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Fifth Amended and Restated FIFTH AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF NEXTERA ENERGY PARTNERS, LP A Delaware Limited Partnership Dated as of November 12, 2019 857826.04-WILSR01A - MSW TABLE OF CONTENTS Page ARTICLE I DEFINITIONS Section 1.1 Definitions................................................................................................................1 Section 1.2 Construction ...........................................................................................................20 ARTICLE II ORGANIZATION Section 2.1 Formation ...............................................................................................................20 Section 2.2 Name ......................................................................................................................21 Section 2.3 Registered Office; Registered Agent; Principal Office; Other Offices .................21 Section 2.4 Purpose and Business .............................................................................................21 Section 2.5 Powers ....................................................................................................................22 Section 2.6 Term .......................................................................................................................22 Section 2.7 Title to Partnership Assets .....................................................................................22 ARTICLE III RIGHTS OF LIMITED PARTNERS Section 3.1 Limitation of Liability............................................................................................23 Section 3.2 Management of Business .......................................................................................23 Section 3.3 Rights of Limited Partners .....................................................................................23 ARTICLE IV CERTIFICATES; RECORD HOLDERS; TRANSFER OF PARTNERSHIP INTERESTS; REDEMPTION OF PARTNERSHIP INTERESTS Section 4.1 Certificates .............................................................................................................24 Section 4.2 Mutilated, Destroyed, Lost or Stolen Certificates .................................................25 Section 4.3 Record Holders ......................................................................................................25 Section 4.4 Transfer Generally .................................................................................................26 Section 4.5 Registration and Transfer of Limited Partner Interests..........................................26 Section 4.6 Transfer of the General Partner’s General Partner Interest ...................................28 Section 4.7 Restrictions on Transfers .......................................................................................28 A-i 857826.04-WILSR01A - MSW ARTICLE V CAPITAL CONTRIBUTIONS AND ISSUANCE OF PARTNERSHIP INTERESTS Section 5.1 Capital Contributions .............................................................................................29 Section 5.2 Interest and Withdrawal .........................................................................................29 Section 5.3 Units .......................................................................................................................29 Section 5.4 Issuances of Additional Partnership Interests ........................................................30 Section 5.5 Limited Preemptive Right ......................................................................................31 Section 5.6 Splits and Combinations ........................................................................................33 Section 5.7 Fully Paid and Non-Assessable Nature of Limited Partner Interests ....................34 Section 5.8 Series A Preferred Units ........................................................................................34 Section 5.9 Non-Voting Common Units ...................................................................................50 ARTICLE VI DISTRIBUTIONS Section 6.1 Distributions to Record Holders ............................................................................56 ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management by Board of Directors .......................................................................57 Section 7.2 Certificate of Limited Partnership .........................................................................64 Section 7.3 Restrictions on the Partnership’s Authority to Sell Assets of the Partnership Group ..................................................................................................64 Section 7.4 Reimbursement of the General Partner ..................................................................65 Section 7.5 Outside Activities...................................................................................................66 Section 7.6 Loans from the General Partner; Loans or Contributions from the Partnership or Group Members ..............................................................................67 Section 7.7 Indemnification ......................................................................................................68 Section 7.8 Liability of Indemnitees .........................................................................................69 Section 7.9 Resolution of Conflicts of Interest; Standards of Conduct and Modification of Duties ...........................................................................................70 Section 7.10 Certain Additional Matters Requiring Consent of the General Partner .................73 Section 7.11 Purchase or Sale of Partnership Interests ...............................................................73 Section 7.12 Reliance..................................................................................................................73 ARTICLE VIII BOOKS, RECORDS, ACCOUNTING AND REPORTS Section 8.1 Records and Accounting ........................................................................................74 Section 8.2 Fiscal Year .............................................................................................................74 Section 8.3 Reports ...................................................................................................................75 A-ii 857826.04-WILSR01A - MSW ARTICLE IX TAX MATTERS Section 9.1 Tax Characterizations, Elections and Information .................................................75 Section 9.2 Withholding ...........................................................................................................75 ARTICLE X ADMISSION OF PARTNERS Section 10.1 Admission of Limited Partners ..............................................................................76 Section 10.2 Admission of Successor General Partner ...............................................................77 Section 10.3 Amendment of Agreement and Certificate of Limited Partnership .......................77 ARTICLE XI WITHDRAWAL OR REMOVAL OF PARTNERS Section 11.1 Withdrawal of the General Partner ........................................................................77 Section 11.2 Removal of the General Partner .............................................................................78 Section 11.3 Interest of Departing General Partner and Successor General Partner ..................79 Section 11.4 Withdrawal of Limited Partners.............................................................................80 ARTICLE XII DISSOLUTION AND LIQUIDATION Section 12.1 Dissolution .............................................................................................................81 Section 12.2 Continuation of the Business of the Partnership After Dissolution .......................81 Section 12.3 Liquidator ...............................................................................................................82 Section 12.4 Liquidation .............................................................................................................82 Section 12.5 Cancellation of Certificate of Limited Partnership ................................................83 Section 12.6 Return of Contributions .........................................................................................83 Section 12.7 Waiver of Partition .................................................................................................84 ARTICLE XIII AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS; RECORD DATE; VOTING Section 13.1 Amendments to the Partnership Agreement ..........................................................84 Section 13.2 Amendment Procedures .........................................................................................86 Section 13.3 Amendment Requirements.....................................................................................86 Section 13.4 Annual and Special Meetings ................................................................................89 Section 13.5 Notice of a Meeting ...............................................................................................92 Section 13.6 Record Date ...........................................................................................................92 Section 13.7 Postponement and Adjournment ............................................................................93 A-iii 857826.04-WILSR01A - MSW Section 13.8 Waiver of Notice of a Meeting ..............................................................................93
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