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: Ex. Vice President & CFO

 

 

 

 

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.

 

 

[Signature Page — Letter Agreement]

 

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