Document:

Amended and Restated Retirement Plan for Non-Employee Directors

 Exhibit 10.47 
 PS BUSINESS PARKS, INC. 
 RETIREMENT PLAN FOR NON-EMPLOYEE
DIRECTORS, as amended 
  

	1.	PURPOSE. 

 The Plan is
intended to promote the best interests of the Corporation by enhancing the Corporation’s ability to attract and retain highly qualified non-employee directors and by rewarding the Corporation’s current non-employee directors for their
services to the Corporation. 
  

	2.	DEFINITIONS. 

 Whenever
the following terms are used in this Plan, they shall have the meaning specified below: 
  

	 	(a)	“Act” means the Securities Act of 1933, as amended. 

  

	 	(b)	“Administrator” means the Board or the Committee, whichever shall be administering the Plan from time to time in the discretion of the Board, as described in
Section 4(a) of the Plan. 

  

	 	(c)	“Board” means the Board of Directors of the Corporation. 

  

	 	(d)	“Code” means the Internal Revenue Code of 1986, as amended. 

  

	 	(e)	“Committee” means the committee appointed by the Board in accordance with Section 4(a) of the Plan. 

 

	 	(f)	“Common Stock” means the common stock, par value $.01 per share, of the Corporation. 

 

	 	(g)	“Corporation” means PS Business Parks, Inc., a California corporation. 

 

	 	(h)	“Directors” means, collectively, all non-employee directors, duly elected to the Board by the Corporation’s stockholders or otherwise in accordance with
the Corporation’s Bylaws. 

  

	 	(i)	“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

 

	 	(j)	“Fair Market Value” shall mean the value of one (1) Share of Common Stock, determined as follows, without regard to any restriction other than a
restriction which, by its terms, will never lapse: 

  

	 	(i)	If the Shares are traded on an exchange, the closing price per Share on the principal exchange on which Shares are listed on the date of valuation or, if no sales
occurred on that date, then the average of the highest bid and lowest asked prices on such exchange at the end of the day on such date; 

	 	(ii)	If the Shares are not traded on an exchange but are otherwise traded over-the-counter, the average of the highest bid and lowest asked prices quoted in the National
Association of Securities Dealers, Inc. Automated Quotation System (“NASDAQ”) as of the close of business on the date of valuation, or, if on such day such security is not quoted in the NASDAQ system, the average of the representative bid
and asked prices on such date in the domestic over-the-counter market as reported by the National Quotation Bureau, Inc., or any similar successor organization; and 

 

	 	(iii)	If neither (i) nor (ii) applies, the fair market value as determined by the Administrator in good faith. Such determination shall be conclusive and binding on
all persons. 

  

	 	(k)	“Grant” means any stock award granted pursuant to the Plan. 

  

	 	(l)	“Grantee” means a Director who has received a Grant pursuant to Section 4 hereof. 

 

	 	(m)	“Non-employee Director” for purposes of eligibility for Grants under this Plan means a director who is not employed as an officer, employee or consultant of
the corporation while serving as a Director. 

  

	 	(n)	“Plan” means the PS Business Parks, Inc. Retirement Plan for Non-Employee Directors as it may be amended from time to time. 

 

	 	(o)	“Retirement” means a Director’s termination from service as a member of the Board, provided that no Director removed for cause from the Board shall be
deemed to have retired from the Board. 

  

	 	(p)	“Service” means service as a non-employee director of the Corporation, including service prior to the adoption of the Plan. 

 

	 	(q)	“Share” means one (1) share of Common Stock, adjusted in accordance with Section 7 of the Plan (if applicable). 

 

	3.	EFFECTIVE DATE. 

 The Plan
was adopted by the Board and subsequently approved by stockholders of the Corporation on May 4, 2004 and is effective as of such date (the “Effective Date”). The Plan was amended to increase the maximum Grant under the Plan on
December 14, 2011 effective on such date. The Plan has no termination date. 
  

	4.	ADMINISTRATION AND ELIGIBILITY. 

  

	 	(a)	 Administrator. The Plan shall be administered, in the discretion of the Board from time to time, by the Board or by the Nominating/Corporate
Governance Committee or such other committee appointed by the Board that shall consist of not less than two (2) members of the Board each of whom is a “non-employee

  
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director” within the meaning of Rule 16b-3 under the Exchange Act and an “outside director” within the meaning of Rule 162m of the Code. Subject to the express provisions of the
Plan, the Administrator shall have the authority to construe and interpret the Plan and to define the terms used in the Plan, to prescribe, amend and rescind rules and regulations relating to the administration of the Plan, and to make all other
determinations necessary or advisable for the administration of the Plan. The interpretation and construction by the Administrator of any provisions of the Plan and all other decisions of the Administrator shall be made in the Administrator’s
sole discretion and shall be final and binding on all persons having or claiming any interest in the Plan or in any Grant. No director or person acting pursuant to authority delegated by the Board shall be liable for any action or determination
relating to or under the Plan or any Grant made in good faith. 

  

	 	(b)	Participation. The Grantees shall consist exclusively of non-employee Directors of the Corporation. Provided a Director otherwise meets the Service requirements
for a Grant under the Plan, prior service as an employee of the Corporation shall not disqualify such Director from receiving a Grant under the Plan. 

  

	5.	STOCK. 

 The stock subject
to Grants awarded under the Plan shall be Shares of the Corporation’s authorized but unissued or reacquired Common Stock. The aggregate number of Shares which may be issued upon exercise of Grants under the Plan shall be seventy thousand
(70,000), subject to any adjustment pursuant to Section 7 hereof. The number of Shares subject to additional Grants at any time shall not exceed the number of Shares remaining available for issuance under the Plan. 

 

	6.	TERMS AND CONDITIONS OF GRANTS. 

  

	 	(a)	Grant of Deferred Stock Awards. Upon joining the Board, each Director shall be awarded a Grant of 7,000 deferred Shares of Common Stock of the Corporation
vesting in seven (7) equal annual installments on each of the first seven (7) anniversaries of the date the Director commenced Service on the Board, subject to the availability of Shares as specified in Section 5 of the Plan. Each
Director who is currently a member of the Board shall be awarded an additional Grant of 2,000 deferred shares which shall become vested on the sixth (6th) and seventh (7th) anniversaries of the date the Director commenced service on the
Board. Shares shall be distributed to each Director in satisfaction of the Grant, to the extent vested, as soon as practicable after Retirement. The securities to be issued under this Plan shall be subject to adjustment in accordance with the
provisions of Section 7 of the Plan. 

  

	 	(b)	Grant of Dividend Equivalent Rights. Each Director will be entitled to receive, upon the Company’s payment of a cash dividend on outstanding Shares, a cash
payment for each the Director’s deferred Shares that is vested as of the record date for such dividend equal to the per-share dividend paid on Shares. 

  
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	 	(c)	Payment of Taxes; Related Matters. In the event the Corporation determines it is required to withhold state, local or Federal income tax as a result of the grant
of a Grant, the Corporation may require a Grantee to make arrangements satisfactory to the Corporation to enable it to satisfy such withholding requirements. Payment of such withholding requirements may be made, in the discretion of the
Administrator, (i) in cash, (ii) by delivery of Shares registered in the name of the Grantee, or by the Corporation not issuing such number of Shares subject to the Grant having a Fair Market Value at the effective date of the Grant or the
date of such vesting equal to the amount to be withheld, or (iii) any combination of (i) and (ii) above. An election under the preceding sentence may only be made during the period beginning on the third business day following the
date of release of quarterly and annual summary statements of sales and earnings and ending on the twelfth business day following such date and only if such period occurs before the date the Corporation requires payment of the withholding tax. The
election need not be made during such trading window if (a) it is made at least six (6) months prior to the date of the Grant or (b) counsel to the Corporation determines that compliance with such requirement is unnecessary. In
addition, counsel to the Corporation may impose additional restrictions on the Grantee’s ability to satisfy tax withholding with Shares if counsel determines such restrictions are in the best interests of the Corporation.

  

	7.	EFFECT OF CHANGES IN CAPITALIZATION. 

 7.1 Changes in Stock. If the number of outstanding Shares of Common Stock is increased or decreased or the Shares of Common Stock are changed into or exchanged for a different number or kind of
shares or other securities of the Company on account of any recapitalization, reclassification, stock split, reverse stock split, combination of shares, exchange of shares, stock dividend or other distribution payable in capital stock, or other
increase or decrease in such shares effected without receipt of consideration by the Company occurring after the Effective Date, the number and class of securities for which Grants may be made under the Plan, and the maximum Grant level upon
Retirement, shall be appropriately adjusted by the Administrator to the extent determined by the Administrator. In the event of a spin-off by the Company of the shares of a subsidiary, a stock dividend for which the Company will claim a dividends
paid deduction under Section 561 of the Code (or any successor provision), a pro rata distribution to all shareholders of other assets of the Company, or any distribution to holders of Shares other than an ordinary cash dividend, the
Administrator may, but shall not be required to, make appropriate adjustments to the number and class of securities for which Grants shall be awarded and the maximum Grant level upon Retirement. 

7.2 Reorganization, Sale of Assets or Sale of Stock Which Involves a Change of Control. Subject to the exceptions set forth in the
last sentence of this Section 7.2, upon the occurrence of a “Change of Control” (as defined below), the Administrator may in its sole discretion make Grants of securities of a successor corporation, or a parent, subsidiary or
affiliate thereof, with appropriate adjustments as to the number and class of securities, and the maximum Grant level upon Retirement, to the extent determined by the Administrator. For purposes of this Section 7.2, a “Change of
Control” shall be deemed to occur upon (i) the dissolution or liquidation of the Company or upon a merger, consolidation, or reorganization of the Company 

  
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with one or more other entities in which the Company is not the surviving entity, (ii) a sale of substantially all of the assets of the Company to another entity, or (iii) any
transaction (including without limitation a merger or reorganization in which the Company is the surviving corporation) which results in any person or entity (other than B. Wayne Hughes and members of his family and their affiliates) owning 50% or
more of the combined voting power of all classes of stock of the Company. This Section 7.2 shall not apply to any Change of Control to the extent that (A) provision is made in writing in connection with such Change of Control for the
continuation of the Plan and Grants or (B) a majority of the full Board determines that such Change of Control shall not trigger application of the provisions of this Section 7.2. 

7.3 Adjustments. Adjustments under this Section 7 related to shares of Stock or securities of the Company shall be made by
the Administrator, whose determination in that respect shall be final, binding and conclusive. No fractional shares or other securities shall be issued pursuant to any such adjustment, and any fractions resulting from any such adjustment shall be
eliminated in each case by rounding downward to the nearest whole share. 
 7.4 No Limitations on Company. The making of
Grants pursuant to the Plan shall not affect or limit in any way the right or power of the Company to make adjustments, reclassifications, reorganizations, or changes of its capital or business structure or to merge, consolidate, dissolve, or
liquidate, or to sell or transfer all or any part of its business or assets. 
  

	8.	SECURITIES LAW REQUIREMENTS. 

  

	 	(a)	Legality of Issuance. No Shares shall be issued upon the award of any Grant unless and until the Corporation has determined that: 

 

	 	(i)	it and the Grantee have taken all actions required to register the award of the Shares under the Act, or to perfect an exemption from the registration requirements
thereof; 

  

	 	(ii)	any applicable listing requirement of any stock exchange on which the Common Stock is listed has been satisfied; and 

 

	 	(iii)	any other applicable provision of state or Federal law has been satisfied. 

 

	 	(b)	 Restrictions on Transfer; Representations of Grantee; Legends. Regardless of whether the award of Shares under the Plan has been registered
under the Act or has been registered or qualified under the securities laws of any state, the Corporation may impose restrictions upon the sale, pledge or other transfer of such Shares (including the placement of appropriate legends on stock
certificates) if, in the judgment of the Corporation and its counsel, such restrictions are necessary or desirable in order to achieve compliance with the provisions of the Act, the securities laws of any state or any other law. In the event that
the award of Shares under the Plan is not registered under the Act but an exemption is available which requires an investment representation or other representation, each Grantee shall be required to represent that such Shares are being acquired for
investment, and not with a view to the sale or distribution thereof, and to make such other representations as are deemed necessary or appropriate by the 

  
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Corporation and its counsel. Stock certificates evidencing Shares acquired under the Plan pursuant to an unregistered transaction shall bear the following restrictive legend (or similar legend in
the discretion of the Administrator) and such other restrictive legends as are required or deemed advisable under the provisions of any applicable law: 

 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. THESE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION AND
MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH SECURITIES UNDER THE SECURITIES ACT OF 1933 OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM AND CONTENT TO
THE ISSUER THAT SUCH REGISTRATION IS NOT REQUIRED UNDER SUCH ACT.” 
 Any determination by the Corporation and its counsel
in connection with any of the matters set forth in this Section shall be conclusive and binding on all persons. 
  

	 	(c)	Registration or Qualification of Securities. The Corporation may, but shall not be obligated to, register or qualify the award of Shares pursuant to the Plan
under the Act or any other applicable law. The Corporation shall not be obligated to take any affirmative action in order to cause the award of Shares under the Plan to comply with any law. 

 

	 	(d)	Exchange of Certificates. If, in the opinion of the Corporation and its counsel, any legend placed on a stock certificate representing Shares awarded under the
Plan is no longer required, the holder of such certificate shall be entitled to exchange such certificate for a certificate representing the same number of Shares but without such legend. 

 

	9.	RIGHTS IN EVENT OF DEATH. 

If the director ceases to be a member of the Board because of his or her death, the executor or administrator of the director’s
estate, or the person or persons to whom rights with respect to a Grant have passed by bequest or inheritance, as the case may be, shall be entitled to receive a Grant for the number of Shares the Director would have received had the Director
elected Retirement from the Board effective as of such date. 
  

	10.	AMENDMENT OF THE PLAN. 

The Board may, from time to time, with respect to any Shares at the time not subject to Grants, suspend or discontinue the Plan or revise
or amend it in any respect whatsoever, provided that no amendment or revision shall adversely affect, without the affected Grantee’s written consent, the rights of any Grantee to whom the Shares have been issued pursuant to the Plan.

  
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	11.	GOVERNING LAW. 

 The
validity and construction of this Plan and Grants hereunder shall be governed by the laws of the State of California. 
  

	12.	APPROVAL OF STOCKHOLDERS. 

The Plan shall be subject to approval by the affirmative vote of the holders of a majority of the outstanding shares present or
represented and entitled to vote at the 2004 annual meeting of stockholders of the Corporation. 
  

	13.	EXECUTION. 

 After
adoption and approval by the Board of the Plan, as amended, the Corporation has caused its authorized officer to affix the corporate name and seal hereto as of December 20, 2011. 

 

			
	PS BUSINESS PARKS, INC.
		
	By:	 	/s/ Joseph D. Russell, Jr.
		 	Name: Joseph D. Russell, Jr.
		 	 Title: President & Chief
 Executive Officer

  
 7EXHIBIT 10.13

 Exhibit 10.13 

 
 

 
 PERFORMANCE STOCK UNIT AWARD AGREEMENT 

PURSUANT TO 

THE AES CORPORATION 2003 LONG TERM COMPENSATION PLAN 
 The AES Corporation, a Delaware corporation (the “Company”), grants to the Employee named below, pursuant to The AES Corporation 2003 Long Term Compensation Plan, as amended (the
“Plan”), and this Performance Stock Unit Award Agreement (this “Agreement”), this Award of Performance Stock Units (“PSUs”) upon the terms and conditions set forth herein. Capitalized terms not otherwise defined
herein will each have the meaning assigned to them in the Plan. 
  

	1.	This Award of PSUs is subject to all terms and conditions of this Agreement and the Plan, the terms of which are incorporated herein by reference:

 Name of Employee: 
 Fidelity System ID: 
 Grant Date: 

Grant Price: 

Total Number of PSUs Granted: 
  

	2.	Each PSU represents a right to receive one Share on the Payment Date (as defined below) in accordance with the terms of this Agreement; provided, however, that in lieu
of delivery of a Share on the Payment Date, the Committee may, in its discretion, cause the Company to deliver cash having a Fair Market Value equivalent to a Share. 

 

	3.	Unless otherwise determined by the Committee, each PSU shall also represent a right to receive an additional amount, payable in cash, equal to the accumulated cash
dividends paid by the Company on the PSU between the Grant Date and payout of the PSU (if any). The additional dividend amounts that are accumulated subject to a PSU will be subject to the same terms and conditions (including, without limitation,
any applicable vesting requirements and forfeiture provisions) as the PSU to which they relate under the Award. Any payment due to the Employee under this Agreement shall be made promptly following the date vested PSUs become earned and payable
under paragraph 5(a), paragraph 6 or paragraph 7 of this Agreement, as applicable (the “Payment Date”), but in no event later than March 15th of the calendar year following the calendar year containing the Payment Date.

	4.	A PSU (i) carries no voting rights and (ii) the holder will not have an equity interest in the Company or any of such shareholder rights, unless the vesting
and performance conditions of the PSU are met and the PSU is paid out with a Share rather than cash. 

  

	5.	This Award of PSUs will vest, in accordance with and subject to the terms of this Agreement, in three equal installments on February     ,
        , February     ,         , and February     ,          (each a “Vesting
Date”), provided, however, that if: 

  

	 	(a)	the Employee Separates from Service prior to the end of the Performance Period by reason of the Employee’s death or a Separation from Service on account of
Disability, all PSUs that have not previously vested shall vest and the Employee’s PSUs referenced in the chart above shall be paid to the Employee at the rate of one Share for each PSU (or the equivalent cash value); and

  

	 	(b)	if the Employee Separates from Service for any other reason, including, but not limited to, voluntarily by the Employee, on account of Retirement, by reason of a death
or Disability subsequent to the end of the Performance Period, or by reason of a Separation from Service by the Company with or without cause (other than by reason of death or Disability as provided in paragraph 5(a)), the Employee will be eligible
to receive the value of his or her vested PSUs on the Payment Date in accordance with and subject to the terms set forth in paragraph 6 below. Any PSUs that have not vested prior to the date that an Employee Separates from Service for any reason
(other than by reason of death or Disability), (i) will not subsequently vest; and (ii) will be immediately cancelled and forfeited without payment or further obligation by the Company or any Affiliate. In addition, the Employee’s
right to receive Shares and/or cash in respect of vested PSUs that have not been forfeited will be paid on the Payment Date if, and only if, all relevant performance conditions are met, in accordance with the terms and conditions of this Agreement
and the Plan. 

  

	6.	The Company will issue and deliver Shares in satisfaction of vested PSUs subject to and conditioned upon the attainment of the performance conditions set forth below,
as approved by the Committee at the time of grant; provided, however, notwithstanding the performance level achieved, the Committee may reduce the number of PSUs earned or terminate this Award of PSUs altogether, but in no event may the Committee
increase the value of a PSU underlying this Award beyond the performance levels achieved. For purposes of this Agreement, the “Performance Period” is the period beginning on January 1,         
and ending on December 31,         . 

  
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	 	(i)	Total Shareholder Return (50% weighted) 

 The value of fifty percent (50%) of the Employee’s vested PSUs will depend upon the performance of the Total Shareholder Return on AES common stock (“AES-TSR”) against the Total
Shareholder Return on the S&P 500 Utilities Sector Index (“S&P Utilities Index - TSR”), in each case, as measured over the Performance Period, as set forth below: 

 

			
	 ACTUAL AES-TSR COMPARED TO

S&P Utilities Index -TSR FOR THE
 PERFORMANCE PERIOD
	  	 SHARES EARNED (OR CASH OF AN
EQUIVALENT FAIR MARKET
VALUE)

	Below 30th Percentile	  	None (0%)
	Equal to the 30th Percentile	  	 50%
 (0.5 x 50% of number of vested PSUs)

	Equal to the 50th Percentile	  	 100%
 (1.0 x 50% of number of vested PSUs)

	Equal to or greater than
70th Percentile	  	 150%
 (1.5 x 50% of number of vested PSUs)

	Equal to or greater than
90th Percentile	  	 200%
 (2.0 x 50% of number of vested PSUs)

 For AES-TSR levels achieved greater than the 30th percentile and less than the 50th percentile,
greater than 50th percentile and less than 70th percentile, and greater than the 70th percentile and less than the 90th percentile, the number of Shares eligible for vesting (or cash of an equivalent Fair Market Value) will be determined based on
straight-line interpolation. The maximum value of a PSU is 2 Shares. 
 Except for any PSUs forfeited prior to the end of
the Performance Period pursuant to the following paragraph, all PSUs pursuant to this Award will be forfeited and will cease to be outstanding as of the end of the Performance Period if the AES-TSR over the Performance Period is below the 30th
percentile of the S&P Utilities Index -TSR. 
  

	 	(ii)	 Adjusted
EBITDA1 (50% weighted) 

The value of the remaining fifty percent (50%) of the Employee’s vested PSUs will depend upon the Company’s actual Adjusted
EBITDA over the Performance Period as compared to the performance target, as set forth below. 
  

			
	 ACTUAL ADJUSTED EBITDA OVER THE

PERFORMANCE PERIOD
	  	 SHARES EARNED (OR CASH OF

AN EQUIVALENT FAIR MARKET
 VALUE

	Below 75% of Performance Target =	  	None (0%)
	Equal to 87.5% of Performance Target =	  	 50%
 (0.5 x 50% of number of vested PSUs)

	Equal to 100% of Performance Target =	  	 100%
 (1.0 x 50% of number of vested PSUs)

		  	200%
	Equal to or greater than 125% of Performance Target =	  	(2.0 x 50% of number of vested PSUs)

  

	1 	 Proportional-Adjusted EBITDA (defined as Earnings Before Income Taxes, Depreciation and Amortization); Addback: Interest; Subtract: Mandatory CapEx
(defined as Maintenance & Environmental Capital Expenditures, excluding Environmental Capital Expenditures with Tracker Returns). 

  
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 For Adjusted EBITDA levels achieved greater than 75% and less than 87.5% of
performance target, greater than 87.5% and less than 100% of performance target, and greater than 100% and less than 125% of performance target, the value will be determined based on straight line interpolation. The maximum value of a PSU is 2
Shares. 
  

	7.	In the event that a Change of Control occurs prior to the end of the Performance Period, if the PSUs described herein have not already been previously forfeited or
cancelled, such PSUs will become fully vested and the Payment Date will occur contemporaneous with the completion of the Change of Control; provided, however, that in connection with a Change in Control and certain other events, payment of any
obligation payable pursuant to the preceding sentence may be made in cash of equivalent value and/or securities or other property in the Committee’s discretion. 

 

	8.	It is intended that under current U.S. federal income tax laws, the Employee will not be subject to income tax unless and until Shares and/or cash are delivered to the
Employee on the Payment Date, at which time the Fair Market Value of the Shares and/or cash will be reportable as ordinary income, and subject to income tax withholding as well as social security and Medicare (FICA) taxes. The Company and its
subsidiaries and affiliates have the right (i) to withhold any tax required to be withheld in connection with this Award of PSUs from Shares and/or cash otherwise deliverable or from any other payment to be made to the Employee, or (ii) to
otherwise condition the Employee’s right to receive or retain the Shares and/or cash on the Employee making arrangements satisfactory to the Company or any of its subsidiaries or affiliates to enable any related tax obligation of the Employee
to be satisfied. The Employee should consult his or her personal advisor to determine the effect of this Award of PSUs on his or her own tax situation. 

  

	9.	Notices hereunder and under the Plan, if to the Company, will be delivered to the Plan Administrator (as so designated by the Company) or mailed to the Company’s
principal office, 4300 Wilson Boulevard, Arlington, VA 22203, attention of the Plan Administrator, or, if to the Employee, will be delivered to the Employee, which may include electronic delivery, or mailed to his or her address as the same appears
on the records of the Company. 

  

	10.	All decisions and interpretations made by the Board of Directors or the Committee with regard to any question arising hereunder or under the Plan will be binding and
conclusive on all persons. Unless otherwise specifically provided herein, in the event of any inconsistency between the terms of this Agreement and the Plan, the Plan will govern. 

 

	11.	By accepting this Award of PSUs, the Employee acknowledges receipt of a copy of the Plan and the prospectus relating to this Award of PSUs, and agrees to be bound by
the terms and conditions set forth in this Agreement and the Plan, as in effect and/or amended from time to time. 

The Employee further acknowledges that the Plan and related documents, which may include the Plan prospectus, may be delivered
electronically. Such means of delivery 

  
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may include the delivery of a link to a Company intranet site or the internet site of a third party involved in administering the Plan, the delivery of the documents via e-mail or CD-ROM or such
other delivery determined at the plan administrator’s discretion. The Employee acknowledges that the Employee may receive from the Company a paper copy of any documents delivered electronically at no cost if the Employee contacts the Human
Resources department of the Company by telephone at (703) 682-6553 or by mail to 4300 Wilson Boulevard, Suite 1100, Arlington, Virginia 22203. The Employee further acknowledges that the Employee will be provided with a paper copy of any
documents delivered electronically if electronic delivery fails. 
  

	12.	This Award is intended to be excepted from coverage under Section 409A of the Code and shall be administered, interpreted and construed accordingly. The Employee
shall have no right to designate the date of any payment under this Agreement. Each payment under this Agreement is intended to be excepted under the short-term deferral exception as specified in Treas. Reg. § 1.409A-1(b)(4). The Company may,
in its sole discretion and without the Employee’s consent, modify or amend the terms and conditions of this Award, impose conditions on the timing and effectiveness of the issuance of the Shares, or take any other action it deems necessary or
advisable, to cause this Award to comply with Section 409A of the Code (or an exception thereto). Notwithstanding, the Employee recognizes and acknowledges that Section 409A of the Code may impose upon the Employee certain taxes or
interest charges for which the Employee is and shall remain solely responsible. 

  

	13.	Notwithstanding any other provisions in this Agreement, any PSUs subject to recovery under any law, government regulation, stock exchange listing requirement, or
Company policy, shall be subject to such deductions, recoupment and clawback as may be required to be made pursuant to such law, government regulation, stock exchange listing requirement or Company policy. 

 

	14.	This Agreement will be governed by the laws of the State of Delaware without giving effect to its choice of law provisions. 

 

			
	The AES CORPORATION
		
	By:	 	
	Name:	 	Rita Trehan
	Title:	 	Vice President, Human Resources

  
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