Company: EMICF
Filing Date: 2025-09-29
Form Type: 424B2
Source: 0000950103-25-012357
Chunk: 42

Company: EMERA INC
Filing Date: 2025-09-29
Form: 424B2
Chunk 42
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 Periods.

During any Optional Deferral
Period, the Issuer and the Guarantors will not do any of the following (subject to the exceptions set forth in the next succeeding paragraph):

| · | declare or pay any dividends or distributions on any Capital Stock (as defined below) of Emera or the 
 Issuer;                                                                                               |

| · | redeem, purchase, acquire or make a liquidation payment with respect to any Capital Stock of Emera or 
 the Issuer;                                                                                           |

| · | pay any principal, interest or premium on, or repay, repurchase or redeem, any indebtedness of the Issuer  
 or the Guarantors that ranks equally with or junior to the Notes or the Guarantees in right of payment; or |

| · | make any payments with respect to any guarantees by the Issuer or the Guarantors of any indebtedness if 
 such guarantees rank equally with or junior to the Notes or the Guarantees in right of payment.         |

However, during an Optional
Deferral Period, the Issuer and the Guarantors may (a) declare and pay dividends or distributions payable solely in shares of Emera’s
or the Issuer’s common stock (together, for the avoidance of doubt, with cash in lieu of any fractional share) or options, warrants
or rights to subscribe for or purchase shares of the

<div align='center'>S-23</div>

Emera’s or the Issuer’s
common stock, (b) declare and pay any dividend in connection with the implementation of a plan (a “Rights Plan”) providing for the issuance by Emera or the Issuer to all holders ofEmera’s or the Issuer’s common stock of rights entitling them to subscribe for or purchase common stock or any class or series of Emera’s or the Issuer’s preferred stock, which rights (1) are deemed to be transferred with such common stock, (2) are not exercisable until the occurrence of a specified event or events and (3) are also issued in respect of future issuances ofEmera’s or the Issuer’s common stock, (c) issue any of sharesEmera’s or the Issuer’s Capital Stock under any Rights Plan or redeem or repurchase any rights distributed pursuant to a Rights Plan, (d) reclassifyEmera’s or the Issuer’s
Capital Stock or exchange or convert one class or series ofEmera’s or the Issuer’s’
Capital Stock for