Document:

Exhibit 4.1

 

 

PLAINS ALL AMERICAN PIPELINE, L.P.

PAA FINANCE CORP.

as Issuers

$1,000,000,000

 

3.550% SENIOR NOTES DUE 2029

THIRTY-FIRST

SUPPLEMENTAL

 

INDENTURE

Dated as of September 16, 2019

U.S. BANK NATIONAL ASSOCIATION

as Trustee

 

 

     

     

    

 

TABLE OF CONTENTS

 

	ARTICLE I	1
	Section 1.01.   Establishment	1
	 	 
	ARTICLE II DEFINITIONS AND INCORPORATION BY REFERENCE	2
	Section 2.01.   Definitions	2
	Section 2.02.   Other Definitions	6
	 	 
	ARTICLE III THE NOTES	7
	Section 3.01.   Form	7
	Section 3.02.   Issuance of Additional Notes	7
	Section 3.03.   Global Security Legend	7
	 	 
	ARTICLE IV REDEMPTION AND PREPAYMENT	7
	Section 4.01.   Optional Redemption	7
	 	 
	ARTICLE V COVENANTS	8
	Section 5.01.   Compliance Certificate	8
	Section 5.02.   Limitations on Liens	8
	Section 5.03.   Restriction of Sale-leaseback Transactions	10
	Section 5.04.   SEC Reports; Financial Statements	10
	Section 5.05.   Subsidiary Guarantees	11
	 	 
	ARTICLE VI SUCCESSORS	11
	Section 6.01.   Consolidation and Mergers of the Issuers	11
	Section 6.02.   Rights and Duties of Successor	12
	 	 
	ARTICLE VII DEFAULTS AND REMEDIES	12
	Section 7.01.   Events of Default	12
	 	 
	ARTICLE VIII LEGAL DEFEASANCE AND COVENANT DEFEASANCE	14
	Section 8.01.   Option to Effect Legal Defeasance or Covenant Defeasance	14
	Section 8.02.   Legal Defeasance and Discharge	14
	Section 8.03.   Covenant Defeasance	15
	Section 8.04.   Conditions to Legal or Covenant Defeasance	15
	Section 8.05.   Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions	16
	Section 8.06.   Repayment to Issuers	17
	Section 8.07.   Reinstatement	17
	 	 
	ARTICLE IX SUBSIDIARY GUARANTEES	17
	Section 9.01.   Subsidiary Guarantees	17
	Section 9.02.   Limitation on Liability	19
	Section 9.03.   Successors and Assigns	19
	Section 9.04.   No Waiver	19
	Section 9.05.   Modification	19

 

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	Section 9.06.   Execution of Supplemental Indenture for Future Subsidiary Guarantors	20
	Section 9.07.   Release of Guarantee	20
	 	 
	ARTICLE X MISCELLANEOUS	20
	Section 10.01.   Additional Amendments	20
	Section 10.02.   Integral Part	20
	Section 10.03.   Adoption, Ratification and Confirmation	21
	Section 10.04.   Counterparts	21
	Section 10.05.   Governing Law	21
	Section 10.06.   Recitals; Trustee Makes No Representation; Trustee’s Rights and Duties	21

 

	EXHIBIT A:	Form of Note
	EXHIBIT B: 	Form of Supplemental Indenture

 

    -ii-

     

    

 

THIRTY-FIRST SUPPLEMENTAL
INDENTURE dated as of September 16, 2019 (this “Supplemental Indenture”) among PLAINS ALL AMERICAN PIPELINE, L.P.,
a Delaware limited partnership (the “Partnership”), PAA FINANCE CORP., a wholly owned subsidiary of the Partnership
and a Delaware corporation (“PAA Finance” and, together with the Partnership, the “Issuers”), and U.S.
BANK NATIONAL ASSOCIATION, as trustee (the “Trustee”).

 

W I T N E S S E T H:

 

WHEREAS, the Issuers
have heretofore entered into an Indenture, dated as of September 25, 2002 (the “Original Indenture”), with U.S.
Bank National Association (successor to Wachovia Bank, National Association), as trustee;

 

WHEREAS, the Original
Indenture, as supplemented by this Supplemental Indenture, is herein called the “Indenture”;

 

WHEREAS, under the Original
Indenture, a new series of Debt Securities may at any time be established by the Boards of Directors of the Managing General Partner
and PAA Finance in accordance with the provisions of the Original Indenture and the form and terms of such series may be established
by a supplemental indenture executed by the Issuers and the Trustee;

 

WHEREAS, the Issuers
propose to create under the Indenture a new series of Debt Securities;

 

WHEREAS, additional Debt
Securities of other series hereafter established, except as may be limited in the Original Indenture as at the time supplemented
and modified, may be issued from time to time pursuant to the Original Indenture as at the time supplemented and modified; and

 

WHEREAS, all conditions
necessary to authorize the execution and delivery of this Supplemental Indenture and to make it a valid and binding obligation
of the Issuers have been done or performed.

 

NOW, THEREFORE, in consideration
of the agreements and obligations set forth herein and for other good and valuable consideration, the sufficiency of which is hereby
acknowledged, the parties hereto hereby agree as follows:

 

ARTICLE I 

 

Section 1.01.     
Establishment.  There is hereby established a new series of Debt Securities to be issued under the Indenture,
to be designated as the Issuers’ 3.550% Senior Notes due 2029 (the “Notes”). Initially, there will be no Subsidiary
Guarantors for the Notes.

 

(a)               
There are to be authenticated and delivered $1,000,000,000 principal amount of Notes on the Issue Date, and from
time to time thereafter there may be authenticated and delivered an unlimited principal amount of Additional Notes.

 

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(b)               
The Notes shall be issued initially in the form of one or more Global Securities in substantially the form set out
in Exhibit A hereto. The Depositary with respect to the Notes shall be The Depository Trust Company.

 

(c)               
Each Note shall be dated the date of authentication thereof and shall bear interest from the date of original issuance
thereof or from the most recent date to which interest has been paid or duly provided for.

 

(d)               
If and to the extent that the provisions of the Original Indenture are duplicative of, or in contradiction with,
the provisions of this Supplemental Indenture, the provisions of this Supplemental Indenture shall govern.

 

ARTICLE II

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 2.01.     
Definitions. All capitalized terms used herein and not otherwise defined below shall have the meanings ascribed
thereto in the Original Indenture. The following are additional definitions used in this Supplemental Indenture:

 

“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For purposes of this definition, “control,” as used with respect to any
Person, shall mean the possession directly or indirectly of the power to direct or cause the direction of the management or policies
of such Person, whether through the ownership of voting securities, by agreement or otherwise; and the terms “controlling,”
“controlled by” and “under common control with” shall have correlative meanings.

 

“Attributable Indebtedness,”
when used with respect to any Sale-leaseback Transaction, means, as at the time of determination, the present value (discounted
at the rate set forth or implicit in the terms of the lease included in such transaction) of the total obligations of the lessee
for rental payments (other than amounts required to be paid on account of property taxes, maintenance, repairs, insurance, assessments,
utilities, operating and labor costs and other items that do not constitute payments for property rights) during the remaining
term of the lease included in such Sale-leaseback Transaction (including any period for which such lease has been extended). In the
case of any lease that is terminable by the lessee upon the payment of a penalty or other termination payment, such amount shall
be the lesser of the amount determined assuming termination upon the first date such lease may be terminated (in which case the
amount shall also include the amount of the penalty or termination payment, but no rent shall be considered as required to be paid
under such lease subsequent to the first date upon which it may be so terminated) or the amount determined assuming no such termination.

 

“Capital Interests”
means any and all shares, interests, participations, rights or other equivalents (however designated) of capital stock, including,
without limitation, with respect to partnerships, partnership interests (whether general or limited) and any other interest or
participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of,
such Person.

 

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“Consolidated
Net Tangible Assets” means, at any date of determination, the total amount of assets after deducting therefrom: (1) all
current liabilities (excluding (a) any current liabilities that by their terms are extendible or renewable at the option of the
obligor thereon to a time more than 12 months after the time as of which the amount thereof is being computed; and (b) current
maturities of long-term debt); and (2) the amount, net of any applicable reserves, of all goodwill, trade names, trademarks, patents
and other like intangible assets, all as set forth on the consolidated balance sheet of the Partnership for its most recently
completed fiscal quarter, prepared in accordance with GAAP.

 

“Debt” means
any obligation created or assumed by any Person for the repayment of money borrowed, any purchase money obligation created or assumed
by such Person, and any guarantee of the foregoing.

 

“Funded Debt”
means all Debt maturing one year or more from the date of the creation thereof, all Debt directly or indirectly renewable or extendible,
at the option of the debtor, by its terms or by the terms of any instrument or agreement relating thereto, to a date one year or
more from the date of the creation thereof, and all Debt under a revolving credit or similar agreement obligating the lender or
lenders to extend credit over a period of one year or more.

 

“Guarantee”
means a guarantee of the Notes given by a Subsidiary Guarantor pursuant to the Indenture, including any future obligations under
Article IX hereof.

 

“General Partner”
means PAA GP LLC, a Delaware limited liability company, and its successors and permitted assigns as general partner of the Partnership.

 

“Issue Date”
means the date on which the Notes are initially issued.

 

“Managing General
Partner” means (i) Plains All American GP LLC, a Delaware limited liability company (and its successors and permitted assigns),
as general partner of Plains AAP, L.P., a Delaware limited partnership (and its successors and permitted assigns), as sole member
of the General Partner or (ii) the business entity with the ultimate authority to manage the business and operations of the Partnership.

 

“Notes” has
the meaning assigned to it in Section 1.01(a) hereof, and includes both the Notes issued on the Issue Date and any Additional
Notes issued thereafter.

 

“Obligations”
means any principal, interest, liquidated damages, penalties, fees, indemnifications, reimbursement obligations, damages and other
liabilities payable under the documentation governing any Debt.

 

“Pari Passu Debt”
means any Funded Debt of either of the Issuers, whether outstanding on the Issue Date or thereafter created, incurred or assumed,
unless, in the case of any particular Funded Debt, the instrument creating or evidencing the same or pursuant to which the same
is outstanding expressly provides that such Funded Debt shall be subordinated in right of payment to the Notes.

 

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“Partnership Agreement”
means the Seventh Amended and Restated Agreement of Limited Partnership of Plains All American Pipeline, L.P., dated as of October
10, 2017, as such may be otherwise amended, modified or supplemented from time to time.

 

“Permitted Liens”
means:

 

(1)                Liens
upon rights-of-way for pipeline purposes;

 

(2)               any
statutory or governmental Lien or Lien arising by operation of law, or any mechanics’, repairmen’s, materialmen’s,
suppliers’, carriers’, landlords’, warehousemen’s or similar Lien incurred in the ordinary course of business
which is not yet due or which is being contested in good faith by appropriate proceedings and any undetermined Lien which is incidental
to construction, development, improvement or repair;

 

(3)               the
right reserved to, or vested in, any municipality or public authority by the terms of any right, power, franchise, grant, license,
permit or by any provision of law, to purchase or recapture or to designate a purchaser of, any property;

 

(4)                Liens
of taxes and assessments which are (A) for the then current year, (B) not at the time delinquent, or (C) delinquent but the validity
of which is being contested at the time by an Issuer or any Restricted Subsidiary in good faith;

 

(5)                Liens
of, or to secure performance of, leases, other than capital leases;

 

(6)                any
Lien upon, or deposits of, any assets in favor of any surety company or clerk of court for the purpose of obtaining indemnity or
stay of judicial proceedings;

 

(7)               any
Lien upon property or assets acquired or sold by an Issuer or any Restricted Subsidiary resulting from the exercise of any rights
arising out of defaults on receivables;

 

(8)               any
Lien incurred in the ordinary course of business in connection with worker’s compensation, unemployment insurance, temporary
disability, social security, retiree health or similar laws or regulations or to secure obligations imposed by statute or governmental
regulations;

 

(9)               any
Lien in favor of an Issuer or any Restricted Subsidiary;

 

(10)              any
Lien in favor of the United States of America or any state thereof, or any department, agency or instrumentality or political subdivision
of the United States of America or any state thereof, to secure partial, progress, advance, or other payments pursuant to any contract
or statute, or any Debt incurred by an Issuer or any Restricted Subsidiary for the purpose of financing all or any part of the
purchase price of, or the cost of constructing, developing, repairing or improving, the property or assets subject to such Lien;

 

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(11)             any
Lien securing industrial development, pollution control or similar revenue bonds;

 

(12)              any
Lien securing Debt of an Issuer or any Restricted Subsidiary, all or a portion of the net proceeds of which are used, substantially
concurrently with the funding thereof (and for purposes of determining such “substantial concurrence,” taking into
consideration, among other things, required notices to be given to Holders of Outstanding Debt Securities (including the Notes)
in connection with such refunding, refinancing or repurchase, and the required corresponding durations thereof), to refinance,
refund or repurchase all Outstanding Debt Securities (including the Notes), including the amount of all accrued interest thereon
and reasonable fees and expenses and premium, if any, incurred by the Issuers or any Restricted Subsidiary in connection therewith;

 

(13)             Liens
in favor of any Person to secure obligations under the provisions of any letters of credit, bank guarantees, bonds or surety obligations
required or requested by any governmental authority in connection with any contract or statute;

 

(14)             any
Lien upon or deposits of any assets to secure performance of bids, trade contracts, leases or statutory obligations;

 

(15)             any
Lien or privilege vested in any grantor, lessor or licensor or permittor for rent or other charges due or for any other obligations
or acts to be performed, the payment of which rent or other charges or performance of which other obligations or acts is required
under leases, easements, rights-of-way, licenses, franchises, privileges, grants or permits, so long as payment of such rent or
the performance of such other obligations or acts is not delinquent or the requirement for such payment or performance is being
contested in good faith by appropriate proceedings;

 

(16)             easements,
exceptions or reservations in any property of the Partnership or any of the Restricted Subsidiaries granted or reserved for the
purpose of pipelines, roads, the removal of oil, gas, coal or other minerals, and other like purposes for the joint or common use
of real property, facilities and equipment, which are incidental to, and do not materially interfere with, the ordinary conduct
of its business or the business of the Partnership and its Subsidiaries, taken as a whole;

 

(17)              Liens
arising under operating agreements, joint venture agreements, partnership agreements, oil and gas leases, farmout agreements, division
orders, contracts for sale, transportation or exchange of oil and natural gas, unitization and pooling declarations and agreements,
area of mutual interest agreements and other agreements arising in the ordinary course of the Partnership’s or any Restricted
Subsidiary’s business that are customary in the business of marketing, transportation and terminalling of crude oil and/or
marketing of liquefied petroleum gas; or

 

(18)             any
obligations or duties to any municipality or public authority with respect to any lease, easement, right-of-way, license, franchise,
privilege, permit or grant.

 

“Principal Property”
means, whether owned or leased on the Issue Date or thereafter acquired: (1) any of the pipeline assets of the Partnership or the
pipeline assets of any Subsidiary of the Partnership, including any related facilities employed in the transportation, distribution,
terminalling, gathering, treating, processing, marketing or storage of crude oil or refined petroleum products, natural gas, natural
gas liquids, fuel additives or petrochemicals, and (2) any processing or manufacturing plant or terminal owned or leased by the
Partnership or any Subsidiary of the Partnership; except, in the case of either clause (1) or (2), (a) any such assets consisting
of inventories, furniture, office fixtures and equipment, including data processing equipment, vehicles and equipment used on,
or useful with, vehicles, and (b) any such assets, plant or terminal which, in the good faith opinion of the Board of Directors,
is not material in relation to the activities of the Partnership or the activities of the Partnership and its Subsidiaries, taken
as a whole.

 

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“Restricted Subsidiary”
means any Subsidiary of the Partnership owning or leasing, directly or indirectly through ownership in another Subsidiary, any
Principal Property.

 

“Sale-leaseback
Transaction” means the sale or transfer by an Issuer or any Subsidiary of the Partnership of any Principal Property to a
Person (other than an Issuer or a Subsidiary of the Partnership) and the taking back by an Issuer or any Subsidiary of the Partnership,
as the case may be, of a lease of such Principal Property.

 

“Subsidiary”
means, with respect to any Person: (1) any other Person of which more than 50% of the total voting power of shares or other Capital
Interests entitled, without regard to the occurrence of any contingency, to vote in the election of directors, managers or trustees
(or equivalent persons) thereof is at the time owned or controlled, directly or indirectly, by such Person or one or more
of the other Subsidiaries of such Person or a combination thereof; or (2) in the case of a partnership, more than 50% of the partners’
Capital Interests, considering all partners’ Capital Interests as a single class, is at the time owned or controlled, directly
or indirectly, by such Person or one or more of the other Subsidiaries of such Person or a combination thereof.

 

“Subsidiary Guarantors”
means:

 

(1)               any
Subsidiary of the Partnership that executes a supplemental Indenture to provide a Guarantee in accordance with the provisions of
the Indenture; and

 

(2)                its
successors and assigns.

 

Section 2.02.     
Other Definitions.

 

	 	 	Defined in	 
	Term	 	Section	 
	“Additional Notes”	 	 	3.02	 
	“Covenant Defeasance”	 	 	8.03	 
	“Event of Default”	 	 	7.01	 
	“Legal Defeasance”	 	 	8.02	 
	“Note Obligations”	 	 	9.01	 
	“Payment Default”	 	 	7.01	 
	“Required Filing Dates”	 	 	5.04	 
	“Successor Company”	 	 	6.01	 

 

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ARTICLE III

THE NOTES

 

Section 3.01.     
Form. The Notes shall be issued initially in the form of one or more Global Securities. The Notes and Trustee’s
certificate of authentication shall be substantially in the form of Exhibit A hereto, the terms of which are incorporated in and
made a part of this Supplemental Indenture, and the Issuers and the Trustee, by their execution and delivery of this Supplemental
Indenture, expressly agree to such terms and provisions and to be bound thereby.

 

Section 3.02.     
Issuance of Additional Notes. The Issuers may, from time to time, issue an unlimited amount of additional
Notes (“Additional Notes”) under the Indenture, which shall be issued in the same form as the Notes issued on the Issue
Date and which shall have identical terms as the Notes issued on the Issue Date other than with respect to the issue date, the
date of first payment of interest, if applicable, and the payment of interest accruing prior to the issue date. The Notes
issued on the Issue Date shall be limited in aggregate principal amount to $1,000,000,000. The Notes issued on the Issue Date and
any Additional Notes subsequently issued shall be treated as a single series for all purposes under the Indenture, including waivers,
amendments, redemptions and offers to purchase.

 

Section 3.03.     
Global Security Legend. Each of the Global Securities shall bear a legend in substantially the following form:

 

THIS GLOBAL SECURITY
IS HELD BY OR ON BEHALF OF THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (A) THE TRUSTEE MAY MAKE SUCH NOTATIONS
HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.08 OF THE ORIGINAL INDENTURE, (B) THIS GLOBAL SECURITY MAY BE EXCHANGED IN WHOLE
BUT NOT IN PART PURSUANT TO SECTION 2.15 OF THE ORIGINAL INDENTURE, (C) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR
CANCELLATION PURSUANT TO SECTION 2.10 OF THE ORIGINAL INDENTURE AND (D) THIS GLOBAL SECURITY MAY BE TRANSFERRED TO A SUCCESSOR
DEPOSITARY OR ITS NOMINEE WITH THE PRIOR WRITTEN CONSENT OF THE ISSUERS.

 

ARTICLE IV

REDEMPTION AND PREPAYMENT

 

Section 4.01.     
Optional Redemption.

 

(a)               
At their option at any time prior to maturity, the Issuers may choose to redeem all or any portion of the Notes,
at once or from time to time.

 

(b)              
To redeem the Notes, the Issuers must pay a redemption price in an amount determined in accordance with the provisions
of paragraph number 5 of the form of Note in Exhibit A hereto, plus accrued and unpaid interest, if any, to the redemption
date (subject to the right of Holders on the relevant record date to receive interest due on the relevant interest payment date).

 

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(c)               
Any redemption pursuant to this Section 4.01 shall otherwise be made pursuant to the provisions of Sections 3.01
through 3.03 of the Original Indenture and paragraph number 6 of the form of Note in Exhibit A hereto. The actual redemption price
shall be set forth in an Officers’ Certificate delivered to the Trustee no later than two Business Days prior to each redemption
date.

 

ARTICLE V

COVENANTS

 

Section 5.01.     
Compliance Certificate.

 

(a)               
In lieu of the Officers’ Certificate required by Section 4.05 of the Original Indenture, the Issuers and Subsidiary
Guarantors shall deliver to the Trustee, within 90 days after the end of each fiscal year, an Officers’ Certificate stating
that a review of the activities of the Partnership and its Subsidiaries during the preceding fiscal year has been made under the
supervision of the signing Officers (one of whom shall be the principal executive, financial or accounting officer of each Issuer
and Subsidiary Guarantor) with a view to determining whether the Issuers have kept, observed, performed and fulfilled their obligations
under the Indenture, and further stating, as to each such person signing such certificate, that to the best of his or her knowledge
the Issuers have kept, observed, performed and fulfilled each and every covenant contained in the Indenture and are not in default
in the performance or observance of any of the terms, provisions and conditions of the Indenture (or, if a Default or Event of
Default shall have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action
the Issuers are taking or propose to take with respect thereto).

 

(b)               
The Issuers shall, so long as any of the Notes are outstanding, deliver to the Trustee, forthwith and in any event within
five days upon any officer of an Issuer becoming aware of any Default or Event of Default or an event which, with notice or the
lapse of time or both, would constitute an Event of Default, an Officers’ Certificate specifying such Default or Event of
Default and what action the Issuers are taking or propose to take with respect thereto.

 

Section 5.02.     
Limitations on Liens. The Issuers will not, nor will they permit any Subsidiary of the Partnership to, create, assume,
incur or suffer to exist any Lien upon any Principal Property or upon any Capital Interests of any Restricted Subsidiary, whether
owned or leased on the Issue Date or thereafter acquired, to secure any Debt of an Issuer or any other Person (other than Debt
Securities), without in any such case making effective provision whereby all of the Notes shall be secured equally and ratably
with, or prior to, such Debt so long as such Debt shall be so secured. This restriction shall not apply to:

 

(a)               
Permitted Liens;

 

(b)              
any Lien upon any property or assets created at the time of acquisition of such property or assets by an Issuer or
any Restricted Subsidiary or within one year after such time to secure all or a portion of the purchase price for such property
or assets or Debt incurred to finance such purchase price, whether such Debt was incurred prior to, at the time of or within one
year after the date of such acquisition;

 

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(c)              
any Lien upon any property or assets to secure all or part of the cost of construction, development, repair or improvements
thereon or to secure Debt incurred prior to, at the time of, or within one year after completion of such construction, development,
repair or improvements or the commencement of full operations thereof (whichever is later), to provide funds for any such purpose;

 

(d)              
any Lien upon any property or assets existing thereon at the time of the acquisition thereof by an Issuer or any
Restricted Subsidiary (whether or not the obligations secured thereby are assumed by an Issuer or any Restricted Subsidiary); provided,
however, that such Lien only encumbers the property or assets so acquired;

 

(e)              
any Lien upon any property or assets of a Person existing thereon at the time such Person becomes a Restricted Subsidiary
by acquisition, merger or otherwise; provided, however, that such Lien only encumbers the property or assets of such Person at
the time such Person becomes a Restricted Subsidiary;

 

(f)               
any Lien upon any property or assets of an Issuer or any Restricted Subsidiary in existence on December 10, 2003
or provided for pursuant to agreements existing on December 10, 2003;

 

(g)              
Liens imposed by law or order as a result of any proceeding before any court or regulatory body that is being contested
in good faith, and Liens which secure a judgment or other court-ordered award or settlement as to which an Issuer or the applicable
Restricted Subsidiary, as the case may be, has not exhausted its appellate rights;

 

(h)              
any extension, renewal, refinancing, refunding or replacement (or successive extensions, renewals, refinancings,
refundings or replacements) of Liens, in whole or in part, referred to in clauses (a) through (g), inclusive, of this Section 5.02;
provided, however, that any such extension, renewal, refinancing, refunding or replacement Lien shall be limited to the property
or assets covered by the Lien extended, renewed, refinanced, refunded or replaced and that the obligations secured by any such
extension, renewal, refinancing, refunding or replacement Lien shall be in an amount not greater than the amount of the obligations
secured by the Lien extended, renewed, refinanced, refunded or replaced and any expenses of the Issuers and the Restricted Subsidiaries
(including any premium) incurred in connection with such extension, renewal, refinancing, refunding or replacement; or

 

(i)                
any Lien resulting from the deposit of moneys or evidence of indebtedness in trust for the purpose of defeasing Debt
of an Issuer or any Restricted Subsidiary.

 

Notwithstanding the foregoing
provisions of this Section 5.02, the Issuers may, and may permit any Restricted Subsidiary to, create, assume, incur or suffer
to exist any Lien upon any Principal Property or Capital Interests of a Restricted Subsidiary to secure Debt of an Issuer or any
Person (other than Debt Securities) that is not excepted by clauses (a) through (i), inclusive, of this Section 5.02 without securing
the Notes, provided that the aggregate principal amount of all Debt then outstanding secured by such Lien and all other Liens not
excepted by clauses (a) through (i), inclusive, of this Section 5.02, together with all Attributable Indebtedness from Sale-leaseback
Transactions (excluding Sale-leaseback Transactions permitted by clauses (a) through (d), inclusive, of Section 5.03), does not
exceed 10% of Consolidated Net Tangible Assets.

 

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Section 5.03.     
Restriction of Sale-leaseback Transactions. The Issuers will not, and will not permit any Subsidiary of the Partnership
to, engage in a Sale-leaseback Transaction, unless:

 

(a)              
such Sale-leaseback Transaction occurs within one year from the date of completion of the acquisition of the Principal
Property subject thereto or the date of the completion of construction, development or substantial repair or improvement, or commencement
of full operations on such Principal Property, whichever is later;

 

(b)              
the Sale-leaseback Transaction involves a lease for a period, including renewals, of not more than three years;

 

(c)              
the Attributable Indebtedness from that Sale-leaseback Transaction is an amount equal to or less than the amount
the Issuers or such Subsidiary would be allowed to incur as Debt secured by a Lien on the Principal Property subject thereto without
equally and ratably securing the Notes under Section 5.02; or

 

(d)              
the Issuers or such Subsidiary, within a one-year period after such Sale-leaseback Transaction, applies or causes
to be applied an amount not less than the net sale proceeds from such Sale-leaseback Transaction to (A) the prepayment, repayment,
redemption, reduction or retirement of any Pari Passu Debt of an Issuer or any Subsidiary of the Partnership, or (B) the expenditure
or expenditures for Principal Property used or to be used in the ordinary course of business of the Partnership or its Subsidiaries.

 

Notwithstanding the foregoing
provisions of this Section 5.03, the Issuers may, and may permit any Subsidiary of the Partnership to, effect any Sale-leaseback
Transaction that is not excepted by clauses (a) through (d), inclusive, of this Section 5.03, provided that the Attributable Indebtedness
from such Sale-leaseback Transaction, together with the aggregate principal amount of then outstanding Debt (other than Debt Securities)
secured by Liens upon Principal Properties not excepted by clauses (a) through (i), inclusive, of Section 5.02, does not exceed
10% of Consolidated Net Tangible Assets.

 

Section 5.04.     
SEC Reports; Financial Statements.

 

(a)              
Whether or not the Partnership is then subject to the reporting requirements of Section 13 or 15(d) of the Exchange
Act, the Partnership shall electronically file with the Commission, so long as the Notes are Outstanding, the annual, quarterly
and other periodic reports that the Partnership is required to file (or would otherwise be required to file) with the Commission
pursuant to Sections 13 and 15(d) of the Exchange Act, and such documents shall be filed with the Commission on or prior to the
respective dates (the “Required Filing Dates”) by which the Partnership is required to file (or would otherwise be
required to file) such documents, unless, in each case, such filings are not then permitted by the Commission.

 

(b)              
If such filings are not then permitted by the Commission, or such filings are not generally available on the Internet
free of charge, the Issuers shall provide the Trustee with, and the Trustee will mail to any Holder of Notes requesting in writing
to the Trustee copies of, such annual, quarterly and other periodic reports specified in Sections 13 and 15(d) of the Exchange
Act within 15 days after the respective Required Filing Dates.

 

    10

     

    

 

(c)              
[Intentionally omitted.]

 

(d)              
The Partnership shall provide the Trustee with a sufficient number of copies of all reports and other documents and
information that the Trustee may be required to deliver to Holders of Notes under clause (b) of this Section 5.04.

 

(e)              
Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s
receipt of such shall not constitute constructive notice of any information contained therein or determinable from information
contained therein, including the Partnership’s compliance with any of its covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officers’ Certificates).

 

Section 5.05.     
Subsidiary Guarantees. If any Subsidiary (or its successor) of the Partnership that is not then a Subsidiary Guarantor
guarantees Debt of either of the Issuers, in either case after the Issue Date, then the Partnership shall cause such Subsidiary
(or successor) to execute and deliver a supplemental Indenture providing for the guarantee of the payment of the Notes pursuant
to Article IX hereof.

 

ARTICLE VI

SUCCESSORS

 

With respect to the Notes,
the provisions of this Article VI shall preempt the provisions of Article X of the Original Indenture in their entirety.

 

Section 6.01.     
Consolidation and Mergers of the Issuers. Neither Issuer shall consolidate or amalgamate with or merge with or into
any Person, or sell, convey, transfer, lease or otherwise dispose of all or substantially all its assets to any Person, whether
in a single transaction or a series of related transactions, except (1) with respect to the Partnership, in accordance with the
provisions of the Partnership Agreement, and (2) unless: (a) either (i) such Issuer shall be the surviving Person in the case of
a merger or (ii) the resulting, surviving or transferee Person if other than such Issuer (the “Successor Company”)
shall be a partnership, limited liability company or corporation organized and existing under the laws of the United States, any
state thereof or the District of Columbia (provided that PAA Finance may not merge, amalgamate or consolidate with or into another
Person other than a corporation satisfying such requirement for so long as the Partnership is not a corporation) and the Successor
Company shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form reasonably
satisfactory to the Trustee, the due and punctual payment of the principal of, premium, if any, and interest on all of the Notes,
and the due and punctual performance or observance of all the other obligations under the Indenture to be performed or observed
by such Issuer; (b) immediately after giving effect to such transaction or series of transactions, no Default or Event of
Default would occur or be continuing; (c) if such Issuer is not the continuing Person, then each Subsidiary Guarantor, unless it
has become the Successor Company, shall confirm that its Guarantee shall continue to apply to the obligations under the Notes and
the Indenture; and (d) such Issuer shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel,
each stating that such consolidation, amalgamation, merger, sale, conveyance, transfer, lease or other disposition and such supplemental
Indenture (if any) comply with this Section 6.01 and any other applicable provisions of the Indenture.

 

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Section 6.02.     
Rights and Duties of Successor. In case of any consolidation, amalgamation or merger where an Issuer is not the continuing
Person, or disposition of all or substantially all of the assets of an Issuer in accordance with Section 6.01, the Successor Company
shall succeed to and be substituted for such Issuer with the same effect as if it had been named herein as the respective party
to the Indenture, and the predecessor entity shall be released from all liabilities and obligations under the Indenture and the
Notes, except that no such release will occur in the case of a lease of all or substantially all of an Issuer’s assets. In
case of any such consolidation, amalgamation, merger, sale, conveyance, transfer, lease or other disposition, such changes in phraseology
and form (but not in substance) may be made in the Notes thereafter to be issued as may be appropriate.

 

ARTICLE VII

DEFAULTS AND REMEDIES

 

Section 7.01.     
Events of Default. With respect to the Notes, the provisions of this Section 7.01 shall preempt the provisions of
the first and final paragraphs of Section 6.01 of the Original Indenture in their entirety.

 

(a)              
 An “Event of Default” occurs if:

 

(i)                
the Issuers default for 60 days in the payment when due of interest on the Notes;

 

(ii)             
the Issuers default in the payment when due of principal of or premium, if any, on the Notes at maturity, upon redemption
or otherwise;

 

(iii)           
failure by an Issuer or any Subsidiary Guarantor for 90 days after receipt of notice by the Issuers from the Trustee or
to the Issuers and the Trustee by the Holders of at least 25% in principal amount of the Notes then Outstanding to comply with
any other term, covenant or warranty in the Indenture or the Notes (provided that notice need not be given, and an Event
of Default shall occur, 90 days after any breach of the provisions of Section 6.01 hereof);

 

(iv)            
default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or
evidenced any Debt of an Issuer or any of the Partnership’s Subsidiaries (or the payment of which is guaranteed by the Partnership
or any of its Subsidiaries), whether such Debt or guarantee now exists or is created after the Issue Date, if that default (A)
is caused by a failure to pay principal of or premium, if any, or interest on such Debt prior to the expiration of the grace period
provided in such Debt (a “Payment Default”) or (B) results in the acceleration of the maturity of such Debt to
a date prior to its originally stated maturity, and, in each case described in clause (A) or (B), the principal amount of any such
Debt, together with the principal amount of any other such Debt under which there has been a Payment Default or the maturity of
which has been so accelerated, aggregates $25.0 million or more; provided, further, that if any such
default is cured or waived or any such acceleration rescinded, or such Debt is repaid, within a period of 30 days from the continuation
of such default beyond the applicable grace period or the occurrence of such acceleration, as the case may be, such Event of Default
and any consequential acceleration of the Notes shall be automatically rescinded, so long as such rescission does not conflict
with any judgment or decree;

 

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(v)              
except as permitted by the Indenture, any Guarantee shall cease for any reason to be in full force and effect (except as
otherwise provided in the Indenture) or is declared null and void in a judicial proceeding or any Subsidiary Guarantor, or any
Person acting on behalf of any Subsidiary Guarantor, shall deny or disaffirm its obligations under the Indenture or its Guarantee;

 

(vi)            
an Issuer or any Subsidiary Guarantor pursuant to or within the meaning of any Bankruptcy Law:

 

(A)       commences
a voluntary case,

 

(B)       consents
to the entry of an order for relief against it in an involuntary case,

 

(C)       consents
to the appointment of a custodian of it or for all or substantially all of its property,

 

(D)       makes
a general assignment for the benefit of its creditors, or

 

(E)       generally
is not paying its debts as they become due; or

 

(vii)         
a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(A)       is
for relief against an Issuer or any Subsidiary Guarantor in an involuntary case;

 

(B)       appoints
a custodian of an Issuer or any Subsidiary Guarantor or for all or substantially all of the property of an Issuer or any Subsidiary
Guarantor; or

 

(C)       orders
the liquidation of an Issuer or any Subsidiary Guarantor;

 

and the order or decree
remains unstayed and in effect for 60 consecutive days.

 

(b)              
In the case of an Event of Default arising from Section 7.01(a)(vi) or 7.01(a)(vii) hereof involving an Issuer (and, for
the avoidance of doubt, excluding any such Event of Default that involves only one or more Subsidiary Guarantors), the principal
amount of all Outstanding Notes and interest thereon shall become due and payable immediately without further action or notice.
If any other Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then
Outstanding Notes may declare the principal amount of all the Notes and interest thereon to be due and payable immediately by a
notice in writing to the Issuers (and to the Trustee if given by the Holders) and upon any such declaration such principal amount
and interest thereon shall be due and payable immediately.

 

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ARTICLE VIII

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 

Section 8.01.     
Option to Effect Legal Defeasance or Covenant Defeasance. The Issuers may, at the option of the Boards of Directors
evidenced by a Board Resolution set forth in an Officers’ Certificate, at any time, elect to have either Section 8.02 or
8.03 hereof be applied to all outstanding Notes and Guarantees upon compliance with the conditions set forth below in this Article
VIII.

 

Section 8.02.     
Legal Defeasance and Discharge. Upon the Issuers’ exercise under Section 8.01 hereof of the option applicable
to this Section 8.02, each of the Issuers and the Subsidiary Guarantors shall, subject to the satisfaction of the conditions set
forth in Section 8.04 hereof, be deemed to have been discharged from its obligations with respect to all outstanding Notes and
Guarantees on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose,
Legal Defeasance means that each of the Issuers shall be deemed to have paid and discharged the entire Debt represented by the
outstanding Notes, which shall thereafter be deemed to be “Outstanding” only for the purposes of Section 8.05
hereof and the other Sections of the Indenture referred to in (a) and (b) below, and to have satisfied all its other obligations
under such Notes and the Indenture, and each of the Subsidiary Guarantors shall be deemed to have discharged its obligations under
its Guarantee (and the Trustee, on demand of and at the expense of the Issuers, shall execute proper instruments acknowledging
the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder:

 

(a)              
the rights of Holders of Outstanding Notes to receive solely from the trust fund described in Section 8.04 hereof,
and as more fully set forth in such Section, payments in respect of the principal of, premium on, if any, and interest on such
Notes when such payments are due,

 

(b)              
the Issuers’ obligations with respect to such Notes under Sections 2.07, 2.08, 2.09 and 4.02 of the Original Indenture,

 

(c)              
the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuers’ obligations in connection
therewith,

 

(d)              
this Article VIII, and

 

(e)              
the Issuers’ rights of optional redemption under Section 4.01 hereof.

 

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Subject to compliance with this Article VIII,
the Issuers may exercise their option under this Section 8.02 notwithstanding the prior exercise of their option under Section
8.03 hereof.

 

Section 8.03.     
Covenant Defeasance. Upon the Issuers’ exercise under Section 8.01 hereof of the option applicable to this
Section 8.03, each of the Issuers shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released
from its obligations under the covenants contained in Sections 5.02, 5.03, 5.04 and 5.05 hereof with respect to the Outstanding
Notes on and after the date the conditions set forth in Section 8.04 are satisfied (hereinafter, “Covenant Defeasance”),
and the Notes shall thereafter be deemed not “Outstanding” for the purposes of any direction, waiver, consent or declaration
or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “Outstanding”
for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes).
For this purpose, Covenant Defeasance means that, with respect to the Outstanding Notes, the Issuers may omit to comply with and
shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly,
by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other
provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under
Section 7.01 hereof, but, except as specified above, the remainder of the Indenture, the Guarantees and such Notes shall be unaffected
thereby.

 

Section 8.04.     
Conditions to Legal or Covenant Defeasance. The following shall be the conditions to the application of either Section 8.02
or 8.03 hereof to the Outstanding Notes:

 

In order to exercise
either Legal Defeasance or Covenant Defeasance:

 

(a)              
the Issuers must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Notes, cash in Dollars,
U.S. Government Obligations, or a combination thereof, in such amounts as shall be sufficient, in the written opinion of a nationally
recognized firm of independent public accountants, to pay the principal of, premium on, if any, and interest on the Outstanding
Notes at the Stated Maturity thereof or on the applicable redemption date, as the case may be, and the Issuers must specify whether
the Notes are being defeased to maturity or to a particular redemption date;

 

(b)              
in the case of an election under Section 8.02 hereof, the Issuers shall have delivered to the Trustee an Opinion of Counsel
confirming that (i) the Issuers have received from, or there has been published by, the Internal Revenue Service a ruling
or (ii) since the date of the Indenture, there has been a change in the applicable federal income tax law, in either case to the
effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Outstanding Notes shall not recognize
income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and shall be subject to federal income
tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not
occurred;

 

(c)              
in the case of an election under Section 8.03 hereof, the Issuers shall have delivered to the Trustee an Opinion of Counsel
confirming that the Holders of the Outstanding Notes shall not recognize income, gain or loss for federal income tax purposes as
a result of such Covenant Defeasance and shall be subject to federal income tax on the same amounts, in the same manner and at
the same times as would have been the case if such Covenant Defeasance had not occurred;

 

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(d)              
no Default or Event of Default shall have occurred and be continuing either (i) on the date of such deposit (other
than a Default or Event of Default resulting from the incurrence of Debt all or a portion of the proceeds of which shall be applied
to such deposit) or (ii) insofar as Section 7.01(a)(vi) or 7.01(a)(vii) hereof is concerned, at any time in the period ending
on the 91st day after the date of deposit;

 

(e)              
such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under,
any agreement or instrument (other than the Notes and the Indenture) to which the Partnership or any of its Subsidiaries is a party
or by which the Partnership or any of its Subsidiaries is bound;

 

(f)               
the Issuers shall have delivered to the Trustee an Opinion of Counsel to the effect that after the 91st day following the
deposit, the trust funds shall not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar
laws affecting creditors’ rights generally;

 

(g)              
the Issuers shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by
the Issuers with the intent of preferring the Holders over any other creditors of the Issuers or with the intent of defeating,
hindering, delaying or defrauding any other creditors of the Issuers; and

 

(h)              
the Issuers shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that
all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with.

 

Section 8.05.     
Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions. Subject to Section 8.06
hereof, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee (or other qualifying
trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in
respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes
and the Indenture, to the payment, either directly or through any paying agent (including an Issuer acting as paying agent) as
the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium,
if any, and interest, but such money need not be segregated from other funds except to the extent required by law.

 

The Issuers shall pay
and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or U.S. Government Obligations
deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such tax,
fee or other charge which by law is for the account of the Holders of the Outstanding Notes.

 

Anything in this Article VIII
to the contrary notwithstanding, the Trustee shall deliver or pay to the Issuers from time to time upon the written request of
the Issuers any money or U.S. Government Obligations held by it as provided in Section 8.04 hereof which, in the opinion of
a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee
(which may be the opinion delivered under Section 8.04(a) hereof), are in excess of the amount thereof that would then be
required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

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Section 8.06.     
Repayment to Issuers. Any money deposited with the Trustee or any paying agent, or then held by the Issuers, in trust
for the payment of the principal of, premium on, if any, or interest on any Note and remaining unclaimed for two years after such
principal, premium, if any, or interest has become due and payable shall be paid to the Issuers on their written request or (if
then held by the Issuers) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured creditor,
look only to the Issuers for payment thereof, and all liability of the Trustee or such paying agent with respect to such trust
money, and all liability of the Issuers as trustee thereof, shall thereupon cease; provided, however, that
the Trustee or such paying agent, before being required to make any such repayment, may at the expense of the Issuers cause to
be published once, in The New York Times and The Wall Street Journal (U.S. edition), notice that such money remains
unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such notification or
publication, any unclaimed balance of such money then remaining shall be repaid to the Issuers.

 

Section 8.07.     
Reinstatement. If the Trustee or paying agent is unable to apply any Dollars or U.S. Government Obligations in accordance
with Section 8.02 or 8.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, then the Issuers’ obligations under the Indenture and the
Notes and the Subsidiary Guarantors’ obligations under the Guarantees shall be revived and reinstated as though no deposit
had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or paying agent is permitted to apply
all such money in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided, however,
that, if the Issuers make any payment of principal of, premium on, if any, or interest on any Note following the reinstatement
of their obligations, the Issuers shall be subrogated to the rights of the Holders of such Notes to receive such payment from the
money held by the Trustee or paying agent.

 

ARTICLE IX

SUBSIDIARY GUARANTEES

 

Section 9.01.     
Subsidiary Guarantees. (a) Each Subsidiary Guarantor hereby jointly and severally unconditionally and irrevocably
guarantees on a senior basis to each Holder and to the Trustee and its successors and assigns (i) the full and punctual payment
of principal, premium, if any, and interest with respect to, the Notes when due, whether at maturity, by acceleration, by redemption
or otherwise, and all other monetary obligations of the Issuers under the Indenture (including obligations to the Trustee) and
the Notes and (ii) the full and punctual performance within applicable grace periods of all other obligations of the Issuers
under the Indenture and the Notes (all the foregoing being hereinafter collectively called the “Note Obligations”).
Each Subsidiary Guarantor further agrees that the Note Obligations may be extended or renewed, in whole or in part, without notice
or further assent from each such Subsidiary Guarantor, and that each such Subsidiary Guarantor shall remain bound under this Article IX
notwithstanding any extension or renewal of any Note Obligation.

 

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(b)              
Each Subsidiary Guarantor waives presentation to, demand of, payment from and protest to the Issuers of any of the Note
Obligations and also waives notice of protest for nonpayment. Each Subsidiary Guarantor waives notice of any Default or Event of
Default under the Notes or the Note Obligations. The obligations of each Subsidiary Guarantor hereunder shall not be affected by
(i) the failure of any Holder or the Trustee to assert any claim or demand or to enforce any right or remedy against the Issuers
or any other Person under the Indenture, the Notes or any other agreement or otherwise; (ii) any extension or renewal of any
thereof; (iii) any rescission, waiver, amendment or modification of any of the terms or provisions of the Indenture, the Notes
or any other agreement; (iv) the release of any security held by any Holder or the Trustee for the Note Obligations or any
of them; (v) the failure of any Holder or Trustee to exercise any right or remedy against any other guarantor of the Note
Obligations; or (vi) any change in the ownership of such Subsidiary Guarantor, except as provided in Section 9.02 hereof.

 

(c)              
Each Subsidiary Guarantor further agrees that its Guarantee herein constitutes a guarantee of payment, performance and compliance
when due (and not a guarantee of collection) and waives any right to require that any resort be had by any Holder or the Trustee
to any security held for payment of the Note Obligations.

 

(d)              
The obligations of each Subsidiary Guarantor hereunder shall not be subject to any reduction, limitation, impairment or
termination for any reason other than indefeasible payment in full of the Note Obligations, including any claim of waiver, release,
surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination
whatsoever or by reason of the invalidity, illegality or unenforceability of the Note Obligations or otherwise. Without limiting
the generality of the foregoing, the obligations of each Subsidiary Guarantor herein shall not be discharged or impaired or otherwise
affected by the failure of any Holder or the Trustee to assert any claim or demand or to enforce any remedy under the Indenture,
the Notes or any other agreement, by any waiver or modification of any thereof, by any default, failure or delay, willful or otherwise,
in the performance of the obligations, or by any other act or thing or omission or delay to do any other act or thing which may
or might in any manner or to any extent vary the risk of any Subsidiary Guarantor or would otherwise operate as a discharge of
any Subsidiary Guarantor as a matter of law or equity.

 

(e)              
Each Subsidiary Guarantor further agrees that its Guarantee herein shall continue to be effective or be reinstated, as the
case may be, if at any time payment, or any part thereof, of principal, premium, if any, or interest with respect to any Note Obligation
is rescinded or must otherwise be restored by any Holder or the Trustee upon the bankruptcy or reorganization of either of the
Issuers or otherwise.

 

(f)               
In furtherance of the foregoing and not in limitation of any other right which any Holder or the Trustee has at law or in
equity against any Subsidiary Guarantor by virtue hereof, upon the failure of the Issuers to pay the principal, premium, if any,
or interest with respect to any Note Obligation when and as the same shall become due, whether at maturity, by acceleration, by
redemption or otherwise, or to perform or comply with any other Note Obligation, each Subsidiary Guarantor hereby promises to and
shall forthwith pay, or cause to be paid, in cash, to the Holders or the Trustee an amount equal to the sum of (i) the unpaid
principal amount of such Note Obligations, (ii) accrued and unpaid interest on such Note Obligations (but only to the extent
not prohibited by law) and (iii) all other monetary Note Obligations of the Issuers to the Holders and the Trustee.

 

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(g)              
Each Subsidiary Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in
respect of any Note Obligations guaranteed hereby until payment in full of all Note Obligations. Each Subsidiary Guarantor further
agrees that, as between it, on the one hand, and the Holders and the Trustee, on the other hand, (i) the maturity of the Note
Obligations guaranteed hereby may be accelerated as provided in Article VII hereof for the purposes of any Subsidiary Guarantor’s
Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Note
Obligations guaranteed hereby, and (ii) in the event of any declaration of acceleration of such obligations as provided in
Article VII hereof, such Note Obligations (whether or not due and payable) shall forthwith become due and payable by such
Subsidiary Guarantor for the purposes of this Section 9.01.

 

(h)              
Each Subsidiary Guarantor also agrees to pay any and all costs and expenses (including reasonable attorneys’ fees)
incurred by the Trustee or any Holder in enforcing any rights under this Section 9.01.

 

Section 9.02.     
Limitation on Liability. Any term or provision of the Indenture to the contrary notwithstanding, the maximum, aggregate
amount of the Note Obligations guaranteed hereunder by any Subsidiary Guarantor shall not exceed the maximum amount that, after
giving effect to all other contingent and fixed liabilities of such Subsidiary Guarantor and to any collections from or payments
made by or on behalf of any other Subsidiary Guarantor in respect of its obligations under its Guarantee, can be hereby guaranteed
without rendering the Indenture, as it relates to any Subsidiary Guarantor, voidable under applicable law relating to fraudulent
conveyance or fraudulent transfer.

 

Section 9.03.     
Successors and Assigns. This Article IX shall be binding upon each Subsidiary Guarantor and, except as provided
in Section 9.07, its successors and assigns and shall inure to the benefit of the successors and assigns of the Trustee and the
Holders and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges conferred
upon that party in the Indenture and in the Notes shall automatically extend to and be vested in such transferee or assignee, all
subject to the terms and conditions of the Indenture.

 

Section 9.04.     
No Waiver. Neither a failure nor a delay on the part of either the Trustee or the Holders in exercising any right,
power or privilege under this Article IX shall operate as a waiver thereof, nor shall a single or partial exercise thereof
preclude any other or further exercise of any right, power or privilege. The rights, remedies and benefits of the Trustee and the
Holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may
have under this Article IX at law, in equity, by statute or otherwise.

 

Section 9.05.     
Modification. No modification, amendment or waiver of any provision of this Article IX, nor the consent to any
departure by any Subsidiary Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed
by the Trustee, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which
given. No notice to or demand on any Subsidiary Guarantor in any case shall entitle such Subsidiary Guarantor to any other or further
notice or demand in the same, similar or other circumstances.

 

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Section 9.06.     
Execution of Supplemental Indenture for Future Subsidiary Guarantors. Each Subsidiary which is required to become
a Subsidiary Guarantor pursuant to Section 5.05 hereof shall promptly execute and deliver to the Trustee a supplemental Indenture
in substantially the form of Exhibit B hereto pursuant to which such Subsidiary shall become a Subsidiary Guarantor under
this Article IX and shall guarantee the Note Obligations. Concurrently with the execution and delivery of such supplemental Indenture,
the Issuers shall deliver to the Trustee an Opinion of Counsel to the effect that such supplemental Indenture has been duly authorized,
executed and delivered by such Subsidiary and that, subject to the application of bankruptcy, insolvency, moratorium, fraudulent
conveyance or transfer and other similar laws relating to creditors’ rights generally and to the principles of equity, whether
considered in a proceeding at law or in equity, the Guarantee of such Subsidiary Guarantor is a legal, valid and binding obligation
of such Subsidiary Guarantor, enforceable against such Subsidiary Guarantor in accordance with its terms.

 

Section 9.07.     
Release of Guarantee. Provided that no Default shall have occurred and shall be continuing under the Indenture, the
Guarantee of a Subsidiary Guarantor under this Article IX shall terminate and be of no further force and effect, and such Subsidiary
Guarantor shall be released from the Indenture and all Note Obligations, upon the following events:

 

(a)              
upon any sale or other disposition of all or substantially all of the assets of such Subsidiary Guarantor (including by
way of merger, consolidation or otherwise) to any Person that is not an Affiliate of either of the Issuers (provided such sale
or other disposition is not prohibited by the Indenture);

 

(b)              
upon any sale or other disposition of all of the Equity Interests of a Subsidiary Guarantor, to any Person that is not an
Affiliate of either of the Issuers; or

 

(c)              
following the release or discharge of all guarantees by such Subsidiary Guarantor of any Debt of the Issuers (other than
any Debt Securities), upon delivery by the Issuers to the Trustee of a written notice of such release or discharge from the guarantees.

 

ARTICLE X

MISCELLANEOUS

 

Section 10.01. 
Additional Amendments. With respect to the Notes, references to (A) “Section 6.01” in the Original
Indenture shall be deemed to be references to “Section 7.01” of this Supplemental Indenture; (B) “Section 11.02”
in the Original Indenture shall be deemed to be references to “Section 8.06” of this Supplemental Indenture; (C) “Section 6.01(g)
or (h)” in the Original Indenture shall be deemed to be references to “Section 7.01(a)(vi) or (a)(vii)”
of this Supplemental Indenture; and (D) “Article X” in the Original Indenture shall be deemed to be references to “Article
VI” of this Supplemental Indenture.

 

Section 10.02. 
Integral Part. This Supplemental Indenture constitutes an integral part of the Indenture.

 

    20

     

    

 

Section 10.03. 
Adoption, Ratification and Confirmation. The Original Indenture, as supplemented and amended by this Supplemental
Indenture, is in all respects hereby adopted, ratified and confirmed.

 

Section 10.04. 
Counterparts. This Supplemental Indenture may be executed in any number of counterparts, each of which when so executed
shall be deemed an original; and all such counterparts shall together constitute but one and the same instrument.

 

Section 10.05. 
Governing Law. THIS SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK.

 

Section 10.06. 
Recitals; Trustee Makes No Representation; Trustee’s Rights and Duties.
The recitals contained herein shall be taken as the statements of the Issuers, and the Trustee assumes no responsibility for the
correctness of the same. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture and
shall not be liable in connection therewith. The rights and duties of the Trustee shall be determined by the express provisions
of the Original Indenture, and nothing in this Supplemental Indenture shall in any way modify or otherwise affect the Trustee’s
rights and duties thereunder.

 

[Signatures on following pages]

 

    21

     

    

 

SIGNATURES

 

	 	ISSUERS:
	 	 	 	 
	 	PLAINS ALL AMERICAN PIPELINE, L.P.
	 	 	 	 
	 	By:	PAA GP LLC
	 	 	its General Partner
	 	 	 	 
	 	By:	PLAINS AAP, L.P.
	 	 	its Sole Member
	 	 	 	 
	 	By:	PLAINS ALL AMERICAN GP LLC
	 	 	its General Partner
	 	 	 	 
	 	 	By:	/s/ Sharon Spurlin
	 	 	Name:	Sharon Spurlin
	 	 	Title:	Vice President and Treasurer
	 	 	 	 
	 	PAA FINANCE CORP.
	 	 	 	 
	 	 	By:	/s/ Sharon Spurlin
	 	 	Name:	Sharon Spurlin
	 	 	Title:	Vice President and Treasurer

 

Signature Page
to Thirty-First Supplemental Indenture

 

     

     

    

 

	 	TRUSTEE:
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee
	 	 
	 	By:	/s/ Alejandro Hoyos
	 	 	Name:	Alejandro Hoyos
	 	 	Title:	Vice President

 

Signature Page
to Thirty-First Supplemental Indenture

 

      

     

    

 

EXHIBIT A

 

(Form of Face of Note)

 

	CUSIP 72650R BM3	 	No. 	 
	ISIN US72650RBM34	$	 

 

PLAINS ALL AMERICAN PIPELINE, L.P.

PAA FINANCE CORP.

 

3.550% Senior Notes due 2029

 

Plains All American Pipeline, L.P., a Delaware
limited partnership, and PAA Finance Corp., a Delaware corporation, jointly and severally promise to pay to __________, or registered
assigns, the principal sum of _______________ Dollars [or such greater or lesser amount as may be endorsed on the Schedule attached
hereto]1 on December 15, 2029.

 

Interest Payment Dates: June 15 and December 15

Record Dates: June 1 and December 1

 

	 	PLAINS ALL AMERICAN PIPELINE, L.P.
	 	By:	PAA GP LLC, its General Partner
	 	By:	Plains AAP, L.P., its Sole Member
	 	By:	Plains All American GP LLC, its General Partner
	 	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	PAA FINANCE CORP.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

TRUSTEE’S CERTIFICATE OF

AUTHENTICATION

 

This is one of the Debt Securities of the series designated
therein referred to in the within-mentioned Indenture.

 

	U.S. BANK NATIONAL ASSOCIATION,	 
	as Trustee	 
	 	 	 
	By: 	 	 
	 	Authorized Signatory	 
	 	 	 
	Dated:	 	 

 

 

1
To be included only if the Note is issued in global form.

 

    A-1

     

    

 

 

(Form of Back of Note)

 

3.550% Senior Notes due 2029

 

[THIS GLOBAL SECURITY IS HELD BY OR
ON BEHALF OF THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS
HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (A) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON
AS MAY BE REQUIRED PURSUANT TO SECTION 2.08 OF THE ORIGINAL INDENTURE, (B) THIS GLOBAL SECURITY MAY BE EXCHANGED IN WHOLE
BUT NOT IN PART PURSUANT TO SECTION 2.15 OF THE ORIGINAL INDENTURE, (C) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR
CANCELLATION PURSUANT TO SECTION 2.10 OF THE ORIGINAL INDENTURE AND (D) THIS GLOBAL SECURITY MAY BE TRANSFERRED TO A SUCCESSOR
DEPOSITARY OR ITS NOMINEE WITH THE PRIOR WRITTEN CONSENT OF THE ISSUERS.]2

 

Capitalized terms used
herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

 

1.     
Interest. Plains All American Pipeline, L.P., a Delaware limited partnership (the “Partnership”), and
PAA Finance Corp., a Delaware corporation (“PAA Finance” and, together with the Partnership, the “Issuers”),
jointly and severally promise to pay interest on the principal amount of this Note at 3.550% per annum from September 16, 2019
until maturity. The Issuers shall pay interest semi-annually on June 15 and December 15 of each year, or if any such day is not
a Business Day, on the next succeeding Business Day (each an “Interest Payment Date”). Interest on the Notes shall
accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance. The
first Interest Payment Date shall be June 15, 2020. The Issuers shall pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is 1% per annum
in excess of the rate then in effect; and they shall pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand
at the same rate to the extent lawful.  Interest shall be computed on the basis of a 360-day year of twelve 30-day months.

 

2.     
Method of Payment. The Issuers shall pay interest on the Notes (except defaulted interest) to the Persons who are
registered Holders of Notes at the close of business on the June 1 or December 1 next preceding the Interest Payment Date, even
if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.17
of the Original Indenture with respect to defaulted interest, and the Issuers shall pay principal (and premium, if any) of the
Notes upon surrender thereof to the Trustee or a paying agent on or after the Stated Maturity thereof. The Notes shall be payable
as to principal, premium, if any, and interest at the office or agency of the Trustee maintained for such purpose within or without
The City and State of New York, or, at the option of the Issuers, payment of interest may be made by check mailed to the Holders
at their addresses set forth in the register of Holders, and provided that payment by wire transfer of immediately available
funds shall be required with respect to principal of and interest and premium, if any, on, each Global Security and all other Notes
the Holders of which shall have provided wire transfer instructions to the Issuers or the paying agent on or prior to the applicable
record date. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts.

 

 

2 To
be included only if the Note is issued in global form.

 

    A-2

     

    

 

3.     
Paying Agent and Registrar. Initially, U.S. Bank National Association, the Trustee under the Indenture, shall act
as paying agent and Registrar.  The Issuers may change any paying agent or Registrar without notice to any Holder.  The
Issuers or any of their Subsidiaries may act in any such capacity.

 

4.     
Indenture. The Issuers issued the Notes under an Indenture dated as of September 25, 2002 (the “Original
Indenture”), as supplemented by the Thirty-First Supplemental Indenture dated as of September 16, 2019 (the “Supplemental
Indenture” and, together with the Original Indenture, the “Indenture”) among the Issuers and the Trustee. The
terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture
Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred
to the Indenture and such Act for a statement of such terms.  To the extent any provision of this Note conflicts with the
express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are joint and several
obligations of the Issuers initially in aggregate principal amount of $1.0 billion. The Issuers may issue an unlimited aggregate
principal amount of Additional Notes under the Indenture. Any such Additional Notes that are actually issued shall be treated as
issued and outstanding Notes (and as the same series (with identical terms other than with respect to the issue date, the date
of first payment of interest, if applicable, and the payment of interest accruing prior to the issue date) as the initial Notes)
for all purposes of the Indenture, including waivers, amendments, redemptions and offers to purchase. To secure the due and punctual
payment of the principal and interest on the Notes and all other amounts payable by the Issuers under the Indenture and the Notes
when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the
Notes and the Indenture, the Subsidiary Guarantors have unconditionally guaranteed the Note Obligations under the Indenture and
the Notes on a senior basis pursuant to the terms of the Indenture.

 

5.     
Optional Redemption.

 

(a)       At
their option at any time prior to maturity, the Issuers may choose to redeem all or any portion of the Notes at once or from time
to time.

 

(b)       To
redeem the Notes before the Par Call Date, the Issuers must pay a redemption price equal to the greater of (i) 100% of the principal
amount of the Notes to be redeemed, and (ii) as determined by the Quotation Agent (as defined below), the sum of the present values
of the remaining scheduled payments of principal and interest on the Notes to be redeemed that would have been due if the Notes
matured on the Par Call Date (not including any portion of those payments of interest accrued as of the date of redemption) discounted
to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury
Rate (as defined below) plus 30 basis points, plus, in either case, accrued and unpaid interest to the date of redemption (subject
to the right of Holders on the relevant record date to receive interest due on the relevant interest payment date).

 

    A-3

     

    

 

(c)       To
redeem the Notes on or after the Par Call Date, the Issuers must pay a redemption price equal to 100% of the principal amount of
the Notes to be redeemed plus accrued and unpaid interest to the date of redemption (subject to the right of Holders on the relevant
record date to receive interest due on the relevant interest payment date).

 

For purposes of determining
any redemption price, the following definitions shall apply:

 

“Adjusted Treasury
Rate” means, with respect to any date of redemption, the rate per annum equal to the semi-annual equivalent yield to maturity
of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal
amount) equal to the Comparable Treasury Price for the date of redemption.

 

“Comparable Treasury
Issue” means the United States Treasury security selected by the Quotation Agent as having a maturity comparable to the remaining
term of the Notes to be redeemed, calculated as if the maturity date of the Notes were the Par Call Date (the “Remaining
Life”), that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing
new issues of corporate debt securities of comparable maturity to the Remaining Life of the Notes.

 

“Comparable Treasury
Price” means, with respect to any date of redemption, (a) the average of the Reference Treasury Dealer Quotations for the
date of redemption, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (b) if the Trustee obtains
fewer than four Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations.

 

“Par Call Date”
means September 15, 2029 (three months prior to the maturity date).

 

“Quotation Agent”
means a Primary Treasury Dealer (as defined below) appointed by the Issuers.

 

“Reference Treasury
Dealer” means Citigroup Global Markets Inc., Mizuho Securities USA LLC, a primary U.S. Government securities dealer in the
United States (a “Primary Treasury Dealer”) selected by MUFG Securities Americas Inc. and a Primary Treasury Dealer
selected by Scotia Capital (USA) Inc., or their respective successors; provided, however, that if any of the foregoing shall cease
to be a Primary Treasury Dealer, the Issuers shall substitute therefor another Primary Treasury Dealer.

 

“Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any date of redemption, the average, as determined
by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Trustee by that Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business
day preceding that date of redemption.

 

    A-4

     

    

 

6.     
Notice of Redemption; Selection of Notes. Notice of redemption shall be mailed at least 10 days but not more than
60 days before the redemption date to each Holder whose Notes are to be redeemed at its registered address.  Notes in denominations
larger than $2,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held by a Holder are
to be redeemed. Unless the Issuers default in payment of the redemption price, on and after the redemption date interest ceases
to accrue on Notes or portions thereof called for redemption. Notwithstanding anything to the contrary in the Original Indenture,
if less than all the Notes are to be redeemed, the Trustee shall select the Notes or portions thereof (in multiples of $1,000)
to be redeemed (i) if the Notes are listed on an exchange, in compliance with the requirements of the principal national securities
exchange on which the Notes are listed, or (ii) if the Notes are not listed on an exchange or such exchange has no selection requirements,
on a pro rata basis, by lot or, if the Notes are in the form of one or more Global Securities, by such method as the Depositary
shall require.

 

7.     
Denominations, Transfer, Exchange. The Notes are in registered form without coupons in minimum denominations of $2,000
and integral multiples of $1,000.  The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. 
The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents
and the Issuers may require a Holder to pay any taxes or other governmental charges required by law or permitted by the Indenture. 
The Issuers need not exchange or register the transfer of any Note or portion of a Note selected for redemption or repurchase,
except for the unredeemed or unrepurchased portion of any Note being redeemed or repurchased in part.  Also, the Issuers need
not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or repurchased
or during the period between a record date and the corresponding Interest Payment Date.

 

8.     
Persons Deemed Owners. The registered Holder of a Note shall be treated as its owner for all purposes.

 

9.     
Amendment, Supplement and Waiver. Subject to certain exceptions, the Indenture or the Notes may be amended or supplemented
with the consent of the Holders of a majority in aggregate principal amount of the then Outstanding Notes, and any existing default
or compliance with any provision of the Indenture or the Notes may be waived with the consent of the Holders of a majority in aggregate
principal amount of the then Outstanding Notes. Without the consent of any Holder of a Note, the Indenture or the Notes may be
amended or supplemented for any of the purposes set forth in Section 9.01 of the Original Indenture (as amended by the Supplemental
Indenture).

 

    A-5

     

    

 

10. 
 Defaults and Remedies. Events of Default with respect to the Notes include: (i) default for 60 days in
the payment when due of interest on the Notes; (ii) default in payment when due of principal of or premium, if any, on the Notes
at maturity, upon redemption or otherwise, (iii) failure by an Issuer or any Subsidiary Guarantor for 90 days after notice
to comply with any of the other agreements in the Indenture (provided that notice need not be given, and an Event of Default
shall occur, 90 days after any breach of the provisions of Section 6.01 of the Supplemental Indenture); (iv) default under
any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Debt of
an Issuer or any of the Partnership’s Subsidiaries (or the payment of which is guaranteed by the Partnership or any of its
Subsidiaries), whether such Debt or guarantee now exists or is created after the Issue Date, if that default (a) is caused by
a failure to pay principal of or premium, if any, or interest on such Debt prior to the expiration of the grace period provided
in such Debt (a “Payment Default”) or (b) results in the acceleration of the maturity of such Debt to a date prior
to its original stated maturity, and, in each case described in clause (a) or (b), the principal amount of any such Debt, together
with the principal amount of any other such Debt under which there has been a Payment Default or the maturity of which has been
so accelerated, aggregates $25.0 million or more, subject to the proviso set forth in Section 7.01(a)(iv) of the Supplemental
Indenture; (v) except as permitted by the Indenture, any Guarantee shall cease for any reason to be in full force and effect (except
as otherwise provided in the Indenture) or is declared null and void in a judicial proceeding or any Subsidiary Guarantor, or
any Person acting on behalf of any Subsidiary Guarantor, shall deny or disaffirm its obligations under the Indenture or its Guarantee
and (vi) certain events of bankruptcy or insolvency with respect to an Issuer or any of the Subsidiary Guarantors. If any Event
of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then Outstanding
Notes may declare all the Notes to be due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising
from certain events of bankruptcy or insolvency involving an Issuer, but not any Subsidiary Guarantor, all Outstanding Notes shall
become due and payable without further action or notice. Holders may not enforce the Indenture or the Notes except as provided
in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then Outstanding
Notes may direct the Trustee in its exercise of any trust or power. If and so long as the board of directors, an executive committee
of the board of directors or trust committee of Responsible Officers of the Trustee in good faith so determines, the Trustee may
withhold from Holders of the Notes notice of any continuing Default (except a Default relating to the payment of principal, premium,
if any, or interest) if it determines that withholding notice is in their interests. The Holders of a majority in aggregate principal
amount of the Notes then Outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any past
Default or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment
of interest on, the principal of, or premium, if any, on the Notes or any other Default specified in Section 6.06 of the Original
Indenture. The Issuers and the Subsidiary Guarantors are required to deliver to the Trustee annually a statement regarding compliance
with the Indenture, and the Issuers are required upon becoming aware of any Default or Event of Default, to deliver to the Trustee
a statement specifying such Default or Event of Default.

 

11.  
Trustee Dealings with Issuers. The Trustee, in its individual or any other capacity, may make loans to, accept deposits
from, and perform services for the Issuers or their Affiliates, and may otherwise deal with the Issuers or their Affiliates, as
if it were not the Trustee.

 

12.  
No Recourse Against Others. The General Partner and its directors, officers, employees and members (in their capacities
as such) shall not have any liability for any obligations of the Issuers under the Notes. In addition, the Managing General Partner
and its directors, officers, employees and members shall not have any liability for any obligations of the Issuers under the Notes.
Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration
for issuance of the Notes.

 

13.  
Authentication. This Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating
agent.

 

    A-6

     

    

 

14.  
Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as:  TEN COM
(= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants
in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

 

15.  
CUSIP and ISIN Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Issuers have caused CUSIP and corresponding ISIN numbers to be printed on the Notes, and the Trustee may use CUSIP
and corresponding ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy
of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the
other identification numbers placed thereon.

 

The Issuers shall furnish
to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to:

 

Plains All American Pipeline, L.P.

333 Clay Street, Suite 1600

Houston, Texas 77002

Attention: Investor Relations

 

    A-7

     

    

 

	Assignment Form
	 
	To assign this Note, fill in the form below: (I) or (we) assign and transfer this Note to
	 
	(Insert assignee’s soc. sec. or tax I.D. no.)
	 
	 
	 
	 
	(Print or type assignee’s name, address and zip code)
	 
	and irrevocably appoint	 
	agent to transfer this Note on the books of the Issuers.  The agent may substitute another to act for him.
	 
	 

 

	Date: _______________	 
	 	 
	 	Your Signature:	 
	 	 	(Sign exactly as your name appears on the face of this Note)

 

	Signature Guarantee:	 
	 	(Signature must be guaranteed by a financial institution that is a member of the Securities Transfer Agent Medallion Program (“STAMP”), the Stock Exchange Medallion Program (“SEMP”), the New York Stock Exchange, Inc. Medallion Signature Program (“MSP”) or such other signature guarantee program as may be determined by the Registrar in addition to, or in substitution for, STAMP, SEMP or MSP, all in accordance with the Securities Exchange Act of 1934, as amended.)

 

    A-8

     

    

 

SCHEDULE OF INCREASES OR DECREASES IN
THE GLOBAL NOTE3

 

The original principal
amount of this Global Note is $                    . The following increases or decreases in this Global Note have been made:

 

	Date of
 Exchange	 	Amount of
 decrease in
 Principal
 Amount of
 this Global Note	 	Amount of
 increase in
 Principal
 Amount of
 this Global Note	 	Principal
 Amount of
 this Global Note
 following such
 decrease
 (or increase)	 	Signature of
 authorized
 signatory of
 Trustee or Note
 Custodian
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

 

 

3 To
be included only if the Note is issued in global form.

 

    A-9

     

    

 

EXHIBIT B

 

FORM OF SUPPLEMENTAL INDENTURE

 

SUPPLEMENTAL INDENTURE
(this “Supplemental Indenture”), dated as of ___________________, among Plains All American Pipeline, L.P., a Delaware
limited partnership (the “Partnership”), PAA Finance Corp., a Delaware corporation (“PAA Finance” and,
together with the Partnership, the “Issuers”), ________________________ (the “Subsidiary Guarantor”), a
direct or indirect subsidiary of Plains All American Pipeline, L.P. (or its successor), a Delaware limited partnership (the “Partnership”),
and U.S. Bank National Association, as trustee under the indenture referred to below (the “Trustee”).

 

W I T N E S S E T H

 

WHEREAS, the Issuers
have heretofore executed and delivered to the Trustee an indenture (the “Original Indenture”), dated as of September 25,
2002, as supplemented by the Thirty-First Supplemental Indenture (the “Thirty-First Supplemental Indenture” and, together
with the Original Indenture, the “Indenture”) dated as of September 16, 2019, among the Issuers and the Trustee, providing
for the issuance of the Issuers’ 3.550% Senior Notes due 2029 (the “Notes”);

 

WHEREAS, Section 5.05
of the Thirty-First Supplemental Indenture provides that under certain circumstances the Partnership is required to cause the Subsidiary
Guarantor to execute and deliver to the Trustee a supplemental indenture pursuant to which the Subsidiary Guarantor shall unconditionally
guarantee all of the Issuers’ obligations under the Notes pursuant to a Guarantee on the terms and conditions set forth herein;
and

 

WHEREAS, pursuant to
Section 9.01 of the Original Indenture, the Issuers and the Trustee are authorized to execute and deliver this Supplemental
Indenture;

 

NOW THEREFORE, in consideration
of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Issuers, the Subsidiary
Guarantor and the Trustee mutually covenant and agree for the equal and ratable benefit of the holders of the Notes as follows:

 

1.      Definitions.

 

(a)     Capitalized terms
used herein without definition shall have the meanings assigned to them in the Indenture.

 

(b)    For
all purposes of this Supplemental Indenture, except as otherwise herein expressly provided or unless the context otherwise requires:
(i) the terms and expressions used herein shall have the same meanings as corresponding terms and expressions used in the
Indenture; and (ii) the words “herein,” “hereof” and “hereby” and other words of similar
import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof.

 

2.     
Agreement to Guarantee. The Subsidiary Guarantor hereby agrees, jointly and severally with all other Subsidiary Guarantors
under the Indenture, if any, to guarantee the Issuers’ obligations under the Notes on the terms and subject to the conditions
set forth in Article IX of the Thirty-First Supplemental Indenture and to be bound by all other applicable provisions of the
Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions
and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for
all purposes, and every holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby.

 

    B-1

     

    

 

3.     
GOVERNING LAW. THIS SUPPLEMENTAL INDENTURE SHALL BE DEEMED TO BE A NEW YORK CONTRACT, AND FOR ALL PURPOSES SHALL
BE CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

4.     
Recitals; Trustee Makes No Representation;
Trustee’s Rights and Duties. The recitals contained herein shall be taken as the statements of the Issuers, and
the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representation as to the validity or
sufficiency of this Supplemental Indenture and shall not be liable in connection therewith. The rights and duties of the Trustee
shall be determined by the express provisions of the Original Indenture, and nothing in this Supplemental Indenture shall in any
way modify or otherwise affect the Trustee’s rights and duties thereunder.

 

5.     
Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be
an original, but all of them together represent the same agreement.

 

6.     
Effect of Headings. The Section headings herein are for convenience only and shall not affect the construction thereof.

 

    B-2

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as
of the date first above written.

 

	 	PLAINS ALL AMERICAN PIPELINE, L.P.
	 	 	 
	 	By:	PAA GP LLC, its General Partner
	 	 	 
	 	By:	Plains AAP, L.P., its Sole Member
	 	 	 
	 	By:	Plains All American GP LLC, its General Partner
	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 
	 	 	 
	 	PAA FINANCE CORP.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	[SUBSIDIARY GUARANTOR],
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     B-3EX-4.1

 Exhibit 4.1 

Execution Version 
  

 
  

NORTHERN UTILITIES, INC. 

$40,000,000 4.04% Senior Notes, Series 2019, due September 12, 2049 

 
  

NOTE PURCHASE AGREEMENT 

 
  

Dated as of September 12, 2019 
  

 
  

 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
	  	 	4	 
	 Section 4.11.
	 	 Proceedings and Documents
	  	 	4	 
	 Section 4.12.
	 	 Regulatory Approvals
	  	 	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
	  	 	5	 
	 Section 5.4.
	 	 Organization and Ownership of Shares of the Company and Subsidiaries; Affiliates
	  	 	5	 
	 Section 5.5.
	 	 Financial Statements; Material Liabilities
	  	 	6	 
	 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
	  	 	8	 
	 Section 5.13.
	 	 Private Offering by the Company
	  	 	9	 
	 Section 5.14.
	 	 Use of Proceeds; Margin Regulations
	  	 	9	 
	 Section 5.15.
	 	 Existing Indebtedness; Future Liens
	  	 	9	 
	 Section 5.16.
	 	 Foreign Assets Control Regulations, Etc
	  	 	10	 
	 Section 5.17.
	 	 Status under Certain Statutes
	  	 	10	 

  
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	 Section 5.18.
	 	 Environmental Matters
	  	 	11	 
	 Section 5.19.
	 	 Notes Rank Pari Passu
	  	 	11	 
	 Section 5.20.
	 	 Solvency and Consideration
	  	 	11	 
			
	SECTION 6.	 	REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS	  	 	11	 
			
	 Section 6.1.
	 	 Purchase for Investment
	  	 	11	 
	 Section 6.2.
	 	 Source of Funds
	  	 	12	 
	 Section 6.3.
	 	 Binding Effect
	  	 	13	 
	 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.
	 	 Allocation of Partial Prepayments
	  	 	18	 
	 Section 8.4.
	 	 Maturity; Surrender, Etc
	  	 	18	 
	 Section 8.5.
	 	 Purchase of Notes
	  	 	18	 
	 Section 8.6.
	 	 Make-Whole Amount
	  	 	19	 
	 Section 8.7.
	 	 Payments Due on Non-Business Days
	  	 	20	 
			
	SECTION 9.	 	AFFIRMATIVE COVENANTS	  	 	20	 
			
	 Section 9.1.
	 	 Compliance with Law
	  	 	20	 
	 Section 9.2.
	 	 Insurance
	  	 	21	 
	 Section 9.3.
	 	 Maintenance of Properties
	  	 	21	 
	 Section 9.4.
	 	 Payment of Taxes and Claims
	  	 	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	  	 	24	 
			
	 Section 10.1.
	 	 Limitation on Funded Indebtedness
	  	 	24	 
	 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
	  	 	27	 
	 Section 10.5.
	 	 Restrictions on Dividends
	  	 	28	 
	 Section 10.6.
	 	 Line of Business
	  	 	29	 
	 Section 10.7.
	 	 Economics Sanctions Regulations
	  	 	29	 
			
	SECTION 11.	 	EVENTS OF DEFAULT	  	 	29	 

  
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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
	  	 	32	 
			
	SECTION 13.	 	REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES	  	 	32	 
			
	 Section 13.1.
	 	 Registration of Notes
	  	 	32	 
	 Section 13.2.
	 	 Transfer and Exchange of Notes
	  	 	32	 
	 Section 13.3.
	 	 Replacement of Notes
	  	 	33	 
			
	SECTION 14.	 	PAYMENTS ON NOTES	  	 	34	 
			
	 Section 14.1.
	 	 Place of Payment
	  	 	34	 
	 Section 14.2.
	 	 Home Office Payment
	  	 	34	 
	 Section 14.3.
	 	 FATCA Information
	  	 	34	 
			
	SECTION 15.	 	EXPENSES, ETC	  	 	35	 
			
	 Section 15.1.
	 	 Transaction Expenses
	  	 	35	 
	 Section 15.2.
	 	 Certain Taxes
	  	 	35	 
	 Section 15.3.
	 	 Survival
	  	 	36	 
			
	SECTION 16.	 	SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT	  	 	36	 
			
	SECTION 17.	 	AMENDMENT AND WAIVER	  	 	36	 
			
	 Section 17.1.
	 	 Requirements
	  	 	36	 
	 Section 17.2.
	 	 Solicitation of Holders of Notes
	  	 	37	 
	 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.
	 	 Accounting Terms
	  	 	40	 
	 Section 22.3.
	 	 Severability
	  	 	40	 
	 Section 22.4.
	 	 Construction, Etc
	  	 	40	 

  
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	 Section 22.5.
	 	 Counterparts
	  	 	41	 
	 SECTION 22.6.
	 	 GOVERNING LAW
	  	 	41	 
	 SECTION 22.7.
	 	 JURISDICTION AND PROCESS; WAIVER OF
JURY TRIAL
	  	 	41	 
		
	Signature	  	 	43	 

  
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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
			
	SCHEDULE 10.1	 	—	 	Existing Funded Indebtedness
			
	SCHEDULE 10.2	 	—	 	Existing Liens
			
	EXHIBIT 1	 	—	 	Form of 4.04% Senior Note, Series 2019, due September 12, 2049
			
	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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 NORTHERN UTILITIES, INC. 

6 Liberty Lane West 
 Hampton, New
Hampshire 03842-1720 
 $40,000,000 4.04% Senior Notes, Series 2019, due September 12, 2049 

Dated as of September 12, 2019 

TO EACH OF THE PURCHASERS LISTED IN 

SCHEDULE A HERETO: 
 Ladies
and Gentlemen: 
 Northern Utilities, Inc., 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 its $40,000,000 aggregate principal amount 4.04% Senior Notes, Series 2019, due
September 12, 2049 (as amended, restated or otherwise modified from time to time pursuant to Section 17, are referred to as 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 September 12, 2019 or on such other 

			
	Northern Utilities, Inc.	  	Note Purchase Agreement

  

 
Business Day thereafter on or prior to October 31, 2019 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 $500,000 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 to account number 4622844048 at Bank of America, ABA number 026009593,
Bank of America Corporate Center, 100 North Tryon Street, Charlotte, NC 28255. 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 reasonable 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 by the Company to tender such Notes or any of the conditions specified in Section 4 not having been fulfilled to such Purchaser’s reasonable
satisfaction 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 reasonable satisfaction, prior to or at the Closing, of the following conditions (except, in each case, to the extent any representation or warranty expressly relates to a different date, in which case as of such different
date): 
 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. Before 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 had such Section 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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	Northern Utilities, Inc.	  	Note Purchase Agreement

  

 Section 4.4.    Opinions of Counsel.
Such Purchaser shall have received opinions in form and substance reasonably satisfactory to such Purchaser, dated the date of the Closing (a) from Dentons US 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 the Company hereby instructs Gary Epler to deliver such opinion to the Purchasers) 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, unless the Company and the Purchasers’ special counsel have agreed to make such payment due on a later date. 

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. 

  
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	Northern Utilities, Inc.	  	Note Purchase Agreement

  

 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 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 reasonably 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 4.12.    Regulatory Approvals. The issue and sale of the Notes shall have been
duly authorized by order of the NHPUC, the MPUC and such other regulatory authorities as may have jurisdiction, such order(s) shall be in full force and effect at the time of the Closing and any appeal periods applicable thereto shall have expired
with no appeals filed during such periods. 
 SECTION 5. REPRESENTATIONS AND WARRANTIES
OF THE COMPANY. 
 The Company represents and warrants to each Purchaser that the
representations and warranties contained in this Section 5 are true and correct as of the date of this Agreement and the Closing (except, in each case, to the extent any representation or warranty expressly relates to a
different date, in which case as of such different date): 
 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). 

  
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	Northern Utilities, Inc.	  	Note Purchase Agreement

  

 Section 5.3.    Disclosure. The Company,
through its agent, BofA Securities, Inc., has delivered to each Purchaser documents, certificates or other writings identified in Schedule 5.3 and such financial statements listed in Schedule 5.5, relating to the transactions
contemplated hereby. The Disclosure Documents (defined below) fairly describe, in all material respects, the general nature of the business and principal properties of the Company and its Subsidiaries. This Agreement 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 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,
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 June 30, 2019, 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)    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 

  
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	Northern Utilities, Inc.	  	Note Purchase Agreement

  

 
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. 

(e)    The Company is a Wholly-Owned Subsidiary of Unitil. 

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 consolidated financial statements (including in each case the 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 in such Schedule 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 that are not disclosed 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
the NHPUC and the MPUC with respect to retail rates, adequacy of service, issuance of securities, accounting and other matters and to regulation by FERC under the Energy Policy Act of 2005 in regards to certain bookkeeping, accounting and reporting
requirements. The issuance and sale of the Notes have been authorized by an order of the NHPUC and an order of the MPUC, which orders have each become final and the applicable waiting or appeal periods (including any extension thereof) have expired
with no appeals filed during such periods. 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 other than the orders of the NHPUC and MPUC referenced above. 

Section 5.8.    Litigation; Observance of Agreements, Statutes and Orders. (a) Other
than as described below and except as disclosed in the Disclosure Documents, there are no actions, 

  
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	Northern Utilities, Inc.	  	Note Purchase Agreement

  

 
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. 

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 Company knows of no basis for any other tax or assessment that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 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. As of the date of this Agreement, 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, 2016. 

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 

  
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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 or
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,
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 7 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. 

  
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 (f)    The Company and its Subsidiaries do not have any Non-U.S. Plans. 
 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 ten (10) 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 and warranty 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 6.1 and Section 6.4. 

Section 5.14.    Use of Proceeds; Margin Regulations. The Company will apply the proceeds
of the sale of the Notes to refinance existing short-term debt and/or for general corporate purposes. 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, 2019 (including a description of the obligors and obligees, 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 $1,000,000 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. 

  
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 (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 (i) is a Blocked Person, (ii) has been notified that its name appears or may in the future appear on a State Sanctions List or (iii) is a target of sanctions that have been imposed by the United Nations or
the European Union. 
 (b)    Neither the Company nor any Controlled Entity (i) has violated, been found in
violation of, or been charged or convicted under, any applicable U.S. Economic Sanctions Laws, Anti-Money Laundering Laws or Anti-Corruption Laws or (ii) to the
Company’s knowledge, is under investigation by any Governmental Authority for possible violation of any U.S. Economic Sanctions Laws, Anti-Money Laundering Laws or
Anti-Corruption Laws. 
 (c)    No part of the proceeds from the sale of the
Notes hereunder: 
 (i)    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, (A) in connection with any investment in, or any transactions or dealings with, any Blocked Person, (B) for any purpose that would cause any
Purchaser to be in violation of any U.S. Economic Sanctions Laws or (C) otherwise in violation of any U.S. Economic Sanctions Laws; 

(ii)    will be used, directly or indirectly, in violation of, or cause any Purchaser to be in violation
of, any applicable Anti-Money Laundering Laws; or 

(iii)    will be used, directly or indirectly, for the purpose of making 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, in each case which would be in violation of, or cause any Purchaser to be in violation of, any applicable
Anti-Corruption Laws. 
 (d)    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 U.S. Economic Sanctions Laws, Anti-Money Laundering Laws and Anti-Corruption Laws. 

Section 5.17.    Status under Certain Statutes. Neither the Company nor any Subsidiary is
subject to regulation under the Investment Company Act of 1940, as amended, the ICC Termination Act of 1995, as amended, or the Federal Power Act, as amended. The Company is subject to regulation under the Public Utility Holding Company Act of 2005,
as amended, and the Energy Policy Act of 2005, as amended. 

  
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 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. 
 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
AND WARRANTIES OF THE PURCHASERS. 

Section 6.1.    Purchase for Investment. 

(a)    Each Purchaser severally represents and warrants that it (i) is an institutional “accredited
investor” as defined in Rule 501(a)(1), (2), (3), or (7) under the Securities Act, (ii) is not an “underwriter” as defined in section 2(a)(11) of the Securities Act, and (iii) 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. 

  
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 (c)    Each Purchaser understands that the Notes will bear a legend,
prominently stamped or printed thereon, reading substantially as follows: 
 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. 

Section 6.2.    Source of Funds. Each Purchaser severally represents and warrants 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 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 

  
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 (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 
 (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 and warrants 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. 

  
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 Section 6.4.    Access to Information;
Knowledge and Experience. Each Purchaser severally represents and warrants 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. From the
date of the Closing and thereafter, so long as any of the Notes are outstanding, the Company shall deliver to holder of Notes that is an Institutional Investor: 

(a)    Quarterly Statements — 

(i)    within 90 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, 

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

(ii)    within 90 days after the end of each quarterly fiscal period in each fiscal year of Unitil (other
than the last quarterly fiscal period of each such fiscal year), duplicate copies of, 
 (A)    an
unaudited consolidated balance sheet of Unitil and its Subsidiaries as at the end of such quarter, and 

(B)    unaudited consolidated statements of income, changes in shareholders’ equity and cash flows of
Unitil 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 applicable to quarterly financial statements generally, and certified by a Senior Financial Officer as fairly presenting, in all material respects, the financial position of the companies being reported on and their
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 Unitil’s Quarterly Report on
Form 10-Q (the “Form 10-Q”) 

  
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prepared in material compliance with the requirements therefor and filed with the SEC shall be deemed to satisfy the requirements of Section 7.1(a)(ii), provided,
further, that the Company shall be deemed to have made such delivery of such Form 10-Q if Unitil 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 http://www.unitil.com) (such availability being referred to as “Electronic Delivery”); 

(b)    Annual Statements — 

(i)    within 120 days after the end of each fiscal year of the Company, duplicate copies of 

(A)    a consolidated balance sheet of the Company and its Subsidiaries as at the end of such year, and

 (B)    consolidated statements of income, changes in shareholders’ equity and cash flows of the
Company and its Subsidiaries for such year; and 
 (ii)    within 120 days after the end of each fiscal
year of Unitil, duplicate copies of 
 (A)    a consolidated balance sheet of Unitil and its Subsidiaries
as at the end of such year, and 
 (B)    consolidated statements of income, changes in
shareholders’ equity and cash flows of Unitil and its Subsidiaries for such year, 
 setting forth in each case above in
Section 7.1(b)(i) and Section 7.1(b)(ii) 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 of independent public accountants of recognized national standing, to the effect that such financial statements present fairly, in all material respects, the financial position of the companies being reported upon and their 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 generally accepted auditing standards, 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 Unitil’s Form 10-K (the “Form 10-K”) for such fiscal year (together with Unitil’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 Section 7.1(b)(ii), provided, further, that the Company shall be deemed to have made such
delivery of such Form 10-K if Unitil shall have timely made Electronic Delivery thereof; 

  
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 (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, Unitil 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, Unitil 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; 
 (d)    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; 

(e)    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 

(h)    Requested Information — with reasonable promptness, such other data and information
relating to the business, operations, affairs, financial condition, assets or properties of the Company, Unitil or any of their respective Subsidiaries (including, but without limitation, actual copies of Unitil’s
Form 10-Q and Form 10-K) 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 a Note. 
 Section 7.2.    Officer’s
Certificate. Each set of financial statements delivered to a holder of a Note pursuant to Section 7.1(a) or Section 7.1(b) shall be accompanied by a certificate of a Senior Financial Officer
setting forth: 
 (a)    Covenant Compliance — the information (including detailed
calculations) required in order to establish whether the Company was in compliance with the requirements of Sections 10.1 (to the extent Funded Indebtedness is incurred during the period covered by such certificate)
and 10.5, during the quarterly or annual period covered by the statements then being furnished (including with respect to each such Section, where applicable, the calculations of the maximum or minimum amount, ratio or percentage, as the
case may be, permissible under the terms of such Sections, and the calculation of the amount, ratio or percentage then in existence). In the event that the Company or any Subsidiary has made an election to measure any financial liability using fair
value (which election is being disregarded for purposes of determining compliance with this Agreement pursuant to Section 22.2) as to the period covered by any such financial statement, such Senior Financial Officer’s
certificate as to such period shall include a reconciliation from GAAP with respect to such election; 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 

  
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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. 
 Section 7.3.    Visitation. The Company shall
permit the representatives of each holder of a Note that is an Institutional Investor: 
 (a)    No
Default — if no Default or Event of Default then exists, at the expense of such holder and upon reasonable prior notice to the Company, to visit the principal executive office of the Company, to discuss the affairs, finances and accounts of
the Company and its Subsidiaries with the Company’s officers, and (with the consent of the Company, which consent will not be unreasonably withheld) its independent public accountants, and (with the consent of the Company, which consent will
not be unreasonably withheld) to visit the other offices and properties of the Company and each Subsidiary, all at such reasonable times and as often as may be reasonably requested in writing; and 

(b)    Default — if a Default or Event of Default then exists, at the expense of the Company to
visit and inspect any of the offices or properties of the Company or any Subsidiary, to examine all their respective books of account, records, reports and other papers, to make 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 times and as often as may 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 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 March 12, 2049, 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
March 12, 2049, the Company may, at its option, upon notice as provided below, prepay at any time all the Notes, 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. 

  
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	Northern Utilities, Inc.	  	Note Purchase Agreement

  

 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 unless the Company and the Required Holders agree to another time period pursuant to
Section 17. 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 8.3), 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, if any, 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.    Allocation of Partial Prepayments. In the case of each partial prepayment
of the Notes pursuant to Section 8.1 or 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. 

Section 8.4.    Maturity; Surrender, Etc. In the case of each optional prepayment
of Notes pursuant to this Section 8, the principal amount of each Note to be prepaid 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 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 8.5.    Purchase of Notes. The Company will not and will
not permit any Affiliate Controlled by the Company 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 a written offer to purchase a specified principal amount of Notes made by the Company or an Affiliate Controlled by the Company pro rata to the holders of all Notes at the time outstanding upon
the same terms and conditions. Any such offer shall provide each holder of Notes with reasonably sufficient information to enable it to make an informed decision with respect to such offer, and shall remain open for at least 20 Business Days.
If the holders of more than 25% of the principal amount of the Notes then outstanding accept such offer, the Company shall promptly notify the remaining holders of such fact and the expiration date for the acceptance by holders of Notes of such
offer shall be extended by the number of days necessary to give each such remaining holder at least ten Business Days from its receipt of such notice to accept such offer. The Company will promptly 

  
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cancel all Notes acquired by it or any Affiliate Controlled by the Company pursuant to any payment, prepayment or purchase of Notes pursuant to any provision of this Agreement and no Notes may be
issued in substitution or exchange for any such Notes. 
 Section 8.6.    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 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 

  
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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. 

Section 8.7.    Payments Due on Non-Business
Days. Anything in this Agreement or the Notes to the contrary notwithstanding, (x) except as set forth in clause (y), any payment of interest on any Note that is due on a date that is not 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; and (y) any payment of principal of or Make-Whole
Amount on any Note (including principal due on the Maturity Date of such Note) that is due on a date that is not a Business Day 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 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 10.7, 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,
Environmental Laws, the USA Patriot Act and the other laws and regulations that are referred to in Section 5.16, and will obtain and maintain in effect all licenses, certificates, permits, franchises and other

  
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governmental authorizations necessary to the ownership of their respective properties or to the conduct of their respective businesses, in each case to the extent necessary to ensure that 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 every
Subsidiary 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 its 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 and Claims. 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
imposed on them or any of their properties, assets, income or franchises, to the extent the same have become due and payable and before they have become delinquent and all claims for which sums have become due and payable that have or might become a
Lien on properties or assets of the Company or any Subsidiary, provided that neither the Company nor any Subsidiary need file any such return or pay any such tax, assessment, charge, levy or claim 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 non-filing of any such return or the nonpayment of all such taxes, assessments, charges, levies and claims would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect. 
 Section 9.5.    Corporate Existence, Etc.;
Ownership of Subsidiaries. (a) Subject to Section 10.4(ii) 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 legal existence of each of its Subsidiaries (unless merged into the Company or a Wholly-Owned Subsidiary) and all rights and franchises of the Company and its Subsidiaries

  
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unless, in the good faith judgment of the Company, the termination of or failure to preserve and keep in full force and effect such legal 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, one hundred percent of all of the equity interests (except directors’ qualifying shares) and voting interests of the Company shall at all times be and remain owned (directly or
indirectly) by Unitil. 
 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 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) The Company will cause any Person that guarantees or
otherwise becomes liable at any time, whether as a borrower or an additional or co-borrower or otherwise, for or in respect of any Indebtedness under any Material Credit Facility to concurrently therewith:

 (i)    enter into an agreement in form and substance satisfactory to the Required Holders providing
for the guaranty by such Person, on a joint and several basis with all other such Persons, of (x) the prompt payment in full when due of all amounts payable by the Company pursuant to the Notes (whether for principal, interest, Make-Whole Amount or otherwise) and this Agreement, including all indemnities, fees and expenses payable by the Company thereunder and (y) the prompt, full and faithful performance, observance and discharge by
the Company of each and every covenant, agreement, undertaking and provision required pursuant to the Notes or this Agreement to be performed, observed or discharged by it (a “Guaranty Agreement”); and 

(ii)    deliver the following to each holder of a Note: 

(A)    an executed counterpart of such Guaranty; 

(B)    a certificate signed by an authorized responsible officer of such Person containing representations
and warranties on behalf of such Person to the same effect, mutatis mutandis, as those contained in Sections 5.1, 5.2, 5.6, and 5.7 of this Agreement (but with respect to such Person and such Guaranty rather than
the Company); 
 (C)    all documents as may be reasonably requested by the Required Holders to evidence
the due organization, continuing existence and, where applicable, good standing of such Person and the due authorization by all requisite action on the part of such Person of the execution and delivery of such Guaranty and the performance by such
Person of its obligations thereunder; and 

  
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 (D)    an opinion of counsel reasonably satisfactory to
the Required Holders covering such matters relating to such Person and such Guaranty as the Required Holders may reasonably request. 
 In
addition to the foregoing, if the Bank Credit Agreement shall contain (or be amended to contain) covenants, reporting obligations or events of default related to such Bank Guarantor, then the Company shall deliver an amendment to this Agreement to
add similar covenants, reporting obligations and events of default related to such Bank Guarantor for the benefit of the holders of the Notes, and until such time as such amendment is delivered, this Agreement shall be deemed, without any action on
the part of the parties hereto, to be amended to include such additional covenants, reporting obligations and events of default as if set forth herein in full. If the Bank Credit Agreement shall cease to contain such covenants, reporting obligations
or events of default related to such Bank Guarantor, then the Company and the holders of the Notes shall deliver an amendment to this Agreement to remove such similar covenants, reporting obligations and events of default related to such Bank
Guarantor, and until such time as such amendment is delivered, this Agreement shall be deemed, without any action on the part of the parties hereto, to be amended to exclude such covenants, reporting obligations and events of default as if set forth
herein in full. 
 (b)    At the election of the Company and by written notice to each holder of Notes, any Guarantor
that has provided a Guaranty under subparagraph (a) of this Section 9.8 may be discharged from all of its obligations and liabilities under its Guaranty and shall be automatically released from its obligations
thereunder without the need for the execution or delivery of any other document by the holders, provided that (i) if such Guarantor is a guarantor or is otherwise liable for or in respect of any Material Credit Facility, then such
Guarantor has been released and discharged (or will be released and discharged concurrently with the release of such Guarantor under its Guaranty) under such Material Credit Facility, (ii) at the time of, and after giving effect to, such
release and discharge, no Default or Event of Default shall be existing, (iii) no amount is then due and payable under such Guaranty, (iv) if in connection with such Guarantor being released and discharged under any Material Credit
Facility, any fee or other form of consideration is given to any holder of Indebtedness under such Material Credit Facility for such release, the holders of the Notes shall receive equivalent consideration substantially concurrently therewith, and
(v) each holder shall have received a certificate of a Responsible Officer certifying as to the matters set forth in clauses (i) through (iv). In the event of any such release, for purposes of Section 10.1,
all Indebtedness of such Subsidiary shall be deemed to have been incurred concurrently with such release. 

  
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 SECTION 10. NEGATIVE COVENANTS. 

The Company covenants that so long as any of the Notes are outstanding: 

Section 10.1.    Limitation on Funded Indebtedness. (a) The Company will not, and
will not permit any Subsidiary to create, incur, assume or otherwise become liable for any Funded Indebtedness other than: 

(i)    Funded Indebtedness evidenced by the Notes; 

(ii)    Funded Indebtedness of the Company or any Subsidiary outstanding as of the Closing and reflected in
Schedule 10.1; and 
 (iii)    additional Funded Indebtedness, so long as 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 65% 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. 
 (b)    In addition to the limitations contained in
Section 10.1(a), no Subsidiary shall create, incur, assume or become liable for, or have outstanding any Funded Indebtedness if, after giving effect thereto and to any concurrent transaction, the aggregate amount of all
Funded Indebtedness of all Subsidiaries would exceed 20% of Total Shareholders’ Equity. 

  
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 (c)    For the purposes of this Section 10.1,
any Person becoming a Subsidiary after the date hereof shall be deemed, at the time it becomes a Subsidiary, to have incurred all of its then outstanding Indebtedness, and any Person extending, renewing or refunding any Indebtedness shall be deemed
to have incurred such Indebtedness at the time of such extension, renewal or refunding. 

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 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 and/or any such Subsidiary, as the case may be, from counsel that is reasonably acceptable to the Required Holders, 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)    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; 

(b)    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; 

(c)    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, 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; 

  
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 (d)    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; 

(e)    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); (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 (iii) 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; 

(f)    Liens for taxes (i) not yet subject to penalties for
non-payment or (ii) being contested, provided, payment thereof is not required by Section 9.4; 

(g)    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; 

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

 (i)    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; 

(j)    pledges, assignments and other security devices entered into in connection with the financing or
refinancing of customers’ conditional sales contracts; 
 (k)    Liens securing Indebtedness
incurred in connection with the purchase and sale of gas and/or energy supply (including transportation or transmission charges) or Guaranties in respect of obligations under such contracts; provided that, such Liens attach solely to such gas
or energy supply; 
 (l)    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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 (m)    Liens existing on the date hereof and not
reflected on Schedule 10.2 hereto and Liens created or incurred after the date of Closing, in addition to those otherwise permitted by this Section 10.2, securing Indebtedness (other than
Indebtedness in respect of the principal credit facilities of the Company and its Subsidiaries (including any Bank Credit Agreement) or any Indebtedness outstanding under or pursuant to any private placement document pursuant to which the Company or
any Subsidiary has issued senior notes, in each case, whether now existing or existing in the future) which does not exceed in the aggregate $10,000,000 at any one time outstanding; provided that all such Indebtedness shall have been incurred
within the applicable limitations provided in Section 10.1; 
 (n)    Liens
existing on the date hereof and listed on Schedule 10.2 hereto; and 
 (o)    Liens securing
Indebtedness issued to finance or refinance the Company’s operation center buildings in New Hampshire and/or Maine or any property acquired in replacement thereof which do not at any time exceed an aggregate principal amount of $25,000,000.

 If at any time the Company or a Subsidiary shall create or assume any Lien not permitted by this Section, to which the covenant to secure
the Notes 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: 

(x)    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 
 (y)    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. 

Section 10.3.    Transactions with Affiliates. Except as described in 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 or Unitil or another Subsidiary of Unitil), except in the ordinary course and pursuant to the reasonable requirements of the
Company’s or 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 

  
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	Northern Utilities, Inc.	  	Note Purchase Agreement

  

 
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, merge or otherwise
combine with any other corporation (including, without limitation, Granite), 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, merger or combination 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, consolidation or combination), or, if not, is organized under the laws of any State of the United States or the District of Columbia, 

(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, merger or combination 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 and the Company or the surviving corporation, as the
case may be, could incur at least $1.00 of additional Funded Indebtedness pursuant to Section 10.1; 

Section 10.5.    Restrictions on Dividends. (a) The Company will not except
(i) as hereinafter provided and (ii) for declaring or paying any dividend solely in shares of its own common stock: 

(i)    declare or pay any dividend; or 

(ii)    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 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 (1) all such distributions declared, paid, made or applied subsequent to January 1, 2019,
plus (2) all regular dividends declared on any class of Preferred Stock of the Company subsequent to January 1, 2019 

  
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and all amounts charged to retained earnings after January 1, 2019 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 January 1, 2019, plus (y) 100% of the net proceeds from any common or preferred equity issuances by the Company subsequent to
January 1, 2019, plus (z) $140,500,000. 
 (b)    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. The Company will not and will not permit any Subsidiary to engage in any business if, as a result, the general nature of the business, taken on a consolidated basis, which would then be engaged in by the Company and its Subsidiaries
would be substantially changed from the general nature of the business engaged in by the Company and its Subsidiaries on the date of this Agreement provided, however, an expansion of the Company’s or any Subsidiary’s service
territory shall be deemed not to be a change from the general nature of the business engaged in by the Company and its Subsidiaries. 

Section 10.7.    Economics Sanctions Regulations. The Company will not, and will not
permit any Controlled Entity to (a) become (including by virtue of being owned or controlled by a Blocked Person), own or control a Blocked Person or (b) directly or indirectly have any investment in or engage in any dealing or transaction
(including 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, or subject to sanctions under, any law or
regulation applicable to such holder, or (ii) is prohibited by or subject to sanctions under any U.S. Economic Sanctions Laws. 

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 Sections 7.1(d) or Sections 10.1, 10.2, 10.4, or 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 

  
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compliance with any Material term of such Guaranty Agreement and, in each case, such 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 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 $5,000,000 beyond any period of grace provided with respect thereto, or (ii) the
Company or any 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 $5,000,000 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 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 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 $5,000,000, or (y) one or more Persons have the right to require the Company or any Subsidiary so to purchase or repay such Indebtedness; or 

(g)    the Company or any 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 

  
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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 $10,000,000 (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, or any Guarantor or any party by, through or on account of any such Guarantor, challenges the validity, binding nature or enforceability of a Guaranty Agreement. 

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. 
 (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. 

  
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 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. 
 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 

  
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(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 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 $500,000, 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 $500,000. 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. 

  
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 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 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 14.3.    FATCA Information. By acceptance of any Note, the holder of such Note
agrees that such holder will with reasonable promptness duly complete and deliver to the Company, or to such other Person as may be reasonably requested by the Company, from time to time (a) in the case of any such holder that is a United
States Person, such holder’s United States tax identification number or other Forms reasonably requested by the Company necessary to establish such holder’s status as a United States Person under FATCA and as may otherwise be necessary for
the Company to comply with its obligations under FATCA and (b) in the case of any such holder that is not a United States Person, such documentation prescribed by applicable law (including as prescribed by section 1471(b)(3)(C)(i) of the
Code) and such additional documentation as may be necessary for the Company to comply with its obligations under FATCA and to determine that such holder has complied with such holder’s obligations under FATCA or to determine the amount (if any)
to deduct and withhold from any such payment made to such holder. Nothing in this Section 14.3 shall require any holder to provide information that is confidential or proprietary to such holder unless the Company is
required to obtain such information under FATCA and, in such event, the Company shall treat any such information it receives as confidential. 

  
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 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. If required by the NAIC, the Company shall obtain and maintain at its own cost and expense a Legal Entity Identifier (LEI). 

The Company will pay, and will save each Purchaser and each other holder of a Note harmless from, (i) 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 in connection with its purchase of the Notes) and (ii) any judgment, liability, claim, order, decree, fine, penalty, cost, fee,
expense (including reasonable attorneys’ fees and expenses) or obligation resulting from the consummation of the transactions contemplated hereby, including the use of the proceeds of the Notes by the Company, due to (a) any failure of any
representation or warranty of the Company in this Agreement to be true and correct in all material respects on the date as of which made and at the time of the Closing (except, in each case, to the extent any representation or warranty expressly
relates to a different date, in which case as of such different date) or (b) any failure by the Company to perform or comply in all material respects with any covenant or agreement contained in this Agreement. 

Section 15.2.    Certain Taxes. The Company agrees to pay all stamp, documentary or
similar taxes or fees which may be payable in respect of the execution and delivery or the enforcement of this Agreement or any Guaranty Agreement or the execution and delivery (but not the transfer) or the enforcement of any of the Notes in the
United States or any other jurisdiction where the Company or any Guarantor has assets or of any amendment of, or waiver or consent under or with respect to, this Agreement or any Guaranty Agreement or of any of the Notes, and to pay any value added
tax due and payable in respect of reimbursement of costs and expenses by the Company pursuant to this Section 15.2, and will save each holder of a Note to the extent permitted by applicable law harmless against any loss or
liability resulting from nonpayment or delay in payment of any such tax or fee required to be paid by the Company hereunder. 

  
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 Section 15.3.    Survival. The
obligations of the Company under this Section 15.3 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 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 Sections 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 amendment or waiver may,
without the written consent of each holder of each Note at the time outstanding, (i) subject to 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 (x) interest on the Notes or (y) the Make-Whole Amount, (ii) change the percentage of the principal amount of the
Notes the holders of which are required to consent to any amendment or waiver or the principal amount of the Notes that the Purchasers are to purchase pursuant to Section 2 upon the satisfaction of the conditions to Closing
that appear in Section 4, or (iii) amend any of Sections 8 (except as set forth in the second sentence of Section 8.2), 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 a Note (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 

  
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and correct copies of each amendment, waiver or consent effected pursuant to this Section 17 or any Guaranty Agreement to each holder of a Note 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 a Note as consideration for or as an inducement to the entering into by such holder 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 a Note 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 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 any holder of a Note and no delay in exercising any rights hereunder or under any Note or Guaranty Agreement shall operate as a waiver of any rights of any holder of such Note. 

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 

  
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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. 

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 proprietary in nature and that was clearly marked or labeled or otherwise adequately
identified when received by such Purchaser as being confidential information of the Company, such Subsidiary, Unitil or Unitil’s Affiliates, 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. 

  
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	Northern Utilities, Inc.	  	Note Purchase Agreement

  

 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 and not disclose 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 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. 

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

  
 -39- 

			
	Northern Utilities, Inc.	  	Note Purchase Agreement

  

 
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 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 any subsequent holder of a Note) whether so expressed or not, except
that, other than as provided in Section 10.4, the Company may not assign or otherwise transfer any of its rights or obligations hereunder or under the Notes without the prior written consent of each holder. Nothing in this
Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto and their respective successors and assigns permitted hereby) any legal or equitable right, remedy or claim under or by reason of this
Agreement. 
 Section 22.2.    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 22.3.    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 22.4.    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- 

			
	Northern Utilities, Inc.	  	Note Purchase Agreement

  

 Defined terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the
context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without
limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other
document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth
herein) and, for purposes of the Notes, shall also include any such notes issued in substitution therefor pursuant to Section 13, (b) subject to Section 22.1, any reference herein to any
Person shall be construed to include such Person’s successors and assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its
entirety and not to any particular provision hereof, (d) all references herein to Sections and Schedules shall be construed to refer to Sections of, and Schedules to, this Agreement, and (e) any reference to any law or regulation herein
shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time. 
 For the
avoidance of doubt, all Schedules and Exhibits attached to this Agreement shall be deemed to be a part hereof. 

Section 22.5.    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 22.6.    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 22.7.    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. 

  
 -41- 

			
	Northern Utilities, Inc.	  	Note Purchase Agreement

  

 (B)    THE COMPANY
AGREES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THAT A
FINAL JUDGMENT IN ANY SUIT, ACTION OR PROCEEDING OF THE NATURE
REFERRED TO IN SECTION 22.7(A) BROUGHT IN ANY SUCH
COURT SHALL BE CONCLUSIVE AND BINDING UPON IT SUBJECT TO RIGHTS OF
APPEAL, AS THE CASE MAY BE, AND MAY BE ENFORCED IN THE
COURTS OF THE UNITED STATES OF AMERICA OR THE STATE OF NEW
YORK (OR ANY OTHER COURTS TO THE JURISDICTION OF WHICH IT OR
ANY OF ITS ASSETS IS OR MAY BE SUBJECT) BY A SUIT UPON
SUCH JUDGMENT. 
 (C)    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 22.7(A) BY MAILING A COPY THEREOF BY
REGISTERED, CERTIFIED, PRIORITY OR EXPRESS MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM
OF MAIL), POSTAGE PREPAID, RETURN RECEIPT OR DELIVERY CONFIRMATION 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. 

(D)    NOTHING IN THIS
SECTION 22.7 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. 

(e)    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,
	
	NORTHERN UTILITIES, INC.
		
	By	 	 /s/ Christine L. Vaughan

	Name:	 	Christine L. Vaughan
	Title:	 	Senior Vice President & Treasurer

 Accepted as of the date first written above. 

 

			
	PACIFIC LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Matthew A. Levene

	Name:	 	Matthew A. Levene
	Title:	 	Assistant Vice President
		
	By:	 	 /s/ Cathy L. Schwartz

	Name:	 	Cathy L. Schwartz
	Title:	 	Assistant Secretary

 Accepted as of the date first written above. 

 

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

	Name:	 	Lee Martin
	Title:	 	Vice President

 INFORMATION RELATING TO
PURCHASERS 
  

					
	NAME OF PURCHASER	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED	 
	 PACIFIC LIFE INSURANCE
COMPANY
	  	$	10,000,000	 
	 Mac & Co., as nominee for Pacific Life Insurance Company
	  	$	10,000,000	 
		  	$	5,000,000	 
		  	$	5,000,000	 

 Please refer to instructions on following page. 

  
 SCHEDULE A

 (to Note Purchase Agreement) 

					
	PACIFIC LIFE INSURANCE COMPANY	  	 	

	 

 Delivery/Registration Instructions 

Account Information: 
  

			
	 Nominee Name:
	  	  Mac & Co
	 Tax ID#:
	  	  95-1079000

 Please include all information to ensure proper delivery of certificates and P & L 

For Physical Delivery of Certificates: 
 The Depository
Trust Company 
 Attn: BNY Mellon/Branch Deposit Department 

570 Washington Blvd – 5th Floor 
 Jersey City, NJ 07310 

 

			
	 Account Name:
	  	  PACIFIC LIFE INS CO - GENERAL ACCOUNT
	 Account Number:
	  	  5966218400

 For Payment of Principal & Interest: 

Bank:   The Bank of New York Mellon 
 ABA:
  021000018 
 Acct Number: GLA 111566 
 Acct Name:
The Bank of New York Mellon – P&I Dept 
 ** Include CUSIP, security description and P&I breakdown. ** 

All notices of payments and written confirmations of such wire transfers to: 

The Bank of New York Mellon 
 Attn: Pacific Life Accounting Team

 One Mellon Bank Center - Room 1130 
 Pittsburgh, PA
15258-0001 
 And 
  

			
	Pacific Life Insurance Company	  	
	Attn: IM – Cash Team	  	 

	700 Newport Center Drive
	Newport Beach, CA 92660
	Fax: 949-718-5845
	  
 All other communications shall be addressed to:

	  
 Pacific Life Insurance Company

	Attn: IM – Credit Analysis
		  	  

	700 Newport Center Drive	  	Joseph W. Krum
	Newport Beach, CA 92660-6397	  	VP & Treasurer
	PrivatePlacementCompliance@PacificLife.com	  	

  
 A-2 

					
	NAME OF PURCHASER	  	
PRINCIPAL AMOUNT OF NOTES

TO BE PURCHASED
	 
	 UNITED OF OMAHA LIFE INSURANCE COMPANY
	  	$	10,000,000	 

  

	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: 665876
D*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 

4 Chase Metrotech Center, 16th Floor 

Brooklyn, NY 11245-0001 
 Attn:
Income Processing 
 a/c: G07097 

  
 A-3 

	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-4 

 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 Subsidiary 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” means any law or regulation in a U.S. or any non-U.S. jurisdiction regarding bribery or any other corrupt activity, including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010. 

“Anti-Money Laundering Laws” means any law or regulation in a U.S. or any non-U.S. jurisdiction regarding money laundering, drug trafficking, terrorist-related activities or other money laundering predicate crimes, including the Currency and Foreign
Transactions Reporting Act of 1970 (otherwise known as the Bank Secrecy Act) and the USA PATRIOT Act. 
 “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” means (a) a Person whose name appears on the list of Specially Designated Nationals and Blocked Persons
published by OFAC, (b) a Person, entity, organization, country or regime that is blocked or a target of sanctions that have been imposed under U.S. Economic Sanctions Laws, or (c) a Person that is an agent, department or instrumentality
of, or is otherwise beneficially owned by, controlled by or acting on behalf of, directly or indirectly, any Person, entity, organization, country or regime described in clause (a) or (b). 

  
 SCHEDULE B

 (to Note Purchase Agreement) 

 “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. 

“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 Unitil and certain of its Subsidiaries, including the Company, as further amended from time to time. 

“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. 
 “Company” means Northern Utilities, Inc., a New Hampshire corporation, or any successor
that becomes such in the manner prescribed in Section 10.4. 
 “Confidential Information” is
defined in Section 20. 
 “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, with respect to the Notes, 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. 
 “Electronic Delivery” is defined in
Section 7.1(a)(ii). 

  
 B-2 

 “Environmental Laws” means any and all federal, state, local, and foreign
statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, 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. 
 “FATCA” means (a) sections 1471 through
1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), together with any current or future regulations or official interpretations
thereof, (b) any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the United States of America and any other jurisdiction, which (in either case) facilitates the implementation of the
foregoing clause (a), and (c) any agreements entered into pursuant to section 1471(b)(1) of the Code. 

“FERC” means the Federal Energy Regulatory Commission and any successor Governmental Authority thereto. 

“Form 10-K” is defined in Section 7.1(b)(ii). 

“Form 10-Q” is defined in Section 7.1(a)(ii). 

“Funded Indebtedness” of any Person as of any date as of which the amount thereof is to be determined, means (i) all
Indebtedness of such Person required to be paid more than one year from the date as of which Funded Indebtedness is being determined pursuant to the terms of the agreement or instrument under which such Indebtedness was incurred, but there shall be
excluded sinking fund, serial maturity, periodic installment and amortization payments on account of Indebtedness which are required to be made within one year from the date of such determination and (ii) all Guaranties of Funded Indebtedness
of others described in clause (i) of this definition. Notwithstanding the foregoing, Funded Indebtedness shall not include: (a) obligations under contracts for the purchase of gas and energy supply, including transportation 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) amounts owed to or by
the Company or any Subsidiary under the Cash Pooling and Loan Agreement; and (d) all obligations under operating leases. 

  
 B-3 

 “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 

(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. 
 “Granite” means Granite State Gas
Transmission, Inc., a New Hampshire corporation. 
 “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 

  
 B-4 

 (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 or any other Material Credit Facility and otherwise in a form reasonably acceptable to the Required Holders. 

“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. 

“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-5 

 “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 of title 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 8.6. 

“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. 

“Material Credit Facility” means, as to the Company and its Subsidiaries, 

(a)    the Bank Credit Agreement, including any renewals, extensions, amendments, supplements,
restatements, replacements or refinancing thereof; and 
 (b)    any other agreement(s) (other than the
Cash Pooling and Loan Agreement) creating or evidencing indebtedness for borrowed money entered into on or after the date of Closing by the Company or any Subsidiary, or in respect of which the Company or any Subsidiary is an obligor or otherwise
provides a guarantee or other credit support (“Credit Facility”), in a principal amount outstanding or available for borrowing equal to or greater than $10,000,000 (or the equivalent of such amount in the relevant currency of
payment, determined as of the date of the closing of such facility based on the exchange rate of such other currency); and if no Credit Facility or Credit Facilities equal or exceed such amounts, then the largest Credit Facility shall be deemed to
be a Material Credit Facility.  
 “Maturity Date” is defined in the first paragraph of each Note. 

“MPUC” means the Maine Public Utilities Commission and any successor Governmental Authority. 

  
 B-6 

 “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. 
 “Non-U.S. Plan” means any plan,
fund or other similar program that (a) is established or maintained outside the United States of America by the Company or any Subsidiary primarily for the benefit of employees of the Company or one or more Subsidiaries residing outside the
United States of America, which plan, fund or other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, and (b) is not subject to
ERISA or the Code. 
 “Notes” is defined in Section 1. 

“NHPUC” means the New Hampshire Public Utilities Commission and any successor Governmental Authority. 

“OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury. 

“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. 

“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. 

“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). 

  
 B-7 

 “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 on or after the Closing, 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. 

“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(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 or of Unitil, as applicable. 
 “State Sanctions
List” means a list that is adopted by any state Governmental Authority within the United States of America pertaining to Persons that engage in investment or other commercial activities in Iran or any other country that is a target of
economic sanctions imposed under U.S. Economic Sanctions Laws. 
 “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 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. 

  
 B-8 

 “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) Funded
Indebtedness of the Company and its Subsidiaries, and (y) Total Shareholders’ Equity as of such date. Such Total Capitalization shall be exclusive of Accumulated and Other Comprehensive Income (within the meaning of GAAP) derived from
pension and benefit obligations; provided, however, that, to the extent permitted by Section 10.1(a)(iii) hereof, any Funded Indebtedness to be redeemed from the proceeds of the incurrence of Funded
Indebtedness as provided for in Section 10.1(a)(iii) 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). 
 “Total Shareholders’ Equity” means, as of any
date of determination, 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. 

“Unitil” means Unitil Corporation, a New Hampshire corporation. 

“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 Laws” means those laws, executive orders, enabling legislation or regulations administered and
enforced by the United States pursuant to which economic sanctions have been imposed on any Person, entity, organization, country or regime, including the Trading with the Enemy Act, the International Emergency Economic Powers Act, the Iran
Sanctions Act, the Sudan Accountability and Divestment Act and any other OFAC Sanctions Program. 
 “United States Person”
has the meaning set forth in section 7701(a)(30) of the Code. 
 “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-9 

 DISCLOSURE MATERIALS 

Note Purchase Agreement to which this Schedule 5.3 is attached. 

The financial statements listed in Schedule 5.5. 
 Northern
Utilities, Inc.’s actual and pro forma capitalization of December 31, 2018. 
 Regulatory approvals for the issuance of the Notes as described in
Section 4.12 of the Note Purchase Agreement. 
 Unitil Corporation’s S&P Rating Update dated October 29, 2018. 

Unitil Corporation’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017. 

Unitil Corporation’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018. 

Unitil Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019. 

Unitil Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019. 

Unitil Corporation’s Current Reports on Form 8-K that were filed with the Securities and Exchange Commission on
or after January 1, 2019. 
 Unitil Corporation’s 2018 Annual Report. 

  
 SCHEDULE
5.3 
 (to Note Purchase Agreement) 

 ORGANIZATION AND OWNERSHIP OF
SHARES OF THE COMPANY AND SUBSIDIARIES 
 (a) (i)
Subsidiaries. None. 
 (a) (ii) Affiliates (other than Subsidiaries and Directors and Officers). 

Unitil Corporation 
 Unitil Energy
Systems, Inc. 
 Fitchburg Gas and Electric Light Company 

Unitil Power Corp. 
 Unitil Realty
Corp. 
 Unitil Service Corp. 

Unitil Resources, Inc. 
 Granite
State Gas Transmission, Inc. 
 Fitchburg Energy Development Company 

(a) (iii) Directors and Officers. 
  

			
	Directors
	Robert V. Antonucci	  	
	 David P. Brownell
 Mark H. Collin
	  	
	Lisa Crutchfield	  	
	 Albert H. Elfner, III
 Suzanne Foster
	  	
	Edward F. Godfrey	  	
	Michael B. Green	  	
	Thomas P. Meissner, Jr.	  	
	Eben S. Moulton	  	
	 M. Brian O’Shaughnessy
 Justine
Vogel
	  	
	David A. Whiteley	  	
		
	Officers	  	Title
	Thomas P. Meissner, Jr.	  	President
	Todd R. Black	  	Senior Vice President
	Christine L. Vaughan	  	Senior Vice President & Treasurer
	Justin Eisfeller	  	Vice President
	Robert S. Furino	  	Vice President
	Christopher Leblanc	  	Vice President
	Raymond Letourneau, Jr.	  	Vice President
	Laurence M. Brock	  	Controller
	Sandra L. Whitney	  	Secretary

  
 SCHEDULE
5.4 
 (to Note Purchase Agreement) 

 FINANCIAL STATEMENTS 

Audited Financial Statements of Northern Utilities, Inc. as of December 31, 2016. 

Audited Financial Statements of Northern Utilities, Inc. as of December 31, 2017. 

Audited Financial Statements of Northern Utilities, Inc. as of December 31, 2018. 

Unaudited and Condensed Financial Statements of Northern Utilities, Inc. as of and for the Three Months Ended March 31, 2019. 

Unaudited and Condensed Financial Statements of Northern Utilities, Inc. as of and for the Six Months Ended June 30, 2019. 

  
 SCHEDULE
5.5 
 (to Note Purchase Agreement) 

 EXISTING INDEBTEDNESS 

(as of June 30, 2019) 
  

											
	 BORROWER/OBLIGOR
	  	 LENDER/CREDITOR
	  	 DESCRIPTION

AND

MATURITY
	  	BALANCE
(USD)	 	  	 DESCRIPTION
OF
SECURITY
OR OTHER
CREDIT
SUPPORT

	 Northern Utilities, Inc.
	  	 Various institutional
 investors.
	  	5.29% Senior Notes, Due March 2, 2020	  	$	8,200,000	 	  	None
	 Northern Utilities, Inc.
	  	 Various institutional
 investors.
	  	7.72% Senior Notes, Due December 3, 2038	  	$	50,000,000	 	  	None
	 Northern Utilities, Inc.
	  	 Various institutional
 investors.
	  	4.42% Senior Notes, Due October 15, 2044	  	$	50,000,000	 	  	None
	 Northern Utilities, Inc.
	  	Various institutional investors	  	3.52% Senior Notes, Due November 1, 2027	  	$	20,000,000	 	  	None
	 Northern Utilities, Inc.
	  	Various institutional investors	  	4.32% Senior Notes, Due November 1, 2047	  	$	30,000,000	 	  	None
	 Northern Utilities, Inc.
	  	Unitil and certain of its subsidiaries	  	Cash Pooling and Loan Agreement, as amended and restated to date	  	$	26,788,431	 	  	None

 The Company is a party to, or otherwise subject to provisions contained in, instruments evidencing the Funded Indebtedness of
the Company set forth on Schedule 10.1 and agreements and other documents relating thereto that limit the amount of, or otherwise impose restrictions on the incurring of, Funded Indebtedness of the Company. 

  
 SCHEDULE
5.15 
 (to Note Purchase Agreement) 

 EXISTING FUNDED INDEBTEDNESS 

(as of June 30, 2019) 
  

											
	 BORROWER/OBLIGOR
	  	 LENDER/CREDITOR
	  	 DESCRIPTION

AND

MATURITY
	  	BALANCE
(USD)	 	  	DESCRIPTION
OF SECURITY
OR
OTHER
CREDIT
SUPPORT
	 Northern Utilities, Inc.
	  	 Various institutional
 investors.
	  	7.72% Senior Notes, Due December 3, 2038	  	$	50,000,000	 	  	None
	 Northern Utilities, Inc.
	  	 Various institutional
 investors.
	  	4.42% Senior Notes, Due October 15, 2044	  	$	50,000,000	 	  	None
	 Northern Utilities, Inc.
	  	Various institutional investors	  	3.52% Senior Notes, Due November 1, 2027	  	$	20,000,000	 	  	None
	 Northern Utilities, Inc.
	  	Various institutional investors	  	4.32% Senior Notes, Due November 1, 2047	  	$	30,000,000	 	  	None

  
 SCHEDULE
10.1 
 (to Note Purchase Agreement) 

 EXISTING LIENS 

None. 

  
 SCHEDULE
10.2 
 (to Note Purchase Agreement) 

 [FORM OF SERIES 2019 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. 

NORTHERN UTILITIES, INC. 

4.04% SENIOR NOTE, SERIES 2019, DUE SEPTEMBER 12, 2049

  

			
	No. [        ]	  	                        , 2019
	$[            ]	  	PPN 665876 D*6

 FOR VALUE RECEIVED, the undersigned, Northern Utilities, Inc.
(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 September 12, 2049 (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 4.04% per annum from the date hereof, payable
semiannually, on the twelfth day of September and March in each year, commencing with the March 12 or September 12 next succeeding the date hereof, and on the Maturity Date, until the principal hereof shall have become due and payable, and
(b) without duplication with clause (a) above, 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) 6.04% 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. 

  
 EXHIBIT 1

 (to Note Purchase Agreement) 

 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 September 12, 2019 (as from time to time amended, the “Note Purchase Agreement”), between the Company and the respective Purchasers named therein and
is entitled to the benefits 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. 

[Remainder of page is intentionally blank] 

  
 1-2 

 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. 
  

			
	NORTHERN UTILITIES, INC.
		
	By	 	  

	Name:	 	
	Title:	 	

  
 1-3 

 FORM OF OPINION OF
SPECIAL COUNSEL 
 TO THE COMPANY 

The following or substantively similar opinions are to be provided by special counsel to the Company, subject to customary assumptions,
limitations and qualifications. All capitalized terms used herein without definition shall have the meanings ascribed thereto in the Note Purchase Agreement1. 

1.    The Note Purchase Agreement constitutes the legal, valid and binding obligation of the Company, enforceable against it in accordance
with its terms, except that: (a) the foregoing may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally; (b) the foregoing is
subject to general principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity); and (c) no opinion is expressed insofar
as any term or provision of any Transaction Document2 conflicts or is inconsistent with any term or provision of any other Transaction Document. 

2.    The Notes issued on the date hereof, upon payment and delivery in accordance with the Note Purchase Agreement, will constitute the
legal, valid and binding obligations of the Company, enforceable against it in accordance with their terms, except that: (a) the foregoing may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium
and similar laws affecting creditors’ rights and remedies generally; (b) the foregoing is subject to general principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether
enforcement is sought in a proceeding at law or in equity); and (c) no opinion is expressed insofar as any term or provision of any Transaction Document conflicts or is inconsistent with any term or provision of any other Transaction Document.

 3.    To our knowledge, the issuance and sale of the Notes and the execution and delivery by the Company of the Note Purchase
Agreement and the performance by the Company of its obligations thereunder will not (i) violate or result in a breach of any of the agreements or other instruments listed on Schedule 5.15 of the Note Purchase Agreement to which the Company is a
party or by which the Company is bound that constitute outstanding Indebtedness of the Company or (ii) violate any Applicable Law3 applicable to the Company. 

 

	1 	 The references to “Note Purchase Agreement” means the Note Purchase Agreement to which this Exhibit
4.4(a) is attached. 

	2 	 “Transaction Documents” means the Note Purchase Agreement and the Notes. 

	3 	 “Applicable Laws” means those Federal laws of the United States of America and those laws of the
State of New York and the Commonwealth of Massachusetts, in each case which, in the special counsel’s experience, without having made any special investigation as to the applicability of any specific law, are normally applicable to transactions
of the type contemplated by the Note Purchase Agreement (subject to certain exclusions). 

  
 EXHIBIT
4.4(a) 
 (to Note Purchase Agreement) 

 4.    To our knowledge, no consent, approval or authorization or other action by, or
filing with, any governmental authority is required to be obtained or made by or on behalf of the Company under any Applicable Law in connection with the execution and delivery by the Company of the Note Purchase Agreement, the consummation by the
Company of the Transactions4 or the performance by the Company of its obligations under the Note Purchase Agreement, except for (a) federal securities laws, (b) state securities or blue
sky laws, as to which we express no opinion, and (c) those already obtained or made. 
 5.    Except as set forth in the Disclosure
Documents, and without investigation, analysis, or review of court or other public records, to our knowledge, there is no litigation, proceeding or governmental investigation pending or threatened in writing against the Company that relates to the
consummation by the Company of the Transactions except litigation or investigations that (a)individually do not in any manner draw into question the validity of the Note Purchase Agreement or the Notes, or (b) in the aggregate, if adversely
determined, could not be reasonably expected to materially and adversely affect the Company’s ability to perform its obligations under the Note Purchase Agreement or the Notes. 

6.    The Company is not an “investment company” or, to our knowledge, a company “controlled” by an “investment
company,” within the meaning of the Investment Company Act of 1940, as amended (the “ICA”). 
 7.    Assuming the
proceeds of the sale of the Notes will be used by the Company for the purposes provided in Section 5.14 of the Note Purchase Agreement, the sale of the Notes to the Purchasers, and the application of the proceeds of the sale of the Notes, will
not violate Regulations U and X of the Board of Governors of the Federal Reserve System. 
 8.    Assuming (a) that neither the
Company, nor any other party has engaged in a general solicitation, (b) that the representations of the Company and each Purchaser contained in the Note Purchase Agreement are true, correct and complete, and (c) compliance by the Company
and each Purchaser with its covenants set forth in the Note Purchase Agreement, it is not legally required, in connection with the Company’s offer, sale and delivery of the Notes to the Purchasers pursuant to the Note Purchase Agreement, to
register the Notes under the Securities Act of 1933, as amended. 
  

	4 	 “Transactions” means the transactions contemplated by the Note Purchase Agreement.

  
 4.4(a)-2 

 FORM OF OPINION OF
GARY EPLER, 
 CHIEF REGULATORY COUNSEL FOR
UNITIL SERVICE CORP. 
 The following or substantively similar opinions are to be provided
by Gary Epler, Chief Regulatory Counsel for Unitil Service Corp., subject to customary assumptions, limitations and qualifications. All capitalized terms used herein without definition shall have the meanings ascribed thereto in the Note Purchase
Agreement5. 
 1.    The Company is a corporation validly existing and in good
standing under the laws of the State of New Hampshire and has the requisite corporate power and authority to carry on its business as now being conducted. 

2.    The Company has the requisite corporate power and authority to execute and deliver the Transaction Documents6 to which it is a party and to perform its obligations thereunder. The execution and delivery by the Company of the Transaction Documents to which it is a party and the performance by the Company of
its obligations thereunder have been duly authorized by all necessary corporate action on the part of the Company. The Transaction Documents have been duly and validly executed and delivered by the Company. 

3.    The issuance and sale of the Notes and the execution and delivery by the Company of the Note Purchase Agreement and the performance
by the Company of its obligations thereunder will not (i) violate any existing terms of its Organizational Documents7, (ii) violate or result in a breach of any of the agreements or
other instruments listed on Schedule 5.15 of the Note Purchase Agreement to which the Company is a party or by which the Company is bound that constitute outstanding Indebtedness of the Company, or (iii) violate any Applicable Law8 applicable to the Company. 
 4.    No consent, approval or authorization or other
action by, or filing with, any governmental authority is required to be obtained or made by or on behalf of the Company under any Applicable Law in connection with the execution and delivery by the Company of the Note Purchase 

 

	5 	 The references to “Note Purchase Agreement” means the Note Purchase Agreement to which this Exhibit
4.4(b) is attached. 

	6 	 “Transaction Documents” means the Note Purchase Agreement and the Notes. 

	7 	 “Organizational Documents” means the Articles of Incorporation and the By-Laws of the Company.

	8 	 “Applicable Laws” means (i) the New Hampshire Business Corporation Act, the public utility laws of
the State of New Hampshire, the public utility laws of the State of Maine and the public utility laws of the State of Massachusetts and (ii) those Federal laws of the United States of America and those laws of the State of New Hampshire, in each
case which, in Gary Epler’s experience, without having made any special investigation as to the applicability of any specific law, are normally applicable to transactions of the type contemplated by the Note Purchase Agreement (subject to
certain exclusions). 

  
 EXHIBIT
4.4(b) 
 (to Note Purchase Agreement) 

 
Agreement, the consummation by the Company of the Transactions9 or the performance by the Company of its obligations under the Note Purchase
Agreement, except for (i) federal securities laws, as to which I express no opinion, (ii) state securities or blue sky laws, as to which I express no opinion, and (iii) those already obtained or made. 

5.    Except as set forth in the Disclosure Documents, and without investigation, analysis, or review of court or other public records, to
my knowledge, there is no litigation, proceeding or governmental investigation pending or threatened in writing against the Company that relates to the consummation by the Company of the Transactions except litigation or investigations that
(a) individually do not in any manner draw into question the validity of the Note Purchase Agreement or the Notes or (b) in the aggregate, if adversely determined, could not be reasonably expected to materially and adversely affect the
Company’s ability to perform its obligations under the Note Purchase Agreement or the Notes. 
  

	9 	 “Transactions” means the transactions contemplated by the Note Purchase Agreement.

  
 4.4(b)-2 

 FORM OF OPINION OF
SPECIAL COUNSEL 
 TO THE PURCHASERS 

To be provided to the Purchasers only. 

  
 EXHIBIT
4.4(c) 
 (to Note Purchase Agreement)

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