Document:

Exhibit 10.5

 

 

Execution
Version 

 

 

 

 

 

SECOND AMENDED
AND RESTATED

aGREEMENT OF

LIMITED PARTNERSHIP

OF

Pattern Energy Group Holdings 2 LP

Dated effective as of

 

June 16, 2017

 

 

 

 

 

 

 

THE UNITS IN PATTERN ENERGY GROUP HOLDINGS
2 LP HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY JURISDICTION. NO UNIT
MAY BE SOLD OR OFFERED FOR SALE (WITHIN THE MEANING OF ANY SECURITIES LAW) UNLESS A REGISTRATION STATEMENT UNDER ALL APPLICABLE
SECURITIES LAWS WITH RESPECT TO THE UNIT IS THEN IN EFFECT OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THOSE LAWS IS
THEN APPLICABLE TO THE UNIT. A UNIT ALSO MAY NOT BE TRANSFERRED OR ENCUMBERED UNLESS THE PROVISIONS OF THIS AGREEMENT ARE SATISFIED.

 

 

    	 

    	 

    

Table
of Contents

 

Article
I

DEFINITIONS

 

Article
II

ORGANIZATIONAL AND OTHER MATTERS

 

	Section
    2.01	Organization;
    Ratification	16
	Section 2.02	Name	16
	Section 2.03	Registered Office;
    Registered Agent; Principal Office in the United States; Other Offices	17
	Section 2.04	Purpose	17
	Section 2.05	Foreign Qualification	17
	Section 2.06	Term	17
	Section 2.07	Alternative Investment
    Vehicles	18

 

Article
III

partners; REPRESENTATIONS

 

	Section
    3.01	Class A
    Limited Partners	18
	Section 3.02	Class B Limited Partners	19
	Section 3.03	Units; Certificates	20
	Section 3.04	Conflicts of Interest	20
	Section 3.05	Representations, Warranties
    and Covenants	23

 

Article
IV

BOOKS AND RECORDS

 

	Section
    4.01	Books,
    Records, Access and Tax Information	25
	Section 4.02	Tax Elections	26
	Section 4.03	Tax Matters Partner	26
	Section 4.04	Section 83(b) Election	28
	Section 4.05	Bipartisan Budget Act	28

 

Article
V

CAPITAL CONTRIBUTIONS

 

	Section
    5.01	Initial
    Capital Contributions of Class A Limited Partners	28
	Section 5.02	Further Capital Contributions	29
	Section 5.03	PEG 1 Option	30
	Section 5.04	Withdrawal of Capital	31
	Section 5.05	Alternative Sources
    of Capital	31

 

 

 

i

    	 

    	 

    

	Section
    5.06	Capital
    Accounts	32

 

Article
VI

ALLOCATIONS

 

	Section
    6.01	Allocations
    of Profits and Losses	33
	Section 6.02	Regulatory Allocations	33
	Section 6.03	Income Tax Allocations	35
	Section 6.04	Other Allocation Rules	36

 

Article
VII

DISTRIBUTIONS

 

	Section
    7.01	Distributions	36
	Section 7.02	Distributions in Kind	37
	Section 7.03	Tax Distributions	37
	Section 7.04	Redemption/Repurchase
    of Units	38
	Section 7.05	Proceeds from Projects	38
	Section 7.06	Withholding	38

 

Article
VIII

MEETINGS OF partners

 

	Section
    8.01	Meetings	40
	Section 8.02	Place of Meetings	40
	Section 8.03	Notice of Meetings	40
	Section 8.04	Record Date	40
	Section 8.05	Quorum	40
	Section 8.06	Proxies	41
	Section 8.07	Action by Partners
    Without a Meeting	41
	Section 8.08	Waiver of Notice	41
	Section 8.09	Conduct of Meetings	41
	Section 8.10	Limited Class B Voting
    Rights	42

 

Article
IX

MANAGEMENT OF THE PARTNERSHIP

 

	Section
    9.01	Management	42
	Section 9.02	Board of Directors	44
	Section 9.03	Officers	47
	Section 9.04	Actions Requiring Board
    Approval	47
	Section 9.05	Actions Requiring Board
    Approval and Approval of the Class A Limited Partners	48
	Section 9.06	Actions Requiring Board
    Approval and Approval of Pattern Energy	49

 

 

 

ii

    	 

    	 

    

	Section
    9.07	Actions
    Requiring Board Approval and Approval of the Class B Limited Partners	50
	Section 9.08	Certain Expenses	50
	Section 9.09	Grant of Authority	51

 

Article
X

INDEMNIFICATION

 

	Section
    10.01	Power to
    Indemnify in Actions, Suits or Proceedings	51
	Section 10.02	Expenses Payable in
    Advance	52
	Section 10.03	Unpaid Claims	52
	Section 10.04	Nonexclusivity of Indemnification
    and Advancement of Expenses	52
	Section 10.05	Survival of Indemnification
    and Advancement of Expenses; Third Party Beneficiaries	53
	Section 10.06	Limitation on Indemnification	53
	Section 10.07	Indemnification of
    Employees and Agents	53
	Section 10.08	Severability	53
	Section 10.09	Fiduciary Service	54
	Section 10.10	Exculpation	54
	Section 10.11	Indemnitor of First
    Resort	54
	Section 10.12	Insurance	55

 

Article
XI

TRANSFER OF UNITS

 

	Section
    11.01	Request
    for Sale of Partnership by a Class A Majority	55
	Section 11.02	Conversion to a Corporation;
    Qualified Public Offering	57
	Section 11.03	Demand Registration
    Rights	59
	Section 11.04	Piggyback Registration
    Rights.	61
	Section 11.05	Tag Along Rights	61
	Section 11.06	Certain Events Not
    Deemed Transfers	63
	Section 11.07	Transfer and Exchange	63
	Section 11.08	Vesting Terms; Redemption/Forfeiture	63
	Section 11.09	Determination of Fair
    Market Value	68
	Section 11.10	Substituted Limited
    Partners	69
	Section 11.11	Transfer of Rights	70
	Section 11.12	Transfer	70
	Section 11.13	Taxable Non-Cash Transactions	70

 

Article
XII

LIMITATIONS ON TRANSFERS

 

	Section
    12.01	Restrictions
    on Transfer	70
	Section 12.02	Restrictive Legends	71

 

 

iii

    	 

    	 

    

	Section
    12.03	Spouses	72
	Section 12.04	Termination of Certain
    Restrictions	73

 

Article
XIII

ISSUANCE OF ADDITIONAL UNITS

 

	Section
    13.01	Issuance
    of Additional Units	73
	Section 13.02	Preemptive Rights	74

 

Article
XIV

DISSOLUTION AND LIQUIDATION

 

	Section
    14.01	Dissolution	75
	Section 14.02	Effect of Dissolution	75
	Section 14.03	Liquidation Upon Dissolution	75
	Section 14.04	Negative Capital Accounts	76
	Section 14.05	Winding Up and Certificate
    of Cancellation	76

 

Article
XV

MISCELLANEOUS PROVISIONS

 

	Section
    15.01	Notices	76
	Section 15.02	Governing Law	76
	Section 15.03	Arbitration	76
	Section 15.04	Waiver of Jury Trial	77
	Section 15.05	Entire Agreement; Amendments	77
	Section 15.06	Confidentiality	79
	Section 15.07	Non-Disparagement	80
	Section 15.08	Waiver	80
	Section 15.09	Severability	80
	Section 15.10	Ownership of Property
    and Right of Partition	80
	Section 15.11	Successors and Assigns	80
	Section 15.12	Further Assurances	81
	Section 15.13	Parties in Interest;
    Third Party Beneficiaries	81
	Section 15.14	Counterparts	81

 

 

 

iv

    	 

    	 

    

SECOND
AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP

OF

PATTERN ENERGY GROUP HOLDINGS 2 LP

 

This
SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP (this “Agreement”) of Pattern Energy Group
Holdings 2 LP, a Delaware limited partnership (the “Partnership”), dated as of June 16, 2017 (“Signing
Date”), is made by and among Pattern Energy Group Holdings 2 GP LLC, a Delaware limited liability company (the “General
Partner”), the Class A Limited Partners set forth on Exhibit B hereto and the Class B Limited Partners set
forth on Exhibit D hereto.

 

W
I T N E S S E T H:

 

WHEREAS,
the Partnership was formed as a limited partnership under the Delaware Revised Uniform Limited Partnership Act, 6 Del. Code
§17-101 et seq., (as it may be amended from time to time, the “Act”) by filing a Certificate
of Limited Partnership (the “Certificate”) with the Secretary of State of the State of Delaware on November
10, 2016;

 

WHEREAS,
on November 14, 2016, the General Partner and Pattern Energy Group Holdings LP, a Delaware limited partnership (the “Initial
Limited Partner”), entered into a limited partnership agreement of the Partnership (the “Initial LPA”);

 

WHEREAS,
on December 8, 2016 (the “Initial Closing Date”), the General Partner and the Class A Limited Partners
and Class B Limited Partners of the Partnership as of the Initial Closing Date entered into the Amended and Restated Agreement
of Limited Partnership of the Partnership (as amended on March 1, 2017) (the “First A&R LPA”), amending
and restating the Initial LPA in its entirety;

 

WHEREAS,
on the Initial Closing Date, pursuant to the Contribution Agreement, the Initial Limited Partner (i) contributed certain assets
to the Partnership in exchange for Class A Units, and (ii) distributed and transferred such Class A Units to the Class A limited
partners of the Initial Limited Partner;

 

WHEREAS,
the parties hereto desire to amend and restate the First A&R LPA to provide for their rights and obligations of the Partners
with respect to the Partnership;

 

NOW,
THEREFORE, in consideration of the premises and the covenants and provisions hereinafter contained, the Partners hereby amend
and restate the First A&R LPA in its entirety and further agree as follows:

 

Article
I

DEFINITIONS

 

“Accredited
Investor” has the meaning set forth in Regulation D promulgated under the Securities Act.

 

“Act”
has the meaning set forth in the recitals of this Agreement.

 

    1

     

    

“Adjusted
Capital Account” means the Capital Account maintained for each Partner, (a) increased by any amounts that such Partner
is obligated to restore or is treated as obligated to restore under Treasury Regulation Sections 1.704-1(b)(2)(ii)(c), 1.704-2(g)(1)
and 1.704-2(i)(5)), and (b) decreased by any amounts described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5) and
(6) with respect to such Partner.

 

“Adoption
Agreement” means an agreement of a newly admitted Partner substantially in the form of Exhibit G.

 

“Affected
Partner” has the meaning set forth in ‎Section 11.13 of this Agreement.

 

“Affiliate”
means, with respect to any Person, any Person directly or indirectly through one or more intermediaries, Controlling, Controlled
by or under common Control with such Person.

 

“Alternative
Investment Vehicle” has the meaning set forth in ‎Section 2.07.

 

“Amended
Code” means the Code, as amended by the Bipartisan Budget Act.

 

“Annual
Budget” means the first twelve months of each Budget.

 

“Approved
Sale” has the meaning set forth in ‎Section 11.01(a) of this Agreement.

 

“Assumed
Non-Cash Transaction Tax Liability”
means, with respect to any Partner and any Taxable Non-Cash Transaction, the amount of federal, state and local income taxes (including
any applicable estimated taxes) that would be due from such Partner, assuming such Partner is subject to federal, state and local
income tax at the highest marginal tax rate for an individual residing in the State of California (or, if higher in the case of
Riverstone, a U.S. corporation doing business in the State of California) who earned solely the items of income or gain recognized
by the Partner by reason of such Taxable Non-Cash Transaction.

 

“Assumed
Tax Liability” of any Partner means an amount, determined in the sole discretion of the Board of Directors, equal
to (1) the cumulative amount of federal, state and local income taxes (including any applicable estimated taxes) that would be
due from such Partner as of such Tax Distribution Date, assuming such Partner were an individual residing in the State of California
subject to federal, state and local income tax at the highest marginal tax rate (or,
if higher in the case of Riverstone, a U.S. corporation doing business in the State of California) who earned solely
the items of income, gain, deduction, loss, and/or credit allocated to such Partner pursuant to ‎Section 6.03 and after
taking proper account of loss carryforwards available to such Partner resulting from losses allocated to the Partners by the Partnership,
to the extent not taken into account in prior periods, reduced by (2) all previous distributions made to such Partner pursuant
to ‎Section 7.03.

 

“Bipartisan
Budget Act” means Title XI of the Bipartisan Budget Act of 2015 and any related provisions of law, court decisions,
regulations, rules, and administrative guidance.

 

“Blocker
Corporation” has the meaning set forth in ‎Section 11.02(a)(i) of this Agreement.

 

    2

     

    

“Board
Approval” means the affirmative vote of a majority of the members of the Board of Directors of the Partnership.

 

“Board
of Directors” means the board of directors of the Partnership, to whom the General Partner irrevocably delegates,
and in which is vested with, pursuant to ‎Section 9.01(a), the power to manage the business and affairs of the Partnership
(other than the General Partner’s duties as “tax matters partner” under ‎Section 4.03(a) hereof).
The Board of Directors shall constitute a committee within the meaning of Section 17-303(b)(7) of the Act, and its members may
include one or more individual Limited Partners. The members of the initial Board of Directors are listed on Exhibit E
attached hereto.

 

“Book
Value” means, with respect to any property of the Partnership, such property’s adjusted basis for federal
income tax purposes, except as follows:

 

(a)       The
initial Book Value of any property contributed by a Partner to the Partnership shall be the Fair Market Value of such property
as of the date of such contribution.

 

(b)       The
Book Values of all properties shall be adjusted to equal their respective Fair Market Values in connection with (i) the acquisition
of an interest (or additional interest) in the Partnership by any new or existing Partner in exchange for more than a de minimis
Capital Contribution to the Partnership or in exchange for the performance of services to or for the benefit of the Partnership,
(ii) the distribution by the Partnership to a Partner of more than a de minimis amount of property as consideration for
an interest in the Partnership, (iii) the liquidation of the Partnership within the meaning of Treasury Regulation Section 1.704-1(b)(2)(ii)(g)(1)
(other than pursuant to Section 708(b)(1)(B) of the Code), or (iv) any other event to the extent determined by the Board of Directors
to be permitted and necessary to properly reflect Book Values in accordance with the standards set forth in Treasury Regulation
Section 1.704-1(b)(2)(iv)(q); provided that adjustments pursuant to clauses (i) and (ii) above shall be made only if the
Board of Directors reasonably determines that such adjustments are necessary or appropriate to reflect the relative economic interests
of the Partners in the Partnership.

 

(c)       The
Book Value of property distributed to a Partner shall be the Fair Market Value of such property as of the date of such distribution.

 

(d)       The
Book Value of all property shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such property
pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in
determining Capital Accounts pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m) and clause (g) of the definition of
Profits and Losses; provided, however, that the Book Value of property shall not be adjusted pursuant to this clause (d)
to the extent that an adjustment pursuant to clause (b) is required in connection with a transaction that would otherwise result
in an adjustment pursuant to this clause (d).

 

(e)       If
the Book Value of property has been determined or adjusted pursuant to clauses (b) or (d) hereof, such Book Value shall thereafter
be adjusted by the Depreciation taken into

 

    3

     

    

account
with respect to such property for purposes of computing Profits and Losses and other items allocated pursuant to ‎Article
VI.

 

“Budget”
means each two-year budget approved by the Board of Directors prior to the first day of each Fiscal Year.

 

“Business
Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized
by law to be closed.

 

“Capital
Account” has the meaning set forth in ‎Section 5.06 of this Agreement.

 

“Capital
Contribution” means, with respect to any Partner, the amount of money and the initial Book Value of any property
contributed or deemed contributed to the Partnership by such Partner, in accordance with ‎Article V of this Agreement.

 

“Cause”
means the definition of “Cause” used in the applicable Class B Limited Partner’s Employment Agreement, or, if
such Class B Limited Partner who is an Employee does not have such an Employment Agreement that defines “Cause,” then
Cause shall mean (A) any material breach of this Agreement (other than a failure by a Class A Limited Partner that is not a Class
A Contingent Partner to fund such Limited Partner’s Class A Commitment Amount, if any) or the Employment Agreement by the
Class B Limited Partner, including without limitation the material breach of any representation, warranty or covenant made under
this Agreement or his Employment Agreement, by the Class B Limited Partner, which such material breach remains uncorrected for
thirty (30) days after the applicable member of the PEG Group provides the Class B Limited Partner written notice of its belief
that this clause (A) is being or has been violated by the Class B Limited Partner; provided that the applicable member
of the PEG Group must exercise its right to terminate employment within ninety (90) days after it first becomes aware of such
breach; (B) the Class B Limited Partner’s being the subject of any order, judicial or administrative, obtained or issued
by the Securities and Exchange Commission for any securities violation involving fraud, including without limitation any order
in which findings of facts or any legal conclusions establishing liability are neither admitted nor denied; provided that
the applicable member of the PEG Group must exercise its right to terminate employment within ninety (90) days after it first
becomes aware of such order; (C) conviction of the Class B Limited Partner, or plea of nolo contendere by the Class B Limited
Partner, to any felony or crime involving moral turpitude; provided that the applicable member of the PEG Group must exercise
its right to terminate employment within ninety (90) days after it first becomes aware of such conviction or plea; or (D) the
Class B Limited Partner’s material mismanagement in providing material services to the Partnership or its Subsidiaries,
which such mismanagement is not cured within thirty (30) days after the applicable member of the PEG Group provides the Class
B Limited Partner written notice of its belief that this clause is being or has been violated; provided that such termination
of employment must be effected within ninety (90) days of the date that the applicable member of the PEG Group first became aware
of such mismanagement.

 

“Certificate”
has the meaning set forth in the recitals of this Agreement.

 

“Class
A Commitment Amount” means, (i) with respect to each Class A Limited Partner, an amount equal to its Class A Fixed
Commitment Amount as of the Signing Date as

 

    4

     

    

described
in Exhibit B, plus (ii) in the case of any Class A Contingent Partner, such Class A Contingent Partner’s Class
A Contingent Commitment Amount.

 

“Class
A Commitment Ratio” means, with respect to each Class A Limited Partner as of such date of determination, such Class
A Limited Partner’s (a) Class A Commitment Amount divided by (b) the sum of all Class A Commitment Amounts.

 

“Class
A Contingent Commitment Amount” means, with respect to each Class A Contingent Partner, an amount equal to the percentage
opposite such Class A Contingent Partner’s name in Exhibit C (each, a “Class A Contingent Commitment
Percentage”) of any PEG 1 Distributions received by such Class A Contingent Partner, in the aggregate as of such
date, from the Initial Limited Partner, during the period beginning on the Effective Date and ending eighteen (18) months thereafter,
to the extent such amount exceeds such Class A Contingent Partner’s Class A Fixed Commitment Amount.

 

“Class
A Contingent Partner” means each of the Class A Limited Partners listed on Exhibit C.

 

“Class
A Fixed Commitment Amount” means, with respect to each Class A Limited Partner, its Class A Fixed Commitment Amount
set forth opposite such Class A Limited Partner’s name in Exhibit B.

 

“Class
A Limited Partner” means any Limited Partner executing this Agreement as a Class A Limited Partner or hereafter
admitted to the Partnership as a Class A Limited Partner as provided in this Agreement, including any member of the Riverstone
Group who is a Transferee of Class A Units, but does not include any Person who has ceased to be a Limited Partner.

 

“Class
A Majority” means the holders of a majority of the outstanding Class A Units.

 

“Class
A Payout” means, with respect to each Class A Unit held by a Class A Limited Partner, that point in time when both
of the Unreturned Capital Contributions and Unpaid Class A Preference Amount with respect to such Class A Unit of such Class A
Limited Partner shall have been reduced to zero (0).

 

“Class
A Preference Amount” means, with respect to each Class A Unit held by a Class A Limited Partner, an amount equal
to an annual pre-tax return of 8%, compounded quarterly, on all Unreturned Capital Contributions made by such Class A Limited
Partner with respect to such Class A Unit. For the sake of clarity, the Class A Preference Amount shall be calculated with respect
to a given Capital Contribution starting on the later to occur of (i) the date of contribution and (ii) the Effective Date, and
shall be applied (and compounded) to the sum of (a) the portion of such Capital Contribution not, as of the time of calculation,
repaid to such Class A Limited Partner and (b) any Class A Preference Amount accrued and not, as of the time of calculation, distributed
to such Class A Limited Partner until the amount of such Capital Contribution has been returned to such Class A Limited Partner
in its entirety and all such accrued Class A Preference Amount has been distributed to such Class A Limited Partner in its entirety.

 

    5

     

    

“Class
A Unit” means a Unit representing a fractional part of the Partnership Interests and having the rights and obligations
specified with respect to the Class A Units in this Agreement.

 

“Class
A Unit Sharing Percentage” means, as to any Class A Limited Partner, the percentage obtained by dividing the number
of Class A Units owned by such Class A Limited Partner by the total number of Class A Units issued and outstanding at the time
in question.

 

“Class
B Limited Partner” means a holder of Class B Units, whether such Class B Units are vested or unvested, who is executing
this Agreement as a Class B Limited Partner or is hereafter admitted to the Partnership as a Class B Limited Partner as provided
in this Agreement, but does not include any Person who has ceased to be a Class B Limited Partner.

 

“Class
B Majority” means the holders of a majority of the Class B Units (excluding Class B Units held by Management Holdco).

 

“Class
B Payout” means that point in time when the sum of the aggregate amount of distributions, made by the Partnership
to the Class B Limited Partners pursuant to ‎Section 7.01(c) on account of their ownership of Class B Units, equals
15% of the sum of (i) the amounts distributed to the Class A Limited Partners pursuant to ‎Section 7.01(b) (excluding
any Class A Preference Amount paid with respect to Pre-Effective Date Class A Units, whether as a distribution or as part of a
redemption or purchase price) and (ii) the amounts distributed to the Class A Limited Partners and Class B Limited Partners pursuant
to ‎Section 7.01(c).

 

“Class
B Unit” means a Unit representing a fractional part of the Partnership Interests and having the rights and obligations
specified with respect to the Class B Units in this Agreement.

 

“Class
B Unit Sharing Percentage” means, as to any Class B Limited Partner, the percentage obtained by dividing the number
of Class B Units owned by such Class B Limited Partner by the total number of Class B Units issued and outstanding at the time
in question.

 

“Code”
means the Internal Revenue Code of 1986, as amended (excluding any amendments made by the Bipartisan Budget Act).

 

“Competitor”
means any Person (other than any investment fund managed by a member of the Riverstone Group) who is engaged in the active development
or operation of renewable energy projects in any geographic region where Pattern Energy or any of its Subsidiaries is conducting
business.

 

“Competitive
Business” has the meaning set forth in ‎Section 11.08(c)(iv) of this Agreement.

 

“Contribution
Agreement” means the Contribution Agreement, dated as of December 8, 2016, by and between the Initial Limited Partner
and the Partnership.

 

    6

     

    

“Contribution
Loan” means any loan made by the Partnership to Pattern Energy, to enable Pattern Energy to make an additional Capital
Contribution to the Partnership pursuant to ‎Section 5.02(a).

 

“Control”
(including the correlative terms “Controlled by” and “Controlling”) means
the possession, directly or indirectly, of the power to direct, or to cause the direction of, the management and policies of a
Person, whether through ownership of voting securities, by contract or otherwise.

 

“Co-Seller”
has the meaning set forth in ‎Section 11.05(a) of this Agreement.

 

“Depreciation”
means, for each Fiscal Period, an amount equal to the depreciation, amortization or other cost recovery deduction allowable for
federal income tax purposes with respect to property for such Fiscal Period, except that (A) with respect to any such property
the Book Value of which differs from its adjusted tax basis for federal income tax purposes and which difference is being eliminated
by use of the “remedial method” pursuant to Treasury Regulation Section 1.704-3(d), Depreciation for such taxable
year shall be the amount of book basis recovered for such Fiscal Period under the rules prescribed by Treasury Regulation Section
1.704-3(d)(2), and (B) with respect to any other such property the Book Value of which differs from its adjusted tax basis at
the beginning of such Fiscal Period, Depreciation shall be an amount which bears the same ratio to such beginning Book Value as
the federal income tax depreciation, amortization, or other cost recovery deduction for such Fiscal Period bears to such beginning
adjusted tax basis; provided that if the adjusted tax basis of any property at the beginning of such Fiscal Period is zero,
Depreciation with respect to such property shall be determined with reference to such beginning value using any reasonable method
selected by the Tax Matters Partner.

 

“Director”
means a member of the Board of Directors.

 

“Disabled”
or “Disability” means, as used to describe any Class B Limited Partner who is an Employee, the definition
of “Disabled” or “Disability” used in such Class B Limited Partner’s Employment Agreement, or, if
such Class B Limited Partner does not have such an Employment Agreement that defines “Disabled” or “Disability,”
“Disabled” or “Disability” shall exist if the Class B Limited Partner is unable to perform the essential
functions of his position, with reasonable accommodation, due to physical or mental illness or injury which continues for a period
in excess of four (4) consecutive months. The determination of a Disability will be made by the Partnership or the applicable
member of the PEG Group, as the case may be; provided that if the Class B Limited Partner disputes the determination, the
matter shall be submitted to a qualified doctor mutually acceptable to the Partnership or such member of the PEG Group, as the
case may be, and the Class B Limited Partner for final determination, and the Class B Limited Partner shall submit to such examinations
as the doctor shall reasonably request in order to enable the doctor to make the determination. If requested by the Partnership
or such member of the PEG Group, as the case may be, the Class B Limited Partner shall submit to a mental or physical examination
to be performed by an independent physician selected by the Partnership or such member of the PEG Group, as the case may be, to
assist the Partnership or such member of the PEG Group, as the case may be, in making such determination.

 

    7

     

    

“Distributable
Property” means the excess of cash and property on hand over the amount that the Board of Directors determines is
required to be retained as a reasonable reserve to meet any liabilities or proposed expenditures of the Partnership which are
accrued or reasonably foreseeable or that is otherwise reasonably necessary to be retained. In determining any reserves, the Board
of Directors shall consider, in its reasonable discretion and in good faith, anticipated committed expenditures and prospective
sources of cash.

 

“Economic
Risk of Loss” has the meaning set forth in Treasury Regulation Section 1.752-2(a).

 

“Effective
Date” means the date on which the Partnership issues its first capital call after the Signing Date.

 

“Effective
Date Contributing Partner” means any Class A Limited Partner making a Capital Contribution on or about the Effective
Date in accordance with ‎Section 5.01(b). The identity of each individual Effective Date Contributing Partner is listed
on Exhibit A under the heading “Effective Date Contributing Partner.”

 

“Employee”
means any Person who is employed by any member of the PEG Group.

 

“Employment
Agreement” means the then effective employment agreement, if any, entered into between any member of the PEG Group
and a Class B Limited Partner.

 

“Equity
Securities” has the meaning set forth in ‎Section 13.02(a) of this Agreement.

 

“Executive
Management Team” means the Persons listed under the heading “Executive Management Team on Exhibit E
hereto, as the same may be amended, modified or supplemented from time to time. The initial members of the Executive Management
Team are Michael Garland, Hunter Armistead, Daniel Elkort, Mike Lyon, Chris Shugart, Esben Pedersen, and Kevin Devlin.

 

“Family
Member” has the meaning set forth in ‎Section 12.01(b) of this Agreement.

 

“Fair
Market Value” has the meaning set forth in ‎Section 11.09 of this Agreement.

 

“Fiscal
Period” means (i) any period commencing on the date hereof or the day following the end of a prior Fiscal Period
and (ii) ending on the last day of each Fiscal Year, the day preceding any day in which an adjustment to the Book Value of the
Partnership’s properties pursuant to clause (b) of the definition of Book Value occurs, or any other date determined by
the Board of Directors.

 

“Fiscal
Year” means the fiscal year of the Partnership which shall end on December 31 of each calendar year unless, for
United States federal income tax purposes, another fiscal year is required. The Partnership shall have the same fiscal year for
United States federal income tax purposes and for accounting purposes.

 

    8

     

    

“General
Partner” means Pattern Energy Group Holdings 2 GP LLC, a Delaware limited liability company, and its successors
and permitted assigns as general partner of the Partnership.

 

“Good
Reason” means the definition of “Good Reason” used in the applicable Class B Limited Partner’s
Employment Agreement, or if the Class B Limited Partner does not have such an Employment Agreement that defines “Good Reason,”
then Good Reason shall mean (A) a material diminution in the Class B Limited Partner’s authority, title or position, duties,
or responsibilities; (B) a material breach by the Partnership of its obligations to the Class B Limited Partner pursuant to this
Agreement or a material breach by the Partnership or the applicable member of the PEG Group of the Class B Limited Partner’s
Employment Agreement; (C) the involuntary relocation of the geographic location of the Class B Limited Partner’s principal
place of employment by more than 40 miles from the location of the Class B Limited Partner’s principal place of employment
as of the effective date of employment; or (D) a diminution in the Class B Limited Partner’s base salary or a material diminution
in the discretionary target bonus, if applicable (as such terms are defined in his Employment Agreement), for which the Class
B Limited Partner is eligible in one year, as compared to the target bonus, if applicable, for which the Class B Limited Partner
was eligible in the previous year. Notwithstanding the foregoing provisions of this definition or any other provision of this
Agreement to the contrary, any assertion of a Class B Limited Partner of a termination for Good Reason shall not be effective
unless all of the following conditions are satisfied: (i) the Class B Limited Partner must provide written notice to the applicable
member of the PEG Group of the conditions described in (A), (B), (C) or (D) that give rise to the Class B Limited Partner’s
belief that Good Reason for termination exists within sixty (60) days after the Class B Limited Partner first becomes aware of
the initial existence of the condition; (ii) the condition specified in such notice must remain uncorrected for thirty (30) days
after receipt of such notice by such member of the PEG Group; and (iii) the date of the Class B Limited Partner’s termination
of employment must occur within ninety-one (91) days after the Class B Limited Partner first becomes aware of the initial existence
of the condition specified in such notice.

 

“Grant
Date” means, with respect to any Class B Unit, the date on which such Class B Unit is issued to an Employee or Management
Holdco, as applicable, whether pursuant to this Agreement or otherwise.

 

“Holder”
means (i) any Person that was a Limited Partner immediately prior to a Qualified Public Offering owning Registrable Securities
that have not been sold to the public, and (ii) any Transferee of Registrable Securities in a private transaction after a Qualified
Public Offering.

 

“Immediate
Family” means the spouse of an individual and the grandparents, parents, siblings and children (and children and
spouses of any of the foregoing) of the individual or his or her spouse. An adopted child will be treated as a child of his or
her adoptive parent or parents if (but only if) he or she was adopted before he or she reached 21 years of age.

 

“Identified
Development Properties” has the meaning set forth in ‎Section 11.08(c)(iv).

 

“Independent
Advisor” has the meaning set forth in ‎Section 11.09(c) of this Agreement.

 

    9

     

    

“Indemnitee”
has the meaning set forth in ‎Section 10.01 of this Agreement.

 

“Initial
Closing Date” means December 8, 2016.

 

“Initial
Contributing Partners” means any Class A Limited Partner deemed to have made a Capital Contribution on the Initial
Closing Date in accordance with ‎Section 5.01(a). The identity of each individual Initial Contributing Partner is listed
on Exhibit A under the heading “Initial Contributing Partner.”

 

“Initial
Limited Partner” has the meaning set forth in the recitals of this Agreement.

 

“Initial
Limited Partner LPA” means the First Amended and Restated Agreement of Limited Partnership of the Initial Partner,
dated effective as of July 15, 2010, as the same may be amended from time to time.

 

“Initial
LPA” has the meaning set forth in the recitals of this Agreement.

 

“Initiating
Holder” has the meaning set forth in ‎Section 11.03(a) of this Agreement.

 

“Investment
Criteria” means investments in projects that meet the following criteria:

 

		i.	Expected
net pre-tax proceeds to equity upon sale of no less than 1.40 times the total amount of equity invested prior to sale;

 

		ii.	Wind,
solar, transmission or storage in countries that are members of the Organization for Economic Co-operation and Development; and

 

		iii.	Fixed-price
power purchase arrangements with a term of no less than 10 years, covering no less than 60% of the project’s forecast output.

 

“Liquidation
Event” means the occurrence of any of the following: (i) a merger, consolidation or sale of substantially all of
the assets of the Partnership, (ii) the Transfer in a single transaction or a series of related transactions of 100% of the Units
of the Partnership and (iii) the winding up, dissolution or liquidation of the Partnership.

 

“Limited
Partner” means any Person (i) executing this Agreement or any other writing evidencing the interest of such
Person to become a limited partner of the Partnership, (ii) complying with the conditions for becoming a limited partner
of the Partnership as set forth in this Agreement or any other writing and requesting (orally, in writing or by other action such
as payment for a Partnership Interest) that the records of the Partnership reflect such admission, and (iii) hereafter admitted
to the Partnership as a limited partner as herein provided; but shall not include any Person who has ceased to be a limited partner
of the Partnership. For the avoidance of doubt, the term “Limited Partner” includes each Class A Limited Partner and
each Class B Limited Partner.

 

“Management
Designee” has the meaning set forth in ‎Section 9.02(a).

 

    10

     

    

“Management
Holdco” means Pattern Equity Holdings 2 LLC, a Delaware limited liability company formed and controlled by the Partnership
for the purpose of owning Units.

 

“Management
Holdco LLC Units” refers to the units representing membership interests in Management Holdco.

 

“Management
Services Agreement” means the Amended and Restated Management Services Agreement, dated as of the Signing Date,
by and between the Initial Limited Partner, Pattern Energy and the Partnership, as the same may be amended from time to time.

 

“Market
Area” has the meaning set forth in ‎Section 11.08(c)(iv) of this Agreement.

 

“Marketable
Securities” means securities that are (i) traded on an established United States securities exchange or stock
market, free of all liens, claims and encumbrances (excluding those arising under applicable securities laws), and (ii) either,
(A) freely tradeable, or (B) transferable by Limited Partners that are not Affiliates of the issuer thereof pursuant to Rule
144 under the Securities Act, or any successor rule thereto without any volume limitations.

 

“Minimum
Gain” has the meaning assigned to that term in Treasury Regulation Section 1.704-2(d).

 

“Non-Competition
Agreement” means the Second Amended and Restated Non-Competition Agreement, dated as of the Signing Date, by and
between the Initial Limited Partner, Pattern Energy and the Partnership, as the same may be amended from time to time.

 

“Nonrecourse
Deduction” has the meaning assigned to that term in Treasury Regulation Section 1.704-2(b).

 

“Officers”
has the meaning set forth in ‎Section 9.03 of this Agreement.

 

“Other
Investments” has the meaning set forth in ‎Section 3.04(a)(i)(A) of this Agreement.

 

“Participation
Offer” has the meaning set forth in ‎Section 11.05 of this Agreement.

 

“Partner”
means any General Partner or Limited Partner.

 

“Partner
Nonrecourse Debt” has the meaning assigned to that term in Treasury Regulation Section 1.704-2(b)(4).

 

“Partner
Nonrecourse Debt Minimum Gain” has the meaning assigned to that term in Treasury Regulation Section 1.704-2(i)(2).

 

“Partner
Nonrecourse Deduction” has the meaning assigned to that term in Treasury Regulation Section 1.704-2(i)(1).

 

“Partnership”
has the meaning set forth in the preamble of this Agreement.

 

    11

     

    

“Partnership
Group Member” means the Partnership and any Person in which the Partnership owns a capital or profits interest.

 

“Partnership
Interests” means, collectively, the interests of the Partners in the Partnership, including, without limitation,
rights to distributions (liquidating or otherwise), allocations, information, and, if applicable, to consent or approve, as represented
by Units.

 

“Partnership
Representative” has the meaning assigned to that term in Section 6223 of the Amended Code and any Treasury Regulations
or other administrative or judicial pronouncements promulgated thereunder.

 

“Pattern
Energy” means Pattern Energy Group Inc., a Delaware corporation.

 

“PEG
1 Distributions” means, with respect to a Class A Limited Partner, any amounts distributed to such Class A Limited
Partner directly by the Initial Limited Partner pursuant to the Initial Limited Partner LPA on or after the Effective Date, in
connection with such Class A Limited Partner’s Class B Units (as such term is defined in the Initial Limited Partner LPA)
in the Initial Limited Partner, or indirectly through Pattern Equity Holdings LLC pursuant to the Limited Liability Company Agreement
of Pattern Equity Holdings LLC, dated effective as of August 31, 2010, in connection with such Class A Limited Partner’s
Class B Units in Pattern Equity Holdings LLC, in each case, net of federal, state, and local taxes paid or payable on such distributions,
determined at the highest marginal rate applicable to individuals resident in the State of California for the taxable year during
which any such distribution is made.

 

“PEG
1 Services Failure” has the meaning given to such term in the Management Services Agreement.

 

“PEG
Indemnitors” has the meaning set forth in ‎Section 10.11 of this Agreement.

 

“PEG
Group” means, collectively, the Partnership, the Initial Limited Partner, Pattern Energy and their respective Subsidiaries.

 

“PEG
1 Limited Partner” means any Person who has received a distribution of Class A Units from the Initial Limited Partner
pursuant to the Initial Limited Partner LPA.

 

“Person”
means any individual, partnership, corporation, limited liability company, trust or other entity.

 

“Pre-Effective
Date Class A Units” means the Class A Units outstanding immediately prior to the Effective Date.

 

“Profits”
or “Losses” means, for each Fiscal Period, an amount equal to the Partnership’s taxable income
or loss for such period, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss,
or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss),
with the following adjustments (without duplication):

 

    12

     

    

(a)       Any
income of the Partnership that is exempt from federal income tax and not otherwise taken into account in computing Profits and
Losses pursuant to this definition of “Profits” and “Losses” shall be added to such taxable income or
loss;

 

(b)       Any
expenditures of the Partnership described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant
to Treasury Regulation Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Profits or Losses pursuant
to this definition of “Profits” and “Losses,” shall be subtracted from such taxable income or loss;

 

(c)       In
the event the Book Value of any asset is adjusted pursuant to clause (b) or clause (c) of the definition of Book Value, the amount
of such adjustment shall be treated as an item of gain (if the adjustment increases the Book Value of the asset) or an item of
loss (if the adjustment decreases the Book Value of the asset) from the disposition of such asset and shall, except to the extent
allocated pursuant to the Regulatory Allocations, be taken into account for purposes of computing Profits or Losses;

 

(d)       Gain
or loss resulting from any disposition of property with respect to which gain or loss is recognized for federal income tax purposes
shall be computed by reference to the Book Value of the property disposed of, notwithstanding that the adjusted tax basis of such
property differs from its Book Value;

 

(e)       In
lieu of the depreciation, amortization, and other cost recovery deductions taken into account in computing such taxable income
or loss, there shall be taken into account Depreciation;

 

(f)       To
the extent an adjustment to the adjusted tax basis of any asset pursuant to Code Section 734(b) is required, pursuant to Treasury
Regulation Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Account balances as a result of a
distribution other than in liquidation of a Partner’s interest in the Partnership, the amount of such adjustment shall be
treated as an item of gain (if the adjustment increases the basis of the asset) or an item of loss (if the adjustment decreases
such basis) from the disposition of such asset and shall be taken into account for purposes of computing Profits or Losses; and

 

(g)       Any
items that are allocated pursuant to the Regulatory Allocations shall not be taken into account in computing Profits and Losses.

 

“Public
Entity” has the meaning set forth in ‎Section 11.03(a) of this Agreement.

 

“Purchase
Rights Agreement” means the Amended and Restated Purchase Rights Agreement, dated as of the Signing Date, by and
between Pattern Energy and the Partnership, as the same may be amended from time to time.

 

“Qualified
Public Offering” means the sale in an underwritten public offering registered under the Securities Act of the equity
securities of the Partnership (or any successor thereto) approved by the Board of Directors and with anticipated net proceeds
to the Partnership (or successor entity) of $100 million or more.

 

    13

     

    

“Recapitalization”
has the meaning set forth in ‎Section 11.02(f)(i) of this Agreement.

 

“Registrable
Securities” means securities of the Public Entity owned by a Holder which are the same class as the equity securities
sold in the Qualified Public Offering.

 

“Regulatory
Allocations” means the allocations pursuant to ‎Section 6.02 of this Agreement.

 

“Remaining
Class A Commitment Amount” means, with respect to each Class A Limited Partner, such Class A Limited Partner’s
Class A Commitment Amount as described on Exhibit B, as amended from time to time pursuant to this Agreement, less all
amounts funded by such Class A Limited Partner as of the date of determination.

 

“Renounced
Business Opportunity” has the meaning set forth in ‎Section 3.04(c) of this Agreement.

 

“Reorganization”
has the meaning set forth in ‎Section 11.02(a) of this Agreement.

 

“Restricted
Securities” means securities that are subject to restrictions or limitations on resale in order to comply with Rules
144 or 145 (and any successor rules) as promulgated under the Securities Act or sales or dispositions of securities that are otherwise
restricted under the terms of any agreement pursuant to which such securities were acquired or issued.

 

“Retained
Distributions” has the meaning set forth in ‎Section 7.01(f) of this Agreement.

 

“Riverstone”
means Riverstone Pattern Energy II Holdings, L.P.

 

“Riverstone
Designee” has the meaning set forth in ‎Section 9.02(a) of this Agreement.

 

“Riverstone
Group” means Riverstone or any analogous entities that are used to form, organize or establish such funds, and their
respective Affiliates and partners, officers, directors and employees (and members of their respective Immediate Families and
trusts for the primary benefit of such family members).

 

“Riverstone
Indemnitors” has the meaning set forth in ‎Section 10.11 of this Agreement.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations thereunder as in effect from time
to time.

 

“Selling
Partner” has the meaning set forth in ‎Section 11.05(a) of this Agreement.

 

“Signing
Date” has the meaning set forth in the preamble of this Agreement.

 

“Sponsor
Indemnitees” has the meaning set forth in ‎Section 10.11 of this Agreement

 

“Sponsor
Indemnitors” has the meaning set forth in ‎Section 10.11 of this Agreement.

 

“SteelRiver
Entities” means SteelRiver Infrastructure Partners LP, SteelRiver Infrastructure Fund North America LP, SteelRiver
Management Holdings LLC, SteelRiver

 

    14

     

    

Infrastructure
Associates LLC, SteelRiver Offshore Infrastructure Associates Ltd., SteelRiver Services LLC, SteelRiver AIV Management LLC, ICS
AIV LP, NGPL AIV LP, TransBay AIV LP and their respective investment vehicles and Affiliates.

 

“Subsidiary”
means any Person of which 50% or more of the securities or other equity interests having ordinary voting power for the election
of managers, directors or similar Persons is now, or shall hereafter be, owned or controlled, directly or indirectly, by another
Person. For the sake of clarity, a limited partnership of which at least 50% of the general partner interests and 50% of the limited
partner interests are owned or controlled, directly or indirectly, by any other person, is a Subsidiary of such Person.

 

“Substitute
Limited Partner” means a Person who is admitted as a Limited Partner to the Partnership pursuant to ‎Section
11.10(b) in place of and with all the rights of a Limited Partner and who is shown as a Limited Partner on the books and records
of the Partnership.

 

“Tag
Sale” has the meaning set forth in ‎Section 11.05(a) of this Agreement.

 

“Tag
Sale Value” means, as of the date of a Tag Sale, the aggregate amount that would be received by holders of Units
in a sale of all of the Units, based on a valuation of all Units of the Partnership determined by reference to the aggregate consideration
to be paid by the acquiring party for the Units to be sold in the Tag Sale, as determined by the Board of Directors in good faith.

 

“Tax
Distribution Date” means any date that is two Business Days prior to the date on which estimated U.S. federal income
tax payments are required to be made by calendar year individual taxpayers or, if earlier, a calendar year corporate taxpayer
and each due date for the U.S. federal income tax return of an individual calendar year taxpayer or, if earlier, a calendar year
corporate taxpayer (without regard to extensions).

 

“Tax
Matters Partner” has the meaning set forth in ‎Section 4.03(a) of this Agreement.

 

“Taxable
Non-Cash Transaction” has the meaning set forth in ‎Section 11.13 of this Agreement.

 

“Termination
Event” has the meaning set forth in ‎Section 2.06 of this Agreement.

 

“Threshold
Amount” has the meaning set forth in ‎Section 3.02(c) of this Agreement.

 

“Transfer”
means the sale, assignment, pledge, hypothecation, transfer or other voluntary disposition (by gift or otherwise, and whether
as security or otherwise) by a Partner of all or a portion of his, her or its Units. For purposes of this definition, “Transfer”
of a Unit includes (a) the sale, assignment, pledge, hypothecation, transfer or other voluntary disposition (by gift or otherwise,
and whether as security or otherwise) of an equity interest in any Person substantially all of the assets of which consist, directly
or indirectly, of Units, or (b) the merger or consolidation of a Partner, or of any Person referred to in clause (a), with another
Person. “Transferor,” “Transferee,”
“Transferred” and “Transferring”
have meanings corresponding to the forgoing.

 

    15

     

    

“Treasury
Regulations” means the Income Tax Regulations promulgated under the Code, as they may be amended from time to time.

 

“Units”
means a Partnership Interest of a Partner representing a fractional part of the Partnership Interests of all the Partners and
shall include Class A Units and Class B Units; provided that any class or group of Units issued shall have the relative
rights, powers and duties set forth in this Agreement and the Partnership Interest represented by such class or group of Units
shall be determined in accordance with such relative rights, powers and duties set forth in this Agreement.

 

“Unpaid
Class A Preference Amount” means, with respect to each Class A Unit held by a Class A Limited Partner, at any time,
the excess, if any, of (i) the Class A Preference Amount of such Class A Limited Partner with respect to such Class A Unit
at such time over (ii) the cumulative amount of distributions to such Class A Limited Partner with respect to such Class A Unit
in payment thereof pursuant to ‎Section 7.01(b).

 

“Unreturned
Capital Contributions” means, with respect to each Class A Unit held by a Class A Limited Partner, the aggregate
amount of Capital Contributions made by such Class A Limited Partner with respect to such Class A Unit less the cumulative amount
of distributions to such Class A Limited Partner with respect to such Class A Unit in return thereof pursuant to ‎Section
7.01(a).

 

“Withheld
Items” has the meaning set forth in ‎Section 11.08(b)(i).

 

Article
II

ORGANIZATIONAL AND OTHER MATTERS

 

Section
2.01        Organization;
Ratification

 

(a)               
The Partnership was formed as a Delaware limited partnership by the filing of the Certificate in the office of the Secretary of
State on November 14, 2016.

 

(b)              
The Board of Directors hereby ratify any and all acts taken or caused to be taken by any “authorized person” (within
the meaning of the Act) in the name of or on behalf of the Partnership prior to the date hereof, including entry by the Partnership
(or, as applicable, one of its Subsidiaries) into (and performance by such Person of its obligations under) the Contribution Agreement,
the Purchase Rights Agreement, the Management Services Agreement, and the Non-Competition Agreement.

 

Section
2.02        Name

 

The
name of the Partnership is “Pattern Energy Group Holdings 2 LP,” and all Partnership business must be conducted in
such name or such other names that comply with applicable law as the Board of Directors may select from time to time.

 

    16

     

    

Section
2.03        Registered
Office; Registered Agent; Principal Office in the United States; Other Offices

 

The
registered office of the Partnership in the State of Delaware shall be the initial registered office designated in the Certificate
or such other office (which need not be a place of business of the Partnership) as the Board of Directors may designate from time
to time in the manner provided by law. The registered agent of the Partnership in the State of Delaware shall be the initial registered
agent designated in the Certificate or such other
Person or Persons as the Board of Directors may designate from time to time in the manner provided by law. The registered office
of the Partnership in the United States shall be at the place specified in the Certificate, or such other place(s) as the Board
of Directors may designate from time to time. The Partnership may have such other offices as the Board of Directors may determine
appropriate.

 

Section
2.04       
Purpose

 

The
Partnership may carry on, directly or through one or more Subsidiaries, any lawful business, purpose or activity permitted by
the Act.

 

Section
2.05        Foreign
Qualification

 

Prior
to conducting business in any jurisdiction other than the State of Delaware, the Board of Directors shall cause the Partnership
to comply, to the extent procedures are available, with all requirements necessary to qualify the Partnership as a foreign limited
partnership in such jurisdiction. Each Partner shall execute, acknowledge, swear to and deliver all certificates and other instruments
conforming to this Agreement that are necessary or appropriate to qualify, or, as appropriate, to continue or terminate such qualification
of, the Partnership as a foreign limited partnership in all such jurisdictions in which the Partnership may conduct business.

 

Section
2.06        Term

 

The
Partnership commenced on the date the Certificate was filed with the Secretary of State of the State of Delaware, and its term
shall continue until the earliest to occur of (a) ten (10) years after the Effective Date, (b) such date falling at least five
(5) years after the Effective Date on which either Pattern Energy or Riverstone, in either of their sole discretion, decide to
terminate the Partnership, (c) in Pattern Energy’s sole discretion, at any time following the Board of Directors’
rejection of three (3) or more First Rights Project Offers or First Rights PEG 2 LP Offers (each as defined in the Purchase Rights
Agreement), in the aggregate, in accordance with the terms of the Purchase Rights Agreement, representing a cumulative net capacity
of at least 600 MW, (d) in the event that the condition described in clause (c) applies, in either Pattern Energy’s or Riverstone’s
sole discretion at any time following the termination of the exclusivity provisions in the Non-Competition Agreement in accordance
with the terms therein and in accordance with this Agreement and the Purchase Rights Agreement, or (e) in the Board of Directors
sole discretion, at any time following a PEG 1 Services Failure (any such date specified in clauses (a)-(e), a “Termination
Event”). Upon a Termination Event, the Partnership shall (i) cease to undertake any new project development activities
and (ii) be wound up, liquidated and dissolved in accordance with this Agreement and applicable law.

 

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Section
2.07        Alternative Investment
Vehicles

 

If
in the determination of Riverstone or the Board of Directors, it is in the best interest of the Partnership or any of its Limited
Partners that certain or all of the Partners participate in an investment or a potential investment in foreign assets, Riverstone
or the Board of Directors may direct that Capital Contributions of certain or all Limited Partners with respect to such investment
or potential investment in foreign assets be effected through one or more alternative investment vehicles (each, an “Alternative
Investment Vehicle”), provided that Pattern Energy will not, without its prior written consent, be required to participate
in an Alternative Investment Vehicle that, at the time of admission of Pattern Energy, would have a material adverse impact on
Pattern Energy. In determining whether it is in the best interest of the Partnership or any of its Limited Partners for certain
or all of the Partners to participate in an Alternative Investment Vehicle, Riverstone and the Board of Directors will take into
account the costs of forming and operating any such Alternative Investment Vehicle and the impact such costs will have on all
the Partners. Each Alternative Investment Vehicle shall be governed by documents containing economic and governance terms substantially
comparable to this Agreement or expressly subjecting itself to the terms of this Agreement, and the investment results of any
Alternative Investment Vehicle will be aggregated with the investment results of this Partnership for purposes of determining
the amounts to be distributed to each Limited Partner pursuant to ‎Article VII of this Agreement and the corresponding
provisions of any Alternative Investment Vehicle. In furtherance of the foregoing, for purposes of calculating the amounts to
be contributed to and distributed from this Partnership, all amounts contributed to an Alternative Investment Vehicle shall be
treated as contributed by the Limited Partners participating in such investment through such Alternative Investment Vehicle to
this Partnership and all amounts distributed by such Alternative Investment Vehicle shall be treated as distributed from this
Partnership to such Limited Partners pursuant to the applicable provisions set forth in ‎Article VII of this Agreement.
Each of the Partners will cooperate and take such further actions as Riverstone or the Board of Directors may deem necessary or
appropriate to give effect to the purposes of this ‎Section 2.07, including without limitation executing and delivering
counterparts to the organizational documents of any Alternative Investment Vehicle

 

Article
III

partners; REPRESENTATIONS

 

Section
3.01        Class
A Limited Partners

 

The
identity of all of the Class A Limited Partners and the number of Units held by each Class A Limited Partner are reflected on
Exhibit B attached hereto, which shall be amended as necessary by the Board of Directors to reflect any changes in such
information. The Partnership is authorized to issue additional Class A Units at a price of $1.00 per Unit (unless otherwise provided
herein or as otherwise determined by the Board of Directors) and admit additional Class A Limited Partners only after (a) the
Board of Directors consents thereto, (b) so long as the Riverstone Group holds the Class A Majority, Riverstone consents thereto,
(c) each such additional Class A Limited Partner pays any Capital Contribution required by the Board of Directors and (d) each
such additional Class A Limited Partner executes an Adoption Agreement and any other documents in form and substance as the Board
of Directors may deem necessary or

 

    18

     

    

desirable
to effect such admission. The issuance of additional Class A Units shall dilute the Class A Limited Partners pro rata.

 

Section
3.02        Class B Limited
Partners

 

(a)               
The Partnership shall have the authority to issue not more than 1,000,000 Class B Units of which 752,500 Class B Units are outstanding
on the Signing Date. Class B Units shall be issuable only to Employees or to Management Holdco. The identity of all of the Class
B Limited Partners and the number of Units held by each Class B Limited Partner as of the Signing Date are reflected on Exhibit
D attached hereto, which shall be amended as necessary by the Board of Directors to reflect any changes in such information.
The remaining 247,500 authorized but unissued Class B Units may be issued, and the Persons to whom they are issued may be admitted
as additional Class B Limited Partners, only by the Board of Directors, with the consent of the Class B Majority. As a condition
to the issuance of the Class B Units, each such additional Class B Limited Partner shall execute an Adoption Agreement and any
other instruments in form and substance as the Board of Directors may deem necessary or desirable to effect such admission if
such Person is not already a Class B Limited Partner. The issuance of such remaining 247,500 authorized but unissued Class B Units
shall dilute the Class B Limited Partners pro rata subject to the Threshold Amount provisions of ‎Section 3.02(c).
No Class B Units shall be issued following the first to occur of (i) a Qualified Public Offering, (ii) a Liquidation Event, (iii)
a Transfer after the Effective Date in a single transaction or a series of related transactions of 50% or more of the Class A
Units, and (iv) a Reorganization. For the purposes of ‎Section 3.02(a) and ‎Section 9.06(c), the Class B Majority
shall be determined by including only those holders of a majority of the Class B Units who are Employees at the time of the issuance
of such additional Class B Units pursuant to this ‎Section 3.02(a).

 

(b)              
The Class B Units are intended to constitute “profits interests” within the meaning of Revenue Procedures 93-27 and
2001-43 (or the corresponding requirements of any subsequent guidance promulgated by the Internal Revenue Service or other applicable
law). Accordingly, the Capital Account associated with each Class B Unit at the time of its issuance shall be equal to zero dollars
($0.00). The Partnership and the holders of Class B Units shall file all federal income tax returns consistent with such characterization.

 

(c)               
The Partnership may from time to time effect one or more additional issuances of series of Class B Units, in accordance with the
provisions of ‎Section 3.02(a), the first of which to be issued after the Effective Date shall be designated as Class
B-2 Units and each subsequent issuance shall be designated by a sequential number (Class B-3, Class B-4, etc.). Each series of
Class B Units shall have a “Threshold Amount” to the extent necessary to cause such Class B Units to
constitute “profits interests” as provided in ‎Section 3.02(b) of this Agreement, but not less than zero
(taking into account the adjustments to Book Value contemplated in clause (ii) of subparagraph (b) of the definition thereof).
The Threshold Amount of each Class B Unit issued on the Initial Closing Date (designated herein as a “Class B-1 Unit”)
shall be zero (0). The Threshold Amount for each other series of Class B Units shall equal the amount that would, in the
reasonable determination of the Board of Directors, be distributable with respect to each then outstanding Class B Unit of any
then outstanding series if, immediately prior to the issuance of such new series of Class B Units, the assets of the Partnership
were sold for their fair market

 

    19

     

    

value
and the proceeds (net of any liabilities of the Partnership) were distributed pursuant to ‎Section 7.01 of this Agreement.

 

Section
3.03       
Units; Certificates

 

Units
may be (but need not be) represented by certificates in such form as the Board of Directors shall from time to time approve, but
shall be recorded in a register thereof maintained by the Partnership, and shall be subject to such rules for the issuance thereof
as the Board of Directors may from time to time determine. If the Board of Directors elects to certificate the Units and a mutilated
Unit is surrendered to the Partnership or if the Partner claims and submits an affidavit or other evidence, satisfactory to the
Partnership, to the effect that the Unit has been lost, destroyed or wrongfully taken, the Partnership shall issue a replacement
Unit if the Partnership’s requirements are met. If required by the Partnership, such Partner must provide an indemnity bond,
or other form of indemnity, sufficient in the judgment of the Partnership to protect the Partnership against any loss which may
be suffered. The Partnership may charge such Partner for its reasonable out-of-pocket expenses in replacing a Unit which has been
mutilated, lost, destroyed or wrongfully taken. For the avoidance of doubt, the Partnership may issue fractional Units.

 

Section
3.04        Conflicts of Interest

 

(a)               
Generally. Each Partner acknowledges and affirms that the Riverstone Group and its Affiliates:

 

(i)                
(A) have participated (directly or indirectly) and/or will continue to participate (directly or indirectly) in private equity,
venture capital and other direct investments in corporations, joint ventures, limited liability companies, limited partnerships
and other entities, including those engaged in various aspects of businesses that may, are or will be competitive with the Partnership’s
business or that could be suitable for the Partnership (“Other Investments”), (B) have interests in,
participate with, aid and maintain seats on the boards of directors or similar governing bodies of, Other Investments, and (C)
may develop or become aware of business opportunities for Other Investments; and

 

(ii)              
may or will, as a result of or arising from the matters referenced in clause (i) above, the nature of the Riverstone Group and
its Affiliates business and other factors, have conflicts of interest or potential conflicts of interest.

 

(b)              
Waiver of Conflicts. Each of the Partners (in their own names and in the name and on behalf of the Partnership) expressly,
except as set forth in ‎Section 3.04(c) of this Agreement, waive any such conflicts of interest and agree that neither
the Riverstone Group nor its Affiliates shall have any liability to any Partner, any Affiliate thereof, or the Partnership with
respect to such conflicts of interest or potential conflicts of interest and (y) except as set forth in ‎Section 3.04(c)
of this Agreement, acknowledge and agree that neither the Riverstone Group nor its Affiliates and their respective representatives
(excluding the Class B Limited Partners) will have any duty to disclose to the Partnership, any other Partner or the Board of
Directors any such business opportunities, whether or not competitive with the Partnership’s business and

 

    20

     

    

whether
or not the Partnership might be interested in such business opportunity for itself. The Partners (and the Partners on behalf of
the Partnership) also acknowledge that the Riverstone Group, its Affiliates and their representatives have duties not to disclose
confidential information of or related to the Other Investments. Each of the Partners (in their own names and in the name and
on behalf of the Partnership) hereby:

 

(i)                
agree that (A) the terms of this ‎Section 3.04 to the extent that they modify or limit a duty or other obligation,
if any, that the Riverstone Group or its Affiliates may have to the Partnership or another Partner under the Act or other applicable
law, rule or regulation, are reasonable in form, scope and content; and (B) the terms of this ‎Section 3.04 shall control
to the fullest extent possible if such terms conflict with a duty, if any, that the Riverstone Group and its Affiliates may have
to the Partnership or another Partner, under the Act or any other applicable law, rule or regulation;

 

(ii)              
waive any duty or other obligation, if any, that the Riverstone Group and its Affiliates may have to the Partnership or another
Partner, pursuant to the Act or any other applicable law, rule or regulation, to the extent necessary to give effect to the terms
of this ‎Section 3.04; and

 

(iii)            
agree that nothing in this ‎Section 3.04 shall negate, contravene, or modify any existing duty, obligation or restriction
owed by any Partner, any member of the Riverstone Group, or any of their Affiliates to any other Partner or any member of the
PEG Group pursuant to any agreement in effect as of the Signing Date.

 

(c)               
Business Opportunities. A Person who is not a Director or Officer, or a director or officer of a Subsidiary of the Partnership
shall not be obligated to communicate or offer to the Partnership, and the Partnership shall not have any interest or expectancy
in, any business opportunities, transactions or other matter, regardless of whether such opportunities, transactions or matters
are within the Partnership’s business. Without limiting the foregoing, each of the Partners acknowledge and agree that the
Partnership hereby renounces any interest or expectancy in any business opportunity, transaction or other matter in which the
Riverstone Group or its Affiliates participates in or desires to participate in and that involves any aspect related to the business
or affairs of the Partnership other than a business opportunity that is presented to an individual that is a member of Riverstone
Group in such individual’s capacity as a Director or Officer (each such business opportunity, other than the exception referred
to immediately preceding, is referred to as a “Renounced Business Opportunity”). Neither the Riverstone
Group nor its Affiliates shall have any obligation to communicate or offer any Renounced Business Opportunity to the Partnership
or any Partner thereof and may pursue any Renounced Business Opportunity solely for its own account.

 

(d)              
Acknowledgement. Each of the Partners (in their own names and in the name and on behalf of the Partnership) acknowledge,
affirm and agree that (i) the execution and delivery of this Agreement by the members of the Riverstone Group and/or its Affiliates
is of material benefit to the Partnership and the Partners, and that the Partners would not be willing to (x) execute and deliver
this Agreement, and (y) make their agreed Capital Contributions to the Partnership, without the benefit of this ‎Section
3.04 and the agreement of the parties thereto; and (ii) they have reviewed and understand the provisions of §§ 17-1101
of the Act.

 

    21

     

    

(e)               
Resolution of Conflicts of Interest. Unless otherwise expressly provided in this Agreement, whenever a potential conflict
of interest exists or arises between the General Partner or any of its Affiliates, or any Officer or member of the Board of Directors,
on the one hand, and the Partnership, any Partner or any Transferee, on the other hand, any resolution or course of action in
respect of such conflict of interest shall be permitted and deemed approved by all Partners, and shall not constitute a breach
of this Agreement, of any agreement contemplated herein, or of any standard of care or duty stated or implied by law or equity,
if the resolution or course of action is or, by operation of this Agreement is deemed to be, fair and reasonable to the Partnership.
Any conflict of interest and any resolution of such conflict of interest shall be conclusively deemed fair and reasonable to the
Partnership if such conflict of interest or resolution is (i) on terms no less favorable to the Partnership than those generally
being provided to or available from unrelated third parties or (ii) fair to the Partnership, taking into account the totality
of the relationships between the parties involved (including other transactions that may be particularly favorable or advantageous
to the Partnership). The Board of Directors shall be authorized in connection with its determination of what is “fair and
reasonable” to the Partnership and in connection with its resolution of any conflict of interest to consider (i) the relative
interests of any party to such conflict, agreement, transaction or situation and the benefits and burdens relating to such interest;
(ii) any customary or accepted industry practices and any customary or historical dealings with a particular Person; (iii) any
applicable generally accepted accounting or engineering practices or principles; and (iv) such additional factors as the
Board of Directors determines in its sole discretion to be relevant, reasonable or appropriate under the circumstances. For the
avoidance of doubt, (A) with respect to the parties to the Non-Competition Agreement, any activity, action or transaction allowed
under the Non-Competition Agreement or the Initial Limited Partner LPA, (B) to the extent a Limited Partner is an Employee, any
employment relationship between such Limited Partner and an entity that is a member of the PEG Group, or (C) ownership of equity
in, and service as an officer, director, authorized signatory, manager, or other governance position for, an entity that is a
member of the PEG Group, shall not be treated as a conflict of interest for purposes of this Agreement. Nothing contained in this
Agreement, however, is intended to nor shall it be construed to require the Board of Directors to consider the interest of any
Person other than the Partnership. So long as the Board of Directors acts in good faith, the resolution, action or terms so made,
taken or provided by the Board of Directors with respect to such matter shall not constitute a breach of this Agreement or any
other agreement contemplated herein or a breach of any standard of care or duty stated or implied by law or equity.

 

(f)               
No Duty to Consider Other Interests. Whenever this Agreement or any other agreement contemplated hereby provides that the
Board of Directors is permitted or required to make a decision (i) in its “sole discretion” or “discretion,”
that it deems “necessary or appropriate” or under a grant of similar authority or latitude, the Board of Directors
shall be entitled to consider only such interests and factors as it desires and shall have no duty or obligation to give any consideration
to any interest of, or factors affecting, the Partnership, any Partner or any Transferee, (ii) it will make such decision in good
faith unless another express standard is provided for, or (iii) in “good faith” or under another express standard,
the Board of Directors shall act under such express standard and shall not be subject to any other or different standards imposed
by this Agreement or any other agreement contemplated hereby or under the Act or any other law, rule or regulation.

 

    22

     

    

(g)              
Requirement of Fair and Reasonable. Whenever a particular transaction, arrangement or resolution of a conflict of interest
is required under this Agreement to be “fair and reasonable” to any Person, the fair and reasonable nature of such
transaction, arrangement or resolution shall be considered in the context of all similar or related transactions.

 

(h)              
Garland Conflict of Interest.Notwithstanding anything else in this Partnership Agreement or Michael Garland’s
Employment Agreement to the contrary, each of the Partners (in their own names and on behalf of the Partnership) hereby acknowledge,
agree and affirm that:

 

(i)                
Mr. Garland holds a position on the board of directors and the investment committee of the SteelRiver Entities and may continue
to hold such positions and devote such time as is reasonably required to perform such duties;

 

(ii)              
Mr. Garland owns an economic interest in the SteelRiver Entities and any conflict of interest resulting from such economic interest
is hereby waived; provided, however, that Mr. Garland agrees to notify the Partnership of any substantial increases in
his economic interest in the SteelRiver Entities by virtue of amendments to the constitutive documents of the SteelRiver Entities
or additional investments;

 

(iii)            
Mr. Garland shall be under no obligation to disclose confidential information (whether confidentiality arises by operation of
law or contract and whether or not such information represents a business opportunity) of, or related to, the SteelRiver Entities,
including, without limitation confidential information relating to business opportunities (or to the SteelRiver Entities’
pursuit, acquisition and consummation of such opportunities);

 

(iv)            
Mr. Garland is hereby authorized to disclose the provisions of this ‎Section 3.04(h) to the board of directors of the
SteelRiver Entities; and

 

(v)              
Any duty or other obligation, if any, that Mr. Garland may have to the Partnership or another Partner, pursuant to the Act or
any other applicable law, rule or regulation, is waived to the extent necessary to give effect to the terms of this ‎Section
3.04(h).

 

Section
3.05       
Representations, Warranties and Covenants

 

Each
Partner hereby represents, warrants and covenants to the Partnership and each other Partner that the following statements are
true and correct as of the date hereof and shall be true and correct at all times that such Partner is a Partner:

 

(a)               
if the Partner is a corporation, limited liability company, partnership or other entity, such Partner is duly incorporated, organized
or formed (as applicable), validly existing, and (if applicable) in good standing under the laws of the jurisdiction of its incorporation,
organization or formation; and such Partner has full power and authority to execute and deliver this Agreement and to perform
its obligations hereunder, and all necessary actions by the board of directors, shareholders, managers, members, partners, trustees,
beneficiaries, or other applicable Persons necessary for the due authorization, execution, delivery, and performance of this Agreement
by such Partner have been duly taken;

 

    23

     

    

(b)              
such Partner has duly executed and delivered this Agreement and the other documents contemplated herein, and they constitute the
legal, valid and binding obligation of such Partner enforceable against it in accordance with their terms (except as may be limited
by bankruptcy, insolvency or similar laws of general application and by the effect of general principles of equity, regardless
of whether considered at law or in equity);

 

(c)               
such Partner’s authorization, execution, delivery, and performance of this Agreement does not and will not (i) conflict
with, or result in a breach, default or violation of, (A) the organizational documents of such Partner, (B) any contract or agreement
to which such Partner is a party or is otherwise subject, or (C) any law, order, judgment, decree, writ, injunction or arbitral
award to which such Partner is subject; or (ii) require any consent, approval or authorization from, filing or registration with,
or notice to, any governmental authority or other Person, unless such requirement has already been satisfied;

 

(d)              
the Units to be acquired by such Partner pursuant to this Agreement will be acquired for investment for such Partner’s own
account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof in violation of applicable
securities laws;

 

(e)               
such Partner is an experienced investor in securities and acknowledges that he, she or it can bear the economic risk of its investment
in the Units acquired pursuant to this Agreement and has such knowledge and experience in financial or business matters that he,
she or it is capable of evaluating the merits and risks of the investment in the Units;

 

(f)               
in the case of each Class A Limited Partner, such Partner is an Accredited Investor;

 

(g)              
such Partner has had an opportunity to discuss the Partnership’s and its Subsidiaries’ businesses, management, financial
affairs and the terms and conditions of the offering of Units with the Partnership’s management;

 

(h)              
such Partner understands that the Units issued hereunder have not been, and will not be, registered under the Securities Act,
but have been issued by reason of a specific exemption from the registration provisions of the Securities Act that depends upon,
among other things, the bona fide nature of the investment intent and the accuracy of such Partner’s representations as
expressed herein; such Partner further understands that the Units acquired by it hereunder are “restricted securities”
under applicable U.S. federal and state securities laws and that, pursuant to these laws, such Partner must hold the Units acquired
by it hereunder indefinitely unless they are registered with the United States Securities and Exchange Commission and qualified
by state authorities, or an exemption from such registration and qualification requirements is available; and

 

(i)                
such Partner understands that no public market now exists for the Units or any other securities issued by the Partnership, and
that the Partnership has made no assurances that a public market will ever exist for the Units or any other securities issued
by the Partnership.

 

    24

     

    

Article
IV

BOOKS AND RECORDS

 

Section
4.01        Books, Records,
Access and Tax Information

 

(a)               
The Partnership shall keep and maintain proper and complete books and records of accounts, taxes, financial information and all
matters pertaining to the Partnership. The Partnership and the Tax Matters Partner shall cause to be prepared and filed all necessary
federal, state and local income tax returns for the Partnership, including making the elections described herein and shall cause
an Internal Revenue Service Schedule K-1 or any successor form to be prepared and delivered to the Partners within one hundred
twenty (120) days after the end of each Fiscal Year. Each Partner shall furnish to the Tax Matters Partner all pertinent information
in its possession relating to Operations that is necessary to enable the Partnership’s tax returns to be prepared and filed.
It is acknowledged, understood and agreed that none of the information contained in Exhibit B and Exhibit D, each
as amended from time to time, other than the names of the Partners has been nor will it be furnished to the Class B Limited Partners
other than the Chief Executive Officer of the Partnership for the purpose of preserving privacy with respect to the Unit ownership
of the Partners, unless the Board of Directors agrees otherwise. The Partners agree that the preceding sentence is reasonable
and appropriate. The Class A Limited Partners shall have the reasonable right (i) to consult from time to time with the Officers
and the supervisors or independent accountants of the Partnership (and its direct or indirect subsidiaries) at their respective
place of business regarding operating and financial matters, and (ii) to visit and inspect any of the properties of the Partnership
(and any of its direct or indirect subsidiaries), so long as the exercise of such rights does not interfere with the operations
or business of the Partnership.

 

(b)              
The Partnership shall (i) provide each Partner with an estimate of its share of the Partnership’s taxable income for each
Fiscal Year by December 15 of each such Fiscal Year, including an estimate of state and local apportionment information, (ii)
cause an estimated Internal Revenue Service Schedule K-1 or any successor form to be prepared and delivered to each Partner
within sixty (60) days after the end of each Fiscal Year, including any appropriate state and local apportionment information,
and (iii) provide to each Partner any other information such Partner reasonably requests for purposes of complying with applicable
tax reporting requirements that arise as a result of it being a Partner in the Partnership.

 

(c)               
Unless determined otherwise by the Board of Directors, the Partnership shall provide to each of the Partners the following reports:

 

(i)                
within one hundred twenty (120) days of the Partnership’s year-end, audited consolidated financial statements of the Partnership
and a schedule showing any variance between actual and budgeted figures;

 

(ii)              
within forty-five (45) days of the end of any fiscal quarter, unaudited quarterly consolidated financial statements of the Partnership
for the previous quarter and a schedule showing any variance between actual and budgeted figures;

 

    25

     

    

(iii)            
promptly upon request, copies of any budget;

 

(iv)            
prompt notice of any event that would reasonably be expected to have a material effect on the Partnership’s financial condition,
business or operations; and

 

(v)              
such other reports and information (in any form, electronic or otherwise) as a Partner may reasonably request or as the Board
of Directors may determine.

 

Section
4.02       
Tax Elections

 

.
The Partnership shall make the following elections on the appropriate tax returns:

 

(a)               
to adopt the calendar year as the Partnership’s Fiscal Year;

 

(b)              
to adopt an appropriate federal income tax method of accounting and to keep the Partnership’s books and records on such
income tax method;

 

(c)               
to elect pursuant to Code Section 6231(a)(1)(B)(ii) or take any other action necessary to cause the provisions of Code Sections
6221 through 6231 to apply to the Partnership; and

 

(d)              
any other election the Board of Directors may deem appropriate and in the best interests of the Partnership.

 

Section
4.03        Tax Matters Partner

 

(a)               
The “tax matters partner” of the Partnership pursuant to Code Section 6231(a)(7) for taxable years of the Partnership
beginning before January 1, 2018 shall be an eligible Partner designated from time to time by the Board of Directors subject to
replacement by the Board of Directors. (Any Partner who is designated as the tax matters partner is referred to herein as the
“Tax Matters Partner”). The initial Tax Matters Partner will be the General Partner, and may be changed
only upon Board Approval and in accordance with the Code and applicable Treasury Regulations.

 

(b)              
The Tax Matters Partner shall take such action as may be necessary to cause to the extent possible each other Partner to become
a notice partner within the meaning of Code Section 6231(a)(8). The Tax Matters Partner shall inform the Board of Directors and
each other Partner of all significant matters that may come to its attention in its capacity as Tax Matters Partner by giving
notice thereof on or before the fifth day after becoming aware thereof and, within that time, shall forward to the Board of Directors
and each other Partner copies of all significant written communications it may receive in that capacity.

 

(c)               
The Tax Matters Partner shall take no action without the authorization of the Board of Directors, other than such action as may
be required by law. Any cost or expense incurred by the Tax Matters Partner in connection with its duties, including the preparation
for or pursuance of administrative or judicial proceedings, shall be paid by the Partnership.

 

    26

     

    

(d)              
The Tax Matters Partner shall not enter into any extension of the period of limitations for making assessments on behalf of the
Partners without first obtaining the consent of the Board of Directors. The Tax Matters Partner shall not bind any Partner to
a settlement agreement without obtaining the consent of such Partner; provided, however, this sentence shall not
apply to the Partnership Representative in respect of any Partnership audit that occurs with respect to any Fiscal Year beginning
on or after January 1, 2018. Any Partner that enters into a settlement agreement with respect to any Partnership item (within
the meaning of Code Section 6231(a)(3)) shall notify the other Partners of such settlement agreement and its terms within ninety
(90) days from the date of the settlement.

 

(e)               
No Partner shall file a request pursuant to Code Section 6227 for an administrative adjustment of Partnership items for any taxable
year without first notifying the Tax Matters Partner and the other Partners. If the Board of Directors consents to the requested
adjustment, the Tax Matters Partner shall file the request for the administrative adjustment on behalf of the Partners. If such
consent is not obtained within thirty (30) days from such notice, or within the period required to timely file the request for
administrative adjustment, if shorter, any Partner, including the Tax Matters Partner, may file a request for administrative adjustment
on its own behalf. Any Partner intending to file a petition under Code Sections 6226 or 6228 or other Code section with respect
to any item involving the Partnership shall notify the Tax Matters Partner and the other Partners of such intention and the nature
of the contemplated proceeding. In the case where the Tax Matters Partner is the Partner intending to file such petition on behalf
of the Partnership, such notice shall be given within a reasonable period of time to allow the other Partners to participate in
the choosing of the forum in which such petition will be filed.

 

(f)               
If any Partner intends to file a notice of inconsistent treatment under Code Section 6222(b), such Partner shall give reasonable
notice under the circumstances to the Tax Matters Partner and the other Partners of such intent and the manner in which the Partner’s
intended treatment of an item is (or may be) inconsistent with the treatment of that item by the other Partners.

 

(g)              
For taxable years of the Partnership beginning on or after January 1, 2018, the Board of Directors may appoint and replace a Partnership
Representative and authorize the Partnership Representative to take any and all actions determined by the Board of Directors and
permissible under Section 6223 of the Amended Code and Treasury Regulations thereunder, provided that the Partnership Representative
shall be subject to obligations and limitations analogous to those set forth in Section 4.03(b)-(f) with respect to the Tax Matters
Partner, except as otherwise provided therein. The Board of Directors shall have the authority to amend this ‎Section 4.03
to give effect to the provisions of the Bipartisan Budget Act and any Treasury Regulations or other administrative pronouncements
promulgated thereunder and each Partner agrees to be bound by the provisions of any such amendment. Any such amendment shall seek
to preserve and maintain, to the extent reasonably possible, the relative and analogous rights, duties, responsibilities and obligations
of the Partners to those provided under this Agreement.

 

    27

     

    

Section
4.04        Section 83(b)
Election

 

Each
Partner who acquires Class B Units and who is a United States person within the meaning of Code Section 7701(a)(30) shall file
a timely election under Code Section 83(b) with respect to such Units and consult with such Partner’s tax advisor to determine
the tax consequences of such acquisition and of filing an election under Code Section 83(b). Each such Partner acknowledges that
it is the sole responsibility of such Partner, and not the Partnership, to file the election under Code Section 83(b) even if
such Partner requests the Partnership to assist in making such filing.

 

Section
4.05        Bipartisan Budget
Act

 

In
the event of an adjustment to the Partnership’s taxes or tax returns by a governmental authority (or any entity in which
the Partnership holds a direct or indirect interest), the Board of Directors will use commercially reasonable efforts to allocate
the burden of (or any decrease in Distributable Property resulting from) any taxes, penalties or interest imposed on the Partnership
pursuant to the Amended Code Sections 6225 and 6232 amongst the Partners in a reasonable manner based on the status, actions,
inactions or other attributes of each Partner. Any amounts allocated to a Partner pursuant to the preceding sentence will be treated
as withholding tax that arises as a result of the status or other matters that are particular to a Partner. Each Partner acknowledges
and agrees that (a) it may be required to provide the General Partner with documents, information, assistance or cooperation in
connection with the requirements imposed on the Partnership pursuant to Sections 6221 through 6241 of the Amended Code, together
with any guidance issued thereunder, and (b) if it fails to provide such documentation, information, assistance or cooperation
(including as a result of a Partner not being eligible to provide any requested documentation), any taxes, penalties or interest
imposed on the Partnership as a result of such failure will be treated for all purposes of this Agreement (including ‎Section
7.06) as amounts that are determined by reference to the status of a Partner (or its beneficial owners).

 

Article
V

CAPITAL CONTRIBUTIONS

 

Section
5.01       
Initial Capital Contributions of Class A Limited
Partners

 

(a)               
On the Initial Closing Date, in connection with the contributions by the Initial Limited Partner pursuant to the Contribution
Agreement, each of the Initial Contributing Partners was deemed to have contributed to the Partnership (a) assets with a Book
Value in the amount set forth opposite such Partner’s name on Exhibit A under the heading “Initial Contributed
Assets”, and received, following a distribution of the Class A Units issued to the Initial Limited Partner pursuant to the
Contribution Agreement, the number of Class A Units set forth opposite such Class A Limited Partner’s name under the heading
“Contributed Assets Class A Units”, and (b) the amount set forth opposite such Class A Limited Partner’s name
on Exhibit A under the heading “Capital Contributions”, and received, following the distribution of the Class
A Units issued to the Initial Limited Partner pursuant to the Contribution Agreement, the number of Class A Units set forth opposite
such Partner’s name under the heading “Capital Contribution Class A Units” on Exhibit A hereto. Notwithstanding
the distribution on the Initial Closing Date by the

 

    28

     

    

Initial
Limited Partner of such Class A Units to its limited partners, the Initial Limited Partner shall remain a Class A Limited Partner
under this Agreement.

 

(b)              
Within ten (10) Business Days after the Effective Date, each Effective Date Contributing Partner shall contribute to the Partnership,
in readily available funds, the amounts set forth opposite such Effective Date Contributing Partner’s name in Exhibit
A, and shall receive therefore the number of Class A Units set forth opposite such Effective Date Contributing Partner’s
name on Exhibit A.

 

(c)               
The Partnership shall use the funds contributed pursuant to ‎Section 5.01(b) (i) to redeem a number of Pre-Effective
Date Class A Units from each holder of Pre-Effective Date Class A Units equal to the number of Class A Units issued to the Effective
Date Contributing Partners pursuant to Section 5.01(b), in the case of each holder of Pre-Effective Date Class A Units, in the
numbers and for the amount set forth opposite the name of such holder on Exhibit B, and (ii) for general business purposes.
The total number of Pre-Effective Date Class A Units redeemed from all holders of Pre-Effective Date Class A Units pursuant to
this ‎Section 5.01(c) shall not exceed that number of Pre-Effective Date Class A Units representing forty-nine percent
(49%) of the Fair Market Value of the Pre-Effective Date Class A Units owned by such holders before the redemption..

 

(d)              
For federal income tax purposes, the Partnership
and the Partners agree to report the transactions described in Sections 5.01(b) and 5.01(c), taken together, as
a direct sale of Class A Units by each holder of Pre-Effective Date Class A Units to the Effective Date Contributing Partners
for a purchase price equal to the dollar amount of the distribution made pursuant to ‎Section 5.01(c); provided that,
notwithstanding the foregoing and for the avoidance of doubt, for purposes of determining the amounts distributable to the Effective
Date Contributing Partners pursuant to ‎Section 7.01(a) and 7.01‎(b) with respect to the Class A Units issued
pursuant to ‎Section 5.01(b), the Unreturned Capital Contribution with respect to each such Class A Unit as of the
Effective Date shall be equal to the amount per Class A Unit contributed by the Effective Date Contributing Partners pursuant
to ‎Section 5.01(b).

 

Section
5.02       
Further Capital Contributions

 

(a)               
Except as otherwise provided herein, each Class A Limited Partner shall make additional Capital Contributions from time to time
in an amount not to exceed its Remaining Class A Commitment Amount in proportion to its Class A Commitment Ratio, in each case,
in amounts and at such times as shall be determined by the Board of Directors. Subject to ‎Section 5.02(c), upon receipt
of such additional Capital Contributions, the Partnership shall issue to each contributing Class A Limited Partner additional
Class A Units at a price of $1.00 per Unit in the amount of such Capital Contribution.

 

(b)              
The Class A Limited Partners shall have ten (10) days from the issuance of a capital call pursuant to ‎Section 5.02(a)
and corresponding written notice to such Class A Limited Partners to make the Capital Contribution.

 

(c)               
In the event that a Class A Limited Partner fails to make a Capital Contribution called for by the Board of Directors pursuant
to ‎Section 5.02(a) as required by ‎Section 5.02(b),

 

    29

     

    

and
the amount of such Capital Contribution with respect to such Class A Limited Partner is equal to or greater than $500,000,
then the number of Class A Units issued in connection with such capital call to each Class A Limited Partner who makes its required
Capital Contribution shall be determined by an Independent Advisor selected by the Board of Directors, based on the Fair Market
Value of a Class A Unit determined as of the date of such capital call (in lieu of $1.00 per Unit). Following such time, (i) in
connection with any subsequent capital call by the Board of Directors pursuant to ‎Section 5.02(a), the number of Class
A Units issued to each Class A Limited Partner who makes its required Capital Contribution shall be determined by an Independent
Advisor selected by the Board of Directors, based on the Fair Market Value of a Class A Unit determined as of the date of such
capital call and (ii) each such subsequent capital call by the Board of Directors pursuant to ‎Section 5.02(a) shall
specify the required Capital Contribution of each Class A Limited Partner and upon funding, the Board of Directors shall issue
each Class A Limited Partner who made its required Capital Contribution Class A Units valued at an amount equal to the Fair Market
Value of Class A Units as most recently determined prior to such capital call by an Independent Advisor, and such issuances shall
be subject to retroactive adjustment in accordance with Section 11.09(c) based on a final determination of the current Fair Market
Value of such Class A Units by an Independent Advisor.

 

(d)              
Notwithstanding the provisions of ‎Section 5.02(a), (i) Class A Limited Partners shall not be obligated to make any
Capital Contributions to the extent that such Capital Contributions and all prior Capital Contributions made by such Class A Limited
Partner would exceed their respective Class A Commitment Amounts, (ii) the aggregate Class A Commitment Amounts of Riverstone
and Pattern Energy shall not collectively exceed $1.2 billion, and (iii) if a Class A Limited Partner who is an Employee on the
Effective Date ceases to be an Employee for any reason, such Class A Limited Partner’s rights and obligations to make Capital
Contributions shall immediately cease, and such Partner and his or her successors and assigns shall have no further obligation
to make Capital Contributions to the Partnership.

 

Section
5.03        PEG 1 Option

 

(a)               
At any time following the first anniversary of the Effective Date, but before the fifth anniversary of the Effective Date, the
Partnership shall have the option, but not the obligation, to (i) redeem any or all of the Pre-Effective Date Class A Units held
by each of the Initial Limited Partner and the PEG 1 Limited Partners as of such date for the Fair Market Value of such Class
A Units as of such date or (ii) cause a direct sale of all of the Pre-Effective Date Class A Units to the Effective Date Contributing
Partners on the same economic terms as would apply to any such redemption. In the event of clause (ii) above, each of the Initial
Limited Partner and the PEG 1 Limited Partners agrees to use their reasonable best efforts to cooperate with the Partnership to
effect such transaction.

 

(b)              
In the event the option is exercised, the Board of Directors, in consultation with the Company’s tax advisors, will determine
at the time the option is exercised the manner in which the exercise of the option will be reported for U.S. federal income tax
purposes; provided that, the Class A Limited Partners and Class B Limited Partners acknowledge and agree that (i) in the
event any redemption transaction described in clause (i) of ‎Section 5.03(a) is funded by Capital Contributions from
Effective Date Contributing Partners, for purposes of determining the

 

    30

     

    

amounts
distributable to the Effective Date Contributing Holders pursuant to ‎Section 7.01(a) and 7.01‎(b) with
respect to Class A Units issued by the Partnership in exchange for such Capital Contributions, the Unreturned Capital Contribution
with respect to each such Class A Unit as of the date of issuance shall be equal to the amount contributed in respect of such
Class A Unit and the Class A Preference Amount with respect to each such Class A Unit shall be determined based on the amount
contributed in exchange for such Class A Unit and shall accrue from the issuance date, regardless of whether the Board of Directors
determines that the redemption should be treated as a direct sale by the PEG 1 Limited Partners of the redeemed Class A Units
to such Effective Date Contributing Partners for U.S. federal income tax purposes and (ii) in the event of a direct sale
described in clause (ii) of ‎Section 5.03(a), for purposes of determining the amounts distributable to the Effective
Date Contributing Holders pursuant to ‎Section 7.01(a) and 7.01‎(b) with respect to the purchased Class
A Units, the Unreturned Capital Contribution with respect to each such Class A Unit shall be equal to the purchase price paid
for such Class A Unit and the Class A Preference Amount with respect to each such Class A Unit shall be determined based on the
purchase price paid for such Class A Unit and shall accrue from the date of sale. The Class A Limited Partners and Class
B Limited Partners agree to amend this Agreement to the extent necessary to give effect to this ‎Section 5.03(b) in
a manner that is tax efficient, including in a manner that minimizes the likelihood that any Partner in the Partnership recognizes
income as a result of implementing this ‎Section 5.03(b).

 

Section
5.04       
Withdrawal of Capital

 

No
Partner shall have the right to withdraw any capital from the Partnership; provided, however, that the Board of Directors
may determine to distribute capital to the Partners from time to time in accordance with the terms hereof.

 

Section
5.05       
Alternative Sources of Capital

 

(a)               
Prior to making any capital calls pursuant to the terms of this Agreement, the Board of Directors shall, in good-faith, consider
alternative or lower-cost sources of funding in lieu of making a capital call.

 

(b)              
In furtherance of the foregoing, following the Effective Date, in the event Pattern Energy is unable to fund its required Capital
Contribution in cash, the Board of Directors may, in its sole discretion (but in no event is obligated to), permit Pattern Energy
to borrow from the Partnership, from time to time, a Contribution Loan to fund a required Capital Contribution pursuant to ‎Section
5.02, in which case Pattern Energy will cooperate with the Partnership in good faith to execute and deliver such documents
or instruments reasonably required to effect such Contribution Loan on market terms as reasonably determined by Pattern Energy
and the Board of Directors and otherwise on the terms set forth in this ‎Section 5.05(b). Each Contribution Loan shall
be full recourse to Pattern Energy. At the time any Contribution Loan is made to Pattern Energy, (i) the original principal amount
of such Contribution Loan shall not exceed the amount of the additional Capital Contribution then required to be made by Pattern
Energy pursuant to ‎Section 5.02(a), (ii) the aggregate principal amount of all Contribution Loans between Pattern
Energy and the Partnership outstanding as of such date shall not exceed $60 million, (iii) Pattern Energy shall immediately contribute
the proceeds of such Contribution Loan to the Partnership as an additional Capital Contribution pursuant to ‎Section 5.02(a),
and (iv)

 

    31

     

    

Pattern
Energy shall agree to repay the amount borrowed under such Contribution Loan in full within 365 days following the date of such
Contribution Loan. All distributions payable to Pattern Energy pursuant to ‎Section 7.01 of this Agreement shall be
withheld and applied against the outstanding balance of any unpaid principal or interest amount attributable to any Contribution
Loan that has not been fully repaid at the time such distribution becomes due and payable to Pattern Energy, regardless of the
repayment terms of such Contribution Loan, but shall not be deemed to be an additional Capital Contribution by Pattern Energy.

 

Section
5.06       
Capital Accounts

 

(a)               
A separate capital account (a “Capital Account”) will be maintained on the Partnership’s books
and records for each Partner. Each Partner’s Capital Account will be increased by: (i) the amount of money contributed by
such Partner to the Partnership; (ii) the initial Book Value of property contributed by such Partner to the Partnership (net of
liabilities secured by such contributed property that the Partnership is considered to assume or take subject to under Section
752 of the Code); and (iii) allocations to such Partner of Profits and items of income or gain pursuant to the Regulatory Allocations.
Each Partner’s Capital Account will be decreased by: (A) the amount of money distributed to such Partner by the Partnership;
(B) the Fair Market Value of property distributed to such Partner by the Partnership (net of liabilities secured by such distributed
property that such Partner is considered to assume or take subject to under Section 752 of the Code); and (C) allocations to the
account of such Partner of Losses and items of loss or deduction pursuant to the Regulatory Allocations.

 

(b)              
In the event of a Transfer of Units made in accordance with this Agreement, the Capital Account of the Transferor shall become
the Capital Account of the Transferee to the extent it relates to the Transferred Units in accordance with Treasury Regulation
Section 1.704-l(b)(2)(iv).

 

(c)               
The manner in which Capital Accounts are to be maintained pursuant to this ‎Section 5.06 is intended to comply with
the requirements of Section 704(b) of the Code and the Treasury Regulations promulgated thereunder. If, in the opinion of the
Partnership’s legal counsel, the manner in which Capital Accounts are to be maintained pursuant to the preceding provisions
of this ‎Section 5.06 should be modified in order to comply with Section 704(b) of the Code and the Treasury Regulations
thereunder, then notwithstanding anything to the contrary contained in the preceding provisions of this ‎Section 5.06,
the method in which Capital Accounts are maintained shall be so modified; provided, however, that any change in the manner
of maintaining Capital Accounts shall not materially alter the economic agreement and relative economic benefits between or among
the Partners.

 

(d)              
Except as otherwise required in the Act, no Partner shall have any liability to restore all or any portion of a deficit balance
in such Partner’s Capital Account.

 

    32

     

    

Article
VI

ALLOCATIONS

 

Section
6.01       
Allocations of Profits and Losses

 

After
giving effect to the Regulatory Allocations, and subject to ‎Section 14.03(b) of this Agreement, Profits and Losses
for each Fiscal Period shall be allocated among the Partners for such Fiscal Period, in such a manner as shall cause the Capital
Accounts of each Partner (as adjusted to reflect all Regulatory Allocations and all distributions through the end of such Fiscal
Period) to equal, as nearly as possible, (a) the amount such Partner would receive if all assets of the Partnership on hand at
the end of such Fiscal Period were sold for cash equal to their Book Values, all liabilities of the Partnership were satisfied
in cash in accordance with their terms (limited in the case of non-recourse liabilities to the Book Value of the property securing
such liabilities), all unvested Class B Units became vested, and all remaining or resulting cash (including any Retained Distributions)
were distributed to the Partners under ‎Section 7.01 of this Agreement minus (b) such Partner’s share
of Minimum Gain and Partner Nonrecourse Debt Minimum Gain, computed immediately prior to the hypothetical sale of assets.

 

Section
6.02       
Regulatory Allocations

 

The
following allocations shall be made in the following order:

 

(a)               
Nonrecourse Deductions shall be allocated 85% to the holders of Class A Units pro rata in proportion to their respective
Class A Unit Sharing Percentages and 15% to the holders of Class B Units pro rata in proportion to their respective Class
B Unit Sharing Percentages.

 

(b)              
Partner Nonrecourse Deductions attributable to Partner Nonrecourse Debt shall be allocated to the Partners bearing the Economic
Risk of Loss for such Partner Nonrecourse Debt as determined under Treasury Regulation Section 1.704-2(b)(4). If more than one
Partner bears the Economic Risk of Loss for such Partner Nonrecourse Debt, the Partner Nonrecourse Deductions attributable to
such Partner Nonrecourse Debt shall be allocated among the Partners according to the ratio in which they bear the Economic Risk
of Loss. This ‎Section 6.02(b) is intended to comply with the provisions of Treasury Regulation Section 1.704-2(i)
and shall be interpreted consistently therewith.

 

(c)               
Notwithstanding any other provision hereof to the contrary, if there is a net decrease in Minimum Gain for a taxable year (or
if there was a net decrease in Minimum Gain for a prior taxable year and the Partnership did not have sufficient amounts of income
and gain during prior years to allocate among the Partners under this ‎Section 6.02(c)), items of income and gain shall
be allocated to each Partner in an amount equal to such Partner’s share of the net decrease in such Minimum Gain (as determined
pursuant to Treasury Regulation Section 1.704-2(g)(2)). This ‎Section 6.02(c) is intended to constitute a minimum gain
chargeback under Treasury Regulation Section 1.704-2(f) and shall be interpreted consistently therewith.

 

(d)              
Notwithstanding any provision hereof to the contrary except ‎Section 6.02(c) of this Agreement (dealing with Minimum
Gain), if there is a net decrease in Partner Nonrecourse

 

    33

     

    

Debt
Minimum Gain for a taxable year (or if there was a net decrease in Partner Nonrecourse Debt Minimum Gain for a prior taxable year
and the Partnership did not have sufficient amounts of income and gain during prior years to allocate among the Partners under
this ‎Section 6.02(d), items of income and gain shall be allocated to each Partner in an amount equal to such Partner’s
share of the net decrease in Partner Nonrecourse Debt Minimum Gain (as determined pursuant to Treasury Regulation Section 1.704-2(i)(4)).
This ‎Section 6.02(d) is intended to constitute a partner nonrecourse debt minimum gain chargeback under Treasury Regulation
Section 1.704-2(i)(4) and shall be interpreted consistently therewith.

 

(e)               
Notwithstanding any provision hereof to the contrary except ‎Section 6.02(a) and ‎Section 6.02(b), no Losses
shall be allocated to any Limited Partner to the extent that such allocation would cause such Limited Partner to have a deficit
balance in its Adjusted Capital Account (or increase any existing deficit balance in its Adjusted Capital Account) at the end
of such Fiscal Period. All Losses in excess of the limitation set forth in this ‎Section 6.02(e) shall be allocated
to the Partners who do not have a deficit balance in their Adjusted Capital Accounts in proportion to their relative positive
Adjusted Capital Accounts but only to the extent that such Losses do not cause any such Partner to have a deficit in its Adjusted
Capital Account.

 

(f)               
Notwithstanding any provision hereof to the contrary except ‎Section 6.02(c), ‎Section 6.02(d) and ‎Section
6.02(e) of this Agreement, a Partner who unexpectedly receives an adjustment, allocation or distribution described in Treasury
Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6) shall be allocated items of income and gain (consisting of a pro rata portion
of each item of income, including gross income, and gain for the taxable year) in an amount and manner sufficient to eliminate
any deficit balance in such Partner’s Adjusted Capital Account as quickly as possible; provided that, an allocation
pursuant to this ‎Section 6.02‎(f) shall be made only if and to the extent that such Partner would have deficit
Adjusted Capital Account balance after all other allocations provided for in this ‎Article VI have been tentatively
made as if this ‎Section 6.02‎(f) were not in this Agreement. This ‎Section 6.02(f) is intended to constitute
a qualified income offset under Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.

 

(g)              
In the event that any Partner has a deficit balance in its Capital Account at the end of any taxable year in excess of the sum
of (A) the amount such Partner is required to restore pursuant to tax provisions of this Agreement and (B) the amount
such Partner is deemed obligated to restore pursuant to Treasury Regulation Sections 1.704-2(g) an 1.704-2(i)(5), such Partner
shall be allocated items of Partnership gross income, and gain in the amount of such deficit as quickly as possible; provided
that an allocation pursuant to this ‎Section 6.02(g) shall be made only if and to the extent that such Partner
would have a deficit balance in its Capital Account after all other allocations provided for in this ‎Article VI have
been tentatively made as if ‎Section 6.02(f) and this ‎Section 6.02(g) were not in this Agreement.

 

(h)              
To the extent an adjustment to the adjusted tax basis of any Partnership properties pursuant to Code Section 734(b) or Code Section
743(b) is required pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m)(2) or 1.704-1(b)(2)(iv)(m)(4) to be taken into
account in determining Capital Accounts as the result of a distribution to any Partner in complete liquidation of such Partner’s
Units, the amount of such adjustment to Capital Accounts shall be treated as an item of gain (if the adjustment increases the
basis of the asset) or loss (if the

 

    34

     

    

adjustment
decreases such basis) and such gain or loss shall be allocated to the Partners in accordance with Treasury Regulation Section
1.704-1(b)(2)(iv)(m)(2) if such Section applies, or to the Partner to whom such distribution was made if Treasury Regulation Section
1.704-1(b)(2)(iv)(m)(4) applies.

 

(i)                
If any Class B Units held by any holder of Class B Units are forfeited or redeemed by the Partnership, such holder shall be allocated
items of loss and deduction in the year of such forfeiture or redemption in an amount equal to the portion of such holder’s
Capital Account attributable to such forfeited Units reduced, but not below zero, by the amount of any redemption price paid by
the Partnership for such Units.

 

(j)                
If, as a result of an exercise of a noncompensatory warrant or option to acquire an interest in the Partnership, a Capital Account
reallocation is required under Treasury Regulation Section 1.704-1(b)(2)(iv)(s)(3), the Partnership shall make corrective allocations
pursuant to Treasury Regulation Section 1.704-1(b)(4)(x).

 

Section
6.03        Income Tax Allocations

 

(a)               
All items of income, gain, loss and deduction for federal income tax purposes shall be allocated in the same manner as the corresponding
item of Profits and Losses is allocated, except as otherwise provided in this ‎Section 6.03.

 

(b)              
In accordance with Code Section 704(c) and the applicable Treasury Regulations thereunder, income, gain, loss, and deduction
with respect to any property contributed to the Partnership shall, solely for tax purposes, be allocated among the Partners so
as to take account of any variation between the adjusted basis of such property to the Partnership for Federal income tax purposes
and its initial Book Value. In the event the Book Value of any property is adjusted pursuant to clause (b) or (d) of the definition
of Book Value, subsequent allocations of income, gain, loss, and deduction with respect to such property shall take account of
any variation between the adjusted basis of such property for Federal income tax purposes and its Book Value in the same manner
as under Code Section 704(c) and the applicable Regulations thereunder. For purposes of the allocations pursuant to this
‎Section 6.03(b), the Partnership shall elect the remedial allocation method described in Treasury Regulation Section
1.704-3(d) or such other allocation method as is determined by the Board of Directors.

 

(c)               
Any (i) recapture of depreciation or any other item of deduction shall be allocated, in accordance with Treasury Regulations Sections
1.1245-1(e) and 1.1254-5, to the Partners who received the benefit of such deductions (taking into account the effect of remedial
allocations), and (ii) recapture of any income tax credits shall be allocated to the Partners in accordance with Treasury Regulation
Sections 1.704-1(b)(4)(ii) and 1.704-1(b)(4)(vii).

 

(d)              
Tax credits of the Partnership shall be allocated among the Partners as provided in Treasury Regulation Sections 1.704-1(b)(4)(ii)
and 1.704-1(b)(4)(viii).

 

(e)               
Allocations pursuant to this ‎Section 6.03 are solely for purposes of federal, state, and local taxes and shall not
affect, or in any way be taken into account in computing, any Partner’s Capital Account (except as provided in Treasury
Regulation Section

 

    35

     

    

1.704-1(b)(2)(iv)(j))
or share of Profits, Losses, other items or distributions pursuant to any provision of this Agreement.

 

Section
6.04        Other Allocation
Rules

 

(a)               
All items of income, gain, loss, deduction and credit allocable to an interest in the Partnership that may have been Transferred
shall be allocated between the Transferor and the Transferee based on the portion of the Fiscal Year during which each was recognized
as the owner of such interest, without regard to the results of Partnership operations during any particular portion of that year
and without regard to whether cash distributions were made to the Transferor or the Transferee during that year; provided,
however, that this allocation must be made in accordance with a method permissible under Code Section 706 and the Treasury
Regulations thereunder.

 

(b)              
The Partners’ proportionate shares of the “excess nonrecourse liabilities” of the Partnership, within the meaning
of Treasury Regulation Section 1.752-3(a)(3), shall be allocated 85% to the holders of Class A Units and 15% to the holders of
Class B Units, and among each of the Class A Limited Partners and the Class B Limited Partners in accordance with each such Partner’s
respective Class A Unit Sharing Percentage or the Class B Unit Sharing Percentage, as applicable.

 

Article
VII

DISTRIBUTIONS

 

Section
7.01       
Distributions

 

Except
as set forth in Sections 5.01(c) and 5.03, and subject to ‎Section 7.03, ‎Section 7.05, and
‎Section 14.03 of this Agreement, all Distributable Property of the Partnership shall be distributed at such time or
times (if any) as the Board of Directors determines in its sole discretion to the Partners in the following order and priority:

 

(a)               
First: 100% to the Class A Limited Partners in proportion to their respective Unreturned Capital Contributions until the
Unreturned Capital Contributions have been reduced to zero (0);

 

(b)              
Second: 100% to the Class A Limited Partners in proportion to their respective Unpaid Class A Preference Amounts until
the Unpaid Class A Preference Amount of each Class A Limited Partner has been reduced to zero (0);

 

(c)               
Third: (i) 50% to the Class A Limited Partners in proportion to their respective Class A Unit Sharing Percentages and (ii)
50% to the Class B Limited Partners in proportion to their respective Class B Unit Sharing Percentages, until the Class B Payout
occurs; and

 

(d)              
Thereafter: 85% to the Class A Limited Partners in proportion to their respective Class A Unit Sharing Percentages and
15% to the Class B Limited Partners in proportion to their respective Class B Unit Sharing Percentages.

 

    36

     

    

(e)               
In applying ‎Section 7.01(c) and ‎Section 7.01(d) of this Agreement, if any series of Class B Units have
been issued with a Threshold Amount greater than zero, a holder of such series of Class B Units will not be entitled to receive
distributions under this ‎Section 7.01, until the aggregate distributions made following the issuance of such series
of Class B Units to the holders of the Class B Units of each previously issued series of Class B Units shall be equal to the Threshold
Amount designated for such series of Class B Units. For example, prior to the holders of Class B-4 Units receiving distributions
under this ‎Section 7.01, the holders of all Class B Units of Class B-1, B-2, and B-3 Units must receive distributions
that cause the Threshold Amount to be attained for the Class B-4 Units. Any distribution that otherwise would have been made to
a series of Class B Units with a Threshold Amount but for this subsection shall be treated as additional Distributable Property
and distributed solely to the series of Class B Units then entitled to receive distributions.

 

(f)               
Any distributions (except tax distributions pursuant to ‎Section 7.03 of this Agreement) with respect to Class B Units
of any series that have not “vested” in accordance with the provisions of ‎Section 11.08(b)(i) of this
Agreement shall be retained by the Partnership in a separate bank account until “vesting” occurs (the “Retained
Distributions”). Retained Distributions shall be promptly distributed by the Partnership upon vesting of the relevant
Class B Units. Retained Distributions that are in respect of unvested Class B Units that are forfeited to the Partnership pursuant
to ‎Section 11.08(c) of this Agreement shall be reallocated among the remaining outstanding Class B Units pro rata
in proportion to their respective Class B Unit Sharing Percentages (as adjusted to take into account any Threshold Amount
applicable to Class B Units).

 

Section
7.02       
Distributions in Kind

 

No
Partner has any right to demand or receive a distribution from the Partnership in any form other than cash, and any distribution
from the Partnership in any form other than cash or Marketable Securities must be approved by the Class A Majority and the Class
B Majority. Any non-cash distribution from the Partnership must also comply with the provisions of ‎Section 11.13.

 

Section
7.03        Tax Distributions

 

(a)               
On each Tax Distribution Date, the Partnership shall, subject to the availability of Distributable Property, and prior to making
distributions pursuant to ‎Section 7.01, if any, distribute to each Partner in cash an amount equal to such Partner’s
Assumed Tax Liability, if any, as of such date. If on a Tax Distribution Date there are not sufficient funds on hand to distribute
to each Partner the full amount of such Partner’s Assumed Tax Liability, distributions pursuant to this ‎Section
7.03 shall be made to the Partners to the extent of the available funds in proportion to each Partner’s Assumed Tax
Liability, and the Partnership shall make future distributions as soon as funds become available to pay the remaining portion
of such Partner’s Assumed Tax Liability. Notwithstanding the foregoing and for the avoidance of doubt, the Partners agree
that the Partnership shall not be required to make distributions to a Partner pursuant to this ‎Section 7.03 to the
extent that such Partner realizes income in connection with the issuance or Transfer of Class B Units to such Partner, the forfeiture
of Class B Units by such

 

    37

     

    

Partner
or another Partner or the repurchase of Class B Units from such Partner or another Partner in accordance with this Agreement.

 

(b)              
Any amounts distributed to a Partner pursuant to this ‎Section 7.03 shall be treated as an advanced distribution of,
and shall reduce by a like amount the next amounts otherwise distributable to, such Partner pursuant to ‎Section 7.01
or ‎Section 14.03(b) of this Agreement, as applicable. Amounts distributed to a Partner pursuant to this ‎Section
7.03 that are treated as advanced distributions against amounts otherwise distributable shall be taken into account in determining
when a Class A Payout or Class B Payout occurs.

 

Section
7.04       
Redemption/Repurchase of Units

 

In
the event the Partnership has repurchased Class A Units or Class B Units pursuant to ‎Section 11.08(c) or otherwise
(excluding any redemption or repurchase pursuant to ‎Section 5.03), any amount paid to a holder of Class A Units in
connection with such repurchase of Class A Units shall be treated as an advance distribution to the holders of the remaining Class
A Units pursuant to ‎Section 7.01 or ‎Section 14.03, and any amount paid to a holder of Class B Units in
connection with such a repurchase of Class B Units shall be treated as an advance distribution to the holders of the remaining
Class B Units pursuant to ‎Section 7.01 or ‎Section 14.03. Any amount treated as an advance distribution shall
first, and solely for computational purposes, be added to the next aggregate amounts distributable to holders of Class A Units
and Class B Units, and then, after application of the distribution provisions of ‎Section 7.01, reduce the amounts otherwise
distributable to the holders of the remaining Class A Units or Class B Units, as applicable, by a like amount.

 

Section
7.05        Proceeds from
Projects

 

The
Board of Directors will use good faith efforts to distribute proceeds received from the sale or divestment, in whole or in part,
of any development, construction or operating project of the Partnership or any of its Subsidiaries within thirty (30) days of
receipt of such proceeds, provided, that the Board of Directors has determined, on the basis of a cash flow forecast provided
by the Executive Management Team to the Board of Directors on or about the date that such sale or divestment is consummated, that
the Partnership has sufficient cash and property on hand to meet any liabilities or fund any proposed expenditures of the Partnership
which are accrued or reasonably foreseeable within twelve (12) months following such date. In the event that a majority of the
Board of Directors disagrees with such forecast, the Board of Directors may instead use the applicable twelve-month period of
any Annual Budget.

 

Section
7.06        Withholding

 

(a)               
The Partnership may withhold distributions or portions thereof if it is required to do so by any applicable rule, regulation or
law, and each Partner hereby authorizes the Partnership to withhold from and pay on behalf of or with respect to such Partner
any amount of U.S. federal, state, local or foreign taxes that the Board of Directors determines that the Partnership is required
to withhold and pay with respect to any amount distributable or allocable to such Partner pursuant to this Agreement and to pay
any tax imposed on the Partnership

 

    38

     

    

(including
pursuant to the Bipartisan Budget Act where the amount of such tax is determined by reference to the status of a Partner (or its
beneficial owners)).

 

(b)              
Except with respect to amounts that a Partner contributes to the Partnership upon the request of the Board of Directors, any amounts
withheld pursuant to this ‎Section 7.06 or paid pursuant to this Section where the amount of such tax is determined
by reference to the status of a Partner (or its beneficial owners) shall be treated as having been distributed to such Partner
for all purposes of this Agreement at the time such withholding or payment is made. To the extent that the cumulative amount of
such withholding or payment for any period exceeds the distributions to which such Partner is entitled for such period, the amount
of such excess shall be considered a loan from the Partnership to such Partner, with interest accruing at an interest rate determined
by the Board of Directors or at the request of the Board of Directors, the amount of such excess shall be promptly paid to the
Partnership by the Partner on whose behalf such withholding or payment is required to be made, provided that any such payment
shall not be treated as a Capital Contribution and shall not reduce the amount that a Partner is otherwise obligated to contribute
to the Partnership. Any income from any deemed loan shall not be allocated to or distributed to the Partner requiring such loan.
Any such loan shall be satisfied out of distributions to which such Partner would otherwise be subsequently entitled until such
time as the Board of Directors requests that the Partner pay such amount to the Partnership. Each Partner hereby unconditionally
and irrevocably grants to the Partnership a security interest in such Partner’s Units to secure such Partner’s obligation
to pay to the Partnership any amounts required to be paid pursuant to this ‎Section 7.06. Each Partner shall take such
actions as the Partnership may request in order to perfect or enforce the security interest created hereunder.

 

(c)               
Each Partner hereby agrees to indemnify and hold harmless the Partnership, the other Partners and the Board of Directors from
and against any liability (including any liability for taxes, penalties, additions to tax or interest) with respect to income
attributable to or distributions or other payments to such Partner (including pursuant to the Bipartisan Budget Act where amount
of such tax is determined by reference to the status of a Partner (or its beneficial owners)). Upon the Partnership’s request,
each Partner shall promptly provide to the Partnership a duly completed and executed IRS Form W-9 or the appropriate IRS Form
W-8 and such other information as may be reasonably requested by the Partnership in order for it to accurately determine its withholding
obligation, if any. Unless otherwise determined by the Board of Directors, notwithstanding anything to the contrary in this Agreement,
any Partner who acquires its Units from a person who was a Partner of the Partnership at the time of the Transfer shall succeed
to and be responsible for, and shall indemnify and hold harmless the Partnership from any amounts the transferor Partner would
have been liable for under this ‎Section 7.06 if the transferor had remained a Partner of the Partnership, provided,
that for the avoidance of doubt, this sentence will not apply to the transactions described in Sections 5.01(c) or 5.01(d)
of this Agreement.

 

    39

     

    

Article
VIII

MEETINGS OF partners

 

Section
8.01       
Meetings

 

Annual
meetings of Partners may, but need not, be held. The annual meeting of Partners may be held at such place and on such date as
the Board of Directors may designate. Special meetings of the Partners, for any purpose or purposes, unless otherwise prescribed
by statute, may be called by the Board of Directors, or any Partner or Partners who hold in the aggregate a Class A Majority.

 

Section
8.02       
Place of Meetings

 

The
Board of Directors may designate any place, either within or outside the State of Delaware, as the place of meeting for any meeting
of the Partners. If no designation is made, or if a special meeting be otherwise called, the place of meeting shall be the principal
executive office of the Partnership.

 

Section
8.03       
Notice of Meetings

 

Written
notice stating the place, day and hour of the meeting and the purpose or purposes for which the meeting is called shall be delivered
not less than ten (10) nor more than fifty (50) days before the date of the meeting, either personally or by mail, by or at the
direction of the Board of Directors or Person calling the meeting, to each Partner entitled to vote at such meeting.

 

Section
8.04       
Record Date

 

For
the purpose of determining Partners entitled to notice of or to vote at any meeting of Partners or any adjournment thereof, or
Partners entitled to receive payment of any distribution, or in order to make a determination of Partners for any other purpose,
the date on which notice of the meeting is mailed or the date on which the resolution declaring such distribution is adopted,
as the case may be, shall be the record date for such determination of Partners.

 

Section
8.05       
Quorum

 

Partners
holding at least a Class A Majority represented in person or by proxy shall constitute a quorum at any meeting of Partners. In
the absence of a quorum at any such meeting, a majority of the Units so represented may adjourn the meeting from time to time
for a period not to exceed sixty (60) days without further notice. At such adjourned meeting at which a quorum shall be present
or represented, any business may be transacted which might have been transacted at the meeting as originally noticed. The Partners
present at a duly organized meeting may continue to transact business until adjournment, notwithstanding the withdrawal during
such meeting of that number of Units whose absence would cause less than a quorum.

 

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Section
8.06       
Proxies

 

At
all meetings of Partners, a Class A Limited Partner may vote in person or by proxy executed in writing by the Partner or by a
duly authorized attorney in fact. Such proxy shall be filed with the Board of Directors before or at the time of the meeting.
No proxy shall be valid after eleven (11) months from the date of its execution, unless otherwise provided in the proxy. A telegram,
telex, cablegram, electronic mail or similar transmission by the Class A Limited Partner, or a photographic, facsimile or similar
reproduction of an executed writing shall be effective for purposes of this ‎Section 8.06. The chairman of the meeting
shall decide all questions touching upon the qualification of voters, the validity of the proxies, and the acceptance or rejection
of votes, unless an inspector or inspectors shall have been appointed by the chairman of the meeting, in which event such inspector
or inspectors shall decide all such questions. A proxy shall be with full power of substitution and shall be revocable unless
the proxy form conspicuously states that the proxy is irrevocable and the proxy is coupled with an interest. Should a proxy designate
two (2) or more Persons to act as proxies, unless that instrument shall provide to the contrary, a majority or, if only two Persons
are designated as proxies, then both, of such Persons present at any meeting at which their powers thereunder are to be exercised
shall have and may exercise all the powers of voting or giving consents thereby conferred, or if only one be present, then such
powers may be exercised by that one.

 

Section
8.07       
Action by Partners Without a Meeting

 

Any
action required or permitted to be taken at a meeting of Partners may be taken without a meeting if the action is evidenced by
one or more written consents describing the action to be taken by the Partners that are signed by the Partners with the requisite
authority whose consent is required to take the action under this Agreement. Action taken under this ‎Section 8.07
is effective when the requisite number of Partners required to approve such action have signed the consent, unless the consent
specifies a different effective date. The record date for determining Partners entitled to take action without a meeting is the
date the first Partner signs and delivers to the Partnership a written consent. A telegram, telex, cablegram, electronic mail
or similar transmission by a Partner, or a photographic, photostatic, facsimile or similar reproduction of a writing signed by
a Partner, shall be regarded as signed by the Partner for purposes of this ‎Section 8.07.

 

Section
8.08       
Waiver of Notice

 

When
any notice is required to be given to any Partner, a waiver thereof in writing signed by the Person entitled to such notice, whether
before, at, or after the time stated therein, shall be equivalent to the giving of such notice.

 

Section
8.09       
Conduct of Meetings

 

All
meetings of the Partners shall be presided over by the chairman of the meeting, who shall be a Director or Officer designated
by the Board of Directors. The chairman of any meeting of Partners shall determine the order of business and the procedure at
the meeting, including such regulation of the manner of voting and the conduct of discussion as seem to him in order.

 

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Section
8.10       
Limited Class B Voting Rights

 

Class
B Units shall have no voting rights, except as set forth in ‎Section 9.06 and ‎Section 15.05 of this Agreement.

 

Article
IX

MANAGEMENT OF THE PARTNERSHIP

 

Section
9.01        Management

 

(a)               
In order to enable the Board of Directors to manage the business and affairs of the Partnership, the General Partner hereby irrevocably
delegates to the Board of Directors and, solely to the extent necessary to enable the Officers appointed by the Board of Directors
pursuant to ‎Section 9.03 of this Agreement to fulfill their duties under this Agreement, to the Officers all management
powers over the business and affairs of the Partnership that it may now or hereafter possess under applicable law (other than
its obligations as “tax matters partner” under ‎Section 4.03(a) of this Agreement) as permitted under Section
17-403(c) of the Act. The General Partner further agrees to take any and all action necessary and appropriate, in the sole discretion
of the Board of Directors, to effect any duly authorized actions by the Board of Directors or any Officer, including executing
or filing any agreements, instruments or certificates, delivering all documents, providing all information and taking or refraining
from taking action as may be necessary or appropriate to achieve all the effective delegation of power described in this ‎Section
9.01(a). Each of the Partners and Transferees and each Person who may acquire an interest in a Partnership Interest hereby
approves, consents to, ratifies and confirms such delegation. The delegation by the General Partner to the Board of Directors
of management powers over the business and affairs of the Partnership pursuant to the provisions of this Agreement shall not cause
the General Partner to cease to be a general partner of the Partnership nor shall it cause the Board of Directors or any member
thereof to be a general partner of the Partnership or to have or be subject to the liabilities of a general partner of the Partnership.
Except as provided in ‎Section 4.03(a) of this Agreement relating to the General Partner’s duties as “Tax
Matters Partner” and, if appointed by the Board of Directors, “Partnership Representative” (in each case, subject
to the limitations set forth therein) and except as otherwise provided in this Agreement, the management of the Partnership shall
be vested exclusively in the Board of Directors and, subject to the direction of the Board of Directors, the Officers. Neither
the General Partner nor any of the Limited Partners in their capacities as such shall have any part in the management of the Partnership
(except, with respect to the General Partner, as provided in ‎Section 4.03 of this Agreement relating to its duties
as “Tax Matters Partner” and, if appointed by the Board of Directors, “Partnership Representative” (in
each case, subject to the limitations set forth therein) and shall have no authority or right to act on behalf of the Partnership
or deal with any third parties on behalf of the Partnership in connection with any matter, except as requested or authorized by
the Board of Directors.

 

(b)              
To the fullest extent permitted by the Act, a person, in performing his or her duties and obligations as a Director under this
Agreement, shall be entitled to act or omit to act at the direction of the Partners that designated such person to serve on the
Board of Directors, considering only such factors, including the separate interests of the designating Partners, as such

 

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Director
or Partners choose to consider, and any action of a Director or failure to act, taken or omitted in good faith reliance on the
foregoing provision shall not, as between the Partnership and the other Partners, on the one hand, and the Director or Partners
designating such Director, on the other hand, constitute a breach of any duty (including any fiduciary or other similar duty,
to the extent that such exists under the Act or any other applicable law, rule or regulation) on the part of such Director or
Partners of the Partnership or any other Director or Partner.

 

(c)               
Unless explicitly provided otherwise in this Agreement, the Board of Directors shall have the power, right and authority on behalf
and in the name of the Partnership to carry out any and all of the objects and purposes of the Partnership and to perform all
acts which the Board of Directors, in its sole discretion, may deem necessary or desirable, including, without limitation, the
power to:

 

(i)              negotiate, execute and perform, any contract, agreement or other instrument (including, without limitation, this Agreement) as
the Board of Directors shall determine to be necessary or desirable to further the purposes of the Partnership;

 

(ii)            open, maintain and close bank accounts and draw checks or other orders for the payment of moneys;

 

(iii)           collect all sums due the Partnership and contest and exercise the Partnership’s right to collect all such sums;

 

(iv)           to the extent that funds of the Partnership are available therefor, pay as they become due all debts, obligations and operating
expenses of the Partnership;

 

(v)            make any expenditures, lend or borrow money, assume, guarantee or contract for, indebtedness or other liabilities, make prepayments
or extensions of debt, secure debt of the Partnership with Partnership assets;

 

(vi)           acquire, hold, manage, own, sell, Transfer, convey, assign, exchange or otherwise dispose of any assets of the Partnership or
cause any Subsidiaries of the Partnership to acquire, hold, manage, own, sell, Transfer, convey, assign, exchange or otherwise
dispose of any assets of such Subsidiaries;

 

(vii)          form, or acquire an interest in, any further limited or general partnerships, joint ventures, corporations, limited liability
companies or other relationships;

 

(viii)        
issue securities of any kind of the Partnership, except as specifically stated otherwise in this Agreement, or to cause any of
the Partnership’s Subsidiaries to issue securities;

 

(ix)            merge or combine the Partnership with or into another Person, or sell all or substantially all of the Partnership’s assets;

 

(x)            employ, compensate, or dismiss from employment any and all employees, attorneys, accountants, consultants, appraisers or custodians
of the assets of the

 

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Partnership,
on such terms and for such compensation as the Board of Directors may determine;

 

(xi)           obtain insurance for the Partnership relating to the indemnification referred to in ‎Section 10.01;

 

(xii)          admit additional Partners as provided in this Agreement;

 

(xiii)        
determine distributions of Partnership cash and other property as provided in ‎Section 7.01 and ‎Section 7.03;

 

(xiv)        
dissolve and liquidate the Partnership as provided in ‎Article XIV;

 

(xv)          bring and defend actions and proceedings at law or equity and before any governmental, administrative or other regulatory agency,
body or commission;

 

(xvi)        
make all elections, investigations, evaluations and decisions, binding the Partnership thereby, that may in the sole judgment
of the Board of Directors be necessary or desirable for the acquisition, management or disposition of assets by the Partnership,
including, without limitation, the exercise of rights to elect to adjust the tax basis of Partnership assets or the decision whether
or not to make the election under Section 6226 of the Amended Code;

 

(xvii)      
 make all tax, regulatory and other filings and render all reports to any governmental or other agencies having jurisdiction over
the Partnership;

 

(xviii)    
  act for and on behalf of the Partnership in all matters incidental to the foregoing, including, without limitation, the taking
of all actions for which any power of attorney is granted in ‎Section 9.09; and

 

(xix)        
consult with and seek the advice of one or more of the Limited Partners.

 

(d)              
When making any investment or funding projects, the Board of Directors shall endeavor (but is in no event obligated to) to seek
expected net pre-tax proceeds to equity upon sale of no less than 1.70 times the total amount of equity invested prior to sale
and to enter into fixed-price power purchase arrangements with a term of no less than 10 years, covering no less than 80% of the
project’s forecast output.

 

Section
9.02        Board of Directors

 

(a)               
Size and Designees. The Board of Directors shall consist of no less than five (5) Directors: (a) three (3) of whom shall
be appointed by Riverstone (the “Riverstone Designees”), and (b) two (2) of whom shall be appointed
by the Class B Majority (the “Management Designees”). The initial Riverstone Designees and Management
Designees are set forth on Exhibit E. If any Riverstone Designee shall resign or be removed or be unable to serve for any
reason as a Director of the Partnership, Riverstone shall designate a replacement Riverstone Designee. Riverstone may remove and
replace any Riverstone Designee at any time with or without cause. If any Management Designee shall resign or be removed or unable
to serve for

 

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any
reason as a Director, the Class B Majority shall designate a replacement Management Designee. The Class B Majority may remove
and replace any Management Designee at any time with or without cause.

 

(b)              
Board Observers. Riverstone may designate up to two (2) individuals and Pattern Energy may designate one (1) individual,
to attend quarterly meetings of the Board of Directors as observers and receive written materials distributed in connection with
such meetings; provided, however, that no such observer shall in any circumstance have any right to participate
in any vote, consent or other action of the Board of Directors, the failure by any observer to attend a meeting shall in no way
invalidate any actions taken at such meeting, and no observer shall count towards the quorum requirements described in ‎Section
9.02(c).

 

(c)               
Votes per Director; Quorum; Required Vote for Board Action. Each Director shall have one (1) vote; provided, however,
that any Riverstone Designee shall be entitled to cast more than one vote under the following circumstances: (i) if any of the
Riverstone Designees are not present at such meeting, then the Riverstone Designee or Riverstone Designees present at the meeting
shall be given an aggregate number of additional votes equal to the number of Riverstone Designees absent (and such absent Riverstone
Designee or Riverstone Designees shall be deemed to have given a proxy to vote at such meeting to any other Riverstone Designee
who is present at such meeting) or (ii) if there are any vacancies in the Riverstone Designees, then the remaining Riverstone
Designee or Riverstone Designees shall be given an aggregate number of additional votes equal to the number of vacancies of the
Riverstone Designees (for example, if the Riverstone Group has only designated one of its three Directors, then that one Riverstone
Designee may cast a total of three votes on matters presented to the Board of Directors). Unless otherwise required by this Agreement,
Directors having at least three votes, either present (in person or by teleconference) or represented by proxy, including at least
one Riverstone Designee, and, to the extent required for any vote pursuant to Sections ‎9.05 or ‎9.07, at
least one Management Designee, shall constitute a quorum for the transaction of business at a meeting of the Board of Directors.
A single Riverstone Designee shall, for quorum purposes, count as three votes. Actions by the Board of Directors shall require
Board Approval.

 

(d)              
Place of Meetings; Order of Business. The Board of Directors may hold its meetings in such place or places, within or without
the State of Delaware, as the Board of Directors may from time to time determine by resolution. At all meetings of the Board of
Directors, business shall be transacted in such order as shall from time to time be determined by resolution of the Board of Directors.

 

(e)               
Regular Meetings. Regular meetings of the Board of Directors shall be held at such times and places as shall be designated
from time to time by resolution of the Board of Directors. Notice of such regular meetings shall not be required if held at the
times and places set forth in the relevant resolution and such resolution has been provided to each Director.

 

(f)               
Special Meetings. Special meetings of the Board of Directors may be called by any Director or Directors having at least
two votes on at least 24 hours personal, written, telegraphic, cable, wireless or electronic notice to each Director, which notice
must include appropriate dial-in information to permit each Director to participate in such meeting by means

 

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of
telephone conference. Such notice need not state the purpose or purposes of such meeting, except as may otherwise be required
by the Act.

 

(g)              
Action Without a Meeting. Any action required or permitted to be taken at any meeting of the Board of Directors may be
taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by the Directors whose votes
would be required to take action at a meeting of the Board of Directors and such written consent shall be distributed to the entire
Board of Directors at least twenty-four (24) hours prior to its effective time.

 

(h)              
Telephonic Conference Meeting. Subject to the requirement for notice of meetings, members of the Board of Directors may
participate in a meeting by means of a conference telephone or similar communications equipment by means of which all persons
participating in the meeting can hear each other, and participation in such a meeting shall constitute presence in person at such
meeting, except where a person participates in the meeting for the express purpose of objecting to the transaction of any business
on the ground that the meeting is not lawfully called or convened.

 

(i)                
Waiver of Notice Through Attendance. Attendance of a Director at any meeting of the Board of Directors (including by telephone)
shall constitute a waiver of notice of such meeting, except where such Director attends the meeting for the express purpose of
objecting to the transaction of any business on the ground that the meeting is not lawfully called or convened and notifies the
other Directors at such meeting of such purpose.

 

(j)                
Reliance on Books, Reports and Records. Each Director shall, in the performance of his or her duties, be fully protected
in relying in good faith upon the books of account or reports made to the Partnership by any of its Officers or by an independent
certified public accountant or by an appraiser selected with reasonable care by the Board of Directors, or in relying in good
faith upon other records of the Partnership.

 

(k)              
Costs and Expenses. The Partnership will pay all reasonable out-of-pocket expenses incurred by the Directors in connection
with their participation in meetings of the Board of Directors (and committees thereof) and attending to the business of the Partnership.

 

(l)                
Board Committees. The Board of Directors may, by resolution passed by a majority of the entire Board of Directors, designate
one or more committees to exercise such delegated power and authority as the Board of Directors may from time to time determine,
including with respect to matters otherwise apportioned to the Board of Directors. Any such committee shall consist of one or
more of the Directors. For the avoidance of doubt, any such committee, to the extent allowed by law, shall not act in the capacity
of the Board of Directors, but notwithstanding anything to the contrary herein shall have and may exercise all the powers and
authority in the management of the business and affairs of the Partnership provided to such committee in the resolutions establishing
such committee, provided that no committee designation shall limit the application of ‎Section 9.05 (with respect to
approvals by two-thirds of the Class A Units), ‎Section 9.06 (with respect to approvals by Pattern Energy) or ‎Section
9.07 (with respect to approvals by a Class B Majority) except to the extent, if any, that such approval rights may be prospectively
waived by the Person or Persons holding the applicable approval rights at the time of designation.

 

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Section
9.03       
Officers

 

Upon
the nomination of the Executive Management Team or Riverstone, the Board of Directors may appoint such individuals (whether or
not any such individual is also a Limited Partner) as the Board of Directors may deem necessary or advisable as officers of the
Partnership as the Board of Directors may deem necessary or advisable to manage the day-to-day business affairs of the Partnership
(collectively, the “Officers”). Officers may be given titles or may be designated as “authorized
persons.” To the extent authorized by the Board of Directors, any Officer may act on behalf of, bind and execute and deliver
documents in the name and on behalf of the Partnership. The current Officers of the Partnership are set forth on Exhibit E
hereto. The Chief Executive Officer on behalf of the Executive Management Team shall as required by the Board of Directors
update the Board of Directors on any material changes or occurrences in the business of the Partnership and Riverstone shall promptly
notify the Executive Management Team of any material changes relating to Riverstone’s business objectives or financing capability
with respect to the Partnership. The Board of Directors may, in its sole discretion, remove any Officer with or without cause
at any time, subject to any applicable employment agreement. Notwithstanding anything to the contrary in this Agreement, Board
Approval and, for so long as the Riverstone Group owns a Class A Majority, at least two-thirds of the outstanding Class A Units
shall be required to elect or remove a member of the Executive Management Team.

 

Section
9.04        Actions Requiring
Board Approval

 

Notwithstanding
anything in this Agreement to the contrary, but subject to ‎Section 9.05, ‎Section 9.06, and ‎Section
9.07, neither the Partnership nor any of the Partnership’s Subsidiaries may take any action, including any of the following
actions, without prior Board Approval unless authority to take such action has previously been delegated to an Officer or other
authorized person:

 

(a)               
commencing or acquiring any new project in which the costs and committed project expenses collectively exceed (i) the aggregate
amounts approved in the Annual Budget for such acquisition and committed project expenses, if any, plus (ii) $3,000,000;

 

(b)              
continuing an existing project if the cumulative committed project expenses are expected to exceed (i) the aggregate amounts approved
in the Annual Budget for such committed project expenses, if any, plus (ii) $2,000,000;

 

(c)               
altering, supplementing, amending or otherwise modifying any Budget;

 

(d)              
approving, altering, supplementing, amending or otherwise modifying any future Partnership budgets;

 

(e)               
making distributions in accordance with the provisions of ‎Section 7.01 or ‎Section 7.03 of this Agreement;

 

(f)               
incurring, guaranteeing or assuming any indebtedness by the Partnership or any of its Subsidiaries in excess of an aggregate of
$5,000,000;

 

    47

     

    

(g)              
acquiring or disposing, in any one transaction or series of related transactions, of any assets for aggregate consideration in
excess of $5,000,000;

 

(h)              
entering into any derivative transactions, including hedging, forward sales or similar contracts, in excess of an aggregate of
$5,000,000;

 

(i)                
initiating any material litigation or other material legal or administrative proceeding or entering into any settlement agreement
with respect to any material litigation or other material legal or administrative proceeding;

 

(j)                
electing or removing any Officer pursuant to ‎Section 9.03 of this Agreement;

 

(k)              
creating or adopting any compensation, benefits, incentive, welfare or other plan for the benefit of any officer or employee of
the Partnership or any of its Subsidiaries;

 

(l)                
entering into any agreement, contract or other instrument not otherwise referred to in this ‎Section 9.04 to which
the Partnership or any of its Subsidiaries is a party or by which any of them or any of their respective assets be bound that
would be reasonably expected to create liabilities or obligations of the Partnership in excess of $1,000,000 in any Fiscal Year
or in excess of $5,000,000 during the term of such contract; and

 

(m)            
loaning money or providing any guarantee for a third party.

 

The
thresholds set out in clauses (a), (b), (f), (g), (h) and (l) above will be reconsidered by the Board of Directors on an annual
basis and for larger approvals, such as funding projects, the thresholds will not apply to contracts and commitments made under
the larger approval unless otherwise requested by the Board of Directors.

 

Section
9.05        Actions Requiring
Board Approval and Approval of the Class A Limited Partners

 

Notwithstanding
anything in this Agreement to the contrary, none of the Partnership, the Board of Directors or any of the Partnership’s
Subsidiaries may take the following actions without prior (i) Board Approval and (ii) for so long as Riverstone owns a Class A
Majority, approval of at least two-thirds of the Class A Units:

 

(a)               
making capital calls to fund Capital Contributions other than as needed to meet (i) general and administrative expenses and (ii)
expenses approved under ‎Section 9.04, in each case over a ninety (90) day look-forward period;

 

(b)              
making any distributions to any Partner other than cash distributions;

 

(c)               
repurchasing any issued and outstanding Units;

 

(d)              
electing or removing any member of the Executive Management Team;

 

(e)               
after consultation with the Executive Management Team, issuing additional Units (including any Class B Units) except as otherwise
provided herein or other interests or options

 

    48

     

    

convertible
into or exchangeable for Units, or any other equity interests in the Partnership or any of its Subsidiaries, subject to ‎Section
9.06, ‎Section 9.07, ‎Section 13.01 and ‎Section 13.02 of this Agreement;

 

(f)               
subject to ‎Section 15.05 of this Agreement, altering, supplementing, amending or otherwise modifying any provision
of this Agreement;

 

(g)              
effecting a Liquidation Event;

 

(h)              
effecting a Qualified Public Offering in accordance with ‎Section 11.02 of this Agreement;

 

(i)                changing the Partnership’s independent auditors;

 

(j)                changing the Partnership’s business line; and

 

(k)              
distributions in kind pursuant to ‎Section 7.02.

 

Section
9.06        Actions Requiring
Board Approval and Approval of Pattern Energy

 

Notwithstanding
anything in this Agreement to the contrary, none of the Partnership, the Board of Directors or any of the Partnership’s
Subsidiaries may take the following actions without prior (i) Board Approval and (ii) the approval of Pattern Energy (provided
that the actions in clauses (c)-(g) below shall only require Pattern Energy approval for so long as Pattern Energy owns at
least ten percent (10%) of the Class A Units outstanding at any point in time):

 

(a)               
commencing a bankruptcy, winding up, insolvency or reorganization proceeding involving the Partnership or any Subsidiary of the
Partnership;

 

(b)              
changing the Partnership’s or any of its Subsidiaries’ business plans or the purpose of the Partnership;

 

(c)               
making any material change to the Investment Criteria, or making any investment or funding projects that are outside the scope
of the Investment Criteria;

 

(d)              
making an investment, in a single transaction or series of related transactions, in a development, construction, or operating
project, in an amount greater than twenty-five percent (25%) (not including any third-party debt) of the cumulative Class A Fixed
Commitment Amounts set forth on Exhibit B;

 

(e)               
admitting any Person as a Partner in accordance with ‎Section 3.01 or ‎Section 3.02;

 

(f)               
authorizing or issuing any Units to a Competitor;

 

(g)              
initiating any litigation or other legal or administrative proceeding or entering into any settlement agreement or series of settlement
agreements with respect to or otherwise resolving any such litigation or proceeding, in each case, in an amount greater than $10
million;

 

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(h)              
entering into related-party transactions (i) with any member of the Riverstone Group or any investment fund managed by any member
of the Riverstone Group or (ii) that are likely to have a disproportionate economic impact on Pattern Energy relative to the other
Class A Limited Partners;

 

(i)                
repurchasing, redeeming, or otherwise cancelling (other than automatically as a result of forfeiture) any Class A Units, other
than on a pro rata basis amongst all Class A Limited Partners;

 

(j)                
amending ‎Article VII; and

 

(k)              
amending the governing documents of the Partnership or any of its Subsidiaries, to the extent such amendment has a materially
and disproportionately adverse effect on Pattern Energy relative to the other Class A Limited Partners.

 

Section
9.07        Actions Requiring
Board Approval and Approval of the Class B Limited Partners

 

Notwithstanding
anything in this Agreement to the contrary and subject to ‎Section 15.05, which sets forth certain amendments to this
Agreement which require approval of the holders of a specified percentage of Class B Units, none of the Partnership, the Board
of Directors or any of the Partnership’s Subsidiaries may take the following actions without prior (i) Board Approval and
(ii) approval of a Class B Majority (which approval, for the avoidance of doubt, shall not require a formal vote of all Class
B Limited Partners but shall be effective upon provision of a consent signed by such Class B Limited Partners as represent a Class
B Majority):

 

(a)               
entering into any agreement, contract or other instrument, or any transaction with an Affiliate of Riverstone, other than the
reimbursement of expenses pursuant to ‎Section 9.08(b);

 

(b)              
any amendment, modification or repeal of ‎Article X or any provision hereof that materially diminishes the rights of
an Indemnitee;

 

(c)               
issuance of Class B Units pursuant to ‎Section 3.02(a); and

 

(d)              
distributions in kind other than Marketable Securities pursuant to ‎Section 7.02.

 

Section
9.08        Certain Expenses

 

(a)               
Promptly following the Effective Date, upon the approval of the Board of Directors, the Partnership shall reimburse the Partners
for all reasonable out of pocket expenses not previously reimbursed, including legal fees, incurred directly in connection with
preparing, negotiating and executing this Agreement and any agreements related hereto. Each Partner shall provide the Partnership
with a good faith accounting of the amount of such expenditures and liabilities.

 

(b)              
Notwithstanding ‎Section 9.07(a) and subject to approval by the Board of Directors after consultation with any Management
Designee, Riverstone and its Affiliates shall be entitled to reimbursement from the Partnership for any reasonable expenses directly
incurred

 

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in
connection with, or directly related to, the Partnership business (including, without limitation, expenses associated with the
Partnership business development and expenses associated with any amendment to this Agreement and any agreement related hereto).

 

Section
9.09        Grant of Authority

 

Each
Partner hereby irrevocably constitutes and appoints each member of the Board of Directors with full power of substitution, each
as its true and lawful attorney and agent, in its name, place and stead to make, execute, acknowledge and, if necessary, to file
and record:

 

(a)               
any certificates or other instruments or amendments thereof which the Partnership may be required to file under the Act or any
other laws of the State of Delaware or pursuant to the requirements of any governmental authority having jurisdiction over the
Partnership or which the Board of Directors shall deem it advisable to file, including, without limitation, this Agreement, any
amended Agreement or certificate of cancellation;

 

(b)              
any certificates or other instruments (including counterparts of this Agreement with such changes as may be required by the law
of other jurisdictions) and all amendments thereto which the Board of Directors deems appropriate or necessary to qualify, or
continue the qualification of, the Partnership as a limited partnership;

 

(c)               
any certificates or other instruments which may be required in order to effectuate the dissolution and termination of the Partnership
pursuant to ‎Article XIV; and

 

(d)              
any amendment to any certificate or to this Agreement
necessary to reflect any other changes made pursuant to the exercise of the powers of attorney contained in this ‎Section
9.09 or pursuant to this Agreement.

 

Article
X

INDEMNIFICATION

 

Section
10.01    Power to Indemnify in Actions, Suits
or Proceedings

 

Subject
to ‎Section 10.02 of this Agreement, to the fullest extent permitted by law, the Partnership shall indemnify, defend
and hold harmless any Person (and such Person’s heirs, administrators and executors) who was or is a party or is threatened
to be made a party to, or is otherwise involved in, any threatened, pending or completed action, suit or proceeding (brought in
the right of the Partnership or otherwise), whether civil, criminal, administrative or investigative, and whether formal or informal,
including appeals, by reason of the fact that he is or was a Partner, Officer or Director of the Partnership, or is or was serving
at the request of the Partnership for any other enterprise (each such Person described herein, an “Indemnitee”),
from and against any and all losses, claims, expenses (including attorneys’ fees), costs, liabilities, damages, judgments,
fines and amounts paid in settlement actually and reasonably incurred by such Indemnitee, in connection with such action, suit
or proceeding, including appeals; provided, that such Indemnitee shall not be indemnified by the Partnership hereunder to the
extent that such Indemnitee’s conduct constituted fraud, willful or intentional misconduct or criminal wrongdoing or gross
negligence. For the avoidance of doubt, any Class B Limited Partner who

 

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shall
serve as a member, officer, director, manager, agent or employee of any Subsidiary or any other enterprise shall be deemed to
serve at the request of the Partnership. The termination of any action, suit or proceeding by judgment, order, settlement, conviction,
or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that such Indemnitee’s
actions were not in accordance with the previous standard. Any indemnification provided hereunder will be satisfied solely out
of the assets of the Partnership, as an expense of the Partnership. No Partner will be subject to personal liability by reason
of these indemnification provisions.

 

Without
limiting the generality of the foregoing, to the extent that an Indemnitee has been successful on the merits or otherwise in defense
of any such action, suit or proceeding, or in defense of any claim, issue or matter therein, he shall be indemnified against expenses
(including attorneys’ fees) actually and reasonably incurred by him in connection therewith. An Indemnitee shall not be
denied indemnification in whole or in part under this ‎Article X because the Indemnitee had an interest in the transaction
with respect to which indemnification applies if the transaction was otherwise permitted by the terms hereof.

 

Section
10.02    Expenses Payable in Advance

 

To
the fullest extent permitted by law, expenses incurred by an Indemnitee in appearing at, participating in, defending or investigating
a threatened or pending action, suit or proceeding shall be promptly paid by the Partnership in advance of the final disposition
of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such Indemnitee to repay such amount if it
shall ultimately be determined that he is not entitled to be indemnified by the Partnership as authorized by this ‎Article
X.

 

Section
10.03    Unpaid Claims

 

If
a claim for indemnification (following the final disposition of such action, suit or proceeding) or advancement of expenses under
this ‎Article X is not paid in full within thirty (30) days after a written claim therefor by an Indemnitee has been
received by the Partnership, such Indemnitee may, without the consent of the Board of Directors, institute proceedings to recover
the unpaid amount of such claim and, if successful in whole or in part, shall be entitled to be paid the expense of prosecuting
such claim. In any such action the Partnership shall have the burden of proving that such Indemnitee is not entitled to the requested
indemnification or advancement of expenses under this Agreement or applicable law.

 

Section
10.04    Nonexclusivity of Indemnification and
Advancement of Expenses

 

The
indemnification and advancement of expenses provided by or granted pursuant to this ‎Article X shall not be deemed
exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any agreement,
contract, vote of Partners or Board of Directors or pursuant to the direction (howsoever embodied) of any court of competent jurisdiction,
arbitrator or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office,
it being the policy of the Partnership that indemnification of Indemnitees shall be made to the fullest extent permitted by applicable
law. The provisions of this ‎Article X shall not be deemed to preclude the indemnification of any

 

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Person
who is not specified in ‎Section 10.01 of this Agreement, but whom the Partnership has the power or obligation to indemnify
under the provisions of the Act or otherwise.

 

Section
10.05    Survival of Indemnification and Advancement
of Expenses; Third Party Beneficiaries

 

The
obligations of the Partnership under this ‎Article X create vested rights in the Indemnitees effective as of the date
the Indemnitee first commences service for the Partnership, its Subsidiaries, and/or any other enterprise (as defined in ‎Section
10.09). Indemnification and advancement of expenses provided by, or granted pursuant to, this ‎Article X shall
continue as to an Indemnitee who has ceased to be a Partner, Officer, Director or employee. The provisions of this ‎Article
X shall be deemed to be a contract between the Partnership and each Indemnitee. Except to the extent required by law, any
amendment, modification or repeal of this ‎Article X or any provision hereof that does not expand the rights of the
Indemnitees (a) shall be prospective only and shall not in any way affect the Partnership’s liability to any such Indemnitee
under this ‎Article X, as in effect immediately prior to such amendment, modification, or repeal with respect to actions,
suits, proceedings or claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification
or repeal, regardless of when such actions, suits, proceedings or claims may arise or be asserted and (b) shall not be effective
unless the holders of a Class B Majority approve such amendment, modification or repeal pursuant to ‎Section 9.07.
The provisions of this ‎Article X are intended to be for the benefit of, and shall be enforceable by, each Indemnitee,
and his or her heirs and legal representatives, (each of whom are intended third party beneficiaries) and shall be in addition
to any other rights an Indemnitee may have under any contract, by law, or under any other arrangement.

 

Section
10.06    Limitation on Indemnification

 

Notwithstanding
anything contained in this ‎Article X to the contrary, except for proceedings to enforce rights to indemnification
and advancement of expenses, the Partnership shall not be obligated to indemnify any Partner, Officer or Director in connection
with a proceeding (or part thereof) initiated by such Person unless such proceeding (or part thereof) was authorized or consented
to by the Board of Directors.

 

Section
10.07    Indemnification of Employees and Agents

 

The
Partnership may, to the extent authorized from time to time by the Board of Directors, provide rights to indemnification and the
advancement of expenses to employees and agents of the Partnership and its Subsidiaries similar to those conferred in this ‎Article
X to the Indemnitees.

 

Section
10.08    Severability

 

The
provisions of this ‎Article X are intended to comply with the Act. To the extent that any provision of this ‎Article
X authorizes or requires indemnification or the advancement of expenses contrary to the Act or the Certificate, the Partnership’s
power to indemnify or advance expenses under such provision shall be limited to that permitted by the Act and the Certificate
and any limitation required by the Act or the Certificate shall not affect the validity of any other provision of this ‎Article
X. If any provision of this ‎Article X shall be or become invalid, illegal

 

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or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained in this ‎Article
X shall not be affected thereby.

 

Section
10.09    Fiduciary Service

 

For
purposes of this ‎Article X, references to “other enterprise” shall include each Subsidiary of the Partnership,
any employee benefit plan and any other entity (including a limited liability company, limited partnership or corporation), committee,
association, joint venture, enterprise, trust or unincorporated operation that an Indemnitee is serving at the request of the
Partnership; references to “fines” shall include any excise taxes assessed on a Person; and the Partnership shall
be deemed to have requested, and references to “serving at the request of the Partnership” shall include, any service
as a director, officer, employee, agent, trustee, fiduciary, consultant, administrator, representative, or delegate of or for
the Partnership, any Subsidiary and/or any other enterprise, including any capacity with respect to an employee benefit plan,
its participants, or beneficiaries.

 

Section
10.10    Exculpation

 

No
Partner, Officer or Director of the Partnership will be liable to the Partnership or to any Partner for any act or failure to
act, unless such Person’s action or failure to act constituted fraud, willful or intentional misconduct or criminal wrongdoing
or gross negligence. The Partners, Officers and Directors of the Partnership will not be liable to the Partnership or to any Partner
for such Person’s good faith reliance on the provisions of this Agreement. Except with respect to ‎Section 9.05,
‎Section 9.06 and ‎Section 9.07, the Board of Directors may exercise any of the powers granted to it by this
Agreement and perform its duties either directly or through its agents and it shall not be responsible for any misconduct or negligence
on the part of any such agent appointed by it in good faith.

 

Section
10.11   
Indemnitor of First Resort

 

As
a result of agreements or obligations arising outside of this Agreement, it may be the case that certain of the Indemnitees (“Sponsor
Indemnitees”) have certain rights to indemnification, advancement of expenses or insurance provided by (a) Riverstone
or certain of its Affiliates (the “Riverstone Indemnitors”) or (b) the Initial Limited Partner, Pattern
Energy or certain of their respective Affiliates (the “PEG Indemnitors”, and together with the Riverstone
Indemnitors, the “Sponsor Indemnitors”). However, regardless of whether or not there are any such rights
to indemnification, advancement of expenses or insurance provided by any Sponsor Indemnitor, (i) the Partnership is the indemnitor
of first resort (i.e., the Partnership’s obligations to each Sponsor Indemnitee are primary and any obligation of
the Riverstone Indemnitors or the PEG Indemnitors, as applicable, to advance expenses or to provide indemnification for the same
expenses or liabilities incurred by any Sponsor Indemnitee are secondary) to the extent of the indemnification obligations of
the Partnership hereunder, (ii) the Partnership shall be required to advance the full amount of expenses incurred by a Sponsor
Indemnitee and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement
to the extent legally permitted and as required by the terms of this Agreement (or any other agreement between the Partnership
and the Sponsor Indemnitees) and (iii) to the extent of the indemnification obligations of the Partnership hereunder, the Partnership

 

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hereby
irrevocably waives, relinquishes and releases each of the Sponsor Indemnitors from any and all claims against any of the Sponsor
Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. Regardless of any advancement
or payment by the Sponsor Indemnitors on behalf of any Sponsor Indemnitee with respect to any claim for which a Sponsor Indemnitee
has sought indemnification from the Partnership, to the extent of the indemnification obligations of the Partnership hereunder,
(x) the foregoing shall not be affected and (y) the Riverstone Indemnitors or the PEG Indemnitors, as applicable, shall have a
right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of such
Sponsor Indemnitee against the Partnership.

 

Section
10.12    Insurance

 

The
Partnership may purchase and maintain insurance on behalf of any one or more Indemnitees and other Persons against any liability
that may be asserted against or expense that may be incurred by such Person in connection with the activities of the Partnership,
its Subsidiaries or other enterprises as to which the Partnership has requested service, whether or not the Partnership would
have the power to indemnify such Person against such liability hereunder. The Partnership shall maintain policies of directors’
and officers’ liability insurance for the Board of Directors and all Officers with respect to claims arising from facts
or events that occurred on or after the Initial Closing Date, including in respect of the matters contemplated by this Agreement.

 

Article
XI

TRANSFER OF UNITS

 

Section
11.01    Request for Sale of Partnership by a
Class A Majority

 

(a)               
Subject to ‎Section 11.13, a Class A Majority, at any time after the date of this Agreement, may give written notice
to the Partnership and the Partners requiring a sale of the Partnership (an “Approved Sale”). An Approved
Sale may be effected pursuant to a securities disposition (by unit sale, merger, consolidation or otherwise) or asset disposition,
as determined by the Class A Majority in its sole discretion. Subject to the other provisions of this ‎Section 11.01,
each Partner hereby agrees to vote (to the extent any such vote is required) all of its Units in favor of an Approved Sale upon
the written request of the Class A Majority. If the Approved Sale is structured as a (i) merger, consolidation or sale of assets,
each Partner shall waive any dissenters’ rights, appraisal rights or similar rights in connection with such merger, consolidation
or sale of assets or (ii) sale of Units, each Partner shall agree subject to the other provisions of this ‎Section 11.01
to sell all of his, her or its Units or rights to acquire Units at the price and upon the payment terms approved by the Class
A Majority. If the Class A Majority is subject to any indemnification holdback in the consideration paid to it for Units sold
pursuant to this ‎Section 11.01, any Class B Limited Partner who sells any of its Class A Units or Class B Units pursuant
to the terms of this ‎Section 11.01 shall be subject to the same indemnification holdback as the Class A Majority,
in accordance with such Class B Limited Partner’s proportional share of the Units sold. Each Partner shall take all necessary
actions in connection with the consummation of the Approved Sale as reasonably requested by the Class A Majority; provided,
that no Partner shall be required to make any representation other than as to its ownership of its Units and no

 

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Partner
shall assume or incur any liability other than its pro rata share based on the Units sold of any such indemnification holdback.

 

(b)              
In any Approved Sale:

 

(i)                
each class of Units shall be converted into or entitled to receive, as applicable, a proportionate amount of the aggregate consideration
to be paid by the acquiring party, with such proportions to be determined by applying ‎Section 7.01 of this Agreement
to a Distributable Property amount equal to the sum of (a) the cash included in such consideration plus (b) the Fair Market Value
of any non-cash property included in such consideration;

 

(ii)              
each holder of Class A Units shall receive such holder’s proportionate share of the aggregate consideration to be allocated
to Class A Units pursuant to ‎Section 11.01(b)(i) of this Agreement based on the amount it is entitled to receive under
‎Section 7.01; and

 

(iii)            
each holder of a series of Class B Units shall receive such holder’s proportionate share of the aggregate consideration
allocated to the series of the Class B Units pursuant to ‎Section 11.01(b)(i) of this Agreement based on the amount
it is entitled to receive under ‎Section 7.01.

 

(c)               
If the Approved Sale is a transaction for which Rule 506 (or any similar rule then in effect) promulgated by the Securities and
Exchange Commission may be available with respect to such transaction (including a merger, consolidation or other reorganization),
the Partners (other than those qualifying as Accredited Investors) shall, at the request of a Class A Majority, appoint a purchaser
representative (as such term is defined in Rule 501) reasonably acceptable to such Class A Majority. If any Partner appoints a
purchaser representative, the Partnership will pay the fees of such purchaser representative. If the consideration consists of
securities and in order to qualify for an exemption from the Securities Act such securities cannot be sold to non-Accredited Investors,
then the non-Accredited Investors shall be entitled to receive, in lieu of such securities, an amount, in cash, equal to the Fair
Market Value (as determined pursuant to ‎Section 11.09) of the portion of the Units held by the non-Accredited Investors
that would otherwise be exchanged in consideration for such securities.

 

(d)              
Partners shall bear their pro rata share (based upon the allocation set forth in ‎Section 11.01(b)) of the costs
of any sale of Units pursuant to an Approved Sale to the extent such costs are incurred for the benefit of all Partners; all such
costs that are incurred for the benefit of all Partners to be paid by the Partnership if not netted from the sales proceeds or
paid by the acquiring party. Notwithstanding anything herein to the contrary, for purposes of this ‎Section 11.01(d),
costs incurred by the Class A Limited Partners or Class B Limited Partners in exercising reasonable efforts to take all actions
in connection with the consummation of an Approved Sale in accordance with this ‎Section 11.01(d) shall be deemed to
be for the benefit of all Partners for purposes of this ‎Section 11.01. Costs incurred by Partners on their own behalf
will not be considered costs of the transaction hereunder.

 

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Section
11.02    Conversion to a Corporation; Qualified
Public Offering

 

(a)               
Subject to ‎Section 11.13, the Board of Directors, with written Board Approval and the approval of a Class A Majority,
may cause the conversion in connection with a Qualified Public Offering of the Partnership, or any portion thereof, into a corporation,
including by (i) the Transfer of all of the assets of the Partnership, subject to the Partnership’s liabilities, or the
Transfer of any portion of such assets and liabilities, to one or more corporations in exchange for shares of any such corporations
and the subsequent distribution of such shares, at such time as the Board of Directors may determine, to the Partners, (ii) conversion
of the Partnership into a corporation pursuant to Section 17-219 of the Act (or any successor section thereto), (iii) Transfer
by each Partner of Units held by such Partner to one or more corporations in exchange for shares of any such corporations (including
by merger of the Partnership into a corporation) (or, in the case of any single purpose entity treated as corporation for U.S.
federal income tax purposes that holds a direct or indirect interest in Riverstone (a “Blocker Corporation”),
at the request of Riverstone, merge the Blocker Corporation into the corporation resulting from the Qualified Public Offering
of the Partnership in a tax-free reorganization or otherwise structure the Qualified Public Offering so that the Blocker Corporation
is not subject to a corporate-level tax on the Qualified Public Offering or subsequent dividend payments or sales of stock), or
(iv) by filing an election pursuant to Treasury Regulation Section 301.7701-3(c) (each of (i), (ii) and (iii), a “Reorganization”).
The Partners shall take all actions reasonably requested by the Board of Directors in connection with the consummation of such
Reorganization, including without limitation consenting to, voting for and waiving any dissenters rights, appraisal rights or
similar rights and participating in any exchange or other transaction required in connection with such Reorganization. The Partnership
shall pay any and all reasonable organizational, legal and accounting expenses and filing fees incurred by the Partnership, the
Class A Limited Partners and the Class B Limited Partners in connection with such Reorganization; provided, that the Partnership
shall only have to pay for one counsel to represent the interests of all of the Class B Limited Partners and one counsel to represent
the interests of all of the Class A Limited Partners.

 

(b)              
In connection with any Reorganization as described in ‎Section 11.02(a)(i) of this Agreement, the shares (which will
be valued at their Fair Market Value immediately prior to the Qualified Public Offering) received will be distributed in accordance
with ‎Section 7.01 of this Agreement (as adjusted to take into account any Threshold Amount applicable to any series
of Class B Units).

 

(c)               
In connection with any Reorganization as described in ‎Section 11.02(a)(i) of this Agreement:

 

(i)                
each class of Units shall be converted into a proportionate amount of the common stock of the resulting corporation, with such
proportion to be determined by applying ‎Section 7.01 of this Agreement to the total number of shares of common stock
to be distributed upon conversion (which shares will be valued based on the valuation immediately prior to the Qualified Public
Offering, less underwriting discounts and commissions, if any, and expenses);

 

(ii)              
each holder of Class A Units shall receive such holder’s proportionate share of the aggregate number of shares to be allocated
to Class A Units pursuant

 

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to
‎Section 11.02(c)(i) of this Agreement based on the amount it is entitled to receive under ‎Section 7.01;
and

 

(iii)            
each holder of Class B Units shall receive such holder’s proportionate share of the aggregate number of shares to be allocated
to each series of the Class B Units pursuant to ‎Section 11.02(c)(i) of this Agreement based on the amount it is entitled
to receive under ‎Section 7.01, provided that all shares received with respect to unvested Class B Units will be subject
to the same vesting conditions as applied to such Class B Units.

 

If
securities other than, or in addition to, common stock are issued to Unit holders by the resulting corporation in such Reorganization,
each class or series of securities shall be allocated among the holders of Units as provided in this ‎Section 11.02(c).

 

(d)              
In connection with any such Reorganization as described in ‎Section 11.02(a)(i) of this Agreement, each class of Units
shall be converted into the right to receive the same series or class of securities of the corporation (in the case of Reorganizations
described in ‎Section 11.02(a)(i)) or the Partnership (in the case of Reorganizations described in ‎Section
11.02(a)(i)) and such securities shall be allocated among the Class A Units and Class B Units, and among the holders of Class
A Units and Class B Units, in the same manner as shares of common stock are allocated in the event of a Reorganization under ‎Section
11.02(a)(i) of this Agreement as provided in ‎Section 11.02(c) of this Agreement.

 

(e)               
In connection with any Reorganization as provided in ‎Section 11.02(a)(i) of this Agreement, (i) each holder of a particular
class of Units shall receive the same form of securities and the same amount of securities per Unit of such class and if any holders
of a class of Units are given an option as to the form and amount of securities to be received, each holder of such class of Units
shall be given the same option and (ii) each holder of Units agrees to the Transfer of its Units in accordance with the terms
of conversion or exchange, as applicable, as provided by the Board of Directors. Each holder of Units further agrees that as of
the effective date of such conversion or exchange any Unit outstanding thereafter that shall not have been tendered for conversion
or exchange shall represent only the right to receive a certificate representing the number of shares of any such corporations
as provided in the terms of such conversion or exchange.

 

(f)               
If the Board of Directors approves a Qualified Public Offering, the Partners shall take all necessary or desirable actions reasonably
requested by the Partners in connection with the consummation of such Qualified Public Offering, including without limitation
compliance with the requirements of all laws and regulatory bodies that are applicable or that have jurisdiction over such Qualified
Public Offering. If such Qualified Public Offering is an underwritten offering:

 

(i)                
and the managing underwriters advise the Partnership in writing that in their opinion the Partnership’s capital structure
would adversely affect the marketability of the offering, each Partner shall consent to and vote for a recapitalization, reorganization
or exchange (each, a “Recapitalization”) of any class of the Partnership’s equity securities into
securities that the managing underwriters and the Board of Directors

 

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find
acceptable and shall take all necessary and desirable actions in connection with the consummation of such Recapitalization; provided
that each holder of a class of Units shall receive the same type of security with the same value per Unit (other than differences
based upon differences in the amount of yield accrued on such Units since their respective dates of issuance) and shall be subject
to the same restrictions on lock-up and transferability unless otherwise agreed to by the Partners; and

 

(ii)              
if requested by the managing underwriters, each of the Partners shall execute customary lock-up agreements with respect to their
Units and/or any securities received by them in any attendant Reorganization or Recapitalization.

 

(g)              
In connection with a Reorganization or Recapitalization associated with a Qualified Public Offering, any Class A Limited Partner
that is a qualified institutional buyer (as defined in Rule 144A promulgated under the Securities Act) may elect to receive distributions
with respect to its Class A Units in cash, in lieu of shares.

 

(h)              
The provisions of this ‎Section 11.02 are not intended to and shall not in any way diminish the power and authority
of the Board of Directors as set forth in ‎Section 9.01 of this Agreement or any other provision of this Agreement.

 

Section
11.03    Demand Registration Rights

 

(a)               
General. If the Partnership (or successor entity) (for purposes of this ‎Section 11.03 and ‎Section 11.04,
the “Public Entity”) shall receive from holder(s) of a Class A Majority after six (6) months after the
Public Entity has closed a Qualified Public Offering, a written request that the Public Entity file a registration statement with
respect to Registrable Securities (the sender(s) of such request or any similar request pursuant to this ‎Section 11.03
and ‎Section 11.04 shall be known as the “Initiating Holder(s)”), then the Public Entity
shall, within thirty (30) days of the receipt thereof, give written notice of such request to all Holders, and subject to the
limitations of this ‎Section 11.03, use its best efforts to effect, as soon as practicable, the registration under
the Securities Act of all Registrable Securities that the Holders request to be registered. The Public Entity shall not be obligated
to take any action to effect any such registration:

 

(i)                
after it has effected three (3) such registrations pursuant to this ‎Section 11.03, and such registrations have been
declared or ordered effective;

 

(ii)              
within six (6) months of a registration pursuant to this ‎Section 11.03 that has been declared or ordered effective;

 

(iii)            
during the period starting with the date sixty (60) days prior to its good faith estimate of the date of filing of, and ending
on a date one hundred eighty (180) days after the effective date of, a Public Entity-initiated registration (other than a registration
relating solely to the sale of securities to employees of the Public Entity pursuant to a stock option, stock purchase or similar
plan or to a Rule 145 transaction), provided that the Public Entity is actively employing in good faith all reasonable
efforts to cause such registration statement to become effective;

 

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(iv)            
where the anticipated aggregate offering price, net of any underwriting discounts or commissions, is equal to or less than twenty-five
million dollars ($25,000,000);

 

(v)              
if the Public Entity shall furnish to such Initiating Holder(s) a certificate signed by the President of the Public Entity stating
that in the good faith judgment of the board of directors it would be seriously detrimental to the Public Entity and its equity
holders for such registration statement to be filed at the time filing would be required and it is therefore essential to defer
the filing of such registration statement, the Public Entity shall have the right to defer such filing for a period of not more
than one hundred twenty (120) days after receipt of the request of the Holders, and provided, further, that the Public Entity
shall not defer its obligation in this manner more than once in any twelve (12) month period;

 

(vi)            
in any particular jurisdiction in which the Public Entity would be required to qualify to do business or to execute a general
consent to service of process in effecting such registration, qualification or compliance; or

 

(vii)          
unless the Registrable Securities are to be distributed by means of a firm commitment underwriting.

 

(b)              
The Public Entity (together with all Holders proposing to distribute their securities through such underwriting) shall enter into
an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Public
Entity in its sole discretion. Notwithstanding any other provision of this ‎Section 11.03, if the underwriter advises
the Initiating Holders that marketing factors require a limitation of the number of shares to be underwritten, the Registrable
Securities that would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be
included in the registration and underwriting shall be allocated among the Holders thereof in proportion, as nearly as practicable,
to the respective amounts of Registrable Securities held by such Holders at the time of filing of the registration statement.
If any Holder of Registrable Securities disapproves of the terms of the underwriting, such Person may elect to withdraw therefrom
by written notice to the Public Entity, the managing underwriter and the Initiating Holders. The Registrable Securities so excluded
or withdrawn shall not be Transferred in a public distribution prior to ninety (90) days after the effective date of such registration.
If by the withdrawal of such Registrable Securities a greater number of Registrable Securities held by other Holders may be included
in such registration (up to the maximum of any limitation imposed by the underwriters), then the Public Entity shall offer to
all Holders who have included Registrable Securities in the registration the right to include additional Registrable Securities
in the same proportion used in determining the underwriter limitation in this ‎Section 11.03(b). If the underwriter
has not limited the number of Registrable Securities to be underwritten, the Public Entity may include securities for its own
account if the underwriter so agrees and if the number of Registrable Securities which would otherwise have been included in such
registration and underwriting will not thereby be limited.

 

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Section
11.04    Piggyback Registration Rights.

 

(a)               
If, at any time or from time to time, beginning with the Public Entity’s Qualified Public Offering, the Public Entity shall
determine to register any of its securities for its own account in connection with an underwritten offering of its securities
to the general public for cash on a form which would permit the registration of Registrable Securities (including but not limited
to the Public Entity’s Qualified Public Offering), the Public Entity will:

 

(i)                
promptly give to each Holder written notice thereof; and

 

(ii)              
include in such registration and in the underwriting involved therein, all the Registrable Securities specified in a written request
or requests, made within twenty (20) days after mailing or personal delivery of such written notice from the Public Entity, by
any Holders, except as set forth in ‎Section 11.04(b).

 

(b)              
Underwriting. The right of any Holder to registration pursuant to this ‎Section 11.04 shall be conditioned upon
such Holder’s participation in the underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting
to the extent provided herein. All Holders proposing to distribute their Registrable Securities through such underwriting shall
(together with the Public Entity) enter into an underwriting agreement in customary form with the underwriter or underwriters
selected for such underwriting by the Public Entity. Notwithstanding any other provision of this ‎Section 11.04, if
the underwriter determines that marketing factors require a limitation of the number of shares to be underwritten, the Public
Entity shall so advise all Holders whose securities would otherwise be registered and underwritten pursuant hereto, and the number
of shares of Registrable Securities that may be included in the registration and underwriting shall be allocated in the following
manner: (i) first, to the Public Entity for securities being sold for its own account; then (ii) among all Holders in proportion,
as nearly as practicable, to the respective amounts of Registrable Securities entitled to inclusion in such registration held
by such Holders at the time of filing the registration statement, or, if so determined by the underwriter, all Registrable Securities
shall be excluded from each registration and underwriting. If any Holder disapproves of the terms of any such underwriting, the
Holder may elect to withdraw therefrom by written notice to the Public Entity and the underwriter. Any Registrable Securities
so excluded or withdrawn shall not be Transferred in a public distribution prior to ninety (90) days after the effective date
of such registration statement.

 

Section
11.05    Tag Along Rights

 

(a)               
Subject to ‎Section 11.13, if one or more Class A Limited Partners or any of their Affiliates (collectively, a “Selling
Partner”) desires to effect (i) a Transfer of Units representing 50% or more of the outstanding Class A Units in
a single transaction or a series of related transactions, or (ii) a Transfer of Units that when aggregated with all other prior
Transfers of Class A Units (whether or not constituting a Tag Sale) equals 50% or more of the total Class A Units issued by the
Partnership under this Agreement (each Transfer of Units under clause (i) or (ii) a “Tag Sale,” and
any subsequent Transfer of Units shall also be deemed a Tag Sale) and it does not elect to exercise its rights, if any, under
‎Section 11.01 of this Agreement to require each non-Selling Partner (each, a “Co-Seller”)
to Transfer their Units, then at least fifteen (15) days

 

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prior
to the closing of such Tag Sale, the Selling Partner shall make a written offer (the “Participation Offer”)
to each Co-Seller to include in the proposed Tag Sale a portion of:

 

(i)                
the number of Class A Units equal to the product of:

 

(A)            
the sum of (x) the total number of Class A Units owned by the Co-Seller immediately prior to the Tag Sale and (y) the aggregate
number of such Co-Seller Class A Units previously sold in Tag Sales; and

 

(B)             
the sum of (x) the percentage of the total number of Class A Units being sold by the Selling Partner in the Tag Sale and
(y) the percentage of the total number of Class A Units previously sold by all Selling Partners prior to the Tag Sales;

 

minus
the aggregate number of such Co-Seller’s Class A Units previously sold in Tag Sales; and

 

(ii)              
the number of Class B Units equal to the product of:

 

(A)            
the sum of (x) the total number of Class B Units owned by the Co-Seller immediately prior to the Tag Sale and (y) the aggregate
number of such Co-Seller Class B Units previously sold in Tag Sales; and

 

(B)             
the sum of (x) the percentage of the total number of Class A Units being sold by the Selling Partner in the Tag Sale and
(y) the percentage of the total number of Class A Units previously sold by all Selling Partners prior to the Tag Sales;

 

minus
the aggregate number of such Co-Seller’s Class B Units previously sold in Tag Sales.

 

Notwithstanding
the foregoing, if the consideration to be received by the Selling Partner includes any securities, then, unless the Selling Partner
and the Transferee both reasonably determine that an exemption is otherwise available under the Securities Act and all applicable
state securities laws for such transaction, only Co-Sellers who have certified to the reasonable satisfaction of the Selling Partner
that they are Accredited Investors shall be entitled to receive securities; the non-Accredited Investors shall be entitled to
receive from the Partners selling Units in the applicable transaction, pro rata, in lieu of such securities, an amount,
in cash, equal to the Fair Market Value (as determined pursuant to ‎Section 11.09) of the portion of
the Units held by the non-Accredited Investors that would otherwise be exchanged in consideration for such securities. The Units
of any Co-Seller sold in any Tag Sale shall entitle such Co-Seller to receive the amount which such Co-Seller would receive if
‎Section 7.01 of this Agreement were applied to the Tag Sale Value for a particular Tag Sale, and, as
a result of such application, amounts would be distributed to the holders of Units pursuant to ‎Section 7.01
of this Agreement. For the avoidance of doubt, the terms of this ‎Section 11.05 shall continue following
a Qualified Public Offering.

 

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(b)              
The Participation Offer shall describe the terms and conditions of the proposed Tag Sale (including the number of Units to be
sold) which shall be no less favorable than the terms and conditions obtained by the Selling Partner and shall be conditioned
upon (i) the consummation of the transactions contemplated in the Participation Offer with the Transferee named therein and (ii)
each Co-Seller’s execution and delivery of all agreements and other documents as the Selling Partner is required to execute
and deliver in connection with such Tag Sale. If any Co-Seller shall accept the Participation Offer by written notice to the Selling
Partner within ten (10) days after the date on which such Co-Seller receives the Participation Offer, the Selling Partner shall
reduce, to the extent necessary, the number of Class A Units it otherwise would have sold in the proposed Transfer so as to permit
those Co-Sellers who have accepted the Participation Offer to sell the number of their Units that they are entitled to sell under
this ‎Section 11.05 and the Selling Partner and such Co-Sellers shall Transfer the number of Units specified in the
Participation Offer to the proposed Transferee in accordance with the terms of such Transfer as set forth in the Participation
Offer. If any Selling Partner is subject to any indemnification holdback in the consideration paid to it for Units sold pursuant
to this ‎Section 11.05, any Class B Limited Partner who sells any of its Units pursuant to the terms of this ‎Section
11.05 shall be subject to the same indemnification holdback as the Selling Partner, in accordance with such Class B Limited
Partner’s proportional share of the Units sold.

 

Section
11.06   
Certain Events Not Deemed Transfers

 

In
no event shall any exchange, reclassification, or other conversion of Units into any cash, securities, or other property pursuant
to a merger or consolidation of the Partnership with, or any sale or Transfer by the Partnership of all or substantially all its
assets to, any Person constitute a Tag Sale for purposes of ‎Section 11.05 of this Agreement. In addition, ‎Section
11.05 of this Agreement shall not apply to any Transfer, sale or disposition of Units to an Affiliate of a Partner.

 

Section
11.07   
Transfer and Exchange

 

When
Units are presented to the Partnership with a request to register the Transfer of such Units or to exchange such Units for Units
of other authorized denominations, the Partnership shall register the Transfer or make the exchange as requested if the requirements
of this Agreement for such transaction are met; provided, however, that the Units surrendered for Transfer or exchange
shall be duly endorsed or accompanied by a written instrument of Transfer in form satisfactory to the Partnership, duly executed
by the holder thereof or its attorney and duly authorized in writing. No service charge shall be made for any registration of
Transfer or exchange, but the Partnership may require payment of a sum sufficient to cover any transfer tax or similar governmental
charge payable in connection therewith.

 

Section
11.08    Vesting Terms; Redemption/Forfeiture

 

(a)               
General. All Transferees (including spouses and former spouses) of holders of Class B Units shall be subject to this ‎Section
11.08 regardless of the fact that any such Transferee is not an employee of the Partnership or its Subsidiaries (i.e.,
if the employment of the Class B Limited Partner who Transferred the Class B Units to such Transferee is terminated, this ‎Section
11.08 shall apply to such Class B Units regardless of their ownership).

 

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(b)              
Vesting Schedule. Subject to ‎Section 11.08(c)(iii) of this Agreement, the Class B Units held by a Class B Limited
Partner shall vest in equal installments of 25% annually over a four year period, beginning on the Grant Date. Unvested Class
B Units shall fully vest upon the occurrence of (i) a Qualified Public Offering, (ii) a Liquidation Event, (iii) a Transfer in
a single transaction or a series of related transactions of 50% or more of the outstanding Class A Units, (iv) an Approved Sale
or (v) a Reorganization; provided that, in the case of (ii) and (iii), if requested by the third-party buyer or merger
partner, and subject to clause (D) below:

 

(A)            
if the transaction or event does not permit or result in distributions or payments (whether upon a sale or otherwise) with respect
to the Class B Units that were vested immediately prior to the transaction or event, then all Class B Units shall be immediately
vested except Class B Units equal to the 25% of the Class B Units that were unvested immediately prior to the transaction or event
(the “Retained Units”) shall continue to be unvested and held by the Class B Limited Partner holding
such Units subject to clause (C) below;

 

(B)             
if the transaction or event permits or results in distributions or payments (whether upon a sale or otherwise) with respect to
the Class B Units that were vested immediately prior to the transaction or event, then all Class B Units shall be immediately
vested except the cash or other items that would have been distributed or paid with respect to Class B Units equal to the 25%
of the Class B Units that were unvested immediately prior to the transaction or event net of the Assumed Tax Liability with respect
thereto (which shall be immediately distributed) (the “Withheld Items”) shall be withheld subject to
clause (C) below;

 

(C)             
Retained Units under clause (A) above and all Withheld Items under clause (B) above shall be immediately vested or released, as
the case may be, to the relevant Class B Limited Partners upon the earlier of the first anniversary of the consummation of any
transaction or event described in ‎Section 11.08(b)(i) and the fourth anniversary of the date of the issuance of such
Class B Units. Prior to such release, the Retained Units and Withheld Items shall be subject to the forfeiture and redemption
provisions consistent with the terms of ‎Section 11.08(c) as if they were unvested Class B Units. In addition, upon
a Class B Limited Partner ceasing to be an Employee for any reason other than Cause, the vesting of the terminated Class B Limited
Partner’s Class B Units, in the sole discretion of the Board of Directors, may be accelerated. As to Retained Units, the
Class B Limited Partners shall be entitled to receive distributions of the Assumed Tax Liabilities prior to the release and other
distributions with respect thereto shall be treated as Retained Distributions;

 

(D)            
such third-party buyer or merger partner must agree to establish mechanisms, reasonably acceptable to the Holders of a majority
in interest of such the Retained Units and/or Withheld Items, to assure that such holders shall receive any Withheld Items, Retained
Distributions allocable to such holders subject to the vesting and other provisions of clause (C) above.

 

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(c)               
Redemption/Forfeiture.

 

(i)                
If a Limited Partner ceases to be an Employee as a result of termination by a member of the PEG Group for Cause, (A) all Class
B Units (whether vested or unvested) held by such Limited Partner shall be automatically forfeited to the Partnership at the termination
date without further action on the part of the Partnership or such former Employee and (B) the Partnership will have the option
to repurchase any Class A Units owned by such former Employee for the Fair Market Value of such Class A Units, provided
that the Partnership must consummate such repurchase within thirty (30) days of such Limited Partner’s termination.

 

(ii)              
If a Limited Partner ceases to be an Employee as a result of such Limited Partner’s termination other than for Good Reason,
(A) all unvested Class B Units held by such Limited Partner shall automatically be forfeited to the Partnership at the termination
date without further action on the part of the Partnership or such former Employee and (B) the Partnership will have the option
to repurchase any Class A Units and any vested Class B Units owned by such former Employee for the Fair Market Value of such Units,
provided that the Partnership must consummate such repurchase within thirty (30) days of such Class B Limited Partner’s
termination.

 

(iii)            
If a Limited Partner ceases to be an Employee as a result of (A) termination by a member of the PEG Group for other than Cause,
(B) non-renewal by a member of the PEG Group of such Limited Partner’s Employment Agreement prior to the full vesting of
the initial Class B Units issued to such Class B Limited Partner, (C) Good Reason, or (D) death or Disability, (1) vesting of
any unvested Class B Units owned by such Limited Partner shall be accelerated by twelve (12) months, (2) any Class B Units owned
by such Limited Partner that remain unvested after taking into account such twelve-month acceleration shall automatically be forfeited
to the Partnership at the termination date without further action on the part of the Partnership or such former Employee and (3)
the Partnership will have the option to repurchase any vested Class B Units and any Class A Units owned by such former Employee
for the Fair Market Value of such Units, provided that the Partnership must consummate such repurchase within thirty (30)
days of such Limited Partner’s termination.

 

(iv)            
Each Limited Partner explicitly acknowledges and agrees that, if the Partnership elects to repurchase any Class B Units or any
Class A Units pursuant to the provisions of ‎Section 11.08(c)(i), ‎(ii), or ‎(iii) above, then
such Limited Partner shall be selling his goodwill in the Partnership and otherwise disposing of his ownership interest in the
Partnership, and in consideration for such sale and disposal, except as otherwise permitted in such Class B Limited Partner’s
Employment Agreement, if applicable, or with respect to a Class B Limited Partner as of the Effective Date, the Amended and Restated
Agreement of Limited Partnership of the Initial Limited Partner, expressly agrees that for a period of twelve (12) months after
the consummation of the repurchase contemplated by ‎Section 11.08(c)(i), ‎(ii), or ‎(iii) he
shall not, directly or indirectly, without prior written approval of the Partnership, for himself or on behalf of or in conjunction
with any other person or entity of whatever nature:

 

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(A)            
engage or participate within the Market Area in a Competitive Business;

 

(B)             
solicit any Employee to terminate his or her employment with any member of the PEG Group; or

 

(C)             
engage or participate in an auction or sale process for assets or solicit any counterparty for the delivery of power as to which
the Partnership or any of its Subsidiaries had been, at the time of his termination, targeting or evaluating for development,
negotiating for any option or acquisition, or preparing to act as a participant in any auction or sale process (the “Identified
Development Properties”).

 

The
covenants in this ‎Section 11.08(c)(iv) are severable and separate and the unenforceability of any specific covenant
shall not affect the provisions of any other covenant in this Agreement.

 

Because
of the difficulty in measuring economic losses to the Partnership as a result of a breach of any of the covenants in this ‎Section
11.08(c)(iv), and because of the immediate and irreparable damage that could be caused to the Partnership for which it would
have no other adequate remedy, the Class B Limited Partner agrees that the covenants in this ‎Section 11.08(c)(iv)
may be enforced by the Partnership, in the event of a breach, by injunctions and restraining orders and that such enforcement
is in addition to all other rights and remedies that may be available to the Partnership at law and equity.

 

As
used in this ‎Section 11.08(c)(iv), the term “Market Area” shall mean any area within a 100
mile radius from (i) the location of a power generation or transmission facility in which the Partnership or its Subsidiaries
have an economic or other business interest and (ii) the Identifiable Development Properties. The term “Competitive
Business” shall mean any business in which: (i) the Partnership or any of its Subsidiaries have engaged during the
term of the Class B Limited Partner’s employment; and (ii) continues to engage during some or all of the restrictive period
referenced in this ‎Section 11.08(c)(iv). For the avoidance of doubt, with respect to each Class B Limited Partner
as of the Effective Date, nothing herein shall limit or restrict, or be deemed a “Competitive Business” with, any
activities described in this ‎Section 11.08(c)(iv) by such Class B Limited Partner to the extent any such activity
is otherwise permitted under such Class B Limited Partner’s Employment Agreement or the Amended and Restated Agreement of
Limited Partnership of the Initial Limited Partner.

 

(v)              
Unless the Board of Directors elects to make payment in cash, payment for any Units purchased by the Partnership pursuant to ‎Section
11.08(c)(i) of this Agreement shall be in the form of a promissory note, subordinated to all indebtedness for borrowed money
of the Partnership that the Board of Directors determines are senior to such promissory note, with principal payable at the earlier
of (i) the re-sale or other monetization of all or a portion of the repurchased vested Units to the extent of the proceeds of
the sale or (ii) five (5) years from issuance and with interest to be paid annually on the unpaid balance of such principal at
a rate that is equal to the interest rate,

 

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on
the date of issuance, that is publicly quoted by J.P. Morgan Chase & Co. or its successor as its prime commercial or similar
reference interest rate; provided, however, that payments of amounts due on such promissory note shall be accelerated to
the extent necessary to cover any tax liability attributed to such Partner that is associated with such promissory note, as such
amounts become due and are required to be paid.

 

(vi)            
Unless the Board of Directors elects to make payment in cash, payment for any Units purchased by the Partnership pursuant to ‎Section
11.08(c)(ii) of this Agreement shall be in the form of a promissory note, subordinated to all indebtedness for borrowed money
of the Partnership that the Board of Directors determines are senior to such promissory note, with principal and interest payable
quarterly, amortized equally over three (3) years, at a rate that is equal to the interest rate, on the date of issuance, that
is publicly quoted by J.P. Morgan & Co. or its successor as its prime commercial or similar reference interest rate; provided,
however, that payments of amounts due on such promissory note shall be accelerated to the extent necessary to cover any tax
liability attributed to such Partner that is associated with such promissory note, as such amounts become due and are required
to be paid. Notwithstanding the foregoing, if a sale or other monetization of all or a portion of the repurchased vested units
occurs prior to the maturity of the note issued pursuant to this ‎Section 11.08(c)(vi), the Partnership shall pay to
the Class B Limited Partner the proceeds from such sale to the extent of the remaining unpaid balance (and accrued but unpaid
interest) at the time of such sale or other monetization. Notwithstanding the foregoing, if the total payment due to a Limited
Partner for any Units purchased by the Partnership pursuant to ‎Section 11.08(c)(ii) is less than $1,000,000, payment shall
be made in cash. 

 

(vii)          
Payment for the Units purchased by the Partnership pursuant to ‎Section 11.08(c)(iii) of this Agreement shall be made
in cash.

 

(viii)        
Notwithstanding any other provision of this Agreement, if a Class B Limited Partner ceases to be an Employee and the Board of
Directors with at least one Management Designee determines within ninety (90) days following the termination that Cause exists
or existed on such termination (including by virtue of a material breach of an obligation to the Partnership under this Agreement
or any employment agreement after such termination), (i) the percentage of Class B Units held by such Class B Limited Partner
which have vested shall be reduced to 0% and all Class B Units held by such Class B Limited Partner or his direct or indirect
Transferees shall automatically be forfeited to the Partnership without further action on the part of the Partnership or such
Employee and (ii) to the extent that the Partnership has previously repurchased any Class B Units held by such Class B Limited
Partner, all consideration for such Class B Units previously paid by the Partnership must be returned by the Class B Limited Partner
to the Partnership.

 

(d)              
Recapture of Class B Units held by Management Holdco. Any Management Holdco shall issue Management Holdco LLC Units only
to Employees. The number of Management Holdco LLC Units outstanding shall at all times equal the number of Class B Units held
by such Management Holdco. The limited liability company agreement of Management Holdco shall provide for the vesting, forfeiture
and repurchase of Management Holdco LLC

 

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Units
on terms equivalent to those set forth in this ‎Section 11.08. If any Management Holdco LLC Units are forfeited to
Management Holdco, an equal number of Class B Units held by Management Holdco shall be forfeited to the Partnership. If Management
Holdco has the right to repurchase any Management Holdco LLC Units, Management Holdco shall exercise such right as directed by
the Partnership. If the Partnership directs Management Holdco to repurchase any Management Holdco LLC Units, the Partnership shall
repurchase an equal number of Class B Units from Management Holdco for the same consideration. Any such repurchase of Class B
Units from Management Holdco may be structured in an alternative method, as determined by the Board of Directors, provided it
is not economically disadvantageous to the applicable Employee.

 

Section
11.09    Determination of Fair Market Value

 

(a)               
For purposes of this Agreement, the “Fair Market Value” of any property means, as of any time of determination,
the then fair market value of such property as determined in good faith by the Board of Directors, which determination shall be
conclusive for all purposes; provided, however, that (i) solely with respect to the valuation of Class A Units and Class
B Units pursuant to ‎Section 11.08(c), ‎Section 12.03(b), or ‎Section 12.03(d) of this Agreement,
the Fair Market Value of any such Class A or Class B Units shall be determined in accordance with the provisions of ‎Section
11.09(b) and ‎Section 11.09(c) of this Agreement and (ii) solely with respect to the valuation of Class A Units
for purposes of ‎Section 5.02(c), the Fair Market Value of such Class A Units shall be determined by an Independent
Advisor selected by the Board of Directors pursuant to ‎Section 5.02(c) in accordance with the provisions of ‎Section
11.09(c) of this Agreement.

 

(b)              
The Fair Market Value of a Class A Unit or Class B Unit shall be determined, as of the effective date of the end of the Limited
Partner’s active employment by a member of the PEG Group pursuant to ‎Section 11.08(c) or as of the date the
Partnership exercises its repurchase right pursuant to ‎Section 12.03, by the Board of Directors in its good faith
reasonable discretion, using the Partnership’s most recent previously issued annual or semi-annual financial statements
and reserve reports available on the date on which such determination is being made by the Board of Directors. The Board of Directors
shall provide prompt written notice to the Limited Partner (or spouse or former spouse) of its determination. The purchase of
such Class A and/or Class B Interests shall close promptly thereafter, but in no case more than twenty (20) Business Days of,
the giving of such notice.

 

(c)               
In the event that a Limited Partner (or spouse or former spouse) does not agree with any determination of the Fair Market Value
of such Limited Partner’s (or spouse’s or former spouse’s) Class A Units or Class B Units, then within twenty
(20) Business Days after the consummation of the purchase of Class A and/or Class B Units pursuant to ‎Section 12.03
or ‎Section 11.08(b)(i), the Limited Partner (or spouse or former spouse) shall notify the Board of Directors in writing
of the existence of a dispute. The Limited Partner (or spouse or former spouse) and the Board of Directors shall seek to resolve
the dispute for twenty (20) Business Days. In the event that no resolution is reached, the Board of Directors shall promptly select
three nationally-recognized investment banking firms that have not had a direct or indirect substantial relationship with the
Partnership within the last two years and notify the Limited Partner (or spouse or former spouse) thereof. The Limited Partner
(or spouse or former spouse)

 

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shall
promptly select one of the three investment banking firms and notify the Partnership thereof. If the Partnership has not received
notice of selection of one of the investment banking firms within twenty (20) days of the date it gave notice to the Limited Partner
(or spouse or former spouse) of the three investment banking firms, then the Board of Directors shall select one of such three.
The investment banking firm selected as provided above with respect to the purchase of Class A Units and/or Class B Units pursuant
to ‎Section 12.03 or ‎Section 11.08(b)(i) or selected by the Board of Directors pursuant to ‎Section
5.02(c) (the “Independent Advisor”) shall promptly adjust or determine the Fair Market Value (as
applicable). The Independent Advisor shall render its decision within twenty (20) Business Days and such decision shall be
final and binding upon the parties. If the Fair Market Value as determined by the Independent Advisor is greater than the
amount paid by the Partnership to the Limited Partner pursuant to ‎Section 11.09(b), ‎Section 12.03(b) or
‎Section 12.03(d), or used as the basis for determining the number of Class A Units issued pursuant to ‎Section
5.02(c), the Partnership will pay the Limited Partner an amount equal to the difference between such Fair Market Value as
determined by the Independent Advisor and such amount paid by the Partnership pursuant to ‎Section 11.09(b), ‎Section
12.03(b) or ‎Section 12.03(d), or shall reduce retroactively the number of Class A Units issued pursuant to ‎Section
5.02(c), in a timely manner. If the Fair Market Value as determined by the Independent Advisor is less than the amount paid
by the Partnership to the Limited Partner pursuant to ‎Section 11.09(b), ‎Section 12.03(b) or ‎Section
12.03(d), the Limited Partner will pay the Partnership an amount equal to the difference between such Fair Market Value as
determined by the Independent Advisor and such amount paid by the Partnership pursuant to ‎Section 11.09(b), ‎Section
12.03(b) or ‎Section 12.03(d), or the Partnership shall issue retroactively an additional number of Class A Units pursuant
to ‎Section 5.02(c), in a timely manner. With respect to any valuation relating to ‎Section 11.09(b), ‎Section
12.03(b), ‎Section 12.03(d), in the event that (i) the Independent Advisor’s determination of Fair Market
Value is more than 5% higher than the original determination made by the Board of Directors, the Partnership shall pay 100% of
the cost of retaining the Independent Advisor, (ii) the Independent Advisor’s determination of Fair Market Value is more
than 5% lower than the original determination made by the Board of Directors, the Limited Partner (or spouse or former spouse)
requesting the Independent Advisor shall pay 100% of the cost of retaining the Independent Advisor, and (iii) in all other instances
the Partnership shall pay 50% of the fees and expenses of retaining the Independent Advisor and the Limited Partner (or spouse
or former spouse) the other 50%. With respect to any valuation relating to ‎Section 5.02(c), the Partnership shall
pay 100% of the cost of retaining the Independent Advisor.

 

Section
11.10    Substituted Limited Partners

 

(a)               
Unless a Transferee becomes a Substituted Limited Partner in accordance with ‎Section 11.10(b), such Transferee shall
not be entitled to any of the rights granted to a Limited Partner hereunder.

 

(b)              
Except with respect to allocations of forfeited Class A Interests pursuant to ‎Section 11.09(c), a Transferee of all
or part of a Class A Interest or a Class B Interest in accordance with ‎Section 12.01 shall become a Substituted Limited
Partner entitled to all the rights of a Class A Limited Partner or Class B Limited Partner (relating to the Transferred portion
of the Partnership Interest), respectively, if, and only if, (i) the Transferring Limited Partner requests the Transferee be granted
such right and (ii) the Transferee executes and

 

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delivers
such instruments (including Exhibit G) in form and substance satisfactory to the Board of Directors, as the Board of Directors
may deem necessary or desirable to effect such substitution. The Partnership shall be entitled to treat the record owner of any
Partnership Interest as the absolute owner thereof in all respects and shall incur no liability for distributions of cash or other
property made to such owner until such time as a Transfer of such interest that complies with the terms of this Agreement has
been effected. For the sake of clarity, in the event a Class A Limited Partner makes a Transfer of any of its Class A Interests,
this ‎Section 11.10 will apply to the admission of the Transferee as a Substitute Limited Partner and ‎Section
13.01 shall not apply.

 

Section
11.11    Transfer of Rights

 

Subject
to ‎Section 11.12, in connection with the Transfer of Class A Units, the rights of the Riverstone Group under
this ‎Article XI with respect to such Units may be assigned or Transferred in whole or in part by the Riverstone Group
without any consent or other action on the part of any other party hereto.

 

Section
11.12    Transfer

 

Notwithstanding
the foregoing, without the prior consent of the Board of Directors, no Partner shall Transfer all or any part of its Units in
such a manner that, after the Transfer, the Partnership would become taxable as a corporation for U.S. federal income tax purposes
or if the Transfer, when added to other Transfers during the preceding twelve months, would result in a termination of the Partnership
within the meaning of Section 708 of the Code.

 

Section
11.13    Taxable Non-Cash Transactions

 

Notwithstanding
‎Section 7.02, ‎Section 11.01, ‎Section 11.02, or ‎Section 11.05, the Partnership
shall not make any distribution other than in cash or Marketable Securities that are not Restricted Securities, and neither the
Partnership nor any Partner shall make or permit any Approved Sale, Reorganization, Recapitalization or Tag Sale not made solely
for cash consideration or Marketable Securities that are not Restricted Securities (each, a “Taxable Non-Cash Transaction”),
in each case, if the Assumed Non-Cash Transaction Tax Liability of any Partner arising as a result of such Taxable Non-Cash Transaction
would exceed the amount of cash or Marketable Securities that are not Restricted Securities distributable or payable to such Partner
in connection with such Taxable Non-Cash Transaction (such Partner, an “Affected Partner”), unless such
Taxable Non-Cash Transaction is approved by either (i) all of the Affected Partners or (ii) the Class A Majority and the Class
B Majority.

 

Article
XII

LIMITATIONS ON TRANSFERS

 

Section
12.01    Restrictions on Transfer

 

(a)               
Except as otherwise contemplated by this ‎Section 12.01, ‎Section 11.01, ‎Section 11.02 and ‎Section
11.05 of this Agreement and except for the Transfer of Class A Units by any member of Riverstone Group which may be made without
the approval of the Board of Directors

 

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or
any other Partner, the Units shall not be Transferred or otherwise conveyed, assigned or hypothecated before satisfaction of (a)
the conditions specified in this ‎Section 12.01, (b) if applicable, the provisions of ‎Article XI hereof
and (c) consent of the Board of Directors in its sole discretion. Any purported Transfer in violation of this ‎Article
XII and/or, if applicable, the provisions of ‎Article XI hereof shall be void ab initio and of no force
or effect. Other than Transfers pursuant to ‎Article XI hereof, each Partner will cause any proposed Transferee of
any Unit to agree in writing, in an instrument in form and substance reasonably satisfactory to the Partnership, to take and hold
such securities subject to the provisions and upon conditions specified in this Agreement. No Person shall make or suffer any
Transfer of its, his or her Units if such Transfer would (a) cause the Partnership or any Partner to become subject to regulation
under either the Investment Company Act of 1940, as amended, or the Investment Advisers Act of 1940, as amended, or (b) violate
the registration provisions of the Securities Act or the registration or qualification provisions of any applicable securities
law. Notwithstanding anything else to the contrary herein, Riverstone may effect Transfers at any time without consent of the
Board of Directors or any other Partner.

 

(b)              
Any Limited Partner who is an individual may Transfer by way of gift all or any of its Units to a spouse, lineal ancestor, lineal
descendant, legally adopted child, brother or sister of such Partner, or lineal descendant or legally adopted child of a brother
or sister of such Partner (a “Family Member”) or to a trust or other entity whose sole and exclusive
beneficiaries are such Partner and/or Family Members of such Partner, but only to the extent (i) such Transferee executes and
delivers to the Partnership an Adoption Agreement in the form of Exhibit G hereof, and (ii) the Board of Directors consents
to such Transfer, which consent shall not be unreasonably withheld.

 

(c)               
The Class B Limited Partners may Transfer Class B Units to other Employees (including those who are already Class B Limited Partners)
without approval of the Board or the restrictions in this Agreement, provided that the Transferring Class B Limited Partner provides
the Board with ten (10) days prior written notice of the proposed Transfer and the Board has not provided written objection to
such Transfer within such period. Any such Person to whom a Transfer is made shall be obligated to enter into this Agreement if
such Person was not a Class B Limited Partner prior to the Transfer. The Board of Directors will reasonably cooperate with the
Transferring Class B Limited Partner in effecting the Transfer. The Tax Matters Partner shall make such adjustments to the Capital
Account maintenance and allocation provisions in ‎Section 5.06 and ‎Article VI as it reasonably determines
necessary to account for such Transfer.

 

Section
12.02    Restrictive Legends

 

(a)               
Securities Act Legend. Each Unit held by a Partner, and each Unit issued to any subsequent Transferee of such Unit, if
certificated, shall be stamped or otherwise imprinted with a legend in substantially the following form:

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 NOR PURSUANT TO THE SECURITIES
OR “BLUE SKY” LAWS OF ANY JURISDICTION. SUCH SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED
OR OTHERWISE

 

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DISPOSED
OF UNTIL THE HOLDER HEREOF PROVIDES EVIDENCE SATISFACTORY TO THE ISSUER (WHICH, IN THE DISCRETION OF THE ISSUER, MAY INCLUDE AN
OPINION OF COUNSEL SATISFACTORY TO THE ISSUER) THAT SUCH OFFER, SALE, TRANSFER, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION WILL
NOT VIOLATE APPLICABLE FEDERAL OR STATE LAWS.

 

(b)              
Other Legends. Each Unit issued to each Partner or to a subsequent Transferee, if certificated, shall include a legend
in substantially the following form:

 

THIS
SECURITY IS SUBJECT TO RESTRICTIONS ON TRANSFER, VOTING AND OTHER TERMS AND CONDITIONS SET FORTH IN THE SECOND AMENDED AND RESTATED
AGREEMENT OF LIMITED PARTNERSHIP OF PATTERN ENERGY GROUP HOLDINGS 2 LP DATED EFFECTIVE AS OF JUNE 16, 2017. A COPY OF WHICH MAY
BE OBTAINED FROM PATTERN ENERGY GROUP HOLDINGS 2 LP AT ITS PRINCIPAL EXECUTIVE OFFICES.

 

Section
12.03    Spouses

 

(a)               
As a condition to becoming or remaining a Limited Partner, each Limited Partner that is an individual and is or becomes married,
shall cause his spouse to execute an agreement in the form of Exhibit F hereof. If an existing Limited Partner fails to
have his or her spouse execute such agreement, the Limited Partner shall thereafter lose all their rights hereunder except for
the rights of a mere assignee under the Act and the Board of Directors shall thereafter have all voting rights with respect to
his or her interest.

 

(b)              
Any Units held by an individual who has failed to cause his or her spouse to execute an agreement in the Form of Exhibit F
and any Units held by a person who is an assignee shall be subject to the option of the Partnership or the Riverstone Group
or any of their respective Affiliates to acquire all of such Units for the Fair Market Value of the Class A Units and the then
vested Class B Units.

 

(c)               
In the event of a property settlement or separation agreement between a Limited Partner and his or her spouse, such Limited Partner
shall use his or her best efforts to assign to his or her spouse only the right to share in profits and losses, to receive distributions,
and to receive allocations of income, gain, loss, deduction or credit or similar item to which the Limited Partner was entitled,
to the extent assigned.

 

(d)              
If a spouse or former spouse of a Limited Partner acquires a Unit in the Partnership without prior Board Approval, such spouse
or former spouse hereby grants, as evidenced by Exhibit F, an irrevocable power of attorney (which shall be coupled with
an interest) to the original Limited Partner who held such Units, as the case may be, to vote or to give or withhold such approval
as such original Limited Partner shall himself or herself vote or approve with respect to such matter and without the necessity
of the taking of any action by any such spouse or former spouse. Such power of attorney shall not be affected by the subsequent
disability or incapacity of the spouse or former spouse granting such power of attorney.

 

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Furthermore,
such spouse or former spouse agrees that the Partnership or the Riverstone Group or any of their respective Affiliates shall have
the option at any time to purchase all of such Units for the Fair Market Value of the Class A Units and the then vested Class
B Units.

 

Section
12.04   
Termination of Certain Restrictions

 

Notwithstanding
the foregoing provisions of this ‎Article XII, the legend requirements of ‎Section 12.02(a) of this Agreement
shall terminate as to any Unit (a) when and so long as such Unit shall have been effectively registered under the Securities Act
and disposed of pursuant thereto or disposed of pursuant to the provisions of Rule 144 thereof or (b) when the Partnership shall
have received an opinion of counsel (or such other evidence) reasonably satisfactory to it that such Unit may be Transferred without
registration thereof under the Securities Act and that such legend may be removed. Whenever the restrictions imposed by ‎Section
12.02(a) of this Agreement shall terminate as to any Unit, the holder thereof shall be entitled to receive from the Partnership,
at the Partnership’s expense, a new Unit not bearing the restrictive legend set forth in ‎Section 12.02(a) of
this Agreement.

 

Article
XIII

ISSUANCE OF ADDITIONAL UNITS

 

Section
13.01   
Issuance of Additional Units

 

Subject
to the provisions of ‎Section 9.05, ‎Section 9.06, ‎Section 9.07, and ‎Section 15.05
of this Agreement, the Board of Directors is hereby authorized to cause the Partnership from time to time to issue to any Person
or Persons additional Units in one or more classes, or one or more series of any of such classes, with such designations, preferences
and relative, participating, optional or other special rights, powers and duties, all as shall be determined by the Board of Directors
in its sole and absolute discretion and without the approval of any of the Partners, including, but not limited to, (a) the allocations
of items of Partnership income, gain, loss, deduction and credit to each such class or series of Units, (b) the right of each
such class or series of Units to share in Partnership distributions, (c) the rights of each such class or series of Units upon
dissolution and liquidation of the Partnership, (d) the price at and the terms and conditions on which such class or series of
Units may be redeemed by the Partnership, if such Units are redeemable by the Partnership, (e) the rate at and the terms and conditions
on which such class or series of Units may be converted into any other class or series of Units, if any class or series of Units
are issued with the privilege of conversion, and (f) the right of such class or series of Units to vote on matters relating to
the relative rights and preferences of such class or other matters. Upon the issuance of any class or series of Units, the Board
of Directors, without the consent at the time of any Partner, may amend any provision of this Agreement and may add any new provision
to this Agreement (subject to ‎Section 15.05, which sets forth certain amendments to this Agreement which require the
approval of the holders of a specified percentage of Class B Units), and execute, swear to, acknowledge, deliver, file and record
an amended Certificate of Limited Partnership and whatever other documents may be required in connection therewith, as shall be
necessary or desirable to reflect the issuance of such class or series of Units and the relative rights and preferences of such
class or series of Units as to the matters set forth in the preceding sentence. The Board of Directors is authorized and directed
to

 

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do
all things it deems to be necessary or advisable in connection with any such future issuance to reflect the issuance of the Units
and the admission of any Partner acquiring the Units, including, without limitation, compliance with any statute, rule, regulation
or guideline of any federal, state or other governmental agency or any securities exchange on which the Units or other such security
is listed for trading.

 

Section
13.02    Preemptive Rights

 

(a)               
General. Each Class A Limited Partner shall have a right of first refusal to purchase its pro rata share of all
Equity Securities, as defined below, that the Partnership may, from time to time, propose to issue and sell after the date hereof
and prior to the date of a Qualified Public Offering, other than the Equity Securities excluded by ‎Section 13.02(d)
of this Agreement and Equity Securities issued in connection with each Class A Limited Partner’s respective Commitment Amounts
set forth on Exhibit B. Each Class A Limited Partner’s pro rata share is equal to its Class A Unit Sharing
Percentage. The term “Equity Securities” shall mean (i) any Unit, (ii) any security convertible,
with or without consideration, into any Unit (including any option to purchase such a convertible security), (iii) any security
carrying any warrant or right to subscribe to or purchase any Unit or (iv) any such warrant or right.

 

(b)              
Exercise of Rights. If the Partnership proposes to issue any Equity Securities (other than Equity Securities excluded by
‎Section 13.02(d) of this Agreement), the Partnership shall give each Class A Limited Partner written notice of its
intention, describing the Equity Securities, the price and terms and conditions upon which such Equity Securities are to be issued
and/or sold. Each Class A Limited Partner shall have fifteen (15) days from the giving of such notice to agree to purchase its
pro rata share of the Equity Securities for the price and upon the terms and conditions specified in the notice by giving
written notice to the Partnership and stating therein the quantity of Equity Securities to be purchased. Notwithstanding the foregoing,
the Partnership shall not be required to offer or sell such Equity Securities to any Class A Limited Partner who would cause the
Partnership to be in violation of applicable federal securities laws by virtue of such offer or sale.

 

(c)               
Transfer of Preemptive Rights. The preemptive rights of each Class A Limited Partner under this ‎Section 13.02
may not be Transferred, except that such rights are assignable by Riverstone to any member of the Riverstone Group.

 

(d)              
Excluded Securities. The preemptive rights established by this ‎Section 13.02 shall have no application to any
of the following Equity Securities:

 

(i)               Class B Units;

 

(ii)              any Equity Securities issued for consideration other than cash pursuant to a merger, consolidation, acquisition or similar business
combination;

 

(iii)            
any Equity Securities issued in connection with any split, dividend or recapitalization by the Partnership;

 

(iv)            
any Equity Securities issued pursuant to any equipment leasing arrangement, or debt financing from a bank or similar financial
institution; and

 

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(v)              
any Equity Securities that are issued by the Partnership pursuant to a registration statement filed under the Securities Act.

 

Article
XIV

DISSOLUTION AND LIQUIDATION

 

Section
14.01   
Dissolution

 

The
Partnership shall be dissolved upon the determination of the Board of Directors in accordance with the terms of this Agreement.

 

Section
14.02   
Effect of Dissolution

 

Upon
dissolution, the Partnership shall cease carrying on its business but shall not terminate until the winding up of the affairs
of the Partnership is completed, the assets of the Partnership shall have been distributed as provided below and a certificate
of cancellation of the Partnership under the Act has been filed with the Secretary of State of the State of Delaware.

 

Section
14.03   
Liquidation Upon Dissolution

 

Upon
the dissolution of the Partnership, sole and plenary authority to effectuate the liquidation of the assets of the Partnership
shall be vested in the Board of Directors, who shall have full power and authority to sell, assign and encumber any and all of
the Partnership’s assets and to wind up and liquidate the affairs of the Partnership in an orderly and business-like manner.
The proceeds of liquidation of the assets of the Partnership distributable upon a dissolution and winding up of the Partnership
shall be applied in the following order of priority:

 

(a)               
first, to the creditors of the Partnership, including creditors who are Partners, in the order of priority provided by law, in
satisfaction of all liabilities and obligations of the Partnership (of any nature whatsoever, including, without limitation, fixed
or contingent, matured or unmatured, legal or equitable, secured or unsecured), whether by payment or the making of reasonable
provision for payment thereof; and

 

(b)              
thereafter, to the Partners in accordance with ‎Article VII of this Agreement. If the foregoing distributions to the
Partners do not equal the Partners’ respective positive Capital Account balances as determined after giving effect to the
foregoing adjustments and to all adjustments attributable to allocations of Profits and Losses (or any items thereof) during the
taxable year in question and all adjustments attributable to contributions and distributions of money and property effected prior
to such distribution, then the allocations of Profits and Losses (or any items thereof) provided for in this Agreement shall be
adjusted, including by the filing of amended tax returns to the extent necessary and possible, to the least extent necessary to
produce a Capital Account balance for each Partner which corresponds to the amount of the distribution to such Partner.

 

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Section
14.04   
Negative Capital Accounts

 

No
Partner shall be liable to the Partnership or to any other Partner for any negative balance outstanding in each such Partner’s
Capital Account, whether such negative Capital Account results from the allocation of losses or other items of deduction and loss
to such Partner or from distributions to such Partner, and such Partner shall not have any obligation to make any contribution
to the capital of the Partnership with respect to such deficit and such deficit shall not be considered a debt owed to the Partnership
or, except as required by the Act, to any other Person for any purpose whatsoever.

 

Section
14.05   
Winding Up and Certificate of Cancellation

 

The
winding up of the Partnership shall be completed when all of its debts, liabilities, and obligations have been paid and discharged
or reasonably adequate provision therefor has been made, and all of the remaining property and assets of the Partnership have
been distributed to the Partners. Upon the completion of the winding up of the Partnership, a certificate of cancellation of the
Partnership shall be filed with the Secretary of State of the State of Delaware.

 

Article
XV

MISCELLANEOUS PROVISIONS

 

Section
15.01   
Notices

 

All
notices provided for or permitted to be given pursuant to this Agreement must be in writing and shall be given or served by (a)
depositing the same in the United States mail addressed to the party to be notified, postpaid and certified with return receipt
requested, (b) depositing the same with a national overnight delivery service company which tracks deliveries, addressed to the
party to be notified, with all charges paid and proof of receipt requested, (c) by delivering such notice in person to such party,
or (d) by facsimile. All notices are to be sent to or made at the addresses set forth in Exhibit B or Exhibit D
attached hereto, as applicable. All notices given in accordance with this Agreement shall be effective upon delivery at the address
of the addressee. Each Partner shall have the right from time to time to change his, her or its address by written notice to the
other Partner(s).

 

Section
15.02   
Governing Law

 

This
Agreement and the obligations of the Partners hereunder shall be construed and enforced in accordance with the laws of the State
of Delaware, excluding any conflicts of law rule or principle which might refer such construction to the laws of another state
or country.

 

Section
15.03   
Arbitration

 

The
parties acknowledge that the expeditious and equitable settlement of disputes arising under this Agreement is to their mutual
advantage. To that end, the parties agree to use their best efforts to resolve all differences of opinion and to settle all disputes
through joint cooperation and consultation. Any dispute, alleged breach, interpretation, challenge or disagreement whatsoever
between or among any of the parties hereto with respect to the interpretation of, or

 

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relating
to any alleged breach of, this Agreement (or any other agreement contemplated hereby) that the parties are unable to settle within
sixty (60) days, as set forth in the preceding sentence, shall be resolved by final and binding arbitration before a single arbitrator
selected and serving under the Commercial Arbitration Rules of the American Arbitration Association. The arbitration shall be
held in New York, New York unless another location is mutually agreed upon by the parties to such arbitration. Such arbitration
shall be the exclusive remedy hereunder; provided that nothing contained in this ‎Section 15.03 shall limit any party’s
right to bring (i) post arbitration actions seeking to enforce an arbitration award or (ii) actions seeking injunctive or other
similar relief in the event of a breach or threatened breach of any of the provisions of this Agreement (or any other agreement
contemplated hereby). The decision of the arbitrator may, but need not, be entered as judgment in accordance with the provisions
of the laws of Delaware. If this ‎Section 15.03 is for any reason held to be invalid or otherwise inapplicable to any
dispute, the parties hereto agree that any action or proceeding brought with respect to any dispute arising under this Agreement,
or to interpret or clarify any rights or obligations arising hereunder, shall be maintained solely and exclusively in the United
States Federal Courts, venued in New York, New York. With respect to any action or proceeding that a successful party to the arbitration
may wish to bring to enforce any arbitral award or to seek injunctive or other similar relief in the event of the breach or threatened
breach of this Agreement (or any other agreement contemplated hereby), each party irrevocably and unconditionally (and without
limitation): (i) submits to and accepts, for itself and in respect of its assets, generally and unconditionally the nonexclusive
jurisdiction of the courts of the United States and the State of New York, (ii) waives any objection it may have now or in the
future that such action or proceeding has been brought in an inconvenient forum, (iii) agrees that in any such action or proceeding
it will not raise, rely on or claim any immunity (including, without limitation, from suit, judgment, attachment before judgment
or otherwise, execution or other enforcement), (iv) waives any right of immunity which it has or its assets may have at any time,
and (v) consents generally to the giving of any relief or the issue of any process in connection with any such action or proceeding
including, without limitation, the making, enforcement or execution of any order or judgment against any of its property. The
party whom the arbitrator determines is the prevailing party in such arbitration shall receive, in addition to any other award
pursuant to such arbitration or associated judgment, reimbursement from the other party of all reasonable legal fees.

 

Section
15.04   
Waiver of Jury Trial

 

EACH
PARTY TO THIS AGREEMENT HEREBY WAIVES, TO THE EXTENT PERMITTED BY APPLICABLE LAW, TRIAL BY JURY IN ANY LITIGATION IN ANY COURT
WITH RESPECT TO, IN CONNECTION WITH, OR ARISING OUT OF THIS AGREEMENT OR ANY ANCILLARY AGREEMENT OR THE VALIDITY, PROTECTION,
INTERPRETATION, COLLECTION OR ENFORCEMENT THEREOF.

 

Section
15.05    Entire Agreement; Amendments

 

(a)               
 This Agreement and its exhibits constitute the entire agreement among the Partners relative to the formation of the Partnership
and supersedes all prior contracts or agreements with respect to the Partnership, whether oral or written. Except as set forth
below, no amendment of this Agreement will be valid or binding upon the Partners, nor will any waiver of any term of this Agreement
be effective, unless in writing and signed by (i) a Class A

 

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Majority
and (ii) the Board of Directors; provided that no amendment or waiver of this Agreement shall be effected that disproportionately
and adversely affects the holders of Class B Units, in their capacities as such, without the consent of the Class B Majority.

 

(b)              
Notwithstanding the foregoing, no amendment of this Agreement may be made without the consent of 100% of the outstanding Class
B Units if such amendment would:

 

(i)                
impose upon any Class B Limited Partner the obligation to make contributions to the capital of the Partnership other than in their
capacity as a Class A Limited Partner;

 

(ii)              
result in any Class B Limited Partner being or having the liability of, a general partner, convert any Class B Limited Partner’s
interest in the Partnership into a general partnership interest, or modify the limited liability of any Class B Limited Partner
in any manner adverse to such Class B Limited Partner; or

 

(iii)            
amend any provisions provided in the foregoing clauses (i) and (ii).

 

(c)               
Notwithstanding the foregoing, no amendment of this Agreement may be made without the consent of 80% of the outstanding Class
B Units (which consent, for the avoidance of doubt, shall not require a formal vote of all Class B Limited Partners but shall
be effective upon provision of a consent signed by such Class B Limited Partners representing at least 80% of the outstanding
Class B Units) if such amendment would:

 

(i)                
provide for any Class B Limited Partner to receive any distribution other than pari passu with all other Class B Limited
Partners, based on their respective Class B Unit Sharing Percentages (as adjusted to take into account any Threshold Amount applicable
to any series of Class B Units), or decrease any Class B Limited Partner’s Class B Unit Sharing Percentage in any manner
which would not decrease all Class B Limited Partners’ respective Class B Unit Sharing Percentages on a proportionate basis;

 

(ii)              
decrease any Class B Limited Partner’s rights to receive distributions in an amount equal to such Class B Limited Partner’s
Assumed Tax Liability or amend ‎Section 11.13 of this Agreement;

 

(iii)            
decrease any Class B Limited Partner’s voting rights hereunder;

 

(iv)            
increase the number of authorized Class B Units; or

 

(v)              
amend any provisions provided in the foregoing clauses (i), (ii), (iii) and (iv). Clauses (i)-(iv) shall not prevent the Partnership
from enforcing a redemption or forfeiture of Class B Units contemplated by ‎Section 11.08, and such redemption and
forfeiture shall not be deemed to be a reduction in rights to receive distributions, decrease in voting rights, or increase in
authorized Class B Units.

 

(d)              
Notwithstanding the foregoing, the Board of Directors shall be authorized to amend this Agreement, without the approval of any
Partner, pursuant to ‎Article XIII and with respect to any of the following matters:

 

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(i)                
entering into agreements with Persons that are Transferees or new Partners pursuant to the terms of this Agreement, providing
that such Transferees or new Partners will be bound by this Agreement and will become Partners of the Partnership and in accordance
with ‎Article XII of this Agreement;

 

(ii)              
amending this Agreement (A) to satisfy any requirements, conditions, guidelines or opinions contained in any opinion, directive,
order, ruling or regulation of the Securities and Exchange Commission, the Internal Revenue Service or any other U.S. federal
or state or non-U.S. governmental agency, or in any U.S. federal or state or non-U.S. statute, compliance with which the Board
of Directors deems to be in the best interest of the Partnership, or (B) to change the name of the Partnership;

 

(iii)            
amending this Agreement to cure any ambiguity or correct or supplement any provision hereof that may be incomplete or inconsistent
with any other provision hereof, so long as such amendment under this ‎Section 15.05(d)(iii) does not adversely affect
the interests of the Partners; and

 

(iv)            
amending this Agreement upon publication of final regulations in the Federal Register (or other official pronouncement), to provide
for (A) the election of a safe harbor under U.S. Treasury Regulations Section 1.83-3(1) (or any similar provision) under which
the fair market value of a partnership (or membership) interest that is Transferred in connection with the performance of services
is treated as being equal to the liquidation value of that interest, (B) an agreement by the Partnership and all of its Partners
to comply with all the requirements set forth in such regulations and Revenue Procedure 2005-43 (and any other guidance provided
by the Internal Revenue Service with respect to such election) with respect to all partnership (or membership) interests Transferred
in connection with the performance of services while the election remains effective, and (C) any other related amendments.

 

Section
15.06   
Confidentiality

 

Each
Partner agrees that all non-public information received from or otherwise relating to, the Partnership, the Riverstone Group,
or any third party who has entrusted the Partnership with confidential information with the expectation that such information
will be kept confidential, is confidential and will not be (i) disclosed or otherwise released to any other Person (other than
another party hereto for a valid business purpose) or (ii) used for anything other than as necessary and appropriate in carrying
out the business of the Partnership. The obligations of the parties hereunder do not preclude the Riverstone Group from disclosing
information to its direct and indirect beneficial owners or representatives or as it may reasonably deem to be appropriate in
connection with fundraising efforts. The restrictions set forth herein do not apply to any disclosures required by applicable
law or securities exchange rule or regulation, so long as (x) the Person subject to such disclosure obligations provides prior
written notice (to the extent reasonably practicable) to the Partnership stating the basis upon which the disclosure is asserted
to be required, and (y) upon the Partnership’s request, the Person subject to such disclosure obligations takes all reasonable
steps to oppose or mitigate any such disclosure.

 

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Section
15.07   
Non-Disparagement

 

Each
Partner agrees that, in communications with Persons other than the Partners and the Partnership (and their respective Affiliates,
employees, members and partners or employees of Affiliates of Partners or the Partnership), he or she shall not disparage in any
material way, the Partnership, and each other Partner (and their Affiliates, members and partners). Under no circumstances shall
any Partner, in communications with Persons other than the Partners and the Partnership (and their respective Affiliates, employees,
members and partners or employees of Affiliates of Partners or the Partnership), criticize or disparage any business practice,
policy, statement, valuation or report that is made, conducted or published by the Partnership or any other Partner (and their
Affiliates, members and partners) in any material way. Notwithstanding the foregoing, this ‎Section 15.07 shall not
be construed to prohibit or restrain any criticism or other statements made, directly or indirectly, (i) exclusively between or
among any of the Partners, the Partnership, their Affiliates, members, partners, or their respective employees or attorneys, to
the extent such communications or statements are made in the ordinary course of business (ii) in connection with litigation, (iii)
required under law or (iv) exclusively between a Partner and a member of such Partner’s Immediate Family. The obligations
of each Partner under this ‎Section 15.07 shall continue after the date such Person ceases to be a Partner, but thereafter
such Person shall not have the right to enforce the provisions of this Agreement.

 

Section
15.08   
Waiver

 

No
consent or waiver, express or implied, by any Partner of any breach or default by any other Partner in the performance by the
other Partner of his, her or its obligations hereunder shall be deemed or construed to be a consent or waiver to or of any other
breach or default in the performance by such other Partner of the same or any other obligation hereunder. Failure on the part
of any Partner to complain of any act or to declare any other Partner in default, regardless of how long such failure continues,
shall not constitute a waiver of rights hereunder.

 

Section
15.09   
Severability

 

If
any provision of this Agreement or the application thereof to any Person or circumstances shall be invalid or unenforceable to
any extent, and such invalidity or unenforceability does not destroy the basis of the bargain between the parties, then the remainder
of this Agreement and the application of such provisions to other Persons or circumstances shall not be affected thereby and shall
be enforced to the greatest extent permitted by law.

 

Section
15.10   
Ownership of Property and Right of Partition

 

A
Unit in the Partnership shall be personal property for all purposes. No Partner shall have any right to partition the property
owned by the Partnership.

 

Section
15.11   
Successors and Assigns

 

Except
as otherwise specifically provided herein, this Agreement shall be binding upon and inure to the benefit of the Partners and their
respective successors and permitted assigns.

 

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Section
15.12   
Further Assurances

 

In
connection with this Agreement and the transactions contemplated hereby, each Partner shall execute and deliver any additional
documents and instruments and perform any additional acts that may be necessary or appropriate to effectuate and perform the provisions
of this Agreement and those transactions.

 

Section
15.13   
Parties in Interest; Third Party Beneficiaries

 

This
Agreement shall be binding solely upon, be enforceable solely by, and inure solely to the benefit of, each Partner and his, her
or its successors, assigns, and Transferees, and except as provided in ‎Article X nothing in this Agreement (express
or implied) is intended to confer upon any other Person any rights or remedies of any nature whatsoever under or by reason of
this Agreement.

 

Section
15.14   
Counterparts

 

This
Agreement may be executed in any number of counterparts (including a facsimile thereof) with the same effect as if all signing
parties had signed the same document. All counterparts shall be construed together and constitute the same instrument.

 

[THE
REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.]

 

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IN
WITNESS WHEREOF, the undersigned have executed this Second Amended and Restated Limited Partnership Agreement as of the date
first written above.

 

	 	 	 	GENERAL PARTNER:	 
	 	 	 	 	 	 	 
	 	 	 	PATTERN ENERGY GROUP HOLDINGS
    2 GP LLC	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	By:		 
	 	 	 	 	Name:		 
	 	 	 	 	Title:		 
	 	 	 	 	 	 	 

 

 

 

 

 

 

 

 

    	 

    	 

    

 

 

	 	 	 	 	CLASS A LIMITED PARTNERS:	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 			 
	 	 	 	 	Name:		 
	 	 	 	 	Title:		 
	 	 	 	 	 	 	 
	 	 	 	 	[signatures of Class A Limited
    Partners identified on Exhibit B to be provided in counterparts]	 

 

 

	 	 	 	 	CLASS B LIMITED PARTNERS:	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 			 
	 	 	 	 	Name:		 
	 	 	 	 	Title:		 
	 	 	 	 	 	 	 
	 	 	 	 	[signatures of Class B Limited
    Partners identified on Exhibit D to be provided in counterparts]Exhibit 10.6

 

 

 

PUBLIC SECTOR PENSION INVESTMENT BOARD

 

and

 

PATTERN ENERGY GROUP INC.

 

 

 

 

 

 

JOINT VENTURE AGREEMENT

 

 

 

 

 

JUNE 16, 2017

 

    	 

    	 

    

TABLE
OF CONTENTS

 

 

Page

 

	Article 1
	 
	Definitions and Interpretation 	2
	 	 
	Section 1.01.	Definitions.	2
	 	 	 
	Article 2
	 
	Representations and Warranties of the JV Participants 	10
	 	 
	Section 2.01.	Authority; Validity of Agreements; No Violations.	10
	Section 2.02.	No Proceedings.	11
	Section 2.03.	Consents and Approvals.	11
	Section 2.04.	Brokers and Finders.	11
	 	 	 
	Article 3
	 
	Joint Asset Acquisitions 	11
	 	 
	Section 3.01.	PSP Co-Invest Right.	11
	Section 3.02.	Joint Acquisition Documentation.	16
	Section 3.03.	Joint Acquisition Executory Period.	19
	Section 3.04.	Expiration of Co-Investment Right.	24
	Section 3.05.	No Amendment to Purchase Rights Agreements.	26
	Section 3.06.	Non-Reliance.	26
	Article 4
	 
	Additional Agreements 	27
	 	 
	Section 4.01.	Confidentiality.	27
	Section 4.02.	Construction Bridge Financing.	29
	Section 4.03.	Valuation Support.	29
	Section 4.04.	Appointment of PSP Designee.	30
	Section 4.05.	PSP Standstill Obligations.	30
	Section 4.06.	Joint M&A Coordination.	32
	Section 4.07.	Piggyback Canadian Prospectus – Filing in Québec.	32
	Section 4.08.	Certain Rights Regarding Certain Agreements.	32
	 	 	 
	Article 5
	 
	Miscellaneous 	33
	 	 
	Section 5.01.	Amendments; Extension; Waiver.	33
	Section 5.02.	Rules of Construction.	33
	Section 5.03.	Governing Law; Consent to Jurisdiction; Waiver of Jury Trial.	34
	Section 5.04.	Entire Agreement.	34
	Section 5.05.	Severability.	35
	Section 5.06.	No Partnership.	35

 

    i 

     

    

 

	Section 5.07.	Notices.	36
	Section 5.08.	Costs and Expenses.	37
	Section 5.09.	Term.	37
	Section 5.10.	Successors and Assigns.	37
	Section 5.11.	No Third-Party Beneficiaries.	37
	Section 5.12.	Enforcement.	38
	Section 5.13.	Counterparts.	38

 

 

Exhibit A: Purchase Rights Agreements 

Exhibit B: Sponsor Services Agreement 

Exhibit C: Form of Joint Acquisition
PSA 

Exhibit D: Joint Acquisition
Governance 

Exhibit E: Construction Financing
Terms 

Exhibit F: Material Contracts

 

 

    ii 

     

    

 

JOINT
VENTURE AGREEMENT

 

THIS JOINT
VENTURE AGREEMENT (the “Agreement”) made as of June 16, 2017,

 

B E T W E
E N:

 

PUBLIC SECTOR PENSION INVESTMENT
BOARD, an Entity having its registered office at 1250 Rene-Levesque Blvd. West, Suite 1400, Montreal, Quebec, H3B 5E9, Canada
(hereinafter referred to as “PSP”),

 

–
and –

 

PATTERN
Energy group INC., a Delaware corporation having its principal executive offices at Pier
1, Bay 3, San Francisco, California, 94111, United States (hereinafter referred to as “PEGI”).

 

WHEREAS,
PEGI and PSP (each a “JV Participant” and collectively, the “JV Participants”) have agreed
to jointly own certain assets (to the extent contemplated in this Agreement) acquired through PEGI’s rights of first offer
with Pattern Energy Group LP, a Delaware limited partnership (“Pattern Development 1.0”), and with Pattern
Energy Group 2 LP, a Delaware limited partnership (“Pattern Development 2.0”), pursuant to those certain amended
and restated Purchase Rights Agreements, dated as of the date hereof, by and between PEGI and Pattern Development 1.0 and Pattern
Development 2.0, respectively, and attached hereto as Exhibits A-1 and A-2, respectively (each, a “Purchase
Rights Agreement” and collectively, the “Purchase Rights Agreements”);

 

WHEREAS,
PSP and Pattern Development 1.0 have entered into that certain Securities Purchase Agreement, dated as of the date hereof, pursuant
to which PSP shall acquire 8,700,000 shares of Class A common stock, $0.01 par value per share, of PEGI (the “PEGI Share
Acquisition” and such shares, the “PSP PEGI Shares”);

 

WHEREAS,
(i) PEGI, PSP and Pattern Development 1.0 have entered into that certain Purchase and Sale Agreement, dated as of the date hereof,
regarding the Meikle Project (as defined therein), pursuant to which PSP and PEGI shall jointly acquire the Meikle Project from
Pattern Development 1.0, (ii) PEGI, PSP and Pattern Development 1.0 have entered into that certain Purchase and Sale Agreement,
dated as of the date hereof, regarding the Mont Sainte-Marguerite Project (as defined therein), pursuant to which PSP and PEGI
shall jointly acquire the Mont Sainte-Marguerite Project from Pattern Development 1.0 and (iii) PEGI and PSP have entered into
that certain Purchase and Sale Agreement, dated as of the date hereof, regarding the Panhandle 2 Project (as defined therein),
pursuant to which PSP shall acquire 49% of the B Interest (as defined therein) of the Panhandle 2 Project from PEGI (such purchase
and sale agreements, the “Initial Acquisition PSAs” and such projects, the “Initial Acquisition Projects”);

 

    	 

    	 

    

WHEREAS,
PEGI and PSP have entered into that certain Sponsor Services Agreement (the “Sponsor Services Agreement”),
dated as of the date hereof, which is attached hereto as Exhibit B, pursuant to which PEGI will provide certain services
to each Subject Project Company (as defined herein); and

 

NOW THEREFORE,
THIS AGREEMENT WITNESSES that in consideration of the respective covenants and agreements of the parties contained herein and
for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged by each of the parties),
it is hereby agreed as follows:

 

Article
1

Definitions and Interpretation

 

Section
1.01.      Definitions.

 

Where used
in this Agreement, the following terms shall have the following meanings, respectively:

 

“96%
Call Right” has meaning set forth in ‎Section
3.01(d);

 

“Accepted
First Offer” has the meaning set forth in ‎Section
3.01(c);

 

“Affiliate”
means, in respect of a party, any Person that as at the time determined, (i) Controls such party, (ii) is Controlled
by such party, or (iii) is Controlled by the same Person that Controls such party; provided that (x) no Subject Project
Company shall be deemed an Affiliate of either PEGI or PSP for any purpose hereunder, (y) neither Pattern Development 1.0 nor
Pattern Development 2.0 shall be deemed an Affiliate of either PEGI or PSP for any purpose hereunder and (z) No JV Participant
shall be deemed an Affiliate of the other JV Participant for any purpose hereunder;

 

“Applicable
Law” means:

 

(a)       applicable
federal, state, provincial or municipal laws, orders-in-council, bylaws, codes, rules, policies, regulations and statutes;

 

(b)       applicable
orders, decisions, codes, judgments, rules, injunctions, decrees, awards and writs of any Governmental Authority;

 

(c)       applicable
rulings and conditions of any license, permit, certificate, registration, authorization, consent and approval issued by a Governmental
Authority; and

 

(d)       any
requirements under or prescribed by applicable common laws;

 

“Assigned
Final Offer Rights” has the meaning set forth ‎Section
3.01(d);

 

“Business
Day” means any day other than a Saturday, Sunday or federal holiday in San Francisco, California, USA or Montreal, Quebec,
Canada;

 

     2

     

    

“Call
Participation Offer” has the meaning set forth in ‎Section
3.01(e);

 

“Change
in Tax Law” means a change in any Applicable Law relating to Taxes or any interpretation thereof pursuant to which either
(i) the PSP Investment Entity becomes a Disqualified Tax-Exempt Person, or (ii) PSP (or if applicable, any Canadian intermediate
parent that is a Subsidiary of PSP) becomes exempt from U.S. federal withholding Tax, other than through modification of the Tax
Treaty;

 

“Code”
means the Internal Revenue Code of 1986, as amended;

 

“Co-Investment
Amount” means the sum of (without duplication) (i) the aggregate purchase price to be paid by PSP pursuant to each Joint
Acquisition Acceptance, (ii) the aggregate purchase price set forth in each Final Rights Project Offer submitted by PSP that is
accepted by the Subject Project Interest Seller, (iii) the aggregate purchase price to be paid by PSP in the Initial Acquisitions
pursuant to the Initial Acquisition PSAs and (iv) the aggregate purchase price to be paid by PSP pursuant to any transactions
under ‎Section 3.01(i) or ‎Section
3.01(k), in each case taking into account any “make whole” payments, increases in purchase price, purchase price
adjustments, indemnification payments or payments pursuant to any other compensation mechanics made by PSP or its Affiliates to
a Subject Project Interest Seller or PEGI or their respective Affiliates in connection with any such acquisitions arising from
or relating to PSP investing in a Canadian Subject Project Interest as a tax-exempt Canadian Crown Corporation as opposed to as
a Non-Tax-Exempt Person. In the event the purchase price to be paid by PSP under a Joint Acquisition Acceptance, Final Rights
Project Offer, Initial Acquisition PSA or transaction under ‎Section
3.01(i) is included in the calculation of the Co-Investment Amount and PSP’s participation in the transaction contemplated
thereby is terminated without a closing occurring, then the Co-Investment Amount shall be reduced by the amount of the purchase
price that was to be paid by PSP;

 

“Co-Investment
Right Termination Event” has the meaning set forth in ‎Section
3.04(a);

 

“Competitively
Sensitive Information” has the meaning set forth in ‎Section
4.01(b);

 

“Confidential
Information” has the meaning set out in ‎Section
4.01(a);

 

“Contract”
means any agreement, indenture, contract, purchase order, lease, sublease, deed of trust, license, option or instrument, in any
case, whether written or oral;

 

“Control”
or “control” means, with respect to any Person at any time, (i) holding, whether directly or indirectly,
as owner or other beneficiary (other than solely as the beneficiary of an unrealized security interest) securities or ownership
interests of that Person carrying votes or ownership interests sufficient to elect or appoint more than 50% of the individuals
who are responsible for the supervision or management of that Person, or (ii) the exercise of de facto control of that Person,
whether direct or indirect and

 

     3

     

    

whether
through the ownership of securities or ownership interests or by Contract, trust or otherwise, and “Controlled”
and “Controlling” have corresponding meanings;

 

“Covered
First Offer” has the meaning set forth in ‎Section
3.01(b);

 

“Covered
Subject Project Interest” means a Subject Project Interest, other than an Excluded Subject Project Interest or a Prior
Project Interest;

 

“Covered
Project” means any Project (as defined in the Purchase Rights Agreement with Pattern Development 1.0 or Pattern Development
2.0, as applicable) that is not located in Japan and that is not underlying a Prior Project Interest;

 

“Covered
Project Transfer Notice” has the meaning set forth in ‎Section
3.01(a);

 

“Cure
Notice” has the meaning set forth in ‎Section
3.03(c);

 

“Diligence
Materials” has the meaning set forth in ‎Section
3.01(g);

 

“Diligence
Period” has the meaning set forth in ‎Section
5.04(b);

 

“Disclaiming
Party” has the meaning set forth in ‎Section
5.04(b);

 

“Disqualified
Tax-Exempt Person” means any Person that is treated as (i) a “tax-exempt entity” within the meaning of Section
168(h)(2) of the Code or (ii) a “tax-exempt controlled entity” within the meaning of Section 168(h)(6)(F) of the Code.

 

“Documentation
Period” has the meaning set forth in ‎Section
3.02(c);

 

“Early
Closing Acceptance Period” has the meaning set forth in ‎Section
3.03(e);

 

“Early
Closing Date” has the meaning set forth in ‎Section
3.03(e);

 

“Early
Closing Notice” has the meaning set forth ‎Section
3.03(d);

 

“Early
Closing Waived Conditions” has the meaning set forth in ‎Section
3.03(e);

 

“Encumbrance”
means any mortgage, lien, encumbrance, charge, pledge, assignment by way of security, security interest, title retention, preferential
right or trust arrangement, easement or any other security arrangement or any other arrangement having the same effect;

 

“Entity”
means any Person other than a natural Person;

 

“Exchange
Act” has the meaning set forth in ‎Section
4.05;

 

“Excluded
Declination” has the meaning set forth in ‎Section
3.04(a)(ii);

 

“Excluded
Subject Project Interest” means any Subject Project Interest for a Subject Project Company that is located in Japan;

 

     4

     

    

“Expected
Closing Date” has the meaning set forth in ‎Section
3.03(a);

 

“Failed
Condition Closing Notice” has the meaning set forth in ‎Section
3.03(d);

 

“Failed
Condition Event” has the meaning set forth in ‎Section
3.03(d);

 

“Failed
Condition Waiver Certification” has the meaning set forth in ‎Section
3.03(d);

 

“Final
Rights Project Offer” has the meaning set forth in the Purchase Rights Agreements;

 

“Final
Offer Notice” has the meaning set forth in ‎Section
3.01(d);

 

“First
Nations” means any governing body of any first nations, Métis and/or indigenous and/or aboriginal tribe(s) and/or
band(s)

 

“First
Rights Project Offer” has the meaning set forth in the Purchase Rights Agreements;

 

“First
Rights Offer Period” has the meaning set forth in the Purchase Rights Agreements;

 

“First
Rights Project Declination” has the meaning set forth in the Purchase Rights Agreements;

 

“Fiscal
Year” means every 12-month period beginning on January 1 and ending on December 31;

 

“Form
Joint Acquisition PSA” has the meaning set forth in ‎Section
3.02(a);

 

“GAAP”
means the accounting principles generally accepted in the United States of America;

 

“Governing
Documents” means, with respect to any Entity that is a corporation, its articles or certificate of incorporation or
memorandum and articles of association, as the case may be, its bylaws and its shareholders’ agreement; with respect to
any Entity that is a limited partnership, its certificate of limited partnership and its limited partnership or operating agreement;
with respect to any Entity that is a limited liability company, its certificate of formation and its limited liability company
or operating agreement; with respect to any Entity that is a trust or similar Entity, its declaration or agreement of trust or
its constituent document; and with respect to any other Entity, its comparable organizational documents, in each case, as has
been amended or restated;

 

“Governmental
Authority” means any federal or national, state, provincial, county, municipal or local government or regulatory or
supervisory department, body, political subdivision, commission, agency, instrumentality, ministry, court, judicial or administrative
body, taxing authority, or other authority thereof (including any

 

     5

     

    

corporation
or other entity owned or controlled by any of the foregoing) acting in a regulatory capacity and having jurisdiction over the
matter or Person in question;

 

“Hold
Period” has the meaning set forth in ‎Section
4.05(b);

 

“Independent
Tax Advisor” means a nationally recognized accounting firm mutually acceptable to both JV Participants;

 

“Initial
Acquisitions” means the acquisitions of the Initial Acquisition Projects contemplated by the Initial Acquisition PSAs;

 

“Initial
Acquisition Projects” has the meaning set forth in the preamble to this Agreement;

 

“Initial
Acquisition PSAs” has the meaning set forth in the preamble to this Agreement;

 

“Joint
Acquisition” has the meaning set forth in ‎Section
3.02(a);

 

“Joint
Acquisition Acceptance” has the meaning set forth in ‎Section
3.01(f);

 

“Joint
Acquisition Closing” has the meaning set forth in ‎Section
3.03(a);

 

“Joint
Acquisition Declination” has the meaning set forth in ‎Section
3.01(f);

 

“Joint
Acquisition Election Period” has the meaning set forth in ‎Section
3.01(f);

 

“Joint
Acquisition Executory Period” has the meaning set forth in ‎Section
3.03(a);

 

“Joint
Acquisition Governance Agreements” has the meaning set forth in ‎Section
3.02(b);

 

“Joint
Acquisition Offer” has the meaning set forth in ‎Section
3.01(c);

 

“Joint
Acquisition PSA” has the meaning set forth in ‎Section
3.02(a);

 

“Joint
Acquisition Termination” has the meaning set forth in ‎Section
3.03(a);

 

“JV
Participants” has the meaning set forth in the preamble to this Agreement;

 

“Material
Contracts” means, in respect of each Subject Project Interest jointly acquired by PSP and PEGI, Contracts of the types
described in Exhibit F;

 

“Meikle
Governance Agreements” means (i) the Meikle Wind Energy Limited Partnership Amended and Restated Limited Partnership
Agreement among an Affiliate of Pattern, an Affiliate of PSP and Meikle Wind Energy Corp. and (ii) the Meikle Wind Energy Corp.
Shareholder Agreement among an Affiliate of Pattern, an Affiliate of PSP

 

     6

     

    

and
Meikle Wind Energy Corp., the forms of which are attached to the Joint Acquisition PSA for the Meikle wind project dated on or
about the date of this Agreement;

 

“MW”
means megawatt, a unit of power equal to one million watts;

 

“Non-Competition
Agreement” means the Second Amended and Restated Non-Competition Agreement among Pattern Development 1.0, PEGI and Pattern
Development 2.0;

 

“Non-Tax-Exempt
Person” means in respect of a Canadian project, any Person that is not exempt from Canadian federal income taxation
under Section 149 of the Income Tax Act (Canada);

 

“Outside
Closing Date” means the Outside Closing Date as it will be defined in each Joint Acquisition PSA.

 

“Pattern
Development 1.0” has the meaning set forth in the preamble to this Agreement;

 

“Pattern
Development 2.0” has the meaning set forth in the preamble to this Agreement;

 

“PEGI”
has the meaning set forth in the preamble to this Agreement;

 

“PEGI
Board” means the board of directors of PEGI;

 

“PEGI
Confidential Information” has the meaning set forth in ‎Section
4.01(a);

 

“PEGI
NGC” means the nominating, governance and compensation committee of the PEGI Board;

 

“PEGI
Purchase Declination” has the meaning set forth in ‎Section
3.01(b);

 

“PEGI
Share Acquisition” has the meaning set forth in the preamble to this Agreement;

 

“PEGI
Solo PSA” has the meaning set forth in ‎Section
3.01(f).

 

“Permitted
Transferee” means, with respect to any Person, a Controlled Affiliate of such Person; provided that, with respect
to PSP, none of its portfolio companies or other investments shall be deemed a Permitted Transferee;

 

“Person”
means an individual, partnership, limited partnership, general partnership, joint stock company, joint venture, association, company,
trust, pension fund, bank, trust company, loan company, insurance company, land trust, business trust or other organization, whether
or not legal Entities, and any Governmental Authority and any political subdivision thereof;

 

“Prior
Project Interest” has the meaning set forth in ‎Section
3.03(f);

 

     7

     

    

“Proceeding”
means any judicial, administrative or arbitral action, cause of action, suit, claim, demand, citation, summons, subpoena, investigation
of which the party being investigated has received written notice, examination or audit of which the party in question has received
written notice, whether civil, criminal or regulatory, in law or in equity, in each case by, on behalf of, before or involving
any court, tribunal, arbitrator or other Governmental Authority;

 

“Project
Transfer Notice” has the meaning set forth in the Purchase Rights Agreements;

 

“PSA
Failure” has the meaning set forth in ‎Section
3.03(c);

 

“PSP”
has the meaning set forth in the preamble to this Agreement;

 

“PSP
Closing Conditions” has the meaning set forth in ‎Section
3.03(e);

 

“PSP
Co-Invest Percentage” means, with respect to any Joint Acquisition, the percentage of the Subject Project Interest that
PEGI offers to PSP for PSP to acquire pursuant to the applicable Joint Acquisition Offer of Call Participation Offer; provided
that (i) the PSP Co-Invest Percentage shall in no event be less than thirty percent (30%), and (ii) if the percentage of the
Subject Project Interest that PEGI offers to PSP is greater than thirty percent (30%), then PSP shall, at the time it delivers
a Joint Acquisition Acceptance, elect whether the PSP Co-Invest Percentage related to the applicable Subject Project Interest
shall equal (x) the percentage of the Subject Project Interest that PEGI offered to PSP or (y) thirty percent (30%) (and if PSP
fails to so make such an election, the PSP Co-Invest Percentage for such Subject Project Interest shall equal the percentage offered
by PEGI);

 

“PSP
Co-Invest Rights” has the meaning set forth in ‎Section
3.04(a);

 

“PSP
Compliance Date” means the date on which PSP notifies PEGI in writing that the appointment of the PSP Designee to the
PEGI Board will not constitute a breach (or potential breach) of any Applicable Law to which PSP or any of its Affiliates is subject;

 

“PSP
Confidential Information” has the meaning set forth in ‎Section
4.01(c);

 

“PSP
Designee” means the individual designated by PSP and communicated to PEGI contemporaneously with the entering into of
this Agreement or, if such individual is unwilling or unable to serve as the PSP Designee, such other individual as PSP may designate
and that is acceptable to the PEGI NGC;

 

“PSP
Early Closing Acceptance” has the meaning set forth in ‎Section
3.03(e);

 

“PSP
Early Closing Declination” has the meaning set forth in ‎Section
3.03(e);

 

“PSP
Investment Entity” has the meaning set forth in ‎Section
3.02(e);

 

     8

     

    

“PSP
MW” means, with respect to any Subject Project Interest, the total MW of such Subject Project Interest multiplied by
the applicable PSP Co-Invest Percentage.

 

“PSP
Partial Acceptance” has the meaning set forth in ‎Section
3.03(e);

 

“PSP
PEGI Shares” has the meaning set forth in the preamble to this Agreement;

 

“PSP
Required Consents” has the meaning set forth in ‎Section
3.02(a);

 

“Purchase
Price” has the meaning set forth in Exhibit C;

 

“Purchase
Price Adjustment” has the meaning set forth in Exhibit C;

 

“Purchase
Rights Agreement” has the meaning set forth in the preamble to this Agreement;

 

“Registration
Rights Agreement” means the Registration Rights Agreement between Pattern Development 1.0 and PEGI, dated as of October
2, 2013;

 

“Representatives”
has the meaning set forth in ‎Section 4.01(a);

 

“SEC”
has the meaning set forth in ‎Section 4.05;

 

“Standstill
Period” has the meaning set forth in ‎Section
4.05;

 

“Status
Schedule” has the meaning set forth in ‎Section
3.04(c);

 

“Status
Schedule Objection Notice” has the meaning set forth in ‎Section
3.04(c);

 

“Subject
Project Company” means with respect to any Subject Project Interest, the Entity the ownership of which is represented
by such Subject Project Interest;

 

“Subject
Project Interest” has the meaning set forth in the Purchase Rights Agreements;

 

“Subject
Project Interest Seller” has the meaning set forth in ‎Section
3.01(b);

 

“Subsidiary”
means, with respect to any Entity, any other Entity of which such Entity (either alone or through or together with any other Subsidiary)
owns, directly or indirectly, more than 50% of the stock or other equity interests the holders of which are generally entitled
to vote for the election of the board of directors or other governing body of such legal Entity;

 

“Tax”
means (i) any tax, governmental fee or other like assessment or charge of any kind whatsoever (including, but not limited to,
withholding on amounts paid to or by any Person), together with any interest, penalty, addition to tax or additional amount, and
any liability for any of the foregoing as transferee and (ii) liability for the payment of any amount as a result of being party
to any agreement or arrangement (whether or not written) entered into for the allocation, apportionment, sharing or assignment
of any tax

 

     9

     

    

liability or
benefit, or the transfer or assignment of income, revenues, receipts, or gains for the purpose of determining any Person’s
tax liability;

 

“Tax
Loss” means (i) any Tax and (ii) any economic damages or losses relating to Tax, including but not limited to those
attributable to unavailability or deferral of any Tax loss, deduction or credit, any indemnification or make-whole payments made
to any Person, and any economic adjustment under any tax equity, joint venture or other arrangement (including any delay or reduction
in any allocation of profits, loss and/or tax attributes or any distribution of cash or proceeds from any Subject Project Company
or a holding vehicle thereof).

 

“Tax
Treaty” means the United States–Canada Income Tax Convention.

 

“Valuation
Expert” has the meaning set forth in ‎Section 3.01(k).

 

Article
2

Representations and Warranties of the JV Participants

 

Each JV Participant
hereby represents and warrants to the other JV Participant as follows:

 

Section
2.01.      Authority;
Validity of Agreements; No Violations.

 

(a)            
Such JV Participant has the necessary power and authority or legal capacity, as applicable, to execute and deliver this
Agreement and each other agreement contemplated hereby to which such JV Participant is or will be a party, and to perform such
JV Participant’s obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby.
This Agreement and each other agreement contemplated hereby to which such JV Participant is or will be a party is, or will be,
duly and validly executed and delivered by such JV Participant and upon execution will constitute (assuming due authorization,
execution and delivery by each of the other parties thereto), a valid and legally binding obligation of such JV Participant, enforceable
against such JV Participant in accordance with its terms, except as may be limited by bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium or similar Laws affecting the enforcement of creditors’ rights or by general principles of equity,
whether such enforceability is considered in a court of law, a court of equity or otherwise.

 

(b)            
The execution, delivery and performance of this Agreement and any other agreement contemplated hereby to which such JV
Participant is or will be a party, and the consummation by such JV Participant of the transactions contemplated hereby and thereby,
will not, with or without the giving of notice, the passage of time or both: (i) violate any Applicable Law; (ii) result
in a breach by such JV Participant of, conflict with, result in a termination of, contravene or constitute a default (or give
rise to any right of termination, cancellation, payment or acceleration) under, any of the terms, conditions or provisions of
any Contract or other instrument or obligation to which such JV Participant is a party, or by which such JV Participant or any
of its properties or assets

 

     10

     

    

may be bound;
(iii) conflict with, or result in a breach of, the Governing Documents of such JV Participant, or (iv) result in the creation
of any Encumbrance upon such JV Participant’s properties or assets, except, in the case of clauses ‎(i), ‎(ii)
and ‎(iv), as would not, individually or in the aggregate, reasonably be expected to prevent or materially impair or
materially delay the ability of such JV Participant to perform its obligations hereunder or under any other agreement contemplated
hereby on a timely basis.

 

(c)            
Such JV Participant is duly organized and is validly existing and in good standing under the laws of its jurisdiction of
organization.

 

Section
2.02.      No
Proceedings.

 

There is
no Proceeding pending or, to the knowledge of such JV Participant, threatened, against such JV Participant that, individually
or in the aggregate, would reasonably be expected to prevent or materially impair or materially delay the ability of such JV Participant
to perform its obligations hereunder or under any other agreement contemplated hereby on a timely basis.

 

Section
2.03.      Consents
and Approvals.

 

Except for
consents, the failure of which to obtain would not, individually or in the aggregate, reasonably be expected to prevent, materially
impair or materially delay the ability of such JV Participant to perform its obligations hereunder or under any other agreement
contemplated hereby (other than a Joint Acquisition PSA or an Initial Acquisition PSA) on a timely basis, such JV Participant
is not required to obtain any consent in connection with the execution, delivery and performance of this Agreement and any other
agreement contemplated hereby (other than a Joint Acquisition PSA or an Initial Acquisition PSA) to which such JV Participant
is or shall be a party.

 

Section
2.04.      Brokers
and Finders.

 

No agent,
broker, financial advisor or other intermediary acting on behalf of such JV Participant is, or will be, entitled to any broker’s
commission, finder’s fees or similar payment in connection with the transactions contemplated hereby (other than any Joint
Acquisition or any Initial Acquisition) from any Person other than such JV Participant.

 

Article
3

Joint Asset Acquisitions

 

Section
3.01.      PSP
Co-Invest Right.

 

(a)            
From the date hereof until the first occurrence of a Co-Investment Right Termination Event, promptly after receipt by PEGI
of a Project Transfer Notice with respect to a Covered Subject Project Interest from either Pattern Development 1.0 or Pattern
Development 2.0, as applicable, under a Purchase Rights Agreement (each, a “Covered Project Transfer Notice”),
PEGI shall promptly deliver to PSP a copy of the

 

     11

     

    

Covered Project
Transfer Notice. For the avoidance of doubt, nothing in this ‎Article 3 shall give PSP any rights with
respect to an Excluded Subject Project Interest.

 

(b)            
If (i) PEGI (in its sole discretion) delivers a First Rights Project Offer regarding a Covered Project Transfer Notice
(the “Covered First Offer”) to Pattern Development 1.0 or Pattern Development 2.0 (as applicable, the “Subject
Project Interest Seller”), then PEGI shall promptly deliver written notice to PSP informing PSP that it has delivered
a First Rights Project Offer with respect to the applicable Subject Project Interest (which notice, for the avoidance of doubt,
shall not include a copy of the First Rights Project Offer or any of the terms or conditions thereof) or (ii) PEGI (in its sole
discretion) delivers a First Rights Project Declination regarding a Covered Project Transfer Notice to the Subject Project Interest
Seller (the “PEGI Purchase Declination”), then PEGI shall promptly deliver a copy of such First Rights Project
Declination to PSP; provided that PEGI shall not, without the prior written consent of PSP, deliver a Covered First Offer
or a PEGI Purchase Declination prior to the expiration of the applicable First Rights Offer Period.

 

(c)            
If a Subject Project Interest Seller accepts (or is deemed to have accepted) a Covered First Offer under the applicable
Purchase Rights Agreement (an “Accepted First Offer”) then PEGI shall promptly give PSP written notice (the
“Joint Acquisition Offer”) setting forth (i) a copy of the applicable First Rights Project Offer and (ii) the
PSP Co-Invest Percentage offered by PEGI.

 

(d)            
If (i) the Subject Project Interest Seller rejects a Covered First Offer for a Subject Project Interest under the applicable
Purchase Rights Agreement or (ii) PEGI delivers, or is deemed to have delivered, a PEGI Purchase Declination with respect to such
Subject Project Interest under the applicable Purchase Rights Agreement then PEGI shall provide prompt written notice thereof
to PSP (a “Final Offer Notice”) and PEGI shall (and hereby does) automatically and without any further action
assign to PSP PEGI’s right to make a Final Rights Project Offer under such Purchase Rights Agreement with respect to such
Subject Project Interest (the “Assigned Final Offer Rights”). In furtherance of the foregoing, PEGI shall reasonably
cooperate with PSP to allow PSP to make, as an assignee of the Assigned Final Offer Rights, a Final Rights Project Offer for such
Subject Project Interest under and in accordance with the terms of such Purchase Rights Agreement. For the avoidance of doubt
(x) the Final Offer Notice shall not include a copy of the First Rights Project Offer or any of the terms or conditions thereof
and (y) the Assigned Final Offer Rights shall consist solely of PEGI’s right to submit a Final Rights Project Offer with
respect to the applicable Covered Project Transfer Notice under the applicable Purchase Rights Agreement, and shall not include
any of PEGI’s other rights under the Purchase Rights Agreements (including without limitation (i) PEGI’s rights under
Section 3.2(d) of the Purchase Rights Agreement with Pattern Development 1.0 in connection with the rejection of a First Rights
Project Offer, (ii) PEGI’s rights under Section 2.2(d) of the Purchase Rights Agreement with Pattern Development 2.0 in
connection with the rejection of a First Rights Project Offer and (iii) PEGI’s rights (the “96% Call Right”)
under Section 2.2(d) of the Purchase Rights Agreement with Pattern Development 2.0), all of which are hereby expressly retained
exclusively by PEGI and shall be applicable with respect to any Final Rights Project

 

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Offer made
by PSP as if such Final Rights Project Offer made by PSP were a third party offer, however, the Assigned Final Offer Rights will
be subject to PEGI’s rights under Section 3.2(d) of the Purchase Rights Agreement with Pattern Development 1.0 in connection
with the rejection of a Final Rights Project Offer and Section 3.2(d) of the Purchase Rights Agreement with Pattern Development
2.0 in connection with the rejection of a Final Rights Project Offer. PSP shall provide copies of any notices or other documents
it provides to the applicable Subject Project Interest Seller in connection with the exercise of, or otherwise related to, the
Assigned Final Offer Rights substantially concurrently with the delivery thereof to the applicable Subject Project Interest Seller,
and if PSP (in its sole discretion) makes a Final Rights Project Offer, then PSP shall deliver a copy of such Final Rights Project
Offer to PEGI substantially concurrently with the delivery thereof to the applicable Subject Project Interest Seller.

 

(e)            
If PEGI exercises the 96% Call Right with respect to a Covered Subject Project Interest (including any Covered Subject
Project Interest with respect to which PSP made a Final Rights Project Offer), then PEGI shall promptly give PSP written notice
(the “Call Participation Offer”) setting forth (i) a copy of the applicable First Rights Project Offer that
was rejected by Pattern Development 2.0, (ii) the applicable purchase price for the Covered Subject Project Interest, which shall
equal 96% of the purchase price set forth in the rejected First Rights Project Offer and (iii) the PSP Co-Invest Percentage offered
by PEGI.

 

(f)            
Within thirty (30) calendar days (or ten (10) Business Days, in the case of a Call Participation Offer) following the delivery
to PSP of a Joint Acquisition Offer or Call Participation Offer (the “Joint Acquisition Election Period”),
PSP shall deliver a written notice (which notice shall be irrevocable once given) either (i) agreeing to acquire in accordance
with this ‎Article 3 the applicable PSP Co-Invest Percentage of the applicable Subject Project Interest
on the terms and conditions (economic and otherwise) set forth in the Joint Acquisition Offer or Call Participation Offer, as
applicable (a “Joint Acquisition Acceptance”) in which case ‎Section 3.02 shall apply
or (ii) declining to acquire such interest in the applicable Subject Project Interest (a “Joint Acquisition Declination”).
If PSP fails to deliver a valid Joint Acquisition Acceptance prior to the expiration of a Joint Acquisition Election Period, then
PSP shall be deemed to have delivered the applicable Joint Acquisition Declination immediately following the end of the 30th
calendar day following the delivery to PSP of the applicable Joint Acquisition Offer or immediately following the end of
the tenth Business Day following the delivery to PSP of a Call Participation Offer. If PSP delivers (or is deemed to have delivered)
a Joint Acquisition Declination, then PEGI may (but shall not be obligated under this Joint Venture Agreement to) enter into a
definitive agreement, based on the Form Joint Acquisition PSA with such modifications as PEGI in good faith determines are necessary
or desirable to reflect the terms and conditions of the First Rights Project Offer and any other terms and conditions specific
to the applicable Subject Project Interest, to acquire the applicable PSP Co-Invest Percentage of the applicable Subject Project
Interest in accordance with the applicable Purchase Rights Agreement (a “PEGI Solo PSA”) (x) at the “Purchase
Price” (as defined in Exhibit C) set forth in the applicable Joint Acquisition Offer or Call Participation Offer
(which price may be subject to a “Purchase Price Adjustment” (as defined in Exhibit C) mechanism that is not
materially more favorable to

 

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PEGI than set
forth in such Joint Acquisition Offer or Call Participation Offer (as applicable) or, if such Joint Acquisition Offer or Call
Participation Offer (as applicable) is silent as to Purchase Price Adjustment mechanism, not materially more favorable to PEGI
than the Purchase Price Adjustment mechanism described in the Form Joint Acquisition PSA and (y) on other terms and conditions
that are not materially more favorable to PEGI than those set forth in the applicable Joint Acquisition Offer or Call Participation
Offer, as supplemented by the Form Joint Acquisition PSA, and PSP shall not be entitled to participate in such transaction or
otherwise acquire any ownership interest in such Subject Project Interest, except as provided in ‎Section
3.01(i). If a final PEGI Solo PSA negotiated by PEGI decreases the Purchase Price or changes the other terms and conditions
(including any Purchase Price Adjustment mechanism) in a manner that is, in the aggregate, materially more favorable to PEGI than
those set forth in the applicable First Rights Project Offer as supplemented by the Form Joint Acquisition PSA, PEGI shall provide
PSP with the opportunity to acquire the applicable PSP Co-Invest Percentage of such Subject Project Interest on the terms and
conditions contemplated by such PEGI Solo PSA, as amended, and shall reasonably cooperate with PSP’s efforts in connection
therewith. If, following the execution of a PEGI Solo PSA that did not decrease the Purchase Price or change other terms and conditions
in a manner materially more favorable to PEGI than those set forth in the applicable First Rights Project Offer, PEGI amends such
PEGI Solo PSA in a manner that decreases the Purchase Price or changes the other terms and conditions (including any Purchase
Price Adjustment mechanism) in a manner that is, in the aggregate materially more favorable to PEGI than those set forth in the
applicable PEGI Solo PSA, PEGI shall provide PSP with the opportunity to acquire the applicable PSP Co-Invest Percentage of such
Subject Project Interest on the terms and conditions contemplated by such PEGI Solo PSA, as amended, and shall reasonably cooperate
with PSP’s efforts in connection therewith. PSP shall notify PEGI in writing whether or not it desires to acquire the applicable
PSP Co-Invest Percentage of the applicable Subject Project Interest pursuant to either of the two immediately preceding sentences
promptly (and in any event within twenty (20) Business Days of PSP’s receipt of the applicable PEGI Solo PSA or amendment),
and if PSP delivers such a notice with respect to a Subject Project Interest then any prior Joint Acquisition Declination with
respect to such Subject Project Interest shall thereafter be treated as an Excluded Declination.

 

(g)            
From such time as a Covered Project Transfer Notice is received by PEGI with respect to a Subject Project Interest and
continuing until PSP no longer has the right to potentially participate in the purchase of such Subject Project Interest in accordance
with this ‎Article 3 (such period, the “Diligence Period”): (x) PEGI will provide
to PSP the financial model, project summary and data room access provided by the Subject Project Interest Seller for such Subject
Project Interest and PSP will be afforded timely access to all material information (including consultant reports but excluding
any PEGI internal analyses or any Competitively Sensitive Information) related to the applicable Subject Project Interest (collectively,
“Diligence Materials”) so that PSP can conduct its own independent due diligence on the applicable Subject
Project Interest and (y) upon delivery by PEGI to PSP of a Joint Acquisition Offer, a Final Offer Notice or a Call Participation
Offer with respect to such Subject Project Interest, PEGI shall use its commercially reasonable efforts to coordinate such due
diligence and other meetings

 

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(including
in the case PSP makes a Final Rights Project Offer as provided in ‎Section 3.01(d) that is accepted by
the applicable Subject Project Interest Seller, arranging for direct negotiations) with the applicable Subject Project Interest
Seller as PSP may reasonably request. Notwithstanding anything to the contrary in this Agreement, nothing herein shall provide
PSP the right to receive any information, reports, minute books, memoranda or other materials (whether written or oral) prepared
by, or at the direction of, the conflicts committee of the board of directors of PEGI.

 

(h)            
(i) Except as provided in ‎Section 3.01(g) above or ‎Section 3.02 below,
PSP shall not, and shall cause its Affiliates and each of its and their respective Representatives acting on its or their behalf
not to, communicate with a Subject Project Interest Seller concerning a Subject Project Interest without PEGI’s prior consent
and any such Affiliate or Representative that receives any confidential information or Diligence Materials regarding any Subject
Project Interest will be subject to the confidentiality obligations under ‎Section 4.01, including, without
limitation ‎Section 4.01(e), and PSP shall not, and shall cause its Affiliates not to, bid on or otherwise
compete with PEGI for the acquisition of a Subject Project Interest other than pursuant to the exercise of its rights under this
‎Article 3.

 

(i)            
In the event a Subject Project Interest Seller has the right under the applicable Purchase Rights Agreement to sell a Subject
Project Interest to any Person other than PEGI or PSP in connection with an Assigned Final Offer Right, neither PSP nor any of
its Affiliates shall acquire such Subject Project Interest without PEGI’s prior written consent; provided that if
PEGI enters into a definitive agreement to acquire any Subject Project Interest that is a Covered Subject Project Interest pursuant
to such third party marketing process, PEGI shall provide PSP with the opportunity to acquire a PSP Co-Invest Percentage in such
Covered Subject Project Interest pursuant to the procedures set forth in this Article 3, mutatis mutandis.

 

(j)            
For the avoidance of doubt, PEGI shall, subject to the provisions of this Agreement including, without limitation, ‎Section
3.02, determine all of the terms and conditions (whether economic or otherwise) of any First Rights Project Offer and
the percentage of any PSP Co-Invest Percentage at its sole discretion, and nothing herein shall give PSP any right to participate
in any internal PEGI deliberations or external counterparty discussions (including with Pattern Development 1.0 or Pattern Development
2.0) related to any First Rights Project Offer, PSP Co-Invest Percentage or 96% Call Right. Nothing in this Agreement shall prevent
PEGI from acting solely in its own interest (or require PEGI to consider any interest of PSP or any other Person) when determining
whether to make (or decline to make) a First Rights Project Offer or the terms and conditions (economic and otherwise) thereof
or whether to exercise (or decline to exercise) the 96% Call Right or when determining any PSP Co-Invest Percentage.

 

(k)            
Any First Rights Project Offer made by PEGI shall be a bona fide good faith reflection of the terms on which PEGI
desires to acquire the applicable Subject Project Interest and PEGI shall not take any action in connection with the submission
of a First Rights Project Offer or the right of first offer process under either Purchase Rights Agreement with the purpose of
circumventing the PSP Co-Invest Rights. In the event of

 

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any acquisition
of PEG LP Interests or PEG 2 LP Interests (as defined in the Purchase Rights Agreement with Pattern Development 1.0 and Pattern
Development 2.0, respectively) by PEGI pursuant to the Purchase Rights Agreement with Pattern Development 1.0 or Pattern Development
2.0, then PEGI shall provide PSP with the opportunity to acquire a PSP Co-Invest Percentage in each Covered Project so acquired
at a price equal to the fair market value of the Covered Project multiplied by the applicable PSP Co-Invest Percentage and on
other terms and conditions that are consistent with other similar recently consummated Joint Acquisitions (and PEGI shall reasonably
cooperate with PSP’s efforts in connection therewith); provided that if PSP objects to PEGI’s proposed purchase
price for a Covered Project, it may deliver written notice of such objection to PEGI and thereafter (i) PEGI and PSP shall reasonably
and in good faith cooperate to try to resolve such objection and (ii) if PEGI and PSP do not resolve such dispute to their mutual
satisfaction within 10 Business Days, then (x) each of PEGI and PSP shall retain (at its sole cost and expense) a reputable independent
third-party valuation expert (each, a “Valuation Expert”), and such Valuation Experts shall mutually designate
a third Valuation Expert who shall be jointly retained by PEGI and PSP (at their equally shared cost and expense), (y) each of
such three Valuation Experts shall independently determine the fair market value of the Covered Project and (z) the arithmetic
mean of such three valuations multiplied by the PSP Co-Invest Percentage shall be the purchase price for the Covered Project.

 

Section
3.02.      Joint
Acquisition Documentation.

 

(a)            
Following a Joint Acquisition Acceptance, PEGI shall in good faith use its commercially reasonable efforts to negotiate
a purchase agreement with the Subject Project Interest Seller (a “Joint Acquisition PSA”) for the purchase
by PSP and PEGI of the Subject Project Interest (a “Joint Acquisition”) based on the form attached hereto as
Exhibit C (the “Form Joint Acquisition PSA”), with such modifications as PEGI in good faith determines
(after consultation with PSP) are necessary or desirable to reflect the Accepted First Offer and any other terms and conditions
specific to the applicable Joint Acquisition; provided that (i) each Joint Acquisition PSA shall include, as a condition
precedent for the benefit of the purchaser thereunder, the obtaining of all consents and approvals required from any Governmental
Authority, any First Nation or under Applicable Law or that are, in the reasonable opinion of PSP, required or advisable as a
direct and proximate result of PSP’s participation in the applicable Joint Acquisition, in each case in order to consummate
the Joint Acquisition (collectively, the “PSP Required Consents”), (ii) the Outside Closing Date in each Joint
Acquisition PSA will be no earlier than the Expected Closing Date for such Joint Acquisition, and (iii) any modifications that
disproportionately and adversely impact PSP shall require the prior written consent of PSP. PSP acknowledges and agrees that subject
to ‎Section 3.02(d) below, PEGI shall have no obligation to revise any transaction or project company
structures or terms in a manner that is adverse to PEGI in any material respect in order to make the transaction more favorable
to PSP or otherwise facilitate PSP’s investment in a Subject Project Interest.

 

(b)            
Concurrently with the negotiation and execution of a Joint Acquisition PSA, PEGI and PSP shall reasonably and in good faith
negotiate definitive agreements for the

 

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governance
arrangements for the applicable Subject Project Company (collectively, the “Joint Acquisition Governance Agreements”),
with such Joint Acquisition Governance Agreements to be effective at the Joint Acquisition Closing. The Joint Acquisition Governance
Agreements shall reflect the terms attached hereto as Exhibit D and the terms set forth in the Meikle Governance Agreements
as well as, with respect to any United States Subject Project Company, ‎Section 3.02(e) and ‎3.02(f)
of this Agreement, with such changes, modifications or supplements as may be reasonably agreed to by PEGI and PSP. Each of
PEGI and PSP agrees that it shall cause any of its Affiliates that indirectly owns a Subject Project Interest to comply with any
restrictions on transfers set out in the Joint Acquisition Governance Agreements for the applicable Subject Project Company.

 

(c)            
If, by the tenth (10th) Business Day after PEGI delivers to PSP (x) a Joint Acquisition PSA for a Subject Project
Interest in a form that has been agreed to by PEGI and the Subject Project Interest Seller in accordance with ‎Section
3.02(d) and that PEGI is ready, willing and able to execute and (y) proposed forms of the Joint Acquisition Governance Agreements
regarding the applicable Subject Project Company that reflect the terms attached hereto as Exhibit D (the “Documentation
Period”) either (i) PSP does not enter into such Joint Acquisition PSA for such Subject Project Interest or (ii) PSP
and PEGI do not reach final agreement on the Joint Acquisition Governance Agreements relating to the applicable Subject Project
Company, then, notwithstanding its prior delivery of a Joint Acquisition Acceptance, PSP shall be deemed to have delivered a Joint
Acquisition Declination with respect to the applicable Subject Project Interest and, for the avoidance of doubt, PEGI will be
entitled to (but shall not be obligated under this Joint Venture Agreement to) acquire the applicable PSP Co-Invest Percentage
of the applicable Subject Project Interest in accordance with the applicable Purchase Rights Agreement at the price and on other
terms and conditions that are not, in the aggregate, materially more favorable to PEGI than those set forth in the applicable
Joint Acquisition Offer or Call Participation Offer, and PSP shall not be entitled to participate in such transaction or otherwise
acquire any ownership interest in such Subject Project Interest, except as provided in ‎Section 3.01(i).

 

(d)            
Subject to ‎Section 3.02(e) below, PSP and PEGI shall cooperate in good faith to structure each
Joint Acquisition in the most Tax efficient manner for both JV Participants and in compliance with all Tax laws and regulations,
and all requirements of the Public Sector Pension Investment Board Act applicable to PSP, taking into account that PSP and its
wholly-owned subsidiaries are tax-exempt Canadian Crown Corporations.  Notwithstanding anything to the contrary in this Agreement,
if PSP desires to structure its investment in any Canadian Subject Project Interest as a tax-exempt Canadian Crown Corporation,
PEGI and PSP shall negotiate in good faith to determine appropriate mechanics to accomplish such a structure; provided
that such mechanics shall (i) in no event cause PEGI or its Affiliates to incur any Taxes in excess of those that would have applied
to PEGI or its Affiliates (as determined under Applicable Law in effect at such time) had PSP’s proportionate share of the
investment been owned by a Non-Tax-Exempt Person unless such additional Taxes do not affect the overall economic return of PEGI
and its Affiliates, (ii) give PEGI the same economic return on PEGI’s proportionate share of the investment that would have
applied had PSP’s proportionate

 

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share of the
investment been owned by a Non-Tax-Exempt Person, (iii) in no event cause a Subject Project Company or PEGI or their respective
Affiliates to breach any representations or warranties or any contractual obligations in respect of the Canadian Subject Project
Interest and (iv) in no event result in any economic adjustments (including under any tax equity or other financing arrangements
relating to such Canadian Subject Project Interest, through the payment of any indemnification or “make whole” payments,
any adjustments to the purchase price or purchase price adjustments, any indemnification payments, adjustment to the terms of
any financing (including through adjustments to “flip points”, allocations of profits, loss and/or tax attributes
or other adjustments directly or indirectly having economic impacts on PEGI) or otherwise) related to the Joint Acquisition that
would not have applied had PSP’s proportionate share of the investment been owned by a Non-Tax-Exempt Person; and provided,
further, that in no event shall PEGI be required to make any “make whole” payments, pay an increased purchase
price or bear the cost of any purchase price adjustment, indemnification payment or other compensation mechanic to any Subject
Project Interest Seller for any Taxes incurred by such Person in excess of those that would have applied (as determined under
Applicable Law in effect at such time) had PSP’s proportionate share of the Canadian investment been owned by a Non-Tax-Exempt
Person as opposed to a tax-exempt Canadian Crown Corporation unless such payments or costs do not affect the overall economic
return of PEGI and its Affiliates. The provisions of this ‎Section 3.02(d) shall not apply in respect
of the Initial Acquisition of the Mont Sainte-Marguerite Project and the Meikle Project.

 

(e)            
PSP’s investment interest acquired through any Joint Acquisition or Initial Acquisition with respect to any United
States Subject Project Company shall be held for the entire term of the applicable investment by or through a U.S. entity (the
“PSP Investment Entity”) directly or indirectly wholly-owned by PSP (i) that is treated (pursuant to a valid
election under Treasury Regulations Section 301.7701-3 or otherwise) as a domestic corporation for U.S. federal income tax purposes
subject to U.S. federal income taxation as a regular C corporation, and (ii) dividends or interest paid by which entity to PSP
(or, if applicable, to any Canadian intermediate parent that is a Subsidiary of PSP) are not fully exempt from U.S. federal income
taxation under the Code or Article XXI of the Tax Treaty.

 

(f)            
In the event of a Change in Tax Law that, as determined under Section 3.02(i), could reasonably be expected to cause
PEGI to realize a Tax Loss with respect to a Joint Acquisition of a United States Subject Project Company that it would not have
realized if such Change in Tax Law had not taken place, PSP and PEGI shall cooperate in good faith to determine a new structure
for such Joint Acquisition that would not result in such a Tax Loss. If PSP and PEGI cannot determine such a structure, then PSP
shall, at its option, either indemnify, defend and hold PEGI harmless for such Tax Loss or be excluded from such Joint Acquisition.

 

(g)            
In the absence of a Change in Tax Law, the structure described in ‎Section 3.02(e) shall be used
for all Joint Acquisitions of United States Subject Project Companies.

 

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(h)            
Each JV Participant (the “first JV participant”) shall indemnify, defend and hold the other JV Participant
and its Affiliates harmless from any Tax Loss suffered by such other JV Participant or its Affiliates if, as determined under
‎Section 3.02(i), such Tax Loss results from actions taken by the first JV Participant or an Affiliate of the
first JV Participant that (i) change its organizational structure or legal form, (ii) change its Tax status or characterization
(by affirmative election or otherwise), or (iii) effect a transfer, assignment or pledge of all or part of any Subject Project
Interest or interest in an Initial Acquisition Project (or, in each case, an interest in a holding vehicle thereof) to, or otherwise
cause any such interests to be owned by, a Disqualified Tax-Exempt Person. For the avoidance of doubt, this ‎Section
3.02(h) shall apply to both the Initial Acquisitions and Joint Acquisitions.

 

(i)            
Determinations under Section 3.02(f) and (h) shall be made by PEGI based on a written opinion of legal counsel
(a copy of which shall be furnished by PEGI to PSP in advance of such determination). If, after consultation with its own legal
and tax advisors, PSP disagrees with such opinion, PSP shall notify PEGI of such disagreement, in which case the determination
shall be submitted to the Independent Tax Advisor for resolution. The fees of the Independent Tax Advisor shall be borne by PEGI
and PSP pro-rata in accordance with the applicable PSP Participation Percentage (or PSP’s ownership interest in the project
underlying the Initial Acquisition).

 

Section
3.03.      Joint
Acquisition Executory Period.

 

(a)            
During the period (the “Joint Acquisition Executory Period”) from the execution of a Joint Acquisition
PSA or Initial Acquisition PSA until the closing of the Joint Acquisition contemplated thereby (the “Joint Acquisition
Closing”) or earlier termination of the applicable Joint Acquisition PSA or Initial Acquisition PSA in accordance with
its terms without the Joint Acquisition Closing occurring thereunder (the “Joint Acquisition Termination”),
PSP and PEGI shall promptly share with each other all material information each of them receives from or on behalf of the applicable
Subject Project Interest Seller in connection with the applicable Joint Acquisition (except that PEGI shall not be required to
share any Competitively Sensitive Information). Concurrently with the execution of a Joint Acquisition PSA, PEGI shall, in consultation
with PSP, determine the target date for the Joint Acquisition Closing (the “Expected Closing Date”), which
will afford PSP a reasonable period of time to obtain all PSP Required Consents.

 

(b)            
Subject to the terms and conditions set forth in a Joint Acquisition PSA or Initial Acquisition PSA, PSP and PEGI shall
(and shall cause their Affiliates to) use commercially reasonable efforts to take promptly, or cause to be taken promptly, all
actions, and to do promptly, or cause to be done promptly, and to assist and cooperate with the other party and its Affiliates
in doing, all things necessary, proper or advisable to consummate and make effective the applicable Joint Acquisition, including
using commercially reasonable efforts to (i) take all actions necessary, proper or advisable to cause the conditions to closing
set forth in such Joint Acquisition or PSA Initial Acquisition PSA, as applicable, to be promptly satisfied or fulfilled, (ii)
promptly prepare and file with any Governmental Authority or First Nation, or any other third party, all

 

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documentation
to effect all necessary or reasonably advisable filings, notices, petitions, statements, registrations, submissions of information,
applications and other documents (including, as may be required in connection with the PSP Required Consents), (iii) promptly
obtain and maintain all necessary third-party waivers, consents and approvals (including the PSP Required Consents) and (iv) obtain
any acquisition financing contemplated by such Joint Acquisition PSA or Initial Acquisition PSA, as applicable, on the terms and
conditions set forth therein and in the commitment letters related thereto. Notwithstanding the foregoing or any other provision
of this Agreement, no JV Participant will be required, for purposes of obtaining any regulatory approval (including under the
Competition Act and HSR Act), to (x) propose or agree to accept any undertaking or condition, enter into any consent agreement,
make any divestiture or accept any operational restriction or other behavioral remedy, (y) take any action that, in the reasonable
judgment of such JV Participant, could be expected to limit the right of such JV Participant to own or operate all or any portion
of the business or assets of a Subject Project Company, or any of its Subsidiaries, or of such JV Participant or any of its Affiliates,
or to conduct their respective affairs in a manner consistent with how they each conduct their affairs as of the date of this
Agreement, or (z) contest or defend any Proceeding, whether judicial or administrative, seeking to prohibit, prevent, restrict
or unwind the consummation of all or a part of a Joint Acquisition.

 

(c)            
In the event PSP breaches or repudiates any of its obligations under a Joint Acquisition PSA or an Initial Acquisition
PSA and such breach or repudiation (x) is not cured by PSP within thirty (30) days (or such shorter cure period as may be provided
for in the applicable Joint Acquisition PSA or Initial Acquisition PSA) following the earlier of (A) PEGI delivering written notice
of such breach or repudiation to PSP or (B) PSP having actual knowledge of such breach or repudiation and (y) results or would
reasonably be expected to result in any failure of any portion of the applicable Joint Acquisition Closing (a “PSA Failure”),
(i) PSP shall be deemed to have delivered a Joint Acquisition Declination with respect to the applicable Subject Project Interest
and (ii) without limiting any of PEGI’s rights or remedies with respect thereto under Applicable Law, PEGI shall have the
right, in its sole discretion, upon prior written notice to PSP (a “Cure Notice”) to cure such breach and to
terminate PSP’s participation in the Joint Acquisition, in which case PSP shall (and hereby does) automatically and without
any further action assign to PEGI all of its rights under the applicable Joint Acquisition PSA or Initial Acquisition PSA, in
which event PEGI may fund up to the entire purchase price under the applicable Joint Acquisition PSA or Initial Acquisition PSA
and acquire up to 100% of the applicable Subject Project Interest or Initial Acquisition Project, and PSP shall have no right
to acquire any interest in the applicable Subject Project Interest or Initial Acquisition Project, except as provided in ‎Section
3.01(i). In furtherance of the foregoing, in the event all of the conditions precedent to the obligation of PSP and PEGI to
consummate a Joint Acquisition Closing under a Joint Acquisition PSA or an Initial Acquisition PSA, as applicable, have been satisfied
and PEGI has irrevocably confirmed in a writing delivered to PSP, that it stands ready, willing and able to consummate the applicable
Joint Acquisition Closing and to fund its pro rata share of the purchase price thereunder in accordance with the terms of the
applicable Joint Acquisition PSA or Initial Acquisition PSA, and PSP thereafter fails to promptly (and in any event within twenty-four
(24) hours of receipt of such written confirmation from PEGI) certify in writing that

 

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it is ready,
willing and able to do so, subject only to PEGI doing so concurrently, PSP shall be deemed to have committed a PSA Failure as
provided above; provided that if PSP reasonably and in good faith contests that the conditions precedent under a Joint
Acquisition PSA have not been satisfied, then such PSA Failure shall not constitute a Co-Investment Termination Right under ‎Section
3.04(a)(iii).

 

(d)            
If, notwithstanding the failure to satisfy one or more conditions precedent to the obligation of PSP and/or PEGI to consummate
a Joint Acquisition Closing under a Joint Acquisition PSA or Initial Acquisition PSA on or after the tenth (10th) Business
Day immediately preceding the Outside Closing Date (a “Failed Condition Event”) PEGI irrevocably certifies
to PSP in writing that PEGI stands ready, willing and able to consummate the Joint Acquisition Closing and to fund its pro rata
share of the purchase price under the Joint Acquisition PSA or Initial Acquisition PSA notwithstanding the Failed Condition Event
(a “Failed Condition Waiver Certification”), if PSP does not promptly (and in any event within five (5) Business
Days of receipt of such Failed Condition Waiver Certification from PEGI) irrevocably certify to PEGI in writing that PSP is ready,
willing and able to consummate the Joint Acquisition Closing and fund its pro rata share of the purchase price under the Joint
Acquisition PSA or Initial Acquisition PSA notwithstanding the Failed Condition Event, subject only to PEGI’s concurrent
performance, then PEGI shall have the right, in its sole discretion, upon prior written notice to PSP (a “Failed Condition
Closing Notice”), to terminate PSP’s participation in the Joint Acquisition, in which case PSP shall (and hereby
does) automatically and without any further action assign to PEGI all of its rights under the applicable Joint Acquisition PSA
or Initial Acquisition PSA, in which event PEGI may fund up to the entire purchase price under the applicable Joint Acquisition
PSA or Initial Acquisition PSA and acquire up to 100% of the applicable Subject Project Interest or Initial Acquisition Project
(each, a “Failed Condition Closing”), and PSP shall have no right to acquire any interest in the applicable
Subject Project Interest or Initial Acquisition Project except as provided in ‎Section 3.01(i); provided
that if subsequent to the delivery of a Failed Condition Closing Notice and prior to the consummation of the Failed Condition
Closing the relevant conditions precedent become and remain satisfied then PEGI shall allow PSP to purchase the PSP Co-Investment
Percentage of the applicable Subject Project Interest or the applicable ownership interest in the applicable Initial Acquisition
Project contemplated by the applicable Initial Acquisition PSA, in each case at the Failed Condition Closing on the terms contemplated
by the applicable Joint Acquisition PSA or Initial Acquisition PSA. No termination of a Joint Acquisition pursuant to this ‎Section
3.03(d) shall constitute a Joint Acquisition Declination.

 

(e)            
If, at any time prior to the tenth (10th) Business Day immediately preceding the Outside Closing Date, in the
reasonable opinion of PEGI it is required or advisable for the Joint Acquisition Closing to occur prior to the Outside Closing
Date notwithstanding that one or more conditions precedent to the obligation of PSP and/or PEGI to consummate such Joint Acquisition
Closing have not yet been satisfied, and PEGI has determined that it is prepared to consummate the Joint Acquisition Closing and
fund its pro rata share of the Purchase Price notwithstanding that such conditions precedent have not been satisfied, PEGI
shall deliver written notice of such determination to PSP (an “Early Closing Notice”) which Early Closing Notice
will set out in

 

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reasonable
detail (x) why PEGI has determined that it is required or advisable for the Joint Acquisition Closing to occur prior to the Outside
Closing Date, (y) the revised closing date (the “Early Closing Date”) and (z) which conditions precedent under
the applicable Joint Acquisition PSA have not yet been satisfied (the “Early Closing Waived Conditions”). Within
ten (10) Business Days (the “Early Closing Acceptance Period”) of receipt of an Early Closing Notice, PSP shall
confirm in writing to PEGI that PSP is prepared to do one of the following: (i) waive all of the Early Closing Waived Conditions
(a “PSP Early Closing Acceptance”), (ii) waive some or all of the Early Closing Waived Conditions (and specifying
which conditions precedent will not be waived by PSP, with such unwaived conditions precedent being the "PSP Closing Conditions");
provided that PSP shall not be required to specify whether or not it is waiving any PSP Required Consents for such Joint
Acquisition and any PSP Required Consents shall not be deemed to be PSP Closing Conditions with respect to such Joint Acquisition
(a “PSP Partial Acceptance”), or (iii) not waive any of the Early Closing Waived Conditions, in which case
all of the Early Closing Waived Conditions other than the PSP Required Consents shall be deemed to be PSP Closing Conditions (a
“PSP Early Closing Declination”). If PSP delivers a PSP Early Closing Acceptance within the Early Closing Acceptance
Period, PEGI and PSP will proceed to consummate the Joint Acquisition Closing in accordance with the Joint Acquisition PSA on
the basis that all of the Early Closing Waived Conditions have been waived. If PSP delivers a PSP Partial Acceptance or delivers,
or is deemed to deliver, a PSP Early Closing Declination within the Early Closing Acceptance Period, PEGI may proceed to acquire,
at its option, either (i) all but the PSP Co-Invest Percentage in the applicable Subject Project Interest or (ii) the entire Subject
Project Interest, in either case on the terms contemplated by the applicable Joint Acquisition PSA or Initial Acquisition PSA
and subject to the following:

 

(A)
In the event PEGI does not elect to acquire the entire Subject Project Interest, PSP shall remain entitled under the terms and
conditions of the Initial Acquisition PSA or Joint Acquisition PSA, as applicable, to acquire the PSP Co-Invest Percentage of
the Subject Project Interest at any time prior to the Outside Closing Date. If PSP does not acquire the PSP Co-Invest Percentage
in the applicable Subject Project Interest by the Outside Closing Date, PSP shall, if requested by PEGI in writing, assign all
of its rights under the applicable Joint Acquisition PSA to PEGI and PEGI may fund PSP’s pro rata share of the Purchase
Price and acquire 100% of the applicable Subject Project Interest.

 

(B)
In the event PEGI elects to acquire the entire Subject Project Interest, PSP shall be entitled, at its option, to acquire the
PSP Co-Invest Percentage in the Subject Project Interest from PEGI at any time prior to the Outside Closing Date if all of the
PSP Closing Conditions are satisfied (and PSP shall not be entitled to waive any PSP Closing Conditions), provided that
if the acquisition from PEGI rather than Pattern Development 1.0 or Pattern Development 2.0 either (i) delays PSP’s ability
to obtain any PSP Required Consents, or (ii) requires PSP to obtain additional PSP Required Consents, in either

 

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case
as reasonably determined by PSP, the Outside Closing Date shall be extended for a period of time reasonably necessary to seek
and obtain such PSP Required Consents, with such period of time not to exceed the number of days that have elapsed between the
execution of the Joint Acquisition PSA and the expiry of the Early Closing Acceptance Period. The acquisition of the PSP Co-Invest
Percentage of the Subject Project Interest shall be on the terms set forth in the applicable Joint Acquisition PSA or Initial
Acquisition PSA and PEGI shall assign to PSP a pro rata portion of any indemnification rights, Purchase Price adjustments and
other economic benefits to which PSP would have been entitled had PSP been a party to the Joint Acquisition PSA or Initial Acquisition
PSA, as the case may be, at the time PEGI acquired the Subject Project Interest. Furthermore, the purchase and sale agreement
between PEGI and PSP shall include (x) updated disclosure schedules reflecting any developments in respect of the Subject Project
in respect of the period between PEGI’s acquisition of the Subject Project Interest and PSP’s acquisition of the PSP
Co-Invest Percentage therein (it being understood and agreed that such updated disclosure schedules shall not constitute representations
or warranties by PEGI), and (y) representations from PEGI in favor of PSP in respect of enforceability, ownership of the portion
of the Subject Property Interest being sold to PSP and the transfer of clear title thereto. PSP shall not bear any costs of PEGI’s
acquisition from the Subject Project Interest Seller and PEGI shall not be responsible for any additional costs incurred by PSP
as a result of PEGI acquiring the Subject Project Interest and selling the PSP Co-Invest Percentage to PSP including the costs
of obtaining additional PSP Required Consents.

 

If
PSP does not promptly (and in any event within the Early Closing Acceptance Period), deliver to PEGI a PSP Early Closing Acceptance,
a PSP Partial Acceptance or a PSP Early Closing Declination, PSP shall be deemed to have delivered a PSP Early Closing Declination.

 

No
failure by PSP to consummate a Joint Acquisition pursuant to this ‎Section 3.03(e) shall constitute
a Joint Acquisition Declination.

 

(f)            
In the event of a Joint Acquisition Termination, neither PSP nor PEGI shall have any further obligations hereunder with
respect to the related Joint Acquisition Acceptance; provided that, if a Joint Acquisition Termination is caused by, arises
from, or relates to any PSA Failure, then the applicable Subject Project Interest or Initial Acquisition Project shall thereafter
be deemed a “Prior Project Interest.”

 

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Section
3.04.      Expiration
of Co-Investment Right.

 

(a)            
PSP’s rights under Sections ‎3.01, ‎3.02 and ‎3.03
(the “PSP Co-Invest Rights”) shall terminate and be of no further force and effect upon the earliest to
occur of (each of the following, a “Co-Investment Right Termination Event”):

 

(i)           
Such time as the aggregate Co-Investment Amount exceeds $500 million; provided that, if the aggregate Co-Investment
Amount is subsequently reduced to an amount less than or equal to $500 million then, if no other Co-Investment Right Termination
Event other than pursuant to this clause (i) shall have occurred, the PSP Co-Invest Rights shall be reinstated until such time
as the aggregate Co-Investment Amount exceeds $500 million or another Co-Investment Right Termination Event occurs.

 

(ii)           
PEGI electing (in its sole discretion) to terminate the PSP Co-Invest Rights at any time after (x) PSP shall have made
(or been deemed to have made) three or more Joint Acquisition Declinations in respect of which PEGI has provided to PSP written
notice that a Joint Acquisition Declination has occurred (or has been deemed to occur) (other than a Joint Acquisition Declination
(A) with respect to any Subject Project Interest for a Subject Project Company not located in the United States, Canada or Mexico;
(B) with respect to any Subject Project Interest which PSP reasonably determines it is prohibited by Applicable Law from investing
in or it would be unable to obtain any approval from a Governmental Authority that is required or, in the reasonable opinion of
PSP, is advisable to be obtained on or before the Outside Closing Date; (C) arising from the refusal of PSP to enter into a Joint
Acquisition PSA within the Documentation Period because the Joint Acquisition PSA contained material modifications from the Form
Joint Acquisition PSA that were not reasonably acceptable to PSP or the failure of PEGI and PSP to agree on Joint Acquisition
Governance Agreements within the Documentation Period because PEGI required material modifications to the terms attached hereto
as Exhibit D; and (D) referenced in the last sentence of ‎Section 3.01(f)); ((A), (B),
(C) and (D) collectively, “Excluded Declinations”) and (y) the aggregate PSP MW of all Subject Project Interests
with respect to which PSP shall have made Joint Acquisition Declinations (other than Excluded Declinations) exceeds two hundred
(200) MW;

 

(iii)           
A willful and intentional material breach of any material obligation of PSP under this Agreement, any Joint Acquisition
Governance Agreement, any Initial Acquisition PSA or any Joint Acquisition PSA; provided that the failure of PSP to consummate
a Joint Acquisition Closing following a Failed Condition Event shall in no event constitute a Co-Investment Right Termination
Event; or

 

(iv)           
PEGI electing (in its sole discretion) to terminate the PSP Co-Invest Rights at any time after such time as PSP transfers
all or some of the PSP PEGI Shares to any Person (other than a Permitted Transferee, provided that for purposes of this
‎Section 3.04(a)(iv) transfers shall not include (i) any transfer required to be made by order
of a Governmental Authority, (ii) any transfer in a

 

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third
party tender offer for the common stock of PEGI that has been approved by the PEGI Board or in a merger or consolidation involving
PEGI or a subsidiary of PEGI (including a merger under Section 253 of the Delaware General Corporation Law) that has been approved
or adopted by the PEGI Board; provided that if PSP receives stock in another entity in any such tender offer or merger,
such stock shall thereafter be treated as the PEGI Shares for purposes of this provision, and (iii) any transfer by PSP in connection
with a buyback of the common stock of PEGI (or any stock received by PSP in replacement thereof as contemplated in Clause (ii)
above) approved or adopted by the PEGI Board required to be made by PSP in order to maintain the percentage of PEGI shares held
by it below 10%.

 

(b)            
Upon the occurrence of a Co-Investment Right Termination Event, except with respect to any Joint Acquisition Acceptance
(whether related to a Joint Acquisition Offer or Call Participation Offer), Final Rights Project Offer submitted by PSP that has
been accepted by the Subject Project Interest Seller, Initial Acquisition PSA or transaction under ‎Section
3.01(i) that PSP has agreed to participate in prior to the occurrence of such Co-Investment Right Termination Event, in each
case that is included in the calculation of Co-Investment Amount at such time, the PSP Co-Invest Rights shall immediately terminate
and be of no further force and effect and any assignment of Assigned Final Offer Rights shall be void ab initio, in each
case without any liability on the part of PEGI. Following a willful and intentional breach of any material obligation of PSP under
this Agreement, any Joint Acquisition Governance Agreement, any Initial Acquisition PSA or any Joint Acquisition PSA, PEGI shall
(in its sole discretion) have the right to terminate PSP’s right to invest in any Subject Project Interest (including any
Subject Project Interest with respect to which PSP has delivered a Joint Acquisition Acceptance or PEGI has delivered a Joint
Acquisition Offer or a Call Participation Offer, or that is the subject of any Joint Acquisition PSA or Initial Acquisition PSA),
in which case PSP shall (and hereby does) automatically and without any further action assign to PEGI all of its rights under
the applicable Joint Acquisition PSA or Initial Acquisition PSA, subject to PSP being released from all liability thereunder.

 

(c)            
PEGI may from time to time provide to PSP a schedule (a “Status Schedule”) of then-current status of
the PSP Co-Invest Rights at such time, including (i) the Covered Subject Project Interests that have been subject to a Covered
Project Transfer Notice, (ii) whether a First Rights Project Offer, a Final Rights Project Offer and/or a Call Participation Offer
was made with respect to each such Covered Subject Project Interest, (iii) whether a Joint Acquisition Acceptance or a Joint Acquisition
Declination, as may be applicable, has been made with respect thereto and, in the case of any Joint Acquisition Declinations,
whether such Joint Asset Declination constituted an Excluded Declination, (iv) the aggregate PSP MW of all Subject Project Interests
with respect to which PSP shall have made Joint Acquisition Declinations (other than Excluded Declinations) and (v) PSP’s
aggregate Co-Investment Amount as such time. PEGI shall, at PSP’s request, promptly provide PSP with an updated Status Schedule.
Following delivery of a Status Schedule, PEGI shall reasonably cooperate with PSP to provide PSP with such additional information
regarding the then-current status of the PSP Co-Invest Rights as PSP may reasonably request. Within ten (10) Business Days of

 

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receipt of
a Status Schedule PSP shall notify PEGI in writing (a “Status Schedule Objection Notice”) of any disputed items
in such Status Schedule, and if PSP does not deliver a Status Schedule Objection Notice within such time period PSP shall be deemed
to have approved all items set forth in the Status Schedule and such items shall thereafter be final and binding on PEGI and PSP
for purposes of this ‎Section 3.04 absent manifest error. Promptly following PEGI’s receipt of
a Status Schedule Objection Notice, PEGI and PSP will attempt in good faith to resolve any disputed items and, if they are not
able to resolve all such disputed items to their mutual satisfaction within twenty (20) Business Days of receipt of the Status
Schedule Objection Notice the remaining disputed items will be subject to resolution as provided in ‎Section
5.03(b).

 

Section
3.05.      No
Amendment to Purchase Rights Agreements.

 

(a)            
From the date hereof until the first occurrence of a Co-Investment Right Termination Event without PSP’s prior written
approval: (i) the Purchase Rights Agreements shall not be amended, modified or supplemented in any manner that is adverse in any
respect to the PSP Co-Invest Rights, (ii) PEGI shall not waive any rights it may have under the Purchase Rights Agreement in a
manner that is adverse in any respect to the PSP Co-Invest Rights (in the case of (i) and (ii), other than amendments, modifications,
supplements or waivers that have (in the aggregate) a de minimis impact on the PSP Co-Invest Rights) and (iii) PEGI shall
not assign its rights and obligations under the Purchase Rights Agreements or consent to the assignment by any other Person party
to a Purchase Rights Agreement of such Person’s rights and obligations thereunder, other than an assignment to a Permitted
Transferee who agrees to assume all of the transferor’s obligations under the applicable Purchase Rights Agreement and provided
that PEGI shall (x) cause such Permitted Transferee to comply with all of PEGI’s obligations under this Agreement and
(y) remain liable for the performance of all of its obligations under this Agreement.

 

Section
3.06.      Non-Reliance.

 

PSP is an
informed and sophisticated purchaser, and has engaged (or, as applicable, prior to executing any binding agreements to purchase
any Subject Project Interests will engage) expert advisors, experienced in the evaluation and purchase of companies such as the
Initial Acquisition Projects and the Subject Project Companies as contemplated hereunder. PSP has undertaken (or, as applicable,
prior to executing any binding agreements to purchase any Subject Project Interests will undertake), such investigation and has
been provided with and has evaluated (or, as applicable, prior to executing any binding agreements to purchase any Subject Project
Interests, will obtain and evaluate) such documents and information as it has deemed (or, as applicable, will deem) necessary
to enable it to make an informed and intelligent decision with respect to the execution, delivery and performance of this Agreement.
PSP acknowledges that PEGI has given PSP complete and open access to the key employees, documents and facilities of PEGI and the
Subsidiaries. PSP further acknowledges that certain officers and employees of PEGI are also officers or employees of, and may
have direct or indirect interests in, Pattern Development 1.0 and/or Pattern Development 2.0, and PSP agrees that it has received
such information about such relationships as it has deemed necessary

 

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to enable it
to make an informed and intelligent decision with respect to the execution, delivery and performance of this Agreement by PSP.
In furtherance of the foregoing, PSP acknowledges and agrees that (i) except for the representations and warranties that may be
expressly set forth in the applicable Initial Acquisition PSAs (in the case of the Initial Acquisitions) or any Joint Acquisition
PSA for the acquisition of any other Subject Project Interest (in the case of any transaction effected pursuant to this ‎Article
3), none of PEGI, Pattern Development 1.0, Pattern Development 2.0 or any of their respective Affiliates or their or their
respective Affiliates’ Representatives has made, and PSP has not and will not rely upon, any express or implied representations
or warranties of any nature (including as to the accuracy or completeness of any information provided to PSP) regarding the transactions
contemplated by this Agreement and (ii) PEGI and its Affiliates and its and their respective Representatives shall have no liability
for any representations and warranties made by or on behalf of Pattern Development 1.0, Pattern Development 2.0 or any other Person
with respect to any of the transactions contemplated by this Agreement.

 

Article
4

Additional Agreements

 

Section
4.01.      Confidentiality.

 

(a)            
Subject to the provisions of this ‎Section 4.01(a) above, PSP shall, and shall cause its Affiliates
and its and their Representatives and any PSP Designee to, keep confidential all information, documentation and records obtained
from PEGI or a Subject Project Interest Seller or their respective Affiliates and their and their Affiliates’ officers,
directors, employees, consultants, agents, advisors, attorneys, lenders, shareholders or other equity investors (collectively,
“Representatives”) with respect to this Agreement and the Subject Project Interests and Subject Project Companies
(including any Joint Acquisition), as well as any information arising out of PSP’s access to the books and records of PEGI
and the Subject Project Companies (collectively, the “PEGI Confidential Information”); provided that
except as set forth in ‎Section 4.01(b), nothing herein shall restrict or prohibit PSP from disclosing
PEGI Confidential Information to its Representatives, in each case who first are instructed to maintain PEGI Confidential Information
confidential on substantially similar terms as those contained in this ‎Section 4.01(a); provided,
further, that PSP shall be liable for any breach of this ‎Section 4.01 by any such Person as if
PSP had itself committed such breach. “PEGI Confidential Information” shall not include: (i) public information
or information in the public domain at the time of its receipt by PSP or its Representatives; (ii) information which becomes public
through no fault or act of PSP or its Representatives; or (iii) information received by PSP or its Affiliates in good faith from
a third party lawfully in possession of the information and not in breach of any confidentiality obligations. PSP acknowledges
that it is aware that (i) PEGI Confidential Information and Competitively Sensitive Information contain material, non-public information
regarding PEGI and (ii) the United States and Canadian securities laws prohibit any persons who have material, non-public information
from purchasing or selling securities of a company using such information or from communicating such information to any Person
(including its Affiliates) under circumstances in which it is reasonably foreseeable that such Person is likely to purchase

 

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or sell such
securities in reliance upon such information. PSP further confirms that it has in place internal information protection mechanisms
to prevent unauthorized use of the Confidential Information and Competitively Sensitive Information.

 

(b)            
“Competitively Sensitive Information” shall mean information regarding PEGI, a Subject Project Interest
or a Subject Project Company that PEGI determines that one or more Affiliates of PSP could reasonably be expected to use to compete
with PEGI. Notwithstanding anything to the contrary in this Agreement, in no event shall PSP be entitled to receive Competitively
Sensitive Information, and PSP shall, and shall cause its Affiliates to, maintain any Competitively Sensitive Information of which
any of their respective employees, officers or directors is or becomes aware in strict confidence; provided that PEGI shall
provide PSP with a commercially reasonable description of the nature of any Competitively Sensitive Information that would otherwise
have been provided to PSP but for this ‎Section 4.01(b) and shall use commercially reasonable efforts
to provide substitute disclosure to PSP that, to the greatest extent practicable under the circumstances, will enable PSP to assess
the applicable opportunity relating to the Subject Project Interest or Subject Project Company in substantially the same manner
as if PSP had full access to such Competitively Sensitive Information and that is otherwise reasonably satisfactory to PSP.

 

(c)            
Subject to the provisions of this ‎Section 4.01(c), PEGI shall, and shall cause its Affiliates
to, keep confidential all confidential documents and information concerning PSP furnished to PEGI by PSP or its Representatives
in connection with the transactions contemplated by this Agreement (including any Joint Acquisition) (the “PSP Confidential
Information” and together with the PEGI Confidential Information, “Confidential Information”); provided
that nothing herein shall restrict or prohibit PEGI from disclosing PSP Confidential Information to its Representatives who
first are instructed to maintain the PSP Confidential Information confidential on substantially similar terms as those contained
in this ‎Section 4.01(c); provided, further, that PEGI shall be liable for any breach of
this ‎Section 4.01(c) by any of its Representatives as if PEGI had itself committed such breach.

 

(d)            
Notwithstanding anything to the contrary contained herein, nothing in this Agreement shall prevent or restrict any JV Participant
or any of its Affiliates from disclosing, without the agreement of the other JV Participant: (i) Confidential Information required
to be disclosed under any Applicable Law (including applicable securities laws) or the rules of any securities exchange; (ii)
Confidential Information required to be disclosed to its lenders or other creditors on a confidential basis; provided that
in no event shall this clause (ii) permit the disclosure of any Competitively Sensitive Information. Any JV Participant disclosing
Confidential Information, as applicable in accordance with this ‎Section 4.01 shall use reasonable efforts
to (i) advise the other JV Participant of the details of the required disclosure and (ii) if permitted by Applicable
Law, obtain the comments of such other JV Participant on the wording of the proposed disclosure prior to making such disclosure.

 

(e)            
Notwithstanding anything to the contrary in this Agreement, in no event shall PSP, any of its Affiliates or any PSP Designee,
or any of their respective

 

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Representatives,
share any Confidential Information or Competitively Sensitive Information with any portfolio companies or other investments of
PSP (or any of their respective Representatives other than employees of PSP who are acting in their capacity as Representatives
of PSP and do not use such information for any purpose other than in furtherance of the transactions contemplated by this Agreement)
and PSP shall, and shall cause its Affiliates that receive Confidential Information or Competitive Sensitive Information to, use
customary information barriers to ensure that no portfolio company or other investment of PSP or any of their respective Representatives
has access to any Confidential Information or Competitively Sensitive Information.

 

(f)            
Each JV Participant shall consult with the other JV Participant and provide that other JV Participant a reasonable opportunity
to comment before issuing any press release or making any other public announcement regarding the other JV Participant, provided
that (i) in the case of any disclosure required by applicable law or stock exchange rule, such consultation and opportunity
to comment shall only be required to the extent reasonably practicable under the circumstances and (ii) no consultation and opportunity
to comment shall be required with respect to any disclosure that is substantially similar to prior public disclosure made in compliance
with the terms of this Agreement.

 

Section
4.02.      Construction
Bridge Financing.

 

PSP shall
reasonably cooperate with PEGI in PEGI’s efforts to finance PEGI’s project pipeline as follows: (i) at the request
of PEGI with respect to one or more specific projects, PSP shall reasonably cooperate with PEGI to arrange for or provide bridge
loans to Pattern Development 1.0 or Pattern Development 2.0 for such projects that are subject to either a Joint Acquisition PSA
or an Initial Acquisition PSA as more fully set forth on Exhibit E and (ii) at the request of PEGI with respect to one
or more specific projects, PSP shall reasonably cooperate with PEGI to arrange for or provide construction financing for projects
that are subject to either a Joint Acquisition PSA or an Initial Acquisition PSA in advance of the applicable commercial operations
date, as more fully set forth on Exhibit E; provided that for the avoidance of doubt nothing in this ‎Section
4.02 constitutes a commitment of PSP to provide any such bridge loans or financings.

 

Section
4.03.      Valuation
Support.

 

PEGI shall
use commercially reasonable efforts to assist PSP (at PSP’s sole cost and expense) in any annual or other valuation of the
Initial Acquisition Projects or any Subject Project Company that PSP acquires an interest in pursuant to ‎Article
3 as PSP may reasonably determine is required by its charter. Without limiting the generality of the immediately preceding
sentence, in respect of each Subject Project Interest jointly acquired by PSP and PEGI, PEGI shall provide, or cause to be provided,
to PSP, annually on or before February 15 of each calendar year, an updated financial model for each Subject Project Company that
PSP acquires an interest in.

 

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Section
4.04.      Appointment
of PSP Designee.

 

PEGI agrees
that, as promptly as practicable after the PSP Compliance Date, and subject to the taking by the PEGI NGC of all requisite action
under PEGI’s Governing Documents, PEGI shall, to the fullest extent permitted under Applicable Law and its Governing Documents,
take all necessary action to increase the size of the PEGI Board, unless there is otherwise a vacancy on the PEGI Board, and appoint
the PSP Designee to the PEGI Board. PEGI further agrees that it will use its commercially reasonable efforts to effect the foregoing
within the time frame set forth in the immediately preceding sentence.

 

Section
4.05.      PSP
Standstill Obligations.

 

(a)            
PSP represents and warrants that as of the date hereof, other than the PSP PEGI Shares, it does not beneficially own any
securities of PEGI. PSP agrees that, for a period of twelve months immediately following the date hereof (the “Standstill
Period”), PSP will not directly or in concert with any of its Affiliates or any other Person, without the prior written
consent of PEGI, (i) other than the PEGI Share Acquisition, acquire, agree to acquire, propose, seek or offer to acquire, any
securities of PEGI or any of its Subsidiaries, or any warrant, option or other direct or indirect right to acquire any such securities,
(ii) enter, agree to enter, propose, seek or offer to enter into or facilitate any merger, business combination, recapitalization,
restructuring or other extraordinary transaction involving PEGI or any of its Subsidiaries, (iii) initiate, encourage, make, or
in any way participate or engage in, any “solicitation” of “proxies” as such terms are used in the proxy
rules of the U.S. Securities and Exchange Commission (the “SEC”) to vote, or seek to advise or influence any
Person with respect to the voting of, any voting securities of PEGI (including, for the avoidance of doubt, indirectly by means
of communication with the press or the media), (iv) file with the SEC a proxy statement or any supplement thereof or any other
soliciting material in respect of PEGI or its shareholders that would be required to be filed with the SEC pursuant to Rule 14a-12
or other provisions of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), (v) nominate or
recommend for nomination a Person for election at any meeting of PEGI’s shareholders at which directors of the PEGI Board
are to be elected, (vi) submit any shareholder proposal for consideration at, or bring any other business before, any meeting
of PEGI’s shareholders, (vii) initiate, encourage, make, or in any way participate or engage in, any “withhold”
or similar campaign with respect to any meeting of PEGI shareholders, (viii) form, join or in any way participate in a “group”
(within the meaning of Section 13(d)(3) of the Exchange Act) with respect to any voting securities of PEGI, (ix) call, request
the calling of, or otherwise seek or assist in the calling of a special meeting of PEGI’s shareholders, (x) otherwise act,
alone or in concert with others, to seek to control or influence the management or the policies of PEGI, (xi) disclose any intention,
plan or arrangement prohibited by, or inconsistent with, the foregoing or (xii) advise, assist or encourage or enter into any
discussions, negotiations, agreements or arrangements with any other Persons in connection with the foregoing. PSP furthers agree
that during the Standstill Period it will not, directly or indirectly, without the prior written consent of PEGI, (a) make any
request directly or indirectly, to amend or waive any provision of this ‎Section 4.05 (including this
sentence), or (b) take any action that would reasonably

 

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be expected
to require PSP to make a public announcement regarding the possibility of a business combination, merger or other type of transaction
described in this ‎Section 4.05 with PSP or any of its Affiliates. For the avoidance of doubt, the PSP
Designee’s service on the PEGI Board shall not constitute a breach of this ‎Section 4.05.

 

(b)            
Without the prior written consent of PEGI, for a period of 180 days (the “Hold Period”) immediately
following the date hereof, PSP shall refrain from offering, pledging, selling, contracting to sell, selling any option or contract
to purchase, purchasing any option or contract to sell, granting any option, right or warrant for the sale of, lending or otherwise
disposing of or transferring, directly or indirectly (including pursuant to any derivative transaction), any or all of the PSP
PEGI Shares.

 

(c)            
PSP agrees that during the Hold Period all certificates representing PSP PEGI Shares shall bear the following legend:

 

“THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO STANDSTILL OBLIGATIONS PURSUANT TO THAT CERTAIN JOINT VENTURE AGREEMENT,
DATED AS OF JUNE 16, 2017 (A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF PEGI) WHICH PROVIDES, AMONG OTHER THINGS, FOR CERTAIN
RESTRICTIONS ON THE TRANSFER THEREOF. ANY SALE OR OTHER TRANSFER NOT IN COMPLIANCE WITH SAID AGREEMENT SHALL BE VOID.”

 

At any time following the expiry
of the Hold Period, PSP may request that the restrictive legend included immediately above be removed from all PSP PEGI Shares
and PSP shall be entitled to obtain new certificates in respect of such PSP PEGI Shares without such legend. At any time following
the expiry of the Hold Period, PSP may also request removal of the legend prescribed by Section 5.4(d) of the Securities Purchase
Agreement relating to the PEGI Share Acquisition. Following such request, and subject to PEGI’s reasonable satisfaction
(including receipt of a customary legal opinion) that all conditions of Rule 144 under the U.S. Securities Act of 1933, as amended,
have been satisfied, including that PSP is not an affiliate of PEGI pursuant to Rule 144 and has not been for three months, PEGI
shall cause such restricted legend to be removed and, if requested by PSP, shall provide new certificates in respect of such PSP
PEGI Shares to PSP without such legends; provided that, if the Hold Period has expired and such restricted legends have
not been removed following the date that is 120 calendar days after the resignation of the PSP Designee from the PEGI Board, then
PEGI shall grant PSP a customary “demand” registration right with respect to the PSP PEGI Shares so long as at such
time (i) PSP does not have any right to appoint a designee to the PEGI Board and (ii) PSP and its Affiliates beneficially own,
in the aggregate, less than 10% of the outstanding Class A common stock, $0.01 par value per share, of PEGI.

 

(d)            
During the Hold Period PSP agrees to the entry of stop transfer orders with the transfer agent and registrar of the PSP
PEGI Shares against the transfer of legended stock held by PSP except in compliance with the requirements of this Agreement. Upon
expiry of the Hold Period PSP may request the removal of any such stop transfer orders.

 

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Section
4.06.      Joint
M&A Coordination.

 

The JV Participants
shall negotiate in good faith to develop a strategy, set aside resources and pursue third-party acquisitions of renewable assets.

 

Section
4.07.       Piggyback
Canadian Prospectus – Filing in Québec.

 

If PEGI proposes
to file a Piggyback Canadian Prospectus in one or more Eligible Jurisdictions or conduct an Underwritten Offering pursuant to
a Piggyback Canadian Prospectus as contemplated in Section 2.2(a)(ii) or (iii) of the Registration Rights Agreement (other than
a Canadian Prospectus for an at-the-market offering program and a Canadian Prospectus filed pursuant to section 7.5 of the MJDS
where the distribution of securities will not be made in Canada) and PSP has piggyback registration rights pursuant to such Section
2.2(a)(ii) or (iii) of the Registration Rights Agreement that it is entitled to and wishes to exercise with respect to its Registrable
Shares, PEGI hereby agrees and covenants to file the applicable Piggyback Canadian Prospectus in the Province of Québec
if and as necessary to permit PSP to offer and sell its Registrable Shares under such Piggyback Canadian Prospectus. Initially
capitalized terms used in this Section 4.07 but not defined in this Agreement have the meaning given to them in the Registration
Rights Agreement.

 

Section
4.08.      Certain
Rights Regarding Certain Agreements.

 

(a)            
If the PEGI Entity that acts as the general partner of, or holds shares in the general partner of, a Subject Project Company
or that is the service provider under the MOMA, PAA, the Sponsor Services Agreement or other related party Contract with respect
to a specific project held by a Subject Project Company is determined by a court to have committed actual fraud, willful misconduct
or bad faith in connection with its duties in respect of such project and as a result of such actions PSP suffers material damages
that are not, after notice, cured or remedied under the indemnification provisions of the applicable Joint Acquisition Governance
Agreement, MOMA or PAA, or the Sponsor Services Agreement or other related party Contract, then the applicable MOMA, PAA or Jointly
Owned Company Service Period (as defined in the Sponsor Services Agreement) or other related party Contract to the extent relating
to such project can all be terminated without payment of a termination break fee.

 

(b)            
If PEGI or the PEGI Entity that acts as the general partner of, or holds shares in the general partner of, a Subject Project
Company or that is the service provider under the MOMA, PAA, Sponsor Services Agreement or other related party Contract with respect
to any project jointly owned by PSP and PEGI acquired pursuant to the PSP Co-Invest Rights is determined by a court to have committed
a felony crime (or equivalent under Applicable Law) involving actual fraud against an equity investor in renewable energy projects
controlled by PEGI, then PEGI will lose its control rights with respect to such jointly owned projects, and the MOMA, PAA and
any other related party Contracts with respect to such projects, and Sponsor Services Agreement, can all be terminated without
payment of a termination break fee.

 

     32

     

    

Article
5

Miscellaneous

 

Section
5.01.      Amendments;
Extension; Waiver.

 

This Agreement
may not be amended, altered or modified except by written instrument executed by both PEGI and PSP. The failure by either PEGI
or PSP to enforce at any time any of the provisions of this Agreement shall in no way be construed to be a waiver of any such
provision nor in any way to affect the validity of this Agreement or any part hereof or the right of such party thereafter to
enforce each and every such provision. No waiver of any breach of or non-compliance with this Agreement shall be held to be waiver
of any other or subsequent breach of non-compliance. The observance of any provision of this Agreement may be waived in writing
by the party that will lose the benefit of such provision as a result of such waiver.

 

Section
5.02.      Rules
of Construction.

 

Except as
may be otherwise specifically provided in this Agreement and unless the context otherwise requires, in this Agreement:

 

(a)            
the terms “Agreement,” “this Agreement,” “the Agreement,” “hereto,” “hereof,”
“herein,” “hereby,” “hereunder” and similar expressions refer to this Agreement in its entirety,
including all Exhibits hereto, and not to any particular provision hereof;

 

(b)            
references to an “Article,” “Section” or “Schedule” followed by a number or letter
refer to the specified Article or Section of or Schedule to this Agreement;

 

(c)            
the division of this Agreement into Articles and Sections and the insertion of headings are for convenience of reference
only and shall not affect the construction or interpretation of this Agreement;

 

(d)            
words importing the singular number only shall include the plural and vice versa and words importing the use of any gender
shall include all genders;

 

(e)            
the words “include,” “includes” and “including” mean “include,” “includes”
or “including,” in each case, “without limitation”;

 

(f)            
the terms “party” and “the parties” refer to a party or the parties to this Agreement;

 

(g)            
any reference to any agreement (including this Agreement) or other instrument in writing means such agreement or other
instrument in writing as amended, modified, replaced or supplemented from time to time;

 

(h)            
any reference to a statute, regulation or rule shall be construed to be a reference thereto as the same may from time to
time be amended, re-enacted or replaced, and any reference to a statute shall include any regulations or rules made thereunder;

 

     33

     

    

(i)            
all dollar amounts refer to United States dollars;

 

(j)            
any time period within which a payment is to be made or any other action is to be taken hereunder shall be calculated excluding
the day on which the period commences and including the day on which the period ends; and

 

(k)            
whenever any payment is required to be made, action is required to be taken or period of time is to expire on a day other
than a Business Day, such payment shall be made, action shall be taken or period shall expire on the next following Business Day.

 

Section
5.03.      Governing
Law; Consent to Jurisdiction; Waiver of Jury Trial.

 

(a)            
This Agreement, the legal relations among the parties hereunder and the adjudication and the enforcement thereof, shall
in all respects be governed by, and interpreted and construed in accordance with, the Laws (excluding conflict of laws rules and
principles) of the State of New York applicable to agreements made and to be performed entirely within such State, including all
matters of construction, validity and performance.

 

(b)            
Each of the JV Participants irrevocably submits to the exclusive jurisdiction of the Supreme Court of the State of New
York, New York County, for any Proceeding arising out of this Agreement or any transaction contemplated hereby. To the extent
that service of process by mail is permitted by Applicable Law, each JV Participant irrevocably consents to the service of process
in any Proceeding in such courts by the mailing of such process by registered or certified mail, postage prepaid, at its address
for notices provided for herein. Nothing herein shall affect the right of any Person to serve process in any other manner permitted
by Law. Each of the JV Participants irrevocably and unconditionally waives any objection to the laying of venue of any Proceeding
arising out of this Agreement or the transactions contemplated hereby in the Supreme Court of the State of New York, New York
County, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any
Proceeding brought in any such court has been brought in an inconvenient forum. EACH JV PARTICIPANT HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER AGREEMENT ENTERED INTO IN CONNECTION
THEREWITH AND FOR ANY COUNTERCLAIM WITH RESPECT THERETO.

 

Section
5.04.      Entire
Agreement.

 

(a)            
This Agreement and the Exhibits hereto and any documents executed by PSP and PEGI simultaneously herewith or pursuant hereto
constitutes the entire agreement between the parties pertaining to the subject matter hereof and thereof, and supersedes all prior
agreements, understandings, negotiations and discussions, whether oral or written, of the parties, and there are no warranties,
representations or other agreements between the parties hereto in connection with the subject matter hereof or thereof, except
as specifically set forth herein.

 

     34

     

    

(b)            
Except for the representations and warranties expressly made herein, PEGI and PSP (as applicable, the “Disclaiming
Party”) each hereby disclaims all liability and responsibility for, or any use by the receiving party’s Affiliates
or its or their Representatives of, any representation, warranty, projection, forecast, statement or information made, communicated
or furnished (orally or in writing) to the Receiving Party, its Affiliates or its or their Representatives (including any opinion,
information, projection or advice that may heretofore have been or may hereafter be made available to Receiving Party, its Affiliates
or its or their respective Representatives, whether in any “data rooms,” “management presentations,” or
“break-out sessions,” or in response to questions submitted by or on behalf of Receiving Party or otherwise, in each
case by Disclaiming Party or its Affiliates or any of its or their Representatives.

 

Section
5.05.      Severability.

 

If any provision
of this Agreement is determined by a court of competent jurisdiction to be invalid, illegal or unenforceable in any respect, such
determination shall not impair or affect the validity, legality or enforceability of the remaining provisions hereof and each
provision is hereby declared to be separate, severable and distinct. To the extent that any provision is found to be invalid,
illegal or unenforceable, the parties shall act in good faith to substitute for such provision, to the extent possible, a new
provision with content and purpose as close as possible to the provision so determined to be invalid, illegal or unenforceable.

 

Section
5.06.      No
Partnership.

 

This Agreement
is intended to create certain contractual rights and obligations between the parties hereto and is not intended to, and the parties
agree that it does not, constitute any JV Participant as the partner, agent or fiduciary of the other JV Participant for any purpose
or create any partnership, agency, fiduciary or other similar relationship among the JV Participants, and neither JV Participant
shall have any partnership, agency, fiduciary or other similar duties, liabilities or obligations to the other JV Participant
relating to or arising from this Agreement or the transactions contemplated hereby. Neither JV Participant shall have, nor shall
it represent to any other party that is has, the authority to enter into any agreement or commitment on behalf of the other JV
Participant or make any representation or incur any obligation in the name of or on behalf of the other JV Participant. To the
fullest extent permitted by Applicable Law, other than as expressly set forth in ‎Article
3, each JV Participant, on behalf of itself and its Affiliates, waives and renounces any right, interest or expectancy in,
or in being offered an opportunity to participate in, business opportunities that are from time to time presented to or business
opportunities of which any of the other JV Participant or its Affiliates gain knowledge, and no JV Participant shall be accountable
or liable to the other JV Participant as a result of acting in its own best interest, except in the case of any decision or action
which is illegal or in breach of this Agreement. For the avoidance of doubt, nothing in this ‎Section
5.06 shall be deemed to limit or otherwise modify the rights and obligations of the parties to any Joint Acquisition Governance
Agreements that are entered into with respect to any Joint Acquisitions.

 

     35

     

    

Section
5.07.      Notices.

 

Any notice
or other communication required or permitted to be given hereunder shall be in writing and shall be delivered in person, transmitted
by telecopy or facsimile or sent by registered mail, charges prepaid, addressed as follows:

 

(a)   if to PEGI:

 

Pattern Energy Group
Inc.

Pier 1, Bay 3

San Francisco, CA 94111

 

	Attention:	General Counsel
	Email:	generalcounsel@patternenergy.com

 

with a copy (which
shall not constitute notice) to:

 

Davis Polk & Wardwell
LLP

450 Lexington Avenue

New York, New York 10017

Attention: John H. Butler

Email: john.butler@davispolk.com

 

(b)   if to PSP:

 

Public Sector Pension
Investment Board

 

1250 René-Lévesque
Blvd. West

Suite 1400

Montreal, Québec H3B 5E9

 

	Attention:	Managing Director, Infrastructure Investments
	Email:	vertuousenergy@investpsp.ca and legalnotices@investpsp.ca

 

with a copy (which
shall not constitute notice) to:

 

Davies Ward Phillips
& Vineberg LLP

 

1501, avenue McGill
College

26th Floor

Montréal, Québec H3A 3N9

 

	Attention:	Franziska Ruf
	Email:	fruf@dwpv.com

 

Any such
notice or other communication shall be deemed to have been given and received on the day on which it was delivered or transmitted
(or, if such day is not a

 

     36

     

    

Business Day
or if delivery or transmission is made on a Business Day after 5:00 p.m. at the place of receipt, then on the next following Business
Day) or, if mailed, on the third Business Day following the date of mailing.

 

Any party
may at any time change its address for purposes of this ‎Section
5.07 by giving notice to the other parties.

 

Section
5.08.      Costs
and Expenses.

 

All fees,
costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby (including in connection
with any Joint Acquisition) or in connection with any dispute or adversarial Proceedings arising hereunder or relating hereto,
shall be paid by the party incurring such fees, costs or expenses; provided that with respect to each Joint Acquisition
(excluding any Initial Project Acquisition), PSP shall, upon demand, reimburse PEGI for a pro rata portion equal to the
PSP Co-Invest Percentage for such Joint Acquisition of the reasonable aggregate fees and expenses of counsel to PEGI incurred
in connection with the negotiation of the Joint Acquisition PSA for such Joint Acquisition.

 

Section
5.09.      Term.

 

This Agreement
(other than such rights and obligations that the JV Participants have become entitled to enforce or become liable for) shall begin
as of the date first written above and shall continue in full force and effect until the earlier of (i) subject to the proviso
in ‎Section 3.04(a)(i), the occurrence of a
Co-Investment Right Termination Event (unless otherwise agreed in writing by both parties) and (ii) termination of this Agreement
by written agreement of both parties; provided that Sections ‎3.04(b),
‎3.06, ‎4.01,
‎4.05 and 4.08 and ‎Article
5 shall survive any such termination.

 

Section
5.10.      Successors
and Assigns.

 

Except as
otherwise provided herein, neither this Agreement nor any of the rights of any JV Participant hereunder may be assigned without
the prior written consent of the other JV Participant. Either JV Participant may assign this Agreement or any of its rights hereunder
to its Affiliate upon providing notice to the other JV Participant; provided that such assignment shall not relieve the
assignor of any of its obligations hereunder. Except as may otherwise be provided herein, all of the terms and provisions of this
Agreement shall be binding upon and shall enure to the benefit of the parties hereto and their respective heirs, executors, administrators,
other personal Representatives, successors and permitted assigns.

 

Section
5.11.      No
Third-Party Beneficiaries.

 

This Agreement
shall not confer any rights or remedies upon any Person other than the JV Participants and their respective successors and permitted
assigns.

 

     37

     

    

Section
5.12.      Enforcement.

 

The parties
hereto agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed
in accordance with their specific terms or were otherwise breached and that any breach of this Agreement would not be adequately
compensated by monetary damages. Accordingly, the parties hereto acknowledge and agree that in the event of any breach or threatened
breach of any of their respective covenants or obligations set forth in this Agreement, the non-breaching party be entitled to
an injunction or injunctions to prevent or restrain breaches or threatened breaches of this Agreement by the other and to specifically
enforce the terms and provisions of this Agreement to prevent breaches or threatened breaches of, or to enforce compliance with,
the covenants and obligations of the other under this Agreement.

 

Section
5.13.      Counterparts.

 

This Agreement
may be executed by facsimile or .pdf format scanned signatures and in any number of counterparts with the same effect as if all
signatory parties had signed the same document. All counterparts shall be construed together, be deemed an original, and shall
constitute one and the same instrument.

 

 

     38

     

    

IN WITNESS
WHEREOF the parties hereto have executed this Agreement effective as of the day and year first above written.

 

	 	PATTERN ENERGY GROUP INC.
	 	 
	 	 
	 	By:	/s/ Esben Pedersen
	 	 	Name:Esben Pedersen
	 	 	Title: Chief Investment Officer
	 	 	 
	 	 	 

	 	PUBLIC SECTOR PENSION INVESTMENT BOARD
	 	 
	 	 
	 	By:	/s/ Guthrie Stewart
	 	 	Name:Guthrie Stewart
	 	 	Title:Senior Vice President, Global Head of Private Investments
	 	 	 
	 	 	 
	 	By:	/s/ Patrick Samson
	 	 	Name:Patrick Samson
	 	 	Title:Managing Director, Infrastructure Investments
	 	 	 

 

 

	 

 

 

     

     

    

EXHIBIT
A

 

Purchase
Rights Agreements

 

(see
attached)

 

 

 

     

     

    

EXHIBIT
A-1

 

(see
attached)

 

 

 

     

     

    

EXHIBIT
A-2

 

(see
attached)

 

 

 

     

     

    

EXHIBIT
B

 

Sponsor
Services Agreement

 

(see
attached)

 

 

 

     

     

    

EXHIBIT
C

 

Form
of Joint Acquisition PSA

 

(see
attached)

 

 

 

     

     

    

 

EXHIBIT
D

 

JOINT
ACQUISITION GOVERNANCE[1]

 

	General:	PEGI will manage each
        Subject Project Company in accordance with the Sponsor Service Agreement.

         

        PEGI shall have the right
        to provide management operations and maintenance services and project administration services to each Subject Project
        Company on customary arm’s-length terms pursuant to the Project Administration Agreement and Management, Operation
        and Maintenance Services Agreement in effect at the time of PSP’s investment in the Subject Project Company

         

        Subject to the PSP consent
        rights, PEGI will have full discretion to manage each Subject Project Company. Other than the PSP consent rights, PSP
        shall have no governance rights with respect to the Subject Project Companies.

         

	Project
    Company Funding:	Any
    equity requirements at the Subject Project Company shall be funded pro rata by all equity owners, and any deficiency in funding
    shall be significantly dilutive for a non-funding party.
	Distributions:	The
                                         Subject Project Company shall provide for ordinary distributions to equity of all cash
                                         flows available for distribution unless PEGI and PSP both agree to structure distributions
                                         for such project company in a more tax-efficient method. As far as it is legally permissible,
                                         the Subject Project Company should periodically distribute all net cash flows to its
                                         owners on a pro-rata basis to their ownership, subject to retaining sufficient cash reserves
                                         to meet the Subject Project Company’s reasonably foreseeable needs in relation
                                         to: existing or reasonably foreseeable obligations; solvency; and the current annual
                                         budget (including all agreed retention, capital expenditures and reserves).

         

	PSP
    Consent Rights:	With respect to
    each Subject Project Company that is acquired by PEGI and PSP pursuant to a Joint Acquisition, PSP’s consent will be
    required for the following matters:
	 	(a) Any amendment of the articles, equivalent constituting document or bylaws of the Subject Project Company (or any of its
Subsidiaries), other than (i) as required by the applicable third-party partnership agreement, or (ii) amendments that are required
by law or are of a clerical or “housekeeping” nature;

 

 

 

1
Where applicable, references to PEGI and PSP are to the PEGI and PSP entity, respectively, that owns the applicable Subject Project
Company.

 

 

     

     

    

 

	 	
        

        

        (b)   
        (i) the incorporation or acquisition of a Subsidiary of the Subject Project Company or the disposition of any shares
        of a Subsidiary of the Subject Project Company, (ii) the Subject Project Company or a Subsidiary thereof entering into
        any partnership, joint venture or similar arrangement with any other Person, or (iii) the purchase of any business by
        the Subject Project Company (or any of its Subsidiaries) or acquisition by stock or purchase by the Subject Project Company
        (or any of its Subsidiaries) of all or substantially all of the assets of any other Person;

         

        (c)  
        the sale (or entry into of binding agreements to that effect), lease, exchange or other disposition of (i) all
        or substantially all of the assets of the Subject Project Company (or any of its Subsidiaries) or (ii) assets of the Subject
        Project Company (or any of its Subsidiaries) that would result in a material adverse effect on the power generation of
        the applicable project, or the granting of an option or right to such effect;

         

        (d)   
        initiating or otherwise participating in voluntary winding-up or bankruptcy Proceedings of the Subject Project
        Company (or any of its Subsidiaries);

         

        (e)   any
merger, amalgamation or consolidation or the entering into of any agreement, arrangement or understanding to merge, amalgamate
or consolidate, the Subject Project Company (or any of its Subsidiaries) with any Person;

         

        (f)   
        any change to the equity capital structure of the Subject Project Company (whether by subdivision, consolidation
        or reclassification), the issuance or allotment of any equity or the granting of any right, option or privilege to acquire
        any equity or the redemption or repurchase by the Subject Project Company of any equity, other than (i) as contemplated
        in this Project Governance Framework including any purchase rights or equity dilutions provisions (including to fund non-discretionary
        expenses or amounts necessary to comply with legal obligations), (ii) as contemplated under applicable third-party partnership
        agreements, or (iii) amendments that are required by law or are of a clerical or “housekeeping” nature;

         

        (g)          the taking or institution of any Proceedings for the continuance, winding-up, liquidation, reorganization or dissolution
        of the Subject Project Company (or any of its Subsidiaries) in each case under applicable debtor relief laws, other than
        as required by Applicable Law;

         

        (h)   
        (i) any incurrence of any indebtedness by the Subject Project Company (or any of its Subsidiaries) for borrowed
        money or 

         

 

    2 

     

    

 

 

	 	granting
        of any lien or security interest by the Subject Project Company (or any of its Subsidiaries) in respect of any indebtedness
        for borrowed money, including any financing or refinancing, that is not in existence as of the date of the closing of
        the applicable Joint Acquisition, other than (A) in the case of an amendment to or refinancing of existing indebtedness
        of the Subject Project Company, where the amended or refinanced indebtedness would not result in a capital call or be
        in excess of the total amount of the existing indebtedness outstanding at the time of the refinancing that would be amended
        or extinguished by the refinancing plus all applicable fees, costs and expenses including breakage costs incurred in connection
        with such new financing or the repayment of the existing indebtedness; or (B) indebtedness of less than 2% of the book
        value of assets of the Subject Project Company that is required to meet the Subject Project Company’s obligations
        that cannot reasonably be expected to be met with project distributable cash flow or that can be satisfied with the posting
        of a letter of credit or other security, (ii) making any loan for borrowed money or entering into any external borrowing
        arrangements where the Subject Project Company (or any of its Subsidiaries) acts as a lender, (iii) the Subject Project
        Company (or any of its Subsidiaries) entering into any derivative transaction or amending in any material manner or terminating
        any derivative transaction other than in connection with a transaction described in clauses (i)(A) or (i)(B) above and
        other than short-term energy hedge, renewable attributes and/or capacity transactions, or (iv) any incurrence of any indebtedness
        for borrowed money or granting of any security interest or entering into any other borrowing arrangements, in each case
        by the Subject Project Company (or any of its Subsidiaries) with any related party;

         

        (i)    the
        repayment of any loan or advance made by a related party to the Subject Project Company (or any of its Subsidiaries),
        other than in accordance with the terms agreed upon at the time the loan or advance was made;

         

        (j)    the
        granting of any security on the assets of the Subject Project Company (or any of its Subsidiaries) other than (i) under
        a financing that is otherwise permitted pursuant to this Project Governance Framework, or (ii) customary liens created
        in the operation of the Subject Project Company (such as liens for trade payables, mechanics, suppliers and warehouse
        liens, capital leases and tax liens);

         

        (k)  the
        guarantee or indemnification by the Subject Project Company (or any of its Subsidiaries) of, or the grant of security
        by the Subject Project Company (or any of its Subsidiaries) for, the debts or obligations of any third party, in each
        case other than customary guarantees or indemnitees

         

    3 

     

    

	 	         arising
        out of the ordinary course of business of the Subject Project Company;

         

        (l)    the
        guarantee or indemnification by the Subject Project Company (or any of its Subsidiaries) of, or the grant of security
        by the Subject Project Company (or any of its Subsidiaries) for, the debts or obligations of any related party;

         

        (m)   any
        change to the distribution policy of the Subject Project Company agreed at the time of investment (or as amended by mutual
        agreement);

         

        (n)   the
        Subject Project Company (or any of its Subsidiaries) entering into (on or after the date of PSP’s investment), causing
        the early termination of, or making material amendments to (i) any Material Contract, (ii) applicable third-party
        partnership agreements, or (iii) any related-party Contracts, including the Management, Operation and Maintenance Services
        Agreement ("MOMA") and Project Administration Agreement ("PAA"), except (x) in each
        case for new contracts, terminations and/or amendments that are required by law or to avoid a material default by the
        Subject Project Company (or any of its Subsidiaries) or otherwise preserve material rights of a Subject Project Company
        (or any of its Subsidiaries) under a Material Contract and (y) in the case of clause (ii), as is required to give effect
        to the exercise of options or rights under such agreements. Notwithstanding the foregoing, with respect to any new related
        party Contracts which PEGI proposes, PEGI shall provide written notice to PSP setting out details of the scope of services
        to be provided by PEGI or such other related party under such new Contract and the corresponding fees payable to PEGI
        or such other related party thereunder. Within thirty (30) calendar days of such a notice, PSP may object to such new
        Contract on the ground that either the scope of services to be provided is not reasonable or that the proposed fees payable
        are not within the range of “market fees” (factoring in the proposed scope). If PSP timely objects, then the
        matter shall be referred to a dispute resolution process (such process to include mediation through progressively senior
        levels of each of PSP and PEGI following which the matter shall be referred to an independent third party expert reasonably
        selected by PSP, who shall determine if the scope of services to be provided is not reasonable or that the proposed fees
        payable are not within the range of “market fees” (factoring in the proposed scope)). If PSP does not timely
        object to the proposed new Contract, or if the independent third party expert so determines that the proposed scope of
        services is reasonable and the fees payable are within the range of “market fees”, then PEGI shall be permitted
        to cause the applicable new

         

    4 

     

    

	 	        Contract
        to be so entered into.

         

        (o)   the
        approval by the Subject Project Company (or any of its Subsidiaries) of any capital expenditure or series of related capital
        expenditures in excess of 2% of the book value of the assets of the applicable Subject Project Company, other than as
        necessary to comply with Applicable Law, address a safety emergency or casualty or maintain an insurance policy relating
        to the applicable Subject Project Company;

         

        (p)   the
        initiation or settlement by the Subject Project Company (or any of its Subsidiaries) of any material litigation or material
        administrative Proceeding;

         

        (q)    the
        appointment and removal/replacement of auditors of the Subject Project Company, other than when such appointment, removal
        or replacement of auditors is designed to have the auditor of the Subject Project Company be the same as PEGI’s
        auditor;

         

        (r)    the
        adoption of and changes to employee benefits arrangements or schemes of the Subject Project Company (or its Subsidiaries),
        subject to customary materiality thresholds reasonable for an Entity of the same size and nature as the Subject Project
        Company;

         

        (s)    the
        creation, modification or termination by the Subject Project Company (or any of its Subsidiaries) of any plan for the
        purchase of equity or other securities through the award of options to purchase equity, including a stock option plan
        or similar program;

         

        (t)    any
        change to the accounting methods of the Subject Project Company (or any of its Subsidiaries) or to the Fiscal Year-end,
        other than (i) when such change to the accounting methods of the Subject Project Company (or any of its Subsidiaries)
        or to the Fiscal Year-end is designed to conform to the accounting methods or Fiscal Year-end of PEGI or (ii) to comply
        with GAAP;

         

        (u)   any
        significant change in the scope or nature of the business of the Subject Project Company (or any of its Subsidiaries)
        and the entering into any Contract, agreement or commitment that would result in a significant change in the scope or
        nature of the business of the Subject Project Company (or any of its Subsidiaries); and

         

        (v)   seeking
        to launch an initial public offering or the admission to trading on a recognized stock exchange of the whole or any part
        of the Subject Project Company’s (or any of its Subsidiaries) issued securities.

         

    5 

     

    

	Sell Down/Transferability:	The consent rights described
        above will not be transferable with PSP’s ownership interest in a Subject Project Company, except for transfers
        to Permitted Transferees or the transferee from PSP of 100% of PSP’s initial ownership interest in a Subject Project
        Company. If PSP transfers less than all of its ownership interest in a Subject Project Company, PSP shall retain full
        authority to exercise its surviving consent rights, but appropriate provisions may be included in the applicable transfer
        agreement as to PSP consulting with the transferee prior to exercise of such consent rights.

         

        PSP’s consent rights
        will terminate when PSP and its Permitted Transferees own 25% or less of the outstanding ownership interests in such Subject
        Project Company (or in the Person through which PEGI and PSP acquire their ownership interest in a Subject Project Company
        where PEGI and PSP are not the only owners); provided that PSP shall be entitled to transfer its consent rights
        to an acquirer of 100% of its initial ownership interest in the Subject Project Company and such transferee’s consent
        rights will terminate when such transferee owns 25% or less of the outstanding ownership interests in such Subject Project
        Company (or in the Person through which PEGI and PSP acquire their ownership interest in a Subject Project Company where
        PEGI and PSP are not the only owners).

         

	Limitations
        on Transfer

         

	Limitations
    on Transfer:	In no event shall PSP
        transfer all or part of its ownership interest in a Subject Project Company to any Person that directly or indirectly
        (including through Affiliates) develops or operates wind power, solar power or (if and only if the applicable Subject
        Project Company includes a power transmission project other than a dedicated GEN-TIE) power transmission projects (collectively,
        the “Competitive Activities”).  Notwithstanding the foregoing, PSP shall be permitted to transfer
        all or part of its ownership interest in a Subject Project Company to a pension fund, investment fund, pooled investment
        vehicle, insurance company or institutional investor that is directly or indirectly engaged in Competitive Activities
        through another Person (including through an Affiliate) provided that (i) the transferee’s primary business
        activity is not its direct or indirect ownership of such Person, and (ii) such transfer shall not be to the Person that
        is directly engaged in Competitive Activities.

         

        “transfer”
means to sell, assign, dispose of, exchange, pledge,

         

    6 

     

    

	 	Encumber, hypothecate
        or otherwise transfer the applicable Subject Project Interest or any participation or interest therein, whether directly
        or indirectly (including pursuant to a derivative transaction), or agree or commit to do any of the foregoing; provided
        that neither the granting by any Person of a lien to a bona fide third party lender as collateral security for the
        obligations of such Person to such lender, or any action by such a lender to foreclose on any such lien, shall be deemed
        a transfer of the applicable Subject Project Interest, except that the sale by such a lender of the applicable Subject
        Project Interest to a third party, whether in a foreclosure sale or otherwise, shall constitute a transfer.

         

        Any transferee that acquires
        all or any portion of PSP’s interest in a Subject Project Company shall be required to provide to PEGI undertakings
        at least as favorable to PEGI as those set forth in ‎Section
        4.01.

         

	Transfers
    to Affiliates:	PSP
    and PEGI shall be entitled to transfer all or part of their ownership interests in a Subject Project Company to one or more
    of their Controlled Affiliates; provided that any such transferee shall agree to be bound by the same restrictions
    applicable to PSP or PEGI, as applicable.
	Drag-Along
    Rights:	Subject to first complying
        with its obligations under the heading “Right of First Offer”, at any time, if PEGI and/or any of its Permitted
        Transferees (together, a “Pattern Seller”) desires to effect a bona fide transfer of all (but
        not less than all) of its direct and indirect ownership interests in a Subject Project Company whether in one transaction
        or a series of related transactions (the “Drag Sale Interests” and, any such transactions or series
        of related transactions, a “Drag Along Sale”) to any Person who deals at arm’s length with such
        Pattern Seller, other than a Permitted Transferee, for cash then the Pattern Seller shall (in its sole discretion) be
        permitted to deliver written notice to PSP or its Permitted Transferees of such Drag Along Sale no later than fourteen
        (14) calendar days prior to the anticipated date of consummation of such Drag Along Sale (the “Drag Along Notice”).
        Such Drag Along Notice shall (i) identify the purchaser, the purchase price per security therefor and a summary of the
        other material terms and conditions of the proposed Drag Along Sale and (ii) be accompanied by forms of all agreements
        (including any schedules, exhibits and annexes thereto) to be entered into by or on behalf or for the account or otherwise
        for the benefit of the Pattern Seller, as applicable, in connection with the Drag Along Sale. Following receipt of the
        Drag Along Notice, PSP shall be obligated to sell to the purchaser all of PSP’s direct and indirect ownership interest
        in the applicable Subject Project Company at the same purchase price per security, and otherwise on the same terms therefor
        and subject to the same conditions thereto, as the Pattern Seller. Neither the Pattern Seller nor any Controlled Affiliate
        thereof shall have entered into

         

    7 

     

    

	 	any
    collateral agreement, commitment or understanding with the purchaser or its affiliates that has or would have the effect of
    providing to the Pattern Seller or any such Controlled Affiliate consideration of greater value than the consideration offered
    pursuant to the Drag Along Sale; provided that such restriction shall not apply to any commercial agreement in effect
    at the time of such transaction (including, for the avoidance of doubt, the MOMA and PAA) that was entered into in accordance
    with the PSP Consent Rights.  PSP shall not be required to make any representations or warranties with respect to
    the Drag Along Sale other than customary fundamental representations and warranties as to ownership, title and due authorization
    and PSP shall be solely responsible for the accuracy of such representations and warranties (and shall not have any liability
    for any such fundamental representations and warranties of PEGI).  Notwithstanding the foregoing, PSP shall only
    be responsible for any indemnification obligations, escrow amounts and holdback amounts in connection with the Drag Along
    Sale (including with respect to any representations and warranties made by PEGI (other than the fundamental representations
    and warranties referred to above)) on a several and proportionate (and not joint and several basis) in accordance with its
    ownership interests in the Subject Project Company relative to the Pattern Seller.  PSP shall not be required to
    enter into or be bound by any non-compete or similar restrictive covenants in connection with any Drag Along Sale.  PSP
    and its Permitted Transferees shall be obligated to, and hereby do, waive any dissenters’ rights, appraisal rights or
    similar rights in connection with any Drag Along Sale. If, substantially concurrently with the closing of a Drag-Along Sale
    the purchaser in such transaction terminates or agrees to terminate the MOMA and/or PAA, PEGI will waive any termination fees
    payable under the terminated MOMA or PAA, as applicable.
	Tag-Along
    Rights: 	Subject
to first complying with its obligations under the heading “Right of First Offer”, at any time, if a Pattern Seller
desires to effect a bona fide transfer of some or all of its direct or indirect ownership interests in a Subject Project
Company whether in one transaction or a series of related transactions (the “Tag Sale Interests” and, any such
transactions or series of related transactions, a “Tag Along Sale”) to any Person who deals at arm’s
length with such Pattern Seller, other than a Permitted Transferee, (a “Tag Along Purchaser”), then the Pattern
Seller shall be required to provide PSP with at least thirty (30) calendar days’ prior written notice (the “Tag
Along Notice”) of such proposed Tag Along Sale.  Such Tag Along Notice shall (A) identify the Tag Along Purchaser,
the amount of ownership interests in the applicable Subject Project Company proposed to be transferred by the Pattern Seller,
the percentage of the then-issued and outstanding ownership interests in such Subject Project Company that such proposed transfer
represents, the price per security therefor, and a summary of the other material terms 

 

 

    8 

     

    

 

	 	and
    conditions of the proposed Tag Along Sale and (B) be accompanied by forms of all agreements (including any schedules, exhibits
    and annexes thereto) to be entered into by or on behalf or for the account or otherwise for the benefit of the Pattern Seller
    in connection with the proposed transfer.  Within twenty (20) calendar days following receipt by PSP of the Tag
    Along Notice, PSP may, by providing written notice (which notice shall be deemed to be irrevocable when sent) (the “Tag
    Along Acceptance Notice”) to the Pattern Seller, elect to transfer to the Tag Along Purchaser, as part of the Tag
    Along Sale, an amount of ownership interests in the Subject Project Company owned by PSP (the “Tagging Interests”)
    up to the total amount of issued and outstanding ownership interests in the applicable Subject Project Company proposed to
    be transferred to the Tag Along Purchaser pursuant to the Tag Along Sale multiplied by a ratio, the numerator of which
    is PSP’s ownership percentage in such Subject Project Company and the denominator of which is the total amount of issued
    and outstanding ownership interests in such Subject Project Company, at the same purchase price per security as the Pattern
    Seller and otherwise on the same terms therefor and subject to the same conditions thereto.  Neither the Pattern
    Seller nor any Controlled Affiliate thereof shall have entered into any collateral agreement, commitment or understanding
    with the Tag Along Purchaser or its affiliates that has or would have the effect of providing to the Pattern Seller or any
    such Controlled Affiliate consideration of greater value than the consideration offered pursuant to the Tag Along Sale; provided
    that such restriction shall not apply to any commercial agreement in effect at the time of such transaction (including,
    for the avoidance of doubt, the MOMA and PAA) that was entered into in accordance with the PSP Consent Rights.  If
    the Tag Along Purchaser does not accept all of the Tagging Interests tendered by PSP, then PEGI shall have the option to either
    (i) proportionately reduce the number of Tag Sale Interests and Tagging Interests to account for the maximum number of ownership
    interests that the Tag Along Purchaser is willing to purchase or (ii) abandon the Tag Along Sale.  If PSP does not
    deliver a Tag Along Acceptance Notice within twenty (20) calendar days after receipt of the Tag Along Notice, PSP shall be
    deemed to have waived its rights with respect to the transfer of its ownership interests in the Subject Project Company pursuant
    to the applicable Tag Along Sale and the Pattern Seller shall have until one hundred eighty (180) days after the expiration
    of such twenty (20) calendar day period after the date of the Tag Along Notice in which to transfer the ownership interests
    described in the Tag Along Notice on terms not materially more favorable (in the aggregate) to the Pattern Seller than those
    set forth in the Tag Along Notice.  If at the end of such one hundred eighty (180) day period the Pattern Seller
    shall not have completed the transfer of all of the Pattern Seller’s ownership interests contemplated to be transferred
    in the Tag Along Notice (reduced to account for any

    9 

     

    

	 	Tagging
    Interests (if any) and all Tagging Interests (if any)), then PSP’s tag along rights shall again apply with respect to
    any such unsold ownership interests.
	Right
    of First Offer:	If
    either PSP or PEGI (as applicable, the “ROFO Offeree”) desires to transfer all or any portion of its ownership
    interests in a Subject Project Company to any Person who deals at arm’s length with such ROFO Offeree, other than to
    a Permitted Transferee, the ROFO Offeree shall give PSP or PEGI, as applicable (the “ROFO Offeror”) written
    notice setting forth the details of the ownership interest to be transferred (the “Subject Ownership Interest”)
    and any other material terms of the proposed transfer reasonably known or anticipated by the ROFO Offeree (a “ROFO
    Notice”).  Within forty-five (45) calendar days after delivery of a ROFO Notice, the ROFO Offeror shall
    either: (i) deliver a written offer to the ROFO Offeree to purchase the Subject Ownership Interest (a “ROFO Offer”)
    or (ii) deliver a written notice to the ROFO Offeree that the ROFO Offeror will not make a ROFO Offer (a “ROFO Declination”).  If
    the ROFO Offeror fails to deliver either a ROFO Offer or a ROFO Declination within such sixty (60)-day period, the ROFO Offeror
    will be deemed to have delivered a ROFO Declination.  Unless a ROFO Offer is accepted pursuant to written notice
    from the ROFO Offeree to the ROFO Offeror within ten (10) calendar days following the delivery of a ROFO Offer (the “ROFO
    Acceptance Period”), such ROFO Offer shall be deemed to have been rejected by the ROFO Offeree. In the event that
    the ROFO Offeree validly rejects a ROFO Offer or the ROFO Offeror delivers or is deemed to have delivered a ROFO Declination,
    subject to complying with its obligations under the heading “Tag-Along Rights”, the ROFO Offeree shall be free
    to transfer the applicable Subject Ownership Interest to any Person; provided that in the event the ROFO Offeror has
    previously delivered a ROFO Offer that was rejected by the ROFO Offeree, the ROFO Offeree shall only be permitted to enter
    into a definitive agreement to transfer the applicable Subject Ownership Interest (A) during the nine month period following
    the expiration of the ROFO Acceptance Period, (B) at a price greater than or equal to 105% of the price offered in the ROFO
    Offer and (C) on terms and conditions (economic and otherwise) that are not materially less favorable (in the aggregate) to
    the ROFO Offeree than the terms and conditions set forth in the ROFO Offer.  If at the end of such nine month period
    the ROFO Offeree shall not have completed the transfer of the Subject Ownership Interest, then it shall once again be required
    to comply with this ROFO provision. If a ROFO offer is accepted during the ROFO Acceptance Period the ROFO Offeror shall acquire
    the Subject Ownership Interest, and the ROFO Offeree shall transfer the Subject Ownership Interest to the ROFO Offeror at
    the price set forth in the ROFO Offer; provided that neither party shall be required to provide any representations
    or warranties with respect to such transfer other than customary fundamental representations and warranties as to 

    10 

     

    

 

	 	ownership,
    title and due authorization.

 

 

 

    11 

     

    

 

 

	

    Miscellaneous

    

	Information
    Rights:	PSP shall be entitled
        to receive periodic operational reporting with respect to each Subject Project Company consistent with the reporting provided
        to project lenders and tax equity. Such reporting to include, at a minimum, the following:

         

	 	·     a
        reasonably detailed budget on an annual basis;

         

        ·     a
        reasonably detailed operating report, on a quarterly basis, including summary environmental, health and safety information,
        as applicable;

         

        ·     actual
        financial and operational results data and reforecasting (if applicable), in each case on a quarterly basis;

         

        ·     a
        distribution forecast (including calculations of debt services coverage ratio and forecasted distributions to partners
        (including tax equity partners), on a quarterly basis;

         

        ·     unaudited
        financial statements (that do not include footnotes), within 60 days of the end of each fiscal quarter;

         

        ·     audited
        financial statements (to the extent prepared and required under financing arrangements), within 120 days of the end of
        each fiscal year. If no audited financial statements are prepared then PSP shall have the right to request an audit of
        the applicable Subject Project Company, in which case PEGI shall use commercially reasonable efforts to cause audited
        financial statements to be prepared (at PSP’s sole cost and expense) in an expeditious manner; and

         

        ·     Such
        other items as PSP may be reasonably request from time to time.

         

        PSP shall be entitled
        (at its sole cost and expense) to have auditors engaged by PSP review, subject to such auditors agreeing to comply with
        customary confidentiality restrictions, any financial statements prepared in respect of each Subject Project Company and
        all books and records and working papers related thereto; provided that any such reviews shall be scheduled upon
        reasonable advance notice by PSP and shall occur during normal business hours and shall be conducted in a manner not to
        unreasonably interfere with the business and operations of the applicable Subject Project Company or PEGI and its Affiliates.

         

        Where the right to conduct
        any such review are subject to obligations of PEGI (or its Affiliates) or the Subject Project Company (or its Subsidiaries)
        to, or limitations imposed by, any joint venture partners or contractual counterparties of the applicable Subject Project
        Company (or its Subsidiaries), PSP’s

        

 

 

    12 

     

    

	 	review
    rights will be subject to all such limitations and to full compliance by PEGI and PSP of all such obligations.
	Corporate
    Opportunities, Waiver of Fiduciary Duties, Etc.:	To
    the maximum extent permitted by Applicable Law, no member, director, officer or partner (or equivalent) of any Subject Project
    Company will have any fiduciary duties to any equity holder of such Subject Project Company, including as may result from
    a conflict of interest between any of PEGI, PSP and the Subject Project Company.  No JV Participant shall be obligated
    to recommend or take any action in its, his or her capacity as a director or officer of a Subject Project Company that prefers
    the interests of the Subject Project Company or the other JV Participant over the interests of such JV Participant.
	Tax
    Considerations	Each
    of PEGI and PSP shall bear its pro rata share of any obligation or payment due to one or more third parties on account of
    the breach of any existing tax representations made, or tax indemnities given, to tax equity partners (other than tax equity
    partners that are Affiliates of PEGI, Pattern Development 1.0 or Pattern Development 2.0) relating to U.S. federal, state
    or local taxes with respect to any existing United States Subject Project Company (any such obligations or payment, a “U.S.
    Tax Loss”). PSP shall have the right to consult with PEGI and its Affiliates with respect to any claim regarding
    a U.S. Tax Loss in excess of $100,000 (such claim, a “Significant U.S. Tax Claim”) and to participate fully
    in any negotiation, discussion, legal proceeding or other attempt to resolve a Significant U.S. Tax Claim. Neither PEGI nor
    any of its Affiliates shall settle, compromise or concede any portion of a Significant U.S. Tax Claim without the prior written
    consent of PSP. PEGI or an Affiliate of PEGI shall be the “tax matters partner” or the “partnership representative”
    (each as defined under the applicable section of the Code) of any joint venture vehicle that is a partnership for U.S. federal
    income tax purposes, and shall be given full faith and authority to manage the U.S. tax affairs of such joint venture vehicle
    to the fullest extent permitted by Law. Each of PEGI and PSP agrees that it shall take into account and report any adjustment
    to its U.S. tax items as notified by the “tax matters partner” or the “partnership representative,”
    as applicable, on behalf of any such joint venture vehicle in the manner required by Applicable Law, whether or not it owns
    an interest or remains a member or partner in the relevant joint venture vehicle in the year of such notification of adjustment.
	D&O
    Indemnity:	The Governing Documents
        will include customary D&O indemnification provisions, which shall provide for customary expense advancement and exculpation.

         

	Governing
    Law:	New
    York.

    13 

     

    

EXHIBIT
E

 

CONSTRUCTION
FINANCING TERMS

 

Acquisition
Equity Bridge FACILITY

 

INDICATIVE
SUMMARY OF BASIC Terms and STRUCTURE

 

	

    1.         Facility	An
        acquisition bridge debt facility (“Facility”) in respect of an equity interest in a project that either:

         

        (i)           
        has been acquired jointly by PEGI and PSP as a Joint Acquisition or from a third-party (an “Acquired Interest”,
        and PEGI’s share the “PEGI Acquired Interest”); or

         

        (ii)          
        is a Joint Acquisition that has been agreed to be acquired in the future by PEGI and PSP (a “Committed Acquisition”).

         

	2.        
    Lender	PSP
    (or an Affiliate)
	3.        
    Borrower	A
        single-purpose holdco entity that is either:

         

        (i)           
        an Affiliate of PEGI that holds the PEGI Acquired Interest; or

         

        (ii)          
        in the case of a Committed Acquisition, an Affiliate of Pattern Development 1.0 or Pattern Development 2.0 (whichever
        is the Subject Project Interest Seller) that holds the Subject Project Interest.

         

	4.        
    Sponsor	PEGI,
    Pattern Development 1.0, or Pattern Development 2.0, whichever (indirectly) holds the PEGI Acquired Interest or the Subject
    Project Interest.
	5.        
    Security / Recourse	Loans
                                         under the Facility (“Loans”) will be secured by
                                         a pledge of the Sponsor’s equity interest in the Borrower and will thus
                                         be structurally subordinated to the senior project construction financing.

         

        Certain
        indemnities may also be provided by the Sponsor, corresponding to the allocation of construction risk in the applicable
        purchase and sale agreement for the Acquired Interest or the Committed Acquisition. 

         

        Otherwise
        the Facility will be non-recourse to the Sponsor. The Sponsor will retain the right to make unlimited injections of equity
        to cure events of default.

         

	6.        
    Sizing	The
        Facility will be sized at 100% of either:

         

        (i)           
        in the case of an Acquired Interest, the agreed purchase price for the PEGI Acquired Interest; or

         

        (ii)         
        in the case of a Committed Acquisition, the required construction equity investment in the project.

         

     14

     

    

	7.       
    Use of Proceeds	The
        proceeds of the Loans will be used to fund either:

         

        (i)           
        PEGI’s acquisition of the PEGI Acquired Interest or a distribution to PEGI to reimburse the cost of the PEGI
        Acquired Interest; or

         

        (ii)     
                     in the case of a Committed Acquisition, a distribution to the Sponsor after the
        project construction equity investment         has been fully funded.

         

	8.       
    Interest & Fees	The
        Loans will bear interest at a fixed rate that is equal to the 25-year after-tax internal rate of return for the Acquired
        Interest or Committed Acquisition, per the financial model established on the signing date of the applicable purchase
        and sale agreement.

         

        In
        the case of an Acquired Interest, interest on the Loans may be paid quarterly in cash or capitalized into the balance
        of the Loans, at the Borrower’s election.

         

        In
        the case of a Committed Acquisition, interest will be paid quarterly in cash.

         

        No
        upfront fees or commitment fees will be payable.

         

	9.       
    Reserve Requirements	None.
	10.    
    Repayment	The
        Loans will be repaid:

         

        (i)   
        via a sweep of project cash distributions received by the Borrower; no distributions from the Borrower to the Sponsor
        will be permitted; and

         

        (ii)  
         in full upon Maturity (see Section 11); and

         

        (iii)
          in the case of a Committed Acquisition, upon divestiture of the Subject Project Interest or the Borrower, by the Sponsor.

         

        No
        scheduled amortization of the Loans will be required. The Loans may be voluntarily prepaid in full or in part, at any
        time, at the Borrower’s election.

         

	11.    
    Maturity	The
    Facility will mature 12 months after COD of the project.
	12.    
    Conditions Precedent to Closing	Conditions
    precedent (and Borrower representations and warranties) will be consistent with those given by the Sponsor under the applicable
    purchase and sale agreement.    

     2

     

    

EXHIBIT
F 

MATERIAL
CONTRACTS

 

For each
Subject Project Interest jointly acquired by PSP and PEGI “Material Contracts” shall mean Contracts of the following
types:

 

		i.	any lease or other type of agreement
                                         granting long-term real property tenure rights that is material to the Project, taken
                                         as a whole.

 

		ii.	applicable third-party partnership
                                         agreements (including agreements with tax equity partners).

 

		iii.	the engineering, procurement
                                         and construction agreement, balance-of-plant construction contract or similar agreement
                                         and related guarantee (but only to the extent adversely affecting the warranty provisions
                                         thereof).

 

		iv.	the turbine supply agreement
                                         or similar material equipment supply agreement and related guarantee (but only to the
                                         extent adversely affecting the warranty provisions thereof).

 

		v.	the service and maintenance
                                         agreement or similar agreement entered into in respect of the wind turbines or any other
                                         material equipment.

 

		vi.	long-term power purchase agreement,
                                         long-term energy hedge agreement or similar agreement entered into with any off-taker
                                         to purchase electricity or other products from the Subject Project Company.

 

		vii.	the interconnection agreement.

 

		viii.	agreements evidencing indebtedness
                                         of the types described in clause (h) under “PSP Consent Rights” in Exhibit
                                         D; provided that agreements evidencing indebtedness that PEGI is permitted to
                                         incur without PSP’s consent under such clause (h) shall not require PSP’s
                                         consent under clause (n) under “PSP Consent Rights” in Exhibit D.

 

		ix.	any other Contract that affects
                                         the Operating Period to which any Subject Project Company jointly acquired by PSP and
                                         PEGI or any of its Subsidiaries is a party or by which such Person, or any of its assets
                                         is bound and that:

 

		1.	limits the freedom of any Subject
                                         Project Company or any of its Subsidiaries to compete in any line of business or with
                                         any Person or in any area or granting “most favored nation” or similar status,
                                         in a manner that is material to the Project, taken as a whole;

 

		2.	is with Seller or any of its
                                         Affiliates that is material to the Project, taken as a whole; or

 

		3.	the entry into or loss of which
                                         would result in a material adverse effect.

 

     3

     

    

 

For purposes of this Exhibit
F, "Project" means the power generation, storage or transmission facility or project owned by a Subject Project Company
jointly acquired by PSP and PEGI.

 

 

 

 

     4

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