Document:

Exhibit 4.5

 

FORTIS INC.

 

2020 RESTRICTED
SHARE UNIT PLAN

Effective as of January 1, 2020

Amended – January 1, 2022

Schedule A Amended – January 1, 2021

 

Article 1

Preamble and Definitions

 

		1.1	Title

 

The Restricted Share Unit Plan
herein, as amended or restated from time to time, shall be called the “2020 Restricted Share Unit Plan” and is referred
to herein as the “Plan”.

 

		1.2	Purpose of the Plan

 

The purpose of the Plan is to
(a) promote a greater alignment of interests between the senior management of the Corporation and the shareholders of the Corporation,
(b) foster the growth and success of the business of the Corporation in accordance with its vision, (c) ensure that management
is focused on the Corporation’s primary business objectives and (d) assist the Corporation in attracting and retaining senior
management.

 

		1.3	Defined Terms

 

In the Plan, the following terms
have the respective meanings set out below and grammatical variations of such terms shall have corresponding meanings:

 

“Administrator” means
such administrator as may be appointed by the Corporation and identified to Participants from time to time to assist in the administration
of the Plan in accordance with Section 7.1, which administrator may be the Corporation or any of its Subsidiaries acting for the
benefit of Participants;

 

“Affected Participant”
means, in connection with a Change of Control pursuant to:

 

		(a)	clause (a) of the definition of Change of Control, each Participant; or

 

		(b)	clause (b) of the definition of Change of Control, each Participant who is an Employee of the affected
Subsidiary who ceases to be employed by the Corporation or any of its Subsidiaries immediately following such Change of Control;

 

“Applicable Exchange Rate”
means in connection with any conversion to U.S. Dollars pursuant to Section 4.1(d), 4.2, 4.3, 5.1(a), 5.1(b) or otherwise required
pursuant to the Plan, the Exchange Rate as of the Business Day immediately prior to the Grant Date of such Restricted Share Unit or any
underlying Restricted Share Unit, as applicable;

 

“Applicable Law”
means any applicable provision of law, domestic or foreign, including, without limitation, the Income Tax Act (Canada) and the Corporations
Act (Newfoundland and Labrador), as they may be amended, supplemented or replaced from time to time, together with all regulations, rules,
policy statements, rulings, notices, orders or other instruments promulgated thereunder and any applicable rules or policies of any
stock exchange;

 

     

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“Blackout Period”
means a period when a Participant is prohibited from trading in the Corporation’s securities pursuant to securities regulatory requirements
or the Corporation’s written policies then applicable;

 

“Board” means the
Board of Directors of the Corporation;

 

“Business Day” means
any day, other than a Saturday, Sunday or statutory or civic holiday in the Provinces of Ontario or Newfoundland and Labrador;

 

“Canadian Dollars”
means the lawful currency of Canada;

 

“Change of Control”
means:

 

		(a)	with respect to the Corporation, the occurrence of any one or more of the following events:

 

		(i)	the acquisition of ownership, directly or indirectly, beneficially or of record, by any person or combination
of persons acting jointly or in concert with each other, of Voting Securities representing more than 50% of the aggregate ordinary voting
power represented by the issued and outstanding Voting Securities;

 

		(ii)	the sale, lease, exchange or other disposition, in a single transaction or a series of related transactions,
of assets, rights or properties of the Corporation and/or any of its Subsidiaries which have an aggregate book value greater than 50%
of the book value of the assets, rights and properties of the Corporation and its Subsidiaries on a consolidated basis to any other person
or entity, other than a disposition to a wholly owned Subsidiary in the course of a reorganization of the assets of the Corporation and
its Subsidiaries;

 

		(iii)	the adoption of a resolution to wind-up, dissolve or liquidate the Corporation;

 

		(iv)	as a result of or in connection with: (A) a contested election of Directors; or (B) a consolidation,
merger, amalgamation, arrangement or other reorganization or acquisition involving the Corporation or any of its affiliates and another
corporation or other entity, the nominees named in the most recent management information circular of the Corporation for election to
the Board shall not constitute a majority of the Board; or

 

		(v)	the Board adopts a resolution to the effect that a change of control of the Corporation has occurred or
is imminent; and

 

 

     

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		(b)	with respect to any Subsidiary, the occurrence of any one or more of the following events:

 

		(i)	the acquisition of ownership, directly or indirectly, beneficially or of record, by any person or combination
of persons acting jointly or in concert with each other, other than the Corporation or another Subsidiary (or a combination thereof),
of voting securities of such Subsidiary representing more than 50% of the aggregate ordinary voting power represented by the issued and
outstanding voting securities of such Subsidiary;

 

		(ii)	the sale, lease, exchange or other disposition, in a single transaction or a series of related transactions,
of assets, rights or properties of such Subsidiary which have an aggregate book value greater than 50% of the book value of the assets,
rights and properties of such Subsidiary on a consolidated basis to any other person or entity, other than a disposition to the Corporation
or another Subsidiary (or a combination thereof) in the course of a reorganization of the assets of such Subsidiary;

 

		(iii)	the adoption of a resolution to wind-up, dissolve or liquidate the Subsidiary; or

 

		(iv)	the Committee determines that a change of control with respect to such Subsidiary has occurred or is imminent;

 

“Committee” means
the Human Resources Committee or other committee of Directors designated by the Board from time to time to administer the Plan and consisting
of not less than three members of the Board, each of whom qualifies as independent under section 1.4 of National Instrument 52-110 –
Audit Committees and the applicable rules of the NYSE, and where no such committee has been appointed, means the Board; provided,
however, without limiting the foregoing, that if the Corporation ceases to qualify as a “foreign private issuer” (as defined
in Rule 3b-4 under the Exchange Act), the Committee shall be a committee of the Board comprised of not less than two directors, and
each member of the Committee shall be a “non-employee director” within the meaning of Rule 16b-3 under the Exchange Act;

 

“Common Share Account”
has the meaning ascribed thereto in Section 6.1(a)(i);

 

“Common Shares” means
the common shares of the Corporation;

 

“Corporation” means
Fortis Inc. and any successor corporation whether by arrangement, amalgamation, merger or otherwise;

 

“Director” means
a director of the Corporation;

 

“Disability” means,
with respect to a Participant, the physical or mental illness of the Participant resulting in the Participant’s absence from his
or her full-time duties with the Corporation or a Subsidiary, in respect of which the Participant commences receiving, or is eligible
to receive, long-term disability benefits under the long-term disability plan of the Corporation or a Subsidiary, as applicable;

 

“Election Deadline”
means, unless otherwise determined by the Committee or provided in the Plan, the date that is 30 days prior to the Vesting Date of a Restricted
Share Unit;

 

     

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“Employee” means
an employee of the Corporation or a Subsidiary, and includes an officer of the Corporation or a Subsidiary, but excludes a director of
the Corporation or a Subsidiary who is not also an employee of the Corporation or a Subsidiary;

 

“Exchange Act” means
the U.S. Securities Exchange Act of 1934, as amended;

 

“Exchange Rate” means,
as of a relevant date, the daily average rate of exchange of the Bank of Canada for converting Canadian Dollars to U.S. Dollars, or if
on such date a daily average rate of exchange of the Bank of Canada is not available, the daily average rate of exchange of the Bank of
Canada on the immediately preceding day on which such exchange rate is available;

 

“Executive Compensation Policy”
means, as applicable, the executive compensation policy of the Corporation in effect from time to time and any similar policy or practice
of the Corporation or any Subsidiary in effect from time to time, but only to the extent such policy or practice applies to a Participant;

 

“Expiry Date” means
the date designated by the Committee on which a Restricted Share Unit will be terminated and cancelled in accordance with the Plan or,
if no such date is specified in the applicable Grant Agreement, December 31 of the third calendar year following the calendar year
that includes the Grant Date of such Restricted Share Unit;

 

“Good Reason” means the occurrence, after
a Change of Control, of any of the following events without the Affected Participant's written consent:

 

		(a)	a reduction in the base salary of the Affected Participant other than a general reduction that affects all similarly situated executives
in substantially the same proportions;

 

		(b)	a reduction in the Affected Participant’s target short term incentive or long term incentive opportunity, other than a general
reduction that affects all similarly situated executives in substantially the same manner;

 

		(c)	any failure by the Corporation or the Subsidiary, as applicable, to comply with any material terms of the Affected Participant's employment
as in effect immediately prior to such Change of Control, other than an inadvertent failure not occurring in bad faith and which is remedied
by the Corporation or such Subsidiary promptly after receipt of written notice thereof given by the Affected Participant;

 

		(d)	any material adverse change in the Affected Participant’s duties, responsibilities, authority, title, status or reporting structure
as in effect immediately prior to the Change of Control;

 

		(e)	the discontinuation or amendment of any equity incentive plan, short term incentive plan, employee benefit plan or other material
fringe benefit or perquisite, if such discontinuation or amendment results in less favourable treatment of the Affected Participant, in
the aggregate (unless minor or insignificant), taking into consideration any related amendment or replacement plan, benefit or perquisite,
as applicable; or

 

     

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		(f)	the Corporation or the Subsidiary, as applicable, requiring the Affected Participant to be based at any office or location other than
(i) within 50 kilometres of the Affected Participant's office or location immediately prior to the Change of Control or (ii) at
any other office or location previously agreed to in writing by the Affected Participant;

 

“Grant Agreement”
means an agreement between the Corporation and a Participant evidencing the grant of Restricted Share Units to such Participant, which
shall be substantially in the form of Schedule A;

 

“Grant Date” means
the effective date of each grant of Restricted Share Units by the Committee to a Participant, which shall be January 1 of the calendar
year of such grant;

 

“Involuntary Employment Action”
as to a Participant means the termination of the Participant’s employment with the Corporation or a Subsidiary, as applicable, (a) by
the Corporation or the Subsidiary other than (i) as a result of the death, Disability or Retirement of that Participant or (ii) for
Just Cause, or (b) by the Participant for Good Reason;

 

“Just Cause” means
a determination by the Board that any of the following has occurred: (a) wilful and continued failure by the Participant to substantially
perform the Participant’s duties to the Corporation or a Subsidiary (other than any such failure resulting from his or her incapacity
due to physical or mental illness) after a demand for substantial performance improvement has been delivered in writing to the Participant
which specifically identifies the manner in which the Participant has not substantially performed his or her duties; (b) wilful engaging
by the Participant in misconduct that is materially injurious to the Corporation or a Subsidiary, monetarily or otherwise; (c) the
conviction of the Participant of a criminal offence involving dishonesty; or (d) any other action or omission that would be just
cause at law; provided that no act, or failure to act, on the Participant’s part shall be considered “wilful” unless
the Board determines that such act or failure to act by the Participant was in bad faith and was not reasonably believed by the Participant
to be in the best interests of the Corporation or a Subsidiary, as applicable;

 

“Market Price” at
any date in respect of the Common Shares means: (x) the volume weighted average trading price of the Common Shares determined by
dividing the total value of the Common Shares traded on the TSX during the last five Trading Days immediately preceding such date by the
total volume of the Common Shares traded on the TSX during such five Trading Days (or, if such Common Shares are not then listed and posted
for trading on the TSX, on such stock exchange on which such Common Shares are listed and posted for trading as may be selected for such
purpose by the Board); or (y) in the event that such Common Shares are not listed and posted for trading on any stock exchange, the
Market Price shall be the fair market value of such Common Shares as determined by the Board in its sole discretion, acting in good faith;

 

“NYSE” means the
New York Stock Exchange or any successor thereto;

 

“Outside Date” has
the meaning ascribed thereto in Section 10.5;

 

“Participant” means
any Employee to whom a Restricted Share Unit has been granted in accordance with the terms and conditions of the Plan;

 

     

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“Payout Amount” means,
with respect to each Vested Unit, a cash payment equal to the Market Price of one Common Share on the applicable Pricing Date which, for
greater certainty, (x) in the case of a U.S. Taxpayer, will be converted to U.S. Dollars using the Applicable Exchange Rate and (y) for
all other Participants, will be denominated in Canadian Dollars;

 

“Payout Share” means,
with respect to each Vested Unit, one Common Share;

 

“person” includes
any individual, corporation, partnership, firm, joint venture, syndicate, association, trust, government, governmental agency and any
other form of entity or organization;

 

“Plan” has the meaning
ascribed thereto in Section 1.1;

 

“Pricing Date” means,
for a Restricted Share Unit, the earlier of:

 

		(a)	the Vesting Date for that Restricted Share Unit as determined in accordance with Section 4.1(h);
and

 

		(b)	in the case of any Restricted Share Unit deemed to be redeemed by a Participant pursuant to Section 4.2
or 5.3 of the Plan, the applicable date on which such Restricted Share Unit is deemed to be a Vested Unit and redeemed by such Participant,

 

provided that to the extent that any
such date occurs during a Blackout Period, such Pricing Date shall be extended to the tenth Business Day following the expiration of such
Blackout Period or such other date following the expiry of such Blackout Period as may be determined by the Committee, acting reasonably;

 

“Restatement” has
the meaning ascribed thereto in Section 8.1(a);

 

“Restricted Share Unit”
means a notional unit evidenced by an entry on the books of the Corporation, which represents the right of a Participant, at his or her
election, subject to the provisions of the Plan, to receive the Payout Amount or a Payout Share;

 

“Restricted Share Unit Account”
means the account maintained for a Participant on the books of the Corporation into which Restricted Share Units will be credited in accordance
with Section 4.1, 4.2 or 4.3 and debited in accordance with Section 4.2 or Article 5;

 

“Retirement” means
the retirement of a Participant from employment with the Corporation or a Subsidiary, subject to any policy, practice or requirement relating
to the minimum age and service as of the date of retirement and/or other term of service as may be stipulated by the specific Corporation
or Subsidiary at the time of retirement;

 

“Section 409A”
has the meaning ascribed thereto in Section 10.1;

 

“Securities Act”
has the meaning ascribed thereto in Section 6.2;

 

“Service” means the
period of employment of the Participant by the Corporation or any of its Subsidiaries, including service with a Subsidiary which has been
acquired, directly or indirectly, by the Corporation;

 

     

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“Share Ownership Requirements”
means the share ownership requirements applicable to certain Participants arising pursuant to any share ownership policy of the Corporation
or any similar policy of any Subsidiary in effect from time to time, but only to the extent that such policy applies to such Participant.
For greater certainty, any transitional period that applies to a Participant under any share ownership policy of the Corporation or any
similar policy of any Subsidiary in effect from time to time shall not be taken into account for purposes of the Plan or any determination
required to be made by the Committee in respect of a Participant pursuant to Section 4.1(f);

 

“Subsidiary” means
a person (other than an individual) which is controlled, directly or indirectly, by the Corporation, whether as a result of registered
or beneficial ownership of a majority of the voting securities of such person, the right to appoint a majority of the directors of such
person, a contractual arrangement or otherwise;

 

“Termination Date”
means, in respect of (a) a Participant other than a U.S. Taxpayer, the effective date of the termination of employment of such Participant
by the Corporation or any of its Subsidiaries, as determined by the Corporation or Subsidiary, as applicable, subject to any period of
notice of termination under employment standards legislation, employment contract or the common law applicable to such Participant, if
termination of employment has not been by reason of Just Cause or voluntary resignation, and (b) a U.S. Taxpayer, the date on which
such Participant has been “separated from service” with the Corporation or any of its Subsidiaries as defined under Section 409A;

 

“Trading Day” means
any date on which the TSX is open for the trading of the Common Shares (or, if the Common Shares are not then listed and posted for trading
on such exchange, on such other stock exchange on which the Common Shares are listed and posted for trading as may be selected for such
purpose by the Board);

 

“TSX” means the Toronto
Stock Exchange or any successor thereto;

 

“U.S. Dollars” means
the lawful currency of the United States of America;

 

“U.S. Taxpayer” means
any Participant who is a citizen or permanent resident of the United States, or is otherwise subject to taxation by the United States
on a net basis;

 

“Vested Unit” means
a Restricted Share Unit which has vested in accordance with the terms and conditions of the Plan;

 

“Vesting Date” means
the date on which a Restricted Share Unit vests in accordance with the terms and conditions of the Plan; and

 

“Voting Securities”
means the Common Shares and any other shares entitled to vote for the election of Directors and shall include any security, whether or
not issued by the Corporation, which are not shares entitled to vote for the election of Directors but are convertible into or exercisable
or exchangeable for shares which are entitled to vote for the election of Directors including any options or rights to purchase such shares
or securities.

 

		1.4	Schedule

 

The following Schedule is attached
to and forms part of the Plan:

 

Schedule A - Form of Grant Agreement

 

     

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Article 2

Interpretation

 

		2.1	Governing Law

 

The Plan shall be interpreted
and enforced in accordance with the laws of the Province of Newfoundland and Labrador and the federal laws in Canada applicable therein.
The participation of a Participant in the Plan shall be construed as acceptance of the terms and conditions of the Plan by such Participant
and as the Participant’s agreement to be bound thereby.

 

		2.2	Severability

 

If any provision of the Plan
is determined by a court of competent jurisdiction to be invalid, illegal or unenforceable in any respect, all other provisions of the
Plan shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby
is not affected in any manner materially adverse to the Corporation, any of its Subsidiaries, or any Participant.

 

		2.3	References

 

The division of the Plan into
articles and sections and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation
of the Plan. Words importing the singular number only shall include the plural and vice versa and words importing the use of any gender
shall include all genders.

 

		2.4	Fractional Restricted Share Units

 

Subject to Section 5.1(b),
fractional Restricted Share Units are permitted under the Plan.

 

Article 3

Establishment of the Plan

 

		3.1	Establishment

 

The Corporation is establishing
the Plan for Participants effective as at January 1, 2020.

 

		3.2	No Additional Rights

 

Nothing herein contained shall
be deemed to give any person the right to be retained as an Employee or to otherwise be retained in the service of the Corporation or
a Subsidiary. Restricted Share Units are not Common Shares and will not entitle a Participant to any shareholder rights, including, without
limitation, voting rights, the right to receive dividends or rights on liquidation, dissolution or winding-up of the Corporation.

 

     

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Article 4

Restricted Share Unit Grants

 

		4.1	Grant of Restricted Share Units

 

(a)            The
Committee may at any time and from time to time grant Restricted Share Units in accordance with the Executive Compensation Policy, and
pursuant to a Grant Agreement entered into in accordance with the terms hereof, to persons designated to be Participants hereunder. Grants
of Restricted Share Units and the terms thereof shall be recorded in a register to be maintained by the Corporation, which register may
be amended, supplemented or replaced from time to time.

 

(b)            Each
Restricted Share Unit shall be granted to a Participant as a bonus in respect of services rendered by such Participant and shall be issued
in the same calendar year that such services are rendered.

 

(c)            The
aggregate dollar amount of the Restricted Share Units granted to a Participant on the Grant Date shall be determined by the Committee,
having regard to the recommendation of the board of directors of the Subsidiary employer of the Participant, to the extent applicable,
in accordance with the Executive Compensation Policy. For greater certainty, the aggregate dollar amount of the Restricted Share Units
granted to a Participant on the Grant Date (x) in the case of a U.S. Taxpayer, will be denominated in U.S. Dollars and (y) for
all other Participants, will be denominated in Canadian Dollars.

 

(d)            The
number of Restricted Share Units to be granted to a Participant on the Grant Date shall be determined by dividing (i) the aggregate
dollar amount of the Restricted Share Units granted to such Participant as determined by the Committee in accordance with Section 4.1(c) by
(ii) the Market Price of the Common Shares on the Grant Date or, to the extent that the Grant Date occurs during a Blackout Period,
the tenth Business Day following the expiration of such Blackout Period. To the extent that the aggregate dollar value in (i) is
denominated in U.S. Dollars, the calculation to be performed pursuant to this Section 4.1(d) shall be performed following the
conversion of the aggregate dollar amount referenced in clause (i) to Canadian Dollars using the Applicable Exchange Rate.

 

(e)            The
Committee may determine from time to time that special circumstances exist that would reasonably justify the grant of Restricted Share
Units to a Participant as compensation in addition to any annual grant of Restricted Share Units which the Participant may otherwise receive
in accordance with this Section 4.1. Upon making such a determination, the Committee may grant Restricted Share Units to such a Participant
provided that the Restricted Share Units comply in all other respects with the terms and conditions of the Plan. Except as provided for
in this Section 4.1(e) and Sections 4.2 and 4.3, no further Restricted Share Units shall be granted under the Plan other than
by way of annual grant by the Committee.

 

     

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(f)            Subject
to the provisions of this Section 4.1(f), Section 4.1(i) and Section 6.2, each Restricted Share Unit which becomes
a Vested Unit pursuant to the provisions of the Plan shall give the Participant the right to receive either the Payout Amount or a Payout
Share. Except as provided in Section 4.2 and Section 6.2, a Participant who does not satisfy his or her Share Ownership Requirements
on the Election Deadline, as determined by the Committee, shall receive a Payout Share in respect of 50% of all of the Vested Units covered
by the relevant Grant Agreement (including, for greater certainty, all Restricted Share Units credited on such underlying Restricted Share
Units pursuant to Section 4.3) and shall not be entitled to elect to receive the Payout Amount in respect of such Vested Units (but
shall be entitled to elect to receive the Payout Amount or Payout Shares in respect of the other 50% of such Vested Units). A Participant
who satisfies his or her Share Ownership Requirements on the Election Deadline for a Restricted Share Unit shall have the right to elect
to receive the Payout Amount or, subject to the provisions of Section 6.2, a Payout Share in respect of all Vested Units covered
by the relevant Grant Agreement (including, for greater certainty, all Restricted Share Units credited on such underlying Restricted Share
Units pursuant to Section 4.3). The election to receive the Payout Amount or Payout Shares shall be made by the Participant
in writing to the Administrator on or before the Election Deadline for the applicable Restricted Share Units. For each Participant who
is entitled to elect to receive the Payout Amount or a Payout Share for Vested Units, if no election is provided by the Participant in
accordance with this Section 4.1(f), the Participant will be deemed to have elected to receive the Payout Amount upon the vesting
of his or her Restricted Share Units. Any election to receive Payout Shares by a Participant pursuant to this Section 4.1(f) may
be made in respect of 100% of the Vested Units covered by the relevant Grant Agreement (including, for greater certainty, all Restricted
Share Units credited on such underlying Restricted Share Units pursuant to Section 4.3) or, if made in respect of less than all such
Vested Units, must be made in respect of 50% of such Vested Units. The election or deemed election by a Participant to receive the
Payout Amount and/or Payout Shares for Vested Units covered by a Grant Agreement is not subject to change, revision or amendment by the
Participant following the applicable Election Deadline.

 

(g)            Notwithstanding
any other provision of the Plan or a Grant Agreement, Restricted Share Units granted under the Plan, if not redeemed or previously terminated
and forfeited in accordance with the Plan, shall terminate on and be of no further force and effect after the Expiry Date.

 

(h)            The
Committee shall designate, at the time of grant of Restricted Share Units, the date or dates on which all or a portion of the Restricted
Share Units shall become Vested Units, subject to any terms or conditions determined under Section 4.1(i). Unless otherwise determined
by the Committee to be earlier, and subject to Sections 4.2, 4.3, 5.2 and 5.3, the Vesting Date shall be the third anniversary of the
Grant Date in respect of any grant of Restricted Share Units. The Committee may, subsequent to the Grant Date, but prior to the Vesting
Date designated at the time of grant, designate an earlier date for vesting of all or any portion of Restricted Share Units then outstanding
and granted to a Participant under the Plan, in which event such unvested Restricted Share Units shall be deemed to be Vested Units on
such earlier date.

 

(i)            Subject
to the terms and conditions of the Plan, the Committee may determine the terms and conditions of any Restricted Share Units in addition
to those set forth herein at the time of grant or from time to time following the Grant Date, including any additional conditions with
respect to the vesting of Restricted Share Units, which do not conflict with the Plan. The Committee may, subsequent to the Grant Date,
waive any such term or condition or determine that it has been satisfied. The Committee may at any time, including in the circumstances
described in Section 6.2 or as otherwise required pursuant to Applicable Law, revoke or limit the right of a Participant to elect
to receive Payout Shares in respect of Vested Units. If the Committee accelerates the Vesting Date of Restricted Share Units it shall
provide at least 10 days prior written notice of such accelerated Vesting Date and any applicable Election Deadline to all affected
Participants in order to permit such Participants to elect to receive the Payout Amount or Payout Shares on or before such Vesting Date
in accordance with Section 4.1(f).

 

(j)            No
certificates shall be issued with respect to Restricted Share Units.

 

     

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(k)            All
Restricted Share Units granted hereunder shall be evidenced by a Grant Agreement between the Corporation and the Participant substantially
in the form of Schedule A hereto.

 

		4.2	Adjustments, Reorganizations and Change of Control

 

(a)            In
the event of any stock dividend, stock split, combination or exchange of shares, merger, consolidation, arrangement, amalgamation, spin-off
or other distribution (other than normal cash dividends) of the Corporation’s assets to the shareholders, or any other change affecting
the Common Shares, such proportionate adjustments, if any, as the Committee in its discretion may deem appropriate to reflect such change
shall be made with respect to the number of Restricted Share Units outstanding under the Plan. In the event the Corporation is not the
surviving entity in a merger, consolidation, arrangement, amalgamation or other similar transaction with another entity or in the event
of a liquidation or reorganization of the Corporation, and in the absence of any surviving entity’s assumption of the Plan and the
outstanding Restricted Share Units, the Committee may in its discretion and subject to Section 4.2(b), provide for appropriate settlements
of Restricted Share Units.

 

(b)            In
the event of a Change of Control, the Committee may in its discretion provide for appropriate settlements of Restricted Share Units or
for the successor or continuing entity to either assume outstanding Restricted Share Units or substitute Restricted Share Units with new
awards (such assumed or substituted Restricted Share Units, “Replacement Awards”) on terms determined by the Committee
in its sole discretion to be substantially equivalent to the terms of the Restricted Share Units held immediately prior to such Change
of Control (“Replaced Units”); provided that any Replacement Awards must: (i) have economic value substantially
equivalent to the value of the Replaced Units (determined at the time of the Change of Control); (ii) relate to publicly traded equity
securities; (iii) in the case of Affected Participants who are U.S. Taxpayers, comply with the requirements of Section 409A;
and (iv) contain other terms and conditions which are, in the aggregate, no less favourable to the Affected Participant than the
Replaced Units, including terms and conditions that provide that if there is an Involuntary Employment Action in respect of an Affected
Participant within 24 months following the Change of Control, any conditions on the Affected Participant’s rights under, or any
restrictions on vesting applicable to, such Replacement Awards held by such Affected Participant shall be waived or shall lapse, as the
case may be, and any performance-based restrictions shall be deemed to have been achieved at target level performance. The determination
of whether the conditions in the preceding sentence have been satisfied will be made by the Committee, as constituted immediately prior
to the Change of Control, in its sole discretion.

 

(c)            Where
any Restricted Share Units are settled and not assumed or substituted with Replacement Awards pursuant to Section 4.2(b), such Restricted
Share Units shall become Vested Units and shall be redeemed on the effective date of the consummation of the transaction(s) resulting
in the Change of Control. For purposes of determining the Payout Amount, the Market Price of such Restricted Share Units shall be calculated
as of the date that is immediately prior to the date of the Change of Control (in the case of a U.S. Taxpayer, in each case converted
to U.S. Dollars using the Applicable Exchange Rate for each underlying Restricted Share Unit).

 

     

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(d)            Subject
to Section 7.5, unless otherwise determined by the Committee:

 

		(i)	where Restricted Share Units are settled in accordance with Section 4.2(c), the Corporation shall pay the Payout Amount payable
in respect of such Restricted Share Units prior to the effective time of the Change of Control, and

 

		(ii)	where Restricted Share Units are settled in connection with an Involuntary Employment Action in respect of a Participant within 24
months following the Change of Control, the Corporation shall pay the Payout Amount payable in respect of such Units no later than 10
Business Days following the effective date of the Involuntary Employment Action,

 

except, in each case, to the extent that later payment is required
to comply with Section 409A.

 

(e)            For
greater certainty, the limitation in Section 4.1(f) that a Participant who does not satisfy his or her Share Ownership Requirements
on the Election Deadline will receive Payout Shares in respect of 50% of his or her Vested Units does not apply in connection with a Change
of Control or an Involuntary Employment Action within 24 months following a Change of Control, and the Affected Participant will receive
the Payout Amount in respect of all Vested Units.

 

		4.3	Dividend Equivalents

 

Each Participant’s Restricted
Share Unit Account shall be credited with additional Restricted Share Units equal to the “dividend equivalent” when a cash
dividend is paid on the Common Shares. Such “dividend equivalent” shall be equal to a fraction where the numerator is the
product of (x) the number of Restricted Share Units in such Participant’s Restricted Share Unit Account on the date that the
dividend is paid multiplied by (y) the dividend paid per Common Share and the denominator of which is the Market Price of one Common
Share calculated as of the date that the dividend is paid. Any additional Restricted Share Units credited to a Participant’s Restricted
Share Unit Account as a “dividend equivalent” shall have a Vesting Date which is the same as the Vesting Date for the Restricted
Share Units in respect of which such additional Restricted Share Units are credited.

 

Article 5

Payment and Participant’s Termination

 

		5.1	Payment

 

(a)            Subject
to the provisions of Sections 4.2, 5.3, 6.2 and 7.5, the Participant shall be entitled to receive, and the Corporation shall pay or deliver
or cause a Subsidiary to pay or deliver, as applicable, to the Participant, in accordance with the election (or deemed election) of such
Participant relating to such Restricted Share Units pursuant to Section 4.1(f), the Payout Amount or the Payout Share, as applicable,
in respect of each Vested Unit: (i) within 30 days of the applicable Pricing Date; or (ii) if a Blackout Period occurs following
a Pricing Date and prior to any payment pursuant to this Section 5.1(a)(i), within 30 days of the expiry of such Blackout Period,
but in either such case not later than December 31 of the year in which the Vesting Date occurs. Upon the Corporation having paid
the Payout Amount or delivered the Payout Share in respect of a Vested Unit, such Vested Unit in the Participant’s Restricted Share
Unit Account shall be terminated and cancelled.

 

     

    - 13 - 

    

(b)            Subject
to the provisions of Section 7.5, if a Participant has validly elected to receive or otherwise receives Payout Shares in respect
of Restricted Share Units which have become Vested Units, the Corporation shall deliver cash to the Administrator in an amount sufficient
and within such time period as is reasonable to permit the Administrator to: (i) purchase such Payout Shares on the TSX or the NYSE
or any other exchange on which the Common Shares are then listed and posted for trading; and (ii) deliver Payout Shares to Participants
equivalent in number to the number of such Vested Units, within the time period required pursuant to Section 5.1(a). No fractional
Common Shares may be paid to a Participant under the Plan. In the event that a Participant holds a fractional Vested Unit, the Participant
shall be entitled to receive, on delivery of its Payout Shares, a cash payment in respect of such fractional Vested Unit equal to such
fraction multiplied by the Market Price of one Common Share on the applicable Pricing Date (in the case of a U.S. Taxpayer, converted
to U.S. Dollars using the Applicable Exchange Rate for the underlying Restricted Share Units).

 

		5.2	Termination for Just Cause or by Voluntary Resignation

 

Notwithstanding anything else
contained herein, if a Participant has ceased to be an Employee by virtue of being terminated for Just Cause or voluntary resignation
other than for Good Reason, all unvested Restricted Share Units in such Participant’s Restricted Share Unit Account shall be cancelled
and the number of unvested Restricted Share Units in such account shall be deemed to be zero as of the Termination Date. Following the
Termination Date, such Participant shall have no rights with respect to such cancelled Restricted Share Units or to any further benefits
under the Plan, save and except for any Payout Amount or Payout Shares due and payable in respect of Vested Units for which the Vesting
Date occurred prior to the Termination Date and any Common Shares in such Participant’s Common Share Account.

 

		5.3	Death, Disability or Retirement of a Participant

 

If a Participant ceases to be
an Employee as a result of death, Disability or Retirement:

 

		(a)	notwithstanding Section 4.1(h), but subject to Section 5.3(b), all of the Restricted Share Units
of a Participant shall become Vested Units and shall be redeemed on the date of the death or Retirement of the Participant or on the date
on which the Participant’s employment is terminated as a result of the Disability of the Participant;

 

		(b)	the amount payable in respect of such Restricted Share Units:

 

		(i)	where the Participant has been in Service for less than 15 years, and in the case of Retirement, has provided
the Corporation and/or any of its Subsidiaries, as applicable, with at least 90 days’ prior written notice of such Retirement, shall
be prorated to reflect the actual period between the Grant Date and the date the Participant ceased to be employed as a result of death,
Disability or Retirement, as the case may be; and

 

		(ii)	where the Participant has been in Service for 15 years or more, and in the case of Retirement, has provided
the Corporation and/or any of its Subsidiaries, as applicable, with at least 90 days’ prior written notice of such Retirement, shall
be determined as if the Participant continued to be an Employee on the Vesting Date of each Restricted Share Unit in such Participant’s
Restricted Share Unit Account,

 

subject to the discretion of the Committee
to determine that special circumstances exist that reasonably justify an adjustment to the amount which would otherwise be paid to a Participant
pursuant to this Section 5.3(b); and

 

     

    - 14 - 

    

		(c)	in the case of the death of a Participant, the Participant’s designated beneficiary or estate will
be entitled to receive payment, if any, in respect of the Restricted Share Units of the Participant in accordance with paragraph (b) above.

 

For greater certainty,
a Participant who ceases to be employed as a result of death, Disability or Retirement will receive the Payout Amount in respect
of all Vested Units, as adjusted to the extent required in accordance with Section 5.3(b)(i), unless the Administrator has received
from the Participant a valid election to receive Payout Shares prior to the date of termination of Service. If a Participant retires pursuant
to Section 5.3(b)(i) and validly elects to receive Payout Shares, the number of Payout Shares to be delivered to such Participant
shall be equal to the aggregate Payout Amount in respect of such Participant’s Vested Units determined pursuant to Section 5.3(b)(i) divided
by the Market Price of one Common Share calculated as of the date of termination.

 

		5.4	Involuntary Termination

 

If a Participant ceases to be
an Employee as a result of involuntary termination other than (a) death, Disability or Retirement, (b) as a result of termination
for Just Cause or voluntary resignation, or (c) any circumstance that gives rise to the settlement of awards in accordance with Section 4.2(d):

 

		(a)	if the Vesting Date of a Restricted Share Unit occurs after the Termination Date such Restricted Share
Unit shall be terminated and cancelled and deemed to have zero value as of the effective date of termination; and

 

		(b)	if the Vesting Date of a Restricted Share Unit occurs on or prior to the Termination Date, such Restricted
Share Unit shall remain outstanding until paid and cancelled in accordance with Section 5.1.

 

Article 6

Settlement in Common Shares

 

		6.1	Delivery of Payout Shares

 

(a)            In
connection with the delivery of Payout Shares:

 

		(i)	any Common Shares purchased by the Administrator on a Participant’s behalf shall be allocated by
the Administrator to the Participant’s account with the Administrator or a financial intermediary approved by the Administrator
(the “Common Share Account”). The Participant shall receive an electronic and/or written notification following each
allocation of Payout Shares to the Participant’s Common Share Account in accordance with the customary reporting practices of the
Administrator; or

 

     

    - 15 - 

    

		(ii)	to the extent that the Corporation or any of its Subsidiaries acts as Administrator, the Participant will
be required to open an account with a financial intermediary approved by the Corporation, into which the Corporation shall credit any
Payout Shares payable to the Participant by book entry, direct registration advice or other electronic evidence of share ownership utilized
by such financial intermediary. If the Participant receives Payout Shares from the Corporation pursuant to this Section 6.1(a)(ii),
the Participant shall also receive an electronic or written notification from the Corporation of the number of Payout Shares deposited
by the Corporation with such Participant’s financial intermediary.

 

(b)            Any
evidence of share ownership delivered by the Administrator pursuant to the Plan shall be delivered to the Participant at the address of
the Participant on record with the Corporation or its Subsidiary, as applicable.

 

		6.2	Compliance with U.S. Securities Law

 

Notwithstanding any provision
of the Plan to the contrary, the delivery of Payout Shares pursuant to the Plan will be subject to compliance with all Applicable Laws
with respect to such securities and with the requirements of any stock exchange or marketplace upon which the Common Shares may then be
listed. Without limiting the foregoing, no Participant shall be entitled to elect to receive (or receive) Payout Shares, and no Payout
Shares shall be delivered, under the Plan unless (a) a registration statement under the U.S. Securities Act of 1933, as amended (the
 “Securities Act”), has, at the time of delivery, been filed with the U.S. Securities and Exchange Commission and is
effective with respect to the Payout Shares delivered under the Plan or (b) in the absence of an effective registration statement
under the Securities Act, Payout Shares may be delivered to a Participant under the Plan in the sole discretion of the Corporation, if
in the opinion of legal counsel to the Corporation, (i) the Payout Shares to be delivered under the Plan may be delivered to such
Participant in accordance with the terms of an applicable exemption from the registration requirements of the Securities Act and (ii) such
Participant is eligible to receive such Payout Shares pursuant to the applicable exemption. A PARTICIPANT IS CAUTIONED THAT DELIVERY OF
PAYOUT SHARES UPON THE VESTING OF RESTRICTED SHARE UNITS GRANTED PURSUANT TO THE PLAN MAY NOT OCCUR UNLESS THE FOREGOING CONDITIONS
ARE SATISFIED. The inability of the Corporation to obtain from any regulatory body having jurisdiction the authority, if any, deemed by
the Corporation’s legal counsel to be necessary for the lawful delivery of Payout Shares will relieve the Corporation of any liability
in respect of the failure to deliver such Payout Shares as to which such requisite authority has not been obtained. As a condition to
any delivery of Payout Shares, the Corporation may require the Participant to satisfy any qualifications that may be necessary or appropriate
to evidence compliance with any Applicable Law (including any applicable exemption from the registration requirements of the Securities
Act) and to make any representation or warranty with respect to such compliance as may be requested by the Corporation. In addition, in
the sole discretion of the Corporation, in the event that any Payout Shares will be delivered under the Plan to any Participant pursuant
to an exemption from the registration requirements of the Securities Act, the Corporation shall be entitled to place such legends or similar
restrictions on such Payout Shares as may be required to identify such Payout Shares as “restricted securities” within the
meaning of Rule 144(a)(3) under the Securities Act, if in the opinion of legal counsel to the Corporation such action is required
under Applicable Law to comply with such exemption from registration. From time to time, the Board, the Committee and appropriate officers
of the Corporation are authorized to take the actions necessary and appropriate to file required documents with governmental authorities,
stock exchanges, and other appropriate Persons to permit or facilitate the delivery of Common Shares pursuant to the Plan.

 

     

    - 16 - 

    

Article 7

Administration

 

		7.1	Administration

 

The Plan shall be administered
by the Committee. Among other things, the Committee shall have full and complete authority to: (a) interpret the Plan; (b) establish,
amend and rescind any rules and regulations relating to the Plan; (c) make any other determinations that it deems necessary
or desirable for the administration of the Plan, including any determination required to comply with Section 409A; and (d) subject
to the terms of the Plan, delegate to Employees or to third parties, including the Administrator, the whole or any part of the administration
of the Plan and determine the scope and terms and conditions of such delegation, including the authority to prescribe rules and regulations
under the Plan. The Committee may correct any defect or supply any omission or reconcile any inconsistency in the Plan in the manner and
to the extent the Committee deems necessary or desirable. Any decisions of the Committee in the interpretation and administration of the
Plan, as described herein, shall lie within its sole and absolute discretion and shall be final, conclusive and binding on all parties
concerned and their beneficiaries, legal representatives and successors, as applicable, and the shareholders of the Corporation.

 

		7.2	Unfunded Obligation

 

Unless otherwise determined
by the Committee, the Plan will be an unfunded obligation of the Corporation and the Corporation’s obligations hereunder shall constitute
general, unsecured obligations, payable solely out of its general assets, and no Participant or other person shall have any right to any
specific assets of the Corporation. The Corporation shall not segregate any assets for the purpose of funding its obligations with respect
to the Restricted Share Units granted hereunder and shall not be deemed to be a trustee of any amounts to be distributed or paid pursuant
to the Plan. No liability or obligation of the Corporation under the Plan shall be deemed to be secured by any pledge of, or encumbrance
on, any property or assets of the Corporation. To the extent any individual holds rights under the Plan, such rights (unless otherwise
determined by the Committee) shall be no greater than the rights of an unsecured general creditor of the Corporation.

 

		7.3	Amendment, Suspension and Termination

 

The Plan may be amended, suspended
or terminated at any time by the Board, in whole or in part, except as to rights already accrued by the Participants (unless such Participant
consents to any such change in writing). If the Plan is terminated, prior awards shall, at the discretion of the Committee, either (a) become
immediately payable in accordance with Section 4.2, 5.1 or 5.3, as applicable, or (b) remain outstanding and in effect in accordance
with their applicable terms and conditions.

 

		7.4	Cost of Administration

 

The Corporation will be responsible
for all costs relating to the administration of the Plan.

 

     

    - 17 - 

    

		7.5	Withholding Taxes

 

If the Corporation or a Subsidiary
shall be required to withhold any amounts by reason of any federal, provincial, state or local tax rules or regulations in respect
of the payment of a Payout Amount or the delivery of Payout Shares to a Participant, the Corporation or the Subsidiary shall be entitled
to deduct and withhold such amounts from the entitlements of Participants in respect of Vested Units, from other income of the Participant
or, alternatively, the Corporation or Subsidiary shall require the Participant to provide funds to satisfy such withholding obligation
or make other arrangements that are satisfactory to the Corporation or Subsidiary, as the case may be.

 

Article 8

Clawback

 

		8.1	Clawback of Payout Amounts, Payout Shares and Restricted Share Units

 

Notwithstanding any other provision
of the Plan, in the event of:

 

		(a)	a restatement of financial results of the Corporation or of any Subsidiary employer of a Participant due
to material non-compliance with any financial reporting requirement under applicable laws, other than as a result of a change or amendment
in accounting principles or applicable laws (a "Restatement"); or

 

		(b)	the determination by the Committee that fraud, gross negligence or intentional misconduct by one or more
Participants has occurred, whether or not such conduct gives rise to a Restatement,

 

the Committee may determine to recoup, require
repayment of or cancel any compensation linked to the financial or share performance of the Corporation paid, awarded or granted to any
Participant, including any arising pursuant to the Plan, and any profits realized from the sale of Payout Shares by any such Participant,
in each case in respect of the 12 month period following the first public issuance or filing of the financial results that are subject
of the Restatement, or if there is no Restatement, any event of fraud, gross negligence or intentional misconduct.

 

Article 9

Assignment

 

		9.1	No Assignment

 

A Restricted Share Unit is personal
to the Participant and is non-assignable. No Restricted Share Unit granted hereunder shall be pledged, hypothecated, charged, transferred,
assigned or otherwise encumbered or disposed of by the Participant, whether voluntarily or by operation of law, otherwise than by testate
succession or the laws of descent and distribution, and any attempt to do so will cause such Restricted Share Unit to be null and void.
During the lifetime of the Participant, a Restricted Share Unit shall be redeemable only by the Participant and, upon the death of a Participant,
the person to whom the rights shall have passed by testate succession or by the laws of descent and distribution may redeem any Restricted
Share Units in accordance with the terms hereof and the Grant Agreement. For greater certainty, the limitations imposed by this Section 9.1
do not apply in any way to Payout Shares which are held in the Common Share Account of or have been delivered to a Participant in the
Plan, however held.

 

     

    - 18 - 

    

		9.2	Currency

 

All payments under the Plan
shall be made in Canadian dollars, except payments made to Participants who are U.S. Taxpayers, which will be denominated in U.S. Dollars.

 

		9.3	Successors and Assigns

 

The Plan shall be binding on
all successors and assigns of the Corporation and a Participant, including, without limitation, the estate of such Participant and the
executor, administrator or trustee of such estate, or any receiver or trustee in bankruptcy or representative of the Participant’s
creditors.

 

Article 10

Certain Rules Applicable to U.S. TAXPAYERS

 

		10.1	Intent

 

To the extent applicable to
a Participant, it is intended that each Restricted Share Unit granted under the Plan shall be exempt from or comply with the requirements
of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”). Notwithstanding the foregoing,
the tax treatment of the benefits provided under the Plan is not warranted or guaranteed. Neither the Corporation, its Subsidiaries nor
their respective directors, officers, employees or advisers shall be held liable for any taxes, interest, penalties or other monetary
amounts owed by a Participant (or any other individual claiming a benefit through the Participant) as a result of the Plan.

 

		10.2	Separation from Service

 

If the Committee determines
in its sole discretion that any Restricted Share Unit granted to a Participant who is at the time of the grant, or subsequently becomes,
a U.S. Taxpayer must comply with Section 409A, references in the Plan to a termination or cessation of employment or like terms shall
mean, with respect to such U.S. Taxpayer, a “separation from service” as defined under Section 409A.

 

		10.3	Six-Month Delay

 

Notwithstanding anything in
the Plan to the contrary, if at the time of a U.S. Taxpayer’s separation from service, the Committee determines in its sole
discretion (a) that such U.S. Taxpayer is considered to be a “specified employee” within the meaning of Section 409A
and (b) that any Restricted Share Unit of such U.S. Taxpayer must comply with Section 409A, and such Restriction Share Unit
is payable upon the U.S. Taxpayer’s separation from service, such payment shall not commence prior to the first Business Day following
the date which is six months after the U.S. Taxpayer’s separation from service (or if earlier than the end of the six month period,
the date of the U.S. Taxpayer’s death). For the avoidance of doubt, the provisions of this Section 10.3 shall not apply to
(i) any payment that becomes due on a Pricing Date that occurs prior to the U.S. Taxpayer’s separation from service, (ii) any
payment that becomes due as a result of the U.S. Taxpayer’s death, and (iii) any payment with respect to a Restricted Share
Unit that qualifies for an exception to the requirements of Section 409A.

 

     

    - 19 - 

    

		10.4	Good Reason

 

Notwithstanding the definition
of "Good Reason" in Section 1.3 of the Plan, a U.S. Taxpayer shall not be considered to have terminated his or her employment
for Good Reason unless the termination qualifies for the safe harbor provided in Section 1.409A-1(n)(2)(ii) of the Treasury
Regulations.

 

		10.5	Impact of Blackout Period

 

Notwithstanding anything in
the Plan to the contrary, if the Committee determines in its sole discretion that any Restricted Share Unit granted to a Participant who
is at the time of the grant, or subsequently becomes, a U.S. Taxpayer must comply with Section 409A and if such Restricted Share
Unit becomes a Vested Unit on or before December 31 of any year, but due to the continuance of a Blackout Period or otherwise, the
U.S. Taxpayer would not otherwise receive the Payout Amount or Payout Share in respect of such Vested Unit pursuant to Section 4.2,
5.1, 5.3, as applicable, before March 15 of the immediately following year (the “Outside Date”), the Corporation
shall, irrespective of any election to receive a Payout Share made pursuant to Section 4.1(f), satisfy its obligation in respect
of such Vested Unit by paying the Payout Amount in respect of such Vested Unit before the Outside Date. If the Payout Amount is paid to
a U.S. Taxpayer pursuant to this Section 10.5, such Payout Amount shall be determined using a Market Price fixed by the Committee,
acting reasonably (converted to U.S. Dollars using the Applicable Exchange Rate for the underlying Restricted Share Units).

 

		10.6	Risk of Forfeiture

 

Notwithstanding
anything in the Plan to the contrary, no payment hereunder shall be made to a U.S. Taxpayer pursuant to Section 4.2 or Article 5
in respect of any Restricted Share Unit, including any Payout Amount or Payout Share, unless such U.S. Taxpayer is an Employee on the
date that such payment is made to such U.S. Taxpayer, except that in the case of a U.S. Taxpayer whose employment is terminated for
any reason (including death or Disability or an Involuntary Employment Action), payment may be made to such U.S. Taxpayer at any time
before March 15th of the year immediately following the year in which such termination takes place.

 

     

     

    

 

Schedule
A

 

FORM OF
GRANT AGREEMENT

 

This agreement is entered into
this _____day of _________________, 20_____, between Fortis Inc. (the “Corporation”) and __________________________________
(the “Participant”) pursuant to the 2020 restricted share unit plan (the “Plan”) adopted by
the Corporation as on January 1, 2020, as may be amended, restated, supplemented or otherwise modified from time to time.

 

Pursuant to and in accordance
with the Plan and in consideration of [Cdn.$1.00 / US$1.00] and services rendered by such Participant to the Corporation, the Corporation
agrees to grant the following restricted share units (the “Restricted Share Units”) of the Corporation to the Participant:

 

	Number of Restricted

 Share Units	Grant Date	Election Deadline	Vesting Date
	 	 	 	 

 

In addition to the terms set
out in this agreement, the granting and redemption of the Restricted Share Units are subject to the terms and conditions of the Plan,
all of which are incorporated into and form an integral part of this agreement, including the termination provisions set forth in Article 5.

 

This agreement shall be binding
upon and enure to the benefit of the Corporation, its successors and assigns and the Participant and the legal representatives of his
or her estate and any other person who acquires the Participant’s rights in respect of the Restricted Share Units by testate succession
or by the laws of descent and distribution.

 

By executing this agreement,
the Participant confirms and acknowledges that he or she: (a) has been provided with a copy of the Plan and has reviewed the Plan,
including the termination provisions set forth in Article 5, prior to executing the agreement; (b) has been given adequate opportunity
to review and discuss the agreement and the transactions contemplated hereby with legal counsel or other advisors, (c) has not been
induced to enter into this agreement or acquire any Restricted Share Units by expectation of employment or continued employment with the
Corporation; (d) fully understands his or her rights and obligations under this agreement and is executing this agreement voluntarily;
and (e) is bound by all of the terms and conditions of this agreement and the Plan applicable to the Restricted Share Units.

 

The Participant acknowledges
and agrees that he or she will not be entitled to elect to receive the Payout Amount under the Plan and shall receive a Payout Share for
50% of the Vested Units covered by this agreement where the Participant does not satisfy his or her Share Ownership Requirements on the
Election Deadline for the Restricted Share Units covered by this agreement (including any Restricted Share Units credited in respect of
such Restricted Share Units pursuant to Section 4.3 of the Plan). In certain other circumstances enumerated in the Plan, the Participant
may lose the right to elect to receive Payout Shares. Any election to receive Payout Shares must be made in respect of 50% or 100% of
the Restricted Share Units covered by this agreement (including any Restricted Share Units credited in respect of such Restricted Share
Units pursuant to Section 4.3 of the Plan).

 

     

     - 2 -

    

If no election is provided
by an eligible Participant in writing to the Administrator on or before the Election Deadline, the Participant will be deemed to have
elected to receive the Payout Amount in respect of each Vested Unit.

 

Notwithstanding the above, the
Participant acknowledges and agrees that there are certain circumstances, as enumerated in the Plan, pursuant to which his or her Restricted
Share Units may be cancelled or he or she may not receive a Payout Amount. Among other things, the Participant’s right to a Restricted
Share Unit or to receive a Payout Amount may be impacted by a number of factors, including but not limited to, the termination of the
Plan by the Corporation, a clawback pursuant to Article 8 of the Plan, a Change of Control, termination or voluntary resignation
of the Participant’s employment (including termination for Just Cause and involuntary termination) or death, Disability or Retirement
of the Participant. For greater certainty, the Participant confirms and acknowledges that he or she has: (a) reviewed and fully understands
the implications of the Plan, including: (i) Article 5 (Payment and Participant’s Termination) of the Plan, as modified
by Article 10 in the case of a U.S. Taxpayer; and (ii) Article 8 (Clawback); and (b) been given adequate opportunity
to review and discuss such provisions of the Plan with the Corporation, independent legal counsel and any other applicable advisers.

 

If you are or become a U.S. Taxpayer after the
date of this agreement, please contact your local Human Resources Department.

 

[Remainder of page intentionally left blank.]

 

     

     

    

 

	 	FORTIS INC.
	 	 
	 	by	 
	 	 	Name:
	 	 	Title:

 

	 	 	 
	 	 	[Participant]Exhibit 10.1

 

COOPERATION AGREEMENT

 

This COOPERATION AGREEMENT
(this “Agreement”) is made and entered into as of December 16, 2021, by and among Comtech Telecommunications Corp.,
a Delaware corporation (the “Company”), on the one hand, and Outerbridge Partners, LP, a Delaware limited partnership,
Outerbridge Capital Management, LLC, a Delaware limited liability company, Outerbridge Partners GP, LLC, a Delaware limited liability
company, Outerbridge Bartleby Fund, LP, a Delaware limited partnership, Outerbridge Bartleby GP, LLC, a Delaware limited liability company,
and Rory Wallace (collectively, “Outerbridge”), on the other hand. The Company and Outerbridge are each herein referred
to as a “party” and collectively, the “parties.”

 

WHEREAS, on September 8,
2021, Outerbridge submitted to the Company notice of its intent to nominate candidates for election to the Board of Directors of the Company
(the “Board”) at the Company’s Fiscal 2021 Annual Meeting of Stockholders (the “2021 Annual Meeting”);

 

WHEREAS, on October 27,
2021, Outerbridge made a demand to inspect the books and records of the Company;

 

WHEREAS, on November 12,
2021, Outerbridge filed a definitive proxy statement with the SEC and commenced solicitation of proxies to elect two director nominees
at the 2021 Annual Meeting; and

 

WHEREAS, the Company and Outerbridge
have determined to come to an agreement with respect to the composition of the Board and certain other matters, as provided in this Agreement;

 

NOW, THEREFORE, in consideration
of the foregoing premises and the mutual covenants and agreements contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound hereby, agree as follows:

 

		1.	Board Composition and Related Matters.

 

(a)            Effective
upon the execution of this Agreement, Outerbridge hereby withdraws (i) its notice of nomination to the Company, dated as of September 8,
2021, in respect of its intention to nominate, and to solicit proxies for the election of, director candidates to the Board at the 2021
Annual Meeting and (ii) its demand to inspect the books and records of the Company, dated October 27, 2021.

 

(b)            On
January 3, 2022, and effective on such date, the Board shall appoint Wendi B. Carpenter (as appointed, and including any replacement
therefor pursuant to Section ‎1(h), the “Outerbridge Nominee”) as a director in the class of directors
serving until the Company’s Fiscal 2022 Annual Meeting of Stockholders (the “2022 Annual Meeting”).

 

(c)            Following
her appointment to the Board, Ms. Carpenter will provide the Company with (i) a completed director questionnaire in the form
provided to all directors and (ii) information and certifications currently required of all directors pursuant to the Company’s
Restated Certificate of Incorporation (as amended from time to time, the “Certificate of Incorporation”), the Company’s
Third Amended and Restated By-Laws (as amended from time to time, the “By-Laws”), and the Company’s publicly
disclosed committee charters, corporate governance guidelines and similar publicly-disclosed governance documents (collectively with the
Certificate of Incorporation and By-laws, the “Governance Documents”). The Company agrees and acknowledges that Ms. Carpenter
shall have the same rights and benefits, including with respect to insurance, indemnification, compensation and fees, as are applicable
to all non-management directors of the Company.

 

     

     

    

 

(d)            Concurrently
with Ms. Carpenter’s appointment to the Board, the Board shall take the necessary steps to appoint and seat Ms. Carpenter
on the Nominating and Governance Committee of the Board. The Company agrees to appoint Ms. Carpenter to any new committee of the
Board formed by the Board prior to the Termination Date, including any committee that may be established in connection with reviewing
any Extraordinary Transaction, subject to applicable rules of the SEC and of any stock exchange on which the Company is traded, and
Ms. Carpenter shall be entitled to continuously serve on such committee or committees to which she is appointed pursuant to this
Section ‎1(d) until the Termination Date.

 

(e)            The
Company and Outerbridge shall cooperate in good faith and follow the procedures specified in this Section ‎1(e) to
identify and agree upon a Qualified Candidate to be appointed to the Board (as appointed, and including any replacement therefor pursuant
to Section ‎1(h), the “Additional Director”) prior to March 31, 2022. The Outerbridge Nominee
and the Additional Director shall be referred to herein as the “New Directors.” Following execution of this Agreement,
the Company will promptly direct one or more director search firms to conduct a search for the Additional Director but in any event no
later than January 15, 2022. The Company and Outerbridge may both contribute names of Qualified Candidates to the search firm. Outerbridge
shall provide to the Company a copy of materials from any background check it has already performed on such potential director. The search
firm will subsequently present the results of its search to both the Company and Outerbridge, and each shall have the ability to interview
the persons identified. The Additional Director will be selected from this list based on the mutual agreement of the Company and Outerbridge
(which discussions shall be conducted reasonably and in good faith), subject to a standard background check that is performed for any
director candidate. To the extent the Company and Outerbridge cannot agree on the Additional Director candidate, the parties shall continue
to follow the procedures of this Section 1(e) until a candidate mutually agreed upon by the parties is appointed to the Board
as the Additional Director.

 

(f)             Outerbridge
acknowledges and agrees that: (A) consistent with her fiduciary duties as a director of the Company, Ms. Carpenter shall be
obligated to recuse herself from any Board or committee meeting in the event there is any other actual or potential conflict of interest
between Outerbridge (solely as it relates to any disputes with Outerbridge) or Ms. Carpenter, on the one hand, and the Company ,
on the other hand; and (B) the Board may restrict Ms. Carpenter’s access to information of the Company to the same extent
it would for any other director of the Company, in accordance with applicable law.

 

(g)            Outerbridge
agrees that there shall be no contracts, plans or arrangements, written or otherwise, in effect during the term of this Agreement, between
Outerbridge and any New Director providing for any compensation, reimbursement of expenses or indemnification of the New Director in connection
with or related to the New Director’s service on the Board.

 

    2

     

    

 

(h)            Until
the Termination Date and as long as Outerbridge’s Net Long Position exceeds 1.5% of the outstanding shares of the Company’s
common stock, par value $0.10 per share (the “Common Stock”), subject to adjustment for stock splits, reclassifications
and combinations (the “Ownership Minimum”), in the event that a New Director is unable or unwilling to serve as a director,
resigns as a director, is removed as a director or ceases to be a director for any other reason before the Termination Date, the Company
and Outerbridge would undertake the same process as specified in Section ‎1(e) to facilitate the appointment of a
Qualified Candidate to serve as a replacement director (as appointed, the “Replacement Designee”) by the date that
is sixty (60) days after departure of the departing New Director. Following such appointment, the Replacement Designee would be a New
Director for purposes of this Agreement.

 

(i)            The
Board shall consider nominating Ms. Carpenter for election to the Board at the 2022 Annual Meeting in good faith and in the same
manner the Board considers the nomination of all incumbent directors. In the event the Board decides not to so nominate Ms. Carpenter,
the Board shall cooperate with Outerbridge in identifying an alternative to Ms. Carpenter for election to the Board at the 2022 Annual
Meeting..

 

(j)             Outerbridge
shall not submit any proxies it has received at the 2021 Annual Meeting and shall encourage stockholders of the Company to vote in accordance
with the Company’s recommendations at such meeting.

 

(k)             Outerbridge
acknowledges and agrees that, upon appointment or election to the Board, each New Director shall receive a secured Company email address
and shall be required to use such secured address for all Company communications.

 

(l)             Outerbridge
acknowledges and agrees that the rights of Outerbridge and the obligations of the Company pursuant to this Section 1 shall
terminate immediately upon the occurrence of the Termination Date.

 

2.            Voting
Commitment. Until the Termination Date, Outerbridge shall, or shall cause their Representatives
to, appear in person or by proxy at each Stockholder Meeting and to vote all shares of Common Stock beneficially owned by it and over
which it has voting power in accordance with the Board’s recommendations as such recommendations of the Board are set forth in the
applicable definitive proxy statement filed in respect thereof with respect to all proposals put to stockholders at such meeting other
than proposals with respect to an Extraordinary Transaction, in each case as such recommendation of the Board is set forth in the applicable
definitive proxy statement filed in respect thereof; provided, however, that in the event Institutional Shareholder Services, Inc.
(“ISS”) makes voting recommendations that differ from the voting recommendation of the Board with respect to any proposal
(other than proposals to elect or remove directors) submitted to the stockholders at any Stockholder Meeting, Outerbridge shall be permitted
to vote all or a portion of shares of Common Stock they beneficially own and over which they have voting power at such Stockholder Meeting
in accordance with the applicable ISS recommendations; provided, further, that if the Board does not re-nominate Ms. Carpenter
for election to the Board at the 2022 Annual Meeting, Outerbridge will be permitted to vote its shares of Common Stock as it sees fit
at the 2022 Annual Meeting, including with respect to the election of directors.

 

    3

     

    

 

3.            Standstill.
Prior to the Termination Date, except as otherwise provided in this Agreement (including Section ‎11(a)), without the
prior written consent of the Board, Outerbridge shall not, and shall instruct their Affiliates, not to, directly or indirectly (in each
case, except as permitted by this Agreement):

 

(a)            sell
its shares of Common Stock, other than in open market sale transactions where the identity of the purchaser is not known and in underwritten
widely dispersed public offerings, to any Third Party that, to Outerbridge’s knowledge (after due inquiry in connection with a private,
non-open market transaction, it being understood that such knowledge shall be deemed to exist with respect to any publicly available information,
including information in documents filed with the SEC), would result in such Third Party, together with its Affiliates and Associates,
owning, controlling or otherwise having any beneficial or other ownership interest in the aggregate of more than 4.9% of the shares of
Common Stock outstanding at such time or would increase the beneficial ownership interest of any Third Party who, together with its Affiliates
and Associates, has a beneficial or other ownership interest in the aggregate of more than 4.9% of the shares of Common Stock outstanding
at such time;

 

(b)            (i) other
than pursuant to Sections ‎1(e) and ‎1(h), nominate, recommend for nomination or give notice of an intent to
nominate or recommend for nomination a person for election at any Stockholder Meeting at which the Company’s directors are to be
elected; (ii) initiate, knowingly encourage or participate in any solicitation of proxies in respect of any election contest or removal
contest with respect to the Company’s directors; (iii) submit, initiate, make or be a proponent of any stockholder proposal
for consideration at, or bring any other business before, any Stockholder Meeting; (iv) initiate, knowingly encourage or participate
in any solicitation of proxies in respect of any stockholder proposal for consideration at, or other business brought before, any Stockholder
Meeting; or (v) initiate, knowingly encourage or participate in any “withhold” or similar campaign with respect to any
Stockholder Meeting; or (vi) call or seek to call, or request the call of, alone or in concert with others, any Stockholder Meeting,
whether or not such a meeting is permitted by the Certificate of Incorporation or By-Laws, including any “town hall” meeting”;

 

(c)            form,
join or in any way participate in any group or agreement of any kind with respect to any voting securities of the Company, including in
connection with any election or removal contest with respect to the Company’s directors or any stockholder proposal or other business
brought before any Stockholder Meeting (other than among the Outerbridge entities and individual set forth on the signature page attached
hereto or with one or more of Outerbridge’s Affiliates and Associates who are instructed to comply by the terms and conditions of
this Agreement);

 

(d)            deposit
any voting securities of the Company in any voting trust or subject any Company voting securities to any arrangement or agreement with
respect to the voting thereof (other than any such voting trust, arrangement or agreement solely among the Outerbridge entities and individual
set forth on the signature page attached hereto and otherwise in accordance with this Agreement);

 

(e)            seek
publicly, alone or in concert with others, to amend any provision of the Certificate of Incorporation or By-Laws;

 

    4

     

    

 

(f)             demand
an inspection of the Company’s books and records;

 

(g)            (i) without
the prior written consent of the Company, make any public proposal with respect to or (ii) make any public statement or otherwise
seek to encourage, advise or assist any person in so encouraging or advising with respect to: (A) any change in the number or term
of directors serving on the Board or the filling of any vacancies on the Board other than as provided under Section 1 of this Agreement,
(B) any change in the capitalization or dividend policy of the Company, (C) any other change in the Company’s management,
governance, corporate structure, affairs or policies, (D) any Extraordinary Transaction, (E) causing a class of securities of
the Company to be delisted from, or to cease to be authorized to be quoted on, any securities exchange or (F) causing a class of
equity securities of the Company to become eligible for termination of registration pursuant to Section 12(g)(4) of the Exchange
Act;

 

(h)            initiate,
make or in any way participate, directly or indirectly, in any Extraordinary Transaction or make, directly or indirectly, any proposal,
either alone or in concert with others, to the Company or the Board that would reasonably be expected to require a public announcement
or disclosure regarding any such matter;

 

(i)             effect
or seek to effect, offer or propose to effect, cause or participate in, or in any way assist or knowingly facilitate any other person
to effect or seek, offer or propose to effect or participate in, any (i) material acquisition of any assets or businesses of the
Company or any of its subsidiaries; (ii) tender offer or exchange offer, merger, acquisition, share exchange or other business combination
involving any of the voting securities or any of the material assets or businesses of the Company or any of its subsidiaries; or (iii) recapitalization,
restructuring, liquidation, dissolution or other material transaction with respect to the Company or any of its subsidiaries or any material
portion of its or their businesses;

 

(j)             enter
into any negotiations, agreements or understandings with any Third Party with respect to any of the foregoing, or advise, assist, encourage
or seek to persuade any Third Party to take any action with respect to any of the foregoing, or otherwise take or cause any action inconsistent
with any of the foregoing;

 

(k)            publicly
make or in any way advance publicly any request or proposal that the Company or the Board amend, modify or waive any provision of this
Agreement;

 

(l)             in
connection with a Stockholder Meeting, publicly disclose any vote by Outerbridge against voting recommendations of the Board where such
vote is made in accordance with Section ‎2 or in violation of this Agreement; or

 

(m)           take
any action challenging the validity or enforceability of this Section 3 or this Agreement unless the Company is challenging
the validity or enforceability of this Agreement.

 

    5

     

    

 

Provided, however, that (i) the restrictions
in this Section 3 shall not prevent Outerbridge from making (a) any factual statement as required by applicable legal
process, subpoena or legal requirement from any governmental authority with competent jurisdiction over the party from whom information
is sought (so long as such request did not arise as a result of action by Outerbridge), (b) communicating privately to the Company
with the Company’s directors or officers so long as such private communications would not be reasonably determined to trigger public
disclosure obligations for any party or contravene any of the provisions of this Section 3, or (c) any confidential communication
to the Company that would not be reasonably expected to trigger public disclosure obligations for either party and (ii) the restrictions
in this Section 3 shall not restrict Outerbridge from tendering shares, receiving payment for shares or otherwise participating
in any such transaction on the same basis as the other stockholders of the Company or from participating in any such transaction that
has been approved by the Board, subject to the other terms of this Agreement. For the avoidance of doubt, nothing in this Section 3
shall be deemed to limit the exercise in good faith by any New Director of her or his fiduciary duties in her or his capacity as a director
of the Company. Outerbridge shall promptly (and in any event within five business days) inform the Company in writing if Outerbridge fails
to satisfy the Ownership Minimum at any time.

 

4.            Mutual
Non-Disparagement. Prior to the Termination Date, without the prior written consent of the
other party, neither party shall, nor shall it permit any of its Representatives to make any public statement about the other party, the
other party’s current or former directors in their capacity as such, officers or employees (including with respect to such persons’
service at the other party), the other party’s subsidiaries, or the business of the other party’s subsidiaries or any of its
or its subsidiaries’ current directors, officers or employees, including the business and current or former directors, officers
and employees of the other party’s controlled Affiliates, as applicable, that undermines, disparages or otherwise reflects detrimentally
on the other party. The restrictions in this Section 4 shall not (x) apply (i) in any compelled testimony or production
of information, whether by legal process, subpoena or as part of a response to a request for information from any governmental or regulatory
authority with jurisdiction over the party from whom information is sought, in each case, to the extent required, or (ii) to any
disclosure that such party reasonably believes, after consultation with outside counsel, to be legally required by applicable law, rules or
regulations; or (y) prohibit any party from reporting what it reasonably believes, after consultation with outside counsel, to be
violations of federal law or regulation to any governmental authority pursuant to Section 21F of the Exchange Act or Rule 21F
promulgated thereunder.

 

5.            No
Litigation. Prior to the Termination Date, each party hereby covenants and agrees that it
shall not, and shall not permit any of its Representatives to, directly or indirectly, alone or in concert with others, encourage, pursue
or assist any other person to threaten or initiate, any lawsuit, claim or proceeding before any court (each, a “Legal Proceeding”)
against the other party or any of its Representatives based on information known or unknown as of the date of this Agreement, except for
(a) any Legal Proceeding initiated primarily to remedy a breach of or to enforce this Agreement and (b) counterclaims with respect
to any proceeding initiated by, or on behalf of one party or its Affiliates against the other party or its Affiliates; provided,
however, that the foregoing shall not prevent any party or any of its Representatives from responding to oral questions, interrogatories,
requests for information or documents, subpoenas, civil investigative demands or similar processes (each, a “Legal Requirement”)
in connection with any Legal Proceeding if such Legal Proceeding has not been initiated by, on behalf of or at the direct or indirect
suggestion of such party or any of its Representatives; provided, further, that in the event any party or any of its Representatives
receives such Legal Requirement, such party shall give prompt written notice of such Legal Requirement to the other party (except where
such notice would be legally prohibited or not practicable). Each party represents and warrants that neither it nor any assignee has filed
any lawsuit against the other party.

 

    6

     

    

 

6.            Public
Statements; SEC Filings.

 

(a)            On
the date of this Agreement, the Company shall issue a press release (the “Press Release”) announcing this Agreement,
substantially in the form attached hereto as Exhibit A. Prior to the issuance of the Press Release, neither the Company nor
Outerbridge shall issue any press release or public announcement regarding this Agreement without the prior written consent of the other
party.

 

(b)            Within
2 business days following the date of this Agreement, the Company shall submit to the SEC for filing a Current Report on Form 8-K
setting forth a brief description of the terms of this Agreement, including the appointment of Ms. Carpenter to the Board, and appending
this Agreement as an exhibit thereto (the “Form 8-K”). The Company shall provide Outerbridge and their Representatives
with a reasonable opportunity to review and comment on the Form 8-K prior to the submission to the SEC and consider in good faith
any comments of Outerbridge and their Representatives.

 

(c)            Except
for the issuance of the Press Release and the submission of the Form 8-K, no party shall issue any press release or other public
statement (including in any filing required under the Exchange Act) about the subject matter of this Agreement or the other party, except
as required by law, Legal Requirement or applicable stock exchange listing rules or with the prior written consent of the other party
and otherwise in accordance with this Agreement.

 

(d)            On
the date of this Agreement, each party shall take down the websites that were established specifically in connection with the contested
solicitation for the 2021 Annual Meeting prior to the execution of this Agreement.

 

7.            Confidentiality.
Outerbridge acknowledges and agrees that the New Directors shall be subject to confidentiality obligations under Delaware law and the
Governance Documents and the Company’s customary forms of agreements with members of the Board and will have access to information
concerning the Company that constitutes material non-public information under applicable federal and state securities laws, and no New
Director shall be asked to share any such material non-public information with Outerbridge.

 

8.            Compliance
with Securities Laws. Outerbridge acknowledges that it understands its obligations under
the U.S. securities laws. The Company acknowledges that none of the provisions herein shall in any way limit the activities of Outerbridge
or their Representatives in their respective ordinary course of businesses if such activities will not violate applicable securities laws
or the obligations specifically agreed to under this Agreement.

 

9.            Affiliates
and Associates. Each party shall instruct its controlled Affiliates and Associates to comply
with the terms of this Agreement and shall be responsible for any breach of this Agreement by any such controlled Affiliate or Associate.
A breach of this Agreement by a controlled Affiliate or Associate of a party, if such controlled Affiliate or Associate is not a party
to this Agreement, shall be deemed to occur if such controlled Affiliate or Associate engages in conduct that would constitute a breach
of this Agreement if such controlled Affiliate or Associate was a party to the same extent as a party to this Agreement.

 

    7

     

    

 

		10.	Representations and Warranties.

 

(a)            Outerbridge
represents and warrants that it has full power and authority to execute, deliver and carry out the terms and provisions of this Agreement
and to consummate the transactions contemplated hereby, and that this Agreement has been duly and validly executed and delivered by it,
constitutes a valid and binding obligation and agreement of it and is enforceable against it in accordance with its terms. Outerbridge
represents that the execution of this Agreement, the consummation of any of the transactions contemplated hereby, and the fulfillment
of the terms hereof, in each case in accordance with the terms hereof, will not conflict with, or result in a breach or violation of the
organizational documents of it as currently in effect, the execution, delivery and performance of this Agreement by it does not and will
not violate or conflict with (i) any law, rule, regulation, order, judgment or decree applicable to it or (ii) result in any
breach or violation of or constitute a default (or an event which with notice or lapse of time or both could constitute such a breach,
violation or default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment,
acceleration or cancellation of, any organizational document, agreement, contract, commitment, understanding or arrangement to which it
is a party or by which it is bound. Outerbridge represents and warrants that, as of the date of this Agreement, it beneficially owns an
aggregate of 1,314,030 shares of Common Stock, including 515,000 shares of Common Stock underlying
call options currently exercisable.

 

(b)            The
Company hereby represents and warrants that it has the power and authority to execute, deliver and carry out the terms and provisions
of this Agreement and to consummate the transactions contemplated hereby, and that this Agreement has been duly and validly authorized,
executed and delivered by the Company, constitutes a valid and binding obligation and agreement of the Company and is enforceable against
the Company in accordance with its terms. The Company represents that the execution of this Agreement, the consummation of any of the
transactions contemplated hereby, and the fulfillment of the terms hereof, in each case in accordance with the terms hereof, will not
conflict with, or result in a breach or violation of the organizational documents of the Company as currently in effect, the execution,
delivery and performance of this Agreement by the Company does not and will not violate or conflict with (i) any law, rule, regulation,
order, judgment or decree applicable to the Company or (ii) result in any breach or violation of or constitute a default (or an event
which with notice or lapse of time or both could constitute such a breach, violation or default) under or pursuant to, or result in the
loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document,
agreement, contract, commitment, understanding or arrangement to which the Company is a party or by which it is bound.

 

11.            Termination.

 

(a)            This
Agreement shall terminate on the day after the 2022 Annual Meeting (the effective date of termination, the “Termination Date”).
Notwithstanding anything to the contrary in this Agreement:

 

(i)             the
obligations of Outerbridge pursuant to Sections 1, 2, 3, 4, 5 and 6(c) shall terminate in
the event that the Company materially breaches its obligations to Outerbridge pursuant to Sections 1, 4 5 or 6(c),
or the representations and warranties in Section 10(b) of this Agreement and such breach (if capable of being cured)
has not been cured within ten calendar days following written notice of such breach from Outerbridge, or, if impossible to cure within
ten calendar days, the Company has not taken substantive action to correct within ten calendar days following written notice of such breach
from Outerbridge; provided, however, that the obligations of Outerbridge pursuant to Section 5 shall terminate
immediately in the event that the Company materially breaches its obligations to Outerbridge under Section 5; and

 

    8

     

    

 

(ii)            the
obligations of the Company to Outerbridge pursuant to Sections 1, 4, 5 and 6(c) shall terminate in the
event that (A) Outerbridge materially breaches its obligations in Sections 1, 2, 3, 4, 5,
6(c), 7 or 8 or the representations and warranties in Section 10(a), and such breach (if capable of being cured)
has not been cured within ten calendar days following written notice of such breach, or, if impossible to cure within ten calendar days,
Outerbridge has not taken substantive action to correct within ten calendar days following written notice of such breach from the Company;
provided, however, that the obligations of the Company to Outerbridge pursuant to Section 5 shall terminate
immediately in the event that Outerbridge materially breaches its obligations under Section 5.

 

(b)            If
this Agreement is terminated in accordance with this Section 11, this Agreement shall forthwith become null and void, but
no termination shall relieve either party from liability for any breach of this Agreement prior to such termination.

 

12.           Expenses.
The Company shall promptly reimburse Outerbridge for its reasonable, documented out-of-pocket fees and expenses (including legal expenses)
incurred in connection with the subject matter of this Agreement.

 

13.          Notices.
 All notices, demands and other communications to be given or delivered under or by reason of
the provisions of this Agreement shall be in writing and shall be deemed to have been given (a) when delivered by hand, with written
confirmation of receipt; (b) upon sending if sent by electronic mail to the electronic mail addresses below, with confirmation of
receipt from the receiving party by electronic mail; (c) one Business Day after being sent by a nationally recognized overnight carrier
to the addresses set forth below; or (d) when actually delivered if sent by any other method that results in delivery, with written
confirmation of receipt:

 

	
    If to the Company:

     

    Comtech Telecommunications Corp.

    68 South Service Road, Suite 230

    Melville, New York 11747

    Attn: Yelena Simonyuk, Managing Counsel

    Email: yelena.simonyuk@comtechtel.com
	
    with mandatory copies (which shall not constitute
    notice) to:

     

    Sidley Austin LLP

    787 Seventh Avenue

    New York, NY 10019

    Attn: Derek Zaba

             Kai H. Liekefett

    Email: dzaba@sidley.com

                 kliekefett@sidley.com

	 	 
	 	and

 

    9

     

    

 

	
     

     

     

     

     

     

     

     

    

    If to Outerbridge:

     

    

    Outerbridge Partners, LP

    767 Third Avenue, 11th Floor

    New York, NY 10017

    Attn: Rory Wallace

    Email: rory@outerbridgecapital.com

    
	
    

    Proskauer Rose LLP

    Eleven Times Square

    New York, NY 10036

    Attn: Robert A. Cantone

              Michael E. Ellis

    Email: rcantone@proskauer.com

               mellis@proskauer.com

     

    with mandatory copies (which shall not constitute
    notice) to:

     

    Olshan Frome Wolosky LLP

    1325 Avenue of the Americas

    New York, NY 10019

    Attn: Megan M. Reda

              Andrew M. Freedman

    Email: mreda@olshanlaw.com

                afreedman@olshanlaw.com

     

 

14.            Governing
Law; Jurisdiction; Jury Waiver. This Agreement, and any disputes arising out of or related
to this Agreement (whether for breach of contract, tortious conduct or otherwise), shall be governed by, and construed in accordance with,
the laws of the State of Delaware, without giving effect to its conflict of laws principles. The parties agree that exclusive jurisdiction
and venue for any Legal Proceeding arising out of or related to this Agreement shall exclusively lie in the Court of Chancery of the State
of Delaware or, if such Court does not have subject matter jurisdiction, the Superior Court of the State of Delaware or, if jurisdiction
is vested exclusively in the Federal courts of the United States, United States District Court for the Southern District of New York,
and any appellate court from any such state or Federal court. Each party waives any objection it may now or hereafter have to the laying
of venue of any such Legal Proceeding, and irrevocably submits to personal jurisdiction in any such court in any such Legal Proceeding
and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any court that any such Legal Proceeding
brought in any such court has been brought in any inconvenient forum. Each party consents to accept service of process in any such Legal
Proceeding by service of a copy thereof upon either its registered agent in the State of Delaware or the Secretary of State of the State
of Delaware, with a copy delivered to it by certified or registered mail, postage prepaid, return receipt requested, addressed to it at
the address set forth in Section 13. Nothing contained herein shall be deemed to affect the right of any party to serve process
in any manner permitted by law. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING
OUT OF OR RELATED TO THIS AGREEMENT.

 

15.            Specific
Performance. Each party to this Agreement acknowledge and agree that the other party would
be irreparably injured by an actual breach of this Agreement by the first-mentioned party or its Representatives and that monetary remedies
may be inadequate to protect either party against any actual or threatened breach or continuation of any breach of this Agreement. Without
prejudice to any other rights and remedies otherwise available to the parties under this Agreement, each party shall be entitled to equitable
relief by way of injunction or otherwise and specific performance of the provisions hereof upon satisfying the requirements to obtain
such relief without the necessity of posting a bond or other security, if the other party or any of its Representatives breach or threaten
to breach any provision of this Agreement. Such remedy shall not be deemed to be the exclusive remedy for a breach of this Agreement,
but shall be in addition to all other remedies available at law or equity to the non-breaching party.

 

    10

     

    

 

16.            Certain
Definitions and Interpretations. As used in this Agreement: (a) the terms “Affiliate”
and “Associate” (and any plurals thereof) have the meanings ascribed to such terms under Rule 12b-2 promulgated
by the SEC under the Exchange Act and shall include all persons or entities that at any time prior to the Termination Date become Affiliates
or Associates of any applicable person or entity referred to in this Agreement; provided, however, that the term “Associate”
shall refer only to Associates controlled by the Company or Outerbridge, as applicable; provided, further, that, for purposes of
this Agreement, Outerbridge shall not be an Affiliate or Associate of the Company and the Company shall not be an Affiliate or Associate
of Outerbridge; (b) the term “Annual Meeting” means each annual meeting of stockholders of the Company and
any adjournment, postponement, rescheduling or continuation thereof; (c) the terms “beneficial ownership,” “group,”
 “person,” “proxy” and “solicitation” (and any plurals thereof) have the meanings
ascribed to such terms under the Exchange Act and the rules and regulations promulgated thereunder, provided, that the meaning
of “solicitation” shall be without regard to the exclusions set forth in Rules 14a-1(l)(2)(iv) and 14a-2 under the
Exchange Act; (d) the term “Business Day” means any day that is not a Saturday, Sunday or other day on which commercial
banks in the State of New York are authorized or obligated to be closed by applicable law; (e) the term “Derivatives Contract”
means any agreement, arrangement or understanding, including all related documentation, between two parties (the “Receiving Party”
and the counterparty) that is designed to produce economic benefits and risks to the Receiving Party that correspond substantially to
the ownership by the Receiving Party of a number of Notional Common Shares, including options and swaps, without regard to (x) whether
the agreement, arrangement or understanding conveys any voting rights in such equity securities to such person, (y) obligations under
such contract are required or permitted to be settled through the delivery of cash, shares of Common Stock or other property, and (z) whether
the purpose of the transactions is to hedge or mitigate the economic effect of such agreement, arrangement or understanding, and without
regard to any short position under the same or any other Derivatives Contract; (f) the term “Exchange Act” means
the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder; (g) the term “Extraordinary
Transaction” means any tender offer, exchange offer, merger, consolidation, acquisition, business combination, sale, recapitalization,
restructuring, or other transaction with a third party that, in each case, that results in a change in control of the Company or the sale
of substantially all of its assets; (h) the term “Independent Director” means an individual that (i) qualifies
as an “independent director” under applicable rules of the SEC, the rules of any stock exchange on which the Company
is traded and applicable governance policies of the Company and (ii) is not an employee, principal, Affiliate or Associate of Outerbridge
or the Company or any of their respective Affiliates or Associates; (i) the term “Net Long Position” means such
shares of Common Stock beneficially owned, directly or indirectly, that constitute such person’s net long position as defined in
Rule 14e-4 under the Exchange Act mutatis mutandis, provided that “Net Long Position” shall not include any shares
as to which such person does not have the right to vote or direct the vote other than as a result of being in a margin account, or as
to which such person has entered into a Derivative Contract; and the terms “person” or “persons,” for purposes
of the meaning of the term “Net Long Position,” shall mean any individual, corporation (including not-for-profit), general
or limited partnership, limited liability or unlimited liability company, joint venture, estate, trust, associate, organization or other
entity of any kind or nature; (j) the term “Notional Common Shares” means shares of Common Stock specified, referenced
in or underlying a Derivatives Contract; (k) the term “Qualified Candidate” means an individual who (i) qualifies
as an Independent Director, (ii) is not an employee, director, general partner, manager or other affiliate of Outerbridge, (iii) is
not a limited partner, member or other investor in Outerbridge, (iv) does not have any agreement, arrangement or understanding, written
or oral, with Outerbridge regarding such person’s service as a director on the Board, and (v) meets all other qualifications
required for service as a director set forth in the Governance Documents; (l) the term “Representatives” means
(i) a person’s Affiliates and Associates and (ii) its and their respective directors, officers, employees, partners, members,
managers, consultants, legal or other advisors, agents and other representatives acting in a capacity on behalf of, in concert with or
at the direction of such person or its Affiliates or Associates; (m) the term “SEC” means the U.S. Securities
and Exchange Commission; (n) the term “Short Interests” means any agreement, arrangement, understanding or relationship,
including any repurchase or similar so-called “stock borrowing” agreement or arrangement, engaged in, directly or indirectly,
by such person, the purpose or effect of which is to mitigate loss to, reduce the economic risk (of ownership or otherwise) of shares
of any class or series of the Company’s equity securities by, manage the risk of share price changes for, or increase or decrease
the voting power of, such person with respect to the shares of any class or series of the Company’s equity securities, or that provides,
directly or indirectly, the opportunity to profit from any decrease in the price or value of the shares of any class or series of the
Company’s equity securities; (o) the term “Stockholder Meeting” means each annual or special meeting of
stockholders of the Company, or any action by written consent of the Company’s stockholders in lieu thereof, and any adjournment,
postponement, rescheduling or continuation thereof; and (p) the term “Third Party” refers to any person that is
not a party, a member of the Board, a director or officer of the Company, or legal counsel to either party. In this Agreement, unless
a clear contrary intention appears, (i) the word “including” (in its various forms) means “including, without limitation;”
(ii) the words “hereunder,” “hereof,” “hereto” and words of similar import are references in
this Agreement as a whole and not to any particular provision of this Agreement; (iii) the word “or” is not exclusive;
(iv) references to “Sections” in this Agreement are references to Sections of this Agreement unless otherwise indicated;
and (v) whenever the context requires, the masculine gender shall include the feminine and neuter genders.

 

    11

     

    

 

		17.	Miscellaneous.

 

(a)            This
Agreement, including all exhibits hereto, contains the entire agreement between the parties and supersedes all other prior agreements
and understandings, both written and oral, between the parties with respect to the subject matter hereof.

 

(b)            This
Agreement is solely for the benefit of the parties and is not enforceable by any other persons.

 

(c)            This
Agreement shall not be assignable by operation of law or otherwise by a party without the consent of the other party. Any purported assignment
without such consent is void ab initio. Subject to the foregoing sentence, this Agreement shall be binding upon, inure to the benefit
of, and be enforceable by and against the permitted successors and assigns of each party.

 

(d)            Neither
the failure nor any delay by a party in exercising any right, power or privilege under this Agreement shall operate as a waiver thereof,
nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power or
privilege hereunder.

 

    12

     

    

 

(e)            If
any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable,
the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in
no way be affected, impaired or invalidated. It is hereby stipulated and declared to be the intention of the parties that the parties
would have executed the remaining terms, provisions, covenants and restrictions without including any of such which may be hereafter declared
invalid, void or unenforceable. In addition, the parties agree to use their reasonable best efforts to agree upon and substitute a valid
and enforceable term, provision, covenant or restriction for any of such that is held invalid, void or unenforceable by a court of competent
jurisdiction.

 

(f)            Any
amendment or modification of the terms and conditions set forth herein or any waiver of such terms and conditions must be agreed to in
a writing signed by each party.

 

(g)            This
Agreement may be executed in one or more textually identical counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same agreement. Signatures to this Agreement transmitted by facsimile transmission, by electronic
mail in “portable document format” (“.pdf”) form, or by any other electronic means intended to preserve the original
graphic and pictorial appearance of a document, shall have the same effect as physical delivery of the paper document bearing the original
signature.

 

(h)            Each
of the parties acknowledges that it has been represented by counsel of its choice throughout all negotiations that have preceded the execution
of this Agreement, and that it has executed this Agreement with the advice of such counsel. Each party and its counsel cooperated and
participated in the drafting and preparation of this Agreement, and any and all drafts relating thereto exchanged among the parties will
be deemed the work product of all of the parties and may not be construed against any party by reason of its drafting or preparation.
Accordingly, any rule of law or any legal decision that would require interpretation of any ambiguities in this Agreement against
any party that drafted or prepared it is of no application and is hereby expressly waived by each of the parties, and any controversy
over interpretations of this Agreement will be decided without regard to events of drafting or preparation.

 

(i)             The
headings set forth in this Agreement are for convenience of reference purposes only and will not affect or be deemed to affect in any
way the meaning or interpretation of this Agreement or any term or provision of this Agreement

 

[Signature Pages Follow]

 

    13

     

    

 

IN WITNESS WHEREOF, each of
the parties has executed this Agreement, or caused the same to be executed by its duly authorized representative, as of the date first
above written.

 

	 	THE COMPANY:
	 	 
	 	COMTECH TELECOMMUNICATIONS CORP.

 

	 	By:	/s/ Michael D. Porcelain
	 	Name:	Michael D. Porcelain
	 	Title:	President and Chief Operating Officer

 

Signature
Page to Cooperation Agreement

 

    

     

    

 

	 	OUTERBRIDGE:
	 	 
	 	OUTERBRIDGE PARTNERS, LP  
	 	 
	 	By: Outerbridge Capital Management, LLC, its investment manager

 

	 	By:	/s/ Rory Wallace
	 	Name:	Rory Wallace
	 	Title:	Managing Member

 

Signature
Page to Cooperation Agreement

 

    

     

    

 

Exhibit A

 

Form of Press Release

 

    

     

    

 

COMTECH AND OUTERBRIDGE
AGREE TO UNIFIED SLATE OF DIRECTORS

 

Outerbridge to support
reelection of Judy Chambers and Larry Waldman

 

Comtech to appoint
Wendi Carpenter and an additional mutually agreed upon independent

director to Board following the Fiscal 2021 Annual Meeting

 

Fiscal 2021 Annual
Meeting of December 17 will be convened and adjourned to a later date

 

MELVILLE,
N.Y. – December 16, 2021 – Comtech Telecommunications Corp. (NASDAQ: CMTL), a leading global provider of next-generation
911 emergency systems and secure wireless communications technologies, today announced that it and Outerbridge Capital Management, LLC
(“Outerbridge”) have entered into a cooperation agreement with respect to the Company’s Board of Directors, under which
both parties support a unified slate of directors and Outerbridge withdraws its nomination notice. Pursuant to the agreement:

 

		·	Outerbridge will support the nomination of Judy Chambers and Larry Waldman
to the Board.

 

		·	The Comtech Board of Directors will appoint Wendi Carpenter to the Board
effective with the appointments of Michael Porcelain and Mark Quinlan to the Board no later than January 3, 2022, each with terms
expiring at the Company’s 2022 Annual Meeting of Stockholders.

 

		·	The Board will appoint an additional independent director mutually acceptable
to both the Company and Outerbridge. Comtech and Outerbridge are working with a leading search firm to identify candidates.

 

		·	The December 17, 2021 Annual Meeting will be convened and adjourned
to a later date, which will be announced at the Annual Meeting but that is expected to occur before December 31, 2021.

 

		·	In addition to withdrawing its nomination notice, Outerbridge commits to
customary standstill restrictions and voting commitments expiring after Comtech’s fiscal 2022 Annual Meeting.

 

As a result of this agreement and the upcoming
appointments of Messrs. Porcelain and Quinlan, Comtech’s Board of Directors will consist of nine directors, including six independent
directors appointed within the past two years. Ms. Carpenter would become the third female member of the Board, joining Lisa Lesavoy
and Ms. Chambers (who also brings important racial diversity to the Board).

 

“This
is the right outcome for Comtech shareholders,” said Michael Porcelain, President and Chief Operating Officer and incoming Chief
Executive Officer of Comtech. “Comtech and Outerbridge have recently engaged in constructive discussions and this agreement puts
us squarely on a path forward that is consistent with our shared desire to accelerate value creation. Over the course of our recent discussions,
it has become clear that Outerbridge is a knowledgeable and engaged shareholder seeking to enhance value for all stakeholders. The agreement
paves the way for Larry Waldman and Judy Chambers to continue serving as world-class members of our Board, and broadens the range of backgrounds
represented on the Board with the addition of Wendi Carpenter. As we head into calendar year 2022, we will continue to execute on our
strategic plan with the goal of enhancing long-term shareholder value.”

 

    

     

    

 

Rory Wallace, Chief
Investment Officer of Outerbridge, commented: “We are pleased to reach this agreement in support of Comtech’s future. With
its market-leading products and refreshed Board, Comtech has great potential to deliver enhanced shareholder value. We appreciate Michael
Porcelain’s deep industry experience and understanding of Comtech, and believe he is the right leader for the Company. We strongly
support the approach outlined in our agreement and believe this unified slate of directors will help position Comtech to capitalize on
the tremendous opportunities ahead.”

 

Both Comtech and Outerbridge jointly noted that
during Comtech’s recent earnings call, incoming Chief Executive Officer Michael Porcelain outlined new growth plans that include
establishing a focused U.S. defense group for its core business – satellite earth station product lines – providing a new
and relevant context for Ms. Carpenter’s Navy experience.

 

Additionally, both Judy Chambers and
Larry Waldman have experience essential to the Company’s value creation strategy. Ms. Chambers, who has deep experience
in the investment advisory services industry and corporate finance, was appointed to the Board in August 2021, addressing the interests
of institutional investors, and providing diversity and fresh perspectives. Mr. Waldman’s 35-plus years of experience in accounting,
auditing, and internal controls provide critical expertise in complex global accounting. Further, Mr. Waldman’s audit background
and deep experience working with the Defense Contract Audit Agency is of vital importance given Comtech’s complex contracts with
U.S. government customers.

 

Fred
Kornberg, Chairman of the Board and outgoing CEO of Comtech, stated: “I’m pleased that Comtech and Outerbridge have been able
to map out a path forward for the good of Comtech shareholders. We remain committed to our Board refreshment process and to creating
long-term shareholder value.”

 

No business will be conducted at tomorrow’s Meeting. Following
tomorrow’s adjournment, further instructions will be provided regarding the timing and voting mechanics of the adjourned meeting.

 

A copy of the cooperation
agreement between Outerbridge and Comtech will be filed as an 8-K with the U.S. Securities & Exchange Commission.

 

Information about Ms. Carpenter, Ms. Chambers
and Mr. Waldman

 

About Wendi Carpenter

 

Wendi B. Carpenter
(Rear Admiral U.S. Navy, Retired) completed a distinguished 34-year career in the U.S. Navy before retiring as a Rear Admiral. She was
the Commander of the Navy Warfare Development Command, Deputy Commander of the U.S. Second Fleet, and held key senior U.S. joint and NATO
executive positions. She provided crisis and disaster support to FEMA and HLS, and oversaw the Logistics Crisis Action Center for the
Navy following 9/11. Rear Admiral Carpenter currently serves as an Independent Director and Chair of the Compensation Committee of SkyWater
Technology, Inc. (NASDAQ: SKYT), a U.S. owned $1.2 billion semiconductor development and manufacturing company with significant classified
USG and aerospace communications business. Rear Admiral Carpenter holds a Master of Arts in International Relations from Salve Regina
University, a Bachelor of Science in Psychology from the University of Georgia, and she is a distinguished graduate of the U.S. Naval
War College.

 

    

     

    

 

About Judy Chambers

 

Judy Chambers has been a director of Comtech since
August 2021. She currently is Chairperson of the Nominating and Governance Committee and a member of the Audit Committee. She has
served since 2019 as a Managing Principal and a member of the Board of Meketa Investment Group, an investment consulting and advisory
firm with over $1.5 trillion of assets under advisement. She serves on the Board of Trustees of the Community Service Society of New York,
a nonprofit focused on alleviating income inequality. Ms. Chambers is also Chair of the Advisory Board of the Robert Toigo Foundation,
which promotes stronger stakeholder returns in the financial industry through inclusion and diversity. Ms. Chambers also serves on
the Advisory Board of the Jazz Foundation of America. Ms. Chambers holds a B.A. from Duke University and an M.B.A. from the Kellogg
School of Management at Northwestern University.

 

About Larry Waldman

 

Lawrence J. Waldman has been a director of Comtech
since August 2015 and, effective following the Fiscal 2021 Annual Meeting, will serve as the Lead Independent Director. He is Chairperson
of the Audit Committee and a member of the Executive Compensation Committee and the Executive Committee. He currently serves as the non-executive
Chairman of the Board and Chairman of the Audit Committee of CVD Equipment Corporation (NASDAQ: CVV), a technology company that provides
custom equipment to commercial, defense and research customers. Mr. Waldman is a member of the Board of Directors and Lead Independent
Director and Audit Committee Chairperson at APYX Medical (NASDAQ: APYX), an advanced energy medical technology company.

 

Mr. Waldman has served as Senior Advisor
at First Long Island Investors, LLC since 2016 and was previously an Advisor to the accounting firm of EisnerAmper LLP following his role
as Partner-in-Charge of Commercial Audit Practice Development for Long Island. Mr. Waldman served as the Managing Partner of the
Long Island office of KPMG LLP from 1994 through 2006, the accounting firm where he began his career in 1972. Mr. Waldman is currently
Chairman of the board of directors of the Long Island Association and a member of the boards of directors of the Long Island Angel Network
and the Advanced Energy Research Center at Stony Brook University. Mr. Waldman also serves as the Chairman of the Supervisory Committee
of Bethpage Federal Credit Union. He previously served as a member of the State University of New York's Board of Trustees and as
the Chairman of the Board of Trustees of the Long Island Power Authority.

 

About Comtech

 

Comtech
Telecommunications Corp. is a leading global provider of next-generation 911 emergency systems and secure wireless communication
technologies to commercial and government customers around the world. Headquartered in Melville, New York and with a passion
for customer success, Comtech designs, produces and markets advanced and secure wireless solutions. For more information, please
visit www.comtechtel.com.

 

    

     

    

 

About Outerbridge
Capital Management, LLC

 

Outerbridge Capital Management,
LLC is a New York-based investment adviser that typically invests across the technology and technology-impacted sectors. As part of its
investment process, Outerbridge regularly conducts significant due diligence on its portfolio companies and engages constructively with
both management teams and boards where appropriate.

 

Forward-Looking Statements

 

Certain information in
this letter contains statements that are forward-looking in nature and involve certain significant risks and uncertainties, including
about our business trajectory, future revenue and sales, acquisition strategy, management and governance changes, and growth. Actual results
could differ materially from such forward-looking information. Risks and uncertainties that could impact these forward-looking statements
include: the possibility that the expected synergies and benefits from recent acquisitions will not be fully realized, or will not be
realized within the anticipated time periods; the risk that the acquired businesses will not be integrated with the Company successfully;
the possibility of disruption from recent acquisitions, making it more difficult to maintain business and operational relationships or
retain key personnel; the risk that the Company will be unsuccessful in implementing a tactical shift in its Government Solutions segment
away from bidding on large commodity service contracts and toward pursuing contracts for its niche products with higher margins; the nature
and timing of receipt of, and the Company's performance on, new or existing orders that can cause significant fluctuations in net sales
and operating results; the timing and funding of government contracts; adjustments to gross profits on long-term contracts; risks associated
with international sales; rapid technological change; evolving industry standards; new product announcements and enhancements; changing
customer demands and or procurement strategies; changes in prevailing economic and political conditions; changes in the price of oil in
global markets; changes in foreign currency exchange rates; risks associated with the Company's legal proceedings, customer claims for
indemnification, and other similar matters; risks associated with the Company’s obligations under its Credit Facility; risks associated
with the Company's large contracts; risks associated with the COVID-19 pandemic and related supply chain disruptions; and other factors
described in this and the Company's other filings with the Securities and Exchange Commission. We assume no obligation and do not intend
to update these forward-looking statements or to conform these statements to actual results or to changes in our expectations.

 

Additional Information
and Where to Find It

 

Comtech
has filed with the Securities and Exchange Commission (“SEC”) and mailed to the Company’s stockholders a
definitive proxy statement, an accompanying BLUE proxy card and other relevant documents in connection with the
Company’s Fiscal 2021 Annual Meeting of Stockholders (the “2021 Annual Meeting”). THE COMPANY’S STOCKHOLDERS
ARE URGED TO READ THE PROXY STATEMENT, THE ACCOMPANYING BLUE PROXY CARD AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC
IN CONNECTION WITH THE COMPANY’S 2021 ANNUAL MEETING OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENT BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT THE COMPANY’S 2021 ANNUAL MEETING AND THE PARTIES RELATED THERETO. The Company’s stockholders
may obtain a free copy of documents filed with the SEC at the SEC’s website at https://www.sec.gov or
the Company’s website at www.comtechcreates.com.

 

    

     

    

 

Participants in the
Solicitation

 

The Company, its directors, and certain of its
executive officers are, and certain other members of management and employees of the Company may be deemed, “participants”
in the solicitation of proxies from stockholders in connection with the matters to be considered at the 2021 Annual Meeting. Information
regarding the direct and indirect interests, by security holdings or otherwise, in the Company of the persons who are or may be, under
the rules of the SEC, considered participants in the solicitation of the stockholders of the Company in connection with the
Company’s 2021 Annual Meeting are set forth in the Company’s definitive proxy statement filed in connection with the Company’s
2021 Annual Meeting and other relevant documents filed with the SEC. You can also find information about the Company’s executive
officers and directors in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2021, the Company’s
and such persons’ other filings with the SEC.

 

PCMTL

 

Media Contact

Kekst CNC

Nicholas.Capuano@kekstcnc.com

(212) 521-4800

 

Investor Contact

Comtech Investor Relations

Investors@comtech.com

(631) 962-7005

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