Company: EMICF
Filing Date: 2025-09-30
Form Type: 424B2
Source: 0000950103-25-012565
Chunk: 20

Company: EMERA INC
Filing Date: 2025-09-30
Form: 424B2
Chunk 20
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, the market price of the Notes may be more volatile than other securities that do not have these rights.

<div align='center'>S-10</div>

The Issuer or the Guarantors
could enter into various transactions that could increase the amount of its outstanding indebtedness, or adversely affect their capital
structure or credit ratings, or otherwise adversely affect holders of the Notes.

The terms of the Notes will
not prevent the Issuer or the Guarantors from entering into a variety of acquisition, refinancing, recapitalization or other highly-leveraged
transactions. As a result, the Issuer or the Guarantors may enter into a transaction even though the transaction could increase the total
amount of their outstanding indebtedness, adversely affect their capital structure or credit ratings or otherwise adversely affect the
holders of the Notes.

Each Guarantor’s
Guarantee of the Notes could be voided or subordinated by applicable federal bankruptcy law and insolvency laws in the United States or
Canada.

The Issuer’s obligations
under the Notes will be guaranteed by the Guarantors. In the United States, under federal bankruptcy law and comparable provisions of
state fraudulent transfer laws, each Guarantor’s Guarantee could be voided, or claims in respect of such Guarantee could be subordinated
to all other debts of such Guarantor if, among other things, such Guarantor, at the time it incurred the indebtedness evidenced by its
Guarantee, received less than reasonably equivalent value or fair consideration for the incurrence of such Guarantee; and

| · | was insolvent or rendered insolvent by reason of such incurrence; |

| · | was engaged in a business or transactions for which its remaining assets constituted unreasonably small 
 capital; or                                                                                             |

| · | intended to incur, or believed that it would incur, debts beyond its ability to pay such debts as they 
 mature.                                                                                                |

In addition, any payment
by a Guarantor pursuant to its Guarantee could be voided and required to be returned to the Guarantor or to a fund for the benefit of
the creditors of the Guarantor.

As one of the Guarantors,
Emera, is organized under the laws of the province of Nova Scotia, Canada and a portion of its assets are located in Canada, applicable
Canadian statutes may also allow courts to void the Notes and/or the Guarantees. The Issuer’s creditors or creditors of the Guarantors
could challenge the Guarantees as fraudulent transfers, conveyances