Document:

The AES Corporation 2003 Long Term Compensation Plan

 Exhibit 10.1 

THE AES CORPORATION 

2003 LONG TERM COMPENSATION PLAN 

As Amended and Restated on April 22, 2010 

(Originally Effective Date: 2/12/03) 

1. PURPOSE. The 2003 Long Term Compensation Plan, as amended and restated, (the “Plan”) has been established by The AES
Corporation (the “Company”) to (a) reward Employees and Directors by means of appropriate incentives for achieving long-range Company goals; (b) provide incentive compensation opportunities that are competitive with those of
other similar companies, (c) further match Employees’ and Directors’ financial interests with those of the Company’s other Stockholders through compensation that is based on the Company’s common stock and thereby enhance the
long-term financial interest of the Company and its Affiliates, including through the growth in the value of the Company’s equity and enhancement of long-term Stockholders return and (d) facilitate recruitment and retention of outstanding
personnel eligible to participate in the Plan. The Plan as amended and restated is intended to comply with Section 409A. 

2. DEFINITIONS. Except as otherwise specified by the Committee in an Agreement, capitalized terms used in this Plan have the meanings set
forth below. Except when otherwise indicated by the context, reference to the masculine gender shall include, when used, the feminine gender and any term used in the singular shall also include the plural. 

(a) “Affiliate” means (i) any Subsidiary of the Company, (ii) any entity or Person or group of Persons that,
directly or through one or more intermediaries, is controlled by the Company and (iii) any entity or Person or group of Persons in which the Company has a significant equity interest, as determined by the Committee, including any Affiliates
which become such after adoption of this Plan. 
 (b) “Agreement” means any written agreement, contract,
policy, program or other instrument or document evidencing any Award granted under the Plan, which may, but need not, be executed or acknowledged by a Participant. 

(c) “Award” means any Option, award of Restricted Stock or Restricted Stock Units, Other Stock-Based Award or
Performance Award granted under the Plan. 
 (d) “Board” or “Board of Directors” means the
Board of Directors of the Company. 
 (e) “Change in Control” means the occurrence of one or more of the
following events: (i) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all, or substantially all, of the assets of the Company to any Person or group (as that term is used in
Section 13(d) (3) of the Exchange Act) of Persons, (ii) a Person or group (as so defined) of Persons (other than management of the Company on the date of the adoption of this Plan or their Affiliates) shall have become the beneficial
owner of more than 35% of the outstanding voting stock of the Company, or (iii) during any one-year period, individuals who at the beginning of such period constitute the Board (together with any new Director whose election or nomination was
approved by a majority of the Directors then in office who were either Directors at the beginning of such period or who were previously so approved, but excluding under all circumstances any such new Director whose initial assumption of office
occurs as a result of an actual or threatened election contest or other actual or threatened solicitation of proxies or consents by or on behalf of any individual, corporation, partnership or other entity or group) cease to constitute a majority of
the Board. Notwithstanding the foregoing or any provision of this Plan to the contrary, if an Award is subject to Section 409A (and not excepted therefrom) and a Change of Control is a distribution event for purposes of an Award, the foregoing
definition of Change in Control shall be interpreted, administered and construed in manner necessary to ensure that the occurrence of any such event shall result in a 

 
Change of Control only if such event qualifies as a change in the ownership or effective control of a corporation, or a change in the ownership of a substantial portion of the assets of a
corporation, as applicable, within the meaning of Treas. Reg. § 1.409A-3(i)(5). 
 (f) “Code” means the
Internal Revenue Code of 1986, as amended and in effect from time to time, or any successor statute. 
 (g)
“Committee” means the Compensation Committee of the Board, or any successor committee thereto, and/or such other committee of the Board as is appointed or designated by the Board to administer the Plan (or any part hereof) or is
otherwise identified in the Company’s corporate governance documents as being responsible for determining the compensatory arrangements of certain Participants. 

(h) “Covered Person” means an individual who is expected by the Committee to be both (i) a “covered
employee” as defined in Section 162(m) of the Code for the tax year of the Company with regard to which a deduction in respect of such person’s Award would be allowed and (ii) the recipient of compensation (other than
“qualified performance based compensation” as defined in Section 162(m)) in excess of $1,000,000 for such tax year. 

(i) “Director” means a member of the Board of Directors of the Company. 

(j) “Disability” means the disability of a Participant (i) such that the Participant is considered disabled under
any long term disability plan of the Company, or (ii) as otherwise determined by the Committee. 
 (k)
“Employee” means any full-time or part-time employee (including an Officer or Director who is also an employee) of the Company or an Affiliate. “Employee” shall also include any individual or individuals to whom an offer
of employment has been extended. References in this Plan to “employment” and related terms shall include the provision of services in any such capacity. 

(l) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(m) “Fair Market Value” means the closing sale price of the Shares, as reported on the composite tape of New York Stock
Exchange issues, or any other reporting system selected by the Committee on the relevant dates, or, if no sale of Shares is reported for that date, on the date or dates that the Committee determines, in its sole discretion, to be appropriate for
purposes of the valuation. 
 (n) “Incentive Stock Option” means an Option granted under Section 6 that
meets the requirements of Section 422 of the Code, or any successor provision thereto. 
 (o) “Non-Qualified Stock
Option” means an Option granted under Section 6 that is not an Incentive Stock Option. 
 (p)
“Option” means an Incentive Stock Option or a Non-Qualified Stock Option. 
 (q) “Other Stock-Based
Award” means any right granted under Section 8. 
 (r) “Participant” means an Employee or
non-employee Director to whom an Award has been made. 
 (s) “Performance Award” means an Award to a Covered
Person under Section 9. 
 (t) “Person” means any individual, corporation, joint venture, association,
joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 

 (u) “Plan” means this 2003 Long Term Compensation Plan, as amended and in
effect from time to time. 
 (v) “Restricted Stock” means any Share underlying an Award granted under
Section 7. 
 (w) “Restricted Stock Unit” means a contractual right underlying an Award granted under
Section 7 that is denominated in Shares, which Unit represents a right to receive the value of a Share (or a percentage of such value, which percentage may be higher than 100%) upon the terms and conditions set forth in the Plan and the
applicable Agreement. 
 (x) “Retirement” means retirement of a Participant (i) as defined under any
retirement plan of the Company or any Affiliate which is qualified under Section 401 of the Code in which the Participant participates, or (ii) as determined by the Committee. 

(y) “Section 409A” shall mean Section 409A of the Code, the regulations and other binding guidance promulgated
thereunder. 
 (z) “Separation from Service” and “Separate from Service” shall mean the
Participant’s death, retirement or other termination of employment with the Company (including all persons treated as a single employer under Section 414(b) and 414(c) of the Code) that constitutes a “separation from service”
(within the meaning of Section 409A). For purposes hereof, the determination of controlled group members shall be made pursuant to the provisions of Section 414(b) and 414(c) of the Code; provided that the language “at least 50
percent” shall be used instead of “at least 80 percent” in each place it appears in Section 1563(a)(1),(2) and (3) of the Code and Treas. Reg. § 1.414(c)-2; provided, further, where legitimate business reasons exist
(within the meaning of Treas. Reg. § 1.409A-1(h)(3)), the language “at least 20 percent” shall be used instead of “at least 80 percent” in each place it appears. 

(aa) “Specified Employee” means a key employee (as defined in Section 416(i) of the Code without regard to
paragraph (5) thereof) of the Company as determined in accordance with Section 409A and the procedures established by the Company. 

(bb) “Share” means a share of Stock. 

(cc) “Stock” means the common stock, $.01 par value per share (as such par value may be adjusted from time to time), of
the Company. 
 (dd) “Subsidiary” means any entity in which the Company owns or otherwise controls, directly or
indirectly, stock or other ownership interests having the voting power to elect a majority of the Board, or other governing group having functions similar to a board of Directors, as determined by the Committee. 

(ee) “Substitute Award” means an Award granted in assumption of, or in substitution for, an outstanding award previously
granted by a company acquired by the Company or with which the Company combines. 
 (ff) “Successor” with
respect to a Participant means the legal representative of an incompetent Participant and, if the Participant is deceased, the legal representative of the estate of the Participant or the person or persons who may, by bequest or inheritance, or
under the terms of an Award or of forms submitted by the Participant to the Committee, acquire the right to receive cash and/or Shares issuable in satisfaction of an Award. 

3. ADMINISTRATION. Subject to the provisions of the plan, the authority to control and manage the operation and administration of the
Plan shall be vested in the Committee; provided, however, that the Board (and/or such other committee designated by the Board shall approve and/or ratify any Awards to the Company’s non-employee Directors. 

 (a) The Committee shall have power to make Awards, to determine when and to whom Awards will
be granted, the types of Awards and the number of Shares covered by the Awards, to establish the terms, conditions, performance criteria, restrictions, and other provisions of such Awards and, subject to the terms of the Plan, to cancel or suspend
Awards. In making such Award determinations, the Committee may take into account the nature of services rendered by the Participant, the Participant’s present and potential contribution to the Company’s success and such other factors as
the Committee deems relevant. 
 (b) Subject to the provisions of the Plan, the Committee will have the authority and discretion
to determine the extent to which Awards under the Plan will be structured to conform to the requirements applicable to performance-based compensation as described in Section 162(m) of the Code, and to take such action, establish such
procedures, and impose such restrictions at the time such Awards are granted as the Committee determines to be necessary or appropriate to conform to such requirements. 

(c) The Committee shall have the authority and discretion to establish terms and conditions of Awards as the Committee determines to be
necessary or appropriate to conform to applicable requirements or practices of jurisdictions outside of the United States. 

(d) The Committee may determine whether, to what extent and under what circumstances Awards may be settled, paid or exercised in cash,
Shares or other Awards or other property, or canceled, forfeited or suspended. 
 (e) The Committee shall have the authority to
interpret the Plan and any Award or Agreement made under the Plan, to establish, amend, waive and rescind any rules and regulations relating to the administration of the Plan, to determine the terms and provisions of any Agreements entered into
hereunder (not inconsistent with the Plan), and to make all other determinations necessary or advisable for the administration of the Plan. 

(f) The Committee shall determine whether, to what extent, and under what circumstances cash, Shares, other securities, other Awards,
other property, and other amounts payable with respect to an Award under the Plan shall be deferred either automatically, or at the election of the holder thereof, or of the Committee. 

(g) The Committee may correct any defect, supply any omission or reconcile any inconsistency in the Plan or in any Award in the manner
and to the extent it shall deem desirable. The determinations of the Committee in the administration of the Plan, as described herein, shall be final, binding and conclusive. 

(h) In controlling and managing the operation and administration of the Plan, the Committee shall act by a majority of its then members,
by meeting or by writing filed without a meeting. The Committee shall maintain and keep adequate records concerning the Plan and concerning its proceedings and acts in such form and detail as the Committee may decide. 

(i) Except to the extent prohibited by applicable law or regulation, 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 responsibilities and powers to any person or persons selected by it. The Committee may revoke any such allocation or delegation at any time.

 (j) The Company and any Affiliate shall furnish the Committee with such data and information as may be required for it to
discharge its duties. The records of the Company and any Affiliate as to an Employee’s or Participant’s employment, or other provision of services, termination of employment, or cessation of the provision of services, leave of absence,
reemployment and compensation shall be conclusive on all persons unless determined to be incorrect. Participants and other persons entitled to benefit under the Plan must furnish the Committee such evidence, data or information as the Committee
considers desirable to carry out the terms of the Plan. 

 (k) To the fullest extent permitted by law, each member and former member of the Board and
the Committee and each person to whom the Board and the Committee delegates or has delegated authority under this Plan shall be entitled to indemnification by the Company against and from any loss, liability, judgment, damage, cost and reasonable
expense incurred by such member, former member or other person by reason of any action taken, failure to act or determination made in good faith under or with respect to this Plan. 

4. SHARES AVAILABLE FOR AWARDS. 

(a) Subject to adjustment as provided in Section 4(e), the maximum number of Shares that may be delivered pursuant to Awards granted
under the Plan is 38,000,000. Notwithstanding the foregoing and subject to adjustment as provided in Section 4(e), no Participant may receive Options and stock appreciation rights under this Plan in any calendar year that relate to more than
1,000,000 Shares. 
 (b) Shares to be issued under the Plan may be made available from authorized but unissued Stock, Stock held
by the Company in its treasury, or Stock purchased by the Company on the open market or otherwise. During the term of the Plan, the Company will at all times reserve and keep available the number of shares of Stock that shall be sufficient to
satisfy the requirements of the Plan. 
 (c) If any Shares covered by an Award other than a Substitute Award, or to which such
an Award relates, terminate, lapse or are forfeited or cancelled, or such an Award is otherwise settled without the delivery of the full number of Shares underlying the Award, then the Shares covered by such Award, or to which such Award relates, to
the extent of any such forfeiture, termination, lapse, cancellation, etc., shall again be, or shall become available for issuance under the Plan; provided, however, that Shares (i) delivered in payment of the exercise price of an Option,
(ii) not issued upon the net settlement or net exercise of stock appreciation rights, or (iii) delivered to or withheld by the Company to pay withholding taxes related to an Option or stock appreciation right, shall become available again
for issuance under this Plan. 
 (d) Shares underlying Substitute Awards shall not reduce the number of Shares available for
delivery under this Plan. 
 (e) In the event that the Committee shall determine that any dividend or other distribution
(whether in the form of cash, Shares, other securities, or other property), recapitalization, share split, reverse share split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of Shares or other
securities of the Company, issuance of warrants or other rights to purchase Shares or other securities of the Company, or other similar corporate transaction or event affects the Shares such that an adjustment is determined by the Committee to be
appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, then the Committee shall, in such manner as it may deem equitable, adjust any or all of (i) the number
and type of Shares (or other securities or property) which thereafter may be made the subject of Awards, including without limitation the individual limit set forth in Section 4(a), (ii) the number and type of Shares (or other securities
or property) subject to outstanding Awards, and (iii) the grant, purchase, or exercise price with respect to any Award or, if deemed appropriate, make provision for a cash payment to the holder of an outstanding Award; provided, however,
that the number of Shares subject to any Award shall always be a whole number; provided, further, with respect to any Award intended to qualify as performance-based compensation under Section 162(m) of the Code or any Award intended to
comply with, or qualify for an exception to, Section 409A, any such adjustment shall be authorized only to the extent that such adjustment would not cause the Award to fail to comply with Section 162(m) or Section 409A, or an
exception thereto. 
 5. ELIGIBILITY. All Employees and non-employee Directors are eligible to participate in this Plan and
receive Awards hereunder. Holders of equity-based awards issued by a company acquired by the Company or with which the Company combines are eligible to receive Substitute Awards hereunder. 

6. OPTIONS. The Committee is hereby authorized to grant Options to Participants with the following terms and conditions and with such
additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine: 

(a) The purchase price per Share under an Option shall be determined by the Committee; provided, however, that, except in the case
of Substitute Awards, such purchase price shall not be less than the Fair Market Value of a Share on the date of grant of such Option. 

 (b) The term of each Option shall be fixed by the Committee and the effect thereon, if any,
of the termination of employment of the Participant shall be determined by the Committee and set forth in the applicable Agreement. Notwithstanding, the term of an Option shall not exceed ten (10) years. 

(c) Any Option may be exercised at any time during the period commencing with either the date that Option is granted or the first date
permitted under a vesting schedule established by the Committee and ending with the expiration date of the Option. A Participant may exercise his Option for all or part of the number of Shares which he is eligible to exercise under terms of the
Option. The Committee shall determine the method or methods by which, and the form or forms in which, including, without limitation, cash, Shares, other Awards, or other property, or any combination thereof, having a Fair Market Value on the
exercise date equal to the relevant exercise price, payment of the exercise price with respect thereto may be made or deemed to have been made. 

(d) The terms of any Incentive Stock Option granted under the Plan shall comply in all respects with the provisions of Section 422
of the Code, or any successor provision thereto, and any regulations promulgated thereunder. 
 (e) Options shall be granted to
non-employee Directors in accordance with the policies established from time to time by the Committee, including the terms and conditions of any such award, number of shares (if any) to be subject to each such Option and the time(s) at which such
Options shall be granted. 
 7. RESTRICTED STOCK AND RESTRICTED STOCK UNIT AWARDS. The Committee is hereby authorized to grant
Awards of Restricted Stock and/or Restricted Stock Units to Participants. 
 (a) The Awards granted under this Section 7
shall be subject to such restrictions as the Committee may impose (including, without limitation, any limitation on the right to vote Shares underlying Restricted Stock Awards or the right to receive any dividend, other right or property), which
restrictions may lapse separately or in combination at such time or times, in such installments or otherwise, as the Committee may deem appropriate. If the vesting conditions applicable to an Award of Restricted Stock or Restricted Stock Units
relate exclusively to the passage of time and continued employment or provision of services, or refraining therefrom, the last vesting date of all or a portion of such Award shall occur no less than 36 months following the date of such Award, except
that the foregoing restriction shall not apply to such Awards if they (i) are made in satisfaction of Company obligations to Participants that would otherwise be paid in cash, (ii) are issued in connection with the exercise of an Option or
other Award hereunder, or (iii) are Substitute Awards. 
 (b) Any Award of Restricted Stock or Restricted Stock Units may
be evidenced in such manner as the Committee may deem appropriate, including, without limitation, book-entry registration or issuance of a stock certificate or certificates. In the event any stock certificate is issued in respect of Shares
underlying a Restricted Stock Award, such certificate shall be registered in the name of the Participant and shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Shares. 

8. OTHER STOCK-BASED AWARDS. The Committee is hereby authorized to grant to Participants such other Awards (including, without
limitation, stock units, stock appreciation rights and rights to dividends and dividend equivalents) that are denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, Shares (including, without
limitation, securities convertible into Shares) as are deemed by the Committee to be consistent with the purposes of the Plan. Subject to the terms of the Plan, the Committee shall determine the terms and conditions of such Awards. Notwithstanding,
the term of a stock appreciation right shall not exceed ten (10) years. Shares or other securities delivered pursuant to a purchase right granted under this Section 8 shall be purchased for such consideration, which may be paid by such
method or methods and in such form or forms, including, without limitation, cash, Shares, other securities, the deferral of compensation, other Awards, or other property, or any combination thereof, as the Committee shall determine, the

 
value of which consideration, as established by the Committee, shall, except in the case of Substitute Awards or the deferral of compensation, not be less than the Fair Market Value of such
Shares or other securities as of the date such purchase right is granted. Full-value awards granted hereunder to Employees will have a standard vesting schedule, in one or more increments, over a service period of no less than (3) three years;
provided, however, that (i) up to five (5%) percent of the shares authorized for issuance under the Plan may be granted without this restriction, and (ii) this limitation will not adversely affect a participant’s rights under
another plan or agreement with AES or its subsidiaries. 
 9. PERFORMANCE AWARDS. 

(a) The Committee is hereby authorized to grant Performance Awards to Covered Persons, with a minimum performance period of at least one
(1) year to be applicable to awards granted hereunder, if the Committee intends that such Awards shall qualify as “qualified performance based compensation” under Section 162(m) of the Code. Unless otherwise determined by the
Committee, any such Performance Award shall be evidenced by an Agreement containing the terms of the Performance Award, including but not limited to, the performance criteria and such terms and conditions as may be determined, from time to time, by
the Committee, in each case, not inconsistent with this Plan. 
 (b) Performance Awards shall become earned and payable if
performance goals relating to one or more of the following performance measures are achieved during a performance period or periods, as determined by the Committee: (i) Cash Value Added, (ii) Total Stockholder Return, (iii) Return on
Equity, (iv) Revenue Growth, (v) Return on Net Assets, (vi) Earnings Per Share, (vii) EBITDA, (viii) Return on Invested Capital, (ix) Parent Operating Cash Flow, (x) Consolidated Free Cash Flow or (xi) Cash
Return on Investment (CRI), each as hereinafter defined. To the extent consistent with Section 162(m) of the Code, the Committee may determine, at the time the performance goals are established, that certain adjustments shall apply, in whole or
in part, in such manner as determined by the Committee, to exclude the effect of any of the following events that occur during a performance period: the impairment of tangible or intangible assets; litigation or claim judgments or settlements; the
effect of changes in tax law, accounting principles or other such laws or provisions affecting reported results, business combinations, reorganizations and/or restructuring programs, including, but not limited to, reductions in force and early
retirement incentives; currency fluctuations; and any extraordinary, unusual, infrequent or non-recurring items, including, but not limited to, such items described in management’s discussion and analysis of financial condition and results of
operations or the financial statements and notes thereto appearing in the Company’s annual report for the applicable period. 

(c) Performance goals relating to the performance measures set forth above shall be pre-established in writing by the Committee, and
achievement thereof certified in writing prior to payment of the Award, as required by Section 162(m) and regulations promulgated thereunder, and such performance goals may relate to the Company as a whole, or to one or more units thereof, and
may be measured over such periods, as the Committee shall determine. All such performance goals shall be established in writing no later than ninety (90) days after the beginning of the applicable performance period; provided, however, that for
a performance period of less than one (1) year, the Committee shall take any such actions prior to the lapse of 25% of the performance period. In addition to establishing minimum performance goals below which no compensation shall be payable
pursuant to a Performance Award, the Committee, in its sole discretion, may create a performance schedule under which an amount less than or more than the target award may be paid so long as the performance goals have been achieved. The Committee,
in its sole discretion, may also establish such additional restrictions or conditions that must be satisfied as a condition precedent to the payment of all or a portion of any Performance Awards. Such additional restrictions or conditions need not
be performance-based and may include, among other things, the receipt by a Participant of a specified annual performance rating, the continued employment by the Participant and/or the achievement of specified performance goals by the Company,
business unit or Participant. Furthermore and notwithstanding any provision of this Plan to the contrary, the Committee, in its sole discretion, may reduce the amount of any award to a Participant if it concludes that such reduction is necessary or
appropriate based upon: (i) an evaluation of such Participant’s performance; (ii) comparison with compensation received by other similarly situated individuals working within the Company’s industry; (iii) the Company’s
financial results and conditions; or (iv) such other factors or conditions that the Committee deems relevant. Notwithstanding any provision of this Plan to the contrary, the Committee shall not use its discretionary authority to increase any
Performance Award that is intended to be performance-based compensation under Section 162(m) of the Code. 

 (d) The maximum value of (i) Performance Awards (denominated in cash) which may be
awarded to a Participant under the Plan in any one calendar year of the Company is $10,000,000, and (ii) Performance Awards (denominated in Stock) which may be awarded to a participant under the Plan in any one calendar year of the Company is
1,000,000 Shares. 
 (e) For purposes of this Plan, the following terms shall have the meanings set forth below. Each of the
financial variables of which the respective measures are a function shall be determined in accordance with GAAP, as applicable, in a manner consistent with the Company’s audited financial statements for the relevant period. 

(i) “Cash Return on Investment (CRI)” means (A) consolidated cash flow from operations less mandatory capital
expenditures, divided by (B) gross investment (where gross investment equals gross property), plant and equipment, plus working capital. 

(ii) “Cash Value Added” means (A) operating profit after taxes, adjusted for minority interests, plus depreciation
and amortization expenses and other material non-cash charges (if any) minus (B) a charge reflecting the cost (including replacement) of new capital. 

(iii) “Consolidated Free Cash Flow” means consolidated cash flow from operations less mandatory capital expenditures
(adjusted for minority interests). 
 (iv) “Earnings Before Income Taxes, Depreciation and Amortization
(EBITDA)” means net income from continuing operations plus (1) provision for income taxes and (2) depreciation and amortization expenses. 

(v) “Earnings Per Share” for a period means diluted earnings per common share from continuing operations before
extraordinary items. 
 (vi) “Return on Equity” for a period means net income divided by average
Stockholders’ equity (adjusted for accumulated other comprehensive losses). 
 (vii) “Return on Invested
Capital” for a period means (A) net operating profits after taxes divided by (B) total liabilities plus amounts, if any, attributable to minority interests, preferred stock and average Stockholders’ equity (adjusted for
accumulated other comprehensive losses). 
 (viii) “Return on Net Assets” for a period means net income less
preferred stock dividends divided by the difference of average total assets less average non-debt liabilities, with average defined as the sum of assets or liabilities at the beginning and ending of the period divided by two. 

(ix) “Revenue Growth” means the percentage change in revenue (as defined in Statement of Financial Accounting Concepts
No. 6, published by the Financial Accounting Standards Board) from one period to another. 
 (x) “Total
Stockholder Return” means the sum of the appreciation in the Company’s stock price and dividends paid on the common stock of the Company over a given period of time. 

(xi) “Parent Operating Cash Flow” means “Parent Operating Cash Flow” as defined in the Company’s
annual report filed on Form 10-K. 

 10. TERMINATION OF EMPLOYMENT OR SERVICE. Except as otherwise determined by the Committee or
provided by the Committee in an applicable Agreement and to the extent not inconsistent with Section 14(k) hereof, in case of termination of employment or service, the following provisions shall apply: 

(a) Upon termination of employment or cessation of provision of services by the Participant for reason of death or Disability:

 (i) any Award (other than Options) then held by such Participant shall be immediately accelerated and become fully vested,
exercisable and payable, and 
 (ii) any Option then held by such Participant shall be immediately accelerated and become fully
vested, exercisable and payable and shall expire on the earlier of (1) the date the Option would have expired had the Participant continued in such employment or service, and (2) one year after the date such Participant’s employment
or service ceases. 
 (b) Upon termination of employment or cessation of provision of services by the Participant for reason of
Retirement: 
 (i) any Award (other than Options) then held by such Participant shall be immediately accelerated and become
fully vested, exercisable and payable, and 
 (ii) any Option then held by such Participant shall automatically expire on the
earlier of (1) the date the Option would have expired had the Participant continued in such employment or service, and (2) one hundred and eighty days after the date such Participant’s employment or service ceases, except that any
Incentive Stock Option shall automatically expire on the earlier of the date set forth in clause (1) above and three months after the date that such Participant’s employment or service ceases. 

(c) Upon termination of employment by the Company for cause (as determined by the Committee in its sole discretion), or under other
circumstances provided by the Committee in its discretion in the applicable Agreement: 
 (i) any Award then held by such
Participant whose restrictions have not lapsed, which is not exercisable or which is not payable will automatically be forfeited in full and canceled by the Company upon such termination of employment or service, and 

(ii) any Option then held by such Participant, to the extent exercisable, shall automatically expire on the earlier of (1) the date
the Option would have expired had the Participant continued in such employment or service, and (2) and three months after the date that such Participant’s service ceases. 

(d) Upon termination of employment or cessation of provision of services by the Participant for any reason other than death, Disability,
Retirement or termination of employment or service by the Company for cause (as determined by the Committee in its sole discretion), or under other circumstances provided by the Committee in its discretion in the applicable Agreement: 

(i) any Award (other than Performance Awards) then held by such Participant whose restrictions have not lapsed, which is not exercisable
or which is not payable will automatically be forfeited in full and canceled by the Company upon such termination of employment or service, 

(ii) any Option then held by such Participant, to the extent exercisable, shall automatically expire on the earlier of (1) the date
the Option would have expired had the Participant continued in such employment or service, and (2) one hundred and eighty days after the date the such Participant’s service ceases, except that any Incentive Stock Option shall automatically
expire on the earlier of clause (i) above and three months after the date that such Participant’s service ceases, and 

 (iii) any Performance Award then held by such Participant which is not then payable will be
paid in accordance with its terms at the time the Performance Award would have been payable if the termination of employment or service had not occurred, and the payment shall be prorated based on the number of days in the performance period that
occurred prior to the termination of employment or service. 
 11. DURATION. The Plan shall be effective as of February 1,
2003, subject to its approval by the Stockholders of the Company. No Award shall be granted under the Plan after the tenth anniversary of the last date upon which the Company obtained Stockholder approval of the Plan. However, unless otherwise
expressly provided in the Plan or in an applicable Agreement, any Award theretofore granted may extend beyond such date, and the authority of the Committee to administer the Plan and to amend, alter, adjust, suspend, discontinue, or terminate any
such Award, or to waive any conditions or rights under any such Award, and the authority of the Board to amend the Plan, shall extend beyond such date. 

12. AMENDMENT, MODIFICATION AND TERMINATION. 

(a) Except to the extent prohibited by applicable law and unless otherwise expressly provided in an Agreement or in the Plan, the Board
may amend, alter, suspend, discontinue, or terminate the Plan or any portion thereof at any time; provided, however, that no such amendment, alteration, suspension, discontinuation or termination shall be made without (i) Stockholder approval
if such approval is necessary to comply with any tax or regulatory requirement for which or with which the Board deems it necessary or desirable to qualify or comply or (ii) the consent of the affected Participant, if such action would
adversely affect the rights of such Participant under any outstanding Award. Notwithstanding anything to the contrary herein, the Committee may amend the Plan in such manner as may be necessary to enable the Plan to achieve its stated purposes in
any jurisdiction outside the United States in a tax-efficient manner and in compliance with local rules and regulations. Notwithstanding the foregoing or any provision of the Plan or an Award to the contrary, (i) the Committee may at any time
(without the consent of any Participant) modify or amend any or all of the provisions of the Plan or an Award to the extent necessary to conform the provisions of the Plan or an Award with Section 162(m), Section 409A, the regulations
issued thereunder or an exception thereto, or other applicable law, regardless of whether such modification or amendment of the Award shall adversely affect the rights of a Participant, and (ii) the Committee may not, without Stockholder
approval, reduce the exercise price of any Option or stock appreciation right, exchange any underwater Option or stock appreciation right for a cash payment, or take any other action with respect to outstanding Options or stock appreciation rights
that is treated as a repricing of such Options or stock appreciation rights under generally accepted accounting principles (unless otherwise permitted by applicable listing standards). 

(b) The Committee may waive any conditions or rights under, amend any terms of, or amend, alter, suspend, discontinue or terminate, any
Award theretofore granted, prospectively or retroactively, without the consent of any Participant or holder or beneficiary of an Award, provided, however, that no such action shall impair the rights of a Participant or holder or beneficiary under
any Award theretofore granted under the Plan. 
 (c) With respect to Participants who reside or work outside the United States
of America, the Committee may, in its sole discretion, amend, or otherwise modify, without Board or Stockholder approval, the terms of the Plan or Awards with respect to such Participant in order to conform such terms with the provisions of local
law; provided that such amendment or other modification shall not increase the total number of Shares reserved for purposes of the Plan without the approval of the Stockholders of the Company. 

(d) The Committee shall be authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in
recognition of unusual or nonrecurring events (including, without limitation, an event affecting the Company, or the financial statements of the Company, or of changes in applicable laws, regulations or accounting principles), whenever the Committee
determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan. 

(e) To the extent not inconsistent with Section 14(k) hereof, in connection with a Change in Control or an event described in
Section 4(e), the Committee may, in its discretion (i) cancel any or all outstanding 

 
Awards under the Plan in consideration for payment to the holder of each such cancelled Award of an amount equal to the portion of the consideration that would have been payable to such holder
pursuant to such transaction if such Award had been fully vested and exercisable, and had been fully exercised, immediately prior to such transaction, less the exercise price if any that would have been payable therefore, or (ii) if the net
amount referred to in clause (i) would be negative, cancel such Award for no consideration or payment of any kind. Payment of any amount payable pursuant to the preceding sentence may be made in cash and/or securities or other property in the
Committee’s discretion. 
 13. CHANGE IN CONTROL. Except as otherwise expressly provided in the applicable Agreement and to
the extent not inconsistent with Section 14(k) hereof, upon the consummation of a Change in Control, all outstanding Options under this Plan shall become fully exercisable and all outstanding Awards (other than Options) under this Plan shall
become fully vested and payable. 
 14. MISCELLANEOUS. 

(a) Nothing in the Plan or in any Agreement shall confer upon any Participant the right to continue in the service or employment of the
Company or any Affiliate or affect any right which the Company or any Affiliate may have to terminate or modify the employment or provision of service of the Participant with or without cause. 

(b) The Company shall have a right to withhold from any payment of cash or Stock to a Participant or other person under the Plan an
amount sufficient to cover any required withholding taxes, including the Participant’s social security and Medicare taxes (FICA) and federal, state, local income tax or such other applicable taxes (“Taxes”) with respect to income
arising from payment of the Award. The Company shall have the right to require the payment of any Taxes before issuing any Stock pursuant to the Award. The Committee may, if it deems appropriate in the case of a Participant, withhold such Taxes
through a reduction of the number of Shares delivered to such individual, or allow the Participant to elect to cover all or any part of the required withholdings, and to cover any additional withholdings up to the amount needed to cover the Taxes
with respect to income arising from payment of the Award, through a reduction of the number of Shares delivered to such individual or a subsequent return to the Company of Shares held by the Participant or other person, in each case valued in the
same manner as used in computing the withholding taxes under the applicable laws. Notwithstanding the foregoing or any provisions of the Plan to the contrary, any broker-assisted cashless exercise shall comply with the requirements for equity
classification of Paragraph 35 of FASB Statement No. 123(R) and any withholding satisfied through a net-settlement shall be limited to the minimum statutory withholding requirements. 

(c) Awards received by a Participant under this Plan shall not be deemed a part of a Participant’s regular, recurring compensation
for purposes of any termination, indemnity or severance pay laws and shall not be included in, nor have any effect on, the determination of benefits under any other employee benefit plan, contract or similar arrangement provided by the Company or an
Affiliate, unless expressly so provided by such other plan, contract or arrangement, or unless the Committee so determines. No provision of the Plan shall prevent the Company from adopting or continuing in effect other or additional compensation
arrangements, including incentive arrangements providing for the issuance of options and stock, and awards that do not qualify under Section 162(m) of the Code, and such arrangements may be generally applicable or applicable only in specific
cases. 
 (d) Subject to the provisions of the Plan, (i) no Award and no right under any Award shall be assignable,
alienable, saleable or transferable by a Participant otherwise than by will or by the laws of descent and distribution; provided, however, that, if so determined by the Committee, a Participant may, in the manner established by the Committee,
designate a beneficiary or beneficiaries to exercise the rights of the Participant, and to receive any property distributable, with respect to any Award upon the death of the Participant; (ii) each Award, and each right under any Award, shall
be exercisable during the Participant’s lifetime only by the Participant or, if permissible under applicable law, by the Participant’s guardian or legal representative; and (iii) no Award and no right under any such Award, may be
pledged, alienated, attached, or otherwise encumbered, and any purported pledge, alienation, attachment or encumbrance thereof shall be void and unenforceable against the Company. The provisions of this paragraph shall not apply to any Award which
has been fully exercised, earned or paid, as the case may be, and shall not preclude forfeiture of an Award in accordance with the terms thereof. 

 (e) This Plan shall be unfunded and the Company shall not be required to segregate any
assets that may at any time be represented by Awards under this Plan. Neither the Company, its Affiliates, the Committee, nor the Board shall be deemed to be a trustee of any amounts to be paid under this Plan nor shall anything contained in this
Plan or any action taken pursuant to its provisions create or be construed to create a fiduciary relationship between the Company and/or its Affiliates, and a Participant or Successor. To the extent any person acquires a right to receive an Award
under this Plan, such right shall be no greater than the right of an unsecured general creditor of the Company. 
 (f) Any
liability of the Company to any Participant with respect to an Award shall be based solely upon contractual obligations created by this Plan and the applicable Agreement. Except as may be required by law, neither the Company nor any member or former
member of the Board or of the Committee, nor any other person participating (including participation pursuant to a delegation of authority under Sections 3(c) and 3(i) hereof) in any determination of any question under this Plan, or in the
interpretation, administration or application of this Plan, shall have any liability to any party for any action taken, or not taken, under this Plan. 

(g) No certificate for Shares distributable pursuant to this Plan shall be issued and delivered unless the issuance of such certificate
complies with all applicable legal requirements including, without limitation, compliance with the provisions of applicable state securities laws, the Securities Act of 1933, as amended and in effect from time to time or any successor statute, the
Exchange Act and the requirements of the exchanges on which the Company’s Shares may, at such time be listed. 
 (h) To the
extent that federal laws do not otherwise control, this Plan and all determinations made and actions taken pursuant to this Plan shall be governed by the laws of Delaware and construed accordingly. 

(i) In the event that any provision of this Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not
affect the remaining provisions of this Plan, and this Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 

(j) No fractional shares shall be issued or delivered pursuant to this Plan or any Agreement, and the Committee shall determine whether
cash, other securities, or other property shall be paid or transferred in lieu of any fractional shares, or whether such fractional Shares or any rights thereto shall be canceled, terminated, or otherwise eliminated. 

(k) Notwithstanding any provision of the Plan or an Agreement to the contrary, if any Award or benefit provided under this Plan is
subject to the provisions of Section 409A, the provisions of the Plan and any applicable Agreement shall be administered, interpreted and construed in a manner necessary to comply with Section 409A or an exception thereto (or disregarded
to the extent such provision cannot be so administered, interpreted or construed). The following provisions shall apply, as applicable: 

(i) If a Participant is a Specified Employee and a payment subject to Section 409A (and not excepted therefrom) to the Participant
is due upon Separation from Service, such payment shall be delayed for a period of six (6) months after the date the Participant Separates from Service (or, if earlier, the death of the Participant). Any payment that would otherwise have been
due or owing during such six-month period will be paid immediately following the end of the six-month period in the month following the month containing the 6-month anniversary of the date of termination unless another compliant date is specified in
the applicable Agreement. 
 (ii) For purposes of Section 409A, and to the extent applicable to any Award or benefit under
the Plan, it is intended that distribution events qualify as permissible distribution events for purposes of Section 409A and shall be interpreted and construed accordingly. With respect to payments subject to Section 409A, the Company
reserves the right to accelerate and/or defer any payment to the extent permitted and consistent with Section 409A. Whether a Participant has Separated from Service or employment will be determined based on all of the facts and
circumstances and, to the extent applicable to any Award or benefit, in accordance with the guidance issued under Section 409A. For this purpose, a Participant will be presumed to have experienced a Separation from Service when the level of
bona fide services performed permanently decreases to a level less than twenty percent (20%) of the average level of bona fide services performed during the immediately preceding thirty-six (36) month period or such other
applicable period as provided by Section 409A. 

 (iii) The Committee, in its discretion, may specify the conditions under which the payment
of all or any portion of any Award may be deferred until a later date. Deferrals shall be for such periods or until the occurrence of such events, and upon such terms and conditions, as the Committee shall determine in its discretion, in accordance
with the provisions of Section 409A, the regulations and other binding guidance promulgated thereunder; provided, however, that no deferral shall be permitted with respect to Options and other stock rights subject to Section 409A. An
election shall be made by filing an election with the Company (on a form provided by the Company) on or prior to December 31st of the calendar year immediately preceding the beginning of the calendar year (or other applicable service period) to
which such election relates (or at such other date as may be specified by the Board to the extent consistent with Section 409A) and shall be irrevocable for such applicable calendar year (or other applicable service period). 

(iv) The grant of Non-Qualified Stock Options and other stock rights subject to Section 409A shall be granted under terms and
conditions consistent with Treas. Reg. § 1.409A-1(b)(5) such that any such Award does not constitute a deferral of compensation under Section 409A. Accordingly, any such Award may be granted to Participants of the Company and its
subsidiaries and affiliates in which the Company has a controlling interest. In determining whether the Company has a controlling interest, the rules of Treas. Reg. § 1.414(c)-2(b)(2)(i) shall apply; provided that the language “at least 50
percent” shall be used instead of “at least 80 percent” in each place it appears; provided, further, where legitimate business reasons exist (within the meaning of Treas. Reg. § 1.409A-1(b)(5)(iii)(E)(i)), the language “at
least 20 percent” shall be used instead of “at least 80 percent” in each place it appears. The rules of Treas. Reg. §§ 1.414(c)-3 and 1.414(c)-4 shall apply for purposes of determining ownership interests. 

(v) Notwithstanding anything to the contrary contained herein and with respect to Options that were earned and vested under the Plan
prior to January 1, 2005 (as determined under Section 409A, “Grandfather Options”), such Grandfathered Options are intended to be exempt from Section 409A and shall be administered and interpreted in a manner intended to
ensure that any such Grandfathered Option remains exempt from Section 409A. No amendments or other modifications shall be made to such Grandfathered Options except as specifically set forth in a separate writing thereto, and no amendment or
modification to the Plan shall be interpreted or construed in a manner that would cause a material modification (within the meaning of Section 409A, including Treas. Reg. § 1.409A-6(a)(4)) to any such Grandfathered Options. 

(vi) In no event shall any member of the Board, the Committee or the Company (or its employees, Officers or Directors) have any
liability to any Participant (or any other Person) due to the failure of an Award to satisfy the requirements of Section 409A. 
  

			
	The AES Corporation
		
	By:	 	 /s/ Rita Trehan

		 	Rita Trehan, Vice President, Human ResourcesThe Form of AES 2010 Nonqualified Stock Option Award Agreement

 Exhibit 10.2 

2010 NONQUALIFIED STOCK OPTION AWARD AGREEMENT 

PURSUANT TO 

THE AES CORPORATION 2003 LONG TERM COMPENSATION PLAN 

(OUTSIDE DIRECTORS) 

The AES Corporation, a Delaware Corporation (the “Company”), grants to the Director named below, pursuant to The AES Corporation 2003 Long Term
Compensation Plan, as amended (the “Plan”), and this 2010 Nonqualified Stock Option Award Agreement (this “Agreement”), this Award of a Nonqualified Stock Option (“Option”) to purchase full shares of common stock of the
Company (“Shares”) upon the terms and conditions set forth herein. Capitalized terms not otherwise defined herein will each have the meaning assigned to them in the Plan. 

 

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

  

			
	Name of Director:	  	
		
	Type of Grant:	  	
		
	Date of Birth:	  	
		
	Grant Date:	  	
		
	Total Number of Shares Granted:	  	
		
	Option Price per Share:	  	

  

	2.	The Director referenced above is hereby granted an Option representing a right to purchase the number of Shares set forth above at the option price per Share set forth
above (which option price is the Fair Market Value of a Share on the date hereof), upon the terms set forth herein and in the Plan, if and only to the extent, such Option (i) has not been forfeited or canceled prior to its Vesting Date (as
defined below) and (ii) has vested in accordance with this Agreement. 

  

	3.	This Option will expire no later than ten years from April 22, 2010 provided, however, that this Option may expire sooner pursuant to the terms set forth herein
and in the Plan. 

  

	4.	This Option will vest in three equal installments on each of April 22, 2011, April 22, 2012, and April 22, 2013, (each a “Vesting Date”);
provided, however, that if: 

  

	 	(A)	the Director Separates from Service prior to April 22, 2013 by reason of the Director’s death or permanent and total disability (as defined in
Section 22(e)(3) of the Code, hereinafter “Disability”), this Option will vest and will become exercisable on such termination date and will expire one year after such termination date; or 

 

	 	(B)	the Director Separates from Service, prior to April 22, 2013 for any other reason, including voluntarily by the Director (including without limitation,
Retirement) or by reason of a Separation from Service by the Company other than by reason of death or Disability), then, unless otherwise determined by the Board, any portion of this Option that has vested on or before such termination date will
expire one hundred and eighty days after such termination date (and only be exercisable until the expiration of such one hundred and eighty day period), and any portion of this Option that has not vested on or before such termination date will be
forfeited in full, cancelled by the Company, and will cease to be outstanding, upon such termination date. 

 In addition, in the event that a Separation from Service described in clause (A) or
clause (B) above occurs on or after April 22, 2013, to the extent that all or any portion of this Option has vested but not yet expired as of such date, such portion of this Option will expire on the earlier of (i) the last day
of the time period described in clause (A) or clause (B) above, as applicable, or (ii) the date such portion of this Option would have expired, had such service continued. 

 

	5.	Subject to the terms and conditions of the Plan and this Agreement, the Director may exercise any vested portion of this Option by giving appropriate written notice to
the Company, together with provision for payment (i) of the full option price of the Shares for which such vested portion of this Option is exercised and (ii) applicable withholding taxes. The notice must specify the portion of this Option
to be exercised (i.e., the number of Shares) and be signed by the Director. The full option price of the shares of common stock as to which such vested portion of this Option is exercised (including applicable withholding taxes) must be paid in cash
to the Company in full, or alternative adequate provision acceptable to the Committee for such payment made (including an irrevocable instruction to a broker to deliver the option price at a future date), at the time of exercise.

  

	6.	In addition, in the event that a Change of Control (as defined below) occurs, to the extent that all or any portion of this Option has not already been previously
forfeited or cancelled, such portion of this Option will become fully vested and exercisable; provided, however, that in connection with a Change of Control or certain other events, the Committee may, in its discretion (i) cancel any or all
outstanding Options issued pursuant to the Plan in consideration for payment to the holders of such cancelled Options of an amount equal to the portion of the consideration that would have been payable to such holders pursuant to such transaction if
such Options had been fully vested and exercisable, and had been fully exercised, immediately prior to such transaction, less the option price, if any, that would have been payable therefore, or (ii) if the net amount referred to in clause
(i) would be negative, cancel such Options for no consideration of any kind. Payment of any obligation payable pursuant to the preceding sentence may be made in cash of equivalent value and/or securities or other property in the
Committee’s discretion. For purposes of this Agreement, “Change of Control” means: 

  

	 	(i)	an individual, corporation, partnership, group, associate or other entity or “person”, as such term is defined in Section 14(d) of the Exchange Act,
other than the Company or any employee benefit plan(s) sponsored by the Company, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 30% or more of the combined voting
power of the Company’s outstanding securities ordinarily having the right to vote at elections of directors; 

  

	 	(ii)	individuals who constitute the Board of Directors on April 22, 2010 (the “Incumbent Board”) cease for any reason to constitute at least a majority
thereof; provided that any Approved Director (as hereinafter defined) shall be, for purposes of this subsection (ii), considered as though such person were a member of the Incumbent Board. An “Approved Director,” for purposes of this
subsection (ii), shall mean any person becoming a director subsequent to April 22, 2010 whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least three-quarters of the directors comprising
the Incumbent Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee of the Company for director), but shall not include any such individual whose initial assumption of office
occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of an
individual, corporation, partnership, group, associate or other entity or “person” other than the Board of Directors; or 

  

	 	(iii)	 the approval by the stockholders of the Company of a plan or agreement providing for, and the consummation of, a merger or consolidation of the Company
other than with a wholly-owned subsidiary and other than a merger or consolidation that would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity) more than 51% of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation, or a sale, exchange or
other 

	 	
disposition of all or substantially all of the assets of the Company. If any of the events enumerated in this subsection (iii) occurs, the Board of Directors shall determine the effective
date of the Change of Control resulting therefrom for purposes of this Agreement. 

  

	7.	The Company and its subsidiaries and Affiliates have the right (i) to withhold any tax required to be withheld in connection with the exercise of any portion of
this Option from Shares otherwise deliverable or from any other payment to be made to the Director, or (ii) to otherwise condition the Director’s right to exercise any portion of this Option on the Director making arrangements satisfactory
to the Company or any of its subsidiaries or affiliates to enable any related tax obligation of the Director to be satisfied. The Director should consult his or her personal advisor to determine the effect of this Option on his or her own tax
situation. 

  

	8.	Notices hereunder and under the Plan, if to the Company, must be delivered to the Plan Administrator (as so designated by the Company) or mailed to the Company’s
principal office, 4300 Wilson Boulevard, Arlington, VA 22203 (or as subsequently designated by the Company), to the attention of the Plan Administrator, or, if to the Director, will be delivered to the Director or mailed to his or her address as the
same appears on the records of the Company. 

  

	9.	Subject to the terms and conditions of the Plan, unless the Committee determines otherwise, if a Director is adjudicated to be mentally incompetent while in the
continuous service of the Company or an Affiliate or during a period of Disability which commenced while in such service, the Director’s guardian, conservator or legal representative will have the right to exercise this Option on behalf of the
Director. 

  

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

 

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

  

	12.	This Option is intended to be excepted from coverage under Section 409A and shall be administered, interpreted and construed accordingly. The Company may, in its
sole discretion and without the Director’s consent, modify or amend the terms of this Agreement, impose conditions on the timing and effectiveness of the exercise of the Option by Director, or take any other action it deems necessary or
advisable, to cause the Option to be excepted from Section 409A (or to comply therewith to the extent the Company determines it is not excepted). Notwithstanding, Director recognizes and acknowledges that Section 409A of the Code may
impose upon the Director certain taxes or interest charges for which the Director is and shall remain solely responsible. 

  

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

 

			
	The AES CORPORATION
		
	By:	 	
		
	Name:	 	
	Title:

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