Document:

Investment Agreement

 Exhibit 4.16 
 Dated 31 December 2011 
 INVESTMENT AGREEMENT 

between 
 sunways
Aktiengesellschaft 
 and 
 LDK Solar Germany Holding GmbH 
 and 

LDK Solar Co., Ltd. 
  

  
  

1 

 Table of Contents 

 

							
	Contents	  	Page	 
		
	 Preamble
	  	 	6	  
			
	 1
	 	Termination LTC	  	 	8	  
			
	 2
	 	Fixed Assets Lease Agreement	  	 	8	  
			
	 3
	 	Capital Increases and Subscription	  	 	8	  
			
	 4
	 	Takeover Offer	  	 	10	  
			
	 5
	 	Support of Takeover Offer / Recommendation by the Management Board	  	 	11	  
			
	 6
	 	Obligations of Sunways / Information provided	  	 	12	  
			
	 7
	 	Capacity and other Representations and Warranties	  	 	14	  
			
	 8
	 	Listing / Listing Prospectus	  	 	14	  
			
	 9
	 	Available Funds	  	 	14	  
			
	 10
	 	Communication	  	 	15	  
			
	 11
	 	Merger Control Filing	  	 	15	  
			
	 12
	 	Time Schedule	  	 	15	  
			
	 13
	 	Structure of Sunways after Completion	  	 	16	  
			
	 14
	 	Corporate Governance after Completion	  	 	16	  
			
	 15
	 	Future Business	  	 	17	  
			
	 16
	 	Confidentiality	  	 	17	  
			
	 17
	 	Lock up / Exit	  	 	17	  
			
	 18
	 	Term and Termination	  	 	18	  
			
	 19
	 	Notices	  	 	19	  
			
	 20
	 	Costs	  	 	20	  
			
	 21
	 	Miscellaneous	  	 	20	  
			
	 22
	 	Governing Law / Disputes	  	 	20	  

  
  

2 

 TABLE OF ANNEXES 

 

			
	 Annex 1
	  	Termination Agreement
		
	Annex 2	  	Fixed Assets Lease Agreement
		
	Annex 3.1.3(i)a	  	Subscription Certificate I
		
	Annex 3.1.3(i)b	  	Escrow Agreement I
		
	Annex 3.1.3(ii)	  	Escrow Agreement II
		
	Annex 3.2.3	  	Draft Contribution Agreement and English convenience translation
		
	Annex 3.2.4(i)	  	Subscription Certificate II
		
	Annex 7.1	  	Representations and Warranties of LDK Germany Holding and LDK Solar
		
	Annex 7.2	  	Representations and Warranties of Sunways
		
	Annex 9.2	  	Copy of commitment letter by LDK Solar
		
	Annex 15.1	  	Business Plan

  
  

3 

 Definitions 

 

			
	Acceptance Period	  	as defined in Section 4.4
		
	Ad-Hoc-Announcement	  	as defined in Section 10.1
		
	AktG	  	as defined in Preamble (H)
		
	Authorized Capital	  	as defined in Preamble (A)
		
	BaFin	  	as defined in Preamble (H)
		
	BGB	  	as defined in Section 7.1
		
	Bundeskartellamt	  	as defined in Section 4.5.1
		
	Business Day	  	as defined in Section 3.1.3 (ii)
		
	Capital Increase I	  	as defined in Preamble (H)
		
	Capital Increase II	  	as defined in Preamble (H)
		
	Cash Contribution	  	as defined in Section 3.1.3 (ii)
		
	Combination	  	as defined in Preamble (H)
		
	Competing Offer	  	as defined in Section 5.4
		
	Completion	  	as defined in Section 5.4
		
	Contributed Claim	  	as defined in Section 3.2.2 (i)
		
	Contributed Wafers	  	as defined in Section 3.2.2 (iii)
		
	Contribution Agreement	  	as defined in Section 3.2.3
		
	Contributions in Kind	  	as defined in Section 3.2.2 (iii)
		
	Dispute	  	as defined in Section 22.2
		
	Domination Agreement	  	as defined in Section 14.3
		
	Escrow Agreement I	  	as defined in Section 3.1.3(i)
		
	Escrow Agreement II	  	as defined in Section 3.1.3(ii)
		
	Fixed Assets Lease Agreement	  	as defined in Section 2
		
	Issue Price	  	as defined in Section 3.1.2
		
	Joint Press Release	  	as defined in Section 10.2
		
	LDK Lessee	  	as defined in Preamble (F)
		
	LDK Lessee Parent	  	as defined in Preamble (E)
		
	LDK Nominee	  	as defined in Section 14.4.1
		
	Lessor	  	as defined in Section 2
		
	LTC	  	as defined in Preamble (C)
		
	Management Board	  	as defined in Preamble (A)
		
	Merger Control Clearance	  	as defined in Section 4.5.1
		
	 Merger Control Filing
	  	as defined in Section 11.1

  
  

4 

			
		
	 New Sunways Shares
	  	as defined in Preamble (H)
		
	 Offer Document
	  	as defined in Section 4.2
		
	 Offer Price
	  	as defined in Section 4.3
		
	 Offer Recommendation
	  	as defined in Section 5.2
		
	 Production Facility
	  	as defined in Section 2
		
	 Prospectus
	  	as defined in Section 8.1
		
	 Reasoned Statement
	  	as defined in Section 5.2
		
	 Resolution No. 1
	  	as defined in Section 3.1.1
		
	 Resolution No. 2
	  	as defined in Section 3.2.1
		
	 Rules
	  	as defined in Section 22.2
		
	 Signing Date
	  	as defined in Preamble (A)
		
	 Subscription Certificate I
	  	as defined in Section 3.1.3 (i)
		
	 Subscription Certificate II
	  	as defined in Section 3.2.4 (i)
		
	 Sunways Articles
	  	as defined in Preamble (A)
		
	 Sunways Group
	  	as defined in Section 6.1.1
		
	 Sunways Share
	  	as defined in Preamble (A)
		
	 Sunways Shareholders
	  	as defined in Section 3.1.1
		
	 Sunways Shares
	  	as defined in Preamble (A)
		
	 Superior LDK Offer
	  	as defined in Section 5.4.2
		
	 Superior Offer
	  	as defined in Section 5.4.1
		
	 Supervisory Board
	  	as defined in Preamble (A)
		
	 Takeover Offer
	  	as defined in Preamble (H)
		
	 Term Sheet
	  	as defined in Preamble (D)
		
	 Termination Fee
	  	as defined in Section 1
		
	 Termination Agreement
	  	as defined in Section 1
		
	 Transaction
	  	as defined in Preamble (H)
		
	 Tribunal
	  	as defined in Section 22.2
		
	 Trustee
	  	as defined in Section 3.1.3 (i)
		
	 WpHG
	  	as defined in Preamble (B)
		
	 WpPG
	  	as defined in Section 8.1
		
	 WpÜG
	  	as defined in Preamble (H)

  
  

5 

 Investment Agreement 

(the “Agreement”) 
 between 
  

	(1)	sunways Aktiengesellschaft, with its corporate seat in Constance (Konstanz), Germany, registered with the commercial register of the local court Freiburg
im Breisgau, Germany, under no. HRB 381661, with executive offices at Macairestr. 3-5, 78467 Constance, Germany 

– hereinafter referred to as “Sunways” – 

 

	(2)	LDK Solar Germany Holding GmbH, with its corporate seat in Munich, Germany, registered with the commercial register of the local court Munich under no. HRB
194471, and offices at Landsberger Str. 302, 80687 Munich, Germany 

 – hereinafter referred to as “LDK
Germany Holding” – 
 – Sunways and LDK Germany Holding hereinafter each individually referred to as a
“Party” and collectively referred to as the “Parties” – 
 and 

 

	(3)	 LDK Solar Co., Ltd., a company incorporated under the laws of the Cayman Islands, with its registered office at c/o Corporate Filing Services
Limited, 4th Floor, Harbour Centre, P.O. BOX 613, George
Town, Grand Cayman, Cayman Islands, and executive offices at Unit 15, 35th Floor, West Tower, Shun Tak Centre, 200 Connaught Road Central, Hong Kong 

 – hereinafter referred to as “LDK Solar” – 
 Preamble

  

	(A)	WHEREAS, Sunways is a German listed stock corporation, active in the photovoltaic industry and specialised on the development, industrial production and marketing of
photovoltaic cells as well as the production of modules, inverters and components for renewable electricity generation. As of the date of signing of this Agreement (the “Signing Date”), the share capital of Sunways amounts to
EUR 11,588,613.00 and is divided into 11,588,613 no-par value bearer shares (auf den Inhaber lautende Aktien ohne Nennbetrag (Stückaktien)), each with a proportional share of Sunways’ share capital of EUR 1.00 per share
(each a “Sunways Share”, collectively the “Sunways Shares”). Pursuant to Section 5 para. 2 of the articles of association of Sunways (the “Sunways Articles”) the management board of Sunways
(the “Management Board”) is authorized to increase the share capital of Sunways with the consent of the supervisory board of Sunways (the “Supervisory Board”) through the issue of new no-par value bearer shares
against contributions in cash and/or in kind by up to in total EUR 5,790,000 (the “Authorized Capital” - genehmigtes Kapital). According to the Sunways Articles, the Management Board is authorized to exclude the subscription
rights (Bezugsrechte) of the current shareholders of Sunways with the consent of the Supervisory Board under certain prerequisites, among other things in case of a capital increase against contribution in kind and in case of a capital
increase against contribution in cash if the newly created shares subject to the exclusion of subscription rights (Bezugsrechtsausschluss) do not exceed an amount of 10% in the share capital of Sunways at the time of the resolution on the
utilization (Ausnutzung) of the Authorized Capital and the issue price (Ausgabebetrag) does not considerably fall short of the relevant stock exchange quotation. Sunways Shares are listed to trading on the regulated market segment
(regulierter Markt) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) and the sub-segment with additional post-admission obligations (Prime Standard) of the Frankfurt Stock Exchange. Sunways Shares are also
traded on the open market (Freiverkehr) of the stock exchanges in Stuttgart, Düsseldorf, Berlin, Hamburg and Munich as well as via the XETRA electronic trading system. 

  
  

6 

	(B)	WHEREAS, LDK Germany Holding is a German limited liability company. At the Signing Date, LDK Germany Holding does not hold any Sunways Shares and no Sunways Shares are
attributed to LDK Germany Holding pursuant to the German Securities Trading Act (Wertpapierhandelsgesetz – “WpHG”). 

  

	(C)	WHEREAS, Sunways has entered into into a Wafer Supply Contract with a company of LDK group on 21 September 2007, as amended on 20 September 2008, under which
Sunways has agreed to purchase wafers in quantities specified in such agreement and subject to a procedure described thereunder (the “LTC”). The LTC has a term until 31 December 2017. 

 

	(D)	 WHEREAS, Sunways and LDK Solar, the ultimate parent company of LDK group, have explored possibilities of reorganising their current business relations
and advancing their cooperation in the photovoltaic business. As part of such cooperation, Sunways and LDK Solar came to the conclusion that a significant investment of LDK Solar in Sunways would be in the best interest of Sunways and LDK Solar as
well as their shareholders, customers, employees and other stakeholders. Against this background, LDK Solar and Sunways entered into a non-binding term sheet outlining the indicative terms and conditions regarding an investment by LDK Solar in
Sunways on 14 May 2011 (the “Term Sheet”). During the further course of discussions it was agreed between Sunways and LDK Solar that the investment in Sunways should be made by LDK Germany Holding. LDK Germany Holding is a
wholly-owned subsidiary of LDK Solar International Company Limited with its registered and executive offices at Unit 15,
35th Floor, West Tower, Shun Tak Centre, 200 Connaught
Road Central, Hong Kong. LDK Solar International Company Limited in turn is a wholly-owned subsidiary of LDK Solar. 

  

	(E)	WHEREAS, LDK Germany Holding holds 100% of the shares in LDK Solar Investment Holding (HK) Co., Limited, with its registered office and executive offices at Unit 15,
35th Floor, West Tower, Shun Tak Centre, 200 Connaught Road Central, Hong Kong (“LDK Lessee Parent”). 

  

	(F)	WHEREAS, LDK Lessee Parent holds 100% of the shares in Jiangxi LDK International Trade Co. Ltd., business registration number 3601005200060121, with its registered
office at No. 1699, Tian Xiang Da Dao, Hi-Tech Park, Nanchang City, Jiangxi Province and executive office at 5/F, Hi-Tech Administrative Committee, No. 999, Torch Street, Hi-Tech Park, Nanchang City (the “LDK Lessee”).

  

	(G)	WHEREAS, any rights and obligations under the LTC have been assigned and contributed to LDK Germany Holding by way of an assignment agreement dated 31 December
2011. 

  

	(H)	WHEREAS, based on the understanding reached in the Term Sheet, Sunways and LDK Solar as well as LDK Germany Holding following its incorporation into LDK group have
agreed on the following actions (together the “Transaction”): LDK Germany Holding shall acquire an equity interest in Sunways of approx. 33.3% by means of a combined capital increase against (i) contributions in cash pursuant
to sec. 186 para. 3 sentence 4 German Stock Corporation Act (Aktiengesetz – “AktG”) (“Capital Increase I”) and (ii) contributions in kind (“Capital Increase II”), in
each case under the exclusion of subscription rights (the Sunways Shares created under Capital Increase I and Capital Increase II the “New Sunways Shares”). Under Capital Increase II, LDK Germany Holding shall contribute to Sunways
several contributions in kind, comprising of parts of a claim of LDK Germany Holding against Sunways, 100% of the shares in LDK Lessee Parent and a certain number of solar wafers. Concurrently, LDK Germany Holding shall launch a voluntary public
takeover offer for all outstanding Sunways Shares in accordance with the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz – “WpÜG”) (the “Takeover
Offer”). The listing of the New Sunways Shares will require the filing of a listing prospectus with and the approval of such prospectus by the German Federal Financial Supervisory Authority (“Bundesanstalt für
Finanzdienstleistungsaufsicht” – “BaFin”). By way of the Transaction LDK Germany Holding would acquire approx. 33.3% of the Sunways share capital existing after implementation (Durchführung) of Capital
Increase I and Capital Increase II plus up to 100% of the outstanding Sunways Shares by way of the Takeover Offer (the “Combination”). 

  

	(I)	The Parties and LDK Solar intend to enter into this Agreement in order to implement the Transaction and to afford one another comfort that the Transaction will be
successfully carried out and executed in a timely manner. 

  
  

7 

 NOW, THEREFORE, it is agreed as follows: 

 

	1	Termination LTC 

 The
Parties shall terminate the LTC by way of a termination agreement in the form as attached as Annex 1 (the “Termination Agreement”, the compensation payable by Sunways under the Termination Agreement the
“Termination Fee”) immediately after signing of this Agreement, however, subject to the resolutive condition (auflösende Bedingung) that the implementation (Durchführung) of Capital Increase I and Capital
Increase II has not been registered in the commercial register within 6 months following Signing Date. 
  

	2	Fixed Assets Lease Agreement 

 LDK Lessee and LDK Solar Hi-Tech (Nanchang) Co., Ltd., with its registered office and executive offices at Room 517, No. 998 Torch Street, Hi-Tech Industrial Development Zone, Nanchang City, Jiangxi
Province, People’s Republic of China 330096 (the “Lessor”) have entered enter into a fixed assets lease agreement regarding the facility for the production of solar modules at Dong Yuan Factory, No 189, Dong yuan Road,
High-tech industrial Development Zone, Nan Chang City, Jiang Xi Province, People’s Republic of China (the “Production Facility”, such agreement the “Fixed Assets Lease Agreement”). A copy of the Fixed Assets
Lease Agreement is attached as Annex 2. 
  

	3	Capital Increases and Subscription 

  

	3.1	Capital Increase I 

  

	 	3.1.1	The Management Board, by exercising its authorisation pursuant to Section 5 para. 2 of the Sunways Articles, shall resolve that, subject to the consent of
the Supervisory Board, the registered share capital of Sunways, by utilizing the Authorized Capital, shall be increased in the amount of EUR 1,158,845.00 against contribution in cash by way of issuance of 1,158,845 New Sunways Shares. The Management
Board shall further resolve that, subject to the consent of the Supervisory Board, the right of the existing shareholders of Sunways (the “Sunways Shareholders”) to subscribe for New Sunways Shares issued under this Capital Increase
I shall be excluded pursuant to Section 5 para. 2, 3rd dash bullet of the Sunways Articles (simplified exclusion of subscription right (vereinfachter Bezugsrechtsausschluss) pursuant to sec. 186 para. 3 sentence 4 AktG) and LDK Germany
Holding shall be exclusively entitled to subscribe for the New Sunways Shares issued under Capital Increase I (such resolution together with the resolution on Capital Increase I “Resolution No. 1”). 

 

	 	3.1.2	The issue price for each New Sunways Share to be issued under Capital Increase I shall be EUR 1.90 (the “Issue Price”).

  

	 	3.1.3	For the purpose of registration of the implementation of Capital Increase I in the commercial register of Sunways, 

 

	 	(i)	 LDK Germany Holding shall, subject to the terms and conditions stated in this sec. 3.1.3(i), issue and deliver to the notary Dr. Gerhard
Sieß, Rheingasse 2, 78462 Constance, Germany, as trustee (the “Trustee”) without undue delay (unverzüglich) two original copies of the subscription certificate (Zeichnungsschein) pursuant to sec. 185 AktG
relating to the New Sunways Shares issued under Capital Increase I in the form as attached as Annex 3.1.3(i)a (the “Subscription Certificate I”) by which it subscribes for the New Sunways Shares issued under
Capital Increase I at the Issue Price, such Subscription Certificate I, in accordance with its terms, to expire within 6 months after Signing Date in case the implementation of Capital Increase I has not been registered in the commercial register of
Sunways at that time. The Trustee shall hold the Subscription Certificate I in 

  
  

8 

	 	
escrow on the basis of the escrow agreement entered into between the Parties and the Trustee on 30 December 2011 that is attached as Annex 3.1.3(i)b (the “Escrow
Agreement I”). Sunways and LDK Germany Holding will jointly instruct the Trustee to only file the Subscription Certificate I with the commercial register of Sunways upon receipt of an explicit written (also by telefax) instruction (release
instruction) of Sunways and LDK Germany Holding. Sunways and LDK Germany Holding will give the release instruction if (i) the Cash Contribution (as defined below in 3.1.3(ii)) has been duly credited to the account of Sunways mentioned in
3.1.3(ii) and (ii) the condition (Merger Control Clearance requirement) set forth in Section 4.5.1 has been fulfilled; and 

  

	 	(ii)	The Parties have further entered into an escrow agreement with the Trustee on 30 December 2011 regarding the cash contribution to be transferred to Sunways under
Capital Increase I, a copy of which is attached hereto as Annex 3.1.3(ii) (the “Escrow Agreement II”). The Trustee shall credit the escrow amount that equals the Issue Price multiplied by the number of New Sunways
Shares issued under Capital Increase I, i.e. an aggregate amount of EUR 2,201,805.50 (the “Cash Contribution”), plus interest thereon, if any, without any deductions or withholdings, to a special account to be opened and maintained
by Sunways at equinet Bank AG, Frankfurt Main, Germany, and titled “Sonderkonto Kapitalerhöhung 2011” by no later than two Business Days (a business day being a day on which banks are generally open for business in Frankfurt Main,
Germany, the “Business Day”) following notification by the Parties that the condition (Merger Control Clearance requirement) set forth in Section 4.5.1 has been fulfilled, such account to be non-interest bearing and free of
charge. 

  

	3.2	Capital Increase II 

  

	 	3.2.1	The Management Board, by exercising its authorisation pursuant to Section 5 para. 2 of the Sunways Articles, shall resolve that, subject to the consent of
the Supervisory Board, the registered share capital of Sunways, by utilizing the Authorized Capital, shall further be increased in the amount of EUR 4,631,155.00 against the Contributions In Kind (as further described in Section 3.2.2) by way
of issuance of 4,631,155 New Sunways Shares. The Management Board shall further resolve that, subject to the consent of the Supervisory Board, the right of the Sunways Shareholders to subscribe for New Sunways Shares issued under Capital Increase II
shall be excluded pursuant to Section 5 para. 2, 2nd dash bullet of the Sunways Articles (Bezugsrechtsausschluss) (such resolution together with the resolution on Capital Increase II “Resolution No. 2”).

  

	 	3.2.2	Capital Increase II shall be carried out against contribution by LDK Germany Holding of the following contributions in kind: 

 

	 	(i)	a partial amount of the Termination Fee in the amount of EUR 3,500,000 (the “Contributed Claim”); 

 

	 	(ii)	100% of the equity interest of LDK Germany Holding in its wholly-owned subsidiary in Hong Kong, LDK Lessee Parent, which holds 100% of the equity interest in LDK
Lessee, a wholly foreign-invested enterprise under the laws of the People`s Republic of China, and which is the lessee under the Fixed Assets Lease Agreement; and 

 

	 	(iii)	565,000 multichrystalline wafers with a specification as defined in Annex 1 of the Contribution Agreement (the “Contributed Wafers”)

 (the contributions in kind under (i) through (iii) together the “Contributions in
Kind”). 
  

	 	3.2.3	 Details of the Contributions in Kind and their respective contribution to Sunways by LDK Germany Holding are described in the draft contribution
agreement (Einbringungsvertrag) with respect to the Contributions in Kind attached in the prevailing German version together with an English convenience translation as Annex 3.2.3 (the “Contribution Agreement”).
LDK Germany 

  
  

9 

	 	
Holding shall use reasonable best efforts, to the extent legally permissible, to take all necessary and possible actions and measures to safeguard that the Contributions in Kind are at
Sunways’ free disposal without undue delay (unverzüglich) after the condition (Merger Control Clearance requirement) set forth in Section 4.5.1 has been fulfilled to enable a notification of the resolution on Capital Increase
II and the implementation of Capital Increase II in the commercial register of Sunways in due time. 

  

	 	3.2.4	For the purpose of registration of the implementation of Capital Increase II in the commercial register of Sunways, 

 

	 	(i)	LDK Germany Holding shall, subject to the conditions stated herein, issue and deliver to the Trustee, without undue delay (unverzüglich) two original copies
of the subscription certificate (Zeichnungsschein) pursuant to sec. 185 AktG relating to the New Sunways Shares issued under Capital Increase II in the form as attached as Annex 3.2.4(i) (the “Subscription Certificate
II”) by which it subscribes for the New Sunways Shares issued under Capital Increase II against contribution of the Contributions in Kind, such Subscription Certificate II, in accordance with its terms, to expire within 6 months after
Signing Date in case the implementation of Capital Increase II has not been registered in the commercial register of Sunways at that time; 

  

	 	(ii)	LDK Germany Holding and Sunways shall, immediately after Signing Date, enter into the Contribution Agreement, which shall also be delivered to the Trustee; and

  

	 	(iii)	The Trustee shall hold the Subscription Certificate II and the Contribution Agreement in escrow on the basis of the Escrow Agreement I. Sunways and LDK Germany Holding
will instruct the Trustee to only file the Subscription Certificate II and the Contribution Agreement with the commercial register of Sunways upon receipt of an explicit written (or also by telefax) instruction (release instruction) of Sunways and
LDK Germany Holding jointly. Sunways and LDK Germany Holding will give the release instruction if (i) the condition (Merger Control Clearance requirement) set forth in Section 4.5.1 has been fulfilled and (ii) all other requirements
for the application of Capital Increase II with the commercial register have been met. 

  

	3.3	The New Sunways Shares are no-par value bearer shares, each with a proportional share of Sunways’ share capital of EUR 1.00 per share, and carry the
same rights and obligations as Sunways Shares, except that they will carry dividend rights only as of 1 January 2012. 

  

	4	Takeover Offer 

  

	4.1	Without undue delay after the signing of this Agreement, LDK Germany Holding shall announce its intention to launch the Takeover Offer pursuant to sec. 10 para.
1 sentences 1 and 2, para. 3 WpÜG. 

  

	4.2	LDK Germany Holding shall (i) prepare an offer document regarding the Takeover Offer as well as any additional information required pursuant to the
WpÜG (“Offer Document”) and (ii) submit the Offer Document to BaFin pursuant to sec. 14 para. 1 WpÜG; LDK Germany Holding aims to submit the document by mid-January 2012, in any case the document shall be submitted
within the periods prescribed by sec. 14 WpÜG. 

  

	4.3	The Offer Document shall provide for an offer price (cash consideration) of EUR 1.90 for each outstanding Sunways Share (the “Offer Price”).

  

	4.4	The acceptance period of the Takeover Offer pursuant to sec. 16 para. 1 WpÜG shall be 6 weeks (the “Acceptance Period”), unless extended
due to mandatory legal provisions. 

  

	4.5	The Takeover Offer shall only be subject to 

  

	 	4.5.1	the condition precedent (aufschiebende Bedingung) that the German Federal Cartel Office (the “Bundeskartellamt”) (i) has cleared the
Combination or (ii) is deemed to have cleared the Combination (the “Merger Control Clearance”); 

  
  

10 

	 	4.5.2	the condition precedent (aufschiebende Bedingung) that the number of all Sunways Shares in respect of which until the expiration of the Acceptance Period
the acceptance of the Takeover Offer has been validly declared and not revoked corresponds – together with (i) the Sunways Shares held by LDK Germany Holding (also the “Offeror”) or any persons acting in concert with the
Offeror until the expiration of the Acceptance Period and (ii) all further Sunways Shares which the Offeror acquires or agrees to acquire outside the Takeover Offer – to at least 50% plus one of the Sunways Shares issued at the time of the
expiration of the Acceptance Period (the “Minimum Acceptance Threshold”) (or a condition substantially similar to this Section 4.5.2). 

 

	4.6	LDK Germany Holding reserves the right, to the extent legally permissible, to acquire additional Sunways Shares outside the Takeover Offer on or off the stock
exchange. 

  

	5	Support of Takeover Offer / Recommendation by the Management Board 

  

	5.1	Sunways shall use reasonable best efforts, to the extent legally permissible, to take all actions and measures beneficial to the Takeover Offer which it is
competent to take in connection with the Takeover Offer. To the extent reasonably practicable, Sunways shall also generally support LDK Germany Holding to explain the benefits of the Transaction to the shareholders of Sunways. All the foregoing
shall be done in compliance with the duties of the Management Board and applicable laws and shall not affect the right of Sunways to obtain one or more fairness opinions in connection with the Takeover Offer. 

 

	5.2	The Management Board shall issue in due time a reasoned statement pursuant to sec. 27 WpÜG (the “Reasoned Statement”) and in the Reasoned
Statement confirm that the terms of the Takeover Offer are deemed fair and reasonable for Sunways’ shareholders and recommend to Sunways’ shareholders to accept the Takeover Offer (the “Offer Recommendation”), to the
extent the Offer Recommendation is in compliance with the requirements set forth in sec. 27 WpÜG and with applicable laws, including the Management Board’s fiduciary obligations to Sunways, such Offer Recommendation not to be amended or
withdrawn. 

  

	5.3	The obligations to support the Takeover Offer as described in Section 5.1 and to render and not amend or withdraw the Offer Recommendation are subject to
the following requirements: 

  

	 	5.3.1	The terms of the Takeover Offer comply with the content of the Takeover Offer agreed in this Agreement and deviations, if any, are more favourable to Sunways and
the shareholders of Sunways; 

  

	 	5.3.2	no Superior Offer (as defined in Section 5.4.1) has been launched by a third party and LDK Germany Holding has not amended the Takeover Offer pursuant to
Section 5.4.2; and 

  

	 	5.3.3	no other circumstances exist, that, in the reasonable opinion of the Management Board acting in good faith with regard to its duties, would cause the members of
the Management Board to violate their duties under applicable law (including their fiduciary duties and obligations under German law, in particular, the duty of care and loyalty under sec. 93 AktG) by supporting and issuing the Offer Recommendation.

  

	5.4	Until the implementation of Capital Increase I and Capital Increase II and the final settlement of the Takeover Offer (the “Completion”), the
Management Board undertakes to, and procures (dafür einstehen) that the officers, employees, agents and representatives of Sunways will, refrain from actively soliciting or contacting any third party investors which might interfere with
the envisaged Transaction. It will immediately and fully inform LDK Germany Holding about any Competing Offer made, as well as any changes thereto. If a third party launches, or publishes its intention to launch within the meaning of sec. 10
WpÜG, an offer for all shares of Sunways (the “Competing Offer”), the Management Board shall be entitled to withdraw its Offer Recommendation (if already published) and/or support and recommend such Competing Offer to the
shareholders of Sunways, provided that 

  
  

11 

	 	5.4.1	the Management Board, acting reasonably and in good faith, determines - taking into account external expert legal and/or financial advice by a reputable law firm
and/or investment bank or audit firm - that such Competing Offer is more favourable to Sunways and the shareholders of Sunways than the Takeover Offer, taking into account, without limitation, all of the terms and conditions of the Competing Offer
including its offer price or consideration, type of consideration, aims of the competing offeror, effects for the shareholders, its conditions, the likelihood of its completion in accordance with its terms and the likely timing of the transaction
(such Competing Offer a “Superior Offer) and provided that LDK Germany Holding is provided in due time prior to the decision relevant information (whereby any documentation and information shall be deemed relevant which LDK Solar Germany
in good faith deems relevant to the extent such information can be provided by the Management Board without contravening the fiduciary duties or any other legal obligations or duties of one or several members of the Management Board) forming the
basis for such decision of the Management Board in written form; and 

  

	 	5.4.2	LDK Germany Holding has not amended the Takeover Offer within five Business Days following information by Sunways that in the view of the Management Board the
Competing Offer is a Superior Offer to the effect that the amended Takeover Offer in the view of the Management Board is more favourable to Sunways and the shareholders of Sunways than the Superior Offer, thus transforming the Takeover Offer into a
“Superior LDK Offer”. 

  

	5.5	In case of a Superior LDK Offer all provisions in this Agreement, including without limitation the provisions relating to the Takeover Offer, shall from the date
of such amendment relate to the Superior LDK Offer in lieu of the Takeover Offer. 

  

	5.6	Other than in case of a Superior LDK Offer, if the Management Board decides to withdraw an Offer Recommendation in view of a Superior Offer (as defined above)
and, as a result of such withdrawal, Completion does not occur, Sunways shall pay to LDK Germany Holding a reasonable break-fee of EUR 125,000.00 in order to compensate LDK Germany Holding and its affiliates for any frustrated transaction costs.

  

	5.7	Any obligations of the Management Board under this Agreement shall only exist if and to the extent such obligations comply with and do not infringe any
provisions of applicable law, in particular obligations of the members of the Management Board to observe their duty of care and fiduciary duty towards Sunways, including their obligations under sec. 14, 27 and 33 WpÜG and under sec. 76 and 93
AktG. 

  

	6	Obligations of Sunways / Information provided 

  

	6.1	From the Signing Date until the earlier of (i) Completion or (ii) a termination of this Agreement pursuant to Section 18.2:

  

	 	6.1.1	Sunways shall procure (dafür einstehen), to the extent legally permissible, that none of the following will occur or be committed without the prior
written consent of LDK Germany Holding: 

  

	 	•	 	 Any resolution of Sunways’ general meeting amending the Sunways Articles (except for any amendments provided for or deriving from this Agreement
and its Annexes, required by mandatory law or non-appealable court order or court order with respect to which an appeal has no suspensive effect) or amendment of the articles of association of Sunways Production GmbH; 

 

	 	•	 	 any issue of shares by Sunways and its subsidiary Sunways Production GmbH (together the “Sunways Group”) (except, for the avoidance of
doubt, as provided for in this Agreement); 

  

	 	•	 	 any measure pursuant to the German Law on the Transformation of Companies (Umwandlungsgesetz) in relation to Sunways or members of Sunways Group
where Sunways is not the surviving entity or which results in the issuance of shares by Sunways or a member of Sunways Group to any person or entity outside Sunways Group (except, for the avoidance of doubt, as provided for in this Agreement);

  
  

12 

	 	•	 	 any share buy-back or redemption of Sunways Shares; 

  

	 	•	 	 any conclusion of any enterprise agreement with any Sunways Group entity, in particular pursuant to secs. 291 et seq. AktG;

  

	 	•	 	 any liquidation of a Sunways Group entity; 

  

	 	•	 	 any changes to the service or employment agreements of any members of the Management Board or any other corporate body of Sunways Group providing for
an increase in remuneration or other benefits; 

  

	 	•	 	 any declaration and/or payment of dividends or other distributions made by a Sunways Group entity; and 

 

	 	•	 	 the waiver of any claims of Sunways (or Sunways Production GmbH) against any current or former managing director, member of the management board,
member of the supervisory board or any other member of a corporate body of the Sunways Group. 

  

	 	6.1.2	Sunways Group shall conduct its business in the ordinary course and therefore no entity of Sunways Group shall: 

 

	 	•	 	 enter into any agreement or assume any other obligation to pursue any of the activities set out in Section 6.1.1; 

 

	 	•	 	 enter into any material agreements (in the context of this Agreement the term material agreement shall comprise any agreement the value of which
exceeds EUR 600,000.00); 

  

	 	•	 	 sell, transfer, purchase or accept the transfer of any shares or other equity interests in any legal entities or business (nor the substantial assets
of any business); 

  

	 	•	 	 pay or otherwise discharge, or provide security for, any material liabilities, other than in accordance with past practice and in the ordinary course
of business; 

  

	 	•	 	 sell, transfer, create any encumbrances on or otherwise dispose of any real estate, intellectual property rights or material assets or inventory, other
than in accordance with past practice and in the ordinary course of business; however, for the avoidance of doubt, any disposal of production facilities in Constance (Konstanz) or actions required to execute or finalize the sale of such
production facilities is explicitly permitted and not subject to any consent of LDK Germany Holding; 

  

	 	•	 	 increase the remuneration (including any type of benefit) of any member of the Management Board or supervisory board member of a Group Company;

  

	 	•	 	 grant any loans or similar financial commitments or benefits to any shareholder, employee or board member of a Group Company; or

  

	 	•	 	 enter into any transactions which are not at arm’s length. 

It is understood that the consent shall be deemed to be granted if LDK Germany Holding has not responded within 48 hours after a
respective request by Sunways – together with comprehensive documentation in English language (or with English translations) – has been sent in accordance with Section 19 below. 

 

	6.2	From the Signing Date, Sunways will ensure that, to the extent legally permissible, LDK Germany Holding will receive the following information:

  

	 	•	 	 the quarterly reports of Sunways on the business results for the previous financial quarter; 

 

	 	•	 	 information about events which are disclosed by Sunways in an ad-hoc announcement pursuant to sec. 15 WpHG; 

 

	 	•	 	 drafts and the final version of the Prospectus, in each case as filed with BaFin; 

  
  

13 

	 	•	 	 as from the time and as long as Sunways Group will be consolidated in the accounts of LDK group, the financial information required for such
consolidation on a quarterly and annual basis within three weeks after close of each quarter/ financial year; and 

  

	 	•	 	 all information requested that can be disclosed to LDK Germany Holding in compliance with applicable legal requirements. 

 

	7	Capacity and other Representations and Warranties 

  

	7.1	LDK Germany Holding guarantees by way of an independent promise of warranty (selbständiges Garantieversprechen) pursuant to sec. 311 German Civil
Code (Bürgerliches Gesetzbuch - “BGB”) that as of the Signing Date LDK Germany Holding is a duly existing limited liability company incorporated under the laws of the Germany and is entitled to enter into the
transactions contemplated by this Agreement subject to Merger Control Clearance. Further guarantees made by LDK Germany Holding and LDK Solar are set out in Annex 7.1. 

 

	7.2	Sunways guarantees by way of an independent promise of warranty pursuant to sec. 311 BGB that as of the Signing Date Sunways is a duly existing stock corporation
incorporated under the laws of Germany and is entitled to enter into the transactions contemplated by this Agreement subject to the approval of the Supervisory Board and the Merger Control Clearance. Further guarantees made regarding Sunways Group
by Sunways are set out in Annex 7.2. 

  

	8	Listing / Listing Prospectus 

  

	8.1	The Parties intend to include all New Sunways Shares in the listing of the existing Sunways Shares no later than one year after issuance of the New Sunways
Shares. For this purpose, Sunways shall in consultation with LDK Germany Holding prepare a securities prospectus (listing prospectus) in accordance with the requirements of the German Securities Prospectus Act (Wertpapierprospektgesetz,
“WpPG”) and the Commission Regulation (EC) No 809/2004 of 29 April 2004, as amended (the “Prospectus”), and shall, together with a bank, apply for (i) admission of the New Sunways Shares to the regulated
market of the Frankfurt Stock Exchange and the sub-segment with additional post-admission obligations (Prime Standard) of the Frankfurt Stock Exchange and (ii) inclusion in the listing of the existing Sunways Shares at the regulated
market of the Frankfurt Stock Exchange and the sub-segment of the regulated market with additional post-admission obligations (Prime Standard) of the Frankfurt Stock Exchange and shall use its reasonable best efforts to have the listing
accomplished as soon as possible following such application. 

  

	8.2	For the New Sunways Shares issued under Capital Increase I, the Parties will explore the possibility of (i) admittance to the regulated market of the
Frankfurt Stock Exchange and the sub-segment of the regulated market with additional post-admission obligations (Prime Standard) of the Frankfurt Stock Exchange and (ii) the inclusion in the listing of the existing Sunways Shares at the
regulated market of the Frankfurt Stock Exchange and the sub-segment of the regulated market with additional post-admission obligations (Prime Standard) of the Frankfurt Stock Exchange without a securities prospectus based on the exemption from the
prospectus requirement pursuant to sec. 4 para. 2 no. 1 WpPG and make use of such exemption, to the extent this is legally permissible. 

  

	9	Available Funds 

  

	9.1	LDK Germany Holding has instructed DZ Bank AG, Deutsche Zentral-Genossenschaftsbank, Frankfurt Main, Germany, to act as its financial advisor for the Takeover
Offer. In this context DZ Bank AG has also been requested to issue a financing confirmation pursuant to sec. 13 WpÜG in favour of LDK Germany Holding. 

 

	9.2	LDK Solar has issued a binding and irrevocable commitment letter in favour of LDK Germany Holding to fully fund the Cash Consideration and/or the Offer Price
when due. A copy of such commitment letter is attached hereto as Annex 9.2. 

  
  

14 

	9.3	The Parties have further entered into the Escrow Agreement II to secure the funding of Capital Increase I. 

 

	10	Communication 

  

	10.1	After signing of this Agreement and passing of Resolution No. 1 and Resolution No. 2, Sunways will issue an ad-hoc-announcement pursuant to sec. 15
para. 1 WpHG with respect to the Transaction (the “Ad-Hoc-Announcement”), the wording of the Ad-Hoc-Announcement to be mutually agreed between the Parties. 

 

	10.2	After the Ad-Hoc-Announcement, the Parties shall publish a joint press release with regard to the Transaction (“Joint Press Release”), the
wording of such Joint Press Release to be mutually agreed between the Parties. The Parties shall also coordinate, to the extent legally permissible, their respective additional communication regarding the Transaction. 

 

	11	Merger Control Filing 

  

	11.1	Sunways, and to the extent legally required, LDK Germany Holding shall make merger control filings with the Bundeskartellamt in order to obtain Merger Control
Clearance (“Merger Control Filing”). 

  

	11.2	Any Merger Control Filing shall be finalized and submitted by Sunways. Sunways shall provide LDK Germany Holding with drafts for review and shall in its
reasonable judgment consider and not refuse without reasonable cause (sachlicher Grund) any of the comments of LDK Germany Holding. LDK Germany Holding shall provide Sunways or its advisors with all relevant information and documents to the
extent necessary and reasonable (which shall always be the case if the information or document is necessary to complete Merger Control Filing or specifically requested by a relevant merger control authority). 

 

	11.3	Furthermore, in order to obtain Merger Control Clearance, Sunways and LDK Germany Holding shall (i) co-operate in all respects with each other in
preparation of any filing or notification and in connection with the Merger Control Filing, (ii) supply to any competent authority as soon as reasonably practical any additional information requested pursuant to any applicable laws and take all
other procedural actions required in order to obtain Merger Control Clearance, (iii) without undue delay provide each other with copies of any written communication (or written summaries of any non-written communication) in connection with the
Merger Control Filing, (iv) contact any competent authority only after consultation with the other Party (unless the purpose of such contact is purely administrative), and (v) without undue delay inform the other Party in advance of the
time and place of any meetings and conferences with the competent authorities and give each other and their respective advisors the opportunity to participate in all such meetings or conferences where permitted by the relevant authority.

  

	11.4	In case the Combination is denied merger clearance, an appeal shall be filed with the consent of the Parties, such consent not to be unreasonably withheld.

  

	12	Time Schedule 

 In order
to ensure a prompt implementation of the Transaction, the Parties will use their best efforts, to the extent legally permissible, to have the following steps accomplished after signing of this Agreement substantially in the following order. For this
purpose, the Parties undertake to co-operate in a constructive manner and in a spirit of mutual trust to take all necessary steps required: 
  

	12.1	The Parties shall terminate the LTC by way of the Termination Agreement. 

 

	12.2	The Management Board shall resolve upon Resolution No. 1. 

  

	12.3	The Management Board shall resolve upon Resolution No. 2. 

  

	12.4	The Supervisory Board shall approve Resolution No. 1 and Resolution No. 2. 

 

  
  

15 

	12.5	LDK Germany Holding shall subscribe to Capital Increase I and Capital Increase II. 

 

	12.6	The Parties shall enter into the Contribution Agreement. 

  

	12.7	Sunways shall publish the Ad-Hoc-Announcement. 

  

	12.8	LDK Germany Holding shall publish its decision to launch the Takeover Offer in accordance with Section 10 para. 1 sentences 1 and 2, para. 3 WpÜG.

  

	12.9	Sunways and LDK Germany Holding shall publish the Joint Press Release. 

 

	12.10	The Parties shall make the Merger Control Filing. 

  

	12.11	LDK Germany Holding shall submit the Offer Document to BaFin. 

  

	12.12	Following approval of the Offer Document by BaFin, LDK Germany Holding shall publish the Offer Document. 

 

	12.13	The Cash Contribution shall be contributed as set forth in Section 3.1.3(ii). 

 

	12.14	The Contributions in Kind shall be rendered at Sunways’ free disposal as set forth in Section 3.2.3. 

 

	12.15	Instructions to file the commercial register applications for Capital Increase I and Capital Increase II shall be issued by the Parties to the Trustee once the
condition set forth in Section 4.5.1 (Merger Control Clearance requirement) has been satisfied. 

  

	12.16	Capital Increase I and Capital Increase II shall become effective by way of registration in the commercial register of Sunways. 

 

	12.17	The Filing of the Prospectus for New Sunways Shares and admission of New Sunways Shares shall take place no later than one year after issuance of the New Sunways
Shares. 

  

	13	Structure of Sunways after Completion 

  

	13.1	After Completion Sunways shall continue to exist as a fully operative German entity in the legal form of a stock corporation (Aktiengesellschaft) and
shall remain a listed company with its shares listed in the regulated market (Prime Standard) at the Frankfurt Stock Exchange. 

  

	13.2	LDK Germany Holding supports Sunways in order to enable Sunways to further capitalise on its brand names and further enhance the brand awareness. LDK Germany
Holding undertakes to maintain “Sunways” as independent brand. Any change of the current brand strategy shall be implemented only with the explicit prior consent of the Management Board. 

 

	14	Corporate Governance after Completion 

  

	14.1	Management Board 

  

	 	14.1.1	LDK Germany Holding has full trust and confidence in the current members of the Management Board and does not intend to effect or initiate a change in the
composition of the Management Board. For the duration of the current appointment of the members of the Management Board, LDK Germany Holding does not intend to initiate or otherwise support any action aiming at the removal of any current member of
the Management Board or the termination of any corresponding employment contract. 

  

	 	14.1.2	The Management Board shall continue to be independent from LDK Germany Holding. LDK Germany Holding acknowledges that neither LDK Germany Holding nor any
affiliated company of LDK Germany Holding within the meaning of secs. 15 et seqq. AktG is entitled to issue directives to the Management Board or any of its members, and that, absent a domination agreement (Beherrschungsvertrag) pursuant to
secs. 291 et seqq. AktG (the “Domination Agreement”), there is no obligation on the part of the Management Board or any of its members to carry out or refrain from a legal transaction or act at the inducement of LDK Germany Holding,
whether in form of a request, a demand or instruction. 

  
  

16 

	14.2	Supervisory Board 

  

	 	14.2.1	The Supervisory Board currently consists of three members, all of which are nominated by the shareholders of Sunways. For as long as LDK Germany Holding holds at
least 20% of the share capital and voting rights in Sunways, LDK Germany Holding shall be entitled to recommend one individual to be elected to the Supervisory Board (the “LDK Nominee”) subject to the following terms:

  

	 	(i)	If an appointment by court is legally possible, LDK Germany Holding shall nominate to the Management Board the LDK Nominee who shall be appointed by the competent court
upon application of the Management Board. 

  

	 	(ii)	If an appointment by court is not legally possible, the Management Board shall, to the extent legally permissible, use its best efforts to establish contact between LDK
Germany Holding and the Supervisory Board members and support a nomination of the LDK Nominee to be elected to the Supervisory Board by Sunways’ next shareholders’ meeting. 

 

	 	14.2.2	Sunways will have no obligation whatsoever with respect to the election of a LDK Nominee to the Supervisory Board if and to the extent such LDK Nominee does not
fulfil the prerequisites set out by statutory law, the Sunways Articles and/or the German Corporate Governance Code with respect to a member of the supervisory board. 

 

	15	Future Business 

  

	15.1	As a result of preliminary discussions on future business opportunities the Parties have agreed on the indicative business plan regarding Sunways Group attached
as Annex 15.1 which shall be executed after Completion, to the extent legally permissible and subject to the fiduciary duties of the Management Board and/or Supervisory Board. 

 

	15.2	The Parties and LDK Solar agree that the Management Board shall continue to independently conduct the business operations of Sunways and Sunways Group according
to applicable statutory law and based upon the business strategy described and to be implemented pursuant to Section 15.1 or further developed in the future by the Management Board. Strategy and execution of the strategy for the Sunways
business shall remain the responsibility of the Management Board. This applies to all areas in which Sunways Group currently conducts business or may decide to conduct business in the future. 

 

	15.3	LDK Germany Holding and LDK Solar fully support the business plan pursuant to Section 15.1 and will support Sunways in the implementation of such plan. LDK
Germany Holding and LDK Solar further intend to promote Sunways as independent brand and support Sunways in capitalizing on future market opportunities and the expansion of Sunways’ market position. 

 

	16	Confidentiality 

 LDK
Solar and Sunways entered on 20 January 2011 into a Non-Disclosure Agreement which remains in full force and effect and to which LDK Germany Holding also agrees to adhere to and which shall also apply to this Agreement and the information
contained herein accordingly. 
  

	17	Lock up / Exit 

  

	17.1	LDK Germany Holding hereby undertakes to Sunways that for a period of 10 months following Completion it will not, without the consent of the Management Board,

  

	 	17.1.1	sell, transfer, pledge, encumber or otherwise dispose of (verfügen über) (including the granting of any option over or the creation of any form
of trust relationship in respect of) any Sunways Shares held by it at Completion; 

  
  

17 

	 	17.1.2	enter into any agreement or transaction in respect of any voting rights or other rights attaching to Sunways Shares held by it at Completion; or

  

	 	17.1.3	enter into any transaction (including derivative transactions) or carry out any other action that would be the economic equivalent of any of the above.

  

	17.2	Section 17.1 shall not apply to the sale and/or transfer of Sunways Shares held by LDK Germany Holding at Completion to any affiliated company within the
meaning of secs. 15 et seqq. AktG. 

  

	17.3	Except as provided for in Section 8, LDK Germany Holding acknowledges and agrees that Sunways shall not be obligated to assist LDK Germany Holding in any
way in a potential public offer of Sunways Shares (e.g. by preparing a prospectus in accordance with the requirements of the WpPG and the Commission Regulation (EC) No 809/2004 of 29 April 2004, as amended). 

 

	17.4	LDK Germany Holding shall at no time, and shall procure that no affiliated company within the meaning of secs. 15 et seqq. AktG, take any actions or offer any
Sunways Shares in a manner that would unreasonably impose any obligations on Sunways pursuant to the United States Securities Act of 1933, as amended, and/or any other foreign laws governing the offering of shares, except for obligations imposed by
such laws as a result of Sunways becoming an affiliate of LDK Germany Holding subsequent to the Completion. 

  

	18	Term and Termination 

  

	18.1	This Agreement shall become effective upon signature of the parties to it and is concluded for a term of five years except for (i) Section 6.2 which
will remain effective for as long as Sunways Group will be consolidated in the accounts of LDK group, (ii) Section 14.2 which will remain effective for as long as LDK Germany Holding holds at least 20% of the shares and voting rights in
Sunways and (ii) the business plan referred to in Section 15.1 that shall be applicable until the end of the calendar year 2013. 

  

	18.2	Prior to Completion, this Agreement may only be terminated with immediate effect in writing 

 

	 	•	 	 by mutual written consent of the Parties; or 

  

	 	•	 	 by either Sunways or LDK Germany Holding, if the condition set forth in Section 4.5.1 (Merger Control Clearance requirement) has not been
fulfilled within 6 months following the Signing Date; or 

  

	 	•	 	 by LDK Germany Holding if LDK Germany Holding (or an affiliated company as described in 17.2) and Sunways have entered into a Domination Agreement and
such Domination Agreement has been registered in the commercial register of Sunways. 

 The right to terminate
this Agreement for good cause (aus wichtigem Grund) shall remain unaffected. 
  

	18.3	Notice of termination must be given in writing to the addresses mentioned in Section 19. Such notice will take effect immediately upon it having been given
in accordance with Section 12.6. The notice of termination must be made within 20 Business Days of the terminating Party becoming aware of the event giving rise to the termination right. 

 

	18.4	In the event of a termination of this Agreement, this Agreement shall have no further effect save for the provisions in Sections 16 and 19 through 22.

  
  

18 

	19	Notices 

 All notices,
communications and declarations of will given pursuant to, or in connection with, this Agreement shall be given in writing in the English language and delivered by hand, by registered mail, by facsimile, by email or by courier (unless any other
specific form is required by mandatory law) to the persons at the addresses set forth below, or such other person or address as may be designated by the respective party to the other parties in the same manner: 

 

			
	Sunways:	  	with a copy to:
		
	 Michael Wilhelm
 Sunways
AG
 Photovoltaic Technology

Macairestraße 3 - 5
 78467
Konstanz
 Germany
	  	 Dr. Nikolaos Paschos / Kristina Klaaßen
 Linklaters LLP
 Königsallee 49-51
 40212 Düsseldorf
 Germany

		
	 Telefax +49 7531 9967733-400

Email: michael.wilhelm@sunways.de
	  	 Telefax: +49 211 22977-435

Email:nikolaos.paschos@linkalters.com

kristina.klaassen@linklaters.com

	LDK Germany Holding:	  	with a copy to:
		
	 Xiaofeng Peng
 c/o LDK Solar
Co., Ltd.
 Unit 15, 35th Floor
 West
Tower, Shun Tak Centre
 200 Connaught Road
 Hong Kong
	  	 Oliver Kessler
 Sidley Austin
LLP
 Taunusanlage 160329 Frankfurt Main

Germany
 Telefax: +49 69 22221-4001

Email: okessler@sidley.com

		
	 Telefax: +852 2291 6030
 Email:
ldkpeng@ldksolar.com
	  	 and

		  	 H. Timothy Li
 Sidley Austin
LLP
 39/F Two International Finance Centre
 8 Finance Street, Central, Hong Kong
 Telefax: +852 2509-3110

Email: htli@sidley.com

	LDK Solar Co., Ltd.	  	with a copy to:
		
	  
 Xiaofeng Peng

LDK Solar Co., Ltd.
 Unit 15, 35th
Floor
 West Tower, Shun Tak Centre
 200
Connaught Road
 Hong Kong
  

Telefax: +852 2291 6030
 Email:
ldkpeng@ldksolar.com
	  	 Oliver Kessler
 Sidley Austin
LLP
 Taunusanlage 160329 Frankfurt Main

Germany
 Telefax: +49 69 22221-4001

Email: okessler@sidley.com
  
 and
  
 H. Timothy Li

Sidley Austin LLP
 39/F Two International Finance
Centre
 8 Finance Street, Central, Hong Kong
 Telefax: +852 2509-3110
 Email: htli@sidley.com

  
  

19 

 Provided that a party may change its notice details on giving notice to the other parties of
the change in accordance with this Section 19 that notice shall only be effective on the date falling five Business Days after the notification has been received or such later date as may be specified in the notice. 

 

	20	Costs 

 Each party to this
Agreement will bear its own costs (including the fees, costs and expenses of its advisors) relating to the preparation, negotiation and implementation of this Agreement and the transactions contemplated herein. 

 

	21	Miscellaneous 

  

	21.1	No party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement without the prior written consent of the other parties.

  

	21.2	Any provision of this Agreement (including this Section 21.2) may be amended or waived only if such amendment or waiver is made in writing, unless a
stricter form is required by mandatory law. 

  

	21.3	Nothing in this Agreement will be construed as the formation of a partnership under secs. 705 et seqq. BGB (Gesellschaft bürgerlichen Rechts) or
other form of partnership as between Sunways, LDK Germany Holding and/or LDK Solar. 

  

	21.4	The headings in this Agreement are merely for convenience. They will be disregarded for the purposes of interpreting this Agreement. The annexes to this
Agreement form an integral part of this Agreement. 

  

	21.5	In this Agreement (including the Preamble), unless the context otherwise requires, where a German term has been added in brackets after an English term, the
German term will be decisive for the purpose of interpretation of the English term whenever such English term is used in this Agreement. 

  

	21.6	Except as otherwise expressly provided for in this Agreement, this Agreement will not grant any rights to third parties and will not constitute a contract for
the benefit of third parties (Vertrag zugunsten Dritter) or a contract with protective effect for third parties (Vertrag mit Schutzwirkung zugunsten Dritter). 

 

	21.7	If one or more provisions of this Agreement, including this provision, are or become illegal, invalid or unenforceable, that shall not affect or impair the
legality, validity or enforceability of any other provision of this Agreement. The illegal, invalid or unenforceable provision shall be deemed to be substituted by a suitable and equitable provision which, to the extent legally permissible, comes as
close as possible to the intent and purpose of the illegal, invalid or unenforceable provision. The same shall apply in case of an amendment due to a failure of addressing a certain matter in this Agreement (Auffüllung einer
Vertragslücke). It is the express intent of the parties to this Agreement that this Section 21.7 shall be construed as an exclusion of sec. 139 BGB in its entirety and not just as a reversal of the burden of proof
(Beweislastumkehr). 

  

	22	Governing Law / Disputes 

  

	22.1	This Agreement and any non-contractual obligations arising out of or in connection with this Agreement shall be governed by and construed in accordance with the
laws of the Federal Republic of Germany. 

  

	22.2	All disputes, controversies or claims arising out of or in connection with this Agreement, including the breach, termination or invalidity thereof
(“Dispute”), shall be finally settled under the Rules of Arbitration of the International Chamber of Commerce (“Rules”) by three arbitrators appointed in accordance with the Rules and this clause 22.2 (the
“Tribunal”). The place of arbitration shall be Zurich, Switzerland, and the language to be used in the arbitral proceedings shall be English. One arbitrator will be nominated by each party to the Dispute and the third arbitrator,
who will be the Chairman of the Tribunal, will be appointed by the ICC Court of Arbitration in accordance with the Rules. 

  

  
  

20 

	22.3	If according to mandatory law a Dispute has to be settled by a competent court, the courts in Frankfurt Main, Germany, shall have exclusive jurisdiction, to the
extent legally permissible. 

  

									
	Constance/Hong Kong, 31 December 2011	 	 	 	 	 	 
			
	sunways Aktiengesellschaft	 	 	 	LDK Solar Germany Holding GmbH
			
	represented by:	 		 	represented by:
			
	 /s/ Michael Wilhelm
	 		 	 /s/ Xiaofeng Peng

					
	name:	 	  Michael Wilhelm	 		 	name:	 	  Xiaofeng Peng
				
	 /s/ Joerg von Strom
	 		 		 	
					
	name:	 	  Joerg von Strom	 		 		 	
				
	LDK Solar Co. Ltd.	 	 	 	 	 	 
				
	represented by:	 		 		 	
				
	 /s/ Xiaofeng Peng
	 		 		 	
					
	name:	 	  Xiaofeng Peng	 		 		 	

  
  

21 

 Annex 7.1 to the Investment Agreement 
 Representations and Warranties of LDK Germany Holding and LDK Solar 
  

	1.	LDK Germany Holding and LDK Solar each individually, hereby represent and warrant by way of an independent guarantee (selbstständiges Garantieversprechen)
pursuant to sec. 311 (1) BGB that the following statements are true and correct (zutreffend) and not misleading, in each case as of the Signing Date, whereby it is understood that the representations shall not constitute a warranty of
condition (Beschaffenheitsgarantie) within the meaning of sec. 444 BGB: 

  

	 	1.1.	LDK Germany Holding is holder of the Contributed Claim. The Contributed Claim is free of any defect of title (Rechtsmangel), such defect of title including but
not limited to the non-existence of the claim, any conditions, potential objections or third party rights. 

  

	 	1.2.	LDK Lessee Parent is a duly established and validly existing company under the laws of Hong Kong, People`s Republic of China. The share capital of LDK Lessee Parent has
been fully and properly paid up and has neither openly nor in a hidden way been redistributed to the shareholders. The shares of LDK Lessee Parent are free of any obligations to make additional contributions or payments and similar obligations or
restrictions. 

  

	 	1.3.	No persons or companies, other than LDK Germany Holding, hold any direct or indirect interest of any type whatsoever in LDK Lessee Parent and there are no rights to
create or transfer such an interest. LDK Germany Holding has unrestricted ownership of the shares, free and clear from any third party rights, liens, encumbrances, pledges or any other restrictions and can freely dispose of the shares in LDK Lessee
Parent. Any transfer of the shares in LDK Lessee Parent following formation of LDK Lessee Parent prior to Signing Date does not result in any adverse tax consequences of LDK Lessee Parent or future stakeholders of LDK Lessee Parent.

  

	 	1.4.	There are no silent participations or other rights to participate in LDK Lessee Parent’s revenues, profits, assets, equity (or the value thereof) or which
otherwise relate to its business and there are no rights to create or transfer such participations or rights. 

  

	 	1.5.	LDK Lessee is a duly established and validly existing foreign-invested company under the laws of the People`s Republic of China and has a duly approved business scope
allowing it to carry out in particular import and export actions and the production of modules and any other actions provided for under the Fixed Assets Lease Agreement. 

 

	 	1.6.	Lessor (i) is a company duly established and validly existing under the laws of the People’s Republic of China, (ii) is a wholly owned subsidiary of LDK
Solar, with 25.5% directly owned by LDK Solar and 74.5% indirectly owned by LDK Solar through its wholly owned subsidiary in China, Jiangxi LDK Solar Hi-Tech Co., Ltd., (iii) owns the Production Facility and (iv) such ownership is neither
subject to restrictions on disposal nor to third party rights. The Production Facility is suitable for the production of the production volume of solar modules agreed in the Fixed Assets Lease Agreement and will conform to the specification
described under the Fixed Assets Lease Agreement. 

  

	 	1.7.	LDK Germany Holding is owner of the Contributed Wafers. The Contributed Wafers are neither subject to restrictions on disposal nor to third party rights. The quality of
the Contributed Wafers will conform to the specification as defined in Annex 1 of the Contribution Agreement. 

  
  

1 

 Annex 7.2 to the Investment Agreement 
 Representations and Warranties of Sunways 
  

	1.	Sunways hereby represents and warrants by way of an independent guarantee (selbstständiges Garantieversprechen) pursuant to sec. 311 (1) BGB that the
following statements are true and correct (zutreffend) and not misleading, in each case as of the Signing Date, whereby it is understood that the representations shall not constitute a warranty of condition (Beschaffenheitsgarantie)
within the meaning of sec. 444 BGB: 

  

	 	1.1.	Sunways has been duly established and is validly existing as a stock corporation under the laws of the Federal Republic of Germany. The articles of association of
Sunways attached to this Annex as Exhibit 1.1 represent the complete and current version of the articles of association of Sunways. No shareholder resolutions have been passed which could affect the current existence of Sunways; this
includes, in particular, but without limitation, resolutions pursuant to the German Law on the Transformation of Companies (Umwandlungsgesetz) or resolutions on the liquidation of Sunways. 

 

	 	1.2.	No insolvency or similar proceedings have been, or have been threatened to be, opened over the assets of Sunways, and there are no circumstances that would require or
justify the opening or application for such proceedings. Sunways is neither illiquid (zahlungsunfähig) nor over-indebted (überschuldet). However, according to existing contractual conditions the financing banks of Sunways may
use their special right of cancellation of current financing due to a new majority shareholder acquiring a major stake of 20% or more of the share capital of Sunways. In this case, the short-term necessity of additional working capital financing may
occur to avoid illiquidity or over-indebtedness. 

  

	 	1.3.	The New Sunways Shares will be validly issued in compliance with applicable law, free of any third party rights (including, without limitation, pre-emptive rights,
rights of first refusal, subscription rights, option rights, conversion rights, or similar rights as well as pledges or other encumbrances) and any transfer restrictions (Verfügungsbeschränkungen), unless provided for in this
Agreement. 

  

	 	1.4.	The New Sunways Shares will be no-par value shares (Stückaktien) attributed with the same rights as the other shares in the Company; except for the issue
price (Ausgabebetrag) and any potential additional payments mandatorily required under the applicable law, there are no further payment or ancillary obligations or encumbrances with respect to the New Sunways Shares. 

 

	 	1.5.	To the extent legally permitted by German law, and to the best knowledge of Sunways, Sunways represents and warrants that the existing share capital of Sunways has been
issued in compliance with the applicable German laws and regulations. 

  
  

2EX-10.1

 Exhibit 10.1 
 HURON CONSULTING GROUP INC. 
 2012 OMNIBUS INCENTIVE PLAN 

 

	1.	History and Purpose. Huron Consulting Group Inc., a Delaware corporation (“Huron”), has established the Huron Consulting Group Inc. 2012 Omnibus
Incentive Plan (the “Plan”) to attract and retain employees, non-employee directors and independent contractors providing services to Huron and/or the Affiliates, to motivate Participants to achieve long-term goals of Huron and the
Affiliates, to provide incentive compensation opportunities that are competitive with those of other corporations, and to further align Participants’ interests with those of Huron’s stockholders, and thereby to promote the long-term
financial interest of Huron and the Affiliates, including growth in value of Huron’s equity and enhancement of long-term stockholder value. 

  

	2.	Definitions. As used in the Plan, the following definitions apply to the terms indicated below: 

 

	 	(a)	“Administrative Actions” shall have the meaning set forth in Section 5(d). 

 

	 	(b)	“Affiliate” means any corporation, partnership, joint venture or other entity during any period in which (i) Huron, directly or indirectly, owns
at least 50% of the combined voting power of all classes of stock of such entity or at least 50% of the ownership interests in such entity or (ii) such entity, directly or indirectly, owns at least 50% of the combined voting power of all
classes of stock of Huron. 

  

	 	(c)	“Agreement” shall mean an agreement between Huron and a Participant evidencing an Award or a notice of an Award, in a form approved by the Committee.

  

	 	(d)	“Alternative Agreement” shall mean, with respect to any Participant, an employment agreement, senior management agreement or other written agreement
describing the Participant’s terms of employment with Huron or an Affiliate. 

  

	 	(e)	“Approval Date” shall have the meaning set forth in Section 3. 

 

	 	(f)	“Award” shall mean any award described in Section 7 or 8 of the Plan. 

 

	 	(g)	“Board of Directors” shall mean the Board of Directors of Huron. 

	 	(h)	 “Business Criteria” shall mean (i) return on total stockholder equity; (ii) earnings or book value per share of Common Stock
(“EPS”); (iii) adjusted EPS; (iv) net income (before or after taxes); (v) earnings before all or any interest, taxes, depreciation and/or amortization (“EBIT”, “EBITA” or “EBITDA”) measured as a
dollar amount or a percentage of revenue; (vi) return on assets, capital or investment; (vii) market share; (viii) market capitalization (ix) cost reduction goals; (x) levels of expense, costs or liabilities;
(xi) department, division or business unit level performance; (xii) operating income; (xiii) sales or revenues; (xiv) stock price appreciation; (xv) total stockholder return (TSR); (xvi) implementation or completion of
critical projects or processes; (xvii) adjusted EBITDA; (xviii) days sales outstanding (DSO); (xix) financial coverage ratios; (xx) other non-GAAP financial measures, or (xxi) any combination of the foregoing. Where
applicable, Business Criteria may be applied to results including or excluding discontinued operations, expressed in terms of attaining a specified level of the particular criteria or the attainment of a percentage increase or decrease in the
particular criteria, and may be applied to one or more of Huron, an Affiliate, or a department, division or strategic business unit of Huron and/or one or more Affiliates, or may be applied to the performance of Huron and/or one or more Affiliates
relative to a market index, a group of other companies or a combination thereof, all as determined by the Committee. The Business Criteria may be subject to a threshold level of performance below which no payment will be made (or no vesting will
occur), levels of performance at which specified payments will be made (or specified vesting will occur), and a maximum level of performance above which no additional payment will be made (or at which full vesting will occur). Each of the Business
Criteria shall be determined, where applicable, in accordance with generally accepted accounting principles and shall be subject to certification by the Committee; provided that the Committee shall have the authority to make equitable adjustments to
the Business Criteria applicable to any Award in recognition of (1) unusual or non-recurring events affecting Huron or any Affiliate or the financial statements of Huron or any Affiliate, (2) changes in applicable laws or regulations
(including tax laws, accounting principles or other laws or provisions affecting reported results), (3) gains, losses or expenses determined to be extraordinary or unusual in nature or infrequent in occurrence or related to the disposal of a
segment of a business or related to a change in accounting principles, (4) asset write-downs, (5) litigation, claim judgments, settlements or restatement related expenses, (6) accruals for reorganization and restructuring programs,
(7) acquisitions or divestitures (including expenses related thereto), and (8) an event either not directly related to the operations of the Company or not within the reasonable control of the Company’s management. To the extent that
such inclusions or exclusions affect Awards to Covered 

  
 2 

	 	
Employees which are intended to qualify as “performance-based compensation” within the meaning of Section 162(m) of the Code and regulations thereunder, such adjustments shall be
prescribed in a form that meets the requirements of Section 162(m) of the Code. 

  

	 	(i)	“Cash Incentive Award” shall mean the grant of a right to receive a payment of cash (or, in the discretion of the Committee, shares of Common Stock
having value equivalent to the cash otherwise payable) that is contingent on achievement of performance objectives or other conditions over a specified period established by the Committee. The grant of Cash Incentive Awards may also be subject to
such other conditions, restrictions and contingencies, as determined by the Committee, including provisions relating to deferred payment. 

  

	 	(j)	“Cause” shall mean, unless otherwise defined in a Participant’s Agreement or an Alternative Agreement, any of the following actions or failures by
the Participant, as determined in the reasonable judgment of Huron: (i) engaging in conduct that violates written policies of Huron or any Affiliate; (ii) failure to perform the essential functions of his or her job (except for a failure
resulting from a bona fide illness or incapacity); (iii) failure to carry out the reasonable directions of Huron or any Affiliate, issued through Huron’s Chief Executive Officer, the Board of Directors, other appropriate senior employee
responsible for the Participant’s business unit or area, the Participant’s supervisor, or the person to whom the Participant reports, (iv) embezzlement, misappropriation of corporate funds, any act of fraud, dishonesty or
self-dealing, or the commission of a felony or any significant violation of any statutory or common law duty of loyalty to Huron or any Affiliate; (v) an act or omission that could adversely and materially affect the business or reputation of
Huron or any Affiliate or involves moral turpitude; or (vi) a breach of a material provision of this Plan, the Agreement evidencing an Award or an Alternate Agreement. 

 

	 	(k)	“Change of Control” shall mean the first to occur of the following events: 

 

	 	(i)	any Person becomes the Beneficial Owner, directly or indirectly, of Common Stock or voting securities of Huron (not including in the amounts beneficially owned by such
Person any Common Stock or voting securities acquired directly from Huron or the Affiliates) representing 40% or more of the combined voting power of Huron’s then outstanding securities; 

  
 3 

	 	(ii)	there is consummated a merger or consolidation of Huron or any direct or indirect subsidiary of Huron with any Person, other than (1) a merger or consolidation
which would result in the voting securities of Huron 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 or any
parent thereof) at least 50% of the combined voting power of the securities of Huron or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation; (2) a merger or consolidation effected to implement
a recapitalization of Huron (or similar transaction) in which no Person other than existing security holders is or becomes the Beneficial Owner, directly or indirectly, of securities of Huron (not including in the amount Beneficially Owned by such
Person any Common Stock or voting securities acquired directly from Huron or any Affiliate) representing 50% or more of the combined voting power of Huron’s then outstanding securities; or (3) a merger or consolidation of a subsidiary of
Huron that does not represent a sale of all or substantially all of the assets of Huron; 

  

	 	(iii)	the stockholders of Huron approve a plan of complete liquidation or dissolution of Huron (except for a plan of liquidation or dissolution effected to implement a
recapitalization of Huron addressed in paragraph (ii) above); or 

  

	 	(iv)	there is consummated an agreement for the sale or disposition of all or substantially all of the assets of Huron to a Person, other than a sale or disposition by Huron
of all or substantially all of the assets of Huron to an entity, at least 50% of the combined voting power of the voting securities of which are owned by stockholders of Huron. 

Notwithstanding the foregoing, a “Change of Control” shall not be deemed to have occurred by virtue of the consummation of any
transaction or series of integrated transactions immediately following which the record holders of the Common Stock of Huron immediately prior to such transaction or series of transactions continue to have substantially the same proportionate
ownership in an entity which owns all or substantially all of the assets of Huron immediately following such transaction or series of transactions. 
 For purposes of this Change of Control definition, (I) “Beneficial Owner” shall have the meaning set forth in Rule 13d-3 under the Exchange Act; (II) “Person” shall have the
meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (w) Huron or any of Huron’s direct

  
 4 

 
or indirect subsidiaries; (x) a trustee or other fiduciary holding securities under an employee benefit plan of Huron or any of the Affiliates; (y) an underwriter temporarily holding
securities pursuant to an offering of such securities; or (z) a corporation owned, directly or indirectly, by the stockholders of Huron in substantially the same proportions as their ownership of stock of Huron; and
(III) “Affiliate” shall have the meaning set forth in Rule 12b-2 promulgated under Section 12 of the Exchange Act. 
  

	 	(l)	“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and any regulations promulgated thereunder.

  

	 	(m)	“Committee” shall mean a committee of the Board of Directors consisting of two or more persons each of whom shall qualify as an “outside
director” within the meaning of Section 162(m) of the Code, a “nonemployee director” within the meaning of Rule 16b-3 promulgated under the Exchange Act, as amended from time to time, and an “independent director”
within the meaning of the NASD Rule 4350(c)(1). 

  

	 	(n)	“Common Stock” shall mean the common stock of Huron, par value $.01 per share. 

 

	 	(o)	“Covered Employee” shall have the meaning set forth in Section 162(m) of the Code. 

 

	 	(p)	“Disabled” shall mean permanently and totally disabled within the meaning of Section 22(e)(3) of the Code. 

 

	 	(q)	“Effective Date” shall have the meaning set forth in Section 3. 

 

	 	(r)	“Eligible Individuals” shall mean employees of Huron or any of the Affiliates (including officers, whether or not they are directors of Huron or any
Affiliate), independent contractors providing services to Huron or any Affiliate and non-employee directors of Huron or any Affiliate. 

  

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

 

	 	(t)	“Exercise Price” shall have the meaning set forth in Section 7(d). 

 

	 	(u)	“Fair Market Value” of a share of Common Stock as of any date shall mean the value determined in accordance with the following rules:

  

	 	(i)	If the Common Stock is at the time listed or admitted to trading on any stock exchange, then the Fair Market Value shall be the closing price per share of Common Stock
on the trading day immediately preceding such date on the principal exchange on which the Common Stock is then listed or admitted to trading or, if no such sale is reported on such preceding date, on the last preceding date on which a sale was so
reported. 

  
 5 

	 	(ii)	If the Common Stock is not at the time listed or admitted to trading on a stock exchange but bid and asked prices for the Common Stock are regularly reported, then the
Fair Market Value shall be the arithmetic mean between the closing or last bid and asked prices for the Common Stock on the trading day immediately preceding such date or, if no bid and asked prices for Common Stock are reported on such preceding
date, on the most recent day immediately prior thereto on which bid and asked prices were so reported. 

  

	 	(iii)	If the Common Stock is not listed or admitted to trading on any stock exchange and if prices are not regularly reported for the Common Stock as described in paragraph
(ii), the Fair Market Value shall be as determined by the Committee in good faith in its sole discretion or under procedures established by the Committee, whose determination shall be conclusive and binding. 

 

	 	(iv)	For purposes of determining the Fair Market Value of shares of Common Stock that are sold pursuant to a broker-assisted cashless exercise program, Fair Market Value
shall be the price at which such shares are sold. 

  

	 	(v)	“Full Value Award” shall mean an Award that is granted pursuant to Section 8 hereof and that is the grant of one or more shares of Common Stock or
a right to receive one or more shares of Common Stock in the future, which grant may be subject to one or more of the following, as determined by the Committee: 

 

	 	(i)	The grant may be in consideration of a Participant’s previously performed services or surrender of other compensation that may be due. 

 

	 	(ii)	The grant may be contingent on the achievement of performance or other objectives during a specified period. 

 

	 	(iii)	The grant may be subject to a risk of forfeiture or other restrictions that will lapse upon the achievement of one or more goals relating to completion of service by
the Participant or achievement of performance or other objectives. 

  
 6 

 The grant of Full Value Awards may also be subject to such other conditions, restrictions
and contingencies, as determined by the Committee, including provisions relating to dividend or dividend equivalent rights, deferred payment or settlement and purchase in the open market (including with a Participant’s own funds). Full Value
Awards may include, but are not limited to, restricted stock, stock units, performance stock units, and bonus stock. 
  

	 	(w)	“Huron” shall have the meaning set forth in Section 1. 

 

	 	(x)	“Incentive Stock Option” shall mean an Option that qualifies as an “incentive stock option” within the meaning of Section 422 of the
Code, or any successor provision, and which is designated by the Committee as an Incentive Stock Option. 

  

	 	(y)	“Nonqualified Stock Option” shall mean an Option other than an Incentive Stock Option. 

 

	 	(z)	“Option” shall mean an Award that is granted pursuant to Section 7 hereof that entitles a Participant to purchase shares of Common Stock at the
applicable Exercise Price established by the Committee. 

  

	 	(aa)	“Participant” shall mean an Eligible Individual to whom an Award is granted pursuant to the Plan. 

 

	 	(bb)	“Performance-Based Compensation” shall have the meaning set forth in Section 9. 

 

	 	(cc)	“Plan” shall mean the Huron Consulting Group Inc. 2012 Omnibus Incentive Plan as set forth herein. 

 

	 	(dd)	“Prior Plan” shall mean the Amended and Restated Huron Consulting Group Inc. 2004 Omnibus Stock Plan. 

 

	 	(ee)	“Retirement” shall mean the termination of a Participant’s employment or service with Huron and the Affiliates on or after the date on which he
has attained age 65. A Participant’s termination of employment or service shall not be considered to be on account of Retirement if the employment or service is terminated by Huron or any Affiliate for Cause. 

 

	 	(ff)	“Stock Appreciation Right” shall mean an Award is granted pursuant to Section 7 hereof that entitles a Participant to receive, upon exercise of
the Award, an amount of cash or shares of Common Stock (as determined in accordance with the terms of the Plan and the Award) having a value equal to the excess of: (i) the Fair Market Value, determined at the time of exercise, of a specified
number of shares of Common Stock; over (ii) the applicable Exercise Price. 

  
 7 

	 	(gg)	“Subsidiary” shall mean a “subsidiary corporation” of Huron within the meaning of Section 424(f) of the Code. 

 

	3.	Effective Date, Approval Date and Effect on Prior Plan. The Plan will be effective as of the date (the “Effective Date”) that it is approved by
the Board of Directors; provided, however, that any Awards granted under the Plan prior to the date on which the Plan is approved by Huron’s stockholders (the “Approval Date”) will be contingent on approval of the Plan by Huron’s
stockholders. The Plan shall be unlimited in duration and, in the event of Plan termination, shall remain in effect as long as any shares of Common Stock awarded under it are outstanding and not fully vested; provided, however, that no new Awards
will be made under the Plan on or after the tenth anniversary of the Effective Date. Upon the Approval Date, no further Awards will be made under the Prior Plan. Any awards made under the Prior Plan prior to the Approval Date shall continue to be
subject to the terms and conditions of the Prior Plan. If the Approval Date does not occur, awards may continue to be made under the Prior Plan subject to the terms and conditions thereof. 

 

	4.	Shares Reserved and Other Limitations. 

  

	 	(a)	Source of Shares. Shares of Common Stock reserved for issuance under the Plan may be authorized but unissued shares of Common Stock or authorized and issued
shares of Common Stock held in Huron’s treasury, including shares purchased in the open market or in private transactions. 

  

	 	(b)	Shares Available for Awards. Subject to the terms and conditions of the Plan, the number of shares of Common Stock reserved for issuance under the Plan shall be
850,000 shares (subject to adjustment as provided herein) plus the aggregate number of shares of Common Stock available for issuance (and not subject to outstanding awards) under the Prior Plan as of the Approval Date. 

  

	 	(c)	Individual Limitations on Awards. The maximum number of shares of Common Stock that may be granted to any Participant during any calendar-year period with
respect to Full Value Awards that are intended to be Performance-Based Compensation shall not exceed 500,000 shares in the aggregate (subject to adjustment as provided herein). 

 

	 	(i)	If Awards are denominated in shares of Common Stock but an equivalent amount of cash is delivered in lieu of shares of Common Stock, the foregoing limit shall be
applied based on the methodology used by the Committee to convert the number of shares into cash. 

  
 8 

	 	(ii)	If delivery of shares of Common Stock or cash is deferred until after shares of Common Stock have been earned, any adjustment in the amount delivered to reflect actual
or deemed investment experience after the date the shares are earned shall be disregarded. 

  

	 	(d)	Limits on Incentive Stock Options. The maximum number of shares of Common Stock to which Incentive Stock Options relate that may be granted under the Plan shall
be 325,000 (subject to adjustment as provided herein). 

  

	 	(e)	Individual Limitations on Cash Incentive Awards. The maximum amount payable to any Participant for any 12 month performance period with respect to a Cash
Incentive Award granted under the Plan that is intended to be Performance-Based Compensation shall be $10,000,000 (prorated for performance periods that are greater or lesser than 12 months). For purposes of this Section 4(e):

  

	 	(i)	If the Award is denominated in cash but an equivalent amount of Common Stock is delivered in lieu of delivery of cash, the foregoing limit shall be applied to the cash
based on the methodology used by the Committee to convert the cash into shares. 

  

	 	(ii)	If delivery of shares of Common Stock or cash is deferred until after cash has been earned, any adjustment in the amount delivered to reflect actual or deemed
investment experience after the date the cash is earned shall be disregarded. 

  

	 	(f)	 Adjustments for Change in Capitalization. In the event that any dividend or other distribution is declared (whether in the form of cash, Common
Stock, or other property), or there occurs any recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, spin-off, combination, repurchase, share exchange or other similar corporate transaction or event, the
Committee shall equitably adjust, in its sole and absolute discretion, (i) the number and kind of shares of stock which may thereafter be issued in connection with Awards; (ii) the number and kind of shares of stock or other property
issued or issuable in respect of outstanding Awards; (iii) the exercise price, grant price or purchase price relating to any Award; (iv) the limitations set forth in Sections 4(b), 4(c), 4(d), and 4(e) (provided that, with respect to

  
 9 

	 	
Incentive Stock Options, such adjustment shall be made in accordance with Section 424 of the Code and any regulations thereunder and provided further that, to the extent applicable, such
adjustment shall comply with Section 409A of the Code); and (v) any other adjustments that the Committee determines to be equitable (which may include, without limitation, (1) replacement of Awards with other Awards which the
Committee determines have comparable value and which are based on stock of a company resulting from the transaction and (2) cancellation of the Award in return for cash payment of the current value of the Award, determined as though the Award
is fully vested at the time of payment, provided that in the case of an Option or Stock Appreciation Right, the amount of such payment may be the excess of value of the shares of Common Stock subject to the Option or Stock Appreciation Right at the
time of the transaction over the Exercise Price). 

  

	 	(g)	Reuse of Shares. Except to the extent that to do so would prevent the grant of Incentive Stock Options hereunder, the following shares of Common Stock shall
again become available for Awards: (i) any shares subject to an Award that remain unissued upon the cancellation, surrender, exchange, forfeiture or termination of such Award without having been exercised or settled, (ii) any shares
subject to an Award that are retained as payment of the exercise price or tax withholding obligations with respect to an Award, and (iii) a number of shares equal to the number of previously owned shares of Common Stock surrendered as payment
of the exercise price of an Option or to satisfy tax withholding obligations with respect to an Award. In addition, (x) to the extent an Award is paid or settled in cash, the number of shares of Common Stock with respect to which such payment
or settlement is made shall again be available for grants of Awards pursuant to the Plan and (y) in the event of the exercise of a Stock Appreciation Right granted in relation to an Option, the excess of the number of shares subject to the
Stock Appreciation Right over the number of shares delivered upon the exercise of the Stock Appreciation Right shall again be available for grants of Awards pursuant to the Plan. 

 

	5.	Administration of the Plan. 

  

	 	(a)	 General. The Plan shall be administered by the Committee. The Committee shall have the authority in its sole discretion, subject to and not
inconsistent with the express provisions of the Plan, to administer the Plan and to exercise all the powers and authorities either specifically granted to it under the Plan or necessary or advisable in the administration of the Plan, including,
without limitation, the authority 

  
 10 

	 	
to (i) grant Awards; (ii) determine the Eligible Individuals to whom, and the time or times at which, Awards shall be granted; (iii) determine the type and number of Awards to be
granted; the number of shares of Common Stock or cash or other property to which an Award may relate and the terms, conditions, restrictions and performance criteria relating to any Award; (iv) determine whether, to what extent, and under what
circumstances an Award may be settled, cancelled, forfeited, exchanged, or surrendered; (v) conclusively construe and interpret the Plan and all Awards; (vi) prescribe, amend and rescind rules and regulations relating to the Plan;
(vii) determine the terms and provisions of Agreements; and (viii) make all other determinations deemed necessary or advisable for the operation and administration of the Plan. The Committee may, in its sole and absolute discretion,
without amendment to the Plan (but subject to the terms and conditions of the Plan), (w) accelerate the date on which any Option or Stock Appreciation Right becomes exercisable; (x) waive or amend the operation of Plan provisions
respecting exercise after termination of employment (provided that the term of an Option or Stock Appreciation Right may not be extended beyond ten years from the date of grant); (y) accelerate the vesting date, or waive any condition imposed
hereunder, with respect to any Full Value Award; and (z) otherwise adjust any of the terms applicable to any such Award in a manner consistent with the terms of the Plan. 

 

	 	(b)	Decisions Binding. Any interpretations of the Plan by the Committee and any decisions made by it under the Plan are final and binding on all persons.

  

	 	(c)	Delegation. Except to the extent prohibited by the applicable rules of any stock exchange, the Committee may allocate all or any portion of its responsibilities
and powers to any one or more of its members and may delegate all or any part of its administrative responsibilities and powers to any person or persons selected by it. Any such allocation or delegation may be revoked by the Committee at any time.

  

	 	(d)	 Indemnification. No member of the Committee (or an authorized delegate of the Committee), and no officer of Huron or any of the Affiliates,
shall be liable for any action taken or omitted to be taken by such individual or by any other member of the Committee or officer of Huron or any Affiliate in connection with the performance of duties under this Plan, except for such
individual’s own willful misconduct or as expressly provided by law (the “Administrative Actions”). Further, the Committee (and all delegates of the Committee), in addition to such other rights of indemnification as they may have as
members of the 

  
 11 

	 	
Board of Directors or officers of Huron or an Affiliate, any individual serving as a Committee member (and any authorized delegate) shall be indemnified and held harmless by Huron to the fullest
extent allowed by law against all costs and expenses reasonably incurred by them in connection with any action, suit or proceeding to which they or any of them may be party by reason of any Administrative Action. 

 

	6.	Participation. Subject to the terms and conditions of the Plan, the Committee shall determine and designate, from time to time, from among the Eligible
Individuals those persons who will be granted one or more Awards under the Plan and, subject to the terms and conditions of the Plan, a Participant may be granted any Award permitted under the provisions of the Plan and more than one Award may be
granted to a Participant. Except as otherwise agreed between Huron and the Participant, or except as otherwise provided in the Plan, an Award under the Plan shall not affect any previous Award under the Plan or an award under any other plan
maintained by Huron or any of the Affiliates. No Participant or other person shall have any claim to be granted any Award, and there is no obligation for uniformity of treatment of Participants, or holders or beneficiaries of Awards, or of multiple
Awards granted to a Participant. The terms and conditions of Awards and the Committee’s determinations and interpretations with respect thereto need not be the same with respect to each Participant (whether or not such Participants are
similarly situated). 

  

	7.	Options and Stock Appreciation Rights. 

  

	 	(a)	Grant of Awards. The Committee may grant Options and/or Stock Appreciation Rights to Eligible Individuals, subject to the terms and conditions of the Plan.

  

	 	(b)	Identification of Options. Each Option shall be clearly identified as either an Incentive Stock Option or a Nonqualified Stock Option. 

 

	 	(c)	Tandem Awards. An Option may but need not be in tandem with a Stock Appreciation Right, and a Stock Appreciation Right may but need not be in tandem with an
Option (in either case, regardless of whether the original award was granted under this Plan or another plan or arrangement.) If an Option is in tandem with a Stock Appreciation Right, the exercise price of both the Option and Stock Appreciation
Right shall be the same, and the exercise of the Option or Stock Appreciation Right with respect to a share of Common Stock shall cancel the corresponding tandem Stock Appreciation Right or Option right with respect to such share. If a Stock
Appreciation Right is in tandem with an Option but is granted after the grant of the Option, or if an Option is in tandem with an Stock Appreciation Right but is granted after the grant of the Stock Appreciation Right, the later granted tandem Award
shall have the same exercise price as the earlier granted Award, but in no event less than the Fair Market Value of a share of Common Stock at the time of such grant. 

  
 12 

	 	(d)	Exercise Price. The “Exercise Price” of an Option or Stock Appreciation Right shall be established by the Committee at the time the Option or Stock
Appreciation Right is granted; provided, however, that in no event shall the Exercise Price be less than 100% of the Fair Market Value of a share of Common Stock on the date of grant (or, if greater, the par value of a share of Common Stock on the
date of grant). 

  

	 	(e)	No Repricing/Prohibition on Buy-Back. Except for either adjustments pursuant to Section 3(g) or reductions of the Exercise Price approved by Huron’s
stockholders, the Exercise Price for any outstanding Option or Stock Appreciation Right may not be decreased after the date of grant nor may an outstanding Option or Stock Appreciation Right granted under the Plan be surrendered to Huron as
consideration for the grant of a replacement Option or Stock Appreciation Right with a lower Exercise Price. Except as approved by Huron’s stockholders, in no event shall any Option or Stock Appreciation Right granted under the Plan be
surrendered to Huron in consideration for a cash payment if, at the time of such surrender, the Exercise Price of the Option or Stock Appreciation Right is greater than the then current Fair Market Value of a share of Common Stock. In addition, no
repricing of an Option shall be permitted without the approval of Huron’s stockholders if such approval is required under the rules of any stock exchange on which Common Stock is listed. 

 

	 	(f)	Term and Exercise. 

  

	 	(i)	Each Option or Stock Appreciation Right shall become exercisable at the time determined by the Committee at the date of grant, subject to the terms and conditions of
the Plan. At the time of grant of an Option or Stock Appreciation Right, as applicable, the Committee may impose such restrictions or conditions of the exercisability of the Award as it, in its absolute discretion, deems appropriate, including, but
not limited to, achievement of performance goals based on one or more Business Criteria or conditions relating to the completion of a specified period of service. Subject to Section 7(g) hereof, the Committee shall determine the expiration date
of each Option and Stock Appreciation Right, as applicable, which shall be no later than the tenth anniversary of the date of grant of the Award. No Option or Stock Appreciation Right, as applicable, may be exercised after the expiration date
applicable thereto. 

  
 13 

	 	(ii)	An Option or Stock Appreciation Right shall be exercised by delivering the form of notice of exercise provided by Huron. 

 

	 	(iii)	Payment for shares of Common Stock purchased upon the exercise of the Option shall be made on the effective date of such exercise by one or a combination of the
following means (except that in the case of exercise using a broker assisted cashless exercise, payment may be made as soon as practicable after exercise): (1) in cash or cash equivalents; (2) by tendering, by actual delivery or
attestation, shares of Common Stock owned by the Participant for at least six months prior to the date of exercise and valued at their Fair Market Value on the effective date of such exercise; or (3) by any such other methods (including broker
assisted cashless exercise via a broker selected by the Committee) as the Committee may from time to time authorize; provided, however, that in all cases, the method of making such payment shall be in compliance with applicable law.

  

	 	(iv)	Payment in settlement of a Stock Appreciation Right may be made solely in whole shares of Common Stock valued at their Fair Market Value on the date of exercise of the
Stock Appreciation Right or alternatively, in the sole discretion of the Committee, solely in cash or a combination of cash and shares. If the Committee decides that payment will be made in shares of Common Stock, and the amount payable results in a
fractional share, payment for the fractional share will be made in cash. 

  

	 	(v)	Upon the exercise of an Option or settlement of a Stock Appreciation Right in shares of Common Stock, in a manner determined by the Committee, either
(1) certificates for shares of Common Stock shall be issued in the name of or for the account of the Participant or other person entitled to receive such shares or (2) shares of Common Stock shall be credited to such person’s account
via book-entry transfer and shall be registered in such person’s name solely on the records of Huron’s transfer agent, in each case, as soon as practicable following the effective date on which the Option or Stock Appreciation Right, as
applicable, is exercised. 

  
 14 

	 	(g)	Provisions Relating to Incentive Stock Options. Incentive Stock Options may only be granted to employees of Huron and its Subsidiaries, in accordance with the
provisions of Section 422 of the Code. To the extent that the aggregate Fair Market Value of shares of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by a Participant during any calendar year under
the Plan and any other stock option plan of Huron or any of its Subsidiaries shall exceed $100,000, such Options shall be treated as Nonqualified Stock Options. For purposes of the preceding sentence, Fair Market Value shall be determined as of the
date on which each such Incentive Stock Option is granted. No Incentive Stock Option may be granted to an individual if, at the time of the proposed grant, such individual owns (or is deemed to own under the Code) stock possessing more than ten
percent of the total combined voting power of all classes of stock of Huron and its Subsidiaries unless (i) the exercise price of such Incentive Stock Option is at least 110% of the Fair Market Value of a share of Common Stock at the time such
Incentive Stock Option is granted and (ii) such Incentive Stock Option is not exercisable after the expiration of five years from the date such Incentive Stock Option is granted. A Participant shall be required to notify Huron of any
disposition of shares of Common Stock issued pursuant to the exercise of an Incentive Stock Option under the circumstances described in Section 421(b) of the Code (relating to certain disqualifying dispositions), within 10 days of such
disposition. 

  

	 	(h)	Effect of Termination of Employment or Provision of Services. The Committee shall determine the effect of termination of employment or termination of service on
each Option and Stock Appreciation Right, subject to the terms and conditions of the Plan. Unless otherwise provided by the Committee: 

  

	 	(i)	notwithstanding any other provision of the Plan to the contrary, any Option or Stock Appreciation Right that is outstanding on the date on which a Participant’s
employment or service with Huron and the Affiliates terminates due to death or as a result of the Participant’s being Disabled shall become fully vested and exercisable on the date on which the Participant’s employment or service
terminates due to the Participant’s death or as a result of the Participant’s being Disabled; 

  

	 	(ii)	any Option or Stock Appreciation Right that is outstanding on the date on which a Participant’s employment or service with Huron and the Affiliates terminates for
Cause, whether or not then exercisable, shall be terminated effective as of the day immediately prior to the date of termination; and 

  
 15 

	 	(iii)	any Option or Stock Appreciation Right that is outstanding on the date that a Participant’s employment or service with Huron and the Affiliates terminates for any
reason other than Cause, death, or the Participant’s being Disabled, (1) shall remain exercisable for the 90 day period following such termination to the extent that it is exercisable at the time of such termination, but in no event
following the expiration of its term and (2) shall be terminated effective as of the date of termination to the extent it remains unexercisable as of the date of termination. 

 

	 	(i)	Leaves of Absence. Unless otherwise provided by the Committee and, with respect to Incentive Stock Options, to the extent permitted under Section 422 of the
Code, subject in all cases to the terms and conditions of the Award, in the case of any Participant who takes an approved unpaid leave of absence (i) the Participant’s employment or service shall not be deemed to be terminated solely
because of such leave of absence; (ii) the Participant shall continue to vest in his outstanding Options and Stock Appreciation Rights under the Plan during the first 30 days of such leave of absence; and (iii) the Participant shall cease
to vest in his outstanding Options and Stock Appreciation Rights under the Plan during any period of such leave of absence which exceeds 30 days. 

  

	 	(j)	Post-Exercise Limitations. Without otherwise limiting the Committee’s authority under the Plan, the Committee, in its discretion, may impose such
restrictions on shares of Common Stock acquired pursuant to the exercise of an Option or received in settlement of a Stock Appreciation Right as it determines to be desirable, including, without limitation, restrictions relating to disposition of
the shares and forfeiture restrictions based on service, performance, share ownership by the Participant, conformity with Huron’s recoupment or clawback policies and such other factors as the Committee determines to be appropriate.

  

	8.	Full Value Awards and Cash Incentive Awards. 

  

	 	(a)	Grant of Awards. The Committee may grant Full Value Awards and/or Cash Incentive Awards to Eligible Individuals, subject to the terms and conditions of the Plan.

  

	 	(b)	 Special Vesting Rules for Full Value Awards. Notwithstanding any other provision of the Plan or an Agreement to the contrary (other than
Section 8(c)(i)), except for (i) Awards (when aggregated with all other Awards under the Plan) which do not exceed 5% of the total number of shares of Common Stock reserved for issuance under the Plan in the aggregate, (ii) grants
made to newly eligible Participants to replace awards from a prior employer, and (iii) grants that are a form of 

  
 16 

	 	
payment of earned performance awards, (1) if an employee’s right to become vested in a Full Value Award is conditioned on the completion of a specified period of service with Huron or
the Affiliates, without achievement of performance targets or other performance objectives (whether or not related to performance measures) being required as a condition of vesting, and without it being granted in lieu of other compensation, then in
no event shall the required period of service for full vesting be less than three years (subject, to the extent provided by the Committee, to prorated vesting over the course of such three year period and to acceleration of vesting in the event of
the Participant’s death, Disability, Retirement, Change of Control or involuntary termination). 

  

	 	(c)	Effect of Termination of Employment or Provision of Services on Full Value Awards. The Committee shall determine the effect of termination of employment or
termination of service on each Full Value Award, subject to the terms and conditions of the Plan. Unless otherwise provided by the Committee: 

  

	 	(i)	notwithstanding any other provision of the Plan to the contrary, any Full Value Award that is outstanding on the date on which a Participant’s employment or
service with Huron and the Affiliates terminates due to death or as a result of the Participant’s being Disabled shall become fully vested (and exercisable, if applicable) on the date on which the Participant’s employment or service
terminates due to the Participant’s death or as a result of the Participant’s being Disabled; 

  

	 	(ii)	a Full Value Award that is outstanding on the date on which a Participant’s employment or service with Huron and the Affiliates terminates for Cause shall be
terminated effective as of the day immediately prior to the date of termination and all shares subject to the Full Value Award (whether or not then vested or distributable) shall be terminated effective as of the day immediately prior to the date of
termination; and 

  

	 	(iii)	any Full Value Award that is outstanding on the date that a Participant’s employment or service with Huron and the Affiliates terminates for any reason other than
Cause, death, or the Participant’s being Disabled and that has not vested on the date of termination (and all rights with respect thereto, such as dividends or dividend equivalents) shall be terminated effective as of the date of termination.

  
 17 

	 	(d)	Leaves of Absence. Unless otherwise provided by the Committee, subject in all cases to the terms and conditions of the Award, in the case of any Participant who
takes an approved unpaid leave of absence (i) the Participant’s employment or service shall not be deemed to be terminated solely because of such leave of absence; (ii) the Participant shall continue to vest in his outstanding Full
Value Awards under the Plan during the first 30 days of such leave of absence; and (iii) the Participant shall cease to vest in his outstanding Full Value Awards under the Plan during any period of such leave of absence which exceeds 30 days.

  

	 	(e)	Restrictions. Without otherwise limiting the Committee’s authority under the Plan, the Committee, in its discretion, may impose such restrictions on shares
of Common Stock acquired pursuant to the grant or settlement of a Full Value Award or the payment or retention of a Cash Incentive Award as it determines to be desirable, including, without limitation, restrictions relating to disposition of the
shares and forfeiture restrictions based on service, performance, share ownership by the Participant, conformity with Huron’s recoupment or clawback policies and such other factors as the Committee determines to be appropriate.

  

	9.	Performance-Based Compensation. The Committee may designate any Full Value Award or a Cash Incentive Award granted to a Participant under the Plan as
“Performance-Based Compensation” within the meaning of Section 162(m) of the Code and regulations thereunder. To the extent required by Section 162(m) of the Code, any such Award so designated shall be conditioned on the
achievement of one or more performance targets as determined by the Committee and the following shall apply: 

  

	 	(a)	Establishment of Performance Criteria. The performance targets established for the performance period established by the Committee shall be objective (as that
term is described in regulations under Section 162(m) of the Code), and shall be established in writing by the Committee not later than 90 days after the beginning of the performance period (but in no event after 25% of the performance period
has elapsed), and while the outcome as to the performance targets is substantially uncertain. The performance targets established by the Committee may be with respect to corporate performance, operating group or sub-group performance, individual
performance, other group or individual performance, or division performance, and shall be based on one or more of the Business Criteria. 

  
 18 

	 	(b)	Certification of Targets. A Participant otherwise entitled to receive a Performance-Based Compensation Award for any performance period shall not receive a
settlement or payment of the Award until the Committee has determined that the applicable performance target(s) have been attained. To the extent that the Committee exercises discretion in making the determination required by this Section 9(b),
such exercise of discretion may not result in an increase in the amount of the payment. 

  

	 	(c)	Special Termination Rules. Subject to the other terms and conditions of the Plan, if an Award is intended to constitute Performance-Based Compensation, the
Committee may provide that if a Participant’s employment with Huron and the Affiliates terminates because of death or the Participant’s being Disabled, or if a Change of Control occurs prior to the Participant’s termination date, the
Participant’s Performance-Based Compensation may become vested without regard to whether the Award would continue to constitute Performance-Based Compensation. 

Nothing in this Section 9 shall preclude the Committee from granting Awards under the Plan, or the Committee, Huron or any Affiliate
from granting any cash awards outside of the Plan, that are not intended to be Performance-Based Compensation; provided, however, that, at the time of grant of Awards by the Committee (other than a Stock Option or Stock Appreciation Right), the
Committee shall designate whether such Awards are intended to constitute Performance-Based Compensation. To the extent that the provisions of this Section 9 reflect the requirements applicable to Performance-Based Compensation, such provisions
shall not apply to the portion of an Award, if any, that is not intended to constitute Performance-Based Compensation. 
  

	10.	 Change of Control. Except as otherwise provided in an Agreement or an Alternative Agreement, in the event that (a) a
Participant is employed on the date of a Change of Control and the Participant’s employment or service, as applicable, is terminated by Huron or the successor to Huron (or a Related Company which is his or her employer) for reasons other than
Cause within 12 months following the Change of Control, or (b) the Plan is terminated by Huron or its successor following a Change of Control without provision for the continuation of outstanding Awards hereunder, all Options and Stock
Appreciation Rights which are then outstanding shall become immediately exercisable and all other Awards shall become fully vested. If, (i) upon a Change of Control, awards in other shares or securities are substituted for outstanding Awards
under the Plan and immediately following the Change of Control the Participant becomes employed (if the Participant was an employee immediately prior to the Change of Control) or remains in continued service (as a director or

  
 19 

	 	
independent contractor if the Participant was a director or independent contractor immediately prior to the Change of Control) of the entity into which Huron merged, or the purchaser of
substantially all of the assets of Huron or a successor to such entity or purchaser, the Participant shall not be treated as having terminated employment or service for purposes of this Section 10 until such time as the Participant terminates
employment or service with the merged entity or purchaser (or successor), as applicable, and (ii) if, in connection with a Change of Control, a Participant is offered employment with a successor to Huron (or an Affiliate) for which the
Participant is reasonably qualified and on financial terms and conditions which are comparable to the financial terms and conditions that applied to the Participant’s employment immediately prior to the Change of Control, if the Participant
does not accept the offer of employment and if, as a result, the Participant’s employment with Huron, the Affiliates and their respective successors is terminated, the Participant shall not be treated as having a termination of employment for
purposes of this Section 10. 

  

	11.	Rights as a Stockholder. No person shall have any rights as a stockholder with respect to any shares of Common Stock covered by or relating to any
Award until the date of issuance of a stock certificate with respect to such shares or the date of crediting such shares to such person’s account via book-entry transfer. Except for adjustments pursuant to Section 3(g), no adjustment to
any Award shall be made for dividends or other rights for which the record date occurs prior to the date such stock certificate is issued or credit via book-entry transfer is made. 

 

	12.	Limitations of Implied Rights. 

  

	 	(a)	No Right to Employment or Continued Service. Nothing contained in the Plan or any Agreement shall confer upon any Participant any right with respect to the
continuation of employment by or provision of services to Huron and the Affiliates or interfere in any way with the right of Huron and the Affiliates, subject to the terms of any separate agreement to the contrary, at any time to terminate such
employment or service or to increase or decrease the compensation of any Participant. 

  

	 	(b)	No Claim to Award. No person shall have any claim or right to receive an Award hereunder. The grant of an Award to a Participant at any time shall neither
require the Committee to grant any other Award to such Participant or other person at any time nor preclude the Committee from making subsequent grants to such Participant or any other person. 

  
 20 

	 	(c)	No Right to Assets or Property. Neither a Participant nor any other person shall, by reason of the Plan, acquire any right in or title to any assets, funds or
property of Huron or any Affiliate whatsoever, including, without limitation, any specific funds, assets, or other property which Huron or any Affiliate, in its sole discretion, may set aside in anticipation of a liability under the Plan. A
Participant shall have only a contractual right to the amounts, if any, payable under the Plan, unsecured by any assets of Huron and any Affiliate. Nothing contained in the Plan shall constitute a guarantee by Huron or any Affiliate that the assets
of such companies shall be sufficient to pay any benefits to any person. 

  

	13.	Securities Matters. 

  

	 	(a)	Compliance with Law. Notwithstanding anything herein to the contrary, Huron shall not be obligated to cause to be issued or delivered any certificates evidencing
shares of Common Stock pursuant to the Plan (or any crediting of shares to a person’s account via book-entry transfer) unless and until Huron is advised by its counsel (which may be Huron’s in-house counsel) that the issuance and delivery
of such certificates (or crediting of such shares to an account) is in compliance with all applicable laws, regulations of governmental authority and the requirements of any securities exchange on which shares of Common Stock are traded. The
Committee may require, as a condition of the issuance and delivery of certificates (or crediting to an account) pursuant to the terms hereof, that the recipient of such shares make such agreements and representations, and that, if applicable, such
certificates bear such legends, as the Committee, in its sole discretion, deems necessary or advisable. 

  

	 	(b)	Transfer of Shares. The transfer of any shares of Common Stock hereunder shall be effective only at such time as counsel to Huron (which may be Huron’s
in-house counsel) shall have determined that the issuance and delivery of such shares is in compliance with all applicable laws, regulations of governmental authority and the requirements of any securities exchange on which shares of Common Stock
are traded. The Committee may, in its sole discretion, defer the effectiveness of any transfer of shares of Common Stock hereunder in order to allow the issuance of such shares to be made pursuant to registration or an exemption from registration or
other methods for compliance available under federal or state securities laws. The Committee shall inform the Participant in writing of its decision to defer the effectiveness of a transfer. During the period of such deferral in connection with the
exercise of an Option, the Participant may, by written notice, withdraw such exercise and obtain the refund of any amount paid with respect thereto. 

  
 21 

	14.	Withholding Taxes. All Awards and other payments under the Plan are subject to withholding of all applicable taxes. Whenever cash is to be paid
pursuant to an Award, Huron and the Affiliates shall have the right to deduct therefrom an amount sufficient to satisfy any federal, state and local withholding tax requirements related thereto. Whenever shares of Common Stock are to be delivered
pursuant to an Award, Huron and the Affiliates shall have the right to require the Participant to remit to Huron and the Affiliates in cash an amount sufficient to satisfy any federal, state and local withholding tax requirements related thereto.
With the approval of the Committee, a Participant may satisfy the foregoing requirement by electing to have Huron and the Affiliates withhold from delivery shares of Common Stock having a value equal to the amount of tax required to be withheld, as
determined by the Committee or through the surrender of shares of Common Stock which the Participant already owns; provided, however, that previously-owned shares of Common Stock that have been held by the Participant or shares to which the
Participant is entitled under the Plan may only be used to satisfy the minimum tax withholding required by applicable law (or other rates that will not have a negative accounting impact). Any shares used to satisfy the withholding obligation shall
be valued at their Fair Market Value on the date of which the amount of tax to be withheld is determined. Such a withholding election may be made with respect to all or any portion of the shares to be delivered pursuant to an Award.

  

	15.	Notification of Election Under Section 83(b) of the Code. If any Participant shall, in connection with the acquisition of shares of Common Stock
under the Plan, make the election permitted under Section 83(b) of the Code, such Participant shall notify Huron of such election within 10 days of filing notice of the election with the Internal Revenue Service. 

 

	16.	Amendment or Termination of the Plan. The Board of Directors may, at any time, suspend or terminate the Plan or revise or amend it in any respect
whatsoever; provided, however, that approval of Huron’s stockholders shall be required for any such amendment if and to the extent such approval is required in order to comply with applicable law (including, but not limited to, the Incentive
Stock Option regulations and any amendments thereto), or stock exchange or automated quotation system listing requirement. Without limiting the generality of the foregoing, no amendment of the Plan will be made without the approval of Huron’s
stockholders if such amendment would (a) materially increase the benefits accruing to a Participant under the Plan; (b) increase the aggregate number of shares of Common Stock that may be issued under the Plan; (c) modify the
requirements as to eligibility for participation in the Plan; or (d) be required under Section 7(e) of the Plan (relating to prohibitions on repricing and buy-backs). 

  
 22 

 Nothing in this Section 16 shall restrict the Committee’s ability to exercise its
discretionary authority pursuant to Sections 4 and 5, which discretion may be exercised without amendment to the Plan. No action hereunder may, without the consent of a Participant, reduce the Participant’s rights under any outstanding Award.

  

	17.	Transferability. 

  

	 	(a)	General. Awards under the Plan are not transferable except as designated by the Participant by will or by the laws of descent and distribution. Upon the death of
a Participant, outstanding Awards granted to such Participant may be exercised only by the executor or administrator of the Participant’s estate or by a person who shall have acquired the right to such exercise by will or by the laws of descent
and distribution. No transfer of an Award by will or the laws of descent and distribution shall be effective to bind Huron unless the Committee shall have been furnished with (i) written notice thereof and with a copy of the will and/or such
evidence as the Committee may deem necessary to establish the validity of the transfer and (ii) an agreement by the transferee to comply with all the terms and conditions of the Award that are or would have been applicable to the Participant
and to be bound by the acknowledgments made by the Participant in connection with the grant of the Award. 

  

	 	(b)	Family Members. Notwithstanding Section 17(a), during a Participant’s lifetime, the Committee may, in its sole discretion, pursuant to the provisions
set forth in this Section 17(b), permit the transfer, assignment or other encumbrance of an outstanding Option, unless such Option is an Incentive Stock Option and the Committee and the Participant intend that it shall retain such status.
Subject to the approval of the Committee and to any conditions that the Committee may prescribe, a Participant may, upon providing written notice to Huron, elect to transfer any or all Options granted to such Participant pursuant to the Plan to
members of his or her immediate family, including, but not limited to, children, grandchildren and spouse or to trusts for the benefit of such immediate family members or to partnerships in which such family members are the only partners; provided,
however, that no such transfer by any Participant may be made in exchange for consideration. Any such transferee must agree, in writing, to be bound by all terms and conditions of the Plan. 

 

	 	(c)	Beneficiary. A Participant may file with the Committee a written designation of a beneficiary on such form as may be prescribed by the Committee and may, from
time to time, amend or revoke such designation. If no designated beneficiary survives the Participant, the executor or administrator of the Participant’s estate shall be deemed to be the Participant’s beneficiary. 

  
 23 

	18.	Miscellaneous. 

  

	 	(a)	Notices. Any notice or document required to be filed with the Committee under the Plan will be properly filed if delivered or mailed by registered mail, postage
prepaid, to the Committee, in care of Huron at its principal executive offices. The Committee may, by advance written notice to affected persons, revise such notice procedure from time to time. Any notice required under the Plan (other than exercise
notice) may be waived by the person entitled to notice. 

  

	 	(b)	Form and Time of Elections. Unless otherwise specified herein, each election required or permitted to be made by any Participant or other person entitled to
benefits under the Plan, and any permitted modification or revocation thereof, shall be in writing filed with the applicable Committee at such times, in such form, and subject to such restrictions and limitations, not inconsistent with the terms of
the Plan, as the Committee shall require. 

  

	 	(c)	Agreement. The Committee may require a Participant to enter into an Agreement evidencing the Award, which Agreement shall contain such terms and conditions, not
inconsistent with the Plan, as the Committee determines in its discretion. 

  

	 	(d)	Liability for Cash Payments. Subject to the terms and conditions of the Plan, Huron and each Affiliate shall be liable for payment of cash due under the Plan
with respect to any Participant to the extent that such benefits are attributable to the service rendered for Huron or the Affiliate, as applicable, by the Participant. Any disputes relating to liability of Huron or an Affiliate for cash payments
shall be resolved by the Committee. 

  

	 	(e)	Evidence. Evidence required of anyone under the Plan may be by certificate, affidavit, document or other information which the person acting on it considers
pertinent and reliable, and signed, made or presented by the proper party or parties. 

  

	 	(f)	Gender and Number. Where the context admits, words in any gender shall include any other gender, words in the singular shall include the plural and the plural
shall include the singular. 

  
 24 

	 	(g)	Expenses and Receipts. The expenses of the Plan shall be paid by Huron. Any proceeds received by Huron in connection with any Award may be used for general
corporate purposes. 

  

	 	(h)	Applicable Law. Except to the extent preempted by any applicable federal law, the Plan shall be construed and administered in accordance with the laws of the
State of Delaware without reference to its principles of conflicts of law. 

  

	 	(i)	No Fractional Shares. No fractional shares of Common Stock shall be issued or delivered pursuant to the Plan. The Committee shall determine whether cash, other
Awards, or other property shall be issued or paid in lieu of such fractional shares or whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated. 

 

	19.	Severability. If any provision of the Plan is held to be invalid or unenforceable, the other provisions of the Plan shall not be affected but shall
be applied as if the invalid or unenforceable provision had not been included in the Plan. 

  

	20.	Foreign Employees. Notwithstanding any other provision of the Plan to the contrary, the Committee may grant Awards to eligible persons who are foreign
nationals on such terms and conditions different from those specified in the Plan as may, in the judgment of the Committee, be necessary or desirable to foster and promote achievement of the purposes of the Plan. In furtherance of such purposes, the
Committee may make such modifications, amendments, procedures and subplans as may be necessary or advisable to comply with provisions of laws in other countries or jurisdictions in which Huron or an Affiliate operates or has employees.

  
 25

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