Agent will
act as Hydro-Québec’s principal paying agent for the Notes pursuant to the Fiscal Agency Agreement. 
 If any date
for payment in respect of any Notes is not a Business Day, the holder thereof shall not be entitled to payment until the next following Business Day, and no further interest shall be paid in respect of the delay in such payment. In this paragraph,
“Business Day” means a day on which banking institutions in The City of New York and in any other applicable place of payment are not authorized or obligated by law or executive order to be closed. 

Record Date 
 The record
date for purposes of payments of principal of and interest and Additional Amounts, if any, on the Notes will be as of 5:00 p.m., New York City time, on the fourteenth calendar day preceding the maturity date or any interest payment date,
as applicable. Ownership positions within each Clearing System will be determined in accordance with the normal conventions observed by such system. 

  
 -28-

 Payment of Additional Amounts 

All payments of principal and interest by Hydro-Québec or the Guarantor will be made without withholding or deduction for, or on
account of, any present or future taxes, duties, assessments or charges of whatever nature imposed or levied by or on behalf of the Government of Canada or any province, territory or political division thereof or any authority or agency therein or
thereof having power to tax, unless the withholding or deduction of such taxes, duties, assessments or charges is required by law or by interpretation or administration thereof. In that event, Hydro-Québec or the Guarantor will, subject to
Hydro-Québec’s redemption rights pursuant to the Fiscal Agency Agreement and the Notes, pay such additional amounts (the “Additional Amounts”) as may be necessary in order that the net amounts receivable by the holder
after such withholding or deduction shall equal the respective amounts of principal or interest which would have been receivable in respect of the Notes or the Guarantee in the absence of such withholding or deduction, except that no such Additional
Amount shall be payable with respect to any Note or Guarantee: 
 (i)     to, or to a third
party on behalf of, a holder who is liable to such taxes, duties, assessments or charges in respect of such Note or Guarantee by reason of that person having some connection with Canada other than the mere holding or use outside Canada, or ownership
as a non-resident of Canada, of such Note; or 
 (ii)     presented for payment more than 30
days after the Relevant Date (as defined below) except to the extent that the holder thereof would have been entitled to such Additional Amounts on presenting the same for payment on or before such thirtieth day; or 

(iii)     where such withholding or deduction is imposed on a payment to an individual and is
required to be made pursuant to European Council Directive 2003/48/EC or any other law implementing or complying with, or introduced in order to conform to, such Directive; or 

(iv)     presented for payment by or on behalf of a holder who would have been able to avoid such
withholding or deduction by presenting the relevant Note to another paying agent in a Member State of the European Union. 
 As used herein, “Relevant Date” means: 
 (A)
    the date on which such payment first becomes due; or 
 (B)     if
the full amount of the moneys payable has not been received by the Fiscal Agent on or prior to such date, the date on which, the full amount of such moneys having been so received, notice to that effect is duly given to the holders of the Notes or
the Guarantee in accordance with the notice procedures set forth in the provisions of the heading “Notices” below. 

Maturity, Redemption and Purchases 
 Unless previously redeemed for tax reasons as provided below, or purchased, the Principal Amount (at par) of the Notes shall be due and payable on [  ]. 

  
 -29-

 If as a result of any change in, or amendment to, or in the official application of, the
laws of Canada or the regulations of any taxing authority therein or thereof or any change in, or in the official application of, or execution of, or amendment to, any treaty or treaties affecting taxation to which Canada is a party, which change or
amendment shall have become effective after [ ], 201[ ] it is determined by Hydro-Québec or the Guarantor that Hydro-Québec or the Guarantor, as the case may be, would be required at, or at any time prior to, maturity of the Notes to
pay Additional Amounts as described above under the heading “Payment of Additional Amounts”, the Notes may be redeemed in whole but not in part at the option of Hydro-Québec on not less than 30 days’, nor more than
60 days’ published notice in accordance with the provisions of the heading “Notices” below, at the principal amount thereof together with accrued interest. 

Hydro-Québec may, if not in default under the Notes, purchase Notes at any time, in any manner and at any price. If purchases are
made by tender, tenders must be available to all holders of Notes alike. 
 Modifications 

The Fiscal Agency Agreement and the Notes may be amended by Hydro-Québec, the Guarantor and the Fiscal Agent without notice to or
the consent of the holder of any Note, for the purpose of (i) curing any ambiguity, (ii) curing, correcting or supplementing any defective provisions contained therein, (iii) effecting the issue of further notes as described below
under “Further Issues” or (iv) in any other manner which Hydro-Québec, the Guarantor and the Fiscal Agent, acting on the advice of independent counsel, may deem necessary or desirable and which will not be inconsistent with the
Notes and which, in the reasonable opinion of Hydro-Québec, the Guarantor and the Fiscal Agent, will not adversely affect the interest of the holders of Notes. 
 The Fiscal Agency Agreement contains provisions for convening meetings of registered holders of Notes to modify or amend by Extraordinary Resolution the Fiscal Agency Agreement (except as provided in the
immediately preceding paragraph) and the Notes (including the terms and conditions thereof) or waive future compliance therewith or past default thereon by Hydro-Québec. An Extraordinary Resolution duly passed at any such meeting shall be
binding on all holders of Notes, whether present or not; provided, however, that no such modification or amendment to the Fiscal Agency Agreement or to the terms and conditions of the Notes or any other action taken may, without the
consent of the holder of each such Note affected thereby, (i) change the stated maturity or interest payment date of any such Note, (ii) reduce the principal amount of or rate of interest on any such Note, (iii) change the currency of
payment of any such Note, (iv) impair the right to institute suit for the enforcement of any payment on or with respect to such Note or the Guarantee, (v) reduce the percentage of the holders of Notes necessary to modify or amend the
Fiscal Agency Agreement or the terms and conditions of the Notes or reduce the percentage of votes required for the taking of action or the quorum required at any meeting of holders of Notes, or (vi) reduce the percentage of outstanding Notes
necessary to waive any future compliance or past default. 
 No amendment may be made to the Fiscal Agency Agreement or the
Notes which would in any way alter, amend or change the duties, responsibilities, obligations of or the protections afforded to the London Agent from those set out in the Fiscal Agency Agreement as at the date of the

  
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Fiscal Agency Agreement and the Notes as at the date of the Notes without the prior written consent of the London Agent. 
 Governing Law 
 The Fiscal Agency Agreement, the Notes and the Guarantee
shall be construed in accordance with and governed by the laws of Québec and the laws of Canada applicable in Québec. 
 Each of Hydro-Québec and the Guarantor irrevocably consents to the fullest extent permitted by law to the giving of any relief (including, without limitation, the making or enforcement of any order
or judgment) made or given in connection with any proceedings arising out of or in connection with the Fiscal Agency Agreement, the Notes and the Guarantee. 
 Events of Default 
 In the event that (a) Hydro-Québec shall
default in the payment of any principal of or interest or Additional Amounts, if any, on the Notes, as the same shall become due and payable, and such default shall continue for a period of 30 days or (b) default shall be made in the due
performance or observance by Hydro-Québec of any covenant or agreement contained in the Notes, other than the payment of principal, interest or Additional Amounts, or in the Fiscal Agency Agreement, and such default shall continue for a
period of 60 days or (c) Hydro-Québec shall default in the payment of any principal of or premium, if any, or interest or any Additional Amounts on any indebtedness (direct or under a guarantee) for borrowed money, other than the
Notes, as the same shall become due and payable, and such default shall continue for a period of 30 days, provided that the foregoing shall not be taken into account so long as the aggregate principal amount of all such indebtedness (direct or under
a guarantee) for borrowed money with respect to which the foregoing has occurred does not exceed US$50,000,000 (or its equivalent in other currencies), then at any time thereafter and during continuance of such default, the registered holder of any
Note (or its proxy) may deliver or cause to be delivered to Hydro-Québec at Direction-Financement international, encaisse et services financiers, 75 René-Lévesque Boulevard West, Sixth Floor, Montréal, Québec,
Canada H2Z 1A4, a written notice that such registered holder elects to declare the principal amount of the Notes held by him (the serial number or numbers of the Notes which represent such Notes and the principal amount of the Notes owned by him and
the subject of such declaration being set forth in such notice) to be due and payable and, in the cases falling within either (a) or (c) above, on the fifteenth day after delivery of such notice, or, in the cases falling within
(b) above, on the thirtieth day after delivery of such notice, the principal of the Notes referred to in such notice plus accrued interest thereon shall become due and payable, unless prior to that time all such defaults theretofore existing
shall have been cured. 
 Notices 
 All notices to the holders will be valid (i) in the case of Certificated Notes, if sent by first class mail (or equivalent) or, if posted to an overseas address, by airmail, or if delivered, to each
holder (or the first named of joint holders) at each such holder’s address as it appears in the Register held by the Fiscal Agent, (ii) in the case of Notes represented by a Global Note, if delivered to DTC for communication by it to the
persons shown in its records as having interests therein and (iii) in either case, if and so long as the Notes are admitted to trading on, and listed 

  
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on any stock exchange or are admitted to trading by another relevant authority, if in accordance with the rules and regulations of the relevant stock exchange or other relevant authority. Any
such notice shall be deemed to have been given on the date of such delivery (or, if delivered more than once or on different dates, on the first date on which delivery is made) or, in the case of mailing, on the fourth weekday following such
mailing. 
 Further Issues 
 Hydro-Québec may from time to time without notice to or consent of the holders of the Notes create and issue further notes having the same terms and conditions as the Notes (or in all respects
except for the payment of interest accruing prior to the issue date of such further notes or except for the first payment of interest thereon), and such further notes shall be consolidated and form a single series with the Notes. Any further notes
forming a single series with the outstanding Notes shall be issued with the benefit of, and subject to an agreement supplemental to, this Agreement. 
 Prescription 
 Under Québec law, an action to enforce a right to
payment under the Notes may be prescribed if it is not exercised within three years of the date the payment is due. 

  
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 IN WITNESS WHEREOF, HYDRO-QUÉBEC has caused this Global Note to be signed by its duly
authorized Representative as of [ ] in New York, New York. 
  

			
	HYDRO-QUÉBEC
		
	By:    	 	/s/
		 	Authorized Representative
		
	And:    	 	/s/
		 	Authorized Representative

  

			
	Authenticated by:
	
	[                            
        ]
	(as Fiscal Agent)
		
	By:    	 	/s/
		 	Authorized Officer

 Authentication Date: 

  
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 GUARANTEE BY QUÉBEC 
 By virtue of the powers conferred by the Parlement du Québec and of the authorization of the Gouvernement du Québec by an Order in Council dated [ ], Québec hereby irrevocably and
unconditionally guarantees to the registered holder of this Global Note and pledges its full faith and credit for the due and punctual payment, upon default in payment by Hydro-Québec, of the principal of this Global Note and the interest
thereon together with Additional Amounts, if any, as and when the same shall respectively become due and payable (without taking into account any applicable grace period or notice period set out in the terms and conditions of the Notes), whether at
stated maturity or upon previous call for redemption or by acceleration or otherwise; and hereby expressly waives the benefits of discussion and division and any prior notice or protest to, demand upon or action against Hydro-Québec or
Québec. 
 This Guarantee shall be construed in accordance with and governed by the laws of Québec and the laws of
Canada applicable therein. 
 Québec irrevocably consents to the fullest extent permitted by law to the giving of any
relief (including, without limitation, the making or enforcement of any order or judgment) made or given in connection with any proceedings arising out of or in connection with this Guarantee. 

Dated the [ ] day of [ ]. 
 Executed on
behalf of Québec in New York, New York. 
  

	
	
	/s/
	
	Delegate General of Québec in New York

  
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 SCHEDULE ONE TO THE GLOBAL NOTE NO.
             
 HYDRO-QUÉBEC 

[  ]% Global Notes Series [  ] due [  ] 

 

											
	Initial Principal Amount	  	 Additional Principal
 Amount
	  	 Aggregate Principal

Amount
	 	  	Authorization	 
				
	 _____________________
	  	___________________	  	 	_________________	  	  	 	_______________	  
				
	
US$                       
             
	  	US$                          
      	  	 	US$                          
  	  	  	 	_______________	  
				
		  	US$                          
      	  	 	US$                          
  	  	  	 	_______________	  
				
		  	US$                          
      	  	 	US$                          
  	  	  	 	_______________	  

  
 -35-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00197-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00197-of-00352.parquet"}]]