EX-4.1



 Exhibit 4.1 

EXECUTION VERSION 
  

 
 UNITIL
CORPORATION 
 $30,000,000 3.70% Senior Notes, Series 2016, due August 1, 2026 

 
  

NOTE PURCHASE AGREEMENT 

 
  

Dated as of August 1, 2016 
  

 
  







 TABLE OF CONTENTS 

 

							
	SECTION	 	HEADING                                
	  	PAGE	 
	SECTION 1.	 	AUTHORIZATION OF NOTES	  	 	1	  
			
	SECTION 2.	 	SALE AND PURCHASE OF NOTES	  	 	1	  
			
	SECTION 3.	 	CLOSING	  	 	1	  
			
	SECTION 4.	 	CONDITIONS TO CLOSING	  	 	2	  
			
	 Section 4.1.
	 	 Representations and Warranties
	  	 	2	  
	 Section 4.2.
	 	 Performance; No Default
	  	 	2	  
	 Section 4.3.
	 	 Compliance Certificates
	  	 	2	  
	 Section 4.4.
	 	 Opinions of Counsel
	  	 	3	  
	 Section 4.5.
	 	 Purchase Permitted By Applicable Law, Etc
	  	 	3	  
	 Section 4.6.
	 	 Sale of Other Notes
	  	 	3	  
	 Section 4.7.
	 	 Payment of Special Counsel Fees
	  	 	3	  
	 Section 4.8.
	 	 Private Placement Number
	  	 	3	  
	 Section 4.9.
	 	 Changes in Corporate Structure
	  	 	3	  
	 Section 4.10.
	 	 Funding Instructions
	  	 	3	  
	 Section 4.11.
	 	 Proceedings and Documents
	  	 	4	  
			
	SECTION 5.	 	REPRESENTATIONS AND WARRANTIES OF THE COMPANY	  	 	4	  
			
	 Section 5.1.
	 	 Organization; Power and Authority
	  	 	4	  
	 Section 5.2.
	 	 Authorization, Etc
	  	 	4	  
	 Section 5.3.
	 	 Disclosure
	  	 	4	  
	 Section 5.4.
	 	 Organization and Ownership of Shares of the Company and Subsidiaries; Affiliates
	  	 	5	  
	 Section 5.5.
	 	 Financial Statements; Material Liabilities
	  	 	5	  
	 Section 5.6.
	 	 Compliance with Laws, Other Instruments, Etc
	  	 	6	  
	 Section 5.7.
	 	 Governmental Authorizations, Etc
	  	 	6	  
	 Section 5.8.
	 	 Litigation; Observance of Agreements, Statutes and Orders
	  	 	6	  
	 Section 5.9.
	 	 Taxes
	  	 	7	  
	 Section 5.10.
	 	 Title to Property; Leases
	  	 	7	  
	 Section 5.11.
	 	 Licenses, Permits, Etc
	  	 	7	  
	 Section 5.12.
	 	 Compliance with ERISA
	  	 	7	  
	 Section 5.13.
	 	 Private Offering by the Company
	  	 	8	  
	 Section 5.14.
	 	 Use of Proceeds; Margin Regulations
	  	 	8	  
	 Section 5.15.
	 	 Existing Funded Indebtedness; Future Liens
	  	 	9	  
	 Section 5.16.
	 	 Foreign Assets Control Regulations, Etc
	  	 	9	  
	 Section 5.17.
	 	 Status under Certain Statutes
	  	 	11	  
	 Section 5.18.
	 	 Environmental Matters
	  	 	11	  
	 Section 5.19.
	 	 Notes Rank Pari Passu
	  	 	12	  
	 Section 5.20.
	 	 Solvency and Consideration
	  	 	12	  


  
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	SECTION 6.	 	REPRESENTATIONS OF THE PURCHASERS	  	 	12	  
			
	 Section 6.1.
	 	 Purchase for Investment
	  	 	12	  
	 Section 6.2.
	 	 Source of Funds
	  	 	12	  
	 Section 6.3.
	 	 Binding Effect
	  	 	14	  
	 Section 6.4.
	 	 Access to Information; Knowledge and Experience
	  	 	14	  
			
	SECTION 7.	 	INFORMATION AS TO COMPANY	  	 	14	  
			
	 Section 7.1.
	 	 Financial and Business Information
	  	 	14	  
	 Section 7.2.
	 	 Officer’s Certificate
	  	 	16	  
	 Section 7.3.
	 	 Visitation
	  	 	17	  
			
	SECTION 8.	 	PAYMENT AND PREPAYMENT OF THE NOTES	  	 	17	  
			
	 Section 8.1.
	 	 Maturity
	  	 	17	  
	 Section 8.2.
	 	 Optional Prepayments
	  	 	17	  
	 Section 8.3.
	 	 Prepayment Upon Change of Control
	  	 	17	  
	 Section 8.4.
	 	 Allocation of Partial Prepayments
	  	 	18	  
	 Section 8.5.
	 	 Maturity; Surrender, Etc
	  	 	18	  
	 Section 8.6.
	 	 Purchase of Notes
	  	 	19	  
	 Section 8.7.
	 	 Make-Whole Amount
	  	 	19	  
			
	SECTION 9.	 	AFFIRMATIVE COVENANTS	  	 	21	  
			
	 Section 9.1.
	 	 Compliance with Law
	  	 	21	  
	 Section 9.2.
	 	 Insurance
	  	 	21	  
	 Section 9.3.
	 	 Maintenance of Properties
	  	 	21	  
	 Section 9.4.
	 	 Payment of Taxes
	  	 	21	  
	 Section 9.5.
	 	 Corporate Existence, Etc.; Ownership of Subsidiaries
	  	 	21	  
	 Section 9.6.
	 	 Books and Records
	  	 	22	  
	 Section 9.7.
	 	 Notes to Rank Pari Passu
	  	 	22	  
	 Section 9.8.
	 	 Guarantors
	  	 	22	  
			
	SECTION 10.	 	NEGATIVE COVENANTS	  	 	23	  
			
	 Section 10.1.
	 	 Limitation on Funded Indebtedness
	  	 	23	  
	 Section 10.2.
	 	 Limitation on Liens
	  	 	25	  
	 Section 10.3.
	 	 Transactions with Affiliates
	  	 	27	  
	 Section 10.4.
	 	 Merger or Consolidation; Sale or Transfer of Assets
	  	 	28	  
	 Section 10.5.
	 	 Restrictions on Dividends
	  	 	28	  
	 Section 10.6.
	 	 Line of Business
	  	 	29	  
	 Section 10.7.
	 	 Restrictions on Subsidiaries
	  	 	29	  
	 Section 10.8.
	 	 Terrorism Sanctions Regulations
	  	 	29	  
			
	SECTION 11.	 	EVENTS OF DEFAULT	  	 	30	  


  
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	SECTION 12.	 	REMEDIES ON DEFAULT, ETC	  	 	31	  
			
	 Section 12.1.
	 	 Acceleration
	  	 	31	  
	 Section 12.2.
	 	 Other Remedies
	  	 	32	  
	 Section 12.3.
	 	 Rescission
	  	 	32	  
	 Section 12.4.
	 	 No Waivers or Election of Remedies, Expenses, Etc
	  	 	33	  
			
	SECTION 13.	 	REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES	  	 	33	  
			
	 Section 13.1.
	 	 Registration of Notes
	  	 	33	  
	 Section 13.2.
	 	 Transfer and Exchange of Notes
	  	 	33	  
	 Section 13.3.
	 	 Replacement of Notes
	  	 	34	  
			
	SECTION 14.	 	PAYMENTS ON NOTES	  	 	34	  
			
	 Section 14.1.
	 	 Place of Payment
	  	 	34	  
	 Section 14.2.
	 	 Home Office Payment
	  	 	34	  
			
	SECTION 15.	 	EXPENSES, ETC	  	 	35	  
			
	 Section 15.1.
	 	 Transaction Expenses
	  	 	35	  
	 Section 15.2.
	 	 Survival
	  	 	35	  
			
	SECTION 16.	 	SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT	  	 	35	  
			
	SECTION 17.	 	AMENDMENT AND WAIVER	  	 	36	  
			
	 Section 17.1.
	 	 Requirements
	  	 	36	  
	 Section 17.2.
	 	 Solicitation of Holders of Notes
	  	 	36	  
	 Section 17.3.
	 	 Binding Effect, Etc
	  	 	37	  
	 Section 17.4.
	 	 Notes Held by Company, Etc
	  	 	37	  
			
	SECTION 18.	 	NOTICES	  	 	37	  
			
	SECTION 19.	 	REPRODUCTION OF DOCUMENTS	  	 	38	  
			
	SECTION 20.	 	CONFIDENTIAL INFORMATION	  	 	38	  
			
	SECTION 21.	 	SUBSTITUTION OF PURCHASER	  	 	39	  
			
	SECTION 22.	 	MISCELLANEOUS	  	 	40	  
			
	 Section 22.1.
	 	 Successors and Assigns
	  	 	40	  
	 Section 22.2.
	 	 Payments Due on Non-Business Days
	  	 	40	  
	 Section 22.3.
	 	 Accounting Terms
	  	 	40	  
	 Section 22.4.
	 	 Severability
	  	 	40	  
	 Section 22.5.
	 	 Construction, Etc
	  	 	40	  
	 Section 22.6.
	 	 Counterparts
	  	 	41	  
	 Section 22.7.
	 	 Governing Law
	  	 	41	  
	 Section 22.8.
	 	 Jurisdiction and Process; Waiver of Jury Trial
	  	 	41	  
			
	 Signature
	 		  	 	42	  


  
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	SCHEDULE A	 	—	  	 Information Relating to Purchasers

			
	SCHEDULE B	 	—	  	 Defined Terms

			
	SCHEDULE 5.3	 	—	  	 Disclosure Materials

			
	SCHEDULE 5.4	 	—	  	 Organization and Ownership of Shares and Subsidiaries

			
	SCHEDULE 5.5	 	—	  	 Financial Statements

			
	SCHEDULE 5.15	 	—	  	 Existing Indebtedness

			
	EXHIBIT 1	 	—	  	 Form of 3.70% Senior Note, Series 2016, due August 1, 2026

			
	EXHIBIT 4.4(a)	 	—	  	 Form of Opinion of Special Counsel for the Company

			
	EXHIBIT 4.4(b)	 	—	  	 Form of Opinion of Gary Epler, Chief Regulatory Counsel for Unitil Service Corp.

			
	EXHIBIT 4.4(c)	 	—	  	 Form of Opinion of Special Counsel for the Purchasers



  
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 UNITIL CORPORATION 

6 Liberty Lane West 
 Hampton, New
Hampshire 03842-1720 
 $30,000,000 3.70% Senior Notes, Series 2016, due August 1, 2026 

Dated as of August 1, 2016 

TO EACH OF THE PURCHASERS LISTED IN 

SCHEDULE A HERETO: 
 Ladies
and Gentlemen: 
 Unitil Corporation, a New Hampshire corporation (the “Company”), agrees with each of the purchasers whose
names appear at the end hereof (each, a “Purchaser” and, collectively, the “Purchasers”) as follows: 
  

	SECTION 1.	AUTHORIZATION OF NOTES. 

 The Company will
authorize the issue and sale of $30,000,000 aggregate principal amount of its 3.70% Senior Notes, Series 2016, due August 1, 2026 (each as amended, restated or otherwise modified from time to time pursuant to Section 17, the
“Notes”, such term to include any such notes issued in substitution therefor pursuant to Section 13). The Notes shall be substantially in the form set out in Exhibit 1, with such changes therefrom, if
any, as may be approved by each Purchaser and the Company. Certain capitalized and other terms used in this Agreement are defined in Schedule B; and references to a “Schedule” or an “Exhibit” are, unless
otherwise specified, to a Schedule or an Exhibit attached to this Agreement. 
  

	SECTION 2.	SALE AND PURCHASE OF NOTES. 


Subject to the terms and conditions of this Agreement, the Company will issue and sell to each Purchaser and each Purchaser will purchase from
the Company, at the Closing provided for in Section 3, Notes in the principal amount specified opposite such Purchaser’s name in Schedule A at the purchase price of 100% of the principal amount thereof. The
Purchasers’ obligations hereunder are several and not joint obligations and no Purchaser shall have any liability to any Person for the performance or non-performance of any obligation by any other Purchaser hereunder. 

 

	SECTION 3.	CLOSING. 

 The sale and purchase of the Notes to be purchased by each Purchaser
shall occur at the offices of Chapman and Cutler LLP, 111 West Monroe Street, Chicago, Illinois 60603 at 







 
10:00 a.m., Central time, at a closing (the “Closing”) on August 1, 2016 or on such other Business Day thereafter on or prior to September 15, 2016 as may be
agreed upon by the Company and the Purchasers. At the Closing the Company will deliver to each Purchaser the Notes to be purchased by such Purchaser in the form of a single Note (or such greater number of Notes in denominations of at least $100,000
as such Purchaser may request) dated the date of the Closing and registered in such Purchaser’s name (or in the name of its nominee), against delivery by such Purchaser to the Company or its order of immediately available funds in the amount of
the purchase price therefor by wire transfer of immediately available funds to account number 544 76332 at Bank of America, 100 N. Tryon Street, Charlotte, NC 28255, ABA Routing Number 026 009 593, Account Name: Unitil
Corporation. If at the Closing the Company shall fail to tender such Notes to any Purchaser as provided above in this Section 3, or any of the conditions specified in Section 4 shall not have been fulfilled to such
Purchaser’s satisfaction, such Purchaser shall, at its election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such Purchaser may have by reason of such failure or such nonfulfillment. 

 

	SECTION 4.	CONDITIONS TO CLOSING. 

 Each Purchaser’s
obligation to purchase and pay for the Notes to be sold to such Purchaser at the Closing is subject to the fulfillment to such Purchaser’s satisfaction, prior to or at the Closing, of the following conditions: 

Section 4.1. Representations and Warranties. The representations and warranties of the Company in this Agreement shall be correct
when made and at the time of the Closing. 
 Section 4.2. Performance; No Default. The Company shall have performed and complied
with all agreements and conditions contained in this Agreement required to be performed or complied with by it prior to or at the Closing and after giving effect to the issue and sale of the Notes (and the application of the proceeds thereof as
contemplated by Section 5.14) no Default or Event of Default shall have occurred and be continuing. Neither the Company nor any Subsidiary shall have entered into any transaction since the date of this Agreement that would have been
prohibited by Section 10.1, 10.2, 10.3, 10.4 or 10.5 had such Sections applied since such date. 
 Section 4.3.
Compliance Certificates. 
 (a) Officer’s Certificate. The Company shall have delivered to such Purchaser an
Officer’s Certificate, dated the date of the Closing, certifying that the conditions specified in Sections 4.1, 4.2 and 4.9 have been fulfilled. 

(b) Secretary’s Certificate. The Company shall have delivered to such Purchaser a certificate of its Secretary or Assistant
Secretary, dated the date of Closing, certifying as to the resolutions attached thereto and other corporate proceedings relating to the authorization, execution and delivery of the Notes and this Agreement. 

  
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 Section 4.4. Opinions of Counsel. Such Purchaser shall have received opinions in form
and substance satisfactory to such Purchaser, dated the date of the Closing (a) from Duane Morris LLP, special counsel for the Company, covering the matters set forth in Exhibit 4.4(a) and covering such other matters
incident to the transactions contemplated hereby as such Purchaser or its counsel may reasonably request (and the Company hereby instructs its counsel to deliver such opinion to the Purchasers), (b) from Gary Epler, Chief Regulatory Counsel for
Unitil Service Corp., covering the matters set forth in Exhibit 4.4(b) and covering such other matters incident to the transactions contemplated hereby as such Purchaser or its counsel may reasonably request and (c) from
Chapman and Cutler LLP, the Purchasers’ special counsel in connection with such transactions, substantially in the form set forth in Exhibit 4.4(c) and covering such other matters incident to such transactions as such
Purchaser may reasonably request. 
 Section 4.5. Purchase Permitted By Applicable Law, Etc. On the date of the Closing
such Purchaser’s purchase of Notes shall (a) be permitted by the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse to provisions (such as section 1405(a)(8) of the New York Insurance Law)
permitting limited investments by insurance companies without restriction as to the character of the particular investment, (b) not violate any applicable law or regulation (including, without limitation, Regulation T, U or X of the Board of
Governors of the Federal Reserve System) and (c) not subject such Purchaser to any tax, penalty or liability under or pursuant to any applicable law or regulation, which law or regulation was not in effect on the date hereof. If requested by
such Purchaser, such Purchaser shall have received an Officer’s Certificate certifying as to such matters of fact as such Purchaser may reasonably specify to enable such Purchaser to determine whether such purchase is so permitted. 

Section 4.6. Sale of Other Notes. Contemporaneously with the Closing the Company shall sell to each other Purchaser and each other
Purchaser shall purchase the Notes to be purchased by it at the Closing as specified in Schedule A. 

Section 4.7. Payment of Special Counsel Fees. Without limiting the provisions of Section 15.1, the
Company shall have paid on or before the Closing the reasonable fees, charges and disbursements of the Purchasers’ special counsel referred to in Section 4.4 to the extent reflected in a statement of such counsel
rendered to the Company at least one Business Day prior to the Closing. 
 Section 4.8. Private Placement Number. A
Private Placement Number issued by Standard & Poor’s CUSIP Service Bureau (in cooperation with the SVO) shall have been obtained for the Notes. 

Section 4.9. Changes in Corporate Structure. The Company shall not have changed its jurisdiction of incorporation or organization,
as applicable, or been a party to any merger or consolidation or succeeded to all or any substantial part of the liabilities of any other entity, at any time following the date of the most recent financial statements referred to in
Schedule 5.5. 
 Section 4.10. Funding Instructions. At least three Business Days prior to the date
of the Closing, each Purchaser shall have received written instructions signed by a Responsible Officer  

  
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on letterhead of the Company confirming the information specified in Section 3 including (i) the name and address of the transferee bank, (ii) such transferee bank’s
ABA number and (iii) the account name and number into which the purchase price for the Notes is to be deposited. 

Section 4.11. Proceedings and Documents. All corporate and other proceedings in connection with the transactions contemplated by
this Agreement and all documents and instruments incident to such transactions shall be satisfactory to such Purchaser and its special counsel, and such Purchaser and its special counsel shall have received all such counterpart originals or
certified or other copies of such documents as such Purchaser or such special counsel may reasonably request. 
  

	SECTION 5.	REPRESENTATIONS AND WARRANTIES OF THE COMPANY. 


The Company represents and warrants to each Purchaser that the statements contained in this Section 5 are true and correct
as of the date of this Agreement and the Closing: 
 Section 5.1. Organization; Power and Authority. The Company is a
corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and is duly qualified as a foreign corporation and is in good standing in each jurisdiction in which such qualification is
required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company has the corporate power
and authority to own or hold under lease the properties it purports to own or hold under lease, to transact the business it transacts and proposes to transact, except, in each case, as would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect. The Company has the corporate power and authority to execute and deliver this Agreement and the Notes and to perform the provisions hereof and thereof. 

Section 5.2. Authorization, Etc. This Agreement and the Notes have been duly authorized by all necessary corporate action on the
part of the Company, and this Agreement constitutes, and upon execution and delivery thereof each Note will constitute, a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as such
enforceability may be limited by (i) applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) general principles of
equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 
 Section 5.3.
Disclosure. The Company, through its agent, Merrill Lynch, Pierce, Fenner & Smith Incorporated, has delivered to each Purchaser a copy of the Company Reports. The Company Reports fairly describe, in all material respects, the general
nature of the business and principal properties of the Company and its Subsidiaries. This Agreement, the Company Reports and the documents, certificates or other writings delivered to the Purchasers by or on behalf of the Company in connection with
the transactions contemplated hereby and identified in Schedule 5.3, and the financial statements listed in Schedule 5.5 (this Agreement, the Company Reports and such documents, certificates or other
writings identified in Schedule 5.3 and such financial statements listed in Schedule 5.5 delivered to each Purchaser being referred to,  

  
 -4- 








 
collectively, as the “Disclosure Documents”), taken as a whole, do not, as of their respective dates, contain any untrue statement of a material fact or omit to state any
material fact necessary to make the statements therein not misleading in light of the circumstances under which they were made. Except as disclosed in the Disclosure Documents, since December 31, 2015, there has been no change in the financial
condition, operations, business or properties of the Company and its Subsidiaries (taken as a whole) except changes that individually or in the aggregate would not reasonably be expected to have a Material Adverse Effect. There is no fact known to
the Company that would reasonably be expected to have a Material Adverse Effect that has not been set forth herein or in the Disclosure Documents. 

Section 5.4. Organization and Ownership of Shares of the Company and Subsidiaries; Affiliates.
(a) Schedule 5.4 contains (except as noted therein) complete and correct lists (i) of the Company’s Subsidiaries, showing, as to each Subsidiary, the correct name thereof, the jurisdiction of its
organization, and the percentage of shares of each class of its capital stock or similar equity interests outstanding owned by the Company and each other Subsidiary, (ii) of the Company’s Affiliates, other than Subsidiaries, and
(iii) of the Company’s directors and senior officers. 
 (b) All of the outstanding shares of capital stock or
similar equity interests of each Subsidiary shown in Schedule 5.4 as being owned by the Company and its Subsidiaries have been validly issued, are fully paid and nonassessable and are owned by the Company or another Subsidiary free and
clear of any Lien (except as otherwise disclosed in Schedule 5.4). 
 (c) Each Subsidiary identified in
Schedule 5.4 is a corporation or other legal entity duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and is in
good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect. Each such Subsidiary has the corporate or other power and authority to own or hold under lease the properties it purports to own or hold under lease and to transact the business it transacts and proposes to transact
except, in each case, as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(d) Schedule 5.4 sets forth all contractual provisions limiting the ability of each Subsidiary to make dividend payments to the
Company. No Subsidiary is a party to, or otherwise subject to any legal, regulatory, contractual or other restriction (other than this Agreement, the agreements listed on Schedule 5.4 and customary limitations imposed by corporate or
utility regulatory law or similar statutes) restricting the ability of such Subsidiary to pay dividends out of profits or make any other similar distributions of profits to the Company or any of its Subsidiaries that owns outstanding shares of
capital stock or similar equity interests of such Subsidiary in an amount substantially inconsistent with the past practice of such Subsidiary. 

Section 5.5. Financial Statements; Material Liabilities. The Company has delivered to each Purchaser copies of the consolidated
financial statements of the Company and its Subsidiaries listed on Schedule 5.5. All of said financial statements (including in each case the  

  
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related schedules and notes) fairly present in all material respects the consolidated financial position of the Company and its Subsidiaries as of the respective dates specified therein and the
consolidated results of their operations and cash flows for the respective periods so specified and have been prepared in accordance with GAAP consistently applied throughout the periods involved except as set forth in the notes thereto (subject, in
the case of any interim financial statements, to normal year-end adjustments). The Company and its Subsidiaries do not have any Material liabilities of a type required to be reflected on a balance sheet prepared in accordance with GAAP that are not
disclosed or reserved against on such financial statements or otherwise disclosed in the Disclosure Documents except liabilities, as would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect. 

Section 5.6. Compliance with Laws, Other Instruments, Etc. The execution, delivery and performance by the Company of this
Agreement and the Notes will not (i) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of the Company or any Subsidiary under, any indenture, mortgage, deed of
trust, loan, purchase or credit agreement, lease, corporate charter or by-laws, members agreement or any other Material agreement or instrument to which the Company or any Subsidiary is bound or by which the Company or any Subsidiary or any of their
respective properties may be bound or affected, (ii) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree, or ruling of any court, arbitrator or Governmental Authority applicable to
the Company or any Subsidiary or (iii) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to the Company or any Subsidiary except, in each case, as would not reasonably be expected to have
a Material Adverse Effect. 
 Section 5.7. Governmental Authorizations, Etc. The Company is subject to regulation by FERC
under the Energy Policy Act of 2005. No consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority is required in connection with the execution, delivery or performance by the Company of this
Agreement or the Notes. 
 Section 5.8. Litigation; Observance of Agreements, Statutes and Orders. (a) Except as
disclosed in the Disclosure Documents, there are no actions, suits, investigations or proceedings pending or, to the knowledge of the Company, threatened against or affecting the Company or any Subsidiary or any property of the Company or any
Subsidiary in any court or before any arbitrator of any kind or before or by any Governmental Authority that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect.  

(b) Except as disclosed in the Disclosure Documents, neither the Company nor any Subsidiary is (i) in default under any term of
any agreement or instrument to which it is a party or by which it is bound, (ii) in violation of any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority or (iii) in violation of any applicable law,
ordinance, rule or regulation of any Governmental Authority (including, without limitation Environmental Laws, the USA Patriot Act or any of the other laws and regulations that are referred to in Section 5.16), in each case which default
or violation, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect.  

  
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 Section 5.9. Taxes. The Company and its Subsidiaries have filed all income, franchise
and other Material tax returns that are required to have been filed in any jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments levied upon them or their properties, assets, income or
franchises, to the extent such taxes and assessments have become due and payable and before they have become delinquent, except for any taxes and assessments (i) the amount of which is not individually or in the aggregate Material or
(ii) the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which the Company or a Subsidiary, as the case may be, has established adequate reserves in accordance
with GAAP. The charges, accruals and reserves on the books of the Company and its Subsidiaries in respect of income taxes for all fiscal periods are recognized in accordance with GAAP, and, except as disclosed in the Disclosure Documents, the
Company knows of no Material unpaid assessment for additional income taxes for any fiscal period or any reasonable basis therefor. The federal income tax liabilities of the Company and its Subsidiaries have been finally determined (whether by reason
of completed audits or the statute of limitations having run) for all fiscal years up to and including the fiscal year ended December 31, 2009.  

Section 5.10. Title to Property; Leases. The Company and its Subsidiaries have good and sufficient title to their respective
properties that individually or in the aggregate are Material, including all such properties reflected in the most recent audited balance sheet referred to in Section 5.5 or purported to have been acquired by the Company or
any Subsidiary after said date (except as sold or otherwise disposed of in the ordinary course of business), in each case free and clear of Liens prohibited by this Agreement, except for those defects in title and Liens that, individually or in the
aggregate, would not reasonably be expected to have a Material Adverse Effect. All leases that individually or in the aggregate are Material are valid and subsisting and are in full force and effect in all material respects. 

Section 5.11. Licenses, Permits, Etc. (a) The Company and its Subsidiaries own or possess all licenses, permits, franchises,
authorizations, patents, copyrights, proprietary software, service marks, trademarks and trade names, or rights thereto, that individually or in the aggregate are Material, without known conflict with the rights of others, except in each case for
such lack of ownership or possession or for those conflicts that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. 

(b) To the knowledge of the Company, there is no Material violation by any Person of any right of the Company or any of its Subsidiaries with
respect to any patent, copyright, proprietary software, service mark, trademark, trade name or other right owned or used by the Company or any of its Subsidiaries that would reasonably be expected to have a Material Adverse Effect. 

Section 5.12. Compliance with ERISA. (a) The Company and each ERISA Affiliate have operated and administered each Plan in
compliance with all applicable laws except for such instances of noncompliance as have not resulted in and would not reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any ERISA Affiliate has incurred any
liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans (as defined in section 3 of ERISA), and no event, 


  
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transaction or condition has occurred or exists that would, individually or in the aggregate, reasonably be expected to result in the incurrence of any such liability by the Company or any ERISA
Affiliate, or in the imposition of any Lien on any of the rights, properties or assets of the Company or any ERISA Affiliate, in either case pursuant to Title I or IV of ERISA to section 430(k) of the Code or to any such penalty or excise tax
provisions under the Code or federal law or section 4068 of ERISA or by the granting of a security interest in connection with the amendment of a Plan, other than such liabilities or Liens as would not be individually or in the aggregate Material.

 (b) None of the Plans that are subject to the minimum funding requirements of section 412 of the Code or section 302 of ERISA, nor any
trust established thereunder, have incurred any “accumulated funding deficiency” or “liquidity shortfall” (as those terms are defined in section 302 of ERISA or section 412 of the Code), whether or not waived. 

(c) The Company and its ERISA Affiliates have not incurred withdrawal liabilities (and are not subject to contingent withdrawal liabilities)
under section 4201 or 4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate are Material. 
 (d) The
postretirement benefit obligations (determined as of the last day of the Company’s most recently ended fiscal year in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic
715-60, without regard to liabilities attributable to continuation coverage mandated by section 4980B of the Code) of the Company and its Subsidiaries have been determined in accordance with GAAP and are
reflected in footnote 10 of the Company’s audited financial statements for its most recently ended fiscal year. 
 (e) The
execution and delivery of this Agreement and the issuance and sale of the Notes hereunder will not involve any transaction that is subject to the prohibitions of section 406 of ERISA or in connection with which a tax could be imposed pursuant
to section 4975(c)(1)(A)–(D) of the Code. The representation by the Company to each Purchaser in the first sentence of this Section 5.12(e) is made in reliance upon and subject to the accuracy of such Purchaser’s
representation in Section 6.2 as to the sources of the funds used to pay the purchase price of the Notes to be purchased by such Purchaser. 

Section 5.13. Private Offering by the Company. Neither the Company nor anyone acting on its behalf has offered the Notes or any
similar securities for sale to, solicited any offer to buy any of the same from, or otherwise approached or negotiated in respect thereof with, any Person other than the Purchasers and not more than fifteen (15) other Institutional Investors,
each of which has been offered the Notes at a private sale for investment. Neither the Company nor anyone acting on its behalf has taken, or will take, any action that would subject the issuance or sale of the Notes to the registration requirements
of section 5 of the Securities Act. The representation by the Company to each Purchaser in the second sentence of this Section 5.13 is made in reliance upon and subject to the accuracy of the Purchasers’
representations in Section 6. 
 Section 5.14. Use of Proceeds; Margin Regulations. The Company
will apply the proceeds of the sale of the Notes to make capital contributions to the Utility Subsidiaries, to  

  
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refinance existing short-term debt and/or for general corporate purposes of the Company and its Subsidiaries. No part of the proceeds from the sale of the Notes hereunder will be used,
directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any
securities under such circumstances as to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation T of said Board (12 CFR 220). The Company does not own
or carry any margin stock. As used in this Section, the terms “margin stock” and “purpose of buying or carrying” shall have the meanings assigned to them in said Regulation U. 

Section 5.15. Existing Indebtedness; Future Liens. (a) Except as described therein, Schedule 5.15
sets forth a complete and correct list of all outstanding Indebtedness of the Company and its Subsidiaries as of June 30, 2016 (including a description of the obligors, principal amount outstanding and collateral therefor, if any, and Guaranty
thereof, if any), since which date there has been no Material change in the amounts, interest rates, sinking funds, installment payments or maturities of the Indebtedness of the Company or its Subsidiaries. Neither the Company nor any Subsidiary is
in default and no waiver of default is currently in effect, in the payment of any principal or interest on any Indebtedness of the Company or such Subsidiary and no event or condition exists with respect to any Indebtedness of the Company or any
Subsidiary with an outstanding principal amount in excess of $10,000,000 that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to cause such Indebtedness to become due and payable before its stated
maturity or before its regularly scheduled dates of payment. 
 (b) Neither the Company nor any Subsidiary has agreed or
consented to cause or permit in the future (upon the happening of a contingency or otherwise) any of its property, whether now owned or hereafter acquired, to be subject to a Lien not permitted by Section 10.2. 

(c) Except as disclosed in Schedule 5.15, neither the Company nor any Subsidiary is a party to, or otherwise subject to any provision
contained in, any instrument evidencing Funded Indebtedness of the Company or such Subsidiary, any agreement relating thereto or any other agreement (including, but not limited to, its charter or other organizational document) which limits the
amount of, or otherwise imposes restrictions on the incurring of, Funded Indebtedness of the Company. 
 Section 5.16. Foreign
Assets Control Regulations, Etc. (a) Neither the Company nor any Controlled Entity is (i) a Person whose name appears on the list of Specially Designated Nationals and Blocked Persons published by the Office of Foreign Assets Control,
United States Department of the Treasury (“OFAC”) (an “OFAC Listed Person”) (ii) an agent, department, or instrumentality of, or is otherwise beneficially owned by, controlled by or acting on behalf of,
directly or indirectly, (x) any OFAC Listed Person or (y) any Person, entity, organization, foreign country or regime that is subject to any OFAC Sanctions Program, or (iii) otherwise blocked, subject to sanctions under or engaged in
any activity in violation of other United States economic sanctions, including but not limited to, the Trading with the Enemy Act, the International Emergency Economic Powers Act, the Comprehensive Iran Sanctions, Accountability and Divestment Act
(“CISADA”) or any similar law or regulation with respect to  

  
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Iran or any other country, the Sudan Accountability and Divestment Act, any OFAC Sanctions Program, or any economic sanctions regulations administered and enforced by the United States or any
enabling legislation or executive order relating to any of the foregoing (collectively, “U.S. Economic Sanctions”) (each OFAC Listed Person and each other Person, entity, organization and government of a country described in clause
(i), clause (ii) or clause (iii), a “Blocked Person”). Neither the Company nor any Controlled Entity has been notified that its name appears or may in the future appear on a state list of Persons that engage in investment or
other commercial activities in Iran or any other country that is subject to U.S. Economic Sanctions. 
 (b) No part of the proceeds
from the sale of the Notes hereunder constitutes or will constitute funds obtained on behalf of any Blocked Person or will otherwise be used by the Company or any Controlled Entity, directly or indirectly, (i) in connection with any investment
in, or any transactions or dealings with, any Blocked Person, or (ii) otherwise in violation of U.S. Economic Sanctions. 
 (c)
Neither the Company nor any Controlled Entity (i) has been found in violation of, charged with, or convicted of, money laundering, drug trafficking, terrorist-related activities or other money laundering
predicate crimes under the Currency and Foreign Transactions Reporting Act of 1970 (otherwise known as the Bank Secrecy Act), the USA Patriot Act or any other United States law or regulation governing such activities (collectively, “Anti-Money Laundering Laws”) or any U.S. Economic Sanctions violations, (ii) to the Company’s actual knowledge, is under investigation by any Governmental Authority for possible violation of
Anti-Money Laundering Laws or any U.S. Economic Sanctions violations, (iii) has been assessed civil penalties under any Anti-Money Laundering Laws or any U.S.
Economic Sanctions, or (iv) has had any of its funds seized or forfeited in an action under any Anti-Money Laundering Laws. The Company has established procedures and controls which it reasonably believes
are adequate (and otherwise comply with applicable law) to ensure that the Company and each Controlled Entity is and will continue to be in compliance with all applicable current and future Anti-Money
Laundering Laws and U.S. Economic Sanctions. 
 (d) (1) Neither the Company nor any Controlled Entity (i) has been
charged with, or convicted of bribery or any other anti-corruption related activity under any applicable law or regulation in a U.S. or any non-U.S. country or
jurisdiction, including but not limited to, the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010 (collectively, “Anti-Corruption Laws”), (ii) to the Company’s
actual knowledge, is under investigation by any U.S. or non-U.S. Governmental Authority for possible violation of Anti-Corruption Laws, (iii) has been assessed
civil or criminal penalties under any Anti-Corruption Laws or (iv) has been or is the target of sanctions imposed by the United Nations or the European Union; 

(2) To the Company’s actual knowledge, neither the Company nor any Controlled Entity has, within the last five years, directly or
indirectly offered, promised, given, paid or authorized the offer, promise, giving or payment of anything of value to a Governmental Official or a commercial counterparty for the purposes of: (i) influencing any act, decision or failure to act
by such Governmental Official in his or her official capacity or such commercial counterparty, (ii) inducing a Governmental Official to do or omit to do any act in violation of the Governmental Official’s lawful duty, or
(iii) inducing a Governmental Official or a commercial 

  
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counterparty to use his or her influence with a government or instrumentality to affect any act or decision of such government or entity; in each case in order to obtain, retain or direct
business or to otherwise secure an improper advantage in violation of any applicable law or regulation or which would cause any holder to be in violation of any law or regulation applicable to such holder; and 

(3) No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for any improper payments, including
bribes, to any Governmental Official or commercial counterparty in order to obtain, retain or direct business or obtain any improper advantage. The Company has established procedures and controls which it reasonably believes are adequate (and
otherwise comply with applicable law) to ensure that the Company and each Controlled Entity is and will continue to be in compliance with all applicable current and future Anti-Corruption Laws. 

Section 5.17. Status under Certain Statutes. (a) Neither the Company nor any Subsidiary is subject to regulation under the
Investment Company Act of 1940, as amended or the ICC Termination Act of 1995, as amended. The Company and/or one or more of its Subsidiaries is subject to regulation under the Federal Power Act, as amended, the Public Utility Holding Company Act of
2005, as amended, and/or the Energy Policy Act of 2005, as amended. 
 (b) None of the Purchasers, the holders or their affiliates,
solely by virtue of the Company’s or any of its Subsidiaries’ businesses, or the execution, delivery and performance of this Agreement, shall be or become (i) subject to regulation under the Federal Power Act, as amended, the Energy
Policy Act of 2005, as amended, or, in each case, any regulations thereunder, (ii) subject to, or not exempted from, regulation as an “transmitting utility company”, a “public-utility company”, a “holding company”
or the equivalent under the Public Utility Holding Company Act of 2005, as amended, or the regulations thereunder, or (iii) subject to regulation as an electric utility, an electric company, a public utility, a public service company or the
equivalent under the applicable law or regulations of any state respecting the rates or the financial or organizational regulation of any electric utility, electric company, public utility, public service company or the equivalent. 

Section 5.18. Environmental Matters. (a) Except as disclosed in the Disclosure Documents, neither the Company nor any
Subsidiary has knowledge of any claim or has received any notice of any claim, and no proceeding has been instituted raising any claim against the Company or any of its Subsidiaries or any of their respective real properties now or formerly owned,
leased or operated by any of them or other assets, alleging any damage to the environment or violation of any Environmental Laws, except, in each case, such as would not reasonably be expected to result in a Material Adverse Effect.  

(b) Except as disclosed in the Disclosure Documents, all buildings on all real properties now owned, leased or operated by the Company or any
Subsidiary are in compliance with applicable Environmental Laws, except where failure to comply would not reasonably be expected to result in a Material Adverse Effect. 

  
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 Section 5.19. Notes Rank Pari Passu. The obligations of the Company under this
Agreement and the Notes rank pari passu in right of payment with all other senior unsecured Funded Indebtedness (actual or contingent) of the Company. 

Section 5.20. Solvency and Consideration. On the date of Closing, after giving effect to the issue and sale of the Notes and the
application of the proceeds as contemplated by Section 5.14 hereof, the Company is solvent, has capital not unreasonably small in relation to its business or any contemplated or undertaken transaction and has assets having
a value both at fair valuation and a present fair salable value greater than the amount required to pay its debts as they become due and greater than the amount that will be required to pay its probable liability on its existing debts as they become
due and matured. The Company does not intend to incur, nor does it believe, nor should it believe that it will incur, debts beyond its ability to pay such debts as they become due. The Company will not be rendered insolvent by the execution,
delivery and performance of its obligations under or in respect of the Notes or this Agreement. The Company does not intend to hinder, delay or defraud its creditors by or through the execution, delivery or performance of its obligations under or in
respect of the Notes or this Agreement.  
  

	SECTION 6.	REPRESENTATIONS OF THE PURCHASERS. 


Section 6.1. Purchase for Investment. 

(a) Each Purchaser severally represents that it is an institutional “accredited investor” as defined in Rule 501(a)(1), (2),
(3) or (7) under the Securities Act, and is purchasing the Notes for its own account or for one or more separate accounts maintained by such Purchaser or for the account of one or more pension or trust funds and not with a view to the
distribution thereof, provided that the disposition of such Purchaser’s or their property shall at all times be within such Purchaser’s or their control. 

(b) Each Purchaser understands that the Notes have not been registered under the Securities Act and may be resold only if registered pursuant
to the provisions of the Securities Act or if an exemption from registration is available, except under circumstances where neither such registration nor such an exemption is required by law, and that the Company is not required to and does not
intend to register the Notes. 
 Section 6.2. Source of Funds. Each Purchaser severally represents that at least one of the
following statements is an accurate representation as to each source of funds (a “Source”) to be used by such Purchaser to pay the purchase price of the Notes to be purchased by such Purchaser hereunder: 

(a) the Source is an “insurance company general account” (as the term is defined in the United States
Department of Labor’s Prohibited Transaction Exemption (“PTE”) 95-60) in respect of which the reserves and liabilities (as defined by the annual statement for life insurance companies approved by the NAIC (the “NAIC
Annual Statement”)) for the general account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and liabilities for the general account contract(s) held by or on behalf of any other
employee benefit plans maintained  

  
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by the same employer (or affiliate thereof as defined in PTE 95-60) or by the same employee organization in the general account do not exceed 10% of the total reserves and liabilities of the
general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such Purchaser’s state of domicile; or 

(b) the Source is a separate account that is maintained solely in connection with such Purchaser’s fixed contractual
obligations under which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate account (or to any participant or beneficiary of such plan (including any annuitant)) are not
affected in any manner by the investment performance of the separate account; or 
 (c) the Source is either (i) an
insurance company pooled separate account, within the meaning of PTE 90-1 or (ii) a bank collective investment fund, within the meaning of the PTE 91-38 and, except as disclosed by such Purchaser to the Company in writing pursuant to this
clause (c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns more than 10% of all assets allocated to such pooled separate account or collective investment fund; or 

(d) the Source constitutes assets of an “investment fund” (within the meaning of Part VI of PTE 84-14 (the “QPAM Exemption”)) managed by a “qualified professional asset manager” or “QPAM” (within the meaning of Part VI of the QPAM Exemption), no employee benefit plan’s
assets that are managed by the QPAM in such investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM
Exemption) of such employer or by the same employee organization and managed by such QPAM, represent more than 20% of the total client assets managed by such QPAM, the conditions of Part I(c) and (g) of the QPAM Exemption are satisfied, neither
the QPAM nor a person controlling or controlled by the QPAM maintains an ownership interest in the Company that would cause the QPAM and the Company to be “related” within the meaning of Part VI(h) of the QPAM Exemption and (i) the
identity of such QPAM and (ii) the names of any employee benefit plans whose assets in the investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate
(within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization, represent 10% or more of the assets of such investment fund, have been disclosed to the Company in writing pursuant to this clause
(d);or 
 (e) the Source constitutes assets of a “plan(s)” (within the meaning of Part IV(h) of PTE 96-23 (the “INHAM Exemption”)) managed by an “in-house asset manager” or “INHAM” (within the meaning of Part IV(a) of the INHAM
Exemption), the conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a person controlling or controlled by the INHAM (applying the definition of “control” in Part IV(d)(3) of the INHAM
Exemption) owns a 10% or more interest in the Company and (i) the identity of such INHAM and (ii) the name(s) of the employee benefit plan(s) whose assets constitute the Source have been disclosed to the Company in writing pursuant to this
clause (e); or 

  
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 (f) the Source is a governmental plan; or 

(g) the Source is one or more employee benefit plans, or a separate account or trust fund comprised of one or more employee
benefit plans, each of which has been identified to the Company in writing pursuant to this clause (g); or 
 (h) the Source
does not include assets of any employee benefit plan, other than a plan exempt from the coverage of ERISA. 
 As used in this
Section 6.2, the terms “employee benefit plan,” “governmental plan,” and “separate account” shall have the respective meanings assigned to such terms in section 3 of ERISA. 

Section 6.3. Binding Effect. Each Purchaser severally represents that this Agreement has been duly executed and delivered by it
and this Agreement constitutes its valid and legally binding obligation, enforceable against it in accordance with its terms. 

Section 6.4. Access to Information; Knowledge and Experience. Each Purchaser severally represents that it (i) has been
furnished with or has had access to the information requested from the Company, (ii) has had an opportunity to discuss with management of the Company the business and financial affairs of the Company and (iii) has such knowledge and
experience in business and financial matters and with respect to investments in securities similar to the Notes that it is capable of evaluating the risks and merits of this investment. 

 

	SECTION 7.	INFORMATION AS TO COMPANY. 


Section 7.1. Financial and Business Information. So long as any of the Notes are outstanding, the Company shall deliver to each
holder of Notes that is an Institutional Investor: 
 (a) Quarterly Statements — within 60 days
after the end of each quarterly fiscal period in each fiscal year of the Company (other than the last quarterly fiscal period of each such fiscal year), duplicate copies of, 

(i) an unaudited consolidated balance sheet of the Company and its Subsidiaries as at the end of such quarter, and 

(ii) unaudited consolidated statements of income, changes in shareholders’ equity and cash flows of the Company and its
Subsidiaries, for such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter, 

setting forth in each case in comparative form the figures for the corresponding periods in the previous fiscal year, all in reasonable detail,
prepared in accordance with GAAP 

  
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applicable to quarterly financial statements generally, and certified by a Senior Financial Officer as fairly presenting, in all material respects, the consolidated financial position of the
Company and its Subsidiaries and consolidated results of operations and cash flows, subject to changes resulting from year-end adjustments, provided that delivery within the time period specified above of copies of the Company’s
Quarterly Report on Form 10-Q (the “Form 10-Q”) prepared in material compliance with the requirements therefor and filed with the SEC shall be deemed to satisfy the requirements of this Section 7.1(a),
provided, further, that the Company shall be deemed to have made such delivery of such Form 10-Q if it shall have timely made such Form 10-Q available
on “EDGAR” or on its home page on the worldwide web (at the date of this Agreement located at, respectively, http://www.sec.gov/edgar.shtml and http://www.unitil.com) (such availability being referred to as “Electronic
Delivery”); 
 (b) Annual Statements — within 105 days after the end of each fiscal year of the
Company, duplicate copies of 
 (i) a consolidated balance sheet of the Company and its Subsidiaries as at the end of such
year, and 
 (ii) consolidated statements of income, changes in shareholders’ equity and cash flows of the Company and
its Subsidiaries for such year, 
 setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable
detail, prepared in accordance with GAAP, and accompanied by a report thereon from Deloitte & Touche LLP or other independent public accountants of recognized national standing, to the effect that such financial statements present fairly,
in all material respects, the consolidated financial position of the Company and its Subsidiaries and consolidated results of operations and cash flows and have been prepared in conformity with GAAP, and that the examination of such accountants in
connection with such financial statements has been made in accordance with the standards of the Public Company Accounting Oversight Board, and that such audit provides a reasonable basis for such report in the circumstances, 

provided that the delivery within the time period specified above of the Company’s Annual Report on
Form 10-K (the “Form 10-K”) for such fiscal year (together with the Company’s annual report to shareholders, if any, prepared pursuant to
Rule 14a-3 under the Exchange Act) prepared in material compliance with the requirements therefor and filed with the SEC, shall be deemed to satisfy the requirements of this
Section 7.1(b), provided, further, that the Company shall be deemed to have made such delivery of such Form 10-K if it shall have timely made Electronic Delivery thereof;
 
 (c) SEC and Other Reports — promptly upon their becoming available, one copy of (i) each
proxy statement, financial statement, or report sent by the Company or any Subsidiary to its public securities holders generally, and (ii) each regular or periodic report, each registration statement (without exhibits), and each prospectus and
all amendments thereto filed by the Company or any Subsidiary with the SEC; provided that copies of any such documents required to be delivered pursuant to this clause (c) may be delivered by Electronic Delivery; 

  
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 (d) Calculation Worksheets — concurrently with the delivery of
each report of the Company on Form 10-Q or 10-K (or within the time periods specified in Section 7.1(a) or Section 7.1(b), as applicable, in the case of Electronic Delivery of any such report), a
Calculation Worksheet; 
 (e) Notice of Default or Event of Default — promptly, and in any event
within five days after a Responsible Officer becoming aware of the existence of any Default or Event of Default or that any Person has given any notice or taken any action with respect to a claimed default hereunder or that any Person has given any
notice or taken any action with respect to a claimed default of the type referred to in Section 11(e), a written notice specifying the nature and period of existence thereof and what action the Company is taking or proposes
to take with respect thereto; 
 (f) Material Adverse Events — promptly upon the occurrence thereof,
notice of any event, circumstance or condition which would reasonably be expected to materially and adversely affect the ability of the Company to perform its obligations under this Agreement and the Notes; and 

(g) Requested Information — with reasonable promptness, such other data and information relating to the
business, operations, affairs, financial condition, assets or properties of the Company or any of its respective Subsidiaries or relating to the ability of the Company to perform its obligations hereunder and under the Notes as from time to time may
be reasonably requested by any such holder of Notes. 
 Section 7.2. Officer’s Certificate. Each set of financial
statements delivered to a holder of Notes pursuant to Section 7.1(a) or Section 7.1(b) shall be accompanied by a certificate of a Senior Financial Officer (which in the case of Electronic Delivery
of any such financial statements, the Form 10-Q or the Form 10-K, as applicable, shall be by separate delivery of such certificate to each holder of Notes within the time periods specified in Section 7.1(a) or
Section 7.1(b), as applicable) setting forth: 
 (a) [Reserved.]; and 

(b) Event of Default — a statement that such Senior Financial Officer has reviewed the relevant terms hereof
and has made, or caused to be made, under his or her supervision, a review of the transactions and conditions of the Company and its Subsidiaries from the beginning of the quarterly or annual period covered by the statements then being furnished to
the date of the certificate and that such review shall not have disclosed the existence during such period of any condition or event that constitutes a Default or an Event of Default or, if any such condition or event existed or exists (including,
without limitation, any such event or condition resulting from the failure of the Company or any Subsidiary to comply with any Environmental Law), specifying the nature and period of existence thereof and what action the Company shall have taken or
proposes to take with respect thereto. 

  
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 Section 7.3. Visitation. The Company shall permit the representatives of each holder
of Notes that is an Institutional Investor, at such Institutional Investor’s expense, to visit and inspect any of the principal executive offices of the Company or any Subsidiary, including its books of account, to request copies and extracts
therefrom and to discuss their respective affairs, finances and accounts with their respective officers and (with the consent of the Company, which consent will not be unreasonably withheld) independent public accountants, all at such reasonable
times during customary business hours and as often as may reasonably be requested. Each holder of the Notes agrees to keep confidential any Confidential Information received as a result of the rights granted in this Section 7 (including,
without limitation, pursuant to Section 7.1(g)) in the manner provided in Section 20. 
  

	SECTION 8.	PAYMENT AND PREPAYMENT OF THE NOTES. 


Section 8.1. Maturity. As provided therein, the entire unpaid principal balance of each Note shall be due and payable on the
Maturity Date thereof. 
 Section 8.2. Optional Prepayments. Prior to May 1, 2026, the Company may, at its option,
upon notice as provided below, prepay at any time all, or from time to time any part of, the Notes (but if in part then in a minimum aggregate principal amount of $100,000), at 100% of the principal amount so prepaid, together with interest accrued
thereon to the date of such prepayment, plus the Make-Whole Amount determined for the prepayment date with respect to such principal amount. On and after May 1, 2026, the Company may, at its option, upon notice as provided below, prepay
at any time all, or from time to time any part of, the Notes (but if in part then in a minimum aggregate principal amount of $100,000), at 100% of the principal amount so prepaid, together with interest accrued thereon to the date of such
prepayment, but without payment of the Make-Whole Amount. 
 The Company will give each holder of Notes written notice of each
optional prepayment under this Section 8.2 not less than 15 days and not more than 45 days prior to the date fixed for such prepayment. Each such notice shall specify such date (which shall be a Business Day), the aggregate
principal amount of the Notes to be prepaid on such date, the principal amount of each Note held by such holder to be prepaid (determined in accordance with Section 8.4), and the interest to be paid on the prepayment date with respect to
such principal amount being prepaid, and shall be accompanied by a certificate of a Senior Financial Officer as to the estimated Make-Whole Amount due in connection with such prepayment (calculated as if the date of such notice were the date of the
prepayment), setting forth the details of such computation. Two Business Days prior to such prepayment, the Company shall deliver to each holder of Notes a certificate of a Senior Financial Officer specifying the calculation of such Make-Whole Amount, if any, as of the specified prepayment date. 
 Section 8.3. Prepayment
Upon Change of Control. Upon the consummation of a transaction constituting or causing a Change of Control, the Company will promptly give written notice (the “Company Notice”) of such fact in the manner provided in
Section 18 hereof to the 

  
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holders of the Notes. The Company Notice shall (a) describe the facts and circumstances of such Change of Control in reasonable detail, (b) make reference to this
Section 8.3 and the right of the holders of the Notes to require prepayment of the Notes on the terms and conditions provided for in this Section 8.3, (c) offer in writing to prepay all of the
outstanding Notes, together with accrued interest to the date of prepayment, and (d) specify a date for such prepayment (the “Change of Control Prepayment Date”), which Change of Control Prepayment Date shall be not more than
40 days following the date of such Company Notice. Each holder of the then outstanding Notes shall have the right to accept such offer and require prepayment of the Notes held by such holder in full by written notice to the Company (a
“Noteholder Notice”) given not later than 20 days after receipt of the Company Notice. The Company shall, on the Change of Control Prepayment Date, prepay in full all of the Notes held by holders which have so accepted such offer of
prepayment. The prepayment price of each Note payable upon the occurrence of any Change of Control shall be an amount equal to 100% of the outstanding principal amount of such Note so to be prepaid and accrued interest thereon to the date of such
prepayment. 
 For purposes of this Section 8.3: 

“Acquiring Person” means a “person” or “group of persons” within the meaning
of Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended. 
 “Change of
Control” means the earliest to occur of: (a) the consummation of a tender offer or exchange offer that results in an Acquiring Person, directly or indirectly, beneficially owning more than 50% of the Voting Stock of the Company then
outstanding; or (b) an Acquiring Person becoming, directly or indirectly, the beneficial owner of more than 50% of the Voting Stock of the Company then outstanding; or (c) a merger between the Company and any other Person, a consolidation
of the Company with any other Person or an acquisition of any other Person by the Company, if immediately after such event, the Person shall hold more than 50% of the Voting Stock of the Company outstanding immediately after giving effect to such
merger, consolidation or acquisition. 
 “Voting Stock” means Securities of any class or classes, the
holders of which are ordinarily, in the absence of contingencies, entitled to elect a majority of the corporate directors (or Persons performing similar functions). 

Section 8.4. Allocation of Partial Prepayments. In the case of each partial prepayment of the Notes pursuant to
Section 8.2, the aggregate principal amount of the Notes to be prepaid shall be allocated among all of the Notes at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts
thereof not theretofore called for prepayment. All partial prepayments made pursuant to Section 8.3 shall be applied only to the Notes of the holders who have elected to participate in such prepayment. 

Section 8.5. Maturity; Surrender, Etc. In the case of each prepayment of Notes at the Company’s option pursuant to this
Section 8, the principal amount to be prepaid of each Note shall mature and become due and payable on the date fixed for such prepayment (which shall be a Business Day), together with interest on such principal amount
accrued to such date and the  

  
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applicable Make-Whole Amount, if any. From and after such date, unless the Company shall fail to pay such principal amount when so due and payable, together with the interest and Make-Whole
Amount, if any, as aforesaid, interest on such principal amount shall cease to accrue. Any Note paid or prepaid in full shall be surrendered to the Company and cancelled and shall not be reissued, and no Note shall be issued in lieu of any prepaid
principal amount of any Note. 
 Section 8.6. Purchase of Notes. The Company will not and will not permit any Affiliate to
purchase, redeem, prepay or otherwise acquire, directly or indirectly, any of the outstanding Notes except (a) upon the payment or prepayment of the Notes in accordance with the terms of this Agreement and the Notes or (b) pursuant to an
offer to purchase any outstanding Notes made by the Company or an Affiliate pro rata to the holders of all Notes at the time outstanding upon the same terms and conditions; provided that any such offer pursuant to this clause
(b) shall provide each holder with reasonably sufficient information to enable it to make an informed decision and shall remain open for at least ten Business Days. The Company will promptly cancel all Notes acquired by it or any Affiliate
pursuant to any payment or prepayment of Notes pursuant to any provision of this Agreement and no Notes may be issued in substitution or exchange for any such Notes. 

Section 8.7. Make-Whole Amount. 

“Make-Whole Amount” means, with respect to any Note, an amount equal to the excess, if any, of the Discounted Value of the
Remaining Scheduled Payments with respect to the Called Principal of such Note over the amount of such Called Principal, provided that the Make-Whole Amount may in no event be less than zero. For the
purposes of determining the Make-Whole Amount, the following terms have the following meanings: 

“Called Principal” means, with respect to any Note, the principal of such Note that is to be prepaid pursuant to
Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires. 

“Discounted Value” means, with respect to the Called Principal of any Note, the amount obtained by discounting all Remaining
Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a discount factor (applied on the
same periodic basis as that on which interest on the Notes is payable) equal to the Reinvestment Yield with respect to such Called Principal. 

“Reinvestment Yield” means, with respect to the Called Principal of any Note, 0.50% over the yield to maturity implied by the
yield(s) reported as of 10:00 a.m. (New York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as “Page PX1” (or such other display as may replace Page
PX1) on Bloomberg Financial Markets for the most recently issued actively traded on-the-run U.S. Treasury securities
(“Reported”) having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there are no such U.S. Treasury securities Reported having a maturity equal to
such Remaining Average Life, then such implied yield to maturity will be determined by (a) converting U.S. Treasury bill quotations to bond equivalent  

  
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yields in accordance with accepted financial practice and (b) interpolating linearly between the yields Reported for the applicable most recently issued actively traded on-the-run U.S. Treasury securities with the maturities (1) closest to and greater than such Remaining Average Life and (2) closest to and less than such Remaining
Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note. 

If such yields are not Reported or the yields Reported as of such time are not ascertainable (including by way of interpolation), then
“Reinvestment Yield” means, with respect to the Called Principal of any Note, 0.50% over the yield to maturity implied by the U.S. Treasury constant maturity yields reported, for the latest day for which such yields have been so
reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (or any comparable successor publication) for the U.S. Treasury constant maturity having a term
equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there is no such U.S. Treasury constant maturity having a term equal to such Remaining Average Life, such implied yield to maturity will be determined by
interpolating linearly between (1) the U.S. Treasury constant maturity so reported with the term closest to and greater than such Remaining Average Life and (2) the U.S. Treasury constant maturity so reported with the term closest to and
less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note. 

“Remaining Average Life” means, with respect to any Called Principal, the number of years obtained by dividing (i) such
Called Principal into (ii) the sum of the products obtained by multiplying (a) the principal component of each Remaining Scheduled Payment with respect to such Called Principal by (b) the number of years, computed on the basis of a 360-day year composed of twelve 30-day months and calculated to two decimal places, that will elapse between the Settlement Date with respect to such Called Principal and the
scheduled due date of such Remaining Scheduled Payment. 
 “Remaining Scheduled Payments” means, with respect to the
Called Principal of any Note, all payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled due
date, provided that if such Settlement Date is not a date on which interest payments are due to be made under the Notes, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to
such Settlement Date and required to be paid on such Settlement Date pursuant to Section 8.2 or Section 12.1. 

“Settlement Date” means, with respect to the Called Principal of any Note, the date on which such Called Principal is to be
prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires. 

  
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	SECTION 9.	AFFIRMATIVE COVENANTS. 

 The Company covenants that so long as any
of the Notes are outstanding: 
 Section 9.1. Compliance with Law. Without limiting Section 10.8, the
Company will, and will cause each of its Subsidiaries to, comply with all laws, ordinances or governmental rules or regulations to which each of them is subject, including, without limitation, ERISA, the USA Patriot Act and Environmental Laws, and
will obtain and maintain in effect all licenses, certificates, permits, franchises and other governmental authorizations necessary to the ownership of their respective properties or to the conduct of their respective businesses, except in each case
where non-compliance with such laws, ordinances or governmental rules or regulations or the failure to obtain or maintain in effect such licenses, certificates, permits, franchises and other governmental authorizations would not, individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect. 
 Section 9.2. Insurance. The Company will
insure and keep insured, and will cause each of its Subsidiaries to insure and keep insured, to a reasonable amount with reputable insurance companies, so much of their respective properties as companies engaged in a similar business and to the
extent such companies in accordance with good business practice customarily insure properties of a similar character against loss by fire and from other causes or, in lieu thereof, in the case of itself or its Subsidiaries, the Company will maintain
or cause to be maintained a system or systems of self-insurance which will accord with the approved practices of companies owning or operating properties of a similar character and maintaining such systems, and of a size similar to that of the
Company and its direct and indirect Subsidiaries on a consolidated basis. 
 Section 9.3. Maintenance of Properties. The
Company will, and will cause each of the Subsidiaries to, maintain and keep, or cause to be maintained and kept, their respective properties in good repair, working order and condition (other than ordinary wear and tear), so that the business
carried on in connection therewith may be properly conducted at all times, provided that this Section shall not prevent the Company or any Subsidiary from discontinuing the operation and the maintenance of any of its properties if such
discontinuance is desirable in the conduct of its business and the Company has concluded that such discontinuance would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

Section 9.4. Payment of Taxes. The Company will, and will cause each of its Subsidiaries to, file all income tax or similar tax
returns required to be filed in any jurisdiction and to pay and discharge all taxes shown to be due and payable on such returns and all other taxes, assessments, governmental charges, or levies payable by any of them, to the extent the same have
become due and payable and before they have become delinquent, provided that neither the Company nor any Subsidiary need pay any such tax, assessment, charge, or levy if (i) the amount, applicability or validity thereof is contested by
the Company or such Subsidiary on a timely basis in good faith and in appropriate proceedings, and the Company or a Subsidiary has established adequate reserves therefor in accordance with GAAP on the books of the Company or such Subsidiary or
(ii) the nonpayment of all such taxes, assessments, charges, and levies in the aggregate would not reasonably be expected to have a Material Adverse Effect.  

Section 9.5. Corporate Existence, Etc.; Ownership of Subsidiaries. (a) Subject to Section 10.4, the
Company will at all times preserve and keep in full force and effect its corporate existence. Subject to Section 10.4, the Company will at all times preserve and keep in full force and effect the corporate existence of each
Principal Utility Subsidiary (unless merged  

  
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into the Company or a Wholly-Owned Subsidiary) and all rights and franchises of the Company and each Principal Utility Subsidiary unless, in the good faith judgment of the Company, the
termination of or failure to preserve and keep in full force and effect such corporate existence, right or franchise would not, individually or in the aggregate, have a Material Adverse Effect. 

(b) Notwithstanding anything to the contrary contained herein, except pursuant to an action or order by a Governmental Authority or as
expressly permitted by Section 10.4, the Company shall at all times continue to own 100% of the Voting Stock of each Principal Utility Subsidiary presently owned by it (unless such Principal Utility Subsidiary is merged into the Company or a
Wholly-Owned Subsidiary). 
 Section 9.6. Books and Records. The Company will, and will cause each of its Subsidiaries to,
maintain proper books of record and account in conformity with GAAP or the standards of the Public Company Accounting Oversight Board and all applicable requirements of any Governmental Authority having legal or regulatory jurisdiction over the
Company or such Subsidiary, as the case may be. 
 Section 9.7. Notes to Rank Pari Passu. The Company will ensure that
its payment obligations under this Agreement and the Notes will at all times rank at least pari passu, without preference or priority, with all other senior unsecured Funded Indebtedness of the Company. 

Section 9.8. Guarantors. (a) If, at any time, any Subsidiary (a “Bank Guarantor”) is required by the terms
of the Bank Credit Agreement to become a borrower or obligor under, or to otherwise guarantee Indebtedness outstanding under, the Bank Credit Agreement, then (x) the Company shall, not less than 10 Business Days prior to the effectiveness
thereof, give written notice (a “Section 9.8 Notice”) of such fact to the holders of the Notes, and (y) the Required Holders shall have the right to require the Company to cause such Bank Guarantor to concurrently (or,
with the consent of the Required Holders, thereafter) deliver to each of the holders of the Notes a Guaranty Agreement or joinder agreement in respect of an existing Guaranty Agreement, as appropriate, together with each of the following items:

 (i) an executed counterpart of such Guaranty Agreement or joinder agreement in respect of an existing Guaranty
Agreement, as appropriate; 
 (ii) a certificate signed by the President, a Vice President or another authorized
Responsible Officer of such Person making representations and warranties to the effect of those contained in Sections 5.1, 5.2, 5.6 and 5.7, but with respect to such Person and such Guaranty Agreement, as applicable; 

(iii) a certificate of a Responsible Officer of the Company certifying that at such time and after giving effect to the
execution and delivery of such Guaranty Agreement or joinder agreement, no Default or Event of Default shall have occurred and be continuing; 

(iv) such documents and evidence with respect to such Person as the Required Holders may reasonably request in order to
establish the existence and good standing of such Person and the authorization of the transactions contemplated by such Guaranty Agreement; and 

  
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 (v) an opinion of counsel satisfactory to the Required Holders to the effect that
such Guaranty Agreement has been duly authorized, executed and delivered and constitutes the legal, valid and binding contract and agreement of such Person enforceable in accordance with its terms, except as an enforcement of such terms may be
limited by bankruptcy, insolvency, reorganization, moratorium and similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles. 

The Section 9.8 Notice shall describe the guaranty or other obligation being provided under the Bank Credit Agreement and refer to this
Section 9.8 and the right of the Required Holders to require the Company to cause such Person to concurrently deliver a Guaranty Agreement hereunder. The Required Holders shall, as soon as practicable but within 10 Business
Days after receiving the Section 9.8 Notice, deliver to the Company a written notice (a “Notice of Election”) of their election, if any, to require a Guaranty Agreement hereunder; provided, that failure of the Required
Holders to deliver a Notice of Election prior to the delivery of the guaranty or other obligation under the Bank Credit Agreement shall not preclude the Required Holders from thereafter delivering, within such 10 Business Day period, a Notice of
Election and requiring the delivery of a Guaranty Agreement hereunder.  
 (b) The holders of the Notes agree to release any
Guarantor from the Guaranty Agreement upon the written request of the Company or such Guarantor; provided that (i) such Guarantor has been released and discharged (or will be released and discharged concurrently with the release of the
Guarantor) under and in respect of the Bank Credit Agreement, and (ii) at the time of such release and discharge and after giving effect thereto, no Default or Event of Default shall exist, and the Company shall deliver a certificate
of a Responsible Officer to the holders of the Notes to the effect of the foregoing clauses (i) and (ii). If the Company shall pay any fee or other form of consideration (other than customary fees paid in connection with an amendment,
restatement or refinancing of the Bank Credit Agreement in the ordinary course of business) to any holder of Indebtedness of the Company expressly for the purpose of obtaining such release, then the Company shall pay an equivalent fee or other
consideration to the holders of the Notes. 
  

	SECTION 10.	NEGATIVE COVENANTS. 

 The Company covenants that so long as any of
the Notes are outstanding: 
 Section 10.1. Limitation on Funded Indebtedness. The Company will not create, incur or assume any
Funded Indebtedness other than: 
 (a) Funded Indebtedness evidenced by the Notes; 

(b) Funded Indebtedness outstanding on the date hereof which is described on Schedule 5.15 hereto; and 

  
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 (c) additional Funded Indebtedness so long as: 

(i) the aggregate outstanding principal amount of such Funded Indebtedness, after giving effect to the application of
the proceeds thereof (subject to the proviso set forth hereafter) and when added to all other Funded Indebtedness of the Company and its Subsidiaries (determined on a consolidated basis) then outstanding, does not exceed 70% of the Total
Capitalization; provided, that in giving effect to the application of such proceeds, only applications which are substantially contemporaneous with the incurrence of such additional Funded Indebtedness shall be given such effect, except that
if the application of such proceeds involves the redemption of other securities of the Company, and such redemption cannot be made substantially contemporaneously with the incurrence of such additional Funded Indebtedness, then such intended
redemption shall nevertheless be given effect for purposes hereof if either (1) the Company shall have given irrevocable written notice of redemption of such other securities to the holders thereof at or prior to the time of the incurrence of
such additional Funded Indebtedness and such redemption is thereafter made in accordance with the terms of such notice, or (2) if such notice was not permitted to be given at or prior to the time of the incurrence of such additional Funded
Indebtedness and the redemption will occur within 180 days after such incurrence, then (A) the proceeds of such Funded Indebtedness to be used for such redemption shall have been set aside in an escrow or trust account with a United States bank
or other financial institution having capital and surplus of at least $35,000,000, together with written instructions to the escrow agent or trustee to send notice of redemption of such securities provided by the Company to the holders thereof in
accordance with the terms of such securities and thereafter to use such proceeds for such redemption in accordance with the terms of such notice, such escrow or trust account to also provide (x) that the funds set aside therein are not to be
released to or for the benefit of the Company except for the purpose of accomplishing the redemption contemplated thereby, or with the prior written consent of all holders of Notes then outstanding, and (y) that if the funds set aside therein
are invested in securities by such bank or financial institution, they shall be invested only in direct obligations of the United States of America maturing in not more than 180 days, and (B) unless otherwise agreed to in writing by all of the
holders of Notes then outstanding, the redemption to be funded from such escrow or trust account is actually made in accordance with the terms under which such escrow or trust account is established; and 

(ii) Earnings Available for Interest of the Company and its Subsidiaries (determined on a consolidated basis) shall
equal or exceed, for at least 12 consecutive calendar months out of the 15 months immediately preceding the proposed creation, incurrence or assumption of such Funded Indebtedness, two times all amounts of interest for which the Company and its
Subsidiaries (determined on a consolidated basis) will, for the 12 month period immediately following the date of such creation, incurrence or assumption, be obligated on account of all Funded Indebtedness to be outstanding immediately
thereafter, in each case after giving effect to the application of the proceeds of such Funded Indebtedness (subject to the proviso set forth in clause (i) of this Section 10.1(c)). 

  
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 Section 10.2. Limitation on Liens. Except as hereinafter in this Section expressly
permitted, the Company will not at any time, nor will it permit any Subsidiary to, directly or indirectly, create, assume or suffer to exist, except in favor of the Company or any Subsidiary, any Lien upon any of its properties or assets, real or
personal, whether now owned or hereafter acquired, or of or upon any income or profits therefrom, without making effective provision, and the Company covenants that in any such case it will make or cause to be made effective provision, whereby the
Notes then outstanding shall be secured by such Lien equally and ratably with any and all other Indebtedness to be secured thereby, so long as any such other Indebtedness shall be so secured. 

Nothing in this Section shall be construed to prevent the Company or a Subsidiary from creating, assuming or suffering to exist, and the
Company and its Subsidiaries are hereby expressly permitted to create, assume or suffer to exist, without securing the Notes as hereinabove provided, Liens of the following character: 

(a) Liens existing on the date hereof; 

(b) Liens securing Funded Indebtedness issued (i) pursuant to the UES First Mortgage Bond Indenture, the Unitil Realty
Corp. NPA, or Liens granted to secure the refinancing of Indebtedness related thereto; and (ii) to finance or refinance the building located at 6 Liberty Lane West, Hampton, New Hampshire or any property acquired in replacement thereof; 

(c) any purchase money mortgage or other Lien existing on any property of the Company or a Subsidiary at the time of
acquisition, whether or not assumed, or created contemporaneously with the acquisition or construction of property, to secure or provide for the payment of the purchase or construction price of such property, and any conditional sales agreement or
other title retention agreement with respect to any property hereafter acquired; provided, however, that (i) the aggregate principal amount of the Indebtedness secured by all such mortgages and other liens on a particular parcel of
property shall not exceed 100% of the lesser of the total cost or fair market value at the time of the acquisition or construction of such property, including the improvements thereon (as determined in good faith by the Board of Directors of the
Company or the relevant Subsidiary) and (ii) all such Indebtedness shall have been incurred within the applicable limitations provided in Section 10.1; 

(d) refundings or extensions of any Lien permitted by this Section 10.2 for amounts not exceeding the
principal amount of the Indebtedness so refunded or extended at the time of the refunding or extension thereof, and covering only the same property theretofore securing the same; 

(e) deposits, Liens or pledges to enable the Company or a Subsidiary to exercise any privilege or license, or to secure payment
of worker’s compensation, 

  
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unemployment insurance, old age pensions or other social security, or to secure the performance of bids, tenders, contracts or leases to which the Company or a Subsidiary is a party, or to secure
public or statutory obligations of the Company or a Subsidiary, or to secure surety, stay or appeal bonds to which the Company or a Subsidiary is a party; or other similar deposits or pledges made in the ordinary course of business; 

(f) mechanics’, workmen’s, repairmen’s, materialmen’s or carrier’s liens or other similar Liens
arising in the ordinary course of business; or deposits or pledges to obtain the release of any such Liens; 
 (g) Liens
arising out of judgments or awards against the Company or a Subsidiary (i) which judgments or awards are discharged by the Company within 60 days after entry thereof (or such shorter period of time in which a judgment creditor may execute upon
any such judgment or award), or (ii) with respect to which the Company or a Subsidiary shall in good faith be prosecuting an appeal or proceedings for review and in respect of which a stay of execution pending such appeal or proceeding for
review shall have been secured; or Liens incurred by the Company or a Subsidiary for the purpose of obtaining a stay or discharge in the course of any legal proceeding to which the Company or a Subsidiary is a party; 

(h) Liens for taxes (x) not yet subject to penalties for non-payment or (y) being contested,
provided, payment thereof is not required by Section 9.4; or minor survey exceptions, or minor encumbrances, easements or reservations of, or rights of others for, rights of way, sewers, electric lines, telegraph and
telephone lines and other similar purposes, or zoning or other restrictions as to the use of real properties, which encumbrances, easements, reservations, rights and restrictions do not in the aggregate Materially detract from the value of said
properties or Materially impair their use in the operation of the business of the Company or a Subsidiary; 
 (i)
pledges, assignments and other security devices entered into in connection with the financing or refinancing of customers’ conditional sales contracts; 

(j) Liens incurred in connection with the lease of conversion burners and water heaters to customers; 

(k) Liens incurred in connection with agreements for the financing of gas, and other fuel inventories; 

(l) Liens incurred in connection with contracts for the purchase and sale of gas and/or electric power (including transmission
charges) or Guarantees in respect of obligations under such contracts; 
 (m) contractual rights of the Company and its
Subsidiaries in connection with funds contributed and borrowed under the Cash Pooling and Loan Agreement; 

  
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 (n) Liens on property acquired through the merger or consolidation of
another utility company with or into, or the purchase of all or substantially all of the assets of another utility company by, the Company or a Subsidiary, provided that such Lien does not extend to other property of the Company or a
Subsidiary; 
 (o) Liens arising out of security interests in, and pledges by, any Utility Subsidiary’s rights
and benefits under contracts entered into in connection with participation by a Utility Subsidiary in the Hydro-Quebec Interconnection Support Agreements; 

(p) Liens incurred in connection with any nonrecourse financing secured by a Project Entity; and 

(q) Liens created or incurred after the date of Closing, in addition to those otherwise permitted by this
Section 10.2, securing Indebtedness which does not exceed in the aggregate $30,000,000 at any one time outstanding; provided that all such Indebtedness shall have been incurred within the applicable limitations provided in Section
10.1. 
 If at any time the Company or a Subsidiary shall create or assume any Lien not permitted by this Section, to
which the covenant in the first paragraph of this Section 10.2 is applicable, the Company will promptly deliver to each holder of record of the Notes then outstanding: 

(a) an Officers’ Certificate stating that the covenant of the Company contained in the first paragraph of this
Section 10.2 has been complied with; and 
 (b) an opinion of counsel addressed to such holders to the
effect that such covenant has been complied with, and that any instruments executed by the Company in the performance of such covenant comply with the requirements of such covenant. 

Notwithstanding any provision to the contrary contained in this agreement, the Company shall not permit any Lien to secured Indebtedness
outstanding under any Bank Credit Agreement without making effective provision, and the Company covenants that in any such case it will make or cause to be made effective provision, whereby the Notes then outstanding shall be secured by such Lien
equally and ratably with any and all other Indebtedness to be secured thereby pursuant to documentation reasonably acceptable to the Required Holders in substance and in form, including, without limitation, an intercreditor agreement and opinions of
counsel to the Company, from counsel that is reasonably acceptable to the Required Holders, so long as any such other Indebtedness shall be so secured. 

Section 10.3. Transactions with Affiliates. Except as described in the Company Reports or the Disclosure Documents prior to
Closing, the Company will not and will not permit any Subsidiary to enter into directly or indirectly any transaction or group of related transactions (including without limitation the purchase, lease, sale or exchange of properties of any kind or
the rendering of any service) with any Affiliate (other than the Company or another Subsidiary), except in the ordinary course and pursuant to the reasonable requirements of the Company’s or 


  
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such Subsidiary’s business and upon fair and reasonable terms no less favorable to the Company or such Subsidiary than would be obtainable in a comparable arm’s-length transaction with
a Person not an Affiliate, except as may be necessary in order for the Company to comply with requirements of any applicable state or federal statute or regulation; provided, however, that if it is not possible to identify what terms would apply to
a comparable arm’s–length transaction with a Person not an Affiliate, such transaction shall be upon such terms as shall be fair and reasonable under the circumstances. 

Section 10.4. Merger or Consolidation; Sale or Transfer of Assets. The Company will not (a) consolidate with or be a party to
a merger with any other corporation or (b) sell, lease or otherwise dispose of all or substantially all of the assets of the Company and its Subsidiaries (taken as a whole); provided, however, that the Company may consolidate or merge
with any other corporation, or sell, lease or otherwise dispose of all or substantially all of the assets of the Company and its Subsidiaries (taken as a whole), if (i) the corporation which results from such consolidation or merger or the
corporation to which the Company sells, leases or otherwise disposes of all or substantially all of its and its Subsidiaries’ (taken as a whole) assets (in either case, the “surviving corporation”) is either the Company (in the
case of a merger or consolidation), or, if not, is organized under the laws of any State of the United States or the District of Columbia (in the case of a merger, consolidation, sale, lease or other disposition), (ii) in the event that the
surviving corporation is not the Company, the obligations of the Company under this Agreement and the Notes are expressly assumed in writing by the surviving corporation and the surviving corporation shall furnish the holders of the Notes an opinion
of counsel satisfactory to such holders to the effect that the instrument of assumption has been duly authorized, executed and delivered and constitutes the legal, valid and binding contract and agreement of the surviving corporation enforceable in
accordance with its terms, except as enforcement of such terms may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles,
and (iii) at the time of such consolidation or merger or sale, lease or other disposition of all or substantially all of the Company’s and its Subsidiaries’ assets, and immediately after giving effect thereto, no Default or Event of
Default shall have occurred and be continuing; provided, further, that (x) any Utility Subsidiary will be permitted to sell its generating assets and power purchase entitlements without the consent of the Purchasers, pursuant to any
industry restructuring plan filed with and approved by a state utility regulatory agency (each such plan a “Utility Subsidiary Restructuring Plan”), (y) Unitil Realty Corp will be permitted to sell the building located at 6
Liberty Lane West, Hampton, New Hampshire, and any building acquired in replacement thereof and (z) the Company and any of its Subsidiaries will be permitted to sell its non-regulated business and assets (including its non-regulated
Subsidiaries) in an amount not to exceed 10% of Consolidated Total Assets in any 12-month period, and in each case the limitations in this Section 10.4 shall not apply to any such sale or sales. 

Section 10.5. Restrictions on Dividends. (a) Other than dividends payable solely in shares of its own common stock, the
Company will not declare or pay any dividend or make any other distribution of cash, property or assets on any shares of any class of its capital stock or apply any of its cash, property or assets (other than amounts equal to net proceeds received
from the sale of common stock of the Company subsequent to the date of this Agreement) to the  

  
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purchase or retirement of, or make any other distribution, through reduction of capital or otherwise, in respect of any shares of its capital stock (which dividends, distributions, purchases
and retirements are hereinafter referred to as “distributions”) if, after giving effect to such distribution, the aggregate amount of (i) all such distributions declared, paid, made or applied subsequent to December 31,
2015, plus (ii) all regular dividends declared on any class of Preferred Stock of the Company subsequent to December 31, 2015 and all amounts charged to retained earnings after December 31, 2015 in connection with the purchase
or retirement of any shares of Preferred Stock of the Company, would exceed an amount equal to the sum of (x) 100% of the Company’s Adjusted Net Income (Deficit) accumulated subsequent to December 31, 2015, plus (y) 100%
of the net proceeds from any common or preferred equity issuances by the Company subsequent to December 31, 2015, plus (z) $75,000,000. For the purposes of this Section 10.5, the amount of any distribution
declared, paid or distributed in property shall be deemed to be the fair market value (as determined in good faith by the Board of Directors of the Company) of such property at the time of the making of the distribution in question. 

Section 10.6. Line of Business. (a) The Company will not and will not permit any Subsidiary to engage in any business if, as
a result, the principal business of the Company and its Subsidiaries, taken as a whole, would no longer be the retail provision of electricity and natural gas through regulated utility operations. 

(b) Notwithstanding anything to the contrary contained in its charter documents, the Company shall exist solely as a holding company for its
Subsidiaries and shall not conduct any active trade or business other than the ownership of the capital stock in its Subsidiaries and activities incidental thereto. 

(c) Notwithstanding anything to the contrary herein, this Section 10.6 shall not restrict the Company’s ability to
directly or indirectly make acquisitions of or investments in companies in energy related industries, or to establish additional Subsidiaries to pursue such acquisitions or investments. 

Section 10.7. Restrictions on Subsidiaries. The Company will not permit any Subsidiary to enter into any agreement to issue
additional Funded Indebtedness that contains terms that impose additional material restrictions on such Subsidiary’s ability to pay dividends to the Company beyond the restrictions imposed by the terms of debt securities outstanding as of the
date hereof. 
 Section 10.8. Terrorism Sanctions Regulations. The Company will not and will not permit any Controlled
Entity (a) to become (including by virtue of being owned or controlled by a Blocked Person), own or control a Blocked Person or any Person that is the target of sanctions imposed by the United Nations or by the European Union, or
(b) directly or indirectly to have any investment in or engage in any dealing or transaction (including, without limitation, any investment, dealing or transaction involving the proceeds of the Notes) with any Person if such investment, dealing
or transaction (i) would cause any holder to be in violation of any law or regulation applicable to such holder, or (ii) is prohibited by or subject to sanctions under any U.S. Economic Sanctions, or (c) to engage, nor shall any
Affiliate of either engage, in any activity that could subject such Person or any holder to sanctions under CISADA or any similar law or regulation with respect to Iran or any other country that is subject to U.S. Economic Sanctions. 

  
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	SECTION 11.	EVENTS OF DEFAULT. 

 An “Event of
Default” shall exist if any of the following conditions or events shall occur and be continuing: 
 (a) the Company
defaults in the payment of any principal or Make-Whole Amount, if any, on any Note when the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or 

(b) the Company defaults in the payment of any interest on any Note for more than five Business Days after the same becomes due
and payable; or 
 (c) the Company defaults in the performance of or compliance with any term contained in any of
Section 7.1(e) or Section 10.1, Section 10.2, Section 10.4 or Section 10.5; or 

(d) the Company defaults in the performance of or compliance with any term contained herein (other than those
referred to in Sections 11(a), (b) and (c)) or, if a Guaranty Agreement is in effect, any Guarantor defaults in the performance of or compliance with any Material term of such Guaranty Agreement and such, in each case,
default is not remedied within 30 days after the earlier of (i) a Responsible Officer obtaining actual knowledge of such default and (ii) the Company or any Guarantor, as applicable, receiving written notice of such default from any holder
of a Note (any such written notice to be identified as a “notice of default” and to refer specifically to this Section 11(d)); or 

(e) any representation or warranty made in writing by the Company or a Guarantor, if any, or by any officer of the Company or
such Guarantor in this Agreement or in the Guaranty Agreement, as applicable, or in any writing furnished in connection with the transactions contemplated hereby or thereby proves to have been false or incorrect in any material respect on the date
as of which made; or 
 (f) (i) the Company or any Principal Utility Subsidiary is in default (as principal or as guarantor
or other surety) in the payment of any principal of or premium or make-whole amount or interest on any Indebtedness that is outstanding in an aggregate principal amount of at least $10,000,000 beyond any period of grace provided with respect
thereto, (ii) the Company or any Principal Utility Subsidiary is in default in the performance of or compliance with any term of any evidence of any Indebtedness in an aggregate outstanding principal amount of at least $10,000,000 or of any
mortgage, indenture or other agreement relating thereto or any other condition exists, and as a consequence of such default or condition such Indebtedness has become, or has been declared (or one or more Persons are entitled to declare such
Indebtedness to be), due and 

  
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payable before its stated maturity or before its regularly scheduled dates of payment; or (iii) as a consequence of the occurrence or continuation of any event or condition (other than the
passage of time or the right of the holder of Indebtedness to convert such Indebtedness into equity interests), (x) the Company or any Principal Utility Subsidiary has become obligated to purchase or repay Indebtedness before its regular
maturity or before its regularly scheduled dates of payment in an aggregate outstanding principal amount of at least $10,000,000, or (y) one or more Persons have the right to require the Company or any Principal Utility Subsidiary so to
purchase or repay such Indebtedness; or 
 (g) the Company or any Principal Utility Subsidiary (i) is generally not
paying, or admits in writing its inability to pay, its debts as they become due, (ii) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in
bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iii) makes an assignment for the benefit of its creditors, (iv) consents to the
appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, (v) is adjudicated as insolvent or to be liquidated, or (vi) takes corporate
action for the purpose of any of the foregoing; or 
 (h) a court or other Governmental Authority of competent jurisdiction
enters an order appointing, without consent by the Company or any of its Subsidiaries, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, or constituting an
order for relief or approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up or
liquidation of the Company or any of its Subsidiaries, or any such petition shall be filed against the Company or any of its Subsidiaries and such petition shall not be dismissed within 60 days; or 

(i) a final judgment or judgments for the payment of money aggregating in excess of $20,000,000 (in excess of insurance
available therefor), including, without limitation, any such final order enforcing a binding arbitration decision are rendered against one or more of the Company and its Subsidiaries and which judgments are not, within 60 days after entry
thereof, bonded, discharged or stayed pending appeal, or are not discharged within 60 days after the expiration of such stay; or 

(j) if a Guaranty Agreement is in effect, such Guaranty Agreement ceases to be a legally valid, binding and enforceable
obligation or contract of any Guarantor. 
  

	SECTION 12.	REMEDIES ON DEFAULT, ETC. 


Section 12.1. Acceleration. (a) If an Event of Default with respect to the Company described in
Section 11(g) or (h) (other than an Event of Default described in clause (i) of Section 11(g) or described in clause (vi) of Section 11(g) by virtue of the fact that such clause encompasses
clause (i) of Section 11(g)) has occurred, all the Notes then outstanding shall automatically become immediately due and payable. 

  
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 (b) If any other Event of Default has occurred and is continuing, any holder or holders of at
least 66 2/3% in principal amount of the Notes at the time outstanding may at any time at its or their option, by notice or notices to the Company, declare all the Notes then outstanding to be immediately due and payable. 

(c) If any Event of Default described in Section 11(a) or (b) has occurred and is continuing, any holder or
holders of Notes at the time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the Company, declare all the Notes held by it or them to be immediately due and payable. 

Upon any Notes becoming due and payable under this Section 12.1, whether automatically or by declaration, such Notes will
forthwith mature and the entire unpaid principal amount of such Notes, plus (x) all accrued and unpaid interest thereon (including, but not limited to, interest accrued thereon at the Default Rate) and (y) the Make-Whole Amount determined
in respect of such principal amount (to the full extent permitted by applicable law), shall all be immediately due and payable, in each and every case without presentment, demand, protest or further notice, all of which are hereby waived. The
Company acknowledges, and the parties hereto agree, that each holder of a Note has the right to maintain its investment in the Notes free from repayment by the Company (except as herein specifically provided for) and that the provision for payment
of a Make-Whole Amount by the Company in the event that the Notes are prepaid or are accelerated as a result of an Event of Default, is intended to provide compensation for the deprivation of such right under such circumstances. 

Section 12.2. Other Remedies. If any Default or Event of Default has occurred and is continuing, and irrespective of whether any
Notes have become or have been declared immediately due and payable under Section 12.1, the holder of any Note at the time outstanding may proceed to protect and enforce the rights of such holder by an action at law, suit
in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein or in any Note or Guaranty Agreement, or for an injunction against a violation of any of the terms hereof or thereof, or in aid of the
exercise of any power granted hereby or thereby or by law or otherwise. 
 Section 12.3. Rescission. At any
time after any Notes have been declared due and payable pursuant to Section 12.1(b) or (c), the holders of not less than 66-2/3% in principal amount of the Notes then outstanding, by written
notice to the Company, may rescind and annul any such declaration and its consequences if (a) the Company has paid all overdue interest on the Notes, all principal of and Make-Whole Amount, if any, on any Notes that are due and payable and are
unpaid other than by reason of such declaration, and all interest on such overdue principal and Make-Whole Amount, if any, and (to the extent permitted by applicable law) any overdue interest in respect of the Notes, at the Default Rate,
(b) all Events of Default and Defaults, other than non-payment of amounts that have become due solely by reason of such declaration, have been cured or have been waived pursuant to Section 17, and (c) no judgment or decree has
been entered for the payment of any monies due pursuant hereto or to the Notes. No rescission and annulment under this Section 12.3 will extend to or affect any subsequent Event of Default or Default or impair any right consequent
thereon. 

  
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 Section 12.4. No Waivers or Election of Remedies, Expenses, Etc. No course of dealing
and no delay on the part of any holder of any Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder’s rights, powers or remedies. No right, power or remedy conferred by this
Agreement, any Guaranty Agreement or any Note upon any holder thereof shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law, in equity, by statute or otherwise. Without limiting the
obligations of the Company under Section 15, the Company will pay to the holder of each Note on demand such further amount as shall be sufficient to cover all costs and expenses of such holder incurred in any enforcement or
collection under this Section 12, including, without limitation, reasonable attorneys’ fees, expenses and disbursements. 
  

	SECTION 13.	REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES. 


Section 13.1. Registration of Notes. The Company shall keep at its principal executive office, or at such other office the address
of which the Company may hereafter notify the holders of the Notes from time to time, a register for the registration and registration of transfers of Notes. The name and address of each holder of one or more Notes, each transfer thereof and the
name and address of each transferee of one or more Notes shall be registered in such register. If any holder of one or more Notes is a nominee, then (a) the name and address of the beneficial owner of such Note or Notes shall also be registered
in such register as an owner and holder thereof and (b) at any such beneficial owner’s option, either such beneficial owner or its nominee may execute any amendment, waiver, consent or other instrument pursuant to this Agreement. Prior to
due presentment for registration of transfer, the Person in whose name any Note shall be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof, and the Company shall not be affected by any notice or knowledge
to the contrary. The Company shall give to any holder of a Note that is an Institutional Investor promptly upon request therefor, a complete and correct copy of the names and addresses of all registered holders of Notes. 

Section 13.2. Transfer and Exchange of Notes. Upon surrender of any Note to the Company at the address and to the attention of the
designated officer (all as specified in Section 18(iii)), for registration of transfer or exchange (and in the case of a surrender for registration of transfer accompanied by a written instrument of transfer duly executed
by the registered holder of such Note or such holder’s attorney duly authorized in writing and accompanied by the relevant name, address and other information for notices of each transferee of such Note or part thereof), within ten Business
Days thereafter, the Company shall execute and deliver, at the Company’s expense (except as provided below), one or more new Notes (as requested by the holder thereof) in exchange therefor, in an aggregate principal amount equal to the unpaid
principal amount of the surrendered Note. Each such new Note shall be payable to such Person as such holder may request and shall be substantially in the form of the Note originally issued hereunder. Each such new Note shall be dated and bear
interest from the date to which interest shall have been paid on the surrendered Note or dated the date of the surrendered Note if no interest shall have been paid thereon. The Company may require 


  
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payment of a sum sufficient to cover any stamp tax or governmental charge imposed in respect of any such transfer of Notes. Notes shall not be transferred in denominations of less than
$100,000, provided that if necessary to enable the registration of transfer by a holder of its entire holding of Notes, one Note may be in a denomination of less than $100,000. Any transferee, by its acceptance of a Note registered in its name (or
the name of its nominee), shall be deemed to have made the representation set forth in Section 6.2 and shall be bound by the terms of this Agreement. 

Section 13.3. Replacement of Notes. Upon receipt by the Company at the address and to the attention of the designated officer (all
as specified in Section 18(iii)) of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note (which evidence shall be, in the case of an Institutional Investor,
notice from such Institutional Investor of such ownership and such loss, theft, destruction or mutilation), and 
 (a)
in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it (provided that if the holder of such Note is, or is a nominee for, an original Purchaser or another Institutional Investor that is a holder of a Note with a
minimum net worth of at least $5,000,000 or a Qualified Institutional Buyer, such Person’s own unsecured agreement of indemnity shall be deemed to be satisfactory), or 

(b) in the case of mutilation, upon surrender and cancellation thereof, 

within ten Business Days thereafter, the Company at its own expense shall execute and deliver, in lieu thereof, a new Note, dated and bearing interest from
the date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated Note if no interest shall have been paid thereon. 

 

	SECTION 14.	PAYMENTS ON NOTES. 

 Section 14.1. Place of
Payment. Subject to Section 14.2, payments of principal, Make-Whole Amount, if any, and interest becoming due and payable on the Notes shall be made in Hampton, New Hampshire, at the principal office of the Company in
such jurisdiction. The Company may at any time, by notice to each holder of a Note, change the place of payment of the Notes so long as such place of payment shall be either the principal office of the Company in such jurisdiction or the principal
office of a bank or trust company in such jurisdiction. 
 Section 14.2. Home Office Payment. So long as any Purchaser or
its nominee shall be the holder of any Note, and notwithstanding anything contained in Section 14.1 or in such Note to the contrary, the Company will pay all sums becoming due on such Note for principal, Make-Whole Amount,
if any, interest and all other amounts becoming due hereunder by the method and at the address specified for such purpose below such Purchaser’s name in Schedule A, or by such other method or at such other address as such
Purchaser shall have from time to time specified to the Company in writing for such purpose, without the presentation or surrender of such Note or the making of any notation thereon, except that upon written request of the Company made concurrently
with or reasonably promptly after payment or prepayment in full of any Note, such Purchaser shall surrender such Note for cancellation, reasonably promptly after  

  
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any such request, to the Company at its principal executive office or at the place of payment most recently designated by the Company pursuant to Section 14.1. Prior to any sale
or other disposition of any Note held by a Purchaser or its nominee, such Purchaser will, at its election, either endorse thereon the amount of principal paid thereon and the last date to which interest has been paid thereon or surrender such Note
to the Company in exchange for a new Note or Notes pursuant to Section 13.2. The Company will afford the benefits of this Section 14.2 to any Institutional Investor that is the direct or indirect transferee of any Note
purchased by a Purchaser under this Agreement and that has made the same agreement relating to such Note as the Purchasers have made in this Section 14.2. 
  

	SECTION 15.	EXPENSES, ETC. 

 Section 15.1. Transaction Expenses.
Whether or not the transactions contemplated hereby are consummated, the Company will pay all reasonable costs and expenses (including reasonable attorneys’ fees of a special counsel and, if reasonably required by the Required Holders, local or
other counsel) incurred by the Purchasers and each other holder of a Note in connection with such transactions and in connection with any amendments, waivers or consents under or in respect of this Agreement, any Guaranty Agreement or the Notes
(whether or not such amendment, waiver or consent becomes effective), including, without limitation: (a) the costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under this
Agreement, any Guaranty Agreement or the Notes or in responding to any subpoena or other legal process or informal investigative demand issued in connection with this Agreement, any Guaranty Agreement or the Notes, or by reason of being a holder of
any Note; (b) the costs and expenses, including financial advisors’ fees, incurred in connection with the insolvency or bankruptcy of the Company or any Subsidiary or in connection with any work-out or restructuring of the transactions
contemplated hereby and by the Notes and any Guaranty Agreement; and (c) the costs and expenses incurred in connection with the initial filing of this Agreement and all related documents and financial information with the SVO provided,
that such costs and expenses under this clause (c) shall not exceed $3,000. The Company will pay, and will save each Purchaser and each other holder of a Note harmless from, all claims in respect of any fees, costs or expenses, if any, of
brokers and finders (other than those, if any, retained by a Purchaser or other holder). 
 Section 15.2. Survival. The
obligations of the Company under this Section 15 will survive the payment or transfer of any Note, the enforcement, amendment or waiver of any provision of this Agreement, any Guaranty Agreement or the Notes, and the
termination of this Agreement. 
  

	SECTION 16.	SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT. 


All representations and warranties contained herein shall survive the execution and delivery of this Agreement and the Notes, the purchase or
transfer by any Purchaser of any Note or portion thereof or interest therein and the payment of any Note and may be relied upon by any subsequent holder of a Note, regardless of any investigation made at any time by or on behalf of such Purchaser or
any other holder of a Note. All statements contained in any certificate or other instrument delivered by or on behalf of the Company pursuant to this Agreement shall be 

  
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deemed representations and warranties of the Company as of the date of such statements under this Agreement. Subject to the preceding sentence, this Agreement, the Notes and any Guaranty
Agreement embody the entire agreement and understanding between each Purchaser and the Company and supersede all prior agreements and understandings relating to the subject matter hereof. 

 

	SECTION 17.	AMENDMENT AND WAIVER. 


Section 17.1. Requirements. This Agreement and the Notes may be amended, and the observance of any term hereof or of
the Notes may be waived (either retroactively or prospectively), with (and only with) the written consent of the Company and the Required Holders, except that (a) no amendment or waiver of any of the provisions of Section 1, 2, 3, 4, 5,
6 or 21 hereof, or any defined term (as it is used therein), will be effective as to any Purchaser unless consented to by such Purchaser in writing, and (b) no such amendment or waiver may, without the written consent of the holder
of each Note at the time outstanding affected thereby, (i) subject to the provisions of Section 12 relating to acceleration or rescission, change the amount or time of any prepayment or payment of principal of, or reduce the rate or
change the time of payment or method of computation of interest or of the Make-Whole Amount on, the Notes, (ii) change the percentage of the principal amount of the Notes the holders of which are required to consent to any such amendment or
waiver, or (iii) amend any of Sections 8, 11(a), 11(b), 12, 17 or 20. 
 Section 17.2.
Solicitation of Holders of Notes. 
 (a) Solicitation. The Company will provide each holder of the Notes
(irrespective of the amount of Notes then owned by it) with sufficient information, sufficiently far in advance of the date a decision is required, to enable such holder to make an informed and considered decision with respect to any proposed
amendment, waiver or consent in respect of any of the provisions hereof or of the Notes or any Guaranty Agreement. The Company will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to the provisions
of this Section 17 or any Guaranty Agreement to each holder of outstanding Notes promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite holders of
Notes. 
 (b) Payment. The Company will not directly or indirectly pay or cause to be paid any remuneration, whether by
way of supplemental or additional interest, fee or otherwise, or grant any security or provide other credit support, to any holder of Notes as consideration for or as an inducement to the entering into by any holder of Notes of any waiver or
amendment of any of the terms and provisions hereof or of any Guaranty Agreement or any Note unless such remuneration is concurrently paid, or security is concurrently granted or other credit support concurrently provided, on the same terms, ratably
to each holder of Notes then outstanding even if such holder did not consent to such waiver or amendment. 
 (c) Consent in
Contemplation of Transfer. Any consent made pursuant to this Section 17 or any Guaranty Agreement by a holder of Notes that has transferred or has agreed to transfer its Notes to the Company, any Subsidiary or any
Affiliate of the Company in connection  

  
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with such consent shall be void and of no force or effect except solely as to such holder, and any amendments effected or waivers granted or to be effected or granted that would not have been or
would not be so effected or granted but for such consent (and the consents of all other holders of Notes that were acquired under the same or similar conditions) shall be void and of no force or effect except solely as to such holder. 

Section 17.3. Binding Effect, Etc. Any amendment or waiver consented to as provided in this Section 17
or any Guaranty Agreement applies equally to all holders of Notes and is binding upon them and upon each future holder of any Note and upon the Company without regard to whether such Note has been marked to indicate such amendment or waiver. No such
amendment or waiver will extend to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair any right consequent thereon. No course of dealing between the Company and the holder of any Note
nor any delay in exercising any rights hereunder or under any Note or any Guaranty Agreement shall operate as a waiver of any rights of any holder of such Note. As used herein, the term “this Agreement” and references thereto shall
mean this Agreement as it may from time to time be amended or supplemented. 
 Section 17.4. Notes Held by Company, Etc.
Solely for the purpose of determining whether the holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement, any
Guaranty Agreement or the Notes, or have directed the taking of any action provided herein or in any Guaranty Agreement or the Notes to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Notes
then outstanding, Notes directly or indirectly owned by the Company or any of its Affiliates shall be deemed not to be outstanding. 
  

	SECTION 18.	NOTICES. 

 All notices and communications provided for hereunder shall be in
writing and sent (a) by telecopy if the sender on the same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid), or (b) by registered or certified mail with return receipt requested
(postage prepaid), or (c) by a recognized overnight delivery service (with charges prepaid). Any such notice must be sent: 

(i) if to any Purchaser or its nominee, to such Purchaser or nominee at the address specified for such communications in
Schedule A, or at such other address as such Purchaser or nominee shall have specified to the Company in writing, 

(ii) if to any other holder of any Note, to such holder at such address as such other holder shall have specified to the
Company in writing, or 
 (iii) if to the Company, to the Company at its address set forth at the beginning hereof to the
attention of Treasurer, or at such other address as the Company shall have specified to the holder of each Note in writing. 
 Notices under this
Section 18 will be deemed given only when actually received. 

  
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	SECTION 19.	REPRODUCTION OF DOCUMENTS. 

 This Agreement
and all documents relating thereto, including, without limitation, (a) consents, waivers and modifications that may hereafter be executed, (b) documents received by any Purchaser at the Closing (except the Notes themselves), and
(c) financial statements, certificates and other information previously or hereafter furnished to any Purchaser, may be reproduced by such Purchaser by any photographic, photostatic, electronic, digital, or other similar process and such
Purchaser may destroy any original document so reproduced. The Company agrees and stipulates that, to the extent permitted by applicable law, any such reproduction shall be admissible in evidence as the original itself in any judicial or
administrative proceeding (whether or not the original is in existence and whether or not such reproduction was made by such Purchaser in the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction
shall likewise be admissible in evidence. This Section 19 shall not prohibit the Company or any other holder of Notes from contesting any such reproduction to the same extent that it could contest the original, or from introducing
evidence to demonstrate the inaccuracy of any such reproduction. 
  

	SECTION 20.	CONFIDENTIAL INFORMATION. 

 For the purposes of this
Section 20, “Confidential Information” means information delivered to any Purchaser by or on behalf of the Company or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant
to this Agreement that is or was marked or labeled or otherwise adequately identified when received by such Purchaser as being confidential information of the Company or such Subsidiary, provided that such term does not include information that
(a) was publicly known or otherwise known to such Purchaser prior to the time of such disclosure, (b) subsequently becomes publicly known through no act or omission by such Purchaser or any Person acting on such Purchaser’s behalf,
(c) otherwise becomes known to such Purchaser other than through disclosure by the Company or any Subsidiary or (d) constitutes financial statements delivered to such Purchaser under Section 7.1 that are otherwise
publicly available. 
 Each Purchaser will maintain the confidentiality of and not disclose such Confidential Information in
accordance with procedures adopted by such Purchaser in good faith to protect confidential information of third parties delivered to such Purchaser, provided that such Purchaser may deliver or disclose Confidential Information to (i) its
directors, officers, employees, agents, attorneys, trustees and Affiliates (to the extent such disclosure reasonably relates to the administration of the investment represented by its Notes) who are otherwise obligated to hold confidential the
Confidential Information substantially in accordance with this Section 20, (ii) its auditors, financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in accordance
with the terms of this Section 20, (iii) any other holder of any Note, (iv) any Institutional Investor to which it sells or offers to sell such Note or any part thereof or any participation therein (if such Person has agreed in
writing prior to its receipt of such Confidential Information to be bound by the provisions of this Section 20), (v) any Person from which it offers to purchase any security of the Company (if such Person has agreed in writing prior
to its receipt of such Confidential Information to be bound by the provisions of this Section 20), (vi) any federal or state regulatory authority having  

  
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jurisdiction over such Purchaser, (vii) the NAIC or the SVO or, in each case, any similar organization, or any nationally recognized rating agency that requires access to information about
such Purchaser’s investment portfolio, or (viii) any other Person to which such delivery or disclosure may be necessary or appropriate (w) to effect compliance with any law, rule, regulation or order applicable to such Purchaser,
(x) in response to any subpoena or other legal process, (y) in connection with any litigation to which such Purchaser is a party or (z) if an Event of Default has occurred and is continuing, to the extent such Purchaser may reasonably
determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under such Purchaser’s Notes, this Agreement or any Guaranty Agreement after prior written notice provided
to the Company. 
 Any holder of a Note (and any employee, representative or other agent of such holder) may disclose to any and all
Persons, without limitation of any kind, the tax treatment and tax structure of the transaction and all materials of any kind (including opinions or other tax analyses) that are provided to the taxpayer relating to such tax treatment and tax
structure. The authorization in the immediately preceding sentence is not intended to permit, and does not permit, disclosure of any information not related to the tax treatment or tax structure of the transaction, including, for example, the
identities of participants or potential participants and any Confidential Information regarding the operations or finances of the Company or its Subsidiaries. Each holder of a Note, by its acceptance of a Note, will be deemed to have agreed to be
bound by and to be entitled to the benefits of this Section 20 as though it were a party to this Agreement. On reasonable request by the Company in connection with the delivery to any holder of a Note of information required to be
delivered to such holder under this Agreement or requested by such holder (other than a holder that is a party to this Agreement or its nominee), such holder will enter into an agreement with the Company embodying the provisions of this Section
20. 
 In the event that as a condition to receiving access to information relating to the Company or its Subsidiaries in
connection with the transactions contemplated by or otherwise pursuant to this Agreement, any Purchaser or holder of a Note is required to agree to a confidentiality undertaking (whether through IntraLinks, another secure website, a secure virtual
workspace or otherwise) which is different from this Section 20, this Section 20 shall not be amended thereby and, as between such Purchaser or such holder and the Company, this Section 20 shall supersede any such
other confidentiality undertaking. 
  

	SECTION 21.	SUBSTITUTION OF PURCHASER. 

 Each Purchaser
shall have the right to substitute any one of its Affiliates as the purchaser of the Notes that it has agreed to purchase hereunder, by written notice to the Company, which notice shall be signed by both such Purchaser and such Affiliate, shall
contain such Affiliate’s agreement to be bound by this Agreement and shall contain a confirmation by such Affiliate of the accuracy with respect to it of the representations set forth in Section 6. Upon receipt of such notice, any
reference to such Purchaser in this Agreement (other than in this Section 21), shall be deemed to refer to such Affiliate in lieu of such original Purchaser. In the event that such Affiliate is so substituted as a Purchaser hereunder and
such Affiliate thereafter transfers to such original Purchaser all of the Notes then held by such Affiliate, upon receipt by the Company of  

  
 -39- 








 
notice of such transfer, any reference to such Affiliate as a “Purchaser” in this Agreement (other than in this Section 21), shall no longer be deemed to refer to such
Affiliate, but shall refer to such original Purchaser, and such original Purchaser shall again have all the rights of an original holder of the Notes under this Agreement. 

 

	SECTION 22.	MISCELLANEOUS. 

 Section 22.1. Successors and Assigns. All covenants
and other agreements contained in this Agreement by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns (including, without limitation, any subsequent holder of a Note) whether so
expressed or not. 
 Section 22.2. Payments Due on Non-Business Days. Anything in this Agreement or the Notes to the
contrary notwithstanding (but without limiting the requirement in Section 8.5 that the notice of any optional prepayment specify a Business Day as the date fixed for such prepayment), any payment of principal of or
Make-Whole Amount or interest on any Note that is due on a date other than a Business Day shall be made on the next succeeding Business Day without including the additional days elapsed in the computation of the interest payable on such next
succeeding Business Day; provided that if the maturity date of any Note is a date other than a Business Day, the payment otherwise due on such maturity date shall be made on the next succeeding Business Day and shall include the additional
days elapsed in the computation of interest payable on such next succeeding Business Day. 
 Section 22.3. Accounting
Terms. All accounting terms used herein which are not expressly defined in this Agreement have the meanings respectively given to them in accordance with GAAP. Except as otherwise specifically provided herein, (i) all computations made
pursuant to this Agreement shall be made in accordance with GAAP, and (ii) all financial statements shall be prepared in accordance with GAAP. For purposes of determining compliance with this Agreement (including, without limitation,
Section 9, Section 10 and the definition of “Indebtedness”), any election by the Company to measure any financial liability using fair value (as permitted by Financial Accounting
Standards Board Accounting Standards Codification Topic No. 825-10-25 – Fair Value Option, International Accounting Standard 39 – Financial
Instruments: Recognition and Measurement or any similar accounting standard) shall be disregarded and such determination shall be made as if such election had not been made.  

Section 22.4. Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by
law) not invalidate or render unenforceable such provision in any other jurisdiction. 
 Section 22.5. Construction, Etc.
Each covenant contained herein shall be construed (absent express provision to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision)
be deemed to excuse compliance with any other covenant. Where any provision herein refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly
or indirectly by such Person. 

  
 -40- 








 For the avoidance of doubt, all Schedules and Exhibits attached to this Agreement shall be deemed
to be a part hereof. 
 Section 22.6. Counterparts. This Agreement may be executed in any number of counterparts, each of which
shall be an original but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto. 

SECTION 22.7. GOVERNING LAW. THIS AGREEMENT
SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF
THE PARTIES SHALL BE GOVERNED BY, THE LAW OF THE STATE OF
NEW YORK EXCLUDING CHOICE-OF-LAW PRINCIPLES OF
THE LAW OF SUCH STATE THAT WOULD PERMIT THE APPLICATION OF THE
LAWS OF A JURISDICTION OTHER THAN SUCH STATE. 

SECTION 22.8. JURISDICTION AND PROCESS; WAIVER
OF JURY TRIAL. (A) THE COMPANY IRREVOCABLY SUBMITS TO THE
NON-EXCLUSIVE JURISDICTION OF ANY NEW YORK STATE OR FEDERAL COURT
SITTING IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK, OVER
ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR THE NOTES. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, THE COMPANY IRREVOCABLY WAIVES AND AGREES NOT TO ASSERT, BY WAY
OF MOTION, AS A DEFENSE OR OTHERWISE, ANY CLAIM THAT IT IS
NOT SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, ANY OBJECTION THAT
IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE
OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT
AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN
ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

(B) THE COMPANY CONSENTS TO PROCESS
BEING SERVED BY OR ON BEHALF OF ANY HOLDER OF NOTES IN
ANY SUIT, ACTION OR PROCEEDING OF THE NATURE REFERRED TO IN
SECTION 22.8(A) BY MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED
MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID, RETURN
RECEIPT REQUESTED, TO IT AT ITS ADDRESS SPECIFIED IN SECTION 18 OR
AT SUCH OTHER ADDRESS OF WHICH SUCH HOLDER SHALL THEN HAVE BEEN
NOTIFIED PURSUANT TO SAID SECTION. THE COMPANY AGREES THAT SUCH SERVICE
UPON RECEIPT (I) SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE
OF PROCESS UPON IT IN ANY SUCH SUIT, ACTION OR PROCEEDING AND
(II) SHALL, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, BE
TAKEN AND HELD TO BE VALID PERSONAL SERVICE UPON AND PERSONAL
DELIVERY TO IT. NOTICES HEREUNDER SHALL BE CONCLUSIVELY PRESUMED RECEIVED AS
EVIDENCED BY A DELIVERY RECEIPT FURNISHED BY THE UNITED STATES POSTAL
SERVICE OR ANY REPUTABLE COMMERCIAL DELIVERY SERVICE. 

(C) NOTHING IN THIS SECTION 22.8 SHALL
AFFECT THE RIGHT OF ANY HOLDER OF A NOTE TO SERVE PROCESS
IN ANY MANNER PERMITTED BY LAW, OR LIMIT ANY RIGHT THAT THE
HOLDERS OF ANY OF THE NOTES MAY HAVE TO BRING PROCEEDINGS AGAINST
THE COMPANY IN THE COURTS OF ANY APPROPRIATE JURISDICTION OR TO
ENFORCE IN ANY LAWFUL MANNER A JUDGMENT OBTAINED IN ONE JURISDICTION
IN ANY OTHER JURISDICTION. 

  
 -41- 








 (D) THE PARTIES HERETO
HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH
RESPECT TO THIS AGREEMENT, THE NOTES OR ANY OTHER DOCUMENT EXECUTED
IN CONNECTION HEREWITH OR THEREWITH. 
 [SIGNATURE
PAGES FOLLOW] 

  
 -42- 








 If you are in agreement with the foregoing, please sign the form of agreement on a counterpart of
this Agreement and return it to the Company, whereupon this Agreement shall become a binding agreement between you and the Company. 
  

			
	Very truly yours,
	
	UNITIL CORPORATION
		
	By	 	 /s/ Mark H. Collin

	Name:	 	Mark H. Collin
	Title:	 	Senior Vice President,
		 	Chief Financial Officer & Treasurer









 Accepted as of the date first written above. 

 

			
	METROPOLITAN LIFE INSURANCE COMPANY
		
	By:	 	 /s/ John A. Wills

	Name:	 	John A. Wills
	Title:	 	Managing Director
	
	LINCOLN BENEFIT LIFE COMPANY
		
	by	 	MetLife Investment Advisors, LLC, Its
		 	Investment Manager
		
	By:	 	 /s/ C. Scott Inglis

	Name:	 	C. Scott Inglis
	Title:	 	Managing Director









 Accepted as of the date first written above. 

 

			
	UNITED OF OMAHA LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Lee R. Martin

	Name:	 	Lee R. Martin
	Title:	 	Vice President
	
	COMPANION LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Lee R. Martin

	Name:	 	Lee R. Martin
	Title:	 	Vice President










					
		  	 INFORMATION RELATING TO PURCHASERS

 
 SCHEDULE A
	  	(General Acct@Chase)

  

					
	 Name of and Address

of Purchaser
	  	Principal Amount of Notes
to be Purchased	 
	 METROPOLITAN LIFE INSURANCE COMPANY
	  	$	11,200,000	  
	 1095 Avenue of the Americas
	  			
	 New York, New York 10036
	  			

 (Securities to be registered in the name of Metropolitan Life Insurance Company) 

 

	(1)	All scheduled payments of principal and interest by wire transfer of immediately available funds to: 

  

			
	Bank Name:	  	JPMorgan Chase Bank
	ABA Routing #:	  	021-000-021
	Account No.:	  	002-2-410591
	Account Name:	  	Metropolitan Life Insurance Company
	Ref:	  	BME1R3XR3– Unitil Corp, 3.70% due 8/1/2026

 with sufficient information to identify the source and application of such funds, including issuer, PPN#,
interest rate, maturity and whether payment is of principal, interest, make whole amount or otherwise. 
 For all payments other than
scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the absence of instructions to the contrary, will make such payments to the account and in the manner set forth above. 

 

	(2)	All notices and communications: 

 Metropolitan Life Insurance Company 

Investments, Private Placements 

P.O. Box 1902 
 10 Park Avenue

 Morristown, New Jersey 07962-1902 

Attention: Nancy Doyle, Director 

Emails: PPUCompliance@metlife.com     and     ndoyle@metlife.com 

With a copy OTHER than with respect to deliveries of financial statements to: 

Metropolitan Life Insurance Company 

P.O. Box 1902 
 10 Park Avenue

 Morristown, New Jersey 07962-1902 

Attention: Chief Counsel-Investments Law (PRIV) 

Email: sec_invest_law@metlife.com 

  
 SCHEDULE A

 (to Note Purchase Agreement) 









	(3)	Original notes delivered to: 

 Metropolitan Life Insurance Company 

Investments Law 
 P.O. Box 1902

 10 Park Avenue 
 Morristown,
New Jersey 07962-1902 
 Attention: John Jasey, Esq. 
  

	(4)	Taxpayer I.D. Number: 13-5581829 

  

	(5)	UK Passport Treaty Number (if applicable): 13/M/61303/DTTP 


  
 A- 2 









					
		  	SCHEDULE A	  	(portfolio RL5 for USD)

  

					
	 Name of and Address

of Purchaser
	  	Principal Amount of Notes
to be Purchased	 
	 Lincoln Benefit Life Company
	  	$	4,000,000	  
	5600 N. River Road	  			
	Columbia Centre 1, Suite 300	  			
	Rosemont, IL 60018	  			

 Securities to be registered in the name of Lincoln Benefit Life Company 

 

	(6)	All scheduled payments of principal and interest by wire transfer of immediately available funds to: 

  

			
	 Bank Name:
	  	Citibank, N.A.
	 Location:
	  	New York, NY
	 ABA:
	  	021000089
	 A/C#:
	  	36858201
	 A/C Name:
	  	Insurance Concentration Account
	 FFC:
	  	LBL Other Life – Other (MetL) AC#: 234077
	 Ref.:
	  	Unitil Corp, 3.70% due 8/1/2026

 with sufficient information to identify the source and application of such funds, including issuer, PPN#,
interest rate, maturity and whether payment is of principal, interest, make whole amount or otherwise. 
 For all payments other than
scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the absence of instructions to the contrary, will make such payments to the account and in the manner set forth above. 

 

	(7)	All notices and communications: 

 Lincoln Benefit Life Company 

c/o MetLife Investment Advisors, LLC 

Investments, Private Placements 

P.O. Box 1902, 10 Park Avenue 

Morristown, New Jersey 07962-1902 

Attention: Nancy Doyle, Director 

Emails: PPUCompliance@metlife.com     and     ndoyle@metlife.com 

With a copy OTHER than with respect to deliveries of financial statements to: 

Lincoln Benefit Life Company 

c/o MetLife Investment Advisors, LLC 

P.O. Box 1902, 10 Park Avenue 

Morristown, NJ 07962-1902 

Attention: Chief Counsel-Investments Law (PRIV) 

Email: sec_invest_law@metlife.com 

and 

  
 A- 3 








 Lincoln Benefit Life Company 

Attention: Karl Chappell 
 5600 N.
River Road 
 Columbia Centre 1, Suite 300 

Rosemont, IL 60018 
  

	(8)	Original notes delivered to: : (Physical Note) 

 Citibank 908 

DTC NY Window 
 55 Water Street, 3rd floor 
 New York, NY. 10041 

A/c Number: LBL Other Life – Other (MetL) AC#: 234077 

With COPIES OF THE NOTES emailed to jjasey@metlife.com 
  

	(9)	Taxpayer I.D. Number: 47-0221457 

  

	(10)	UK Passport Treaty Number (if applicable): N/A 


  
 A- 4 









					
		  	SCHEDULE A	  	(portfolio RL4 for USD)

  

					
	 Name of and Address

of Purchaser
	  	Principal Amount of Notes
to be Purchased	 
	 Lincoln Benefit Life Company
	  	$	3,800,000	  
	 5600 N. River Road
	  			
	 Columbia Centre 1, Suite 300
	  			
	 Rosemont, IL 60018
	  			

 Securities to be registered in the name of Lincoln Benefit Life Company 

 

	(1)	All scheduled payments of principal and interest by wire transfer of immediately available funds to: 

  

			
	 Bank Name:
	  	Citibank, N.A.
	 Location:
	  	New York, NY
	 ABA:
	  	021000089
	 A/C#:
	  	36858201
	 A/C Name:
	  	Insurance Concentration Account
	 FFC:
	  	LBL Other Annuity – Other (MetL) AC#: 234076
	 Ref.:
	  	Unitil Corp, 3.70% due 8/1/2026

 with sufficient information to identify the source and application of such funds, including issuer, PPN#,
interest rate, maturity and whether payment is of principal, interest, make whole amount or otherwise. 
 For all payments other than
scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the absence of instructions to the contrary, will make such payments to the account and in the manner set forth above. 

 

	(2)	All notices and communications: 

 Lincoln Benefit Life Company 

c/o MetLife Investment Advisors, LLC 

Investments, Private Placements 

P.O. Box 1902, 10 Park Avenue 

Morristown, New Jersey 07962-1902 

Attention: Nancy Doyle, Director 

Emails: PPUCompliance@metlife.com     and     ndoyle@metlife.com 

With a copy OTHER than with respect to deliveries of financial statements to: 

Lincoln Benefit Life Company 

c/o MetLife Investment Advisors, LLC 

P.O. Box 1902, 10 Park Avenue 

Morristown, NJ 07962-1902 

Attention: Chief Counsel-Investments Law (PRIV) 

Email: sec_invest_law@metlife.com 

and 

  
 A- 5 








 Lincoln Benefit Life Company 

5600 N. River Road 
 Columbia
Centre 1, Suite 300 
 Rosemont, IL 60018 
  

	(3)	Original notes delivered to: (Physical Note) 

 Citibank 908 

DTC NY Window 
 55 Water Street,
3rd floor 
 New York, NY. 10041 

A/c Number: LBL Other Life – Other (MetL) AC#: 234076 

With COPIES OF THE NOTES emailed to jjasey@metlife.com 
  

	(4)	Taxpayer I.D. Number: 47-0221457 

  

	(5)	UK Passport Treaty Number (if applicable): N/A 


  
 A- 6 









					
		  	SCHEDULE A	  	(portfolio RL2 for USD)

  

					
	 Name of and Address

of Purchaser
	  	Principal Amount of Notes
to be Purchased	 
	 Lincoln Benefit Life Company
	  	$	1,000,000	  
	 5600 N. River Road
	  			
	 Columbia Centre 1, Suite 300
	  			
	 Rosemont, IL 60018
	  			

 Securities to be registered in the name of Lincoln Benefit Life Company 

 

	(6)	All scheduled payments of principal and interest by wire transfer of immediately available funds to: 

  

			
	 Bank Name:
	  	Citibank, N.A.
	 Location:
	  	New York, NY
	 ABA:
	  	021000089
	 A/C#:
	  	36858201
	 A/C Name:
	  	Insurance Concentration Account
	 FFC:
	  	LBL Lancaster Funds Withheld – Other (MetL) AC#: 234073
	 Ref.:
	  	Unitil Corp, 3.70% due 8/1/2026

 with sufficient information to identify the source and application of such funds, including issuer, PPN#,
interest rate, maturity and whether payment is of principal, interest, make whole amount or otherwise. 
 For all payments other than
scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the absence of instructions to the contrary, will make such payments to the account and in the manner set forth above. 

 

	(7)	All notices and communications: 

 Lincoln Benefit Life Company 

c/o MetLife Investment Advisors, LLC 

Investments, Private Placements 

P.O. Box 1902, 10 Park Avenue 

Morristown, New Jersey 07962-1902 

Attention: Nancy Doyle, Director 

Emails: PPUCompliance@metlife.com     and     ndoyle@metlife.com 

With a copy OTHER than with respect to deliveries of financial statements to: 

Lincoln Benefit Life Company 

c/o MetLife Investment Advisors, LLC 

P.O. Box 1902, 10 Park Avenue 

Morristown, NJ 07962-1902 

Attention: Chief Counsel-Investments Law (PRIV) 

Email: sec_invest_law@metlife.com 

and 

  
 A- 7 








 Lincoln Benefit Life Company 

5600 N. River Road 
 Columbia
Centre 1, Suite 300 
 Rosemont, IL 60018 
  

	(8)	Original notes delivered to: (Physical Note) 

 Citibank 908 

DTC NY Window 
 55 Water Street,
3rd floor 
 New York, NY. 10041 

A/c Number: LBL Other Life – Other (MetL) AC#: 234073 

With COPIES OF THE NOTES emailed to jjasey@metlife.com 
  

	(9)	Taxpayer I.D. Number: 47-0221457 

  

	(10)	UK Passport Treaty Number (if applicable): N/A 


  
 A- 8 









					
	 NAME OF AND ADDRESS

OF PURCHASER
	  	 PRINCIPAL AMOUNT OF

NOTES TO BE PURCHASED
	 
	 UNITED OF OMAHA LIFE INSURANCE COMPANY
	  	$	5,000,000	  
	 (Funds Withheld Account)
	  			

 Chase Private Placement Delivery, Payment and Notice Instructions 

 

	1.	Notes to be registered in the name of 

 UNITED OF OMAHA LIFE INSURANCE COMPANY 

 

	2.	Tax I.D. # is 47-0322111. 

  

	3.	All principal and interest payments on the Notes shall be made by wire transfer of immediately available funds to: 


JPMorgan Chase Bank 
 ABA
#021000021 
 Private Income Processing 

For credit to: 
 United of Omaha
Funds Withheld Account 
 Account # 900-9000200 

a/c: G20071 
 Cusip/PPN: 913259
A@6 
 Interest Amount: 

Principal Amount: 
  

	4.	Address for delivery of bonds: 

 JPMorgan Chase Bank 

4 Chase Metrotech Center, 3rd Floor 

Brooklyn, NY 11245-0001 

Attention: Physical Receive Department 

Account # G20071 
 **It is
imperative that the custody account be included on the delivery letter. Without this information, the security will be returned to the sender. 
  

	5.	Address for all notices in respect of payment of Principal and Interest, Corporate Actions, and Reorganization Notifications: 


JPMorgan Chase Bank 
 14201
Dallas Parkway - 13th Floor 
 Dallas, TX 75254-2917 

Attn: Income Processing 
 a/c:
G20071 

  
 A- 9 









	6.	Address for all other communications (i.e.: Quarterly/Annual reports, Tax filings, Modifications, Waivers regarding the indenture): 


4 - Investment Accounting 

United of Omaha Life Insurance Company (Funds Withheld Account) 

3300 Mutual of Omaha Plaza 

Omaha, NE 68175-1011 
 Email
Address for Electronic Document Transmission: privateplacements@mutualofomaha.com 
  

	7.	HMRC Passport #: 13/U/60577/DTTP 


  
 A- 10 









					
	 NAME OF AND ADDRESS

OF PURCHASER
	  	 PRINCIPAL AMOUNT OF

NOTES TO BE PURCHASED
	 
	 UNITED OF OMAHA LIFE INSURANCE COMPANY
	  	$	3,000,000	  

  

	1.	Notes to be registered in the name of 

 UNITED OF OMAHA LIFE INSURANCE COMPANY 

 

	2.	Tax I.D. # is 47-0322111. 

  

	3.	All principal and interest payments on the Notes shall be made by wire transfer of immediately available funds to: 


JPMorgan Chase Bank 
 ABA
#021000021 
 Private Income Processing 

For credit to: 
 United of Omaha
Life Insurance Company 
 Account # 900-9000200 

a/c: G07097 
 Cusip/PPN: 913259
A@6 
 Interest Amount: 

Principal Amount: 
  

	4.	Address for delivery of bonds: 

 JPMorgan Chase Bank 

4 Chase Metrotech Center, 3rd Floor 

Brooklyn, NY 11245-0001 

Attention: Physical Receive Department 

Account# G07097 
 **It is
imperative that the custody account be included on the delivery letter. Without this information, the security will be returned to the sender. 
  

	5.	Address for all notices in respect of payment of Principal and Interest, Corporate Actions, and Reorganization Notifications: 


JPMorgan Chase Bank 
 14201
Dallas Parkway - 13th Floor 
 Dallas, TX 75254-2917 

Attn: Income Processing 
 a/c:
G07097 

  
 A- 11 









	6.	Address for all other communications (i.e.: Quarterly/Annual reports, Tax filings, Modifications, Waivers regarding the indenture): 


4 - Investment Management 

United of Omaha Life Insurance Company 

3300 Mutual of Omaha Plaza 

Omaha, NE 68175-1011 
 Email
Address for Electronic Document Transmission: privateplacements@mutualofomaha.com 

  
 A- 12 









					
	 NAME OF AND ADDRESS

OF PURCHASER
	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	COMPANION LIFE INSURANCE COMPANY	  	$	2,000,000	  
	Chase Private Placement Delivery, Payment and Notice Instructions	  			

  

	1.	Notes to be registered in the name of 

 COMPANION LIFE INSURANCE COMPANY 

 

	2.	Tax I.D. # is 13-1595128 

  

	3.	All principal and interest payments on the Notes shall be made by wire transfer of immediately available funds to: 


JPMorgan Chase Bank 
 ABA
#021000021 
 Private Income Processing 

For credit to: 
 Companion Life
Insurance Company 
 Account # 900-9000200 

a/c: - G07903 
 Cusip/PPN: 913259
A@6 
 Interest Amount: 

Principal Amount: 
  

	4.	Address for delivery of bonds: 

 JPMorgan Chase Bank 

4 Chase Metrotech Center, 3rd Floor 

Brooklyn, NY 11245-0001 

Attention: Physical Receive Department 

Account # G07903 
 ** It is
imperative that the custody account be included on the delivery letter. Without this information, the security will be returned to the sender. 
  

	5.	Address for all notices in respect of payment of Principal and Interest, Corporate Actions,                      and
Reorganization Notifications: 

 JPMorgan Chase Bank 

14201 Dallas Parkway – 13th Floor 

Dallas, TX 75254-2917 
 Attn:
Income Processing 
 a/c: G07903 

  
 A- 13 









	6.	Address for all other communications (i.e.: Quarterly/Annual reports, Tax filings, Modifications, Waivers regarding the indenture): 


4 - Investment Management 

Mutual of Omaha Insurance Company 

3300 Mutual of Omaha Plaza 

Omaha, NE 68175-1011 
 Email
Address for Electronic Document Transmission: privateplacements@mutualofomaha.com 

  
 A- 14 








 DEFINED TERMS 

As used herein, the following terms have the respective meanings set forth below or set forth in the Section hereof following such term: 

“Adjusted Net Income (Deficit)” means the amount of net income (or if such net income is a deficit, the amount of such
deficit) of the Company and its Subsidiaries for the period in question (taken as a cumulative whole) transferred to the retained earnings account on the books and records of the Company on a consolidated basis, as determined in accordance with
GAAP, excluding any extraordinary non-cash gains and losses. 
 “Affiliate” means, at any time, and with respect to
any Person, any other Person that at such time directly or indirectly through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person, and, with respect to the Company, shall include any Person
beneficially owning or holding, directly or indirectly, 20% or more of any class of voting or equity interests of the Company or any Person of which the Company and its Subsidiaries beneficially own or hold, in the aggregate, directly or indirectly,
20% or more of any class of voting or equity interests. As used in this definition, “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether
through the ownership of voting securities, by contract or otherwise. Unless the context otherwise clearly requires, any reference to an “Affiliate” is a reference to an Affiliate of the Company. 

“Agreement” means this Agreement, including all Schedules attached to this Agreement, as it may be amended, restated,
supplemented or otherwise modified from time to time. 
 “Anti-Corruption
Laws” is defined in Section 5.16(d)(1). 
 “Anti-Money
Laundering Laws” is defined in Section 5.16(c). 
 “Anti-Terrorism Order” means
Executive Order No. 13,224 of September 24, 2001, Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit or Support Terrorism, 66 U.S. Fed. Reg. 49, 079 (2001), as amended. 

“Bank Credit Agreement” means any existing or future bank credit facility or combination of bank credit facilities of greater
than $10,000,000 entered into by the Company. 
 “Blocked Person” is defined in Section
5.16(a). 
 “Business Day” means (a) for the purposes of Section 8.6 only, any
day other than a Saturday, a Sunday or a day on which commercial banks in New York City are required or authorized to be closed, and (b) for the purposes of any other provision of this Agreement, any day other than a Saturday, a Sunday or a day
on which commercial banks in New York, New York or Manchester, New Hampshire are required or authorized to be closed. 

  
 SCHEDULE B

 (to Note Purchase Agreement) 








 “Calculation Worksheet” means, with respect to the fiscal quarter in question, a
worksheet setting forth, on the basis, and as of the date, of the financial statements most recently delivered to the Holders: 
 (a) the
ratio of (i) Funded Indebtedness to (ii) Total Capitalization of the Company; 
 (b) the ratio of (i) Earnings
Available for Interest of the Company and its Subsidiaries for the twelve (12) consecutive calendar months immediately preceding the fiscal quarter in question to (ii) the aggregate scheduled interest payments (determined on a
consolidated basis) payable by Company and its Subsidiaries in respect of Funded Indebtedness during the twelve (12) month period beginning on the first day of the fiscal quarter in question; and 

(c) the amount by which: 

(i) the sum of (A) 100% of the Company’s Adjusted Net Income (Deficit) accumulated subsequent to December 31,
2015, plus (B) 100% of the net proceeds from any common or preferred equity issuances by the Company subsequent to December 31, 2015, plus (C) $75,000,000, exceeds 

(ii) without duplication, the sum of (A) all distributions (other than distributions or dividends payable solely in
shares of the Company’s or any of its Subsidiaries’ common stock) declared, paid, made or applied subsequent to December 31, 2015, plus (B) all regular dividends declared on any class of Preferred Stock of the Company
subsequent to December 31, 2015 and all amounts charged to retained earnings after December 31, 2015 in connection with the purchase or retirement of any shares of Preferred Stock of the Company provided that, for the purposes of
the foregoing calculation, the amount of any distribution (other than distributions or dividends payable solely in shares of the Company’s or any of its Subsidiaries’ common stock) declared, paid or distributed in property shall be deemed
to be the fair market value (as determined in good faith by the Board of Directors of the Company) of such property at the time of the making of the distribution in question. 

“Capital Lease” means, at any time, a lease with respect to which the lessee is required concurrently to recognize the
acquisition of an asset and the incurrence of a liability in accordance with GAAP. 
 “Cash Pooling and Loan Agreement”
means the cash pooling and loan agreement, as amended and restated, dated December 1, 2008, between the Company and certain of its Subsidiaries, as further amended from time to time. 

“CISADA” is defined in Section 5.16(a). 

“Closing” is defined in Section 3. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated
thereunder from time to time. 

  
 B-2 








 “Company” means Unitil Corporation, a New Hampshire corporation,
or any successor that becomes such in the manner prescribed in Section 10.4. 
 “Company Reports” means
the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, and any Current Report on form 8-K filed after December 31,
2015. 
 “Confidential Information” is defined in Section 20. 

“Consolidated Total Assets” means consolidated total assets of the Company and its Subsidiaries, determined on a consolidated
basis in accordance with GAAP. 
 “Controlled Entity” means (i) any of the Subsidiaries of the Company and any
of their or the Company’s respective Controlled Affiliates and (ii) if the Company has a parent company, such parent company and its Controlled Affiliates. As used in this definition, “Control” means the possession,
directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 

“Default” means an event or condition the occurrence or existence of which would, with the lapse of time or the giving of
notice or both, become an Event of Default. 
 “Default Rate” means that rate of interest per annum that is the
greater of (i) 2% above the rate of interest stated in clause (a) of the first paragraph of the Notes or (ii) 2% over the rate of interest publicly announced by Bank of America, N.A. in Charlotte, North Carolina as its
“base” or “prime” rate. 
 “Disclosure Documents” is defined in
Section 5.3. 
 “EDGAR” means the SEC’s Electronic Data Gathering, Analysis and
Retrieval System or any successor SEC electronic filing system for such purposes. 
 “Earnings Available for Interest” of
the Company for any period shall mean the amount by which (a) the sum of the operating revenues of the Company received in the ordinary course of business for such period, allowances for funds used during construction, interest income, and net non-operating income (loss) of the Company for such period, computed in accordance with GAAP and as set forth on a consolidated statement of earnings for the Company for such period, exceeds (b) the sum of all
operating expenses of the Company for such period (but not including depreciation and amortization or any provision for Federal or state taxes on income or portions thereof for the period for which earnings are being computed), computed in
accordance with GAAP and as set forth on a consolidated statement of earnings for the Company for such period. 
 “Electronic
Delivery” is defined in Section 7.1(a). 
 “Environmental Laws” means any and all
federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants,  

  
 B-3 








 
franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any materials into the environment, including but not
limited to those related to Hazardous Materials. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect. 
 “ERISA
Affiliate” means any trade or business (whether or not incorporated) that is treated as a single employer together with the Company under section 414 of the Code. 

“Event of Default” is defined in Section 11. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder
from time to time in effect. 
 “FERC” means the Federal Energy Regulatory Commission and any successor Governmental
Authority thereto. 
 “Form 10-K” is defined in
Section 7.1(b). 
 “Form 10-Q” is defined in
Section 7.1(a). 
 “Funded Indebtedness” of any Person as of any date as of which the amount thereof is
to be determined, means all Indebtedness of such Person required to be paid more than one year from the date as of which it was incurred, but there shall be excluded sinking fund, serial maturity, periodic installment and amortization payments on
account of Indebtedness and that are required to be made within one year from the date as of which the determination of Funded Indebtedness is being made. With respect to the Company, Funded Indebtedness shall also include the aggregate par value of
Preferred Stock issued by Subsidiaries of the Company (but not Preferred Stock issued by the Company). Notwithstanding the foregoing, Funded Indebtedness shall not include: (a) obligations under contracts for the purchase of gas and electric
power, including transmission charges or Guaranties in respect of such obligations; (b) pension and benefit obligations, whether or not absolute or contingent or included, in accordance with GAAP, in determining total liabilities on the balance
sheet; (c) obligations under operating leases; (d) obligations relating to the sale of generating assets and power purchase entitlements as provided for in any Utility Subsidiary Restructuring Plan; (e) amounts owed to or by the
Company or any Subsidiary under the Cash Pooling and Loan Agreement; and (f) obligations under nonrecourse financing of any Project Entity. 

“GAAP” means generally accepted accounting principles as in effect from time to time in the United States of America.

 “Governmental Authority” means 

(a) the government of 

  
 B-4 








 (i) the United States of America or any State or other political subdivision
thereof, or 
 (ii) any other jurisdiction in which the Company or any Subsidiary conducts all or any part of its business,
or which asserts jurisdiction over any properties of the Company or any Subsidiary, or 
 (b) any entity exercising
executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any such government. 
 “Governmental
Official” means any governmental official or employee, employee of any government-owned or government-controlled entity, political party, any official of a
political party, candidate for political office, official of any public international organization or anyone else acting in an official capacity. 

“Guarantor” means each Person who is a party to the Guaranty Agreement and is otherwise required to comply with the
requirements of Section 9.8. 
 “Guaranty” means, with respect to any Person, any
obligation (except the endorsement in the ordinary course of business of negotiable instruments for deposit or collection) of such Person guaranteeing or in effect guaranteeing any indebtedness, dividend or other obligation of any other Person in
any manner, whether directly or indirectly, including (without limitation) obligations incurred through an agreement, contingent or otherwise, by such Person: 

(a) to purchase such indebtedness or obligation or any property constituting security therefor; 

(b) to advance or supply funds (i) for the purchase or payment of such indebtedness or obligation, or (ii) to
maintain any working capital or other balance sheet condition or any income statement condition of any other Person or otherwise to advance or make available funds for the purchase or payment of such indebtedness or obligation; 

(c) to lease properties or to purchase properties or services primarily for the purpose of assuring the owner of such
indebtedness or obligation of the ability of any other Person to make payment of the indebtedness or obligation; or 
 (d)
otherwise to assure the owner of such indebtedness or obligation against loss in respect thereof. 
 In any computation of the indebtedness or other
liabilities of the obligor under any Guaranty, the indebtedness or other obligations that are the subject of such Guaranty shall be assumed to be direct obligations of such obligor. 

“Guaranty Agreement” means any Guaranty Agreement delivered pursuant to Section 9.8 the terms of
which are substantially similar to the applicable guaranty or other obligation being provided under the Bank Credit Agreement and otherwise in a form reasonably acceptable to the Required Holders.  

  
 B-5 








 “Hazardous Materials” means any and all pollutants, toxic or hazardous wastes or
other substances that might pose a hazard to health and safety, the removal of which may be required or the generation, manufacture, refining, production, processing, treatment, storage, handling, transportation, transfer, use, disposal, release,
discharge, spillage, seepage or filtration of which is or shall be restricted, prohibited or penalized by any applicable law including, but not limited to, asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, petroleum, petroleum
products, lead based paint, radon gas or similar restricted, prohibited or penalized substances. 
 “holder” means,
with respect to any Note the Person in whose name such Note is registered in the register maintained by the Company pursuant to Section 13.1, provided, however, that if such Person is a nominee, then for the purposes
of Sections 7, 12, 17.2 and 18 and any related definitions in this Schedule B, “holder” shall mean the beneficial owner of such Note
whose name and address appears in such register. 
 “Hydro-Quebec Interconnection Support Agreements” means the
agreements pursuant to which the Company and approximately sixty other members of the New England Power Pool have agreed to support the high voltage direct current transmission lines and associated conversions and supporting alternating current
transmission facilities to allow for the import and export of power between New England and Quebec. 

“Indebtedness” with respect to any Person means, at any time, without duplication, 

(a) its liabilities for borrowed money; 

(b) all liabilities which would appear on its balance sheet in accordance with GAAP in respect of Synthetic Leases if such
Synthetic Leases were accounted for as Capital Leases; 
 (c) obligations due in respect of Capital Leases which, taking
together such obligations for all Capital Leases of such Person, aggregate $5,000,000 or more in the twelve month period following the date on which Indebtedness is being determined; 

(d ) its liabilities for the deferred purchase price of property acquired by such Person (excluding accounts payable arising in
the ordinary course of business and liabilities pertaining to the regulated purchase of electricity and natural gas supply in the ordinary course of business, but, in any event, including all liabilities created or arising under any conditional sale
or other title retention agreement with respect to any such property); and 
 (e) without duplication, any Guaranty of such
Person with respect to liabilities of a type described in any of clauses (a) through (d) above. 

  
 B-6 








 “INHAM Exemption” is defined in Section 6.2(e).

 “Institutional Investor” means (a) any Purchaser of a Note, (b) any holder of a Note holding (together
with one or more of its affiliates) more than 5% of the aggregate principal amount of the Notes then outstanding, (c) any bank, trust company, savings and loan association or other financial institution, any pension plan, any investment
company, any insurance company, any broker or dealer, or any other similar financial institution or entity, regardless of legal form, and (d) any Related Fund of any holder of any Note. 

“Lien” means, with respect to any Person, any mortgage, lien, pledge, adverse claim, charge, security interest or other
encumbrance in or on, or any interest or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention agreement or Capital Lease, upon or with respect to any property or asset of
such Person (including in the case of stock, stockholder agreements, voting trust agreements and all similar arrangements). 

“Make-Whole Amount” is defined in Section 8.7. 

“Material” means material in relation to the business, operations, affairs, financial condition, assets, or properties of the
Company and its Subsidiaries taken as a whole. 
 “Material Adverse Effect” means a material adverse effect on
(a) the business, operations, affairs, financial condition, assets or properties of the Company and its Subsidiaries taken as a whole, or (b) the ability of the Company to perform its obligations under this Agreement and the Notes, or
(c) the validity or enforceability of this Agreement or the Notes, or (d) the ability of any Guarantor to perform its obligations under any Guaranty Agreement. 

“Maturity Date” is defined in the first paragraph of each Note. 

“Multiemployer Plan” means any Plan that is a “multiemployer plan” (as such term is defined in section 4001(a)(3)
of ERISA). 
 “NAIC” means the National Association of Insurance Commissioners or any successor thereto. 

“Notes” is defined in Section 1. 

“OFAC” is defined in Section 5.16(a). 

“OFAC Listed Person” is defined in Section 5.16(a). 

“OFAC Sanctions Program” means any economic or trade sanction that OFAC is responsible for administering and enforcing. A
list of OFAC Sanctions Programs may be found at http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx. 

  
 B-7 








 “Officer’s Certificate” means a certificate of a Senior Financial Officer
or of any other officer of the Company whose responsibilities extend to the subject matter of such certificate. 

“Person” means an individual, partnership, corporation, limited liability company, association, trust, unincorporated
organization, business entity or Governmental Authority. 
 “Plan” means an “employee benefit plan” (as
defined in section 3(3) of ERISA) subject to Title I of ERISA that is or, within the preceding five years, has been established or maintained, or to which contributions are or, within the preceding five years, have been made or required to be made,
by the Company or any ERISA Affiliate or with respect to which the Company or any ERISA Affiliate may have any liability. 

“Preferred Stock” means any class of capital stock of a Person that is preferred over any other class of capital stock (or
similar equity interests) of such Person as to the payment of dividends or the payment of any amount upon liquidation or dissolution of such Person. 

“Principal Utility Subsidiaries” means Unitil Energy Systems, Inc., Fitchburg Gas and Electric Light Company and Northern
Utilities, Inc. 
 “Project Entity” means any Person that is a special purpose entity, in which the Company or any
of its Subsidiaries has an equity interest. 
 “property” or “properties” means, unless otherwise
specifically limited, real or personal property of any kind, tangible or intangible, choate or inchoate. 

“PTE” is defined in Section 6.2(a). 

“Purchaser” is defined in the first paragraph of this Agreement. 

“Qualified Institutional Buyer” means any Person who is a “qualified institutional buyer” within the meaning of
such term as set forth in Rule 144A(a)(1) under the Securities Act. 
 “QPAM Exemption” is defined in
Section 6.2(d). 
 “Related Fund” means, with respect to any holder of any Note, any fund
or entity that (i) invests in Securities or bank loans, and (ii) is advised or managed by such holder, the same investment advisor as such holder or by an affiliate of such holder or such investment advisor. 

“Required Holders” means, at any time, the holders of at least a majority in principal amount of the Notes at the time
outstanding (exclusive of Notes then owned by the Company or any of its Affiliates). 
 “Responsible Officer” means
any Senior Financial Officer and any other officer of the Company or any Guarantor, as applicable, with responsibility for the administration of the relevant portion of this Agreement. 

  
 B-8 








 “SEC” shall mean the Securities and Exchange Commission of the United States, or
any successor thereto. 
 “Securities” or “securities” shall have the meaning specified in
Section 2(a)(1) of the Securities Act. 
 “Securities Act” means the Securities Act of 1933, as amended from
time to time, and the rules and regulations promulgated thereunder from time to time in effect. 
 “Senior Financial
Officer” means the chief financial officer, principal accounting officer, treasurer or comptroller of the Company, as applicable. 

“Source” is defined in Section 6.2. 

“Subsidiary” means, as to any Person, any other Person in which such first Person or one or more of its Subsidiaries or such
first Person and one or more of its Subsidiaries owns sufficient equity or voting interests to enable it or them (as a group) ordinarily, in the absence of contingencies, to elect a majority of the directors (or Persons performing similar functions)
of such second Person, and any partnership or joint venture if more than a 50% interest in the profits or capital thereof is owned by such first Person or one or more of its Subsidiaries or such first Person and one or more of its Subsidiaries
(unless such partnership or joint venture can and does ordinarily take major business actions without the prior approval of such first Person or one or more of its Subsidiaries). Unless the context otherwise clearly requires, any reference to a
“Subsidiary” is a reference to a Subsidiary of the Company. 
 “SVO” means the Securities Valuation Office
of the NAIC or any successor to such Office. 
 “Synthetic Lease” means, at any time, any lease (including leases
that may be terminated by the lessee at any time) of any property (a) that is accounted for as an operating lease under GAAP and (b) in respect of which the lessee retains or obtains ownership of the property so leased for U.S. federal
income tax purposes, other than any such lease under which such Person is the lessor. 
 “Total Capitalization” at
any date means the sum of (x) consolidated Funded Indebtedness of the Company and its Subsidiaries, and (y) the aggregate amount for total common stock equity, preference stock and Preferred Stock as presented in accordance with GAAP on a
consolidated balance sheet of the Company as of such date; provided, however, that, for purposes of Section 10.1(c) hereof, any securities or Funded Indebtedness to be redeemed from the proceeds of the incurrence of
Funded Indebtedness as provided for in Section 10.1(c) hereof, which have not yet been so redeemed, shall not be included in the determination of Total Capitalization. Such Total Capitalization shall be exclusive of
accumulated Other Comprehensive Income (within the meaning of GAAP). 
 “UES First Mortgage Bond Indenture” means
(i) that certain Indenture of Mortgage and Deed of Trust of Unitil Energy Systems, Inc. (as successor to Concord Electric Company) to  

  
 B-9 








 
U.S. Bank National Association (successor to Old Colony Trust Company), as Trustee, originally dated as of July 15, 1958, and amended and restated as of December 2, 2002 pursuant to the
Twelfth Supplemental Indenture thereto, (ii) the Thirteenth Supplemental Indenture of Unitil Energy Systems, Inc., dated as of September 26, 2006, (iii) the Fourteenth Supplemental Indenture of Unitil Energy Systems, Inc., dated as of
March 2, 2010 and (iv) any other supplemental indentures thereto. 
 “USA Patriot Act” means United States Public
Law 107-56, Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as amended from time to time, and the rules and
regulations promulgated thereunder from time to time in effect. 
 “U.S. Economic Sanctions” is defined in
Section 5.16(a). 
 “Unitil Realty Corp. NPA” means that certain Note Purchase Agreement dated
as of July 1, 1997 by and among Unitil Realty Corp., a New Hampshire corporation and each of the purchasers named therein. 

“Utility Subsidiary” means Unitil Energy Systems, Inc., Fitchburg Gas and Electric Light Company, Northern Utilities, Inc.,
Granite State Gas Transmission, Inc., and Unitil Power Corp. 
 “Utility Subsidiary Restructuring Plan” is defined
in Section 10.4. 
 “Voting Stock” means Securities of any class or classes, the holders of
which are ordinarily, in the absence of contingencies, entitled to elect a majority of the corporate directors (or Persons performing similar functions). 

“Wholly-Owned Subsidiary” means, at any time, any Subsidiary one hundred percent of all of the equity interests (except
directors’ qualifying shares) and voting interests of which are owned by any one or more of the Company and the Company’s other Wholly-Owned Subsidiaries at such time. 

  
 B-10 








 SCHEDULE 5.3 

DISCLOSURE 
  

	1.	The Company Reports, including: 

  

	 	•	 	the Company’s Annual Report on Form 10-K for the year ended December 31, 2015; 

  

	 	•	 	the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016; and 

  

	 	•	 	the Company’s Current Reports on form 8-K that were filed with the Securities and Exchange Commission after December 31, 2015. 


 

	2.	The Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2016. 


  
 SCHEDULE
5.3 
 (to Note Purchase Agreement) 








 SCHEDULE 5.4 

ORGANIZATION AND OWNERSHIP OF SHARES AND
SUBSIDIARIES 
 (a)(i)     Company’s Subsidiaries 

 

					
	 Name of Subsidiary
	 	 Jurisdiction of

Incorporation /

Organization
	 	 % of Shares of Each Class of

Subsidiary’s Capital Stock

or Similar Equity Interests

Outstanding Owned by the

Company and each other

Subsidiary

	Unitil Energy Systems, Inc.	 	New Hampshire	 	 100% of common stock owned by the Company
  

0% of Non-Cumulative Preferred Stock, par value $100 per share, owned by the Company or the Company’s Subsidiaries

			
	Northern Utilities, Inc.	 	New Hampshire	 	100% of common stock owned by the Company
			
	Granite State Gas Transmission, Inc.	 	New Hampshire	 	100% of common stock owned by the Company
			
	Unitil Power Corp.	 	New Hampshire	 	100% of common stock owned by the Company
			
	Unitil Realty Corp.	 	New Hampshire	 	100% of common stock owned by the Company
			
	Unitil Resources, Inc.	 	New Hampshire	 	100% of common stock owned by the Company
			
	Unitil Service Corp.	 	New Hampshire	 	100% of common stock owned by the Company
			
	Fitchburg Gas and Electric Light Company	 	Massachusetts	 	100% of common stock owned by the Company
			
	Fitchburg Energy Development Company	 	Delaware	 	100% of common stock owned by Fitchburg Gas and Electric Light Company
			
	Usource, Inc.	 	Delaware	 	100% of common stock owned by Unitil Resources, Inc.
			
	Usource L.L.C.	 	Delaware	 	100% of membership interested owned by Usource, Inc.


  
 SCHEDULE
5.4 
 (to Note Purchase Agreement) 








 (a)(2)     Company’s Affiliates (other than Subsidiaries) 

None. 
 (a)(3)     Company’s
Directors and Senior Officers 
  

			
	 Directors
	  	 Title

	Robert G. Schoenberger	  	Chairman of the Board
	Dr. Robert V. Antonucci	  	Director
	David P. Brownell	  	Director
	Lisa Crutchfield	  	Director
	Albert H. Elfner, III	  	Director
	Edward F. Godfrey	  	Director
	Michael B. Green	  	Director
	Eben S. Moulton	  	Director
	M. Brian O’Shaughnessy	  	Director
	Dr. Sarah P. Voll	  	Director
	David A. Whiteley	  	Director

  

			
	 Senior Officers
	  	 Title

	Robert G. Schoenberger	  	Chairman of the Board, Chief Executive Officer and President
	Todd R. Black	  	Senior Vice President, Unitil Service
	Laurence M. Brock	  	Controller & Chief Accounting Officer
	Mark H. Collin	  	Senior Vice President, Chief Financial Officer & Treasurer
	George E. Long, Jr.	  	Vice President, Unitil Service
	Thomas P. Meissner, Jr.	  	Senior Vice President & Chief Operating Officer
	 Sandra L. Whitney
	  	Secretary

 (d) Contractual Provisions Limiting the Ability of each Subsidiary to make Dividend Payments to the Company 

Fitchburg Gas and Electric Light Company 
  

	 	1.	Fitchburg Gas and Electric Light Company Note Agreement dated as of December 21, 2005 with respect to $15,000,000 Aggregate Principal Amount of 5.90% Notes due December 15, 2030, including Section 11.6
thereof 

  

	 	2.	Fitchburg Gas and Electric Light Company Note Agreement dated as of October 15, 2003 with respect to $10,000,000 Aggregate Principal Amount of 6.79% Notes due October 15, 2025, including Section 11.6
thereof 

  

	 	3.	Fitchburg Gas and Electric Light Company Note Agreement dated as of June 1, 2001 with respect to $14,000,000 Aggregate Principal Amount of 7.98% Notes due June 1, 2031, including Section 11.6 thereof



  
 -2- 









	 	4.	Fitchburg Gas and Electric Light Company Note Agreement dated as of January 15, 1999 with respect to $12,000,000 Aggregate Principal Amount of 7.37% Notes due January 15, 2029, including Section 11.6
thereof 

  

	 	5.	Fitchburg Gas and Electric Light Company Note Agreement dated as of November 1, 1993 with respect to $19,000,000 Aggregate Principal Amount of 6.75% Notes due November 30, 2023, including Section 11.6
thereof 

 Unitil Energy Systems, Inc. 
  

	 	1.	Fourteenth Supplemental Indenture dated as of March 2, 2010 by Unitil Energy Systems, Inc. to U.S. Bank National Association, Trustee, including Section 3.01 thereof 


 

	 	2.	Thirteenth Supplemental Indenture dated as of September 26, 2006 by Unitil Energy Systems, Inc. to U.S. Bank National Association, Trustee, including Section 3.01 thereof 


 

	 	3.	Twelfth Supplemental Indenture dated as of December 2, 2002 by Unitil Energy Systems, Inc. to U.S. Bank National Association, Trustee, including Section 8.15 thereof 


Northern Utilities, Inc. 
  

	 	1.	Northern Utilities, Inc. Note Purchase Agreement dated as of December 3, 2008 with respect to $30,000,000 6.95% Senior Notes due December 3, 2018 and $50,000,000 7.72% Senior Notes due December 3, 2038,
including Section 10.5 thereof 

  

	 	2.	Northern Utilities, Inc. Note Purchase Agreement dated as of March 2, 2010 with respect to $25,000,000 5.29% Senior Notes due March 2, 2020, including Section 10.5 thereof 


 

	 	3.	Northern Utilities, Inc. Note Purchase Agreement dated as of October 15, 2014 with respect to $50,000,000 4.42% Senior Notes due October 15, 2044, including Section 10.5 thereof 


Granite State Gas Transmission, Inc. 
  

	 	1.	Granite State Gas Transmission, Inc. Note Purchase Agreement dated as of December 15, 2008 with respect to $10,000,000 7.15% Senior Notes due December 15, 2018, including Section 10.5 thereof



  
 -3- 








 SCHEDULE 5.5 

FINANCIAL STATEMENTS 

1. Audited consolidated financial statements of the Company as of December 31, 2015 and 2014 and for the years ended December 31, 2015, 2014 and
2013. 
 2. Unaudited consolidated financial statements of the Company as of and for the three months ended March 31, 2016. 

3. Unaudited consolidated financial statements of the Company as of and for the six months ended June 30, 2016. 

  
 SCHEDULE
5.5 
 (to Note Purchase Agreement) 








 SCHEDULE 5.15 

EXISTING INDEBTEDNESS 
  

	(a)	Outstanding Indebtedness as of June 30, 2016  

  

					
	 	  	Total	 
	 	  	Amount	 
	 Description
	  	Outstanding	 
	 Unitil Corporation Revolving Credit Facility
	  	$	54,150,000	  
		
	 Unitil Corporation Senior Notes:
	  			
	 6.33% Notes, Due May 1, 2022
	  	 	20,000,000	  
		
	 Unitil Energy Systems, Inc. First Mortgage
Bonds(1):
	  			
	 5.24% Series, Due March 2, 2020
	  	 	15,000,000	  
	 8.49% Series, Due October 14, 2024
	  	 	12,000,000	  
	 6.96% Series, Due September 1, 2028
	  	 	20,000,000	  
	 8.00% Series, Due May 1, 2031
	  	 	15,000,000	  
	 6.32% Series, Due September 15, 2036
	  	 	15,000,000	  
		
	 Unitil Energy Systems, Inc. Preferred Stock, Non-Redeemable, Non-Cumulative:
	  			
	 6.00%, $100 Par Value
	  	 	189,800	  
		
	 Fitchburg Gas and Electric Light Company Senior Notes:
	  			
	 6.75% Notes, Due November 30, 2023
	  	 	11,400,000	  
	 7.37% Notes, Due January 15, 2029
	  	 	12,000,000	  
	 7.98% Notes, Due June 1, 2031
	  	 	14,000,000	  
	 6.79% Notes, Due October 15, 2025
	  	 	10,000,000	  
	 5.90% Notes, Due December 15, 2030
	  	 	15,000,000	  
		
	 Northern Utilities, Inc. Senior Notes:
	  			
	 6.95% Senior Notes, Series A, Due December 3, 2018
	  	 	30,000,000	  
	 5.29% Senior Notes, Due March 2, 2020
	  	 	25,000,000	  
	 7.72% Senior Notes, Series B, Due December 3, 2038
	  	 	50,000,000	  
	 4.42% Senior Notes, Due October 15, 2044
	  	 	50,000,000	  
		
	 Granite State Gas Transmission, Inc. Senior
Notes(2):
	  			
	 7.15% Senior Notes, Due December 15, 2018
	  	 	10,000,000	  
		
	 Unitil Realty Corp. Senior Secured
Notes(3):
	  			
		
	 8.00% Notes, Due Through August 1, 2017
	  	 	778,709	  
		
	 Unitil Service Corp. Capital Lease Obligations
	  	 	12,773,064	  
		  	  
	  
	 
	 Total Indebtedness
	  	$	392,291,573	  
		  	  
	  
	 

  

	(1) 	Secured by liens of indenture on the property of Unitil Energy Systems, Inc. 


  
 SCHEDULE
5.15 
 (to Note Purchase Agreement) 









	(2) 	Guaranteed by Unitil Corporation. 


	(3) 	Secured by liens of indenture on the corporate headquarters of Unitil Corporation located at 6 Liberty Lane West, Hampton, NH and note payments and obligations are guaranteed by Unitil Corporation. 


 

	(c)	Restrictions on Incurring Funded Indebtedness 

  

	 	1.	Unitil Corporation Note Purchase Agreement dated as of May 2, 2007 with respect to $20,000,000 6.33% Senior Notes due May 1, 2022, including Section 10.1 thereof 


 

	 	2.	Unitil Corporation Amended and Restated Credit Agreement dated as of October 4, 2013 (as further amended, restated, amended and restated, modified or supplemented from time to time) by and among Unitil Corporation,
the lenders party thereto and Bank of America, N.A. as administrative agent, including Section 7.02 thereof 


  
 5.15-2 








 [FORM OF SERIES 2016 NOTE] 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR APPLICABLE STATE SECURITIES LAWS. THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT AND NOT
WITH A VIEW TO DISTRIBUTION OR RESALE, AND MAY NOT BE SOLD, MORTGAGED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 AND APPLICABLE STATE SECURITIES LAWS, OR THE
AVAILABILITY OF AN EXEMPTION FROM THE REGISTRATION PROVISIONS OF THE SECURITIES ACT OF 1933 AND APPLICABLE STATE SECURITIES LAWS. 

UNITIL CORPORATION 

3.70% SENIOR NOTE, SERIES 2016, DUE AUGUST 1, 2026 

 

	 No. [                    ]

	 August 1, 2016 



	 $[                    ] 
	 PPN 913259 A@6 



FOR VALUE RECEIVED, the undersigned, Unitil Corporation (herein called the
“Company”), a corporation organized and existing under the laws of the State of New Hampshire, hereby promises to pay to
[                    ], or registered assigns, the principal sum of [        ] Dollars (or so
much thereof as shall not have been prepaid) on August 1, 2026 (the “Maturity Date”), with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the
unpaid balance hereof at the rate of 3.70% per annum from the date hereof, payable semiannually, on the 1st day of August and February in each year, commencing with the August 1 or February 1 next succeeding the date hereof, and on
the Maturity Date, until the principal hereof shall have become due and payable, or (b) to the extent permitted by law, on any overdue payment of interest and, during the continuance of an Event of Default, on such unpaid balance and on any
overdue payment of any Make-Whole Amount, at a rate per annum from time to time equal to the greater of (i) 5.70% or (ii) 2% over the rate of interest publicly announced by Bank of America, N.A. from
time to time in Charlotte, North Carolina as its “base” or “prime” rate, payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand). 

Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States
of America at the principal office of the Company in Hampton, New Hampshire, or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below. 

This Note is one of a series of Senior Notes (herein called the “Notes”) issued pursuant to, and subject to, the Note
Purchase Agreement, dated as of August 1, 2016 (as from time to  

  
 EXHIBIT 1

 (to Note Purchase Agreement) 








 
time amended, the “Note Purchase Agreement”), between the Company and the respective Purchasers named therein and is entitled to the benefits and subject to the obligations
thereof. Each holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and (ii) made the representation set forth in
Section 6.2 of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement. 

This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer
accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued to, and registered in the name of, the
transferee. Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not
be affected by any notice to the contrary. 
 This Note is subject to optional prepayment in whole or from time to time in part, at the
times and on the terms specified in the Note Purchase Agreement, but not otherwise. 
 If an Event of Default occurs and is continuing, the
principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement. 

This Note shall be construed and enforced in accordance with, and the rights of the Company and the holder of this Note shall be governed by,
the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State. 

 

			
	UNITIL CORPORATION
		
	By	 	 
	Name:	 	
	Title:	 	



  
 1-2 








 FORM OF OPINION OF
SPECIAL COUNSEL 
 TO THE COMPANY 

  
 EXHIBIT
4.4(a) 
 (to Note Purchase Agreement) 








 FORM OF OPINION OF
GARY EPLER, 
 CHIEF REGULATORY COUNSEL FOR
UNITIL SERVICE CORP. 

  
 EXHIBIT
4.4(b) 
 (to Note Purchase Agreement) 








 FORM OF OPINION OF
SPECIAL COUNSEL 
 TO THE PURCHASERS 

To be provided to the Purchasers only. 

  
 EXHIBIT
4.4(c) 
 (to Note Purchase Agreement)