Document:

Exhibit 10.4

 Exhibit 10.4 

EXECUTION VERSION 

$500,000,000 

364-DAY REVOLVING CREDIT AGREEMENT 

among 

DOMINION RESOURCES, INC., 

The Several Lenders from Time to Time Parties Hereto, 

THE ROYAL BANK OF SCOTLAND PLC, 

as Administrative Agent, 

BARCLAYS BANK PLC AND MORGAN STANLEY BANK, 

as Co-Syndication Agents, 

CITIBANK N.A. AND THE BANK OF NOVA SCOTIA, 

as Co-Documentation Agents 
  

 
 RBS
SECURITIES CORPORATION D/B/A RBS GREENWICH CAPITAL, 
 as Lead Arranger and Bookrunner 

Dated as of July 30, 2008 

 Table of Contents 

 

			
	 	  	Page
	 SECTION 1. DEFINITIONS AND ACCOUNTING TERMS
	  	1
		
	 1.1    Definitions
	  	1
	 1.2    Computation of Time Periods; Other Definitional Provisions
	  	12
	 1.3    Accounting Terms
	  	13
	 1.4    Time
	  	13
		
	 SECTION 2. LOANS
	  	13
		
	 2.1    Revolving Loan Commitment
	  	13
	 2.2    Method of Borrowing for Revolving Loans
	  	13
	 2.3    Funding of Revolving Loans
	  	14
	 2.4    Minimum Amounts of Revolving Loans
	  	15
	 2.5    Reductions of Revolving Loan Commitment
	  	15
	 2.6    RESERVED
	  	15
	 2.7    Notes
	  	15
	 2.8    RESERVED
	  	16
		
	 SECTION 3. PAYMENTS
	  	16
		
	 3.1    Interest
	  	16
	 3.2    Prepayments
	  	16
	 3.3    Payment in Full at Maturity
	  	17
	 3.4    Fees
	  	17
	 3.5    Place and Manner of Payments
	  	17
	 3.6    Pro Rata Treatment
	  	18
	 3.7    Computations of Interest and Fees
	  	18
	 3.8    Sharing of Payments
	  	18
	 3.9    Evidence of Debt
	  	19
		
	 SECTION 4. ADDITIONAL PROVISIONS REGARDING LOANS
	  	20
		
	 4.1    Eurodollar Revolving Loan Provisions
	  	20
	 4.2    Capital Adequacy
	  	21
	 4.3    Compensation
	  	21
	 4.4    Taxes
	  	22
	 4.5    Mitigation; Mandatory Assignment
	  	24
		
	 SECTION 5. RESERVED
	  	24
		
	 SECTION 6. CONDITIONS PRECEDENT
	  	24
		
	 6.1    Closing Conditions
	  	24
	 6.2    Conditions to Loans
	  	26

			
	 SECTION 7. REPRESENTATIONS AND WARRANTIES
	  	27
		
	 7.1    Organization and Good Standing
	  	27
	 7.2    Due Authorization
	  	27
	 7.3    No Conflicts
	  	27
	 7.4    Consents
	  	28
	 7.5    Enforceable Obligations
	  	28
	 7.6    Financial Condition
	  	28
	 7.7    No Default
	  	28
	 7.8    Indebtedness
	  	28
	 7.9    Litigation
	  	28
	 7.10    Taxes
	  	29
	 7.11    Compliance with Law
	  	29
	 7.12    ERISA
	  	29
	 7.13    Government Regulation
	  	29
	 7.14    Solvency
	  	29
		
	 SECTION 8. AFFIRMATIVE COVENANTS
	  	30
		
	 8.1    Information Covenants
	  	30
	 8.2    Preservation of Existence and Franchises
	  	31
	 8.3    Books and Records
	  	31
	 8.4    Compliance with Law
	  	31
	 8.5    Payment of Taxes
	  	31
	 8.6    Insurance
	  	32
	 8.7    Performance of Obligations
	  	32
	 8.8    ERISA
	  	32
	 8.9    Use of Proceeds
	  	32
	 8.10    Audits/Inspections
	  	33
	 8.11    Total Funded Debt to Capitalization
	  	33
		
	 SECTION 9. NEGATIVE COVENANTS
	  	33
		
	 9.1    Nature of Business
	  	33
	 9.2    Consolidation and Merger
	  	34
	 9.3    Sale or Lease of Assets
	  	34
	 9.4    Limitation on Liens
	  	34
	 9.5    Fiscal Year
	  	34
		
	 SECTION 10. EVENTS OF DEFAULT
	  	35
		
	 10.1    Events of Default
	  	35
	 10.2    Acceleration; Remedies
	  	37
	 10.3    Allocation of Payments After Event of Default
	  	38

  

 ii 

			
	 SECTION 11. AGENCY PROVISIONS
	  	38
		
	 11.1    Appointment
	  	38
	 11.2    Delegation of Duties
	  	39
	 11.3    Exculpatory Provisions
	  	39
	 11.4    Reliance on Communications
	  	39
	 11.5    Notice of Default
	  	40
	 11.6    Non-Reliance on Administrative Agent and Other Lenders
	  	40
	 11.7    Indemnification
	  	41
	 11.8    Administrative Agent in Its Individual Capacity
	  	41
	 11.9    Successor Administrative Agent
	  	41
		
	 SECTION 12. MISCELLANEOUS
	  	42
		
	 12.1    Notices
	  	42
	 12.2    Right of Set-Off; Adjustments
	  	43
	 12.3    Benefit of Agreement
	  	43
	 12.4    No Waiver; Remedies Cumulative
	  	46
	 12.5    Payment of Expenses, etc
	  	46
	 12.6    Amendments, Waivers and Consents
	  	47
	 12.7    Counterparts; Telecopy
	  	48
	 12.8    Headings
	  	48
	 12.9    Defaulting Lender
	  	48
	 12.10    Survival of Indemnification and Representations and Warranties
	  	48
	 12.11  GOVERNING LAW
	  	48
	 12.12  WAIVER OF JURY TRIAL
	  	49
	 12.13    Severability
	  	49
	 12.14    Entirety
	  	49
	 12.15    Binding Effect
	  	49
	 12.16    Submission to Jurisdiction
	  	49
	 12.17    Confidentiality
	  	50
	 12.18    Designation of SPVs
	  	50
	 12.19    USA Patriot Act
	  	51
	 12.20    No Fiduciary Duty
	  	51

  

 iii 

			
	SCHEDULES	  	 
		
	Schedule 1.1	  	Commitment Percentages
	Schedule 7.8	  	Indebtedness
	Schedule 7.9	  	Litigation
	Schedule 12.1	  	Notices
		
	EXHIBITS	  	
		
	Exhibit 2.2(a)	  	Form of Notice of Borrowing
	Exhibit 2.2(c)	  	Form of Notice of Conversion/Continuation
	Exhibit 2.7(a)	  	Form of Revolving Loan Note
	Exhibit 6.1(c)	  	Form of Closing Certificate
	Exhibit 6.1(e)	  	Form of Legal Opinion
	Exhibit 8.1(c)	  	Form of Officer’s Certificate
	Exhibit 12.3	  	Form of Assignment Agreement

  

 iv 

 364-DAY REVOLVING 

CREDIT AGREEMENT 

364-DAY REVOLVING CREDIT AGREEMENT (this “Credit Agreement”), dated as of July 30, 2008 among DOMINION RESOURCES,
INC., a Virginia corporation (together with its permitted successors and assigns, the “Borrower”), the several banks and other financial institutions from time to time parties to this Credit Agreement (each a
“Lender” and, collectively, the “Lenders”), THE ROYAL BANK OF SCOTLAND PLC, a public limited company incorporated in the United Kingdom and registered under the laws of Scotland, as administrative agent for the Lenders
hereunder (in such capacity, the “Administrative Agent”), BARCLAYS BANK PLC and MORGAN STANLEY BANK, as Co-Syndication Agents and, CITIBANK N.A. and THE BANK OF NOVA SCOTIA, as Co-Documentation Agents. 

The parties hereto hereby agree as follows: 

SECTION 1. DEFINITIONS AND ACCOUNTING TERMS 

1.1 Definitions. 

As used herein, the following terms shall have the meanings herein specified unless the context otherwise requires. Defined terms herein
shall include in the singular number the plural and in the plural the singular: 
 “Adjusted Base Rate” means
the Base Rate plus the Applicable Percentage for Base Rate Loans. 
 “Adjusted Eurodollar Rate” means the
Eurodollar Rate plus the Applicable Percentage for Eurodollar Revolving Loans. 
 “Administrative Agent” means
The Royal Bank of Scotland plc and any successors and assigns in such capacity. 
 “Affiliate” means, with respect to
any Person, any other Person directly or indirectly controlling (including but not limited to all directors and officers of such Person), controlled by or under direct or indirect common control with such Person. A Person shall be deemed to control
a corporation or other entity if such Person possesses, directly or indirectly, the power (i) to vote 20% or more of the securities having ordinary voting power for the election of directors or other managing persons of such corporation or
other entity or (ii) to direct or cause direction of the management and policies of such corporation or other entity, whether through the ownership of voting securities, by contract or otherwise. 

“Applicable Percentage” means, for (x) Eurodollar Revolving Loans, the LIBOR Market Rate Spread in effect from time
to time, and (y) all other Revolving Loans made to the Borrower, 0%. Any adjustment in the Applicable Percentages shall be applicable to all existing Loans as well as any new Loans. 

 “Available Revolving Loan Commitment” means, as of any date of
determination, the Revolving Loan Commitment as of such date minus the aggregate principal amount of all Loans outstanding as of such date. 

“Bankruptcy Code” means the Bankruptcy Code in Title 11 of the United States Code, as amended, modified, succeeded or
replaced from time to time. 
 “Base Rate” means, for any day, a simple rate per annum equal to the greater of
(a) the Prime Rate for such day or (b) the sum of one-half of one percent (.50%) plus the Federal Funds Rate for such day. 

“Base Rate Loan” means a Loan that bears interest at an Adjusted Base Rate. 

“Borrower” has the meaning set forth in the preamble hereof. 

“Business Day” means any day other than a Saturday, a Sunday, a legal holiday or a day on which banking institutions are
authorized or required by law or other governmental action to close in New York, New York; provided that in the case of Eurodollar Revolving Loans, such day is also a day on which dealings between banks are carried on in Dollar deposits in
the London interbank market. 
 “Capital Stock” means any and all shares, interests, participations or other
equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to purchase any of the foregoing. 

“Capitalization” means the sum of (a) Total Funded Debt plus (b) Net Worth. 

“Change of Control” means (i) the direct or indirect acquisition by any person (as such term is defined in
Section 13(d) of the Securities and Exchange Act of 1934, as amended) of beneficial ownership of more than 50% of the outstanding shares of the capital stock of the Borrower entitled to vote generally for the election of directors of the
Borrower or (ii) VaPower shall cease to be a Subsidiary of the Borrower; provided, however, that should VaPower cease to be a Subsidiary of the Borrower by virtue of its merger with or into the Borrower, or with or into any other
Subsidiary of the Borrower, such merger will not constitute a Change of Control. 
 “Closing Date” means the
date hereof. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 

“Commitment” means, with respect to each Lender, such Lender’s share of the Revolving Loan Commitment based upon
such Lender’s Commitment Percentage. 
 “Commitment Fees” has the meaning set forth in
Section 3.4(a). 
  

 2 

 “Commitment Fee Margin” means Commitment Fees payable by the Borrower, the
appropriate applicable percentages, in each case, corresponding to the Rating of the Borrower in effect from time to time as shown below: 
  

					
	 Pricing
Level
	  	 Long-Term Senior Unsecured
Non-Credit
Enhanced
 Debt Rating of Borrower
	  	 Applicable
Percentage for
Commitment
Fees

	I.	  	 >A from S&P or 
  

>A2 from Moody’s or 
  

>A from Fitch
	  	.07%
			
	II.	  	 A- from S&P or
  

A3 from Moody’s or
  

A- from Fitch
	  	.08%
			
	III.	  	 BBB+ from S&P or
  

Baa1 from Moody’s or
  

BBB+ from Fitch
	  	.10%
			
	IV.	  	 BBB from S&P or
  

Baa2 from Moody’s or
  

BBB from Fitch
	  	.125%
			
	V.	  	 BBB- from S&P or
  

Baa3 from Moody’s or
  

BBB- from Fitch
	  	.15%
			
	VI.	  	 BB+ from S&P or
  

Ba1 from Moody’s or
  

BB+ from Fitch
	  	.20%
			
	VII.	  	 < BB+ from S&P or 
  

< Ba1 from Moody’s or 
  

< BB+ from Fitch
	  	.25%

 Notwithstanding the above, if at any time
there is a split in Ratings among S&P, Moody’s and Fitch and (i) two Ratings are equal and higher than the third, the higher Rating will apply, (ii) two Ratings are equal and lower than the third, the lower Rating will apply or
(iii) no Ratings are equal, the intermediate Rating will apply. In the event that the Borrower shall maintain Ratings from only two of S&P, Moody’s and Fitch and the Borrower is split-rated and (x) the Ratings differential is one
level, the higher Rating will apply and (y) the Ratings differential is two levels or more, the level one level lower than the higher Rating will apply. 
  

 3 

 The Commitment Fee Margin shall be determined and adjusted on the date of any applicable
change in the Rating of the Borrower. 
 The Commitment Fee Margin payable by the Borrower shall be the appropriate applicable
percentages from time to time, as shown above, calculated based on the Ratings of the Borrower at such time. 
 These Ratings
shall be determined based upon the Rating for the Borrower in effect on such day as published by S&P, Moody’s and Fitch; it being understood that the initial Commitment Fee Margin is based on Pricing Level III (as shown above) and shall
remain at Pricing Level III until a change in the Ratings of the Borrower. The Borrower shall at all times maintain a Rating from at least two of S&P, Moody’s and Fitch. If at any time the Borrower does not have a Rating from at least two
of S&P, Moody’s and Fitch, the Commitment Fee Margin shall be set at Pricing Level VII. 
 The Borrower shall promptly
deliver to the Administrative Agent, at the address set forth on Schedule 12.1, information regarding any change in the Rating of the Borrower that would change the existing Pricing Level (as set forth in the chart above) and/or the
Commitment Fees. 
 “Commitment Percentage” means, for each Lender, the percentage identified as its Commitment
Percentage opposite such Lender’s name on Schedule 1.1 attached hereto, as such percentage may be modified in accordance with the terms of this Credit Agreement. 

“Commitment Period” means the period from the Closing Date to the Maturity Date. 

“Consolidated Subsidiary” means, as to any Person, each Subsidiary of such Person (whether now existing or hereafter
created or acquired), the financial statements of which are consolidated with the financial statements of such Person in accordance with GAAP, including principles of consolidation. 

“Controlled Group” means (i) the controlled group of corporations as defined in Section 414(b) of the Code and
the applicable regulations thereunder or (ii) the group of trades or businesses under common control as defined in Section 414(c) of the Code and the applicable regulations thereunder, of which the Borrower is a part or may become a part.

 “Credit Documents” means this Credit Agreement, the Notes (if any), and all other related agreements and
documents issued or delivered hereunder or thereunder or pursuant hereto or thereto. 
 “Credit Exposure” has
the meaning set forth in the definition of “Required Lenders” below. 
  

 4 

 “Default” means any event, act or condition which with notice or lapse of
time, or both, would constitute an Event of Default. 
 “Defaulting Lender” means, at any time, any Lender
that, at such time (a) has failed to make a Loan required pursuant to the terms of this Credit Agreement, (b) has failed to pay to the Administrative Agent or any Lender an amount owed by such Lender pursuant to the terms of this Credit
Agreement or (c) has been deemed insolvent or has become subject to a bankruptcy or insolvency proceeding or to a receiver, trustee or similar official. 

“Dollar”, “dollar” and “$” means lawful currency of the United States. 

“Effective Date” has the meaning set forth in Section 12.15 hereof. 

“Eligible Assignee” means (a) any Lender or Affiliate or Subsidiary of a Lender and (b) any other commercial
bank, financial institution or “accredited investor” (as defined in Regulation D) that is either a bank organized or licensed under the laws of the United States of America or any State thereof or that has agreed to provide the information
listed in Section 4.4(d) to the extent that it may lawfully do so and that is approved by the Administrative Agent and the Borrower (such approval not to be unreasonably withheld or delayed); provided that (i) the Borrower’s
consent is not required pursuant to clause (a) or, with respect to clause (b), during the existence and continuation of a Default or an Event of Default and (ii) neither the Borrower nor any Affiliate or Subsidiary of the Borrower shall
qualify as an Eligible Assignee. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended from time to time, and the regulations promulgated and the rulings issued thereunder. 
 “ERISA
Affiliate” means each person (as defined in Section 3(9) of ERISA) which together with the Borrower or any Subsidiary of the Borrower would be deemed to be a member of the same “controlled group” within the meaning of
Section 414(b), (c), (m) and (o) of the Code. 
 “Eurodollar Rate” means with respect to any
Eurodollar Revolving Loan, for the Interest Period applicable thereto, a rate per annum determined pursuant to the following formula: 

“Eurodollar Rate” = Interbank Offered
Rate                     

            1 - Eurodollar Reserve Percentage 

“Eurodollar Reserve Percentage” means, for any day, that percentage (expressed as a decimal) which is in effect from
time to time under Regulation D, as such regulation may be amended from time to time or any successor regulation, as the maximum reserve requirement (including, without limitation, any basic, supplemental, emergency, special, or marginal reserves)
applicable with respect to Eurocurrency liabilities as that term is defined in Regulation D (or against any other category of liabilities that includes deposits by reference to which the interest rate of Eurodollar Revolving Loans is determined),
whether or not any Lender has any Eurocurrency liabilities subject to such reserve requirement at that time. Eurodollar Revolving Loans shall be deemed to constitute Eurocurrency liabilities and as such shall be deemed subject to reserve
requirements without benefits of credits for proration, exceptions or offsets that may be available from time to time to a Lender. The Eurodollar Rate shall be adjusted automatically on and as of the effective date of any change in the Eurodollar
Reserve Percentage. 
  

 5 

 “Eurodollar Revolving Loan” means a Revolving Loan bearing interest at a
rate of interest determined by reference to the Eurodollar Rate. 
 “Event of Default” has the meaning
specified in Section 10.1. 
 “Exchange Act” means the Securities and Exchange Act of 1934, as amended.

 “Existing DRI Credit Agreement” means that certain $3,000,000,000 Five-Year Revolving Credit Agreement,
dated as of February 28, 2006 among the Borrower, VaPower and Consolidated Natural Gas Company, as borrowers, the financial institutions parties thereto as lenders, and JPMorgan Chase Bank, N.A., as administrative agent, as amended from time to
time. 
 “Federal Funds Rate” means for any day the rate per annum (rounded upward to the nearest 1/100th of
1%) equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day
next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the immediately preceding Business Day and (b) if no such rate is so
published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate quoted to the Administrative Agent on such day on such transactions as determined by the Administrative Agent. 

“Fee Payment Date” shall mean (a) the first Business Day of each January, April, July and October and (b) the
Maturity Date. 
 “Fitch” means Fitch Ratings Ltd., or any successor or assignee of the business of such
company in the business of rating securities. 
 “Funded Debt” means, as to any Person, without duplication:
(a) all Indebtedness of such Person for borrowed money or which has been incurred in connection with the acquisition of assets (excluding letters of credit, bankers’ acceptances, Non-Recourse Debt, Mandatorily Convertible Securities, Trust
Preferred Securities and Hybrid Equity Securities), (b) all capital lease obligations (including Synthetic Lease Obligations) of such Person and (c) all Guaranty Obligations of Funded Debt of other Persons. 

“GAAP” means generally accepted accounting principles in the United States applied on a consistent basis and subject to
Section 1.3. 
 “Governmental Authority” means any Federal, state, local or foreign court or governmental
agency, authority, instrumentality or regulatory body. 
 “Granting Lender” has the meaning set forth in
Section 12.18 hereof. 
  

 6 

 “Guaranty Obligations” means, in respect of any Person, any obligation,
contingent or otherwise, of such Person directly or indirectly guaranteeing any Indebtedness of another Person, including, without limitation, any obligation (a) to purchase or pay, or advance or supply funds for the purchase or payment of,
such Indebtedness or (b) entered into primarily for the purpose of assuring the owner of such Indebtedness of the payment thereof (such as, for example, but without limitation, an agreement to advance or provide funds or other support for the
payment or purchase of such Indebtedness or to maintain working capital, solvency or other balance sheet conditions of such other Person, including, without limitation, maintenance agreements, comfort letters or similar agreements or arrangements,
or to lease or purchase property, securities or services) if such obligation would constitute an indirect guarantee of indebtedness of others, the disclosure of which would be required in such Person’s financial statements under GAAP;
provided, however, that the term Guaranty Obligations shall not include (i) endorsements for deposit or collection in the ordinary course of business, (ii) obligations under purchased power contracts or (iii) obligations
of such Person otherwise constituting Guaranty Obligations under this definition to provide contingent equity support, to keep well, to purchase assets, goods, securities or services, to take or pay or to maintain financial statement conditions or
otherwise in respect of any Subsidiary or Affiliate of such Person in connection with the non-utility non-recourse financing activities of such Subsidiary or Affiliate. 

“Hybrid Equity Securities” means any securities issued by the Borrower or a financing vehicle of the Borrower that
(i) are classified as possessing a minimum of at least “intermediate equity content” by S&P, at least Basket C equity credit by Moody’s, and at least 50% equity credit by Fitch and (ii) require no repayments or
prepayments and no mandatory redemptions or repurchases, in each case, prior to at least 91 days after the later of the termination of the Commitments and the repayment in full of the Revolving Loans and all other amounts due under this Credit
Agreement. 
 “Indebtedness” means, as to any Person, without duplication: (a) all obligations of such
Person for borrowed money or evidenced by bonds, debentures, notes or similar instruments; (b) all obligations of such Person for the deferred purchase price of property or services (except trade accounts payable arising in the ordinary course
of business, customer deposits, provisions for rate refunds, deferred fuel expenses and obligations in respect of pensions and other post-retirement benefits); (c) all capital lease obligations of such Person; (d) all Indebtedness of
others secured by a Lien on any properties, assets or revenues of such Person (other than stock, partnership interests or other equity interests of the Borrower or any of its Subsidiaries in other entities) to the extent of the lesser of the value
of the property subject to such Lien or the amount of such Indebtedness; (e) all Guaranty Obligations; and (f) all non-contingent obligations of such Person under any letters of credit or bankers’ acceptances. 

“Interbank Offered Rate” means, for any Eurodollar Revolving Loan for any Interest Period therefor, the rate per annum
(rounded upwards, if necessary, to the nearest 1/100 of 1%) appearing on any service selected by the Administrative Agent which has been nominated by the British Bankers’ Association as an authorized information vendor for the purpose of
displaying the London interbank offered rate for deposits in Dollars (such as the applicable Reuters’ screen) at approximately 11:00 a.m. (London time) two Business Days prior to the first day of such Interest Period for a term comparable to
such Interest Period. 
  

 7 

 “Interest Payment Date” means (a) as to Base Rate Loans, the last day
of each fiscal quarter and the Maturity Date, and (b) as to Eurodollar Revolving Loans, the last day of each applicable Interest Period and the Maturity Date. If an Interest Payment Date falls on a date which is not a Business Day, such
Interest Payment Date shall be deemed to be the next succeeding Business Day, except that in the case of Eurodollar Revolving Loans where the next succeeding Business Day falls in the next succeeding calendar month, then such Interest Payment Date
shall be deemed to be the immediately preceding Business Day. 
 “Interest Period” means, as to Eurodollar
Revolving Loans, a period of 14 days (in the case of new money borrowings) and one, two or three months’ duration, as the Borrower may elect, commencing, in each case, on the date of the borrowing (including continuations and conversions of
Eurodollar Revolving Loans); provided, however, (i) if any Interest Period would end on a day which is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day (except that where the next
succeeding Business Day falls in the next succeeding calendar month, then such Interest Period shall end on the next preceding Business Day), (ii) no Interest Period shall extend beyond the Maturity Date and (iii) with respect to
Eurodollar Revolving Loans, where an Interest Period begins on a day for which there is no numerically corresponding day in the calendar month in which the Interest Period is to end, such Interest Period shall end on the last Business Day of such
calendar month. 
 “Lead Arranger” means RBS Securities Corporation d/b/a RBS Greenwich Capital. 

“Lenders” means those banks and other financial institutions identified as such on the signature pages hereto and such
other institutions that may become Lenders pursuant to Section 12.3(b). 
 “LIBOR Market Rate Spread”
means, at any time for any Eurodollar Revolving Loan for any Interest Period, the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) equal to (x) 110% multiplied by (y) the Borrower’s 1-year credit
default swap mid-rate spread (as provided by Markit Group Limited or any successor thereto (the “Quotation Agency”)) for the one-year period beginning on the Rate Set Date (as defined below), appearing on the Quotation Agency’s
website at approximately 11:00 a.m. (London time) two Business Days prior to the first day of such Interest Period (the “Rate Set Date”); provided, that the LIBOR Market Rate Spread shall in no event be less than 0.50% or
greater than 1.00%; provided, further that in the event that the LIBOR Market Rate Spread is not available from the Quotation Agency on the Rate Set Date for any Interest Period, the LIBOR Market Rate Spread shall be 1.00% for such
Interest Period. 
 “Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, security
interest, encumbrance, lien (statutory or otherwise), preference, priority or charge of any kind (including any agreement to give any of the foregoing, any conditional sale or other title retention agreement, any financing or similar statement or
notice filed under the Uniform Commercial Code as adopted and in effect in the relevant jurisdiction or other similar recording or notice statute, and any lease in the nature thereof). 

“Loan” means any loan made by any Lender pursuant to this Credit Agreement. 

 

 8 

 “Mandatorily Convertible Securities” means any mandatorily convertible
equity-linked securities issued by the Borrower, so long as the terms of such securities require no repayments or prepayments and no mandatory redemptions or repurchases, in each case prior to at least 91 days after the later of the termination of
the Commitments and the repayment in full of the Loans and all other amounts due under this Credit Agreement. 

“Material Adverse Effect” means a material adverse effect, after taking into account applicable insurance, if any, on
(a) the operations, financial condition or business of the Borrower, (b) the ability of the Borrower to perform its obligations under this Credit Agreement or (c) the validity or enforceability of this Credit Agreement or any of the
other Credit Documents against the Borrower, or the rights and remedies of the Lenders against the Borrower hereunder or thereunder; provided, however, that a transfer of assets permitted under and in compliance with Section 9.3
shall not be considered to have a Material Adverse Effect. 
 “Material Subsidiary” shall mean a Subsidiary of
the Borrower whose total assets (as determined in accordance with GAAP) represent at least 20% of the total assets of the Borrower, on a consolidated basis. 

“Maturity Date” means July 28, 2009. 

“Moody’s” means Moody’s Investors Service, Inc., or any successor or assignee of the business of such company
in the business of rating securities. 
 “Multiemployer Plan” means at any time an employee pension benefit
plan within the meaning of Section 4001(a)(3) of ERISA to which any member of the Controlled Group is then making or accruing an obligation to make contributions or has within the preceding five plan years made contributions, including for
these purposes any Person which ceased to be a member of the Controlled Group during such five year period but only with respect to the period during which such Person was a member of the Controlled Group. 

“Net Worth” means as of any date, the shareholders’ equity or net worth of the Borrower and its Consolidated
Subsidiaries (including, but not limited to, the face amount of any Mandatorily Convertible Securities, Trust Preferred Securities, Hybrid Equity Securities and Preferred Stock; but, excluding the accumulated other comprehensive income or loss
component of shareholders’ equity), on a consolidated basis, as determined in accordance with GAAP. 

“Non-Recourse Debt” means Indebtedness (a) as to which the Borrower (i) does not provide credit support of any
kind (including any undertaking, agreement or instrument that would constitute Indebtedness), (ii) is not directly or indirectly liable as a guarantor or otherwise, or (iii) is not the lender; (b) no default with respect to which
would permit upon notice, lapse of time or both any holder of any other Indebtedness (other than the Loans or the Notes) of the Borrower to declare a default on such other Indebtedness or cause the payment thereof to be accelerated or payable prior
to its stated maturity; and (c) as to which the lenders will not have any recourse to the stock or assets of the Borrower (other than the specific assets pledged to secure such Indebtedness) and the relevant legal documents so provide.

  

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 “Non-Regulated Assets” means with respect to the Borrower, the operations
that are not regulated by a Governmental Authority (i.e. merchant generation, exploration and production, producer services or retail supply assets of the Borrower). 

“Notes” means the collective reference to the Revolving Loan Notes of the Borrower. 

“Notice of Borrowing” means a request by the Borrower for a Loan in the form of Exhibit 2.2(a). 

“Notice of Continuation/Conversion” means a request by the Borrower for the continuation or conversion of a Loan in the
form of Exhibit 2.2(c). 
 “Other Taxes” has the meaning set forth in Section 4.4(b) hereof.

 “PBGC” means the Pension Benefit Guaranty Corporation established under ERISA and any successor thereto.

 “Pension Plans” has the meaning set forth in Section 8.8 hereof. 

“Person” means any individual, partnership, joint venture, firm, corporation, limited liability company, association,
trust or other enterprise (whether or not incorporated), or any government or political subdivision or any agency, department or instrumentality thereof. 

“Plan” means any single-employer plan as defined in Section 4001 of ERISA, which is maintained, or at any time
during the five calendar years preceding the date of this Credit Agreement was maintained, for employees of the Borrower, any Subsidiary of the Borrower or any ERISA Affiliate of the Borrower. 

“Preferred Stock” means any Capital Stock issued by the Borrower that is entitled to preference or priority over any
other Capital Stock of the Borrower in respect of the payment of dividends or distribution of assets upon liquidation, or both. 

“Prime Rate” means the per annum rate of interest as notified to the Borrower by the Administrative Agent from time to
time as its Prime Rate. Any change in the interest rate resulting from a change in the Prime Rate shall become effective as of 12:01 a.m. of the Business Day on which each change in the Prime Rate is announced by the Administrative Agent. The Prime
Rate is a reference rate used by the Administrative Agent in determining interest rates on certain loans and is not intended to be the lowest rate of interest charged on any extension of credit to any debtor. 

“Rating” means the rating assigned by S&P, Moody’s or Fitch to the Borrower based on the Borrower’s
senior, unsecured, non-credit-enhanced obligations. 
 “RBS” means The Royal Bank of Scotland plc. 

“Register” has the meaning set forth in Section 12.3(c). 

 

 10 

 “Regulation A, D, T, U or X” means Regulation A, D, T, U or X,
respectively, of the Board of Governors of the Federal Reserve System as from time to time in effect and any successor to all or a portion thereof. 

“Reportable Event” means a “reportable event” as defined in Section 4043 of ERISA with respect to which
the notice requirements to the PBGC have not been waived. 
 “Required Lenders” means Lenders whose aggregate
Credit Exposure (as hereinafter defined) constitutes more than 50% of the aggregate Credit Exposure of all Lenders at such time; provided, however, that if any Lender shall be a Defaulting Lender at such time then there shall be
excluded from the determination of Required Lenders the aggregate principal amount of Credit Exposure of such Lender at such time. For purposes of the preceding sentence, the term “Credit Exposure” as applied to each Lender shall
mean (a) at any time prior to the termination of the Commitments, the Commitment Percentage of such Lender multiplied by the Revolving Loan Commitment and (b) at any time after the termination of the Commitments, the outstanding amount of
Loans owed to such Lender. 
 “Revolving Loan” means a Loan made by the Lenders to the Borrower pursuant to
Section 2.1(a) hereof. 
 “Revolving Loan Commitment” means Five Hundred Million Dollars ($500,000,000),
as such amount may be otherwise reduced in accordance with Section 2.5. 
 “Revolving Loan Notes” means
the promissory notes of the Borrower in favor of each Lender evidencing the Revolving Loans made to the Borrower and substantially in the form of Exhibit 2.7(a), as such promissory notes may be amended, modified, supplemented or replaced from
time to time. 
 “S&P” means Standard & Poor’s Ratings Group, a division of McGraw Hill,
Inc., or any successor or assignee of the business of such division in the business of rating securities. 

“Solvent” means, with respect to any Person as of a particular date, that on such date (a) the fair saleable value
(on a going concern basis) of such Person’s assets exceeds its liabilities, contingent or otherwise, fairly valued, (b) such Person will be able to pay its debts as they become due, (c) such Person does not have unreasonably small
capital with which to satisfy all of its current and reasonably anticipated obligations and (d) such Person does not intend to incur nor does it reasonably anticipate that it will incur debts beyond its ability to pay as such debts become due.

 “SPV” has the meaning set forth in Section 12.18 hereof. 

“Subsidiary” means, as to any Person, (a) any corporation more than 50% of whose stock of any class or classes
having by the terms thereof ordinary voting power to elect a majority of the directors of such corporation (irrespective of whether or not at the time, any class or classes of such corporation shall have or might have voting power by reason of the
happening of any contingency) is at the time owned by such Person directly or indirectly through Subsidiaries and (b) any partnership, association, joint venture or other entity in which such Person directly or indirectly through Subsidiaries
has more than 50% equity interest at any time. 
  

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 “Synthetic Lease” means each arrangement, however described, under which
the obligor accounts for its interest in the property covered thereby under GAAP as lessee of a lease which is not a capital lease under GAAP and accounts for its interest in the property covered thereby for federal income tax purposes as the owner.

 “Synthetic Lease Obligation” means, as to any Person with respect to any Synthetic Lease at any time of
determination, the amount of the liability of such Person in respect of such Synthetic Lease that would (if such lease was required to be classified and accounted for as a capital lease on a balance sheet of such Person in accordance with GAAP) be
required to be capitalized on the balance sheet of such Person at such time. 
 “Taxes” has the meaning set
forth in Section 4.4(a). 
 “Total Funded Debt” means all Funded Debt of the Borrower and its Consolidated
Subsidiaries, on a consolidated basis, as determined in accordance with GAAP. 
 “Trust Preferred Securities”
means the trust preferred securities issued by a subsidiary capital trust established by the Borrower outstanding on the date hereof and reflected as junior subordinated notes in the financial statements of the Borrower for the fiscal year ended
December 31, 2007, and any additional trust preferred securities that are substantially similar thereto, along with the junior subordinated debt obligations of the Borrower, so long as (a) the terms thereof require no repayments or
prepayments and no mandatory redemptions or repurchases, in each case prior to at least 91 days after the later of the termination of the Commitments and the repayment in full of the Loans and all other amounts due under this Credit Agreement,
(b) such securities are subordinated and junior in right of payment to all obligations of the Borrower for or in respect of borrowed money and (c) the obligors in respect of such preferred securities and subordinated debt have the right to
defer interest and dividend payments, in each case to substantially the same extent as such currently outstanding preferred securities or on similar terms customary for trust preferred securities and not materially less favorable to the interests of
the Borrower or the Lenders. 
 “VaPower” means Virginia Electric and Power Company, a Virginia corporation and
its successors and assigns. 
 “VaPower Indenture” means the first mortgage bond indenture, dated November 1,
1935, by and between VaPower and The Chase Manhattan Bank, as supplemented and amended. 
 “Wholly Owned
Subsidiary” means, as to any Person, any other Person all of the Capital Stock of which (other than de minimis directors’ qualifying shares or local ownership shares required by law and outstanding publicly owned Preferred Stock of
VaPower) is owned by such Person directly and/or through other Wholly Owned Subsidiaries. 
 1.2 Computation of Time Periods;
Other Definitional Provisions. 
 For purposes of computation of periods of time hereunder, the word “from” means
“from and including” and the words “to” and “until” each mean “to but excluding.” References in this Credit Agreement to “Sections”, “Schedules” and “Exhibits” shall be to
Sections, Schedules or Exhibits of or to this Credit Agreement unless otherwise specified. 
  

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 1.3 Accounting Terms. 

Except as otherwise expressly provided herein, all accounting terms used herein shall be interpreted, and all financial statements and
certificates and reports as to financial matters required to be delivered to the Lenders hereunder shall be prepared, in accordance with GAAP applied on a consistent basis. All calculations made for the purposes of determining compliance with this
Credit Agreement shall (except as otherwise expressly provided herein) be made by application of GAAP applied on a basis consistent with the most recent annual or quarterly financial statements delivered pursuant to Section 8.1 (or, prior to
the delivery of the first financial statements pursuant to Section 8.1, consistent with the financial statements described in Section 6.1(f)); provided, however, if (a) the Borrower shall object to determining such
compliance on such basis at the time of delivery of such financial statements due to any change in GAAP or the rules promulgated with respect thereto or (b) the Administrative Agent or the Required Lenders shall so object in writing within 30
days after delivery of such financial statements, then such calculations shall be made on a basis consistent with the most recent financial statements delivered by the Borrower to the Lenders as to which no such objection shall have been made.

 1.4 Time. 

All references to time herein shall be references to Eastern Standard Time or Eastern Daylight time, as the case may be, unless specified
otherwise. 
 SECTION 2. LOANS 

2.1 Revolving Loan Commitment. 

(a) Revolving Loans. Subject to the terms and conditions set forth herein, each Lender severally agrees to make revolving loans to
the Borrower in Dollars, at any time and from time to time, during the Commitment Period (each a “Revolving Loan” and collectively the “Revolving Loans”); provided that (i) the aggregate amount of
Revolving Loans outstanding to the Borrower on any day shall not exceed the Revolving Loan Commitment and (ii) with respect to each individual Lender, the Lender’s pro rata share of outstanding Revolving Loans then
outstanding on any day shall not exceed such Lender’s Commitment Percentage of the Revolving Loan Commitment. Subject to the terms and conditions of this Credit Agreement, the Borrower may borrow, repay and reborrow the amount of the Revolving
Loan Commitment made to it. 
 (b) Intentionally Omitted. 

2.2 Method of Borrowing for Revolving Loans. 

(a) Base Rate Loans. By no later than 11:00 a.m. on the Business Day of the Borrower’s request for a Base Rate Loan (or for
the conversion of Eurodollar Revolving Loans to Base Rate Loans), the Borrower shall submit a Notice of Borrowing to the Administrative 

 

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Agent setting forth (i) the amount requested, (ii) the desire to have such Revolving Loans accrue interest at the Base Rate and (iii) except in the case of conversions of
Eurodollar Revolving Loans to Base Rate Loans, complying in all respects with Section 6.2 hereof. 
 (b) Eurodollar
Revolving Loans. By no later than 11:00 a.m. three Business Days prior to the date of the Borrower’s request for a Eurodollar Revolving Loan (or for the conversion of Base Rate Loans to Eurodollar Revolving Loans or the continuation of
existing Eurodollar Revolving Loans), the Borrower shall submit a Notice of Borrowing to the Administrative Agent setting forth (i) the amount requested, (ii) the desire to have such Revolving Loans accrue interest at the Adjusted
Eurodollar Rate, (iii) the Interest Period applicable thereto, and (iv) except in the case of conversions of Base Rate Loans to Eurodollar Revolving Loans or the continuation of existing Eurodollar Revolving Loans, complying in all
respects with Section 6.2 hereof. 
 (c) Continuation and Conversion. The Borrower shall have the option, on any
Business Day, to continue existing Eurodollar Revolving Loans made to it for a subsequent Interest Period, to convert Base Rate Loans made to it into Eurodollar Revolving Loans or to convert Eurodollar Revolving Loans made to it into Base Rate
Loans. By no later than 11:00 a.m. (a) on the date of the requested conversion of a Eurodollar Revolving Loan to a Base Rate Loan or (b) three Business Days prior to the date for a requested continuation of a Eurodollar Revolving Loan or
conversion of a Base Rate Loan to a Eurodollar Revolving Loan, the Borrower shall provide telephonic notice to the Administrative Agent, followed promptly by a written Notice of Continuation/Conversion, setting forth (i) whether the Borrower
wishes to continue or convert such Loans and (ii) if the request is to continue a Eurodollar Revolving Loan or convert a Base Rate Loan to a Eurodollar Revolving Loan, the Interest Period applicable thereto. Notwithstanding anything herein to
the contrary, (i) except as provided in Section 4.1 hereof, Eurodollar Revolving Loans may be converted to Base Rate Loans only on the last day of an Interest Period applicable thereto; (ii) Eurodollar Revolving Loans may be continued
and Base Rate Loans may be converted to Eurodollar Revolving Loans only if no Default or Event of Default with respect to the Borrower is in existence on the date of such extension or conversion; (iii) any continuation or conversion must comply
with Sections 2.2(a) or 2.2(b) hereof, as applicable; and (iv) failure by the Borrower to properly continue Eurodollar Revolving Loans at the end of an Interest Period shall be deemed a conversion to Base Rate Loans. 

2.3 Funding of Revolving Loans. 

Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender
will make its pro rata share of the Revolving Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit (in Dollars) of immediately available funds at the office of the
Administrative Agent, or at such other address as the Administrative Agent may designate in writing. All Revolving Loans shall be made by the Lenders pro rata on the basis of each Lender’s Commitment Percentage. 

No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Loans hereunder; provided,
however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless 

 

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the Administrative Agent shall have been notified by any Lender prior to the time of any such Loan that such Lender does not intend to make available to the Administrative Agent its portion of
the Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Loans, and the Administrative Agent in reliance upon such assumption, may (in its
sole discretion without any obligation to do so) make available to the Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such
corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent will promptly notify the Borrower and the Borrower shall
immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or the Borrower, as the case may be, interest on such corresponding amount in respect of each day from
the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (a) the applicable rate for such Loan
pursuant to the Notice of Borrowing, if recovered from the Borrower, and (b) the Federal Funds Rate, if recovered from a Lender. 

2.4 Minimum Amounts of Revolving Loans. 

Each request for Revolving Loans shall be, in the case of Eurodollar Revolving Loans, in an aggregate principal amount that is not less
than the lesser of $10,000,000 or the remaining amount available to be borrowed and, in the case of Base Rate Loans, in an aggregate principal amount that is not less than the lesser of $5,000,000 or the remaining amount available to be borrowed.
Any Revolving Loan requested shall be in an integral multiple of $1,000,000 unless the request is for all of the remaining amount available to be borrowed. 

2.5 Reductions of Revolving Loan Commitment. 

Upon at least three Business Days’ notice, the Borrower shall have the right to permanently terminate or reduce the aggregate unused
amount of the Revolving Loan Commitment available to it at any time or from time to time; provided that (a) each partial reduction shall be in an aggregate amount at least equal to $10,000,000 and in integral multiples of $1,000,000
above such amount and (b) no reduction shall be made which would reduce the Revolving Loan Commitment to an amount less than the then outstanding Revolving Loans. Any reduction in (or termination of) the Revolving Loan Commitment shall be
permanent and may not be reinstated. 
 2.6 RESERVED. 

2.7 Notes. 

(a) Revolving Loan Notes. The Revolving Loans made by the Lenders to the Borrower shall be evidenced, upon request by any Lender,
by a promissory note of the Borrower payable to each Lender in substantially the form of Exhibit 2.7(a) hereto (the “Revolving Loan Notes”) and in a principal amount equal to the amount of such Lender’s Commitment
Percentage of the Revolving Loan Commitment as originally in effect. 
  

 15 

 (b) Intentionally Omitted. 

The date, amount, type, interest rate and duration of Interest Period (if applicable) of each Loan made by each Lender to the Borrower,
and each payment made on account of the principal thereof, shall be recorded by such Lender on its books; provided that the failure of such Lender to make any such recordation or endorsement shall not affect the obligations of the Borrower to
make a payment when due of any amount owing hereunder or under any Note in respect of the Loans to be evidenced by such Note, and each such recordation or endorsement shall be conclusive and binding absent manifest error. 

2.8 RESERVED 

SECTION 3. PAYMENTS 

3.1 Interest. 

(a) Interest Rate. 

(i) All Base Rate Loans made to the Borrower shall accrue interest at the Adjusted Base Rate. 

(ii) All Eurodollar Revolving Loans made to the Borrower shall accrue interest at the Adjusted Eurodollar Rate applicable to such
Eurodollar Revolving Loan. 
 (b) Default Rate of Interest. Upon the occurrence, and during the continuance, of an Event
of Default, the principal of and, to the extent permitted by law, interest on the Loans outstanding to the Borrower and any other amounts owing by the Borrower hereunder or under the other Credit Documents shall bear interest, payable on demand, at
a per annum rate equal to 2% plus the rate which would otherwise be applicable (or if no rate is applicable, then the rate for Loans outstanding to the Borrower that are Base Rate Loans plus 2% per annum). 

(c) Interest Payments. Except as otherwise provided in subsection (b) above, interest on Loans shall be due and payable in
arrears on each Interest Payment Date. 
 3.2 Prepayments. 

(a) Voluntary Prepayments. The Borrower shall have the right to prepay Loans in whole or in part from time to time without premium
or penalty; provided, however, that (i) Eurodollar Revolving Loans may only be prepaid on three Business Days’ prior written notice to the Administrative Agent and any prepayment of Eurodollar Revolving Loans will be subject to
Section 4.3 hereof and (ii) each such partial prepayment of Loans shall be in the minimum principal amount of $10,000,000. Amounts prepaid hereunder shall be applied as the Borrower may elect; provided that if the Borrower fails to specify
the application of a voluntary prepayment then such prepayment shall be applied in each case first to Base Rate Loans of the Borrower and then to Eurodollar Revolving Loans of the Borrower in direct order of Interest Period maturities. 

 

 16 

 (b) Mandatory Prepayments. If at any time the amount of Revolving Loans outstanding
exceeds the Revolving Loan Commitment, the Borrower shall immediately make a principal payment to the Administrative Agent in the manner and in an amount necessary to be in compliance with Section 2.1 hereof. Any payments made under this
Section 3.2(b) shall be subject to Section 4.3 hereof and shall be applied first to Base Rate Loans, then to Eurodollar Revolving Loans in direct order of Interest Period maturities. 

3.3 Payment in Full at Maturity. 

On the Maturity Date, the entire outstanding principal balance of all Loans, together with accrued but unpaid interest and all other sums
owing under this Credit Agreement, shall be due and payable in full, unless accelerated sooner pursuant to Section 10 hereof. 

3.4 Fees. 

(a) Commitment Fees. 

(i) In consideration of the Revolving Loan Commitment being made available by the Lenders hereunder, the Borrower agrees
to pay to the Administrative Agent, for the pro rata benefit of each Lender, a per annum fee equal to the Commitment Fee Margin multiplied by the daily average Available Revolving Loan Commitment (the “Commitment Fees”). 

(ii) The accrued Commitment Fees shall be due and payable in arrears on each Fee Payment Date (as well as on any date that
the Revolving Loan Commitment is reduced) for the immediately preceding fiscal quarter (or portion thereof), beginning with the first of such dates to occur after the Closing Date. 

(b) Intentionally Omitted. 

(c) Administrative Fees. The Borrower agrees to pay to the Administrative Agent an annual fee as agreed to between the Borrower and
the Administrative Agent. 
 3.5 Place and Manner of Payments. 

All payments of principal, interest, fees, expenses and other amounts to be made by the Borrower under this Credit Agreement shall be
received not later than 2:00 p.m. on the date when due in Dollars and in immediately available funds, without setoff, deduction, counterclaim or withholding of any kind, by the Administrative Agent at its offices in Connecticut. The Borrower shall,
at the time it makes any payment under this Credit Agreement, specify to the Administrative Agent, the Loans, fees or other amounts payable by the Borrower hereunder to which such payment is to be applied (and in the event that it fails to specify,
or if such application would be inconsistent with the terms hereof, the Administrative Agent, shall distribute such payment to the Lenders in such manner as it reasonably determines in its sole discretion). 

 

 17 

 3.6 Pro Rata Treatment. 

Except to the extent otherwise provided herein, all Revolving Loans, each payment or prepayment of principal of any Revolving Loan, each
payment of interest on the Revolving Loans, each payment of Commitment Fees, each reduction of the Revolving Loan Commitment, and each conversion or continuation of any Revolving Loans, shall be allocated pro rata among the Lenders in
accordance with the respective Commitment Percentages. 
 3.7 Computations of Interest and Fees. 

(a) Except for Base Rate Loans calculated using the Prime Rate, on which interest shall be computed on the basis of a 365 or 366 day year
as the case may be, all computations of interest and fees hereunder shall be made on the basis of the actual number of days elapsed over a year of 360 days. 

(b) It is the intent of the Lenders and the Borrower to conform to and contract in strict compliance with applicable usury law from time
to time in effect. All agreements between the Lenders and the Borrower are hereby limited by the provisions of this paragraph which shall override and control all such agreements, whether now existing or hereafter arising and whether written or
oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any obligation), shall the interest taken, reserved, contracted for, charged, or received under this Credit Agreement, under
the Notes or otherwise, exceed the maximum non-usurious amount permissible under applicable law. If, from any possible construction of any of the Credit Documents or any other document, interest would otherwise be payable in excess of the maximum
non-usurious amount, any such construction shall be subject to the provisions of this paragraph and such documents shall be automatically reduced to the maximum non-usurious amount permitted under applicable law, without the necessity of execution
of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable law and which would, apart from this provision, be in excess of the maximum lawful amount, an
amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the Borrower or the other payor
thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans of the Borrower or any other indebtedness evidenced by any of the Credit Documents
does not include the right to receive any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest paid or agreed to be
paid to the Lenders with respect to the Loans shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) of the Loans so that the amount of
interest on account of such indebtedness does not exceed the maximum non-usurious amount permitted by applicable law. 
 3.8
Sharing of Payments. 
 Each Lender agrees that, in the event that any Lender shall obtain payment in respect of any
Revolving Loan owing to such Lender under this Credit Agreement through the exercise of a right of set-off, banker’s lien, counterclaim or otherwise (including, but not limited to, pursuant to the Bankruptcy Code) in excess of its pro
rata share as provided for in this Credit 
  

 18 

 
Agreement, such Lender shall promptly purchase from the other Lenders a participation in such Loans, in such amounts and with such other adjustments from time to time, as shall be equitable in
order that all Lenders share such payment in accordance with their respective ratable shares as provided for in this Credit Agreement. Each Lender further agrees that if a payment to a Lender (which is obtained by such Lender through the exercise of
a right of set-off, banker’s lien, counterclaim or otherwise) shall be rescinded or must otherwise be restored, each Lender which shall have shared the benefit of such payment shall, by repurchase of a participation theretofore sold, return its
share of that benefit to each Lender whose payment shall have been rescinded or otherwise restored. The Borrower agrees that any Lender so purchasing such a participation in Loans made to the Borrower may, to the fullest extent permitted by law,
exercise all rights of payment, including set-off, banker’s lien or counterclaim, with respect to such participation as fully as if such Lender were a holder of such Loan or other obligation in the amount of such participation. Except as
otherwise expressly provided in this Credit Agreement, if any Lender shall fail to remit to the Administrative Agent or any other Lender an amount payable by such Lender to the Administrative Agent or such other Lender pursuant to this Credit
Agreement on the date when such amount is due, such payments shall accrue interest thereon, for each day from the date such amount is due until the day such amount is paid to the Administrative Agent or such other Lender, at a rate per annum equal
to the Federal Funds Rate. 
 3.9 Evidence of Debt. 

(a) Each Lender shall maintain an account or accounts evidencing each Loan made by such Lender to the Borrower from time to time,
including the amounts of principal and interest payable and paid to such Lender by or for the account of the Borrower from time to time under this Credit Agreement. Each Lender will make reasonable efforts to maintain the accuracy of its account or
accounts and to promptly update its account or accounts from time to time, as necessary. 
 (b) The Administrative Agent shall
maintain the Register for the Borrower pursuant to Section 12.3(c), and a subaccount for each Lender, in which Registers and subaccounts (taken together) shall be recorded (i) the amount, type and Interest Period of each such Loan
hereunder, (ii) the amount of any principal or interest due and payable or to become due and payable to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder from or for the account of the
Borrower and each Lender’s share thereof. The Administrative Agent will make reasonable efforts to maintain the accuracy of the subaccounts referred to in the preceding sentence and to promptly update such subaccounts from time to time, as
necessary. 
 (c) The entries made in the accounts, Registers and subaccounts maintained pursuant to subsection (b) of this
Section 3.9 (and, if consistent with the entries of the Administrative Agent, subsection (a)) shall be prima facie evidence of the existence and amounts of the obligations of the Borrower therein recorded; provided, however, that the
failure of any Lender or the Administrative Agent to maintain any such account, such Registers or such subaccounts, as applicable, or any error therein, shall not in any manner affect the obligation of the Borrower to repay the Loans made by such
Lender to the Borrower in accordance with the terms hereof. 
  

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 SECTION 4. ADDITIONAL PROVISIONS REGARDING LOANS 

4.1 Eurodollar Revolving Loan Provisions. 

(a) Unavailability. In the event that the Administrative Agent shall have determined in good faith (i) that U.S. dollar
deposits in the principal amounts requested with respect to a Eurodollar Revolving Loan are not generally available in the London interbank Eurodollar market or (ii) that reasonable means do not exist for ascertaining the Eurodollar Rate, the
Administrative Agent shall, as soon as practicable thereafter, give notice of such determination to the Borrower and the Lenders. In the event of any such determination under clauses (i) or (ii) above, until the Administrative Agent shall
have advised the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (A) any request by the Borrower for Eurodollar Revolving Loans shall be deemed to be a request for Base Rate Loans, and (B) any
request by the Borrower for conversion into or continuation of Eurodollar Revolving Loans shall be deemed to be a request for conversion into or continuation of Base Rate Loans. 

(b) Change in Legality. 

(i) Notwithstanding any other provision herein, if any change in any law or regulation or in the interpretation thereof by
any Governmental Authority charged with the administration or interpretation thereof shall make it unlawful for any Lender to make or maintain any Eurodollar Revolving Loan or to give effect to its obligations as contemplated hereby with respect to
any Eurodollar Revolving Loan, then, by written notice to the Borrower and to the Administrative Agent, such Lender may: 

(A) declare that Eurodollar Revolving Loans, and conversions to or continuations of Eurodollar Revolving Loans, will not
thereafter be made by such Lender to the Borrower hereunder, whereupon any request by the Borrower for, or for conversion into or continuation of, Eurodollar Revolving Loans shall, as to such Lender only, be deemed a request for, or for conversion
into or continuation of, Base Rate Loans, unless such declaration shall be subsequently withdrawn; and 
 (B)
require that all outstanding Eurodollar Revolving Loans made by it to the Borrower be converted to Base Rate Loans in which event all such Eurodollar Revolving Loans shall be automatically converted to Base Rate Loans. 

In the event any Lender shall exercise its rights under clause (A) or (B) above, all payments and prepayments of principal
which would otherwise have been applied to repay the Eurodollar Revolving Loans that would have been made by such Lender to the Borrower or the converted Eurodollar Revolving Loans of such Lender to the Borrower shall instead be applied to repay the
Base Rate Loans made by such Lender to the Borrower in lieu of, or resulting from the conversion of, such Eurodollar Revolving Loans. 

(c) Increased Costs. If at any time a Lender shall incur increased costs or reductions in the amounts received or receivable
hereunder with respect to the making, the commitment to make or the maintaining of any Eurodollar Revolving Loan because of (i) any change since the date of this Credit Agreement in any applicable law, governmental rule, regulation, guideline
or order (or in the interpretation or administration thereof and including the 
  

 20 

 
introduction of any new law or governmental rule, regulation, guideline or such order) including, without limitation, the imposition, modification or deemed applicability of any reserves,
deposits or similar requirements (such as, for example, but not limited to, a change in official reserve requirements, but, in all events, excluding reserves required under Regulation D to the extent included in the computation of the Adjusted
Eurodollar Rate) or (ii) other circumstances affecting the London interbank Eurodollar market; then the Borrower shall pay to such Lender promptly upon written demand therefor, such additional amounts (in the form of an increased rate of, or a
different method of calculating, interest or otherwise as such Lender may determine in its sole discretion) as may be required to compensate such Lender for such increased costs or reductions in amounts receivable hereunder. 

Each determination and calculation made by a Lender under this Section 4.1 shall, absent manifest error, be binding and conclusive
on the parties hereto. 
 4.2 Capital Adequacy. 

If, after the date hereof, any Lender has determined that the adoption or effectiveness of any applicable law, rule or regulation
regarding capital adequacy, or any change therein, or any change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or
compliance by such Lender (or its parent corporation) with any request or directive regarding capital adequacy (whether or not having the force of law) of any such authority, central bank or comparable agency, has or would have the effect of
reducing the rate of return on such Lender’s (or parent corporation’s) capital or assets as a consequence of its commitments or obligations hereunder to the Borrower to a level below that which such Lender (or its parent corporation) could
have achieved but for such adoption, effectiveness, change or compliance (taking into consideration such Lender’s (or parent corporation’s) policies with respect to capital adequacy), then, upon notice from such Lender, the Borrower shall
pay to such Lender such additional amount or amounts as will compensate such Lender (or its parent corporation) for such reduction. Each determination by any such Lender of amounts owing under this Section 4.2 shall, absent manifest error, be
conclusive and binding on the parties hereto. 
 4.3 Compensation. 

The Borrower shall compensate each Lender, upon its written request, for all reasonable losses, expenses and liabilities (including,
without limitation, any loss, expense or liability incurred by reason of the liquidation or reemployment of deposits or other funds required by the Lender to fund its Eurodollar Revolving Loans to the Borrower) which such Lender may sustain:

 (a) if for any reason (other than a default by such Lender or the Administrative Agent) a borrowing of Eurodollar Revolving
Loans does not occur on a date specified therefor in a Notice of Borrowing for such Eurodollar Revolving Loan, as the case may be; 

(b) if any repayment, continuation or conversion of any Eurodollar Revolving Loan by the Borrower occurs on a date which is not the last
day of an Interest Period applicable thereto, including, without limitation, in connection with any demand, acceleration, mandatory prepayment or otherwise (including any demand under this Section 4); 

 

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 (c) if the Borrower fails to repay the Eurodollar Revolving Loans when required by the terms
of this Credit Agreement; or 
 (d) upon its assignment of any Eurodollar Revolving Loan other than on the last day of the
Interest Period or maturity date applicable thereto as a result of a request by the Borrower pursuant to Section 4.5. 

Calculation of all amounts payable to a Lender under this Section 4.3 shall be made as though the Lender has actually funded its
relevant Eurodollar Revolving Loan through the purchase of a Eurodollar deposit bearing interest at the Eurodollar Rate in an amount equal to the amount of that Loan, having a maturity comparable to the relevant Interest Period and through the
transfer of such Eurodollar deposit from an offshore office of that Lender to a domestic office of that Lender in the United States of America; provided, however, that each Lender may fund each of its Eurodollar Revolving Loans in any
manner it sees fit and the foregoing assumption shall be utilized only for the calculation of amounts payable under this Section 4.3. 

4.4 Taxes. 

(a) Tax Liabilities Imposed on a Lender. Any and all payments by the Borrower hereunder or under any of the Credit Documents shall
be made, in accordance with the terms hereof and thereof, free and clear of and without deduction for any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, excluding
taxes measured by net income and franchise taxes imposed on any Lender by the jurisdiction under the laws of which such Lender is organized or transacting business or any political subdivision thereof (all such non-excluded taxes, being hereinafter
referred to as “Taxes”). If the Borrower shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder to any Lender, (i) the sum payable shall be increased as may be necessary so that after making all
required deductions (including deductions applicable to additional sums payable under this Section 4.4) such Lender receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower shall make
such deductions, (iii) the Borrower shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law, and (iv) the Borrower shall deliver to such Lender evidence of such payment to the relevant
Governmental Authority. 
 (b) Other Taxes. In addition, the Borrower agrees to pay, upon notice from a Lender and prior
to the date when penalties attach thereto, all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies of the United States or any state or political subdivision thereof or any applicable foreign
jurisdiction that arise from any payment made hereunder by the Borrower or from the execution, delivery or registration of, or otherwise from the Borrower’s participation with respect to, this Credit Agreement (collectively, the “Other
Taxes”). 
  

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 (c) Refunds. If a Lender or the Administrative Agent (as the case may be) shall
become aware that it is entitled to claim a refund (or a refund in the form of a credit) (each, a “Refund”) from a Governmental Authority (as a result of any error in the amount of Taxes or Other Taxes paid to such Governmental
Authority or otherwise) of Taxes or Other Taxes which the Borrower has paid, or with respect to which the Borrower has paid additional amounts, pursuant to this Section 4.4, it shall promptly notify the Borrower of the availability of such
Refund and shall, within 30 days after receipt of written notice by the Borrower, make a claim to such Governmental Authority for such Refund at the Borrower’s expense if, in the judgment of such Lender or the Administrative Agent (as the case
may be), the making of such claim will not be otherwise disadvantageous to it; provided that nothing in this subsection (c) shall be construed to require any Lender or the Administrative Agent to institute any administrative proceeding
(other than the filing of a claim for any such Refund) or judicial proceeding to obtain such Refund. 
 If a Lender or the
Administrative Agent (as the case may be) receives a Refund from a Governmental Authority (as a result of any error in the amount of Taxes or Other Taxes paid to such Governmental Authority or otherwise) of any Taxes or Other Taxes which have been
paid by the Borrower, or with respect to which the Borrower has paid additional amounts pursuant to this Section 4.4, it shall promptly pay to the Borrower the amount so received (but only to the extent of payments made, or additional amounts
paid, by the Borrower under this Section 4.4 with respect to Taxes or Other Taxes giving rise to such Refund), net of all reasonable out-of-pocket expenses (including the net amount of taxes, if any, imposed on such Lender or the Administrative
Agent with respect to such Refund) of such Lender or Administrative Agent, and without interest (other than interest paid by the relevant Governmental Authority with respect to such Refund); provided, however, that the Borrower, upon
the request of Lender or the Administrative Agent, agrees to repay the amount paid over to the Borrower (plus penalties, interest or other charges) to such Lender or the Administrative Agent in the event such Lender or the Administrative Agent is
required to repay such Refund to such Governmental Authority. Nothing contained in this Section 4.4(c) shall require any Lender or the Administrative Agent to make available any of its tax returns (or any other information that it deems to be
confidential or proprietary). 
 (d) Foreign Lender. Each Lender (which, for purposes of this Section 4.4, shall
include any Affiliate of a Lender that makes any Eurodollar Revolving Loan pursuant to the terms of this Credit Agreement) that is not a “United States person” (as such term is defined in Section 7701(a)(30) of the Code) shall submit
to the Borrower and the Administrative Agent on or before the Closing Date (or, in the case of a Person that becomes a Lender after the Closing Date by assignment, promptly upon such assignment), two duly completed and signed copies of
(A) either (1) Form W-8BEN, or any applicable successor form, of the United States Internal Revenue Service entitling such Lender to a complete exemption from withholding on all amounts to be received by such Lender pursuant to this Credit
Agreement and/or the Notes or (2) Form W-8ECI, or any applicable successor form, of the United States Internal Revenue Service relating to all amounts to be received by such Lender pursuant to this Credit Agreement and/or the Notes and, if
applicable, (B) an Internal Revenue Service Form W-8BEN or W-9 entitling such Lender to receive a complete exemption from United States backup withholding tax. Each such Lender shall, from time to time after submitting either such form, submit
to the Borrower and the Administrative Agent such additional duly completed and signed copies of such forms (or such 

 

 23 

 
successor forms or other documents as shall be adopted from time to time by the relevant United States taxing authorities) as may be (1) reasonably requested in writing by the Borrower or
the Administrative Agent and (2) appropriate under then current United States laws or regulations. Upon the reasonable request of the Borrower or the Administrative Agent, each Lender that has not provided the forms or other documents, as
provided above, on the basis of being a United States person shall submit to the Borrower and the Administrative Agent a certificate to the effect that it is such a “United States person.” 

4.5 Mitigation; Mandatory Assignment. 

The Administrative Agent and each Lender shall use reasonable efforts to avoid or mitigate any increased cost or suspension of the
availability of an interest rate under Sections 4.1 through 4.4 above to the greatest extent practicable (including transferring the Loans to another lending office or Affiliate of a Lender) unless, in the opinion of the Administrative Agent or such
Lender, such efforts would be likely to have an adverse effect upon it. In the event a Lender makes a request to the Borrower for additional payments in accordance with Section 4.1, 4.2 or 4.4, then, provided that no Default or Event of Default
has occurred and is continuing at such time, the Borrower may, at its own expense (such expense to include any transfer fee payable to the Administrative Agent under Section 12.3(b) and any expense pursuant to Section 4 hereof) and in its
sole discretion, require such Lender to transfer and assign in whole (but not in part), without recourse (in accordance with and subject to the terms and conditions of Section 12.3(b)), all of its interests, rights and obligations under this
Credit Agreement to an Eligible Assignee which shall assume such assigned obligations (which Eligible Assignee may be another Lender, if a Lender accepts such assignment); provided that (a) such assignment shall not conflict with any law, rule
or regulation or order of any court or other Governmental Authority and (b) the Borrower or such Eligible Assignee shall have paid to the assigning Lender in immediately available funds the principal of and interest accrued to the date of such
payment on the portion of the Loans hereunder held by such assigning Lender and all other amounts owed to such assigning Lender hereunder, including amounts owed pursuant to Sections 4.1 through 4.4 hereof. 

SECTION 5. RESERVED 

SECTION 6. CONDITIONS PRECEDENT 

6.1 Closing Conditions. 

The obligation of the Lenders to enter into the Credit Documents is subject to satisfaction of the following conditions (all documents
described below to be in form and substance acceptable to the Lenders), on or before August 15, 2008: 
 (a) Credit
Documents. Receipt by the Administrative Agent of duly executed copies of: (i) this Credit Agreement and (ii) the other Credit Documents. 

(b) Corporate Documents. Receipt by the Administrative Agent of the following: 

(i) Charter Documents. Copies of the articles of incorporation or other charter documents of the Borrower certified
to be true and complete as of a recent date by 
  

 24 

 
the appropriate Governmental Authority of the state or other jurisdiction of its incorporation and certified by a secretary or assistant secretary of the Borrower to be true and correct as of the
Closing Date. 
 (ii) Bylaws. A copy of the bylaws of the Borrower certified by a secretary or assistant
secretary of the Borrower to be true and correct as of the Closing Date. 
 (iii) Resolutions. Copies of
resolutions of the Board of Directors of the Borrower approving and adopting the Credit Documents, the transactions contemplated herein and therein and authorizing execution and delivery thereof, certified by a secretary or assistant secretary of
the Borrower to be true and correct and in force and effect as of the Closing Date. 
 (iv) Good Standing.
Copies of (a) certificates of good standing, existence or its equivalent with respect to the Borrower certified as of a recent date by the appropriate Governmental Authorities of its jurisdiction of incorporation and (b) to the extent
available, a certificate indicating payment of all corporate franchise taxes certified as of a recent date by the appropriate Governmental Authorities of the Borrower’s jurisdiction of incorporation. 

(v) Additional Certificates. Copies of incumbency certificates of officers of the Borrower as the Administrative
Agent may reasonably require evidencing the identity, authority and capacity of each officer thereof authorized to act in connection with this Agreement and the other Credit Documents to which the Borrower is a party or is to be a party on the
Closing Date. 
 (c) Closing Certificate. Receipt by the Administrative Agent of a certificate of the Borrower, dated the
Closing Date, substantially in the form of Exhibit 6.1(c), executed by any Assistant Treasurer and the Secretary or any Assistant Secretary of the Borrower, and attaching the documents referred to in subsections 6.1(b). 

(d) Fees. The Lenders and the Administrative Agent shall have received all fees required to be paid, and all expenses for which
invoices have been presented. 
 (e) Opinion of Counsel. Receipt by the Administrative Agent of an opinion, or opinions,
satisfactory in form and content to the Administrative Agent and the Lenders, addressed to the Administrative Agent and each of the Lenders and dated as of the Closing Date, substantially in the form of Exhibit 6.1(e), from McGuireWoods LLP, legal
counsel to the Borrower. 
 (f) Financial Statements. Receipt and approval by the Administrative Agent and the Lenders of
the audited financial statements of the Borrower and its Consolidated Subsidiaries for each of the fiscal years ended as of December 31, 2006 and December 31, 2007 and the unaudited financial statements of the Borrower and its Consolidated
Subsidiaries dated as of March 31, 2008. 
 (g) Consents. Receipt by the Administrative Agent of a written
representation from the Borrower that (i) all governmental, shareholder and third party consents and approvals 

 

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necessary or, in the reasonable opinion of the Administrative Agent, advisable in connection with the transactions contemplated hereby have been received and are in full force and effect and
(ii) no condition or requirement of law exists which could reasonably be likely to restrain, prevent or impose any material adverse condition on the transactions contemplated hereby, and receipt by the Administrative Agent of copies of any
required orders of the Virginia State Corporation Commission or any other state utilities commission approving the Borrower’s execution, delivery and performance of this Credit Agreement and the borrowings hereunder. 

(h) No Default; Representations and Warranties. As of the Closing Date (i) there shall exist no Default or Event of Default
by the Borrower and (ii) all representations and warranties contained herein and in the other Credit Documents shall be true and correct in all material respects. 

(i) Material Adverse Effect. No event or condition shall have occurred since the dates of the financial statements delivered
pursuant to Section 6.1(f) above that has or would be likely to have a Material Adverse Effect on the Borrower. 
 (j)
Other. Receipt by the Lenders of such other documents, instruments, agreements or information as reasonably requested by any Lender. 

The Administrative Agent shall provide written notice to the Borrower and the Lenders upon the occurrence of the Effective Date (as
defined in Section 12.15). 
 6.2 Conditions to Loans. 

In addition to the conditions precedent stated elsewhere herein, the Lenders shall not be obligated to make new Loans to the Borrower
(including the initial Loans to be made hereunder) unless: 
 (a) Request. The Borrower shall have timely delivered a
duly executed and completed Notice of Borrowing in conformance with all the terms and conditions of this Credit Agreement. 

(b) Representations and Warranties. The representations and warranties made by the Borrower in or pursuant to the Credit Documents
are true and correct in all material respects at and as if made as of the date of the funding of the Loans or, if any such representation and warranty was made as of a specific date, such representation and warranty was true and correct in all
material respects as of such date; provided, however, that the representation and warranty set forth in clause (ii) of the second paragraph of Section 7.6 hereof need not be true and correct as a condition to the making of
any Loans made after the Closing Date. 
 (c) No Default. On the date of the funding of the Loans, no Default or Event of
Default has occurred and is continuing or would be caused by making the Loans. 
 (d) Availability. Immediately after
giving effect to the making of a Loan (and the application of the proceeds thereof), the sum of Loans outstanding shall not exceed the Revolving Loan Commitment. 

 

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 The delivery of each Notice of Borrowing shall constitute a representation and warranty by
the Borrower of the correctness of the matters specified in subsections (b), (c) and (d) above. 
 SECTION 7.
REPRESENTATIONS AND WARRANTIES 
 The Borrower hereby represents and warrants to each Lender that: 

7.1 Organization and Good Standing. 

The Borrower and each Material Subsidiary of the Borrower (other than any Material Subsidiary that is not a corporation) (a) is a
corporation duly incorporated, validly existing and in good standing under the laws of the jurisdiction of its incorporation, (b) is duly qualified and in good standing as a foreign corporation authorized to do business in every jurisdiction
where the failure to so qualify would have a Material Adverse Effect on the Borrower and (c) has the requisite corporate power and authority to own its properties and to carry on its business as now conducted and as proposed to be conducted.
Each Material Subsidiary of the Borrower that is not a corporation (a) is a legal entity duly organized, existing and in good standing under the laws of its jurisdiction of organization, (b) is registered or qualified as an entity
authorized to do business in every jurisdiction where the failure to be so registered or qualified would have a Material Adverse Effect on the Borrower and (c) has the requisite power and authority to own its properties and to carry on its
business as now conducted and as proposed to be conducted. 
 7.2 Due Authorization. 

The Borrower (a) has the requisite corporate power and authority to execute, deliver and perform this Credit Agreement and the other
Credit Documents and to incur the obligations herein and therein provided for and (b) is duly authorized to, and has been authorized by all necessary corporate action, to execute, deliver and perform this Credit Agreement and the other Credit
Documents. 
 7.3 No Conflicts. 

Neither the execution and delivery of the Credit Documents and the consummation of the transactions contemplated therein, nor the
performance of and compliance with the terms and provisions thereof by the Borrower will (a) violate or conflict with any provision of its articles of incorporation or bylaws, (b) violate, contravene or materially conflict with any law,
regulation (including without limitation, Regulation U or Regulation X), order, writ, judgment, injunction, decree or permit applicable to it, (c) violate, contravene or materially conflict with contractual provisions of, or cause an event of
default under, any indenture, loan agreement, mortgage, deed of trust, contract or other agreement or instrument to which it is a party or by which it may be bound, the violation of which could have a Material Adverse Effect on the Borrower or
(d) result in or require the creation of any Lien upon or with respect to its properties. 
  

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 7.4 Consents. 

No consent, approval, authorization or order of, or filing, registration or qualification with, any court or Governmental Authority or
third party is required to be obtained or made by the Borrower in connection with the Borrower’s execution, delivery or performance of this Credit Agreement or any of the other Credit Documents that has not been obtained or made, other than any
filings with the Securities and Exchange Commission and other Governmental Authorities that may be required to be made after the date hereof. 

7.5 Enforceable Obligations. 

This Credit Agreement and the other Credit Documents have been duly executed and delivered and constitute legal, valid and binding
obligations of the Borrower enforceable against the Borrower in accordance with their respective terms, except as may be limited by bankruptcy or insolvency laws or similar laws affecting creditors’ rights generally or by general equitable
principles. 
 7.6 Financial Condition. 

The financial statements provided to the Lenders pursuant to Section 6.1(f) and pursuant to Section 8.1(a) and (b) present
fairly the financial condition, results of operations and cash flows of the Borrower and its Consolidated Subsidiaries as of the dates stated therein. 

In addition, (i) such financial statements were prepared in accordance with GAAP and (ii) since the latest date of such
financial statements, there have occurred no changes or circumstances which have had or would be reasonably expected to have a Material Adverse Effect on the Borrower. 

7.7 No Default. 

Neither the Borrower nor any of its Material Subsidiaries is in default in any respect under any contract, lease, loan agreement,
indenture, mortgage, security agreement or other agreement or obligation to which it is a party or by which any of its properties is bound which default would have or would be reasonably expected to have a Material Adverse Effect on the Borrower.

 7.8 Indebtedness. 

As of the Closing Date, the Borrower has no Indebtedness except as disclosed in the financial statements referenced in Section 6.1(f)
and on Schedule 7.8. 
 7.9 Litigation. 

Except as disclosed in the Borrower’s Annual Report on Form 10-K for the year ended December 31, 2007 and the Borrower’s
Quarterly Report on Form 10-Q for the quarter ended March 31, 2008 or on Schedule 7.9, there are no actions, suits or legal, equitable, arbitration or administrative proceedings, pending or, to the knowledge of the Borrower, threatened
against the Borrower or a Material Subsidiary of the Borrower in which there is a reasonable possibility of an adverse decision which would have or would reasonably be expected to have a Material Adverse Effect on the Borrower. 

 

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 7.10 Taxes. 

The Borrower and each Material Subsidiary of the Borrower has filed, or caused to be filed, all material tax returns (federal, state,
local and foreign) required to be filed by it and paid all amounts of taxes shown thereon to be due (including interest and penalties) and has paid all other material taxes, fees, assessments and other governmental charges (including mortgage
recording taxes, documentary stamp taxes and intangibles taxes) owing by it, except for such taxes which are not yet delinquent or that are being contested in good faith and by proper proceedings, and against which adequate reserves are being
maintained in accordance with GAAP. 
 7.11 Compliance with Law. 

Except as disclosed in the Borrower’s Annual Report on Form 10-K for the year ended December 31, 2007 and the Borrower’s
Quarterly Report for the quarter ended March 31, 2008, the Borrower and each Material Subsidiary of the Borrower is in compliance with all laws, rules, regulations, orders and decrees applicable to it, or to its properties, unless such failure
to comply would not have a Material Adverse Effect on the Borrower. 
 7.12 ERISA. 

(a) No Reportable Event has occurred and is continuing with respect to any Plan of the Borrower; (b) no Plan of the Borrower has an
accumulated funding deficiency determined under Section 412 of the Code; (c) no proceedings have been instituted, or, to the knowledge of the Borrower, planned to terminate any Plan of the Borrower; (d) neither the Borrower, nor any
member of a Controlled Group including the Borrower, nor any duly-appointed administrator of a Plan of the Borrower has instituted or intends to institute proceedings to withdraw from any Multiemployer Pension Plan (as defined in Section 3(37)
of ERISA); and (e) each Plan of the Borrower has been maintained and funded in all material respects in accordance with its terms and with the provisions of ERISA applicable thereto. 

7.13 Government Regulation. 

The Borrower is not an “investment company” registered or required to be registered under the Investment Company Act of 1940, as
amended (the “Investment Company Act”), and is not controlled by such a company, nor is otherwise subject to regulation under the Investment Company Act. 

7.14 Solvency. 

The Borrower is and, after the consummation of the transactions contemplated by this Credit Agreement and the other Credit Documents, will
be Solvent. 
  

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 SECTION 8. AFFIRMATIVE COVENANTS 

The Borrower hereby covenants and agrees that so long as this Credit Agreement is in effect and until the Loans made to it, together with
interest, fees and other obligations hereunder, have been paid in full and the Commitments hereunder shall have terminated: 

8.1 Information Covenants. 

The Borrower will furnish, or cause to be furnished, to the Administrative Agent and each Lender: 

(a) Annual Financial Statements. As soon as available, and in any event within 120 days after the close of each fiscal year of the
Borrower, a Form 10-K as required to be filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended, and the Exchange Act, which includes financial information required by such Form 10-K, such financial information
to be in reasonable form and detail and audited by Deloitte & Touche or another independent registered public accounting firm of recognized national standing reasonably acceptable to the Administrative Agent and whose opinion shall be to
the effect that such financial statements have been prepared in accordance with GAAP (except for changes with which such accountants concur) and shall not be limited as to the scope of the audit or qualified in any respect. 

(b) Quarterly Financial Statements. As soon as available, and in any event within 60 days after the close of each of the first
three fiscal quarters of the Borrower, a Form 10-Q as required to be filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended, and the Exchange Act, which includes the financial information required by such Form
10-Q, such financial information to be in reasonable form and detail and accompanied by a certificate of the chief financial officer or treasurer of the Borrower to the effect that such quarterly financial statements fairly present in all material
respects the financial condition of the Borrower and have been prepared in accordance with GAAP, subject to changes resulting from audit and normal year-end audit adjustments. 

(c) Officer’s Certificate. At the time of delivery of the financial statements provided for in Sections 8.1(a) and 8.1(b)
above, a certificate of the chief financial officer, treasurer or assistant treasurer of the Borrower, substantially in the form of Exhibit 8.1(c), (i) demonstrating compliance with the financial covenant contained in Section 8.11
by calculation thereof as of the end of each such fiscal period and (ii) stating that no Default or Event of Default by the Borrower exists, or if any such Default or Event of Default does exist, specifying the nature and extent thereof and
what action the Borrower proposes to take with respect thereto. 
 (d) Reports. Promptly upon transmission or receipt
thereof, copies of any filings and registrations with, and reports to or from, the Securities and Exchange Commission, or any successor agency, and copies of all financial statements, proxy statements, notices and reports as the Borrower shall send
to its shareholders. 
 (e) Notices. Upon the Borrower obtaining knowledge thereof, the Borrower will give written notice
to the Administrative Agent immediately of (i) the occurrence of an event or condition consisting of a Default or Event of Default, specifying the nature and existence thereof and what action the Borrower proposes to take with respect thereto
and (ii) the occurrence of any of the following: (A) the pendency or commencement of any litigation, arbitral or governmental proceeding against the Borrower or a Material Subsidiary of the Borrower which, if adversely determined, is
likely to have a Material Adverse Effect, (B) the institution of any proceedings against the Borrower or a Material Subsidiary of the Borrower with respect to, or the receipt of 

 

 30 

 
notice by such Person of potential liability or responsibility for violation, or alleged violation of any federal, state or local law, rule or regulation, the violation of which would likely have
a Material Adverse Effect on the Borrower or (C) any notice or determination concerning the imposition of any withdrawal liability by a Multiemployer Plan against the Borrower or any of its ERISA Affiliates, the determination that a
Multiemployer Plan is, or is expected to be, in reorganization within the meaning of Title IV of ERISA or the termination of any Plan of the Borrower. 

(f) Other Information. With reasonable promptness upon any such request, such other information regarding the business, properties
or financial condition of the Borrower as the Administrative Agent or the Required Lenders may reasonably request. 
 In lieu of
furnishing the Lenders the items referred to in this Section 8.1, the Borrower may make available such items on the Borrower’s corporate website, any Securities and Exchange Commission website or any such other publicly available website
as notified to the Administrative Agent and the Lenders. 
 8.2 Preservation of Existence and Franchises. 

The Borrower will do (and will cause each of its Material Subsidiaries to do) all things necessary to preserve and keep in full force and
effect its (i) existence and (ii) to the extent material to the conduct of the business of the Borrower or any of its Material Subsidiaries, its rights, franchises and authority; provided that nothing in this Section 8.2 shall prevent
any transaction otherwise permitted under Section 9.2 or Section 9.3 or any change in the form of organization (by merger or otherwise) of any Material Subsidiary of the Borrower so long as such change shall not have an adverse effect on
the Borrower’s ability to perform its obligations hereunder. 
 8.3 Books and Records. 

The Borrower will keep (and will cause each of its Material Subsidiaries to keep) complete and accurate books and records of its
transactions in accordance with good accounting practices on the basis of GAAP (including the establishment and maintenance of appropriate reserves). 

8.4 Compliance with Law. 

The Borrower will comply (and will cause each of its Material Subsidiaries to comply) with all laws, rules, regulations and orders, and
all applicable restrictions imposed by all Governmental Authorities, applicable to it and its property if noncompliance with any such law, rule, regulation, order or restriction would be reasonably expected to have a Material Adverse Effect on the
Borrower. 
 8.5 Payment of Taxes. 

The Borrower will pay and discharge all material taxes, assessments and governmental charges or levies imposed upon it, or upon its income
or profits, or upon any of its properties, before they shall become delinquent; provided, however, that the Borrower shall not 

 

 31 

 
be required to pay any such tax, assessment, charge, levy, or claim which is being contested in good faith by appropriate proceedings and as to which adequate reserves therefor have been
established in accordance with GAAP. 
 8.6 Insurance. 

The Borrower will at all times maintain in full force and effect insurance (including worker’s compensation insurance, liability
insurance and casualty insurance) in such amounts, covering such risks and liabilities and with such deductibles or self-insurance retentions as are in accordance with normal industry practice. 

8.7 Performance of Obligations. 

The Borrower will perform (and will cause each of its Material Subsidiaries to perform) in all material respects all of its obligations
under the terms of all agreements that are material to the conduct of the business of the Borrower or any of its Material Subsidiaries and all indentures, mortgages, security agreements or other debt instruments to which it is a party or by which it
is bound. 
 8.8 ERISA. 

The Borrower and each of its ERISA Affiliates will (a) at all times make prompt payment of all contributions (i) required under
all employee pension benefit plans (as defined in Section 3(2) of ERISA) (“Pension Plans”) and (ii) required to meet the minimum funding standard set forth in ERISA with respect to each of its Plans; (b) promptly upon
request, furnish the Administrative Agent and the Lenders copies of each annual report/return (Form 5500 Series), as well as all schedules and attachments required to be filed with the Department of Labor and/or the Internal Revenue Service pursuant
to ERISA, and the regulations promulgated thereunder, in connection with each of its Pension Plans for each Plan Year (as defined in ERISA); (c) notify the Administrative Agent immediately of any fact, including, but not limited to, any
Reportable Event arising in connection with any of its Plans, which might constitute grounds for termination thereof by the PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan, together
with a statement, if requested by the Administrative Agent, as to the reason therefor and the action, if any, proposed to be taken in respect thereof; and (d) furnish to the Administrative Agent, upon its request, such additional information
concerning any of its Plans as may be reasonably requested. The Borrower will not nor will it permit any of its ERISA Affiliates to (A) terminate a Plan if any such termination would have a Material Adverse Effect on the Borrower or
(B) cause or permit to exist any Reportable Event under ERISA or other event or condition which presents a material risk of termination at the request of the PBGC if such termination would have a Material Adverse Effects. 

8.9 Use of Proceeds. 

The proceeds of the Loans made to the Borrower hereunder may be used solely (a) to provide credit support for the Borrower’s
commercial paper, (b) for working capital of the Borrower and its Subsidiaries and (c) for other general corporate purposes. 
  

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 None of the proceeds of the Loans made to the Borrower hereunder will be used for the
purpose of purchasing or carrying any “margin stock” which violates Regulation U or Regulation X or for the purpose of reducing or retiring in violation of Regulation U or Regulation X any Indebtedness which was originally incurred to
purchase or carry “margin stock” or for any other purpose which might constitute this transaction a “purpose credit” in violation of Regulation U or Regulation X. 

8.10 Audits/Inspections. 

Upon reasonable notice, during normal business hours and in compliance with the reasonable security procedures of the Borrower, the
Borrower will permit representatives appointed by the Administrative Agent or the Required Lenders (or, upon a Default or Event of Default, any Lender), including, without limitation, independent accountants, agents, attorneys, and appraisers to
visit and inspect the Borrower’s property, including its books and records, its accounts receivable and inventory, the Borrower’s facilities and its other business assets, and to make photocopies or photographs thereof and to write down
and record any information such representative obtains and shall permit the Required Lenders (or, upon a Default or Event of Default, any Lender) or the Administrative Agent or its representatives to investigate and verify the accuracy of
information provided to the Lenders and to discuss all such matters with the officers, employees and representatives of the Borrower. 

8.11 Total Funded Debt to Capitalization. 

The ratio of (a) Total Funded Debt to (b) Capitalization for the Borrower shall at all times be less than or equal to .65 to
1.00 (each on a consolidated basis). 
 SECTION 9. NEGATIVE COVENANTS 

The Borrower hereby covenants and agrees that so long as this Credit Agreement is in effect and until the Loans, together with interest,
fees and other obligations hereunder, have been paid in full and the Commitments hereunder shall have terminated: 
 9.1
Nature of Business. 
 The Borrower will not alter the character of its business from that conducted as of the Closing
Date and activities reasonably related thereto and similar and related businesses; provided, however, that the Borrower may transfer Non-Regulated Assets to one or more Wholly-Owned Subsidiaries of the Borrower to the extent permitted under
Section 9.3. 
  

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 9.2 Consolidation and Merger. 

The Borrower will not enter into any transaction of merger or consolidation or liquidate, wind up or dissolve itself (or suffer any
liquidation or dissolution); provided that notwithstanding the foregoing provisions of this Section 9.2, the following actions may be taken if, after giving effect thereto, no Default or Event of Default by the Borrower exists: 

(a) a Subsidiary of the Borrower may be merged or consolidated with or into the Borrower; provided that the Borrower shall be the
continuing or surviving entity; and 
 (b) the Borrower may merge or consolidate with any other Person if either (i) the
Borrower shall be the continuing or surviving entity or (ii) the Borrower shall not be the continuing or surviving entity and the entity so continuing or surviving (A) is an entity organized and duly existing under the law of any state of
the United States and (B) executes and delivers to the Administrative Agent and the Lenders an instrument in form satisfactory to the Required Lenders pursuant to which it expressly assumes the Loans of the Borrower and all of the other
obligations of the Borrower under the Credit Documents and procures for the Administrative Agent and each Lender an opinion in form satisfactory to the Required Lenders and from counsel satisfactory to the Required Lenders in respect of the due
authorization, execution, delivery and enforceability of such instrument and covering such other matters as the Required Lenders may reasonably request. 

9.3 Sale or Lease of Assets. 

The Borrower will not convey, sell, lease, transfer or otherwise dispose of, in one transaction or a series of transactions, all or
substantially all of its business or assets whether now owned or hereafter acquired, it being understood and agreed that the Borrower (or any Subsidiary of the Borrower) may transfer Non-Regulated Assets to one or more Wholly-Owned Subsidiaries of
the Borrower, provided that (i) each such Wholly-Owned Subsidiary remains at all times a Wholly-Owned Subsidiary of the Borrower and (ii) the Ratings of the Borrower will not be lowered to less than BBB by S&P, Baa2 by Moody’s or
BBB by Fitch in connection with or as a result of such transfer. 
 9.4 Limitation on Liens. 

In the case of VaPower, VaPower shall not, nor shall it permit any of its Material Subsidiaries to, create, incur, assume or suffer to
exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, except for (i) Liens permitted by the VaPower Indenture and (ii) Liens created in the ordinary course of business. 

If the Borrower shall pledge as security for any indebtedness or obligations, or permit any Lien as security for Indebtedness or
obligations upon, any capital stock owned by it on the date hereof or thereafter acquired, of any of its Material Subsidiaries, the Borrower will secure the outstanding Loans ratably with the indebtedness or obligations secured by such pledge,
except for Liens incurred or otherwise arising in the ordinary course of business. 
 9.5 Fiscal Year. 

The Borrower will not change its fiscal year without prior notification to the Lenders. 

 

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 SECTION 10. EVENTS OF DEFAULT 

10.1 Events of Default. 

An Event of Default shall exist upon the occurrence and continuation of any of the following specified events (each an “Event of
Default”): 
 (a) Payment. The Borrower shall: 

(i) default in the payment when due of any principal of any of the Loans; or 

(ii) default, and such default shall continue for five or more Business Days, in the payment when due of any interest on
the Loans or of any fees or other amounts owing hereunder, under any of the other Credit Documents or in connection herewith. 

(b) Representations. Any representation, warranty or statement made or deemed to be made by the Borrower herein, in any of the
other Credit Documents, or in any statement or certificate delivered or required to be delivered pursuant hereto or thereto shall prove untrue in any material respect on the date as of which it was deemed to have been made. 

(c) Covenants. The Borrower shall: 

(i) default in the due performance or observance of any term, covenant or agreement contained in Sections 8.2, 8.9, 8.11
or 9.1 through 9.5, inclusive; or 
 (ii) default in the due performance or observance by it of any term,
covenant or agreement contained in Section 8.1(a), (b), (c) or (e) and such default shall continue unremedied for a period of five Business Days after the earlier of the Borrower becoming aware of such default or notice thereof given
by the Administrative Agent; or 
 (iii) default in the due performance or observance by it of any term, covenant
or agreement (other than those referred to in subsections (a), (b), (c)(i), or (c)(ii) of this Section 10.1) contained in this Credit Agreement or any other Credit Document and such default shall continue unremedied for a period of at least 30
days after the earlier of the Borrower becoming aware of such default or notice thereof given by the Administrative Agent. 

(d) Credit Documents. Any Credit Document shall fail to be in full force and effect in all material respects or to give the
Administrative Agent and/or the Lenders all material security interests, liens, rights, powers and privileges purported to be created thereby and relating to the Borrower. 

(e) Bankruptcy, etc. The occurrence of any of the following with respect to the Borrower or a Material Subsidiary of the Borrower
(i) a court or governmental agency having jurisdiction in the premises shall enter a decree or order for relief in respect of the Borrower or a Material Subsidiary of the Borrower in an involuntary case under any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect, or appoint a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Borrower or a Material Subsidiary of the Borrower or for any substantial part of its
property or ordering the winding up or liquidation of its affairs; or (ii) an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect is commenced against the Borrower or a Material
Subsidiary of the Borrower and such petition remains unstayed and in effect for a period 
  

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of 60 consecutive days; or (iii) the Borrower or a Material Subsidiary of the Borrower shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or
hereafter in effect, or consent to the entry of an order for relief in an involuntary case under any such law, or consent to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official of such Person or any substantial part of its property or make any general assignment for the benefit of creditors; or (iv) the Borrower or a Material Subsidiary of the Borrower shall admit in writing its inability to pay its debts
generally as they become due or any action shall be taken by such Person in furtherance of any of the aforesaid purposes. 
 (f)
Defaults under Other Agreements. With respect to any Indebtedness (other than Indebtedness of the Borrower outstanding under this Credit Agreement) of the Borrower or a Material Subsidiary of the Borrower in a principal amount in excess of
$35,000,000, (i) the Borrower or a Material Subsidiary of the Borrower shall (A) default in any payment (beyond the applicable grace period with respect thereto, if any) with respect to any such Indebtedness, or (B) default (after
giving effect to any applicable grace period) in the observance or performance of any covenant or agreement relating to such Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event or
condition shall occur or condition exist, the effect of which default or other event or condition is to cause, or permit, the holder or holders of such Indebtedness (or trustee or agent on behalf of such holders) to cause any such Indebtedness to
become due prior to its stated maturity; or (ii) any such Indebtedness shall be declared due and payable, or required to be prepaid other than by a regularly scheduled required prepayment, prior to the stated maturity thereof; or (iii) any
such Indebtedness matures and is not paid at maturity. 
 (g) Judgments. One or more judgments, orders, or decrees shall
be entered against the Borrower or a Material Subsidiary of the Borrower involving a liability of $35,000,000 or more, in the aggregate, (to the extent not paid or covered by insurance provided by a carrier who has acknowledged coverage) and such
judgments, orders or decrees shall continue unsatisfied, undischarged and unstayed for a period ending on the first to occur of (i) the last day on which such judgment, order or decree becomes final and unappealable and, where applicable, with
the status of a judicial lien or (ii) 30 days. 
 (h) ERISA. (i) The Borrower, or a Material Subsidiary of the
Borrower or any member of the Controlled Group including the Borrower shall fail to pay when due an amount or amounts aggregating in excess of $35,000,000 which it shall have become liable to pay under Title IV of ERISA; or (ii) notice of
intent to terminate a Plan or Plans of the Borrower which in the aggregate have unfunded liabilities in excess of $35,000,000 (individually and collectively, a “Material Plan”) shall be filed under Title IV of ERISA by the Borrower or any
member of the Controlled Group including the Borrower, any plan administrator or any combination of the foregoing; or (iii) the PBGC shall institute proceedings under Title IV of ERISA to terminate, to impose liability (other than for premiums
under Section 4007 of ERISA) in respect of, or to cause a trustee to be appointed to administer any Material Plan of the Borrower; or (iv) a condition shall exist by reason of which the PBGC would be entitled to obtain a decree
adjudicating that any Material Plan of the Borrower must be terminated; or (v) there shall occur a complete or partial withdrawal from, or a default, within the meaning of Section 4219(c)(5) of ERISA, with respect to, one or more
Multiemployer Plans which could cause one or more members of the Controlled Group including the Borrower to incur a current payment obligation in excess of $35,000,000. 
  

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 (i) Change of Control. The occurrence of any Change of Control. 

(j) Existing DRI Credit Agreement. The occurrence of any “Event of Default” under (and as defined in) the Existing DRI
Credit Agreement. 
 10.2 Acceleration; Remedies. 

(a) Upon the occurrence of an Event of Default, and at any time thereafter unless and until such Event of Default has been waived by the
Required Lenders or cured to the satisfaction of the Required Lenders, the Administrative Agent may with the consent of the Required Lenders, and shall, upon the request and direction of the Required Lenders, by written notice to the Borrower take
any of the following actions without prejudice to the rights of the Administrative Agent or any Lender to enforce its claims against the Borrower, except as otherwise specifically provided for herein: 

(i) Termination of Commitments. Declare the Commitments terminated whereupon the Commitments shall be immediately
terminated. 
 (ii) Acceleration of Loans. Declare the unpaid principal of and any accrued interest in
respect of all Loans made to the Borrower and any and all other indebtedness or obligations of any and every kind owing by the Borrower to any of the Lenders or the Administrative Agent hereunder to be due whereupon the same shall be immediately due
and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower. 

(iii) Enforcement of Rights. Enforce any and all rights and interests created and existing under the Credit
Documents, including, without limitation, all rights of set-off, as against the Borrower. 
 (b) Notwithstanding the
foregoing, if an Event of Default specified in Section 10.1(e) shall occur, then the Commitments shall automatically terminate and all Loans made to the Borrower, all accrued interest in respect thereof, all accrued and unpaid fees and
other indebtedness or obligations owing by the Borrower to the Lenders and the Administrative Agent hereunder shall immediately become due and payable without the giving of any notice or other action by the Administrative Agent or the Lenders.

 (c) Intentionally Omitted. 
  

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 10.3 Allocation of Payments After Event of Default. 

Notwithstanding any other provisions of this Credit Agreement, after the occurrence and during the continuance of an Event of Default, all
amounts collected from the Borrower or received by the Administrative Agent or any Lender on account of amounts outstanding under any of the Credit Documents shall be paid over or delivered as follows: 

FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable outside
attorneys’ fees other than the fees of in-house counsel) of the Administrative Agent or any of the Lenders in connection with enforcing the rights of the Lenders under the Credit Documents against the Borrower and any protective advances made
by the Administrative Agent or any of the Lenders, pro rata as set forth below; 
 SECOND, to payment of any fees
owed to the Administrative Agent or any Lender by the Borrower, pro rata as set forth below; 

THIRD, to the payment of all accrued interest payable to the Lenders by the Borrower hereunder, pro rata as
set forth below; 
 FOURTH, to the payment of the outstanding principal amount of the Loans outstanding of the
Borrower, pro rata as set forth below; 
 FIFTH, to all other obligations which shall have become due and payable
of the Borrower under the Credit Documents and not repaid pursuant to clauses “FIRST” through “FOURTH” above; and 

SIXTH, the payment of the surplus, if any, to whoever may be lawfully entitled to receive such surplus. 

In carrying out the foregoing, (a) amounts received shall be applied in the numerical order provided until exhausted prior to application to the
next succeeding category and (b) each of the Lenders shall receive an amount equal to its pro rata share (based on each Lender’s Commitment Percentages) of amounts available to be applied. 

SECTION 11. AGENCY PROVISIONS 

11.1 Appointment. 

Each Lender hereby designates and appoints RBS as administrative agent of such Lender to act as specified herein and the other Credit
Documents, and each such Lender hereby authorizes the Administrative Agent, as the agent for such Lender, to take such action on its behalf under the provisions of this Credit Agreement and the other Credit Documents and to exercise such powers and
perform such duties as are expressly delegated by the terms hereof and of the other Credit Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere herein and in the
other Credit Documents, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein and therein, or any fiduciary relationship with any Lender, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this Credit Agreement or any of the other Credit Documents, or shall otherwise exist against the Administrative Agent. The provisions of this Section are solely for the benefit
of the Administrative Agent and the Lenders and the Borrower shall have no rights as a third party beneficiary of the provisions hereof. In performing its functions and duties under this Credit Agreement and the other Credit Documents, the
Administrative Agent shall act solely as agent of the Lenders, and does not assume and shall not be deemed to have assumed any obligation or relationship of agency or trust with or for the Borrower. 

 

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 11.2 Delegation of Duties. 

The Administrative Agent may execute any of its duties hereunder or under the other Credit Documents by or through agents or
attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with
reasonable care. 
 11.3 Exculpatory Provisions. 

Neither the Administrative Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates shall be liable
for any action lawfully taken or omitted to be taken by it or such Person under or in connection herewith or in connection with any of the other Credit Documents (except for its or such Person’s own gross negligence or willful misconduct), or
responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by the Borrower contained herein or in any of the other Credit Documents or in any certificate, report, statement or other document
referred to or provided for in, or received by the Administrative Agent under or in connection herewith or in connection with the other Credit Documents, or enforceability or sufficiency therefor of any of the other Credit Documents, or for any
failure of the Borrower to perform its obligations hereunder or thereunder. The Administrative Agent shall not be responsible to any Lender for the effectiveness, genuineness, validity, enforceability, collectibility or sufficiency of this Credit
Agreement, or any of the other Credit Documents or for any representations, warranties, recitals or statements made herein or therein or made by the Borrower in any written or oral statement or in any financial or other statements, instruments,
reports, certificates or any other documents in connection herewith or therewith furnished or made by the Administrative Agent to the Lenders or by or on behalf of the Borrower to the Administrative Agent or any Lender or be required to ascertain or
inquire as to the performance or observance of any of the terms, conditions, provisions, covenants or agreements contained herein or therein or as to the use of the proceeds of the Loans or of the existence or possible existence of any Default or
Event of Default or to inspect the properties, books or records of the Borrower. The Administrative Agent is not a trustee for the Lenders and owes no fiduciary duty to the Lenders. None of the Lenders identified on the facing page or signature
pages of this Credit Agreement as “Syndication Agent” or “Co-Documentation Agents” shall have any right, power, obligation, liability, responsibility or duty under this Credit Agreement other than those applicable to all Lenders
as such, nor shall they have or be deemed to have any fiduciary relationship with any Lender. 
 11.4 Reliance on
Communications. 
 The Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any
note, writing, resolution, notice, consent, certificate, affidavit, letter, cablegram, telegram, telecopy, telex or teletype message, statement, order or other document or conversation reasonably believed by it to be genuine and correct and to have
been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel 
  

 39 

 
(including, without limitation, counsel to the Borrower, independent accountants and other experts selected by the Administrative Agent with reasonable care). The Administrative Agent may deem
and treat the Lenders as the owner of its interests hereunder for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent in accordance with Section 12.3(b). The
Administrative Agent shall be fully justified in failing or refusing to take any action under this Credit Agreement or under any of the other Credit Documents unless it shall first receive such advice or concurrence of the Required Lenders (or to
the extent specifically provided in Section 12.6, all the Lenders) as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of
taking or continuing to take any such action. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, hereunder or under any of the other Credit Documents in accordance with a request of the Required
Lenders (or to the extent specifically provided in Section 12.6, all the Lenders) and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders (including their successors and assigns).

 11.5 Notice of Default. 

The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder
unless the Administrative Agent has received notice from a Lender or the Borrower referring to the Credit Document, describing such Default or Event of Default and stating that such notice is a “notice of default.” In the event that the
Administrative Agent receives such a notice, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be directed by the
Required Lenders (or, to the extent specifically provided in Section 12.6, all the Lenders). 
 11.6 Non-Reliance on
Administrative Agent and Other Lenders. 
 Each Lender expressly acknowledges that neither the Administrative Agent nor any
of its officers, directors, employees, agents, attorneys-in-fact or affiliates has made any representations or warranties to it and that no act by the Administrative Agent or any affiliate thereof hereinafter taken, including any review of the
affairs of the Borrower, shall be deemed to constitute any representation or warranty by the Administrative Agent to any Lender. Each Lender represents to the Administrative Agent that it has, independently and without reliance upon the
Administrative Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, assets, operations, property, financial and other conditions,
prospects and creditworthiness of the Borrower and made its own decision to make its Loans hereunder and enter into this Credit Agreement. Each Lender also represents that it will, independently and without reliance upon the Administrative Agent or
any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Credit Agreement, and to make such
investigation as it deems necessary to inform itself as to the business, assets, operations, property, financial and other conditions, prospects and creditworthiness of the Borrower. Except for (i) delivery of the Credit Documents and
(ii) notices, reports and other documents expressly required to be furnished to the Lenders by the 
  

 40 

 
Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations,
assets, property, financial or other conditions, prospects or creditworthiness of the Borrower which may come into the possession of the Administrative Agent or any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates.

 11.7 Indemnification. 

Each Lender agrees to indemnify the Administrative Agent in its capacity as such (to the extent not reimbursed by the Borrower and without
limiting the obligation of the Borrower to do so), ratably according to its Revolving Loan Commitment, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of
any kind whatsoever which may at any time (including without limitation at any time following the payment of the Loans) be imposed on, incurred by or asserted against the Administrative Agent in its capacity as such in any way relating to or arising
out of this Credit Agreement or the other Credit Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by the Administrative Agent under or in
connection with any of the foregoing; provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the
gross negligence or willful misconduct of the Administrative Agent as proven by the non-appealable judgment of a court of competent jurisdiction. If any indemnity furnished to the Administrative Agent for any purpose shall, in the opinion of the
Administrative Agent, be insufficient or become impaired, the Administrative Agent may call for additional indemnity and cease, or not commence, to do the acts indemnified against until such additional indemnity is furnished. The agreements in this
Section shall survive the payment of the Loans and all other amounts payable hereunder and under the other Credit Documents. 

11.8 Administrative Agent in Its Individual Capacity. 

The Administrative Agent and its Affiliates may make loans to, accept deposits from and generally engage in any kind of business with the
Borrower as though the Administrative Agent were not Administrative Agent hereunder. With respect to the Loans made by it, the Administrative Agent shall have the same rights and powers under this Credit Agreement as any Lender and may exercise the
same as though they were not Administrative Agent, and the terms “Lender” and “Lenders” shall include the Administrative Agent in its individual capacity. 

11.9 Successor Administrative Agent. 

The Administrative Agent may, at any time, resign upon 30 days written notice to the Lenders. Upon any such resignation, the Required
Lenders shall have the right to appoint a successor Administrative Agent. If no successor Administrative Agent shall have been so appointed by the Required Lenders and shall have accepted such appointment, within 30 days after the notice of
resignation, then the retiring Administrative Agent shall select a successor Administrative Agent provided such successor is an Eligible Assignee (or if no Eligible Assignee shall have been so appointed by the retiring Administrative Agent and shall
have accepted such 
  

 41 

 
appointment, then the retiring Administrative Agent’s resignation shall be effective and the Lenders shall perform all obligations of the retiring Administrative Agent until such time, if
any, as a successor Administrative Agent shall have been so appointed and shall have accepted such appointment as provided for above). Upon the acceptance of any appointment as Administrative Agent hereunder by a successor, such successor
Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations as
Administrative Agent, as appropriate, under this Credit Agreement and the other Credit Documents and the provisions of this Section 11.9 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative
Agent under this Credit Agreement. 
 SECTION 12. MISCELLANEOUS 

12.1 Notices. 

Except as otherwise expressly provided herein, all notices and other communications shall have been duly given and shall be effective
(a) when delivered, (b) when transmitted via telecopy (or other facsimile device) if receipt is confirmed, (c) the Business Day following the day on which the same has been delivered prepaid (or pursuant to an invoice arrangement) to
a reputable national overnight air courier service, or (d) the third Business Day following the day on which the same is sent by certified or registered mail, postage prepaid, in each case to the respective parties at the address or telecopy
numbers set forth on Schedule 12.1, or at such other address as such party may specify by written notice to the other parties hereto. 

Notices and other communications to any Lender hereunder may be delivered or furnished by electronic communications pursuant to
procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Section 2 unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent or the
Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or
communications. 
 Unless the Administrative Agent otherwise prescribes, notices and other communications sent to an e-mail
address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement); provided
that notices or communications posted to an internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address of notification that such notice or communication is available and identifying
the website address therefor. 
 In any event described above, if receipt is not made during the normal business hours of the
recipient, then receipt will be deemed to occur upon the opening of the recipient’s next Business Day. 
  

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 12.2 Right of Set-Off; Adjustments. 

In addition to any rights now or hereafter granted under applicable law or otherwise, and not by way of limitation of any such rights,
upon the occurrence of an Event of Default and the commencement of remedies described in Section 10.2, each Lender is authorized at any time and from time to time, without presentment, demand, protest or other notice of any kind (all of which
rights being hereby expressly waived), to set-off and to appropriate and apply any and all deposits (general or special) and any other indebtedness at any time held or owing by such Lender (including, without limitation branches, agencies or
Affiliates of such Lender wherever located) to or for the credit or the account of the Borrower against obligations and liabilities of the Borrower to the Lenders hereunder, under the Notes, the other Credit Documents or otherwise, irrespective of
whether the Administrative Agent or the Lenders shall have made any demand hereunder and although such obligations, liabilities or claims, or any of them, may be contingent or unmatured, and any such set-off shall be deemed to have been made
immediately upon the occurrence of an Event of Default even though such charge is made or entered on the books of such Lender subsequent thereto. The Borrower hereby agrees that any Person purchasing a participation in the Loans and Commitments to
it hereunder pursuant to Section 11.3(c) may exercise all rights of set-off with respect to its participation interest as fully as if such Person were a Lender hereunder. 

Except to the extent that this Credit Agreement expressly provides for payments to be allocated to a particular Lender, if any Lender (a
“Benefitted Lender”) shall receive any payment of all or part of the obligations owing to it by the Borrower under this Credit Agreement, receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off,
pursuant to events or proceedings of the nature referred to in Section 10.1(e), or otherwise), in a greater proportion than any such payment to or collateral received by any other Lender, if any, in respect of the obligations owing to such
other Lender by the Borrower under this Credit Agreement, such Benefitted Lender shall purchase for cash from the other Lenders a participating interest in such portion of the obligations owing to each such other Lender, or shall provide such other
Lenders with the benefits of any such collateral, as shall be necessary to cause such Benefitted Lender to share the excess payment or benefits of such collateral ratably with each of the Lenders; provided, however, that if all or any
portion of such excess payment or benefits is thereafter recovered from such Benefitted Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest. 

12.3 Benefit of Agreement. 

(a) Generally. This Credit Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective successors and
assigns of the parties hereto; provided that the Borrower may not assign and transfer any of its interests hereunder (except as permitted by Section 9.2) without prior written consent of the Lenders; and provided further that the rights of each
Lender to transfer, assign or grant participations in its rights and/or obligations hereunder shall be limited as set forth in this Section 12.3. 

(b) Assignments. Each Lender may assign all or a portion of its rights and obligations under this Credit Agreement (including, without
limitation, all or a portion of its Loans, its Notes, and its Commitment); provided, however , that: 

(i) each such assignment shall be to an Eligible Assignee; 

 

 43 

 (ii) any such partial assignment shall be in an amount at least equal to
$5,000,000 (or, if less, the remaining amount of the Commitment being assigned by such Lender) or an integral multiple of $5,000,000 in excess thereof; 

(iii) each such assignment by a Lender shall be of a constant, and not varying, percentage of all of its rights and
obligations under this Credit Agreement and the Notes; and 
 (iv) the parties to such assignment shall execute
and deliver to the Administrative Agent for its acceptance an Assignment Agreement in substantially the form of Exhibit 12.3, together with a processing fee from the assignor of $4,000. 

Upon execution, delivery, and acceptance of such Assignment Agreement, the assignee thereunder shall be a party hereto and, to the extent
of such assignment, have the obligations, rights, and benefits of a Lender hereunder and the assigning Lender shall, to the extent of such assignment, relinquish its rights and be released from its obligations under this Credit Agreement. Upon the
consummation of any assignment pursuant to this Section 12.3(b), the assignor, the Administrative Agent and the Borrower shall make appropriate arrangements so that, if required, new Notes are issued to the assignee. If the assignee is not
incorporated under the laws of the United States of America or a State thereof, it shall deliver to the Borrower and the Administrative Agent certification as to exemption from deduction or withholding of taxes in accordance with Section 4.4.

 By executing and delivering an assignment agreement in accordance with this Section 12.3(b), the assigning Lender
thereunder and the assignee thereunder shall be deemed to confirm to and agree with each other and the other parties hereto as follows: (A) such assigning Lender warrants that it is the legal and beneficial owner of the interest being assigned
thereby free and clear of any adverse claim and the assignee warrants that it is an Eligible Assignee; (B) except as set forth in clause (A) above, such assigning Lender makes no representation or warranty and assumes no responsibility
with respect to any statements, warranties or representations made in or in connection with this Credit Agreement, any of the other Credit Documents or any other instrument or document furnished pursuant hereto or thereto, or the execution,
legality, validity, enforceability, genuineness, sufficiency or value of this Credit Agreement, any of the other Credit Documents or any other instrument or document furnished pursuant hereto or thereto or the financial condition of the Borrower or
the performance or observance by the Borrower of any of its obligations under this Credit Agreement, any of the other Credit Documents or any other instrument or document furnished pursuant hereto or thereto; (C) such assignee represents and
warrants that it is legally authorized to enter into such assignment agreement; (D) such assignee confirms that it has received a copy of this Credit Agreement, the other Credit Documents and such other documents and information as it has
deemed appropriate to make its own credit analysis and decision to enter into such assignment agreement; (E) such assignee will independently and without reliance upon the Administrative Agent, such assigning Lender or any other Lender, and
based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Credit Agreement and the other Credit Documents; (F) such assignee appoints
and authorizes the Administrative Agent to take such action on its behalf and to exercise such powers under this Credit Agreement or any other Credit Document as 

 

 44 

 
are delegated to the Administrative Agent by the terms hereof or thereof, together with such powers as are reasonably incidental thereto; and (G) such assignee agrees that it will perform in
accordance with their terms all the obligations which by the terms of this Credit Agreement and the other Credit Documents are required to be performed by it as a Lender. 

For avoidance of doubt, the parties to this Credit Agreement acknowledge that the provisions of this Section 12.3 concerning
assignments relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including any pledge or assignment by a Lender to any Federal Reserve Bank in accordance with applicable law.

 (c) Register. The Administrative Agent shall maintain a copy of each Assignment Agreement delivered to and accepted by it and
a register for the recordation of the names and addresses of the Lenders and the Commitment of, and principal amount of the Loans owing to, each Lender from time to time by the Borrower (collectively, the “Registers”). The entries
in the Registers shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the relevant Register as a Lender hereunder for all
purposes of this Credit Agreement. The Registers shall be available for inspection by the Borrower or any Lender, only as to its commitment, at any reasonable time and from time to time upon reasonable prior notice. 

(d) Acceptance. Upon its receipt of an assignment agreement executed by the parties thereto, together with any Note subject to such
assignment and payment of the processing fee, the Administrative Agent shall, if such Assignment Agreement has been completed and is in substantially the form of Exhibit 12.3, (i) accept such assignment agreement, (ii) record the
information contained therein in the Register, (iii) give prompt notice thereof to the parties thereto and (iv) maintain an updated Schedule 1.1 giving effect to such assignment (including the then effective Commitment Percentage of each
Lender). 
 (e) Participations. Each Lender may sell, transfer, grant or assign participations in all or any part of such
Lender’s interests and obligations hereunder; provided that (i) such selling Lender shall remain a “Lender” for all purposes under this Credit Agreement (such selling Lender’s obligations under the Credit Documents
remaining unchanged) and the participant shall not constitute a Lender hereunder, (ii) no such participant shall have, or be granted, rights to approve any amendment or waiver relating to this Credit Agreement or the other Credit Documents
except to the extent any such amendment or waiver would (A) reduce the principal of or rate of interest on or fees in respect of any Loans in which the participant is participating, or (B) postpone the date fixed for any payment of
principal (including extension of the Maturity Date or the date of any mandatory prepayment), interest or fees in respect of any Loans in which the participant is participating and (iii) sub-participations by the participant (except to an
Affiliate, parent company or Affiliate of a parent company of the participant) shall be permitted with the consent of the Borrower (which, in each case, shall not be unreasonably withheld or delayed and shall not be required during the existence of
a Default or Event of Default). In the case of any such participation, the participant shall not have any rights under this Credit Agreement or the other Credit Documents (the participant’s rights against the selling Lender in respect of such
participation to be those set forth in the participation agreement with such Lender creating such participation) and all amounts payable by the Borrower hereunder shall be determined as if such Lender had not sold such participation;
provided, however, that such 
  

 45 

 
participant shall be entitled to receive additional amounts under Section 4 to the same extent that the Lender from which such participant acquired its participation would be entitled to the
benefit of such cost protection provisions. 
 (f) Payments. No Eligible Assignee, participant or other transferee of any
Lender’s rights shall be entitled to receive any greater payment under Section 4 than such Lender would have been entitled to receive with respect to the rights transferred, unless such transfer is made with the Borrower’s written
consent. 
 (g) Nonrestricted Assignments. Notwithstanding any other provision set forth in this Credit Agreement, any
Lender may at any time assign and pledge all or any portion of its Loans and its Notes to any Federal Reserve Bank as collateral security pursuant to Regulation A and any operating circular issued by such Federal Reserve Bank. No such assignment
shall release the assigning Lender from its obligations hereunder. 
 (h) Information. Any Lender may furnish any
information concerning the Borrower or any of its Subsidiaries in the possession of such Lender from time to time to assignees and participants (including prospective assignees and participants) who is notified of the confidential nature of the
information and agrees to use its reasonable best efforts to keep confidential all non-public information from time to time supplied to it. 

12.4 No Waiver; Remedies Cumulative. 

No failure or delay on the part of the Administrative Agent or any Lender in exercising any right, power or privilege hereunder or under
any other Credit Document and no course of dealing between the Borrower and the Administrative Agent or any Lender shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power or privilege hereunder or under any
other Credit Document preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder or thereunder. The rights and remedies provided herein are cumulative and not exclusive of any rights or remedies
which the Administrative Agent or any Lender would otherwise have. No notice to or demand on the Borrower in any case shall entitle the Borrower to any other or further notice or demand in similar or other circumstances or constitute a waiver of the
rights of the Administrative Agent or the Lenders to any other or further action in any circumstances without notice or demand. 

12.5 Payment of Expenses, etc. 

The Borrower agrees to: (a) pay all reasonable out-of-pocket costs and expenses of (i) the Administrative Agent in connection
with the negotiation, preparation, execution and delivery and administration of this Credit Agreement and the other Credit Documents and the documents and instruments referred to therein (including, without limitation, the reasonable fees and
expenses of outside legal counsel to the Administrative Agent) and any amendment, waiver or consent relating hereto and thereto including, but not limited to, any such amendments, waivers or consents resulting from or related to any work-out,
renegotiation or restructure relating to the performance by the Borrower under this Credit Agreement and (ii) of the Administrative Agent and the Lenders in connection with enforcement of the Credit Documents and the documents and instruments
referred to therein (including, without limitation, in 
  

 46 

 
connection with any such enforcement, the reasonable fees and disbursements of outside counsel for the Administrative Agent and each of the Lenders) against the Borrower; and (b) indemnify
the Administrative Agent and each Lender and its Affiliates, their respective officers, directors, employees, representatives and agents from and hold each of them harmless against any and all losses, liabilities, claims, damages or expenses
incurred by any of them as a result of, or arising out of, or in any way related to, or by reason of, any investigation, litigation or other proceeding (whether or not the Administrative Agent or any Lender or its Affiliates is a party thereto)
related to the entering into and/or performance of any Credit Document or the use of proceeds of any Loans (including other extensions of credit) hereunder or the consummation of any other transactions contemplated in any Credit Document, including,
without limitation, the reasonable fees and disbursements of counsel incurred in connection with any such investigation, litigation or other proceeding (but excluding any such losses, liabilities, claims, damages or expenses to the extent incurred
by reason of gross negligence or willful misconduct on the part of the Person to be indemnified). 
 12.6 Amendments, Waivers
and Consents. 
 Neither this Credit Agreement nor any other Credit Document nor any of the terms hereof or thereof may be
amended, changed, waived, discharged or terminated unless such amendment, change, waiver, discharge or termination is in writing and signed by the Required Lenders and the Borrower; provided that no such amendment, change, waiver, discharge or
termination shall without the consent of each Lender affected thereby: 
 (a) extend the Maturity Date; 

(b) reduce the rate or extend the time of payment of interest (other than as a result of waiving the applicability of any post-default
increase in interest rates) thereon or fees hereunder; 
 (c) reduce or forgive the principal amount of any Loan; 

(d) increase or extend the Commitment of a Lender over the amount thereof in effect (it being understood and agreed that a waiver of any
Default or Event of Default or a waiver of any mandatory reduction in the Commitments shall not constitute a change in the terms of any Commitment of any Lender); 

(e) release the Borrower from its obligations under the Credit Documents or consent to the transfer or assignment of such obligations;

 (f) amend, modify or waive any provision of this Section or Section 3.6, 3.8, 10.1(a), 11.7, 12.2, 12.3 or 12.5; or

 (g) reduce any percentage specified in, or otherwise modify, the definition of Required Lenders. 

Notwithstanding the above, no provisions of Section 11 may be amended or modified without the consent of the Administrative Agent
and no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent without the prior written consent of the Administrative Agent. 

 

 47 

 Notwithstanding the fact that the consent of all the Lenders is required in certain
circumstances as set forth above, each Lender is entitled to vote as such Lender sees fit on any reorganization plan that affects the Loans, and each Lender acknowledges that the provisions of Section 1126(c) of the Bankruptcy Code supersede
the unanimous consent provisions set forth herein. 
 12.7 Counterparts; Telecopy. 

This Credit Agreement may be executed in any number of counterparts, each of which where so executed and delivered shall be an original,
but all of which shall constitute one and the same instrument. It shall not be necessary in making proof of this Credit Agreement to produce or account for more than one such counterpart. Delivery of executed counterparts by facsimile shall be
effective as an original and shall constitute a representation that an original will be delivered. 
 12.8 Headings.

 The headings of the sections and subsections hereof are provided for convenience only and shall not in any way affect the
meaning or construction of any provision of this Credit Agreement. 
 12.9 Defaulting Lender. 

Each Lender understands and agrees that if such Lender is a Defaulting Lender then it shall not be entitled to vote on any matter
requiring the consent of the Required Lenders or to object to any matter requiring the consent of all the Lenders; provided, however, that all other benefits and obligations under the Credit Documents shall apply to such Defaulting Lender.

 12.10 Survival of Indemnification and Representations and Warranties. 

All indemnities set forth herein and all representations and warranties made herein shall survive the execution and delivery of this
Credit Agreement, the making of the Loans, and the repayment of the Loans and other obligations and the termination of the Commitments hereunder. 

12.11 GOVERNING LAW. 

THIS CREDIT AGREEMENT AND THE OTHER CREDIT DOCUMENTS AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE
GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. The Borrower irrevocably consents to the service of process out of any competent court in any action or proceeding brought in connection with this
Credit Agreement by the mailing of copies thereof by registered or certified mail, postage prepaid, to it at its address for notices pursuant to Section 12.1, such service to become effective 30 days after such mailing. Nothing herein shall
affect the right of a Lender to serve process in any other manner permitted by law. 
  

 48 

 12.12 WAIVER OF JURY TRIAL. 

EACH OF THE PARTIES TO THIS CREDIT AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS CREDIT AGREEMENT, ANY OF THE OTHER CREDIT DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

12.13 Severability. 

If any provision of any of the Credit Documents is determined to be illegal, invalid or unenforceable, such provision shall be fully
severable and the remaining provisions shall remain in full force and effect and shall be construed without giving effect to the illegal, invalid or unenforceable provisions. 

12.14 Entirety. 

This Credit Agreement together with the other Credit Documents represent the entire agreement of the parties hereto and thereto, and
supersede all prior agreements and understandings, oral or written, if any, including any commitment letters or correspondence relating to the Credit Documents or the transactions contemplated herein and therein. 

12.15 Binding Effect. 

This Credit Agreement shall become effective at such time (the “Effective Date”) when all of the conditions set forth in
Section 6.1 have been satisfied or waived by the Lenders and this Credit Agreement shall have been executed by the Borrower and the Administrative Agent, and the Administrative Agent shall have received copies (telefaxed or otherwise) which,
when taken together, bear the signatures of each Lender, and thereafter this Credit Agreement shall be binding upon and inure to the benefit of the Borrower, the Administrative Agent and each Lender and their respective successors and permitted
assigns. 
 12.16 Submission to Jurisdiction. 

The Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the Supreme
Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Credit
Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State
or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any
other manner provided by law. Nothing in this Credit Agreement shall affect any right that the Administrative Agent or any Lender may 

 

 49 

 
otherwise have to bring any action or proceeding relating to this Credit Agreement against the Borrower or its properties in the courts of any jurisdiction. The Borrower hereby irrevocably and
unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Credit Agreement in any
court referred to above. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. The Borrower also hereby
irrevocably and unconditionally waives any right it may have to claim or recover in any legal action or proceeding referred to in this Section any special, exemplary, punitive or consequential damages. 

12.17 Confidentiality. Each of the Administrative Agent and each Lender agrees to keep confidential all non-public information
provided to it by the Borrower pursuant to this Credit Agreement that is designated by the Borrower as confidential; provided that nothing herein shall prevent the Administrative Agent or any Lender from disclosing any such information (a) to
the Administrative Agent, any other Lender or any of its Affiliates, (b) subject to an agreement to comply with the provisions of this Section or other provisions at least as restrictive as this Section, (i) to any actual or prospective
Assignee or participant or (ii) to any direct or indirect contractual counterparties (or the professional advisors thereto) to any swap or derivative transaction relating to the Borrower and its obligations, (c) to its employees,
directors, agents, attorneys and accountants or those of any of its affiliates, (d) upon the request or demand of any Governmental Authority, (e) in response to any order of any court or other Governmental Authority or as may otherwise be
required pursuant to any requirement of law, (f) if required to do so in connection with any litigation or similar proceeding, (g) that has been publicly disclosed, (h) to the National Association of Insurance Commissioners or any
similar organization or any nationally recognized rating agency that requires access to information about a Lender’s investment portfolio in connection with ratings issued with respect to such Lender, or (i) in connection with the exercise
of any remedy hereunder or under any other Credit Document. 
 12.18 Designation of SPVs. 

Notwithstanding anything to the contrary contained herein, any Lender, (a “Granting Lender”) may grant to a special
purpose funding vehicle (an “SPV”), identified as such in writing from time to time by such Granting Lender to the Administrative Agent and the Borrower, the option to fund all or any part of any Loan that such Granting Lender would
otherwise be obligated to fund pursuant to this Credit Agreement; provided that (i) nothing herein shall constitute a commitment by any SPV to fund any Loan, (ii) if an SPV elects not to exercise such option or otherwise fails to
fund all or any part of such Loan, the Granting Lender shall be obligated to fund such Loan pursuant to the terms hereof, (iii) no SPV shall have any voting rights pursuant to Section 12.6 and (iv) with respect to notices, payments
and other matters hereunder, the Borrower, the Administrative Agent and the Lenders shall not be obligated to deal with an SPV, but may limit their communications and other dealings relevant to such SPV to the applicable Granting Lender. The funding
of a Loan by an SPV hereunder shall utilize the Revolving Loan Commitment of the Granting Lender to the same extent that, and as if, such Loan were funded by such Granting Lender. 

 

 50 

 As to any Loans or portion thereof made by it, each SPV shall have all the rights that its
applicable Granting Lender making such Loans or portion thereof would have had under this Credit Agreement; provided, however, that each SPV shall have granted to its Granting Lender an irrevocable power of attorney, to deliver and receive
all communications and notices under this Credit Agreement (and any related documents) and to exercise on such SPV’s behalf, all of such SPV’s voting rights under this Credit Agreement. No additional Note shall be required to evidence the
Loans or portion thereof made by an SPV; and the related Granting Lender shall be deemed to hold its Note as agent for such SPV to the extent of the Loans or portion thereof funded by such SPV. In addition, any payments for the account of any SPV
shall be paid to its Granting Lender as agent for such SPV. 
 Each party hereto hereby agrees that no SPV shall be liable for
any indemnity or payment under this Credit Agreement for which a Lender would otherwise be liable for so long as, and to the extent, the Granting Lender provides such indemnity or makes such payment. In furtherance of the foregoing, each party
hereto hereby agrees (which agreements shall survive the termination of this Credit Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior indebtedness of any
SPV, it will not institute against, or join any other person in instituting against, such SPV any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of the United States or any State thereof. 

In addition, notwithstanding anything to the contrary contained in this Credit Agreement, any SPV may (i) at any time and without
paying any processing fee therefor, assign or participate all or a portion of its interest in any Loans to the Granting Lender or to any financial institutions providing liquidity and/or credit support to or for the account of such SPV to support
the funding or maintenance of Loans and (ii) disclose on a confidential basis any non-public information relating to its Loans to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or liquidity
enhancements to such SPV. This Section 12.17 may not be amended without the written consent of any Granting Lender affected thereby. 

12.19 USA Patriot Act. Each Lender hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act (Title
III of Pub. L. 107-56 (signed into law October 26, 2001) (the “Act”), it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other
information that will allow such Lender to identify the Borrower in accordance with the Act. 
 12.20 No Fiduciary Duty.
The Administrative Agent, each Lender and their Affiliates (collectively, solely for purposes of this paragraph, the “Lender Parties”), may have economic interests that conflict with those of the Borrower. The Borrower agrees that nothing
in the Credit Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between the Lender Parties and the Borrower, its stockholders or its affiliates. 

[Remainder of Page Intentionally Left Blank] 

 

 51 

 

 

  
 Each of the
parties hereto has caused a counterpart of this Credit Agreement to be duly executed and delivered as of the date first above written. 

DOMINION RESOURCES, INC., as the Borrower 

By: 

Name: 

Title: 

[Dominion Resources 364-Day Credit Agreement Signature Page] 

 

 

  
 By: 

Name: 

Emily Freedman 

Title: 

Vice President 

[Dominion Resources 364-Day Credit Agreement Signature Page] 

 

 

  
 BARCLAYS BANK
PLC, as Syndication Agent and as a Lender 
 By: 

Name:: 

Nicholas A. Bell 

Title 

Director 

[Dominion Resources 364-Day Credit Agreement Signature Page] 

 

 

  
 MORGAN STANLEY
BANK, as Syndication Agent and as a Lender 
 By: 

Name: Daniel Twenge 

Title: Authorized Siganatory 

[Dominion Resources 364-Day Credit Agreement Signature Page] 

 

 

  
 CITIBANK N.A.,
as Co-Documentation Agent and as a Lender 
 By: Amit Vasani 

Name: Amit Vasani 

Title: VP 

[Dominion Resources 364-Day Credit Agreement Signature Page] 

 

 

  
 THE BANK OF
NOVA SCOTIA, as Co-Documentation Agent and as a Lender 
 By: 

Name: 

FRANK F. SANDLER 

Title: 

MANAGING DIRECTOR 

[Dominion Resources 364-Day Credit Agreement Signature Page] 

 

 

  
 BAYERISCHE
HYPO- UND VEREINSBANK 
 AG, New York Branch, as a Lender 

By: 

Name: Ken Hamilton 

Title: Director 

By: 

Name: Shannon Batchman 

Title: Director 

[Dominion Resources 364-Day Credit Agreement Signature Page] 

 

 

  
 CREDIT SUISSE,
CAYMAN ISLANDS BRANCH, as a Lender 
 By: 

Name: BRIAN CALDWELL 

Title: DIRECTOR 

By: 

Name: MORENIKEJI AJAYI 

Title: ASSOCIATE 

[Dominion Resources 364-Day Credit Agreement Signature Page] 

 

 

  
 JPMORGAN CHASE
BANK, N.A., as a Lender 
 By: 

Name: Michael J. DeForge 

Title: Executive Director 

[Dominion Resources 364-Day Credit Agreement Signature Page] 

 

 

  
 LEHMAN BROTHERS
COMMERCIAL BANK 
 By: 

Name: BRIAN HALBEISEN 

Title: VP 

[Dominion Resources 364-Day Credit Agreement Signature Page] 

 

 

  
 MERRILL LYNCH
BANK USA, as a Lender 
 By: 

Name:David Millett 

Title:Vice President 

[Dominion Resources 364-Day Credit Agreement Signature Page] 

 

 

  
 THE BANK OF
TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, as a Lender 
 By: 

Name: NICHOLAS R.BATTISTA 

Title: AUTHORIZED SIGNATORY 

[Dominion Resources 364-Day Credit Agreement Signature Page] 

 

 

  
 U.S. BANK
NATIONAL ASSOCIATION, as a Lender 
 By: 

Name: Felicia La Ferqia 

Title: SVP 

[Dominion Resources 364-Day Credit Agreement Signature Page] 

 

 

  
 UBS LOAN
FINANCE LLC, as a Lender 
 By: 

Name: 

Title: 

Iria R. Otsa 

Associate Director 

Banking Products 

Services, US 

Mary E. Evans 

Associate Director 

Banking Products 

Services, US 

[Dominion Resources 364-Day Credit Agreement Signature Page] 

 

 

  
 William Street
LLC 
 Name: Mark Walton 

Title: Authorized Signatory 

Goldman Sachs Credit Partners 

Name: Mark Walton 

Title: Authorized Signatory 

(Dominion Resources 364-Day Credit Agreement) 

 Schedule 1.1 

COMMITMENT PERCENTAGES 
  

							
	  	  	COMMITMENT	 	  	  	PERCENTAGE
	
THE ROYAL BANK OF SCOTLAND plc

 
	  	[CONFIDENTIAL]*	 	 	  	[CONFIDENTIAL]*
	
CITIBANK N.A.
  
	  	[CONFIDENTIAL]*	 	 	  	[CONFIDENTIAL]*
	
CREDIT SUISSE, CAYMAN ISLAND BRANCH

 
	  	[CONFIDENTIAL]*	 	 	  	[CONFIDENTIAL]*
	
MORGAN STANLEY BANK
  
	  	[CONFIDENTIAL]*	 	 	  	[CONFIDENTIAL]*
	
BARCLAYS BANK PLC
  
	  	[CONFIDENTIAL]*	 	 	  	[CONFIDENTIAL]*
	
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH

 
	  	[CONFIDENTIAL]*	 	 	  	[CONFIDENTIAL]*
	
U.S. BANK NATIONAL ASSOCIATION

 
	  	[CONFIDENTIAL]*	 	 	  	[CONFIDENTIAL]*
	
WILLIAM STREET LLC
  
	  	[CONFIDENTIAL]*	 	 	  	[CONFIDENTIAL]*
	
GOLDMAN SACHS CREDIT PARTNERS L.P

 
	  	[CONFIDENTIAL]*	 	 	  	[CONFIDENTIAL]*
	
JPMORGAN CHASE BANK, N.A.
  
	  	[CONFIDENTIAL]*	 	 	  	[CONFIDENTIAL]*
	
LEHMAN BROTHERS COMMERCIAL BANK

 
	  	[CONFIDENTIAL]*	 	 	  	[CONFIDENTIAL]*
	
MERRILL LYNCH BANK USA
  
	  	[CONFIDENTIAL]*	 	 	  	[CONFIDENTIAL]*
	
THE BANK OF NOVA SCOTIA
  
	  	[CONFIDENTIAL]*	 	 	  	[CONFIDENTIAL]*
	
UBS LOAN FINANCE LLC
  
	  	[CONFIDENTIAL]*	 	 	  	[CONFIDENTIAL]*
	
BAYERISCHE HYPO- UND VEREINSBANK AG, NEW YORK BRANCH

 
	  	[CONFIDENTIAL]*	 	 	  	[CONFIDENTIAL]*
	
TOTAL
  
	  	$500,000,000	 	 	  	100%

 

	*	Confidential treatment has been requested for the redacted portions of this agreement pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The
confidential, redacted portions have been filed separately with the United States Securities and Exchange Commission. 

 SCHEDULE 7.8 INDEBTEDNESS 

On June 12, 2008, Dominion Resources, Inc. (the Company) entered into an underwriting agreement (the Series A and Series B Senior Notes Underwriting
Agreement) with Barclays Capital Inc.; Citigroup Global Markets Inc.; J.P. Morgan Securities Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as Representatives for the underwriters named in the Series A and Series B Senior Notes
Underwriting Agreement, for the sale of $500,000,000 aggregate principal amount of the Company’s 2008 Series A 6.40% Senior Notes due 2018 and $400,000,000 aggregate principal amount of the Company’s 2008 Series B 7.0% Senior Notes due
2038. Such Senior Notes, which are designated the 2008 Series A 6.40% Senior Notes due 2018 and the 2008 Series B 7.0% Senior Notes due 2038, are Senior Debt Securities that were registered by the Company pursuant to a registration statement on Form
S-3 under Rule 415 under the Securities Act of 1933, as amended, which registration statement became effective on February 13, 2006 (File No. 333-131810). 

Also on June 12, 2008, the Company entered into an underwriting agreement (the Series C Senior Notes Underwriting Agreement) with Barclays Capital Inc.;
Citigroup Global Markets Inc.; J.P. Morgan Securities Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as Representatives for the underwriters named in the Series C Senior Notes Underwriting Agreement, for the sale of $300,000,000
aggregate principal amount of the Company’s 2008 Series C Floating Rate Senior Notes due 2010. Such Senior Notes, which are designated the 2008 Series C Floating Rate Senior Notes due 2010, are Senior Debt Securities that were registered by the
Company pursuant to a registration statement on Form S-3 under Rule 415 under the Securities Act of 1933, as amended, which registration statement became effective on February 13, 2006 ( File No. 333-131810). 

 SCHEDULE 7.9 LITIGATION 

Cove Point Expansion—Docket Nos. CP05-130-000, CP05-131-000 and CP05-132-000 

In 2006, FERC approved the proposed expansion of our Cove Point terminal and DTI pipeline and the commencement of construction of such project. Such
expansion included the installation of two new LNG storage tanks at our Cove Point terminal, each capable of storing 160,000 cubic meters of LNG and expansion of our Cove Point pipeline to approximately 1,800,000 dekatherms per day. In addition, our
DTI gas pipeline and storage system would be expanded by building 81 miles of pipeline, two compressor stations in Pennsylvania and other upgrades. We have commenced construction and anticipate that these projects will be placed into service in
2008. 
 In 2007, Washington Gas Light Company (WGL) petitioned the D.C. Circuit Court of Appeals for review of FERC’s orders. Prior to
FERC’s final order approving the Cove Point expansion, WGL had asked FERC to delay its approval based on its assertion that leaks on its system were caused by the composition of gas received from the Cove Point pipeline. FERC rejected
WGL’s claims, concluding that the leaks were a result of other defects in WGL’s system, not the composition of the LNG received from Cove Point. In July 2008, the D.C. Circuit Court of Appeals affirmed FERC’s rulings on a number of
important issues, including FERC’s findings that the leaks were the result of defects on WGL’s system and that Dominion is not responsible for repairs. However, the court vacated FERC’s orders to the extent that these orders approved
the expansion and remanded the case back to FERC so that FERC could more fully explain whether the expansion could go forward without causing unsafe leakage on WGL’s system. 

Clean Air Interstate Rule 
 In July 2008, the
U.S. Court of Appeals for the District of Columbia issued a ruling that vacates the Clean Air Interstate Rule (CAIR) as promulgated by the EPA. The ruling will be deferred during the 45-day period allowed for the filing of any petitions for
rehearing. At this time we cannot determine if this ruling will be appealed. The primary effects of the Court’s decision are the eliminations of (i) emission reduction targets and timetables for sulfur dioxide (SO2) and nitrogen oxides
(NOX) that were beyond those reductions already required under the Clean Air Act’s Acid Rain Program; (ii) the CAIR annual NOX emissions allowance cap and trade program; and (iii) the CAIR requirement to surrender SO2 allowances under the Acid
Rain Program at a 2:1 ratio starting in 2010 and a 2.86:1 ratio starting in 2015. Remaining in effect are the EPA NOX State Implementation Plan Call regulation applicable to summertime NOX emissions under a cap and trade program and the Acid Rain
Program for SO2 reductions. 

 Schedule 12.1 

LIST OF NOTICES 
  

			
	 THE ROYAL BANK OF SCOTLAND plc

Credit Contact:
 Shawn
O’Hara
 The Royal Bank of Scotland plc

101 Park Avenue
 New York, New York
10178
	 	  
 Fax: (212) 401-3456

		
	 Administrative Contact:

David Vitti
 The Royal Bank of Scotland
plc
 600 Steamboat Road
 Greenwich CT
06830
	 	 Fax: (212) 401-1494

		
	 CITIBANK N.A.
 Ben Preston,
Loan Administrator
 1615 Brett Road

New Castle, Delaware 19720
	 	Fax: (212) 994-0847
		
	 CREDIT SUISSE, CAYMAN ISLAND BRANCH

Credit Contact:
 Brian Caldwell

Eleven Madison Avenue
 New York, New York 10010

	 	  
 Fax: (212) 743-2042

		
	 Administrative Contact:

Loan Closers
 One Madison Avenue

New York, New York 10010
	 	 Fax: (212) 538-9120

         (212) 538-3477

		
	 MORGAN STANLEY BANK

MSLOANSERVICING
 1000 Lancaster Street

Baltimore, MD 21202

msloanservicing@morganstanley.com
	 	Fax: (718) 233-2140
		
	 BARCLAYS BANK PLC
 Primary
Credit Contact:
 Alicia Borys

Barclays Capital
 200 Park Avenue,
3rd Floor

New York, New York 10166
	 	  
 Fax: (212) 412-7600

			
	 Administrative Contact:

Barclays Capital Services LLC
 200 Cedar Knolls
Road
 Whippany, New Jersey 07981
	 	Fax: (973) 576-3014
		
	 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,

NEW YORK BRANCH
 Primary
Contact:
 Alan Reiter, Vice President

Bank of Tokyo-Mitsubishi UFJ Trust Company
 1251
Avenue of the Americas, 12th Floor
 New York, New York 10020-1104
	 	  
  

Fax: (212) 782-6440

		
	 Operations Contact:

Mr. Rolando Uy, AVP, Loan Operations Dept.

BTM Operations Office for the Americas
 c/o The
Bank of Tokyo-Mitsubishi UFJ, Ltd., NY Branch
 1251 Avenue of the Americas, 12th Floor

New York, New York 10020-1104
	 	 Fax: (201) 521-2304

         (201) 521-2305

		
	 U.S. BANK NATIONAL ASSOCIATION

Eric Cosgrove, Vice President 425 Walnut Street,
8th Floor ML CN-OH W8 Cincinnati, Ohio
45202
	 	Fax: (513) 632-4894
		
	 WILLIAM STREET LLC
 Muhammad
Khan, Michael Tanney or
 Brian Crimmel

30 Hudson Street,
17th Floor

Jersey City, New Jersey 07302
	 	 Fax: (917) 977-3966

		
	 GOLDMAN SACHS CREDIT PARTNERS L.P

Barbara Fabbri, Michelle Latzoni or Cally Hew
 30
Hudson Street, 17th Floor

Jersey City, New Jersey 07302
	 	Fax: (212) 357-4597
		
	 JPMORGAN CHASE BANK, N.A.

Credit Contact:
 Michael J. DeForge,
Executive Director
 270 Park Avenue,
4th Floor

New York, New York 10017
	 	  
 Fax: (212) 270-3089

			
	 Loan Operations Contact:

Sushma Charania

JP Morgan Chase Loan Services

1111 Fannin Street,
10th Floor

Houston, Texas 77002
	 	Fax: (713) 750-6307
		
	 LEHMAN BROTHERS COMMERCIAL BANK

Operations Contact:

Winnie Chin

Lehman Brothers

Deal Closing & Servicing Department

745
7th Avenue,
16th Floor

New York, New York 10019
	 	  
 Fax: (212) 220-9606

		
	 Credit Contact:

Janine Shugan

Lehman Brothers Commercial Bank

c/o Lehman Brothers

High Grade Loan Portfolio Group

745
7th Avenue,
5th Floor

New York, New York 10019
	 	 Fax: (917) 522-0139

		
	 MERRILL LYNCH BANK USA

Credit Contact:

Darryl Johnson

201 S. Main Street, Suite 200

Salt Lake City, Utah 84111
	 	  
 Fax: (801) 531-7470

		
	 Administrative Contact:

Mark Cannon

201 S. Main Street, Suite 200

Salt Lake City, Utah 84111
	 	 Fax: (801) 359-4667

		
	 THE BANK OF NOVA SCOTIA

Primary Contact:

Rayan Karim

Scotia Capital

Corporate Manager

720 King St. West
2nd Floor,

Toronto, Ontario M5V 2T3
	 	  
 Fax: (212) 225-5709

			
	 Secondary Contact:

Mona Nagpaul

Scotia Capital

Corporate Loan Officer

720 King St. West
2nd Floor,

Toronto, Ontario M5V 2T3
	 	
		
	 UBS LOAN FINANCE LLC

Iris Choi

UBS Loan Finance LLC

677 Washington Boulevard

Stamford, Connecticut 06901
	 	Fax: (203) 719-3888
		
	 BAYERISCHE HYPO- UND VEREINSBANK AG,

NEW YORK BRANCH
	 	
	 Primary Credit Contact:

William Hunter, Director

150 East
42nd Street

New York, New York 10017
	 	Fax: (212) 672-5530
		
	 Primary Operations Contact:

Tina Chung, Vice President

150 East
42nd Street

New York, New York 10017
	 	Fax: (212) 672-5691

 Exhibit 2.2(a) 

FORM OF NOTICE OF BORROWING 

Pursuant to Section 6.2(a) of the 364-Day Revolving Credit Agreement (as amended, supplemented or otherwise modified from time to
time, the “Credit Agreement”), dated as of July 30, 2008, among Dominion Resources, Inc., a Virginia corporation (the “Borrower”), the several banks and other financial institutions from time to time parties thereto
(the “Lenders”), The Royal Bank of Scotland plc, a public limited company incorporated in the United Kingdom and registered under the laws of Scotland, as Administrative Agent and the other agents party thereto, the undersigned
hereby delivers this Notice of Borrowing. 
 The Borrower hereby requests that a [Eurodollar Revolving/ Base Rate] Loan be made
in the aggregate principal amount of              on              , 200     [with
an Interest Period of      [days][months]]. 
 The undersigned hereby certifies as follows:

 (a) The representations and warranties made by the Borrower in or pursuant to the Credit
Documents are true and correct in all material respects on and as of the date hereof with the same effect as if made on the date hereof [and the Borrower hereby certifies that the proceeds of this Loan will be used to repay its commercial paper
program][; provided that the representation and warranty set forth in clause (ii) of the second paragraph of Section 7.6 of the Credit Agreement need not be true and correct as a condition to any borrowing utilized by the Borrower]
1; and 

(b) No Default or Event of Default has occurred and is continuing on the date hereof or after giving effect to the Loans
and other extensions of credit requested to be made on such date. 
 Capitalized terms used herein and not defined herein shall
have the meanings given to them in the Credit Agreement. 
 The Borrower agrees that if prior to the time of the borrowing
requested hereby any matter certified to herein by it will not be true and correct in all material respects at such time as if then made, it will immediately so notify the Administrative Agent. Except to the extent, if any, that prior to the time of
the borrowing requested hereby the Administrative Agent shall receive written notice to the contrary from the Borrower, each matter certified to herein shall be deemed once again to be certified as true and correct in all material respects at the
date of such borrowings as if then made. 
  

	1
	 include with any Notice of Borrowing delivered after the Closing Date. 

 Please wire transfer the proceeds of the borrowing as directed by the Borrower on the
attached Schedule 1. 
 The Borrower has caused this Notice of Borrowing to be executed and delivered, and the
certification and warranties contained herein to be made, by its [Treasurer] this      day of         , 200    . 

 

			
	 DOMINION RESOURCES, INC.

		
	By:	 	  

	 Name:
	 	
	 Title:
	 	

 Exhibit 2.2(c) 

FORM OF NOTICE OF CONVERSION/CONTINUATION 

Pursuant to Section 2.2(c) of the 364-Day Revolving Credit Agreement, dated as of July 30, 2008 (as amended, supplemented or
otherwise modified from time to time, the “Credit Agreement”), among Dominion Resources, Inc., a Virginia corporation (the “Borrower”), the several banks and other financial institutions from time to time parties
thereto (the “Lenders”), The Royal Bank of Scotland plc, a public limited company incorporated in the United Kingdom and registered under the laws of Scotland, as Administrative Agent and the other agents party thereto, this
represents the Borrower’s request to convert or continue Revolving Loans as follows: 
  

							
	1.	 	 Date of conversion/continuation:
                    

		
	2.	 	 Amount of Revolving Loans being converted/continued:
$            

		
	3.	 	 Type of Revolving Loans being converted/continued:

				
		 	 ̈	  	a.	  	Eurodollar Revolving Loans
		 	 ̈	  	b.	  	Base Rate Loans
		
	4.	 	 Nature of conversion/continuation:

				
		 	  ̈
	  	a.	  	Conversion of Base Rate Loans to Eurodollar Revolving Loans
		 	 ̈	  	 b.
	  	Conversion of Eurodollar Revolving Loans to Base Rate Loans
		 	 ̈	  	c.	  	Continuation of Eurodollar Revolving Loans as such
		
	5.	 	 Interest Periods:

		
		 	 If Revolving Loans are being continued as or converted to Eurodollar Revolving Loans, the duration of the new Interest
Period that commences on the conversion/ continuation date:                      month(s)

In the case of a conversion to or continuation of Eurodollar Revolving Loans, the undersigned officer, to the best of his or her
knowledge, on behalf of the Borrower, certifies that no Default or Event of Default has occurred and is continuing under the Credit Agreement. 

Capitalized terms used herein and not defined herein shall have the meanings given to them in the Credit Agreement. 

					
	DATED:                     	 	 DOMINION RESOURCES, INC.

			
		 	By:	 	  

		 	 Name:

		 	 Title:

  

 Exhibit 2.7(a) 

FORM OF REVOLVING LOAN NOTE 
  

					
	$        	  		  	New York, New York
		  		  	             ,         

FOR VALUE RECEIVED, the undersigned, Dominion Resources, Inc., a Virginia Corporation hereby unconditionally promises to pay on the Maturity Date to the
order of                     (the “Lender”) at the office of The Royal Bank of Scotland plc located at The Royal Bank of Scotland
plc, 600 Steamboat Road, Greenwich, Connecticut 06830, in lawful money of the United States of America and in immediately available funds, the lesser of
(a)                      DOLLARS ($        ) and (b) the aggregate unpaid
principal amount of all Revolving Loans made by the Lender to the undersigned pursuant to Section 2.1 of the Credit Agreement. The undersigned further agrees to pay interest in like money at such office on the unpaid principal amount hereof
from time to time outstanding at the rates per annum and on the dates specified in Section 3.1 of the Credit Agreement, until paid in full (both before and after judgment to the extent permitted by law). The holder of this Revolving Loan Note
is hereby authorized to endorse the date, amount, type, interest rate and duration of each Revolving Loan made or converted by the Lender to the undersigned, the date and amount of each repayment of principal thereof, and, in the case of Eurodollar
Revolving Loans, the Interest Period with respect thereto, on the schedules annexed hereto and made a part hereof, or on a continuation thereof which shall be attached hereto and made a part hereof, which endorsement shall constitute prima
facie evidence of the accuracy of the information so endorsed; provided, however, that failure by any holder to make any such recordation on such schedules or continuation thereof shall not in any manner affect any of the
obligations of the undersigned to make payments of principal and interest in accordance with the terms of this Revolving Loan Note and the Credit Agreement. 

This Revolving Loan Note is one of the Revolving Loan Notes referred to in the 364-Day Revolving Credit Agreement dated as of
July 30, 2008 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Dominion Resources, Inc., the several banks and other financial institutions from time to time parties thereto, The
Royal Bank of Scotland plc, as Administrative Agent and the other agents party thereto, is entitled to the benefits thereof and is subject to optional and mandatory prepayment in whole or in part as provided therein. 

Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Credit Agreement. 

 Upon the occurrence of any one or more of the Events of Default specified in the Credit
Agreement, all amounts then remaining unpaid on this Revolving Loan Note shall become, or may be declared to be, immediately due and payable as provided therein. 

This Revolving Loan Note shall be governed by and construed and interpreted in accordance with the laws of the State of New York.

  

			
	 DOMINION RESOURCES, INC.

		
	By:	 	  

	 Name:
	 	
	 Title:
	 	

 Schedule I to 

Revolving 
 Loan
Note 
 BASE RATE LOANS AND CONVERSIONS AND  

REPAYMENTS OF PRINCIPAL 
  

													
	 Date
	  	 Amount of

Base Rate Loans
	  	 Amount of

Base Rate

Loans

Converted into
Eurodollar

Revolving

Loans
	  	 Amount of
Eurodollar

Revolving

Loans

Converted into

Base Rate

Loans
	  	 Amount of
Principal

Repaid
	  	 Unpaid

Principal

Balance
	  	 Notation

Made

by

							
	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

							
	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

							
	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

							
	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

							
	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

							
	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

							
	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

							
	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

							
	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

 Schedule II to 

Revolving 
 Loan
Note 
 EURODOLLAR REVOLVING LOANS AND CONVERSIONS 

AND REPAYMENTS OF PRINCIPAL 
  

															
	 Date
	  	 Amount of
Eurodollar
Revolving

Loans
	  	 Interest

Period
	  	 Amount of

Base Rates

Loans

Converted

into

Eurodollar
Revolving

Loans
	  	 Amount of
Eurodollar
Revolving

Loans

Converted

into Base

Rate Loans
	  	 Amount of
Principal

Repaid
	  	 Unpaid

Principal

Balance
	  	 Notation
Made by

	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

  

 Exhibit 6.1(c) 

FORM OF CLOSING CERTIFICATE 

Pursuant to Section 6.1(c) of the 364-Day Revolving Credit Agreement dated as of July 30, 2008 (as amended, supplemented or
otherwise modified from time to time, the “Credit Agreement”), among Dominion Resources, Inc., the several banks and other financial institutions from time to time parties thereto, The Royal Bank of Scotland plc, as Administrative
Agent and the other agents party thereto, the undersigned Assistant Treasurer of Dominion Resources, Inc. (the “Borrower”) (solely in his or her capacity as such and not personally) hereby certifies as follows: 

1. The representations and warranties made by the Borrower in or pursuant to the Credit Documents are true and correct in
all material respects on and as of the date hereof with the same effect as if made on such date; 
 2. The
conditions precedent set forth in Section 6.1 of the Credit Agreement have been satisfied; 
 3. On the date
hereof, no Default or Event of Default has occurred; 
 4.
                    is and at all times since             
    ,          has been the duly elected and qualified [Assistant] Secretary of the Borrower and the signature set forth on the signature line for such officer below is such
officer’s true and genuine signature; 
 and the undersigned [Assistant] Secretary of the Borrower hereby certifies as follows: 

5. The Borrower is a corporation duly incorporated, validly existing and in good standing under the laws of the State of
Virginia; 
 6. Attached hereto as Exhibit A is a true and complete copy of resolutions duly adopted by
the Board of Directors of the Borrower (or a duly authorized committee thereof) on                          , 2008
authorizing (i) the execution, delivery and performance of the Credit Agreement and (ii) the borrowings contemplated thereunder; such resolutions have not in any way been amended, modified, revoked or rescinded and have been in full force
and effect since their adoption to and including the date hereof and are now in full force and effect; and such resolutions are the only corporate proceedings of the Borrower now in force relating to or affecting the matters referred to therein;
attached hereto as Exhibit B is a true and complete copy of the By-Laws of the Borrower as in effect at all times since
                         ,          to and including the date
hereof; and attached hereto as Exhibit C is a true and complete copy of the Articles of Incorporation as in effect at all times since
                         ,         , to and including the date
hereof; and attached hereto as Exhibit D is a certified copy of the Borrower’s good standing certificate or its equivalent and, if available, a tax good standing certificate of the Borrower. 

 7. All governmental, shareholder and third party consents (including
Securities and Exchange Commission clearance) and approvals necessary or desirable in connection with the transactions contemplated hereby have been received and are in full force and effect and no condition or requirement of law exists which
could reasonably be likely to restrain, prevent or impose any material adverse condition on the transactions contemplated by the Credit Agreement, and attached hereto are copies of any required orders of the Virginia State Corporation Commission or
any other state utilities commission approving the Borrower’s execution, delivery and performance of the Credit Agreement and the borrowings thereunder. 

8. The following persons are now duly elected and qualified officers of the Borrower, holding the offices indicated next
to their respective names below, and such officers have held such offices with the Borrower at all times since                  ,
         to and including the date hereof, and the signatures appearing opposite their respective names below are the true and genuine signatures of such officers, and each of such officers is an
authorized signatory of the Borrower and is duly authorized to execute and deliver on behalf of the Borrower, any and all notes, notices, documents, statements and papers under and relating to the Credit Agreement, and otherwise to act as an
authorized signatory of the Borrower under the Credit Documents and all other documents to be executed in connection therewith for all purposes: 
  

					
	 Name
	 	 Office
	 	 Signature

	  	 	 	 	  

	  	 	 	 	  

IN WITNESS WHEREOF, the undersigned have hereunto set our names. 

 

													
	By:	  	  
	  	 	  	By:	  	  

	 Name:
	  		  		  	 Name:
	  		  	
	 Title:
	  	 Assistant Treasurer
	  		  	Title:	  		  	[Assistant] Secretary
						
		  		  	Date                     	  		  		  	

  

 Exhibit 6.1(e) 

FORM OF LEGAL OPINION 

[see attached] 

 July 30, 2008 

Each of the Lender Parties 

  referenced below 

Dominion Resources, Inc. 

Ladies and Gentlemen: 
 We have
acted as special counsel to Dominion Resources, Inc., a Virginia corporation (the “Borrower”), in connection with the transactions contemplated by the $500,000,000 364-Day Revolving Credit Agreement dated as of July 30, 2008
(the “Credit Agreement”), among the Borrower, the several banks and other financial institutions from time to time parties thereto (the “Lenders”), The Royal Bank of Scotland, plc, as Administrative Agent (in such
capacity, the “Agent”; the Agent and the Lenders are collectively referred to as the “Lender Parties” and individually as a “Lender Party”), Barclays Bank plc and Morgan Stanley Bank, as
Co-Syndication Agents, and Citibank N.A. and The Bank of Nova Scotia, as Co-Documentation Agents. This opinion letter is furnished to you pursuant to Section 6.1(e) of the Credit Agreement. Unless otherwise defined herein, terms used herein
have the meanings provided for in the Credit Agreement. 
 Documents Reviewed 

In connection with this opinion letter, we have examined the Credit Agreement and have also examined, and relied upon, the following:

 (i) a certificate from the secretary or assistant secretary of the Borrower certifying as to true and correct
copies of the articles of incorporation, bylaws and board of directors resolutions of the Borrower (the “Organizational Documents”) and as to the incumbency and specimen signatures of officers authorized to execute the Credit
Agreement on behalf of the Borrower; 
 (ii) a certificate issued by the State Corporation Commission of Virginia
attesting to the continued existence and good standing of the Borrower in the Commonwealth of Virginia (the “Good Standing Certificate”); and 

(iii) a Certificate of the Borrower, a copy of which is attached as Annex A hereto (the “Borrower’s
Certificate”), together with (A) the indentures, mortgages, deeds of trust, credit agreements, guarantees and other agreements referred to on 

 The Administrative Agent 

and each of the Lenders 
 July 30, 2008

 Page 2 
  

 
Schedule I thereto (collectively, the “Reviewed Agreements”) and (B) the orders, writs, injunctions, decrees and judgments referred to on Schedule II thereto (collectively,
the “Reviewed Orders”). 
 We have also reviewed originals, or copies identified to our satisfaction as being
true copies, of such other records, documents and other instruments, and made such other investigations, as we have deemed necessary or appropriate for the purposes of this opinion letter. 

Assumptions Underlying Our Opinions 

For all purposes of the opinions expressed herein, we have assumed, without independent investigation, the following: 

(a) Factual Matters. To the extent that we have reviewed and relied upon (i) certificates of the Borrower,
(ii) representations of the Borrower set forth in the Credit Agreement and (iii) certificates and assurances from public officials, all of such certificates, representations and assurances are accurate with regard to factual matters.

 (b) Contrary Knowledge of Addressee. No addressee of this opinion letter has any actual knowledge that any of our
factual assumptions is inaccurate. 
 (c) Signatures. The signatures of individuals signing the Credit Agreement are
genuine and, except as to those individuals signing on behalf of the Borrower, are authorized. 
 (d) Authentic and
Conforming Documents. All documents submitted to us as originals are authentic, complete and accurate, and all documents submitted to us as copies conform to authentic original documents. 

(e) Capacity of Certain Parties. All parties to the Credit Agreement (other than the Borrower) have the capacity and full power
and authority to execute, deliver and perform the Credit Agreement and the documents required or permitted to be delivered and performed thereunder. 

(f) Credit Agreement Binding on Certain Parties. Except with respect to the Borrower, the Credit Agreement and the documents
required or permitted to be delivered thereunder have been duly authorized by all necessary corporate or other action on the part of the parties thereto, have been duly executed and delivered by such parties and are legal, valid and binding
obligations enforceable against such parties in accordance with their terms. 
 (g) Noncontravention. Neither the
execution, delivery and performance of the Credit Agreement by any party thereto nor the compliance by any party thereto with the terms and provisions thereof will conflict with or result in a breach or violation of (i) any law or regulation of
any jurisdiction (other than the laws and regulations applicable to the Borrower specified in paragraph 4(a) of our opinions), (ii) any order, writ, injunction or decree of any court or governmental instrumentality or agency other than
the Reviewed Orders or (iii) any agreement or instrument other than the Reviewed Agreements. 

 The Administrative Agent 

  and each of the Lenders 
 July 30,
2008 
 Page 3 
  

 (h) Consents for Certain Parties. All necessary consents, authorizations,
approvals, permits or certificates (governmental and otherwise) which are required as a condition to the execution and delivery of the Credit Agreement by the parties thereto (other than, in the case of the Borrower, the governmental consents,
approvals and authorizations referred to in paragraph 5 of our opinions) and to the consummation by such parties of the transactions contemplated thereby have been obtained. 

(i) Accurate Description of Parties’ Understanding. The Credit Agreement accurately describes and contains the mutual
understanding of the parties, and there are no oral or written statements or agreements that modify, amend or vary, or purport to modify, amend or vary, any of the terms thereof. 

(j) Use of Proceeds. With respect to our opinion in paragraph 4(a) as it relates to Regulations T, U and X of the Board of
Governors of the Federal Reserve System, the Borrower will comply with the provisions of the Credit Agreement relating to the use of proceeds. 

(k) Reviewed Agreements and Reviewed Orders. With respect to our opinion in paragraph 4(c), if the law governing any
Reviewed Agreement or any Reviewed Order is the law of a state other than the State of New York, the law governing each such Reviewed Agreement and Reviewed Order would have the same effect as the law of the State of New York. 

Opinions 

Based on and subject to the foregoing and the exclusions, qualifications and other assumptions set forth in this opinion letter, we are
of the opinion that: 
 1. Organizational Status. Based solely upon the Good Standing Certificate, the Borrower is a
validly existing corporation in good standing under the laws of the Commonwealth of Virginia as of the date set forth in the Good Standing Certificate. 

2. Power and Authority. The Borrower has the corporate power and authority to execute, deliver and perform the terms and
provisions of the Credit Agreement and has taken all necessary corporate action to authorize the execution, delivery and performance thereof. 

3. Execution, Validity and Enforceability. The Borrower has duly executed and delivered the Credit Agreement, and the Credit
Agreement constitutes its valid, binding and enforceable obligation. 
 4. Noncontravention. Neither the execution,
delivery and performance by the Borrower of the Credit Agreement, nor the compliance by the Borrower with the terms and provisions thereof, (a) violates any present law, statute or regulation of the State of New York, the Commonwealth of
Virginia or the United States (including Regulations T, U and X of the 

 The Administrative Agent 

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 July 30,
2008 
 Page 4 
  

 
Board of Governors of the Federal Reserve System) that is applicable to the Borrower; (b) violates any provision of the Organizational Documents of the Borrower; or (c) results in any
breach of any of the terms of, or constitutes a default under, any Reviewed Agreement or Reviewed Order or results in the creation or imposition of any lien, security interest or other encumbrance (except as contemplated by the Credit Agreement)
upon any assets of the Borrower pursuant to the terms of any Reviewed Agreement. 
 5. Governmental Approvals. No
consent, approval or authorization of, or filing with, any governmental authority of the State of New York, the Commonwealth of Virginia or the United States that is applicable to the Borrower is required for (a) the due execution, delivery and
performance by the Borrower of the Credit Agreement or (b) the validity, binding effect or enforceability of the Credit Agreement, except (i) in each case as have previously been made or obtained and (ii) consents, approvals,
authorizations or filings as may be required to be obtained or made by any Lender Party as a result of its involvement in the transactions contemplated by the Credit Agreement. 

6. Proceedings. To our knowledge, there is no outstanding judgment, action, suit or proceeding pending against the Borrower or any
of its Subsidiaries before any court, governmental agency or arbitrator which challenges the legality, validity, binding effect or enforceability of the Credit Agreement. 

7. Investment Company Act. The Borrower is not an “investment company” within the meaning of the Investment Company Act
of 1940, as amended. 
 Exclusions 

We express no opinion with respect to the following matters: 

(a) Indemnification. The enforceability of any provision of the Credit Agreement relating to indemnification, contribution or
exculpation from costs, expenses or other liabilities that is contrary to public policy or applicable law. 
 (b)
Jurisdiction, Venue, etc. The enforceability in any court of any agreement of the Borrower (i) to submit to the jurisdiction of any specific federal or state court (other than the enforceability in a court of the State of New York of any
such agreement to submit to the jurisdiction of a court of the State of New York), (ii) to waive (A) any objection to the laying of the venue, (B) the defense of forum non conveniens in any action or proceeding or (C) trial by
jury, (iii) to effect service of process in any particular manner, (iv) to establish evidentiary standards or (v) regarding the choice of law governing the Credit Agreement (other than the enforceability in a court of the State of New
York of an agreement that the laws of the State of New York govern the Credit Agreement). 
 (c) Trust Relationship. The
creation of any trust relationship by the Borrower on behalf of any Lender Party. 

 The Administrative Agent 

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 July 30,
2008 
 Page 5 
  

 (d) Certain Laws. Federal securities laws or regulations, state securities and
Blue Sky laws or regulations (other than as specifically provided in paragraphs 4(a) and 7 of our opinions), federal and state banking laws and regulations (other than as specifically provided in paragraph 4(a) of our opinions),
pension and employee benefit laws and regulations, federal and state environmental laws and regulations, federal and state tax laws and regulations, federal and state health and occupational safety laws and regulations, building code, zoning,
subdivision and other laws and regulations governing the development, use and occupancy of real property, the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other federal and state antitrust and unfair competition laws and regulations, the
Assignment of Claims Act of 1940, and the effect of any of the foregoing on any of the opinions expressed. 
 (e) Local
Ordinances. The ordinances, statutes, administrative decisions, orders, rules and regulations of any municipality, county, special district or other political subdivision of a state. 

(f) Certain Agreements of the Borrower. The enforceability of any agreement of the Borrower providing for: 

(i) specific performance of the Borrower’s obligations; 

(ii) the right of any purchaser of a participation interest from any Lender to set off or apply any deposit, property or
indebtedness with respect to any such participation interest; 
 (iii) establishment of a contractual rate of
interest payable after judgment; 
 (iv) adjustments of payments among Lenders or rights of set off; 

(v) the granting of any power of attorney; 

(vi) survival of liabilities and obligations of any party under the Credit Agreement arising after the effective date of
termination of the Credit Agreement; or 
 (vii) obligations to make an agreement in the future. 

(g) Remedies. The enforceability of any provision in the Credit Agreement to the effect that rights or remedies are not exclusive,
that every right or remedy is cumulative and may be exercised in addition to any other right or remedy, that the election of some particular remedy does not preclude recourse to one or more others or that failure to exercise or delay in exercising
rights or remedies will not operate as a waiver of any such right or remedy. 
 (h) Incorporated Documents. Any documents
or instruments referenced or incorporated in the Credit Agreement and any other documents or instruments (other than the Credit Agreement, the Reviewed Agreements and the Reviewed Orders) or as to the interplay between the Credit Agreement and any
such other documents and instruments. 

 The Administrative Agent 

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 July 30,
2008 
 Page 6 
  

 (i) Reviewed Agreements and Reviewed Orders. With respect to our opinion in
paragraph 4(c), any violation of a Reviewed Agreement or a Reviewed Order not readily ascertainable from the face of any Reviewed Agreement or Reviewed Order or arising from any cross-default provision insofar as it relates to a default under
an agreement that is not a Reviewed Agreement or arising under a covenant of a financial or numerical nature or requiring computation. 

Qualifications and Limitations 

The opinions set forth above are subject to the following qualifications and limitations: 

(a) Applicable Law. Our opinions are limited to the federal law of the United States, the laws of the State of New York and the
laws of the Commonwealth of Virginia, and we do not express any opinion concerning any other law. 
 (b) Bankruptcy. Our
opinions are subject to the effect of any applicable bankruptcy, insolvency (including, without limitation, laws relating to preferences, fraudulent transfers and equitable subordination), reorganization, moratorium and other similar laws affecting
creditors’ rights generally. 
 (c) Equitable Principles. Our opinions are subject to the effect of general
principles of equity (regardless of whether considered in a proceeding in equity or at law), including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing. In applying such principles, a court, among other
things, might limit the availability of specific equitable remedies (such as injunctive relief and the remedy of specific performance), might not allow a creditor to accelerate maturity of debt or exercise other remedies upon the occurrence of a
default deemed immaterial or for non-credit reasons or might decline to order a debtor to perform covenants in the Credit Agreement. Further, a court may refuse to enforce a covenant if and to the extent that it deems such covenant to be violative
of applicable public policy, including, for example, provisions requiring indemnification of a Lender Party against liability for its own wrongful or negligent acts. 

(d) Knowledge. Whenever we use the phrase “to our knowledge” or “known to us” (or words of similar import) in
this opinion letter, it means the actual knowledge of the particular McGuireWoods LLP attorneys who have represented the Borrower in connection with the Credit Agreement and who have given substantive attention to the preparation and negotiation
thereof. Except as expressly set forth herein, we have not undertaken any independent investigation (including, without limitation, conducting any review, search or investigation of any public files or records or dockets or any review of our files)
to determine the existence or absence of any facts, and no inference as to our knowledge concerning such facts should be drawn from our reliance on the same in connection with the preparation and delivery of this opinion letter. 

 The Administrative Agent 

  and each of the Lenders 
 July 30,
2008 
 Page 7 
  

 (e) Choice of New York Law and Forum. To the extent that any opinion relates to
the enforceability of the choice of New York law and the choice of New York forum provisions of the Credit Agreement, our opinion is rendered in reliance upon N.Y. Gen Oblig. Law §§5-1401 and 5-1402 (McKinney 2001) and N.Y. CPLR 327(b)
(McKinney 2001) and is subject to the qualification that such enforceability may be limited by public policy considerations of any jurisdiction, other than the courts of the State of New York, in which enforcement of such provisions, or of a
judgment upon an agreement containing such provisions, is sought. 
 (f) Noncontravention and Governmental Approvals.
With respect to the opinions expressed in paragraphs 4(a) and 5, our opinions are limited to our review of (i) those laws and regulations that, in our experience, are normally applicable to business corporations generally,
(ii) those laws and regulations applicable to the Borrower’s specially regulated business activities known to us and (iii) those laws and regulations that, in our experience, are normally applicable to transactions of the type
contemplated by the Credit Agreement. 
 (g) Mathematical Calculations. We have made no independent verification of any
of the numbers, schedules, formulae or calculations in the Credit Agreement, and we render no opinion with regard to the accuracy, validity or enforceability of any of them. 

Miscellaneous 

The foregoing opinions are being furnished to the Lender Parties for the purpose referred to in the first paragraph of this opinion
letter, and this opinion letter is not to be furnished to any other person or entity or used or relied upon for any other purpose without our prior written consent. The opinions set forth herein are made as of the date hereof, and we assume no
obligation to supplement this opinion letter if any applicable laws change after the date hereof or if we become aware after the date hereof of any facts that might change the opinions expressed herein. Headings in this opinion letter are intended
for convenience of reference only and shall not affect its interpretation. 
  

	
	Very truly yours,

  

					
	 Attachment:
	 		    	
			
	Annex A	 	 -
	    	Borrower’s Certificate

  

 Exhibit 8.1(c) 

FORM OF OFFICER’S CERTIFICATE 

This certificate is provided pursuant to Section 8.1(c) of the 364-Day Revolving Credit Agreement, dated as of July 30, 2008
(as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Dominion Resources, Inc., the several banks and other financial institutions from time to time parties thereto, The Royal Bank of
Scotland plc, as Administrative Agent and the other agents party thereto. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Credit Agreement. 

The undersigned officer of the Borrower hereby certifies that [he/she] is the [Chief Financial Officer][Treasurer] of the Borrower, and
that as such [he/she] is authorized to execute this certificate required to be furnished pursuant to Section 8.1(c) of the Credit Agreement, and further certifies that: 

 

	 	(a)	Attached hereto is a copy of the financial statements of the Borrower required to be delivered pursuant to Section 8.1(a) or 8.1(b) of the Credit Agreement.

  

	 	(b)	The financial statements attached hereto are complete and correct in all material respects and were prepared in reasonable detail and in accordance with GAAP applied
consistently throughout the periods reflected therein. 

  

	 	(c)	The undersigned has no knowledge of any Default or Event of Default. 

  

	 	(d)	The Borrower has complied with the financial covenants set forth in Section 8.11 of the Credit Agreement, as supported by the following calculation (all amounts
are as of [insert date]): 

 IN WITNESS WHEREOF, I have hereunto set my hand this
     day of             ,         . 

 

			
	By:	 	  

	Name:	 	
	Title:	 	

  

 Exhibit 12.3 

FORM OF ASSIGNMENT AGREEMENT 

This Assignment Agreement (the “Assignment Agreement”) is dated as of the Effective Date set forth
below and is entered into by and between
[the][each]2
 Assignor identified in item 1 below ([the][each, an] “Assignor”) and
[the][each]3 Assignee identified in item 2 below
([the][each, an] “Assignee”). [It is understood and agreed that the rights and obligations of [the Assignors][the
Assignees]4 hereunder are several and not
joint.]5 Capitalized terms used but not defined herein
shall have the meanings given to them in the Credit Agreement identified below (as amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by [the][each] Assignee. The Standard Terms and Conditions set
forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment Agreement as if set forth herein in full. 

For an agreed consideration, [the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and
[the][each] Assignee hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the
Administrative Agent as contemplated below (i) all of [the Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective capacities as Lenders] under the Credit Agreement and any other
documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of [the Assignor][the respective Assignors] under the respective
facilities identified below (including without limitation any letters of credit, guarantees, and swingline loans included in such facilities) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of
action and any other right of [the Assignor (in its capacity as a Lender)][the respective Assignors (in their respective capacities as Lenders)] against any Person, whether known or unknown, arising under or in connection with the Credit Agreement,
any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims,
statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant
to clauses (i) and (ii) above being referred to herein collectively as [the][an] “Assigned Interest”). Each such sale and assignment is without recourse to [the][any] Assignor and, except as expressly provided in this
Assignment Agreement, without representation or warranty by [the][any] Assignor. 
  

							
				
	 1.
	  	Assignor[s]:	  	  
	  	
				
		  		  	  
	  	
				
	 2.
	  	Assignee[s]:	  	  
	  	
				
		  		  	  
	  	
		  	 [for each Assignee, indicate any Affiliate of [identify Lender]
	  	

  

	2
	 For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a single Assignor, choose the first
bracketed language. If the assignment is from multiple Assignors, choose the second bracketed language. 

	3
	 For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a single Assignee, choose the first
bracketed language. If the assignment is to multiple Assignees, choose the second bracketed language. 

	4
	 Select as appropriate. 

	5
	 Include bracketed language if there are either multiple Assignors or multiple Assignees. 

							
				
	 3.
	  	Borrower:	  	  
	  	
			
	 4.
	  	Administrative Agent:	  	The Royal Bank of Scotland plc, as the administrative agent under the Credit Agreement
			
	 5.
	  	Credit Agreement:	  	The 364-Day Revolving Credit Agreement dated as of July 30, 2008 among Dominion Resources, Inc., the several banks and other financial institutions from time to time
party thereto, The Royal Bank of Scotland plc, as Administrative Agent and the other agents parties thereto
				
	 6.
	  	Assigned Interest[s]:	  		  	

  

													
	
Assignor[s]6
	  	
Assignee[s]7
	  	 Revolving

Loan
Commitment
	  	 Aggregate
Amount of
Commitment/

Loans for
all
Lenders8
	  	 Amount of
Commitment/

Loans
Assigned8

	  	 Percentage
Assigned of
Commitment/

Loans9

						
		  		  		  	$	            	  	$	            	  	%
						
		  		  		  	$	            	  	$	            	  	%
						
		  		  		  	$	            	  	$	            	  	%

  

	[7.	 Trade Date:
            
]10 

Effective Date:             , 20     [TO BE INSERTED BY
ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
  

	6
	 List each Assignor, as appropriate. 

	7	 List each
Assignee, as appropriate. 

	8
	 Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date.

	9
	 Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. 

	10
	 To be completed if the Assignor(s) and the Assignee(s) intend that the minimum assignment amount is to be determined as of the Trade Date.

  

 The terms set forth in this Assignment Agreement are hereby agreed to: 

 

			
	
ASSIGNOR[S]11

	 [NAME OF ASSIGNOR]

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 [NAME OF ASSIGNOR]

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	
ASSIGNEE[S]12

	 [NAME OF ASSIGNEE]

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 [NAME OF ASSIGNEE]

		
	By:	 	  

	Name:	 	
	Title:	 	

  

	11
	 Add additional signature blocks as needed. 

	12
	 Add additional signature blocks as needed. 

			
	 Consented to and Accepted:

	
	 THE ROYAL BANK OF SCOTLAND PLC, as Administrative Agent

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 [Consented
to:]1
3

	
	 DOMINION RESOURCES, INC., as Borrower

		
	By:	 	  

	Name:	 	
	Title:	 	

  

	1
3	 To be added only if the consent of the Borrower is required by the terms of the Credit Agreement.  

 ANNEX 1 

STANDARD TERMS AND CONDITIONS FOR ASSIGNMENT 
 1.
Representations and Warranties. 
 1.1 Assignor[s]. [The][Each] Assignor (a) represents and warrants that (i) it is the
legal and beneficial owner of [the][the relevant] Assigned Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action
necessary, to execute and deliver this Assignment Agreement and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in
connection with the Credit Agreement or any other Credit Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Documents or any collateral thereunder, (iii) the financial
condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Credit Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of
any of their respective obligations under any Credit Document. 
 1.2. Assignee[s]. [The][Each] Assignee (a) represents and warrants
that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment Agreement and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement,
(ii) it meets all the requirements to be an assignee under Section 12.3(b) of the Credit Agreement (subject to such consents, if any, as may be required under Section 12.3(b)(iii) of the Credit Agreement), (iii) from and after
the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of [the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with
respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type,
(v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 8.1 thereof, as applicable, and such other
documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment Agreement and to purchase [the][such] Assigned Interest, (vi) it has, independently and without reliance upon the
Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment Agreement and to purchase [the][such] Assigned Interest, and
(vii) if it is a Lender that is not a “United States person” (as such term is defined in Section 7701(a)(30) of the Code), attached to the Assignment Agreement is any documentation required to be delivered by it pursuant to the
terms of the Credit Agreement, duly completed and executed by [the][such] Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, [the][any] Assignor or any other Lender, and based on such
documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit 

 
Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Credit Documents are required to be performed by it as a Lender.

 2. Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of [the][each] Assigned
Interest (including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued to but excluding the Effective Date and to [the][the relevant] Assignee for amounts which have accrued from
and after the Effective Date. 
 3. General Provisions. This Assignment Agreement shall be binding upon, and inure to the benefit of, the
parties hereto and their respective successors and assigns. This Assignment Agreement may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this
Assignment Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment Agreement. This Assignment Agreement shall be governed by, and construed in accordance with, the law of the State of New York.Form of Indemnity Agreement

 Exhibit 10.1 

INDEMNITY AGREEMENT 

This Indemnity Agreement (the “Agreement”) is entered into as of July 29, 2010 (the “Effective Date”) by and
between Pixelworks, Inc., an Oregon corporation (the “Corporation”), and the undersigned member of the Board of Directors of the Corporation (“Indemnitee”). 

RECITALS 

A. It is essential to the Corporation to retain and attract as directors and officers the most capable persons available. The
Corporation, however, is aware that the increase in corporate litigation subjects directors and officers to expensive litigation risks resulting from their service to the Corporation. 

B. It continues to be the express policy of the Corporation to indemnify its directors and officers so as to provide them with the
maximum possible protection permitted by law from the costs and expenses of such litigation risks. Additionally, the Corporation’s Sixth Amended and Restated Articles of Incorporation, as amended and First Restated Bylaws require it to
indemnify its officers and directors to the fullest extent permitted by the Oregon Business Corporation Act (the “Act”), which contemplates that contracts may be entered into between the Corporation and its directors and officers with
respect to indemnification. 
 C. The Corporation and Indemnitee recognize the substantial increase in corporate litigation in
general, subjecting directors, officers, employees, agents and fiduciaries to expensive litigation risks at the same time as the availability and scope of coverage of liability insurance provide increasing challenges for the Corporation. 

D. Indemnitee does not regard the protection currently provided by applicable law, the Corporation’s governing documents and
available insurance as adequate under the present circumstances, and Indemnitee and certain directors, officers, employees, agents and fiduciaries of the Corporation may not be willing to serve in such capacities without additional protection.

 E. The Board of Directors of the Corporation has determined that the increased difficulty in attracting and retaining highly
qualified persons such as Indemnitee is detrimental to the best interests of the Corporation’s shareholders and the Corporation should act to assure such persons that there will be increased certainty of such protection in the future.

 F. The Corporation desires and has requested the Indemnitee to serve or continue to serve as a director or officer free from
undue concern for claims for damages arising out of or related to such services to the Corporation. 
 THEREFORE, in
consideration of the respective covenants and agreements provided in this Agreement and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged) the Corporation and Indemnitee agree as follows:

 1. Agreement To Serve. Indemnitee agrees to serve or continue to serve as a director or officer of the Corporation for
so long as Indemnitee is duly elected or appointed or until Indemnitee tenders a resignation in writing. This Agreement shall not be deemed an employment contract between the Corporation (or any of its subsidiaries or any enterprise, as such term is
defined in this Agreement) and Indemnitee. 
  

 Page 1 – Indemnity Agreement 

 2. Definitions. As used in this Agreement: 

a. The term “Proceeding” shall include any threatened, pending or completed suit or action, formal or
informal investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in the right of the Corporation or otherwise and whether of a civil, criminal, administrative or investigative nature,
in which Indemnitee may be or may have been involved as a party or otherwise including, without limitation, as a witness, by reason of the fact that Indemnitee is or was a director or officer of the Corporation or is or was serving at the request of
the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, whether or not serving in such capacity at the time any liability or expense is incurred for which
indemnification or reimbursement can be provided under this Agreement, provided that a Proceeding shall only be deemed to exist with respect to any such third party corporation, partnership, joint venture, trust or other enterprise if such third
party’s indemnification obligation to Indemnitee has been fully exhausted. 
 b. The term
“Expenses” includes, without limitation: (i) expense of investigations, whether formal or informal, judicial or administrative proceedings or appeals, attorneys’ fees, expenses customarily incurred in connection with
preparing to prosecute, defend, investigate or being or preparing to be a witness in, or otherwise participating in a Proceeding, and disbursements and any expenses of establishing a right to indemnification under Section 11 of this Agreement,
in each case actually and reasonably incurred by Indemnitee; (ii) expenses actually and reasonably incurred in connection with any appeal resulting from any Proceeding, including, without limitation, the premium, security for, and other costs
relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent; (iii) any federal, state, local or foreign taxes imposed on the Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement;
(iv) any costs or expenses (including attorneys’ fees and disbursements) incurred by the Indemnitee in cooperating with the person, persons or entity making a determination concerning the Indemnitee’s entitlement to indemnification;
(v) in the event of an action instituted by or in the name of the Corporation under this Agreement or to enforce or interpret any of the terms of this Agreement, all court costs and expenses, including attorneys’ fees, incurred by
Indemnitee in defense of such action (including with respect to Indemnitee’s counterclaims and cross-claims made in such action), unless as a part of such action the court determines that each of

  

 Page 2 – Indemnity Agreement 

 Indemnitee’s material defenses to such action were made in bad faith or were
frivolous; (vi) reasonable compensation for time spent by Indemnitee for which Indemnitee is not compensated by the Corporation or any subsidiary or third party (a) for any period during which Indemnitee is not an agent, in the employment
of, or providing services for compensation to, the Corporation or any subsidiary; and (b) if the rate of compensation and the estimated time involved is approved by the directors of the Corporation who are not parties to any action with respect
to which expenses are incurred, for Indemnitee while an agent of, employed by, or providing services for compensation to the Corporation or any subsidiary. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount
of judgments or fines against Indemnitee. 
 c. References to “other enterprise” shall include
employee benefit plans; references to “fines” shall include any excise tax assessed with respect to any employee benefit plan; references to “serving at the request of the Corporation” shall include any service as a
director, officer, employee or agent of the Corporation which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted
in good faith and in a manner reasonably believed to be in the interest of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of the Corporation” as referred to in this Agreement.

 d. For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good
faith if Indemnitee’s action is based on the records or books of account of the Corporation or other enterprise, including financial statements, or on information supplied to Indemnitee by the officers of the Corporation or other enterprise in
the course of their duties and whom Indemnitee believes to be reliable and competent in the matter presented, or on the advice of legal counsel for the Corporation or legal counsel to the applicable other enterprise or the Board or counsel selected
by any committee of the Board or on information or records given or reports made to the Corporation or other enterprise by an independent certified public accountant or by an appraiser, investment banker, compensation consultant, or other expert
selected with reasonable care by the Corporation in each case as to matters Indemnitee believes are within the person’s professional or expert competence, the other enterprise or the Board or any committee of the Board. Indemnitee shall
not be deemed to be acting in good faith if Indemnitee has knowledge concerning the matter in question that makes reliance otherwise permitted by this Section 2(d) unwarranted. The provisions of this Section 2(d) shall not be deemed to be
exclusive or to limit in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct. 
  

 Page 3 – Indemnity Agreement 

 e. Expenses shall be deemed “reasonable” in the absence
of clear and convincing evidence to the contrary if the written request for advancement of expenses is accompanied by an affidavit of counsel to Indemnitee to the effect that such counsel has reviewed such Expenses and that such Expenses are
reasonable in such counsel’s view. 
 f. The term “Change of Control” shall mean the
occurrence of any of the following events: 
 i. the approval by shareholders of the Corporation of a merger or
consolidation of the Corporation with any other corporation, or of a subsidiary of the Corporation with any other corporation, other than a merger or consolidation which would result in effective voting control over the voting securities of the
Corporation outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the total voting power represented
by the voting securities of the Corporation or such surviving entity outstanding immediately after such merger or consolidation; 

ii. the approval by the shareholders of the Corporation of a plan of complete liquidation of the Corporation or an
agreement for the sale or disposition by the Corporation of all or substantially all of the Corporation’s assets; 

iii. any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of
1934, as amended) becoming the “beneficial owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Corporation representing 50% or more of the total voting power represented by the
Corporation’s then outstanding voting securities; or 
 iv. a change in the composition of the Board, as a
result of which fewer than a majority of the directors are Incumbent Directors. “Incumbent Directors” shall mean directors who either (A) are directors of the Corporation as of the date hereof, or (B) are elected, or
nominated for election, to the Board with the affirmative votes of at least a majority of those directors who are either identified in (A) or identified as their successors elected under this clause (B). 

3. Indemnity in Third-Party Proceedings. The Corporation shall indemnify Indemnitee in accordance with the provisions of this
Section 3 if Indemnitee is a party to or threatened to be made a party to any Proceeding (other than a Proceeding by or in the right of the Corporation to procure a judgment in its favor) against all reasonable Expenses, judgments, fines and
amounts paid in settlement incurred by Indemnitee in connection with such Proceeding, but only if Indemnitee acted in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Corporation
and, in the case of a criminal proceeding, in addition, had no reasonable cause to believe that Indemnitee’s conduct was unlawful. For purposes of this Agreement, Indemnitee’s conduct with respect to an employee

  

 Page 4 – Indemnity Agreement 

 benefit plan of the Corporation for purposes Indemnitee reasonably believed to be in the interests of the
participants in and beneficiaries of the plan shall be deemed to have been in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the interests of the Corporation. 

4. Indemnity In Proceedings By Or In The Right Of The Corporation. The Corporation shall indemnify Indemnitee in accordance with
the provisions of this Section 4 if Indemnitee is a party to or threatened to be made a party to any Proceeding by or in the right of the Corporation to procure a judgment in its favor against all reasonable Expenses by Indemnitee in connection
with the defense or settlement of such Proceeding, but only if Indemnitee acted in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Corporation, except that no indemnification for
Expenses shall be made under this Section 4 in respect of any claim, issue or matter as to which such person shall have been finally adjudged by a court to be liable to the Corporation, unless and only to the extent that any court in which such
Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnity. 

5. Indemnification Of Expenses Of Successful Party. 

a. Notwithstanding any other provisions of this Agreement, to the extent that Indemnitee has been successful, on the
merits or otherwise, in defense of any Proceeding or in defense of any claim, issue or matter therein, including the dismissal of an action without prejudice, Indemnitee shall be indemnified against all Expenses incurred in connection therewith.

 b. If any action, suit or proceeding is disposed of on the merits or otherwise (including a disposition
without prejudice), without (i) the disposition being adverse to Indemnitee, (ii) an adjudication that Indemnitee was liable to the Corporation, (iii) a plea of guilty by Indemnitee, (iv) an adjudication that Indemnitee did not
act in good faith, and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Corporation, and (v) with respect to any criminal proceeding, an adjudication that Indemnitee had reasonable cause to believe
Indemnitee’s conduct was unlawful, then Indemnitee shall be considered for the purposes hereof to have been wholly successful on the merits with respect thereto. 

6. Additional Indemnification. 

a. Notwithstanding any limitation in Sections 3, 4 or 5, the Corporation shall indemnify Indemnitee to the fullest
extent permitted by law if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Corporation to procure a judgment in its favor) against all reasonable Expenses, judgments,
fines and amounts paid in settlement by Indemnitee in 
  

 Page 5 – Indemnity Agreement 

 
connection with such Proceeding, provided that no indemnity shall be made under this Section 6(a) on account of Indemnitee’s conduct which constitutes a breach of Indemnitee’s duty
of loyalty to the Corporation or its shareholders or is an act or omission not in good faith or which involves intentional misconduct or a knowing violation of the law. 

b. For purposes of Section 6(a) the meaning of the phrase “to the fullest extent permitted by law”
shall include, but not be limited to: 
 i. to the fullest extent permitted by the provision of the Act that
authorizes or contemplates additional indemnification by agreement, or the corresponding provision of any amendment to or replacement of the Act, and 

ii. to the fullest extent authorized or permitted by any amendments to or replacements of the Act adopted after the date
of this Agreement that increase the extent to which a corporation may indemnify its officers and directors. 

c. If the indemnification provided in Sections 3, 4 and 5 is unavailable in whole or in part and may not be paid to
Indemnitee for any reason other than those set forth in Section 7, then in respect to any Proceeding in which the Corporation is jointly liable with Indemnitee (or would be if joined in such Proceeding), to the fullest extent permissible under
applicable law, the Corporation, in lieu of indemnifying and holding harmless Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for Expenses, judgments, decisions of arbitrators, fines, penalties, and/or
amounts paid or to be paid in settlement, in connection with any Proceeding without requiring Indemnitee to contribute to such payment, and the Corporation hereby waives and relinquishes any right of contribution it may have at any time against
Indemnitee. 
 7. Exclusions. Notwithstanding any provision in this Agreement, the Corporation shall not be obligated
under this Agreement to make any indemnity in connection with any claim made against Indemnitee: 
 a. for
which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except with respect to any excess beyond the amount paid under such insurance or other indemnity provision; 

b. for any transaction from which the Indemnitee was adjudged liable on the basis that an improper personal benefit was
improperly received by the Indemnitee; 
  

 Page 6 – Indemnity Agreement 

 c. for an accounting of profits made from the purchase and sale by
Indemnitee of securities of the Corporation within the meaning of Section 16(b) of the Securities Exchange Act of 1934 and amendments thereto or similar provisions of any state statutory law or common law, provided, however, that if the
Corporation, in its sole discretion determines that Indemnitee violated such law notwithstanding anything to the contrary stated or implied in this Section 7(c), indemnification pursuant to this Agreement relating to any Proceeding against
Indemnitee for an accounting of profits made from the purchase or sale by Indemnitee of securities of the Corporation pursuant to the provisions of Section 16(b) of the Exchange Act or similar provisions of any federal, state or local laws
shall not be prohibited if Indemnitee ultimately establishes in any Proceeding that no recovery of such profits from Indemnitee is permitted under Section 16(b) of the Exchange Act or similar provisions of any federal, state or local laws;

 d. if a court having jurisdiction in the matter shall finally determine that such indemnification is not
lawful under any applicable statute or public policy; 
 e. to the extent Indemnitee has entered a plea of
guilty or has otherwise admitted guilt or liability for the action underlying a claim giving rise to the Proceeding, provided, however, that a settlement of the Proceeding, without a plea of guilty or nolo contendere, shall not (except as otherwise
expressly provided by this Agreement) of itself adversely affect the right of Indemnitee to indemnification; or 

f. in connection with any Proceeding (or part thereof) initiated by Indemnitee, or any Proceeding by Indemnitee against
the Corporation or its directors, officers, employees or other indemnitees, unless (i) such indemnification is expressly required to be made by law, (ii) the Proceeding was authorized by the Board of Directors of the Corporation,
(iii) such indemnification is provided by the Corporation, in its sole discretion, pursuant to the powers vested in the Corporation under applicable law, or (iv) the Proceeding is initiated pursuant to Section 11 hereof and Indemnitee
is successful in whole or in part in such Proceeding. 
 8. Advances Of Expenses. 

a. The reasonable Expenses incurred by Indemnitee in any Proceeding shall be paid by the Corporation in advance at the
written request of Indemnitee, if Indemnitee: 
 i. furnishes the Corporation a written affirmation in the form
attached as Exhibit A or such other form as meets the requirements of ORS 60.397 or successor statutes covering the same subject matter of the Indemnitee’s good faith belief that Indemnitee is entitled to be indemnified by the Corporation under
this Agreement; and 
  

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 ii. furnishes the Corporation a written undertaking in the form attached as
Exhibit A or such other form as meets the requirements of ORS 60.397 or successor statutes covering the same subject matter to repay such advance to the extent that it is ultimately determined by a court that Indemnitee is not entitled to be
indemnified by the Corporation. Such advances shall be made without regard to Indemnitee’s ability to repay such expenses and without regard to Indemnitee’s ultimate entitlement to indemnification under the other provisions of this
Agreement. 
 b. Indemnitee shall have the right to advancement by the Corporation, prior to the final
disposition of any claim, of any and all reasonable Expenses relating to, arising out of or resulting from any claim paid or incurred by Indemnitee. Indemnitee’s right to such advancement is not subject to the satisfaction of any standard of
conduct. Without limiting the generality or effect of the foregoing, within thirty business days after any request by Indemnitee, the Corporation shall, in accordance with such request (but without duplication), (a) pay such Expenses on behalf
of Indemnitee, (b) advance to Indemnitee funds in an amount sufficient to pay such Expenses, or (c) reimburse Indemnitee for such Expenses. 

9. Notification and Defense of Claim. Not later than 45 days after receipt by Indemnitee of notice of the commencement of any
Proceeding, Indemnitee will, if a claim in respect thereof is to be made against the Corporation under this Agreement, notify the Corporation of the commencement thereof; provided, however, that the omission to notify the Corporation will not
relieve the Corporation from any liability which it may have to Indemnitee otherwise than under this Agreement. With respect to any such Proceeding as to which Indemnitee notifies the Corporation of the commencement thereof: 

a. The Corporation will be entitled to participate therein at its own expense. 

b. Except as otherwise provided below, the Corporation may, at its option and jointly with any other indemnifying party
similarly notified and electing to assume such defense, assume the defense thereof, with legal counsel reasonably satisfactory to Indemnitee. Indemnitee shall have the right to employ separate counsel selected at Indemnitee’s sole discretion in
such Proceeding, but the Corporation shall not be liable to Indemnitee under this Agreement, including under Section 8 hereof, for the fees and expenses of such counsel incurred after notice from the Corporation of its assumption of the
defense, unless (i) Indemnitee reasonably concludes that there may be a conflict of interest between the Corporation and Indemnitee in the conduct of the defense of such Proceeding or (ii) the Corporation does not employ counsel to

  

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 assume the defense of such Proceeding. The Corporation shall not be entitled to assume the
defense of any Proceeding brought by or on behalf of the Corporation or as to which Indemnitee shall have made the conclusion provided for in (i) above. 

c. If two or more persons who may be entitled to indemnification from the Corporation, including the Indemnitee, are
parties to any Proceeding, the Corporation may require Indemnitee to engage the same legal counsel as the other parties. Indemnitee shall have the right to be consulted in the identification of common counsel to be employed. If following
consultation Indemnitee still objects to counsel that has the approval of a majority of the other parties, then Indemnitee may employ separate legal counsel in such Proceeding, but the Corporation shall not be liable to Indemnitee under this
Agreement, including under Section 8 hereof, for the fees and expenses of such counsel incurred after notice from the Corporation of the requirement to engage the same counsel as other parties and consultation on identity of counsel, unless the
Indemnitee reasonably concludes that there may be a conflict of interest between Indemnitee and any of the other parties required by the Corporation to be represented by the same legal counsel, or between Indemnitee and the selected counsel.

 d. The Corporation shall not be liable to indemnify Indemnitee under this Agreement for any amounts paid in
settlement of any Proceeding effected without its written consent, which shall not be unreasonably withheld. The Corporation shall be permitted to settle any Proceeding the defense of which it assumes, except the Corporation shall not settle any
action or claim in any manner which would impose any penalty or limitation on Indemnitee without Indemnitee’s written consent, which may be given or withheld in Indemnitee’s sole discretion. 

10. Procedure Upon Application For Indemnification. 

a. Any indemnification under Sections 3, 4, 5 or 6 of this Agreement shall be made no later than 90 days after receipt
of the written request of Indemnitee for such indemnification and shall not require that a determination be made in accordance with the Act by the persons specified in the Act that indemnification is required under this Agreement; provided, however,
that, unless it is ordered by a court in an enforcement action under Section 11 of this Agreement, no such indemnification shall be made if a determination is made within such 90-day period by (a) the Board of Directors by a majority vote
of a quorum consisting of directors who were not parties to such Proceeding, or (b) independent legal counsel in a written opinion (which counsel shall be appointed if such a quorum is not obtainable), that the Indemnitee is not entitled to
indemnification under this Agreement. 
  

 Page 9 – Indemnity Agreement 

 b. If the person or persons so empowered to make a determination pursuant
to Section 10(a) hereof shall have failed to make the requested determination within ninety (90) days of a written request to determine Indemnitee’s entitlement to indemnification, the requisite determination that Indemnitee is
entitled to indemnification shall be deemed to have been made. 
 11. Enforcement. 

a. Any right to indemnification or advances granted by this Agreement to Indemnitee shall be enforceable by or on behalf
of Indemnitee in any court of competent jurisdiction if (i) the claim for indemnification or advances is denied, in whole or in part, or (ii) no disposition of such claim is made within 90 days of a written request therefor. Indemnitee, in
such enforcement action, if successful in whole or in part, shall be entitled to be paid the expense of prosecuting the claim. It shall be a defense to any such enforcement action (other than an action brought to enforce a claim for advancement of
expenses pursuant to Section 8 hereof if the required affirmation and undertaking have been tendered to the Corporation) that Indemnitee is not entitled to indemnification under this Agreement, but the burden of proving such defense shall be on
the Corporation. The failure of the Corporation (including its Board of Directors or its shareholders) to make a determination prior to the commencement of such enforcement action that indemnification of Indemnitee is proper in the circumstances,
shall not be a defense to the action or create a presumption that Indemnitee is not entitled to indemnification under this Agreement or otherwise. 

b. In making any determination concerning Indemnitee’s right to indemnification, there shall be a presumption that
Indemnitee has satisfied the applicable standard of conduct, and the Corporation may overcome such presumption only by its adducing clear and convincing evidence to the contrary. Any determination concerning Indemnitee’s right to
indemnification that is adverse to Indemnitee may be challenged by the Indemnitee in the applicable court. 

c. The knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Corporation or
the Corporation itself shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. 

d. This Agreement shall be effective as of the date Effective Date, and this Agreement applies to any Indemnifiable
Event that occurred prior to or after the Effective Date if Indemnitee was an officer, director, employee or agent of, or attorney for, Corporation, or was serving at the request of Corporation as a director, officer, employee or agent of, or
attorney for, another corporation, partnership, joint venture, trust or other enterprise, at the time such Indemnifiable Event occurred. 
  

 Page 10 – Indemnity Agreement 

 e. The Corporation acknowledges that a settlement or other disposition
short of final judgment may be successful if it permits a party to avoid expense, delay, distraction, disruption and uncertainty. In the event that any action, claim or proceeding to which Indemnitee is a party is resolved in any manner other than
by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim or proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or
otherwise in such action, suit or proceeding. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion, by clear and convincing evidence. The termination of any Proceeding or of any claim, issue or
matter therein, by judgment, order, settlement (with or without court approval), conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the
right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Corporation and, with respect to any
criminal Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful. 

f. Without Indemnitee’s prior written consent, the Corporation shall not enter into any settlement of any
Proceeding in which the Corporation is or could be jointly liable with Indemnitee (or would be if joined in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee. 

12. Partial Indemnification. If Indemnitee is entitled under any provisions of this Agreement to indemnification by the
Corporation for some or a portion of the Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee in the investigation, defense, appeal or settlement of any Proceeding but not, however, for the total
amount thereof, the Corporation shall indemnify Indemnitee for the portion of such Expenses, judgments, fines and amounts paid in settlement to which Indemnitee is entitled. 

13. Non-Exclusivity And Continuity Of Rights. The indemnification provided by this Agreement shall not be deemed exclusive of any
other rights to which Indemnitee may be entitled under the articles of incorporation, the bylaws, any other agreement, any vote of shareholders or directors, the Act, or otherwise, both as to action in Indemnitee’s official capacity and as to
action in another capacity while holding such office. The indemnification under this Agreement shall continue as to Indemnitee even though Indemnitee ceases to be a director or officer and shall inure to the benefit of the heirs and personal
representatives of Indemnitee. 
  

 Page 11 – Indemnity Agreement 

 14. Monetary Damages Insufficient/Specific Performance. The Corporation and
Indemnitee agree that a monetary remedy for breach of this Agreement may be inadequate, impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree that
Indemnitee may enforce this Agreement by seeking injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee
shall not be precluded from seeking or obtaining any other relief to which Indemnitee may be entitled. The Corporation and Indemnitee further agree that Indemnitee shall be entitled to such specific performance and injunctive relief, including
temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertaking in connection therewith. The Corporation acknowledges that in the absence of a waiver, a bond or undertaking
may be required of Indemnitee by the Court, and the Corporation hereby waives any such requirement of a bond or undertaking. 

15. Maintenance of Liability Insurance. 

a. For the duration of Indemnitee’s service as a director and/or officer of the Corporation, and thereafter for so
long as Indemnitee shall be subject to any pending or possible claim, the Corporation shall use commercially reasonable efforts (taking into account the scope and amount of coverage available relative to the cost thereof) to cause to be maintained
in effect policies of directors’ and officers’ liability insurance providing coverage for directors and/or officers of the Corporation that is at least substantially comparable in scope and amount to that provided by the Corporation’s
current policies of directors’ and officers’ liability insurance. The minimum AM Best rating for the insurance carriers of such insurance carrier shall be not less than A- VI. The Corporation shall provide Indemnitee with a copy of all
directors’ and officers’ liability insurance applications, binders, policies, declarations, endorsements and other related materials, and shall provide Indemnitee with a reasonable opportunity to review and comment on the same. Without
limiting the generality or effect of the requirement to use best efforts to obtain insurance and give directors and chance to review the proposal, the Corporation shall not discontinue or significantly reduce the scope or amount of coverage from one
policy period to the next (i) without the prior approval thereof by a majority vote of the Incumbent Directors, even if less than a quorum, or (ii) if at the time that any such discontinuation or significant reduction in the scope or
amount of coverage is proposed there are no Incumbent Directors, without the prior written consent of Indemnitee (which consent shall not be unreasonably withheld or delayed). 

b. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Corporation has
directors’ and officers’ liability insurance in effect, the Corporation shall give prompt notice of the commencement of such proceeding to the insurers in accordance with 

 

 Page 12 – Indemnity Agreement 

 the procedures set forth in the respective policies. The Corporation shall thereafter take
all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies. 

c. In the event of a Change in Control, the Corporation shall maintain in force any and all insurance policies then
maintained by the Corporation in providing insurance—directors’ and officers’ liability, fiduciary, employment practices or otherwise—in respect of Indemnitee, for a period of six years thereafter. 

16. Trust Fund. The Corporation may, but shall not be required to, create a trust fund, grant a security interest or use other
means, including without limitation a letter of credit, to ensure the payment of such amounts as may be necessary to satisfy its obligations to indemnify and advance expenses pursuant to this Agreement. 

17. Information Sharing. The Corporation shall promptly provide to Indemnitee a complete copy of any information, filing, response
to discovery request (whether formal or informal), or other similar delivery of information Corporation has made to any third party concerning any investigation, whether formal or informal, relating to Indemnitee. 

18. Severability. If this Agreement or any portion thereof is invalidated on any ground by any court of competent jurisdiction,
the Corporation shall indemnify Indemnitee as to Expenses, judgments, fines and amounts paid in settlement with respect to any Proceeding to the full extent permitted by any applicable portion of this Agreement that is not invalidated or by any
other applicable law. 
 19. Subrogation. In the event of payment under this Agreement, the Corporation shall be
subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all documents required and shall do all acts necessary to secure such rights and to enable the Corporation effectively to bring suit to
enforce such rights. 
 20. Modification And Waiver. No supplement, modification or amendment of this Agreement shall be
binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing
waiver. 
 21. Entire Agreement. This Agreement constitutes the full, complete, and final agreement of the parties and
supersedes all prior written or oral agreements between the Corporation and Indemnitee with respect to the matters set forth herein. 
  

 Page 13 – Indemnity Agreement 

 22. Notices. All notices, requests, demands and other communications hereunder shall
be in writing and shall be deemed to have been duly given (i) if delivered by hand and receipted for by the party to whom the notice or other communication was sent, or (ii) if mailed by certified or registered mail with postage prepaid on
the third business day after deposit into the United States mail: 
 a. If to Indemnitee, at the address
indicated on the signature page hereof, or to such other address as may have been furnished to the Corporation by Indemnitee. 

b. If to the Corporation, to: 

Pixelworks, Inc. 

8100 SW Nyberg Road 

Tualatin, Oregon 97062 

Attn: Chief Executive Officer 

Telephone: (503) 454-1750 

Facsimile: (503) 612-0848 

With a copy to: 

William C. Campbell, Esq. 

Ater Wynne LLP 

1331 NW Lovejoy Street, Suite 900 

Portland, OR 97209 

Telephone: (503) 226-1191 

Facsimile: (503) 226-0079 

or to such other address as may have been furnished to Indemnitee by the Corporation. 

23. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall constitute the original.

 24. Applicable Law; Jurisdiction. This Agreement will be governed by and construed in accordance with the law of the
State of Oregon. The parties agree that the U.S. District Court for the District of Oregon, or the Circuit Court of Multnomah County, Oregon will be the exclusive venue and shall have exclusive jurisdiction over any action at law relating to the
subject matter or interpretation of this Agreement. The parties have considered all relevant factors relating to venue and jurisdiction with their respective counsel and have concluded that the courts of Oregon are the only appropriate choice for
any litigation by and between the parties. 
 25. Successors And Assigns. This Agreement shall be binding upon the
Corporation, its successors and assigns. The Corporation shall require, and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or
assets of the Corporation, by written agreement in form and substance satisfactory to the Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Corporation would be required to perform
if no such succession had taken place. 
 26. Miscellaneous. The headings of the paragraphs of this Agreement are
inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect construction thereof 
  

 Page 14 – Indemnity Agreement 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the 29th day of July, 2010.

  

 Page 15 – Indemnity Agreement – Signature Page 

 Exhibit A 

Undertaking to Reimburse Advanced Expenses 

I,
                            , hereby provide this undertaking pursuant to the requirements of ORS
60.391 and my contract of indemnity with Pixelworks, Inc. 
 I am involved in a proceeding covered by my Indemnity Agreement
with Pixelworks, Inc. I request that Pixelworks, Inc. pay for the reasonable expenses I incur in advance of the final disposition of that proceeding, and that Pixelworks, Inc. reimburse me any reasonable expenses I advance myself in the course of
that proceeding. 
 In support of my request, I affirm as follows: 

1. I believe in good faith that I have met the standard of conduct described in ORS 60.391; 

2. I undertake here the general and unlimited obligation to repay advances if it is ultimately determined by a court that I did not meet
the standard of conduct. 
 This undertaking is intended to meet, and shall be construed to meet, the requirements for an
undertaking under ORS Section 60.397, and shall not be construed as extending beyond those requirements. 
  

			
	 Signed:
	 	 

		
	 Print Name:
	 	 

		
	 Date:
	 	 

 Exhibit B 

ORS 60.391 – Statutory Standard of Conduct for Indemnification 

60.391 Authority to indemnify directors. (1) Except as provided in subsection (4) of this section, a corporation may indemnify an individual
made a party to a proceeding because the individual is or was a director against liability incurred in the proceeding if: 

(a) The conduct of the individual was in good faith; 

(b) The individual reasonably believed that the individual’s conduct was in the best interests of the corporation, or at least
not opposed to its best interests; and 
 (c) In the case of any criminal proceeding, the individual had no reasonable
cause to believe the individual’s conduct was unlawful. 
 (2) A director’s conduct with respect to an employee
benefit plan for a purpose the director reasonably believed to be in the interests of the participants in and beneficiaries of the plan is conduct that satisfies the requirement of subsection (1)(b) of this section. 

(3) The termination of a proceeding by judgment, order, settlement, conviction or upon a plea of nolo contendere or its equivalent
is not, of itself, determinative that the director did not meet the standard of conduct described in this section. 
 (4) A
corporation may not indemnify a director under this section: 
 (a) In connection with a proceeding by or in the right of
the corporation in which the director was adjudged liable to the corporation; or 
 (b) In connection with any other
proceeding charging improper personal benefit to the director in which the director was adjudged liable on the basis that personal benefit was improperly received by the director. 

(5) Indemnification permitted under this section in connection with a proceeding by or in the right of the corporation is limited to
reasonable expenses incurred in connection with the proceeding. [1987 c.52 §95]

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