EXECUTION VERSION

Exhibit 10.1
December 13, 2013

ITC Holdings Corp.
27175 Energy Way
Novi, MI 48377
Attn: Joseph L. Welch, President and Chief Executive Officer

Re:           Merger Agreement Termination

Dear Mr. Welch:

Reference is made to that certain Merger Agreement, dated as of December 4,
2011, as amended by that certain Amendment No. 1 to the Merger Agreement, dated
as of September 21, 2012, and that certain Amendment No. 2 to the Merger
Agreement, dated as of January 28, 2013 (collectively, the “Merger Agreement”),
among Entergy Corporation, a Delaware corporation (“Entergy”), Mid South TransCo
LLC, a Delaware limited liability company and presently a wholly owned
subsidiary of Entergy, ITC Holdings Corp., a Michigan corporation (“ITC”), and
ITC Midsouth LLC (formerly known as Ibis Transaction Subsidiary LLC), a Delaware
limited liability company and a direct wholly owned subsidiary of ITC.

Entergy and ITC hereby mutually agree to terminate the Merger Agreement pursuant
to Section 7.01(a) of the Merger Agreement.  Please acknowledge your agreement
to terminate the Merger Agreement by executing this letter agreement in the
space indicated below and returning one copy to the undersigned.

[Signature Page Follows]

 
 
 

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Sincerely,

ENTERGY CORPORATION

By: _/s/ Andrew Marsh_______________
Name:  Andrew Marsh
Title:  Executive Vice President and Chief
Financial Officer

Accepted and agreed to as
of the date first written above:

ITC HOLDINGS CORP.

By:_/s/ Joseph L. Welch______________
Name:  Joseph L. Welch
 
Title:    President and Chief Executive Officer

cc:
Simpson Thacher & Bartlett LLP

425 Lexington Avenue
New York, NY 10017-3954
Attn: Andrew W. Smith, Esq.

Skadden, Arps, Slate, Meagher & Flom LLP
1440 New York Avenue, N.W.
Washington, D.C. 20005
Attn: Michael P. Rogan, Esq.; Pankaj K. Sinha, Esq.

 
 
 

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