Document:

EX-4.18

 Exhibit 4.18 

DATED 22 APRIL 2016 
  

 
  

UNDERTAKING AGREEMENT 
  

 
  

Skadden, Arps, Slate, Meagher & Flom (UK) LLP 

40 Bank Street 
 Canary
Wharf 
 London E14 5DS 

 CONTENTS 
  

							
	CLAUSE	 	 	  	PAGE	 
			
	 1.
	 	INTERPRETATION	  	 	2	  
			
	 2.
	 	UNDERTAKINGS	  	 	3	  
			
	 3.
	 	FURTHER ASSURANCE	  	 	5	  
			
	 4.
	 	PARTIAL INVALIDITY	  	 	5	  
			
	 5.
	 	CONSENT OF THIRD PARTIES	  	 	6	  
			
	 6.
	 	COUNTERPARTS	  	 	6	  
			
	 7.
	 	GOVERNING LAW	  	 	6	  
			
	 8.
	 	DISPUTE RESOLUTION	  	 	6	  
		
	 ANNEXURE A
	  	 	7	  
		
	 ANNEXURE B
	  	 	8	  
		
	 ANNEXURE C
	  	 	9	  
		
	 ANNEXURE D
	  	 	10	  
		
	 ANNEXURE E
	  	 	11	  
		
	 SIGNATURES
	  	 	12	  

 THIS UNDERTAKING AGREEMENT (the “Agreement”) is made on 22 April 2016 

BETWEEN: 
  

	(1)	QOROS AUTOMOTIVE CO., LTD., a sino-foreign joint equity enterprise established on 24 December 2007 in the People’s Republic of China with address of No.1, Tongda Road, Economic Technology Development
Zone, Changshu City, Jiangsu Province, People’s Republic of China (“Qoros”); 

  

	(2)	QUANTUM (2007) LLC, a Delaware limited liability company (file no. 4300667) whose registered office is at 16192 Coastal Highway, Lewes, Delaware 19958, United States of America (“LLC”);

  

	(3)	KENON HOLDINGS LTD., a Singapore company with shares listed on the Tel Aviv Stock Exchange and New York Stock Exchange (company registration no. 201406588W) whose registered office is at 1 Temasek Avenue #36-01,
Millenia Tower, Singapore 039192 (“Kenon”); 

  

	(4)	WUHU CHERY AUTOMOBILE INVESTMENT CO., LTD, a limited liability company organized and existing under the laws of the People’s Republic of China with its legal address at 8 Chengchun Road, Wuhu Economic and
Technological Development Area, Anhui Province, People’s Republic of China (“Wuhu Chery”); 

  

	(5)	CHERY AUTOMOBILES LIMITED, a company limited by shares organized and existing under the laws of the People’s Republic of China with its legal address at 8 Chengchun Road, Wuhu Economic and Technological
Development Area, Anhui Province, People’s Republic of China (“Chery”); and 

  

	(6)	ANSONIA HOLDINGS SINGAPORE B.V., incorporated under the laws of the Netherlands (Besloten vennootschap met beperkte aansprakelijkheid) and having its registered office at 1 Temasek Avenue #38-01, Millenia
Tower, Singapore 039192 (“Ansonia”), 

 (each a Party and together, the Parties). 

RECITALS: 
  

	(A)	The Parties wish to enter into this Agreement to record certain undertakings, as set out below (the “Undertakings”) relating to certain transactions contemplated in connection with loans provided by the
Parties (the “Transactions”), including: 

  

	 	(1)	the loans provided by Ansonia to LLC pursuant to the LLC Loan Agreement (the “LLC Loan”); 

  

	 	(2)	the loan of the proceeds of the LLC Loan to Qoros pursuant to the LLC-Qoros Loan Agreement (the “LLC-Qoros Loan”) at the same time as a corresponding loan is made by Wuhu Chery to Qoros (the
“Wuhu Chery-Qoros Loan”) (the LLC-Qoros Loan and the Wuhu Chery-Qoros Loan, together the “Qoros Loans”). 

  

	(B)	The Qoros Loans will be secured by security granted with respect to certain patents held by Qoros. 

 IT IS AGREED as follows: 
  

	1.	INTERPRETATION 

  

	1.1	Definitions 

 In this Agreement: 

“Additional Chery Loan Agreement” has the meaning given to that term in the LLC Loan Agreement. 

“Assignment Agreement” means the security assignment agreement between LLC as assignor and Ansonia as assignee. 

“Business Day” means a day (other than a Saturday or Sunday) on which banks are open for general business in London, Singapore
and the People’s Republic of China. 
 “Class A Interests” means Class A membership interests in LLC. 

“Class B Interests” means Class B membership interests in LLC. 

“Initial Wuhu Chery-Qoros Loan Agreement” means the loan agreement defined in Clause 2.3 (Wuhu Chery-Qoros Loan
Agreement) of this Agreement. 
 “Interests” means the Class A Interests and the Class B Interests. 

“LLC Loan Agreement” means the loan agreement defined in Clause 2.1 (LLC Loan Agreement) of this Agreement. 

“LLC-Qoros Loan Agreement” means the loan agreement defined in Clause 2.2 (LLC-Qoros Loan Agreement) of this Agreement.

 “Qoros Security Agreement” means the patent right pledge agreement among Qoros as pledgor and LLC and Wuhu Chery as
pledgees securing the obligations owing by Qoros under the Initial Wuhu Chery-Qoros Loan Agreement and LLC-Qoros Loan Agreement. 

Qualified Financing” has the meaning given to it in the LLC-Qoros Loan Agreement. 

 

	1.2	Construction 

 In this Agreement, unless the context otherwise requires, a reference to:

  

	 	(a)	a person includes a person, firm, company, corporation, government, state or agency of state or any association , trust partnership (whether or not having a separate legal personality) or two or more of the foregoing
and includes a reference to that person’s successors and permitted assignees or permitted transferees but does not include that person if it has ceased to be a party under this Agreement; 

 

	 	(b)	unless otherwise specified, clauses are references to clauses to this Agreement; 

  

	 	(c)	any reference to this Agreement shall include its annexures; 

  

	 	(d)	(or to any specified provision of) any agreement is to that agreement (or that provision) as amended from time to time; 

	 	(e)	a statute, statutory instrument or provision of law is to that statute, statutory instrument or provision of law, as it may be applied, amended or re-enacted from time to time; 

 

	 	(f)	the index and the headings in this Agreement are for convenience only and are to be ignored in construing this Agreement; 

  

	 	(g)	words imparting the singular include the plural and vice versa; and 

  

	 	(h)	words “best efforts”, in relation to the performance of any act by a party, shall be construed as the standard of endeavours required under English law. 

 

	2.	UNDERTAKINGS 

  

	2.1	LLC Loan Agreement 

 At the same time as entering into this Agreement, Ansonia and LLC
each undertake to the Parties to execute the loan agreement between LLC as borrower and Ansonia as lender in substantially the form annexed to this Agreement as Annexure A (the “LLC Loan Agreement”). 

 

	2.2	LLC-Qoros Loan Agreement 

 At the same time as entering into this Agreement, LLC and
Qoros each undertake to the Parties to execute the loan agreement between Qoros as borrower and LLC as lender in substantially the form annexed to this Agreement as Annexure B (the “LLC-Qoros Loan Agreement”). 

 

	2.3	Wuhu Chery-Qoros Loan Agreement 

 At the same time as entering into this Agreement, Wuhu
Chery and Qoros each undertake to the Parties to execute the loan agreement between Qoros as borrower, the Industrial and Commercial Bank of China Limited, Changshu Sub-Branch
(中国工商银行股份有限公司常熟支行) as entrusted bank and Wuhu-Chery as lender in substantially the form annexed to this Agreement as Annexure C (the
“Initial Wuhu Chery-Qoros Loan Agreement”). 
  

	2.4	Conversion of Class B Interests into Class A Interests 

  

	 	(a)	In connection with the conversion of the LLC Loan provided by Ansonia into Class A Interests pursuant to the terms of the LLC Loan Agreement (the “LLC Conversion”), and to the extent that the LLC
Conversion will result in an issuance of Class A Interests to Ansonia in excess of the number of Interests which LLC may issue to a third-party without violating the terms of the existing joint venture agreement of Qoros (the “Joint
Venture Agreement”), LLC undertakes that it shall convert the maximum number of Class B Interests into Class A Interests permitted by the Joint Venture Agreement and shall use its best efforts (including, but not limited to, assisting
with obtaining any required governmental or regulatory approvals, but, for the avoidance of doubt, such efforts shall exclude any requirement to make a repayment or prepayment of any existing indebtedness of Qoros) to make appropriate amendments to
the Joint Venture Agreement, such that, following such amendments, LLC may convert Ansonia’s remaining Class B Interests into Class A Interests in compliance with LLC’s contractual obligations under the Joint Venture Agreement.

	 	(b)	For the avoidance of doubt, the LLC Conversion shall be deemed complete only upon the conversion of each of the Class B Interests held by Ansonia into Class A Interests and the cancellation of each of the Class B
Interests, with such conversion and cancellation to be reflected in an adjustment to Schedule A of the Second Amended and Restated Limited Liability Company Operating Agreement, dated as of April 22, 2016, by and between Robert Rosen, as manager,
and each member party thereto. 

  

	 	(c)	Notwithstanding the forgoing, to the extent LLC is not able to convert all of Ansonia’s Class B Interests into Class A Interests pursuant to an LLC Conversion, LLC, Chery, Wuhu Chery and Qoros undertake to
enter into good faith negotiations with Ansonia to take necessary steps to put Ansonia in the same economic position it would have been in as if all of its Class B Interests were converted into Class A Interests. 

 

	2.5	Conversion of Class A Interests into direct ownership of Qoros 

  

	 	(a)	Following the LLC Conversion and until the third anniversary of the LLC Conversion, Ansonia may, at its discretion, request to LLC in writing that it wishes to convert / exchange its Class A Interests into a direct
holding by it of an equity interest in Qoros (the “Company Conversion”) based on the then value of the indirect beneficial ownership in Qoros of such Class A Interests. 

 

	 	(b)	If Ansonia requests a Company Conversion pursuant to paragraph (a) above: 

  

	 	(i)	LLC shall notify each other party to this Agreement of Ansonia’s request; 

  

	 	(ii)	LLC undertakes that it will use its best efforts (including, but not limited to, assisting with obtaining any required governmental or regulatory approvals, but, for the avoidance of doubt, such efforts shall exclude
any requirement to make a repayment or prepayment of any existing indebtedness of Qoros) to take any and all steps required to effect the Company Conversion based on the then value of the indirect beneficial ownership in Qoros of such Class A
Interests; 

  

	 	(iii)	each of Kenon, Chery, Wuhu Chery and Qoros undertake to enter into good faith negotiations with respect to the Company Conversion and, following the conclusion of such negotiations, to enter into such agreements, and to
use best efforts to take all other action, as is required by LLC and / or Ansonia to give effect to the Company Conversion; and 

  

	 	(iv)	without prejudice to the generality of Clause 2.5(b)(iii), in respect of a Company Conversion, each of Kenon, Chery and Qoros hereby undertake to enter into good faith negotiations to make appropriate amendments to the
Joint Venture Agreement such that, following the Company Conversion, each of Wuhu Chery, LLC, Ansonia and any new third party investor is a party to such Joint Venture Agreement and the Joint Venture Agreement is amended to reflect typical rights
and protections for minority investors, including, but not limited to, relating to anti-dilution, material corporate actions and board representation. 

  

	 	(c)	The undertakings and obligations of Chery and Wuhu Chery in sub-paragraphs (b)(iii) and (b)(iv) above (and compliance thereto) are subject to Chery and Wuhu Chery obtaining the required: 

 

	 	(i)	internal corporate and board approval; and 

	 	(ii)	shareholder approval, 

 and Chery and Wuhu Chery agree to use best efforts to obtain such
approvals at the relevant and appropriate time. 
  

	2.6	Qoros Security Agreement and Assignment Agreement 

  

	 	(a)	Within 120 days of entering into this Agreement (the “Relevant Period”), LLC and Qoros each undertakes to the Parties to execute the Qoros Security Agreement in substantially the form annexed to this
Agreement as Annexure D, except that: 

  

	 	(i)	the period between (1) the date a definitive and binding agreement relating to a Qualified Financing is signed and (2) the date on which such agreement is terminated or it is otherwise apparent that the
proposed Qualified Financing will not be consummated (the “QF Termination Date”), shall not be accounted for in (and shall be excluded from) the calculation and determination of the Relevant Period (it being agreed, for the
avoidance of doubt, that any time period after such QF Termination Date shall be accounted for in the calculation and determination of the Relevant Period); and 

  

	 	(ii)	following the completion of a Qualified Financing, the obligations under this paragraphs (a) shall not apply. 

  

	 	(b)	Within 5 days of entry into the Qoros Security Agreement between LLC and Qoros, LLC and Ansonia each undertakes to the Parties to execute the Assignment Agreement in substantially the form annexed to this Agreement as
Annexure E. 

  

	 	(c)	Qoros undertakes to the Parties that it shall not create or permit to subsist any security over any of the Pledged Property (as defined in the Qoros Security Agreement) save for the security to be created pursuant to
the Qoros Security Agreement. 

  

	2.7	Additional Chery Loan Agreement: 

 Prior to a utilisation of Facility B (as defined in
the LLC Loan Agreement) of the LLC Loan Agreement, Wuhu Chery and Qoros each undertake to the Parties to execute the Additional Chery Loan Agreement in a form substantially the same as the Initial Chery Loan Agreement or in such other form
satisfactory to the Parties. 
  

	3.	FURTHER ASSURANCE 

 Each party to this Agreement shall, and shall use reasonable
endeavours to procure that any necessary third party shall, at its own expense, do and execute, or arrange for the doing and executing of, each necessary act, document and thing reasonably within its power and as may be reasonably requested of it to
implement this Agreement and the transactions contemplated by this Agreement. 
  

	4.	PARTIAL INVALIDITY 

 If, at any time, any provision of this Agreement is or becomes
illegal, invalid or unenforceable in any respect under the law of any jurisdiction, neither the legality, validity or enforceability of any other provision of this Agreement nor the legality, validity or enforceability under the law of any other
jurisdiction shall in any way be affected or impaired. 

	5.	CONSENT OF THIRD PARTIES 

 Notwithstanding any term of this Agreement, no consent of any
third party is required for any amendment (including any release or compromise of any liability) or termination of this Agreement. 
  

	6.	COUNTERPARTS 

 This Agreement may be executed in any number of counterparts, all of which
taken together shall constitute one and the same instrument. 
  

	7.	GOVERNING LAW 

 This Agreement and any dispute or claim arising out of or in connection
with it or its subject matter shall be governed by, and construed in accordance with, the laws of the People’s Republic of China. 
  

	8.	DISPUTE RESOLUTION 

 Any dispute in connection with this Agreement shall be resolved
through friendly negotiation between the Parties. If the dispute is not resolved through negotiation within sixty (60) calendar days after one Party has served a written notice on the other Parties requesting the commencement of negotiation,
then the Parties shall refer and submit the dispute for final resolution by arbitration to the Hong Kong International Arbitration Center (HKIAC) in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law
(the “UNCITRAL Arbitration Rules”) as at present in force save as the same may be amended by this Agreement and the UNCITRAL Arbitration Rules shall be construed accordingly. The place of arbitration shall be Hong Kong. The
arbitration shall be settled by three (3) arbitrators. Ansonia, Kenon and LLC as one side, and Chery, Wuhu Chery as the other side shall separately appoint one arbitrator within the time stipulated in the UNCITRAL Arbitration Rules, failing
which the appointment shall be made by HKIAC. The third arbitrator, who will act as the presiding arbitrator, shall be appointed by the HKIAC. The appointing authority shall be the HKIAC. The language of the arbitration proceedings shall be English,
provided that either Party may introduce evidence or testimony in languages other than English. The award of the arbitration tribunal will be final and binding on each of the Parties and may be enforced, if necessary, in any court of competent
jurisdiction. The costs of arbitration including attorneys’ fees shall be borne by the losing Party unless otherwise decided in the arbitral award. In any arbitration proceeding or legal proceeding to enforce an arbitral award, in any other
legal action between the Parties relating to this Agreement, each Party waives the defense of sovereign immunity and any other defense solely based upon the fact or allegation that it is a political subdivision, agency or instrumentality of a
sovereign state. 
 IN WITNESS of which the Parties have executed and delivered this document on the date first written above. 

 ANNEXURE A 

Form of LLC Loan Agreement 

 ANNEXURE B 

Form of LLC-Qoros Loan Agreement 

 ANNEXURE C 

Form of Initial Wuhu Chery-Qoros Loan Agreement 

 ANNEXURE D 

Form of Qoros Security Agreement 

 ANNEXURE E 

Form of Assignment Agreement 

 SIGNATURES 
  

			
	QOROS AUTOMOTIVE CO., LTD.
	
	/s/
	Authorized Signatory
	Name:
                                         
       
	Company Seal:
	
	QUANTUM (2007) LLC
		
	By	 	 /s/ Robert L. Rosen

		 	Name: Robert L. Rosen
		 	Title: Manager
	
	KENON HOLDINGS LTD.
		
	By	 	 /s/ Yoav Doppelt

		 	Name: Yoav Doppelt
		 	Title: CEO

 WUHU CHERY AUTOMOBILE INVESTMENT CO., LTD 

/s/ Zhou Biren 

	
	  
 Authorized
Signatory

	Name: Zhou Biren     
	Company Seal:

 CHERY AUTOMOBILE LIMITED 
  

/s/ Yin Tongyue 

	
	  
 Authorized
Signatory

	Name: Yin Tongyue     
	Company Seal:

  

			
	ANSONIA HOLDINGS SINGAPORE B.V.
		
	By	 	 /s/ Cyril Ducau

		 	Name: Cyril Ducau
		 	Title: DirectorEX-4.19

 Exhibit 4.19 

SECOND AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 Quantum
(2007) LLC 
 This Second Amended and Restated Limited Liability Company Agreement (this “Agreement”) of
Quantum (2007) LLC (the “Company”) is entered into this 22nd day of April 2016, by and between Robert Rosen, as the manager (the “Manager”), and each member
indicated on Schedule A attached hereto and made part hereof (individually, a “Member” and collectively, the “Members”), pursuant to and in accordance with the Delaware Limited Liability Company Act (6
Del.C. § 18-101, et seq.), as amended from time to time (the “Act”), and amends and restates that certain Amended and Restated Limited Liability Company Agreement entered into on January 7, 2015 between Kenon
Holdings Ltd. (the “Class A Member”), as the member, and Robert Rosen, as the manager (the “Original LLC Agreement”). 

RECITALS 
 WHEREAS, the
Class A Member desires to admit Ansonia Holdings Singapore B.V. (the “Class B Member”) as a Member of the Company, within the meaning of the Act, in connection with, and in consideration for, the Class B Member’s provision
of a loan of up to $50 million to the Company, pursuant to that certain Loan Agreement, dated as of the date hereof, between the Company, as borrower, and the Class B Member, as lender (the “Loan Agreement”); 

WHEREAS, as set forth in the Loan Agreement, the Class B Member shall receive Class B Interests (as hereinafter defined), which Class B
Interests shall have the rights described in this Agreement; and 
 WHEREAS, in connection with the creation and issuance of the Class B
Interests, the Members and the Manager desire to amend and restate the Original LLC Agreement in its entirety. 
 NOW THEREFORE, in
consideration of the mutual covenants and agreements set forth in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Class A Member and the Manager, by execution of
this Agreement, hereby agree to amend and restate the Original LLC Agreement in its entirety as follows: 
 1. Name. The name of the
limited liability company governed hereby is Quantum (2007) LLC. 
 2. Certificates. A certificate of formation for the
Company (the “Certificate of Formation”) has been filed in the Office of the Secretary of State of the State of Delaware in conformity with the Act. The Manager or an Officer (as hereinafter defined) shall execute, deliver and file
any other certificates (and any amendments and/or restatements thereof) necessary for the Company to continue to qualify to do business in a jurisdiction in which the Company may wish to conduct business. 

 3. Purpose. The Company is formed for the object and purpose of, and the nature of the
business to be conducted and promoted by the Company is, engaging in all lawful activities for which limited liability companies may be formed under the Act. 

4. Powers. The Company shall have the power to do any and all acts reasonably necessary, appropriate, proper, advisable, incidental or
convenient to or for the furtherance of the purpose and business described herein and for the protection and benefit of the Company, and shall have, without limitation, any and all of the powers that may be exercised on behalf of the Company by the
Manager pursuant to this Agreement, including Section 18. 
 5. Principal Business Office. The principal place of business and
office of the Company shall be located at, and the Company’s business shall be conducted from, such place or places as may hereafter be determined by the Manager. 

6. Registered Office. The address of the registered office of the Company in the State of Delaware is 16192 Coastal Highway, Lewes,
Delaware 19958, in the county of Sussex. 
 7. Registered Agent. The names and addresses of the registered agents of the Company for
service of process on the Company in the State of Delaware are Harvard Business Services Inc., 16192 Coastal Highway, Lewes, Delaware 19958, in the county of Sussex and National Corporate Research, Ltd., 615 South DuPont Highway, County of Kent,
Dover, Delaware 19901. 
 8. Members. The names and the mailing addresses of the Members are as follows: 

 

							
		 	 Name
	  	Address	  	
				
		 	 Kenon Holdings Ltd.
	  	1 Temasek Avenue #36-01	  	
				
		 		  	Millenia Tower	  	
				
		 		  	Singapore 039192	  	
				
		 	 Ansonia Holdings Singapore B.V.
	  	1 Temasek Avenue #38-01	  	
				
		 		  	Millenia Tower	  	
				
		 		  	Singapore 039192	  	

 9. Term. The term of the Company commenced on the date of filing of the Certificate of Formation of the
Company in accordance with the Act and shall continue until dissolution of the Company in accordance with Section 24 of this Agreement. 

10. Limited Liability. Except as otherwise provided by the Act, the debts, obligations and liabilities of the Company, whether arising
in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company, and none of the Members, the Manager, any Officer, employee or agent of the Company (including a person having more than one such capacity) shall
be obligated personally for any such debt, obligation or liability of the Company solely by reason of acting in such capacity. 

  
 2 

 11. Capital Structure. 

a. Interests. The capital structure of the Company shall consist of two classes of interests, the Class A Interests and the Class
B Interests (collectively, the “Interests”). The Class A Member shall own all of the Class A Interests issued and outstanding and the Class B Member shall own all of the Class B Interests issued and outstanding;
provided that, in accordance with Schedule B: 
  

	 	(i)	following the Repayment Time (as defined in Schedule B), all Class B Interests then held by the Class B Member (including any rights attaching thereto) shall, by virtue of the provisions of this Agreement,
without any action on the part of the holders thereof, be deemed cancelled; 

  

	 	(ii)	following the Class B Conversion Time (as defined in Schedule B), all Class B Interests then held by the Class B Member (including any rights attaching thereto) shall, by virtue of the provisions of this
Agreement, without any action on the part of the holders thereof, be automatically converted into Class A Interests; and 

  

	 	(iii)	following the Qoros Conversion Time (as defined in Schedule B), all Class A Interests then held by the Class B Member (including any rights attaching thereto) shall, by virtue of the provisions of this
Agreement, without any action on the part of the holders thereof, be deemed cancelled. 

 b. Prior Interests. At the
time at which this Agreement becomes effective (the “Effective Time”), all “limited liability company interests” and/or “Interests” of the Company in existence immediately prior to the Effective Time shall, by
virtue of the provisions of this Agreement, without any action on the part of the holders thereof, be automatically converted into an aggregate of 100% of the Class A Interests. 

c. Rights. Each class of Interests shall have the rights and privileges accorded such class as are set forth in this Agreement. 

12. Rights and Duties Attached to the Interests. 

a. Class A Interest Rights. Each Class A Interest shall rank pari passu with every other Class A Interest and shall
entitle its owner to one vote at any meeting of the Members.
 b. Class B Interest Rights. Each Class B Interest shall rank pari
passu with every other Class B Interest and shall entitle its owner to the rights, powers and duties set forth in Schedule B, attached hereto and made part hereof, until the Class B Interests have been converted and /or cancelled in
accordance with the terms set forth in Schedule B. 
 13. Additional Capital Contributions. The Members are not required to
make additional capital contributions to the Company. 

  
 3 

 14. Capital Accounts. Separate capital accounts shall be maintained for each Member on the
books of the Company. Each capital account shall be adjusted to reflect such Member’s shares of allocations and distributions as provided in Section 15 of this Agreement, and any additional capital contributions to the Company or
withdrawals of capital from the Company. Such capital accounts shall further be adjusted to conform to the Treasury Regulations under Section 704(b) of the Internal Revenue Code of 1986, as amended (the “Code”), as interpreted
in good faith by the Manager. 
 15. Allocations and Distributions. 

a. Allocations of Profit and Loss. Subject to Section 16 of this Agreement, all items of income, gain, loss, deduction and credit
shall be allocated to the Class A Member; provided that, following the Class B Conversion Time and the automatic conversion of all Class B Interests then held by the Class B Member into Class A Interests, and until the Qoros
Conversion Time or the Repayment Time, all items of income, gain, loss, deduction and credit shall be allocated among the Members in accordance with their Percentage Interests (as indicated on Schedule A attached hereto, which schedule shall
be adjusted from time to time in accordance with Clause 7 of the Loan Agreement). 
 b. Distributions. Subject to Section 16 of
this Agreement, distributions shall be made to the Class A Member at such times and in such amounts as may be determined in the sole discretion of the Manager; provided that, following the Class B Conversion Time and the automatic
conversion of all Class B Interests then held by the Class B Member into Class A Interests, and until the Qoros Conversion Time or the Repayment Time, all distributions shall be shared among the Members in accordance with their Percentage
Interests (as indicated on Schedule A attached hereto, which schedule shall be adjusted from time to time in accordance with Clause 7 of the Loan Agreement). Notwithstanding any provision to the contrary contained in this Agreement, the
Company shall not make a distribution to any Member on account of their interest in the Company if such distribution would violate Section 18-607 of the Act or other applicable law. 

16. Secondary Sale. The Class A Member and the Manager acknowledge and agree that on any sale, lease, transfer or other disposal by
the Company of any asset, including all or a portion of its legal or beneficial interests in Qoros Automotive Co., Ltd. (“Qoros”), the Company shall be required to use any net proceeds from such sale, lease, transfer or disposal
(the “Transfer Proceeds”) as follows: 
 a. if prior to the Class B Conversion (as defined in Schedule B), for the
repayment of the outstanding amount, together with accrued and unpaid interest, under the Loan Agreement prior to using the Transfer Proceeds for any other purpose; and 

b. if following the Class B Conversion, but prior to the Qoros Conversion (as defined in Schedule B), for the redemption of
Class A Interests, at the then implied value of the Class A Interests (based upon the implied value of the Company’s interest in Qoros), prior to using the Transfer Proceeds for any other purpose, with such redemption to be reflected
in an adjustment to Schedule A and the number of Class A Interests, if any, then held by the Class B Member after such redemption. 

  
 4 

 17. Management. In accordance with Section 18-402 of the Act, and subject to the
rights, powers and duties set forth in Schedule B: 
 a. management of the Company shall be vested in the Manager. The Manager shall
have the power to do any and all acts necessary, convenient or incidental to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by managers of a limited liability company under the laws
of the State of Delaware and including all things necessary to carry out the terms and provisions of this Agreement. The Manager has the authority to bind the Company; 

b. subject to the rights and powers of the Manager and the limitations thereon contained herein, the Manager may delegate to any person any or
all of his powers, rights and obligations under this Agreement and may appoint, contract or otherwise deal with any person to perform any acts or services for the Company as the Manager may reasonably determine; 

c. no Member shall participate in the management or control of the business of, or shall have any rights or powers with respect to, the
Company except those expressly granted to it by the terms of this Agreement, or those conferred on it by law; 
 d. the Manager shall hold
office until the earliest to occur of its resignation, termination, dissolution or other inability to act in such capacity, at which time the Members shall appoint a new manager; and 

e. the Manager shall not be compensated for its services as the manager of the Company without the consent of the Members. 

18. Officers. The Manager may, from time to time as it deems advisable, appoint officers of the Company (the
“Officers”) and assign in writing titles (including, without limitation, President, Vice President, Secretary and Treasurer) to any such person. Unless the Manager decides otherwise, if the title is one commonly used for officers of
a business corporation formed under the Delaware General Corporation Law, the assignment of such title shall constitute the delegation to such person of the authorities and duties that are normally associated with that office. Any delegation
pursuant to this Section 18 may be revoked at any time by the Manager. 
 19. Other Business. The Manager and the Members may
engage in or possess an interest in other business ventures (unconnected with the Company) of every kind and description, independently or with others. The Company shall not have any rights in or to such independent ventures or the income or profits
therefrom by virtue of this Agreement. 
 20. Exculpation and Indemnification. None of the Members, the Manager or Officers (each an
“Indemnified Party”) shall be liable to the Company or any other person or entity who has an interest in the Company for any loss, damage or claim incurred by reason of any act or omission performed or omitted by such Indemnified
Party in good faith on behalf of the Company and in a manner reasonably believed to be within the scope of the authority conferred on such Indemnified Party by this Agreement, except that an Indemnified Party shall be liable for any such loss,
damage or claim incurred by reason of such Indemnified Party’s gross negligence or willful misconduct. To the full extent permitted by applicable law, an Indemnified Party shall be entitled to indemnification from the Company for any loss,
damage or claim incurred by such Indemnified Party by reason of any 

  
 5 

 
act or omission performed or omitted by such Indemnified Party in good faith on behalf of the Company and in a manner reasonably believed to be within the scope of the authority conferred on such
Indemnified Party by this Agreement, except that no Indemnified Party shall be entitled to be indemnified in respect of any loss, damage or claim incurred by such Indemnified Party by reason of gross negligence or willful misconduct with respect to
such acts or omissions; provided, however, that any indemnity under this Section 20 shall be provided out of and to the extent of Company assets only, and neither the Manager nor any Member shall have personal liability on account
thereof. 
 21. Admission of Additional Members. One (1) or more additional members of the Company may be admitted to the Company
with the prior written consent of the Members. 
 22. Termination of Membership. Subject to Section 24, the termination,
dissolution, death, bankruptcy or adjudicated incompetency of a Member shall not cause a dissolution of the Company, but the rights of such Member to share in the allocations and distributions, to assign its Interests in the Company pursuant to
Section 23 and to vote on any matter on which the Members have the right to vote shall, on the happening of such an event, devolve on its legal representative for the purpose of settling its estate or administering its property. 

23. Assignments. A Member may not transfer, assign, pledge or hypothecate, in whole or in part, its Interests without the prior written
consent of the Manager which shall not be unreasonably withheld. 
 24. Dissolution and Winding Up. 

a. Dissolution. The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (i) the
written consent of the Members and the Manager, (ii) the death, disability, bankruptcy or withdrawal of the last remaining Member and (iii) the entry of a decree of judicial dissolution under Section 18-802 of the Act. 

b. Winding Up. In the event of dissolution, the Company shall conduct only such activities as are necessary to wind up its affairs
(including the sale of the assets of the Company in an orderly manner). 
 25. Elections. The Manager shall determine the accounting
methods and conventions under the tax laws of any and all applicable jurisdictions as to the treatment of income, gain, loss, deduction and credit of the Company or any other method or procedure related to the preparation of such tax returns. The
Manager may cause the Company to make or refrain from making any and all elections permitted by such tax laws, and the Manager shall not be liable for any consequences to any previously admitted or subsequently admitted Members resulting from their
making or failing to make any such elections. 
 26. Separability of Provisions. Each provision of this Agreement shall be considered
separable and if for any reason any provision or provisions herein are determined to be invalid, unenforceable or illegal under any existing or future law, such invalidity, unenforceability or illegality shall not impair the operation of or affect
those portions of this Agreement which are valid, enforceable and legal. 

  
 6 

 27. Counterparts. This Agreement may be executed in any number of counterparts, each of
which shall be deemed an original of this Agreement. 
 28. Entire Agreement. This Agreement constitutes the entire agreement of the
Members and the Manager with respect to the subject matter hereof. 
 29. Governing Law. This Agreement shall be governed by, and
construed under, the laws of the State of Delaware (without regard to conflict of laws principles thereof), and all rights and remedies shall be governed by such laws. 

30. Amendments. This Agreement may not be modified, altered, supplemented or amended except pursuant to a written agreement executed and
delivered by the Members and the Manager. 
  

  
 7 

 IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, have duly executed
this Agreement as of the date first written above 
  

			
	MANAGER: Robert Rosen
		
	By:	 	 /s/ Robert Rosen

		 	Name: Robert Rosen
	
	CLASS A MEMBER: Kenon Holdings Ltd.
		
	By:	 	 /s/ Robert Rosen

		 	Name: Robert Rosen
		 	Title:   General Counsel

  

			
	CLASS B MEMBER: Ansonia Holdings Singapore B.V.
		
	By:	 	 /s/ Cyril Ducau

		 	Name: Cyril Ducau
		 	Title: Director

 [Signature Page – Second Amended and Restated LLC Agreement] 

 SCHEDULE A 

(as of April 22, 2016) 
  

													
	 Name
	  	Capital
Contribution	 	  	Interest	 	  	Percentage Interest	 
	 Kenon Holdings Ltd.
	  	$	100	  	  	 	1,000 Class A Interests	  	  	 	100% of Class A Interests	  
	 Ansonia Holdings Singapore B.V.
	  	 	N/A	  	  	 	10 Class B Interests	  	  	 	100% of Class B Interests	  

  

 SCHEDULE B 

Terms of Class B Interests 

(as of April 22, 2016) 

Capitalized terms used in this Schedule B and not otherwise defined herein shall have the meanings assigned in the Agreement. 

A. The approval of holders of a majority of the outstanding Class B Interests shall be required for the Company to: 

(i) enter into any agreements or consummate any transaction or series of related transactions that would change the Company’s business or
result in the acquisition or disposition of investments by the Company; 
 (ii) amend the terms of, or provide waivers or consents in respect
of, the Loan Agreement, dated as of the date hereof, between the Company and Qoros (the “Qoros Loan”); 
 (iii) utilize the
proceeds derived from the Loan Agreement for purposes other than the funding of the Qoros Loan; it being understood that the Qoros Loan is intended to be used by Qoros for its ordinary course working capital; 

(iv) sell, transfer, otherwise dispose of, or enforce the Company’s rights relating to security interests held by the Company, including
the Company’s security interest in certain assets of Qoros, as reflected in the Qoros Security Agreement (as defined in the Loan Agreement); 

(v) enter into any agreements, consummate any transaction or series of related transactions, or take any action in connection with the approval
of any indebtedness or liability at Qoros, the Qoros Loan, or the Company, including amending the terms of the Class B Interests or the Agreement, that may materially and adversely affect the rights or interests of the Class B Member; and 

(vi) issue any class of Interests, or securities convertible into a class of Interests, that ranks senior or pari passu to the Class B
Interests with respect to receipt of distributions or upon liquidation. For the avoidance of doubt, the Percentage Interests of the Class B Member set forth in Schedule A shall not be diluted without the Class B Member’s consent,
provided such Percentage Interests shall be adjusted, as applicable, in accordance with the redemption provisions set forth in Section 16 of this Agreement and the conversion formulation set forth in Clause 7 of the Loan Agreement at the Class
B Conversion Time (as defined below). 
 B. Repayment Cancellation. Following the repayment (or deemed repayment) of all amounts owed
by the Company under the Loan Agreement in accordance with Clause 5.6 of the Loan Agreement (the “Repayment Time”), the Class B Interests held by the Class B Member immediately prior to the Repayment Time (including any rights
attaching thereto) shall, by virtue of the provisions of this Agreement, without any action on the part of the holders thereof, be deemed cancelled and Schedule A shall be adjusted to reflect the cancellation of the Class B Member’s
Class B Interests. 

 C. Class B Conversion. Upon completion of an equity financing (or financing by way of
instrument that is convertible into equity) pursuant to which a third party investor subscribes (or, in the case of a financing by way of instrument that is convertible into equity, will on conversion of such instrument subscribe) for an equity
interest in Qoros in an aggregate amount not less than the Qualified Financing Amount (as defined in the Qoros Loan), excluding any amount attributable to the issuance of Class A Interests in connection with the Class B Conversion (as defined
below), and other than a transaction pursuant to which all amounts owed by the Company under the Loan Agreement are (or are deemed to be) repaid (a “Qualified Financing”), the Class B Interests shall automatically convert into
Class A Interests (the “Class B Conversion”), based on the principal, together with all accrued but unpaid interest, under the Loan Agreement, in accordance with the conversion formulation set forth in Clause 7 of the Loan
Agreement, and Schedule A shall be adjusted to reflect the Class B Member’s percentage of Class A Interests. 
 At the time
at which a conversion of Class B Interests into Class A Interests becomes effective (the “Class B Conversion Time”), all Class B Interests which are the subject of such conversion (including any rights attaching thereto) shall,
by virtue of the provisions of this Agreement, without any action on the part of the holders thereof, be deemed cancelled and be automatically converted into Class A Interests, which Class A Interests shall be deemed to be issued by the
Company as of the Class B Conversion Time. 
 Notwithstanding the aforementioned if, upon completion of a Qualified Financing, the
outstanding amount owed under the Loan Agreement is repaid in full, there shall be no Class B Conversion and the Class B Interests held by the Class B Member immediately prior to the Qualified Financing (including any rights attaching thereto)
shall, by virtue of the provisions of this Agreement, without any action on the part of the holders thereof, be deemed cancelled. 
 D.
Qoros Conversion. Following the completion of the Class B Conversion, and until the third anniversary of the Class B Conversion, the Company has undertaken that, on request from the Lender, it will use its best efforts (including, but not
limited to, assisting with obtaining any required governmental or regulatory approvals, but, for the avoidance of doubt, such efforts shall exclude any requirement to make a repayment or prepayment of any existing indebtedness of Qoros) to take any
and all steps required to convert and/or exchange the Class A Interests held by the Class B Member as a result of the Class B Conversion, into a direct holding by the Class B Member of an equity interest in Qoros in compliance with contractual
obligations (the “Qoros Conversion”), based upon the then value of the indirect beneficial ownership in Qoros represented by the Class A Interests held by the Class B Member at the Qoros Conversion Time (as defined below). For
the avoidance of doubt, the Class B Conversion shall be deemed complete only upon the conversion of each of the Class B Interests held by the Class B Member into Class A Interests and the cancellation of each of the Class B Interests, with such
conversion and cancellation to be reflected in an adjustment to Schedule A. 
 At the time at which the conversion of the Qoros
Conversion becomes effective (the “Qoros Conversion Time”), all Class A Interests held by the Class B Member immediately prior to the Qoros Conversion Time (including any rights attaching thereto) shall, by virtue of the
provisions of this Agreement, without any action on the part of the holders thereof, be deemed cancelled and Schedule A shall be adjusted to reflect the cancellation of the Class B Member’s Class A Interests.

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