Document:

Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

 

THIS EMPLOYMENT
AGREEMENT (the “Agreement”) is entered into as of July 7, 2014, by and between NAUGATUCK
VALLEY SAVINGS AND LOAN, a federally-chartered savings association (the “Bank”), and WILLIAM C. CALDERARA
(the “Executive”).

 

WHEREAS, the
Executive serves in positions of substantial responsibility with the Bank; and

 

WHEREAS, the
Bank and the Executive wish to set forth the terms of the Executive’s employment in these positions and enter into this employment
agreement; and

 

WHEREAS, the
Executive is willing and desires to serve in these positions with the Bank.

 

NOW THEREFORE, in
consideration of these premises, the mutual covenants contained herein, and other good and valuable consideration the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree and intend to be legally bound as follows.

 

ARTICLE 1

EMPLOYMENT

 

1.1Employment.
The Bank hereby employs the Executive to serve as President and Chief Executive Officer according to the terms and conditions of
this Agreement and for the period stated in Section 1.3 of this Agreement. The Executive hereby accepts continued employment according
to the terms and conditions of this Agreement and for the period stated in Section 1.3 of this Agreement.

 

1.2Responsibilities
and Duties.

 

(a)As President
and Chief Executive Officer, the Executive shall serve under the board of directors of the Bank and will perform all duties
and will have all powers associated with these positions, as set forth in any job description provided to the Executive by the
Bank or as may be set forth in the bylaws of the Bank. The Executive shall report directly to the board of directors of the Bank.

 

(b)During the period of his employment
hereunder, except for reasonable periods of absence occasioned by illness, reasonable vacation periods, and other reasonable leaves
of absence approved by the board of directors of the Bank, the Executive will devote all of his business time, attention, skill
and efforts to the faithful performance of his duties under this Agreement, including activities and duties directed by the board
of directors. Notwithstanding the preceding sentence, subject to the approval of the board of directors, the Executive may serve
as a member of the board of directors of business, community and charitable organizations, provided that in each case the service
shall not materially interfere with the performance of his duties under this Agreement, adversely affect the reputation of the
Bank or any of its affiliates, or present any conflict of interest. Nothing in this Section 1.2 shall prevent the Executive from
managing personal investments and affairs, provided that doing so also does not interfere with the proper performance of the Executive’s
duties and responsibilities under this Agreement.

 

1.3Term.

 

(a)The term of
this Agreement shall include: (i) the initial term, consisting of the period commencing on the date of this Agreement (the “Effective
Date”) and continuing for twelve (12) full months thereafter, plus (ii) any and all extensions of the initial term made pursuant
to this Section 1.3.

 

    	 

    	 

    

 

(b)Commencing as
of the first anniversary of the Effective Date and continuing as of each anniversary of the Effective Date thereafter, the disinterested
members of the board of directors of the Bank may extend the Agreement term for an additional year (or such longer period of time
as the parties may mutually agree), so that the remaining term of the Agreement again becomes twelve (12) full months (or longer,
if agreed upon) from the applicable anniversary of the Effective Date, unless the Executive elects not to extend the term of this
Agreement by giving written notice at least thirty (30) days prior to the applicable anniversary date.

 

(c)The disinterested
members of the board of directors of the Bank will review the Agreement and the Executive’s performance annually for purposes
of determining whether to extend the Agreement term and will include the rationale and results of its review in the minutes of
the meetings. The board of directors will notify the Executive no earlier than sixty (60) days and no later than thirty (30) days
prior to the applicable anniversary date whether it has determined to extend the Agreement.

 

(d)Nothing in this
Agreement shall mandate or prohibit a continuation of the Executive’s employment following the expiration of the term of
this Agreement, upon such terms and conditions as the Bank and the Executive may mutually agree.

 

1.4Service
on the Board of Directors. The Executive serves as a member of the board of directors of the Bank. The board of directors
of the Bank shall undertake every lawful effort to ensure that the Executive continues throughout the term of this Agreement to
be elected as a director of the Bank, provided the Executive remains fit to serve as a director. Notwithstanding anything in this
Agreement to the contrary, unless otherwise agreed to by the parties, the Executive agrees that he shall resign as a director of
the Bank effective immediately after termination of the Executive’s employment under Article 3 of this Agreement. With respect
to the preceding sentence, the Executive agrees that his resignation as a director will be effective as of the date his employment
with the Bank terminates, regardless of whether the Executive submits a formal, written resignation as director.

 

ARTICLE 2

COMPENSATION AND BENEFITS

 

2.1Base Salary
and Bonus and Incentive Compensation.

 

(a)In consideration
of the Executive’s performance of the obligations under this Agreement, the Bank shall pay or cause to be paid to the Executive
a total salary at the annual rate of not less than $300,000, payable according to the regular payroll practices of the Bank. During
the period of this Agreement, the board of directors (or committees thereof) shall review the Executive’s Base Salary at
least annually. Any increase in the Executive’s base salary will become the new “Base Salary” for purposes of
this Agreement.

 

(b)The Executive
shall be entitled to incentive compensation in accordance with any program established by the Bank for the Executive or as otherwise
may be provided to the Executive at the discretion of the Bank.

 

2.2Benefit
Plans and Perquisites. For as long as the Executive is employed by the Bank pursuant to the terms of this Agreement, the
Executive shall be eligible (x) to participate in any and all officer or employee compensation, incentive compensation and benefit
plans in effect from time to time, including without limitation plans providing retirement, medical, dental, disability, and group
life benefits and including incentive, or bonus plans existing on the date of this Agreement or adopted after the date of this
Agreement, provided that the Executive satisfies the eligibility requirements for any of the plans, arrangements or benefits, and
(y) to receive any and all other fringe and other benefits provided from time to time, including the specific items described in
(a)-(d) below.

 

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(a)Reimbursement
of Business Expenses. The Executive shall be entitled to reimbursement for all reasonable business expenses (including
mileage at the prevailing rate established by the Internal Revenue Service) incurred while performing his obligations under this
Agreement, including but not limited to all reasonable business travel and entertainment expenses incurred while acting at the
request of or in the service of the Bank and reasonable expenses for attendance at annual and other periodic meetings of trade
associations. Expenses will be reimbursed if they are submitted in accordance with the Bank’s policies and procedures.

 

(b)Country
Club Membership. The Bank will pay the Executive $6,000 per year to cover his membership dues at The Country Club of Waterbury.

 

(c)Facilities.
The Bank will furnish the Executive with the working facilities and staff customary for executive officers with the comparable
title and duties of the Executive, as set forth in Sections 1.1 and 1.2 of this Agreement, and as are necessary for the Executive
to perform his duties. The location of such facilities and staff shall be at the principal administrative offices of the Bank.

 

(d)Automobile
Allowance. During the term of this Agreement, the Bank shall provide the Executive with an automobile to be selected by
the Executive, subject to approval by the Human Resources and Compensation Committee of the Board of Directors of the Bank. The
Executive shall have exclusive use of the automobile for himself and his family. The Bank shall annually include on the Executive’s
Form W-2 any amount of income attributable to the Executive’s personal use of the automobile. The Bank shall maintain minimum
liability insurance coverage on the automobile of $1,000,000 and shall have the Executive named as additional insured on the automobile
insurance policy. The Executive agrees to maintain the vehicle in accordance with any applicable warranty provisions, and the Bank
agrees to reimburse the Executive for maintenance and upkeep, including gasoline, subject to submission of documentation as may
be reasonably required by the Bank.

 

2.3Vacation;
Leave. The Executive shall be entitled to sick leave and paid annual vacation (of at least twenty (20) days per year) in
accordance with policies established from time to time by the Bank. In addition to paid vacations and other leave, the board of
directors may grant the Executive a leave or leaves of absence, with or without pay, at such time or times and upon such terms
and conditions as the board of directors may determine.

 

2.4Indemnification
and Liability Insurance.

 

(a)Indemnification.
The Bank agrees to indemnify the Executive (and his heirs, executors, and administrators), and to advance expenses related thereto,
to the fullest extent permitted under applicable law and regulations against any and all expenses and liabilities reasonably incurred
by him in connection with or arising out of any action, suit, or proceeding in which he may be involved by reason of his having
been a director or executive of the Bank or any of its affiliates (whether or not he continues to be a director or executive at
the time of incurring any such expenses or liabilities). These expenses and liabilities may include, but not be limited to, judgments,
court costs, and attorneys’ fees and the costs of reasonable settlements approved by the board of directors, if such action
is brought against the Executive in his capacity as an executive or director of the Bank or any of its affiliates. Indemnification
for expenses shall not extend to matters for which the Executive has been terminated for Cause or for which the Executive has been
removed from the board of directors. Nothing contained herein shall be deemed to provide indemnification prohibited by applicable
law or regulation. Notwithstanding anything herein to the contrary, the obligations of this Section 2.4 shall survive the term
of this Agreement by a period of six (6) years.

 

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(b)Insurance.
During the period in which indemnification of the Executive is required under this Section 2.4, the Bank shall provide the Executive
(and his heirs, executors, and administrators) with coverage under a directors’ and officers’ liability policy at the
expense of the Bank, at least equivalent to such coverage provided to directors and senior executives of the Bank.

 

ARTICLE 3

EMPLOYMENT TERMINATION

 

3.1Termination
of Employment.

 

(a)
Death. The Executive’s employment shall terminate automatically at the Executive’s death. If
the Executive dies while in active service to the Bank, the Executive’s estate shall receive any sums that would have otherwise
been due to the Executive as Base Salary and reimbursement of expenses, plus the pro-rated portion of the Executive’s incentive
opportunity through the last day of the calendar month in which the Executive’s death occurred, plus an amount equal to
three months of the Executive’s Base Salary in effect at the date of death. Any requirement that the Executive be employed
as of any date to receive the incentive compensation shall be waived by the Bank. The Bank will make the payment to the Executive’s
estate within forty-five (45) days of the Executive’s death.

 

(b)Disability.
By delivery of written notice thirty (30) days in advance to the Executive, the Bank may terminate the Executive’s employment
if the Executive is disabled. For purposes of this Agreement the Executive shall be considered “disabled” if an independent
physician selected by the Bank and reasonably acceptable to the Executive or the Executive’s legal representative determines
that, because of illness or accident, the Executive is unable to perform the Executive’s duties and will be unable to perform
the Executive’s duties for a period of ninety (90) consecutive days. The Executive shall not be considered disabled, however,
if the Executive returns to work on a full-time basis within thirty (30) days after the Bank gives him notice of termination due
to disability. During the period of incapacity leading up to the termination of the Executive’s employment under this provision,
the Bank shall continue to pay the full Base Salary at the rate then in effect and all perquisites and other benefits (other than
bonus) until the Executive becomes eligible for benefits under any disability plan or insurance program maintained by the Bank,
provided that the amount of the payments by the Bank to the Executive under this Section 3.1(b) shall be reduced by the sum of
the amounts, if any, payable to the Executive for the same period under any disability benefit or pension plan covering the Executive.

 

3.2Involuntary
Termination with Cause. The Bank may terminate the Executive’s employment for Cause at any time. If the Executive’s
employment terminates for Cause, the Executive shall receive the Base Salary through the date on which the termination of employment
becomes effective and reimbursement of expenses to which the Executive is entitled when termination becomes effective. The Executive
shall not be deemed to have been terminated for Cause under this Agreement unless and until there is delivered to the Executive
a copy of a resolution adopted at a meeting of the board of directors called and held for the purpose, which resolution shall (x)
contain findings that the Executive has committed an act constituting Cause, and (y) specify the particulars thereof. The resolution
of the board of directors shall be deemed to have been duly adopted if it is adopted by the affirmative vote of a majority of the
directors then in office, excluding the Executive. Notice of the meeting and the proposed termination for Cause shall be given
to the Executive a reasonable time before the meeting of the board of directors. The Executive and the Executive’s counsel
(if the Executive chooses to have counsel present) shall have a reasonable opportunity to be heard by the board of directors at
the meeting. For purposes of this Agreement “Cause” means any of the following:

 

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(1)personal dishonesty;

 

(2)willful misconduct;

 

(3)incompetence;

 

(4)a breach of fiduciary duty involving personal profit;

 

(5)the intentional failure to perform
stated duties;

 

(6)a willful violation of any law,
rule or regulation (other than minor or routine traffic violations or similar offenses) or final cease-and-desist order;

 

(7) habitual drunkenness or illegal
use of controlled dangerous substances; or

 

(8)a material breach by the Executive of any provision
of this Agreement.

 

3.3Voluntary
Termination by the Executive Without Good Reason. In addition to his other rights to terminate his employment under this
Agreement, the Executive may voluntarily terminate employment during the term of this Agreement upon at least sixty (60) days prior
written notice to the board of directors of the Bank. Upon the Executive’s voluntary termination, he will receive only his
compensation and vested rights and benefits to the date of his termination of employment.

 

3.4Involuntary
Termination Without Cause and Voluntary Termination with Good Reason. With written notice to the Executive at least thirty
(30) days in advance, the Bank may terminate the Executive’s employment without Cause. Termination shall take effect at the
end of the notice period. With advance written notice to the Bank as provided in clause (y), the Executive may terminate employment
for Good Reason. If the Executive’s employment terminates involuntarily without Cause or voluntarily but with Good Reason,
the Executive shall be entitled to the benefits specified in Article 4 of this Agreement. For purposes of this Agreement, a voluntary
termination by the Executive shall be considered a voluntary termination with Good Reason if the conditions stated in both clauses
(x) and (y) of this Section 3.4 are satisfied:

 

(x)a voluntary
termination by the Executive shall be considered a termination with Good Reason if any of the following occur without the Executive’s
written consent, and the term Good Reason shall mean the occurrence of any of the following events without the Executive’s
written consent:

 

(1)a failure to reelect or reappoint
the Executive as President and Chief Executive Officer of the Bank (provided, however, that a change in the Executive’s position
consented to in writing by the Executive in connection with succession planning of the Bank or otherwise, shall not be deemed a
Good Reason);

 

(2)a material change in the Executive’s
positions to become positions of lesser responsibility, importance, or scope from the positions and attributes thereof described
in Sections 1.1 and 1.2 of this Agreement (provided, however, that a reduction in duties and responsibilities consented to in writing
by the Executive in connection with succession planning of the Bank or otherwise, shall not be deemed a Good Reason);

 

(3)a liquidation or dissolution
of the Bank, other than liquidations or dissolutions that are caused by reorganizations that do not affect the status of the Executive;

 

(4)a material reduction in the
Executive’s Base Salary or benefits (or any such reduction following a Change in Control) required to be provided hereunder
(other than a reduction that is generally applicable to the Bank’s executive employees or a reduction or elimination of the
Executive’s benefits under one or more benefit plans maintained by the Bank as part of a good faith, overall reduction or
elimination of such plans or benefits applicable to all participants in a manner that does not discriminate against the Executive
(except as such discrimination may be necessary to comply with applicable law));

 

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(5)a relocation of the Executive’s
principal place of employment by more than thirty (30) miles from its location as of the date of this Agreement; or

 

(6)a material breach of this Agreement
by the Bank.

 

(y)the Executive
must give notice to the Bank of the existence of one or more of the conditions described in clause (x) within sixty (60) days after
the initial existence of the condition, and the Bank shall have thirty (30) days thereafter to remedy the condition. In addition,
the Executive’s voluntary termination because of the existence of one or more of the conditions described in clause (x) must
occur within six (6) months after the initial existence of the condition.

 

ARTICLE 4

SEVERANCE COMPENSATION

 

4.1Cash Severance
after Termination Without Cause or Termination for Good Reason. 

 

(a)Subject to the
possibility that cash severance after employment termination might be delayed under Section 4.1(b), if the Executive’s employment
terminates involuntarily but without Cause or if the Executive terminates employment with Good Reason, the Bank shall pay the Executive,
in a single lump sum within ten (10) days of his termination of employment, an amount equal to the greater of the Base Salary that
would have been paid to him for the remaining term of the Agreement or the Base Salary that would have been paid to him for six
(6) months. However, the Bank and the Executive acknowledge and agree that the severance benefits under this Section 4.1 shall
not be payable if severance benefits are payable or shall have been paid to the Executive under Article 5 of this Agreement. Notwithstanding
the foregoing, if applicable, the payment will not be made to the Executive under this Section 4.1(a) until after obtaining the
proper regulatory approval to make the payment and, if that is the case, the Bank will make the payment within ten (10) days of
obtaining such regulatory approval.

 

(b)If the Executive
is a “specified employee” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”) at the time of his termination, and if the cash severance payment under Section 4.1(a) would be considered
deferred compensation under Section 409A of the Code, and finally if an exemption from the six-month delay requirement of Section
409A(a)(2)(B)(i) of the Code is not available, the severance benefits shall be paid to the Executive in a single lump sum without
interest on the first day of the seventh (7th) month after the month in which the Executive’s employment terminates
to the extent necessary to comply with Section 409A of the Code. References in this Agreement to Section 409A of the Code include
rules, regulations, and guidance of general application issued by the Department of the Treasury under Section 409A of the Code.

 

4.2Post-Termination
Insurance Coverage. 

 

(a)If the Executive’s
employment terminates involuntarily but without Cause or with Good Reason, the Bank shall continue or cause to be continued at
the Bank’s expense medical, dental and life insurance benefits for the Executive and any of his dependents covered at the
time of his termination. The medical, dental and life insurance benefits shall continue until the first to occur of (w) the Executive’s
return to employment with the Bank or another employer, (x) the Executive’s attainment of age 65, (y) the Executive’s
death, or (z) the end of the term remaining under this Agreement when the Executive’s employment terminates or six (6) months,
if the remaining term of the Agreement is less than six (6) months.

 

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(b)If (x) under
the terms of the applicable policy or policies for the insurance benefits specified in Section 4.2(a) it is not possible to continue
coverage for the Executive and his dependents, or (y) when employment termination occurs the Executive is a “specified employee”
within the meaning of Section 409A of the Code, if any of the continued insurance coverage benefits specified in Section 4.2(a)
would be considered deferred compensation under Section 409A of the Code, and finally, if an exemption from the six-month delay
requirement of Section 409A(a)(2)(B)(i) of the Code is not available for that particular insurance benefit, the Bank shall pay
to the Executive in a single lump sum an amount in cash equal to the present value of the Bank’s projected cost to maintain
that particular insurance benefit (and associated income tax gross-up benefit, if applicable) had the Executive’s employment
not terminated, assuming continued coverage for six (6) months (or twelve (12) months following a Change in Control). The lump-sum
payment shall be made ten (10) days after employment termination or, if Section 4.1(b) applies, on the first day of the seventh
(7th) month after the month in which the Executive’s employment terminates.

 

ARTICLE 5

CHANGE IN CONTROL BENEFITS

 

5.1Change
in Control Benefits. If a Change in Control occurs during the term of this Agreement and within one year thereafter, the
Executive’s employment terminates involuntarily but without Cause or if the Executive voluntarily terminates employment with
Good Reason, the Bank shall make or cause to be made a lump-sum payment to the Executive in an amount in cash equal to one (1)
times the Executive’s then current annual Base Salary. The payment required under this paragraph is payable no later than
ten (10) business days after the Executive’s termination of employment. If the Executive receives payment under this Section
5.1, the Executive shall not be entitled to any additional severance benefits under Section 4.1 of this Agreement. Notwithstanding
the foregoing, if applicable, the payment will not be made to the Executive under this Section 5.1 until after obtaining the proper
regulatory approval to make the payment and, if that is the case, the Bank will make the payment within ten (10) days of obtaining
such regulatory approval. In addition to the cash severance benefit provided for under this Section 5.1, the Bank shall provide
the Executive with the post-termination insurance coverage described in Section 4.2(a) of this Agreement, subject to the provisions
of Section 4.2(b) of this Agreement, provided, however, that the minimum period of time in Section 4.2(a)(z) shall be twelve (12)
months and not six (6) months.  

 

5.2Change
in Control Defined. For purposes of this Agreement “Change in Control” means a change in ownership, change
in effective control or change in ownership of a substantial portion of assets of the Bank or Naugatuck Valley Financial Corporation
(the “Corporation”), as defined for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”).

 

5.3Potential
Limitation of Benefits Under Certain Circumstances. Notwithstanding any other provisions of this Agreement, in the event
that the aggregate payments or benefits to be made or afforded to the Executive under this Agreement or otherwise, which are deemed
to be parachute payments as defined in Section 280G of the Code or any successor thereof (the “Termination Benefits”),
would be deemed to include an “excess parachute payment” under Section 280G of the Code, then the Termination Benefits
shall be reduced to a value which is one dollar ($1.00) less than an amount equal to three (3) times the Executive’s “base
amount,” as determined in accordance with Section 280G of the Code. The allocation of the reduction required hereby among
the Termination Benefits shall first be made from any cash severance benefit due under Section 5.1 of this Agreement. Nothing contained
in this Agreement shall result in a reduction of any payments or benefits to which the Executive may be entitled upon termination
of employment other than pursuant to Sections 4 and 5 hereof, or a reduction in the payments and benefits specified, below zero.

 

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ARTICLE 6

CONFIDENTIALITY AND CREATIVE WORK

 

6.1Non-disclosure.
The Executive covenants and agrees not to reveal to any person, firm, or corporation any confidential information of any nature
concerning the Bank, or its affiliates, or their business, or anything connected therewith. As used in this Article 6 the term
“confidential information” means all of the confidential and proprietary information and trade secrets of the Bank
and its affiliates in existence on the date hereof or existing at any time during the term of this Agreement, including but not
limited to:

 

(a)the whole or
any portion or phase of any business plans, financial information, purchasing data, supplier data, accounting data, or other financial
information;

 

(b)the whole or
any portion or phase of any research and development information, design procedures, algorithms or processes, or other technical
information;

 

(c)the whole or
any portion or phase of any marketing or sales information, sales records, customer lists, prices, sales projections, or other
sales information; and

 

(d)trade secrets,
as defined from time to time by the laws of Connecticut.

 

This Section 6.1 does
not prohibit disclosure required by an order of a court having jurisdiction or a subpoena from an appropriate governmental agency
or disclosure made by the Executive in the ordinary course of business and within the scope of the Executive’s authority.

 

6.2Return
of Materials. The Executive agrees to immediately deliver or return to the Bank upon termination of his employment, or
as soon thereafter as possible, all written information and any other items furnished by the Bank and its affiliates or prepared
by the Executive in connection with the Executive’s employment and to immediately delete all electronically stored data of
the Bank and its affiliates maintained on the Executive’s personal computers and to return all employer-provided computers
or communication devices (e.g., laptop, Blackberry, PDA, etc.). The Executive will retain no copies thereof after termination of
the Executive’s employment.

 

6.3Creative
Work. The Executive agrees that all creative work and work product, including but not limited to all technology, business
management tools, processes, software, patents, trademarks, and copyrights developed by the Executive during the term of this Agreement,
regardless of when or where such work or work product was produced, constitutes work made for hire, all rights of which are owned
by the Bank or its affiliates. The Executive hereby assigns to the Bank all rights, title, and interest, whether by way of copyrights,
trade secret, trademark, patent, or otherwise, in all such work or work product, regardless of whether the same is subject to protection
by patent, trademark, or copyright laws.

 

6.4Affiliates’
Confidential Information is Covered; Confidentiality Obligation Survives Termination. For purposes of this Agreement, the
term “affiliate” of the Bank includes any entity that directly, or indirectly through one or more intermediaries, controls,
is controlled by, or is under common control of the Bank, including the Corporation. The rights and obligations set forth in this
Article 6 shall survive termination of this Agreement.

 

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6.5Injunctive
Relief. The Executive acknowledges that it is impossible to measure in money the damages that will accrue to the Bank if
the Executive fails to observe the obligations imposed by this Article 6. Accordingly, if the Bank institutes an action to enforce
the provisions hereof, the Executive hereby waives the claim or defense that an adequate remedy at law is available to the Bank,
and the Executive agrees not to urge in any such action the claim or defense that an adequate remedy at law exists. The confidentiality
and remedies provisions of this Article 6 shall be in addition to and shall not be deemed to supersede or restrict, limit, or impair
the Bank’s rights under applicable state or federal statute or regulation dealing with or providing a remedy for the wrongful
disclosure, misuse, or misappropriation of trade secrets or proprietary or confidential information.

 

ARTICLE 7

COMPETITION AFTER EMPLOYMENT TERMINATION

 

7.1Covenant
Not to Solicit Employees. The Executive agrees not to, directly or indirectly, solicit or employ the services of any officer
or employee of the Bank or its affiliates (including an individual who was an officer or employee of the Bank or its affiliates
during the one year period following the Executive’s termination) for one year after the Executive’s employment termination.

 

7.2Covenant
Not to Compete. 

 

(a) The Executive
covenants and agrees not to compete directly or indirectly with the Bank or its affiliates for one year after employment termination.
For purposes of this Section 7.2:

 

(1)the
term “compete” means:

 

(i)providing
financial products or services on behalf of any financial institution for any person residing in the territory;

 

(ii)assisting
(other than through the performance of ministerial or clerical duties) any financial institution in providing financial products
or services to any person residing in the territory; or

 

(iii)inducing
or attempting to induce any person who was a customer of the Bank at the date of the Executive’s employment termination to
seek financial products or services from another financial institution.

 

(2)the
words “directly” or “indirectly” mean:

 

(i)acting
as a consultant, officer, director, independent contractor, or employee of any financial institution in competition with the Bank
or its affiliates in the territory, or

 

(ii)communicating
to such financial institution the names or addresses or any financial information concerning any person who was a customer of the
Bank or its affiliates when the Executive’s employment terminated.

 

(3)the
term “customer” means any person to whom the Bank is providing financial products or services on the date of
the Executive’s employment termination or within one year thereafter.

 

(4)the
term “financial institution” means any bank, savings association, or bank or savings association holding company,
or any other institution, the business of which is engaging in activities that are financial in nature or incidental to such financial
activities as described in Section 4(k) of the Bank Holding Company Act of 1956, other than the Bank or any of its affiliated corporations.

 

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(5)the
term “financial product or service” means any product or service that a financial institution or a financial
holding company could offer by engaging in any activity that is financial in nature or incidental to such a financial activity
under Section 4(k) of the Bank Holding Company Act of 1956 and that is offered by the Bank or an affiliate on the date of the Executive’s
employment termination, including but not limited to banking activities and activities that are closely related and a proper incident
to banking.

 

(6)the
term “person” means any individual or individuals, corporation, partnership, fiduciary or association.

 

(7)the
term “territory” means the area within a 30-mile radius of any office of the Bank at the date of the Executive’s
employment termination.

 

(b)If any provision
of this section or any word, phrase, clause, sentence or other portion thereof (including, without limitation, the geographical
and temporal restrictions contained therein) is held to be unenforceable or invalid for any reason, the unenforceable or invalid
provision or portion shall be modified or deleted so that the provisions hereof, as modified, are legal and enforceable to the
fullest extent permitted under applicable law.

 

(c)The Executive
acknowledges that the Bank’s willingness to enter into this Agreement and to make the payments contemplated by Articles 3
and 4 of this Agreement is conditioned on the Executive’s acceptance of the covenants set forth in Articles 6 and 7 of this
Agreement and that the Bank would not have entered into this Agreement without such covenants in force.

 

7.3Injunctive
and Other Relief. Because of the unique character of the services to be rendered by the Executive hereunder, the Executive
understands that the Bank would not have an adequate remedy at law for the material breach or threatened breach by the Executive
of any one or more of the Executive’s covenants in this Article 7. Accordingly, the Executive agrees that the Bank’s
remedies for a breach of this Article 7 include, but are not limited to, (x) forfeiture of any money representing accrued salary,
contingent payments, or other fringe benefits (including any amount payable pursuant to Article 4) due and payable to the Executive
during the period of any breach by Executive, and (y) a suit in equity by the Bank to enjoin the Executive from the breach or threatened
breach of such covenants. The Executive hereby waives the claim or defense that an adequate remedy at law is available to the Bank
and the Executive agrees not to urge in any such action the claim or defense that an adequate remedy at law exists. Nothing herein
shall be construed to prohibit the Bank from pursuing any other or additional remedies for the breach or threatened breach.

 

7.4Article
7 Survives Termination But Is Void After a Change in Control. The rights and obligations set forth in this Article 7 shall
survive termination of this Agreement. However, Article 7 shall become null and void effective immediately upon a Change in Control.

 

    	10

    	 

    

 

ARTICLE 8

MISCELLANEOUS

 

8.1Successors
and Assigns.

 

(a)This Agreement
shall be binding upon the Bank and any successor to the Bank, including any persons acquiring directly or indirectly all or substantially
all of the business or assets of the Bank by purchase, merger, consolidation, reorganization, or otherwise, but this Agreement
and the Bank’s obligations under this Agreement are not otherwise assignable, transferable, or delegable by the Bank. By
agreement in form and substance satisfactory to the Executive, the Bank shall require any successor to all or substantially all
of the business or assets of the Bank expressly to assume and agree to perform this Agreement in the same manner and to the same
extent the Bank would be required to perform had no succession occurred.

 

(b)This Agreement
shall inure to the benefit of and be enforceable by the Executive’s personal or legal representatives, executors, administrators,
successors, heirs, distributees, and legatees.

 

(c)Without written
consent of the other parties, no party shall assign, transfer, or delegate this Agreement or any rights or obligations under this
Agreement, except as expressly provided herein. Without limiting the generality or effect of the foregoing, the Executive’s
right to receive payments hereunder is not assignable or transferable, whether by pledge, creation of a security interest, or otherwise,
except for a transfer by the Executive’s will or by the laws of descent and distribution. If the Executive attempts an assignment
or transfer that is contrary to this Section 8.1, the Bank shall have no liability to pay any amount to the assignee or transferee.

 

8.2Governing
Law, Jurisdiction and Forum. This Agreement shall be construed under and governed by the internal laws of the State of
Connecticut to the extent federal law does not apply, without giving effect to any conflict of laws provision or rule that would
cause the application of the laws of any jurisdiction other than Connecticut. By entering into this Agreement, the Executive acknowledges
that the Executive is subject to the jurisdiction of both the federal and state courts in Connecticut.

 

8.3Entire
Agreement. This Agreement sets forth the entire agreement of the parties concerning the employment of the Executive by
the Bank and replaces any prior employment agreement between the Bank and the Executive. Any oral or written statements, representations,
agreements, or understandings made or entered into prior to or contemporaneously with the execution of this Agreement are hereby
rescinded, revoked, and rendered null and void by the parties.

 

8.4Notices.
All notices, requests, demands, and other communications hereunder shall be in writing and shall be deemed to have been duly given
if delivered by hand or mailed, certified or registered mail, return receipt requested, with postage prepaid. Unless otherwise
changed by notice, notice shall be properly addressed to the Executive if addressed to the address of the Executive on the books
and records of the Bank at the time of the delivery of such notice, and properly addressed to the Bank if addressed to the board
of directors of the Bank at the Bank’s executive offices.

 

8.5Severability.
If there is a conflict between any provision of this Agreement and any statute, regulation, or judicial precedent, the latter shall
prevail, but the affected provisions of this Agreement shall be curtailed and limited solely to the extent necessary to bring them
within the requirements of law. If any provisions of this Agreement is held by a court of competent jurisdiction to be indefinite,
invalid, void or voidable, or otherwise unenforceable, the remainder of this Agreement shall continue in full force and effect
unless that would clearly be contrary to the intentions of the parties or would result in an injustice.

 

    	11

    	 

    

 

8.6Captions
and Counterparts. The captions in this Agreement are solely for convenience. The captions do not define, limit, or describe
the scope or intent of this Agreement. This Agreement may be executed in several counterparts, each of which shall be deemed to
be an original but all of which together shall constitute one and the same instrument.

 

8.7No Duty
to Mitigate. The Executive shall not be required to mitigate the amount of any payment provided for in this Agreement by
seeking other employment. Moreover, provided the Executive is not in breach of any obligation under Articles 6 or 7 of this Agreement,
the amount of any payment provided for in this Agreement shall not be reduced by any compensation earned or benefits provided as
the result of employment of the Executive or as a result of the Executive being self-employed after employment termination.

 

8.8Amendment
and Waiver. This Agreement may not be amended, released, discharged, abandoned, changed, or modified in any manner, except
by an instrument in writing signed by each of the parties hereto. The failure of any party hereto to enforce at any time any of
the provisions of this Agreement shall not be construed to be a waiver of any such provision, nor affect the validity of this Agreement
or any part thereof or the right of any party thereafter to enforce each and every such provision. No waiver or any breach of this
Agreement shall be held to be a waiver of any other or subsequent breach.

 

8.9Reimbursement
of the Executive’s Expenses to Enforce this Agreement. The Bank shall reimburse the Executive for all out-of-pocket
expenses, including, without limitation, reasonable attorneys’ fees, incurred by the Executive in connection with successful
enforcement by the Executive of the obligations of the Bank to the Executive under this Agreement. Successful enforcement shall
mean the grant of an award of money or the requirement that the Bank takes some action specified by this Agreement as a result
of a legal judgment or settlement.

 

8.10Compliance
with Internal Revenue Code Section 409A. The Bank and the Executive intend that their exercise of authority or discretion
under this Agreement shall comply with Section 409A of the Code. If any provision of this Agreement does not satisfy the requirements
of Section 409A of the Code, the provision shall nevertheless be applied in a manner consistent with those requirements. If any
provision of this Agreement would subject the Executive to additional tax or interest under Section 409A of the Code, the Bank
shall reform the provision. However, the Bank shall maintain to the maximum extent practicable the original intent of the applicable
provision without subjecting the Executive to additional tax or interest, and the Bank shall not be required to incur any additional
compensation expense as a result of the reformed provision.

 

8.11Required Provisions.
In the event any of the foregoing provisions of this Agreement conflict with the terms of this Section 8.11, this Section 8.11
shall prevail.

 

(a)The board of
directors of the Bank may terminate the Executive’s employment at any time, but any termination by the Bank, other than termination
for Cause, shall not prejudice the Executive’s right to compensation or other benefits under this Agreement. The Executive
shall not have the right to receive compensation or other benefits for any period after termination for Cause as defined in Section
3.2 of this Agreement.

 

(b)If the Executive
is suspended from office and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice
served under Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1818(e)(3) or (g)(1), the Bank’s
obligations under this Agreement shall be suspended as of the date of service, unless stayed by appropriate proceedings. If the
charges in the notice are dismissed, the Bank may, in its discretion: (i) pay the Executive all or part of the compensation withheld
while its contract obligations were suspended; and (ii) reinstate (in whole or in part) any of the obligations which were suspended.

 

    	12

    	 

    

 

(c)If the Executive
is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under
Section 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1818(e)(4) or (g)(1), all obligations of the
Bank under this Agreement shall terminate as of the effective date of the order, but vested rights of the contracting parties shall
not be affected.

 

(d)If the Bank
is in default as defined in Section 3(x)(1) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1813(x)(1), all of the Bank’s
obligations under this Agreement shall terminate as of the date of default, but this paragraph shall not affect any vested rights
of the contracting parties.

 

(e)All obligations under this Agreement
shall be terminated, except to the extent a determination is made that continuation of the contract is necessary for the continued
operation of the Employer (1) by the Comptroller of the Currency, or his or her designee (the “Comptroller”), at the
time the Federal Deposit Insurance Corporation enters into an agreement to provide assistance to or on behalf of the Employer under
the authority contained in Section 13(c) of the FDIA; or (2) by the Comptroller, at the time the Comptroller approves a supervisory
merger to resolve problems related to operation of the Employer or when the Employer is determined by the Comptroller to be in
an unsafe and unsound condition. Any rights of the Executive that have already vested, however, shall not be affected by such action.

 

(f)Any payments
made to the Executive pursuant to this Agreement, or otherwise, are subject to, and conditioned upon, their compliance with 12
U.S.C. Section 1828(k) and FDIC Regulation 12 C.F.R. Part 359, Golden Parachute and Indemnification Payments.

 

(g)The Bank retains
the right to demand the return of any payment made to the Executive under Section 4.1 or 5.1 and the value of any benefit provided
under Section 4.2 of this Agreement in the event the Bank obtains information indicating that the Executive has committed, is substantially
responsible for, or has violated, the respective acts or omissions, conditions, or offenses outlined under 12 C.F.R. §359.4(a)(4).
In the event the Bank exercises its right to demand the return of any payment made under this Agreement, the Executive will return
the payments to the Bank within 90 days of receipt of written notice from the Bank that the Executive has committed, is substantially
responsible for, or has violated, the respective acts or omissions, conditions, or offenses outlined under 12 C.F.R. §359.4(a)(4).

 

8.12Source
of Payments. All payments provided for under this Agreement shall be timely paid in cash or check from the general funds
of the Bank. Notwithstanding any provision in this Agreement to the contrary, to the extent that payments and benefits, as provided
by this Agreement, are paid or provided to the Executive by the Corporation, such compensation payments and benefits paid or provided
by the Corporation will be subtracted from any amount due simultaneously to the Executive under similar provisions of this Agreement.

 

[signature page follows]

 

    	13

    	 

    

 

 

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

 

	 	NAUGATUCK VALLEY SAVINGS AND LOAN	 
	 	 	 
	 	 	 
	 	 	 
	 	/s/ Richard M. Famiglietti	 
	 	For the Board of Directors	 
	 	 	 
	 	 	 
	 	 	 
	 	EXECUTIVE	 
	 	 	 
	 	 	 
	 	 	 
	 	/s/ William C. Calderara	 
	 	William C. Calderara	 
	 	 	 

 

 

 

    	14Exhibit10.1

Exhibit 10.1

NEXTERA ENERGY PARTNERS, LP,
NEXTERA ENERGY OPERATING PARTNERS GP, LLC and 
NEXTERA ENERGY OPERATING PARTNERS, LP, 
and
NEXTERA ENERGY MANAGEMENT PARTNERS, LP
as Manager

MANAGEMENT SERVICES AGREEMENT

	
			
	 
	TABLE OF CONTENTS
	 

	 
	 
	Page

	Article 1 INTERPRETATION
	1

	1.1
	Definitions
	1

	1.2
	Headings and Table of Contents
	7

	1.3
	Interpretation
	8

	1.4
	Actions by the Manager or the Service Recipients
	9

	Article 2 APPOINTMENT OF THE MANAGER
	9

	2.1
	Appointment and Acceptance
	9

	2.2
	Service Recipients
	9

	2.3
	Subcontracting and Other Arrangements
	9

	Article 3 SERVICES AND POWERS OF THE MANAGER
	9

	3.1
	Services
	9

	3.2
	Supervision of Manager’s Activities
	11

	3.3
	Restrictions on the Manager
	11

	Article 4 RELATIONSHIP BETWEEN THE MANAGER AND THE SERVICE RECIPIENTS
	12

	4.1
	Other Activities
	12

	4.2
	Exclusivity
	12

	4.3
	Independent Contractor, No Partnership or Joint Venture, Absence of Fiduciary Relationship
	12

	Article 5 MANAGEMENT AND EMPLOYEES
	13

	5.1
	Management and Employees
	13

	Article 6 INFORMATION AND RECORDS
	13

	6.1
	Books and Records
	13

	6.2
	Examination of Records by the Service Recipients
	13

	6.3
	Access to Information by Manager Group
	14

	6.4
	Additional Information
	14

	Article 7 FEES AND EXPENSES
	14

	7.1
	Management Fees
	14

	7.2
	Payment of Management Fee
	15

	7.3
	IDR Fee
	15

	7.4
	Computation and Payment of IDR Fee Amounts
	15

	7.5
	Expenses
	16

	7.6
	Governmental Charges
	17

	7.7
	Computation and Payment of Expenses and Governmental Charges
	17

	Article 8 REPRESENTATIONS AND WARRANTIES OF THE MANAGER AND THE NEP PARTIES
	18

	8.1
	Representations and Warranties of the Manager
	18

	8.2
	Representations and Warranties of the NEP Parties
	19

	Article 9 LIABILITY AND INDEMNIFICATION
	20

	9.1
	Indemnity
	20

	9.2
	Limitation of Liability
	21

	
			
	Article 10 TERM AND TERMINATION
	21

	10.1
	Term
	21

	10.2
	Termination by NEE Operating LP
	22

	10.3
	Termination by the Manager
	23

	10.4
	Survival upon Termination
	23

	10.5
	Action upon Termination
	23

	Article 11 GENERAL PROVISIONS
	24

	11.1
	Amendment
	24

	11.2
	Waiver
	24

	11.3
	Assignment
	24

	11.4
	Failure to Pay When Due
	25

	11.5
	Invalidity of Provisions
	25

	11.6
	Entire Agreement
	26

	11.7
	Mutual Waiver of Jury Trial
	26

	11.8
	Consent to Jurisdiction and Service of Process
	26

	11.9
	Governing Law
	27

	11.10
	Enurement
	27

	11.11
	Notices
	27

	11.12
	Further Assurances
	29

	11.13
	Counterparts
	29

MANAGEMENT SERVICES AGREEMENT
THIS MANAGEMENT SERVICES AGREEMENT (this “Agreement”) is made as of July 1, 2014, by and among NextEra Energy Partners, LP, a Delaware limited partnership (“NEE Partners”), NextEra Energy Operating Partners GP, LLC, a Delaware limited liability company (“NEE Operating GP”), NextEra Energy Operating Partners, LP, a Delaware limited partnership (“NEE Operating LP” and, together with NEE Partners and NEE Operating GP, the “NEP Parties”), and NextEra Energy Management Partners, LP, a Delaware limited partnership (the “Manager”).  This Agreement shall become effective immediately prior to the consummation of the initial public offering of NEE Partners’ common units on the date first above written.
RECITALS:
A.    NEE Partners directly wholly owns NEE Operating GP and directly owns interests in NEE Operating LP.
B.    The NEP Parties wish to engage the Manager to provide or arrange for other Service Providers to provide the services set forth in this Agreement to the Service Recipients, subject to the terms and conditions of this Agreement, and the Manager wishes to accept such engagement.
C.    In consideration of the services being provided by the Manager hereunder, the Manager will be entitled to receive certain costs, fees and expenses hereunder and certain payments from NEE Operating LP based on its distributions to its Unitholders.
NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this Agreement and other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the parties hereto agree as follows:
ARTICLE 1
INTERPRETATION
1.1    Definitions
Capitalized terms used but not defined in this Agreement shall have the meanings ascribed to them in the Partnership Agreement.  In this Agreement, the following terms will have the following meanings:

1.1.1    “Affiliate” means, with respect to a Person, any other Person that, directly or indirectly, through one or more intermediaries, Controls or is Controlled by such Person, or is under common Control of a third Person;
1.1.2    “Acquired Assets” means any asset acquired after the date hereof by any member of the NEP Group, including, but not limited, to any assets acquired pursuant to the ROFO Agreement;
1.1.3    “Additional Fee Amount” means the amount by which one percent (1%) of EBITDA as calculated by the Manager (which calculation shall be conclusive absent manifest error) for the most recently ended fiscal year or, with respect to the fiscal year that includes the Closing Date, the portion of such fiscal year after the Closing Date, exceeds four million U.S. dollars ($4,000,000), which amount shall be adjusted for inflation annually beginning on January 1, 2016, at the Inflation Factor;
1.1.4    “Adjusted Available Cash” means, in respect of any Quarter, any remaining Available Cash that would be deemed to be Operating Surplus under Section 6.3 or Section 6.5 of the Partnership Agreement before giving effect to the payment of the IDR Fee, after subtracting (a) any Aggregate Shortfall and (b) the aggregate amount that would be required to be distributed to Unitholders to equal the product of the total Common Units Outstanding on the Record Date for such Quarter multiplied by the First Target Quarterly Distribution;
1.1.5    “Aggregate Shortfall” means the sum of the Shortfalls in all preceding Quarters, subject to the adjustments set forth below, provided that, upon the expiration of the Purchase Price Adjustment Period, the Aggregate Shortfall will be equal to zero.  For each additional Common Unit received by NEE Partners during the Purchase Price Adjustment Period, the Aggregate Shortfall will be increased by an amount equal to the portion of the Aggregate Shortfall attributable to each outstanding Common Unit held by NEE Partners immediately prior to such issuance.  The Aggregate Shortfall will be reduced, in whole or in part and without duplication, in any subsequent Quarter in the amount by which the Available Cash from Operating Surplus distributed by NEE Operating LP to its Unitholders in such Quarter is greater than the Shortfall Threshold, provided that the Aggregate Shortfall will be reduced only to the extent that corresponding Purchase Price Adjustments required to be paid by NEE Operating LP have been so paid;
1.1.6    “Agreement” has the meaning assigned thereto in the Preamble;
1.1.7    “Business” means the business carried on from time to time by the NEP Group;

1.1.8    “Business Day” means every day except a Saturday or Sunday, or a legal holiday in the City of New York on which banking institutions are authorized or required by law, regulation or executive order to close;
1.1.9    “Claims” has the meaning assigned thereto in Section 9.1.1 hereof;
1.1.10    “Closing Date” means the first date on which common units of NEE Partners are sold by NEE Partners pursuant to the provisions of the Underwriting Agreement between NEE Partners and the underwriters of its initial public offering, dated as of June 26, 2014; 
1.1.11    “Conflicts Committee” means the conflicts committee of the board of directors of the general partner of NEE Partners;
1.1.12    “Control” means the control by one Person of another Person in accordance with the following: a Person (“A”) controls another Person (“B”) where A has the power to determine the management and policies of B by contract or status (for example the status of A being the managing member of B) or by virtue of beneficial ownership of or control over a majority of the voting or economic interests in B.  For the purpose of certainty and without limitation, if A owns or has control over shares to which are attached more than fifty percent (50%) of the votes permitted to be cast in the election of directors to the Governing Body of B or, if A is the general partner of B (a limited partnership), then in each case A Controls B for this purpose, and the term “Controlled” has the corresponding meaning;
1.1.13    “CSCS Agreement” means that certain Cash Sweep and Credit Support Agreement, dated as of the date hereof, between NEE Operating LP and NEER;
1.1.14    “EBITDA” means the sum of (a) net income plus interest expense plus income taxes plus depreciation plus amortization, in each case of NEE Operating LP and the Service Recipients, on a consolidated basis and with each such component determined in accordance with GAAP, plus (b) to the extent included in net income referenced in clause (a), any Management Fee, IDR Fee and Public Company Expenses;
1.1.15    “Exchange Act” means the Securities Exchange Act of 1934, as amended;
1.1.16    “Expenses” has the meaning assigned thereto in Section 7.5.2 hereof;
1.1.17    “Expense Statement” has the meaning assigned thereto in Section 7.7 hereof;
1.1.18    “Financing Party” means any and all Persons, or the agents or trustees representing them, providing senior or subordinated debt financing or refinancing (including letters of credit, bank guaranties or other credit support);

1.1.19    “First Incentive Tier Amount” for any Quarter means the quotient of (a) the product of (x) the total Common Units Outstanding on the Record Date for such Quarter multiplied by (y) the excess of (i) the Second Target Quarterly Distribution for such Quarter over (ii) the First Target Quarterly Distribution for such Quarter, divided by (b) 85%;
1.1.20    “First Target Quarterly Distribution” means $0.215625 per Unit per Quarter, subject to adjustment in accordance with Section 7.4.1.1 hereof;
1.1.21    “GAAP” means generally accepted accounting principles in the United States used in preparing financial statements from time to time; 
1.1.22    “Governing Body” means (a) with respect to a corporation, the board of directors of such corporation, (b) with respect to a limited liability company, the manager(s) or managing member(s) of such limited liability company, (c) with respect to a limited partnership, the board, committee or other body of the general partner of such partnership that serves a similar function or the general partner itself (or if any such general partner is itself a limited partnership, the board, committee or other body of such general partner’s general partner that serves a similar function or such general partner’s general partner itself) and (d) with respect to any other Person, the body of such Person that serves a similar function, and in the case of each of clauses (a) through (d) includes any committee or other subdivision of such body and any Person to whom such body has delegated any power or authority, including any officer or managing director;
1.1.23    “Governing Instruments” means (a) the certificate of incorporation and bylaws in the case of a corporation, (b) the certificate of formation and operating agreement in the case of a limited liability company, (c) the certificate of limited partnership and partnership agreement in the case of a partnership, and (d) any other similar governing document under which an entity was organized, formed or created and/or operates;
1.1.24    “Governmental Authority” means any (a) international, national, multinational, federal, state, regional, municipal, local or other government, governmental or public department, central bank, court, tribunal, arbitral body, commission, board, bureau, agency or instrumentality, domestic or foreign, including ISO/RTOs, (b) self-regulatory organization or stock exchange, (c) subdivision, agent, commission, board, or authority of any of the foregoing, or (d) quasi-governmental or private body exercising any regulatory, expropriation or taxing authority under or for the account of any of the foregoing;
1.1.25    “Governmental Charges” has the meaning assigned thereto in Section 7.6 hereof;

1.1.26    “IDR Fee” means any amounts payable by NEE Operating LP to the Manager under Section 7.3 or Section 7.4;
1.1.27    “Inflation Factor” means, at any time, the fraction obtained where the numerator is the Consumer Price Index for the United States of America (all items) for the then current year and the denominator is the Consumer Price Index for the United States of America (all items) for the year immediately preceding the then current year, with appropriate mathematical adjustment made to ensure that both the numerator and the denominator have been prepared on the same basis;
1.1.28    “Interest Rate” means, for any day, the annual rate of interest equal to three and one-quarter percent (3.25%) plus the prime rate for that day or, if such day is not a Business Day, for the next preceding Business Day, as published in the Wall Street Journal or, if the Wall Street Journal ceases to be published, in another national U.S. financial publication selected by the Manager that surveys large U.S. banks and publishes a consensus prime rate;
1.1.29    “ISO/RTO” means an independent electricity system operator, a regional transmission organization, national system operator or any other similar organization overseeing the transmission of energy in any jurisdiction in which the NEP Group owns assets or operates;
1.1.30    “Laws” means any and all applicable (a) laws, constitutions, treaties, statutes, codes, ordinances, principles of common law and equity, rules, regulations and municipal bylaws whether domestic, foreign or international, (b) judicial, arbitral, administrative, ministerial, departmental and regulatory judgments, orders, writs, injunctions, decisions, and awards of any Governmental Authority, and (c) policies, practices and guidelines of any Governmental Authority which, although not actually having the force of law, are considered by such Governmental Authority as requiring compliance as if having the force of law, and the term “applicable,” with respect to such Laws and in the context that refers to one or more Persons, means such Laws that apply to such Person or Persons or its or their business, undertaking, property or securities at the relevant time and that emanate from a Governmental Authority having jurisdiction over the Person or Persons or its or their business, undertaking, property or securities;
1.1.31    “Liabilities” has the meaning assigned thereto in Section 9.1.1 hereof;
1.1.32    “Management Fee” means an annual amount equal to, for any fiscal year, the sum of the Quarterly Fee Amounts for such fiscal year plus the Additional Fee Amount with respect to such fiscal year.  The Management Fee may be increased or decreased 

from time to time by an agreed upon amount resulting from the amendment of the scope of the Services pursuant to Section 11.1 hereof;
1.1.33    “Manager” has the meaning assigned thereto in the Preamble;
1.1.34    “Manager Group” means the Manager and its Affiliates (other than any member of the NEP Group) and any other Service Providers;
1.1.35    “Manager Indemnified Party” has the meaning assigned thereto in Section 9.1.1 hereof;
1.1.36    “NEE Operating GP” has the meaning assigned thereto in the Preamble;
1.1.37    “NEE Operating LP” has the meaning assigned thereto in the Preamble;
1.1.38    “NEE Partners” has the meaning assigned thereto in the Preamble;
1.1.39    “NEE Partners GP” means NextEra Energy Partners GP, Inc., a Delaware corporation;
1.1.40    “NEER” means NextEra Energy Resources, LLC, a Delaware limited liability company;
1.1.41    “NEP Group” means the NEP Parties and their direct and indirect Subsidiaries;
1.1.42    “NEP Parties” has the meaning assigned thereto in the Preamble;
1.1.43    “Operating and Administrative Agreements” means the operations and maintenance agreements, administrative services agreements, and other operations, maintenance and administrative agreements in effect as of the date hereof or entered from time to time after the date hereof (including as amended, restated, modified, supplemented or replaced from time to time) between certain members of the NEP Group, on the one hand, and the Manager or its Affiliates, on the other hand, for the operating, maintenance and administrative needs of such members of the NEP Group and, with respect to any Acquired Assets, any operations and maintenance agreements, administrative services agreements, and other operations, maintenance and administrative agreements between any of the members of the NEP Group with respect to the Acquired Assets, on the one hand, and the Manager or its Affiliates for the Acquired Assets’ operating, maintenance and administrative needs, on the other hand.  For the purpose of greater certainty, none of the Operating and Administrative Agreements are, or shall be, amended, terminated or otherwise altered by this Agreement or by the CSCS Agreement;

1.1.44    “Operational and Other Services” means any services provided by any member of the Manager Group to any member of the NEP Group under any Operating and Administrative Agreement or any other contract (other than this Agreement and the Cash Sweep and Credit Support Agreement, dated as of the date hereof, between NEE Operating LP and NEER);
1.1.45    “Partnership Agreement” means the Amended and Restated Agreement of Limited Partnership of NEE Operating LP, as amended, restated, modified or supplemented from time to time;
1.1.46    “Permit” means any consent, license, approval, registration, permit or other authorization granted by any Governmental Authority;
1.1.47    “Person” means any natural person, partnership, limited partnership, limited liability partnership, joint venture, syndicate, sole proprietorship, company or corporation (with or without share capital), limited liability corporation, unlimited liability company, joint stock company, unincorporated association, trust, trustee, executor, administrator or other legal personal representative, regulatory body or agency, government or Governmental Authority, authority or entity however designated or constituted and pronouns have a similarly extended meaning;
1.1.48    “Public Company Expenses” means all of the fees, costs and expenses that result from NEE Partners’ being a publicly traded entity, including costs associated with annual, quarterly and current reports, independent auditor fees, governance and compliance, registrar and transfer agent fees, exchange listing fees, tax return preparation and filing, legal, advisory and consulting fees, director compensation and directors and officers liability insurance premiums;
1.1.49    “Quarter” means, unless the context requires otherwise, a fiscal quarter of NEE Operating LP, or, with respect to the fiscal quarter of NEE Operating LP which includes the Closing Date, the portion of such fiscal quarter after the Closing Date;
1.1.50    “Quarterly Fee Amount” means one million dollars ($1,000,000), which amount shall be adjusted for inflation annually beginning on January 1, 2016, at the Inflation Factor;
1.1.51    “ROFO Agreement” means the Right of First Offer Agreement, dated as of the date hereof, among NEE Partners, NEE Operating LP and NEER that provides NEE Operating LP with a right of first offer to purchase certain assets of NEER or other members of the Manager Group offered for sale;

1.1.52    “Second Incentive Tier Amount” for any Quarter means the quotient of (a) the product of (x) the total Common Units Outstanding on the Record Date for such Quarter multiplied by (y) the excess of (i) the Third Target Quarterly Distribution for such Quarter over (ii) the Second Target Quarterly Distribution for such Quarter, divided by (b) 75%;
1.1.53    “Second Target Quarterly Distribution” means $0.234375 per Unit per Quarter, subject to adjustment in accordance with Section 7.4.1.1 hereof;
1.1.54    “Service Providers” means the Manager, other members of the Manager Group and any other entity or individual that the Manager has arranged to provide the Services to any Service Recipient;
1.1.55    “Service Recipients” means the NEP Parties and any of their Subsidiaries listed on Schedule I hereto (as such Schedule may be amended from time to time in accordance with Section 2.2);
1.1.56    “Services” has the meaning assigned thereto in Section 3.1 hereof;
1.1.57    “Shortfall” means the amount in any Quarter by which the Available Cash from Operating Surplus distributed by NEE Operating LP to its Unitholders is less than the Shortfall Threshold, plus an amount equal to any Purchase Price Adjustment required to be paid by NEE Operating LP with respect to such Quarter that has not been so paid;
1.1.58    “Shortfall Threshold” means three million dollars ($3,000,000), which will be increased by an amount equal to the product of (a) the Minimum Quarterly Distribution multiplied by (b) the number of additional Common Units received by NEE Partners following the Closing Date;
1.1.59    “Subsidiary” means, with respect to any Person, (a) any other Person that is directly or indirectly Controlled by such Person, (b) any trust in which such Person directly or indirectly holds at least fifty percent (50%) of the beneficial interests or (c) any partnership in which such Person directly or indirectly holds at least fifty percent (50%) of the limited partnership interests;
1.1.60    “Third Party Claim” has the meaning assigned thereto in Section 9.1.2 hereof; 
1.1.61    “Third Target Quarterly Distribution” means $0.281250 per Unit per Quarter, subject to adjustment in accordance with Section 7.4.1.1 hereof; and
1.1.62    “Transaction Fees” means fees paid or payable by the Service Recipients in the context of mergers and acquisitions transactions.

1.2    Headings and Table of Contents
The inclusion of headings and a table of contents in this Agreement are for convenience of reference only and will not affect the construction or interpretation hereof.
1.3    Interpretation
In this Agreement, unless the context otherwise requires:
1.3.1    words importing the singular shall include the plural and vice versa, words importing gender shall include all genders or the neuter, and words importing the neuter shall include all genders;
1.3.2    the words “include”, “includes”, “including” or any variations thereof, when following any general term or statement, are not to be construed as limiting the general term or statement to the specific items or matters set forth or to similar items or matters, but rather as referring to all other items or matters that could reasonably fall within the broadest possible scope of the general term or statement;
1.3.3    references to any Person include such Person’s successors and permitted assigns;
1.3.4    any reference to a statute, regulation, policy, rule or instrument shall include, and shall be deemed to be a reference also to, all amendments made to such statute, regulation, policy, rule or instrument and to any statute, regulation, policy, rule or instrument that may be passed which has the effect of supplementing or superseding the statute, regulation, policy, rule or instrument so referred to;
1.3.5    any reference to this Agreement or any other agreement, document or instrument shall be construed as a reference to this Agreement or, as the case may be, such other agreement, document or instrument as the same may have been, or may from time to time be, amended, varied, replaced, amended and restated, supplemented or otherwise modified;
1.3.6    in the event that any day on which any amount is to be determined or any action is required to be taken hereunder is not a Business Day, then such amount shall be determined or such action shall be required to be taken at or before the requisite time on the next succeeding day that is a Business Day; 
1.3.7    except where otherwise expressly provided, all amounts in this Agreement are stated and shall be paid in U.S. currency;

1.3.8    the words “herein,” “hereof,” “hereby” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety, not to any particular article or section hereof and not to any particular provision hereof, except where the context otherwise requires; and
1.3.9    all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, unless otherwise indicated.
1.4    Actions by the Manager or the Service Recipients
Unless the context requires otherwise, where the consent of or a determination is required by the Manager or a Service Recipient hereunder, the parties shall be entitled to rely conclusively upon it having been given or taken, as applicable, if the Manager or such Service Recipient, as applicable, has communicated the same in writing.
ARTICLE 2
APPOINTMENT OF THE MANAGER
2.1    Appointment and Acceptance
2.1.1    Subject to and in accordance with the terms, conditions and limitations in this Agreement, the NEP Parties hereby appoint the Manager to provide or arrange for other Service Providers to provide the Services to the Service Recipients. 
2.1.2    The Manager hereby accepts the appointment provided for in Section 2.1.1 and agrees to act in such capacity and to provide or arrange for other Service Providers to provide the Services to the Service Recipients upon the terms, conditions and limitations in this Agreement.
2.2    Service Recipients
The Service Recipients on the date hereof are the NEP Parties and each other Person set forth on Schedule I.  The parties acknowledge that any Subsidiary of NEE Partners, NEE Operating GP or NEE Operating LP that is not a Service Recipient on the date hereof may be added as a Service Recipient under this Agreement with the Manager’s prior written consent (not to be unreasonably withheld).  Within five Business Days after the NEP Parties receive such consent, they shall deliver an amended Schedule I to the Manager that adds such Subsidiary as a Service Recipient.  
2.3    Subcontracting and Other Arrangements

The Manager may subcontract to any other Service Provider, or arrange for the provision of any or all of the Services to be provided by it under this Agreement by any other Service Provider, and the NEP Parties hereby consent to any such subcontracting or arrangement, provided that the Manager shall remain responsible to the Service Recipients for any Services provided by such other Service Provider.
ARTICLE 3
SERVICES AND POWERS OF THE MANAGER
3.1    Services
The Manager will provide, or arrange for the provision by other Service Providers of, and will have the exclusive power and authority to provide or arrange for the provision by other Service Providers of, the following services (the “Services”) to the Service Recipients to the extent such Services are not otherwise provided to the Service Recipients under any Operating and Administrative Agreement:
3.1.10    causing or supervising the carrying out of all day-to-day management, secretarial, accounting, banking, treasury, legal, administrative, human resources, liaison, representative, regulatory and reporting functions and obligations;
3.1.11    supervising the establishment and maintenance of books and records;
3.1.12    where requested to do so, identifying, evaluating and recommending to the NEP Group maintenance capital expenditures, expansion capital expenditures, acquisitions or dispositions from time to time and assisting in negotiating the terms thereof;
3.1.13    recommending and, where requested to do so, assisting in the raising of funds whether by way of debt, equity or otherwise, including the preparation, review or distribution of any prospectus or offering memorandum in respect thereof and assisting with communications support in connection therewith;
3.1.14    recommending to the members of the NEP Group suitable candidates to serve on the Governing Bodies of the NEP Group;
3.1.15    making recommendations with respect to the exercise of any voting rights to which each of the Service Recipients is entitled;
3.1.16    making recommendations with respect to the payment of distributions by the Service Recipients, including distributions by NEE Partners and NEE Operating LP to holders of their respective common units;

3.1.17    making recommendations with respect to the hiring, and monitoring and providing oversight, of accounting, financial or legal advisors and technical, commercial, marketing and other independent experts;
3.1.18    managing litigation or commencing litigation after consulting with, and subject to the approval of, the applicable Service Recipients;
3.1.19    attending to all matters necessary for any reorganization, bankruptcy proceedings, dissolution or winding up of a Service Recipient, subject to approval by the Governing Body of such Service Recipient;
3.1.20    causing or supervising the timely preparation and filing of all tax returns by each Service Recipient and all tax-related regulatory filings and reports;
3.1.21    causing or supervising the timely preparation and submission of the Service Recipients’ annual financial statements and quarterly interim financial statements (a) to be prepared in accordance with GAAP and audited at least to such extent and with such frequency as may be required by law or regulation or in order to comply with any debt covenants and (b) to be submitted to each Service Recipient for its prior approval;
3.1.22    causing or supervising the Service Recipients’ compliance with all regulatory requirements applicable to the Service Recipients in respect of their and their Subsidiaries’ business activities, including preparing or causing to be prepared and filing or causing to be filed all regulatory filings and reports, including all reports and documents required under the Exchange Act and other applicable securities laws;
3.1.23    assisting the Service Recipients in connection with communications with investors and lenders to the Service Recipients, including presentations, conference calls and other related matters, and investor relations generally;
3.1.24    making recommendations in relation to and effecting the entry into appropriate insurance policies covering each Service Recipient’s assets, together with other applicable insurance against other risks, including directors and officers insurance, in each case as the relevant Service Recipient deems appropriate;
3.1.25    arranging for individuals to carry out the functions of director, principal executive, accounting and financial officers for purposes of applicable securities laws and the regulations of any stock exchange on which the common units of NEE Partners are listed, and otherwise to act as senior officers of each Service Recipient as agreed from time to time, in each case subject to the approval of the applicable Service Recipient;

3.1.26    advising the Service Recipients regarding the maintenance of compliance with applicable Laws and other obligations; and
3.1.27    providing all such other services as may from time to time be agreed with the Service Recipients that are reasonably related to the Service Recipients’ day-to-day operations.
3.2    Supervision of Manager’s Activities
The Manager shall, at all times, be subject to the supervision of the relevant Service Recipient’s Governing Body and shall not provide or arrange for the provision of such Services as such Governing Body may decline to accept from time to time.
3.3    Restrictions on the Manager
3.3.1    The Manager shall, and shall cause any other Service Provider to, refrain from taking any action that is not in compliance with or would violate any Laws or that otherwise would not be permitted by the Governing Instruments of the applicable Service Recipients. If the Manager or any Service Provider is instructed by a Service Recipient to take any action that is not in such compliance, to the extent such Person has knowledge of such non-compliance, such Person will promptly notify such Service Recipient of its judgment that such action would not comply with or would violate any such Laws or otherwise would not be permitted by such Governing Instrument.
3.3.2    In performing its duties under this Agreement, each member of the Manager Group (a) may consult with legal counsel, accountants, appraisers, management consultants, investment bankers and other consultants and advisers selected by it, and any act taken or omitted to be taken in reliance upon the advice or opinion (including an opinion of counsel) of such Persons as to matters that any member of the Manager Group reasonably believes to be within such Person’s professional or expert competence shall be conclusively presumed to have been done or omitted in good faith and in accordance with such advice or opinion, and (b) shall be permitted to rely in good faith upon the direction of a Service Recipient to evidence any approvals or authorizations that are required under this Agreement.  
ARTICLE 4
RELATIONSHIP BETWEEN THE MANAGER AND THE SERVICE RECIPIENTS
4.1    Other Activities

No member of the Manager Group (and no Affiliate, director, officer, member, partner, shareholder or employee of any member of the Manager Group) shall be prohibited from engaging in other business activities or sponsoring, or providing services to, third parties that compete directly or indirectly with the Service Recipients.
4.2    Exclusivity
Except as expressly provided for herein or in the Operating and Administrative Agreements, none of the NEP Parties shall, and the NEP Parties shall cause the other Service Recipients not to, during the term of this Agreement, engage any other Person to provide any services comparable to the Services without the prior written consent of the Manager, which may be withheld in the absolute discretion of the Manager.
		
	4.3
	Independent Contractor, No Partnership or Joint Venture, Absence of Fiduciary Relationship

The parties acknowledge that the Manager is providing or arranging for the provision of the Services hereunder as an independent contractor and that the Service Recipients and the Manager are not partners or joint venturers with or agents of each other, and nothing herein will be construed so as to make them partners, joint venturers or agents or impose any liability as such on any of them as a result of this Agreement, provided that nothing herein will be construed so as to prohibit the Service Recipients and the Manager from embarking upon an investment together as partners, joint venturers or in any other manner whatsoever.  The parties acknowledge that no fiduciary or advisory relationship between the Manager, on the one hand, and the Service Recipients, on the other, has been created by this Agreement.  Each of the NEP Parties waives, on its own behalf and on behalf of the other Service Recipients, to the fullest extent permitted by law, any claims they may have against the Manager for breach of fiduciary duty or alleged breach of fiduciary duty and agrees that the Manager shall have no liability (whether direct or indirect) to the Service Recipients in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf of or in right of the Service Recipients, including the owners, employees or creditors of the Service Recipients.
ARTICLE 5
MANAGEMENT AND EMPLOYEES
5.1    Management and Employees
5.1.3    The Manager shall arrange, or shall arrange for another member of the Manager Group to arrange, for such qualified personnel and support staff to be available to carry out the Services. Such personnel and support staff shall devote such time to the provision 

of the Services to the Service Recipients as the relevant member of the Manager Group reasonably deems necessary and appropriate in order to fulfill its obligations hereunder. Such personnel and support staff need not have as their primary responsibility the provision of the Services to the Service Recipients or be dedicated exclusively to the provision of the Services to the Service Recipients.
5.1.4    Each of the NEP Parties shall, and shall cause each of the other Service Recipients to, do all things reasonably necessary on its part as requested by any member of the Manager Group consistent with the terms of this Agreement to enable the members of the Manager Group to fulfill their obligations, covenants and responsibilities and to exercise their rights pursuant to this Agreement.
5.1.5    The Manager covenants and agrees to, and to cause any other member of the Manager Group to, exercise the power and discharge the duties conferred under this Agreement honestly and in good faith, and shall exercise the degree of care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.
ARTICLE 6
INFORMATION AND RECORDS
6.1    Books and Records
The Manager shall, or shall cause any other member of the Manager Group to, as applicable, maintain proper books, records and documents on behalf of each Service Recipient in conformity in all material respects with GAAP and all requirements of applicable Laws and in the ordinary course of business consistent with past practice.
6.2    Examination of Records by the Service Recipients
Upon reasonable prior notice by the Service Recipients to the relevant member of the Manager Group, the relevant member of the Manager Group will make available to the Service Recipients and their authorized representatives, for examination during normal business hours on any Business Day, all books, records and documents required to be maintained under Section 6.1 hereof. For the avoidance of doubt, none of the Manager Group shall have any obligation hereunder to provide data for costs, fees or expenses that are not paid or reimbursed pursuant to Section 7.5. Any examination of records will be conducted in a manner which will not unduly interfere with the conduct of the Service Recipients’ activities or of the Manager Group’s business in the ordinary course.
6.3    Access to Information by Manager Group

Each of the NEP Parties shall, and shall cause the other Service Recipients to:
6.3.1    grant, or cause to be granted, to the Manager Group full access to all documentation and information reasonably necessary in order for the Manager Group to perform its obligations, covenants and responsibilities pursuant to the terms hereof, including to enable the Manager Group to provide the Services; and
6.3.2    provide, or cause to be provided, all documentation and information as may be reasonably requested by any member of the Manager Group, and promptly notify the appropriate member of the Manager Group of any material facts or information of which the Service Recipients are aware, including any known, pending or threatened suits, actions, claims, proceedings or orders by or against any member of the NEP Group before any Governmental Authority, that may affect the performance of the obligations, covenants or responsibilities of the Manager Group pursuant to this Agreement, including maintenance of proper financial records.
6.4    Additional Information
The parties acknowledge and agree that conducting the activities and providing the Services contemplated herein may have the incidental effect of providing additional information which may be utilized with respect to, or may augment the value of, business interests and related assets in which any of the Service Providers or any of its Affiliates has an interest and that, subject to compliance with this Agreement, none of the Service Providers or any of their respective Affiliates will be liable to account to the Service Recipients with respect to such activities or results, provided that, in making any use of such additional information, the relevant Service Provider will not, and will cause its Affiliates not to, do so in any manner that the relevant Service Provider or its Affiliates knows, or ought reasonably to know, would cause or result in a breach of any confidentiality provision of agreements to which any Service Recipient is a party or is bound.
ARTICLE 7
FEES AND EXPENSES
7.1    Management Fee
7.1.1    Management Fee.  NEE Operating LP, on behalf of the Service Recipients, hereby agrees to pay, during the term of this Agreement, the Management Fee.  The Management Fee shall be paid in accordance with Section 7.2. 

7.1.2    No Reduction in Fees.  The Management Fee will not be reduced by the amount of (a) any fees for Operational and Other Services that are paid or payable by any member of the NEP Group to any member of the Manager Group, (b) any Expenses, (c) any Transaction Fees or (d) any costs, fees or expenses paid by or on behalf of NEE Operating LP under the CSCS Agreement.
7.2    Payment of Management Fee 
NEE Operating LP shall remit the Quarterly Fee Amount to the Manager no later than the 15th day following the end of each Quarter.  The Manager will compute the Additional Fee Amount for each fiscal year as soon as practicable following the end of the fiscal year with respect to which such payment is due, but in any event no later than January 31 of the immediately succeeding fiscal year.  A copy of the computations made will thereafter, for informational purposes only, promptly be delivered to NEE Operating LP.  As soon as practicable following delivery of the computation of an Additional Fee Amount, but in no event later than the 15th day following receipt of such computation, NEE Operating LP shall remit such Additional Fee Amount to the Manager. 
7.3    IDR Fee
NEE Operating LP, on behalf of the Service Recipients, hereby agrees to pay to the Manager or its permitted transferees, until the dissolution of NEE Operating LP in accordance with the Partnership Agreement, the IDR Fee as computed under Section 7.4.  Any IDR Fee will be paid quarterly concurrently with the payment of distributions by NEE Operating LP to Unitholders in accordance with the Partnership Agreement or promptly thereafter.  
7.4    Computation and Payment of IDR Fee Amounts
7.4.1    For each Quarter in which NEE Operating LP has Adjusted Available Cash, the IDR Fee in respect of such Quarter shall be paid based on hypothetical distributions of Adjusted Available Cash by NEE Operating LP to its Unitholders as set forth below:
7.4.1.1    First, NEE Operating LP will pay fifteen percent (15%) of any Adjusted Available Cash to the Manager and will be deemed to distribute eighty-five percent (85%) to its Unitholders until the aggregate amount so paid and deemed to be distributed pursuant to this Section 7.4.1.1 with respect to such Quarter is equal to the First Incentive Tier Amount; 
7.4.1.2    Second, NEE Operating LP will pay twenty-five percent (25%) of any remaining Adjusted Available Cash to the Manager and will be deemed to distribute seventy-five percent (75%) to its Unitholders until the aggregate amount so paid and 

deemed to be distributed pursuant to this Section 7.4.1.2 with respect to such Quarter is equal to the Second Incentive Tier Amount; and
7.4.1.3    Third, NEE Operating LP will pay fifty percent (50%) of any remaining Adjusted Available Cash to the Manager.
7.4.2    If the Minimum Quarterly Distribution is adjusted in accordance with Section 6.6 of the Partnership Agreement, the First Target Quarterly Distribution, the Second Target Quarterly Distribution and the Third Target Quarterly Distribution will each be adjusted correspondingly in the same proportion as the amount by which the Minimum Quarterly Distribution is so adjusted relative to the Minimum Quarterly Distribution prior to such adjustment.
7.4.3    If the Minimum Quarterly Distribution has been reduced to zero pursuant to Section 6.6 of the Partnership Agreement and the First Target Quarterly Distribution, the Second Target Quarterly Distribution and the Third Target Quarterly Distribution have also been reduced to zero pursuant to Section 7.4.1.1, the IDR Fee will be payable solely in accordance with Section 7.4.1.3 in respect of Adjusted Available Cash that is deemed to be Operating Surplus under the Partnership Agreement.
7.4.4    Upon the dissolution of NEE Operating LP in accordance with Article 12 of the Partnership Agreement, to the extent that NEE Operating LP receives cash in excess of that required to discharge liabilities as provided in Section 12.4 of the Partnership Agreement, NEE Operating LP will not pay the IDR Fee to the Manager on any such excess.
7.5    Expenses
7.5.1    The Manager acknowledges and agrees that the Service Recipients will not be required to reimburse any member of the Manager Group for the salaries and other compensation of the management, personnel or support staff of the Manager Group who provide the Services to such Service Recipients or overhead for such persons, except as otherwise provided by Section 7.5.2.10.  
7.5.2    NEE Operating LP, on behalf of the Service Recipients, shall reimburse the Manager for all out-of-pocket fees, costs and expenses, including those of any third party (other than those contemplated by Section 7.5.1 hereof except as otherwise provided by Section 7.5.2.10) (“Expenses”), incurred by the Manager or any member of the Manager Group in connection with the provision of the Services, provided that, if any Expenses arise from Services that are shared with the Manager or any member of the Manager 

Group, the Manager shall in good faith determine the portion of Expenses allocable to members of the Manager Group.  Expenses are expected to include, among other things:
7.5.2.1    Public Company Expenses;
7.5.2.2    fees, costs and expenses relating to any debt or equity financing (including the arrangement thereof) for any member of the NEP Group;
7.5.2.3    out-of-pocket fees, costs and expenses incurred in connection with operation and maintenance services to the extent not otherwise provided in the Operating and Administrative Agreements;
7.5.2.4    taxes, licenses and other statutory fees or penalties levied against or in respect of a Service Recipient in respect of Services;
7.5.2.5    amounts paid by the relevant member of the Manager Group under indemnification, contribution or similar arrangements;
7.5.2.6    fees, costs and expenses relating to financial reporting, regulatory filings, investor relations and similar activities and the fees, costs and expenses of agents, advisors, consultants and other Persons who provide Services to or on behalf of a Service Recipient;
7.5.2.7    any other fees, costs and expenses incurred by any member of the Manager Group that are reasonably necessary for the performance by the Manager of its duties and functions under this Agreement; 
7.5.2.8    fees, expenses and costs incurred in connection with the investigation, acquisition, holding or disposal of any asset or business (including with respect to any Acquired Assets) that is made or that is proposed to be made by the Service Recipients, provided that, where the acquisition or proposed acquisition involves an investment that is made alongside one or more other Persons (including NextEra Energy, Inc. and its Affiliates (other than members of the NEP Group)), the Manager shall allocate such fees, expenses and costs in proportion to the notional amount of the investment made (or that would have been made in the case of an unconsummated acquisition) among members of the NEP Group and such other Persons; 
7.5.2.9    premiums, deductibles and other costs, fees and expenses for insurance policies covering assets of the Service Recipients and other members of the NEP 

Group, together with other applicable insurance in respect of the members of the NEP Group against other risks; and
7.5.2.10    to the extent the Manager determines in good faith that additional operational staff is needed for the proper provision of the Services to the Service Recipients after the date hereof, the salaries and other compensation of such staff.
7.6    Governmental Charges
Without limiting Section 7.5 above, NEE Operating LP, on behalf of the Service Recipients, shall pay or reimburse the relevant member of the Manager Group for all sales taxes, use taxes, value added taxes, withholding taxes or other similar taxes, customs duties or other governmental charges (“Governmental Charges”) that are levied or imposed by any Governmental Authority by reason of this Agreement or any other agreement contemplated by this Agreement, or the fees or other amounts payable hereunder or thereunder, except for any income taxes, corporate taxes, capital gains taxes or other similar taxes payable by any member of the Manager Group.  Any failure by the Manager Group to collect monies on account of these Governmental Charges shall not constitute a waiver of the right to do so.
7.7    Computation and Payment of Expenses and Governmental Charges
Within thirty (30) days after the end of each calendar month, the Manager shall, or shall cause the other Service Providers to, prepare statements (each, an “Expense Statement”) documenting the Expenses and Governmental Charges incurred or paid during such calendar month that are to be reimbursed pursuant to this Article 7 and shall deliver such statements to NEE Operating LP and the relevant Service Recipient, provided that, if the Manager fails to include Expenses and Governmental Charges for any calendar month in the Expense Statement for such month, then the Manager shall be entitled to include such Expenses and Governmental Charges in a subsequent Expense Statement.  All Expenses and Governmental Charges reimbursable pursuant to this Article 7 shall be reimbursed by NEE Operating LP no later than the date that is thirty (30) days after receipt of an Expense Statement.  The provisions of this Section 7.7 shall survive the termination of this Agreement.
ARTICLE 8
REPRESENTATIONS AND WARRANTIES 
OF THE MANAGER AND THE NEP PARTIES
8.1    Representations and Warranties of the Manager
The Manager hereby represents and warrants to the NEP Parties that:

8.1.3    it is validly organized and existing under the laws of the State of Delaware;
8.1.4    it or another Service Provider, as applicable, holds, and shall hold, such Permits as are necessary to perform its obligations hereunder and is not aware of, or shall inform the Service Recipients promptly upon knowledge of, any reason why such Permits might no longer be valid;
8.1.5    it has the power, capacity and authority to enter into this Agreement and to perform its obligations hereunder;
8.1.6    it has taken all necessary action to authorize the execution, delivery and performance of this Agreement;
8.1.7    the execution and delivery of this Agreement by it and the performance by it of its obligations hereunder do not and will not contravene, breach or result in any default under its Governing Instruments, or under any mortgage, lease, agreement or other legally binding instrument, Permit or applicable Law to which it is a party or by which it or any of its properties or assets may be bound, except for any such contravention, breach or default which would not have a material adverse effect on the Manager’s ability to perform its obligations under this Agreement;
8.1.8    no authorization, consent or approval of, or filing with or notice to, any Person is required in connection with the execution, delivery or performance by it of this Agreement; and
8.1.9    this Agreement constitutes its valid and legally binding obligation, enforceable against it in accordance with its terms, subject to (a) applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and other laws of general application limiting the enforcement of creditors’ rights and remedies generally and (b) general principles of equity, including standards of materiality, good faith, fair dealing and reasonableness, equitable defenses and limits as to the availability of equitable remedies, whether such principles are considered in a proceeding at law or in equity.
8.2    Representations and Warranties of the NEP Parties
Each of the NEP Parties hereby represents and warrants to the Manager that:
8.2.1    it (and, if applicable, its managing member or general partner) is validly organized and existing under the Laws governing its formation and organization;

8.2.2    it, or the relevant Service Recipient, holds such Permits necessary to own and operate the projects and entities that it directly or indirectly owns or operates from time to time and is not aware of any reason why such Permits might no longer be valid;
8.2.3    it (or, as applicable, its managing member or general partner on its behalf) has the power, capacity and authority to enter into this Agreement and to perform its duties and obligations hereunder;
8.2.4    it (or, as applicable, its managing member or general partner) has taken all necessary action to authorize the execution, delivery and performance of this Agreement;
8.2.5    the execution and delivery of this Agreement by it (or, as applicable, its managing member or general partner on its behalf) and the performance by it of its obligations hereunder do not and will not contravene, breach or result in any default under its Governing Instruments (or, if applicable, the Governing Instruments of its managing member or general partner), or under any mortgage, lease, agreement or other legally binding instrument, Permit or applicable Law to which it is a party or by which any of its properties or assets may be bound, except for any such contravention, breach or default that would not have a material adverse effect on the business, assets, financial condition or results of operations of the Service Recipients as a whole;
8.2.6    no authorization, consent or approval of, or filing with or notice to, any Person is required in connection with the execution, delivery or performance by it (or, as applicable, its managing member or general partner on its behalf) of this Agreement; and
8.2.7    this Agreement constitutes its valid and legally binding obligation, enforceable against it in accordance with its terms, subject to (a) applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and other laws of general application limiting the enforcement of creditors’ rights and remedies generally and (b) general principles of equity, including standards of materiality, good faith, fair dealing and reasonableness, equitable defenses and limits as to the availability of equitable remedies, whether such principles are considered in a proceeding at law or in equity.
ARTICLE 9
LIABILITY AND INDEMNIFICATION
9.1    Indemnity
9.1.8    The NEP Parties hereby jointly and severally agree, to the fullest extent permitted by applicable Laws, to indemnify and hold harmless, and to cause each other Service 

Recipient to indemnify and hold harmless, each member of the Manager Group and any directors, officers, agents, members, partners, stockholders and employees and other representatives of each member of the Manager Group (each, a “Manager Indemnified Party”) from and against any claims, liabilities, losses, damages, costs or expenses (including legal fees) (“Liabilities”) incurred by them or threatened in connection with any and all actions, suits, investigations, proceedings or claims of any kind whatsoever, whether arising under statute or action of a Governmental Authority or otherwise or in connection with the business, investments and activities of the Service Recipients or in respect of or arising from this Agreement or the Services provided hereunder (“Claims”), including any Claims arising on account of the Governmental Charges contemplated by Section 7.6 hereof, provided that no Manager Indemnified Party shall be so indemnified with respect to any Claim to the extent that such Claim is finally determined by a final and non-appealable judgment entered by a court of competent jurisdiction, or pursuant to a settlement agreement agreed to by such Manager Indemnified Party, to have resulted from such Manager Indemnified Party’s bad faith, fraud, willful misconduct or recklessness or, in the case of a criminal matter, conduct undertaken with knowledge that the conduct was unlawful.
9.1.9    If any action, suit, investigation, proceeding or claim is made or brought by any third party with respect to which a Service Recipient is obligated to provide indemnification under this Agreement (a “Third Party Claim”), the Manager Indemnified Party will have the right to employ its own counsel in connection therewith, and the reasonable fees and expenses of such counsel, as well as the reasonable costs (excluding an amount reimbursed to such Manager Indemnified Party for the time spent in connection therewith) and out-of-pocket expenses incurred in connection therewith, shall be paid by or on behalf of the NEP Parties as incurred, but shall be subject to recoupment by the NEP Parties if ultimately they are not liable to pay indemnification hereunder.
9.1.10    The Manager shall, or shall cause the applicable Manager Indemnified Party to, promptly after the receipt of notice of the commencement of any Third Party Claim, notify the NEP Parties in writing of the commencement of such Third Party Claim (provided that any unintentional failure to provide any such notice will not prejudice the right of any such Manager Indemnified Party hereunder) and, throughout the course of such Third Party Claim, such Manager Indemnified Party will use its reasonable best efforts to provide copies of all relevant documentation to the NEP Parties, to keep the NEP Parties apprised of the progress thereof and to discuss with the NEP Parties all significant actions proposed.

9.1.11    The parties hereto expressly acknowledge and agree that the right to indemnity provided in this Section 9.1 shall be in addition to and not in derogation of any other liability which the NEP Parties or other Service Recipients in any particular case may have or of any other right to indemnity or contribution which any Manager Indemnified Party may have by statute or otherwise at law.
9.1.12    The indemnity provided in this Section 9.1 shall survive the completion of Services rendered under, or any termination or purported termination of, this Agreement.
9.2    Limitation of Liability
9.2.5    Neither the Manager nor any other member of the Manager Group assumes any responsibility under this Agreement other than to render the Services in good faith, and no member of the Manager Group will be responsible for any action of a Service Recipient (including its Governing Body) in following or declining to follow any advice or recommendations of the relevant Service Provider.
9.2.6    No Manager Indemnified Party will be liable to a Service Recipient, a Service Recipient’s Governing Body (including, for greater certainty, a director or officer of a Service Recipient or another individual with similar function or capacity) or any security holder or partner of a Service Recipient for any Liabilities that may occur as a result of any acts or omissions by the Manager Indemnified Party pursuant to or in accordance with this Agreement, except to the extent that such Liabilities are finally determined by a final and non-appealable judgment entered by a court of competent jurisdiction to have resulted from the Manager Indemnified Party’s bad faith, fraud, willful misconduct or recklessness or, in the case of a criminal matter, conduct undertaken with knowledge that the conduct was unlawful.
9.2.7    Notwithstanding anything to the contrary in this Agreement, the maximum amount of the aggregate liability of the Manager Indemnified Parties pursuant to this Agreement will be equal to the amounts of Management Fees previously paid in respect of Services pursuant to this Agreement in the most recent calendar year by the Service Recipients pursuant to Article 7 (but will be no less than four million U.S. dollars ($4,000,000)).
9.2.8    For the avoidance of doubt, the provisions of this Section 9.2 shall survive the completion of the Services rendered under, or any termination or purported termination of, this Agreement.
9.2    Limitation of Liability

9.2.5    Neither the Manager nor any other member of the Manager Group assumes any responsibility under this Agreement other than to render the Services in good faith, and no member of the Manager Group will be responsible for any action of a Service Recipient (including its Governing Body) in following or declining to follow any advice or recommendations of the relevant Service Provider.
9.2.6    No Manager Indemnified Party will be liable to a Service Recipient, a Service Recipient’s Governing Body (including, for greater certainty, a director or officer of a Service Recipient or another individual with similar function or capacity) or any security holder or partner of a Service Recipient for any Liabilities that may occur as a result of any acts or omissions by the Manager Indemnified Party pursuant to or in accordance with this Agreement, except to the extent that such Liabilities are finally determined by a final and non-appealable judgment entered by a court of competent jurisdiction to have resulted from the Manager Indemnified Party’s bad faith, fraud, willful misconduct or recklessness or, in the case of a criminal matter, conduct undertaken with knowledge that the conduct was unlawful.
9.2.7    Notwithstanding anything to the contrary in this Agreement, the maximum amount of the aggregate liability of the Manager Indemnified Parties pursuant to this Agreement will be equal to the amounts of Management Fees previously paid in respect of Services pursuant to this Agreement in the most recent calendar year by the Service Recipients pursuant to Article 7 (but will be no less than four million U.S. dollars ($4,000,000)).
9.2.8    For the avoidance of doubt, the provisions of this Section 9.2 shall survive the completion of the Services rendered under, or any termination or purported termination of, this Agreement.
TERM AND TERMINATION
10.1    Term
This Agreement shall continue in full force and effect until the twentieth (20th) anniversary of the date hereof and shall be automatically renewed for each successive five-year period thereafter unless, no later than ninety (90) days prior to the date of any such renewal, NEE Operating LP or the Manager provides written notice to the other that it does not wish for this Agreement to be renewed, provided that NEE Operating LP shall not be permitted to provide any such notice that it does not wish for this Agreement to be renewed without the prior written consent of the Manager if, at the time this Agreement would terminate following the provision of such notice, any of the Operating and Administrative Agreements would remain in effect, provided further that this Agreement may be earlier terminated in accordance with Section 10.2 

or Section 10.3.  Notwithstanding the foregoing or anything else in this Agreement to the contrary, Section 7.3, Section 7.4 and Article 9 (in respect of the Manager) shall remain in full force and effect until the later of (a) the termination of this entire Agreement in accordance with Section 10.2 or Section 10.3 and (b) the dissolution of NEE Operating LP in accordance with Section 12.1 of the Partnership Agreement.
10.2    Termination by NEE Operating LP
10.2.3    NEE Operating LP on behalf of the Service Recipients may, subject to Section 10.2.2, terminate this Agreement effective upon ninety (90) days’ prior written notice of termination to the Manager without payment of any termination fee if:
10.2.3.1    the Manager defaults in the performance or observance of any material term, condition or agreement contained in this Agreement in a manner that results in material harm to the Service Recipients and such default continues for a period of ninety (90) days after written notice thereof is given to the Manager specifying such default and requesting that the same be remedied in such ninety (90) day period;
10.2.3.2    the Manager engages in any act of fraud, misappropriation of funds or embezzlement against any Service Recipient that results in material harm to the Service Recipients;
10.2.3.3    the Manager is reckless in the performance of its obligations under this Agreement, and such recklessness results in material harm to the Service Recipients; or
10.2.3.4    the Manager makes a general assignment for the benefit of its creditors, institutes proceedings to be adjudicated voluntarily bankrupt, consents to the filing of a petition of bankruptcy against it, is adjudicated by a court of competent jurisdiction as being bankrupt or insolvent, seeks reorganization under any bankruptcy law or consents to the filing of a petition seeking such reorganization or has a decree entered against it by a court of competent jurisdiction appointing a receiver liquidator, trustee or assignee in bankruptcy or in insolvency.
10.2.4    This Agreement may only be terminated pursuant to Section 10.2.1 above by NEE Operating LP with the prior written approval of the general partner of NEE Partners and the Conflicts Committee.

10.2.5    This Agreement may not be terminated by any of the NEP Parties due solely to the poor performance or underperformance of any of its Subsidiaries or the Business or any investment made by any member of the NEP Group on the recommendation of any member of the Manager Group or any change of control of the Manager.
10.3    Termination by the Manager
The Manager may terminate this Agreement without payment of any termination fee, effective one hundred eighty (180) days after written notice of termination has been given to the NEP Parties: 
10.3.1    if any NEP Party defaults in the performance or observance of any material term, condition or agreement contained in this Agreement in a manner that results in material harm to any member of the Manager Group and such default continues for a period of ninety (90) days after written notice thereof specifying such default and requesting that the same be remedied in such ninety (90) day period; 
10.3.2    if, with respect to any Service Recipient and its Subsidiaries (but solely with respect to such Service Recipient and its Subsidiaries), such Service Recipient makes a general assignment for the benefit of its creditors, institutes proceedings to be adjudicated voluntarily bankrupt, consents to the filing of a petition of bankruptcy against it, is adjudicated by a court of competent jurisdiction as being bankrupt or insolvent, seeks reorganization under any bankruptcy law or consents to the filing of a petition seeking such reorganization or has a decree entered against it by a court of competent jurisdiction appointing a receiver liquidator, trustee or assignee in bankruptcy or in insolvency; or
10.3.3    if neither NextEra Energy, Inc. nor any of its Affiliates Controls each of the general partners that Controls NEE Partners or NEE Operating LP.
10.4    Survival upon Termination
If this Agreement is terminated pursuant to this Article 10, such termination will be without any further liability or obligation of any party hereto, except for any rights or obligations that accrued prior to such termination and except as provided in Section 6.4, Article 9 and this Article 10.
10.5    Action upon Termination
10.5.1    From and after the effective date of the termination of this Agreement, the Manager shall not be entitled to receive the Management Fee for further Services under 

this Agreement, but will be paid all compensation accruing up to and including the date of termination.
10.5.2    Upon any termination of this Agreement, the Manager shall forthwith:
10.5.2.1    deliver to the Service Recipients a full accounting covering the period following the date of the last accounting furnished to the Service Recipients; and
10.5.2.2    deliver to the Service Recipients all property and documents of the Service Recipients then in the custody of the Manager Group (subject to the Manager’s right to retain a copy of each document for document retention purposes).
ARTICLE 11
GENERAL PROVISIONS
11.1    Amendment
Except as expressly provided in this Agreement, no amendment of, supplement to or waiver of this Agreement will be binding unless the amendment, supplement or waiver is executed in writing by each party to be bound thereby, provided, however, that NEE Operating LP may not, without the prior approval of the Conflicts Committee, agree to any amendment of, supplement to or waiver of this Agreement that, in the determination of general partner of NEE Partners, would be adverse in any material respect to the holders of its common units representing limited partner interests. 
11.2    Waiver
No waiver of any provision of this Agreement will constitute a waiver of any other provision, and no waiver of any provision of this Agreement will constitute a continuing waiver unless otherwise expressly provided.  A party’s failure or delay in exercising any right under this Agreement will not operate as a waiver of that right.  A single or partial exercise of any right will not preclude a party from any other or further exercise of that right or the exercise of any other right.
11.3    Assignment
11.3.1    This Agreement shall not be assigned by the Manager without the prior written consent of the general partner of NEE Partners (which shall not be unreasonably withheld), except (a) pursuant to Section 2.3 hereof, (b) in the case of assignment to a Person that is the Manager’s successor by merger, consolidation or purchase of assets, in 

which case the successor shall be bound under this Agreement and by the terms of the assignment in the same manner as the Manager is bound under this Agreement or (c) to an Affiliate of the Manager or a Person that, in the reasonable and good faith determination of the NEE Partners GP’s board of directors and the conflicts committee thereof, is an experienced and reputable manager, in which case the Affiliate or assignee shall be bound under this Agreement and by the terms of the assignment in the same manner as the Manager is bound under this Agreement.  Notwithstanding the foregoing, nothing contained in this Agreement shall preclude (i) any pledge, hypothecation or other transfer or assignment of the Manager’s rights, title and interest under this Agreement, including any amounts payable to the Manager under this Agreement, to a bona fide Financing Party as security for debt financing to the Manager or any other member of the Manager Group, or (ii) the assignment of such rights, title and interest under this Agreement upon exercise of remedies by a Financing Party following a default by the Manager or any other member of the Manager Group under financing agreements entered into with the Financing Parties.
11.3.2    This Agreement shall not be assigned by any of the Service Recipients without the prior written consent of the Manager, except in the case of assignment by any such Service Recipient to a Person that is its successor by merger, consolidation or purchase of assets, in which case the successor shall be bound under this Agreement and by the terms of the assignment in the same manner as such Service Recipient is bound under this Agreement.  Notwithstanding the foregoing, nothing contained in this Agreement shall preclude (i) any pledge, hypothecation or other transfer or assignment of any NEP Party’s rights, title and interest under this Agreement, including any amounts payable to such NEP Party or any other member of the NEP Group under this Agreement, to a bona fide Financing Party as security for debt financing to such NEP Party or any other member of the NEP Group, or (ii) the assignment of such rights, title and interest under this Agreement upon exercise of remedies by a Financing Party following a default by such NEP Party or any other member of the NEP Group under financing agreements entered into with the Financing Parties.
11.3.3    Notwithstanding the provisions in Section 11.3.1 and Section 11.3.2, the Manager may assign its right to receive the IDR Fee hereunder, in whole or in part, to any person without the consent of any other party hereto.
11.3.4    Any purported assignment of this Agreement in violation of this Article 11 shall be null and void.
11.4    Failure to Pay When Due

Any amount payable by any NEP Party to any member of the Manager Group hereunder that is not remitted when so due will remain due (whether on demand or otherwise), and interest will accrue on such overdue amounts (both before and after judgment) at a rate per annum equal to the Interest Rate.
11.5    Invalidity of Provisions
Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such provision or part thereof by a court of competent jurisdiction will not affect the validity or enforceability of any other provision hereof.  To the extent permitted by applicable law, the parties waive any provision of law that renders any provision of this Agreement invalid or unenforceable in any respect.  The parties will engage in good faith negotiations to replace any provision that is declared invalid or unenforceable with a valid and enforceable provision, the economic effect of which comes as close as possible to that of the invalid or unenforceable provision that it replaces.
11.6    Entire Agreement
This Agreement constitutes the entire agreement among the parties pertaining to the subject matter of this Agreement.  There are no warranties, conditions, or representations (including any that may be implied by statute), and there are no agreements in connection with such subject matter, except as specifically set forth or referred to in this Agreement.  No reliance is placed on any warranty, representation, opinion, advice or assertion of fact made prior to, contemporaneously with, or after entering into, this Agreement by any party to this Agreement or its directors, officers, employees or agents, to any other party to this Agreement or its directors, officers, employees or agents, except to the extent that the same has been reduced to writing and included as a term of this Agreement, and none of the parties to this Agreement has been induced to enter into this Agreement by reason of any such warranty, representation, opinion, advice or assertion of fact.  Accordingly, there will be no liability, either in tort or in contract, assessed in relation to any such warranty, representation, opinion, advice or assertion of fact, except to the extent contemplated above.
For the avoidance of doubt, nothing in this Agreement should be construed or interpreted as an amendment, modification or termination of, or conflict with, any of the Operating and Administrative Agreements.  Each such agreement, and all its terms, including payments to be made thereunder, shall survive the entry into this Agreement and shall terminate in accordance with its terms.
11.7    Mutual Waiver of Jury Trial.  AS A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), 

EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY.
11.8    Consent to Jurisdiction and Service of Process.  EACH OF THE PARTIES IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE CITY AND COUNTY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY.  EACH OF THE PARTIES HERETO FURTHER AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S. REGISTERED MAIL TO SUCH PARTY’S RESPECTIVE ADDRESS SET FORTH BELOW SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING WITH RESPECT TO ANY MATTERS TO WHICH IT HAS SUBMITTED TO JURISDICTION IN THIS PARAGRAPH.  EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY OBJECTION TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE, AND HEREBY AND THEREBY FURTHER IRREVOCABLY AND UNCONDITIONALLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.
11.9    Governing Law
The internal law of the State of New York will govern and be used to construe this Agreement without giving effect to applicable principles of conflicts of law to the extent that the application of the laws of another jurisdiction would be required thereby.
11.10    Enurement
This Agreement will enure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns.
11.11    Notices
Any notice, demand or other communication to be given under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given (a) when delivered personally to the recipient, (b) when sent by confirmed electronic mail or 

facsimile if sent during normal business hours of the recipient or, if not sent during such hours, then on the next Business Day, (c) one (1) Business Day after it is sent to the recipient by reputable overnight courier service (charges prepaid) or (d) three (3) Business Days after it is mailed to the recipient by first class mail, return receipt requested.  Such notices, demands and other communications shall be sent to the Persons and addresses specified below or to such other Person or address as the recipient party shall have specified by prior written notice to the sending party.  Any party may change such party’s address for receipt of notice by giving prior written notice of the change to the sending party as provided herein.  Notices and other communications will be addressed as follows:
If to NEE Partners:
NextEra Energy Partners, LP 
c/o NextEra Energy Partners GP, Inc. 
700 Universe Boulevard 
Juno Beach, FL  33408 
Attn: Corporate Secretary 
Facsimile: (561) 691-7702 
Email: Scott.Seeley@nexteraenergy.com
with a copy to:
NextEra Energy Partners, LP 
c/o NextEra Energy Partners GP, Inc. 
700 Universe Boulevard 
Juno Beach, FL  33408 
Attn: General Counsel 
Facsimile: (561) 691-7702 
Email: Charles.Sieving@nexteraenergy.com
If to NEE Operating GP:
NextEra Energy Operating Partners GP, LLC 
700 Universe Boulevard 
Juno Beach, FL  33408 
Attn: Corporate Secretary 
Facsimile: (561) 691-7702 
Email: Melissa.Plotsky@nexteraenergy.com
with a copy to:

NextEra Energy Operating Partners GP, LLC 
700 Universe Boulevard 
Juno Beach, FL  33408 
Attn: General Counsel 
Facsimile: (561) 691-7702 
Email: Mitch.Ross@nexteraenergy.com
If to NEE Operating LP:
NextEra Energy Operating Partners, LP 
c/o NextEra Energy Operating Partners GP, LLC 
700 Universe Boulevard 
Juno Beach, FL  33408 
Attn: Secretary 
Facsimile: (561) 691-7702 
Email: Melissa.Plotsky@nexteraenergy.com
with a copy to:
NextEra Energy Operating Partners, LP 
c/o NextEra Energy Operating Partners GP, LLC 
700 Universe Boulevard 
Juno Beach, FL  33408 
Attn: General Counsel 
Facsimile: (561) 691-7702 
Email: Mitch.Ross@nexteraenergy.com

If to the Manager:
NextEra Energy Management Partners, LP 
c/o NextEra Energy Management Partners GP, LLC 
700 Universe Boulevard 
Juno Beach, FL  33408 
Attn: Corporate Secretary 
Facsimile: (561) 691-7702 
Email: Melissa.Plotsky@nexteraenergy.com
with a copy to:
NextEra Energy Management Partners, LP 
c/o NextEra Energy Management Partners GP, LLC 
700 Universe Boulevard 
Juno Beach, FL  33408 
Attn: General Counsel 
Facsimile: (561) 691-7702 
Email: Mitch.Ross@nexteraenergy.com
11.12    Further Assurances
Each of the parties hereto will promptly do, make, execute or deliver, or cause to be done, made, executed or delivered, all such further acts, documents and things as the other party hereto may reasonably require from time to time for the purpose of giving effect to this Agreement and will use reasonable efforts and take all such steps as may be reasonably within its power to implement to their full extent the provisions of this Agreement.
11.13    Counterparts
This Agreement may be signed in counterparts and each of such counterparts will constitute an original document and such counterparts, taken together, will constitute one and the same instrument.
[Remainder of Page Left Intentionally Blank]

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

	By:
	NextEra Energy Partners GP, Inc., its General Partner

	
		
	By:
	/s/ Armando Pimentel, Jr.

	 
	Name:  Armando Pimentel, Jr.

	 
	Title:    President

	
		
	NEXTERA ENERGY OPERATING PARTNERS GP, LLC

	
		
	By:
	/s/ Armando Pimentel, Jr.

	 
	Name:  Armando Pimentel, Jr.

	 
	Title:    President

	
		
	NEXTERA ENERGY OPERATING PARTNERS, LP

	By:
	NextEra Energy Operating Partners
GP, LLC, its General Partner

	
		
	By:
	/s/ Armando Pimentel, Jr.

	 
	Name:  Armando Pimentel, Jr.

	 
	Title:    President

	
		
	NEXTERA ENERGY MANAGEMENT PARTNERS, LP

	By:
	NextEra Energy Management Partners
GP, LLC, its General Partner

	
		
	By:
	/s/ Armando Pimentel, Jr.

	 
	Name:  Armando Pimentel, Jr.

	 
	Title:    President

Schedule I
Additional Service Recipients
	
		
	Subsidiary
	Jurisdiction of 
Organization

	NextEra Energy US Partners Holdings, LLC
	Delaware

	Canyon Wind Holdings, LLC
	Delaware

	Elk City Wind Holdings, LLC
	Delaware

	Mountain Prairie Wind Holdings, LLC
	Delaware

	Genesis Solar Holdings, LLC
	Delaware

	Genesis Solar Funding Holdings, LLC
	Delaware

222

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