Document:

EX-10.9

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 Exhibit 10.9 

INDEMNIFICATION AGREEMENT 

This Indemnification Agreement (“Agreement”) is made as of ______________, 2022 by and between MN8 Energy Inc., a Delaware
corporation (the “Company”), and _______________ (“Indemnitee”). This Agreement supersedes and replaces any and all previous Agreements between the Company and Indemnitee covering the subject matter of this Agreement. 

RECITALS 
 WHEREAS, highly
competent persons have become more reluctant to serve publicly-held corporations as directors or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims
and actions against them arising out of their service to and activities on behalf of the corporation; 
 WHEREAS, the Board of Directors of
the Company (the “Board”) has determined that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company
and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary and widespread practice among United States-based corporations and other business enterprises, the Company believes that, given current
market conditions and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions. At the same time, directors, officers, and other persons in service to corporations or business enterprises are being
increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise itself. The Amended and Restated Bylaws of the
Company (the “Bylaws”) require indemnification of the officers and directors of the Company. Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (the “DGCL”). The
Bylaws and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the board of directors, officers and other
persons with respect to indemnification; 
 WHEREAS, the uncertainties relating to such insurance and to indemnification have increased the
difficulty of attracting and retaining such persons; 
 WHEREAS, the Board has determined that the increased difficulty in attracting and
retaining such persons is detrimental to the best interests of the Company and its stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future; 

WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on
behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified; 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 WHEREAS, this Agreement is a supplement to and in furtherance of the Bylaws and any
resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; 

WHEREAS, Indemnitee does not regard the protection available under the Bylaws and insurance as adequate in the present circumstances, and may
not be willing to serve as an officer or director without adequate protection, and the Company desires Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the
Company on the condition that he be so indemnified; and 
 NOW, THEREFORE, in consideration of the premises and the covenants contained
herein, the Company and Indemnitee do hereby covenant and agree as follows: 
 Section 1. Services to the Company. Indemnitee
agrees to serve as a [director and/or officer] of the Company. Indemnitee may at any time and for any reason resign from such position (subject to any other contractual obligation or any obligation imposed by operation of law), in which event the
Company shall have no obligation under this Agreement to continue Indemnitee in such position. This Agreement shall not be deemed an employment contract between the Company (or any of its subsidiaries or any Enterprise) and Indemnitee. Indemnitee
specifically acknowledges that Indemnitee’s employment with the Company (or any of its subsidiaries or any Enterprise), if any, is at will, and the Indemnitee may be discharged at any time for any reason, with or without cause, except as may be
otherwise provided in any written employment contract between Indemnitee and the Company (or any of its subsidiaries or any Enterprise), other applicable formal severance policies duly adopted by the Board, or, with respect to service as a director
or officer of the Company, by the Certificate of Incorporation, the Company’s Bylaws, and the DGCL. The foregoing notwithstanding, this Agreement shall continue in force after Indemnitee has ceased to serve as a director of the Company, as
provided in Section 16 hereof. 
 Section 2. Definitions. As used in this Agreement: 

(a) References to “agent” shall mean any person who is or was a director, officer, or employee of the Company or a subsidiary of the
Company or other person authorized by the Company to act for the Company, to include such person serving in such capacity as a director, officer, employee, fiduciary or other official of another corporation, partnership, limited liability company,
joint venture, trust or other enterprise at the request of, for the convenience of, or to represent the interests of the Company or a subsidiary of the Company. 

(b) A “Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the
following events: 
 i. Acquisition of Stock by Third Party. Any Person (as defined below) is or becomes the Beneficial Owner
(as defined below), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the combined voting power of the Company’s then outstanding securities unless the change in relative Beneficial Ownership of
the Company’s securities by any Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally in the election of directors; 

  
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 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 ii. Change in Board of Directors. During any period of two
(2) consecutive years (not including any period prior to the execution of this Agreement), individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person who has entered
into an agreement with the Company to effect a transaction described in Sections 2(b)(i), 2(b)(iii) or 2(b)(iv)) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute
at least a majority of the members of the Board; 
 iii. Corporate Transactions. The effective date of a merger or
consolidation of the Company with any other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by
remaining outstanding or by being converted into voting securities of the surviving entity) more than 51% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and
with the power to elect at least a majority of the board of directors or other governing body of such surviving entity; 
 iv.
Liquidation. The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets; and 

v. Other Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of
Schedule 14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as defined below), whether or not the Company is then subject to such reporting requirement. 

For purposes of this Section 2(b), the following terms shall have the following meanings: 

(A) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time. 

(B) “Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided, however,
that Person shall exclude (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (iii) any corporation owned, directly or indirectly, by the stockholders of the
Company in substantially the same proportions as their ownership of stock of the Company. 
 (C) “Beneficial Owner”
shall have the meaning given to such term in Rule 13d-3 under the Exchange Act; provided, however, that Beneficial Owner shall exclude any Person otherwise becoming a Beneficial Owner by reason of the
stockholders of the Company approving a merger of the Company with another entity. 

  
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 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 (c) “Corporate Status” describes the status of a person who is or was a director,
trustee, partner, managing member, manager, fiduciary, officer, employee or agent of the Company or of any other corporation, limited liability company, partnership or joint venture, trust or other enterprise which such person is or was serving at
the request of the Company. 
 (d) “Disinterested Director” shall mean a director of the Company who is not and was not a party to
the Proceeding in respect of which indemnification is sought by Indemnitee. 
 (e) “Enterprise” shall mean the Company and any
other corporation, limited liability company, partnership, joint venture, trust or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer, trustee, partner, managing member, manager, employee,
agent or fiduciary. 
 (f) “Expenses” shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs,
fees of experts and other professionals, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, any federal, state, local or foreign taxes imposed on Indemnitee as a result of
the actual or deemed receipt of any payments under this Agreement, ERISA excise taxes and penalties, and all other disbursements or expenses of the types customarily incurred in connection with, or as a result of, prosecuting, defending, preparing
to prosecute or defend, investigating, being or preparing to be a deponent or witness in, or otherwise participating in, a Proceeding. Expenses also shall include (i) Expenses 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, (ii) expenses incurred in connection with recovery under any
directors’ and officers’ liability insurance policies maintained by the Company, and (iii) for purposes of Section 14(d) only, Expenses incurred by or on behalf of Indemnitee in connection with the interpretation, enforcement or
defense of Indemnitee’s rights under this Agreement, the Certificate of Incorporation, the Bylaws or under any directors’ and officers’ liability insurance policies maintained by the Company, by litigation or otherwise. The parties
agree that for the purposes of any advancement of Expenses for which Indemnitee has made written demand to the Company in accordance with this Agreement, all Expenses included in such demand that are certified by affidavit of Indemnitee’s
counsel as being reasonable shall be presumed conclusively to be reasonable. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee. 

(g) “Independent Counsel” shall mean a law firm, or a member of a law firm, that is experienced in matters of corporation law and
neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning the Indemnitee under this Agreement, or
of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not
include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this
Agreement. The Company agrees to pay the reasonable fees and expenses of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this
Agreement or its engagement pursuant hereto. 

  
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 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 (h) The term “Proceeding” shall include any threatened, pending or completed
action, suit, claim, counterclaim, cross claim, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in the right of
the Company or otherwise and whether of a civil, criminal, administrative, legislative, regulatory or investigative (formal or informal) nature, including any appeal therefrom, in which Indemnitee was, is or will be involved as a party, potential
party, non-party witness or otherwise by reason of the Indemnitee’s Corporate Status, by reason of any action taken by him (or a failure to take action by him) or of any action (or failure to act) on his
part while acting pursuant to his Corporate Status, in each case whether or not serving in such capacity at the time any liability or Expense is incurred for which indemnification, reimbursement, or advancement of Expenses can be provided under this
Agreement. If the Indemnitee believes in good faith that a given situation may lead to or culminate in the institution of a Proceeding, this shall be considered a Proceeding under this paragraph. 

(i) Reference 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 Company” shall include any service as a director, officer, employee or agent of the Company 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 he reasonably believed to be in the best interests of the participants
and beneficiaries of an employee benefit plan shall be deemed to have acted in manner “not opposed to the best interests of the Company” as referred to in this Agreement. 

Section 3. Indemnity in Third-Party Proceedings. The Company shall indemnify Indemnitee in accordance with the provisions of this
Section 3 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 3, Indemnitee
shall be indemnified to the fullest extent permitted by applicable law against all Expenses, judgments, fines, penalties, amounts paid in settlement and other liability and loss suffered (including all interest, assessments and other charges paid or
payable in connection with or in respect of such Expenses, judgments, fines, penalties, amounts paid in settlement and other liability and loss suffered) actually and reasonably incurred by Indemnitee or on his behalf in connection with such
Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding had no reasonable cause
to believe that his conduct was unlawful. The parties hereto intend that this Agreement shall provide to the fullest extent permitted by law for indemnification in excess of that expressly permitted by statute, including, without limitation, any
indemnification provided by the Certificate of Incorporation, the Bylaws, vote of its stockholders or disinterested directors or applicable law. 

Section 4. Indemnity in Proceedings by or in the Right of the Company. The Company shall indemnify Indemnitee in accordance with
the provisions of this Section 4 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 4, Indemnitee
shall be indemnified to the fullest extent permitted by applicable law against all Expenses, judgments, fines, penalties, amounts paid in settlement and other liability and loss (including all 

  
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 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties, amounts paid in settlement and other liability and loss
suffered) actually and reasonably incurred by him or on his behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he reasonably believed to be in or not opposed to the best
interests of the Company. No indemnification for Expenses, judgments, fines, penalties, amounts paid in settlement and other liability and loss (including all interest, assessments and other charges paid or payable in connection with or in respect
of such Expenses, judgments, fines, penalties, amounts paid in settlement and other liability and loss suffered) shall be made under this Section 4 in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged
by a court of competent jurisdiction (after the time for an appeal has expired) to be liable to the Company, unless and only to the extent that the Delaware Court of Chancery or any court in which the 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 indemnification. 

Section 5. Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provisions of
this Agreement, to the fullest extent permitted by applicable law and to the extent that Indemnitee is a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter
therein, in whole or in part, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or
otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or on his behalf in connection with or related to each
successfully resolved claim, issue or matter to the fullest extent permitted by law. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice,
shall be deemed to be a successful result as to such claim, issue or matter. 
 Section 6. Indemnification For Expenses of a
Witness. Notwithstanding any other provision of this Agreement, to the fullest extent permitted by applicable law and to the extent that Indemnitee is, by reason of his Corporate Status, a witness or a deponent, is required to respond to
discovery requests in any Proceeding or otherwise asked to participate in any Proceeding to which Indemnitee is not a party, he shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection
therewith. 
 Section 7. Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement to
indemnification by the Company for some or a portion of Expenses, judgments, fines, penalties, amounts paid in settlement and other liability and loss suffered (including all interest, assessments and other charges paid or payable in connection with
or in respect of such Expenses, judgments, fines, penalties, amounts paid in settlement and other liability and loss suffered), but not, however, for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion
thereof to which Indemnitee is entitled. 

  
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 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 Section 8. Additional Indemnification. 

(a) Notwithstanding any limitation in Sections 3, 4, or 5, the Company shall indemnify Indemnitee to the fullest extent permitted by applicable
law if Indemnitee, by reason of his Corporate Status, is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses, judgments,
fines, penalties, amounts paid in settlement and other liability and loss suffered (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties, amounts paid in
settlement and other liability and loss suffered) actually and reasonably incurred by Indemnitee in connection with the Proceeding. 
 (b)
For purposes of Section 8(a), the meaning of the phrase “to the fullest extent permitted by applicable law” shall include, but not be limited to: 

i. to the fullest extent permitted by the provision of the DGCL that authorizes or contemplates additional indemnification by agreement, or
the corresponding provision of any amendment to or replacement of the DGCL, and 
 ii. to the fullest extent authorized or permitted by any
amendments to or replacements of the DGCL adopted after the date of this Agreement that increase the extent to which a corporation may indemnify its officers and directors. 

Section 9. Exclusions. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to
make any indemnification payment in connection with any claim made against Indemnitee: 
 (a) for (i) an accounting of profits made from
the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act (as defined in Section 2(b) hereof) or similar provisions of state statutory law or common law,
or (ii) any reimbursement of the Company by the Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by the Indemnitee from the sale of securities of the Company, as required in each case
under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of
profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act), or (iii) any reimbursement of the Company by Indemnitee of any compensation pursuant to any compensation
recoupment or clawback policy adopted by the Board or the compensation committee of the Board, including but not limited to any such policy adopted to comply with stock exchange listing requirements implementing Section 10D of the Exchange Act;
provided that this exclusion (a) shall not apply to any Expenses incurred in the defense of any claim made against Indemnitee; or 
 (b)
except as provided in Section 14(d) of this Agreement, in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the
Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation, (ii) such payment arises in connection with any mandatory
counterclaim or cross-claim or affirmative defense brought or raised by Indemnitee in any Proceeding (or any part of any Proceeding), or (iii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in
the Company under applicable law. 

  
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 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 Section 10. Advances of Expenses. Notwithstanding any provision of this Agreement
to the contrary (other than Section 14(d)), the Company shall advance, to the extent not prohibited by law, the Expenses incurred by Indemnitee in connection with any Proceeding (or any part of any Proceeding) not initiated by Indemnitee, and
such advancement shall be made within thirty (30) days after the receipt by the Company of a statement or statements requesting such advances from time to time, whether prior to or after final disposition of any Proceeding. Advances shall be
unsecured and interest free. Advances shall be made without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement to indemnification under the other provisions of this Agreement. In
accordance with Section 14(d), advances shall include any and all reasonable Expenses incurred pursuing an action to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Company to support
the advances claimed. The Indemnitee shall qualify for advances upon the execution and delivery to the Company of this Agreement, which shall constitute an undertaking providing that the Indemnitee undertakes to repay the amounts advanced (without
interest) to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company. No other form of undertaking shall be required other than the execution of this Agreement. This Section 10 shall not
apply to any claim made by Indemnitee for which indemnity is excluded pursuant to Section 9. 
 Section 11. Procedure for
Notification and Defense of Claim. 
 (a) Indemnitee shall notify the Company in writing of any matter with respect to which Indemnitee
intends to seek indemnification or advancement of Expenses hereunder as soon as reasonably practicable following the receipt by Indemnitee of written notice thereof. The written notification to the Company shall include a description of the nature
of the Proceeding and the facts underlying the Proceeding, in each case, to the extent known to Indemnitee. To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such
documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of such Proceeding. The omission by
Indemnitee to notify the Company hereunder will not relieve the Company from any liability which it may have to Indemnitee hereunder or otherwise than under this Agreement, and any delay in so notifying the Company shall not constitute a waiver by
Indemnitee of any rights under this Agreement. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification. 

(b) With respect to any matter of which the Corporation is so notified, as provided in this Agreement, the Corporation, if appropriate, shall
be entitled to assume and control the defense of any Proceeding, with counsel reasonably acceptable to the Indemnitee, upon the delivery to the Indemnitee of written notice of its election to do so, and the Indemnitee shall cooperate with the
Corporation in such defense as reasonably requested by the Corporation. After delivery of such notice (but subject to such approval of counsel by the Indemnitee and the retention of such counsel by the Corporation), the Corporation will not be
liable to the Indemnitee under this Agreement for any fees of other counsel subsequently incurred by the Indemnitee with respect 

  
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 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
to the same Proceeding; provided, that, (1) the Indemnitee shall have the right to employ the Indemnitee’s own counsel in such action, suit, claim or proceeding at the
Indemnitee’s expense and (2) if counsel to the Indemnitee shall have reasonably concluded (evidenced by written notice to the Corporation setting forth the basis for and explanation of such conclusion) that there likely exists a conflict
of interest or position, or reasonably believes that such a conflict is likely to arise, on any significant issue between the Corporation and the Indemnitee in the conduct of any such defense, then the fees and expenses of the Indemnitee’s
separate counsel shall be at the expense of the Corporation, except as otherwise expressly provided in this Agreement, and the Corporation shall not control the defense of such Proceeding to the extent of such conflict of interest. The Corporation
shall not be entitled, without the written consent of the Indemnitee, to assume the defense of any claim brought by or in the right of the Corporation or as to which counsel for the Indemnitee shall in accordance with clause (2) of the proviso
in the immediately preceding sentence have delivered requisite notice regarding the conclusion referred to in such clause. 

Section 12. Procedure Upon Application for Indemnification. 

(a) Upon written request by Indemnitee for indemnification pursuant to Section 11(a), a determination, if required by applicable law, with
respect to Indemnitee’s entitlement thereto shall be made in the specific case: (i) if a Change in Control shall have occurred, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee; or
(ii) if a Change in Control shall not have occurred, (A) if requested by Indemnitee, by Independent Counsel, a copy of which shall be delivered to Indemnitee, (B) by a majority vote of the Disinterested Directors, even though less
than a quorum of the Board, (C) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (D) if there are no such Disinterested Directors or, if
such Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee or (E) if so directed by the Board, by the stockholders of the Company; and, if it is so
determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect
to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is
reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or Expenses (including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such
determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. The Company promptly will
advise Indemnitee in writing with respect to any determination that Indemnitee is or is not entitled to indemnification, including a description of any reason or basis for which indemnification has been denied. 

(b) In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12(a)
hereof, the Independent Counsel shall be selected as provided in this Section 12(b). If a Change in Control shall not have occurred, the Independent Counsel shall be selected by the Board, and the Company shall give written notice to Indemnitee
advising him of the identity of the Independent Counsel so selected. If a Change in Control shall have occurred, the Independent Counsel shall be selected by Indemnitee (unless 

  
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 CONFIDENTIAL TREATMENT REQUESTED 

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Indemnitee shall request that such selection be made by the Board, in which event the preceding sentence shall apply), and Indemnitee shall give written notice to the Company advising it of the
identity of the Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within ten (10) days after such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as
the case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent
Counsel” as defined in Section 2 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If
such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or the Delaware Court has determined that such objection is without merit. If,
within twenty (20) days after the later of submission by Indemnitee of a written request for indemnification pursuant to Section 11(a) hereof and the final disposition of the Proceeding, no Independent Counsel shall have been selected and
not objected to, either the Company or Indemnitee may petition the Delaware Court for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment
as Independent Counsel of a person selected by such court or by such other person as such court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under
Section 12(a) hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 14(a) of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity
(subject to the applicable standards of professional conduct then prevailing). 
 Section 13. Presumptions and Effect of Certain
Proceedings. 
 (a) In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity
making such determination shall, to the fullest extent not prohibited by law, presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 11(a)
of this Agreement, and the Company shall, to the fullest extent not prohibited by law, have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that
presumption. Neither the failure of the Company (including by its directors or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances
because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by its directors or Independent Counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the
action or create a presumption that Indemnitee has not met the applicable standard of conduct. 
 (b) Subject to Section 14(e), if the
person, persons or entity empowered or selected under Section 12 of this Agreement to determine whether Indemnitee is entitled to indemnification shall not have made a determination within sixty (60) days after receipt by the Company of
the request therefor, the requisite determination of entitlement to indemnification shall, to the fullest extent not prohibited by law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a
misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially 

  
 -10- 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law; provided, however, that such 60-day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or entity making the determination with respect to entitlement to indemnification in
good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto; and provided, further, that the foregoing provisions of this Section 13(b) shall not apply (i) if the
determination of entitlement to indemnification is to be made by the stockholders pursuant to Section 12(a) of this Agreement and if (A) within fifteen (15) days after receipt by the Company of the request for such determination the
Board has resolved to submit such determination to the stockholders for their consideration at an annual meeting thereof to be held within seventy-five (75) days after such receipt and such determination is made thereat, or (B) a special
meeting of stockholders is called within fifteen (15) days after such receipt for the purpose of making such determination, such meeting is held for such purpose within sixty (60) days after having been so called and such determination is
made thereat, or (ii) if the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12(a) of this Agreement. 

(c) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or 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 he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his conduct was unlawful. 

(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 Enterprise, including financial statements, or on information supplied to Indemnitee by the directors or officers of the Enterprise in the course of their duties, or on the advice of legal counsel for
the Enterprise or on information or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with the reasonable care by the Enterprise. The provisions of this
Section 13(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 set forth in this Agreement. 

(e) The knowledge and/or actions, or failure to act, of any director, officer, trustee, partner, managing member, fiduciary, agent or employee
of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. 

Section 14. Remedies of Indemnitee. 

(a) Subject to Section 14(e), in the event that (i) a determination is made pursuant to Section 12 of this Agreement that
Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 10 of this Agreement, (iii) no determination of entitlement to indemnification shall have been
made pursuant to Section 12(a) of this Agreement within ninety (90) days after receipt by the Company of the 

  
 -11- 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
request for indemnification, (iv) payment of indemnification is not made pursuant to Section 5, 6 or 7 or the last sentence of Section 12(a) of this Agreement within ten
(10) days after receipt by the Company of a written request therefor, (v) payment of indemnification pursuant to Section 3, 4 or 8 of this Agreement is not made within ten (10) days after a determination has been made that
Indemnitee is entitled to indemnification, or (vi) in the event that the Company or any other person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or
Proceeding designed to deny, or to recover from, the Indemnitee the benefits provided or intended to be provided to the Indemnitee hereunder, Indemnitee shall be entitled to an adjudication by a court of his entitlement to such indemnification or
advancement of Expenses. Alternatively, Indemnitee, at his option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Indemnitee shall
commence such proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 14(a); provided, however,
that the foregoing clause shall not apply in respect of a proceeding brought by Indemnitee to enforce his rights under Section 5 of this Agreement. The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in
arbitration. 
 (b) In the event that a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee
is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 14 shall be conducted in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be
prejudiced by reason of that adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Section 14 the Company shall have the burden of proving Indemnitee is not entitled to indemnification or advancement of
Expenses, as the case may be. 
 (c) If a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee
is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 14, absent (i) a misstatement by Indemnitee of a material fact, or an omission of
a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. 

(d) The Company shall, to the fullest extent not prohibited by law, be precluded from asserting in any judicial proceeding or arbitration
commenced pursuant to this Section 14 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the
provisions of this Agreement. It is the intent of the Company that, to the fullest extent permitted by law, the Indemnitee not be required to incur legal fees or other Expenses associated with the interpretation, enforcement or defense of
Indemnitee’s rights under this Agreement by litigation or otherwise because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Indemnitee hereunder. The Company shall, to the fullest extent
permitted by law, indemnify Indemnitee against any and all Expenses and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Company of a written request therefor) advance, to the extent not prohibited by law, such
Expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee for indemnification or advance of Expenses from the Company under this Agreement or under any directors’ and officers’ liability

  
 -12- 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
insurance policies maintained by the Company if, in the case of indemnification, Indemnitee is wholly successful on the underlying claims; if Indemnitee is not wholly successful on the underlying
claims, then such indemnification shall be only to the extent Indemnitee is successful on such underlying claims or otherwise as permitted by law, whichever is greater. 

(e) Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement of Indemnitee to indemnification under this
Agreement shall be required to be made prior to the final disposition of the Proceeding. 
 Section 15. Non-exclusivity; Survival of Rights; Insurance; Subrogation. 
 (a) The rights of indemnification and
to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Certificate of Incorporation, the Bylaws, any agreement, a
vote of stockholders or a resolution of directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or
omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in Delaware law, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than
would be afforded currently under the Bylaws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to
be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or
employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy. 

(b) To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees,
or agents of the Enterprise, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, employee or agent under such policy or
policies. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has director and officer liability insurance in effect, the Company shall give prompt notice of such claim or of the commencement of a
Proceeding, as the case may be, to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee,
all amounts payable as a result of such Proceeding in accordance with the terms of such policies. 
 (c) In the event of any payment under
this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such
documents as are necessary to enable the Company to bring suit to enforce such rights. 
 (d) The Company shall not be liable under this
Agreement to make any payment of amounts otherwise indemnifiable (or for which advancement is provided hereunder) hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract,
agreement or otherwise. 

  
 -13- 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 (e) The Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee
who is or was serving at the request of the Company as a director, officer, trustee, partner, managing member, fiduciary, employee or agent of any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan
or other enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or advancement of Expenses from such other corporation, limited liability company, partnership, joint venture, trust or other enterprise. 

(f) The Company hereby acknowledges that Indemnitee may have certain rights to indemnification, advancement and insurance provided by one or
more Persons with whom or which Indemnitee may be associated. The Company hereby acknowledges and agrees that (i) the Company shall be the indemnitor of first resort with respect to any Proceeding, Expense, liability or matter that is the
subject of the Indemnity Obligations (as defined below), (ii) the Company shall be primarily liable for all Indemnity Obligations and any indemnification afforded to Indemnitee in respect of any Proceeding, Expense, liability or matter that is the
subject of Indemnity Obligations, whether created by applicable law, organizational or constituent documents, contract (including this Agreement) or otherwise, (iii) any obligation of any other Persons with whom or which Indemnitee may be
associated to indemnify Indemnitee or advance Expenses or liabilities to Indemnitee in respect of any Proceeding shall be secondary to the obligations of the Company hereunder, (iv) the Company shall be required to indemnify Indemnitee and
advance Expenses or liabilities to Indemnitee hereunder to the fullest extent provided herein without regard to any rights Indemnitee may have against any other Person with whom or which Indemnitee may be associated or insurer of any such Person and
(v) the Company irrevocably waives, relinquishes and releases any other Person with whom or which Indemnitee may be associated from any claim of contribution, subrogation or any other recovery of any kind in respect of amounts paid by the
Company hereunder. In the event any other Person with whom or which Indemnitee may be associated or their insurers advances or extinguishes any liability or loss which is the subject of any Indemnity Obligation owed by the Company or payable under
any Company insurance policy, the payor shall have a right of subrogation against the Company or its insurer or insurers for all amounts so paid which would otherwise be payable by the Company or its insurer or insurers under this Agreement. In no
event will payment of an Indemnity Obligation by any other Person with whom or which Indemnitee may be associated or their insurers affect the obligations of the Company hereunder or shift primary liability for any Indemnity Obligation to any other
Person with whom or which Indemnitee may be associated. Any indemnification, insurance or advancement provided by any other Person with whom or which Indemnitee may be associated with respect to any liability arising as a result of Indemnitee’s
status as director, officer, employee or agent of the Company or capacity as an officer or director of any Person is specifically in excess over any Indemnity Obligation of the Company or valid and any collectible insurance (including but not
limited to any malpractice insurance or professional errors and omissions insurance) provided by the Company under this Agreement. As used herein, the term “Indemnity Obligations” shall mean all obligations of the Company to Indemnitee
under the Certificate of Incorporation, the Bylaws, this Agreement or otherwise, including the Company’s obligations to provide indemnification to Indemnitee and advance Expenses to Indemnitee under this Agreement. 

  
 -14- 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 Section 16. Duration of Agreement. This Agreement shall continue for so long as
Indemnitee serves as a director, officer, employee, agent or fiduciary of the Company or, at the request of the Company, as a director, officer, partner, member, venturer, proprietor, trustee, employee, agent, fiduciary or similar functionary of
another foreign or domestic corporation, partnership, limited liability company, joint venture, sole proprietorship, trust, employee benefit plan or other enterprise, and shall continue thereafter so long as Indemnitee shall be subject to any
possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 14 of this Agreement) by reason of Indemnitee’s Corporate Status, whether or not Indemnitee is acting in any such
capacity at the time any liability or expense is incurred for which indemnification or advancement can be provided under this Agreement. The indemnification and advancement of expenses rights provided by or granted pursuant to this Agreement shall
be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of
the Company), shall continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company or of any other Enterprise, and shall inure to the benefit of Indemnitee and his or her spouse, assigns, heirs, devisees,
executors and administrators and other legal representatives. 
 Section 17. Severability. If any provision or provisions of
this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including without limitation, each portion of any
Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the
fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest
extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or
unenforceable) shall be construed so as to give effect to the intent manifested thereby. 
 Section 18. Enforcement. 

(a) The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order
to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director or officer of the Company. 

(b) This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all
prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided, however, that this Agreement is a supplement to and in furtherance of the Certificate of Incorporation,
the Bylaws and applicable law, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder. 

Section 19. Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed
in writing by the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement nor shall any waiver constitute a continuing waiver. 

  
 -15- 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 Section 20. Notices. All notices, requests, demands and other
communications under this Agreement shall be in writing and shall be deemed to have been duly given if (a) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, (b) mailed by
certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed, (c) mailed by reputable overnight courier and receipted for by the party to whom said notice or other communication shall have
been directed, (d) sent by facsimile transmission, with receipt of oral confirmation that such transmission has been received, or (e) sent by e-mail, with receipt of written confirmation by e-mail that such transmission has been received: 
 (a) If to Indemnitee, at the address indicated on the
signature page of this Agreement, or such other address as Indemnitee shall provide to the Company. 
 (b) If to the Company to 

MN8 Energy Inc. 
 1155 Avenue of
the America 
 New York, NY 10036 

Attention: [General Counsel] 
 or to any other
address as may have been furnished to Indemnitee by the Company. 
 Section 21. Contribution. 

(a) To the fullest extent permitted by law, whether or not the indemnification provided in this Agreement is available, in respect of any
threatened, pending or completed action, suit or Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, or Proceeding), the Company shall pay, in the first instance, the entire amount of any judgment
or settlement of such action, suit or Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right of contribution it may have against Indemnitee. The Company shall not enter into
any settlement of any action, suit or Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or Proceeding) unless such settlement provides for a full and final release of all claims asserted
against Indemnitee. 
 (b) Without diminishing or impairing the obligations of the Company set forth in the preceding subparagraph, if, for
any reason, Indemnitee shall elect or be required to pay all or any portion of any judgment or settlement in any threatened, pending or completed action, suit or Proceeding in which the Company is jointly liable with Indemnitee (or would be if
joined in such action, suit or Proceeding), the Company shall contribute to the amount of Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in proportion to the relative
benefits received by the Company and all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or Proceeding), on the one hand, and Indemnitee, on
the other hand, from the transaction or events from which such action, suit or 

  
 -16- 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
Proceeding arose; provided, however, that the proportion determined on the basis of relative benefit may, to the extent necessary to conform to law, be further adjusted by reference to the
relative fault of the Company and all officers, directors or employees of the Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such action, suit or Proceeding), on the one hand, and Indemnitee, on the
other hand, in connection with the transaction or events that resulted in such Expenses, judgments, fines or settlement amounts, as well as any other equitable considerations that applicable law may require to be considered. 

(c) The Company hereby agrees, to the fullest extent permitted by applicable law, to fully indemnify and hold Indemnitee harmless from any
claims of contribution that may be brought by officers, directors or employees of the Company, other than Indemnitee, who may be jointly liable with Indemnitee. 

(d) To the fullest extent permissible under applicable law and without diminishing or impairing the obligations of the Company set forth in the
preceding subparagraphs of this Section 21, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred
by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed
fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding;
and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s). 

(e) The relative fault of Indemnitee, on the one hand, and of the Company and any and all other parties (including officers and directors of
the Company other than Indemnitee) who may be at fault with respect to such matter shall be determined (i) by reference to the relative fault of Indemnitee as determined by the court or other governmental agency assessing the contribution
amounts or (ii) to the extent such court or other governmental agency does not apportion relative fault, by the Independent Counsel (or such other party that makes a determination under this Agreement) after giving effect to, among other
things, the degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or secondary, the degree to which their conduct is active or passive, the degree of the
knowledge, access to information, and opportunity to prevent or correct the subject matter of the Proceedings and other relevant equitable considerations of each party. The Company and Indemnitee agree that it would not be just and equitable if
contribution pursuant to this Section 21 were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in this Section 21. 

Section 22. Applicable Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed
by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. Except with respect to any arbitration commenced by Indemnitee pursuant to Section 14(a) of this Agreement, the
Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the 

  
 -17- 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
Chancery Court of the State of Delaware (the “Delaware Court”), and not in any other state or federal court in the United States of America or any court in any other country,
(ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) appoint, to the extent such party is not otherwise subject to
service of process in the State of Delaware, irrevocably Corporation Service Company, 251 Little Falls Drive, Wilmington, Delaware 19808 as its agent in the State of Delaware as such party’s agent for acceptance of legal process in connection
with any such action or proceeding against such party with the same legal force and validity as if served upon such party personally within the State of Delaware, (iv) waive any objection to the laying of venue of any such action or proceeding
in the Delaware Court, and (v) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum. 

Section 23. Identical Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all
purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this
Agreement. 
 Section 24. Miscellaneous. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun
where appropriate. The headings of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 

[Signature Page Follows] 

  
 -18- 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 IN WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the day and
year first above written. 
  

			
	MN8 Energy, Inc.
		
	By:	 	 
		 	Name:
		 	Title:

 SIGNATURE PAGE TO 

INDEMNIFICATION AGREEMENT 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
			
	INDEMNITEE
		
	By:	 	 
		 	Name:
		 	Address:

 SIGNATURE PAGE TO 

INDEMNIFICATION AGREEMENTEX-10.11

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 Exhibit 10.11 

Execution Version 
 CONFIDENTIAL

 Goldman Sachs Renewable Power 

Operating Company LLC 

Amended and Restated 

Limited Liability Company Agreement 

Dated February 9, 2018 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		 	ARTICLE I	  			
		
	GENERAL PROVISIONS	  	 	1	 
	1.1	 	Name	  	 	1	 
	1.2	 	Principal Office	  	 	1	 
	1.3	 	Registered Office and Agent	  	 	1	 
	1.4	 	Purposes	  	 	1	 
	1.5	 	Register	  	 	2	 
	1.6	 	Definitions	  	 	2	 
			
		 	ARTICLE II	  			
		
	DURATION	  	 	10	 
			
		 	ARTICLE III	  			
		
	CONTRIBUTIONS TO CAPITAL	  	 	10	 
	3.1	 	Capital Contributions	  	 	10	 
	3.2	 	Borrowings Pending Drawdowns	  	 	12	 
	3.3	 	[INTENTIONALLY OMITTED]	  	 	12	 
	3.4	 	Default by Member	  	 	12	 
	3.5	 	Admission of Members	  	 	15	 
	3.6	 	Status Under ERISA	  	 	15	 
			
		 	ARTICLE IV	  			
		
	CAPITAL ACCOUNTS AND DISTRIBUTIONS	  	 	15	 
	4.1	 	Sub Accounts; Capital Accounts	  	 	15	 
	4.2	 	Special Interest Member Account	  	 	16	 
	4.3	 	Allocations and Distributions in the Absence of a Specified Event	  	 	16	 
	4.4	 	Allocations and Distributions Following a Specified Event	  	 	18	 
	4.5	 	Accounting for Distributions	  	 	19	 
	4.6	 	Valuation	  	 	20	 
	4.7	 	Withholding and Company Taxes	  	 	21	 
	4.8	 	[INTENTIONALLY OMITTED]	  	 	21	 
	4.9	 	Modifications to Allocations and/or Distributions	  	 	21	 
	4.10	 	Insolvency	  	 	21	 
			
		 	ARTICLE V	  			
		
	CERTAIN FINANCIAL AND TAX MATTERS	  	 	22	 
	5.1	 	Financial Reporting	  	 	22	 
	5.2	 	Allocations for U.S. Federal Income Tax Purposes	  	 	22	 
	5.3	 	Supervision; Inspection of Books	  	 	22	 
	5.4	 	[INTENTIONALLY OMITTED]	  	 	23	 
	5.5	 	Tax Matters and Elections	  	 	23	 
	5.6	 	Code Section 83 Safe Harbor Election	  	 	24	 

  
 i 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

							
		 	ARTICLE VI	  			
		
	MANAGEMENT AND RESTRICTIONS	  	 	25	 
	6.1	 	Managing Member	  	 	25	 
	6.2	 	IPO	  	 	28	 
	6.3	 	Management Services; Fees; Expenses	  	 	29	 
	6.4	 	Members	  	 	32	 
	6.5	 	Interest and Capital Withdrawals	  	 	32	 
	6.6	 	Permitted Goldman Sachs Activities	  	 	32	 
	6.7	 	Investment Banking Activities	  	 	32	 
	6.8	 	Additional Investments by Members	  	 	33	 
	6.9	 	Standard of Care; Indemnification Obligations	  	 	33	 
	6.10	 	Transactions with the Manager and its Affiliates	  	 	35	 
			
		 	ARTICLE VII	  			
		
	LIABILITY OF MEMBERS	  	 	35	 
			
		 	ARTICLE VIII	  			
		
	TRANSFER OF LIMITED LIABILITY COMPANY INTERESTS	  	 	36	 
	8.1	 	Restrictions on Transfer	  	 	36	 
	8.2	 	Expenses of Transfer	  	 	37	 
	8.3	 	Indemnification by Transferor	  	 	37	 
	8.4	 	Responsibility for Commitments	  	 	37	 
	8.5	 	Recognition of Transfer	  	 	38	 
	8.6	 	Status of Transferor	  	 	38	 
	8.7	 	Transfers by Assignee	  	 	38	 
	8.8	 	Substituted Members	  	 	38	 
	8.9	 	Conditions of Admission	  	 	38	 
	8.10	 	Rights Prior to Admission	  	 	38	 
	8.11	 	Transfers During a Fiscal Year	  	 	39	 
			
		 	ARTICLE IX	  			
		
	WITHDRAWAL, DEATH, INCOMPETENCY	  	 	39	 
	9.1	 	Withdrawal of Members	  	 	39	 
	9.2	 	Economic and Other Sanctions	  	 	40	 
	9.3	 	Effect of Death, Etc	  	 	41	 
			
		 	ARTICLE X	  			
		
	DISSOLUTION; PROCEDURE ON DISSOLUTION	  	 	41	 
	10.1	 	Dissolution	  	 	41	 
	10.2	 	Dissolution Procedures	  	 	42	 
			
		 	ARTICLE XI	  			
		
	MISCELLANEOUS	  	 	42	 
	11.1	 	Amendment	  	 	42	 
	11.2	 	Investment Representations	  	 	44	 
	11.3	 	FCC Representations and Covenants	  	 	45	 

  
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 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

							
	11.4	 	Power of Attorney	  	 	45	 
	11.5	 	Instruments	  	 	47	 
	11.6	 	Successors and Assigns	  	 	47	 
	11.7	 	Governing Law	  	 	47	 
	11.8	 	Jurisdiction and Venue; Waiver of Jury Trial	  	 	47	 
	11.9	 	Gender, Etc	  	 	48	 
	11.10	 	No Partition	  	 	48	 
	11.11	 	Notices	  	 	48	 
	11.12	 	Counterparts	  	 	48	 
	11.13	 	Headings	  	 	48	 
	11.14	 	Confidentiality	  	 	48	 
	11.15	 	Side Letters	  	 	50	 
	11.16	 	Revocation of Agency Cross Transaction Consent	  	 	51	 
	11.17	 	Grantors of Revocable Trusts	  	 	51	 
	11.18	 	Financing	  	 	51	 
	11.19	 	Legal Counsel	  	 	52	 
	11.20	 	Each Interest in the Company is a Security	  	 	52	 
	11.21	 	Voting	  	 	52	 

  
 iii 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 GOLDMAN SACHS RENEWABLE POWER OPERATING COMPANY LLC 

A Delaware Limited Liability Company 

AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT 

THIS AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT of Goldman Sachs Renewable Power Operating Company LLC (the
“Company”) is made and entered into as of February 9, 2018, by and among Goldman Sachs Renewable Power LLC, in its capacity as the initial sole member of the Company (the “Initial Sole Member” or the
“Parent Company”) and as the managing member of the Company (the “Managing Member”), the Special Interest Member (as defined below), any other Persons who are admitted as Members of the Company from time to time.
This Agreement shall constitute the “limited liability company agreement” of the Company, as defined in the Delaware Limited Liability Company Act (6 Del. C. §18-101, et seq.), as amended from
time to time (the “Delaware Act” or the “Act”). 
 WHEREAS, the Company was formed pursuant to the filing
of a Certificate of Formation of the Company dated and filed on September 19, 2017 (as amended from time to time, the “Certificate of Formation”), in accordance with the Delaware Act; 

WHEREAS, the Initial Sole Member entered into a limited liability company agreement of the Company, dated September 19, 2017 (the
“Original Agreement”); and 
 WHEREAS, the Initial Sole Member desires to enter into this Agreement to reflect the addition
of the Special Interest Member and the Managing Member as parties to this Agreement and to amend and restate the Original Agreement in its entirety and to operate the Company in the manner set forth herein. 

NOW, THEREFORE, the parties hereto agree to be bound by the terms and provisions hereof and to amend and restate the Original Agreement in its
entirety and to substitute the terms hereof as follows: 
 ARTICLE I 

GENERAL PROVISIONS 

1.1    Name. The name of the Company is Goldman Sachs Renewable Power Operating Company LLC, or such
other name or names as the Company may from time to time designate. 
 1.2    Principal Office. The
principal office of the Company shall be at such location as the Company may from time to time determine in its discretion. The business of the Company, or any part thereof, may, however, be conducted elsewhere. 

1.3    Registered Office and Agent. The address of the Company’s registered office in Delaware
is 251 Little Falls Drive, Wilmington, County of New Castle, and its registered agent at such address for service of process is Corporation Service Company; provided, however, that the Company may change its registered office and/or
registered agent at any time or from time to time. 
 1.4    Purposes. The purposes of the Company
are to, directly or indirectly through one or more subsidiaries, (a) engage in the activities and implement the business plan of the Company 

  
 1 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
as described in the Offering Memorandum, including without limitation (i) acquiring, owning, operating and supporting renewable energy projects (the “Projects”), (ii)
entering into development support arrangements with third-party developers with respect to Projects that are under development or construction or otherwise provide financial or other support to developers with respect to Projects in varying stages
of development, including by serving as lender to fund the development or construction of Projects (such arrangements, “Energy Project Loans”) and (iii) acquiring and owning other renewable energy-related or other assets as
described in the Offering Memorandum (such other assets, together with Projects and Energy Project Loans in which the Company has an interest (directly or indirectly through one or more subsidiaries) from time to time, the “Portfolio
Assets”), (b) engage in any other activities which may be directly or indirectly related or incidental to any of the foregoing and (c) in furtherance of the business objectives of the Company, engage in any lawful act or activity for
which limited liability companies may be formed under the laws of the State of Delaware. The Company shall have all the powers available to it as a limited liability company formed under the laws of the State of Delaware, including, without
limitation, all power and authority to enter into, make and perform all contracts and other undertakings and to engage in all activities and transactions and take any and all actions necessary, appropriate, desirable, incidental, or convenient to or
for the furtherance or accomplishment of the above purposes or of any other purpose permitted by the Act or the furtherance of any of the provisions herein set forth and to do every other act and thing incidental thereto or connected therewith,
including allocation of capital of the Company pending its utilization or disbursement, and any and all of the other powers that may be exercised on behalf of the Company by the Managing Member pursuant to this Agreement. The Company shall not be
limited as to the number or types of Portfolio Assets, or the amount contributed toward particular Portfolio Assets, and may allocate assets without restriction (subject to the limitations set forth in this Agreement). 

1.5    Register. The names of the Members and the amounts of their respective Capital Commitments
shall be set forth in a register, which shall be filed with the records of the Company and which may be amended from time to time by or on behalf of the Managing Member in accordance with the provisions of this Agreement. 

1.6    Definitions. All references in this Agreement to financial statements, assets, liabilities,
profits, and losses and similar accounting items with respect to the Company mean such items prepared or determined using the accrual method of accounting, or such other method as the Managing Member chooses, and the application of U.S. generally
accepted accounting principles as from time to time in effect, subject to any specific accounting treatment required by a particular section of this Agreement. 

For purposes of this Agreement, the following terms shall have the respective meanings set forth below: 

1.6.1    “Act” or “Delaware Act” means the Delaware Limited
Liability Company Act (6 Del. C. §18-101, et seq.), as from time to time amended. 

1.6.2    “Additional Acquisition” is defined in Section 3.1.5.

 1.6.3    “Administration Fee” is defined in Section 1.6.22.

 1.6.4    “Advisers Act” means the Investment Advisers Act of 1940, as from time to
time amended. 

  
 2 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 1.6.5    “Affiliate” of any Person means
any Person that, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such Person. The term “control” means: (i) the legal or beneficial ownership of securities
representing a majority of the voting power of any Person or (ii) the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether by contract or otherwise. 

1.6.6    “Aggregate Incentive Distribution” is defined in
Section 4.4.1. 
 1.6.7    “Agreement” means this Amended and
Restated Limited Liability Company Agreement as the same may be amended from time to time. 

1.6.8    “Assignee” is defined in Section 8.3. 

1.6.9    “Bank Holding Company Act” means the U.S. Bank Holding Company Act of 1956, as the
same may be amended from time to time. 
 1.6.10    “Business Day” means any day except a
Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to close. 

1.6.11    “Capital Account” means, with respect to any Member, the individual capital
account of such Member maintained in accordance with Section 4.1.2. 

1.6.12    “Capital Commitment” means, with respect to each Member, the aggregate Capital
Contributions which such Member has agreed to make as set forth in its Subscription Agreement to the extent accepted by the Managing Member. 

1.6.13    “Capital Contribution” means, with respect to a Member, that amount of capital
actually contributed or deemed to have been contributed by such Member to the Company pursuant to this Agreement. For purposes of determining the amount of the Parent Company’s Capital Contribution, amounts contributed to the Parent Company by
the Parent Company Members that are used to pay the Parent Company’s Company Expenses (as such term is defined in the applicable Parent Company Agreement) shall be deemed contributed to the Company by the Parent Company. Capital will not be
considered contributed to the Company by a Member until actually received by the Company from such Member; provided, however, that no Capital Contributions will be treated as being received by the Company on any date earlier than the
due date for such contributions. 
 1.6.14    “Capital
Sub-Account” is defined in Section 4.1.2. 

1.6.15    “Catch-Up Amount” means 15% of the sum of
(i) the Preferred Hurdle and (ii) aggregate Incentive Allocation distributions for the applicable Pre-IPO Incentive Allocation Reference Period. 

1.6.16    “Certificate of Formation” is defined in the recitals of this Agreement. 

1.6.17    “Code” means the U.S. Internal Revenue Code of 1986, as amended. 

1.6.18    “Company” is defined in the recitals of this Agreement. 

1.6.19    “Company Expenses” is defined in Section 6.3.1. 

1.6.20    “Confidential Information” is defined in
Section 11.14.1. 

  
 3 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 1.6.21    “Contributed Capital” means all
amounts contributed or deemed contributed to the Company, adjusted as appropriate for the admission of additional Members or Members increasing their Capital Commitments (including contributions of amounts described in the definition of Recallable
Capital, and excluding recalls of amounts that were distributed as other than a return of Contributed Capital, each as determined by the Managing Member). Amounts will be treated as being contributed to the Company from the time such contributions
are received by the Company; provided, however, that no Capital Contributions will be treated as being received by the Company on any date earlier than the due date for such contributions. 

1.6.22    “Core Operating Profit” is an amount equal to (i) the Project Operating
Income, plus, without double-counting, (ii) any other net revenue of the Company (taking into account only the Company’s direct or indirect proportionate share of such amounts, but excluding any items of Other Profit or Loss), less
(iii) the administration fee payable to the Manager by the Parent Company for Administrative Services (as defined in the Parent Company Agreement) provided by the Manager as set forth in the Parent Company Agreement (the “Administration
Fee”) (if an amount is payable by the Parent Company) (for the avoidance of doubt, the Administration Fee excludes administration fees borne directly or indirectly at the Project level by persons other than the Parent Company), any
management fee, Company Expenses and Parent Company Expenses (other than U.S. federal, state and local income taxes, if any, imposed on the Company) and the Economic Depreciation of Projects incurred during the applicable period, plus (iv) any
Administration Fee Rebate (as defined in the Parent Company Agreement), and plus or minus (v) without duplication, any Other Profit or Loss. For purposes of calculating Core Operating Profit, mark-to-market gains or losses on any assets or liabilities will be disregarded. 

1.6.23    “CPLR” is defined in Section 11.8.4. 

1.6.24    “Default Interest” is defined in Section 3.4.2. 

1.6.25    “Default Interest Purchase Price” is defined in
Section 3.4.2. 
 1.6.26    “Default Price” is defined in
Section 3.4.2. 
 1.6.27    “DEUCC” is defined in
Section 11.20. 
 1.6.28    “Disposition Cash Flows” is defined
in Section 4.4.1. 
 1.6.29    “Dodd-Frank Act” means the U.S.
Dodd-Frank Wall Street Reform and Consumer Protection Act, as it may be amended from time to time, and together with the regulations to be promulgated thereunder. 

1.6.30    “Drawdown” is defined in Section 3.1.1. 

1.6.31    “Drawdown Notice” is defined in Section 3.1.1. 

1.6.32    “Economic Depreciation” is calculated by depreciating the Company’s total
purchase price for each Project (regardless of whether funded with equity or borrowed money, but excluding amounts funded by tax equity in respect of such Project) using straight-line depreciation over (i) for Projects that were acquired by the
Operating Company at the commencement of such Project’s commercial operations, thirty-five (35) years, the expected operating life of such Projects or (ii) for all other Projects, thirty-five (35) years, less the number of years
elapsed since the commencement of such Project’s commercial operations. 

  
 4 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 1.6.33    “Energy Project Loans” is
defined in Section 1.4. 
 1.6.34    “ERISA” means the U.S.
Employee Retirement Income Security Act of 1974, as the same may be amended from time to time. 

1.6.35    “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended. 

1.6.36    “Exit Event” means (i) an IPO or (ii) a sale of all or substantially
all of the assets of the Company and the Parent Company. 
 1.6.37    “FATCA” means one
or more of the following, as the context requires: 
 (i)    sections 1471 to 1474 of the Code and any associated
legislation, regulations or guidance, commonly referred to as the US Foreign Account Tax Compliance Act, the Common Reporting Standard issued by the Organisation for Economic Cooperation and Development (OECD), or similar legislation, regulations or
guidance enacted in any other jurisdiction which seeks to implement equivalent tax reporting and/or withholding tax regimes; 

(ii)    any intergovernmental agreement, treaty or any other arrangement (including between any government bodies in each
relevant jurisdiction) entered into to facilitate, implement, comply with or supplement the legislation, regulations or guidance described in paragraph (i); and 

(iii)    any legislation, regulations or guidance implemented in the Cayman Islands to give effect to the matters outlined
in the preceding paragraphs. 
 1.6.38    “Final Closing Date” means the final Subsequent
Closing Date, which shall occur no later than twelve (12) months following the Initial Closing Date. 

1.6.39    “Funding Account” is defined in Section 3.1.3. 

1.6.40    “Goldman Sachs” means The Goldman Sachs Group, Inc. (or any Successor to its
business), together with Goldman Sachs & Co. LLC and its other subsidiaries and affiliates, including, Goldman Sachs Asset Management, L.P., the Investment Management Division of The Goldman Sachs Group, Inc. and their respective
subsidiaries and Affiliates. 
 1.6.41    “Goldman Sachs Person” is defined in
Section 6.3.8. 
 1.6.42    “GS Affiliated Member” means any
Member, in his, her or its capacity as a Member, which: (i) is also the Managing Member; (ii) is The Goldman Sachs Group, Inc. or its Successor; (iii) is any Person the ownership of which is substantially the same as that of The
Goldman Sachs Group, Inc. or its Successor; (iv) is a current or former Goldman Sachs employee or an investment vehicle of such employee, or any Affiliate of the Managing Member, in each case designated as a GS Affiliated Member from time to
time by the Managing Member; (v) owns at least 20% of or controls, directly or indirectly, The Goldman Sachs Group, Inc. or its Successor and is designated as a GS Affiliated Member from time to time by the Managing Member, (vi) is the
Special Interest Member, (vii) is the Initial Sole Member or (viii) is at least 20% owned or controlled, directly or indirectly, by The Goldman Sachs Group, Inc. or its Successor, by any Person the ownership of which is substantially the
same as that of The Goldman Sachs Group, Inc. or its Successor, or by any Person that owns at least 20% of or controls The Goldman Sachs Group, Inc. or its Successor and in each case is designated as a GS Affiliated Member from time to time by the
Managing Member. 

  
 5 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 1.6.43    “Hedging Instruments” means
futures, forward, swap, and option contracts or other financial instruments with similar characteristics, including forward foreign currency exchange contracts, currency and interest rate swaps, exchanges, caps and options. 

1.6.44    “Incentive Allocation” is defined in Section 4.3.1.

 1.6.45    “Indemnified Person” or “Indemnified Persons” is
defined in Section 6.9.1. 
 1.6.46    “Initial Closing Date”
means the first date on which the Parent Company accepts capital commitments from Parent Company Members to purchase interests in the Parent Company. 

1.6.47    “Initial Sole Member” is defined in the recitals of this Agreement. 

1.6.48    “Investment Company Act” means the U.S. Investment Company Act of 1940, as the
same may be amended from time to time. 
 1.6.49    “Investment Fund” is defined in
Section 3.4.8. 
 1.6.50    “IPO” means the sale, in a firm
commitment underwritten public offering pursuant to an effective registration statement under the Securities Act, of Parent Company interests (or other equity securities of the Parent Company or an IPO Entity) pursuant to which such interests (or
other securities) are listed on any nationally or globally recognized securities exchange. 

1.6.51    “IPO Entity” means any entity formed pursuant to a reorganization of the Parent
Company and any of its Affiliates for the purpose of effecting an IPO with respect to the equity securities of such IPO Entity that has been approved by the Parent Company Board and the Manager. 

1.6.52    “Loss” or “Losses” is defined in
Section 6.9.1. 
 1.6.53    “Majority in Interest of the
Members” means Members whose Capital Commitments constitute, in the aggregate, a majority of the aggregate Capital Commitments of all Members, calculated in accordance with Section 11.21. 

1.6.54    “Management Services Agreement” is defined in
Section 6.1.4. 
 1.6.55    “Manager” means Goldman Sachs Asset
Management, L.P. or any other Affiliate of Goldman Sachs which is acting as Manager pursuant to the Management Services Agreement. 

1.6.56    “Managing Member” is defined in the recitals of this Agreement. 

1.6.57    “Media Company” means any Portfolio Asset that, directly or indirectly, owns any
interest in, controls or operates a broadcast station, cable television system, a wireless or wireline telecommunications business, daily newspaper, any other communications facility or any other activity regulated by the Federal Communications
Commission. 
 1.6.58    “Member” means one of the Members of the Company listed as a
Member in the records of the Company. 
 1.6.59    “Member Loan” is defined in
Section 3.4.3. 
 1.6.60    “Members” means all of those
Persons who are members of the Company. 

  
 6 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 1.6.61    “Notice” is defined in
Section 5.6.1. 
 1.6.62    “OFAC” means the Office of Foreign
Assets Control of the U.S. Department of the Treasury. 
 1.6.63    “Offering Memorandum”
means the confidential offering memorandum of the Parent Company dated December 2017, as amended or supplemented from time to time. 

1.6.64    “Organizational and Start-up Expenses” is
defined in Section 6.3.3. 
 1.6.65    “Original Agreement” is
defined in the recitals of this Agreement. 
 1.6.66    “Other Investment Programs” means
additional investment partnerships, pooled investment vehicles, co-investment vehicles, separate accounts, managed accounts,
funds-of-one or customized investment programs, including investment funds having similar investment objectives as the Company, and other entities that have been or are
hereafter established by Goldman Sachs. 
 1.6.67    “Other Profit or Loss” is an amount
equal to the Company’s direct or indirect proportionate share of (i) proceeds from the disposition of a Project less remaining Economic Depreciation with respect to such Project and (ii) gains or losses from the disposition of any
other asset of the Company. 
 1.6.68    “Parent Company” is defined in the recitals of
this Agreement. 
 1.6.69    “Parent Company Agreement” means the Amended and Restated
Limited Liability Company Agreement of the Parent Company, as the same may be amended or restated from time to time. 

1.6.70    “Parent Company Board” means the board of directors of the Parent Company. 

1.6.71    “Parent Company Expenses” has the meaning ascribed to “Company
Expenses” in the Parent Company Agreement. 
 1.6.72    “Parent Company Member”
means each Person who is a member of the Parent Company. 
 1.6.73    “Person” means any
natural person, partnership (whether general or limited), limited liability company, corporation, trust, estate, association, custodian, nominee or other entity in its own or any representative capacity, in each case, whether domestic or foreign.

 1.6.74    “Pre-Disposition Distributions” is
defined in Section 4.4.1. 
 1.6.75    “Portfolio Acquisition
Period” is defined in Section 3.1.5. 
 1.6.76    “Portfolio
Asset” is defined in Section 1.4. 
 1.6.77    “Portfolio
Distributions” means all distributions made by Portfolio Assets. 
 1.6.78    “Post-IPO Incentive Allocation Reference Period” is defined in Section 4.3.1. 

1.6.79    “Pre-IPO Incentive Allocation Reference
Period” is defined in Section 4.3.1. 

  
 7 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 1.6.80    “Preferred Hurdle” is defined in
Section 4.3.1. 
 1.6.81    “Prime” means the U.S. prime
interest rate, as determined from time to time. 
 1.6.82    “Project Operating Income”
equals the EBDA (i.e., earnings before depreciation and amortization) of the Company, inclusive of its proportionate ownership interest in Projects held through wholly or partially-owned subsidiaries or other entities through which the Company holds
interests in Projects. 
 1.6.83    “Projects” is defined in
Section 1.4. 
 1.6.84    “Promote” is defined in
Section 4.4.2. 
 1.6.85    “Recallable Capital” means, with
respect to any Member as of any date, an amount equal to the sum of distributions made or deemed made to such Member pursuant to Article IV that, in the discretion of the Managing Member: (i) are required to satisfy any indemnification,
reimbursement, contribution or similar obligation of the Company (including any obligation resulting from applicable law) or any other expense or obligation of the Company, including repayment of indebtedness; (ii) are subject to recall or
reimbursement from or recontribution by the Company or (iii) are returned to such Member without having been allocated by the Company to Portfolio Assets. 

1.6.86    “Revocation Notice” is defined in Section 11.16. 

1.6.87    “Sanctioned Member” means any Member subject to sanctions under any Sanctions
Laws and Regulations, for and only for the period of time that such Member is subject to such sanctions. 

1.6.88    “Sanctions Laws and Regulations” means: (i) any U.S. sanctions laws and
regulations imposed or administered by OFAC and (ii) any other trade, economic, military or other sanctions laws or regulations imposed by the United Nations or any governmental or regulatory authority of the United States, the European Union,
and individual member states of the European Union. 
 1.6.89    “Securities Act” means
the U.S. Securities Act of 1933, as amended. 
 1.6.90    “Shortfall Amount” is defined
in Section 3.1.4. 
 1.6.91    “Side Letter” is defined in
Section 11.15. 
 1.6.92    “SIM Account” is defined in
Section 4.2. 
 1.6.93    “Special Interest Member” means the
Member that owns the right to receive the distributions in respect of the Incentive Allocation and the Promote and at any time thereafter shall be any Person to which all or a portion of such interest in the Company shall be transferred and which
has been admitted to the Company. 
 1.6.94    “Specified Event” is defined in
Section 4.4.1. 

1.6.95    “Sub-Account” is defined in
Section 4.1.1. 
 1.6.96    “Subscription Agreement” means the
subscription agreement executed by each Member in connection with such Member’s subscription for an interest in the Company. 

  
 8 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 1.6.97    “Subsequent Closing Date” means
each date on which a subsequent closing of the Company is held. 
 1.6.98    “Substituted
Member” is defined in Section 8.3. 

1.6.99    “Successor” means, with respect to any specified Person, any other Person which
succeeds to the business of such specified Person substantially and in the entirety. 

1.6.100    “Tax Cost” is defined in Section 5.5.6. 

1.6.101    “Tax Matters Representative” is defined in
Section 5.5.1. 
 1.6.102    “Transfer” is defined in
Section 8.1.1. 
 1.6.103    “Undrawn Commitment” means, with
respect to any Member as of any date, the excess of (A) the sum of: (i) such Member’s Capital Commitment plus (ii) such Member’s Recallable Capital over (B) the sum of: (i) the Capital Contributions previously paid
by such Member to the Company plus (ii) the Drawdowns (which have not yet been paid) of such Member to the Company. 

1.7    For all purposes of this Agreement and any schedules and exhibits hereto, except as expressly provided
herein or unless the context otherwise requires, the words “including,” “includes,” “include,” and words of similar import shall be deemed to be followed by the phrase “without limitation” and shall be
regarded as a reference to non-exclusive and non-characterizing illustrations. Except as otherwise expressly provided herein, in any case where Goldman Sachs, the
Manager, the Company or the Managing Member is authorized or required to take an action, exercise its discretion, make any determination or give any approval, it shall do so in its sole discretion or sole judgment taking into account any
considerations it deems appropriate. It is intended that the terms of this Agreement be construed in accordance with their fair meanings and not against any particular Person, including the Manager and the Managing Member. 

In any case where Goldman Sachs, the Company, the Manager, the Managing Member or any Person appointed by any of the foregoing is authorized,
required or requested under this Agreement to take or omit an action, make any decision, determination or valuation or grant or withhold any approval, consent or waiver, including any action authorized in its “opinion”,
“judgment”, “discretion”, “sole discretion” or similar grant of authority or latitude: (i) it shall do so (or not do so) in its sole and absolute discretion or judgment, with or without cause; (ii) it shall be
entitled to (but not required to) take into account any considerations, interests or factors it deems appropriate or desirable, including its own interests and interests of its Affiliates and shall have no duty or obligation to give any
consideration to any interest of or factors affecting the Company or the Members; (iii) such action (or inaction), decision, determination, valuation, or grant or withholding of approval, consent or waiver shall be final, binding and conclusive
as to the Company, all Members and their respective successors, assigns and personal representatives; and (iv) where it is expressly required to be reasonable or follow some other express standard, it will only be required to act under that
express standard and to the fullest extent permitted by law it shall not be subject to any duties or standards (including fiduciary or similar duties or standards) existing under applicable law (or in equity).Each Member hereby agrees that any
standard of care or duty imposed in this Agreement or any other agreement contemplated herein or under the Act or any other applicable law, rule or regulation shall be modified, waived or limited in each case as required to permit Goldman Sachs, the
Company, the Manager, the Managing Member and any Person appointed by any of the foregoing, as applicable, to act under this Agreement or any other agreement contemplated herein and to make any decisions, in each case pursuant to the authority

  
 9 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
prescribed in this Section 1.7. For the avoidance of doubt, in no way does this Section 1.7 eliminate or modify the Manager’s and the
Managing Member’s duty to act at all times in good faith in accordance with the Act. 
 ARTICLE II 

DURATION 
 The Company
shall be wound up and subsequently dissolved one year after the date by which all of the Company’s Portfolio Assets have been liquidated and the Company’s obligations (including contingent obligations) have terminated; provided,
that the Managing Member, at any time and in its discretion, may adopt an amendment to this Agreement, without the consent of any Member, (i) that would cause the Company to automatically dissolve and terminate no later than the fifteenth
anniversary of the formation of the Company or (ii) to limit the duration of the Company’s ownership of any Portfolio Asset to a period of 15 years or 10 years, as needed to comply with applicable law (including the Bank Holding Company
Act). 
 In the event that the Parent Company has not consummated an Exit Event by the fifth anniversary of the end of the Portfolio
Acquisition Period, subject to extension for one year at the option of the Parent Company Board (in consultation with the Manager), the Manager shall seek to liquidate the Company’s assets in such manner and over such time as it determines to
be appropriate as the opportunities to sell such assets on terms that the Manager determines to be advantageous to the Company and the Members become available, and following the liquidation of the Company’s assets and the termination of the
Company’s obligations (including contingent obligations), the Company shall be wound up and subsequently dissolved in accordance with applicable law and the terms of this Agreement. The Special Interest Member shall be entitled to receive the
Incentive Allocation and the Promote which will be allocated to the Special Interest Member through the date of the Company’s termination. 

Notwithstanding the foregoing, the Company shall dissolve, wind up, and terminate as set forth in Article X. 

ARTICLE III 

CONTRIBUTIONS TO CAPITAL 

3.1    Capital Contributions. 

3.1.1    At any time and from time to time, the Company may deliver a notice (each a “Drawdown
Notice”) to each Member that a drawdown of capital (a “Drawdown”) is being made with respect to all or a portion of such Member’s Capital Commitment (up to the amount of its Undrawn Commitment). Each Drawdown Notice
shall specify the due date and the amount of the Drawdown and shall be provided at least 5 Business Days prior to the date the amount called is due. Each Member agrees to fund each Drawdown and further agrees that its obligation to fund each
Drawdown is absolute and unconditional, without right of offset, counterclaim or defense, and that exceptions generally will not be permitted for any reason. The amount of the Drawdown specified in the Drawdown Notice may be applied by the Company
for any use permitted under this Agreement or the Act. Except as set forth in Sections 3.1.7, 4.7, 6.10, 8.3, and 9.2.3, a Member is not obligated to fund a Drawdown in excess of such Member’s Undrawn
Commitment. 

  
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PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 3.1.2    In general, all Drawdowns in respect of Capital
Commitments (except as otherwise provided in this Section 3.1 and Drawdowns for the Incentive Allocation and the Promote, which may be payable or distributable at different rates with respect to different Parent Company
Members) shall be made pro rata with respect to each Sub-Account in accordance with such Sub-Account’s portion of Undrawn Commitments. Drawdowns with respect to
Recallable Capital shall generally be made with respect to each Sub-Account pro rata based upon each such Sub-Account’s respective portions of distributions that
are subject to recall. 
 3.1.3    Each Member shall transfer its Capital Contribution from an account designated
by such Member (“Funding Account”). Payments by a Member of the amount specified in any Drawdown Notice must be made, to the extent sufficient funds are not already available in such Member’s Funding Account, by wiring
immediately available funds to such Member’s Funding Account (or, if the Managing Member has so agreed, to the Company or an account designated by the Company) not later than the date specified in the Drawdown Notice. Each Member hereby agrees
to the withdrawal by the Managing Member of funds from such Member’s Funding Account in such amounts as are necessary to meet Drawdowns. Capital will not be considered contributed to the Company by a Member until actually received by the
Company (or the account designated by the Company) from such Member (and in no event earlier than the due date for such Capital Contributions). The Managing Member may, without prior notice to or the consent of a Member, cause funds to be withdrawn
(including cash and securities) that have been deposited into a Member’s Funding Account from any source (including from partnerships, pooled investment vehicles, co-investment vehicles and separate
accounts that have been or are hereafter established by Goldman Sachs) at any time in amounts necessary to satisfy any obligation owed to the Company by such Member. Each Member hereby agrees that the Managing Member is authorized to instruct
Goldman Sachs to act on its instructions in order to allow the Managing Member to withdraw funds from such Member’s Funding Account as set forth in this Section 3.1.3. 

3.1.4    Unless otherwise expressly agreed in writing between a Member and the Managing Member, all payments
contemplated under this Agreement and each such Member’s obligations relating to its ownership of an interest in the Company (including all indemnification obligations) must be satisfied by payment in U.S. dollars. Each Member’s obligation
to pay U.S. dollars to the Company shall not be satisfied by payment in any other currency, whether pursuant to a judgment or otherwise, to the extent that the amount actually received by the Company upon conversion of amounts received in any other
currency to U.S. dollars falls short of the amount of U.S. dollars originally due to the Company (the “Shortfall Amount”). Each Member agrees as a separate obligation and notwithstanding any such judgment, to pay to the Company on
demand any Shortfall Amount. For the avoidance of doubt, no Member shall be liable for any Shortfall Amount due to the Company with respect to any other Member. 

3.1.5    The Company may issue Drawdowns from Members for the purpose of acquiring Portfolio Assets from the
Initial Closing Date until the third anniversary of the Final Closing Date, provided that this period may be extended for one additional year at the option of the Managing Member (the “Portfolio Acquisition Period”).
Drawdowns may be issued at any time prior to the expiration of the Portfolio Acquisition Period for any permitted purpose. Following the end of the Portfolio Acquisition Period, the Company may issue Drawdowns only: (i) to pay, and/or establish
reserves for, the Company’s actual or anticipated expenses (including Company Expenses), liabilities, including obligations relating to indemnification or the payment or repayment of indebtedness or other obligations, contingent or otherwise,
whether incurred before or after the end of the Portfolio Acquisition Period, (ii) to fulfill commitments made or reserved for prior to the expiration of the Portfolio Acquisition Period, (iii) to engage in hedging transactions, or
(iv) to allocate additional capital to existing Portfolio Assets (each, an “Additional Acquisition”) (including transactions to hedge interest rate or currency risks related to an Additional Acquisition). 

  
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 3.1.6    The Company will invest undeployed funds in its
discretion (including in a Goldman Sachs money market fund or account). 
 3.1.7    If a Member fails to fund a
Drawdown or other required payment to the Company on the due date set forth in the Drawdown Notice, the Managing Member may, on behalf of the Company and in addition to any other recourse the Managing Member or the Company may have against such
Member (including as set forth in Section 3.4), charge interest to such Member on such overdue amount. Interest will accrue equal to simple interest at a floating rate equal to Prime plus two percent per annum, or such
other rate as determined by the Managing Member, from and including the due date set forth in the Drawdown Notice until but not including the date such overdue amount is paid. 

3.2    Borrowings Pending Drawdowns. As contemplated by (and subject to the provisions of)
Section 6.1.3(iii), prior to the Final Closing Date, or at any time during the Company’s term, in anticipation of the receipt of Capital Contributions from Members, third parties not affiliated with Goldman Sachs, or,
subject to applicable law, including the Dodd-Frank Act, Goldman Sachs may, but shall not be obligated to, loan the Company sufficient funds to meet their obligations, including obligations of the Company with respect to the Company’s expenses,
acquisitions or potential acquisitions. Such loans will be made on commercially reasonable terms (including interest rate), as determined by the Managing Member. Such loans may also, in the discretion of the Managing Member, be secured by, including
by way of mortgage, pledge, charge, assignment of or the granting of any security interests in or over, the assets of the Company (including Undrawn Commitments and the right of the Managing Member to make Drawdowns and exercise any remedies in
order to enforce the Members’ funding obligations in accordance with this Agreement), Contributed Capital, Portfolio Distributions and Portfolio Assets. 
  

	 	3.3    [INTENTIONALLY	 OMITTED] 

3.4    Default by Member. 

3.4.1    The Members agree that prompt payment of a Drawdown and of any amounts required to be paid by the Members
under Sections 4.7, 6.10, and 8.3 or otherwise under this Agreement is of the essence, that failure of any Member to make such payment will cause irreparable harm to the Company and the other Members, and that the amount of
damages caused by such harm will be difficult to calculate. The Members acknowledge that failure by a Member promptly to pay a Drawdown (including in connection with a recall of distributions or to satisfy an indemnification obligation) may require non-defaulting Members to contribute additional capital (not to exceed their then Undrawn Commitment) to satisfy such shortfall, may result in the Company’s default in respect of its obligations, and may reduce
the number of Portfolio Assets that the Company may acquire, each of which may affect the financial stability of the Company. Accordingly, the Members agree that, except as otherwise provided in Section 9.2, if a Member
shall fail to fund a Drawdown or other required payment to the Company under this Agreement when due within 10 calendar days of the due date set forth in the Drawdown Notice or other applicable notice, or fails to comply with any term or condition
set forth in this Agreement, the Member’s Subscription Agreement, or any other agreement related to a Member’s interest in the Company, such Member shall be in default; provided, that the Company, in its discretion, may extend the
time period before a default occurs. A defaulting Member shall not be entitled to vote on any matter upon which the Members are entitled to vote hereunder, and the Default Interest 

  
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 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
in the Company will not be included in calculating the Company interests of the Members entitled to vote on or required to take any action under this Agreement. Upon any such default, the
Company, in its discretion, may undertake any one or more of the options listed below in this Section 3.4. 

3.4.2    Upon any such default, the Managing Member will have the option, but not the obligation, to undertake any
one or more of the following options in any particular order or differently with respect to each defaulting Member, subject to applicable law: (i) to cause the Company to acquire all or part of the interest of the defaulting Member in the
Company (the “Default Interest”); (ii) assign the Company’s right to acquire all or part of the Default Interest to its Affiliate; or (iii) sell all or part of the Default Interest to third parties (including any non-defaulting Member), including through a sale on a qualified matching service, whether or not such service is administered by Goldman Sachs, or otherwise; provided that the Managing Member shall have no
obligation to offer the Default Interest to any Person. A Transfer of all or part of a Default Interest, pursuant to clauses (i) and (ii) above, generally will be made at a price equal to the lower of: (a) the fair value of the Default
Interest as of the date of default (as reasonably determined in good faith by the Managing Member) and (ii) the book value of the Default Interest (as reasonably determined by the Managing Member in accordance with generally accepted accounting
principles) as of the end of the fiscal year immediately preceding the fiscal year in which the default is declared and adjusted for contributions from the defaulting Member and distributions, if any, to the defaulting Member since the end of the
fiscal year as of which these values are determined (the “Default Price”); provided that the Managing Member may transfer the Default Interest under clauses (i) and (ii) at a price less than the Default Price with the
consent of the defaulting Member (the Default Price or such lesser amount, the “Default Interest Purchase Price”). A transfer of a Default Interest under the circumstances described in clause (iii) of this paragraph generally
may be made at (and, for purposes of a transfer of Default Interest under the circumstances described in clause (iii) of this paragraph, the “Default Interest Purchase Price” will be deemed to be) any price offered by any such
third party, including at a price that is a significant discount to the book value of the Default Interest, and in some cases, solely in exchange for such third party’s assumption of the defaulting member’s Undrawn Commitment. Any Person
acquiring all or part of the Default Interest shall be required to assume the obligation of the defaulting Member to contribute to the Company the appropriate portion of past due Drawdowns (and any amounts past due in respect of any other required
payment) and future Capital Contributions related to the Default Interest or other required payments. Within 30 days of the payment of the Default Interest Purchase Price (or portion thereof if the entire Default Interest is not acquired) to the
Company, the defaulting Member will receive an amount equal to 50% of the Default Interest Purchase Price (or portion thereof). The remainder of the Default Interest Purchase Price (or portion thereof) will be retained by the Company. The Person(s)
acquiring all or a portion of the Default Interest shall succeed to all economic attributes associated with the portion of the Default Interest acquired, including a proportionate share of the Capital Account balance, any unreturned Contributed
Capital, and the entire remaining Undrawn Commitment. In addition, the 50% of the Default Interest Purchase Price retained by the Company shall be treated as an item of income solely for purposes of computing the Members’ respective Capital
Account balances and shall be treated as an amount of proceeds realized from a Portfolio Asset. 
 3.4.3    The
Managing Member may in its discretion, but is not required to, arrange for a full recourse loan with an expected maturity of 60 days or less, or such longer period in the discretion of the Managing Member (a “Member Loan”), to any
Member who fails to make a timely Capital Contribution or other required payment to the Company, and the proceeds of such Member Loan will be used to make such contribution or payment. A Member Loan may be secured by the Member’s interest in
the Company and the Managing Member’s right to issue 

  
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future Drawdown Notices to such Member, in each case at the discretion of the Managing Member. The lender shall have full recourse to the Member, and the terms of any Member Loan, including the
interest rate, shall be commercially reasonable as determined by the Managing Member in its discretion. Each Member hereby irrevocably appoints the Managing Member as its
attorney-in-fact to arrange such Member Loans, and to execute and deliver on behalf of such Member all documents or other instruments related thereto, without prior
notice to such Member. Such appointment and power of attorney is coupled with and is intended to secure an interest in property and the obligations of the relevant Member hereunder, is irrevocable, shall survive the Transfer of the Member’s
interest in the Company and shall survive and shall not be affected by, the subsequent death, disability, incapacity, incompetency, termination, bankruptcy, insolvency or dissolution of the Member, but shall be limited to the term of the Company
determined in accordance with this Agreement. Any Member on behalf of which a Member Loan is made shall remain liable to pay the remainder of its Capital Commitment in the amounts and on the terms specified in this Agreement, in addition to payment
of any amounts owing in respect of any Member Loan. To the extent permitted by applicable law, Goldman Sachs may, but is not required to, make any such Member Loan. Member Loans will not be made or arranged for any Member to the extent such Member
Loans would be prohibited by applicable law, including limitations under the Sarbanes Oxley Act of 2002 or the Dodd-Frank Act, nor will such loans be made or arranged for Members that are subject to the prohibited transaction rules of ERISA or the
Code or for governmental plans that are subject to similar laws, rules or regulations. A Member Loan will not alter the defaulting Member’s other obligations to the Company, including any obligation to make future Capital Contributions. 

3.4.4    The Managing Member may require, in its discretion, that the defaulting Member forfeit, without
consideration, to the Company some or all of its interest in the Company (including its interest in future allocations and distributions and some or all of the rights associated with such interest). Subject to applicable law, such forfeiture will
not alter such defaulting Member’s obligations to the Company, including any obligation to fund future Capital Contributions or make other required payments and such Member will continue to retain all such obligations. The Capital Account
balance (and the Capital Sub-Account balance) associated with the portion of the Default Interest shall be forfeited and allocated to the non-defaulting Members pursuant
to this Section 3.4.4 as if it were an item of income. The Managing Member will determine appropriate mechanisms for implementing these provisions, including adjustments to the future distributions to Members to take into
account any forfeiture described above. 
 3.4.5    The Managing Member may allow a defaulting Member to withdraw
from the Company upon such terms and conditions as may be established by the Managing Member, which may include, without limitation, the execution of liability releases, payment of legal and administrative expenses and other reasonable fees and the
forfeiture of all or a portion of such Member’s Capital Account. 
 3.4.6    In addition to any obligation
described in Section 6.9, in connection with any default, each Member hereby agrees, if it is a defaulting Member, to indemnify the Company, the Managing Member and any of their respective Affiliates for any and all claims,
losses, liabilities or damages (including attorneys’ fees and other related out-of-pocket expenses) suffered or incurred by any such Person as a result of the
defaulting Member failing to make a required Capital Contribution or otherwise failing to comply with the terms of the Subscription Agreement, and the Managing Member may require the defaulting Member to be responsible for all fees and expenses
(unless such requirement is waived by the Managing Member), including attorneys’ fees and sales commissions, incurred as a result of the default. The Company generally will deduct such fees and expenses from net proceeds paid to the defaulting
Member, if any. 

  
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PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 3.4.7    The remedies provided in this
Section 3.4 are in addition to and not in limitation of any other right or remedy of the Company, the Managing Member provided by law, at equity or under this Agreement, the Subscription Agreement, any client account
implementation agreement or any related agreements. 
 3.4.8    The Company may agree with the Parent Company and
any other Member that is an investment vehicle that invests all or substantially all of its assets in the Company (an “Investment Fund”) that, if a direct investor in the Parent Company or other Investment Fund fails to make a
contribution to the Parent Company or such or Investment Fund, as applicable, and as a result the Parent Company or such other Investment Fund does not make all or a portion of a Capital Contribution or other required payment to the Company, the
Company will treat the Parent Company or such other Investment Fund as a defaulting Member, but solely with respect to the portion of the Parent Company’s or such other Investment Fund’s interest in the Company relating to the direct
interest in the Parent Company or such other Investment Fund held by the direct investor in the Parent Company or such other Investment Fund that failed to make a contribution to the Parent Company or such other Investment Fund, as applicable. 

3.4.9    Notwithstanding any provision of this Section 3.4 to the contrary, in the event
that the Special Interest Member is the defaulting Member, the provisions of Sections 3.4.2 and 3.4.4 shall not apply to the Special Interest Member’s right to receive the Incentive Allocation or Promote but only to that portion
of its interest attributable to its subscription obligations to the Company and its right to distributions, and allocations of income and loss related thereto. Accordingly, in no event shall any purchaser of a portion of the interest of the Special
Interest Member pursuant to Section 3.4.2 become entitled to any Incentive Allocation (or the associated portion of the Special Interest Member’s Capital Account balance), all of which shall be retained by the Special
Interest Member, nor shall any such purchaser become obligated to contribute to the Company any amount under Section 10.2.4 in respect of the interest it purchased pursuant to Section 3.4.2. In
addition, in no event shall the Special Interest Member be deemed to have forfeited pursuant to Section 3.4.4 the portion of its interest in the Company, which entitles the Special Interest Member to receive Incentive
Allocations or Promote (or the associated portion of the Special Interest Member’s Capital Account balance). 

3.5    Admission of Members. A Person shall be admitted as a Member of the Company at the time that:
(i) a copy of the Subscription Agreement is executed by or on behalf of such Person; (ii) this Agreement or an amendment hereto or a counterpart hereof or thereof is executed by or on behalf of such Person and by the Managing Member;
(iii) the Managing Member consents to the admission of such Person as a Member; and (iv) such Person is listed as a Member of the Company in the records of the Company. 

3.6    Status Under ERISA. The Managing Member shall use its reasonable best efforts to manage the
Company so that the assets of the Company are not “plan assets” that are subject to Title I of ERISA or Section 4975 of the Code (or a comparable law or regulation). 

ARTICLE IV 

CAPITAL ACCOUNTS AND DISTRIBUTIONS 

4.1    Sub Accounts; Capital Accounts. 

4.1.1    In connection with the Parent Company’s investment as a Member, the Company shall establish for each
Parent Company Member a memorandum account (each, a “Sub-Account”). 

  
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Amounts contributed by, or to be distributed to, the Parent Company with respect to a Parent Company Member shall be accounted for in the Sub-Account
established with respect to such Parent Company Member. The Sub-Account shall initially be an amount equal to the aggregate initial Capital Contributions with respect to such Parent Company Member and shall be
(i) increased to reflect any additional Capital Contributions made or deemed made pursuant to Section 3.1 by such Parent Company Member; (ii) increased (or decreased) to reflect the gain or loss allocated with
respect to such Parent Company Member for each accounting period; (iii) decreased to reflect the amount of any distributions pursuant to Section 4.3.2 with respect to such Parent Company Member (including any deemed
distributions), and any deemed distributions of taxes withheld or incurred by the Company pursuant to Section 4.7 in respect of such Parent Company Member; and (iv) decreased for any Incentive Allocation and Promote
pursuant to Section 4.3 or Section 4.4 with respect to such Parent Company Member. 

4.1.2    A separate capital account (a “Capital Account”) shall be established on the books of the
Company with respect to each Member and maintained in accordance with Section 704 of the Code. The Company shall also establish for each Parent Company Member a memorandum capital account (each, a “Capital
Sub-Account”) maintained in accordance with this Agreement and the principles of Section 704 of the Code as if such Parent Company Member were a Member of the Company and contributions by and
distributions to such Parent Company Member were in accordance with the Sub-Account established with respect to such Parent Company Member. Capital Accounts and Capital
Sub-Accounts shall be appropriately adjusted by the Managing Member, in its sole discretion, for events and items as determined by the Managing Member in its sole discretion, including for any taxes incurred
by the Company allocable to the relevant Member or Parent Company Member. Each Member’s share of Company liabilities for purposes of Section 752 of the Code shall be determined according to such Member’s entitlement to profits
hereunder such that the Special Interest Member is allocated 15% of such Company liabilities. 

4.2    Special Interest Member Account. The Special Interest Member shall have a separate capital
account in respect of its Incentive Allocation (the “SIM Account”), which shall initially be equal to zero, and which shall be (A) increased by any Incentive Allocation at the time such Incentive Allocation is made, and
(B) decreased to reflect the amount of any distributions (including any deemed distributions in connection with the withholding of taxes in respect of such Incentive Allocation pursuant to Section 4.7) made to, or
withdrawals or transfers (pursuant to below) made by, the Special Interest Member in respect of such SIM Account. Amounts in the SIM Account may be withdrawn by the Special Interest Member at any time in its discretion. In addition, any amounts in
the SIM Account shall not be allocated any income, gains, losses or expenses or otherwise participate in the performance of the Company. 

4.3    Allocations and Distributions in the Absence of a Specified Event. This
Section 4.3 shall apply only until the occurrence of a Specified Event. 

4.3.1    Incentive Allocation. 

(i)    Prior to an IPO. Prior to an IPO (if any), and subject to the Preferred Hurdle and the Catch-Up Amount, the Special Interest Member shall be entitled to receive an incentive allocation (the “Incentive Allocation”) equal to 15% of the aggregate Core Operating Profit calculated by
reference to (i) the twelve preceding calendar quarters or (ii) if less than twelve calendar quarters, the period commencing upon the date of funding of the first drawdown following the Initial Closing Date and ending as of the end of the
quarter for which the Incentive Allocation is being calculated (the “Pre-IPO Incentive Allocation Reference Period”). The Incentive Allocation for any quarter shall only be distributable to
the Special Interest Member if Core Operating Profit 

  
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for the Pre-IPO Incentive Allocation Reference Period which ends with such quarter exceeds a 6% annualized rate of return (whether or not distributed) for
such Pre-IPO Incentive Allocation Reference Period on the aggregate amount of capital contributed by the Parent Company Members to the Parent Company (and not returned as a return of capital) through the end
of such quarter (the “Preferred Hurdle”), in which case the Special Interest Member will be entitled to distributions of Incentive Allocation in respect of a quarter such that aggregate Incentive Allocation distributions for the
applicable Pre-IPO Incentive Allocation Reference Period are equal to (i) the Catch-Up Amount plus (ii) 15% of the amount by which Core Operating Profit exceeds the
sum of the Preferred Hurdle and the Catch-Up Amount. 
 (ii)    Following an
IPO. Following an IPO (if any), and subject to the Preferred Hurdle and Catch-Up Amount, the Special Interest Member shall be entitled to receive an Incentive Allocation equal to 20% of the aggregate Core
Operating Profit calculated by reference to (i) the twelve preceding calendar quarters occurring following the quarter in which the IPO occurs or (ii) if less than twelve calendar quarters, the period commencing upon the beginning of the
calendar quarter in which the IPO occurs and ending as of the end of the quarter for which the Incentive Allocation is being calculated (the “Post-IPO Incentive Allocation Reference Period”).
The Incentive Allocation shall, in addition, be calculated to provide for the Preferred Hurdle and Catch-Up Amount in the same manner as in the period preceding the IPO, as set forth in
Section 4.3.1. The Incentive Allocation in the Post-IPO Incentive Allocation Reference Period shall be based on a new reference period that does not take into account or make any
reference to any Core Operating Profits or Incentive Allocation in respect of periods prior to the quarter in which the IPO occurs, even if the Preferred Hurdle for the Pre-IPO Incentive Allocation Reference
Period that ended immediately prior to the IPO has not been achieved. Therefore, the Special Interest Member may be entitled to an Incentive Allocation to which it would not have been entitled (or may be entitled to a higher Incentive Allocation
than the Incentive Allocation it would have been entitled) had the reference period for determining the Incentive Allocation not been reset. 

4.3.2    Distributions. 

(i)    The amount and timing of distributions by the Company, other than distributions to the Special Interest Member in
respect of its SIM Account, shall be in the discretion of the Managing Member and its determinations are conclusive and binding upon the Members. Subject to the foregoing, the Company generally shall distribute cash available for distribution after
satisfying, or establishing reserves for, any of the Company’s current or anticipated obligations (including indebtedness, Incentive Allocation and any Company Expenses, as well as obligations relating to Portfolio Assets, including Additional
Acquisitions). The Members acknowledge that the Company expects it will not make any distributions to Members prior to the Final Closing Date. 

(ii)    The Managing Member may debit from amounts otherwise distributable to a Member pursuant to this
Section 4.3.2: (i) all or a portion of any Capital Contribution or other required payment due to the Company from such Member and all or a portion of any Drawdown reasonably expected to be made to such Member (including in
connection with the payment of actual or anticipated Company Expenses and obligations, contingent or otherwise, of the Company); (ii) an amount to satisfy such Member’s allocable portion of any actual or anticipated obligations (contingent or
otherwise) of the Company (including the Incentive Allocation and any Company Expenses as well as obligations relating to Portfolio Assets, including Additional Acquisitions); and (iii) amounts withheld by the Company pursuant to
Section 4.7 in respect of taxes allocable to such Member. 

  
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 (iii)    Notwithstanding anything in this Agreement to the contrary, no
provision shall limit in any way the Managing Member’s discretion to maintain reserves to meet potential funding needs or other obligations of the Company. 

(iv)    Except as provided in Sections 9.2 and 10.2.3 below, distributions received by the Company, net of
reserves that the Managing Member deems reasonable, in respect of the Members may be made to such Member at the discretion of the Managing Member, including at any time to the Special Interest Member in an amount not in excess of the then positive
balance in its SIM Account, adjusted as the Managing Member determines appropriate so as to take into account: (i) any default by a Member; (ii) any exclusion of a Sanctioned Member; (iii) any Incentive Allocation that is not borne by
the Members in proportion to their Capital Commitments; (iv) the deemed distributions of withholding and other taxes as described in Section 4.8; and (v) the intention to cause all Members to share in the economic
arrangements intended by the provisions of this Agreement based on their relative commitments to the Company, regardless of whether they were admitted to the Company on the Initial Closing Date or a Subsequent Closing Date. 

For purposes of calculating distributions to each Sub-Account, each
Sub-Account’s share of Contributed Capital shall be adjusted to reflect the reallocation of any Capital Sub-Account balance as described in
Section 3.4.4. 
 4.4    Allocations and Distributions Following a Specified
Event. 
 4.4.1    In the event that (a) a determination is made by the Parent Company Board (in consultation with
the Manager) that an IPO will not occur or (b) the Parent Company has not consummated an Exit Event by the fifth anniversary of the end of the Portfolio Acquisition Period, subject to extension for one year at the option of the Parent Company
Board (in consultation with the Manager) and, in each case, in connection with such determination or failure to consummate an Exit Event, the Managing Member proceeds with the liquidation of the Company’s assets (each of clause (a) or (b),
a “Specified Event”), the Incentive Allocation shall convert to a Promote distributable to the Special Interest Member in the manner set forth below and shall be calculated by taking into account (i) the aggregate amount of
prior distributions of cash to Members (the “Pre-Disposition Distributions”), (ii) to the extent received by the Company and not previously distributed, any proceeds from operations of
Portfolio Assets, interest income in respect of Energy Project Loans and the proceeds of the disposition of the Portfolio Assets and Energy Project Loans, and (iii) the Company’s proportionate share of all applicable expenses and the
establishment of reserves for the payment of expenses or other obligations of the Company (the amounts described in (ii) less the amounts described in (iii), the “Disposition Cash Flows”) as well as the aggregate Incentive
Allocation previously distributed to the Special Interest Member (the “Aggregate Incentive Distribution”). 

4.4.2    Following such Specified Event, the Disposition Cash Flows shall first be apportioned among the Members in
proportion to their Commitments. Amounts apportioned to a Member other than the Parent Company shall be distributed to such Member. Amounts apportioned to the Parent Company shall be further apportioned among each
Sub-Account in proportion to the applicable Parent Company Member’s capital commitments to the Parent Company, subject to appropriate adjustments to take into account Defaults, Incentive Allocation and/or
Promote to which the Parent Company Members are subject. Generally, (i) with respect to each Sub-Account that is not subject to the Incentive Allocation or the Promote, the amount 

  
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PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 apportioned to each such Sub-Account shall be distributed to such Sub-Account, and (ii) the amount apportioned to each other Sub-Account shall be distributed as follows: 

 

	 	(a)	 first, 100% to such Sub-Account until the cumulative distributions to
such Sub-Account (including Pre-Disposition Distributions) equal the aggregate capital contributions made by the applicable Parent Company Member as of that time in
respect of such Sub-Account; 

  

	 	(b)	 second, 100% to such Sub-Account until the cumulative distributions
(including Pre-Disposition Distributions) to such Sub-Account equal an amount sufficient to provide such Sub-Account on a
cumulative basis with a return equal to 6% per annum, compounded annually, on the amounts set forth in paragraph (a) above during the period such amounts were unreturned; 

 

	 	(c)	 third, (A) 100% to the Special Interest Member as a
“catch-up” until the Special Interest Member has received (including Aggregate Incentive Distribution amounts) with respect to such Sub-Account 15% of the
excess of (1) total amounts distributed with respect to such Sub-Account over (2) aggregate capital contributions attributable to such Sub-Account (including,
for this purpose, any amounts of Aggregate Incentive Distributions and Pre-Disposition Distributions, as applicable), or (B) to the Parent Company Member in respect of such
Sub-Account until the Parent Company Member has received, with respect to such Sub-Account, cumulative distributions made pursuant to
sub-clause (b) above and this sub-clause (c)(B) (including, for this purpose, any Pre-Disposition Distributions) equal to
85% of the aggregate amounts distributed pursuant to sub-clause (b) above, sub-clause (c)(A), above, and this sub-clause
(c)(B) (including, in each case, any Aggregate Incentive Distributions and Pre-Disposition Distributions, as applicable) to the Parent Company Member in respect of such
Sub-Account and to the Special Interest Member in respect of such Sub-Account; and 

 

	 	(d)	 thereafter, between such Sub-Account and the Special Interest Member
such that aggregate distributions in excess of aggregate capital contributions (in each case, with respect to the Sub-Account) are made 85% to such Sub-Account and 15%
to the Special Interest Member (the amounts distributed to the Special Interest Member pursuant to the preceding paragraph (c) and this paragraph (d), the “Promote”). 

While the Promote will be calculated to take into account distributions previously made to the Special Interest Member in respect of the
Incentive Allocation, the Special Interest Member shall not be required to return to the Company any Incentive Allocation that it previously received. As a result, the Special Interest Member may receive and retain an amount of Incentive Allocation
and/or Promote in respect of a Member that exceeds 15% of the excess of (i) the total amounts distributed to such Member and to the Special Interest Member in respect of such Member over (ii) the aggregate capital contributions made by
such Member. 
 4.5    Accounting for Distributions. In making the distributions set forth in this
Article IV, a number of accounting conventions and special rules will be adopted. Capital Contributions used to pay Company Expenses, including expenses associated with acquiring Portfolio Assets, will be treated as Contributed Capital. For
purposes of computing the amount of the Preferred Hurdle with respect to the Incentive Allocation and the preferred return set forth in Section 4.4.2(b) with respect to the Promote, Capital Contributions that are included
in the definition of “Contributed Capital” will be treated as such from the time the corresponding capital contributions from Parent Company Members are received by the Parent Company; provided, however, that no
capital contributions will be treated as being received by the Parent Company on any date earlier than the due date for such contributed capital. 

  
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PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 The General Partner shall have authority to adopt such conventions and special rules as it
deems necessary or desirable to account for Portfolio Distributions in excess of the Preferred Hurdle, the preferred return set forth in Section 4.4.2(b), and Contributed Capital prior to the time when all Capital
Contributions have been made. 
 Notwithstanding anything else in this Agreement to the contrary, to the extent that distributions from, or
proceeds from the disposition of, Portfolio Assets by the Company are retained (rather than distributed, subject to recall), the Company will have the authority to adjust distributions and allocations to cause each
Sub-Account to receive, to the extent possible, the same distributions and allocations (as determined without giving effect to the individual tax treatment of any Parent Company Member) that each such Parent
Company Member would have received had the amounts been distributed and the Members made Capital Contributions in accordance with Section 3.1 (so that each Parent Company Member bears its share of the Incentive Allocation
or the Promote that are not borne by the Members in proportion to their Capital Commitments, bears amounts attributable to such Member pursuant to Section 4.7, and bears any other Company Expenses according to such
Member’s Capital Commitment, and so that each Sub-Account receives an appropriate amount of distributions and allocations as contemplated herein, in each case as determined by the Company). 

Contributions and/or distributions deemed to occur under this Section 4.5 and Section 4.8
shall also be deemed to occur for all purposes of this Agreement. 
 For purposes of this Agreement, amounts shall be deemed distributed by
the Company to the Parent Company only to the extent the Parent Company distributes amounts or deems such amounts distributed (including pursuant to Section 4.7) to Parent Company Members. 

Any Member acquiring all or a portion of the interest of another Member in the Company, pursuant to Section 3.4.2 or
otherwise, shall be deemed for all purposes of Article V to have, as a result, increased its Capital Commitment and Available Commitment (including Recallable Capital) by the portion of the Capital Commitment and Available Commitment
(including Recallable Capital) of the transferring Member allocable to such acquired interest. 

4.6    Valuation. Pursuant to the Management Services Agreement, the Manager, in its reasonable
discretion, shall value or oversee the valuation of any asset and investment of the Company in good faith, based upon available relevant information. Such valuations shall be made by the Manager pursuant to delegated authority and subject to the
supervision of the Managing Member, according to the Company’s valuation policies. The valuations of the Projects shall generally be based upon cost. In addition, a number of the Company’s other investments may be in the form of Energy
Project Loans and derivative instruments entered into in connection with the Company’s hedging activities, which may not have readily ascertainable market prices. The fair value of such other investments that are not publicly traded or whose
market prices are not readily available shall be determined in good faith by the Manager under procedures established by the Manager, which may include valuing such instruments at cost. Personnel of the Manager shall also prepare valuations using
sources and/or proprietary models, depending on the availability of information on the Company’s assets and the type of asset being valued, all in accordance with the Company’s valuation procedures. The Manager will be entitled, but not
required, to appoint a third party to make determinations regarding the value of assets. The Manager shall also have the discretion to use other valuation methods that it determines, in its discretion, are fair and reasonable. 

  
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PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 4.7    Withholding and Company Taxes. The Company in
its discretion may withhold and pay any taxes with respect to any Member, and any such taxes may be withheld from any distribution otherwise payable to such Member. If no sufficiently large distribution is imminent, the Managing Member may require
the relevant Member promptly to reimburse the Company for the amount of any such tax payable by the Company on behalf of such Member and, if such tax has already been paid by the Company, interest thereon at a floating rate of interest equal to
Prime plus two percent per annum, or such other commercially reasonable rate as determined by the Managing Member in its discretion, from the date of such tax payment until but not including the date such amount is reimbursed by such Member. No such
reimbursement will be considered a Capital Contribution for purposes of this Agreement, nor shall any requirement that any such reimbursement be paid be considered a Drawdown. 

4.7.1    Taxes withheld on amounts directly or indirectly payable to the Company, the Parent Company or subsidiary
vehicles of the Company and taxes otherwise paid by the Company, the Parent Company or subsidiary vehicles of the Company shall, except as otherwise provided herein, be treated for purposes of this Agreement as distributed to the appropriate Members
and paid by the appropriate Members to the relevant taxing jurisdiction. The Managing Member may require the relevant Member promptly to contribute to the Company an amount equal to such Member’s share, as determined in the discretion of the
Managing Member, of any of the taxes described in this Section 4.7.1. No such contribution will be considered a Capital Contribution for purposes of this Agreement, nor shall any requirement that any such contribution be
paid be considered a Drawdown. The amount of any such contribution shall not be treated as deemed distributed as described above. 

4.7.2    Each Member hereby agrees to indemnify and hold harmless the Indemnified Persons and the other Members
from and against any liability (including any liability for taxes, penalties, additions to tax, interest or failure to withhold taxes) with respect to income attributable to or distributions or other payments to such Member, including such
Member’s share, as determined by the Managing Member in its discretion, of any liability incurred by subsidiary vehicles. The provisions of this Section 4.7.2 shall survive any termination of this Agreement. Nothing in
this Section 4.7.2 shall cause any Member to become liable for any tax liability of any other Member. 
  

	 	4.8    [INTENTIONALLY	 OMITTED] 

4.9    Modifications to Allocations and/or Distributions. Adjustments may be made to Capital
Accounts, Capital Sub-Accounts, Undrawn Commitments, allocations and/or distributions, as the Managing Member determines appropriate, in its sole discretion, in order to reflect that certain Members or Parent
Company Members are not subject to the Incentive Allocation and/or Promote or are subject to a reduced Incentive Allocation and/or Promote and in connection with any defaults by Members or Parent Company Members, or otherwise in order to give effect
to the economic intent of the provisions of this Agreement and the Parent Company Agreement. 

4.10    Insolvency. No distribution shall be made that would render the Company insolvent. 

  
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 ARTICLE V 

CERTAIN FINANCIAL AND TAX MATTERS 

5.1    Financial Reporting. The Company shall prepare its financial statements in accordance with
U.S. generally accepted accounting principles using the accrual method of accounting on an annual basis, using the calendar year as its fiscal year, except to the extent otherwise required by the Code or selected by the Managing Member and permitted
or required by law. Such financial statements may not include all information necessary for disclosure in accordance with U.S. generally accepted accounting principles. The Managing Member shall have authority to utilize a cash method of accounting.

 5.2    Allocations for U.S. Federal Income Tax Purposes. The Managing Member shall allocate the
income and loss of the Company for U.S. federal income tax purposes in a manner so as to give economic effect to the distribution and other provisions of this Agreement, and shall make such allocations in its discretion and in consultation with its
tax advisors. For the avoidance of doubt, prior to a Specified Event, losses shall be allocated among the Members pro rata based upon Capital Contributions and income shall be allocated first to reverse any prior allocations of losses made pursuant
to this sentence and thereafter among the Members according to the economic entitlement of the Members hereunder. It is the intention of the parties that, to the extent possible and consistent with the economics of this Agreement, the allocations
made by the Managing Member be respected for U.S. federal income tax purposes, and in furtherance of this intention a “qualified income offset provision” and any such other provision described in applicable regulations and deemed desirable
by the Managing Member shall be incorporated by reference into this Agreement. Notwithstanding any implication to the contrary contained herein, the Managing Member shall have authority to make or refrain from making available tax elections and to
choose from all available tax accounting methodologies in implementing the foregoing. To the extent consistent with applicable law, the Managing Member may specially allocate income to any Member the status of which resulted in recognition of such
income or otherwise alter the distribution or allocation provisions herein so that such Member bears the consequences of such recognition. The Managing Member’s determination of allocations shall be binding upon all parties. 

5.3    Supervision; Inspection of Books. 

5.3.1    Proper and complete books of account and records of the business of the Company shall be kept under the
supervision of the Managing Member at the principal office of the Company in New York, New York, or such other place as designated by the Managing Member. Subject to Section 11.14: (i) this Agreement and all amendments
thereto; (ii) the Certificate of Formation; (iii) all effective waivers of the Company executed by the Members and the Managing Member; and (iv) capital account statements of the Member requesting such information shall be open to
inspection and copying by any Member or, subject to the prior approval of the Managing Member, such Member’s designated representative, in each case at such Member’s own expense, for any purpose reasonably related to such Member’s
interest as a Member in the Company, upon 20 Business Days’ written notice to the Company, at any time during normal business hours. Any such inspection or copying of the books and records of the Company shall take place at the principal office
of the Company, unless, in the discretion of the Managing Member, it is impracticable to perform such inspection in such place, in which case the Member requesting such records shall pay the expenses incurred by the Company in providing another
place for such inspection or copying. Subject to and in accordance with the second sentence of Section 11.14.1, Members shall only be entitled to receive the documentation 

  
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 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
specified in this Section 5.3, and shall not be entitled, as of right, to receive any other information regarding the state of the business and financial condition of
the Company. Any information so obtained or copied shall be kept and maintained in strictest confidence, and the Managing Member may require the Member requesting access to the books and records of the Company to execute an affirmation and
acknowledgement of the confidentiality provisions of this Agreement. The Members hereby acknowledge and agree that to the fullest extent permitted by Section 18-305(g) of the Act, as amended, the rights
of a Member to obtain information from the Managing Member and the Company shall be restricted, in the Managing Member’s discretion, to only those rights provided for in this Agreement, and that any other rights provided under Section 18-305 of the Act shall not be available to the Members or applicable to the Company, except as otherwise provided by the Managing Member. 

5.3.2    The Managing Member may charge the Member requesting access to such books and records for the services of
the officers, employees and agents of the Company, the Managing Member, or any of their Affiliates to supervise the inspection and copying of such books and records at a rate of compensation to be agreed upon by the requesting Member prior to such
Member obtaining access to the books and records. Such Member shall also pay for: (i) the reasonable fees and expenses of counsel, accountants and other consultants to the Company incurred by the Company in connection with responding to and
complying with a request for inspection or copying and (ii) all of the costs and expenses relating to such inspection and copying, including the use of information technology resources, supplies, copy equipment, personnel, and facility
resources. The Company shall not be required to provide a copy of any record in any medium that is different from the medium in which the Company normally maintains such record. Notwithstanding the provisions of this
Section 5.3.2, the Managing Member may, with respect to the rights set forth herein, adopt additional reasonable standards and limitations with respect to access to Company books and records. 

 

	 	5.4    [INTENTIONALLY	 OMITTED] 

5.5    Tax Matters and Elections. 

5.5.1    The Manager (or such person as the Manager shall designate) shall act as the “partnership
representative” of the Company within the meaning of Section 6223 of the Code and regulations promulgated thereunder (the “Tax Matters Representative”) and shall act for and on behalf of the Company to the extent required
under Sections 6221 through 6233 of the Code. The Tax Matters Representative is specifically directed and authorized to take whatever steps the Tax Matters Representative deems necessary or desirable to perfect any such designation, including filing
any forms or documents with the IRS and taking such other action as may from time to time be required under U.S. Treasury Regulations and, upon the request of the Tax Matters Representative, the Members shall execute any forms or statements required
in connection therewith. The Tax Matters Representative shall be promptly reimbursed for all expenses incurred by it in connection with service as Tax Matters Representative. 

5.5.2    Each Member agrees that any action taken by the Tax Matters Representative in connection with audits of
the Company under applicable tax law will be binding upon such Member. Each Member further agrees that (i) except when the specific consent of the Tax Matters Representative is granted, such Member will not treat any Company item inconsistently
on such Member’s individual income tax return with the treatment of the item on the Company’s tax return and (ii) such Member will not independently act with respect to tax audits or tax litigation affecting the Company, unless
previously authorized to do so in writing by the Tax Matters Representative, which authorization may be withheld by the Tax Matters Representative. 

  
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 5.5.3    The Managing Member may cause the Company to make or
refrain from making all elections required or permitted to be made by the Company under applicable tax law, including, but not limited to, an election to treat the Company as an Electing Investment Partnership as defined in section 743(e)(6) of the
Code and an election under section 754 of the Code. The Managing Member does not expect that the Company will make an election under section 754 of the Code. If the Company receives a notice of final partnership adjustment from the IRS, the Tax
Matters Representative may, as determined in its good faith discretion and with respect to any applicable year, cause the Company to (a) elect the application of Section 6226 of the Code, as amended by Section 1101 of the Bipartisan
Budget Act of 2015, with respect to any imputed underpayment arising from such adjustment, and (b) furnish to each Member (or former Member) a statement of such Member’s (or former Member’s) share of any adjustment to income, gain,
loss, deduction or credit (as determined in the notice of final partnership adjustment). 
 5.5.4    The Managing
Member is hereby authorized and empowered to prepare or have prepared, to execute or have executed and to file, on behalf and in the name of the Company, any returns, applications, elections, agreements, and other instruments or documents, under
applicable tax law, which it deems desirable or advisable. 
 5.5.5    Each Member further agrees that such
Member will, upon request by the Managing Member, provide any information or documentation, execute any forms or documents (including a power of attorney or settlement or closing agreement), provide any information and take any further action
requested by the Managing Member, and that the Managing Member may execute any forms or documents or obtain any information on such Member’s behalf that relate to such Member’s investment in the Company in connection with any tax matter
(including in connection with a tax audit or proceeding) affecting the Company, including as reasonably necessary to effectuate any of the foregoing provisions of this Section 5.5, including (without limitation) with
respect to any forms, documents or information reasonably necessary for the Company to comply with FATCA (or any comparable U.S. state or local, or non-U.S. law) or avoid being subject to withholding tax under
any such laws, if applicable. 
 5.5.6    If a Member fails to comply with its obligations under this
Section 5.5 and such failure results in any taxes, penalties, interest and/or any related costs or expenses (a “Tax Cost”), the Managing Member shall, to the extent commercially practicable, cause such
Member to bear the economic burden of such Tax Cost by specially allocating the Tax Cost to such Member and/or withholding the Tax Cost from proceeds otherwise distributable to such Member. In the event that the Managing Member does not withhold
such amounts, the Managing Member may require the Member to reimburse the Company or the Managing Member, as applicable, for any such Tax Costs. In addition, the Managing Member shall have full authority to take any steps that the Managing Member
reasonably determines are necessary or appropriate to mitigate the consequences to the Company, any entity in which the Company holds an equity or debt interest and/or any other Member of such Member’s failure to comply with its obligations
under this Section 5.5. Moreover, any Member that fails to comply with this Section 5.5 shall, to the fullest extent permitted by law, exculpate the Managing Member, the Company, and any of their
Affiliates, including any member of the Company’s “expanded affiliated group” within the meaning of Section 1471(e)(2) of the Code, for any liabilities related to such failure and indemnify the Managing Member, the Company, and
any such Affiliates. 
 5.6    Code Section 83 Safe Harbor
Election. 
 5.6.1    By executing this Agreement, each Member authorizes and directs the Company to elect
to have the “Safe Harbor” described in the proposed Revenue Procedure set forth in 

  
 24 

  

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Internal Revenue Service Notice 2005-43 (the “Notice”) apply to any interest in the Company transferred to a service provider by the
Company on or after the effective date of such Revenue Procedure in connection with services provided to the Company. For purposes of making such Safe Harbor election, the Managing Member is hereby designated as the “partner who has
responsibility for U.S. federal income tax reporting” by the Company and, accordingly, execution of such Safe Harbor election by the Managing Member constitutes execution of a “Safe Harbor Election” in accordance with
Section 3.03(1) of the Notice. The Company and each Member hereby agrees to comply with all requirements of the Safe Harbor described in the Notice, including the requirement that each Member shall prepare and file all U.S.
federal income tax returns reporting the income tax effects of each Safe Harbor Company Interest issued by the Company in a manner consistent with the requirements of the Notice. 

5.6.2    A Member’s obligations to comply with the requirements of this Section 5.6
shall survive such Member’s ceasing to be a Member of the Company and/or the termination, dissolution, liquidation and winding up of the Company, and, for purposes of this Section 5.6, the Company shall be treated as
continuing in existence. 
 5.6.3    Each Member authorizes the Managing Member to amend Sections 5.6.1
and 5.6.2 to the extent necessary to achieve substantially the same tax treatment with respect to any interest in the Company transferred to a service provider by the Company in connection with services provided to the Company as set forth in
Section 4 of the Notice (e.g., to reflect changes from the rules set forth in the Notice in subsequent Internal Revenue Service guidance); provided, that, such amendment is not materially adverse to such Member (as compared with the after-tax consequences that would result if the provisions of the Notice applied to all interests in the Company transferred to a service provider by the Company in connection with services provided to the Company).

 ARTICLE VI 

MANAGEMENT AND RESTRICTIONS 

6.1    Managing Member. 

6.1.1    The right to manage, control and conduct the business of the Company shall be vested in the Managing
Member, and all decisions affecting the Company, its policies and management shall be made by the Managing Member, subject to the Managing Member’s right to delegate certain of its responsibilities as set forth in
Section 6.1.2. The right to manage, control and conduct the business of the Managing Member shall be vested in a board of directors established by the Managing Member in accordance with Article VI of the Parent Company
Agreement. Such board of directors shall have the authority to make all decisions affecting the Managing Member, including with respect to any matters described in this Agreement that are within the scope of the power and authority of the Managing
Member, 
 6.1.2    The Managing Member shall have the power and authority to delegate to one or more Persons,
including to the Manager or any officer, employee, Affiliate or agent of the Company or the Manager, the Managing Member’s rights and powers to manage and control the business and affairs of the Company; provided however that,
except as contemplated by Section 6.1.4, no such delegation to an Affiliate of Goldman Sachs shall be permitted without the prior written consent of Goldman Sachs Asset Management, L.P. The Managing Member shall also have
the power and authority to consult with the Manager before taking certain actions. Furthermore, the Managing Member, by written instrument signed by it, shall have the power to 

  
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appoint one or more officers to act for the Company with such title as the Managing Member deems appropriate and to delegate to such officer(s), to the extent permitted by the Delaware Act, such
of the powers and authorities as are held by the Managing Member or as are granted to the Managing Member hereunder as the Managing Member may determine. The Persons so appointed may include Persons holding titles such as Chair, Chief Executive
Officer, President, Vice President, Chief Operating Officer, Chief Financial Officer, Treasurer or Controller. Unless the authority of the Person designated as the officer in question is limited in the document appointing such officer, any officer
so appointed shall have at least the same authority to act for the Company as is customary for a corresponding officer of a Delaware corporation to have to act for a Delaware corporation in the absence of a specific delegation of authority. The
Managing Member, by written instrument signed by it, may, in the sole discretion of the entity so acting, ratify any act previously taken on behalf of the Company by any Person appointed as an officer. 

6.1.3    Except as is otherwise specifically provided herein, the Managing Member shall have and exercise all of
the powers that a managing member in a limited liability company may have or exercise under the Act and is authorized and empowered to carry out and implement any and all purposes and objects of the Company. These powers shall include the powers to,
and may be carried out directly or indirectly through the Company or through one or more investment vehicles or other wholly or partially owned subsidiaries, or by the Managing Member, on behalf of the Company or otherwise: 

(i)    identify, acquire (directly or indirectly), hold, manage, own, sell, transfer, convey, assign, exchange, distribute
or otherwise dispose of any Portfolio Asset or other asset of the Company; 
 (ii)    make acquisitions and incur
leverage through one or more partnerships or other entities, the sole or majority beneficial interest holders in which is the Company, and to grant security interests, assign and/or pledge the Company’s assets, including Undrawn Commitments of
the Members, to such entities in order to secure borrowings or leverage; 
 (iii)    (a) borrow money or obtain other
extensions of credit to acquire, directly or indirectly, new assets (including prior to the Initial Closing Date or the Final Closing Date) and for other Company activities (including borrowing pending Drawdowns (as contemplated by
Section 3.2), obtaining bridge financing for acquisitions made in advance of the Drawdowns relating to such acquisitions, and facilitating the Company’s hedging activities); (b) leverage existing assets to permit
distributions or additional acquisitions; (c) mortgage, charge, pledge, assign or otherwise grant a security interest in or over the assets of the Company (including, Undrawn Commitments, Capital Contributions, Portfolio Distributions and
Portfolio Assets); (d) assign or pledge the Managing Member’s right to make Drawdowns and to exercise any remedies in order to enforce the Members’ funding obligations in accordance with this Agreement; and (e) guarantee, indemnify or
otherwise secure the obligations of the Company, the Portfolio Assets and/or investment vehicles or other Affiliates of the Company as set forth in Section 11.18; 

(iv)    enter into, and take any action under, any contract, agreement or other instrument as the Managing Member shall
determine to be necessary or desirable to further the purposes of the Company, including entering into the Management Services Agreement for the benefit of the Company and granting or refraining from granting any waivers, consents and approvals with
respect to any of the foregoing and any matters incident thereto; 
 (v)    employ, and terminate the employment of, on
behalf and at the expense of the Company, (a) the Manager pursuant to the Management Services Agreement and (b) any 

  
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 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
and all other financial advisers, underwriters, attorneys, accountants, consultants, appraisers, custodians of the assets of the Company or other agents (who may be designated as officers of the
Managing Member, the Manager or the Company), including Goldman Sachs, on such commercially reasonable terms and for such reasonable compensation as the Managing Member may determine; 

(vi)    make all elections, investigations, evaluations and decisions, binding the Company thereby, that may be necessary
or desirable for the acquisition, management, or disposition of Portfolio Assets and other assets of the Company; 

(vii)    enter into, consent to and perform any cross transaction in which Goldman Sachs acts for both the Company and a
party on the other side of the transaction, including circumstances where Goldman Sachs acts as a broker for both the Company and a party on the other side of the transaction, and enter into, consent to and perform any principal transactions in
which the Company purchases property (including securities) from or sells property (including securities) to Goldman Sachs; 

(viii)    bring and defend actions and proceedings at law or equity and before any governmental, administrative or other
regulatory agency, body or commission; 
 (ix)    open accounts with banks, brokerage firms or other financial
institutions (including Goldman Sachs-affiliated banks), deposit, maintain and withdraw funds in the name of the Company and draw checks or other orders for the payment of moneys; 

(x)    make distributions to Members in cash or (to the extent permitted hereunder) otherwise; 

(xi)    reduce the risk or protect the value of the Company’s Portfolio Assets through entering into Hedging
Instruments and engage in hedging transactions and strategies, including in connection with interest rate hedging, credit risk hedging, currency hedging, energy price hedging and renewable energy credits price hedging; 

(xii)    engage in derivative transactions for non-speculative purposes
(including, for avoidance of doubt, for hedging purposes), including forward contracts and option and swap transactions; 

(xiii)    prepare (or have prepared), execute (or have executed) and file all necessary returns, applications, elections
or other documents, instruments or statements, pay all taxes, assessments and other impositions applicable to the assets of the Company and withhold amounts with respect thereto from funds otherwise distributable to any Member; 

(xiv)    determine the accounting methods and conventions to be used in the preparation of any accounting or financial
records of the Company; 
 (xv)    receive fees in respect of commitments made to Portfolio Assets; and 

(xvi)    take all actions necessary to, in connection with, or incidental to, any of the foregoing. 

6.1.4    The Members acknowledge that the Manager and the Parent Company will enter into a management services
agreement or other similar agreement (the “Management Services Agreement”) 

  
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pursuant to which Goldman Sachs Asset Management, L.P. will be engaged to provide management services to the Parent Company, the Company and certain of their affiliates and further acknowledge
and agree that, so long as the Management Services Agreement (or a successor agreement) is in effect: (i) the Parent Company shall have the authority to delegate to the Manager the authority to make certain decisions and undertake certain
actions, in each case, on behalf of the Parent Company and certain of its affiliates (including the Company), including the authority to make acquisition, disposition, and related management decisions, as well as all other matters delegated to the
Manager pursuant to the Management Services Agreement and (ii) the Managing Member shall have no responsibility for making any acquisition, disposition or management decisions on behalf of the Company or for the performance of any other
functions so delegated. Any resolution or other approval or consent by the Managing Member regarding any acquisition, disposition or management decisions on behalf of the Company shall nonetheless (and notwithstanding any authority of the Manager)
be binding on the Company and may be conclusively relied upon by third parties. The Members acknowledge that, without the consent of the Company or the Parent Company, but subject to applicable law, the Manager may assign its rights and obligations
as Manager (in whole or in part) under the Management Services Agreement (i) to a person that is the Manager’s successor by merger, consolidation or purchase of assets, in which case the successor will be bound under the Management
Services Agreement and by the terms of the assignment in the same manner as the Manager is bound under the Management Services Agreement, (ii) to a person that, in the reasonable and good faith determination of the Manager, is an experienced
and reputable manager, in which case the assignee will be bound under the Management Services Agreement and by the terms of the assignment in the same manner as the Manager is bound under the Management Services Agreement or (iii) to (w) any
Affiliate of the Manager, (x) a corporation, partnership or other entity which succeeds to the business of Goldman Sachs & Co. LLC or The Goldman Sachs Group, Inc. substantially as an entirety, (y) The Goldman Sachs Group, Inc. or
any corporation, partnership or other entity the ownership of which is substantially the same as that of The Goldman Sachs Group, Inc., or (z) any corporation, partnership or other entity of which at least 50% of the voting securities or
general partnership interests or Interests are owned, directly or indirectly, by any person described in clause (w), (x) or (y) above; provided, however, that the Manager may not assign or transfer its investment advisory
responsibilities to any person in a transaction that constitutes an “assignment” under the Advisers Act. 

6.1.5    Each of the Members agrees that all determinations, decisions, and actions made or taken by the Managing
Member and/or the Manager in good faith and in accordance with this Agreement shall be conclusive and absolutely binding upon the Company, the Members, and their respective Successors, assigns, and personal representatives. 

6.1.6    Except as authorized by the Managing Member, or as expressly set forth in this Agreement, the Members
shall have no part in the management of the Company, and shall have no authority or right to act on behalf of the Company in connection with any matter. 
  

	 	6.2    IPO	  

6.2.1    The Parent Company Board shall have the power to pursue and effect an IPO in any manner or jurisdiction it
determines. In connection with an IPO, the Managing Member shall have the right, on behalf of the Company, without the consent of the Members, to: 

(i)    reorganize the Company into another legal entity in the same or different jurisdiction ; 

  
 28 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 (ii)    transfer the assets of the Company in whole or in part to another
entity; 
 (iii)    create additional entities so that the listed security is issued by an entity other than the
Company; 
 (iv)    seek regulatory or other approvals in applicable jurisdictions necessary to facilitate any such IPO;

 (v)    modify the terms of this Agreement to comply with regulatory or listing requirements; 

(vi)    modify or amend this Agreement or any other governing documents of the Company to effectuate the foregoing; 

(vii)    modify the terms of this Agreement or any other governing documents of the Company to include provisions that
limit the ability of other entities or persons to acquire control of the Company or provide investors in the Company with liquidity, which may include provisions establishing a staggered board or a requirement for advance notice for proposals by
holders of interests in the Company and nominations, or limitations on convening meetings of holders of interests in the Company or the authorization of the issuance of preferred interests that could be issued by the Managing Member to impede a
takeover attempt; and 
 (viii)    modify the terms of this Agreement or any other governing documents of the Company to
include provisions that, after consultation with the underwriters in any such IPO, are customary or appropriate, as determined in the Managing Member’s sole discretion; and 

(ix)    take any other action which the Managing Member, in its sole discretion, deems reasonable or appropriate. 

6.2.2    The Members acknowledge and agree that the Managing Member shall determine, in its sole discretion, the
terms that will govern the Company in connection with, and following, an IPO and may amend such terms without consent from the Members. 

6.3    Management Services; Fees; Expenses. 

6.3.1    The Company will pay for all ordinary and extraordinary expenses incurred by them or on their behalf,
including operational expenses of the Company, which include: (i) fees and expenses, including travel expenses, incurred by the Manager or the Managing Member or payable to third parties related to the Portfolio Assets, including, among others,
third parties engaged to provide operations and maintenance services to the Portfolio Assets, professional fees (including the fees and expenses of consultants and experts), fees and expenses that the Manager or the Managing Member determines to be
related to investigating, evaluating, monitoring, researching and performing due diligence on Portfolio Assets and prospective Portfolio Assets and acquiring, holding, tracking and disposing of Portfolio Assets (including fees and commissions
associated with sourced Portfolio Assets and any other brokers’ fees and commissions) and broken-deal expenses incurred in connection with a potential acquisition of Portfolio Assets; (ii) interest, fees and other expenses payable on
credit facilities incurred by the Company; (iii) obligations in connection with (including the settlement of) any Hedging Instrument; (iv) legal, auditing or accounting expenses, including expenses for outside consultants engaged to assist
Goldman Sachs personnel with regard to such functions, including the ongoing expenses of accountants and other service providers relating to tax modelling and tax planning; (v) 

  
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 CONFIDENTIAL TREATMENT REQUESTED 

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administrative expenses, including expenses for outside consultants engaged to assist Goldman Sachs personnel with regard to such functions; (vi) expenses of information technology, software
and other systems; (vii) taxes (including related interest and penalties), other than those properly allocable to a Member in its capacity as a Member, or governmental fees, including expenses related to reporting and filings done by external
tax professionals; (viii) the fees and expenses payable to service providers for certain administrative services and transfer agency services; (ix) the expenses, including clerical expenses of issue, redemption or repurchase of the
Interests; (x) the expenses of transferring Interests (to the extent not paid for by the transferor); (xi) the expenses of, and fees for, registering or qualifying common stock for sale and maintaining the Company’s registration;
(xii) the cost of preparing and distributing reports, proxy statements and notices to holders of the Company’s equity interests, the U.S. Securities and Exchange Commission and other regulatory authorities and any other reporting or filing
obligations to any governmental or regulatory authorities, and any legal and accounting expenses attributable to the Company; (xiii) costs of holding any member meetings; (xiv) printing expenses, mailing and similar expenses;
(xv) fees and expenses relating to any IPO; (xvi) the fees or disbursements of custodians of the Company’s assets, including expenses incurred in the performance of any obligations enumerated by the Company’s organizational
documents insofar as they govern agreements with any such custodian; (xvii) insurance premiums, including insurance purchased for the Managing Member or officers of the Company; (xviii) costs and expenses incurred as a result of any
reorganization or the dissolution, winding-up or termination of the Company; (xix) costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or dispute in
connection with the business of the Company and the amount of any judgment or settlement paid in connection therewith, or the enforcement of the Company’s rights against any person and indemnification or contribution expenses payable by the
Company to any person and other extraordinary expenses not incurred in the ordinary course of business of the Company; and (xx) any other expenses not specifically to be paid or borne by the Managing Member (any such expenses, the
“Company Expenses”). 
 6.3.2    To the extent that services that constitute Company Expenses
are provided to the Company by employees of the Manager or its Affiliates, the Company may pay the Manager or its Affiliates, as applicable, for providing such services and reimburse them for expenses incurred in connection therewith. For example,
the Company may pay Affiliates of the Manager for providing investment banking and other services to the Company. In addition, the Company will reimburse the Manager, its Affiliates, or employees, as applicable, for any Company Expenses paid or
accrued by the Manager, its Affiliates or employees. For the avoidance of doubt, the Manager may engage unaffiliated Persons with industry, managerial or other expertise as consultants or advisors to the Manager with respect to the Company, and the
Company’s share of such expenses shall be Company Expenses. 
 6.3.3    The Company shall also pay, or
reimburse Goldman Sachs and its affiliates for, organizational and start-up expenses incurred in connection with the organization of the Company, and the offer and sale of the Company’s interests
(“Organizational and Start-up Expenses”). Organizational and Start-up Expenses include legal and accounting fees relating to the organization of the
Company and the offering of Interests, fees and expenses of accountants and other service providers in connection with the initial construction of tax models and calculations and initial tax planning and structuring, printing expenses, marketing
costs, travel expenses, expenses relating to the preparation of the Company’s organizational and offering documents and any modifications to or supplements of such documents, expenses relating to the negotiation and preparation of any
agreements entered into with any Members, expenses relating to the review and processing of Subscription Agreements and related documentation, and expenses related to the distribution of documentation to the Members and prospective members.

  
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 CONFIDENTIAL TREATMENT REQUESTED 

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Organizational and Start¬up Expenses shall be subject to the Organizational and Start-up Expenses Cap (as defined in the Parent Company Agreement),
such that if Organizational and Start-up Expenses, together with the organizational and start-up expenses of the Parent Company, exceed the Organizational and
Start¬up Expenses Cap, such excess will be offset against the management fee payable to the Manager in accordance with Section 6.3 of the Parent Company Agreement. 

6.3.4    In addition to Company Expenses, the Company shall also directly or indirectly bear its allocable share of
the organizational and operating expenses of the entities through which the Company acquires or holds Portfolio Assets, including costs and expenses similar to the types of expenses that constitute Company Expenses and expenses relating to the
acquisition, holding, operation and disposition of such Portfolio Assets. 
 6.3.5    To the extent that expenses
to be paid or borne directly or indirectly by the Company are paid by the Manager or its Affiliate, the Company shall reimburse the Manager or such Affiliate, as applicable, for such expenses; provided, however, that the Manager may
elect, from time to time and in its sole discretion, to bear certain of the Company’s expenses set forth above, including organizational and other expenses. 
  

	 	6.3.6    [INTENTIONALLY	 OMITTED] 

  

	 	6.3.7    [INTENTIONALLY	 OMITTED] 

6.3.8    The Members acknowledge that nothing in this Agreement or the Management Services Agreement shall preclude
Goldman Sachs or any partner, director, officer or employee of Goldman Sachs (each, a “Goldman Sachs Person”) from (i) exercising asset acquisition and management or investment responsibility, or from otherwise engaging,
directly or indirectly, in any other business, irrespective of whether any such business is similar to, or identical with, the business of the Company or shall otherwise involve purchasing, selling, holding or otherwise dealing with, investments or
(ii) directly or indirectly purchasing, selling, holding or otherwise dealing with any investment for the account of any such other business, for its own account, for any of its family members or for other clients, irrespective of whether any
such investments are purchased, sold, held or otherwise dealt with for the account of the Company. No Member shall, by reason of being a Member in the Company, have any right to participate in any manner in any profits or income earned or derived by
or accruing to Goldman Sachs or any Goldman Sachs Person from the conduct of any business other than the business of the Company or from any transaction or other investment effected by any such Person for any account other than that of the Company.

 6.3.9    In addition to transactions specifically contemplated by this Agreement, the Manager on behalf of the
Company is permitted, subject to applicable law, to purchase property (including securities), obtain services or borrow funds from, to sell property (including securities) or provide services to or otherwise to deal with Goldman Sachs;
provided, that any such dealings shall be on commercially reasonable terms, as determined by the Manager. The Manager is also permitted to cause the Company: (i) to participate (a) in opportunities which have been declined by Other
Investment Programs or by Goldman Sachs, (b) in opportunities in which Goldman Sachs or one or more Other Investment Programs have participated (on terms which are the same as or different from the terms on which the Company has participated)
or is contemplating participation therein, and (c) with Other Investment Programs, including in different proportions as to their respective available capital and in a different portion of the capital structure; (ii) to sell any of the
Company’s assets to any Other Investment Program or Goldman Sachs; (iii) to purchase any asset from any Other Investment Program or by Goldman Sachs; and (iv) to invest 

  
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 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
in Other Investment Programs; provided, that any such dealings shall be on commercially reasonable terms as determined by the Manager. Each Member acknowledges and agrees that such
dealings, as well as decisions concerning the allocation of opportunities among the Company on the one hand and Goldman Sachs and its other Affiliates and clients on the other, may give rise to conflicts of interest from time to time to which each
Member hereby consents. Each Member hereby acknowledges and agrees that such conflicts will be resolved by Goldman Sachs; that such determinations will be conclusive and absolutely binding upon the Company, the Members, and their respective
Successors, assigns and personal representatives; and that Goldman Sachs is under no obligation to allocate opportunities of any kind to the Company. 

6.4    Members. The Members shall take no part in the control, management or conduct of the
Company’s business nor shall the Members have any power or authority to act for or on behalf of the Company, except as is specifically permitted by this Agreement and by the Act. 

6.5    Interest and Capital Withdrawals. 

6.5.1    Except as otherwise expressly provided herein, no interest shall be paid to any Member on account of such
Member’s Capital Contributions. 
 6.5.2    No Member shall have the right to withdraw any amount, redeem
its interest, receive distributions or demand distributions from the Company, except as otherwise expressly provided herein. 

6.6    Permitted Goldman Sachs Activities. Subject to applicable law, nothing contained herein or in
the Management Services Agreement shall preclude, restrict or limit in any way the activities of Goldman Sachs, including: (i) from investing in Portfolio Assets or other principal investments for its own account or the account of Other
Investment Programs (including investment funds or vehicles managed by the Manager) or third parties; (ii) from engaging in transactions in connection with a decision by Goldman Sachs to enter into a new strategic business or businesses,
including principal investments in financial services companies; (iii) from receiving fees or other compensation of any kind from any activity, including activities in which the interests of the Company may be different from or adverse to the
interests of Goldman Sachs or third parties; and (iv) from forming Other Investment Programs. 

6.7    Investment Banking Activities. The Members acknowledge and agree that, subject to applicable
law: (i) the Manager (on behalf of the Company), any Portfolio Asset, and any competitor or counterparty of any of the foregoing may engage Goldman Sachs (and Goldman Sachs may act in its individual capacity and for its own account) as
investment banker, underwriter, financial advisor, asset manager, placement agent, or selling agent or as broker, dealer, or trader in securities (including warrants and options), real estate, Hedging Instruments, structured financial products,
foreign exchange, and commodities, including in connection with the acquisition, holding, disposition, liquidation, or bankruptcy of any investment permitted to be made (or made) directly or indirectly by the Company or any Portfolio Asset;
(ii) Goldman Sachs may make interest-bearing loans to the Portfolio Assets and the Company, and may act as agent in connection with the placement or syndication of indebtedness of any Portfolio Asset or other securities of any Portfolio Asset,
and may acquire, hold or dispose of any notes, debt securities and any other evidences of indebtedness or other securities of any Portfolio Asset; (iii) Goldman Sachs may receive and retain from the Company, any Portfolio Asset, and any
competitor or counterparty of any of the foregoing fees (including sponsor fees), commissions, discounts, interest, and other sums, and Goldman Sachs may earn profits in connection with any of the foregoing; (iv) Goldman Sachs may sponsor,
manage or advise investment funds or vehicles that 

  
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 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
may seek to make private investments in securities or other instruments, sectors or strategies in which the Company may invest, and may create subsequent funds, and Goldman Sachs may earn profits
in connection therewith; and (v) neither the Company nor any Member shall have any interest in any such profits, fees, commissions, discounts, interest and other sums by virtue of this Agreement or the Company relation created hereby;
provided, that in the case of clauses (i), (ii), and (iii) above, with respect to services rendered to the Company, (a) the services rendered are determined by the Manager in good faith to be appropriate and useful; (b) the
Persons or entities rendering such services are qualified to do so; and (c) the fees or other amounts charged in respect of such services are determined by the Managing Member to be commercially reasonable. 

6.8    Additional Investments by Members. 

6.8.1    The Members agree that the Manager may (but shall not be obligated to) offer to one or more Members and
other Persons, subject to the provisions of this Article VI, each in its individual capacity, the opportunity to invest alongside the Company in a Portfolio Asset or to purchase a Portfolio Asset from the Company. No Member shall have any
right to participate in any such opportunity, or have any interest therein, by virtue of this Agreement or the partnership relation created hereby. Such investment opportunities, if offered, may or may not be in proportion to the Capital Commitments
of the Members and may involve different terms and fee structures, as determined by the Manager. 
 6.8.2    The
Members shall not be obligated to refer potential acquisitions to the Company and shall not be restricted in any investments they make. No Member shall be obligated to do or perform any act in connection with the business activity of the Company not
expressly set forth in this Agreement. 
 6.9    Standard of Care; Indemnification Obligations.

 6.9.1    (i) To the fullest extent permitted by law, none of the Company, the Managing Member or officer,
employee, agent, representative, or controlling person of the Company or Managing Member (if any) (each, an “Indemnified Person” and, collectively, the “Indemnified Persons”) shall be liable to the Company or to any
Members for: (a) for any act or omission performed or omitted by it or any other Indemnified Person or any losses therefrom (any such loss a “Loss” and collectively, “Losses”), in the absence of gross
negligence, willful misfeasance, or bad faith on the part of such Indemnified Person; (b) any tax liability (including any interest or penalties thereon) imposed on any Member or borne directly or indirectly by the Company (other than, where
applicable, the proportionate share of any such tax liability borne by an Indemnified Person in its capacity as a Member); or (c) any Losses due to any act or omission performed or omitted by agents of the Company (or their respective
employees). 
 (i)    To the fullest extent permitted by law, the Company shall indemnify (and advance funds pursuant to
clause (iii) below to cover) any Indemnified Person, jointly and severally, for any Losses to which such Indemnified Person may become subject in connection with: (a) any matter arising out of or in connection with the Company’s
business or affairs (including any Losses arising out of or in connection with the Company’s indemnification, contribution, reimbursement or similar obligations to any of its assets or to any director, manager, officer, employee, partner,
agent, or any other similar Person or entity of any such asset), except, with respect to any Indemnified Person, to the extent that any such Loss results solely from the gross negligence, willful misfeasance or bad faith of such Indemnified Person;
(b) any tax liability imposed on the Company, any subsidiary of the Company or other entity in which the Company 

  
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 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
invests, directly or indirectly, or any Member (in excess of such Indemnified Person’s proportionate share of any such tax liability as a Member); or (c) any act or omission performed
by or omitted by brokers or other agents of the Company or their respective employees (unless such employee, broker or agent is an Indemnified Person, in which case clause (i) of this sentence would apply, as applicable) as long as such Persons
were selected with reasonable care. 
 (ii)    In the event that any Indemnified Person becomes involved in any capacity
in any action, proceeding or investigation brought by or against any Person (including any Member) in connection with any matter arising out of or in connection with the Company’s business or affairs (including a breach by any Member (other
than any GS Affiliated Member) of this Agreement or the Member’s Subscription Agreement), the Company will periodically reimburse such Indemnified Person for its legal and other expenses (including the cost of any investigation and preparation)
incurred in connection therewith; provided, that such Indemnified Person shall promptly repay to the Company the amount of any such reimbursed expenses paid to it if it shall ultimately be determined, by a court having appropriate
jurisdiction in a decision that is not subject to appeal, that such Indemnified Person is not entitled to be indemnified by the Company in connection with such action, proceeding or investigation as provided in this clause (iii). 

(iii)    If for any reason (other than the gross negligence, willful misfeasance or bad faith of such Indemnified Person)
the foregoing indemnification, reimbursement or advance is unavailable to such Indemnified Person, or is insufficient to hold either harmless, then the Company shall contribute to the amount paid or payable by such Indemnified Person as a result of
such Loss in such proportion as is appropriate to reflect not only the relative benefits received by the Company on the one hand and such Indemnified Person on the other hand but also the relative fault of the Company and such Indemnified Person, as
well as any relevant equitable considerations. 
 (iv)    For the avoidance of doubt and not in limitation of the
foregoing, the amount of each Member’s Undrawn Commitment (including the portion thereof attributable to Recallable Capital) may be called in order to satisfy any indemnification, reimbursement, contribution or similar obligation the Company
may have, including any obligation resulting from applicable law. A failure to make any payments required under this Section 6.9.1 shall be a default by the Member and thus subject to the provisions of
Section 3.4 governing defaults; provided, however, that the provisions of Section 3.4 shall not be the sole remedy of the Company in the event of a failure to make any payments
required under this Section 6.9.1. 
 6.9.2    The reimbursement, indemnity and
contribution obligations of the Company (or the Managing Member in the event the Company has been dissolved) under this Section 6.9 shall be in addition to any liability which the Company may otherwise have, shall extend
upon the same terms and conditions to the officers, directors, partners, managing directors, stockholders, members, other equity holders, employees and controlling Persons (if any) of each Indemnified Person and shall be binding upon and inure to
the benefit of any Successors, assigns, heirs and personal representatives of any Indemnified Persons. 

6.9.3    The reimbursement, indemnity and contribution obligations provided by this
Section 6.9 shall not be deemed to be exclusive of any other rights to which any Indemnified Person may be entitled under any agreement, as a matter of law or otherwise, both as to action in a Indemnified Person’s
official capacity and to action in another capacity, and shall continue as to a Indemnified Person who shall have ceased to have an official capacity for acts or omissions during such official capacity (or otherwise when acting at the request of the
Managing Member) and shall inure to the benefit of any Successors, assigns, heirs and personal representatives of any Indemnified Persons. 

  
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 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 6.9.4    The Managing Member shall have power to purchase and
maintain reasonable insurance on behalf of the Managing Member and the other Indemnified Persons at the expense of the Company, against any liability that may be asserted against or incurred by them in any such capacity or arising out of the
Managing Member’s or such Indemnified Person’s status as such, whether or not the Company would have the power to indemnify the Indemnified Persons against such liability under the provisions of this Agreement. 

6.9.5    Each Indemnified Person may rely upon and shall be protected in acting or refraining from acting upon any
resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties. 

6.9.6    Each Indemnified Person shall be entitled, to the fullest extent of the law, to rely in good faith upon
any and all sources enumerated in Section 18-406 of the Act, and any act or omission taken or suffered by such Indemnified Person in reasonable reliance on such source or sources shall in no event subject
the Indemnified Person to liability to the Company or to any Member or to any other Person. All Members hereby acknowledge and agree that each Indemnified Person is entitled to the same right of reliance and protection from liability as the Managing
Member. 
 6.9.7    The Managing Member may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys, and the Managing Member shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with reasonable care by it hereunder. 

6.9.8    The Managing Member is specifically authorized and empowered, for and on behalf of the Company, to enter
into any agreement or undertaking with any Indemnified Person not itself a party to this Agreement that the Managing Member considers to be necessary or advisable to give full effect to the foregoing indemnification provisions of this Agreement.

 6.9.9    The foregoing provisions of this Section 6.9 shall survive any termination
of this Agreement. 
 6.10    Transactions with the Manager and its Affiliates. Subject to
applicable law, the Company may enter into transactions with the Manager or any Affiliate of the Manager; provided, that any such transactions shall be on commercially reasonable, arm’s length terms, as determined by the Managing Member.

 ARTICLE VII 

LIABILITY OF MEMBERS 
 In
no event (other than as provided in Sections 3.1, 4.7, 6.10, 8.3 and 9.3) shall any Member (or former Member) have any personal liability for the repayment and discharge of the debts and obligations of the Company,
in each case, except to the extent provided by the Act. The obligations of the Members as provided in Sections 3.1, 4.7, 6.10, 8.3 and 9.3 are conditional obligations and are payable only to the extent, and only in
such amount, as provided for in this Agreement. 

  
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PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 ARTICLE VIII 

TRANSFER OF LIMITED LIABILITY COMPANY INTERESTS 

8.1    Restrictions on Transfer. 

8.1.1    No Member (other than the Special Interest Member) shall directly or indirectly transfer, sell, encumber,
mortgage, hypothecate, assign or otherwise dispose of or grant a security interest over or in relation to, voluntarily or involuntarily, all or any portion of its interest in the Company (each, a “Transfer”) without: (i) the
prior written consent of the Managing Member, which may be granted or withheld in its discretion, with or without cause and (ii) the receipt by the Managing Member (unless such requirement is waived by the Managing Member) not less than 10
Business Days prior to the date of any proposed Transfer of a written opinion of counsel reasonably acceptable to the Managing Member (who may be counsel for the Company), satisfactory in form and substance to the Managing Member, to the effect that
such Transfer would not result in: (a) the assets of the Company being treated as “plan assets” that are subject to Title I of ERISA or Section 4975 of the Code (or a comparable law or regulation); (b) requiring registration of
the interest under, or a violation of, the Securities Act or any “Blue Sky” laws or other securities laws of any state of the United States or any other jurisdiction applicable to the Company or the interest in the Company to be
transferred; (c) the Company becoming an “investment company” under the Investment Company Act (or, if applicable, failing to qualify for the relevant exemption from registration under the Investment Company Act); (d) the Company
being treated as a publicly traded partnership or otherwise becoming taxable as an association taxable as a corporation for U.S. federal income tax purposes or (e) any adverse tax consequences to the Company (or Members generally). Such opinion
of counsel shall also cover such other matters as the Managing Member may reasonably request. All transferees must also be “qualified purchasers” as defined for purposes of Section 3(c)(7) of the Investment Company Act and must be
“accredited investors” as defined for purposes of Regulation D of the Securities Act or non-U.S. Persons in accordance with Regulation S of the Securities Act. 

8.1.2    Notwithstanding the foregoing provisions of this Section 8.1: (i) no Transfer of
all or any portion of a Member’s interest in the Company may be made at any time there remains owing any amount in respect of any Member Loan made pursuant to Section 3.4 relating to such interest and (ii) the
Managing Member may prohibit any Transfer that in its judgment may result in: (a) the assets of the Company being treated as “plan assets” that are subject to Title I of ERISA or Section 4975 of the Code (or a comparable law or
regulation); (b) the Company becoming an “investment company” under the Investment Company Act (or, if applicable, failing to qualify for the relevant exemption from registration under the Investment Company Act); (c) a risk that the
Company may be treated as a publicly traded partnership or otherwise becoming taxable as an association taxable as a corporation for U.S. federal income tax purposes; (d) an increase in the number of record holders of the Company (as determined
pursuant to Rule 12g5-1 promulgated under the Exchange Act); or (e) a risk that the Company may become subject to the registration requirements of the Exchange Act. 

 

	 	8.1.3    [INTENTIONALLY	 OMITTED] 

8.1.4    Members that acquire interests in the Company prior to an IPO shall not be permitted to Transfer such
interests (or any interests in the Company or an IPO Entity received in connection with any IPO) after the consummation of such IPO until the expiration of any lock-up agreement entered into by the Company or
any IPO Entity with the underwriter(s) of the IPO. Following the expiration of any such lock-up agreement, Members may transfer such interests (or 

  
 36 

  

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such interests in the Company or IPO Entity received in connection with an IPO), subject to compliance with applicable securities laws and any requirements imposed by the Company, any IPO Entity
or the transfer agent with respect to such interests. 
 8.1.5    Any purported Transfer not in compliance with
this Article VIII shall be void and of no force and effect. 
 8.1.6    Notwithstanding anything herein to
the contrary, without notice to the Members and without the consent of the Manager or the Managing Member, but subject to applicable law, including the Dodd-Frank Act and any Sanctions Laws and Regulations, Goldman Sachs may Transfer all or a
portion of any of its interests in the Company (in whole or in part) to any other Person. 

8.2    Expenses of Transfer. The transferring Member agrees that it will pay all expenses, including
attorneys’ fees, incurred by the Company in connection with any attempted or realized Transfer of all or any portion of its interest, whether or not the Manager consents to such Transfer. Such costs generally will include the amount of any
transfer taxes due as a result of a Member’s Transfer and the costs of accounting for such Transfers including for applicable tax purposes. Each Member acknowledges that mandatory basis adjustment rules could require the adjustment of the
Company’s tax basis in its assets with respect to a Transfer, which would significantly increase the cost of, and the complexity of accounting for, Transfers. 

8.3    Indemnification by Transferor. In the event that the Company, the Managing Member, or the
Manager becomes involved in any capacity in any action, proceeding, or investigation brought by or against any Person (including any Member) in connection with any Transfer by a Member of a Member’s interest in the Company or the admission into
the Company as a Member of any purchaser, assignee, transferee, donee, heir, legatee, distributee or other recipient (each, an “Assignee”) of such transferring Member’s interest in the Company (any such Assignee, when so
admitted, being hereinafter called a “Substituted Member”), the Member who has transferred all or any portion of its interest in the Company will periodically reimburse each of the Company, the Managing Member, or the Manager for
each of their legal and other expenses (including the cost of any investigation and preparation) incurred in connection with such action, proceeding or investigation. To the fullest extent permitted by law, the transferring Member also will
indemnify the Company, the Managing Member, and the Manager for any losses, claims, damages, or liabilities to which either of them may become subject in connection with such Transfer. The reimbursement and indemnity obligations of the transferring
Member under this Section 8.3 shall be in addition to any liability that the transferring Member may otherwise have, shall extend upon the same terms and conditions to the Members, employees, stockholders, members, managers
and controlling Persons of the Manager and the Managing Member, and shall be binding upon and inure to the benefit of any Successors, assigns, heirs, and personal representatives of the Company, the Managing Member, the Manager, and any such
Persons. The obligations of a transferor under the foregoing provisions shall survive the Transfer of its interest or any termination of this Agreement. 

8.4    Responsibility for Commitments. Any Person which acquires all or any portion of the interest
in the Company of a Member (whether or not admitted as a Substituted Member) shall be obligated to maintain a Funding Account so long as such Person owns such interest, and to contribute to the Company the appropriate portion of any amounts
thereafter becoming due in respect of the Capital Commitment and Undrawn Commitment (including Recallable Capital) of its predecessor in such interest in the Company in accordance with this Agreement, and will be subject to forfeiture of its
interest in the Company to the extent provided in Article III in respect of 

  
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 CONFIDENTIAL TREATMENT REQUESTED 

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such amounts. Payment by such Person of the amount specified in any Drawdown Notice must be made not later than the date specified in the Drawdown Notice. Capital will not be considered
contributed to the Company by such Person until actually received by the Company (or the account designated by the Company) from such Person (and in no event earlier than the due date for such Capital Contributions). Each Member agrees that,
notwithstanding the Transfer of all or any portion of its interest in the Company, as between it and the Company it will remain liable for Capital Contributions called for by the Managing Member in each case as required by this Agreement to be made
with respect to its interest in the Company (as such interest in the Company existed prior to such Transfer) and for any other obligations under this Agreement, and will be subject to forfeiture of its interest in the Company to the extent provided
in Article III prior to the time, if any, when the Assignee of such interest, or portion thereof, is admitted as a Substituted Member. 

8.5    Recognition of Transfer. The Company shall not recognize for any purpose any purported
Transfer of all or any portion of the interest in the Company of a Member unless: (i) the provisions of Section 8.1 shall have been complied with and (ii) there shall have been filed with the Company a dated
notice of such Transfer, in form satisfactory to the Managing Member, executed and acknowledged by both the transferring Member and the Assignee and such notice: (a) contains the acceptance by the Assignee of all the terms and provisions of
this Agreement and the Assignee’s agreement to be bound thereby; (b) represents that such Transfer was made in accordance with all applicable laws and regulations; and (c) contains a power of attorney authorizing the Managing Member
to execute this Agreement on behalf of the Assignee. 
 8.6    Status of Transferor. Any Member
which shall Transfer all of its interest in the Company shall cease to be a Member, except as provided in Section 8.4 and except that, unless and until a Substituted Member is admitted in its stead, such transferring Member
shall retain the statutory rights and obligations of a Member under the Act. Anything herein to the contrary notwithstanding, each of the Company, the Managing Member and the Manager shall be entitled to treat the transferring Member of an interest
in the Company as the absolute owner thereof in all respects, and shall incur no liability for distributions made in good faith to it, until such time as the Assignee of such interest in the Company has been admitted into the Company as a
Substituted Member. 
 8.7    Transfers by Assignee. A Person who is the Assignee of all or any
portion of the interest in the Company of a Member as permitted hereby but does not become a Substituted Member and who desires to make a further Transfer of such interest in the Company shall be subject to all of the provisions of this Article
VIII to the same extent and in the same manner as any Member desiring to make a Transfer of its interest in the Company. 

8.8    Substituted Members. Notwithstanding anything to the contrary contained in this Agreement,
except as set forth in Section 8.1.1, no Assignee of all or any part of the interest of a Member shall become a Substituted Member without the prior written consent of the Managing Member, which consent may be withheld in
the discretion of the Managing Member. 
 8.9    Conditions of Admission. Each Assignee as a
condition to its admission as a Substituted Member shall execute and acknowledge such instruments, in form and substance satisfactory to the Managing Member, as the Managing Member reasonably deems necessary or appropriate to effectuate such
admission, including a counterpart to this Agreement. 
 8.10    Rights Prior to Admission. Unless
and until an Assignee of an interest in the Company is admitted to the Company as a Substituted Member pursuant to and in accordance 

  
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 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
with Sections 8.8 and 8.9, such Assignee shall not be entitled to any rights in the Company or recognized as a Member for any purpose (other than with respect to distributions and
allocations of income and loss for tax purposes in respect of the assigned interest) and, in particular, shall not be entitled to vote or give consents with respect to such interest in the Company. 

8.11    Transfers During a Fiscal Year. In the event of the Transfer of a Member’s interest at
any time other than the end of the Company’s fiscal year, the distributive shares of the various items of Company income, gain, loss, and expense as computed for tax purposes shall be allocated between the transferring Member and the Assignee
on such proper basis as the transferring Member and the Transferee shall agree; provided, however, that no such allocation shall be effective unless: 

(i)    the transferring Member and the Assignee shall have given the Company written notice, prior to the effective date
of such Transfer, stating their agreement that such allocation shall be made on such proper basis; 
 (ii)    the
Managing Member shall have consented to such allocation; and 
 (iii)    unless the Managing Member determines
otherwise, the transferring Member and the Assignee shall have agreed to reimburse the Company for any incremental accounting fees and other expenses incurred by the Company in making such allocation. 

If the Managing Member withholds its consent to such allocation, an alternative allocation may be determined by the Managing Member,
provided, that, such allocation is permissible under applicable law. 
 ARTICLE IX 

WITHDRAWAL, DEATH, INCOMPETENCY 

9.1    Withdrawal of Members. 

9.1.1    No Member may redeem its interest or withdraw from the Company without the prior written consent of the
Managing Member, which consent may be granted or withheld in the Managing Member’s discretion. 

9.1.2    The Managing Member may terminate the interest of any Member in the Company at any time upon at least five
days’ prior written notice, if the Managing Member determines that the continued participation of the Member in the Company may adversely affect the Company (including for any tax, ERISA or regulatory purposes, such as a change to an applicable
law or regulation) or any Member. Without limiting the generality of the foregoing, the Managing Member may terminate the interest of any Member: (i) if there is any breach of such Member’s representations, warranties or covenants in the
Subscription Agreement, this Agreement or related documents executed by such Member; (ii) if the Member: (a) engages in illegal conduct or other misconduct which the Managing Member determines could result in reputational harm to the
Company or Goldman Sachs, (b) is convicted of, or pleads nolo contendere to, a felony or serious misdemeanor, or (c) illegally or fraudulently obtains funds which the Member seeks to invest; or (iii) the Managing Member determines
that the continued participation of that Member may result in the assets of the Company being or continuing to be treated as “plan assets” that are subject to Title I of ERISA or Section 4975 of the Code (or a comparable law or
regulation). In the event of termination by the Managing Member of a Member’s interest (other than as a result 

  
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of a default), such Member generally shall be paid by the Company, within 120 days thereafter (or as soon reasonably practicable thereafter) as the Company has available funds, in cash, in-kind, or by delivery of a note, an amount generally equal to 80% of the fair value of the Member’s interest in the Company at the end of the quarter preceding such termination (determined in good faith by
the Manager in accordance with Section 4.6), with the remaining 20% to be paid within 30 days following the completion of the audit of the Parent Company for the fiscal year in which the termination occurs, in cash, in-kind, or by delivery of a note. Notwithstanding the foregoing, the Managing Member may, in lieu of terminating a Member’s interest, cause the Transfer of such interest. The interest in the Company held by
such terminated Member shall not be included in calculating the Company interests of the Members required to take any action under this Agreement. In the event a note is issued to a Member pursuant to this Section 9.1.2,
such note will bear terms which the Managing Member determines are reasonable market terms under the circumstances of the termination or withdrawal. Each Member acknowledges and agrees that actual payment in respect of a Member’s interest in
the Company may take substantially longer than 120 days from the date a Member’s interest in the Company is terminated and substantially longer than 30 days following the completion of the audit of the Parent Company for the fiscal year in
which the termination occurs. Notwithstanding a payment by the Company to a Member of any amount described above, the Company reserves the right to seek reimbursement from a Member whose interest has been terminated by the Managing Member for Losses
incurred by the Company resulting from any action or omissions of such Member. 
 9.1.3    If the Managing Member
determines in its discretion that the continued participation of Goldman Sachs, its affiliates, subsidiaries, successors or a Goldman Sachs employee or related entity in the Parent Company (and, indirectly, the Company) would cause the Ongoing GS
Investment (as defined in the Parent Company Agreement) to constitute more than 4.9% of total capital commitments to the Parent Company or would otherwise adversely affect the Parent Company or the Company, the Managing Member reserves the right to
take such actions as it deems necessary or appropriate, without prior notice to Members, in order to permit Goldman Sachs to exercise its right to withdraw, and to permit its affiliates, subsidiaries, successors and any Goldman Sachs employees and
their related entities to withdraw, a pro rata portion of each such investor’s portion of the Ongoing GS Investment from the Parent Company in an amount necessary to reduce the amount of the Ongoing GS Investment to 4.9% of total capital
commitments of the Parent Company or to an amount as otherwise determined by the Manager in its sole discretion is required to avoid any adverse effect on the Parent Company or the Company (including for any legal or regulatory reasons, such as a
change to an applicable law or regulation) or in order for the Parent Company, the Manager or Goldman Sachs to comply with the Bank Holding Company Act, the Dodd-Frank Act or any other current or future laws, rules, regulations or legal requirements
applicable to the Parent Company, the Manager or Goldman Sachs, or to reduce, eliminate or otherwise modify the impact, or applicability, of any bank regulatory or other restrictions resulting from Goldman Sachs’ status under the Bank Holding
Company Act or as an entity otherwise subject to the Dodd-Frank Act. 
 9.2    Economic and Other
Sanctions. 
 9.2.1    In the event that the Managing Member determines that a Member is a Sanctioned
Member, the Managing Member and/or Goldman Sachs may, without prior notice to such Sanctioned Member or the other Members, take such actions as it determines required or advisable with respect to a Member, such Member’s interest and the Company
generally, to comply with applicable Sanctions Laws and Regulations and other applicable laws and regulations. In connection with taking any such actions and/or upon the lifting of any sanctions on a Sanctioned Member, the Managing Member may make
such adjustments, including 

  
 40 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
adjustments to Drawdowns, Capital Accounts, Capital Contributions, Undrawn Commitments, distributions, allocations, voting rights, and any and all other fees, payments and obligations, as it
determines appropriate. In addition, in the event that the Managing Member determines that a Member is a Sanctioned Member, such Member will not participate in Portfolio Assets made by the Company while the applicable Member is a Sanctioned Member.

 9.2.2    Each Member that is not a Sanctioned Member will be required to bear an increased amount of Company
Expenses in order to cover the amount attributable to Sanctioned Members, except in the case of customs duties, taxes, and fees payable to the United States or any agency or instrumentality thereof or to any State, territory, district, county,
municipality or other political subdivision in the United States. 
 9.2.3    In the event a Sanctioned Member
ceases to be subject to sanctions under any Sanctions Laws and Regulations, the Managing Member may require such Sanctioned Member to make a contribution to the Company (or the Managing Member may retain amounts otherwise distributable to such
Sanctioned Member) for any Incentive Allocation, Promote and Company Expenses to which such Sanctioned Member would have been subject had such Sanctioned Member not been subject to such sanctions, plus an additional amount, equal to simple interest,
at a floating rate equal to Prime plus two percent per annum on the amount such Sanctioned Member is required to contribute to the Company under this Section 9.2.3 (such additional amount shall not be treated as a Capital
Contribution or reduce the Undrawn Commitment of such Member). The Managing Member (in its discretion as to timing and amount) may make distributions of any amounts received by the Company in accordance with this
Section 9.2.3 to the other Members pro rata in accordance with the amounts contributed by such other Members under Section 9.2.2. 

9.2.4    In the event that the Manager determines that a Parent Company Member is subject to sanctions under any
Sanctions Laws and Regulations, the Parent Company shall be deemed a Sanctioned Member only with respect to such Parent Company Member, and the Managing Member shall be entitled to exercise any and all of the rights set forth in this
Section 9.2 with respect to the Parent Company but only in respect of such Parent Company Member’s indirect investment in the Company and indirect participation in the Portfolio Assets. 

9.3    Effect of Death, Etc. The death, disability, incapacity, incompetency, bankruptcy, insolvency,
termination or dissolution of a Member shall not cause the commencement of the winding up and dissolution of the Company. Upon compliance with the provisions of Article VIII, the legal representatives, if any, of a Member shall succeed as
Assignees to the Member’s interest in the Company upon the death, incapacity, incompetency, bankruptcy, insolvency or dissolution of a Member, but shall not be admitted as Substituted Member without the written consent of the Managing Member,
which may be granted or withheld in its discretion, with or without cause. The interest in the Company held by such legal representative of a Member shall not be included in calculating the Company interests of the Members required to take any
action under this Agreement, unless such legal representative is admitted as a Substituted Member. 
 ARTICLE X 

DISSOLUTION; PROCEDURE ON DISSOLUTION 

10.1    Dissolution. The Managing Member may dissolve the Company at any time by giving notice of
dissolution to the Members in accordance with the Act. The Company shall also be dissolved and terminated as set forth in Article II. 

  
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 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 10.2    Dissolution Procedures. Upon dissolution of
the Company at the expiration of the Company term or for any other cause set forth in this Agreement: 

10.2.1    The affairs of the Company shall be wound up and the Company liquidated by the Managing Member, including
the preparation and filing of all documents or instruments necessary to effect the Company’s dissolution, winding up and termination. The Managing Member will take any actions necessary or advisable to liquidate the Company’s assets,
including, if determined by the Managing Member, in its sole discretion, the appointment of agents (including the Managing Member and its Affiliates) to assist it in the liquidation process. The Managing Member and any such “liquidation
agent” (including the Managing Member or its Affiliates) may receive reasonable compensation, as determined by the Managing Member in its discretion, for the provision of such services, which compensation may be paid out of the remaining assets
of the Company. 
 10.2.2    All items of income, gain and loss (including any gain or loss from liquidation of
the Company) for the accounting period in which the Company is finally liquidated shall be allocated among the Members as provided in Article IV. 

10.2.3    The net proceeds of winding up shall be distributed in payment of liabilities of the Company in the
following order: 
 (i)    first, to creditors of the Company (other than Members); 

(ii)    second, to creditors of the Company who are Members; and 

(iii)    third, to the Members, in accordance with the provisions of Article IV. 

10.2.4    To the extent permitted by applicable Sanctions Laws and Regulations and other applicable laws and
regulations, any net proceeds owed to a Sanctioned Member under Section 10.2.3(iii) shall be paid into the Sanctioned Member’s frozen Funding Account in the name of the Sanctioned Member. 

ARTICLE XI 

MISCELLANEOUS 

11.1    Amendment. 

11.1.1    This Agreement may be amended with the consent of the Managing Member and a Majority in Interest of the
Members, which consent may be obtained by a Member’s failure to object in writing after 15 calendar days’ notice of the proposed amendment (or such shorter notice period that the Managing Member determines is appropriate under the
circumstances), and subject to the provisions of this Section 11.1, any such amendment shall be binding on all Members. The Managing Member may modify or amend this Agreement, or any exhibit hereto, without the consent of
the Members, to: 
 (i)    make any necessary or advisable change, in the opinion of the Managing Member, to comply
with, or reduce the burden of complying with, the Bank Holding Company Act, the Dodd-Frank Act, any applicable Sanctions Laws and Regulations, or any other current or future laws, rules, regulations or legal requirements applicable to Goldman Sachs
or the Company, or to reduce, eliminate or otherwise modify the impact, or applicability, of any bank regulatory or other restrictions resulting from Goldman Sachs’ status under the Bank Holding Company Act or as an entity otherwise subject to
the Dodd-Frank Act; 

  
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 CONFIDENTIAL TREATMENT REQUESTED 

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 (ii)    make any necessary or advisable change, in the opinion of the
Managing Member, in connection with any assignment or transfer by the Managing Member or the Manager (as permitted by the Manager under the Advisers Act) of any of its rights or obligations or any assignment or transfer of interests Goldman Sachs
may hold in the Company pursuant to Sections 6.3.6 and 8.1.6, in each case to the extent such assignment or transfer is deemed necessary or advisable to comply with, or reduce the burden of complying with, the Bank Holding Company Act,
the Dodd-Frank Act or any current or future laws, rules, regulations, statutes or legal requirements applicable to Goldman Sachs or the Company; 

(iii)    conform this Agreement to the disclosure contained in the Offering Memorandum; 

(iv)    make a change to correct or supplement any conflicting provision in this Agreement, and delete or add provisions
as may be required by applicable law or regulations, in each case, as determined by the Managing Member in its discretion; 

(v)    reflect a change in the name of the Company; 

(vi)    make any necessary or advisable change, in the opinion of the Managing Member, to qualify the Company a limited
liability company or other entity in which the Members have limited liability under the laws of any state or other jurisdiction or to ensure that the Company will not be treated, for U.S. federal income tax purposes, as an association taxable as a
corporation; 
 (vii)    make any change that does not materially adversely affect the Members (taken as a whole); 

(viii)    make a change that is necessary or advisable, as determined by the Managing Member in its discretion, to address
adverse changes in the tax law or interpretations thereof applicable to the Company; 
 (ix)    make any change in any
provision of this Agreement that requires any action to be taken by or on behalf of the Managing Member or the Company pursuant to the requirements of applicable Delaware law if the provisions of applicable Delaware law are amended, modified or
revoked so that the taking of such action is no longer required; 
 (x)    prevent the Company, the Managing Member or
the Manager from in any manner being deemed an “investment company” subject to the provisions of the Investment Company Act; 

(xi)    correct mistakes or clarify ambiguities as determined by the Managing Member in its discretion; 

(xii)    make amendments in connection with an IPO, including without limitation any amendments described in
Section 6.2.1; 

  
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 (xiii)    reflect any changes validly made in the membership of the
Company and the Capital Contributions, Capital Commitments and Company interests of the Members; 
 (xiv)    make any
advisable change, in the opinion of the Managing Member, to satisfy any requirements, conditions or guidelines contained in any applicable statute or any opinion, directive, order, ruling or regulation relating thereto, so long as such change does
not adversely affect the Members; 
 (xv)    prevent the assets of the Company from being treated as “plan
assets” that are subject to Title I of ERISA or Section 4975 of the Code (or a comparable law or regulation); 

(xvi)    cause the Company to automatically dissolve and terminate no later than the date that is 15 years from the date
of the formation of the Company unless the Company is terminated earlier pursuant to this Agreement; or 

(xvii)    make any amendments to this Agreement to reflect changes negotiated with additional Members between first and
final closing so long as the changes do not materially adversely affect the rights and obligations of any existing Member (excluding any existing Member that gives its consent to such changes); or 

(xviii)    make any other amendments similar to the foregoing. 

No amendment may be made, without the consent of each affected Member, other than Sanctioned Members, that would have the effect of amending
the provisions of this Agreement relating to amendments. No amendment that would have the effect of increasing the liability or obligations of a Member or reducing a Member’s right to distributions (except upon admission of additional Members
or increase in Members’ Capital Commitments, upon forfeiture of interests in accordance with Section 3.4, upon a withdrawal effected pursuant to Section 9.1.2, or as otherwise stated herein)
may be made without the consent of the affected Member other than Sanctioned Members. 
 11.2    Investment
Representations. 
 11.2.1    Each Member (other than the Managing Member and the Special Interest
Member), by executing this Agreement or an amendment hereto, represents and warrants that (a) it is an “accredited investor” (as defined for purposes of Regulation D promulgated under the Securities Act), (b) its interest in the
Company has been acquired by it for its own account for investment and not with a view to resale or distribution thereof; (c) it is a “qualified purchaser” as defined in Section 3(c)(7) of the Investment Company Act and
(d) it is fully aware that, in agreeing to admit it as a Member, the Managing Member, the Manager and the Company are relying upon the truth and accuracy of these representations and warranties. 

11.2.2    Each Member, by executing this Agreement or an amendment hereto, represents and warrants that in making
its decision to invest in the Company such Member has relied solely upon the Offering Memorandum, any side letters delivered in accordance with Section 11.15, the advice of its own tax, legal or other advisers and
independent investigations made by such Member prior to becoming a Member, and has not relied in any way upon the Company, the Managing Member, the Manager, Goldman Sachs, or any officer, employee, agent or Affiliate of any of the foregoing for any
investment, legal or tax advice. 

  
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PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 11.2.3    Each Member, by executing this Agreement or an amendment
hereto, represents and warrants that it has carefully reviewed the sections entitled “Risks Factors” and “Potential Conflicts of Interest” of the Offering Memorandum and understands and consents to the existence of potential
conflicts of interest between Goldman Sachs, on the one hand, and the Company and/or the Members, on the other, and to the operation of the Company subject to these conflicts, and it is fully aware that, in agreeing to the Member’s admission to
the Company, the Managing Member, the Manager and the Company are relying upon the truth and accuracy of this representation and warranty. 

11.2.4    Each Member, by executing this Agreement or an amendment hereto, represents and warrants that it
understands that its share of losses from the Company is borne solely by it and the Company and not by Goldman Sachs. A Member’s interest in the Company is not insured by the U.S. Federal Deposit Insurance Corporation or any other bank
regulatory or governmental agency, including the U.S. Federal Reserve Board. Investments in the Company are not deposits or other obligations of, or guaranteed by, Goldman Sachs. 

11.3    FCC Representations and Covenants. Each Member, other than a GS Affiliated Member, hereby
acknowledges, covenants and agrees that such Member will not be materially involved, directly or indirectly, in the management or operation of the media-related activity of the Company and that neither it nor any of its directors, officers, members
or greater than five percent equity holders will: 
 (i)    act as an employee of the Company (directly or through the
officers, directors, members or Affiliates of such Member) if such Member’s functions (or those of its officers, directors, members or Affiliates), directly or indirectly, relate to any Media Company; 

(ii)    serve, in any material capacity, as an independent contractor or agent with respect to any Media Company in which
the Company has an interest; 
 (iii)    communicate with the management of any Media Company in which the Company has
an interest or with the Managing Member on matters pertaining to the day-to-day operations of any Media Company in which the Company has an interest or any media
business of the Company; 
 (iv)    vote to admit any additional or replacement Managing Member to the Company unless
such additional or replacement Managing Member has been approved by the Managing Member(s) then existing; 

(v)    perform any services for the Company materially relating to any Media Company in which the Company has an interest;
or 
 (vi)    become actively involved in the management or operation of any Media Company in which the Company has an
interest. 
 11.4    Power of Attorney. By signing the Subscription Agreement, each Member:
(i) agrees that the signature page to the Subscription Agreement shall be deemed a counterpart signature page to this Agreement and (ii) grants the power of attorney contained in the Subscription Agreement in favor of the Managing Member,
and each Member does hereby constitute, designate and appoint the Company and any duly authorized representative of the Company, including any officer of director of the Company, the Managing Member and any Person succeeding as the Managing Member,
each Person who is or shall hereafter become an 

  
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 CONFIDENTIAL TREATMENT REQUESTED 

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officer or director of the Managing Member or any successor Managing Member, the Manager, and each of their respective officers or employees, each acting individually, as its true and lawful
agent and attorney-in-fact, in its name, place and stead, to: 

(a)    execute all documents required in connection therewith on behalf of such Member between the Company, Members, the
Managing Member and any Person being admitted by the Managing Member to the Company as a Member (or such other parties as may be appropriate) in such form and on such terms and conditions as the Managing Member or other Person appointed hereby
considers in its, his or her absolute discretion necessary or appropriate, including reference to this Agreement and the novation thereof and agreeing and covenanting with such Person on behalf of the Member that the Member will from the effective
date of such documents comply with and observe the terms of this Agreement after giving effect to such novation; 

(b)    make, execute, sign, deliver, acknowledge, swear to and file: (I) all documents as may be required under the
Act; (II) any and all instruments, certificates, and other documents which may be deemed necessary or desirable to effect the winding-up and termination of the Company (including a Certificate of
Cancellation of the Company’s Certificate of Formation); (III) any business certificate, fictitious name certificate, amendment thereto, or other instrument, agreement, indemnity or document of any kind necessary or desirable to accomplish the
business, purposes and objectives of the Company, or required by an applicable federal, state or local law; (IV) any counterparts of this Agreement or agreements with additional or Substituted Members, and any amendments hereto or thereto
(whether or not such Member is a signatory thereto) provided such amendment has been approved as provided herein, including amendments required to effectuate the default remedies contemplated by Section 3.4; and
(V) all other filings with agencies of the U.S. federal government, of any state or local government, or of any other jurisdiction, which the Managing Member considers necessary or desirable to carry out the purposes of this Agreement and the
business of the Company; 
 (c)    execute any agreement on behalf of the Members to give effect to any lock-up of Company interests required by the underwriter(s) of an IPO for a specified period of time after the consummation of the IPO; and 

(d)    sell, transfer or otherwise pledge or encumber its interest in the Company in accordance with the terms of this
Agreement, including with respect to the exercise of any remedies upon a default as provided herein. 
 The power of attorney hereby granted
by each of the Members and granted by each of the Members pursuant to Section 3.4.3: (i) is coupled with and is intended to secure an interest in property and the obligations of the relevant Member hereunder, is
irrevocable, shall survive the Transfer of the Member’s interest in the Company and shall survive and shall not be affected by, the subsequent death, disability, incapacity, incompetency, termination, bankruptcy, insolvency or dissolution of
such Member; (ii) may be exercised by any Person acting as attorney-in-fact under this Section 11.4 without notice to or any additional
action on the part of any Member, either by signing separately as attorney-in-fact for each Member or, after listing all of the Members executing an instrument, by a
single signature of the Person acting as attorney-in-fact for all of them; and (iii) shall survive the Transfer by a Member of the whole or any portion of such
Member’s interest, except that, where the transferee of the whole of such Member’s interest has been approved by the Managing Member for admission to the Company as a Substituted Member, the power of attorney of the transferor Member shall
survive the delivery of such assignment for the sole purpose of enabling the attorney-in-fact to execute, swear to, acknowledge and file any instrument necessary or
appropriate to effect such substitution. 

  
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 11.5    Instruments. The parties agree to execute
and deliver any further instruments or perform any acts which are or may become necessary to carry on the Company created by this Agreement or to effectuate its purposes. 

11.6    Successors and Assigns. This Agreement shall be binding upon the permitted transferees,
Successors, assigns and legal representatives of the parties to this Agreement. 
 11.7    Governing
Law. This Agreement will be construed in accordance with and shall be governed by the laws of the State of Delaware, and to the maximum extent possible, in such manner as to comply with all the terms and conditions of the Act. If it is
determined by a court of competent jurisdiction that any provision of this Agreement is invalid under applicable law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this
Agreement. 
 11.8    Jurisdiction and Venue; Waiver of Jury Trial. 

11.8.1    Any suit, action or proceeding relating in any way to this Agreement (including counterclaims) must be
brought exclusively in the courts of the State of New York located in New York County, New York or (to the extent subject matter jurisdiction exists therefor) of the United States District Court for the Southern District of New York and/or in the
courts of the State of Delaware in the City of Wilmington. The parties irrevocably submit to the jurisdiction of such courts with respect to any such suit, action or proceeding, and each Member hereby designates and approves the Company as its agent
for service of process. Notwithstanding the foregoing, a party may commence any suit, action or proceeding in a court other than the above-named courts solely for the purpose of enforcing an order or judgment issued by one of the above-named courts.

 11.8.2    Each of the parties hereto irrevocably waives, to the fullest extent permitted by law, and agrees
not to assert, by way of motion, as a defense or otherwise, in any such suit, action or proceeding, (i) any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from
attachment or execution; (ii) any objection that it may now or hereafter have to the laying of venue of any such suit, action or proceeding in the courts of the State of New York located in New York County, New York or of the United States
District Court for the Southern District of New York, and/or in the courts of the State of Delaware in the City of Wilmington; and (iii) any claim that any such suit, action or proceeding brought in any such court has been brought in an
inconvenient forum, should be transferred or removed to any court other than one of the above-named courts, or should be stayed by reason of the pendency of some other proceeding in any other court other than one of the above-named courts. 

11.8.3    Each of the parties hereto waives all right to trial by jury in any action, suit or prior proceeding
arising out of or relating to this Agreement. 
 11.8.4    This Agreement shall be deemed an “instrument for
the payment of money only” within the meaning of Section 3213 of the New York Civil Practice Law and Rules (the “CPLR”), and, in the event of a failure by a Member to pay any Drawdown or other amount payable by such Member
to the Company and due pursuant to this Agreement, an expedited proceeding may be brought by the Managing Member or the Company pursuant to the provisions of CPLR Section 3213 to collect the amounts due from such Member. 

  
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 11.9    Gender, Etc. As used herein, masculine
pronouns shall include the feminine and neuter, neuter pronouns shall include the masculine and the feminine, feminine pronouns shall include the masculine and the neuter, and the singular shall be deemed to include the plural. 

11.10    No Partition. Each Member hereby irrevocably waives any and all rights that it may have to
maintain an action for partition of any of the Company’s property. 
 11.11    Notices. All
notices and other communications relating to this Agreement will be in writing and will be deemed to have been given when personally delivered, three days following mailing by first class mail, return receipt requested, one Business Day following
delivery to a reliable overnight courier or following transmission by electronic facsimile or electronic mail. All notices to the Company shall be addressed to its principal place of business. All notices to a Member shall be addressed to such
Member’s address, facsimile number or electronic mail address set forth in the records of the Company or to such other address as has been designated by such Member to the Company. 

11.12    Counterparts. This Agreement may be executed in counterparts with the same force and effect
as if each of the signatories had executed the same instrument. 
 11.13    Headings. The titles of
the Articles and the headings of the Sections of this Agreement are for convenience of reference only and are not to be considered in construing the terms and provisions of this Agreement. 

11.14    Confidentiality. 

11.14.1    Each Member acknowledges that the other Members are relying on such Member to maintain the
confidentiality of any information relating to such other Members, the Company, any existing, past or prospective Project or Portfolio Asset, and the affairs of the Company generally. Accordingly, the Members hereby acknowledge and agree that to the
fullest extent permitted by Section 18-305(g) of the Act, as amended, the rights of a Member to obtain information from the Managing Member and the Company regarding the state of the business and
financial condition of the Company shall be restricted, in the Managing Member’s discretion, to only those rights provided for in this Agreement, and that any other rights provided under
Section 18-305(a) of the Act shall not be available to the Members or applicable to the Company, except as otherwise provided by the Managing Member. The Managing Member and the Company, may also keep
confidential and not disclose to any or all Members, and may require the Members to keep confidential, any information, including: (i) any information regarding any other Member (including their identity); (ii) any information, financial or
otherwise, regarding the Company; (iii) any information about any existing, past or prospective Portfolio Assets; (iv) any financial information; (v) any correspondence with any other Member or Members; and (vi) the provisions of
this Agreement, any side letters entered into with respect to this Agreement and the documentation specified in Section 5.3 (any such information, whether obtained from the Managing Member, the Company or any other source,
“Confidential Information”). The Managing Member may disclose Confidential Information to certain Members on a selective basis, or may provide different Confidential Information to different Members, each as determined by the
Managing Member. Notwithstanding anything in this Agreement to the contrary, including Section 5.3, any information to be provided or disclosed to a Member may be adjusted, in the Managing Member’s discretion, such
that the data that identifies any other Member and any existing, past or prospective Project or Portfolio Asset need not be disclosed to the Member. Each Member acknowledges and agrees that the Confidential Information shall be deemed non-public, confidential and proprietary in nature and shall constitute trade secrets under applicable law with 

  
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PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
respect to the Company and its portfolio assets, the disclosure of which could have adverse effects on the Company, its Projects and Portfolio Assets. In addition, each Member will be prohibited
from seeking to obtain the identity of, or information regarding, any Member (whether or not generally available to Persons who are Members) or to contact any other Member regarding the Company. The Managing Member shall be entitled to terminate the
interest of any Member that discloses Confidential Information in a manner not expressly permitted by this Section 11.14. 

11.14.2    Each Member agrees that, without the prior written consent of the Managing Member (which may be withheld
in the discretion of the Managing Member), the Member: (i) shall maintain in strict confidence and not disclose any Confidential Information to any Person who is not an officer, employee, accountant, investment advisor, attorney or tax advisor
who is involved in such Member’s investments, except to the extent: (a) such information is in the public domain (other than as a result of any action or omission by the Member or any Person to whom the Member has disclosed such
information) or (b) such information is required by applicable law to be reflected in the Member’s tax filings and (ii) shall not use Confidential Information for any purpose, including contacting other Members, other than the
preparation of such Member’s tax returns and evaluation of the performance of the Member’s investment in the Company. Each Member shall first advise any officer, employee, accountant, attorney or tax advisor involved in such Member’s
investments of the confidential nature of such information and the Member’s obligations with respect to the Confidential Information prior to the disclosure of any such information. In addition, each Member agrees not to use any Confidential
Information other than in connection with monitoring its investment in the Company (including not using any such information to trade in securities). Each Member further agrees that the Managing Member may limit or redact Confidential Information
(including restricting the use of such information). In the event disclosure of any such information is permitted by the Managing Member or the exceptions set forth in the first sentence of this Section 11.14.2, such Member
is responsible for the compliance by any such recipient with the foregoing restrictions. Each Member acknowledges and agrees that monetary damages would not be sufficient remedy for any breach of this Section 11.14.2 by a
Member and that in addition to any other remedies available to the Company in respect of any such breach, the Company shall be entitled to specific performance and injunctive or other equitable relief as a remedy for any such breach, without the
obligation of posting a bond or other security. 
 11.14.3    Each Member who is subject to the United States
Freedom of Information Act, as amended, or any comparable law or regulation of any U.S. state or other jurisdiction, acknowledges that the Company, in the discretion of the Managing Member, shall have the right to not provide such Member with
Confidential Information or any portion thereof, including Confidential Information provided by the Company to other Members. 

11.14.4    Each Member: (i) acknowledges that the Managing Member may release Confidential Information about
such Member and, if applicable, any underlying beneficial owners of such Member, including during the period after an IPO, if the Managing Member determines in good faith that such release is in the best interest of the Company, including in light
of applicable law concerning money laundering and similar activities, or in connection with any incurrence of any indebtedness, guarantees, or other obligations of the Company, in connection with the acquisition of any Portfolio Asset or in
connection with any filing or reporting obligations to a governmental or regulatory authority and (ii) agrees to provide the Managing Member with any additional information that the Managing Member deems necessary to ensure compliance with any
laws or regulations applicable to the Company or its business. 

  
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 11.14.5    Notwithstanding anything to the contrary in
Section 11.14.2, in the event a Member (or its representatives) is requested to disclose any Confidential Information: (i) to any governmental regulatory body having jurisdiction over the Member; (ii) in response
to any court order, subpoena, civil investigative demand or similar process; or (iii) in connection with any disclosure obligation under any law, the Member shall provide written notice to the Managing Member immediately after such request and
prior to responding, unless such notice is prohibited by applicable law, so that the Managing Member may seek a protective order or other appropriate remedy (and such Member agrees to cooperate with the Managing Member in connection with seeking
such order or other remedy). In the event that such protective order or other remedy is not obtained, such Member agrees to furnish only that portion of the information that it determines, after consultation with counsel, is legally required, and to
exercise best efforts to obtain assurance that confidential treatment will be accorded such information. No such notice shall be required with respect to disclosure to a governmental regulatory body pursuant to periodic regular regulatory
examinations. In addition, if upon receipt by the Managing Member of written notice from any Member of a public disclosure request, the Managing Member determines that the disclosure of the requested information could adversely affect the Company,
the Managing Member: (a) may, subject to applicable limitations on Transfers, facilitate the sale or Transfer or may terminate the interest of the Member or (b) may withhold some or all information which would otherwise be provided to the
Member under the terms of this Agreement. 
 11.14.6    Each Member understands and acknowledges that the
Company, the Managing Member and Goldman Sachs make no representation or warranty as to the accuracy or completeness of the Confidential Information provided to the Member which is provided to the Company by any third party, including any Project or
Portfolio Asset, and that to the extent the Company provides any such information to any Member, each Member acknowledges and agrees that such information is provided for information purposes only. The Company, the Managing Member and Goldman Sachs
shall have no liability to any Member or any other Person resulting from reliance on or use of the Confidential Information. 

11.14.7    Notwithstanding the foregoing or anything else contained in this Agreement or elsewhere to the contrary,
each Member (and any employee, representative or other agent thereof) may disclose to any and all Persons, without limitation of any kind, the tax treatment and tax structure of, and all tax strategies relating to, the Company, the Member’s
ownership of an interest in the Company, and any Company transaction and all materials of any kind (including opinions and other tax analyses) that are provided to the Member relating to such tax treatment, tax structure and tax strategies. For this
purpose, “tax structure” means any facts relevant to the U.S. federal or state income tax treatment of the Company, the Member’s ownership of an interest in the Company, and any Company transaction, and does not include information
relating to the identity of the Company, Members, any Portfolio Asset or any of their respective Affiliates. Nothing in this Section 11.14.7 shall be deemed to require the Managing Member to disclose to any Member any
information that the Managing Member is permitted or is required to keep confidential in accordance with this Agreement or otherwise. 

11.15    Side Letters. Notwithstanding the provisions of this Agreement or any Subscription
Agreement, it is hereby acknowledged and agreed that the Managing Member (and its Affiliates), on its own behalf or on behalf of the Company, and without the approval of any Member, may, subject to applicable law, enter into a side letter or similar
agreement with a Member that has the effect of establishing legal, economic or other rights or obligations under this Agreement, or altering, waiving, amending or supplementing the legal, economic or other terms hereof with respect to such Member or
any Subscription Agreement (such side letters and letter agreements, a “Side Letter”). Each Member acknowledges that as a result, the terms and 

  
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 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
conditions of the Members’ investments in the Company may differ. The parties agree that, subject to applicable law, any terms contained in a Side Letter to or with a Member shall govern
with respect to such Member notwithstanding the provisions of this Agreement or any Subscription Agreement. Each Member acknowledges the Managing Member (and its Affiliates) shall be under no obligation to make such Side Letters (or any provisions
thereof) available on equal terms to other Members, and the Company cannot, and is under no duty to, enforce equality of treatment of Members under any such Side Letters. 

11.16    Revocation of Agency Cross Transaction Consent. Pursuant to the Subscription Agreements
executed by the Members, to the extent permitted by applicable law, the Manager on behalf of the Company may enter into agency cross transactions (i.e., a transaction in which Goldman Sachs acts as broker for both the Company and another Goldman
Sachs account in connection with the purchase or sale of securities). Members may revoke consent to agency cross transactions at any time. Upon receipt by Goldman Sachs of written revocation notices (each, a “Revocation Notice”)
from a Majority in Interest of the Members, revocation will be deemed effective for agency cross transactions involving the Company and Goldman Sachs will cease to engage in agency cross transactions involving the Company. In the event that the
Manager subsequently obtains consents in excess of a Majority in Interest of the Members (including because of additional subscriptions or withdrawals of Revocation Notices) to resume engaging in agency-cross transactions, Goldman Sachs may resume
engaging in agency cross transactions involving the Company. 
 11.17    Grantors of Revocable
Trusts. Each Member that is a revocable trust agrees that, if the trustee of such revocable trust and the grantor of such revocable trust are the same Person, the trustee’s execution of this Agreement and any other documents executed in
connection with the Company shall bind such Person in his or her capacity both as trustee and as grantor of such revocable trust. 

11.18    Financing. Each Member understands and agrees that, in connection with procuring financing
for the Company, including as described in Section 3.2 (and/or the guaranteeing, indemnification or otherwise securing the obligations of the Portfolio Assets and/or investment vehicles or other Affiliates of the Company),
the Company may determine that it is necessary or desirable to mortgage, charge, pledge, assign or otherwise grant security interests, to the provider(s) of such financing (or their agent or trustee) in or over collateral, including: (i) the
rights of the Company to issue a Drawdown Notice or other notice of a required payment and exercise any remedies to enforce the Member’s funding obligations in accordance with the terms of this Agreement; (ii) the rights and remedies of
the Company under Sections 3.1.1, 3.2 and 3.4; and (iii) any other assets, rights and remedies of the Company and the Managing Member. Each Member hereby consents to the Company entering into any such financing and any such
mortgage, charge, pledge, assignment or grants of security interests, and agrees that, in connection with the implementation of such financing, each Member shall (i) confirm such Member’s Capital Commitment, Undrawn Commitment and Capital
Contribution; (ii) provide financial information about such Member; (iii) confirm that such Member’s obligation to fund Drawdowns up to the amount of such Member’s Undrawn Commitment is absolute and unconditional, without any
right of offset, counterclaim or defense; (iv) execute any other documents as may be reasonably requested by the provider(s) of such financing (or their agent or trustee) or the Managing Member, in each case at such time and from time to time
as may be determined by the Managing Member or requested by the provider(s) of such financing (or their agent or trustee); and (v) provide a guarantee as to such Member’s allocable share of the obligations of the Company with respect to
such financing. To the extent that the Company has outstanding obligations under a credit facility which are secured by the Undrawn Commitments of 

  
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 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
the Members, and the provider(s) of such financing (or their agent or trustee) requires a Drawdown, each Member may be obligated to fund into a bank account of, or that the Company has pledged to
or otherwise secured in favor of, such provider(s) of such financing (or their agent or trustee) any portion of a Member’s Undrawn Commitment that is called for purposes of making payment with respect to such credit facility without offset,
counterclaim or defense, including any defense of fraud or mistake, or any defense under Section 365 of the U.S. Bankruptcy Code, and each Member hereby waives all rights to setoff or counterclaim and all defenses (including any defense of
fraud or mistake, or any defense under Section 365 of the U.S. Bankruptcy Code) with respect to its obligation to fund such Drawdown; provided, that such agreement to fund shall not act as a waiver by such Member of its right to assert
independently any claim that the Member may have against any other Member or the Company. 
 11.19    Legal
Counsel. The Company has engaged Fried, Frank, Harris, Shriver & Jacobson LLP as legal counsel to the Manager, the Managing Member and the Company. No legal counsel has been engaged by the Manager, the Managing Member or the Company
to protect or represent the interest of any Member with respect to the Company, the Managing Member, the Manager or the preparation of this Agreement. Each Member acknowledges that such Member’s interests will not be represented by legal
counsel unless such Member engages counsel on its own behalf, and agrees that nothing in this Section 11.19 shall create a right under this Agreement on the part of such Member to approve the Managing Member’s
selection of legal counsel to the Managing Member or the Company. 
 11.20    Each Interest in the Company
is a Security. The Company, each Member and any other party hereto expressly acknowledge and agree that: (i) each interest in the Company is a security governed by Article 8 of the Uniform Commercial Code in effect in the State of
Delaware (the “DEUCC”) and the Uniform Commercial Code of any other relevant jurisdiction and (ii) this Agreement establishes the terms of the interests in the Company. The issuer’s jurisdiction (within the meaning of Section 8-110 of the DEUCC) of the Company shall be the State of Delaware. 

11.21    Voting. Notwithstanding anything to the contrary in this Agreement, with respect to any
matter or action involving the Company that requires the approval or consent of some or all of the Members, for purposes of determining whether such approval or consent (together, a “Vote”) has been obtained, the vote of the Parent
Company shall be treated as in favor or opposition of such matter or action proportionately in accordance with the votes as to such matter or action of the Parent Company Members in accordance with the Parent Company Agreement. For purposes of
determining a Majority in Interest of the Members, the following shall be excluded: (i) Capital Commitments made by a Member or capital commitments made by a Parent Company Member which is in default of its obligations to the Company or the
Parent Company, as applicable, as described in Section 3.4 of each of this Agreement and the Parent Company Agreement, respectively, until such default is cured; (ii) Capital Commitments made by any Member or capital
commitments made by a Parent Company Member which has transferred all of its interest in the Company or the Parent Company, as applicable; (iii) Capital Commitments made or acquired by an Assignee of all or any portion of the interest in the
Company of a Member that has not become a Substituted Member; (iv) capital commitments made or acquired by an Assignee (as such term is defined in the Parent Company Agreement) of all or any portion of the interest in the Parent Company by a
Parent Company Member that has not become a Substituted Member (as such term is defined in the Parent Company Agreement); (v) capital commitments made by the Parent Company to the Company in its capacity as a Member of the Company; (vi) Capital
Commitments made by a Parent Company Member which is a GS Affiliated Member, is an Affiliate of a GS Affiliated Member or is, is the spouse of or is controlled by (or by the spouse of) a Goldman Sachs Person or a consultant to Goldman Sachs;
(vii) capital commitments made 

  
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 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
by a Parent Company Member which is a GS Affiliated Member (as such term is defined in the Parent Company Agreement), is an Affiliate (as such term is defined in the Parent Company Agreement) of
a GS Affiliated Member (as such term is defined in the Parent Company Agreement) or is, is the spouse of or is controlled by (or by the spouse of) a Goldman Sachs Person (as such term is defined in the Parent Company Agreement) or a consultant to
Goldman Sachs (as such term is defined in the Parent Company Agreement); (viii) Capital Commitments made by any Sanctioned Member; and (ix) capital commitments made by any Sanctioned Member (as such term is defined in the Parent Company
Agreement) of the Parent Company. 
 [Signature Page Follows] 

  
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 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 GOLDMAN SACHS RENEWABLE POWER OPERATING COMPANY LLC 

In witness whereof, the parties hereto have caused this Agreement to be executed as of the date first above written. 

 

					
	MANAGING MEMBER:
	
	Goldman Sachs Renewable Power LLC
		
	By:	 	 /s/ Andrew Galloway

		 	Name:	 	Andrew Galloway
		 	Title:	 	Director
		
	By:	 	 /s/ Andrew Johnson

		 	Name:	 	Andrew Johnson
		 	Title:	 	Director
		
	By:	 	 /s/ John Lewis

		 	Name:	 	John Lewis
		 	Title:	 	Director
	
	INITIAL SOLE MEMBER:
	
	Goldman Sachs Renewable Power LLC
		
	By:	 	 /s/ Andrew Galloway

		 	Name:	 	Andrew Galloway
		 	Title:	 	Director
		
	By:	 	 /s/ Andrew Johnson

		 	Name:	 	Andrew Johnson
		 	Title:	 	Director
		
	By:	 	 /s/ John Lewis

		 	Name:	 	John Lewis
		 	Title:	 	Director

  
 [Signature Page to
A&R Limited Liability Company Agreement] 

  

 CONFIDENTIAL TREATMENT REQUESTED 

PURSUANT TO 17 C.F.R. SECTION 200.83 
  

 
					
	SPECIAL INTEREST MEMBER:
	
	GSAM Holdings II LLC
		
	By:	 	 /s/ Jonathan Lamm

		 	Name:	 	Jonathan Lamm
		 	Title:	 	Authorized Representative

  
 [Signature Page to
A&R Limited Liability Company Agreement]

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