Document:

EX-10.24

 Exhibit 10.24 
  

 
  

 Re: Home Health and Hospice Phantom Stock Opportunity 

Dear Mike McMaude, 
 As a highly valued new leader in the
company and as an important member of our Home Health and Hospice leadership team, we are excited that you will play a very important role in our collective growth of our Home Health and Hospice business lines. As recognition of this, and as further
motivation to continue to build out a market leading business, you are being offered a one-time Phantom Stock opportunity in addition to all other components of your compensation, including Base Salary,
Short-Term (Bonus) Incentive plans, and other perks, etc. 
  

	 	•	 	 A Phantom Stock Option in the BrightSpring Health Services Home Health and Hospice business is a contingent right
granted to a Recipient to receive a cash payment equal to the excess, if any, of the Fair Market Value of a Share (of Phantom Stock) on a specified valuation date over the Strike (Exercise) Price and multiplied by the number of Phantom Shares
granted to such Recipient, subject to the achievement of Target EBITDA levels in the future and such other conditions set forth in this document. 

  

	 	•	 	 Phantom Stock Options (Phantom Shares) represent a bonus opportunity, and not actual ownership in the business,
based upon the Home Health and Hospice financial performance (EBITDA). Total Shares of Home Health and Hospice Phantom Stock are equal to 1,000,000. BrightSpring Health Services management (CEO and/or Board) has the right to adjust the number of
shares of total Phantom Stock. 

  

	 	•	 	 Fair Market Value of a Phantom Share in Home Health and Hospice on any given date means the product of GAAP
EBITDA, as determined for the Company’s most recently completed fiscal year, multiplied by a set valuation multiple of 11.0x, divided by the total Shares Under the Phantom Stock Opportunity (currently approved at 1,000,000 Shares). Phantom
Stock Option expense for the period will be excluded from the GAAP EBITDA calculation for purposes of determining Fair Market Value. 

  

	 	•	 	 These Phantom Shares will be issued at a Strike Price of $907.23/share, which is based on the current Fair Market
Value of the Home Health and Hospice business. 

  

	 	•	 	 The Phantom Share performance years for purposes of evaluation will be July 1 – June 30 for each
year enumerated 

  

	 	•	 	 Award conditional upon signature of Confidentiality, Non-Interference,
and Invention Assignment Agreement 

  

	 	•	 	 Recipient: Mike McMaude 

 

	 	•	 	 Phantom Share Grant: 15,950 Phantom Shares. 

 
  

Helping People Live Their Best Life 

  
 

 
  

 Vesting: 
  

	 	•	 	 Time-Based Vesting: Phantom Shares issued will vest in three tranches equal to 15% in year 3, 20% in year 4, and
65% in year 5. Each such tranche shall be eligible to vest on the last day of each respective fiscal year for the plan, those being plan years ended June 30, 2024, June 30, 2025 and June 30, 2026. 

 

	 	•	 	 Performance-Based Vesting: In each case as it relates to time-based vested Shares, payout on the Phantom Shares
is also subject to achievement of the annual Home Health and Hospice EBITDA Target set forth in the table below for the applicable plan fiscal year ended June 30: 

 

					
	Performance Year
ended June 30,	  	Annual GAAP EBITDA
Target, excluding
acquisitions
($ in millions)	 
	2024	  	$	*	 
	2025	  	$	*	 
	2026	  	$	*	 

  

	 	•	 	 If the Target EBITDA is not achieved in the measurement period, but is within the following EBITDA Achievement as
a percentage of the EBITDA Target, the percentage of Phantom Shares eligible for performance-based vesting and payout will be adjusted to the following percentages: 

 

					
	EBITDA Achievement
in Measurement
Period	 	Performance-Based
Vesting	 
	  85.00%	 	 	50.00	% 
	  87.50%	 	 	60.00	% 
	  90.00%	 	 	70.00	% 
	  92.50%	 	 	77.50	% 
	  95.00%	 	 	85.00	% 
	  97.50%	 	 	92.50	% 
	100.00%	 	 	100.00	% 

  

	 	•	 	 Only in Performance Years ended June 30, 2024 and 2025, to the extent that the Annual EBITDA target for any
fiscal year is not achieved at the minimum achievement level, the tranche associated with such fiscal year shall remain outstanding and shall be eligible to vest along with other tranches in a subsequent Performance Year, on the last day of the
subsequent fiscal year, if the Annual EBITDA Target in respect of any subsequent Performance Year is achieved. 

  

 
 Helping People
Live Their Best Life 

  
 

 
  

	 	•	 	 In the event of an acquisition made by the Home Health and Hospice business line, the Annual GAAP EBITDA Targets
commensurate with all performance years will increase by Last Twelve Months EBITDA (LTM EBITDA) or the last 1, 3, or 6 months run rate EBITDA of the acquisition target as used and determined by the Company (CEO and/or the Board) for valuation
purposes. This increase will be automatic to all targets as of the close of the acquisition. 

  

	 	•	 	 In the event of any structural changes or underlying changes (financial or otherwise) in the Home Health and
Hospice business, BrightSpring management (CEO and/or Board) has sole discretion, in good faith, to adjust the EBITDA targets commensurate with the change. Examples of such a hypothetical change could include, for example, Home Health and Hospice
Corporate costs shifted or absorbed by BrightSpring. Management will provide notice to recipients of the EBITDA Target adjustment within 90 days of such structural or underlying change. 

Strike Price adjustments: 
  

	 	•	 	 If acquisitions are completed during the Home Health and Hospice Phantom Stock Option period, there shall be an
immediate change to the initial Strike Price of each Phantom Option grant to increase that Strike Price by an amount equal to the LTM EBITDA or the last 1, 3, or 6 months run rate EBITDA of the acquisition target as used and determined by the
Company (CEO and/or the Board) for valuation purposes, multiplied by a set valuation multiple of 11.0x, and divided by the total Shares Under the Phantom Stock Opportunity (currently approved at 1,000,000 shares). 

Payout Calculation: 
  

	 	•	 	 Payout will be calculated as the Current Fair Market Value per Share at the specified future date less the Strike
Price of the Phantom Share granted (including any adjustments to Strike Price as a result of acquisitions) multiplied by the number of shares vested that were previously unexercised in a prior period. Current Fair Market Value per Share is defined
as the product of GAAP EBITDA, as determined for the Company’s most recently completed fiscal year, multiplied by a set valuation multiple of 11.0x, divided by the total Shares Under the Phantom Stock Opportunity (currently approved at
1,000,000 Shares). 

  

	 	•	 	 Maximum payout for these shares (Current Fair Market Value in the future less the current Strike Price) shall be
subject to $1,500 gain per share. 

  

 
 Helping People
Live Their Best Life 

  
 

 
  

	 	•	 	 Payout will be made within 100 days following the respective Phantom Option year ended June 30, so long as
the payout does not cause a breach of BrightSpring debt (leverage) covenants or cause “financial distress,” as determined in the good faith judgment of the CEO and/or Board, in which case such payout will be made at the soonest appropriate
time. If not paid within one year of the vesting period, these grants will be convertible to BrightSpring Health Services stock, at a conversion rate equal to the current fair market value of that stock at the date of conversion.

  

	 	•	 	 The BrightSpring Health Services management team (CEO and/or Board) has sole discretion and will exercise good
faith in all payout calculations and elements of this Phantom Stock opportunity; any disputes under this Phantom Stock Opportunity shall be resolved in an Arbitration per Paragraph 10 of the recipient’s Employment Agreement.

 Termination: 
  

	 	•	 	 In the event that a Recipient is no longer employed with the Company for any reason (either as a full-time
employee or contracted consultant to the company), any unpaid options shall be null and void and will be forfeited. 

Very Truly Yours, 
 BrightSpring
Health Services, Inc 
 ACCEPTED AND AGREED TO THIS ____DAY OF September, 2021 

Mike McMaude 

                       
      

  

 
 Helping People
Live Their Best LifeExhibit 4.56

 

EXECUTION VERSION

 

NINTH SUPPLEMENTAL INDENTURE TO FIRST MORTGAGE AND DEED
OF TRUST

 

INTERNATIONAL TRANSMISSION COMPANY

 

TO

 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

 

Trustee

 

 

 

Dated as of November 5, 2021

 

 

 

 

Supplementing the First Mortgage
and Deed of Trust dated as of July 15, 2003, as heretofore supplemented

 

THIS INSTRUMENT CONTAINS AFTER-ACQUIRED PROPERTY PROVISIONS

 

Establishing a series of Securities
designated 2.93% First Mortgage Bonds, Series I, due January 14, 2052 and a series of Securities designated 2.93% First Mortgage
Bonds, Series J, due January 14, 2052

 

    

     

    

 

TABLE OF CONTENTS

 

	 	Page
	ARTICLE ONE DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	5
	 	 
	ARTICLE TWO TITLE, FORM AND TERMS AND CONDITIONS OF THE BONDS	10
	 	 
	Section 2.01. The Bonds	10
	Section 2.02. Payment on the Bonds	11
	Section 2.03. Mandatory Redemption of the Bonds	13
	Section 2.04. Optional Redemption	13
	Section 2.05. Purchase of Bonds	14
	Section 2.06. Payment upon Event of Default	14
	Section 2.07. Transfers	14
	 	 
	ARTICLE THREE ADDITIONAL COVENANTS	15
	 	 
	Section 3.01. Affirmative Covenants of the Company	15
	Section 3.02. Negative Covenants of the Company	15
	 	 
	ARTICLE FOUR ADDITIONAL EVENTS OF DEFAULT; REMEDIES	16
	 	 
	Section 4.01. Events of Default	16
	Section 4.02. Acceleration of Maturity	17
	 	 
	ARTICLE FIVE NET EARNINGS CERTIFICATE	17
	 	 
	ARTICLE SIX LIEN	18
	 	 
	ARTICLE SEVEN AMENDMENTS TO THE PROVISIONS	18
	 	 
	ARTICLE EIGHT MISCELLANEOUS PROVISIONS	23
	 	 
	Section 8.01. Effectiveness of Provisions	23
	Section 8.02. Execution of Ninth Supplemental Indenture	23
	Section 8.03. Trustee	23
	Section 8.04. Effect of Headings	23
	Section 8.05. Successors and Assigns	24
	Section 8.06. Severability Clause	24
	Section 8.07. Benefit of Ninth Supplemental Indenture	24
	Section 8.08. Execution and Counterparts	24
	Section 8.09. Conflict with Indenture	24
	Section 8.10. Recitals	24
	Section 8.11. Governing Law	25
	Section 8.12. Interpretation of Financial Covenants	25

 

    

     

    

 

	Schedule
    1	Recording
    Information
	 	 
	Exhibit A	Description
    of Properties
	Exhibit B	Subordination
Terms
	Exhibit C	Form of
Series I Bonds
	Exhibit D	Form of
    Series J Bonds

 

    

     

    

 

NINTH SUPPLEMENTAL INDENTURE
(this "NINTH SUPPLEMENTAL INDENTURE"), dated as of November 5, 2021, between INTERNATIONAL TRANSMISSION COMPANY,
a corporation organized and existing under the laws of the State of Michigan (herein called the "Company"), having its
principal office at 27175 Energy Way, Novi, Michigan 48377, and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. (as successor to BNY MIDWEST
TRUST COMPANY), a national banking association, as trustee (herein called the "Trustee"), the office of the Trustee at
which on the date hereof its corporate trust business is administered being 2 N. LaSalle Street, Suite 700, Chicago, Illinois
60602.

 

RECITALS OF THE COMPANY

 

WHEREAS, the Company has heretofore
executed and delivered to the Trustee a First Mortgage and Deed of Trust dated as of July 15, 2003 (the "Mortgage Indenture")
encumbering the real property interests as more particularly described on Exhibit A attached to the Mortgage Indenture and providing
for the issuance by the Company from time to time of its bonds, notes or other evidences of indebtedness (in the Mortgage Indenture and
herein called the "Securities") to be issued in one or more series and to provide security for the payment of the principal
of and premium (including any Make-Whole Amount), if any, and interest, if any, on the Securities; and

 

WHEREAS, the Company has heretofore executed and delivered
the following supplemental indentures, each dated as hereinafter set forth:

 

	Instrument	 	Date
	First
    Supplemental Indenture	 	July
    15, 2003
	 	 	 
	Second
    Supplemental Indenture	 	July
    15, 2003
	 	 	 
	Amendment
    to Second Supplemental Indenture	 	January
    19, 2005
	 	 	 
	Second
    Amendment to Second Supplemental Indenture	 	March 24,
    2006
	 	 	 
	Third
    Supplemental Indenture	 	March
    28, 2006
	 	 	 
	Fourth
    Supplemental Indenture	 	March
    25, 2008
	 	 	 
	Fifth
    Supplemental Indenture	 	August
    7, 2013
	 	 	 
	Sixth
    Supplemental Indenture	 	May
    23, 2014
	 	 	 
	Seventh
    Supplemental Indenture	 	March
    14, 2018
	 	 	 
	Eighth
    Supplemental Indenture	 	August
    14, 2019

 

WHEREAS, the Mortgage Indenture,
the First Supplemental Indenture, the Second Supplemental Indenture (as amended), the Third Supplemental Indenture, the Fourth Supplemental
Indenture, the Fifth Supplemental Indenture, the Sixth Supplemental Indenture, the Seventh Supplemental Indenture and the Eighth Supplemental
Indenture listed in the foregoing paragraph were recorded in the offices set forth in Schedule 1 attached hereto; and

 

    

     

    

 

WHEREAS, there have heretofore
been issued under the Indenture the following Securities in the principal amounts as follows:

 

	Title 	 	Issued	 	 	Principal
    Amount	 
	4.45%
    First Mortgage Bonds, Series A, due July 15, 20131	 	 	July 16,
                                            2003	 	 	$	185,000,000	 
	First
    Mortgage Bonds, Series B, due March 10, 20101	 	 	July 16,
                                            2003	 	 	$	15,000,000	 
	 	 	 	January 4,
                                            2004	 	 	$	10,000,000	 
	 	 	 	January 19,
                                            2005	 	 	$	50,000,000	 
	6.125%
    First Mortgage Bonds, Series C, due March 31, 2036	 	 	March 28,
                                            2006	 	 	$	100,000,000	 
		 	 	 	 	 	 	 	 
	5.75%
    First Mortgage Bonds, Series D, due April 1, 20181	 	 	April 1,
                                            2008	 	 	$	100,000,000	 
	4.625%
    First Mortgage Bonds, Series E, due August 15, 2043	 	 	August 14,
                                            2013	 	 	$	285,000,000	 
	 	 	 	 	 	 	 	 	 
	4.27%
    First Mortgage Bonds, Series F, due June 10, 2044	 	 	June 10,
                                            2014	 	 	$	100,000,000	 
	4.00%
    First Mortgage Bonds, Series G, due March 30, 2053	 	 	March 29,
                                            2018	 	 	$	225,000,000	 
	3.30%
    First Mortgage Bonds, Series H, due August 28, 2049	 	 	August 28,
                                            2019	 	 	$	75,000,000	 

 

WHEREAS, in addition to the
property described in the Mortgage Indenture, the Company has acquired certain other property, rights, and interests in property; and

 

WHEREAS, the Company, in the
exercise of the power and authority conferred upon and reserved to it under the provisions of the Mortgage Indenture and pursuant to appropriate
resolutions of the Board of Directors, has duly determined to make, execute and deliver to the Trustee this Ninth Supplemental Indenture
to the Mortgage Indenture as permitted by Sections 2.01, 3.01, 4.01, 4.02 and 14.01 of the Mortgage Indenture in order to establish the
form and terms of, and to provide for the creation and issuance of, two series of Securities under the Mortgage Indenture in an aggregate
principal amount of $150,000,000 and to amend and supplement the Mortgage Indenture as herein provided; and

 

WHEREAS, all things necessary
to make the Bonds (as defined herein), when executed by the Company and authenticated and delivered by the Trustee or any Authenticating
Agent and issued upon the terms and subject to the conditions hereinafter and in the Mortgage Indenture set forth against payment therefor
the valid, binding and legal obligations of the Company and to make this Ninth Supplemental Indenture a valid, binding and legal agreement
of the Company, have been done;

 

 

1
    The principal amounts of the First Mortgage Bonds, Series A, due July 15, 2013, the First Mortgage Bonds, Series B,
due March 10, 2010 and the First Mortgage Bonds, Series D, due April 1, 2018 have been repaid in full and are no longer
outstanding.

 

    2

     

    

 

GRANTING CLAUSES

 

NOW, THEREFORE, THIS NINTH SUPPLEMENTAL
INDENTURE WITNESSETH that, in order to establish the terms of a series of Securities, and for and in consideration of the premises and
of the covenants contained in the Mortgage Indenture and in this Ninth Supplemental Indenture and for other good and valuable consideration
the receipt and sufficiency of which are hereby acknowledged, and in order to secure the payment of the principal of and premium, if any,
and interest, if any, on, and all other amounts (including, without limitation, fees, expenses and indemnities) in connection with, all
Securities from time to time Outstanding and the performance of the covenants therein and herein contained and to declare the terms and
conditions on which such Securities are secured, the Company has granted, bargained, sold, conveyed, assigned, transferred, mortgaged,
pledged, set over and confirmed and hereby grants, bargains, sells, conveys, assigns, transfers, mortgages, pledges, sets over and confirms
to the Trustee, and has granted and hereby grants to the Trustee, for itself and for the benefit of the Holders, with power of sale, a
lien upon and a security interest in, the following (subject, however, to the terms and conditions set forth in the Mortgage Indenture
and herein):

 

GRANTING CLAUSE FIRST

 

All right, title and interest
of the Company, as of the date of the execution and delivery of this Ninth Supplemental Indenture, as originally executed and delivered,
in and to all property, real, personal and mixed, located in the State of Michigan or wherever else situated (other than Excepted), including
without limitation, all right, title and interest of the Company in and to the following property and interests so located (other than
Excepted Property):

 

(a)        all real property owned
in fee, easements, easement estates and other interests in real property which are specifically described or referred to in Exhibit A
attached to the Mortgage Indenture and Exhibit A attached hereto;

 

(b)       all licenses, permits
to use the real property of others, franchises to use public roads, streets and other public properties, rights of way and other rights
or interests relating to the occupancy or use of real property;

 

(c)       all facilities, machinery,
equipment and fixtures for the transmission and distribution of electric energy including, but not limited to, all plants, air and water
pollution control and sewage and solid waste disposal facilities, switchyards, towers, substations, transformers, poles, lines, cables,
conduits, ducts, conductors, meters, regulators and all other property used or to be used for any or all of such purposes;

 

(d)       all buildings, offices,
warehouses, structures or improvements in addition to those referred to or otherwise included in clauses (a) and (c) above;

 

(e)        all computers, data
processing, data storage, data transmission and/or telecommunications facilities, equipment and apparatus necessary for the operation
or maintenance of any facilities, machinery, equipment or fixtures described or referred to in clause (c) above;

 

 (f)        all of the foregoing property in the process of construction; and

 

(g)       (except
as hereinbefore or hereinafter expressly excepted) all the right, title and interest of the Company in and to all other property
of any kind or nature appertaining to and/or used and/or occupied and/or enjoyed in connection with any property hereinbefore described;

 

    3

     

    

 

GRANTING CLAUSE SECOND

 

Subject to the applicable exceptions
permitted by Sections 8.09, 13.03 and 13.05 of the Mortgage Indenture, all right, title and interest of the Company in all property of
every kind and description and wheresoever situated, real, personal and mixed (other than Excepted Property) which may be hereafter acquired
by the Company, it being the intention of the Company that all such property acquired by the Company after the date of the execution and
delivery of this Ninth Supplemental Indenture, as originally executed and delivered, shall be as fully embraced within and subjected to
the Lien of the Indenture as if such property were owned by the Company as of the date of the execution and delivery of this Ninth Supplemental
Indenture, as originally executed and delivered;

 

GRANTING CLAUSE THIRD

 

Any Excepted Property, which
may, from time to time after the date of the execution and delivery of this Ninth Supplemental Indenture, as originally executed and delivered,
by delivery or by an instrument supplemental to the Indenture, be subjected to the Lien of the Indenture by the Company, the Trustee being
hereby authorized to receive the same at any time as additional security hereunder; it being understood that any such subjection to the
Lien of the Indenture of any Excepted Property as additional security may be made subject to such reservations, limitations or conditions
respecting the use and disposition of such property or the proceeds thereof as shall be set forth in such instrument; and

 

GRANTING CLAUSE FOURTH

 

All tenements, hereditaments,
servitudes and appurtenances belonging or in any way appertaining to the aforesaid property, with the reversions and remainders thereof;

 

EXCEPTED PROPERTY

 

Expressly excepting and excluding,
however, from the Lien of the Indenture all right, title and interest of the Company in and to all Excepted Property, whether now owned
or hereafter acquired;

 

TO HAVE AND TO HOLD all such
property, unto the Trustee, its successors in trust and their assigns forever;

 

SUBJECT, HOWEVER, to (a) Liens
existing at the date of the execution and delivery of the Mortgage Indenture, as originally executed and delivered, which Liens do not
in the aggregate materially and adversely impair the use of the Mortgaged Property in the operation of the business of the Company, or
materially and adversely affect the security afforded by the Indenture, (b) as to property acquired by the Company after the date
of the execution and delivery of the Mortgage Indenture, as originally executed and delivered, Liens existing or placed thereon at the
time of the acquisition thereof (including, but not limited to, Purchase Money Liens), and (c) Permitted Liens;

 

IN TRUST, for the equal and
ratable benefit and security of the Holders from time to time of all Outstanding Securities without any priority of any such Security
over any other such Security;

 

PROVIDED, HOWEVER, that
the right, title and interest of the Trustee in and to the Mortgaged Property shall cease, terminate and become void in accordance with,
and subject to the conditions set forth in, Article IX of the Mortgage Indenture, and if, thereafter, the principal of and premium,
if any, and interest, if any, on, and any other amounts (including, without limitation, fees, expenses and indemnities) in connection
with, the Securities shall have been paid to the Holders thereof, or shall have been paid to the Company pursuant to Section 6.03
of the Mortgage Indenture, then and in that case the Indenture shall terminate, and, upon request of the Company, the Trustee shall execute
and deliver to the Company such instruments as the Company shall require to evidence such termination; otherwise the Indenture, and the estate and
rights hereby granted, shall be and remain in full force and effect;

 

    4

     

    

 

IT IS HEREBY COVENANTED AND
AGREED by and between the Company and the Trustee that all the Securities are to be authenticated and delivered, and that the Mortgaged
Property is to be held, subject to the further covenants, conditions and trusts set forth in the Indenture; and

 

THE PARTIES HEREBY COVENANT AND AGREE as follows:

 

ARTICLE ONE

 

DEFINITIONS AND OTHER PROVISIONS

OF GENERAL APPLICATION

 

(a)        Indenture Definitions.
Each capitalized term that is used herein and is defined in the Indenture shall have the meaning specified in the Indenture unless such
term is otherwise defined herein; provided, however, that any reference to a "Section" or "Article" refers
to a Section or Article, as the case may be, of this Ninth Supplemental Indenture, unless otherwise expressly stated.

 

(b)       Additional Definitions.
For purposes of this Ninth Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise requires, the
following capitalized terms shall have the meanings set forth below:

 

"Bonds" has the meaning assigned to that term
in Section 2.01(a) hereof.

 

"Bondholders"
means (a) the Initial Bondholders and (b) each subsequent holder of a Bond as shown on the register maintained by the Company
pursuant to Section 3.05 of the Indenture.

 

"Capital Stock"
means, with respect to any Person, any and all shares, interests, participations or other equivalents (however designated, whether voting
or non-voting) in the equity of such Person, including, without limitation, all partnership interests, limited liability company membership
or other interests, common stock, preferred stock and beneficial interests in a trust and any and all warrants, rights or options to purchase
any of the foregoing.

 

"Capital Lease"
means, with respect to any Person, any lease of any property (whether real, personal or mixed) by that Person as lessee that, in conformity
with GAAP prior to the implementation of any GAAP Lease Changes is, or is required to be, accounted for as a lease obligation on the balance
sheet of that Person.

 

"Capital Lease Obligation"
means, with respect to any Person, all obligations under Capital Leases of such Person and its subsidiaries, in each case taken at the
amount thereof accounted for as liabilities in accordance with GAAP prior to the implementation of any GAAP Lease Changes.

 

"Change in Ownership"
means and shall be deemed to have occurred if Holdco ceases to own, directly or indirectly, 85% of the Capital Stock of the Company.

 

"Closing Date" means January 14, 2022.

 

"Debt" means,
without duplication, with respect to any Person, the sum of (a) liabilities for borrowed money, (b) liabilities (excluding
accounts payable and other accrued liabilities arising in the ordinary course of business) for the deferred purchase price of property
and conditional sale or title retention agreements, (c) Capital Lease Obligations, (d) liabilities for borrowed money secured
by a Lien on property, (e) reimbursement obligations (contingent or otherwise) in respect of letters of credit, performance
bonds or bankers' acceptances, (f) obligations under any Hedging Agreements, (g) liabilities for Synthetic Leases, (h) obligations
evidenced by bonds, debentures, notes or similar instruments and (i) any guarantee with respect to liabilities in clauses (a) through
(h) above. All references to the principal amount of Debt outstanding at any time shall be understood to include not only the principal
amount of any liabilities for borrowed money or of any bonds, debentures, notes or similar instruments, but also obligations (including
those related to reimbursement obligations in respect of letters of credit, but excluding those in respect of interest, fees and other
similar amounts) under all other types of Debt described in this definition.

 

    5

     

    

 

"Default" means
the occurrence and continuance of an event, which, with the giving of notice or lapse of time, or both, would constitute an Event of Default.

 

"Dispose" or
 "Disposition" means a sale, lease, transfer or other disposition of any assets of the Company.

 

"Ninth Supplemental
Indenture" has the meaning assigned to that term in the introductory paragraph hereof.

 

"Environmental Laws"
means any and all federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits,
licenses or legally enforceable governmental restrictions relating to pollution and the protection of the environment or the release of
any Hazardous Materials into the environment.

 

"Event of Default"
has the meaning assigned to that term in Article Four of this Ninth Supplemental Indenture.

 

"FERC" means the United States Federal Energy
Regulatory Commission.

 

"Financing Agreements"
means the Indenture, including this Ninth Supplemental Indenture, the Purchase Agreement and the Bonds.

 

"GAAP" means
those generally accepted accounting principles in the United States as in effect from time to time.

 

"GAAP Lease Changes"
means any changes in GAAP occurring after March 29, 2018, the effect of which would be to cause leases which would be treated as
operating leases under GAAP as of March 29, 2018 to be recorded as a liability/debt on the Company’s statement of financial
position under GAAP.

 

"Hazardous Materials"
means any and all pollutants, toxic or hazardous wastes or other substances that could reasonably be expected to pose a hazard to health
and safety, the removal of which could reasonably be expected to 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 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.

 

    6

     

    

 

"Hedging Agreements"
means all interest rate swaps, caps or collar agreements or similar arrangements dealing with interest rates or currency exchange rates
or the exchange of nominal interest obligations, either generally or under specific contingencies.

 

"Holdco" means ITC Holdings Corp., a Michigan
corporation.

 

"Indenture"
means the Mortgage Indenture, as supplemented and modified by any and all indentures supplemental thereto, including this Ninth Supplemental
Indenture.

 

"Initial Bondholder"
means each Bondholder listed on Schedule A to the Purchase Agreement purchasing any Bonds on the Closing Date.

 

"Institutional Investor"
means (a) any Initial Bondholder, (b) any holder of more than $5,000,000 of the aggregate principal amount of the Bonds and
(c) any bank, trust company, other financial institution, pension plan, investment company, insurance company, or similar financial
institution.

 

"Investment"
or "Invest" means (a) a purchase or acquisition of, or an investment or reinvestment in, Rate Base Assets or (b) without
duplication, the making of a firm, good faith contractual commitment, in the ordinary course of business and not subject to any conditions
in the Company's control, to purchase or acquire, or invest or reinvest in, Rate Base Assets.

 

"Law" means
any federal, state, local (including municipal) or other statute, law, rule, regulation, ordinance, order, code, policy or rule of
common law, now or hereafter in effect, and any judicial or administrative interpretation thereof by a Governmental Authority or otherwise
(including any judicial or administrative order, consent decree or judgment to which the Company is a party).

 

"Make-Whole Amount"
means, with respect to any Bond, an amount, as determined by the Company, equal to the excess, if any, of the Discounted Value of the
Remaining Scheduled Payments with respect to the Called Principal of such Bond 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 any Make-Whole Amount, the following terms
have the following meanings:

 

"Called Principal"
means, with respect to any Bond, the principal of such Bond that is to be redeemed pursuant to Section 2.03 or 2.04
or has become or is declared to be immediately due and payable pursuant to Section 10.02 of the Indenture, as the context requires.

 

"Discounted Value"
means, with respect to the Called Principal of any Bond, 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 Bonds is
payable) equal to the Reinvestment Yield with respect to such Called Principal.

 

"Reinvestment Yield"
means, with respect to the Called Principal of any Bond, 0.50% over the yield to maturity implied by (i) the yields 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" on the Bloomberg Financial Markets Services Screen (or such other display as may replace Page PX1 on the Bloomberg
Financial Markets Services Screen) for the most recently issued actively traded on the run U.S. Treasury securities having a maturity
equal to the Remaining Average Life of such Called Principal as of such Settlement Date, or (ii) if such yields are not reported
as of such time or the yields reported as of such time are not ascertainable (including by way of interpolation), the Treasury Constant
Maturity Series 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 actively traded on the run U.S. Treasury securities having a constant maturity equal to the Remaining Average Life of such Called
Principal as of such Settlement Date. In the case of each determination under clause (i) or clause (ii), as the case may be, of
the preceding sentence, such implied yield will be determined, if necessary, by (a) converting U.S. Treasury bill quotations
to bond-equivalent yields in accordance with accepted financial practice and (b) interpolating linearly between (1) the applicable actively traded
on the run U.S. Treasury security with the maturity closest to and greater than such Remaining Average Life and (2) the applicable
actively traded on the run U.S. Treasury security with the maturity 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 Bond.

 

    7

     

    

 

 

"Remaining Average Life"
means, with respect to any Called Principal, the number of years (calculated to the nearest one-twelfth year) 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 (calculated to the nearest one-twelfth year) 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 Bond, 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 terms of
the Bonds, 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 2.03 or 2.04 or Section 10.02 of the Indenture.

 

"Settlement Date" means,
with respect to the Called Principal of any Bond, the date on which such Called Principal is to be redeemed pursuant to Section 2.03
or 2.04 or has become or is declared to be immediately due and payable pursuant to Section 10.02 of the Indenture, as the context
requires.

 

"Material" means material in relation
to the business, operations, affairs, financial condition, assets or properties of the Company.

 

"Material Adverse Effect" means
a material adverse effect on (a) the business, operations, affairs, financial condition, assets or properties of the Company, (b) the
ability of the Company to perform its obligations under any Financing Agreement
(including, the timely payments of principal of, or Make-Whole Amount, if any, and interest on, the Bonds), (c) the legality, validity
or enforceability of the Financing Agreements or (d) the perfection or priority of the Liens purported to be created pursuant to
the Indenture or the rights and remedies of the Bondholders with respect thereto.

 

    8

     

    

 

"MISO" means
the Midcontinent Independent System Operator, Inc. (formerly known as the Midwest Independent Transmission System Operator, Inc.).

 

"Mortgage Indenture" has the meaning assigned
to that term in the first Recital.

 

"Net Proceeds"
means, with respect to any Disposition of assets, the gross proceeds thereof (including any such proceeds received by way of deferred
payment, installment, price adjustment or otherwise), whether in cash or otherwise, net of any taxes paid or reasonably estimated to be
paid as a result thereof (after taking into account any available tax credits or deductions applicable thereto).

 

"OATT" means,
at any given time, the open access transmission tariff of MISO that is applicable to the Company, approved by the FERC and then in effect.

 

"Property"
means any right or interest in or to assets or property of any kind whatsoever, whether real, personal or mixed and whether tangible or
intangible.

 

"Purchase Agreement"
means that certain Bond Purchase Agreement, to be dated on or about January 14, 2022, between the Company and the Initial Bondholders.

 

"Rate Base Assets"
means assets of the Company which are included in FERC's determination of the Company's revenue requirement under the OATT.

 

"Responsible Officer",
when used with respect to the Company, means any Senior Financial Officer or any vice president of the Company or Holdco and any other
officer of the Company or Holdco with responsibility for the administration of the relevant Financing Agreement, or portion thereof.

 

"Senior Financial Officer"
means the chief financial officer, principal accounting officer, treasurer, comptroller or any vice president of Holdco.

 

"Senior Secured Debt"
means (i) the Bonds, (ii) the 6.125% First Mortgage Bonds, Series C, due March 31, 2036 issued pursuant to the Indenture,
(iii) the 5.75% First Mortgage Bonds, Series D, due April 1, 2018 issued pursuant to the Indenture, (iv) the 4.625%
First Mortgage Bonds, Series E, due August 15, 2043 issued pursuant to the Indenture, (v) the 4.27% First Mortgage Bonds,
Series F, due June 10, 2044, (vi) the 4.00% First Mortgage Bonds, Series G, due March 30, 2053, (vii) the
3.30% First Mortgage Bonds, Series H, due August 28, 2049, (viii) any other amounts due and owing under the Indenture and
(ix) other Securities Outstanding issued pursuant to the Indenture.

 

"Series I Bonds" has the meaning assigned
to that term in Section 2.01(a) hereof.

 

"Series J Bonds" has the meaning assigned
to that term in Section 2.01(a) hereof.

 

"Subordinated Debt"
means unsecured Debt of the Company fully subordinated in right of payment to the Bonds, any other amounts due and owing under the Indenture
and other Senior Secured Debt substantially on the terms set forth in Exhibit B attached hereto.

 

    9

     

    

 

"Synthetic Leases"
means any synthetic lease, tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing product, where
such transaction is considered debt for borrowed money for tax purposes but is classified as an operating lease in accordance with GAAP.

 

ARTICLE TWO

 

TITLE, FORM AND TERMS AND CONDITIONS OF THE BONDS

 

Section 2.01. The Bonds.

 

(a)           The
Securities of the series to be issued under the Indenture pursuant to this Ninth Supplemental Indenture shall be designated as "2.93%
First Mortgage Bonds, Series I, due 2052" (the "Series I Bonds") and "2.93% First Mortgage Bonds,
Series J, due 2052" (the “Series J Bonds” and together with the Series I Bonds, the “Bonds”)
and shall be Securities issued under the Indenture.

 

(b)           The
Trustee shall authenticate and deliver the Bonds for original issue on the Closing Date in the aggregate principal amount of $20,000,000
for the Series I Bonds and $130,000,000 for the Series J Bonds, upon a Company Order for the authentication and delivery thereof
pursuant to Section 4.01 of the Indenture.

 

(c)            Interest
on the Bonds shall be payable to the Persons in whose names such Bonds are registered at the close of business on the Regular Record Date
for such interest (as specified in subsection (e) below), except as otherwise expressly provided in the form of such Bonds attached
hereto as Exhibit C.

 

(d)           The
Series I Bonds shall mature and the principal thereof shall be due and payable together with all accrued and unpaid interest thereon
on January 14, 2052.

 

(e)           The
Series J Bonds shall mature and the principal thereof shall be due and payable together with all accrued and unpaid interest thereon
on January 14, 2052.

 

(f)            The
Series I Bonds shall bear interest at the rate of 2.93% per annum; provided that, to the extent permitted by law, any overdue payment
(including any overdue prepayment) of principal, any overdue payment of interest and any overdue payment of any Make-Whole Amount shall
bear interest at a rate per annum from time to time equal to the greater of (x) 4.93% and (y) 2.0% over the rate of interest
publicly announced by JPMorgan Chase Bank, N.A. from time to time in New York, New York as its "base" or "prime" rate.
Interest shall accrue on the Series I Bonds from the Closing Date, or the most recent date to which interest has been paid or duly
provided for. The Interest Payment Dates for the Series I Bonds shall be January 14 and July 14 in each year, commencing
July 14, 2022, and the Regular Record Dates with respect to the Interest Payment Dates for the Series I Bonds shall be the 15th
calendar day preceding each Interest Payment Date (whether or not a Business Day); provided, however, that interest payable
at Maturity will be payable to the Bondholder to whom principal is payable.

 

    10

     

    

 

(g)           The
Series J Bonds shall bear interest at the rate of 2.93% per annum; provided that, to the extent permitted by law, any overdue
payment (including any overdue prepayment) of principal, any overdue payment of interest and any overdue payment of any Make-Whole
Amount shall bear interest at a rate per annum from time to time equal to the greater of (x) 4.93% and (y) 2.0% over the rate
of interest publicly announced by JPMorgan Chase Bank, N.A. from time to time in New York, New York as its "base" or
 "prime" rate. Interest shall accrue on the Series J Bonds from the Closing Date, or the most recent date to which
interest has been paid or duly provided for. The Interest Payment Dates for the Series J Bonds shall be January 14 and
July 14 in each year, commencing July 14, 2022, and the Regular Record Dates with respect to the Interest Payment Dates
for the Series J Bonds shall be the 15th calendar day preceding each Interest Payment Date (whether or not a Business Day); provided, however,
that interest payable at Maturity will be payable to the Bondholder to whom principal is payable.

 

(h)           Subject
to Section 2.02 hereof, the office or agency of the Trustee in Dallas, Texas,which as of the date hereof is located at c/o
The Bank of New York Mellon, 2001 Bryan Street, 10th Floor, Dallas, Texas 75201, Attention: Transfer/Redemption Unit, shall
be the place at which the principal of and Make-Whole Amount, if any, and interest on the Bonds shall be payable. The office or agency
of the Trustee in Dallas, Texas, which as of the date hereof is located at c/o The Bank of New York Mellon, 2001 Bryan Street, 10th
Floor, Dallas, Texas 75201, Attention: Transfer/Redemption Unit, shall be the place at which registration of transfer of the Bonds
may be effected; and The Bank of New York Mellon Trust Company, N.A. shall be the Security Registrar and the Paying Agent for the Bonds;
provided, however, that the Company reserves the right to designate, by one or more Officer's Certificates, its principal office
in Novi, Michigan as any such place or itself as the Security Registrar; provided, however, that there shall be only a single
Security Registrar for the Bonds.

 

(i)            The
Bonds shall be issuable in registered form in denominations of at least $250,000 or any integral multiple thereof.

 

(j)            All
payments of the principal of and Make-Whole Amount, if any, and interest on the Bonds shall be made in such coin or currency of the United
States of America as at the time of payment shall be legal tender for the payment of public and private debts.

 

(k)           The
Bonds shall not be defeasible pursuant to Sections 9.04(b) or (c) of the Indenture and such Sections of the Indenture shall
not apply to the Bonds.

 

(l)            The
Bonds shall have such other terms and provisions as are provided in the form thereof attached hereto as Exhibit C or Exhibit D,
as applicable, and shall be issued in substantially such form.

 

(m)           For
the avoidance of doubt, the Bonds may be authenticated by the Trustee or an Authenticating Agent by electronic signature, and any such
signature shall constitute a facsimile signature for purposes of Section 3.03 of the Mortgage Indenture.

 

Section 2.02. Payment on the Bonds.

 

(a)           Subject to Section 2.02(b) hereof,
payments of principal, Make-Whole Amount, if any, and interest becoming due and payable on the Bonds shall be made at the Place of Payment
designated in Section 2.01(f) hereof or such place as the Company may at any time, by notice, specify to each Bondholder,
so long as such Place of Payment shall be either the principal office of the Company or an office of a bank or trust company in New York,
New York.

 

    11

     

    

 

(b)           So long as any
Initial Bondholder or its nominee shall be a Bondholder, and notwithstanding anything contained in the Indenture, Section 2.02(a) hereof
or in such Bond to the contrary, the Company will pay all sums becoming due on such Bond for principal, Make-Whole Amount, if any,
and interest by the method and at the address specified for such purpose below such Initial Bondholder's name in Schedule A to the
Purchase Agreement, or by such other method or at such other address as such Initial Bondholder shall have from time to time
specified to the Company and the Trustee in writing for such purpose in accordance with the Purchase Agreement, without the
presentation or surrender of such Bond or the making of any notation thereon, except that concurrently with or reasonably promptly
after payment or redemption in full of any Bond, such Initial Bondholder shall surrender such Bond for cancellation to the Company
at its principal office or at the Place of Payment most recently designated by the Company pursuant to Section 2.02(a) hereof.
Prior to any sale or other disposition of any Bond held by such Initial Bondholder or its nominee such Initial Bondholder 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 Bond to the Company in exchange for a new Bond or Bonds pursuant to Section 3.05 of the Indenture; provided,
that a transfer by endorsement shall not constitute a registration of transfer for purposes of the Indenture and the Trustee and any
agent of the Trustee shall be entitled to the protections of Section 3.08 of the Indenture with respect to any Bond, the
transfer of which has not been so registered. The Company will afford the benefits of this Section 2.02(b) to any
Institutional Investor that is the direct or indirect transferee of any Bond purchased by such Initial Bondholder under the
Indenture. The Company agrees and acknowledges that the Trustee shall not be liable for any Bondholder's failure to perform its
obligations under this Section 2.02(b). Each Initial Bondholder and any such Institutional Investor by its purchase of
its Bond agrees to indemnify the Trustee for, and to hold it harmless against, any loss, liability or expense incurred without
negligence, willful misconduct or bad faith on its part, arising out of or in connection with such Bondholder's or Institutional
Investor's failure to comply with the provisions of this Section 2.02(b), including the costs and expenses of defending
itself against any claim or liability in connection therewith, such indemnity to survive the payment of such Bonds and the
resignation or removal of the Trustee.

 

(c)           Notwithstanding anything
to the contrary in Section 1.18 of the Indenture, if the Stated Maturity or any Redemption Date of the Bonds shall not be a Business
Day at any Place of Payment, then (notwithstanding any other provision of the Indenture or this Ninth Supplemental Indenture) payment
of interest on or principal (and premium, if any) of the Bonds due at the Stated Maturity or on any Redemption Date thereof need not be
made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same
force and effect as if made on the Stated Maturity or on any Redemption Date thereof, provided that interest shall accrue on the outstanding
principal amount of the Bonds due at the Stated Maturity or on any Redemption Date thereof at the rate set forth in the Bonds until the
date of actual payment.

 

    12

     

    

 

Section 2.03. Mandatory Redemption of the Bonds.

 

Pursuant to
Section 5.01 of the Indenture, in the event that any one or more Dispositions during any consecutive 12-month period yield Net
Proceeds in excess of 10% of the Fair Value of the Mortgaged Property as of the last day of the fiscal quarter of the Company most
recently ended, in the aggregate, the Net Proceeds of such Disposition or Dispositions shall be used for the mandatory redemption of
the Bonds, and/or the redemption or prepayment of other Senior Secured Debt in accordance with its terms, on a date which is no more
than nine months following a Disposition that, when aggregated with any other Dispositions, requires compliance with this Section 2.03
unless (x) during the nine-month period immediately preceding the date of such Disposition, the Company Invested in any Rate
Base Assets in which case an amount of such Net Proceeds equal to the excess, if any, of (A) the total aggregate amount of all
such Investments made during such preceding nine-month period (excluding, however, the amount of any Investments made pursuant to
clause (b) of the definition of "Investment" that were not expended for Rate Base Assets during such nine-month
period) over (B) the aggregate amount of Debt incurred by the Company (which, with respect to any Debt incurred under any
permitted credit facility of a revolving nature, shall be calculated on a net basis after taking into account any borrowings,
prepayments, repayments, reborrowings or other extensions of credit made by or in favor of the Company thereunder), in each case,
during such preceding nine-month period, need not be applied to such redemption or prepayment, as the case may be, or
(y) during the nine-month period following the date of such Disposition, the Company shall Invest in Rate Base Assets, in which
case an amount of such Net Proceeds so Invested during such following nine-month period need not be applied to such redemption or
prepayment, as the case may be; provided, however, that in the event that any such amounts referred to in this clause
(y) Invested pursuant to clause (b) of the definition of "Investment" are not expended for Rate Base Assets
within a period of six months from the end of such following nine-month period, any such amounts not so expended shall be used for
the mandatory redemption of the Bonds, and/or the redemption or prepayment of other Senior Secured Debt in accordance with its
terms, on a date not later than the last day of such six month period. Any redemption of the Bonds pursuant to this Section 2.03
shall be made (i) at a Redemption Price equal to the principal amount of the Bonds being redeemed and shall be accompanied by
payment of accrued and unpaid interest on the principal amount of the Bonds so redeemed to the redemption date and a Make-Whole
Amount and (ii) in accordance with the procedures for optional redemption set forth in Section 2.04(c) hereof.
Notwithstanding anything to the contrary in this Section 2.03, any amounts utilized pursuant to clauses (x) or
(y) above to reduce the amount of Net Proceeds required to be applied to redemption of the Bonds and/or redemption or
prepayment of other Senior Secured Debt in accordance with its terms may be utilized no more than once with respect to the Net
Proceeds of any one or more Dispositions occurring in any consecutive twelve month period.

 

Section 2.04. Optional Redemption.

 

(a)            Pursuant to Section 5.01
of the Indenture, the Bonds may be redeemed at the option of Company, in whole or in part, at any time or from time to time at a Redemption
Price equal to the principal amount of such Bonds plus the Make-Whole Amount plus accrued and unpaid interest thereon to the redemption
date; provided, however, that if the Bonds are redeemed in part, the Bonds shall not be redeemed in an amount less than $5,000,000
of the aggregate principal amount of the Bonds then Outstanding.

 

(b)           Pursuant to Section 5.01
of the Indenture, the Bonds may be redeemed at the option of the Company, in whole, on or after July 14, 2051 at a redemption price
equal to the principal amount of such Bonds plus accrued and unpaid interest thereon to the redemption date.

 

(c)           Notwithstanding
anything to the contrary in Article V of the Indenture, the redemption of the Bonds shall take place in accordance with the
procedures and requirements set forth in this Section 2.04(c), without prejudice to the requirements of
Section 5.02 (which shall for purposes of this Ninth Supplemental Indenture also be applicable to a redemption under Section 2.03
hereof) and Sections 5.05 and 5.06 of the Indenture. The Company (or the Security Registrar, if so requested, in writing, pursuant
to Section 5.04 of the Indenture) shall give each Bondholder written notice of each optional redemption under this Section 2.04,
or a mandatory redemption under Section 2.03 hereof, as the case may be, not less than ten (10) days and not more
than sixty (60) days prior to the date fixed for such redemption. Each such notice shall specify such date, the aggregate principal
amount of the Bonds to be redeemed on such date, the principal amount of each Bond held by such Bondholder to be redeemed
(determined in accordance with Section 2.04(d) hereof) and the interest to be paid on the redemption date with
respect to such principal amount being redeemed, and shall be accompanied by a certificate of a Senior Financial Officer as to the
estimated Make-Whole Amount, if applicable, due in connection with such redemption (calculated as if the date of such notice were
the date of the redemption), setting forth the details of such computation. Two (2) Business Days prior to such redemption, the
Company shall deliver to each Bondholder and the Trustee a certificate of a Senior Financial Officer specifying the calculation of
such Make-Whole Amount, if applicable, as of the specified redemption date. The Trustee shall have no responsibility for such
calculation. Each notice of redemption shall be irrevocable and unconditional and the principal amount of each Bond to be redeemed
shall mature and become due and payable on the date fixed for such redemption (which shall be a Business Day), together with
interest on such principal amount accrued to such date and the Make-Whole Amount (if applicable). 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 Bond redeemed in full shall be surrendered (as
contemplated by Section 2.02(b) hereof) to the Company and cancelled and shall not be reissued, and no Bond shall
be issued in lieu of any redeemed principal amount of any Bond.

 

    13

     

    

 

(d)           Notwithstanding anything
to the contrary in Article V of the Indenture, in the case of each partial redemption of the Bonds pursuant to Section 2.04(c) hereof,
the Company shall redeem the same percentage of the unpaid principal amount of the Bonds, and the principal amount of the Bonds so to
be redeemed shall be allocated by the Trustee among all of the Bonds at the time Outstanding in proportion, as nearly as practicable,
to the respective unpaid principal amounts thereof not theretofor called for redemption.

 

Section 2.05. Purchase of Bonds.

 

Except as may be agreed to by
a Bondholder or Bondholders in connection with an offer made to all Bondholders on the same terms and conditions, the Company shall not
and shall not permit any Affiliate to purchase, redeem or otherwise acquire, directly or indirectly, any of the Outstanding Bonds except
upon the payment or redemption of the Bonds in accordance with the terms of the Indenture. The Company will promptly cause the Trustee
to cancel all Bonds acquired by it or any Affiliate pursuant to any payment, redemption or purchase of Bonds pursuant to any provision
of the Indenture and no Bonds may be issued in substitution or exchange for any such Bonds.

 

Section 2.06. Payment upon Event of Default.

 

Upon any Bonds becoming due
and payable under Section 10.02 of the Indenture, whether automatically or by declaration, such Bonds will forthwith mature and the
entire unpaid principal amount of such Bonds, plus (x) all accrued and unpaid interest thereon (including, without limitation, interest
accrued thereon at the applicable rate for overdue payments) and (y) the Make-Whole Amount determined in respect of such principal
amount, 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 that each holder of a Bond has the right to maintain its investment in the Bonds 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 Bonds have become due and payable under Section 10.02 of the Indenture, whether automatically or
by declaration, as a result of an Event of Default, is intended to provide compensation for the deprivation of such right under such circumstances.

 

Section 2.07. Transfers.

 

In registering the transfer
of any Bond in accordance with Section 3.05 of the Indenture, the Security Registrar and the Trustee shall have no responsibility
to monitor securities law compliance in connection with any such transfer.

 

    14

     

    

 

ARTICLE
THREE

 

ADDITIONAL COVENANTS

 

Section 3.01. Affirmative Covenants of the Company.

 

For purposes of the Bonds, pursuant
to Section 3.01(u) of the Indenture, Article VI of the Indenture is hereby supplemented by incorporating therein the following
additional affirmative covenants which the Company shall observe solely for the benefit of the Bondholders for so long as any Bond is
Outstanding:

 

(a)           Use of Proceeds.
The Company shall apply the net proceeds from the issuance and sale of the Bonds to (i) refinance existing indebtedness, partially
fund capital expenditures or for general corporate purposes, and (ii) pay reasonable fees and expenses associated with the sale
of the Bonds.

 

(b)          Compliance with Laws
and Regulations. The Company shall comply with all Laws (including Environmental Laws) to which its Property or assets may be subject,
except where failure to comply would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.
In addition, the Company shall immediately pay or cause to be paid when due all costs and expenses incurred in such compliance, except
to the extent that the same is being contested in good faith by the Company through appropriate means under circumstances where none
of the Mortgaged Property or the Liens thereon will be endangered.

 

(c)           Real Estate Filings.
To the extent that any filing required to perfect any security interest in real property or fixtures constituting Mortgaged Property
is not made on or prior to the Closing Date, the Company shall undertake to present all such documents for filing with the appropriate
registers of deeds as soon as practicable after the Closing Date, but in no event shall any such presentation for filing take place more
than five (5) Business Days after the Closing Date; provided that the Company shall confirm by an Officer's Certificate delivered
to the Trustee within six (6) weeks after the Closing Date that each such document has been recorded with the applicable registers
of deeds and the security interests created or purported to be created in real property or fixtures by such documents have been fully
perfected by recording in the land records, except for documents to be recorded in the registers of deeds in the Counties of Oakland
and Monroe in the State of Michigan, in which case the Company shall confirm by an Officer's Certificate delivered to the Trustee no
more than three (3) months after the Closing Date with respect to the Counties of Oakland and Monroe.

 

(d)          Delivery of Opinions
of Counsel. The Company shall deliver, or cause to be delivered, to the Trustee the opinions of counsel required pursuant to Section 4.4(a) of
the Purchase Agreement.

 

(e)           [Reserved].

 

Section 3.02. Negative Covenants of the Company.

 

For purposes of the Bonds, pursuant
to Section 3.01(u) of the Indenture, Article VI of the Indenture is hereby supplemented by incorporating therein the following
negative covenants which the Company shall observe solely for the benefit of the Bondholders for so long as any Bond is Outstanding:

 

(a)           Limitation
on Lines of Business. As of the Closing Date, the Company is in the business of owning electric transmission facilities and
providing electric transmission service over such facilities. From the Closing Date onward, the Company shall not engage in any
business, if as a result, the general nature of the business engaged in by the Company taken as a whole would be substantially
changed from the general nature of the business the Company is engaged in on the Closing Date.

 

    15

     

    

 

(b)           Amendments to Exhibit B
Hereto. The Company shall not make any amendments or changes to the subordination terms and conditions set forth in Exhibit B
hereto that adversely affect the Bondholders without the prior written consent of the Bondholders of all the Outstanding Bonds.

 

ARTICLE FOUR

 

ADDITIONAL EVENTS OF DEFAULT; REMEDIES

 

Section 4.01. Events of Default.

 

For purposes of the Bonds, pursuant
to Section 3.01(u) of the Indenture, Section 10.01 of the Indenture shall be supplemented to include as "Events of
Default" thereunder the occurrence of any of the following events (each such event, together with those "Events of Default"
in Section 10.01 of the Indenture, an "Event of Default");

 

(a)            Material Covenants.
The Company shall fail to perform or observe any covenant set forth in Section 3.02 hereof or its obligation to provide notice
to the Bondholders under Section 7.1(b) of the Purchase Agreement and such failure is not cured within thirty (30) days after
earlier to occur of (i) a Responsible Officer of the Company obtaining actual knowledge of such failure and (ii) the Company
receiving written notice of such failure from the Trustee or any Bondholder in accordance with the terms of the Indenture or the Purchase
Agreement;

 

(b)           Other Covenants.
The Company shall fail to perform or observe any of its obligations or covenants (other than the covenants described in Section 4.01(a) hereof)
contained in any of the Financing Agreements, including Section 7 of the Purchase Agreement (or in any modification or supplement
thereto), and such failure is not cured within sixty (60) days (or ninety (90) days with respect to the covenant contained in Section 12.04
of the Indenture) after the earlier to occur of (i) a Responsible Officer of the Company obtaining actual knowledge of such failure
and (ii) the Company receiving written notice of such failure from the Trustee or any Bondholder in accordance with the terms of
the Indenture or the Purchase Agreement;

 

(c)           Representations.
Any representation, warranty or certification by the Company in any of the Financing Agreements or in any certificate furnished to the
Trustee or any Bondholder pursuant to the provisions of this Ninth Supplemental Indenture or any other Financing Agreement shall prove
to have been false in any Material respect as of the time made or furnished, as the case may be;

 

(d)           Debt.

 

(i)            The
Company shall be in default in the payment of any principal, premium, including any make-whole amount, if any, or interest on any
Debt (other than Subordinated Debt) in the aggregate principal amount of $30,000,000 or more beyond the expiration of any applicable
grace or cure period relating thereto; 

 

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(ii)           The
Company shall be in default in the performance or compliance with any term (other than those referred to in Section 4.01(d)(i) hereof)
of any agreement or instrument evidencing any Debt (other than Subordinated Debt) in the aggregate principal amount of $30,000,000
or more or any other document relating thereto or any condition exists and, as a consequence, such Debt has become or has been
declared (or the holder or beneficiary of such Debt or a trustee or agent on behalf of such holder or beneficiary is entitled to
declare such Debt 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 Debt to convert
such Debt into equity interests), other than as provided in Sections 2.03 or 2.04 hereof or Section 5.01 of the Indenture, (x) the
Company shall have become obligated to purchase or repay any Debt before its regularly scheduled maturity date in the aggregate principal
amount of $30,000,000 or more or (y) one or more Persons have the right to require such Debt to be purchased or repaid;

 

(e)           Judgments. Any judgment
or judgments for the payment of money in excess of $30,000,000 (or its equivalent in any other currency) in the aggregate by the Company,
which is, or are, not covered by insurance, shall be rendered by one or more courts, administrative tribunals or other bodies having
jurisdiction over the Company and the same shall not be discharged (or provision shall not be made for such discharge), bonded or a stay
of execution thereof shall not be procured, within 60 days from the date of entry thereof and the Company shall not, within said period
of 60 days, or such longer period during which execution of the same shall have been stayed, appeal therefrom and cause the execution
thereof to be stayed during such appeal; or

 

(f)            Change
in Ownership. A Change in Ownership shall occur.

 

Section 4.02. Acceleration of Maturity.

 

For purposes of the Bonds, pursuant
to Section 3.01(u) of the Indenture, Section 10.02 of the Indenture shall be supplemented as follows:

 

(a)           Acceleration of Maturity.
In addition to the provisions set forth in Section 10.02 of the Indenture, (i) if an Event of Default arising from the failure
to pay principal of, or interest on, or any Make-Whole Amount relating to the Bonds shall have occurred and be continuing, then in every
such case each Holder of Bonds may declare the principal amount of the Bonds held by it to be due and payable immediately, by a notice
in writing to the Company and to the Trustee, and upon receipt by the Company or the Trustee of such notice of such declaration, such
principal amount, together with Make-Whole Amount and accrued interest, if any, thereon (including, without limitation, interest accrued
thereon at the applicable rate for overdue payments), shall become immediately due and payable and (ii) if an Event of Default with
respect to the Company described in Sections 10.01(d) or (e) of the Indenture has occurred, all the Notes then outstanding
shall automatically become immediately due and payable.

 

ARTICLE FIVE

 

NET EARNINGS CERTIFICATE

 

Notwithstanding Section 1.04
or any other provision of the Mortgage Indenture, the Net Earnings Certificate delivered in connection with the initial issuance of Bonds
on the Closing Date shall be made and signed by an Accountant if it is not signed by an independent public accountant.

 

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ARTICLE SIX

 

LIEN

 

The Bonds are entitled to the
benefit of the Lien under the Mortgage Indenture, including, without limitation, the Lien on the property referred to in Exhibit A
to the Mortgage Indenture, Exhibit D attached to the Third Supplemental Indenture, Exhibit D attached to the Fourth Supplemental
Indenture, Exhibit D attached to the Fifth Supplemental Indenture, Exhibit A attached to the Sixth Supplemental Indenture, Exhibit A
attached to the Seventh Supplemental Indenture, Exhibit A attached to the Eighth Supplemental Indenture and Exhibit A
attached hereto.

 

ARTICLE SEVEN

 

AMENDMENTS TO THE PROVISIONS

 

Subject to Article Eight hereof:

 

(a)          The definition of "Corporate
Trust Office" in Section 1.01 of the Mortgage Indenture is hereby amended by deleting such section in its entirety and substituting
in lieu thereof the following: "Corporate Trust Office" means the office of the Trustee in Chicago, Illinois at which at
any particular time its corporate trust business is administered, which office at the date of the execution and delivery of this Indenture,
is located at 2 N. LaSalle Street, Suite 700, Chicago, Illinois 60602, Attention: Corporate Trust Administration.

 

(b)           Clause (d) of
the definition of "Excepted Property" in the preamble of the Mortgage Indenture is hereby amended by deleting the phrase "for
the purpose of sale or lease."

 

(c)           Clauses (b), (c), (d),
(f) and (g) of the definition of "Investment Securities" in Section 1.01 of the Mortgage Indenture is hereby
amended by replacing the phrase "rated by a nationally recognized rating organization in either of the two (2) highest rating
categories (without regard to modifiers) for short-term securities or in any of the three (3) highest rating categories (without
regard to modifiers) for long-term securities" with the phrase "rated investment grade by a nationally recognized rating organization."

 

(d)           Clause (c) of
the definition of "Permitted Liens" in Section 1.01 of the Mortgage Indenture is hereby amended by replacing the phrase
 "Five Million Dollars ($5,000,000)" with the phrase "Fifty Million Dollars ($50,000,000)" and by replacing the phrase
 "three percentum (3%)" with the phrase "ten percentum (10%)," and clause (u) of the definition of "Permitted
Liens" in Section 1.01 of the Mortgage Indenture is hereby amended by replacing the phrase "twenty five million dollars
($25,000,000)" with the phrase "seventy five million dollars ($75,000,000)."

 

(e)           The definition of "Person"
in Section 1.01 of the Mortgage Indenture is hereby amended by deleting such section in its entirety and substituting in lieu thereof
the following: "'Person' means any individual, corporation, limited liability company, partnership, limited liability partnership,
association, company, joint stock company, joint venture, trust or unincorporated organization or any Governmental Authority."

 

(f)            Sections 1.03(b)(ii)(B) and
1.03(b)(ii)(C) of the Mortgage Indenture are hereby amended by replacing the phrase "ten-sevenths (10/7)" with the phrase
 "three-halves (3/2)."

 

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(g)           Section 1.08 of
the Indenture is hereby amended by deleting the Trustee’s address and substituting in lieu thereof the following:

 

The Bank of New York Mellon Trust Company, N.A.

2 N. LaSalle Street, Suite 700

Chicago, IL 60602

Attention: Corporate Trust Administration

 

(h)           Section 1.13 of
the Mortgage Indenture is hereby amended by deleting such section in its entirety and substituting in lieu thereof the following: "In
case any provision, or any portion of any provision, in this Indenture or the Securities shall be held to be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions (or portion thereof) shall not in any way be affected or impaired
thereby."

 

(i)             Section 1.17 of
the Indenture is hereby amended by adding ", Holders (by their purchase of the Securities)" after "Company".

 

		(j)	The Indenture is hereby amended by adding the following Section 1.20: 
	 	 	 
	 	 	"SECTION 1.20. FATCA.

 

Notwithstanding anything to the contrary
contained in this Indenture, the Company, the Trustee and any Paying Agent may, to the extent it is required to do so by law, deduct or
withhold income or other similar taxes imposed from principal or interest payments, or any other amounts due hereunder. The Company, the
Trustee and the Paying Agent shall reasonably cooperate with each other and shall provide each other with copies of documents or information
reasonably necessary for each of the Company, the Trustee and the Paying Agent to comply with any withholding tax or tax information reporting
obligations imposed on any of them, including any obligations imposed pursuant to an agreement with a governmental authority."

 

(k)            Sections
4.02(a), 4.02(b)(ii)(L), 6.07(b)(iii), 6.07(c)(iii), 8.03(d), 8.03(f), 8.03(x), 8.03(y), 8.04(d), 8.05, 8.06(a) and 8.07 of the
Mortgage Indenture are hereby amended by replacing the phrase "seventy percentum (70%)" with the phrase "sixty six
and two-thirds percentum (66 2/3%)."

 

(l)             Section 6.01(b) of
the Mortgage Indenture is hereby amended by deleting such section in its entirety and substituting in lieu thereof the following: "At
the date of the execution and delivery of this Indenture, as originally executed and delivered, the Company covenants and agrees that
it shall be lawfully possessed of the Mortgaged Property except for any legal defects or other failures to lawfully possess Mortgaged
Property that do not in the aggregate materially impair the use by the Company of the Mortgaged Property considered as a whole for the
purposes for which it is held by the Company."

 

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(m)           Section 9.04(d)(i) of
the Mortgage Indenture is hereby amended by deleting such section in its entirety and substituting in lieu thereof the following:
 "The Company shall irrevocably have deposited or caused to be deposited with the Trustee as trust funds in trust for the
purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders
of such Securities, (1) cash in an amount, or (2) Eligible Obligations which through the scheduled payment of principal
and interest in respect thereof in accordance with their terms will provide, not later than one day before the due date of any
payment, cash in an amount, or (3) a combination thereof, in each case sufficient, in the opinion of a nationally recognized
firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge,
and which shall be applied by the Trustee to pay and discharge, (i) the principal of and any premium and each installment of
principal of and any premium and interest on the Outstanding Securities on the respective Stated Maturities or Redemption Date, and
(ii) any mandatory sinking fund payments applicable to the Securities on the day on which such payments are due and payable in
accordance with the terms of this Indenture and such Securities."

 

(n)           Section 9.04(d)(ii) of
the Mortgage Indenture is hereby amended by deleting such section in its entirety and substituting in lieu thereof the following: "In
the event of an election to have subsection (b) apply to any Securities or any series of Securities, as the case may be, the Company
shall have delivered to the Trustee an Opinion of Counsel, subject to customary assumptions and exceptions, stating that (1) the
Company has received from, or there has been published by, the Internal Revenue Service a ruling or (2) since the date of this instrument,
there has been a change in the applicable federal income tax law, in either case (1) or (2) to the effect that, and based thereon
such opinion shall confirm that, the Holders of such Securities will not recognize income, gain or loss for federal income tax purposes
as a result of the deposit, Defeasance and discharge to be effected with respect to such Securities and will be subject to federal income
tax on the same amount, in the same manner and at the same times as would be the case if such deposit, Defeasance and discharge were not
to occur."

 

(o)           Section 9.04(d)(iii) of
the Mortgage Indenture is hereby amended by deleting such section in its entirety and substituting in lieu thereof the following: "In
the event of an election to have subsection (c) apply to any Securities or any series of Securities, as the case may be, the Company
shall have delivered to the Trustee an Opinion of Counsel, subject to customary assumptions and exceptions, to the effect that the Holders
of such Securities will not recognize income, gain or loss for federal income tax purposes as a result of the deposit and Covenant Defeasance
to be effected with respect to such Securities and will be subject to federal income tax on the same amount, in the same manner and at
the same times as would be the case if such deposit and Covenant Defeasance were not to occur."

 

(p)           Section 10.01(c) of
the Mortgage Indenture is hereby amended by deleting such section in its entirety and substituting in lieu thereof the following: "failure
to perform or breach of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty the default in the
performance of which or breach of which is elsewhere in this Section specifically dealt with) for a period of 60 days (or 90 days
in the case of the covenant described under Section 12.04) after there has been given, by registered or certified mail, to the Company
by the Trustee, or to the Company and the Trustee by the Holders of at least twenty-five percentum (25%) in principal amount of Securities
then outstanding, a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a
 "Notice of Default" hereunder, unless the Trustee, or the Trustee and the Holders of a principal amount of Securities
not less than the principal amount of Securities the Holders of which gave such notice, as the case may be, shall agree in writing to
an extension of such period prior to its expiration; provided, however, that the Trustee, or the Trustee and the Holders of such principal
amount of Securities, as the case may be, shall be deemed to have agreed to an extension of such period if corrective action is initiated
by the Company within such period and is being diligently pursued; or."

 

(q)            Section 11.03(d) of
the Indenture is hereby amended by deleting "written" before "advice".

 

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(r) Section 11.03(h) of
the Indenture is hereby amended by replacing the phrase "unless either: (i)" with the phrase "unless: (i) in the
case of a default,"; deleting “or Event of Default, as the case may be,"; and replacing the phrase "(ii) a
Responsible Officer of the Trustee shall have actual knowledge of such default or Event of Default, as the case may be" with
the phrase "(ii), in the case of an Event of Default either (A) written notice of such Event of Default shall have been
given to a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee from the Company, any other obligor on
the Securities or from any Holder of such Securities in accordance with Section 1.08 hereof and such notice references this
Indenture or the Securities or (B) a Responsible Officer of the Trustee shall have actual knowledge of such Event of
Default."

 

		(s)	Section 11.03 of the Indenture is hereby amended by adding the following clauses (m) and (n) at the end of such Section:

 

"(m)        In no event shall the
Trustee be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising out of or
caused by, directly or indirectly, forces beyond its reasonable control, including without limitation strikes, work stoppages, accidents,
acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunction
of utilities, communications or computer (software or hardware) services.

 

(n)           In no event shall the Trustee
be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited
to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the
form of action."

 

(t)            The
last paragraph of Section 12.04 is hereby amended by adding "actual or" after "constitute".

 

(u)           Section 13.01
of the Mortgage Indenture is hereby amended by replacing the phrase "the Company shall not consolidate with or merge into any other
corporation" with the phrase "the Company shall not consolidate with or merge into any other Person."

 

(v)           The first paragraph
of Section 13.01(b) of the Mortgage Indenture is hereby amended by deleting such paragraph in its entirety and substituting
in lieu thereof the following: "the Person formed by such consolidation or into which the Company is merged or the Person which acquires
by conveyance or other transfer, or which leases, the Mortgaged Property as or substantially as an entirety shall be a Person organized
and existing under the laws of the United States, any State or Territory thereof or the District of Columbia (such Person being hereinafter
sometimes called the "Successor Person") and shall execute and deliver to the Trustee an indenture supplemental hereto,
in form recordable and reasonably satisfactory to the Trustee, which:"

 

(w)           Sections 1.01, 1.03,
13.01(b)(i), 13.01(b)(ii), 13.02 and 13.03 of the Mortgage Indenture is hereby amended by replacing the term "successor corporation"
or "Successor Corporation," as the case may be, with the term "Successor Person."

 

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(x)            Section 16.01
of the Mortgage Indenture is hereby amended by deleting such section in its entirety and substituting in lieu thereof the following:
 "No recourse shall be had for the payment of the principal of or premium, if any, or interest, if any, on any Securities, or
any part thereof, or for any claim based thereon or otherwise in respect thereof; or of the indebtedness represented thereby, or
upon any obligation, covenant or agreement under this Indenture, against any incorporator, organizer, member, manager, stockholder,
officer, director or employee, as such, past, present or future, of the Company, its direct or indirect owners, or of any
predecessor or successor Person (either directly or through the Company or a predecessor or successor Person), whether by virtue of
any constitutional provision, statute or rule of law or by the enforcement of any assessment or penalty or otherwise; it being
expressly agreed and understood that this Indenture and all the Securities are solely obligations of the Company and that no
personal liability whatsoever shall attach to, or be incurred by, any incorporator, organizer, member, manager, stockholder,
officer, director or employee, past, present or future, of the Company or its direct or indirect owners or of any predecessor or
successor Person, either directly or indirectly through the Company or its direct or indirect owners or any predecessor or successor
Person, because of the indebtedness hereby authorized or under or by reason of any of the obligations, covenants or agreements
contained in this Indenture or in any of the Securities or to be implied herefrom or therefrom; and such personal liability, if any,
is hereby expressly waived and released as a condition of, and as part of the consideration for, the execution and delivery of this
Indenture, as originally executed and delivered, and the issuance of the Securities."

 

(y)           Section 1.08 of
the Mortgage Indenture shall be amended by adding the following paragraph at the end thereof:

 

“The Trustee shall have the right to
accept and act upon instructions, including funds transfer instructions (“Instructions”) given pursuant to this Mortgage
Indenture and delivered using Electronic Means; provided, however, that the Company, shall provide to the Trustee an incumbency
certificate listing officers with the authority to provide such Instructions (“Authorized Officers”) and containing
specimen signatures of such Authorized Officers, which incumbency certificate shall be amended by the Company whenever a person is
to be added or deleted from the listing. If the Company elects to give the Trustee Instructions using Electronic Means and the
Trustee in its discretion elects to act upon such Instructions, the Trustee’s understanding of such Instructions shall be
deemed controlling. The Company understands and agrees that the Trustee cannot determine the identity of the actual sender of such
Instructions and that the Trustee shall conclusively presume that directions that purport to have been sent by an Authorized Officer
listed on the incumbency certificate provided to the Trustee have been sent by such Authorized Officer. The Company shall be
responsible for ensuring that only Authorized Officers transmit such Instructions to the Trustee and that the Company and all
Authorized Officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes,
passwords and/or authentication keys upon receipt by the Company. The Trustee shall not be liable for any losses, costs or expenses
arising directly or indirectly from the Trustee’s reliance upon and compliance with such Instructions notwithstanding such
directions conflict or are inconsistent with a subsequent written instruction. The Company agrees: (i) to assume all risks
arising out of the use of Electronic Means to submit Instructions to the Trustee, including without limitation the risk of the
Trustee acting on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii) that it is fully
informed of the protections and risks associated with the various methods of transmitting Instructions to the Trustee and that there
may be more secure methods of transmitting Instructions than the method(s) selected by the Company; (iii) that the
security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a commercially
reasonable degree of protection in light of its particular needs and circumstances; and (iv) to notify the Trustee immediately
upon learning of any compromise or unauthorized use of the security procedures.”

 

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ARTICLE EIGHT

 

MISCELLANEOUS PROVISIONS

 

Section 8.01. Effectiveness of Provisions.

 

(a)           The provisions of this
Ninth Supplemental Indenture shall be effective from and after the date of execution hereof, except as otherwise expressly provided in
this section; and the Mortgage Indenture, as hereby amended, shall remain in full force and effect.

 

(b)           Article Seven of
this Ninth Supplemental Indenture shall become and be effective (i) with respect to the Bonds from and after the date of
execution of this Ninth Supplemental Indenture; and ( ii) with respect to any series of Securities not
previously outstanding that are authenticated by the Trustee and issued by the Company under the Mortgage Indenture (as hereby
amended) subsequent to the date of execution of this Ninth Supplemental Indenture, upon such issuance but not unless and
until (a) all Securities of any series created prior to the date of execution of this Ninth Supplemental Indenture shall
have been cancelled (or surrendered for cancellation), paid, redeemed or otherwise discharged, at, before, or after maturity
thereof, or (b) the consent of the requisite percentage of the Holders of Securities of all previously created series to the
effectiveness of Article Seven shall have been obtained pursuant to Article XIV or Article XV of the Mortgage
Indenture.

 

(c)           Article 
Seven shall become effective with respect to any other outstanding Securities in the event the consent of the requisite
percentage of the Holders of such Securities is obtained as provided in Article XIV or Article XV of the Mortgage
Indenture.

 

Section 8.02. Execution of Ninth Supplemental Indenture.

 

Except as expressly amended
and supplemented hereby, the Indenture shall continue in full force and effect in accordance with the provisions thereof and the Indenture
is in all respects hereby ratified and confirmed. This Ninth Supplemental Indenture and all of its provisions shall be deemed a part of
the Indenture in the manner and to the extent herein and therein provided. The Bonds executed, authenticated and delivered under this
Ninth Supplemental Indenture constitute a series of Securities and shall not be considered to be a part of a series of Securities executed,
authenticated and delivered under any other supplemental indenture entered into pursuant to the Indenture.

 

Section 8.03. Trustee.

 

The Trustee makes no undertaking
or representations in respect of, and shall not be responsible in any manner whatsoever for and in respect of, the validity or sufficiency
of this Ninth Supplemental Indenture, the Bonds or the proper authorization or the due execution hereof by the Company or for or in respect
of the recitals and statements contained herein, all of which recitals and statements are made solely by the Company. The Trustee shall
not be accountable for the use or the application by the Company of the Bonds or of the proceeds thereof.

 

Section 8.04. Effect of Headings.

 

The Article and Section headings
herein are for convenience only and shall not affect the construction hereof.

 

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Section 8.05. Successors and Assigns.

 

All covenants and agreements
in this Ninth Supplemental Indenture by the Company shall bind its successors and assigns, whether so expressed or not.

 

Section 8.06. Severability Clause.

 

In case any provision in this
Ninth Supplemental Indenture or in the Bonds shall be invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 8.07. Benefit of Ninth Supplemental Indenture.

 

Except as otherwise provided
in the Indenture, nothing in this Ninth Supplemental Indenture or in the Bonds, express or implied, shall give to any person, other than
the parties hereto and their successors hereunder and the Bondholders, any benefit or any legal or equitable right, remedy or claim under
this Ninth Supplemental Indenture.

 

Section 8.08. Execution and Counterparts; Electronic
Contracting.

 

This Ninth Supplemental Indenture
may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together
constitute but one and the same instrument. Any such counterpart, as recorded or filed in any jurisdiction, may omit such portions of
Exhibit A hereto as shall not describe or refer to properties located in such jurisdiction. The parties agree to electronic
contracting and signatures with respect to this Ninth Supplemental Indenture and the documents related hereto. Delivery of an electronic
signature to, or a signed copy of, this Ninth Supplemental Indenture and such other documents by facsimile, email or other electronic
transmission shall be fully binding on the parties to the same extent as the delivery of the signed originals and shall be admissible
into evidence for all purposes. The words “execution,” “execute,” “signed,” “signature,”
 “delivery” and words of like import in or related to this Ninth Supplemental Indenture or any document to be signed in connection
with this Ninth Supplemental Indenture shall be deemed to include electronic signatures, the electronic matching of assignment terms and
contract formations on electronic platforms approved by the Company, or the keeping of records in electronic form, each of which shall
be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system,
as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and
National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform
Electronic Transactions Act.

 

Section 8.09. Conflict with Indenture.

 

If any provision hereof limits,
qualifies or conflicts with another provision of the Indenture, such provision of this Ninth Supplemental Indenture shall control, insofar
as the rights between the Company and the Bondholders are concerned.

 

Section 8.10. Recitals.

 

The recitals and statements
contained herein shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness and
makes no representations as to the validity or sufficiency of this Ninth Supplemental Indenture.

 

    24

     

    

 

Section 8.11. Governing Law.

 

This Ninth Supplemental Indenture
shall be governed by and construed in accordance with the law of the State of New York, except that (i) if this Ninth Supplemental
Indenture shall become qualified and shall become subject to the Trust Indenture Act, to the extent that the Trust Indenture Act shall
be applicable, this Ninth Supplemental Indenture shall be governed by and construed in accordance with the Trust Indenture Act and (ii) if
the law of any jurisdiction wherein any portion of the Mortgaged Property is located shall govern the creation of a mortgage lien on and
security interest in, or perfection, priority or enforcement of the Lien of the Indenture or exercise of remedies with respect to, such
portion of the Mortgaged Property, this Ninth Supplemental Indenture shall be governed by and construed in accordance with the law of
such jurisdiction to the extent mandatory.

 

Section 8.12. Interpretation of Financial Covenants.

 

For purposes of the Bonds,
the following provisions shall be applicable for purposes of interpretation of financial covenants:

 

For purposes of determining
compliance with the financial covenants set out in the Indenture, any election by the Company to measure an item of Debt using fair value
(as permitted by Accounting Standards Codification 825-10-25 (previously referred to as Statement of Financial Accounting Standards No. 159)
or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) shall be disregarded
and such determination shall be made by valuing Debt at 100% of the outstanding principal amount thereof (except to the extent such Debt
was issued at a discount or premium in which case the value of such Debt shall be valued at 100% of the outstanding principal amount thereof,
less any unamortized discount or plus any unamortized premium, as the case may be).

 

All terms of an
accounting or financial nature used herein or in the Mortgage Indenture shall be construed, and all computations of amounts and
ratios referred to herein shall be made without giving effect to Accounting Standards Codification 842 (or any other Accounting
Standards Codification or Financial Accounting Standard having a similar effect or result) (and related interpretations)
(collectively, “ASC 842”) to the extent the effect of which would be to cause leases which would be treated as operating
leases under GAAP immediately prior to the effectiveness of ASC 842 to be recorded as a liability/debt on the Company’s
statement of financial position under GAAP.

 

    25

     

    

 

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

 

	 	INTERNATIONAL TRANSMISSION 
	 	COMPANY

 

	 	By:	  /s/ Gretchen L. Holloway

	 	Name:	 Gretchen L. Holloway

	 	Title:	   Senior Vice President and Chief Financial Officer

 

Drafted by:

 

Milbank LLP

55 Hudson Yards

New York, NY 10001

 

After Recorded, Return to:

 

Dykema Gossett PLLC

10 South Wacker Drive, Suite 2300

Chicago, Illinois 60606

Attention: Carol O’Connell

Phone: 312-627-2303

 

    

     

    

 

	 	THE BANK OF NEW YORK MELLON TRUST
	 	COMPANY, N.A., as Trustee

 

	 	By:	/s/ Stephanie A. Greene-Matthews

	 	Name:	 Stephanie A. Greene-Matthews

	 	Title:	Vice President

 

    

     

    

 

	ACKNOWLEDGMENT	 	 
	STATE OF Michiean	)	 
	COUNTY OF Wayne	) ss.	 
	)works	 

 

On the
4th day of November, 2021, before me, the undersigned notary public, personally came
Gretchen L. Holloway, Senior Vice President and Chief Financial Officer of International Transmission Company, a corporation
organized under the laws of the State of Michigan, and acknowledged to me that she executed the foregoing instrument in her
authorized capacity, and that by her signature on the instrument she, or the entity upon behalf of which she acted, executed the
instrument.

 

	 	 	
	 	 	 
		By:	Sandira Darshini Stevens,
Notary Public State of Michigan, County of
Wayne My Commission Expires: September 16, 2027 Acting in the County of Wayne

 

		 	 

 

     

     

    

 

 

     

     

    

 

Schedule 1

 

The recording information
for the Mortgage Indenture, the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the
Fourth Supplemental Indenture, the Fifth Supplemental Indenture, the Sixth Supplemental Indenture, the Seventh Supplemental Indenture
and the Eighth Supplemental Indenture, each recorded in the Offices of the Register of Deeds in the Michigan counties as indicated, is
as follows:

 

	County	Mortgage	First	Second	Third	Fourth	Fifth	Sixth	Seventh	Eighth
	 	Indenture	Supplemental	Supplemental	Supplemental	Supplemental	Supplemental	Supplemental	Supplemental	Supplemental
	 	 	Indenture	Indenture	Indenture	Indenture	Indenture	Indenture	Indenture	Indenture
	 	 	 	 	 	 	 	 	 	 
	Huron	L991; P520	L992; P26	L993; P26	L1151; P497	L1237; P382	L1461; P187	L1494; P159	L1631; P92	L1677; P646
	 	 	 	 	 	 	 	 	 	 
	Lapeer	L1751; P1	L1752; P1	L1754; P1	L2149; P655	L2321; P59-161	L2662; P751	L2709; P605	L2950; P500	L3041; P552
	 	 	 	 	 	 	 	 	 	 
	Livingston	L4026; P332	L4027; P2	L4033; P2	L5061; P698	2008R-008653	2013R-031867	2014R-015178	2018R-006640	2019R-
	 	 	 	 	 	 	 	 	 	021347
	Macomb	L13839; P1	L13840; P1	L13850; P1	L17701; P311	L19260; P-58	L22320; P24	L22841; P258	L25264; P33	L26139; P611
	 	 	 	 	 	8041631	3118161	 	 	 
	Monroe	L2520; P681	L2521; P1	L2524; P529	L3081; P27	2008R05323	2013R20523	2014R10690	2018R04383	2019R13712
	 	 	 	 	 	 	 	 	 	 
	Oakland	L30354; P1	L30355; P1	L30356; P1	L37303; P1	L40148; P164	L46188; P1	L47078; P564	L51641; P1	L53159; P691
	 	 	 	 	Doc # 34749	 	Doc # 209348	 	 	 
	Sanilac	L774; P152	L775; P424	L777; P394	L939; P876	L1027; P737	L1214; P763	L1239; P222	L1364; P662	L1412; P80
	 	 	 	 	 	 	 	 	 	 
	St. Clair	L2846; P627	L2847; P753	L2903; P236	L3527; P42	L3828; P114-216	L4429; P1	L4508; P234	L4927; P96	L5087; P396
	 	 	 	 	 	 	 	 	 	 
	Tuscola	L942; P378	L943; P1	L944; P124	L1075; P261	L-1145; P181-	L1289; P64	L1308; P930	L1393; P188	L01429
	 	 	 	 	Doc #	283	 	 	 	P00003-
	 	 	 	 	200600878885	Doc#	 	 	 	00169
	 	 	 	 	 	200800906082	 	 	 	 
	Washtenaw	L4284; P485	L4284; P486	L4285; P136	L4547; P123	L4674; P536	L4993; P719	L5039; P 637	L5249; P466	L5316; P428
	 	 	 	 	 	 	Doc. No.	 	 	 
	 	 	 	 	 	 	6160249	 	 	 

 

     

     

    

 

	Wayne	L38882; P1	L38882;	L38882;	L44455; P231	L47089;
    P647-749	L50962; P949	L51566; P765	L54265; P1111	L55221;
	 	L38882;	P1324	P1991	 		 	 	 	P800
	 	P149	L38882;	L38882;	 	 	 	 	 	 
	 	L38882;	P1377	P2031	 	 	 	 	 	 
	 	P289	L38882;	L38882;	 	 	 	 	 	 
	 	L38882;	P1433	P2066	 	 	 	 	 	 
	 	P439	L38882;	L38882;	 	 	 	 	 	 
	 	L38882;	P1492	P2104	 	 	 	 	 	 
	 	P584	L38882;	L38882;	 	 	 	 	 	 
	 	L38882;	P1549	P2145	 	 	 	 	 	 
	 	P733	L38882;	L38882;	 	 	 	 	 	 
	 	L38882;	P1604	P2181	 	 	 	 	 	 
	 	P880	L38882;	L38882;	 	 	 	 	 	 
	 	L38882;	P1661	P2220	 	 	 	 	 	 
	 	P1028	L38882;	L38882;	 	 	 	 	 	 
	 	L38882;	P1714	P2255	 	 	 	 	 	 
	 	P1175	L38882;	L38882;	 	 	 	 	 	 
	 	L38877;	P1771	P2294	 	 	 	 	 	 
	 	P102	L38882;	L38882;	 	 	 	 	 	 
	 	L38877;	P1826	P2330	 	 	 	 	 	 
	 	P247	L38882;	L38882;	 	 	 	 	 	 
	 	L38877;	P1882	P2368	 	 	 	 	 	 
	 	P395	L38882;	L38882;	 	 	 	 	 	 
	 	 	P1933	P2403	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

     

     

    

 

Exhibit A

 

DESCRIPTION OF PROPERTIES

 

The following properties of the Company, owned as
of the date hereof, have been acquired by the Company subsequent to the date of the Eighth Supplemental Indenture:

 

See Attached.

 

     

     

    

 

	Grantee	Track
    No.	Landowner/Grantor	Rights
    Acquired	Dated	County	Use	Recorded
    At
	International
    Transmission	 	 	 	 	 	 	 	 
	Company	3338	Advanced
    Disposal Services A	Easement	3/18/2020	Wayne	Substation	L
    55922 p 410
	International
    Transmission	 	 	 	 	 	 	 	 
	Company	3410	Kidder
    Development LLC	Easement	6/9/2021	Lapeer	 	L
    03210; P 00412
	International
    Transmission	 	MoLand
    Investment Co. II,	 	 	 	 	 	 
	Company	Island
    View	LLC	Warranty
    Deed	8/29/2019	Wayne	Substation	L55263
    P212	(4
    pgs.)
	International
    Transmission	 	 	 	 	 	Vegetation
    Management	L26296 P600	(4
    pgs)
	Company	ASB-301	Filip
    Kola and Roze Kola	Voluntary
    Easement	9/13/2019	Macomb	Easement	NSI
    obtained	 
	International	 	 	Covenant
    Deed	 	 	 	QCD
    - L 27119, P 837
	Transmission 	 	 	(recorded
    legal) and	 	 	 	(4pgs.)	 
	 	 	 	Quit
    Claim Deed	 	 	 	Covenant
    Deed L
	Company	Crimson
    1	Taurus
    Enterprises, Inc.	(measured
    legal)	10/13/2020	Macomb	Substation	27119,
    P 833 (4pgs.)
	International	 	 	Covenant
    Deed	 	 	 	QCD
    - L 27119, P 829
	Transmission 	 	 	(recorded
    legal) and	 	 	 	(4pgs.)	 
	 	 	 	Quit
    Claim Deed	 	 	 	Covenant
    Deed L
	Company	Crimson
    2	Vitale
    Van Dyke & 29, LLC	(measured
    legal)	10/13/2020	Macomb	Substation	27119,
    P 825 (4pgs.)
	International
    Transmission	 	 	 	 	 	 	 	 
	Company	747-750-751	MM
    Beck	Voluntary
    Easement	6/24/2021	Oakland	Vegetation	L56698
    P335	 
	International
    Transmission	 	Cellco
    Partnership d/b/a	 	 	 	 	 	 
	Company	ASB-1619	Verizon
    Wireless	Voluntary
    Easement	5/13/2021	Macomb	Vegetation	L27772
    P649	 
	International
    Transmission	Connors
    Creek	 	 	 	 	Underground	 	 
	Company	UG	FCA
    US LLC	Voluntary
    Easement	1/15/2020	Wayne	communication	L55573
    P311	 
	International
    Transmission	Connors
    Creek	 	 	 	 	 	 	 
	Company	OH	FCA
    US LLC	Voluntary
    Easement	1/15/2020	Wayne	Transmission
    Line	L55573
    P292	 
	International
    Transmission	 	 	 	 	 	 	 	 
	Company	DIG
    Substation	Ford
    Motor Company	Voluntary
    Easement	1/31/2020	Wayne	Substations	L55573
    P238	 
	International
    Transmission	 	 	 	 	 	 	 	 
	Company	DIG
    UG Line	Ford
    Motor Company	Voluntary
    Easement	1/31/2020	Wayne	UG
    Transmission	L55573
    P274	 
	International
    Transmission	 	 	 	 	 	 	 	 
	Company	DIG
    OH Line	Ford
    Motor Company	Voluntary
    Easement	1/31/2020	Wayne	OH
    Transmission	L55573
    P256	 
	International
    Transmission	 	 	 	 	 	 	 	 
	Company	Magneto	Robert
    Bosch LLC	Voluntary
    Easement	2/17/2020	Oakland	Substation	L53948
    P801	 

 

     

     

    

 

 

	
	EXHIBIT "A"
GRANTOR'S LAND
Wayne County Tax Parcel #77-070-99-0001-001
The West 3/4 of the Northwest 1/4 of Section 18, Town 1 South, Range 8 East, except the North 60 feet
thereof; Also except that part described as: Beginning South 89 degrees 01 minute 44 seconds East 33 feet
and South 00 degrees 17 minutes 34 seconds West 60 feet from the Northwest corner of Section 18;
thence South 00 degrees 17 minutes 34 seconds West 27 feet;
thence South 89 degrees 01 minute 44 seconds East 271 .70 feet:
thence on a curve to the North, radius 5789.58 feet, arc 350.18 feet;
thence North 07 degrees 30 minutes 20 seconds East 100 feet on a curve to the South, radius 5669.58 feet,
arc 342.93 feet; thence North 89 degrees 01 minute 44 seconds West 1064.53 feet the Point of Beginning:
Also except the West 60 feet thereof, except that part described as: Beginning South 00 degrees 17 minutes
34 seconds West 87 feet and South 89 degrees 01 minute 44 seconds East 33 feet from the Northwest corner
of Section 18; thence South 00 degrees 17 minutes 34 seconds West 309.61 feet;
thence on a curve to the East, radius 5669.58 feet, arc 342.93 feet;
thence South 03 degrees 1 O minutes 22 seconds East 100 feet; thence on a curve to the West, radius 5789.58
feet, arc 350.18 feet; thence North 00 degrees 17 minutes 34 seconds East 1101.80 feet;
thence North 89 degrees 01 minute 44 seconds West 27 feet to the Point of Beginning.
Wayne County Tax Parcel #77-071-99 -0001-701
Part of the Southwest 1/4 of Section 18, Town 1 South, Range 8 East. described as Beginning at the West 1/4
corner of Section 18;
thence North 89 degrees 38 minutes 24 seconds East 2029.89 feet;
thence South 00 degrees 02 minutes 46 seconds West 1291.65 feet;
thence South 89 degrees 10 minutes 19 seconds West 666.25 feet;
thence along a curve to the left, radius 7571.81 feet, chord North 82 degrees 25 minutes 21 seconds West
1378.53 feet;
thence North 00 degrees 12 minutes 00 seconds East 1106.75 feet to the Point of Beginning.
DESCRIPTION OF EASEMENT AREA
Part of the Northwest 1/4 and part of the Southwest 1/4 of Section 18. Town 1 South, Range 8 East, Northville
Township, Wayne County. Michigan, described as:
All that part of the Grantor's Land which lies within 75 feet on each side of the follow ing Described Line:
Commencing at the Northwest corner of Section 18. Town 1 South. Range 8 East;
thence North 87 degrees 56 minutes 59 seconds East, along the North line of Section 18 and the centerline of
Six Mile Road (width varies), 167.42 feet to the Point of Beginning:
thence South 02 degrees 44 minutes 48 seconds East 1952.78 feet;
thence South 02 degrees 34 minutes 49 seconds East 1921.28 feet to the Point of Ending, said point of
ending lying distant North 02 degrees 31 minutes 49 seconds West, along the West line of Section 18 and the
centerline of Napier Road, 1400.19 feet, and North 87 degrees 28 minutes 11 seconds East 167.07 feet from
the Southwest corner of Section 18. The sidelines of the above described easement shall be extended or
shortened to meet at angle points, and to terminate at the boundaries of the Grantor's Land.
COPYRICHT © 2019 M cNEELY & LINCOLN ASSOCIATES. INC. SHEET 2 OF 2
MCNEELY&LINCOLN For ITC Associates,Inc . - -- --'-'=- - -- Dote _.c.. 1 2=/ _1 ~0 ~ / _ 1~ 9-
CIVIL ENGINEERING & LAND SURVEYING Scale 1 "-600'
PH. (734) 432-9777 FAA (734) 432-9786 __ .:....;==--- Drown By DPW
37741 PEMBROKE, LIVONIA, MICHIGAN, 48152 Job No. 8042.566
WWW.MN LINC.COM - ---"'><.::I.J.'--'-"'."-"'-- Checked By MB 

	
	Note: Images are NOT accessible online

Midas Interconnection

Lori L Gebhardt 287 W. Nepessing Street, Suite 1
\ Lapeer County Register of Deeds Lapeer, MI 48446 4
810-667-0211 searchable index : Liber 572
www.ispeercountyweb.org v2 50 Copynght (c) 2020 DEKETQ, LLC www. deketo.com
Indexes available 1/1/1801 thru 8/11/2021. Data uploaded 10:40PM 9/28/2021. Privacy Policy
To view document images (if available), your web
browser must allow new tabs or popups from this web site.

EASEMENT
Liber/Page 03210/00412
Returned To
# Pages 6 ITC HOLDINGS CORPORATION Prior Match | Next Match
Recorded 6/10/2021 8:36:17 AM 27175 ENERGY WAY
Signed 6/9/2021 R B
Returned 6/11/2021 NOVI MI 48377 etum to Browse
Parties
GRANTOR KIDDER DEVELOPMENT, LLC
GRANTEE INTERNATIONAL TRANSMISSION COMPANY

  Legal Descriptions

SEC 27 TO6N RI12E THE NE-NW-SW-SE OF THE SW QTR   ALMONT TOWNSHIP (6-12)
Parcel Numbers

{001 027 012 01

Fees and Amounts
  [ $30.00 RECORDING FEE

  

	
	
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MCA
800.525.6016
www.metroca.net

	
	
Island View 1 of 3

Bernard J. Youngblood
Wayne County Register of Deeds
2019260026 L: 55263 P: 212
09/10/2018 10:21 AN up Total Pages: 4
TOO 0 00000

WARRANTY DEED
WARRANTY DEED

THE GRANTOR(S): MOLAND INVESTMENT CO. II, LLC, a Michigan limited liability company (the
 “Seller”), whose address is 2545 Beaufait, Detroit, Michigan 48207, conveys and warrants to
INTERNATIONAL TRANSMISSION COMPANY, D/B/A ITCTRANSMISSION, a Michigan
corporation, whose address is 27175 Energy Way, Novi, MI 48377, the following described premises
situated in the City of Detroit, County of Wayne, State of Michigan:
See Exhibit A attached hereto;
together with all and singular the tenements, hereditaments and appurtenances thereunto belonging or in
any way appertaining, including riparian rights, easements, rights-of-way, roadways, minerals and mineral
rights, oil, gas and other hydrocarbon substances, water and water rights, timber and timber rights and air
rights,
for the amount set forth in the accompanying Real Estate Transfer Tax Valuation Affidavit.
Public Act 591 of 1997 requires the following: this property may be located within the vicinity of farmland
or a farm operation. Generally accepted agricultural and management practices which may generate noise,
dust, odors and other associated conditions may be used and are protected by the Michigan Right to Farm
Act.
The Grantor grants the Grantee the right to make all division(s) under Section 108 of the Land Division
Act, Act No. 288 of the Public Acts of 1967, as amended.
Subject only to those encumbrances listed on Exhibit B.
Dated this 77 Hay of August, 2019.
[Signature and Acknowledgement Appear on the Following Page]
 

	
	
Island View
page 2 of 3
GRANTOR:
MOLAND INVESTMENT CO. II, LLC,
a Michigan limited liability company
By: Molnar Land Company,
a Michigan corporation
Its: Sole Member
) \ By. &. Mare rhobowa
Name: E. Marie Molnar
Its: President

STATE OF MICHIGAN )
)SS.
county of __ Oakland)
The foregoing Warranty Deed was acknowledged before me this 9 Pay of August, 2019, by E.
Marie Molnar, the President of Molnar Land Company, a Michigan corporation, the Sole Member of
Moland Investment Co. II, LLC, a Michigan limited liability company, on behalf of said company.
 “DV Dba Hu,
C I

MELONY HENRY NOTARY PUBLIC, STATE OF Mi Notary Public
~ COUNTY OF GENESEE County, Michigan MY COMMISSION EXPIRES Jan 25, 2020 Acting in County

ACTING IN COUNTY OF OUNTY OF Oa ullaencl_ My Commission Expires:

County Treasurer’s Certificate City Treasurer’s Certificate
Drafted By: When Recorded Return To: | Send Subsequent Tax Bills to:
Rebecca L. Takacs Steve Cooper International Transmission Company,
(P60335) ITC Holdings Corp. 27175 | d/b/a ITCTransmission
ITC Holdings Corp. Energy Way Attn: Tax Department
Novi, MI 48377 27175 Energy Way 27175 Energy Way . Novi, MI 48377
Novi, MI 48377
Recording Fee:
Tax I.D. No.: 000253.001/Ward 15
 

	
	
Island View
page 3 of 3
EXHIBIT A
LEGAL DESCRIPTION OF THE PREMISES

The land referred to in this policy is described as follows: City of Detroit, County of Wayne, State of
Michigan
A portion of the former Consolidated Rail Corporation Property lying within the following described land:
Part of Lot 4 of the PLAT OF PART OF THE BEAUFAIT FARM, Private Claim No. 19, City of Detroit,
Wayne County, Michigan, according to the plat thereof as recorded in Liber 30 of Deeds, page 3, Wayne
County Records, lying between Charlevoix Avenue and Vernor Highway, East of Beaufait Avenue and
being more particularly described as follows: Commencing at the intersection of the Northerly line of
Vernor Highway (80.00 feet wide) with the Easterly line of Beaufait Avenue (70.00 feet wide), thence
North 26 degrees 00 minutes 00 seconds West, along the Easterly line of said Beaufait Avenue, a distance
of 354.44 feet to the Point of Beginning, thence continuing North 26 degrees 00 minutes 00 seconds West,
along the Easterly line of said Beaufait Avenue, a distance of 475.00 feet to the point of intersection of said
street line with the Southerly line of Charlevoix Avenue (60.00 feet wide), thence North 63 degrees 38
minutes 55 seconds East, along the Southerly line of said Charlevoix Avenue, a distance of 164.66 feet to
a point on the West line of Desnoyers Resubdivision, according to the plat thereof as recorded in Liber 3
of Plats, on page 33, Wayne County Records, thence South 26 degrees 01 minute 32 seconds East, along
part of the Westerly line of Desnoyers Resubdivision, according to the plat thereof as recorded in Liber 1
of Plats, on page 221, Wayne County Records, a distance of 478.30 feet, thence South 64 degrees 47
minutes 45 seconds West, a distance of 164.89 feet to the Point of Beginning.
Commonly known as: 6500 Charlevoix, Detroit, Michigan res od 0 our offs on
grument. No representation
Ges owed 0 any other entities.
: von 2 Not Examined
Date 4 Le = g WAYNE COUNTY TREASURER Clerk A 5

Tras i to cerify thal there are i 0 delinquent pr
this property for five yaars

Parcel Identification No.: 000253.001/Ward 15

A-1

	
	

	
	aT) HACE C0
DFORCORR. 0CT 23 2020

pik TEIN 10R This isto erty that according slot the nly Crimson 2
there page 1 of 3
    of include current taxe S Row
heing collected. Date 10 | 0 [AOAD

2133481 Face 1
LIBER 2711% PAGE B33
11/04/7200 11:35:51 AH.
MACONE COUNTY, HI ¢
n FRED RILLER. REGISTER OF DEEDS
2 COVENANT DEED

VITALE VAN DYKE & 29, LLC, a Michigan limited liability company ("Grantor"),
whose address is 15525 Panther Lake Drive, Winter Garden, Florida 34787, hereby sells, conveys,
grants and bargains to INTERNATIONAL TRANSMISSION COMPANY, a Michigan
corporation (d/b/a ITCTransmission) ("Grantee"), whose address is 27175 Energy Way, Novi,
Michigan 48377, the premises situated in the Township of Washington, Macomb County,
Michigan, more specifically described as (the “Property”):
See Exhibit A attached hereto
for the sum set forth on the Real Estate Transfer Tax Valuation Affidavit filed herewith.
Grantor, for itself, its successors and assigns, covenants, grants, bargains and agrees to and
with Grantee, its successors and assigns, that, subject to and except for the encumbrances set forth
on Exhibit B attached hereto (the “Permitted Exceptions”), Grantor has not done, committed or
suffered to be done or committed any act, matter, or thing whatsoever, whereby the premises
hereby granted, or any part thereof, is, or shall or may be, charged or encumbered in title, estate or
otherwise. Grantor covenants to Grantee and agrees that Grantor shall warrant and defend the title
to the Property conveyed unto Grantee, its successors and assigns, forever, against the lawful
claims of all persons claiming by, through or under Grantor but against no other claims or persons
whatsoever, subject, however to the Permitted Exceptions.

If the Property being conveyed is unplatted, the following is deemed to be included:
Grantor grants to Grantee the right to make all divisions under Section 108 of the Land
Division Act, Act No. 288 of the Public Acts of 1967, as amended.
This Property may be located within the vicinity of farmland or a farm operation. Generally
accepted agricultural and management practices which may generate noise, dust, odors, and other
associated conditions may be used and are protected by the Michigan Right to Farm Act.
Dated as of: October 13, 2020
[Remainder of page intentionally left blank;
Signature page follows]
086879.000241 4836-6683-0274.5
tiftcoMB co ’ 200CT23fMll06
RETDFORCORR. OCT 23 2020
recd mcoriB co '20N0V 2 fifiil 15
This is to certify that according to the County
Treasurer ’ s records there are no tax liens
on this property and that the taxes are paid
for five years prior to the date on this instrument
except 20 __ __ LAWRENCE ROCCA
Macomb County Treasurer ______
This certification does not include current taxes now
being coiiscted. Date_J. ^ ___
2133481 PAfciE 1 OF 4
LIBER 27119 PAGE 833
11/04/2020 11:35:51 A.H.
IIACOtiB COUNTY > HI
FRED HILLER, REGISTER OF DEEDS
SEAL
5 COVENANT DEED
VITALE VAN DYKE & 29, LLC, a Michigan limited liability company (" Grantor "),
whose address is 15525 Panther Lake Drive, Winter Garden, Florida 34787, hereby sells, conveys,
grants and bargains to INTERNATIONAL TRANSMISSION COMPANY, a Michigan
corporation (d/b/a YTCTransmissiori) (" Grantee "), whose address is 27175 Energy Way, Novi,
Michigan 48377, the premises situated in the Township of Washington, Macomb County,
Michigan, more specifically described as (the “ Property ” ):
See Exhibit A attached hereto
for the sum set forth on the Real Estate Transfer Tax Valuation Affidavit filed herewith.
Grantor, for itself, its successors and assigns, covenants, grants, bargains and agrees to and
with Grantee, its successors and assigns, that, subject to and except for the encumbrances set forth
on Exhibit B attached hereto (the “ Permitted Exceptions ” ). Grantor has not done, committed or
suffered to be done or committed any act, matter, or thing whatsoever, whereby the premises
hereby granted, or any part thereof, is, or shall or may be, charged or encumbered in title, estate or
otherwise. Grantor covenants to Grantee and agrees that Grantor shall warrant and defend the title
to the Property conveyed unto Grantee, its successors and assigns, forever, against the lawful
claims of all persons claiming by, through or under Grantor but against no other claims or persons
whatsoever, subject, however to the Permitted Exceptions.
If the Property being conveyed is unplatted, the following is deemed to be included:
Grantor grants to Grantee the right to make all divisions under Section 108 of the Land
Division Act, Act No. 288 of the Public Acts of 1967, as amended.
This Property may be located within the vicinity of farmland or a farm operation. Generally
accepted agricultural and management practices which may generate noise, dust, odors, and other
associated conditions may be used and are protected by the Michigan Right to Farm Act.
Dated as of: October 13, 2020
[Remainder of page intentionally left blank;
Signature page follows]
086879.000241 4836-6683-0274.5

	
	
Crimson 2
Page 2 of 3
[SIGNATURE PAGE TO COVENANT DEED]
GRANTOR:
VITALE VAN DYKE & 29, LL.C, a Michigan limited
liability company
all LE ~~) yy
By: ( Is Vd ys ( dala men
Name: Providence Badalament
Its: Manager
STATE OF FLORIDA
COUNTY OF namsl.
The foregoing instrument was acknowledged before me by means of Brphysical presence
bf or [J online notarization, this / 0 day of , 2020, by Providence Badalament, the Manager
of Vitale Van Dyke & 29, LLC, a Michigan limited liability company, on behalf of the company.
Affix Notary SEAL
SRL CHARLES COTHRAN NBL
 & NOTARY PUBLIC

o
9 . 3 [ZSTATE OF FLORIDA Vd , Notary Public
 “5 5 Comm# GG958938 My Commission ned 2-3 3 Expires 2/17/2024
Personally Known [J OR Produced Identification a
Type of Identification Produced: yz, OL
Online Notary: [J (Check Box if acknowledgment done by Online Notarization)

THIS INSTRUMENT DRAFTED BY
AND WHEN RECORDED RETURN TO:
Dykema Gossett PLLC
Attn: Milo R. Madole, Esq.
400 Renaissance Center
Detroit, MI 48243
Signature Page to Covenant Deed
[SIGNATURE PAGE TO COVENANT DEED]
GRANTOR:
VITALE VAN DYKE & 29, LLC, a Michigan limited
liability company
By:
Name: Providence Badalament
Manager Its:
STATE OF FLORIDA
(pAtiAUf^ COUNTY OF
The foregoing instrument was acknowledged before me by means of B'pTiysical presence
or □ online notarization, this
of Vitale Van Dyke & 29, L
 ■,IU day of UCf , 2020, by Providence Badalament, the Manager
LC, a Michigan limited liability company, on behalf of the company.
Affix Notary SEAL
CHARLES COTHRAN
notary public
|5STATE OF FLORIDA
Comm# GG958938
Expires 2/17/2024
Personally Known □ OR Produced Identification
I /__________________, Notary Public
My Commission expires ^.-/ 3^2^
tu i>L Type of Identification Produced:
Online Notary: □ (Check Box if acknowledgment done by Online Notarization)
THIS INSTRUMENT DRAFTED BY
AND WHEN RECORDED RETURN TO:
Dykema Gossett PLLC
Attn: Milo R. Madole, Esq.
400 Renaissance Center
Detroit, MI 48243
Signature Page to Covenant Deed

	
	
Crimson 2
Page 3 of 3
EXHIBIT A
LEGAL DESCRIPTION

Parcel 1:
A parcel of land located in the Southwest 1/4 of Section 14, Town 4 North, Range 12 East, Washington Township,
Macomb County, Michigan, and being more particularly described as follows: Beginning at the West 1/4 corner of said
Section 14; Thence South 02 degrees 10 minutes 19 seconds East 923.50 feet along the West line of Section 14; Thence
North 87 degrees 15 minutes 44 seconds East 773.80 feet to the Westerly railroad right of way for Grand Trunk Western
Railroad; Thence along said Westerly right of way 657.86 feet along the arc of a curve concave to the West (radius =
6,144.00 feet) whose long chord is described as bearing North 11 degrees 12 minutes 34 seconds East 657.55 feet and
North 08 degrees 08 minutes 32 seconds East 298.91 feet to the East-West 1/4 line of Section 14; Thence South 86
degrees 46 minutes 48 seconds West 979.62 feet along the East-West 1/4 line of Section 14 to the point of beginning.
Parcel 2:
A parcel of land located in the Southwest 1/4 of Section 14, Town 4 North, Range 12 East, Washington Township,
Macomb County, Michigan, and being more particularly described as follows: Commencing at the West 1/4 corner of said
Section 14; Thence South 02 degrees 10 minutes 19 seconds East 923.50 feet along the West line of Section 14; Thence
North 87 degrees 15 minutes 44 seconds East 878.30 feet to the Easterly right-of-way line of Grand Trunk Western
Railroad, also being the point of beginning; Thence extending North 87 degrees 15 minutes 44 seconds East 1286.40 feet
to the Westerly right-of-way line of M-53; Thence 955.92 feet along the arc of a curve concave to the West (radius =
3,694.72 feet) whose long chord is described as bearing North 05 degrees 45 minutes 53 seconds East 953.26 feet along
the Westerly right-of-way line of M-53 to the East-West 1/4 line of Section 14; Thence South 86 degrees 46 minutes 48
seconds West 1214.97 feet along the East-West 1/4 line of Section 14 to the Easterly right-of-way line of Grand Trunk
Western Railroad; Thence along the Easterly right-of-way line of Grand Trunk Western Railroad South 08 degrees 08
minutes 32 seconds West 319.00 feet and 637.99 feet along the arc of a curve concave to the West (radius = 6,244.00
feet) whose long chord is described as bearing South 11 degrees 04 minutes 09 seconds West 637.71 feet to the point of
beginning.
Common address: 63910 Van Dyke

Tax Parcel No.: 24=04=14=300=020"
EXHIBIT A
LEGAL DESCRIPTION
Parcel 1:
A parcel of land located in the Southwest 1/4 of Section 14, Town 4 North, Range 12 East, Washington Township,
Macomb County, Michigan, and being more particularly described as follows: Beginning at the West 1/4 corner of said
Section 14; Thence South 02 degrees 10 minutes 19 seconds East 923.50 feet along the West line of Section 14; Thence
North 87 degrees 15 minutes 44 seconds East 773.80 feet to the Westerly railroad right of way for Grand Trunk Western
Railroad; Thence along said Westerly right of way 657.86 feet along the arc of a curve concave to the West (radius =
6,144.00 feet) whose long chord is described as bearing North 11 degrees 12 minutes 34 seconds East 657.55 feet and
North 08 degrees 08 minutes 32 seconds East 298.91 feet to the East-West 1/4 line of Section 14; Thence South 86
degrees 46 minutes 48 seconds West 979.62 feet along the East-West 1/4 line of Section 14 to the point of beginning.
Parcel 2:
A parcel of land located in the Southwest 1/4 of Section 14, Town 4 North, Range 12 East, Washington Township,
Macomb County, Michigan, and being more particularly described as follows: Commencing at the West 1/4 corner of said
Section 14; Thence South 02 degrees 10 minutes 19 seconds East 923.50 feet along the West line of Section 14; Thence
North 87 degrees 15 minutes 44 seconds East 878.30 feet to the Easterly right-of-way line of Grand Trunk Western
Railroad, also being the point of beginning; Thence extending North 87 degrees 15 minutes 44 seconds East 1286.40 feet
to the Westerly right-of-way line of M-53; Thence 955.92 feet along the arc of a curve concave to the West (radius =
3,694.72 feet) whose long chord is described as bearing North 05 degrees 45 minutes 53 seconds East 953.26 feet along
the Westerly right-of-way line of M-53 to the East-West 1/4 line of Section 14; Thence South 86 degrees 46 minutes 48
seconds West 1214.97 feet along the East-West 1/4 line of Section 14 to the Easterly right-of-way line of Grand Trunk
Western Railroad; Thence along the Easterly right-of-way line of Grand Trunk Western Railroad South 08 degrees 08
minutes 32 seconds West 319.00 feet and 637.99 feet along the arc of a curve concave to the West (radius = 6,244.00
feet) whose long chord is described as bearing South 11 degrees 04 minutes 09 seconds West 637.71 feet to the point of
beginning.
[T Common address : 63 910 Van Dyke I o t £. X
Tax Parcel No.: 24-0 ! t :T !! t-3OOTfiVJ
A-l

	
	RECT HPCOHE 00 7

Crimson 1
This is to certify that according to the County [7298 1 73
Treasurer's records there are no tax liens
on this property and that the t; pp
for five years pror 0 the 0 ite an this instrument
on 20.______ho 83 429. LAWRENCE ROCCA Treasurer BY. lok
otinclude current taxes now
Mb atin res [2530 : §

2133479 FAGE 1 OF 4
LIBER 27119 FAGE B25
L1/0473020 11:35:51 AH.
MACOHE COUNTY HI SE | COVENANT DEED FRED HILLERs REGISTER OF DEEDS

TAURUS ENTERPRISES, INC., a Michigan corporation ("Grantor"), whose address is
15525 Panther Lake Drive, Winter Garden, Florida 34787, hereby sells, conveys, grants and
bargains to INTERNATIONAL TRANSMISSION COMPANY, a Michigan corporation (d/b/a
ITCTransmission) ("Grantee"), whose address is 27175 Energy Way, Novi, Michigan 48377, the
premises situated in the Township of Washington, Macomb County, Michigan, more specifically
described as (the “Property”):
See Exhibit A attached hereto
for the sum set forth on the Real Estate Transfer Tax Valuation Affidavit filed herewith.
Grantor, for itself, its successors and assigns, covenants, grants, bargains and agrees to and
with Grantee, its successors and assigns, that, subject to and except for the encumbrances set forth
on Exhibit B attached hereto (the “Permitted Exceptions”), Grantor has not done, committed or
suffered to be done or committed any act, matter, or thing whatsoever, whereby the premises
hereby granted, or any part thereof, is, or shall or may be, charged or encumbered in title, estate or
otherwise. Grantor covenants to Grantee and agrees that Grantor shall warrant and defend the title
to the Property conveyed unto Grantee, its successors and assigns, forever, against the lawful
claims of all persons claiming by, through or under Grantor but against no other claims or persons
whatsoever, subject, however to the Permitted Exceptions.

If the Property being conveyed is unplatted, the following is deemed to be included:
Grantor grants to Grantee the right to make all divisions under Section 108 of the Land
Division Act, Act No. 288 of the Public Acts of 1967, as amended.
This Property may be located within the vicinity of farmland or a farm operation. Generally
accepted agricultural and management practices which may generate noise, dust, odors, and other
associated conditions may be used and are protected by the Michigan Right to Farm Act.
Dated as of: October 13, 2020
[Remainder of page intentionally left blank;
Signature page follows]
086879.000241 4811-1761-1469.2
Run mm co 'SOOCTcSwliOS
This is to certify that according to the County
Treasurer ’s records there are no tax liens
on this property and that the taxes are paid
for five years prior to the date on this instrument
except 20. -------Noiim, LAWRENCE ROCCA
Macomb County Treasurer BY...
I his certification does not include current taxes now
being collected. Date \*> D'bj P-
RETD FOR CORR. OCT 2 3 2020
recb mentis co ’20N0V 2 fttiii 14
o
2:1334/9 PAGE 1 OF 4
LIBER 27119 PAGE 825
11/04/2020 11:35:51 A,H»
I1AC0HB COUNTY» III
FRED MILLER» REGISTER OF DEEDS
SEAL 1 COVENANT DEED
TAURUS ENTERPRISES, INC., a Michigan corporation ("Grantor"), whose address is
15525 Panther Lake Drive, Winter Garden, Florida 34787, hereby sells, conveys, grants and
bargains to INTERNATIONAL TRANSMISSION COMPANY, a Michigan corporation (d/b/a
ITCTransmission) ("Grantee"), whose address is 27175 Energy Way, Novi, Michigan 48377, the
premises situated in the Township of Washington, Macomb County, Michigan, more specifically
described as (the “Property”):
See Exhibit A attached hereto
for the sum set forth on the Real Estate Transfer Tax Valuation Affidavit filed herewith.
Grantor, for itself, its successors and assigns, covenants, grants, bargains and agrees to and
with Grantee, its successors and assigns, that, subject to and except for the encumbrances set forth
on Exhibit B attached hereto (the “Permitted Exceptions”). Grantor has not done, committed or
suffered to be done or committed any act, matter, or thing whatsoever, whereby the premises
hereby granted, or any part thereof, is, or shall or may be, charged or encumbered in title, estate or
otherwise. Grantor covenants to Grantee and agrees that Grantor shall warrant and defend the title
to the Property conveyed unto Grantee, its successors and assigns, forever, against the lawful
claims of all persons claiming by, through or under Grantor but against no other claims or persons
whatsoever, subject, however to the Permitted Exceptions.
If the Property being conveyed is unplatted, the following is deemed to be included:
Grantor grants to Grantee the right to make all divisions under Section 108 of the Land
Division Act, Act No. 288 of the Public Acts of 1967, as amended.
This Property may be located within the vicinity of farmland or a farm operation. Generally
accepted agricultural and management practices which may generate noise, dust, odors, and other
associated conditions may be used and are protected by the Michigan Right to Farm Act.
Dated as of: October 13, 2020
[Remainder of page intentionally left blank;
Signature page follows]
086879.000241 4811-1761-1469.2
X V

	
	
Crimson 1 - Page 2 of 3

[SIGNATURE PAGE TO COVENANT DEED]
GRANTOR:
TAURUS ENTERPRISES, INC., a Michigan
corporation
cae.) p — : vy (don donee Cndalime 75
Name: Providence Badalament
Its: President
STATE OF FLORIDA
COUNTY OF OA E
The foregoing instrument was acknowledged before me by means ATT physical presence
or [J online notarization, this lo day of cf. 2020, by Providence Badalament, the
President of Taurus Enterprises, Inc., a Michigan corporation, on behalf of the corporation.
Affix Notary SEAL
8) 40, CHARLES COTHRAN
mh 2 NOTARY PUBLIC
5

  |= STATE OF FLORIDA , Notary Public
g Commit GG958038 M A expires: 2 ~/7~Fe % Expires 2/17/2024 4 P
Personally Known [J OR Produced Identification 1
Type of Identification Produced: LF DL
Online Notary: [1 (Check Box if acknowledgment done by Online Notarization)

THIS INSTRUMENT DRAFTED BY
AND WHEN RECORDED RETURN TO:
Dykema Gossett PLLC
Attn: Milo R. Madole, Esq.
400 Renaissance Center
Detroit, MI 48243
Signature Page to Covenant Deed
[SIGNATURE PAGE TO COVENANT DEED]
GRANTOR:
TAURUS ENTERPRISES, INC., a Michigan
coiporation
I'r./ftZYL&L- By: <yu2-
Providence Badalament Name:
President Its:
STATE OF FLORIDA
it)/WG£. COUNTY OF
The foregoing instrument was acknowledged before me by means physical presence
or □ online notarization, this [p day of 0Cf~~ , 2020, by Providence Badalament, the
President of Taurus Enterprises, Inc., a Michigan corporation, on behalf of the corporation.
Affix Notary SEAL
CHARLES COTHRAN
NOTARY PUBLIC
5 STATE OF FLORIDA
* Comm# GG958938
Expires 2/17/2024
Personally Known □ OR Produced Identification IE'-
mm mm i '_________________ , Notary Public
My Commission expires: A-'ty'
Type of Identification Produced:
Online Notary: □ (Check Box if acknowledgment done by Online Notarization)
THIS INSTRUMENT DRAFTED BY
AND WHEN RECORDED RETURN TO:
Dykema Gossett PLLC
Attn: Milo R. Madole, Esq.
400 Renaissance Center
Detroit, MI 48243
Signature Page to Covenant Deed

	
	
Crimson 1
page 3 of 3
EXHIBIT A
LEGAL DESCRIPTION

West Parcel:
A parcel of land located in the Southwest 1/4 of Section 14, Town 4 North, Range 12 East, Washington Township,
Macomb County, Michigan, and being more particularly described as follows:
Commencing at the West 1/4 corner of said Section 14; Thence South 02 degrees 10 minutes 19 seconds East 923.50
feet along the West line of Section 14 to the point of beginning; Thence extending South 02 degrees 10 minutes 19
seconds East 396.00 feet along the West line of Section 14; Thence North 87 degrees 16 minutes 41 seconds East 637.35
feet to the Westerly line of an abandoned railroad right of way; Thence along the Westerly line of said abandoned right of
way 356.01 feet along the arc of a curve concave to the Northwest (radius=5689.58 feet) whose chord is described as
North 17 degrees 10 minutes 04 seconds East 355.95 feet; And along another curve along said abandoned right of way
line 64.39 feet along the arc of a curve concave to the Northwest (radius=6144.00 feet) whose chord is described as North
14 degrees 34 minutes 38 seconds East 64.39 feet; Thence South 87 degrees 15 minutes 44 seconds West 773.60 feet to
the point of beginning.
East Parcel:
A parcel of land located in the Southwest 1/4 of Section 14, Town 4 North, Range 12 East, Washington Township,
Macomb County, Michigan, and being more particularly described as follows:
Commencing at the West 1/4 corner of said Section 14; Thence South 02 degrees 10 minutes 19 seconds East 923.50
feet along the West line of Section 14; Thence North 87 degrees 15 minutes 44 seconds East 878.30 feet to the point of
beginning, said point being on the Easterly line of an abandoned railroad; Thence extending North 87 degrees 15 minutes
44 seconds East 1286.40 feet to the Westerly right of way line for M-53; Thence 340.43 feet along the arc of a curve
concave to the Northwest (radius=3694.72 feet) whose chord is described as South 16 degrees 24 minutes 54 seconds
West 417.52 feet along said Westerly right of way line of M-53; Thence South 87 degrees 17 minutes 43 seconds West
(recorded) South 87 degrees 17 minutes 14 seconds West (measured) 1285.90 feet to the Easterly right of way line of an
abandoned railroad; Thence 320.91 feet along the arc of a curve concave to the Northwest (radius=5789.58 feet) whose
chord is North 16 degrees 57 minutes 15 seconds East 320.87 feet; And along another curve along said Easterly right of
way line of abandoned railroad right of way 96.02 feet to the point of beginning.
  Common address: 63522 Van Dyke

Tax Parcel No.: 240434300022
EXHIBIT A
LEGAL DESCRIPTION
West Parcel:
A parcel of land located in the Southwest 1/4 of Section 14, Town 4 North, Range 12 East, Washington Township,
Macomb County, Michigan, and being more particularly described as follows:
Commencing at the West 1/4 corner of said Section 14; Thence South 02 degrees 10 minutes 19 seconds East 923.50
feet along the West line of Section 14 to the point of beginning; Thence extending South 02 degrees 10 minutes 19
seconds East 396.00 feet along the West line of Section 14;Thence North 87 degrees 16 minutes 41 seconds East 637.35
feet to the Westerly line of an abandoned railroad right of way; Thence along the Westerly line of said abandoned right of
way 356.01 feet along the arc of a curve concave to the Northwest (radius=5689.58 feet) whose chord is described as
North 17 degrees 10 minutes 04 seconds East 355.95 feet; And along another curve along said abandoned right of way
line 64.39 feet along the arc of a curve concave to the Northwest (radius=6144.00 feet) whose chord is described as North
14 degrees 34 minutes 38 seconds East 64.39 feet; Thence South 87 degrees 15 minutes 44 seconds West 773.60 feet to
the point of beginning.
East Parcel:
A parcel of land located in the Southwest 1/4 of Section 14, Town 4 North, Range 12 East, Washington Township,
Macomb County, Michigan, and being more particularly described as follows:
Commencing at the West 1/4 corner of said Section 14; Thence South 02 degrees 10 minutes 19 seconds East 923.50
feet along the West line of Section 14; Thence North 87 degrees 15 minutes 44 seconds East 878.30 feet to the point of
beginning, said point being on the Easterly line of an abandoned railroad; Thence extending North 87 degrees 15 minutes
44 seconds East 1286.40 feet to the Westerly right of way line for M-53; Thence 340.43 feet along the arc of a curve
concave to the Northwest (radius=3694.72 feet) whose chord is described as South 16 degrees 24 minutes 54 seconds
West 417.52 feet along said Westerly right of way line of M-53; Thence South 87 degrees 17 minutes 43 seconds West
(recorded) South 87 degrees 17 minutes 14 seconds West (measured) 1285.90 feet to the Easterly right of way line of an
abandoned railroad; Thence 320.91 feet along the arc of a curve concave to the Northwest (radius=5789.58 feet) whose
chord is North 16 degrees 57 minutes 15 seconds East 320.87 feet; And along another curve along said Easterly right of
way line of abandoned railroad right of way 96.02 feet to the point of beginning.
Common address: 63522 Van Dyke IdilJ
Tax Parcel No . : ' 24 4) 4 ' ■ I T Q2>2 »*
A-l

	
	.... .LIBER 56698 PAGE 339 =... _. ..

747-750-751 Magneto Substation

GRANTOR'S LAND:
Land situated in the Township of Commerce, Oakland County, Michigan, and more
particularly describe as follows:
A port of the Northwest 174 of Section 33, Town 2 North, Range 8 East, Commerce
Township, Oakland County, Michigan; being more particularly described as commencing
at the West 1/4 Comer of said Section 33, for a Point of Beginning; thence North
00-39'd42" East, 972.57 feet. along the West line of said Section 33 and the centerline
of Beck Road, to the centerline of Maple Road and the Southwest corner of "Mapleridge
Meadows", as recorded in Liber 215 of Plats, on page 34, 35 and 36, Qakland County
Records, (said point being South 00-3342” West 1663.47 feet from the Northwest
Corner of said Section 33): thence South 83"07'04” East, 1387.31 feet, (recorded as
North 83"17'11" West), along the centerline of said Maple Road and the Southerly line
of said "Mopleridge Meadows”; thence South 83"35'21” East, 318.27 feet, along ihe
centerline of said Maple Rood; thence South 07"08'18" West, 422.77 feet. (previously
described as South 07"14'30” West, 419.07 feet), io the Northerly right-of-way of
said C.OE. Roiropd (50.00' wide); thence South 78"53'27" West, 106.35 feet, along the
Northerly right-of-way of said COE. Railroad; thence 355.71 feet along a curve to the
left, said curve having a radius of 2785.88 feet, a central angle of 07"18'57" and a
chord bearing and distance of South 75:13'59" West, 355.47 feet, along the Northerly
right-of-way of said C.OE. Railroad: thence South 71"34'30" West, 777.72 feet, along
the Northerly right-of-way of said C.OE. Railroad to the East and West 1/4 line of
said Section 33; thence North 89"18'13” West 466.39 feet, {previously described as
North 89"00'00" West, 466.65 feet), along the East and West 1/4 line of said Section
33, to the Point of Beginning. EXCEPT commencing at the West 1/4 Corner of said
Section 33; thence North 00-3942" East, 895.54 feet, along the West line of soid
Section 33 and the centerline of Beck Rood; thence South 89"20'18" East, 33.00 feet,
io the Point of Beginning; thence North 00-3942" East, 40.24 feet, along the Easterly
line of said Beck Rood, to the Southerly line of Maple Rood; thence South 83"07'04"
East, 150.89 feet, along the Southerly line of said Maple Rood; thence South 00-3942"
West, 10.06 feet; thence North 83"07'04" West, 100.59 feet; thence South 00"39'42"
West, 30.18 feet; thence North 83"07'04" West, 50.30 feet, to the Point of Beginning.
All of the above containing 28.170 acres. All of the above being subject easements,
restrictions and right-of-ways of record. Al of the above being subject to the rights
of the public in Beck Road and Maple Rood.
Tax 1D#:17-33-151-016
PERMANENT EASEMENT:
Al that part of the above described Grantor's Parcel which lies within Eighty-Five (85)
feet South of and Seventy-Five (75) feet North of the following described line:
Commencing at the West 1/4 corner of Section 33, Town 2 North, Range 8 East,
Commerce Township, Oakland County, Michigan, thence s03-2¢'09"E 227.01 feet along
the West ling of said Section 33 to the POINT O- BEGINNING of said line; thence
NGT50'37"E 658.72 feet; thence N68"17'03"E 713.86 feet; thence N73"44'33"E 642.91
feet to the POINT OF ENDING of said line. The side lines of said easement shall be
extended or shortened to meet at angle points, and to ierminaie at the boundaries of
the above described Grantor's Land.
Tax ID# 17-33-151-016
  CLIENT: JOB: 1037-11-5482
  FEN 2a 2a” cand ITC DATE. 4-2-12

EJ I | PROJECT: PEV. 5-21-12
WIXOM - BLOOMFIELD TRANSMISSION LINE rev: 2-25-16
  COUNTY. OAKLAND

1. Ivemo CONSULTING ASSOOATES [om or ve
Michigan 1 Ohio Indiana CHECK BY: MT

800.525.6016 www. metroca.net SHEET: 2 (F 2
 

	
	

	
	
Conners Creek UG

UNDERGROUND EASEMENT #1
A 20.00 foot wide strip of land, being part of Private Claim No. 26, City of Detroit, Wayne County, Michigan,
lying 10.00 feet on each side of the following described centerline:
Commencing at the intersection of the East line of St. Jean Avenue (as platted, 66 feet wide) with the South
line of Warren Avenue (105 feet wide);
thence South 64°03'22" West, along the South line of Wamen Avenue 3.06 feet to the Point of Baginning;
thence South 25°46'06" East 1669.64 feet;
thence South 25°24'35" East 1511.60 feet to the Point of Ending,
sald point lying South 44°38'55" West, along the North line of Mack Avenue (width varies), 143.96 feet from the
intersection of the East fine of St. Jean Ave (as widened) with the Norlh line of Mack Avenue. Side lines of said
easement shall be extended or shortened to terminate at the South line of Warren Avenue and at the North line
of Mack Avenue.
UNDERGROUND EASEMENT #2
A 20.00 foot wide strip of land, being part of Private Claim No. 26, City of Detroit, Wayne County, Michigan,
lying 10.00 feet on each side of the following described centerline:
Commencing at the intersection of the East fine of St. Jean Avenue (as platted, 66 feet wide) with the North
line of Kercheval Avenue (80 feet wide); thence South 61°44'37" West, along the North line of Kercheval
Avenue, 19,89 feet to the Point of Beginning; thence North 25°53'52" West 833.69 feet; thence South
64°23'27" West 196.50 feet to the East line of the North-South alley (20 feet wide), first West of St. Jean
Avenue and the Point of Ending. Side lines of said easement shall be extended or shortened to terminate at
the West line of St. Jean Avenue, at the South line of East Vernor Highway, at said East line of the North-
South alley (20 feet wide), first West of St. Jean Avenue and at the North line of Kercheval Avenue.

; y SHEET 4 OF 4
MCENEELY&LINCOLN
Associates, Inc. For Tc Date __ 10/16/19
CIVIL ENGINEERING & LAND SURVEYING PH. (734) 432-9777 FAX (734) 432-9786 Scale NA Drown By OPW
37741 PEMBROKE, LIVONIA, MICHIGAN, 48152 . __B042.791 WWWMNLING. COM Job No 8042.7 Checked By __MB
 

	
	
Connors Creek OH
Transmission Line

EXHIBIT "B"
GRANTOR’S LAND (Specific to St. Jean, etc. street and alley vacations; Grantor owns more land)
All that land described in City Council Petition Number 742, as recorded in Liber 55078, Page 841, Wayne
County Records, and including the following:
St. Jean Avenue (width varies) from the South line of Warren Avenue (105 feet wide) to the North line of Mack
Avenue (width varies);
St. Jean Avenue (66 feet wide) from the South line of Mack Avenue (width varies) to the North line of
Kercheval Avenue (80 feet wide);
Canfield Avenue (60 feet wide) from the East line of St. Jean to the East line of the North-South alley (20 feet
wide) first West of St. Jean;
Goethe Avenue (60 feet wide) from the East line of St. Jean to the East line of the North-South alley (20 feet
wide) first West of St. Jean;
East Vernor Highway (60 feet wide) from the East line of St. Jean to the East line of the North-South alley (20
feet wide) first West of St. Jean;
East 19 feet of East-West alley (18 feet wide) in the block bounded by Kercheval, East Vernor, Beniteau
Avenue (70 feet wide) and St. Jean.
OVERHEAD LINES EASEMENT AREA
Part of Private Claim No. 26, City of Detroit, Wayne County, Michigan, described as:
All that part of the above described Grantor's Land which lies within 75.00 feet on each side of the following
described line:
Commencing at the intersection of the East line of St. Jean Avenue (as platted, 66 feet wide) and the North line
of Kercheval Avenue (80 feet wide); thence North 61°44°37” East, along the North line of Kercheval Avenue,
305.69 feet to the Point of Beginning;
thence North 44°19'05” West 199.62 feet; thence North 45°26'46” West 445.98 feet;
thence North 34°47°12” West 599.23 feet; thence North 25°47'21” West 652.90 feet:
thence North 25°45'59” West 598.38 feet; thence North 25°26'16” West 414.75 feet;
thence North 25°47°00” West 410.94 feet; thence North 12°55'48” West 619.28 feet to the Point of Ending,
said point lying North 44°38'55” East, along the South line of Mack Avenue (width varies), 159.46 feet from the
intersection of the South line of Mack Avenue with the East line of St. Jean Avenue (as platted, 66 feet wide).
The side lines of the above described easement shall be extended or shortened to terminate at the boundaries
of the above described Grantor's Land.

  SHEET 2 OF 2
fcorrrichT ©2019 McNEELY & LINCOLN ASSOCIATES, INC.
MCNEELY &LINCOLN
Associates,Inc. For Ire Date __10/16/19
CIVIL ENGINEERING & LAND SURVEYING
PH. (734) 432-9777 FAX (734) 432-9786 Scale NA Drawn By ~_DPW
37741 PEMBROKE, LIVONIA, MICHIGAN, 48152 WWW.MNLING COM Job No. __ 8042.791 Checked By _ MB
   

	
	

DIG substation pg 1 of 3

EXHIBIT "A"
GRANTOR'S LAND
City of Dearborn Tax Parcel #82-10-201-02-007
Land In Private Claim 28, City of Dearborn, Wayne County, Michigan, described as: [Commencing] at the Intersection of the Northerly
Right of Way line of the Relocated Rouge River Channel and the Easterly Right of Way line of the now or formerly Consolidated Rail
Corp, Right of Way (100 feet wide);
thence North 28 degrees 04 minutes 30 seconds West 3765.49 feet along the sald Easterly Right of Way Ine;
thence North 61 degrees 51 minutes 47 seconds East 2186 fest; thence South 28 degrees 06 minutes 25 seconds East 60 feet;
thence North 58 degrees 29 minutes 47 seconds East 1021 feet; thence North 32 degrees 10 minutes 07 seconds West 83.41 feet;
thence North 61 degrees 51 minutes 47 seconds East 1602.23 feet to the true Point of Beginning;
thence North 28 degrees 06 minutes 26 seconds West 1698.42 fest; thence Norih 61 degrees 51 minutes 47 seconds East 622.57
feet;
thence South 28 degrees 34 minutes 25 seconds East 329.51 feet; thence South 28 degrees 06 minutes 26 seconds East 1359 feet;
thence South 81 degrees 51 minutes 47 seconds West 150 feet; thence South 28 degrees 06 minutes 25 seconds East 10 feet;
thence South 81 degrees 51 minutes 47 seconds West 481 feet to the true Point of Beginning.
City of Dearborn Tax Parcel #82-10-282-02-003
Land in Private Claim 28, Clty of Dearborn, Wayne County, Michigan, described as: Commencing at the Intersection of the Northerly
line of Dix Avenue and the Westerly line of Miller Road; thence North 28 degrees 07 minutes 15 seconds West 3239.79 feet to the
Point of Beginning;
thence North 28 degrees 07 minutes 15 seconds West 608.24 feet; thence South 81 degrees 53 minutes 02 seconds West 150.00 feet;
thence South 28 degrees 07 minutes 16 seconds East 10 feet; thence South 61 degrees 53 minutes 02 seconds West 839.98 feet;
thence South 28 degrees 10 minutes 29 seconds East 165,10 feet; thence North 61 degrees 52 minutes 08 seconds East 286.98 feet;
thence South 27 degrees 58 minutes 19 seconds East 329.52 feet; thence North 61 degrees 40 minutes 23 seconds East 87.25 feet;
thence South 14 degrees 42 minutes 58 seconds East 1.87 feet; thence North 62 degrees 07 minutes 43 seconds East 17.89 feet;
thence South 22 degrees 19 minutes 52 seconds East 2.13 feet;
thence North 61 degrees 53 minutes 02 seconds East 599.20 feet to the Polnt of Beginning.
SUBSTATION 99 / CONTROL BUILDING EASEMENT AREA
Land in Private Claim 28, City of Dearborn, Wayne County, Michigan, described as: Commencing at a monument in a monument box
located at the intersection of the centerline of Michigan Avenue (120 feet wide) and the centerline of Miller Road (66 feet wide), sald
centerline of Miller Road also being the North-South 1/4 line of Section 17, Township 2 South, Range 11 East;
thence along sald centerline of Miller Road South 01 degree 47 minutes 02 seconds East 934,56 feet to a monument in a hand hole
located at the Southwest comer of the Northeast 1/4 of Section 17, Township 2 South, Range 11 East;
thence South 27 degrees 21 minutes 01 second East 5200.13 feet to a point on the East line of Private Claim 28;
thence along said East line South 28 degrees 07 minutes 15 seconds East 633.08 feet;
thence South 61 degrees 52 minutes 45 seconds West 330.49 feet to the Point of Beginning;
thence South 28 degrees 07 minutes 15 seconds East 60.00 feet; thence North 61 degrees 52 minutes 45 seconds East 55.00 feet;
thence South 28 degrees 07 minutes 15 seconds East 83.71 feet; thence South 61 degrees 52 minules 45 seconds West 55.00 feet;
thence South 28 degrees 07 minutes 15 seconds East 60.00 feet; thence South 61 degrees 52 minutes 45 seconds West 44.66 feet;
thence North 28 degrees 07 minutes 15 seconds West 52.17 feet; thence South 61 degrees 52 minutes 45 seconds West 22,52 feet;
thence South 28 degrees 07 minutes 16 seconds East 6.19 feet; thence South 61 degrees 52 minutes 45 seconds West 18.30 feet;
thence North 28 degrees 07 minutes 15 seconds West 6.19 fest; thence South 61 degrees 52 minutes 45 seconds West 9.51 feet;
thence North 28 degrees 07 minutes 15 seconds West 100.93 feet; thence North 61 degrees 52 minutes 45 seconds East 9.51 feet;
thence North 28 degrees 07 minutes 15 seconds West 6.25 feet; thence North 61 degrees 52 minutes 45 seconds East 18.30 fest;
thence South 28 degrees 07 minutes 15 seconds East 6.25 fest; thence North 61 degrees 52 minutes 45 seconds East 22.52 feet;
thence North 28 degrees 07 minutes 15 seconds West 60.62 feet; thence North 61 degrees 52 minutes 45 seconds East 44.66 feet to
the Point of Beginning,

COPYRIGHT ©2019 McNEELY & LINCOLN ASSOCIATES, INC. SHEET 4 OF 6
MCNEELY &LINCOLN
Associates,Inc. For ITC Date ___08/06/19
CIVIL ENGINEERING & LAND SURVEYING
PH. (734) 432-9777 FAX (734) 432-9786 Scale — NA Drawn By DPW
37741 PEMBROKE, LIVONIA, MICHIGAN, 48152 iy INLINE COM Job No. ___8042.747 Checked By _ MRD
     

	
	

DIG Substation
page 2 of 3

EXHIBIT "A"
GRANTOR’S LAND
City of Dearborn Tax Parcel #82-10-201-02-001
Land In Private Claims 33, 42, 43, 99, 29 [and 28], City of Dearborn, Wayne County, Michigan, described as: {Commencing} at the
intersection of the Northerly Right of Way line of the Relocated Rouge River Channel and the Easterly Right of Way line of the now or
formerly Consolidated Rail Corp. Right of Way (100 feet wide);
thence North 28 degrees 04 minutes 30 seconds West 4605.49 feet along the said Easterly Right of Way line;
thence North 17 degrees 03 minutes 53 seconds East 100.35 feet;
thence North 02 degrees 00 minutes 09 seconds West 270 feel fo the true Point of Beginning;
thence North 02 degrees 00 minutes 09 seconds West 1393.99 feet; thence North 88 degrees 17 minutes 25 seconds East 17 feet;
thence Norlh 01 degree 42 minutes 35 seconds West 298.66 feet; thence North 34 degrees 24 minutes 25 seconds East 717.45 feet;
thence on a curve to the left 776.98 feet (radius 43,160.80 feet and chord bears North 33 degrees 36 minutes 25 seconds East 776.97
feet);
thence on a curve to the left 924.63 feet (radius 43,160.80 feet and chord bears North 32 degrees 28 minutes 38 seconds East 924.61
feet);
thence South 58 degrees 20 minutes 57 seconds East 188.46 feet; thence North 38 degrees 49 minutes 20 seconds East 627.71 feet;
thence North 11 degrees 03 minutes 03 seconds West 222,21 feet; thence North 78 degrees 56 minutes 47 seconds East 110.17 feet;
thence North 78 degrees 58 minutes 12 seconds East 1658.22 feet;
thence South 28 degrees 06 minutes 25 seconds East 1045.67 feet;
thence South 29 degrees 34 minutes 25 seconds East 723.33 feel; thence South 61 degrees 51 minutes 47 seconds West 978.57 feet;
thence North 28 degrees 06 minutes 25 seconds Wast 1050 feet; thence North 46 degrees 49 minutes 27 seconds West 291.38 feet;
thence North 21 degraes 00 minules 00 seconds West 167 feet; thence South 59 degrees 00 minutes 00 seconds West 840 fest;
thence South 58 degrees 30 minutes 16 seconds West 290.64 feet; thence South 28 degrees 00 minutes 00 seconds West 200 feet;
thence South 28 degrees 30 minutes 00 seconds West 235 feet; thence South 26 degrees 30 minutes 00 seconds West 148 feet;
thence South 18 degrees 00 minutes 00 seconds West 93 feet;
thence on a curve to the right 80.92 feet (radius 155 feet and chord bears South 21 degrees 00 minutes 00 seconds West 80 feet);
thence South 45 degrees 00 minutes 00 seconds West 422 feet;
thence on a curve to the left 496.65 feet {radius 335 feet and chord bears South 04 degrees 32 minutes 03 seconds West 452.40 feet);
thence South 28 degrees 00 minutes 25 seconds East 520 feet; thence South 61 degrees 51 minutes 47 seconds West 820 feet;
thence on a curve to the left 87.67 feet (radius 205 feet and chord bears South 47 degrees 00 minutes 00 seconds West 87 feet);
thence South 40 degrees 00 minutes 00 seconds West 25 feet,
thence on a curve to the right 95.60 fest (radius 245 feet and chord bears South 53 degrees 30 minutes 00 seconds West 95 feet);
thence South 62 degrees 30 minutes 00 seconds West 145 feet;
thence on a curve to the left 324.62 feet (radius 300 feet and chord bears South 26 degrees 46 minutes 11 seconds West 309.01 feet);
thence South 04 degrees 30 minutes 00 seconds West 58 feet;
thence on a curve to the right 72.16 feet (radius 116 feet and chord bears South 12 degrees 00 minutes 00 seconds West 71 feet;
thence South 26 degrees 00 minutes 00 seconds West 337 feel;
thence on a curve to the left 67.25 fest (radius 225 feat and chord bears South 20 degrees 00 minutes 00 seconds West 67 feet),
thence South 06 degrees 30 minutes 00 seconds West 50 feet;
thence on a curve to the right 91.95 feet (radius 63 feet and chord bears South 38 degrees 00 minutes 00 seconds West 84 feet);
thence North 89 degrees 00 minutes 00 seconds West 88 feet to the Point of Beginning.
Except for a parcel of land in Private Claim 42, Cily of Dearbom, Wayne County, Michigan, described as: Commencing at the
intersection of the centerline of Michigan Avenue (120 feet wide) and the centerline of Miller Road (66 feet wide);
thence South 01 degree 47 minutes 02 seconds East 934.56 feet along the centerline of Miller Road and the North-South 1/4 line of
Section 17, Town 2 South, Range 11 East to the Southwest corner of the Northeast 1/2 of said Section 17;
thence South 27 degrees 21 minutes 01 second East 2559.02 feet along the East line of Private Claim 28 to a point; thence South 62
degrees 38 minutes 59 seconds West 96.63 feet;
thence South 28 degrees 07 minutes 15 seconds East 1045.19 feet;
thence South 29 degrees 35 minutes 35 seconds East 1054.87 fast;
thence South 28 degrees 07 minutes 15 seconds East 1503.02 feet;
thence South 61 degrees 54 minutes 49 seconds West 3216.60 feet; ,
(continued next sheet)

COPYRIGHT ©2019 McNEELY & LINCOLN ASSOCIATES, INC. SHEET 5 OF 6
MCNEELY &LINCOLN Associates,Inc. For as: Date __09/06/19
CIVIL ENGINEERING & LAND SURVEYING PH. (734) 432-9777 FAX (734) 432-9786 Scale NA Drawn By _DOPW
37741 PEMBROKE, LIVONIA, MICHIGAN, 48152 ology Job No, __ 8042.747 Checked By _ MRD
     

	
	
DIG Substation
page 3 of 3

EXHIBIT "A"
City of Dearborn Tax Parcel #82-10-201-02-001 (continued)
thence North 28 degrees 06 minutes 25 seconds West 60.00 feet;
thence South 61 degrees 51 minules 47 seconds West 43.98 feel;
thence North 28 degrees 07 minutes 15 seconds West 1715.59 feet;
thence South 61 degrees 52 minutes 45 seconds West 1191.81 feet;
thence North 28 degrees 07 minutes 15 seconds West 16.63 feet to the Point of Beginning;
thence South 61 degrees 52 minutes 45 seconds West 150.00 fest;
thence North 28 degrees 07 minutes 15 seconds West 130.00 feet;
thence North 61 degrees 52 minutes 45 seconds East 150.00 feet;
thence South 28 degrees 07 minutes 15 seconds East 130.00 feet to the Point of Beginning.
Gity of Dearborn Tax Parcel #82-10-201-02-012
A parcel of land In Private Claim 42, City of Dearborn, Wayne County, Michigan, described as: Commencing at the Intersection of the
centerline of Michigan Avenue (120 feet wide) and the centerline of Miller Road (66 feet wide);
thence South 01 degree 47 minutes 02 seconds East 934.56 feet along the centerline of Miller Road and the North-South 1/4 line of
Section 17, Town 2 South, Range 11 East to the Southwest corner of the Northeast 1/2 of sald Section 17;
thence South 27 degress 21 minutes 01 second East 2559.02 feet along the East line of Private Claim 28 to a polnt; thence South 62
degrees 38 minutes 59 seconds West 95.63 feet;
thence South 28 degrees 07 minules 15 seconds East 1045,19 feet;
thence South 29 degrees 35 minutes 35 seconds Eas{ 1054.87 feet;
thence South 28 degrees 07 minutes 15 seconds East 1503.02 feet;
thence South 61 degrees 54 minutes 49 seconds West 3216.60 feet;
thence North 28 degrees 06 minutes 25 seconds West 60.00 feet;
thence South 61 degrees 51 minutes 47 seconds West 43.99 feet;
thence North 28 degrees 07 minutes 15 seconds West 1715.59 feet;
thence South 81 degrees 52 minutes 45 seconds West 1191.81 feet;
thence North 28 degrees 07 minutes 15 seconds West 16.63 feet to the Point of Beginning;
thence South 61 degrees 52 minutes 45 seconds West 150.00 feet;
thence North 28 degrees 07 minutes 15 seconds West 130.00 feet;
thence North 61 degrees 52 minutes 45 seconds East 150.00 feet;
thence South 28 degrees 07 minutes 15 seconds East 130,00 feet to the Point of Beglnning.
SUBSTATION 100 / CONTROL BUILDING EASEMENT AREA
Land In Private Claim 42, City of Dearborn, Wayne County, Michigan, described as: [Commencing] at the intersection of the
Northerly Right of Way line of the Relocated Rouge River Channel and the Easterly Right of Way line of the now or formerly
Consolidated Rail Corp. Right of Way (100 feet wide); )
thence North 28 degrees 04 minutes 30 seconds West 4605.49 feet along the said Easterly Right of Way fine;
thence North 17 degrees 03 minutes 53 seconds East 100.35 feet,
thence North 02 degrees 00 minutes 09 seconds West 1165.57 feet;
thence North 87 degrees 59 minutes 51 seconds East 228.52 feet to the Point of Beginning;
thence North 12 degrees 33 minutes 16 seconds East 52.19 feet;
thence North 81 degrees 55 minutes 11 seconds East 118.80 feet;
thence South 28 degrees 02 minutes 53 seconds East 24.10 feet;
thence North 61 degrees 46 minutes 36 seconds East 42.97 feet;
thence South 28 degrees 13 minutes 24 seconds East 142.30 feet;
thence South 33 degrees 12 minutes 14 seconds West, along the Northerly edge of existing road pavement, 10.96 feet;
thence South 58 degrees 22 minutes 25 seconds West 177.91 feet;
thence North 70 degrees 05 minutes 01 second West 15.39 feet;
thence North 27 degrees 23 minutes 22 seconds West 128.42 feet to the Point of Beginning.

    COPYRIGHT ©2019 McNEELY & LINCOLN ASSOCIATES, INC. SHEET 6 OF 6
MCNEELY&LINCOLN
Associates,Inc. For nc Date ___ 09/06/19
CIVIL ENGINEERING & LAND SURVEYING PH. (734) 432-9777 FAX (734) 432-9786 Scale NA Drawn By _DPW
37741 PEMBROKE, LIVONIA, MICHIGAN, 48152 . wo Minit Job No 8042.747 Checked By _ MRD    

	
	
DIG UG Line

EXHIBIT "A"
PHASE Il UNDERGROUND TRANSMISSION EASEMENT
Part of Private Claim 28, City of Dearborn, Wayne County, Michigan, described as:
Commencing at a monument in a monument box located at the Intersection of the centerline of Michigan
Avenue (120 feet wide) and the centerline of Miller Road (66 feet wide), said centerline of Miller Road also
being the North-South 1/4 line of Section 17, Township 2 South, Range 11 East;
thence along said centerline of Miller Road South 01 degree 47 minutes 02 seconds East 934.56 feet to a
monument in a hand hole located at the Southwest corner of the Northeast 1/4 of Section 17, Township 2
South, Range 11 East;
thence South 27 degrees 21 minutes 01 second East 5200.13 feet to a point on the East line of Private Claim
28;
thence along said East line South 28 degrees 07 minutes 15 seconds East 633.08 feet;
thence South 61 degrees 52 minutes 45 seconds West 176.77 feet to the Point of Beginning;
thence South 61 degrees 52 minutes 45 seconds West 64.69 feet;
thence North 28 degrees 07 minutes 15 seconds West 20.00 feet,
thence North 09 degrees 25 minutes 34 seconds East 98.41 feet;
thence North 02 degrees 48 minutes 09 seconds West 208.42 feet;
thence North 28 degrees 35 minutes 29 seconds West 1395.89 feet;
thence North 30 degrees 11 minutes 38 seconds West 206.44 feet;
thence North 56 degrees 41 minutes 46 seconds West 96.01 feet,
thence North 33 degrees 18 minutes 14 seconds East 54.61 feet;
thence South 56 degrees 41 minutes 46 seconds East 81.95 feet;
thence South 30 degrees 11 minutes 38 seconds East 243.99 feet;
thence South 28 degrees 35 minutes 29 seconds East 1394.84 feet;
thence South 02 degrees 48 minutes 09 seconds East 296.85 feet;
thence South 28 degrees 07 minutes 15 seconds East 20.00 feet to the Point of Beginning.

COPYRIGHT ©2019 MeNEELY & LINCOLN ASSOCIATES, INC. SHEET 5 OF 5
MCNEELY &LINCOLN
Associates, Inc. For ITC Date 7/30/19
CIVIL ENGINEERING & LAND SURVEYING PH. (734) 432-9777 FAX (734) 432-9786 Scale NA Drawn By _ DPW
37741 PEMBROKE, LIVONIA, MICHIGAN, 48152 TNL COM Job No. 8042.747 Checked By _ MRD
     

	
	

DIG OH Transmission line

EXHIBIT "A"
PHASE Hl OVERHEAD TRANSMISSION EASEMENT
Part of Private Claims 33, 42, 43, 99, 29 and 28, City of Dearborn, Wayne County, Michigan, described as:
All that part of the Grantor's Land which lies with 85.00 feet on each side of the following Described Line:
Commencing at a monument in a monument box located at the intersection of the centerline of Michigan
Avenue (120 feet wide) and the centerline of Miller Road (66 feet wide), said centerline of Miller Road also
being the North minutes South 1/4 line of Section 17, Township 2 South, Range 11 East;
thence along said centerline of Miller Road South 01 degree 47 minutes 02 seconds East 934.56 feet to a
monument in a hand hole located at the Southwest corner of the Northeast 1/4 of Section 17, Township 2
South, Range 11 East;
thence South 27 degrees 21 minutes 01 second East 3953.17 feet to a point on the East line of Private Claim
28;
thence South 62 degrees 38 minutes 59 seconds West 154.34 feet to the Point of Beginning of the Described
Line;
thence North 27 degrees 39 minutes 19 seconds West 490.37 feet;
thence North 28 degrees 21 minutes 29 seconds West 491.99 feet;
thence North 27 degrees 33 minutes 13 seconds West 340.58 feet;
thence South 77 degrees 44 minutes 24 seconds West 327.46 feet;
thence South 79 degrees 48 minutes 55 seconds West 408.22 feet;
thence South 81 degrees 31 minutes 36 seconds West 436.40 feet,
thence South 63 degrees 11 minutes 55 seconds West 387.05 feet;
thence South 40 degrees 14 minutes 54 seconds West 332.11 feet;
thence South 37 degrees 25 minutes 29 seconds West 268.94 feet;
thence South 40 degrees 12 minutes 36 seconds West 264,79 feet,
thence South 35 degrees 34 minutes 44 seconds West 452.27 feet;
thence South 33 degrees 27 minutes 20 seconds West 413.58 feet;
thence South 32 degrees 11 minutes 44 seconds West 429,14 feet,
thence South 29 degrees 52 minutes 17 seconds West 424.41 feet;
thence South 25 degrees 54 minutes 00 seconds West 456.53 feet;
thence South 14 degrees 25 minutes 12 seconds West 509.32 feet to a Point “A”;
thence South 13 degrees 52 minutes 39 seconds East 300.05 fest;
thence North 62 degrees 13 minutes 42 seconds East 42,36 feet to a Point of Ending.
ALSO,
Beginning at above referenced Point “A”; thence South 29 degrees 38 minutes 24 seconds East 145,06 feet
to a Point of Ending.
The side lines of the above described easement shall be extended or shortened to meet at angle points, and to
terminate at the boundaries of the Grantor's Land.

COPYRIGHT ©2019 MoNEELY & LINCOLN ASSOCIATES, INC. SHEET 6 OF 6
MCENEELY&LINCOLN Associates,Inc. For ic Date. 7/30/19
CIVIL ENGINEERING & LAND SURVEYING PH. (734) 432-9777 FAX (734) 432-9786 Scale NA Drawn By _ DPW
37741 PEMBROKE, LIVONIA, MICHIGAN, 48152 ws Tp Job No 8042.747 Checked By _ MRD _
   

	
	

Magneto Substation

 

 

     

     

    

 

Exhibit B

 

SUBORDINATION TERMS

 

The unsecured permitted indebtedness evidenced
by this instrument is subordinated and subject in right of payment to the prior payment in full of all Senior Debt Obligations (as hereinafter
defined) of INTERNATIONAL TRANSMISSION COMPANY, a corporation organized and existing under the laws of the State of Michigan (the "Company").
Each holder of this instrument, by its acceptance hereof, agrees to and shall be bound by all the provisions hereof.

 

All capitalized terms used herein and not otherwise
defined herein shall have the meanings attributed to them in the Ninth Supplemental Indenture, dated as of November 5, 2021 (as in
effect on the date hereof, the "Supplemental Indenture"), between the Company and The Bank of New York Mellon Trust Company,
N.A. (as successor to BNY Midwest Trust Company), as trustee (the "Trustee").

 

The term "Senior Debt Obligations",
as used herein, shall include all, loans, advances, debts, liabilities and obligations, howsoever arising (whether or not evidenced by
any note or instrument and whether or not for the payment of money), direct or indirect, absolute or contingent, due or to become due,
now existing or hereafter arising (collectively, as used herein, "Obligations") of the Company now or hereafter existing
in respect of Senior Debt (as defined herein) and any amendments, modifications, deferrals, renewals or extensions of any such Senior
Debt, or of any notes or evidences of indebtedness heretofore or hereafter issued in evidence of or in exchange for any such Obligation,
whether for principal, interest (including interest payable in respect of any such Obligations subsequent to the commencement of any proceeding
against or with respect to the Company under any chapter of the Bankruptcy Code, 11 U.S.C. § 101 et seq. (the "Bankruptcy
Code"), or any provision of corresponding bankruptcy, insolvency or commercial reorganization legislation of any other jurisdiction,
whether or not such interest is an allowed claim enforceable against the debtor, and whether or not the holder of such obligation would
be otherwise entitled to receive dividends or payments with respect to any such interest or any such proceeding), premium (including Make-Whole
Amount), if any, fees, expenses or otherwise.

 

The term "Senior Debt", as used
herein, shall mean (i) all Senior Secured Debt and (ii) all unsecured Debt of the Company permitted to be incurred by the Company
pursuant to the Mortgage Indenture or the Supplemental Indenture which is not subject to any subordination terms whether or not similar
to those set forth in this instrument.

 

The term "Subordinated Debt",
as used herein, shall mean all Obligations of the Company evidenced by this instrument owing to any Person now or hereafter existing hereunder
(whether created directly or acquired by assignment or otherwise), whether for principal, interest (including, without limitation, interest
accruing after the filing of a petition initiating any bankruptcy proceeding described in the definition of Senior Debt Obligations, whether
or not such interest accrues after the filing of such petition for purposes of the Bankruptcy Code or is an allowed claim in such proceeding),
fees, expenses or otherwise.

 

On and after the Closing Date, no payment on account
of principal, interest, fees, premium, expenses or otherwise on this Subordinated Debt shall be made by the Company in cash or otherwise
unless (a) full payment of all amounts then due and payable on all Senior Debt Obligations has been made, (b) such payment would
be permitted by the Indenture and any Senior Debt Document (as defined below) and (c) immediately after giving effect to such payment,
there shall not exist any Default or Event of Default. Any such payment permitted pursuant to this paragraph is hereinafter referred to
as a "Permitted Payment". For the purposes of these provisions, no Senior Debt Obligations shall be deemed to have been paid
in full until the obligee of such Senior Debt Obligations shall have received payment in full in cash and 91 days shall have elapsed since
the date of receipt of such payment.

 

     

     

    

 

Upon any payment or distribution of assets of
the Company of any kind or character, whether in cash, property or securities, to creditors upon any dissolution or winding up or total
or partial liquidation or reorganization of the Company, whether voluntary or involuntary or in bankruptcy, insolvency, receivership or
other proceedings, then and in any such event all principal, premium and interest and all other amounts due or to become due upon all
Senior Debt Obligations shall first be paid in full before the holders of the Subordinated Debt shall be entitled to retain any assets
so paid or distributed in respect of the Subordinated Debt (whether for principal, premium, interest or otherwise), and upon any such
dissolution or winding up or liquidation or reorganization, any payment or distribution of assets of the Company of any kind or character,
whether in cash, property or securities, to which the holders of the Subordinated Debt would be entitled, except as otherwise provided
herein, shall be paid pro rata among the holders of Senior Debt Obligations by the Company or by any receiver, trustee in bankruptcy,
liquidating trustee, agent or other Person making such payment or distribution, or by the holders of the Subordinated Debt if received
by them. So long as any Senior Debt Obligations are outstanding, the holder of this instrument shall not commence, or join with any creditor
other than the Trustee or the Senior Debt Parties (as hereinafter defined) in commencing, or directly or indirectly causing the Company
to commence, or assist the Company in commencing, any proceeding referred to in the preceding sentence.

 

The holder of this instrument hereby irrevocably
authorizes and empowers (without imposing any obligation on) each Person (each such Person a "Senior Debt Party" and
collectively, the "Senior Debt Parties") that has entered into an agreement, instrument, or other document evidencing
or relating to any Senior Debt Obligation (each such agreement, instrument or other document, a "Senior Debt Document")
as a lender or creditor and such Senior Debt Party's representatives, under the circumstances set forth in the immediately preceding paragraph,
to demand, sue for, collect and receive every such payment or distribution described therein and give acquittance therefor, to file claims
and proofs of claims in any statutory or nonstatutory proceeding, to vote such Senior Debt Party's ratable share of the full amount of
the Subordinated Debt evidenced by this instrument in its sole discretion in connection with any resolution, arrangement, plan of reorganization,
compromise, settlement or extension and to take all such other action (including, without limitation, the right to participate in any
composition of creditors and the right to vote such Senior Debt Party's ratable share of the full amount of the Subordinated Debt at creditors'
meetings for the election of trustees, acceptances of plans and otherwise), in the name of the holder of the Subordinated Debt evidenced
by this instrument or otherwise, as such Senior Debt Party's representatives may deem necessary or desirable for the enforcement of the
subordination provisions of this instrument. The holder of this instrument shall execute and deliver to each Senior Debt Party and such
holder's representatives all such further instruments confirming the foregoing authorization, and all such powers of attorney, proofs
of claim, assignments of claim and other instruments, and shall take all such other action as may be reasonably requested by such holder
or such holder's representatives in order to enable such holder to enforce all claims upon or in respect of such holder's ratable share
of the Subordinated Debt evidenced by this instrument.

 

The holder of this instrument shall not, without
the prior written consent of the Senior Debt Parties, have any right to accelerate payment of, or institute any proceeding to enforce,
the Subordinated Debt so long as any Senior Debt Obligations are outstanding, unless and until all Senior Debt Parties have accelerated
payment thereof and commenced proceedings to enforce such Senior Debt Obligations.

 

After the payment in full of all amounts due in
respect of Senior Debt Obligations, the holder or holders of the Subordinated Debt shall be subrogated to the rights of the Senior Debt
Parties to receive payments or distributions of cash, property or securities of the Company applicable to Senior Debt Obligations until
the principal of, premium on, interest on and all other amounts due or to become due with respect to the Subordinated Debt shall be paid
in full subject to the terms and conditions of the Subordinated Debt or of any agreement among the holders of the Subordinated Debt and
other Subordinated Debt of the Company.

 

     

     

    

 

If any payment (other than a Permitted Payment)
or distribution of assets of the Company of any kind or character, whether in cash, property or securities, shall be received by the holder
of the Subordinated Debt in such capacity before all Senior Debt Obligations are paid in full, such payment or distribution will be held
in trust for the benefit of, and shall be immediately paid over pro rata among the Senior Debt Parties, for application to the
payment in full of Senior Debt Obligations, until all Senior Debt Obligations shall have been paid in full.

 

Nothing contained in this instrument is intended
to or shall impair as between the Company, its creditors (other than the Senior Debt Parties) and the holders of the Subordinated Debt,
the obligations of the Company to pay to the holders of the Subordinated Debt, as and when the same shall become due and payable in accordance
with their terms, or to affect the relative rights of the holders of the Subordinated Debt and creditors of the Company (other than the
Senior Debt Parties).

 

The Senior Debt Parties shall not be prejudiced
in their rights to enforce the subordination contained herein in accordance with the terms hereof by any act or failure to act on the
part of the Company.

 

The holder of this instrument agrees to execute
and deliver such further documents and to do such other acts and things as the Senior Debt Parties may reasonably request in order fully
to effect the purposes of these subordination provisions. Each holder of this instrument by its acceptance hereof authorizes and directs
the trustee or other representative, if any, of the Subordinated Debt represented by this instrument on its behalf to take such further
action as may be necessary to effectuate the subordination as provided herein and appoints such trustee or other representative, if any,
as its attorney-in-fact for any and all such purposes.

 

The subordination effected by these provisions,
and the rights of the Senior Debt Parties, shall not be affected by (i) any amendment of, or addition or supplement to, the Financing
Agreements, any other Senior Debt Document, or any other document evidencing or securing Senior Debt Obligations, (ii) any exercise
or non-exercise of any right, power or remedy under or in respect to the Financing Agreements, any other Senior Debt Document, or any
other document evidencing or securing Senior Debt Obligations or (iii) any waiver, consent, release, indulgence, extension, renewal,
modification, delay, or other action, inaction or omission, in respect of the Financing Agreements, any other Senior Debt Document, or
any other document evidencing or securing Senior Debt Obligations; whether or not any holder of any Subordinated Debt shall have had notice
or knowledge of any of the foregoing.

 

No failure on the part of any Senior Debt Party
to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor all any single or partial exercise
of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided
are cumulative and not exclusive of any remedies provided by Law.

 

The holder of this instrument and the Company
each hereby waive promptness, diligence, notice of acceptance and any other notice with respect to any of the Senior Debt Obligations
and these terms of subordination and any requirement that the Trustee or any Senior Debt Party protect, secure, perfect or insure any
Lien or any property subject thereto or exhaust any right to take any action against the Company or any other Person or any Mortgaged
Property.

 

These terms of subordination shall continue to
be effective or be reinstated, as the case may be, if at any time any payment of any of the Senior Debt Obligations is rescinded or must
otherwise be returned by the Trustee or any Senior Debt Party upon the insolvency, bankruptcy or reorganization of the Company or otherwise,
all as though such payment had not been made.

 

     

     

    

 

The provisions of these terms of subordination
constitute a continuing agreement and shall (i) remain in full force and effect until the indefeasible payment in full of the Senior
Debt Obligations and the termination or expiration of all obligations to extend credit under the Senior Debt Documents, (ii) be binding
upon the holder of this instrument, the Company and its successors, transferees and assignees and (iii) inure to the benefit of,
and be enforceable by, the Trustee and each Senior Debt Party. Without limiting the generality of the foregoing clause (iii), each Senior
Debt Party may assign or otherwise transfer all or any portion of its rights and obligations under all or any of the Senior Debt Documents
to any other Person (to the extent permitted by the Senior Debt Documents), and such other Person shall thereupon become vested with all
the rights in respect thereof granted to such Senior Debt Party herein or otherwise.

 

This instrument shall be governed by and construed in accordance with,
the laws of the State of New York.

 

     

     

    

 

Exhibit C

 

THIS BOND
HAS NOT BEEN REGISTERED PURSUANT TO THE SECURITIES ACT OF
1933, AS AMENDED (THE "SECURITIES
ACT"), OR PURSUANT TO THE SECURITIES LAWS OF ANY STATE.
ACCORDINGLY, THIS BOND MAY NOT
BE OFFERED, SOLD OR OTHERWISE TRANSFERRED (1) EXCEPT IN
ACCORDANCE WITH AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
AND ANY APPLICABLE STATE SECURITIES LAWS OR (2) UNLESS THIS BOND
IS REGISTERED UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE
SECURITIES LAWS.

 

INTERNATIONAL TRANSMISSION
COMPANY

2.93% First Mortgage Bonds, Series I due January 14,
2052

 

Original Interest Accrual Date: January 14, 2022

Stated Maturity: January 14, 2052

Interest Rate: 2.93% per annum

Interest Payment Dates: January 14 and July 14

Regular Record Dates: December 30 and June 29

 

This Bond is not a Discount
Security

within the meaning of the within-mentioned
Indenture.

This Bond is a Security
within the

meaning of the within-mentioned Indenture.

 

 

 

	Registered No. [I-[__]]	January 14, 2022
	$[                      ]2	PPN 46051M B*2

 

INTERNATIONAL TRANSMISSION COMPANY, a
corporation organized and existing under the laws of the State of Michigan (herein called the "Company", which term
includes any successor corporation under the Indenture
referred to below), for value received, hereby promises to pay to
[               ], or its registered assigns, the
principal sum of [                        ] DOLLARS ($ _____) on the Stated
Maturity specified above, and to pay interest, after as well as before judgment, (a) thereon from the Original Interest
Accrual Date specified above or from the most recent Interest Payment Date to which interest has been paid or duly provided for,
semi-annually in arrears on the Interest Payment Dates specified above in each year, commencing on July 14, 2022 and at
Maturity, at the Interest Rate per annum specified above, until the principal hereof is paid or duly provided for and (b) to
the extent permitted by law, on any overdue payment (including any overdue prepayment) of principal, any overdue payment of interest
and any overdue payment of any Make-Whole Amount, at a rate per annum from time to time equal to the greater of (i) 4.93% and
(ii) 2.0% over the rate of interest publicly announced by JPMorgan Chase Bank, N.A. from time to time in New York, New York as
its "base" or "prime" rate. The interest so payable, and punctually paid or duly provided for, on any Interest
Payment Date shall, as provided in such Indenture, be paid to the Person in whose name this Bond (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date specified above (whether or not a Business Day) next
preceding such Interest Payment Date. Notwithstanding the foregoing, interest payable at Maturity shall be paid to the Person to
whom principal shall be paid. Except as otherwise provided in said Indenture, any such interest not so timely paid or duly provided
for shall forthwith cease to be payable to the Bondholder on such Regular Record Date and may either be paid to the Person in whose
name this Bond (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the
payment of such Defaulted Interest to be fixed by the
Trustee, notice of which shall be given to the Bondholders not less than 10 days prior to such Special Record Date, or be paid at any
time in any other lawful manner not inconsistent with the requirements of any securities exchange or automated quotation system on which
the Securities of this series may be listed, and upon such notice as may be required by such exchange or automated quotation system, all
as more fully provided in said Indenture.

 

 

2          Reference is made to Schedule A attached hereto with respect to the amount of principal paid hereon and the last date to which interest has been paid hereon.

 

     

     

    

 

CERTIFICATE OF AUTHENTICATION

 

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

 

Date of Authentication: ___________________

 

	 	The Bank of New York Mellon Trust Company, N.A.

                    as Trustee

	 	 
	 	By:	 
	 	 	Authorized Officer

 

Capitalized terms used in this Bond and not otherwise
defined herein shall have the meaning assigned to such term in the Indenture.

 

Subject to the home
office payment obligation set forth in Section 2.02(b) of the Supplemental Indenture (referred to below), payment of the principal
of and Make-Whole Amount, if any, on this Bond and interest hereon at Maturity shall be made upon presentation of this Bond at the office
or agency of the Trustee in Dallas, Texas c/o The Bank of New York Mellon, 2001 Bryan Street, 10th Floor, Dallas, Texas
75201, Attention: Transfer/Redemption Unit, or at such other office or agency as may be designated for such purpose by the Company from
time to time in accordance with the Indenture. Subject to the home office payment obligation set forth in Section 2.02(b) of
the Supplemental Indenture, payment of interest on this Bond (other than interest at Maturity) shall be made as set forth in Section 3.07
of the Original Indenture (as defined below). Payment of the principal of and Make-Whole Amount, if any, and interest on this Bond, as
aforesaid, shall be made in such coin or currency of the United States of America as at the time of payment shall be legal tender for
the payment of public and private debts.

 

This Bond is one of a duly authorized issue
of securities of the Company (all such series of securities herein called the "Securities") issued and issuable in
one or more series under and equally secured by a First Mortgage and Deed of Trust, dated as of July 15, 2003 (such indenture
as originally executed and delivered herein called the "Original Indenture" and as supplemented and modified by any
and all indentures supplemental thereto, including the Supplemental Indenture referred to below, being herein called the
 "Indenture"), and has been issued pursuant to that certain Ninth Supplemental Indenture, dated as of
November 5, 2021 (the "Supplemental Indenture"), each of the Indenture and the Ninth Supplemental Indenture
being between the Company and The Bank of New York Mellon Trust Company, N.A. (as successor to BNY Midwest Trust Company), as
trustee (herein called the "Trustee," which term includes any successor trustee under the Indenture), to which
Indenture reference is hereby made for a description of the property mortgaged, pledged and held in trust as security for payment of
all amounts due under this Bond, the nature and extent of the security and the respective rights, limitations of rights, duties and
immunities of the Company, the Trustee and the Holders of the Securities thereunder and of the terms and conditions upon which the
Securities (including the Securities of this series) are, and are to be, authenticated and delivered and secured. The acceptance of
this Bond shall be deemed to constitute the consent and agreement by the Holder hereof to all of the terms and provisions of the
Indenture. This Bond is one of the series of Securities designated above.

 

    	 	2	 

     

    

 

Notwithstanding anything to the contrary in Section 1.18
of the Original Indenture, in the Supplemental Indenture or in this Bond, if the Stated Maturity or any Redemption Date of this Bond shall
not be a Business Day at any Place of Payment, then (notwithstanding any other provision of the Original Indenture or the Supplemental
Indenture or this Bond) payment of interest on or principal (and premium, if any) of this Bond due at the Stated Maturity or on any Redemption
Date thereof need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place
of Payment with the same force and effect as if made on the Stated Maturity or on any Redemption Date thereof, provided that interest
shall accrue on the Outstanding principal amount of this Bond due at the Stated Maturity or on any Redemption Date thereof until the date
of actual payment. Interest hereon will be computed on the basis of a 360-day year of twelve 30-day months.

 

This Bond is subject to mandatory redemption under
the circumstances set forth in Section 5.01 of the Original Indenture and as set forth in Section 2.03 of the Supplemental Indenture.
This Bond is subject to redemption at the option of the Company, in whole or in part, as set forth in Section 2.04 of the Supplemental
Indenture.

 

If an Event of Default, as defined in the Indenture,
occurs and is continuing, the principal of this Bond 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 Indenture.

 

The Original Indenture permits, with certain exceptions
as therein provided, the Trustee to enter into one or more supplemental indentures for the purpose of adding any provisions to, or changing
in any manner or eliminating any of the provisions of, the Indenture with the consent of the Holders of a majority in aggregate principal
amount of the Securities of all series then Outstanding under the Indenture, considered as one class; provided, however, that if
there shall be Securities of more than one series Outstanding under the Indenture and if a proposed supplemental indenture shall directly
affect the rights of the Holders of Securities of one or more, but less than all, of such series, then the consent only of the Holders
of a majority in aggregate principal amount of the Outstanding Securities of each series so directly affected, considered as one class,
shall be required; and provided, further, that if the Securities of any series shall have been issued in more than one Tranche
and if a proposed supplemental indenture shall directly affect the rights of the Holders of Securities of one or more, but less than all,
of such Tranches, then the consent only of the Holders of a majority in aggregate principal amount of the Outstanding Securities of all
Tranches so directly affected, considered as one class, shall be required; and provided, further, that the Original Indenture permits
the Trustee to enter into one or more supplemental indentures for limited purposes without the consent of any Holders of Securities and
for certain other purposes with the consent of all Holders of affected Securities. The Original Indenture also contains provisions permitting
the Holders of specified percentages in principal amount of the Securities then Outstanding, to waive compliance by the Company with certain
provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder
of this Bond shall be conclusive and binding upon such Holder and upon all future Holders of this Bond and of any Bond issued upon the
registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon
this Bond.

 

No reference herein to the Indenture and no provision
of this Bond or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the
principal and interest and any Make-Whole Amount on this Bond at the times, place and rate, and in the coin or currency, herein prescribed.

 

    	 	3	 

     

    

 

As provided in
the Indenture and subject to certain limitations therein set forth, the transfer of this Bond is registrable in the Security Register,
upon surrender of this Bond for registration of transfer at the office or agency of the Trustee in Dallas, Texas, which as of the date
hereof is located at c/o The Bank of New York Mellon, 2001 Bryan Street, 10th
Floor, Dallas, Texas 75201, Attention: Transfer/Redemption Unit, Attention: Corporate Trust Operations, or such other office
or agency as may be designated by the Company from time to time in accordance with the Indenture, duly endorsed by, or accompanied by
a written instrument of transfer in the form attached hereto as Annex A duly executed by the Holder hereof, or his attorney duly authorized
in writing, and thereupon one or more new Securities of this series of authorized denominations and of like tenor and aggregate principal
amount, will be issued to the designated transferee or transferees.

 

The Securities
of this series are issuable only as registered Securities, without coupons, and in denominations of $250,000 or any integral multiple
thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable
for a like aggregate principal amount of Securities of the same series and Tranche, of any authorized denominations, as requested by
the Holder surrendering the same, and of like tenor upon surrender of the Bond or Bonds to be exchanged at the office or agency of the
Trustee in Dallas, Texas c/o The Bank of New York Mellon, 2001 Bryan Street, 10th
Floor, Dallas, Texas 75201, Attention: Transfer/Redemption Unit, Attention: Corporate Trust Operations, or such other office
or agency as may be designated by the Company from time to time in accordance with the Indenture.

 

No service charge shall be made for any such registration
of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable
in connection therewith in accordance with the Indenture.

 

The Company, the Trustee and any agent of the
Company or the Trustee may treat the Person in whose name this Bond is registered as the absolute owner hereof for all purposes, whether
or not this Bond be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

The Securities of this series are not entitled to the benefit of any
sinking fund.

 

As provided in Section 2.05 of the Supplemental
Indenture, except as may be agreed to by the Holder hereof in connection with an offer made to all Holders of the Securities of this series
on the same terms and conditions, the Company shall not and shall not permit any Affiliate of the Company to purchase, redeem or otherwise
acquire, directly or indirectly, this Bond, except upon the payment or redemption of this Bond in accordance with the terms of the Indenture.
The Company will promptly cause the Trustee to cancel this Bond once acquired by it or any Affiliate of the Company pursuant to any payment,
redemption or purchase of this Bond pursuant to any provision of the Indenture and no Bonds may be issued in substitution or exchange
for this Bond.

 

As provided in Section 16.01 of the
Original Indenture, no recourse shall be had for the payment of the principal of or Make-Whole Amount, if any, or interest on any
Securities, or any part thereof, or for any claim based thereon or otherwise in respect thereof, or of the indebtedness represented
thereby, or upon any obligation, covenant or agreement under the Indenture, against, and no personal liability whatsoever shall
attach to, or be incurred by, any incorporator, organizer, member, manager, stockholder, officer, director or employee, as such,
past, present or future of the Company or of any predecessor or successor corporation (either directly or through the Company or a
predecessor or successor corporation), whether by virtue of any constitutional provision, statute or rule of law, or by the
enforcement of any assessment or penalty or otherwise; it being expressly agreed and understood that the Indenture and all the
Securities (including the Bonds) are solely corporate obligations and that any such personal liability is hereby expressly waived
and released as a condition of, and as part of the consideration for, the execution of the Indenture and the issuance of the
Securities (including the Bonds).

 

    	 	4	 

     

    

 

Demand, presentment, protest and notice of non-payment and protest
are hereby waived by the Company.

 

This Bond shall be governed by and construed in
accordance with the law of the State of New York, except that (i) if this Bond shall become qualified and shall become subject to
the Trust Indenture Act, to the extent that the Trust Indenture Act shall be applicable, this Bond shall be governed by and construed
in accordance with the Trust Indenture Act and (ii) if the law of any jurisdiction wherein any portion of the Mortgaged Property
is located shall govern the creation of a mortgage lien on and security interest in, or perfection, priority or enforcement of the Lien
of the Indenture or exercise of remedies with respect to, such portion of the Mortgaged Property, this Bond shall be governed by and construed
in accordance with the law of such jurisdiction to the extent mandatory.

 

Unless the certificate of authentication hereon
has been executed by the Trustee or an Authenticating Agent by manual signature, this Bond shall not be entitled to any benefit as a Security
under the Indenture or be valid or obligatory for any purpose.

 

[The remainder of this page is intentionally left blank.]

 

    	 	5	 

     

    

 

IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed.

 

	 	INTERNATIONAL TRANSMISSION COMPANY
	 	 
	 	 
	 	 
	 	By:	                 

 

Date:

 

    

     

    

 

SCHEDULE A

 

SCHEDULE OF NOTATIONS

 

The notations on the following table have been made
by the holder of the within Bond in connection with the transfer thereof in accordance with Section 2.02(b) of the Supplemental
Indenture.

 

	 	Amount of principal paid	Last date to which interest has	Notation by
	Date of Notation	on the within Bond	been paid on the within Bond	Holder

 

    	 		 

     

    

 

Exhibit D

 

THIS BOND
HAS NOT BEEN REGISTERED PURSUANT TO THE SECURITIES ACT OF
1933, AS AMENDED (THE "SECURITIES
ACT"), OR PURSUANT TO THE SECURITIES LAWS OF ANY STATE.
ACCORDINGLY, THIS BOND MAY NOT
BE OFFERED, SOLD OR OTHERWISE TRANSFERRED (1) EXCEPT IN
ACCORDANCE WITH AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
AND ANY APPLICABLE STATE SECURITIES LAWS OR (2) UNLESS THIS BOND
IS REGISTERED UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE
SECURITIES LAWS.

 

INTERNATIONAL TRANSMISSION
COMPANY

2.93% First Mortgage Bonds, Series J due January 14,
2052

 

Original Interest Accrual Date: January 14, 2022

Stated Maturity: January 14, 2052

Interest Rate: 2.93% per annum

Interest Payment Dates: January 14 and July 14

Regular Record Dates: December 30 and June 29

 

This Bond is not a Discount
Security

within the meaning of the within-mentioned
Indenture.

This Bond is a Security
within the

meaning of the within-mentioned Indenture.

 

 

 

	Registered No. [J-[__]]	January 14, 2022
	$[                      ]3	PPN 46051M B@0

 

INTERNATIONAL TRANSMISSION COMPANY, a
corporation organized and existing under the laws of the State of Michigan (herein called the "Company", which term
includes any successor corporation under the Indenture referred to below), for value received, hereby promises to pay to
[               ],
or its registered assigns, the principal sum of [
                      ]
DOLLARS ($ _____) on the Stated Maturity specified above, and to pay interest, after as well as before judgment, (a) thereon
from the Original Interest Accrual Date specified above or from the most recent Interest Payment Date to which interest has been
paid or duly provided for, semi-annually in arrears on the Interest Payment Dates specified above in each year, commencing on
July 14, 2022 and at Maturity, at the Interest Rate per annum specified above, until the principal hereof is paid or duly
provided for and (b) to the extent permitted by law, on any overdue payment (including any overdue prepayment) of principal,
any overdue payment of interest and any overdue payment of any Make-Whole Amount, at a rate per annum from time to time equal to the
greater of (i) 4.93% and (ii) 2.0% over the rate of interest publicly announced by JPMorgan Chase Bank, N.A. from time to
time in New York, New York as its "base" or "prime" rate. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date shall, as provided in such Indenture, be paid to the Person in whose name this Bond (or
one or more Predecessor Securities) is registered at the close of business on the Regular Record Date specified above (whether or
not a Business Day) next preceding such Interest Payment Date. Notwithstanding the foregoing, interest payable at Maturity shall be
paid to the Person to whom principal shall be paid. Except as otherwise provided in said Indenture, any such interest not so timely
paid or duly provided for shall forthwith cease to be payable to the Bondholder on such Regular Record Date and may either be paid
to the Person in whose name this Bond (or one or more Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the
Trustee, notice of which shall be given to the Bondholders not less than 10 days prior to such Special Record Date, or be paid at any
time in any other lawful manner not inconsistent with the requirements of any securities exchange or automated quotation system on which
the Securities of this series may be listed, and upon such notice as may be required by such exchange or automated quotation system, all
as more fully provided in said Indenture.

 

 

3              Reference is made to Schedule A attached hereto with respect to the amount of principal paid hereon and the last date to which interest has been paid hereon.

 

    	 		 

     

    

 

CERTIFICATE OF AUTHENTICATION

 

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

 

Date of Authentication: ___________________

 

	 	The Bank of New York Mellon Trust Company, N.A.

                    as Trustee

	 	 
	 	By:	 
	 	 	Authorized Officer

 

Capitalized terms used in this Bond and not otherwise
defined herein shall have the meaning assigned to such term in the Indenture.

 

Subject to the
home office payment obligation set forth in Section 2.02(b) of the Supplemental Indenture (referred to below), payment of the
principal of and Make-Whole Amount, if any, on this Bond and interest hereon at Maturity shall be made upon presentation of this Bond
at the office or agency of the Trustee in Dallas, Texas c/o The Bank of New York Mellon, 2001 Bryan Street, 10th
Floor, Dallas, Texas 75201, Attention: Transfer/Redemption Unit, Attention: Corporate Trust Operations, or at such other
office or agency as may be designated for such purpose by the Company from time to time in accordance with the Indenture. Subject to
the home office payment obligation set forth in Section 2.02(b) of the Supplemental Indenture, payment of interest on this
Bond (other than interest at Maturity) shall be made as set forth in Section 3.07 of the Original Indenture (as defined below).
Payment of the principal of and Make-Whole Amount, if any, and interest on this Bond, as aforesaid, shall be made in such coin or currency
of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts.

 

This Bond is one of a duly authorized issue
of securities of the Company (all such series of securities herein called the "Securities") issued and issuable in
one or more series under and equally secured by a First Mortgage and Deed of Trust, dated as of July 15, 2003 (such indenture
as originally executed and delivered herein called the "Original Indenture" and as supplemented and modified by any
and all indentures supplemental thereto, including the Supplemental Indenture referred to below, being herein called the
 "Indenture"), and has been issued pursuant to that certain Ninth Supplemental Indenture, dated as of
November 5, 2021 (the "Supplemental Indenture"), each of the Indenture and the Ninth Supplemental Indenture
being between the Company and The Bank of New York Mellon Trust Company, N.A. (as successor to BNY Midwest Trust Company), as
trustee (herein called the "Trustee," which term includes any successor trustee under the Indenture), to which
Indenture reference is hereby made for a description of the property mortgaged, pledged and held in trust as security for payment of
all amounts due under this Bond, the nature and extent of the security and the respective rights, limitations of rights, duties and
immunities of the Company, the Trustee and the Holders of the Securities thereunder and of the terms and conditions upon which the
Securities (including the Securities of this series) are, and are to be, authenticated and delivered and secured. The acceptance of
this Bond shall be deemed to constitute the consent and agreement by the Holder hereof to all of the terms and provisions of the
Indenture. This Bond is one of the series of Securities designated above.

 

    	 	2	 

     

    

 

Notwithstanding anything to the contrary in Section 1.18
of the Original Indenture, in the Supplemental Indenture or in this Bond, if the Stated Maturity or any Redemption Date of this Bond shall
not be a Business Day at any Place of Payment, then (notwithstanding any other provision of the Original Indenture or the Supplemental
Indenture or this Bond) payment of interest on or principal (and premium, if any) of this Bond due at the Stated Maturity or on any Redemption
Date thereof need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place
of Payment with the same force and effect as if made on the Stated Maturity or on any Redemption Date thereof, provided that interest
shall accrue on the Outstanding principal amount of this Bond due at the Stated Maturity or on any Redemption Date thereof until the date
of actual payment. Interest hereon will be computed on the basis of a 360-day year of twelve 30-day months.

 

This Bond is subject to mandatory redemption under
the circumstances set forth in Section 5.01 of the Original Indenture and as set forth in Section 2.03 of the Supplemental Indenture.
This Bond is subject to redemption at the option of the Company, in whole or in part, as set forth in Section 2.04 of the Supplemental
Indenture.

 

If an Event of Default, as defined in the Indenture,
occurs and is continuing, the principal of this Bond 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 Indenture.

 

The Original Indenture permits, with certain exceptions
as therein provided, the Trustee to enter into one or more supplemental indentures for the purpose of adding any provisions to, or changing
in any manner or eliminating any of the provisions of, the Indenture with the consent of the Holders of a majority in aggregate principal
amount of the Securities of all series then Outstanding under the Indenture, considered as one class; provided, however, that if
there shall be Securities of more than one series Outstanding under the Indenture and if a proposed supplemental indenture shall directly
affect the rights of the Holders of Securities of one or more, but less than all, of such series, then the consent only of the Holders
of a majority in aggregate principal amount of the Outstanding Securities of each series so directly affected, considered as one class,
shall be required; and provided, further, that if the Securities of any series shall have been issued in more than one Tranche
and if a proposed supplemental indenture shall directly affect the rights of the Holders of Securities of one or more, but less than all,
of such Tranches, then the consent only of the Holders of a majority in aggregate principal amount of the Outstanding Securities of all
Tranches so directly affected, considered as one class, shall be required; and provided, further, that the Original Indenture permits
the Trustee to enter into one or more supplemental indentures for limited purposes without the consent of any Holders of Securities and
for certain other purposes with the consent of all Holders of affected Securities. The Original Indenture also contains provisions permitting
the Holders of specified percentages in principal amount of the Securities then Outstanding, to waive compliance by the Company with certain
provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder
of this Bond shall be conclusive and binding upon such Holder and upon all future Holders of this Bond and of any Bond issued upon the
registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon
this Bond.

 

No reference herein to the Indenture and no
provision of this Bond or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal and interest and any Make-Whole Amount on this Bond at the times, place and rate, and in the coin or currency,
herein prescribed.

 

    	 	3	 

     

    

 

As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of this Bond is registrable in the Security Register, upon
surrender of this Bond for registration of transfer at the office or agency of the Trustee in Dallas, Texas, which as of the date hereof
is located at c/o The Bank of New York Mellon, 2001 Bryan Street, 10th Floor, Dallas, Texas 75201, Attention: Transfer/Redemption
Unit, or such other office or agency as may be designated by the Company from time to time in accordance with the Indenture, duly endorsed
by, or accompanied by a written instrument of transfer in the form attached hereto as Annex A duly executed by the Holder hereof, or his
attorney duly authorized in writing, and thereupon one or more new Securities of this series of authorized denominations and of like tenor
and aggregate principal amount, will be issued to the designated transferee or transferees.

 

The
Securities of this series are issuable only as registered Securities, without coupons, and in denominations of $250,000 or any integral
multiple thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable
for a like aggregate principal amount of Securities of the same series and Tranche, of any authorized denominations, as requested by
the Holder surrendering the same, and of like tenor upon surrender of the Bond or Bonds to be exchanged at the office or agency of the
Trustee in Dallas, Texas c/o The Bank of New York Mellon, 2001 Bryan Street, 10th Floor, Dallas, Texas 75201, Attention: Transfer/Redemption
Unit, or such other office or agency as may be designated by the Company from time to time in accordance with the Indenture.

 

No service charge shall be made for any such registration
of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable
in connection therewith in accordance with the Indenture.

 

The Company, the Trustee and any agent of the
Company or the Trustee may treat the Person in whose name this Bond is registered as the absolute owner hereof for all purposes, whether
or not this Bond be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

The Securities of this series are not entitled to the benefit of any
sinking fund.

 

As provided in Section 2.05 of the Supplemental
Indenture, except as may be agreed to by the Holder hereof in connection with an offer made to all Holders of the Securities of this series
on the same terms and conditions, the Company shall not and shall not permit any Affiliate of the Company to purchase, redeem or otherwise
acquire, directly or indirectly, this Bond, except upon the payment or redemption of this Bond in accordance with the terms of the Indenture.
The Company will promptly cause the Trustee to cancel this Bond once acquired by it or any Affiliate of the Company pursuant to any payment,
redemption or purchase of this Bond pursuant to any provision of the Indenture and no Bonds may be issued in substitution or exchange
for this Bond.

 

As provided in Section 16.01 of the
Original Indenture, no recourse shall be had for the payment of the principal of or Make-Whole Amount, if any, or interest on any
Securities, or any part thereof, or for any claim based thereon or otherwise in respect thereof, or of the indebtedness represented
thereby, or upon any obligation, covenant or agreement under the Indenture, against, and no personal liability whatsoever shall
attach to, or be incurred by, any incorporator, organizer, member, manager, stockholder, officer, director or employee, as such,
past, present or future of the Company or of any predecessor or successor corporation (either directly or through the Company or a
predecessor or successor corporation), whether by virtue of any constitutional provision, statute or rule of law, or by the
enforcement of any assessment or penalty or otherwise; it being expressly agreed and understood that the Indenture and all the
Securities (including the Bonds) are solely corporate obligations and that any such personal liability is hereby expressly waived
and released as a condition of, and as part of the consideration for, the execution of the Indenture and the issuance of the
Securities (including the Bonds).

 

    	 	4	 

     

    

 

Demand, presentment, protest and notice of non-payment and protest
are hereby waived by the Company.

 

This Bond shall be governed by and construed in
accordance with the law of the State of New York, except that (i) if this Bond shall become qualified and shall become subject to
the Trust Indenture Act, to the extent that the Trust Indenture Act shall be applicable, this Bond shall be governed by and construed
in accordance with the Trust Indenture Act and (ii) if the law of any jurisdiction wherein any portion of the Mortgaged Property
is located shall govern the creation of a mortgage lien on and security interest in, or perfection, priority or enforcement of the Lien
of the Indenture or exercise of remedies with respect to, such portion of the Mortgaged Property, this Bond shall be governed by and construed
in accordance with the law of such jurisdiction to the extent mandatory.

 

Unless the certificate of authentication hereon
has been executed by the Trustee or an Authenticating Agent by manual signature, this Bond shall not be entitled to any benefit as a Security
under the Indenture or be valid or obligatory for any purpose.

 

[The remainder of this page is intentionally left blank.]

 

    	 	5	 

     

    

 

IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed.

 

	 	INTERNATIONAL TRANSMISSION COMPANY
	 	 
	 	 
	 	 
	 	By:	                 

 

Date:

 

    	 		 

     

    

 

SCHEDULE A

 

SCHEDULE OF NOTATIONS

 

The notations on the following table have been made
by the holder of the within Bond in connection with the transfer thereof in accordance with Section 2.02(b) of the Supplemental
Indenture.

 

	 	Amount of principal paid	Last date to which interest has	Notation by
	Date of Notation	on the within Bond	been paid on the within Bond	Holder

 

    	 		 

     

    

 

ANNEX A

 

FORM OF ASSIGNMENT

 

FOR VALUE RECEIVED the undersigned hereby sell(s), assign(s) and
transfer(s) unto

 

PLEASE
INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER  

 

	 	 
	 	 

 

 

_______________________________________________________________________________________________

Please print or typewrite name and address, including postal
zip code of assignee

 

_______________________________________________________________________________________________

 

___________________

the within Bond and all rights thereunder, hereby irrevocably
constituting and appointing

 

________________________________________________________________________attorney
to transfer said Bond on the Security Register, upon surrender of said Bond at the office or agency of the Trustee in New York, New
York, or such other office or agency as may be designated by the Company from time to time in accordance with the Indenture, with
full power of substitution in the premises.

 

Dated: __________________

 

	 	[NAME OF TRANSFEROR]
	 	 
	 	By:	       
	 	 	Name:
	 	 
	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within Bond in every particular, without alteration or enlargement or any change whatever.

 

	 	Signature Guarantee: 	 

 

SIGNATURE GUARANTEE

 

Signatures must be guaranteed by an "eligible
guarantor institution" meeting the requirements of the Security Registrar, which requirements include membership or participation
in the Security Transfer Agent Medallion Program ("STAMP") or such other "signature guarantee program" as may be determined
by the Security Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
amended.

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