Document:

Exhibit 10.01

 

 

EXCHANGE
AGREEMENT

 

THIS
EXCHANGE AGREEMENT (this “Agreement”) is made and entered into as of July 20, 2017 by and among Pernix Ireland
Pain Limited, a private company limited by shares incorporated under the laws of Ireland (the “Issuer”), Pernix
Therapeutics Holdings, Inc., a Maryland corporation (“Holdings”), the subsidiary guarantors party hereto (together
with Holdings, the “Guarantors” and the Guarantors together with the Issuer, the “Credit Parties”),
and 1992 MSF International Ltd. and 1992 Tactical Credit Master Fund, L.P., each a holder (a “Holder” and together,
the “Holders”) of Holdings’ 4.25% Convertible Senior Notes due 2021 (the “Existing Convertible
Notes”), which were issued under that certain indenture (the “Existing Convertible Notes Indenture”),
dated as of April 22, 2015, between Holdings and Wilmington Trust, National Association, as trustee (the “Existing Convertible
Notes Trustee”).

 

RECITALS

 

WHEREAS,
Holdings has issued and outstanding $130.0 million aggregate principal amount of the Existing Convertible Notes pursuant to the
Existing Convertible Notes Indenture;

 

WHEREAS,
Holdings and the Holders have reached an agreement, pursuant to which the Holders have agreed to tender to the Issuer $51,775,000
aggregate principal amount of Existing Convertible Notes held by the Holders (or certain funds and/or accounts for which a Holder
or any of its Affiliates acts as investment advisor) (the “Exchanged Notes”) in consideration for (A) Holdings
agreeing to cause the Issuer to issue $36,242,500 aggregate principal amount of 4.25%/5.25% Exchangeable Senior Notes due 2022
(the “New Exchangeable Notes”) to the Holders, and (B) Holdings issuing to the Holders 1,100,498 shares (the
“Exchange Shares”) of Holdings’ common stock, par value $0.01 (“Common Stock”);

 

WHEREAS,
the Issuer and Holdings have agreed that the Exchanged Notes tendered by the Holders shall be used to reduce the intercompany
indebtedness owed by the Issuer to Holdings by way of partial repayment of that certain intercompany note dated April 24, 2015
owing from the Issuer to Holdings (the “Zohydro Intercompany Note”) through the Issuer tendering the Exchanged
Notes to Holdings;

 

WHEREAS,
Holdings has agreed to cause the Issuer to issue the New Exchangeable Notes;

 

WHEREAS,
Holdings has agreed to issue the Exchange Shares;

 

WHEREAS,
the Credit Parties and Wilmington Trust, National Association (the “New Exchangeable Notes Trustee”), have
agreed to enter into a new indenture which shall govern the New Exchangeable Notes on the Closing Date (as defined below) (the
“New Exchangeable Notes Indenture”);

 

     

     

    

 

WHEREAS,
the payment by the Issuer of all amounts due or in respect of the New Exchangeable Notes and the performance of the Issuer under
the New Exchangeable Notes Indenture will be initially guaranteed (the “Guarantees”) by each of the Guarantors
set forth on Exhibit A attached hereto;

 

WHEREAS,
the Issuer, as borrower, Cantor Fitzgerald Securities (“Cantor Fitzgerald”), as Administrative Agent (the “ABL
Agent”), and the Holders, as lenders, have reached an agreement to enter into a delayed draw term loan agreement on
the Closing Date (the “Delayed Draw Term Loan Agreement”);

 

WHEREAS,
Holdings, Pernix Therapeutics, LLC, Pernix Sleep, Inc., Cypress Pharmaceuticals, Inc., Hawthorn Pharmaceuticals, Inc., Gaine,
Inc., Respicopea, Inc., and Macoven Pharmaceuticals, L.L.C., as borrowers, the Issuer, Pernix Ireland Limited, Pernix Holdco 1,
LLC, Pernix Holdco 2, LLC and Pernix Holdco 3, LLC, each as guarantor, Cantor Fitzgerald, as Administrative Agent (the “Term
Agent”), and the Holders, as lenders, have reached an agreement to enter into an asset-backed revolving credit facility
on the Closing Date (the “New ABL Agreement”);

 

WHEREAS,
Holdings and the Holders have agreed to enter into a registration rights agreement (the “Registration Rights Agreement”)
on the Closing Date, pursuant to which Holdings will provide the Holders with certain registration rights with respect to the
Exchange Shares and the Common Stock underlying the New Exchangeable Notes (the “Underlying Shares”) acquired
pursuant hereto;

 

WHEREAS,
the various agreements referenced above are in substantially agreed form among the parties thereto; and

 

WHEREAS,
Holdings has agreed to undertake the internal reorganization as described in Annex I hereto (the “Internal Reorganization”).

 

NOW,
THEREFORE, in consideration of the premises and the representations, warranties, covenants and agreements herein contained and
intending to be legally bound hereby, the Credit Parties and the Holders hereby agree as follows:

 

Article
1

Exchange of Notes; Entry into the Transactions

 

Section
1.01.      Tender of Exchanged Notes for Exchange Shares and New Exchangeable Notes. Subject to
the terms and conditions set forth in this Agreement, the Holders hereby agree, on their behalf and on behalf of certain funds
and/or accounts for which a Holder or any of its Affiliates act as investment advisor, with Holdings to tender to the Issuer,
at the Closing (as defined below), $51,775,000 principal amount of the Exchanged Notes held by the Holders (or certain funds and/or
accounts for which a Holder or any of its Affiliates acts as investment advisor). In consideration for such tender, Holdings has
agreed to issue, at the Closing, the Exchange Shares to the Holders, and to cause the Issuer to issue to the Holders the New Exchangeable
Notes (the foregoing transactions, taken as a whole, the “Exchange”), and pay to the Holders an

 

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amount
equal to the accrued interest on the Exchanged Notes from the most recent payment date to the Closing. Upon the surrender of the
Exchanged Notes in exchange for the New Exchangeable Notes and Exchange Shares, the Exchanged Notes will be tendered to Holdings
by the Issuer, and all then outstanding principal amount of such Exchanged Notes shall be deemed satisfied and such Exchanged
Notes shall be cancelled. The Holders waive all rights to receive any future interest payments scheduled for such Exchanged Notes
from and after the Closing. Following the Closing, the Exchanged Notes exchanged pursuant to this Agreement shall be delivered
to the Existing Convertible Notes Trustee for cancellation and cease to accrue interest. The number of Exchange Shares to be issued
shall be rounded to the nearest whole number. The New Exchangeable Notes, the Guarantees and the Exchange Shares that are issued
to the Holders in exchange for the Exchanged Notes are collectively referred to herein as the “New Securities.”

 

Section
1.02.      Entry into the Transactions. Simultaneously with the Exchange at the Closing, and conditioned
upon each other:

 

(a)            
the Issuer, the Term Agent, and the Holders shall enter into the Delayed Draw Term Loan Agreement;

 

(b)            
Holdings, the other borrowers and guarantors listed on the signature pages thereto, the ABL Agent and the Holders shall enter
into the New ABL Agreement;

 

(c)            
Each of the Credit Parties and the New Exchangeable Notes Trustee shall enter into the New Exchangeable Notes Indenture; and

 

(d)            
Holdings, the Issuer and the Holders shall enter into the Registration Rights Agreement (this Agreement, the New Exchangeable
Notes Indenture, the Delayed Draw Term Loan Agreement, the New ABL Agreement, the Registration Rights Agreement, and any agreements
entered into by any Credit Party to effectuate the Internal Reorganization (collectively, the “Reorganization Documents”),
collectively, the “Transaction Documents”; and the Exchange and the other transactions contemplated by the
Transaction Documents, the “Transactions”).

 

Section
1.03.      Treatment of Loans. The parties hereto agree that the loans made on the Closing Date
under the Delayed Draw Term Loan Agreement and the New ABL Agreement (and any future loans thereunder) are, in each case, for
an equivalent principal amount.

 

Section
1.04.      Withholding. The Credit Parties and their agents shall be
entitled to deduct and withhold from any consideration payable pursuant to this Agreement such amounts as may be required to be
deducted or withheld under applicable law, and shall be provided with a Form W-9 or the appropriate series of Form W-8 (collectively,
the “IRS Forms”), in order to establish whether the Holders are entitled to an exemption from (or reduction
in the rate of) withholding. To the extent any such amounts are withheld and remitted to the appropriate taxing authority, such
amounts shall be treated for all purposes as having been paid to the Holders. Notwithstanding the

 

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foregoing,
the parties acknowledge and agree that no deduction or withholding is required in respect of any consideration payable pursuant
to this Agreement so long as the Holders provide the appropriate IRS Forms establishing an exemption from any withholding pursuant
to the Code.

 

Article
2

Closing Date; Conditions; Delivery

 

Section
2.01.   Closing. Subject to the conditions set forth in this Article 2 and Articles 5 and 6 hereof, the closing
of the Transactions described in ‎Article 1 shall take place at the offices of Davis Polk & Wardwell LLP, 450 Lexington
Avenue, New York, NY 10017, at 8:00 a.m., New York time, on July 21, 2017, or at such other place and time as shall be mutually
agreed by the Credit Parties and the Holders (which time and place are designated as the “Closing” and which
day is referred to herein as the “Closing Date”).

 

Section
2.02.   Delivery for the Exchange; the Intercompany Transfer; Entry into the Transaction Documents. At the Closing,
the parties hereto will take the following actions:

 

(a)            
(i) the Issuer shall deliver to DTC or its custodian one or more global certificates representing the New Exchangeable Notes being
issued in the Exchange; (ii) Holdings shall deliver evidence of issuance of the Exchange Shares credited to book-entry accounts
maintained by the transfer agent of Holdings; (iii) the Holders shall effect by book entry, in accordance with the applicable
procedures of DTC and the terms of the Existing Convertible Notes Indenture, the delivery to the Issuer (or to its designee which
may be the Trustee for the benefit of the Issuer) of the Exchanged Notes held by the Holders (or certain funds and/or accounts
for which a Holder or any of its Affiliates acts as investment advisor); (iv) the Issuer shall tender such Exchanged Notes to
Holdings in partial repayment of the Zohydro Intercompany Note (such transfer, the “Intercompany Transfer”);
and (v) when Holdings is in possession of such Exchanged Notes following the Intercompany Transfer, such Exchanged Notes shall
be cancelled by the Existing Convertible Notes Trustee under the Existing Convertible Notes Indenture or the amount outstanding
under global certificates representing the Existing Convertible Notes shall be decreased by the respective amounts of Exchanged
Notes delivered by order of Holdings;

 

(b)            
the New Exchangeable Notes Indenture shall be duly executed and delivered by each of the Credit Parties and the New Exchangeable
Notes Trustee;

 

(c)            
the Delayed Draw Term Loan Agreement shall be duly executed and delivered by each of the Issuer, Cantor Fitzgerald, as Administrative
Agent, and the Holders;

 

(d)            
the New ABL Agreement shall be duly executed and delivered by each of Holdings, Pernix Therapeutics, LLC, Pernix Sleep, Inc.,
Cypress Pharmaceuticals, Inc., Hawthorn Pharmaceuticals, Inc., Gaine, Inc., Respicopea, Inc., and Macoven Pharmaceuticals, L.L.C.,
the Issuer, Cantor Fitzgerald, as Administrative Agent, and the Holders;

 

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(e)            
the Registration Rights Agreement shall be duly executed and delivered by each of Holdings, the Issuer and the Holders; and

 

(f)            
Holdings shall pay to the Holders, in cash, $672,355.90, in satisfaction of the accrued interest on the Exchanged Notes from
the most recent payment date to the Closing.

 

The
parties hereto mutually covenant and agree that the Closing is conditioned on the consummation of the Exchange and the execution
and delivery of each of the Transaction Documents by each of the parties thereto.

 

Section
2.03.      Conditions Precedent. The obligations of the parties hereunder at the Closing are subject
to the following conditions precedent:

 

(a)            
The Internal Reorganization. The Internal Reorganization, in the manner described in Annex I hereto, shall have
been completed, and the Reorganization Documents shall be in form and substance reasonably satisfactory to the Holders and shall
have been executed and delivered to the Holders.

 

(b)            
DTC. At the Closing, the New Exchangeable Notes and the Exchange Shares shall be eligible for clearance,
settlement and trading through the facilities of DTC.

 

(c)             Resale
Eligibility. Upon receipt of the Exchange Shares by the Holders, the Exchange Shares will be eligible for
immediate resale by the Holders pursuant to Rule 144 as promulgated under the Securities Act of 1933, as amended (the
“Securities Act”); provided that this ‎Section 2.03‎(c) shall not be a
condition precedent to the Closing if the Holders shall not have delivered to Davis Polk & Wardwell LLP an Investor
Representation Letter in the form reasonably acceptable to Davis Polk & Wardwell LLP, which Investor Representation
Letter shall be true and complete at Closing.

 

(d)            
Nasdaq Listing. At Closing, the Exchange Shares and the Underlying Shares will have been approved for listing, subject
to official notice of issuance, on the Nasdaq Global Market.

 

(e)            
No Limitation in Trading or Banking Moratorium. On the Closing Date, there shall not have occurred any of the following:
(i) a suspension or material limitation in trading in securities generally on the New York Stock Exchange or on the Nasdaq Global
Market; (ii) a suspension or material limitation in trading in Holdings’ securities on the Nasdaq Global Market; or (iii)
a general moratorium on commercial banking activities declared by either Federal or New York or State authorities or a material
disruption in commercial banking or securities settlement or clearance services in the United States.

 

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(f)            
Additional Deliverables. Each other item listed on Annex II hereto shall have been delivered. Any representations
and warranties made on behalf of, by an officer of, or by any Credit Party set forth in the items listed on Annex II hereto
shall be deemed to be representations and warranties of the Credit Parties under this Agreement.

 

Section
2.04.   Consummation of Closing. All acts, deliveries and confirmations comprising the Closing, regardless of
chronological sequence, shall be deemed to occur contemporaneously and simultaneously upon the occurrence of the last act, delivery
or confirmation of the Closing, and none of such acts, deliveries or confirmations shall be effective unless and until the last
of same shall have occurred; provided, however, that the Internal Reorganization shall be deemed to have occurred
immediately after the signing of this Agreement and immediately before the Closing.

 

Section
2.05.   No Transfer of Exchanged Notes After the Closing; No Further Ownership Rights in the Exchanged Notes.
Upon consummation of the Closing, all Exchanged Notes (or interests therein) exchanged pursuant to this Agreement shall cease
to be transferable and there shall be no further registration of any transfer of any such Exchanged Notes or interests therein.
From and after the Closing, the Holders shall cease to have any rights with respect to such Exchanged Notes, including any payments
of accrued and unpaid interest, except as otherwise provided for herein or by applicable law. Upon the consummation of the Closing,
the Exchanged Notes shall be deemed cancelled and no longer outstanding.

 

Section
2.06.   Payment of Fees and Expenses. Holdings shall have paid on the Closing Date all reasonable and documented
legal and advisor fees and expenses of the Holders incurred in connection with the Transactions, to the extent invoiced no more
than two (2) Business Days prior to the Closing, including, without limitation, the fees and expenses of (a) Skadden, Arps, Slate,
Meagher & Flom LLP, (b) A&L Goodbody and (c) Ducera Partners LLC.

 

Article
3

Representations and Warranties of the Credit Parties

 

The
Credit Parties, jointly and not severally, represent and warrant to the Holders as follows:

 

Section
3.01.      Organization and Good Standing of the Credit Parties. The Issuer is a company limited
by shares duly organized and existing under the laws of the Republic of Ireland (and expected to be converted after the Closing
Date to a designated activity company incorporated under the laws of Ireland) and has all requisite power and authority to own
and operate its properties, to carry on its business as now conducted and as proposed to be conducted, to enter into this Agreement
and the other Transaction Documents and to carry out the Transactions. Each of the Guarantors is duly organized and existing and
in good standing under the laws of the jurisdiction of its organization

 

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and
has all requisite power and authority to own and operate its properties, to carry on its business as now conducted and as proposed
to be conducted, to enter into this Agreement and the other Transaction Documents to which they are parties and to carry out the
Transactions. The Credit Parties are duly qualified to do business in any jurisdiction in which they operate, except where failure
so to qualify would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the business,
operations, prospects, results of operations, assets, liabilities or financial condition of the Credit Parties, taken as a whole
(a “Material Adverse Effect”).

 

Section
3.02.      Exchange Agreement and Other Transaction Documents. The Transaction Documents have
been duly authorized by all necessary action by each of the Credit Parties party thereto, this Agreement has been duly executed
and delivered by the Credit Parties and this Agreement is, and the other Transaction Documents, when executed and delivered by
the Credit Parties that are parties thereto, will be, valid and binding obligations of such Credit Parties, enforceable in accordance
with their respective terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization,
moratorium, or similar laws relating to or limiting creditors’ rights generally.

 

Section
3.03.      New Exchangeable Notes. The New Exchangeable Notes have been duly authorized by all
necessary action by the Issuer, and when the New Exchangeable Notes are executed by the Issuer and authenticated and delivered
in exchange for the Exchanged Notes pursuant to this Agreement and the New Exchangeable Notes Indenture at the Closing, the New
Exchangeable Notes will be valid and binding obligations of the Issuer, enforceable in accordance with their terms, except as
enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating
to or limiting creditors’ rights generally. The Guarantees have been duly authorized for issuance pursuant to the New Exchangeable
Notes Indenture and, at the Closing, will have been duly executed by each of the Guarantors and will constitute valid and binding
agreements of the Guarantors, enforceable in accordance with their terms, except as enforcement may be limited by equitable principles
or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally.

 

Section
3.04.      Underlying Shares and Exchange Shares. When the New Exchangeable Notes are delivered
and paid for pursuant to this Agreement on the Closing Date, such New Exchangeable Notes will be exchangeable for the Underlying
Shares in accordance with the terms of the New Exchangeable Notes Indenture; the maximum number of Underlying Shares initially
issuable upon exchange of the New Exchangeable Notes including any Underlying Shares to be issued upon exchange of the New Exchangeable
Notes in connection with a make-whole adjustment event or anti-dilution adjustment event have been duly authorized and reserved
for issuance upon such exchange by all necessary action of Holdings (provided, however, that neither Holdings nor
the Issuer shall take any action that would require an adjustment such that the maximum number of Underlying Shares issuable upon
exchange of the New Exchangeable Notes would exceed the number of then-authorized but unissued shares of Common Stock (or shares
of Common Stock held in treasury) not reserved for other

 

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purposes);
the Exchange Shares and Underlying Shares have been duly authorized by all necessary action of Holdings; all outstanding shares
of capital stock of Holdings are, and (a) the Exchange Shares, when issued and delivered to the applicable Holder pursuant to
the Exchange against delivery of the Exchanged Notes in accordance with the terms of this Agreement on the Closing Date and (b)
the Underlying Shares, when issued and delivered upon exchange of the New Exchangeable Notes pursuant to the terms of the New
Exchangeable Notes Indenture, will be, validly issued, fully paid and nonassessable, and the issuance of the Exchange Shares and
the Underlying Shares will not be subject to any preemptive, participation, rights of first refusal or other similar rights.

 

Section
3.05.      Title to Properties. Each of the Credit Parties and its Subsidiaries has (a) good,
sufficient and legal title to (in the case of fee interests in Real Property), (b) valid leasehold interests in (in the case of
leasehold interests in real or personal property), and (c) good and marketable title to (in the case of all other personal property),
all of their respective assets reflected in their most recent financial statements included in the reports (the “SEC
Filings”) filed with, or furnished by Holdings to, the Securities and Exchange Commission (the “Commission”),
in each case except for assets disposed of since the date of such financial statements and to the extent permitted by the New
Exchangeable Notes Indenture. All of such assets are free and clear of Liens (as defined below) except for Permitted Liens, as
such term is defined in the New Exchangeable Notes Indenture.

 

Section 3.06.     Non-Contravention.
As to each Credit Party, the execution, delivery, and performance by such Credit Party of the Transaction Documents to which it
is a party, and the issuance of the New Securities and the Underlying Shares and compliance with the terms and provisions thereof,
do not and will not (i) violate any material provision of any Requirements of Law applicable to any Credit Party or any of its
Subsidiaries, the certificate or articles of incorporation, by-laws, or other organizational documents of any Credit Party or
any of its Subsidiaries, or any order, judgment, or decree of any court or other Governmental Authority binding on any Credit
Party or any of its Subsidiaries, or (ii) conflict with, result in a breach of, or constitute (with due notice or lapse of time
or both) a default under (A) the Existing Secured Notes Indenture, the Existing Convertible Notes Indenture or any other Material
Debt Documents or (B) any other Material Contract, except to the extent for purposes of this clause (B), any such conflict, breach
or default could not individually or in the aggregate reasonably be expected to have a Material Adverse Effect , (iii) result
in or require the creation or imposition of any Lien of any nature whatsoever upon any assets of any of the Credit Parties, other
than Permitted Liens, (iv) require any approval of any holder of Equity Interests of a Credit Party or any approval or consent
of any Person under any Material Contract of any Credit Party of any of its Subsidiaries, other than consents or approvals that
have been obtained and that are still in force and effect and except, in the case of any Material Contract (other than the debt
documents referred to in subclause (ii)(A) above), for consents or approvals, the failure to obtain could not individually or
in the aggregate reasonably be expected to cause a Material Adverse Effect, or (v) materially adversely affect any Health Care
Permit.

 

 

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Section
3.07.      Consents. The execution, delivery, and performance by each of the Credit Parties of
the Transaction Documents to which such Credit Party is a party and the consummation of the Transactions do not and will not require
any registration with, consent or approval of, or notice to, or other action with or by, any Governmental Authority, except for
(i) as have been obtained and that are still in force and effect, (ii) the Commission declaring the effectiveness of Holdings’
Registration Statement, with respect to the Exchange Shares and the Underlying Shares, (iii) as may be required under applicable
state securities laws, or (iv) such mortgages, filings and recordings with Governmental Authorities as may be required to perfect
mortgage liens and security interests under the New ABL Agreement, the Delayed Draw Term Loan Agreement or any other Transaction
Document.

 

Section
3.08.      Capitalization. The authorized capital stock of Holdings is (a) 140,000,000 shares
of Common Stock and (b) 10,000,000 shares of preferred stock, par value $0.01 per share (the “Preferred Stock”).
All of the outstanding capital stock of Holdings has been duly authorized and validly issued and is fully paid and nonassessable.
As of the date hereof, there were: (a) 10,015,641 shares of Common Stock outstanding and (b) no shares of Preferred Stock outstanding.
Except for shares of Common Stock reserved for future grants or issuances (i) under Holdings’ 2007 Stock Option Plan, (ii)
under Holdings’ 2009 Stock Incentive Plan, (iii) under Holdings’ 2015 Omnibus Incentive Plan, (iv) upon the exercise
of outstanding warrants, (v) upon conversion of the Existing Convertible Notes in accordance with the Existing Convertible Notes
Indenture and (vi) upon exchange of the New Exchangeable Notes in accordance with the New Exchangeable Notes Indenture, (a) Holdings
has no shares of Common Stock reserved for issuance, (b) there are no outstanding securities or obligations of Holdings convertible
into or exchangeable for any capital stock of Holdings, (c) there are no warrants, rights or options to subscribe for or purchase
from Holdings any such capital stock or any such convertible or exchangeable securities or obligations, and (d) there are no obligations
of Holdings to issue or sell any shares of capital stock, partnership interests or membership interests, as applicable, any such
convertible or exchangeable securities or obligations, or any such warrants, rights or options.

 

Section
3.09.      Subsidiaries. Holdings has good title to all outstanding capital stock or limited liability
company interests of its Subsidiaries, free and clear of any security interest, mortgage, pledge, lien, encumbrance, claim or
equity other than Permitted Liens, and all such capital stock is duly issued, fully paid and non-assessable, to the extent applicable.
None of the outstanding shares of capital stock of any Subsidiary of Holdings were issued in violation of the preemptive or similar
rights of any security holder of such Subsidiary. The only Subsidiaries of Holdings as of the date hereof, after giving effect
to the Internal Reorganization, will be the subsidiaries listed on Annex III hereto.

 

Section
3.10.      Financial Statements. The financial statements and schedules included in Holdings’
Annual Report on Form 10-K for the fiscal year ended December 31, 2016 (the “2016 Annual Report”) were prepared
in accordance with generally accepted accounting principles in effect in the United States from time to time (“GAAP”),
applied on a consistent basis through the periods involved (except as otherwise noted

 

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therein),
and fairly present in all material respects the financial positions, results of operations and cash flows of Holdings and its
Subsidiaries at the dates and for the periods indicated. The financial statements included in Holdings’ Quarterly Report
on Form 10-Q for the fiscal quarter ended March 31, 2017, were prepared in accordance with GAAP applied on a consistent basis
through the periods involved (except as otherwise noted therein), and fairly present in all material respects the financial positions,
results of operations and cash flows of Holdings and its Subsidiaries at the dates and for the periods indicated.

 

Section
3.11.      Taxes. All income and other material tax returns and reports of each Credit Party and
its Subsidiaries required to be filed by any of them have been timely filed, and all income and other material taxes shown on
such tax returns to be due and payable and all material assessments, fees and other governmental charges upon a Credit Party and
its Subsidiaries and upon their respective assets, income, businesses and franchises that are due and payable have been paid when
due and payable. Each Credit Party and each of its Subsidiaries has made adequate provision in accordance with GAAP for all taxes
not yet due and payable. No Credit Party knows of any proposed tax assessment against a Credit Party or any of its Subsidiaries
that is not being actively contested by such Credit Party or such Subsidiary diligently, in good faith, and by appropriate proceedings;
provided such reserves or other appropriate provisions, if any, as shall be required in conformity with GAAP shall have
been made or provided therefor. Holdings (a) has not been at any time during the 5-year period ending on and including the date
hereof a "United States real property holding corporation" (a “USRPHC”) within the meaning of Section
897(c) of the IRC and (b) does not currently expect or have any reason to believe its status as a non-USRPHC will change following
the date hereof.

 

Section
3.12.      Exchange Act Reports.

 

(a)            
Holdings is, and has been for a period of at least 90 days immediately before the date hereof, subject to the reporting requirements
of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and has (i)
filed all required reports under Section 13 or 15(d) of the Exchange Act, as applicable, during the 12 months preceding the date
of this Agreement (or for such shorter period that Holdings was required to file such reports); and
(ii) submitted electronically and posted on its corporate Web site every Interactive Data File required to be submitted and posted
pursuant to Rule 405 of Regulation S-T of the Securities Act, during the 12 months preceding the date of this Agreement (or for
such shorter period that Holdings was required to submit and post such files).

 

(b)            
Holdings’ 2016 Annual Report, and all other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act, since
the end of such fiscal year, when they were filed with the Commission conformed in all material respects to the requirements of
the Exchange Act, and none of such documents contained any untrue statement of a material fact or omitted to state a material
fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

 

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Section
3.13.      Compliance with Laws. No Credit Party nor any of its Subsidiaries is: (a) in violation
of any applicable laws, rules, regulations, executive orders, or codes (including Environmental Laws) that, individually or in
the aggregate, could reasonably be expected to result in a Material Adverse Effect, or (b) subject to or in default with
respect to any final judgments, writs, injunctions, decrees, rules or regulations of any court or any federal, state, municipal
or other governmental department, commission, board, bureau, agency or instrumentality or any other Governmental Authority, domestic
or foreign, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect.

 

Section
3.14.      Health Care and Regulatory Matters.

 

(a)            
Compliance with Health Care Laws; Health Care Permits. Each Credit Party and each of their respective Subsidiaries is
in compliance with all Health Care Laws, Registrations and requirements of Government Drug Rebate Programs applicable to it and
its assets, business or operations, except to the extent (x) related to certain DESI Program Products and (y) that any noncompliance,
individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. Except as disclosed with
respect to DESI Program Products or as disclosed in Annex IV hereto or in Holdings’ SEC Filings, (i) each Credit
Party and each of their Subsidiaries (x) holds in full force and effect (without default, violation or noncompliance) all Health
Care Permits necessary for it to own, lease, sublease or operate its assets or to conduct its business and operations as presently
conducted (including to include its Products in any Government Drug Rebate Program in which it participates), except to the extent
where such failure to be in full force and effect or such default, material violation or material noncompliance, individually
or in the aggregate, could not reasonably be expected to have a Material Adverse Effect and (y) to the extent prudent and customary
in the industry in which it is engaged, has obtained and maintains accreditation from all generally recognized accreditation agencies,
(ii) to the knowledge of each Credit Party, no circumstance exists or event has occurred which could reasonably be expected to
result in the suspension, revocation, termination, restriction, limitation, modification or non-renewal of any Health Care Permit
that could reasonably be expected to have a Material Adverse Effect, (iii) the Products provided by any Credit Party are qualified
for participation in the Government Drug Rebate Programs, and each Credit Party and each of their Subsidiaries is entitled to
participate in the Government Drug Rebate Programs and (iv) no Credit Party or any of its Subsidiaries directly bills, receives
reimbursement from, or otherwise participates as a provider or supplier in the Medicare or any Medicaid program.

 

(b)            
Rebates. Except to the extent a failure to do so would not reasonably be expected to result in a Material Adverse Effect,
each Credit Party and each of their respective Subsidiaries has timely filed or caused to be timely filed all reports that it
is required to file under applicable Requirements of Law with respect to Government Drug Rebate Programs. No Credit Party is aware
of any claims, actions or appeals pending before any administrative contractor, intermediary or carrier or any other Governmental
Authority with respect to any such reports filed by such Credit Party, or any claim made by any Governmental Authority in connection
with any audit of such reports.

 

    11 

     

    

 

(c)            
Material Statements. No Credit Party nor any of their Subsidiaries, nor any officer, affiliate, employee or agent of any
Credit Party or any Subsidiary of any Credit Party, has made an untrue statement of a material fact or fraudulent statement to
any Governmental Authority, failed to disclose a material fact that must be disclosed to any Governmental Authority, or committed
an act, made a statement or failed to make a statement that, at the time such statement, disclosure or failure to disclose occurred,
would constitute a violation of any Health Care Law that could reasonably be expected to have a Material Adverse Effect.

 

(d)            
Exclusion. Except (1) as disclosed in Holdings’ SEC Filings or (2) where any of the following would not reasonably
be expected to result in a Material Adverse Effect, no Credit Party nor any of their Subsidiaries, nor, to the knowledge of any
Credit Party, any owner, officer, director, partner, agent or managing employee or Person with a “direct or indirect ownership
interest” (as that phrase is defined in 42 C.F.R. § 420.201) in any Credit Party or any Subsidiary of any Credit Party,
has (i) had a civil monetary penalty assessed pursuant to 42 U.S.C. § 1320a-7; (ii) been suspended, debarred or excluded
from participation in Medicare, Medicaid or any other federal or state healthcare program; (iii) been convicted (as that term
is defined in 42 C.F.R. §1001.2) of any of those offenses described in 42 U.S.C. §1320a-7b or 18 U.S.C. §§669,
1035, 1347 or 1518, including any of the following categories of offenses: (A) criminal offenses relating to the delivery of an
item or service under any federal health care program (as that term is defined in 42 U.S.C. §1320a-7b) or healthcare benefit
program (as that term is defined in 18 U.S.C. §24b), (B) criminal offenses under federal or state law relating to patient
neglect or abuse in connection with the delivery of a healthcare item or service, (C) criminal offenses under laws relating to
fraud and abuse, theft, embezzlement, false statements to third parties, money laundering, kickbacks, breach of fiduciary responsibility
or other financial misconduct in connection with the delivery of a healthcare item or service or with respect to any act or omission
in a program operated by or financed in whole or in part by any federal, state or local governmental agency, (D) laws relating
to the interference with or obstruction of any investigations into any criminal offenses described in this clause (d), or (E)
criminal offenses under laws relating to the unlawful manufacturing, distribution, prescription or dispensing of a controlled
substance; or (iv) been involved or named in a complaint made or any other action taken pursuant to the False Claims Act under
31 U.S.C. §§3729-3731 or qui tam action brought pursuant to 31 U.S.C. §3729 et seq.

 

(e)            
HIPAA. Except to the extent that failure to do so would not reasonably be expected to result in a Material Adverse Effect,
each Credit Party and each of their respective Subsidiaries is in compliance with HIPAA. Further, in each contractual arrangement
that is subject to HIPAA, the relevant Credit Party and each of its respective Subsidiaries has: (i) entered into a written business
associate agreement (as such term is defined under the HIPAA regulations) that substantially meets the requirements of HIPAA;
(ii) at all times complied in all material respects with such business associate agreements in respect of the HIPAA privacy or
security standards; and (iii) to such Credit Party or Subsidiary’s knowledge, at no time experienced or had a material unauthorized
use or disclosure of Protected Health Information (as defined in the HIPAA regulations) or privacy or security breach or other
privacy or security incident within the meaning of HIPAA.

 

    12 

     

    

 

(f)            
Corporate Integrity Agreement. Except as disclosed in Holdings’ SEC Filings, no Credit Party nor any of their Subsidiaries,
nor any owner, officer, director, partner, agent or managing employee of any Credit Party or any Subsidiary of any Credit Party,
is a party to or bound by any individual integrity agreement, corporate integrity agreement, corporate compliance agreement, deferred
prosecution agreement, consent order, consent decree, settlement agreement, or other formal or informal agreement with any Governmental
Authority concerning compliance with Health Care Laws, any Government Drug Rebate Programs or the requirements of any Health Care
Permit.

 

Section
3.15.      FDA Regulatory Compliance.

 

(a)            Except
as disclosed with respect to DESI Program Products or as disclosed in Annex IV or in Holdings’ SEC Filings and (2)
as would not reasonably be expected to result in a Material Adverse Effect, (i) each Credit Party and each of their Subsidiaries
has, and it and its Products are in conformance with, all Registrations, (ii) all Registrations are valid and in full force and
effect; (iii) to the knowledge of each Credit Party, neither the FDA nor any comparable Governmental Authority is considering
limiting, suspending, or revoking any such Registration; (iv) the Credit Parties and each of their Subsidiaries have fulfilled
and performed their obligations under each Registration, and no event has occurred or condition or state of facts exists which
would constitute a breach or default under, or would cause revocation or termination of, any such Registration; and (v) all reports,
documents, claims, permits, adverse event reports, complaints, notices, registrations and applications required to be filed, maintained
or furnished to the FDA or any other Regulatory Authority by a Credit Party or any of its Subsidiaries have been so filed, maintained
or furnished.

 

(b)            
Each Credit Party and each of their Subsidiaries are conducting their business and operations in compliance with all applicable
Health Care Laws, except to the extent that any noncompliance, individually or in the aggregate, could not reasonably be expected
to have a Material Adverse Effect. Except (1) with respect to DESI Program Products or as disclosed in Annex IV or in Holdings’
SEC Filings and (2) as would not reasonably be expected to result in a Material Adverse Effect, (i) no Credit Party nor any of
their Subsidiaries is subject to any obligation arising under an administrative or regulatory action, proceeding, investigation
or inspection by or on behalf of the FDA or any comparable Governmental Authority, warning letter, Form FDA-483, untitled letter,
notice of violation letter, consent decree, request for information or other notice, response or commitment made to or with the
FDA or any comparable Governmental Authority, in each case, in respect of such Credit Party or its Subsidiary, and no such obligation
has been threatened and (ii) no Credit Party has received written notice from a Governmental Authority that any Product designed,
developed, investigated, manufactured, prepared, assembled, packaged, tested, labeled, distributed, sold or marketed by or on
behalf of any Credit Party or any of their Subsidiaries that are subject to the jurisdiction of the FDA or any comparable Governmental
Authority are not being designed, developed, investigated, manufactured, prepared, assembled, packaged, tested, labeled, distributed,
sold and marketed in compliance with the Health Care Laws.

 

    13 

     

    

 

(c)            
Except as would not reasonably be expected to be result in a Material Adverse Effect, all pre-clinical and clinical investigations
conducted or sponsored by or on behalf of any Credit Party or any of their Subsidiaries are being and have been conducted in compliance
with all applicable Health Care Laws including (i) FDA standards for the design, conduct, performance, monitoring, auditing, recording,
analysis and reporting of clinical trials contained in Title 21 parts 50, 54, 56, 312 and 314 of the Code of Federal Regulations,
and (ii) federal and state Requirements of Law restricting the collection, use and disclosure of individually identifiable health
information and personal information.

 

(d)            
Except (i) as disclosed in Holdings’ SEC Filings or (ii) as would not reasonably be expected to be result in a Material
Adverse Effect, neither any Credit Party nor any of their Subsidiaries has voluntarily or involuntarily initiated, conducted or
issued, caused to be initiated, conducted or issued, or received written notice of any material recall, field corrective action,
market withdrawal or replacement, safety alert, warning, “dear doctor” letter, investigator notice, or other notice
or action to wholesalers, distributors, retailers, healthcare professionals or patients relating to an alleged lack of safety,
efficacy or regulatory compliance of any Product or is currently considering initiating, conducting or issuing any recall of any
Product.

 

Section
3.16.      Compliance with Environmental Laws. To each Credit Party’s knowledge, no Credit
Party’s nor any of its Subsidiaries’ properties or assets has ever been used by a Credit Party, its Subsidiaries,
or by previous owners or operators in the disposal of, or to produce, store, handle, treat, release, or transport, any Hazardous
Materials, where such disposal, production, storage, handling, treatment, release or transport was in violation, in any material
respect, of any applicable Environmental Law, (b) to each Credit Party’s knowledge, after due inquiry, no Credit Party’s
or any of its Subsidiaries’ properties or assets has ever been designated or identified in any manner pursuant to any Environmental
Law as a Hazardous Materials disposal site or as a location at which any material Remedial Action is required pursuant to any
Environmental Law, (c) no Credit Party nor any of its Subsidiaries has received notice that an Environmental Lien has attached
to any revenues or to any Real Property owned or operated by a Credit Party or its Subsidiaries or that any such Environmental
Lien has caused such Real Property to be subject to any material restrictions on the ownership, occupancy, use or transferability
of such Real Property by Holdings or any of its Subsidiaries, (d) except to the extent such Credit Party or Subsidiary has set
aside on its books financial reserves as required by GAAP (or such other generally accepted accounting principles as may be applicable
in the relevant jurisdiction), to each Credit Party’s knowledge, there are no releases of Hazardous Materials at, on, under,
from or affecting any Real Property, or other Environmental Liabilities, that are reasonably expected to form the basis of a material
Environmental Action against any Credit Party or any of its Subsidiaries and (e) no Credit Party nor any of its Subsidiaries nor
any of their respective facilities or operations is subject to any outstanding Environmental Action or any written order, consent
decree, or settlement agreement with any Person relating to any Environmental Law or Environmental Liability that, individually
or in the aggregate, could reasonably be expected to result in a Material Adverse Effect.

 

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Section
3.17.      Litigation.

 

(a)            
There are no actions, suits, or proceedings pending or, to the knowledge of any Credit Party, after due inquiry, threatened in
writing against any Credit Party or any of their respective Subsidiaries that either individually or in the aggregate could reasonably
be expected to result in a Material Adverse Effect.

 

(b)            
To the knowledge of the Credit Parties, there is no pending or threatened Health Care Proceeding commenced, brought, conducted
or heard by or before, or otherwise involving, any Governmental Authority or arbitrator against or affecting any Credit Party
or any Subsidiary of any Credit Party, except to the extent such pending or threatened Health Care Proceeding could not reasonably
be expected to result in a Material Adverse Effect. No Credit Party has received written notice of any such Health Care Proceeding
against or affecting such Credit Party or any Subsidiary of such Credit Party.

 

Section
3.18.      Not an Investment Company. No Credit Party is, or after giving effect to the Transactions
will be, a “registered investment company” or a company “controlled” by a “registered investment
company” or a “principal underwriter” of a “registered investment company” as such terms are defined
in the Investment Company Act of 1940. No Credit Party is required to be registered under the Investment Company Act of 1940.

 

Section
3.19.      Margin Stock.  No Credit Party nor any of its Subsidiaries is engaged principally,
or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying any Margin
Stock. No part of the proceeds of the Transactions will be used to purchase or carry any Margin Stock or to extend credit to others
for the purpose of purchasing or carrying any Margin Stock or for any purpose that violates the provisions of Regulation T, U
or X of the Board of Governors.

 

Section
3.20.      Sarbanes-Oxley. There is and has been no failure on the part of Holdings, its Subsidiaries
or any of its directors or officers, in their capacities as such, to comply with any provision of the Sarbanes-Oxley Act of 2002
and the rules and regulations promulgated in connection therewith, including Section 402 related to loans and Sections 302 and
906 related to certifications, to the extent such sections are applicable. Since the 2016 Annual Report, except as disclosed in
Holdings’ SEC Filings, there has been (1) no significant deficiency or material weakness in Holdings’ internal control
over financial reporting (whether or not remediated) and (2) no change in Holdings’ internal control over financial reporting
that has materially affected, or is reasonably likely to materially affect, Holdings’ internal control over financial reporting.

 

Section
3.21.      No General Solicitation. Neither the Issuer or the Guarantors is, nor are of their
respective affiliates, nor, to the knowledge of the Issuer or the Guarantors, any person acting on their behalf (i) has, within
the six-month period prior to the date hereof, offered or sold in the United States or to any U.S. person (as such terms are defined
in Regulation S under the Securities Act) any New Securities, or any security of

 

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the
same class or series as the New Securities, (ii) has offered or will offer or sell the New Securities in the United States by
means of any form of general solicitation or general advertising within the meaning of Rule 502(c) under the Securities Act, or
(iii) has engaged in any directed selling efforts within the meaning of Rule 902(c) of Regulation S promulgated under the Securities
Act.

 

Section
3.22.      DTC. At Closing, the New Exchangeable Notes and the Exchange Shares will have been
declared eligible for clearance, settlement and trading through DTC and will have been delivered to the custodian of DTC for distribution
to the accounts of applicable DTC participants for the Holders.

 

Section
3.23.      No Material Adverse Change. Except as disclosed in Holdings’ SEC Filings, since
December 31, 2016, no event, circumstance, or change has occurred that has resulted or could reasonably be expected to result
in a Material Adverse Effect with respect to the Credit Parties and their Subsidiaries, it being understood and agreed that (i)
the award entered on February 2, 2017 (the “Award”) in the arbitration proceeding among Holdings, Pernix Ireland
Limited, GlaxoSmithKline LLC, Glaxo Group Limited, GlaxoSmithKline Intellectual Property Holdings Limited and GlaxoSmithKline
Intellectual Property Management Limited and any other proceedings or events related to such award or such proceeding and (ii)
entry into the Transaction Documents and consummation of the Transactions have not resulted nor could reasonably be expected to
result in a Material Adverse Effect. Except (i) as disclosed in Holdings’ SEC Filings, (ii) in respect of the Award, or
(iii) in connection with the Transactions, (a) no dividend or distribution of any kind has been declared, paid, set aside for
payment or made by Holdings on any class of its capital stock, (b) there has been no material adverse change in the capital stock,
short-term indebtedness, long-term indebtedness, net current assets or net assets of the Credit Parties and their Subsidiaries,
taken as a whole, (c) no Credit Party or any of its Subsidiaries has entered into any transaction or agreement that is material
to the Credit Parties and their Subsidiaries, taken as a whole, or incurred any liability or obligation, direct or contingent,
that is material to the Credit Parties and their Subsidiaries, taken as a whole, and (d) no Credit Party or any of its Subsidiaries
has sustained any material loss or interference with its business from fire, explosion, flood or other calamity, whether or not
covered by insurance, or from any labor disturbance or dispute or any action, order or decree of any Governmental Authority.

 

Section
3.24.      No Registration. Assuming the accuracy of, and compliance with, the representations
and warranties of the Holders set forth in ‎Article 4 hereof, the offer and sale of the New Securities to the Holders
in the manner contemplated by this Agreement, and the issuance of the Underlying Shares in the manner contemplated by the New
Exchangeable Notes Indenture, will be exempt from the registration requirements of the Securities Act; and it is not necessary
to qualify the New Exchangeable Notes Indenture under the Trust Indenture Act of 1939, as amended.

 

Section
3.25.      Insurance. Each of the Credit Parties and its Subsidiaries (i) is insured by financially
sound and reputable insurance companies licensed to provide insurance in the applicable jurisdiction, in such amounts and against
such risks as are

 

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customarily
maintained by companies engaged in the same or similar businesses operating in the same or similar location, and (ii) is in compliance
with the terms of such policies and instruments in all material respects. No Credit Party or any of its Subsidiaries has been
refused any material insurance coverage sought or applied for since January 1, 2012. No Credit Party or any of its Subsidiaries
has reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to
obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that, in the aggregate, would
not have a Material Adverse Effect.

 

Section
3.26.      Condition of Assets. All of the assets of the Credit Parties and their respective Subsidiaries
that are material to the operations of the Credit Parties or their respective Subsidiaries are in good order and working condition
and suitable for the use thereof, ordinary wear and tear excepted, and there has been no material casualty or loss, or notice
of taking or condemnation or equivalent action on the part of any governmental agency or body, with respect thereto and no Credit
Party or its Subsidiaries has reason to believe that any such action is contemplated by any governmental agency or body.

 

Section
3.27.      No Default. No Default or Event of Default (as such terms are defined in the New Exchangeable
Notes Indenture) exists or would result from the execution and delivery by Credit Parties and their respective Subsidiaries of
this Agreement and the other Transaction Documents and each other agreement and transaction contemplated hereby or thereby.

 

Section
3.28.      OFAC. No Credit Party nor any of its respective Subsidiaries is a Sanctioned Person
or a Sanctioned Entity. The proceeds from the Transactions will not be used to fund any operations in, finance any investments
or activities in, or make any payments to, a Sanctioned Person or a Sanctioned Entity.

 

Section
3.29.      No Unlawful Payments. No Credit Party, any of its respective Subsidiaries, directors
or officers or, to the knowledge of the Credit Parties, any employee, agent, Affiliate, representative of or other Person associated
with or acting on behalf of any Credit Party has (a) used any corporate funds for any unlawful contribution, gift, entertainment
or other unlawful expense relating to political activity, (b) made any direct or indirect unlawful payment to any foreign
or domestic government official or employee from corporate funds, (c) violated or is in violation of any provision of the
U.S. Foreign Corrupt Practices Act of 1977, as amended, or (d) made any bribe, unlawful rebate, payoff, influence payment,
kickback or other unlawful payment.

 

Section
3.30.      Compliance with Anti-Money Laundering Laws. The operations of the Credit Parties are
and have been conducted at all times in compliance with the Anti-Money Laundering Laws, and no action, suit or proceeding by or
before any Governmental Authority involving any Credit Party with respect to the Anti-Money Laundering Laws is pending or, to
the knowledge of the Credit Parties, threatened.

 
 

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Section 3.31.     
No Liquidation. All indebtedness represented by the New Exchangeable Notes is being incurred for proper purposes and in
good faith; at the Closing, after giving pro forma effect to the Transactions and the assumed use of the proceeds of the Transactions
to invest in the business of Holdings and its Subsidiaries, Holdings and its Subsidiaries, taken as a whole and on a consolidated
basis, will be able to pay their debts in the ordinary course of business.  No steps have been taken or are currently intended
by any Credit Party or, to the knowledge of the Credit Parties, any other Person for the winding-up, liquidation, dissolution
or administration or for the appointment of a receiver or administrator of any Credit Party for all or any of the Credit Parties’
properties or assets.

 

Section
3.32.      Outstanding Indebtedness. Annex V hereto sets forth a complete list of the following
types of indebtedness of each Credit Party outstanding as of the Closing Date: (a) indebtedness in respect of borrowed money;
(b) any other obligation of such Credit Party to be liable for, or to pay, as obligor, guarantor or otherwise, on the indebtedness
for borrowed money of another Person (other than by endorsement of negotiable instruments for collection in the ordinary course
of business); and (c) to the extent not otherwise included, indebtedness for borrowed money of another Person secured by a Lien
on any asset owned by such Person (whether or not such indebtedness for borrowed money is assumed by such Person).

 

Section
3.33.      Material Contracts. Except for matters which, either individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect, each Material Contract of any Credit Party or any of
its Subsidiaries (other than those that have expired at the end of their normal terms) (a) is in full force and effect and is
binding upon and enforceable against the applicable Credit Party or Subsidiary and, to the knowledge, after due inquiry, of the
Credit Parties, all other parties thereto in accordance with its terms, (b) has not been otherwise amended or modified (other
than amendments or modifications permitted by the Transaction Documents) and (c) is not in default due to the action or inaction
of the applicable Credit Party or its Subsidiary.

 

Section
3.34.      Compliance with ERISA. No Credit Party, none of their Subsidiaries, nor any of their
ERISA Affiliates maintains or contributes to, or within the last six years has contributed to, any Benefit Plan or Multiemployer
Plan.

 

Section
3.35.      Intellectual Property. Each of the Credit Parties and its Subsidiaries owns, or possesses
the right to use, all of the Intellectual Property that is reasonably necessary for the operation of their respective businesses
as conducted, except for those for which the failure to own or possess the right to use could not reasonably be expected to result
in a Material Adverse Effect. As of the Closing Date, a complete and correct list of all of (x) the registrations and applications
for Intellectual Property applicable to any of the Products or otherwise owned by any of the Credit Parties or its Subsidiaries
and (y) licenses of Intellectual Property (including Patent Licenses) applicable to any of the Products is set forth on Annex
VI. To Holdings’ knowledge, the operation of each Credit Party’s and each of its Subsidiaries’ respective
businesses, by each Credit Party or any of its Subsidiaries as currently conducted, does not infringe upon or otherwise violate
any Intellectual Property owned by any other Person, except as, either individually or in the aggregate, could not reasonably
be expected to result in a Material Adverse Effect. No claim or litigation alleging that the Intellectual Property owned or used
by any Credit Party or any of its Subsidiaries, or the conduct of any Credit Party’s or any of its Subsidiaries’ businesses,
infringe or otherwise violate the Intellectual Property of any Person, is pending or, to knowledge of any Credit Party, threatened
in writing, which, either individually or in the aggregate, could reasonably be expected to

 

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have
a Material Adverse Effect. To each Credit Party’s knowledge, no Person has infringed or misappropriated or is currently
infringing or misappropriating any Intellectual Property owned by any of the Credit Parties or their Subsidiaries, in each case,
that either individually or in the aggregate could reasonably be expected to result in a Material Adverse Effect. No Credit Party
holds any assets as the trustee of any trust.

 

Section
3.36.      Employee and Labor Matters. There is (i) no unfair labor practice complaint pending
or, to the knowledge of any Credit Party, threatened against Holdings or its Subsidiaries before any Governmental Authority and
no grievance or arbitration proceeding pending or threatened against Holdings or its Subsidiaries which arises out of or under
any collective bargaining agreement and that could reasonably be expected to result in a Material Adverse Effect, (ii) no strike,
labor dispute, slowdown, stoppage or similar action or grievance pending or threatened in writing against Holdings or its Subsidiaries
that could reasonably be expected to result in a Material Adverse Effect, or (iii) as of the Closing Date, to the knowledge of
any Credit Party, after due inquiry, no union representation question existing with respect to the employees of Holdings or its
Subsidiaries and no union organizing activity taking place with respect to any of the employees of Holdings or its Subsidiaries.
None of Holdings or its Subsidiaries has incurred any liability or obligation under the Worker Adjustment and Retraining Notification
Act or similar state law, which remains unpaid or unsatisfied. The hours worked and payments made to employees of Holdings and
its Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable legal requirements, except
to the extent such violations could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse
Effect. All material payments due from Holdings or its Subsidiaries on account of wages and employee health and welfare insurance
and other benefits have been paid or accrued as a liability on the books of Holdings, except where the failure to do so could
not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

 

Section
3.37.      Disclosure Controls. Holdings maintains disclosure controls and procedures (as such
term is defined in Rule 13a-15(e) under the Exchange Act) that are designed to ensure that information required to be
disclosed under the Exchange Act is reported within the time periods specified in the applicable rules promulgated under
the Exchange Act. Holdings has carried out evaluations of the effectiveness of its disclosure controls and procedures as required
by Rule 13a-15 under the Exchange Act, and such disclosure controls and procedures are effective as of June 30, 2017 to
perform the functions for which they were established.

 

Section
3.38.      Accounting Controls. Holdings maintains systems of “internal control over financial
reporting” (as defined in Rule 13a-15(f) under the Exchange Act) that comply in all material respects with the
requirements of the Exchange Act. Holdings’ auditors and the Audit Committee of the Board of Directors of Holdings have
been advised of (i) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting that are reasonably likely to adversely affect any Credit Party’s ability to record, process, summarize
and report financial information and (ii) any fraud, whether or not material, that involves management or other employees
who have a significant role in any Credit Party’s internal control over financial reporting.

 

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Article
4

Representation and Warranties of the Holders

 

Each
Holder represents and warrants to the Credit Parties as follows:

 

Section
4.01.      Organization and Standing of the Holder. Such Holder is duly organized, validly existing
and in good standing under the laws of the jurisdiction of its incorporation or formation and has all requisite power and authority
to enter into this Agreement and perform its obligations hereunder.

 

Section
4.02.      Exchange Agreement and Transaction Documents. This Agreement and each other Transaction
Document to which such Holder is a party has been duly and validly authorized by such Holder. This Agreement has been, and at
Closing each other Transaction Document to which such Holder is a party will be, duly executed and delivered by such Holder, and
this Agreement is, and at Closing each other Transaction Document to which such Holder is a party will be, a valid and binding
obligation of such Holder enforceable in accordance with its terms, subject as to enforceability to general principles of equity
and to bankruptcy, insolvency, moratorium and other similar laws affecting the enforcement of creditors’ rights generally,
and except that the enforceability of any indemnification or contribution provisions thereof may be limited under applicable securities
laws or the public policies underlying such laws.

 

Section
4.03.      Non-Contravention. The execution and delivery by such Holder of this Agreement, the
other Transaction Documents to which such Holder is a party and the Transactions do not and will not (i) result in any violation
of any terms of the organizational documents of such Holder; (ii) conflict with or result in a breach by such Holder of any of
the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust or other material agreement
or instrument to which such Holder is a party or by which such Holder or any of its properties or assets is bound or affected;
or (iii) violate or contravene any applicable law, rule or regulation or any applicable decree, judgment or order of any Governmental
Authority or court having jurisdiction over such Holder or any of its properties or assets, except, in the case of (ii) and (iii),
as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect on the business, properties,
operations, financial condition or results of operations of such Holder and its Subsidiaries, taken as a whole.

 

Section
4.04.      Ownership. Such Holder is (i) the sole beneficial owner and/or the investment advisor,
authorized representative or manager for the beneficial owners of the Exchanged Notes, the principal amount of which is set forth
on its signature page attached hereto, having the power to vote and dispose of such Exchanged Notes on behalf of such beneficial
owners and (ii) entitled (for its own account or for the account of certain funds and/or accounts for which a Holder or any of
its Affiliates acts as investment advisor) to all of the rights and economic benefits of such Exchanged Notes. There are no outstanding
agreements, arrangements or understandings under which such Holder, its nominee or the beneficial owners of the Exchanged Notes
for which such

 

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Holder
acts as investment advisor may be obligated to transfer any of the Exchanged Notes, other than this Agreement. Such Holder has
full power and authority to enter into this Agreement, make the representations and warranties set forth herein and transfer the
Exchanged Notes in accordance with the terms hereof on behalf of the beneficial owners of the Exchanged Notes, the principal amount
of which is set forth on its signature page hereto.

 

Section
4.05.      Transfers. Such Holder (and the beneficial owners of the Exchanged Notes for which
such Holder acts as investment advisor) has made no prior assignment, sale, participation, grant, conveyance or other transfer
of, and has not entered into any other agreement to assign, sell, participate, grant or otherwise transfer (except for liens or
encumbrances in favor of a broker dealer over property in an account with such dealer generally in which an encumbrance is released
upon transfer), in whole or in part, any portion of its right, title or interests in the Exchanged Notes it beneficially owns,
subject to this Agreement, that is inconsistent with the representations and warranties made in ‎Section 4.04 above
or that would render such Holder (and the beneficial owners of the Exchanged Notes for which such Holder acts as investment advisor)
otherwise unable to comply with its obligations under this Agreement.

 

Section
4.06.      Liens. The Exchanged Notes held by such Holder (or the beneficial owners of the Exchanged
Notes for which such Holder or its Affiliate acts as investment advisor, as the case may be) are not subject to any lien, pledge,
mortgage, security interest, charge, option or other encumbrance of adverse claim of any kind (a “Lien”), except
for liens or encumbrances in favor of a broker dealer over property in an account with such dealer generally in which an encumbrance
is released upon transfer. The execution and delivery of, and the performance by such Holder of its obligations under, this Agreement,
will not result in the creation of any Lien upon the Exchanged Notes held by such Holder (or the beneficial owners of the Exchanged
Notes for which such Holder acts as investment advisor, as the case may be). Upon the consummation of the Exchange, the Issuer
will acquire the Exchanged Notes to be exchanged by such Holder (or the beneficial owners of the Exchanged Notes for which such
Holder acts as investment advisor, as the case may be) free and clear of any Lien.

 

Section
4.07.      No Illegal Transactions. Such Holder has not, directly or indirectly, and no person
acting on behalf of or pursuant to any understanding with it has, disclosed to a third party any information regarding the Exchange
or engaged in any transactions in the securities of the Issuer or the Guarantors (including, without limitation, any Short Sales
(as defined below) involving any of the Issuer’s or Holdings’ securities) since the time that such Holder became restricted
from trading in the Issuer’s or Holdings’ securities, as the case may be.

 

Section
4.08.      Investment Experience. Such Holder has such knowledge and experience in financial and
business affairs that such Holder is capable of evaluating the merits and risks of an investment in the Exchange Shares and the
New Exchangeable Notes. Such Holder (and each beneficial owner of the Exchanged Notes for which such Holder acts as investment
advisor) is an “accredited investor,” within the meaning of

 

    21 

     

    

 

Rule
501 promulgated by the Commission under the Securities Act, and a “qualified institutional buyer” as defined
in Rule 144 under the Securities Act. Such Holder (and each beneficial owner of the Exchanged Notes for which such Holder acts
as investment advisor) will acquire the Exchange Shares and the New Exchangeable Notes for its own account (or for the account
of certain funds and/or accounts for which such Holder or any of its Affiliates acts as investment advisor), for investment, and
not with a view to or for sale in connection with any distribution thereof in violation of the registration provisions of the
Securities Act or the rules and regulations promulgated thereunder. Such Holder (and each beneficial owner of the Exchanged Notes
for which such Holder acts as investment advisor) understands that the Exchange Shares and the New Exchangeable Notes are being
issued to it in reliance on specific exemptions from the registration requirements of United States federal and state securities
laws and that the Credit Parties are relying upon the truth and accuracy of, and such Holder’s compliance (and the compliance
of each beneficial owner of the Exchanged Notes for which such Holder acts as investment advisor) with, the representations, warranties,
agreements, acknowledgments and understandings of such Holder (on its own behalf and on behalf of each beneficial owner of the
Exchanged Notes for which such Holder acts as investment advisor) set forth herein in order to determine the availability of such
exemptions and the eligibility of such Holder (and each beneficial owner of the Exchanged Notes for which such Holder acts as
investment advisor) to acquire the Exchange Shares New Exchangeable Notes. The Holder (and each beneficial owner of the Exchanged
Notes for which such Holder acts as investment advisor) acknowledges that no representations, express or implied, are being made
with respect to the Credit Parties, the Exchange Shares, the New Exchangeable Notes, the relative rights of creditors to any assets
of any Credit Party, or otherwise, other than those expressly set forth herein. In making its decision to invest in the Exchange
Shares and New Exchangeable Notes hereunder, such Holder has relied upon independent investigations made by such Holder and, to
the extent believed by such Holder to be appropriate, such Holder’s representatives, including such Holder’s own professional,
tax and other advisors. Such Holder and its representatives have been given the opportunity to ask questions of, and to receive
answers from, the Credit Parties and their representatives concerning the terms and conditions of the investment in the Exchange
Shares and New Exchangeable Notes. Such Holder has reviewed, or has had the opportunity to review, all information it deems necessary
and appropriate for such Holder to evaluate the financial risks inherent in an investment in the Exchange Shares and New Exchangeable
Notes and has had sufficient time to evaluate the Exchange. Such Holder (and each beneficial owner of the Exchanged Notes for
which such Holder acts as investment advisor) understands that its investment in the Exchange Shares and New Exchangeable Notes
involves a high degree of risk and that no Governmental Authority has passed on or made any recommendation or endorsement of the
Exchange Shares and New Exchangeable Notes.

 

Section
4.09.      No Established Market. The Holders represent and warrant that they have been advised
by the Issuer that (i) the offer and sale of the New Securities has not been registered under the Securities Act; (ii) the offer
and sale of the New Securities is intended to be exempt from registration under the Securities Act; and (iii) there is currently
no established market for the New Exchangeable Notes. Such Holder is familiar with Rule 144 promulgated by the Commission under
the Securities Act, as

 

    22 

     

    

 

presently
in effect, and understands the resale limitations imposed thereby and by the Securities Act. Such Holder (and each beneficial
owner of the Exchanged Notes for which such Holder acts as investment advisor) will only sell or otherwise transfer the New Exchangeable
Notes in accordance with the New Exchangeable Notes Indenture, as applicable.

 

Section
4.10.      Ownership of Common Stock. Each Holder represents and warrants, on behalf of itself
and its investment advisor, that, as of the Closing Date, it is not, and immediately after giving pro forma effect to the
issuance of the New Securities under the terms of this Agreement and the other Transactions will not be, and thereafter will not
enter into any transaction or agreement with the intent to become, directly or indirectly, the beneficial owner, as determined
pursuant to the rules and regulations promulgated under Section 13(d) of the Exchange Act, either alone or together with each
person subject to aggregation of Common Stock ownership with such Holder under Section 13 or Section 16 of the Exchange Act and
the rules and regulations promulgated thereunder at such time (an “Aggregated Person”), of Common Stock representing
more than 9.99% of the total issued and outstanding shares of the Common Stock.

 

Section
4.11.      Selling Restrictions. Such Holder acknowledges that no action has been or will be taken
in any jurisdiction that would, or is intended to, permit a public offering of any of the New Exchangeable Notes in any country
or jurisdiction where action for that purpose is required. In particular, no offer of the New Exchangeable Notes may be made in
circumstances which would require the publication by the Issuer of a prospectus under the Prospectus (Directive 2003/71/EC) (as
amended). Such Holder agrees that it will comply with all relevant laws, regulations and directives in each jurisdiction in which
it purchases, offers, sells or delivers New Exchangeable Notes.

 

Section
4.12.      Holding Period. A period of at least six months has elapsed since the date the Holders
acquired their beneficial interest in the Existing Convertible Notes, and at the times the Holders acquired such beneficial interest,
the Holders paid full consideration for the Existing Convertible Notes as set forth in Rule 144(b)(1) under the Securities Act,
and each of the Holders has continued to hold such beneficial ownership in the Existing Convertible Notes at all such times since
such Holder acquired such Existing Convertible Notes.

 

    23 

     

    

 

Article
5

[Reserved]

 

Article
6

Certain Covenants and Agreements of the Parties

 

Section
6.01.      Further Action by the Credit Parties. The Credit Parties shall, at the written request
of the Holders, at any time and from time to time following the Closing, execute and deliver to the Holders all such further instruments
and take all such further action as may be reasonably necessary or appropriate in order to confirm or carry out its obligations
under this Agreement.

 

Section
6.02.      Best Efforts. The Credit Parties on the one hand, and the Holders on the other, shall
use their respective best efforts (subject to standards of commercial reasonableness) to consummate the Transactions.

 

Section
6.03.      Publicity. The Credit Parties and the Holders agree that promptly following the execution
of this Agreement, Holdings will issue a press release, in a form to be agreed among the Credit Parties and the Holders, and file
a report with the Commission on Form 8-K in a form reasonably agreed upon by the Holders, and on the date of the Closing, Holdings
shall file a report with the Commission on Form 8-K describing the material terms of the Transactions, and filing all material
documents related to the Transactions pursuant to Item 2.03 of Form 8-K. Holdings affirms
that such Form 8-K will include all material nonpublic information provided to the Holders and their Affiliates in connection
with the Transactions.

 

Section
6.04.      Standstill.

 

(a)            
The Holders, on behalf of themselves and their investment advisor, agree with the Issuer and Holdings that, for a period of one
year after the date of this Agreement (the “Standstill Period”), unless specifically permitted in writing by
Holdings, neither they nor their Affiliates will in any manner, directly or indirectly:

 

(i)           
effect, seek, offer or propose (whether publicly or otherwise) to effect, or cause or participate in, or in any way assist any
other person or entity to effect, seek, offer or propose (whether publicly or otherwise) to effect or participate in:

 

    24 

     

    

 

(A)           
 any acquisition, agreement to acquire, proposal or offer to acquire, or facilitate the acquisition or ownership of any securities
(or beneficial ownership thereof) or all or substantially all of the assets, or any warrant, option or other right to acquire
any such securities or assets, of Holdings or any of its Subsidiaries other than the New Securities offered hereby,

 

(B)           
any tender or exchange offer, merger or other business combination involving Holdings or any of its Subsidiaries,

 

(C)           
any business combination, recapitalization, restructuring, liquidation, dissolution or other extraordinary transaction with respect
to Holdings or any of its Subsidiaries, or

 

(D)           
any “solicitation” of “proxies” (as such terms are used in the proxy rules of the Securities and Exchange
Commission) or consents to vote any voting securities of Holdings;

 

(ii)           
form, join or in any way participate in a “group” (within the meaning of Section 13(d)(3) of the Exchange Act) with
respect to any voting securities of Holdings, other than between the Holders and any Affiliates of the Holders;

 

(iii)           
call, request the calling of, or otherwise seek or assist in the calling of a special meeting of the shareholders of the other
party;

 

(iv)           
make any public announcement with respect to, or submit an unsolicited proposal for or offer of (with or without condition), any
extraordinary transaction involving Holdings or its securities or assets;

 

(v)           
otherwise act, alone or in concert with others, to seek to control the management, Board of Directors or policies of Holdings,
except pursuant to the terms of the Transaction Documents;

 

(vi)           
take any action which might force Holdings to make a public announcement regarding any of the types of matters set forth in (a) above;

 

(vii)           
disclose any intention, plan or arrangement prohibited by, or inconsistent with, the foregoing; or

 

(viii)           
enter into any agreements with any third party with respect to any of the foregoing.

 

The
Holders, on behalf of themselves and their investment
advisor, further agree that during the Standstill Period they will not (and will ensure
that their Affiliates

 

    25 

     

    

 

and associates (and any person acting on behalf of or in concert with them or any of their affiliates or
associates) will not), directly or indirectly, without the prior written consent of Holdings, take any action that would reasonably
be expected to require Holdings to make a public announcement regarding the possibility of a business combination, merger or other
type of transaction described in this ‎Section 6.04 with the Holder or any of its affiliates; provided, however,
that the forgoing restrictions in this Section 6.04 shall not apply to (a) the offer and sale of any or all of the New Securities
or the Underlying Shares to any Person at any time, or (b) the purchase or any other acquisition of any Common Stock by any Holder
from any Person at any time so long as such purchase or acquisition does not violate ‎6.04(b).

 

(b)            
Each Holder, on behalf of itself and its investment advisor, further agrees that for so long as any New Exchangeable Notes are
outstanding it will not enter into any transaction or agreement with the intent to become, directly or indirectly, the beneficial
owner, as determined pursuant to the rules and regulations promulgated under Section 13(d) of the Exchange Act, either alone or
together with each Aggregated Person, of Common Stock representing more than 9.99% of the total issued and outstanding shares
of the Common Stock.

 

Section
6.05.      Rule 144A Information Requirement and Annual Reports. (a) If, at any time, Holdings
is not subject to Section 13 or 15(d) of the Exchange Act, the Issuer shall, so long as any of the Exchange Shares shall, at such
time, constitute “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, upon the written
request of the holder, beneficial owner or prospective purchaser of any Exchange Shares, promptly furnish such holder, beneficial
owner or prospective purchaser the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act to
facilitate the resale of the Exchange Shares pursuant to Rule 144A, as such rule may be amended from time to time. The Issuer
shall take such further action as any holder or beneficial owner of the Exchange Shares may reasonably request to the extent from
time to time required to enable such holder or beneficial owner to sell the Exchange Shares in accordance with Rule 144A, as such
rule may be amended from time to time.

 

Section
6.06.      DTC. The Issuer will use reasonable best efforts to comply with the agreements
set forth in the representation letter of the Issuer to DTC relating to the approval of the New Exchangeable Notes and the
Exchange Shares by DTC for “book-entry” transfer.

 

Section
6.07.      Transfer Agent. Holdings agrees to maintain, at its expense, a transfer agent and,
if necessary under the jurisdiction of incorporation of Holdings, a registrar for the Common Stock.

 

Section
6.08.      Underlying Shares.

 

(a)
              Holdings will reserve and keep available at all times, free of pre-emptive rights, the maximum number of Underlying Shares
initially issuable upon exchange of the New Exchangeable Notes (including any Underlying Shares to be issued upon exchange of
the New Exchangeable Notes in connection with a make-whole adjustment event or anti-dilution adjustment event), assuming all
exchanges of New Exchange Notes are settled solely through the delivery of shares of Common Stock.

 

(b)            
Upon receipt of the Underlying Shares by the Holders, the Underlying Shares will be eligible for immediate resale by the Holders
pursuant to Rule 144 as promulgated under the Securities Act; provided that this Section 6.08(b) shall not be a covenant
of the Credit Parties if the Holders shall not have delivered to Davis Polk & Wardwell LLP an Investor Representation Letter
in the form that was delivered on the Closing Date by each Holder to, or otherwise reasonably acceptable to, Davis Polk &
Wardwell LLP, which Investor Representation Letter shall be true and complete at upon receipt of the Underlying Shares by the
Holders.

 

    26 

     

    

 

Section
6.09.      Absence of Manipulation. Neither Holdings nor each Holder will take, directly or indirectly,
any action designed to or that would constitute or that might reasonably be expected to cause or result in stabilization or manipulation
of the price of any securities of Holdings to facilitate the sale or resale of the New Exchangeable Notes, Exchange Shares or
Underlying Shares.

 

Section
6.10.      Short Sales. Neither the Holders nor any person acting on their behalf or pursuant
to any understanding with them will engage, directly or indirectly, in any transactions in the securities of the issuer or Holdings
(including Short Sales) prior to the time the Transactions are publicly disclosed by the Issuer or Holdings.

 

Section
6.11.      Listing. Each of Holdings and the Issuer will use its reasonable best efforts (i) to
cause the New Exchangeable Notes and the Delayed Draw Term Loan Agreement (or a promissory note issued thereunder) to be listed
on a Recognised Stock Exchange as soon as practicable after the Closing Date but in no event later than the date of the first
interest payment on the New Exchangeable Notes or the Delayed Draw Term Loan Agreement as the case may be, (ii) upon obtaining
such listing, to maintain such listing of the New Exchangeable Notes and the Delayed Draw Term Loan Agreement (or a promissory
note issued thereunder) for so long as any of the New Exchangeable Notes are outstanding or the Delayed Draw Term Loan Agreement
is outstanding as the case may be, and (iii) for so long as the Delayed Draw Term Loan Agreement is outstanding, to ensure that
the person through whom any payment under the Delayed Draw Term Loan Agreement is made is not in Ireland for the purposes of section
64 of the TCA.  Prior to causing the New Exchangeable Notes and the Delayed Draw Term Loan Agreement (or a promissory note
issued thereunder) to be listed, each of Holdings and the Issuer shall take such lawful steps as may be necessary to convert the
Issuer to a designated activity company.  Promptly after causing the New Exchangeable Notes and the Delayed Draw Term Loan
Agreement (or a promissory note issued thereunder) to be listed on a Recognised Stock Exchange, the Issuer shall send notice to
each Holder, with a copy to the New Exchangeable Notes Trustee, confirming that such listing has been obtained.

 

Section
6.12.      Cancelation. Holdings shall provide the Holders with evidence of the cancellation of
the Exchanged Notes by the Existing Convertible Notes Trustee reasonably acceptable to the Holders.

 

Section
6.13.      Board Transition. Holdings shall conduct a search for three new directors with relevant
expertise to its business and shall use its reasonable best efforts to facilitate the selection and appointment of such individuals
to its Board of Directors within 90 days after the Closing Date; provided, that, for the avoidance of doubt, the selection
and appointment of such individuals shall be in the sole discretion of the Board of Directors. Such new directors shall be “independent”
directors within the meaning of Section 301 of the Sarbanes-Oxley Act of 2002, the rules promulgated thereunder by the Commission,
and the rules of The Nasdaq Stock Market.

 

    27 

     

    

 

Article
7

Termination

 

Section
7.01.   Termination. Notwithstanding anything in this Agreement to the contrary, this Agreement may be terminated
and the transactions contemplated by this Agreement abandoned at any time prior to the Closing by any party if the transactions
contemplated by this Agreement are not consummated in accordance with their terms on or prior to July 31, 2017, or such later
date as mutually agreed between the Holders and Holdings; provided, however, that a party hereto shall not have
the right to terminate this Agreement if the failure to consummate the transactions contemplated by this Agreement shall be primarily
attributable to such party’s failure to satisfy its obligations hereunder; provided, further, that the provisions
of ‎Section 8.01 shall survive any such termination of this Agreement.

 

Article
8

Miscellaneous

 

Section
8.01.      Indemnification.

 

(a)            
Each of the Credit Parties, jointly and severally, agrees to indemnify and hold harmless each Holder (or certain funds
and/or accounts for which a Holder or any of its Affiliates acts as investment advisor), its Affiliates, its manager and the directors,
officers, employees and agents of such Holder, such manager and each person who controls such Holder or such manager within the
meaning of either the Securities Act or the Exchange Act (each, an “Indemnified Person”) against any and all
losses, claims, damages, liabilities or out-of-pocket expenses (including legal or other expenses reasonably incurred in connection
with investigating or defending same) (collectively, Losses”) to the extent that any such Loss results from any actions,
litigations, investigations or proceedings (whether or not such Indemnified Party is a party thereto) (collectively, “Proceedings”)
that (i) arise out of or are based upon any breach by any Credit Party of any representation or warranty or failure to comply
with any of the agreements set forth in any of the Transaction Documents, or (ii) are otherwise related to or arise out of or
in connection with, in each case, the Transactions, including modifications or future additions to the Transaction Documents,
or execution of letter agreements or other related activities, in each case other than Losses to the extent finally determined
by a court of competent jurisdiction to have resulted from (i) the bad faith, gross negligence or willful misconduct of such Indemnified
Person, (ii) a willful and material breach by a Holder of its obligations under this Agreement, or (iii) a claim solely among
the Indemnified Persons or a claim brought by the Indemnified Persons against any Credit Party. The Credit Parties also will reimburse
the Indemnified Person for any legal or other expenses reasonably incurred by the Indemnified Party, as such expenses are incurred,
in connection with investigating, preparing or defending against any of the foregoing Losses, including in connection with any
Proceedings in connection with the enforcement of this provision. This indemnity agreement will be in addition to any liability
which the Credit Parties may otherwise have.

 

    28 

     

    

 

(b)            
Promptly after receipt by an Indemnified Person under this ‎Section 8.01 of notice of the commencement of any
Proceeding, such Indemnified Person will, if a claim in respect thereof is to be made against the Credit Parties under this ‎Section
8.01, notify the Credit Parties in writing of the commencement thereof, but the failure to notify the Credit Parties will
not relieve it from liability under paragraph (a) above unless and to the extent it did not otherwise learn of such
Proceeding and such failure results in the forfeiture by the Credit Parties of substantial rights and defenses. In case any
such Proceeding is brought against any Indemnified Person and such Indemnified Person seeks indemnity from the Credit
Parties, the Credit Parties will be entitled to participate in, and, to the extent that they shall elect, by written notice
delivered to the Indemnified Person promptly after receiving the aforesaid notice from such Indemnified Person, to assume the
defense thereof with counsel reasonably satisfactory to such Indemnified Person; provided, however, if the
Credit Parties or any Indemnified Person shall have reasonably concluded that a conflict may arise between the positions of
the Credit Parties and the Indemnified Person in conducting the defense of any such Proceeding or that there may be legal
defenses available to such Indemnified Person and/or other Indemnified Persons that are different from or additional to those
available to the Credit Parties, the Indemnified Person or Persons shall each have the right to select separate counsel
(including one local counsel in each relevant jurisdiction) to assume such legal defenses and to otherwise participate in the
defense of such Proceeding on behalf of such Indemnified Person or Persons. Upon receipt of notice from the Credit Parties to
such Indemnified Person of the Credit Parties’ election so to assume the defense of such Proceeding and approval by the
Indemnified Person of counsel, the Credit Parties will not be liable to such Indemnified Person for any legal or other
expenses subsequently incurred by such Indemnified Person in connection with the defense thereof unless (i) the Indemnified
Person shall have employed separate counsel in accordance with the proviso to the preceding sentence (it being understood,
however, that in connection with any such Proceeding the Credit Parties shall not be liable for the expenses of more than one
separate counsel (in addition to any local counsel) representing the Indemnified Persons who are parties to such Proceeding)
or (ii) the Credit Parties shall not have employed counsel reasonably satisfactory to such Indemnified Person to represent
such Indemnified Person within a reasonable time after notice of commencement of the Proceeding.

 

(c)            
In the event that a Credit Party advises an Indemnified Person that it will contest a claim for indemnification hereunder, or
fails, within thirty (30) days of receipt of any indemnification notice to notify, in writing, such person of its election to
defend, settle or compromise, at its sole cost and expense, any Proceeding (or discontinues its defense at any time after it commences
such defense), then each Indemnified Person may, at its option, defend, settle or otherwise compromise or pay such action or claim.
In any event, unless and until the Credit Parties elect in writing to assume and do so assume the defense of any such Proceeding,
the Indemnified Party's costs and expenses arising out of the defense, settlement or compromise of any such action, claim or proceeding
shall be losses subject to indemnification hereunder.

 

    29 

     

    

 

(d)            
The Credit Parties shall not be liable for any settlement of any proceeding effected without its written consent, which shall
not be withheld unreasonably, but if settled with such consent or if there is a final judgment for the plaintiff, the Credit Parties
agree to indemnify the Indemnified Person against any Loss by reason of such settlement or judgment. The Credit Parties shall
not, without the prior written consent of the Indemnified Person, effect any settlement or compromise or consent to the entry
of any judgment in any pending or threatened Proceeding in respect of which any Indemnified Person is or could have been a party
and indemnity or contribution was or could have been sought hereunder by such Indemnified Person (whether or not the Indemnified
Persons are actual or potential parties to such Proceeding), unless such settlement, compromise or consent (x) includes an
unconditional release of such Indemnified Person from all liability on claims that are the subject matter of such Proceeding and
(y) does not include a statement as to or an admission or finding of fault, culpability or a failure to act, by or on behalf of
any Indemnified Person.

 

(e)            
If the indemnity provided in paragraph (a) above is unavailable to or insufficient to hold harmless an Indemnified Person in respect
of any Loss referred to therein, then the Credit Parties shall contribute to the aggregate Losses to which such Indemnified Person
may be subject in such proportion as is appropriate to reflect the relative benefits received by the Credit Parties on the one
hand and by such Indemnified Person on the other from the Transactions. If the allocation provided by the immediately preceding
sentence is unavailable for any reason, the Credit Parties shall contribute in such proportion as is appropriate to reflect not
only such relative benefits but also the relative fault of the Credit Parties on the one hand and such Indemnified Person on the
other in connection with the statements, omissions or other actions which resulted in such Losses, as well as any other relevant
equitable considerations. The Credit Parties and the Holders agree that it would not be just and equitable if contribution pursuant
to this Section 8.01(e) were determined by pro rata allocation or any other method of allocation which does not take account of
the equitable considerations referred to above. For purposes of this paragraph (e), each person who controls a Holder (or certain
funds and/or accounts for which a Holder or any of its Affiliates acts as investment advisor) within the meaning of either the
Securities Act or the Exchange Act and each affiliate, director, officer, employee and agent of such Holder shall have the same
rights to contribution as such Holder.

 

(f)            
The indemnity, reimbursement and contribution obligations of each Credit Party under this Section 8.01 shall be in addition to
any liability which such Credit Party may otherwise have to an Indemnified Person and shall be binding upon and inure to the benefit
of any successors, assigns and heirs of each Credit Party and any Indemnified Person.

 

Section
8.02.      Survival. The representations, warranties, covenants and agreements of the Credit Parties
and the Holders contained in this Agreement or in any

 

    30 

     

    

 

certificate
furnished hereunder shall survive the Closing for  five years from the date hereof.

 

Section
8.03.      Prior Agreements. This Agreement and that certain Confidential Disclosure Agreement
dated as of May 4, 2017 by and between Holdings and Highbridge Capital Management, LLC constitute the entire agreement between
the parties concerning the subject matter hereof and supersede any prior representations, understandings or agreements. There
are no representations, warranties, agreements, conditions or covenants, of any nature whatsoever (whether express or implied,
written or oral) between the parties hereto with respect to such subject matter except as expressly set forth herein.

 

Section
8.04.      Severability. The invalidity or unenforceability of any provision hereof shall in no
way affect the validity or enforceability of any other provision or the validity and enforceability of this Agreement in any other
jurisdiction.

 

Section
8.05.      Governing Law; Jurisdiction. This Agreement shall in all respects be construed in accordance
with and governed by the substantive laws of the State of New York, without reference to its choice of law rules. All actions
or proceedings arising out of or relating to this Agreement shall be heard and determined exclusively in any federal court of
the United States of America sitting in the City of New York, Borough of Manhattan; provided, however, that if such federal
court does not have jurisdiction over such action or proceeding, such action or proceeding shall be heard and determined exclusively
in any state court sitting in the City of New York, Borough of Manhattan. Consistent with the preceding sentence, the parties
hereto hereby (a) submit to the exclusive jurisdiction of any federal or state court sitting in City of New York, Borough of Manhattan,
for the purpose of any action or proceeding arising out of or relating to this Agreement brought by any party hereto and (b) irrevocably
waive, and agree not to assert by way of motion, defense, or otherwise, in any such action or proceeding, any claim that it is
not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or
execution, that the action or proceeding is brought in an inconvenient forum, that the venue of the action or proceeding is improper,
or that this Agreement or the transactions contemplated by this Agreement may not be enforced in or by any of the above-named
courts.

 

Section
8.06.      Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT
OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).
EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT
IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

    31 

     

    

 

Section
8.07.      Headings. Section headings in this Agreement are included herein for convenience of
reference only and shall not constitute a part of, or affect the interpretation of, this Agreement.

 

Section
8.08.      Certain Definitions. Capitalized terms in this Agreement shall have the meanings specified
below, or as specified elsewhere in this Agreement, for all purposes hereof. The following terms, as used in this Agreement, shall
have the meanings as set forth below:

 

“Affiliate”
means, as applied to any Person, any other Person that directly, or indirectly through one or more intermediaries, Controls or
is Controlled by or is under common Control with such specified person.

 

“Anti-Money
Laundering Laws” means all financial recordkeeping and reporting requirements applicable to Holdings and each of its
Subsidiaries from time to time, including those of the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001, and the money laundering
and any related or similar laws of all jurisdictions in which Holdings and each of its Subsidiaries conduct business.

 

“Benefit
Plan” means a “defined benefit plan” (as defined in Section 3(35) of ERISA) subject to Title IV of ERISA
for which any Credit Party, any of their respective Subsidiaries or any of their respective ERISA Affiliates has been an “employer”
(as defined in Section 3(5) of ERISA) within the past six years.

 

“Board
of Directors” means, as to any Person, the board of directors (or comparable managers) of such Person, or any committee
thereof duly authorized to act on behalf of the board of directors (or comparable managers).

 

“Board
of Governors” means the Board of Governors of the Federal Reserve System of the United States (or any successor).

 

“Business
Day” means any day that is not a Saturday, Sunday, or other day on which banks are authorized or required to close in
the state of New York.

 

“CMS”
means The Centers for Medicare and Medicaid Services of the United States Department of Health and Human Services, and any Governmental
Authority successor thereto.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.

 

    32 

     

    

 

“Copyrights”
means any and all rights in any works of authorship, including (a) copyrights and moral rights, (b) copyright registrations and
recordings thereof and all applications in connection therewith including those listed on Annex VI, (c) income, license
fees, royalties, damages, and payments now and hereafter due or payable under and with respect thereto, including payments under
all licenses entered into in connection therewith and damages and payments for past, present, or future infringements thereof,
(e) the right to sue for past, present, and future infringements thereof, and (d) all rights corresponding thereto throughout
the world.

 

“DESI
Program Products” means Products subject to regulation under the FDA’s Drug Efficacy Study Implementation program.

 

“DTC”
means the Depository Trust Company.

 

“Environmental
Action” means any written complaint, summons, citation, notice, directive, order, claim, investigation, judgment, letter,
or other written communication, or any litigation or judicial or administrative proceeding, from or involving any Governmental
Authority or any third party, involving violations of Environmental Laws by Holdings or any Subsidiary of Holdings, or releases
of Hazardous Materials (a) from or to any assets or properties, or businesses of Holdings, any Subsidiary of Holdings, or any
of their predecessors in interest, (b) from adjoining properties or businesses to any properties of Holdings or any Subsidiary
of Holdings, or (c) from or onto any facilities which received Hazardous Materials generated by Holdings, any Subsidiary of Holdings,
or any of their predecessors in interest.

 

“Environmental
Law” means any applicable federal, state, provincial, foreign or local statute, law, rule, regulation, ordinance, code,
binding and enforceable guideline, binding and enforceable written policy, or rule of common law now or hereafter in effect and
in each case as amended, or any judicial or administrative interpretation thereof, including any judicial or administrative order,
consent decree or judgment, in each case, to the extent binding on Holdings or its Subsidiaries, relating to the environment,
the effect of the environment on employee health, or Hazardous Materials, in each case as amended from time to time.

 

“Environmental
Liabilities” means all liabilities, monetary obligations, losses, damages, costs and expenses (including all reasonable
fees, disbursements and expenses of counsel, experts, or consultants, and costs of investigation and feasibility studies), fines,
penalties, sanctions, and interest incurred as a result of any claim or demand, or Remedial Action required, by any Governmental
Authority or any third party, and which relate to any Environmental Action.

 

“Environmental
Lien” means any Lien in favor of any Governmental Authority for Environmental Liabilities.

 

“Equity
Interest” means, with respect to a Person, all of the shares, options, warrants, interests, participations, rights to
purchase, or other equivalents (regardless of how designated) of or in such Person, whether voting or nonvoting, including capital

 

    33 

     

    

 

stock
(or other ownership or profit interests or units), preferred stock, or any other “equity security” (as such term is
defined in Rule 3a11-1 of the General Rules and Regulations promulgated by the SEC under the Exchange Act); provided that
“Equity Interests” shall not include any debt securities convertible into or exchangeable for any securities otherwise
constituting Equity Interests pursuant to this definition.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and any and all rules or regulations promulgated from time
to time thereunder, and any successor statute thereto.

 

“ERISA
Affiliate” means (a) any Person subject to ERISA whose employees are treated as employed by the same employer as the
employees of any Credit Party or any of their respective Subsidiaries under IRC Section 414(b), (b) any trade or business subject
to ERISA whose employees are treated as employed by the same employer as the employees of any Credit Party or their respective
Subsidiaries under IRC Section 414(c), (c) solely for purposes of Section 302 of ERISA and Section 412 of the IRC, any organization
subject to ERISA that is a member of an affiliated service group of which any Credit Party or any of their respective Subsidiaries
is a member under IRC Section 414(m), or (d) solely for purposes of Section 302 of ERISA and Section 412 of the IRC, any Person
subject to ERISA that is a party to an arrangement with any Credit Party or any of their respective Subsidiaries and whose employees
are aggregated with the employees of any Credit Party or any of their respective Subsidiaries under IRC Section 414(o).

 

“Existing
Secured Notes Indenture” means that certain Indenture, dated as of August 19, 2014, among Holdings, as Issuer, the Guarantors
named therein, and U.S. Bank National Association, as Trustee and Collateral Trustee.

 

“FDA”
means the U.S. Food and Drug Administration and any Governmental Authority successor thereto.

 

“FCPA”
means the United States Foreign Corrupt Practices Act of 1977, as amended.

 

“Governmental
Authority” means the government of any nation or any political subdivision thereof, whether at the national, state,
territorial, provincial, municipal or any other level, and any agency, authority, instrumentality, regulatory body, court, central
bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of,
or pertaining to, government (including any supra-national bodies such as the European Union or the European Central Bank). The
term “Governmental Authority” shall further include any institutional review board, ethics committee, data monitoring
committee, or other committee or entity with defined authority to oversee Regulatory Matters or any agency, branch or other governmental
body charged with the responsibility and/or vested with the authority to administer and/or enforce any Health Care Laws.

 

    34 

     

    

 

“Government
Drug Rebate Program” means, collectively, the Medicaid Drug Rebate Program with CMS and any individual state drug rebate
program administered by any state of the United States of America.

 

“Hazardous
Materials” means (a) substances that are defined or listed in, or otherwise classified pursuant to, any applicable laws
or regulations as “hazardous substances,” “hazardous materials,” “hazardous wastes,” “toxic
substances,” or any other formulation intended to define, list, or classify substances by reason of deleterious properties
such as ignitability, corrosivity, reactivity, carcinogenicity, reproductive toxicity, or “EP toxicity”, (b) oil,
petroleum, or petroleum derived substances, natural gas, natural gas liquids, synthetic gas, drilling fluids, produced waters,
and other wastes associated with the exploration, development, or production of crude oil, natural gas, or geothermal resources,
(c) any flammable substances or explosives or any radioactive materials, and (d) asbestos in any form or electrical equipment
that contains any oil or dielectric fluid containing levels of polychlorinated biphenyls in excess of 50 parts per million.

 

“Health
Care Laws” means all Requirements of Law relating to (a) fraud and abuse (including the following statutes, as amended,
modified or supplemented from time to time and any successor statutes thereto and regulations promulgated from time to time thereunder:
the federal Anti-Kickback Statute (42 U.S.C. § 1320a-7b(b)); the civil False Claims Act (31 U.S.C. § 3729 et seq.);
and Sections 1320a-7 and 1320a-7a and 1320a-7b of Title 42 of the United States Code; (b) the Medicare Prescription Drug, Improvement,
and Modernization Act of 2003 (Pub. L. No. 108-173)); (c) any Government Drug Rebate Program, (d) all statutes and regulations
administered by the FDA or any comparable Governmental Authority, including by not limited to the Food, Drug, and Cosmetic Act
(21 U.S.C. § 301 et seq.); (e) the Physician Payments Sunshine Act, (f) the licensure or regulation of healthcare providers,
suppliers, professionals, facilities or payors; (g) patient health care; (h) quality, safety certification and accreditation standards
and requirements; (i) HIPAA; (j) certificates of operations and authority; (k) laws regulating the provision of free or discounted
care or services; and (l) any and all other applicable federal, state or local health care laws, rules, codes, statutes, regulations,
manuals, orders, ordinances, statutes, policies, professional or ethical rules, administrative guidance and requirements, as the
same may be amended, modified or supplemented from time to time, and any successor statute thereto.

 

“Health
Care Permits” means any and all permits, licenses, authorizations, certificates, certificates of need, as well as accreditations
and plans of third-party accreditation agencies (such as the Joint Commission for Accreditation of Healthcare Organizations) that
are (a) necessary to enable any Credit Party to continue to conduct its business as it is conducted on the Closing Date, or (b)
required under any Health Care Law or the business affairs, practices, licensing or reimbursement entitlements of any Credit Party.

 

“Health
Care Proceeding” means any inquiries, investigations, probes, audits, hearings, litigation or proceedings (in each case,
whether civil, criminal, administrative or

 

    35 

     

    

 

investigative)
concerning any alleged or actual non-compliance by any Credit Party with any Health Care Laws or the requirements of any Health
Care Permit.

 

“HIPAA”
means (a) the Health Insurance Portability and Accountability Act of 1996; (b) the Health Information Technology for Economic
and Clinical Health Act (Title XIII of the American Recovery and Reinvestment Act of 2009); and (c) any state and local laws regulating
the privacy and/or security of individually identifiable information, in each case as the same may be amended, modified or supplemented
from time to time, any successor statutes thereto, and any and all rules or regulations promulgated from time to time thereunder.

 

“Intellectual
Property” means any and all Patents, Copyrights, Trademarks, rights under Patent Licenses, trade secrets, know-how,
inventions (whether or not patentable), algorithms, software programs (including source code and object code), processes, product
designs, industrial designs, blueprints, drawings, data, customer lists, URLs and domain names, specifications, documentations,
reports, catalogs, literature, and any other forms of technology or proprietary information of any kind, including all rights
therein and all applications for registration or registrations thereof.

 

“Inventory”
means inventory (as that term is defined in the New York Uniform Commercial Code, as in effect from time to time).

 

“IRC”
means the Internal Revenue Code of 1986, as in effect from time to time.

 

“Listing
Condition” means, with respect to the New Exchangeable Notes, the Issuer has sent written notice to each of the Holders,
with a copy to the New Exchangeable Notes Trustee, which confirms that the New Exchangeable Notes are listed on a Recognised Stock
Exchange.

 

“Margin
Stock” means “margin stock” as defined in Regulation U of the Board of Governors as in effect from time
to time.

 

“Material
Contract” means (a) each contract or agreement to which any Credit Party or any of its Subsidiaries is a
party involving aggregate consideration payable to or by such Credit Party or such Subsidiary of $750,000 or more (other
than purchase orders in the ordinary course of the business of such Credit Party or such Subsidiary and other than contracts
that by their terms may be terminated by such Credit Party or Subsidiary in the ordinary course of its business upon less
than 60 days’ notice without penalty or premium), (b) all Patent Licenses (other than immaterial Patent Licenses), (c)
any settlement agreement to which any Credit Party or Subsidiary is a party involving an amount in excess of $750,000, (d)
any agreement with respect to rebates in excess of $750,000 provided for any Inventory of any Credit Party or Subsidiary and
(e) all other contracts or agreements, the loss of which could reasonably be expected to result in a Material Adverse
Effect.

 

“Material
Debt” means debt incurred pursuant to the Delayed Draw Term Loan Agreement, the New ABL Agreement, the New Exchangeable
Notes Indenture, the

 

    36 

     

    

 

Existing
Convertible Notes Indenture, the Existing Secured Notes Indenture and any other indebtedness of the Credit Parties involving an
aggregate amount of $3,000,000 or more.

 

“Material
Debt Documents” means all agreements, documents, notes, indentures and instruments at any time executed and/or delivered
by Holdings or any other Person evidencing, governing, securing or otherwise related to any other Material Debt, as each of the
foregoing may be amended, restated, modified, supplemented, renewed, or replaced from time to time.

 

“Medicaid”
means, collectively, the healthcare assistance program established by Title XIX of the Social Security Act (42 U.S.C. §§
1396 et seq.) and any statutes succeeding thereto, and all laws, rules, regulations, manuals, orders, guidelines or requirements
(whether or not having the force of law) pertaining to such program, including all state statutes and plans for medical assistance
enacted in connection with such program, in each case as the same may be amended, supplemented or otherwise modified from time
to time.

 

“Medicare”
means, collectively, the health insurance program for the aged and disabled established by Title XVIII of the Social Security
Act (42 U.S.C. §§ 1395 et seq.) and any statutes succeeding thereto, and all laws, rules, regulations, manuals, orders,
guidelines or requirements (whether or not having the force of law) pertaining to such program, in each case as the same may be
amended, supplemented or otherwise modified from time to time.

 

“Multiemployer
Plan” means a multiemployer plan within the meaning of Section 4001(a)(3) of ERISA to which any Credit Party or any
Subsidiary or any of their respective ERISA Affiliates (or any Person who in the last five years was an ERISA Affiliate) is making
or accruing an obligation to make contributions or has within the preceding five plan years (as determined on the applicable date
of determination) made contributions.

 

“OFAC”
means The Office of Foreign Assets Control of the U.S. Department of the Treasury.

 

“Patent
License” means any license or distribution agreement pursuant to which a Credit Party or any of its Subsidiaries is
granted rights with respect to Patents for use in connection with the use, sale, manufacture, import, export and/or distribution
of any Products.

 

“Patents”
means patents and patent applications, including (a) the patents and patent applications listed on Annex VI, (b) all continuations,
divisionals, continuations-in-part, re-examinations, reissues, and renewals thereof and improvements thereon, (c) all income,
royalties, damages and payments now and hereafter due or payable under and with respect thereto, including payments under all
licenses entered into in connection therewith and damages and payments for past, present, or future infringements thereof, (d)
the right to sue for past, present, and future infringements thereof, and (e) all of rights corresponding thereto throughout the
world.

 

    37 

     

    

 

“Permits”
means, with respect to any Person, any permit, approval, clearance, authorization, license, registration, certificate, concession,
grant, franchise, variance or permission from, and any other contractual obligations with, any Governmental Authority, in each
case whether or not having the force of law and applicable to or binding upon such Person or any of its property or Products or
to which such Person or any of its property or Products is subject, including all Registrations and all Health Care Permits.

 

“Person”
means natural persons, corporations, limited liability companies, limited partnerships, general partnerships, limited liability
partnerships, joint ventures, trusts, land trusts, business trusts, or other organizations, irrespective of whether they are legal
entities, and governments and agencies and political subdivisions thereof.

 

“Products”
means any FDA-approved product that is marketed and sold in the United States by any of the Credit Parties or any of their Subsidiaries
and shall include by reference Registrations that are required to conduct the Credit Parties’ business as currently conducted
and any Subsidiary’s business as conducted from time to time.

 

“PTO”
means the U.S. Patent and Trademark Office.

 

“Real
Property” means any estates or interests in real property now owned or hereafter acquired by Holdings or one of its
Subsidiaries and the improvements thereto.

 

“Recognised
Stock Exchange” means a recognised stock exchange within the meaning of Section 64 of the TCA.

 

“Registrations”
means all Permits and exemptions issued or allowed by any Governmental Authority (including but not limited to new drug applications,
abbreviated new drug applications, biologics license applications, investigational new drug applications, over-the-counter drug
monograph, device pre-market approval applications, device pre-market notifications, investigational device exemptions, product
recertifications, manufacturing approvals and authorizations, CE Marks, pricing and reimbursement approvals, labeling approvals
or their foreign equivalent, controlled substance registrations, and wholesale distributor permits) held by, or applied by contract
to, any Credit Party or any of its Subsidiaries, that are required for the research, development, manufacture, distribution, marketing,
storage, transportation, use and sale of the Products of any Credit Party or any of its Subsidiaries.

 

“Regulatory
Authority” means the U.S. Food and Drug Administration or any successor thereto or any comparable Governmental Authority
that is concerned with the safety, efficacy, reliability, manufacture, sale, advertising, promotion, reimbursement, import, export
or marketing of medical products or drugs.

 

“Regulatory
Matters” means governmental administrative or regulatory matters related to or as a result of relevant Health Care Laws.

 

    38 

     

    

 

“Remedial
Action” means all actions taken to (a) clean up, remove, remediate, contain, treat, monitor, assess, evaluate, or in
any way address a release of Hazardous Materials in the indoor or outdoor environment, (b) prevent or minimize a release or threatened
release of Hazardous Materials so they do not migrate or endanger or threaten to endanger public health or welfare or the indoor
or outdoor environment, (c) restore or reclaim natural resources or the environment, (d) perform any pre-remedial studies, investigations,
or post-remedial operation and maintenance activities, or (e) conduct any other actions with respect to a release of Hazardous
Materials, in each case as required by Environmental Laws.

 

“Requirement
of Law” means, as to any Person, any law (statutory or common), ordinance, treaty, rule, regulation, order, policy,
other legal requirement or determination of an arbitrator or of a Governmental Authority, in each case applicable to or binding
upon such Person or any of its Property or Products or to which such Person or any of its Property or Products is subject, including
all applicable Health Care Laws.

 

“Sanctioned
Entity” means (a) a country or a government of a country, (b) an agency of the government of a country, (c) an organization
directly or indirectly controlled by a country or its government, or (d) a Person resident in or determined to be resident in
a country, in each case, that is subject to a comprehensive country sanctions program administered and enforced by OFAC (currently,
such programs target Crimea, Cuba, Iran, North Korea, Sudan and Syria).

 

“Sanctioned
Person” means a person named on the list of Specially Designated Nationals maintained by OFAC.

 

“Short
Sales” include, without limitation, all “short sales” as defined in Rule 200 of Regulation SHO promulgated
under the Exchange Act, and all types of direct and indirect stock pledges, forward sale contracts, options, puts, calls, short
sales, swaps, derivatives and similar arrangements (including on a total return basis), and sales and other transactions through
non-U.S. broker-dealers or foreign regulated brokers.

 

“Subsidiary”
of a Person means a corporation, partnership, limited liability company, or other entity in which that Person directly or indirectly
owns or controls the Equity Interests having ordinary voting power to elect a majority of the board of directors or other governing
body, as applicable, of such corporation, partnership, limited liability company, or other entity.

 

“TCA”
means the Taxes Consolidation Act 1997 of Ireland.

 

“Trademarks”
means any and all trademarks, trade names, registered trademarks, trademark applications, service marks, registered service marks
and service mark applications, including (a) the trade names, registered trademarks, trademark applications, registered service
marks and service mark applications listed on Annex VI, (b) all renewals thereof, (c) all income, royalties, damages and
payments now and hereafter due or payable under and with respect thereto, including payments under all licenses entered into in
connection therewith and damages and payments for past or

 

    39 

     

    

 

 future infringements or dilutions thereof, (d) the right to sue for past, present and future infringements and dilutions thereof,
(e) the goodwill of the business symbolized by the foregoing or connected therewith, and (f) all rights corresponding thereto
throughout the world.

 

Section
8.09.      Counterparts. This Agreement may be executed in any number of counterparts, all of
which taken together shall constitute one and the same instrument, and either of the parties hereto may execute this Agreement
by signing any such counterpart. A facsimile transmission of this Agreement bearing a signature on behalf of a party hereto shall
be legal and binding on such party.

 

Section
8.10.      Assignment; Binding Effect. The Holders shall not convey, assign or otherwise transfer
any of their rights or obligations under this Agreement without the express written consent of the Credit Parties, and the Credit
Parties shall not convey, assign or otherwise transfer any of their rights and obligations under this Agreement without the express
written consent of the Holders; provided, however, that, without the consent of the Credit Parties, the Holders
may assign their rights and obligations hereunder to any of their Affiliates or any funds managed by their Affiliates. This Agreement
shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.

 

Section
8.11.      Waiver; Remedies. No delay on the part of the Holders, the Issuer or the Guarantors
in exercising any right, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any waiver on the
part of the Holders, the Issuer or the Guarantors of any right, power or privilege under this Agreement operate as a waiver of
any other right, power or privilege of such party under this Agreement, nor shall any single or partial exercise of any right,
power or privilege under this Agreement preclude any other or further exercise thereof or the exercise of any other right, power
or privilege under this Agreement.

 

Section
8.12.      Specific Performance. The parties hereto agree that irreparable damage would occur
if any provision of this Agreement were not performed in accordance with the terms hereof and that the parties shall be entitled
to an injunction or injunctions to prevent breaches of this Agreement or to enforce specifically the performance of the terms
and provisions hereof in addition to any other remedy to which any of them are entitled at law or in equity.

 

Section
8.13.      Amendment. This Agreement may be modified or amended only by written agreement of each
of the parties to this Agreement.

 

Section
8.14.      Notice. Any notice or communications hereunder shall be in writing and shall be deemed
to have been given if delivered in person or by electronic transmission or by registered or certified first-class mail or courier
service, to the following addresses, or such other addresses as may be furnished hereafter by notice in writing, as follows:

 

    40 

     

    

 

if
to the Credit Parties:

 

Pernix
Therapeutics Holdings, Inc.

10 North Park Place

Morristown, NJ 07960

Attention: Chief Legal Officer

Email: kpina@pernixtx.com

 

with
copies to:

 

Davis
Polk & Wardwell LLP

450 Lexington Avenue

New York, NY 10017

Attention: Sophia Hudson

Facsimile: (212) 701-5762

Email: sophia.hudson@davispolk.com

 

if
to the Holders:

 

1992
MSF International Ltd. and 1992 Tactical Credit Master Fund, L.P.

c/o
Highbridge Capital Management, LLC

40
West 57th Street

New York, NY 10019

Attention: Damon P. Meyer

Facsimile: (646) 344-4747

Email: damon.meyer@highbridge.com

 

with
copies to:

 

Skadden,
Arps, Slate, Meagher & Flom LLP

4
Times Square

New
York, NY 10036

Attention:
Andrea Nicolás 

Facsimile:
(917) 777-3416

Email:
andrea.nicolas@skadden.com

 

    41 

     

    

IN
WITNESS WHEREOF, the parties hereto, intending to be legally bound, have caused this Agreement to be executed by their respective
duly authorized officers, as of the date first above written.

 

	 	PERNIX IRELAND PAIN LIMITED,
    as Issuer
	 	 
	 	 
	 	By:	/s/
    K. R. Pina 
	 	 	Name: Kenneth R. Pina
	 	 	Title:   Corporate Secretary
	 	 	 
	 	 	 
	 	PERNIX
                    THERAPEUTICS HOLDINGS, INC., as Guarantor

         

	 	 
	 	By:	/s/
    K. R. Pina 
	 	 	Name: Kenneth R. Pina
	 	 	Title:   Corporate Secretary
	 	 	 
	 	 	 
	 	PERNIX
                    THERAPEUTICS LLC, as Guarantor

         

	 	 
	 	By:

        
	/s/
    John A. Sedor 
	 	 	Name:John A. Sedor
	 	 	Title:
         Manager

         

	 	 	 
	 	PERNIX MANUFACTURING LLC, as
    Guarantor
	 	 
	 	 
	 	By:

        
	/s/
    John A. Sedor 
	 	 	Name:John A. Sedor
	 	 	Title:  Manager

 

 

[Signature Page to Exchange Agreement
– Issuer & Guarantors]

 

     

     

    

  

	 	CYPRESS
                    PHARMACEUTICALS, INC., as Guarantor

         

	 	 
	 	By:

        
	/s/
    K. R. Pina 
	 	 	Name: Kenneth R. Pina
	 	 	Title:
     Senior Vice President and Corporate Secretary
	 	 	 
	 	 	 
	 	PERNIX
                    SLEEP, INC., as Guarantor

         

	 	 
	 	By:

        
	/s/
    K. R. Pina 
	 	 	Name:Kenneth
    R. Pina
	 	 	Title:
     Senior Vice President and Corporate Secretary
	 	 	 
	 	 	 
	 	GAINE,
                    INC., as Guarantor

         

	 	 
	 	By:

        
	/s/
    K. R. Pina 
	 	 	Name: Kenneth
    R. Pina
	 		Title:  Senior
    Vice President and Corporate Secretary
	 	 	 
	 	 	 
	 	RESPICOPEA
    INC., as Guarantor
	 	 
	 	 
	 	By:

        
	/s/
    K. R. Pina
	 	 	Name:Kenneth
    R. Pina
	 	 	Title:  Senior
    Vice President and Corporate Secretary

 

 

[Signature Page to Exchange Agreement
– Issuer & Guarantors]

 

     

     

    

 

	 	MACOVEN
                    PHARMACEUTICALS, L.L.C., as Guarantor

         

	 	 
	 	By:

        
	/s/
    John A. Sedor 
	 	 	Name:John A. Sedor
	 	 	Title:  Manager
	 	 	 
	 	 	 
	 	HAWTHORN
                    PHARMACEUTICALS, INC., as Guarantor

         

	 	 
	 	By:

        
	/s/
    K. R. Pina 
	 	 	Name:Kenneth
    R. Pina
	 	 	Title:  Senior
    Vice President and Corporate Secretary
	 	 	 
	 	 	 
	 	PERNIX
                    IRELAND LIMITED, as Guarantor

         

	 	 
	 	By:

        
	/s/
    K. R. Pina 
	 	 	Name:Kenneth
    R. Pina
	 	 	Title:  Senior
    Vice President and Corporate Secretary
	 	 	 

 

	 	PERNIX
    HOLDCO 1, LLC, as Guarantor
	 	 
	 	By: Pernix Therapeutics, LLC
	 	Its: Sole member and sole manager
	 	 
	 	 
	 	By:

        
	/s/
    John A. Sedor 
	 	 	Name:John
    A. Sedor
	 	 	Title:  Manager
	 	 	 

 

 

[Signature Page to Exchange Agreement
– Issuer & Guarantors]

 

     

     

    

 

 

	 	PERNIX
                    HOLDCO 2, LLC, as Guarantor

        

	 	 
	 	By: Cypress Pharmaceuticals, Inc.
	 	Its: Sole member and sole manager
	 	 
	 	 
	 	By:

        
	/s/
    K. R. Pina 
	 	 	Name:Kenneth
    R. Pina
	 	 	Title:  Corporate
    Secretary

 

 

	 	PERNIX
    HOLDCO 3, LLC, as Guarantor
	 	   
	 	By: Pernix Therapeutics Holdings, Inc.
	 	Its: Sole member and sole manager
	 	 
	 	 
	 	By:

        
	/s/
    K. R. Pina 
	 	 	Name:Kenneth
    R. Pina
	 	 	Title:  Corporate
    Secretary

 

 

 

 

 

[Signature Page to Exchange Agreement
– Issuer & Guarantors]

 

     

     

    

	 	1992
                    MSF INTERNATIONAL LTD., as Holder

                    

        

        By:
        Highbridge Capital Management, LLC, as trading manager and not in its individual capacity

         

         

	 	By:	/s/
    Jonathan Segal 
	 	 	Name:Jonathan Segal
	 	 	Title:  Managing
    Director
	 	 	 
	 	 	 
	 	By:	/s/
    Jason Hempel
	 	 	Name: Jason Hempel
	 	 	Title:  Managing
    Director
	 	 	 

 

 

	 	1992
                    TACTICAL CREDIT MASTER FUND, L.P., as Holder

         

        

        By: Highbridge Capital Management, LLC, as trading manager and not in its individual capacity

         

         

	 	By:	/s/
    Jonathan Segal 
	 	 	Name:Jonathan Segal
	 	 	Title:  Managing
    Director
	 	 	 
	 	 	 
	 	By:	/s/
    Jason Hempel
	 	 	Name: Jason Hempel
	 	 	Title:  Managing
    Director

 

 

 

 

 

[Signature Page to Exchange Agreement
– Holders]

 

 

     

     

    

Exhibit
A

List of Guarantors

 

 

		1.	Pernix
                                         Therapeutics Holdings, Inc.

 

		2.	Pernix
                                         Therapeutics, LLC

 

		3.	Pernix
                                         Manufacturing, LLC

 

		4.	Cypress
                                         Pharmaceuticals, Inc.

 

		5.	Pernix
                                         Sleep, Inc.

 

		6.	Gaine,
                                         Inc.

 

		7.	Respicopea,
                                         Inc.

 

		8.	Macoven
                                         Pharmaceuticals, L.L.C.

 

		9.	Hawthorn
                                         Pharmaceuticals, Inc.

 

		10.	Pernix
                                         Holdco 1, LLC

 

		11.	Pernix
                                         Holdco 2, LLC

 

		12.	Pernix
                                         Holdco 3, LLC

 

		13.	Pernix
                                         Ireland Limited

 

 

     

     

    

Annex
I

 

Step
1 Formation of NewCos

 

		1.	Pernix
                                         Therapeutics, LLC (“Louisiana”) will form Pernix Holdco 1, LLC, a wholly
                                         owned single-member limited liability company (“NewCo1”).

 

		2.	Cypress
                                         Pharmaceuticals, Inc. (“Mississippi”) will form Pernix Holdco 2, LLC, a wholly
                                         owned single-member limited liability company (“NewCo2”).

 

		3.	Pernix
                                         Therapeutics Holdings, Inc. (“PTX”) will form Pernix Holdco 3, LLC, a wholly
                                         owned single-member limited liability company (“NewCo3”).

 

Step
2 Guarantees

 

		1.	NewCo1,
                                         NewCo2 and NewCo3 will enter into a supplemental indenture to PTX’s 12% Senior
                                         Secured Notes due 2020 pursuant to which each of them will guarantee the obligations
                                         outstanding under such indenture and become credit parties thereto.

 

Step
3 Sale/Purchase Agreements

 

		1.	Louisiana
                                         will sell all the issued and outstanding equity interests of each of Respicopea, Inc.,
                                         Macoven Pharmaceuticals, L.L.C. and Gaine, Inc. to NewCo1 in consideration for additional
                                         equity interests in NewCo1.

 

		2.	Mississippi
                                         will sell all the issued and outstanding equity interests of Hawthorn Pharmaceuticals,
                                         Inc. to NewCo2 in consideration for additional equity interests in NewCo2.

 

		3.	PTX
                                         will sell all the issued and outstanding equity interests of each of Pernix Sleep, Inc.,
                                         Pernix Therapeutics, LLC, Pernix Manufacturing LLC and Cypress Pharmaceuticals, Inc.
                                         to NewCo3 in consideration for additional equity interests in NewCo3.

 

 

     

     

    

Annex
II

 

Additional
Closing Deliverables of the Credit Parties
  

		(a)	A certificate of each of the Credit
                                         Parties dated as of the Closing Date and executed by an officer of such Credit Party,
                                         which shall (A) certify that attached thereto is a true and complete copy of the resolutions,
                                         written consents or extracts of minutes of a meeting, as applicable, of the its board
                                         of directors, board of managers, shareholders, members or other governing body (as the
                                         case may be and in each case, to the extent required) authorizing the execution, delivery
                                         and performance of the Transaction Documents to which it is a party, (B) identify by
                                         name and title and bear the signatures of the officers or authorized signatories of such
                                         obligor that is authorized to sign the Transaction Documents to which it is a party on
                                         the Closing Date, as applicable, and (C) certify (I) that attached thereto is a true
                                         and complete copy of the certificate or articles of incorporation or organization (or
                                         memorandum of association, articles of association or other equivalent thereof) of such
                                         obligor on the Closing Date (certified by the relevant authority of the jurisdiction
                                         of organization of such obligor) and a true and correct copy of its by-laws or operating,
                                         management, partnership or similar agreement (to the extent applicable) and (II) that
                                         such documents or agreements have not been amended (except as otherwise attached to such
                                         certificate and certified therein as being the only amendments thereto as of such date);

 

		(b)	a certificate of each of the Credit
                                         Parties dated as of the Closing Date and executed by (i) the Chief Executive Officer
                                         or President of Holdings and (ii) the Chief Financial Officer, Chief Accounting Officer
                                         or Treasurer of Holdings, which shall certify that (A) the representations and warranties
                                         in Article 3 of the Agreement (including, without limitation, Section 3.23) were true,
                                         correct and complete when made and are true and correct with the same force and effect
                                         as though expressly made at and as of the Closing Date, (B) each of the Credit Parties
                                         has complied with all agreements and satisfied all the conditions on its part to be performed
                                         or satisfied at or prior to the Closing Date, and (C) the true and correct copies or
                                         reasonably detailed descriptions of the Material Contracts of each Credit Party and its
                                         Subsidiaries as of the date hereof have been provided to counsel to the Holders;

 

		(c)	a good standing certificate (or
                                         other equivalent) for each of the Credit Parties dated as of a recent date for each such
                                         Credit Party from its jurisdiction of organization;

 

		(d)	legal opinion of Davis Polk &
                                         Wardwell, counsel for the Credit Parties, in the form agreed upon by the Holders;

 

		(e)	legal opinion of Hogan Lovells LLP,
                                         Maryland counsel for the Credit Parties, in the form agreed upon by the Holders;

 

		(f)	legal opinion of McCann FitzGerald,
                                         Irish counsel for the Credit Parties, in the form agreed upon by the Holders;

 

		(g)	legal opinion of Butler Snow LLP,
                                         Louisiana counsel for the Credit Parties, in the form agreed upon by the Holders;

 

		(h)	legal opinion of Butler Snow LLP,
                                         Mississippi counsel for the Credit Parties, in the form agreed upon by the Holders; and

 

		(i)	legal opinion of Hogan Lovells LLP,
                                         Texas counsel for the Credit Parties, in the form agreed upon by the Holders.

 

     

     

    

Annex
III

 

Subsidiaries of Holdings After Giving Effect to the
Internal Reorganization 

 

		1.	Pernix
                                         Therapeutics, LLC

 

		2.	Pernix
                                         Manufacturing, LLC

 

		3.	Cypress
                                         Pharmaceuticals, Inc.

 

		4.	Pernix
                                         Sleep, Inc.

 

		5.	Gaine,
                                         Inc.

 

		6.	Respicopea,
                                         Inc.

 

		7.	Macoven
                                         Pharmaceuticals, L.L.C.

 

		8.	Hawthorn
                                         Pharmaceuticals, Inc.

 

		9.	Pernix
                                         Holdco 1, LLC

 

		10.	Pernix
                                         Holdco 2, LLC

 

		11.	Pernix
                                         Holdco 3, LLC

 

		12.	Pernix
                                         Ireland Limited

 

		13.	Pernix
                                         Ireland Pain Limited

 

 

     

     

    

Annex
IV

Regulatory Disclosure

 

 

 

     

     

    

Annex
V

Outstanding Indebtedness

 

 

     

     

    

Annex
VI

Intellectual PropertyEX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
  

 
  

NORTHERN UTILITIES, INC. 

$50,000,000 
 3.52% Senior Notes,
Series 2017A, due November 1, 2027 
 4.32% Senior Notes, Series 2017B, due November 1, 2047 

 
  

NOTE PURCHASE AGREEMENT 

 
  

Dated as of July 14, 2017 
  

 
  

 TABLE OF CONTENTS 

 

							
	SECTION	 	HEADING	  	 	PAGE	 
			
	SECTION 1.	 	AUTHORIZATION OF NOTES	  	 	1	 
			
	SECTION 2.	 	SALE AND PURCHASE OF NOTES	  	 	1	 
			
	SECTION 3.	 	CLOSING	  	 	2	 
			
	SECTION 4.	 	CONDITIONS TO CLOSING	  	 	2	 
			
	 Section 4.1.
	 	 Representations and Warranties
	  	 	2	 
	 Section 4.2.
	 	 Performance; No Default
	  	 	2	 
	 Section 4.3.
	 	 Compliance Certificates
	  	 	3	 
	 Section 4.4.
	 	 Opinions of Counsel
	  	 	3	 
	 Section 4.5.
	 	 Purchase Permitted By Applicable Law, Etc.
	  	 	3	 
	 Section 4.6.
	 	 Sale of Other Notes
	  	 	3	 
	 Section 4.7.
	 	 Payment of Special Counsel Fees
	  	 	3	 
	 Section 4.8.
	 	 Private Placement Number
	  	 	4	 
	 Section 4.9.
	 	 Changes in Corporate Structure
	  	 	4	 
	 Section 4.10.
	 	 Funding Instructions
	  	 	4	 
	 Section 4.11.
	 	 Proceedings and Documents
	  	 	4	 
	 Section 4.12.
	 	 Regulatory Approvals
	  	 	4	 
			
	 SECTION 5.
	 	 REPRESENTATIONS AND WARRANTIES OF THE
COMPANY
	  	 	4	 
			
	 Section 5.1.
	 	 Organization; Power and Authority
	  	 	4	 
	 Section 5.2.
	 	 Authorization, Etc.
	  	 	5	 
	 Section 5.3.
	 	 Disclosure
	  	 	5	 
	 Section 5.4.
	 	 Organization and Ownership of Shares of the Company and Subsidiaries; Affiliates
	  	 	5	 
	 Section 5.5.
	 	 Financial Statements; Material Liabilities
	  	 	6	 
	 Section 5.6.
	 	 Compliance with Laws, Other Instruments, Etc.
	  	 	6	 
	 Section 5.7.
	 	 Governmental Authorizations, Etc.
	  	 	7	 
	 Section 5.8.
	 	 Litigation; Observance of Agreements, Statutes and Orders
	  	 	7	 
	 Section 5.9.
	 	 Taxes
	  	 	7	 
	 Section 5.10.
	 	 Title to Property; Leases
	  	 	8	 
	 Section 5.11.
	 	 Licenses, Permits, Etc.
	  	 	8	 
	 Section 5.12.
	 	 Compliance with ERISA
	  	 	8	 
	 Section 5.13.
	 	 Private Offering by the Company
	  	 	9	 
	 Section 5.14.
	 	 Use of Proceeds; Margin Regulations
	  	 	9	 
	 Section 5.15.
	 	 Existing Indebtedness; Future Liens
	  	 	9	 
	 Section 5.16.
	 	 Foreign Assets Control Regulations, Etc.
	  	 	10	 
	 Section 5.17.
	 	 Status under Certain Statutes
	  	 	11	 

  
 -i- 

							
	 Section 5.18.
	 	 Environmental Matters
	  	 	11	 
	 Section 5.19.
	 	 Notes Rank Pari Passu
	  	 	11	 
	 Section 5.20.
	 	 Solvency and Consideration.
	  	 	11	 
			
	SECTION 6.	 	REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS	  	 	12	 
			
	 Section 6.1.
	 	 Purchase for Investment
	  	 	12	 
	 Section 6.2.
	 	 Source of Funds
	  	 	12	 
	 Section 6.3.
	 	 Binding Effect
	  	 	14	 
	 Section 6.4.
	 	 Access to Information; Knowledge and Experience
	  	 	14	 
			
	SECTION 7.	 	INFORMATION AS TO COMPANY.	  	 	14	 
			
	 Section 7.1.
	 	 Financial and Business Information
	  	 	14	 
	 Section 7.2.
	 	 Officer’s Certificate
	  	 	16	 
	 Section 7.3.
	 	 Visitation
	  	 	17	 
			
	SECTION 8.	 	PAYMENT AND PREPAYMENT OF THE NOTES	  	 	18	 
			
	 Section 8.1.
	 	 Maturity
	  	 	18	 
	 Section 8.2.
	 	 Optional Prepayments
	  	 	18	 
	 Section 8.3.
	 	 Allocation of Partial Prepayments
	  	 	19	 
	 Section 8.4.
	 	 Maturity; Surrender, Etc.
	  	 	19	 
	 Section 8.5.
	 	 Purchase of Notes
	  	 	19	 
	 Section 8.6.
	 	 Make-Whole Amount
	  	 	19	 
	 Section 8.7.
	 	 Payments Due on Non-Business Days
	  	 	21	 
			
	SECTION 9.	 	AFFIRMATIVE COVENANTS	  	 	21	 
			
	 Section 9.1.
	 	 Compliance with Law
	  	 	21	 
	 Section 9.2.
	 	 Insurance
	  	 	21	 
	 Section 9.3.
	 	 Maintenance of Properties
	  	 	22	 
	 Section 9.4.
	 	 Payment of Taxes and Claims
	  	 	22	 
	 Section 9.5.
	 	 Corporate Existence, Etc.; Ownership of Subsidiaries
	  	 	22	 
	 Section 9.6.
	 	 Books and Records
	  	 	22	 
	 Section 9.7.
	 	 Notes to Rank Pari Passu
	  	 	23	 
	 Section 9.8.
	 	 Guarantors
	  	 	23	 
			
	SECTION 10.	 	NEGATIVE COVENANTS	  	 	24	 
			
	 Section 10.1.
	 	 Limitation on Funded Indebtedness
	  	 	24	 
	 Section 10.2.
	 	 Limitation on Liens
	  	 	25	 
	 Section 10.3.
	 	 Transactions with Affiliates
	  	 	28	 
	 Section 10.4.
	 	 Merger or Consolidation; Sale or Transfer of Assets
	  	 	28	 
	 Section 10.5.
	 	 Restrictions on Dividends
	  	 	29	 
	 Section 10.6.
	 	 Line of Business
	  	 	30	 
	 Section 10.7.
	 	 Economics Sanctions Regulations
	  	 	30	 
			
	SECTION 11.	 	EVENTS OF DEFAULT	  	 	30	 

  
 -ii- 

					
			
	SECTION 12.	 	REMEDIES ON DEFAULT, ETC	  	32
			
	 Section 12.1.
	 	 Acceleration
	  	 32

	 Section 12.2.
	 	 Other Remedies
	  	 32

	 Section 12.3.
	 	 Rescission
	  	 33

	 Section 12.4.
	 	 No Waivers or Election of Remedies, Expenses, Etc.
	  	 33

			
	SECTION 13.	 	REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES	  	33
			
	 Section 13.1.
	 	 Registration of Notes
	  	 33

	 Section 13.2.
	 	 Transfer and Exchange of Notes
	  	 34

	 Section 13.3.
	 	 Replacement of Notes
	  	 34

			
	SECTION 14.	 	PAYMENTS ON NOTES	  	35
			
	 Section 14.1.
	 	 Place of Payment
	  	 35

	 Section 14.2.
	 	 Home Office Payment
	  	 35

	 Section 14.3.
	 	 FATCA Information
	  	 35

			
	SECTION 15.	 	EXPENSES, ETC.	  	36
			
	 Section 15.1.
	 	 Transaction Expenses
	  	 36

	 Section 15.2.
	 	 Certain Taxes
	  	 36

	 Section 15.3.
	 	 Survival
	  	 37

			
	SECTION 16.	 	SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT	  	37
			
	SECTION 17.	 	AMENDMENT AND WAIVER	  	37
			
	 Section 17.1.
	 	 Requirements
	  	 37

	 Section 17.2.
	 	 Solicitation of Holders of Notes
	  	 37

	 Section 17.3.
	 	 Binding Effect, etc.
	  	 38

	 Section 17.4.
	 	 Notes Held by Company, Etc.
	  	 38

			
	SECTION 18.	 	NOTICES	  	39
			
	SECTION 19.	 	REPRODUCTION OF DOCUMENTS	  	39
			
	SECTION 20.	 	CONFIDENTIAL INFORMATION	  	39
			
	SECTION 21.	 	SUBSTITUTION OF PURCHASER	  	41
			
	SECTION 22.	 	MISCELLANEOUS	  	41
			
	 Section 22.1.
	 	 Successors and Assigns
	  	 41

	 Section 22.2.
	 	 Accounting Terms
	  	 41

	 Section 22.3.
	 	 Severability
	  	 41

	 Section 22.4.
	 	 Construction, Etc.
	  	 42

  
 -iii- 

							
	 Section 22.5.
	 	 Counterparts
	  	 	42	 
	 Section 22.6.
	 	 Governing Law
	  	 	42	 
	 Section 22.7.
	 	 Jurisdiction and Process; Waiver of Jury Trial
	  	 	42	 
			
	 Signature
	 		  	 	44	 

  
 -iv- 

					
	SCHEDULE A	 	—	  	Information Relating to Purchasers
	SCHEDULE B	 	—	  	Defined Terms
	SCHEDULE 5.3	 	—	  	Disclosure Materials
	SCHEDULE 5.4	 	—	  	Organization and Ownership of Shares and Subsidiaries
	SCHEDULE 5.5	 	—	  	Financial Statements
			
	SCHEDULE 5.15	 	—	  	Existing Indebtedness
			
	SCHEDULE 10.1	 	—	  	Existing Funded Indebtedness
			
	SCHEDULE 10.2	 	—	  	Existing Liens
			
	EXHIBIT 1(a)	 	—	  	Form of 3.52% Senior Note, Series 2017A, due November 1, 2027
	EXHIBIT 1(b)	 	—	  	Form of 4.32% Senior Note, Series 2017B, due November 1, 2047
	EXHIBIT 4.4(a)	 	—	  	Form of Opinion of Special Counsel for the Company
	EXHIBIT 4.4(b)	 	—	  	Form of Opinion of Gary Epler, Chief Regulatory Counsel for Unitil Service Corp.
	EXHIBIT 4.4(c)	 	—	  	Form of Opinion of Special Counsel for the Purchasers

  
 -v- 

 NORTHERN UTILITIES, INC. 

6 Liberty Lane West 
 Hampton, New
Hampshire 03842-1720 
 $20,000,000 3.52% Senior Notes, Series 2017A, due November 1, 2027 

$30,000,000 4.32% Senior Notes, Series 2017B, due November 1, 2047 

Dated as of July 14, 2017 
 TO
EACH OF THE PURCHASERS LISTED IN 
 SCHEDULE A
HERETO: 
 Ladies and Gentlemen: 

Northern Utilities, Inc., a New Hampshire corporation (the “Company”), agrees with each of the
purchasers whose names appear at the end hereof (each, a “Purchaser” and, collectively, the “Purchasers”) as follows: 

SECTION 1. AUTHORIZATION OF NOTES. 

The Company will authorize the issue and sale of its (i) $20,000,000 aggregate principal amount of 3.52% Senior
Notes, Series 2017A, due November 1, 2027 (the “Series A Notes”), and (ii) $30,000,000 aggregate principal amount of 4.32% Senior Notes, Series 2017B, due November 1, 2047 (the
“Series B Notes”) (each of the Series A Notes and Series B Notes, as amended, restated or otherwise modified from time to time pursuant to Section 17, are collectively referred to as the
“Notes”, such term to include any such notes issued in substitution therefor pursuant to Section 13). The Series A Notes and the Series B Notes shall be substantially in the form set out in
Exhibit 1(a) and Exhibit 1(b), respectively, with such changes therefrom, if any, as may be approved by each Purchaser and the Company. Certain capitalized and other terms used in this Agreement are defined in
Schedule B; and references to a “Schedule” or an “Exhibit” are, unless otherwise specified, to a Schedule or an Exhibit attached to this Agreement. 

SECTION 2. SALE AND PURCHASE OF NOTES. 

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

			
	 Northern Utilities, Inc.
	  	Note Purchase Agreement

  

SECTION 3. CLOSING. 

This Agreement shall be executed and delivered in advance of the Closing at the offices of Chapman and Cutler LLP, 111
West Monroe Street, Chicago, IL 60603, on July 14, 2017. The sale and purchase of the Notes to be purchased by each Purchaser shall occur at the offices of Chapman and Cutler LLP, 111 West Monroe Street, Chicago, Illinois 60603 at
10:00 a.m., Central time, at a closing (the “Closing”) on November 1, 2017 or on such other Business Day thereafter on or prior to November 15, 2017 as may be agreed upon by the Company and the Purchasers. At the
Closing the Company will deliver to each Purchaser the Notes of the series to be purchased by such Purchaser in the form of a single Note of such series (or such greater number of Notes of such series in denominations of at least $500,000 as such
Purchaser may request) dated the date of the Closing and registered in such Purchaser’s name (or in the name of its nominee), against delivery by such Purchaser to the Company or its order of immediately available funds in the amount of the
purchase price therefor by wire transfer to account number: 004622844048 at Bank of America, General Funds, ABA number: 026 009 593, for the account of Northern Utilities, Inc. If at the Closing the Company shall fail to tender such Notes
to any Purchaser as provided above in this Section 3, or any of the conditions specified in Section 4 shall not have been fulfilled to such Purchaser’s reasonable satisfaction, such Purchaser
shall, at its election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such Purchaser may have by reason of such failure by the Company to tender such Notes or any of the conditions specified in
Section 4 not having been fulfilled to such Purchaser’s reasonable satisfaction or such nonfulfillment. 

SECTION 4. CONDITIONS TO CLOSING. 

Each Purchaser’s obligation to purchase and pay for the Notes to be sold to such Purchaser at the Closing is subject to
the fulfillment to such Purchaser’s reasonable satisfaction, prior to or at the Closing, of the following conditions (except, in each case, to the extent any representation or warranty expressly relates to a different date, in which case as of
such different date): 
 Section 4.1. Representations and Warranties. The representations and warranties of the
Company in this Agreement shall be correct when made and at the time of the Closing. 
 Section 4.2.
Performance; No Default. The Company shall have performed and complied with all agreements and conditions contained in this Agreement required to be performed or complied with by it prior to or at the Closing. From the date of this Agreement
until the Closing, before and after giving effect to the issue and sale of the Notes (and the application of the proceeds thereof as contemplated by Section 5.14), no Default or Event of Default shall have occurred and be
continuing. Neither the Company nor any Subsidiary shall have entered into any transaction since the date of this Agreement that would have been prohibited by Section 10 had such Section applied since such date. 

  
 -2- 

			
	 Northern Utilities, Inc.
	  	Note Purchase Agreement

  

Section 4.3. Compliance Certificates. 

(a) Officer’s Certificate. The Company shall have delivered to such Purchaser an Officer’s Certificate,
dated the date of the Closing, certifying that the conditions specified in Sections 4.1, 4.2, and 4.9 have been fulfilled. 

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

Section 4.4. Opinions of Counsel. Such Purchaser shall have received opinions in form and substance reasonably
satisfactory to such Purchaser, dated the date of the Closing (a) from Duane Morris LLP, special counsel for the Company, covering the matters set forth in Exhibit 4.4(a) and covering such other matters incident to the
transactions contemplated hereby as such Purchaser or its counsel may reasonably request (and the Company hereby instructs its counsel to deliver such opinion to the Purchasers), (b) from Gary Epler, Chief Regulatory Counsel for Unitil Service
Corp., covering the matters set forth in Exhibit 4.4(b) and covering such other matters incident to the transactions contemplated hereby as such Purchaser or its counsel may reasonably request (and the Company hereby
instructs Gary Epler to deliver such opinion to the Purchasers) and (c) from Chapman and Cutler LLP, the Purchasers’ special counsel in connection with such transactions, substantially in the form set forth in Exhibit
4.4(c) and covering such other matters incident to such transactions as such Purchaser may reasonably request. 

Section 4.5. Purchase Permitted By Applicable Law, Etc. On the date of the Closing such Purchaser’s purchase
of Notes shall (a) be permitted by the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse to provisions (such as section 1405(a)(8) of the New York Insurance Law) permitting limited investments
by insurance companies without restriction as to the character of the particular investment, (b) not violate any applicable law or regulation (including, without limitation, Regulation T, U or X of the Board of Governors of the Federal Reserve
System) and (c) not subject such Purchaser to any tax, penalty or liability under or pursuant to any applicable law or regulation, which law or regulation was not in effect on the date hereof. If requested by such Purchaser, such Purchaser
shall have received an Officer’s Certificate certifying as to such matters of fact as such Purchaser may reasonably specify to enable such Purchaser to determine whether such purchase is so permitted. 

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

Section 4.7. Payment of Special Counsel Fees. Without limiting the provisions of
Section 15.1, the Company shall have paid on or before the Closing the reasonable fees, charges and disbursements of the Purchasers’ special counsel referred to in Section 4.4 to the extent
reflected in a statement of such counsel rendered to the Company at least one Business Day prior to the Closing. 

  
 -3- 

			
	 Northern Utilities, Inc.
	  	Note Purchase Agreement

  

Section 4.8. Private Placement Number. A Private Placement Number issued by Standard & Poor’s CUSIP
Service Bureau (in cooperation with the SVO) shall have been obtained for each series of the Notes. 

Section 4.9. Changes in Corporate Structure. The Company shall not have changed its jurisdiction of incorporation
or organization, as applicable, or been a party to any merger or consolidation or succeeded to all or any substantial part of the liabilities of any other entity, at any time following the date of the most recent financial statements referred to in
Schedule 5.5. 
 Section 4.10. Funding Instructions. At least three Business Days
prior to the date of the Closing, each Purchaser shall have received written instructions signed by a Responsible Officer on letterhead of the Company confirming the information specified in Section 3 including (i) the
name and address of the transferee bank, (ii) such transferee bank’s ABA number and (iii) the account name and number into which the purchase price for the Notes is to be deposited. 

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

Section 4.12. Regulatory Approvals. The issue and sale of the Notes shall have been duly authorized by order of
the NHPUC, the MPUC and such other regulatory authorities as may have jurisdiction, such order(s) shall be in full force and effect at the time of the Closing and any appeal periods applicable thereto shall have expired with no appeals filed during
such periods. 
 SECTION 5. REPRESENTATIONS AND WARRANTIES OF
THE COMPANY. 
 The Company represents and warrants to each Purchaser that the
representations and warranties contained in this Section 5 are true and correct as of the date of this Agreement and the Closing (except, in each case, to the extent any representation or warranty expressly relates to a different date,
in which case as of such different date): 
 Section 5.1. Organization; Power and Authority. The Company
is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and is duly qualified as a foreign corporation and is in good standing in each jurisdiction in which such qualification is
required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company has the corporate power
and authority to own or hold under lease the properties it purports to own or hold under lease, to transact the business it transacts and proposes to transact, except, in each case, as would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect. The Company has the corporate power and authority to execute and deliver this Agreement and the Notes and to perform the provisions hereof and thereof. 

  
 -4- 

			
	 Northern Utilities, Inc.
	  	Note Purchase Agreement

  

Section 5.2. Authorization, Etc. This Agreement and the Notes have been duly authorized by all necessary corporate
action on the part of the Company, and this Agreement constitutes, and upon execution and delivery thereof each Note will constitute, a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms,
except as such enforceability may be limited by (i) applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) general
principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

Section 5.3. Disclosure. The Company, through its agent, Merrill Lynch, Pierce, Fenner & Smith
Incorporated, has delivered to each Purchaser a copy of a confidential Private Placement Memorandum, dated April 2017 (the “Memorandum”), relating to the transactions contemplated hereby. The Disclosure Documents (defined below)
fairly describe, in all material respects, the general nature of the business and principal properties of the Company and its Subsidiaries. This Agreement, the Memorandum and the documents, certificates or other writings delivered to the Purchasers
by or on behalf of the Company in connection with the transactions contemplated hereby and identified in Schedule 5.3, and the financial statements listed in Schedule 5.5 (this Agreement, the
Memorandum and such documents, certificates or other writings identified in Schedule 5.3 and such financial statements listed in Schedule 5.5 delivered to each Purchaser being referred to, collectively, as
the “Disclosure Documents”), taken as a whole, do not, as of their respective dates, contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading in light
of the circumstances under which they were made. Except as disclosed in the Disclosure Documents, since December 31, 2016, there has been no change in the financial condition, operations, business or properties of the Company and its
Subsidiaries (taken as a whole) except changes that individually or in the aggregate would not reasonably be expected to have a Material Adverse Effect. There is no fact known to the Company that would reasonably be expected to have a Material
Adverse Effect that has not been set forth herein or in the Disclosure Documents. 
 Section 5.4.
Organization and Ownership of Shares of the Company and Subsidiaries; Affiliates. (a) Schedule 5.4 contains (except as noted therein) complete and correct lists (i) of the Company’s Subsidiaries, showing,
as to each Subsidiary, the correct name thereof, the jurisdiction of its organization, and the percentage of shares of each class of its capital stock or similar equity interests outstanding owned by the Company and each other Subsidiary,
(ii) of the Company’s Affiliates, other than Subsidiaries, and (iii) of the Company’s directors and senior officers. 

(b) All of the outstanding shares of capital stock or similar equity interests of each Subsidiary shown in Schedule 5.4
as being owned by the Company and its Subsidiaries have been validly issued, are fully paid and nonassessable and are owned by the Company or another Subsidiary free and clear of any Lien (except as otherwise disclosed in
Schedule 5.4). 
 (c) Each Subsidiary identified in Schedule 5.4 is a corporation or other
legal entity duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and is in good standing in each

  
 -5- 

			
	 Northern Utilities, Inc.
	  	Note Purchase Agreement

  

jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect. Each such Subsidiary has the corporate or other power and authority to own or hold under lease the properties it purports to own or hold under lease and to transact the business it
transacts and proposes to transact except, in each case, as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

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

Section 5.5. Financial Statements; Material Liabilities. The Company has delivered to each Purchaser copies of the
consolidated financial statements of the Company and its Subsidiaries listed on Schedule 5.5. All of said consolidated financial statements (including in each case the related schedules and notes) fairly present in all
material respects the consolidated financial position of the Company and its Subsidiaries as of the respective dates specified in such Schedule and the consolidated results of their operations and cash flows for the respective periods so specified
and have been prepared in accordance with GAAP consistently applied throughout the periods involved except as set forth in the notes thereto (subject, in the case of any interim financial statements, to normal year-end adjustments). The Company and
its Subsidiaries do not have any Material liabilities that are not disclosed on such financial statements or otherwise disclosed in the Disclosure Documents except liabilities, as would not, individually or in the aggregate, be reasonably expected
to have a Material Adverse Effect. 
 Section 5.6. Compliance with Laws, Other Instruments, Etc. The
execution, delivery and performance by the Company of this Agreement and the Notes will not (i) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of the Company
or any Subsidiary under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate charter or by-laws, members agreement or any other Material agreement or instrument to which the Company or any Subsidiary is bound
or by which the Company or any Subsidiary or any of their respective properties may be bound or affected, (ii) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree, or ruling of any
court, arbitrator or Governmental Authority applicable to the Company or any Subsidiary or (iii) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to the Company or any Subsidiary except,
in each case, as would not reasonably be expected to have a Material Adverse Effect. 

  
 -6- 

			
	 Northern Utilities, Inc.
	  	Note Purchase Agreement

  

Section 5.7. Governmental Authorizations, Etc. The Company is subject to regulation by the NHPUC and the MPUC with
respect to retail rates, adequacy of service, issuance of securities, accounting and other matters and to regulation by FERC under the Energy Policy Act of 2005 in regards to certain bookkeeping, accounting and reporting requirements. The issuance
and sale of the Notes have been authorized by an order of the NHPUC and an order of the MPUC, which orders have each become final and the applicable waiting or appeal periods (including any extension thereof) have expired with no appeals filed
during such periods. No consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority is required in connection with the execution, delivery or performance by the Company of this Agreement or the
Notes other than the orders of the NHPUC and MPUC referenced above. 
 Section 5.8. Litigation; Observance of
Agreements, Statutes and Orders. (a) Other than as described below and except as disclosed in the Disclosure Documents, there are no actions, suits, investigations or proceedings pending or, to the knowledge of the Company, threatened
against or affecting the Company or any Subsidiary or any property of the Company or any Subsidiary in any court or before any arbitrator of any kind or before or by any Governmental Authority that, individually or in the aggregate, would reasonably
be expected to have a Material Adverse Effect. 
 (b) Except as disclosed in the Disclosure Documents, neither the Company
nor any Subsidiary is (i) in default under any term of any agreement or instrument to which it is a party or by which it is bound, (ii) in violation of any order, judgment, decree or ruling of any court, arbitrator or Governmental
Authority or (iii) in violation of any applicable law, ordinance, rule or regulation of any Governmental Authority (including, without limitation Environmental Laws, the USA Patriot Act or any of the other laws and regulations that are referred
to in Section 5.16), in each case which default or violation, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. 

Section 5.9. Taxes. The Company and its Subsidiaries have filed all income, franchise and other Material tax
returns that are required to have been filed in any jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments levied upon them or their properties, assets, income or franchises, to the
extent such taxes and assessments have become due and payable and before they have become delinquent, except for any taxes and assessments (i) the amount of which is not individually or in the aggregate Material or (ii) the amount,
applicability or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which the Company or a Subsidiary, as the case may be, has established adequate reserves in accordance with GAAP. The
Company knows of no basis for any other tax or assessment that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The charges, accruals and reserves on the books of the Company and its Subsidiaries in
respect of income taxes for all fiscal periods are recognized in accordance with GAAP, and, except as disclosed in the Disclosure Documents, the Company knows of no Material unpaid assessment for additional income taxes for any fiscal period or any
reasonable basis therefor. As of the date of this Agreement, the federal income tax liabilities of the Company and its Subsidiaries have been finally determined (whether by reason of completed audits or the statute of limitations having run) for all
fiscal years up to and including the fiscal year ended December 31, 2012.  

  
 -7- 

			
	 Northern Utilities, Inc.
	  	Note Purchase Agreement

  

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

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

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

 Section 5.12. Compliance with ERISA. (a) The Company and each ERISA Affiliate have operated and
administered each Plan in compliance with all applicable laws except for such instances of noncompliance as have not resulted in and would not reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any ERISA Affiliate
has incurred any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans (as defined in section 3 of ERISA), and no event, transaction or condition has occurred or
exists that would, individually or in the aggregate, reasonably be expected to result in the incurrence of any such liability by the Company or any ERISA Affiliate, or in the imposition of any Lien on any of the rights, properties or assets of the
Company or any ERISA Affiliate, in either case pursuant to Title I or IV of ERISA to section 430(k) of the Code or to any such penalty or excise tax provisions under the Code or federal law or section 4068 of ERISA or by the granting of a
security interest in connection with the amendment of a Plan, other than such liabilities or Liens as would not be individually or in the aggregate Material. 

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

(c) The Company and its ERISA Affiliates have not incurred withdrawal liabilities (and are not subject to contingent withdrawal
liabilities) under section 4201 or 4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate are Material. 

  
 -8- 

			
	 Northern Utilities, Inc.
	  	Note Purchase Agreement

  

(d) The postretirement benefit obligations (determined as of the last day of the Company’s most recently ended fiscal year
in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 715-60, without regard to liabilities attributable to continuation coverage mandated by section 4980B of the
Code) of the Company and its Subsidiaries have been determined in accordance with GAAP and are reflected in footnote 7 of the Company’s audited financial statements for its most recently ended fiscal year. 

(e) The execution and delivery of this Agreement and the issuance and sale of the Notes hereunder will not involve any
transaction that is subject to the prohibitions of section 406 of ERISA or in connection with which a tax could be imposed pursuant to section 4975(c)(1)(A)–(D) of the Code. The representation by the Company to each Purchaser in the
first sentence of this Section 5.12(e) is made in reliance upon and subject to the accuracy of such Purchaser’s representation in Section 6.2 as to the sources of the funds used to pay the purchase price of the Notes to
be purchased by such Purchaser. 
 (f) The Company and its Subsidiaries do not have any
Non-U.S. Plans. 
 Section 5.13. Private Offering by the Company.
Neither the Company nor anyone acting on its behalf has offered the Notes or any similar securities for sale to, solicited any offer to buy any of the same from, or otherwise approached or negotiated in respect thereof with, any Person other than
the Purchasers and not more than five (5) other Institutional Investors, each of which has been offered the Notes at a private sale for investment. Neither the Company nor anyone acting on its behalf has taken, or will take, any action that
would subject the issuance or sale of the Notes to the registration requirements of section 5 of the Securities Act. The representation and warranty by the Company to each Purchaser in the second sentence of this
Section 5.13 is made in reliance upon and subject to the accuracy of the Purchasers’ representations in Section 6.1 and Section 6.4. 

Section 5.14. Use of Proceeds; Margin Regulations. The Company will apply the proceeds of the sale of the Notes as
set forth in Section I(B) of the Memorandum. No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the
Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any securities under such circumstances as to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or
to involve any broker or dealer in a violation of Regulation T of said Board (12 CFR 220). The Company does not own or carry any margin stock. As used in this Section, the terms “margin stock” and “purpose of buying or
carrying” shall have the meanings assigned to them in said Regulation U. 
 Section 5.15. Existing
Indebtedness; Future Liens. (a) Except as described therein, Schedule 5.15 sets forth a complete and correct list of all outstanding Indebtedness of the Company and its Subsidiaries as of March 31, 2017
(including a description of the obligors and obligees, principal amount outstanding and collateral therefor, if any, and Guaranty thereof, if any), since which date there has been no Material change in the amounts, interest rates, sinking funds,
installment payments or maturities of the Indebtedness of the Company or its Subsidiaries. Neither the Company nor any Subsidiary is in default and no waiver of default is currently in  

  
 -9- 

			
	 Northern Utilities, Inc.
	  	Note Purchase Agreement

  

effect, in the payment of any principal or interest on any Indebtedness of the Company or such Subsidiary and no event or condition exists with respect to any Indebtedness of the Company or any
Subsidiary with an outstanding principal amount in excess of $1,000,000 that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to cause such Indebtedness to become due and payable before its stated
maturity or before its regularly scheduled dates of payment. 
 (b) Neither the Company nor any Subsidiary has agreed
or consented to cause or permit in the future (upon the happening of a contingency or otherwise) any of its property, whether now owned or hereafter acquired, to be subject to a Lien not permitted by Section 10.2. 

(c) Except as disclosed in Schedule 5.15, neither the Company nor any Subsidiary is a party to, or otherwise
subject to any provision contained in, any instrument evidencing Funded Indebtedness of the Company or such Subsidiary, any agreement relating thereto or any other agreement (including, but not limited to, its charter or other organizational
document) which limits the amount of, or otherwise imposes restrictions on the incurring of, Funded Indebtedness of the Company. 

Section 5.16. Foreign Assets Control Regulations, Etc. (a) Neither the Company nor any Controlled Entity
(i) is a Blocked Person, (ii) has been notified that its name appears or may in the future appear on a State Sanctions List or (iii) is a target of sanctions that have been imposed by the United Nations or the European Union.

 (b) Neither the Company nor any Controlled Entity (i) has violated, been found in violation of, or been charged
or convicted under, any applicable U.S. Economic Sanctions Laws, Anti-Money Laundering Laws or Anti-Corruption Laws or (ii) to the Company’s knowledge, is
under investigation by any Governmental Authority for possible violation of any U.S. Economic Sanctions Laws, Anti-Money Laundering Laws or Anti-Corruption Laws. 

(c) No part of the proceeds from the sale of the Notes hereunder: 

(i) constitutes or will constitute funds obtained on behalf of any Blocked Person or will otherwise be used by
the Company or any Controlled Entity, directly or indirectly, (A) in connection with any investment in, or any transactions or dealings with, any Blocked Person, (B) for any purpose that would cause any Purchaser to be in violation of any
U.S. Economic Sanctions Laws or (C) otherwise in violation of any U.S. Economic Sanctions Laws; 
 (ii)
will be used, directly or indirectly, in violation of, or cause any Purchaser to be in violation of, any applicable Anti-Money Laundering Laws; or 

(iii) will be used, directly or indirectly, for the purpose of making any improper payments, including bribes,
to any Governmental Official or commercial counterparty in order to obtain, retain or direct business or obtain any improper advantage, in each case which would be in violation of, or cause any Purchaser to be in violation of, any applicable Anti-Corruption Laws. 

  
 -10- 

			
	 Northern Utilities, Inc.
	  	Note Purchase Agreement

  

(d) The Company has established procedures and controls which it reasonably believes are adequate (and otherwise comply with
applicable law) to ensure that the Company and each Controlled Entity is and will continue to be in compliance with all applicable U.S. Economic Sanctions Laws, Anti-Money Laundering Laws and Anti-Corruption Laws. 
 Section 5.17. Status under Certain Statutes. Neither
the Company nor any Subsidiary is subject to regulation under the Investment Company Act of 1940, as amended, the ICC Termination Act of 1995, as amended, or the Federal Power Act, as amended. The Company is subject to regulation under the Public
Utility Holding Company Act of 2005, as amended, and the Energy Policy Act of 2005, as amended. 

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

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

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

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

  
 -11- 

			
	 Northern Utilities, Inc.
	  	Note Purchase Agreement

  

SECTION 6. REPRESENTATIONS AND WARRANTIES OF THE
PURCHASERS. 
 Section 6.1. Purchase for Investment. 

(a) Each Purchaser severally represents and warrants that it (i) is an institutional “accredited investor” as
defined in Rule 501(a)(1), (2), (3), or (7) under the Securities Act, (ii) is not an “underwriter” as defined in section 2(a)(11) of the Securities Act, and (iii) is purchasing the Notes for its own account or for one or
more separate accounts maintained by such Purchaser or for the account of one or more pension or trust funds and not with a view to the distribution thereof, provided that the disposition of such Purchaser’s or their property shall at all times
be within such Purchaser’s or their control. 
 (b) Each Purchaser understands that the Notes have not been registered
under the Securities Act and may be resold only if registered pursuant to the provisions of the Securities Act or if an exemption from registration is available, except under circumstances where neither such registration nor such an exemption is
required by law, and that the Company is not required to and does not intend to register the Notes. 
 (c) Each Purchaser
understands that the Notes will bear a legend, prominently stamped or printed thereon, reading substantially as follows: 

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

Section 6.2. Source of Funds. Each Purchaser severally represents and warrants that at least one of the following
statements is an accurate representation as to each source of funds (a “Source”) to be used by such Purchaser to pay the purchase price of the Notes to be purchased by such Purchaser hereunder: 

(a) the Source is an “insurance company general account” (as the term is defined in the United
States Department of Labor’s Prohibited Transaction Exemption (“PTE”) 95-60) in respect of which the reserves and liabilities (as defined by the annual statement for life insurance companies approved by the NAIC (the “NAIC Annual
Statement”)) for the general account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and liabilities for the general account contract(s) held by or on behalf of any other employee benefit
plans maintained by the same employer (or affiliate thereof as defined in PTE 95-60) or by the same employee organization in the general account do not exceed 10% of the total reserves and liabilities of the general account (exclusive of separate
account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such Purchaser’s state of domicile; or 

  
 -12- 

			
	 Northern Utilities, Inc.
	  	Note Purchase Agreement

  

(b) the Source is a separate account that is maintained solely in connection with such Purchaser’s fixed
contractual obligations under which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate account (or to any participant or beneficiary of such plan (including any annuitant))
are not affected in any manner by the investment performance of the separate account; or 
 (c) the Source is
either (i) an insurance company pooled separate account, within the meaning of PTE 90-1 or (ii) a bank collective investment fund, within the meaning of the PTE 91-38 and, except as disclosed by such Purchaser to the Company in writing
pursuant to this clause (c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns more than 10% of all assets allocated to such pooled separate account or collective investment fund;
or 
 (d) the Source constitutes assets of an “investment fund” (within the meaning of Part
VI of PTE 84-14 (the “QPAM Exemption”)) managed by a “qualified professional asset manager” or “QPAM” (within the meaning of Part VI of the QPAM Exemption), no employee
benefit plan’s assets that are managed by the QPAM in such investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1)
of the QPAM Exemption) of such employer or by the same employee organization and managed by such QPAM, represent more than 20% of the total client assets managed by such QPAM, the conditions of Part I(c) and (g) of the QPAM Exemption are
satisfied, neither the QPAM nor a person controlling or controlled by the QPAM maintains an ownership interest in the Company that would cause the QPAM and the Company to be “related” within the meaning of Part VI(h) of the QPAM Exemption
and (i) the identity of such QPAM and (ii) the names of any employee benefit plans whose assets in the investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by
an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization, represent 10% or more of the assets of such investment fund, have been disclosed to the Company in writing pursuant to
this clause (d); or 
 (e) the Source constitutes assets of a “plan(s)” (within the meaning of Part IV(h) of
PTE 96-23 (the “INHAM Exemption”)) managed by an “in-house asset manager” or “INHAM” (within the meaning of Part IV(a) of the INHAM
Exemption), the conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a person controlling or controlled by the INHAM (applying the definition of “control” in Part IV(d)(3) of the INHAM
Exemption) owns a 10% or more interest in the Company and (i) the identity of such INHAM and (ii) the name(s) of the employee benefit plan(s) whose assets constitute the Source have been disclosed to the Company in writing pursuant to this
clause (e); or 
 (f) the Source is a governmental plan; or 

(g) the Source is one or more employee benefit plans, or a separate account or trust fund comprised of one or
more employee benefit plans, each of which has been identified to the Company in writing pursuant to this clause (g); or 

  
 -13- 

			
	 Northern Utilities, Inc.
	  	Note Purchase Agreement

  

(h) the Source does not include assets of any employee benefit plan, other than a plan exempt from the coverage
of ERISA. 
 As used in this Section 6.2, the terms “employee benefit plan,” “governmental plan,” and
“separate account” shall have the respective meanings assigned to such terms in section 3 of ERISA. 

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

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

SECTION 7. INFORMATION AS TO COMPANY. 

Section 7.1. Financial and Business Information. From the date of this Agreement until the date of the Closing and
thereafter, so long as any of the Notes are outstanding, the Company shall deliver to each Purchaser (prior to the Closing) and (after the Closing) each holder of Notes that is an Institutional Investor: 

(a) Quarterly Statements — 

(i) within 90 days after the end of each quarterly fiscal period in each fiscal year of the Company (other than
the last quarterly fiscal period of each such fiscal year), duplicate copies of, 
 (A) an unaudited
consolidated balance sheet of the Company and its Subsidiaries as at the end of such quarter, and 
 (B)
unaudited consolidated statements of income, changes in shareholders’ equity and cash flows of the Company and its Subsidiaries, for such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with
such quarter, 
 (ii) within 90 days after the end of each quarterly fiscal period in each fiscal year of
Unitil (other than the last quarterly fiscal period of each such fiscal year), duplicate copies of, 
 (A)
an unaudited consolidated balance sheet of Unitil and its Subsidiaries as at the end of such quarter, and 

  
 -14- 

			
	 Northern Utilities, Inc.
	  	Note Purchase Agreement

  

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

setting forth in each case in comparative form the figures for the corresponding periods in the previous fiscal year, all in
reasonable detail, prepared in accordance with GAAP applicable to quarterly financial statements generally, and certified by a Senior Financial Officer as fairly presenting, in all material respects, the financial position of the companies being
reported on and their results of operations and cash flows, subject to changes resulting from year-end adjustments, provided that delivery within the time period specified above of copies of Unitil’s Quarterly Report on
Form 10-Q (the “Form 10-Q”) prepared in material compliance with the requirements therefor and filed with the SEC shall be deemed to satisfy the requirements of Section 7.1(a)(ii), provided,
further, that the Company shall be deemed to have made such delivery of such Form 10-Q if Unitil shall have timely made such Form 10-Q available on EDGAR
or on its home page on the worldwide web (at the date of this Agreement located at http://www.unitil.com) (such availability being referred to as “Electronic Delivery”); 

(b) Annual Statements — 

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

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

(B) consolidated statements of income, changes in shareholders’ equity and cash flows of the Company and
its Subsidiaries for such year; and 
 (ii) within 120 days after the end of each fiscal year of Unitil,
duplicate copies of 
 (A) a consolidated balance sheet of Unitil and its Subsidiaries as at the end of such
year, and 
 (B) consolidated statements of income, changes in shareholders’ equity and cash flows of
Unitil and its Subsidiaries for such year, 
 setting forth in each case above in Section 7.1(b)(i) and
Section 7.1(b)(ii) in comparative form the figures for the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP, and accompanied by a report thereon of independent public accountants of recognized national
standing, to the effect that such financial statements present fairly, in all material respects, the financial position of the companies being reported upon and their results of operations and cash flows and have been prepared in conformity with
GAAP, and that the examination of such accountants in connection with 

  
 -15- 

			
	 Northern Utilities, Inc.
	  	Note Purchase Agreement

  

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

 (d) Notice of Default or Event of Default — promptly, and in any event within five days after
a Responsible Officer becoming aware of the existence of any Default or Event of Default or that any Person has given any notice or taken any action with respect to a claimed default hereunder or that any Person has given any notice or taken any
action with respect to a claimed default of the type referred to in Section 11(e), a written notice specifying the nature and period of existence thereof and what action the Company is taking or proposes to take with respect thereto;

 (e) Material Adverse Events — promptly upon the occurrence thereof, notice of any event,
circumstance or condition which would reasonably be expected to materially and adversely affect the ability of the Company to perform its obligations under this Agreement and the Notes; and 

(h) Requested Information — with reasonable promptness, such other data and information relating to
the business, operations, affairs, financial condition, assets or properties of the Company, Unitil or any of their respective Subsidiaries (including, but without limitation, actual copies of Unitil’s
Form 10-Q and Form 10-K) or relating to the ability of the Company to perform its obligations hereunder and under the Notes as from time to time may be
reasonably requested by any such Purchaser or holder of a Note. 
 Section 7.2. Officer’s Certificate. Each
set of financial statements delivered to a Purchaser or a holder of a Note pursuant to Section 7.1(a) or Section 7.1(b) shall be accompanied by a certificate of a Senior Financial Officer setting
forth: 
 (a) Covenant Compliance — the information (including detailed calculations)
required in order to establish whether the Company was in compliance with the requirements of Sections 10.1 (to the extent Funded Indebtedness is incurred during the period covered by such certificate) and 10.5, during the
quarterly or annual period 

  
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	  	Note Purchase Agreement

  

covered by the statements then being furnished (including with respect to each such Section, where applicable, the calculations of the maximum or minimum amount, ratio or percentage, as the case
may be, permissible under the terms of such Sections, and the calculation of the amount, ratio or percentage then in existence). In the event that the Company or any Subsidiary has made an election to measure any financial liability using fair value
(which election is being disregarded for purposes of determining compliance with this Agreement pursuant to Section 22.2) as to the period covered by any such financial statement, such Senior Financial Officer’s certificate as to
such period shall include a reconciliation from GAAP with respect to such election; and 
 (b)
Event of Default — a statement that such Senior Financial Officer has reviewed the relevant terms hereof and has made, or caused to be made, under his or her supervision, a review of the transactions and conditions of the Company and its
Subsidiaries from the beginning of the quarterly or annual period covered by the statements then being furnished to the date of the certificate and that such review shall not have disclosed the existence during such period of any condition or event
that constitutes a Default or an Event of Default or, if any such condition or event existed or exists (including, without limitation, any such event or condition resulting from the failure of the Company or any Subsidiary to comply with any
Environmental Law), specifying the nature and period of existence thereof and what action the Company shall have taken or proposes to take with respect thereto. 

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

(b) Default — if a Default or Event of Default then exists, at the expense of the Company to
visit and inspect any of the offices or properties of the Company or any Subsidiary, to examine all their respective books of account, records, reports and other papers, to make copies and extracts therefrom, and to discuss their respective affairs,
finances and accounts with their respective officers and (with the consent of the Company, which consent will not be unreasonably withheld) independent public accountants, all at such times and as often as may be requested. 

Each holder of the Notes agrees to keep confidential any Confidential Information received as a result of the rights granted in this
Section 7 in the manner provided in Section 20. 

  
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	 Northern Utilities, Inc.
	  	Note Purchase Agreement

  

SECTION 8. PAYMENT AND PREPAYMENT OF THE NOTES.

 Section 8.1. Maturity.  

(a) As provided therein, the entire unpaid principal balance of each Series A Note shall be due and payable on the
Maturity Date thereof. 
 (b) As provided therein, the entire unpaid principal balance of each Series B Note shall be
due and payable on the Maturity Date thereof. 
 Section 8.2. Optional Prepayments. Prior to August 1,
2027, the Company may, at its option, upon notice as provided below, prepay at any time all, or from time to time any part of, the Series A Notes (but if in part then in a minimum aggregate principal amount of $100,000), at 100% of the principal
amount so prepaid, together with interest accrued thereon to the date of such prepayment, plus the Make-Whole Amount determined for the prepayment date with respect to such principal amount. On and after August 1, 2027, the Company may,
at its option, upon notice as provided below, prepay at any time all the Series A Notes, at 100% of the principal amount so prepaid, together with interest accrued thereon to the date of such prepayment, but without payment of the Make-Whole
Amount. 
 Prior to May 1, 2047, the Company may, at its option, upon notice as provided below, prepay at
any time all, or from time to time any part of, the Series B Notes (but if in part then in a minimum aggregate principal amount of $100,000), at 100% of the principal amount so prepaid, together with interest accrued thereon to the date of such
prepayment, plus the Make-Whole Amount determined for the prepayment date with respect to such principal amount. On and after May 1, 2047, the Company may, at its option, upon notice as provided below, prepay at any time all the Series B
Notes at 100% of the principal amount so prepaid, together with interest accrued thereon to the date of such prepayment, but without payment of the Make-Whole Amount. 

The Company will give each holder of Notes written notice of each optional prepayment under this
Section 8.2 not less than 15 days and not more than 45 days prior to the date fixed for such prepayment unless the Company and the Required Holders agree to another time period pursuant to Section 17. Each such notice
shall specify such date (which shall be a Business Day), the aggregate principal amount of the Notes to be prepaid on such date, the principal amount of each Note held by such holder to be prepaid (determined in accordance with
Section 8.3), and the interest to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be accompanied by a certificate of a Senior Financial Officer as to the estimated Make-Whole Amount, if any,
due in connection with such prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of such computation. Two Business Days prior to such prepayment, the Company shall deliver to each holder of
Notes a certificate of a Senior Financial Officer specifying the calculation of such Make-Whole Amount, if any, as of the specified prepayment date. 

  
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Section 8.3. Allocation of Partial Prepayments. In the case of each partial prepayment of the Notes pursuant to
Section 8.1 or Section 8.2, the aggregate principal amount of the Notes to be prepaid shall be allocated among all of the Notes at the time outstanding in proportion, as nearly as practicable, to
the respective unpaid principal amounts thereof not theretofore called for prepayment. 
 Section 8.4.
Maturity; Surrender, Etc. In the case of each optional prepayment of Notes pursuant to this Section 8, the principal amount of each Note to be prepaid shall mature and become due and payable on the date fixed for such
prepayment (which shall be a Business Day), together with interest on such principal amount accrued to such date and the applicable Make-Whole Amount, if any. From and after such date, unless the Company shall fail to pay such principal amount when
so due and payable, together with the interest and Make-Whole Amount, if any, as aforesaid, interest on such principal amount shall cease to accrue. Any Note paid or prepaid in full shall be surrendered to the Company and cancelled and shall not be
reissued, and no Note shall be issued in lieu of any prepaid principal amount of any Note. 
 Section 8.5.
Purchase of Notes. The Company will not and will not permit any Affiliate Controlled by the Company to purchase, redeem, prepay or otherwise acquire, directly or indirectly, any of the outstanding Notes except (a) upon the payment or
prepayment of the Notes in accordance with the terms of this Agreement and the Notes or (b) pursuant to a written offer to purchase a specified principal amount of Notes made by the Company or an Affiliate Controlled by the Company pro rata to
the holders of all Notes at the time outstanding upon the same terms and conditions. Any such offer shall provide each holder of Notes with reasonably sufficient information to enable it to make an informed decision with respect to such offer, and
shall remain open for at least 20 Business Days. If the holders of more than 25% of the principal amount of the Notes then outstanding accept such offer, the Company shall promptly notify the remaining holders of such fact and the expiration
date for the acceptance by holders of Notes of such offer shall be extended by the number of days necessary to give each such remaining holder at least ten Business Days from its receipt of such notice to accept such offer. The Company will promptly
cancel all Notes acquired by it or any Affiliate Controlled by the Company pursuant to any payment, prepayment or purchase of Notes pursuant to any provision of this Agreement and no Notes may be issued in substitution or exchange for any such
Notes. 
 Section 8.6. Make-Whole Amount. 

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

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

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

  
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	  	Note Purchase Agreement

  

“Reinvestment Yield” means, with respect to the Called Principal of any Note, 0.50% over the yield to maturity
implied by the yield(s) reported as of 10:00 a.m. (New York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as “Page PX1” (or such other display as
may replace Page PX1) on Bloomberg Financial Markets for the most recently issued actively traded on-the-run U.S. Treasury securities
(“Reported”) having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there are no such U.S. Treasury securities Reported having a maturity equal to
such Remaining Average Life, then such implied yield to maturity will be determined by (a) converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (b) interpolating linearly
between the yields Reported for the applicable most recently issued actively traded on-the-run U.S. Treasury securities with the maturities (1) closest to and
greater than such Remaining Average Life and (2) closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note.  

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

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

  
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	  	Note Purchase Agreement

  

which interest payments are due to be made under the Notes, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such
Settlement Date and required to be paid on such Settlement Date pursuant to Section 8.2 or Section 12.1. 

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

Section 8.7. Payments Due on Non-Business Days. Anything in this Agreement
or the Notes to the contrary notwithstanding, (x) except as set forth in clause (y), any payment of interest on any Note that is due on a date that is not a Business Day shall be made on the next succeeding Business Day without including
the additional days elapsed in the computation of the interest payable on such next succeeding Business Day; and (y) any payment of principal of or Make-Whole Amount on any Note (including principal due
on the Maturity Date of such Note) that is due on a date that is not a Business Day shall be made on the next succeeding Business Day and shall include the additional days elapsed in the computation of interest payable on such next succeeding
Business Day. 
 SECTION 9. AFFIRMATIVE COVENANTS. 

From the date of this Agreement until the Closing and thereafter, so long as any of the Notes are outstanding, the Company
covenants that: 
 Section 9.1. Compliance with Law. Without limiting Section 10.7,
the Company will, and will cause each of its Subsidiaries to, comply with all laws, ordinances or governmental rules or regulations to which each of them is subject, including, without limitation, ERISA, Environmental Laws, the USA Patriot Act and
the other laws and regulations that are referred to in Section 5.16, and will obtain and maintain in effect all licenses, certificates, permits, franchises and other governmental authorizations necessary to the ownership of
their respective properties or to the conduct of their respective businesses, in each case to the extent necessary to ensure that non-compliance with such laws, ordinances or governmental rules or regulations or the failure to obtain or maintain in
effect such licenses, certificates, permits, franchises and other governmental authorizations would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

Section 9.2. Insurance. The Company will insure and keep insured, and will cause every Subsidiary to insure and
keep insured, to a reasonable amount with reputable insurance companies, so much of their respective properties as companies engaged in a similar business and to the extent such companies in accordance with good business practice customarily insure
properties of a similar character against loss by fire and from other causes or, in lieu thereof, in the case of itself or its Subsidiaries, the Company will maintain or cause to be maintained a system or systems of self-insurance which will accord
with the approved practices of companies owning or operating properties of a similar character and maintaining such systems, and of a size similar to that of the Company and its direct and indirect Subsidiaries on a consolidated basis. 

  
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	  	Note Purchase Agreement

  

Section 9.3. Maintenance of Properties. The Company will, and will cause each of its Subsidiaries to, maintain and
keep, or cause to be maintained and kept, their respective properties in good repair, working order and condition (other than ordinary wear and tear), so that the business carried on in connection therewith may be properly conducted at all times,
provided that this Section shall not prevent the Company or any Subsidiary from discontinuing the operation and the maintenance of any of its properties if such discontinuance is desirable in the conduct of its business and the Company has
concluded that such discontinuance would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

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

Section 9.5. Corporate Existence, Etc.; Ownership of Subsidiaries. (a) Subject to
Section 10.4(ii) the Company will at all times preserve and keep in full force and effect its corporate existence. Subject to Section 10.4, the Company will at all times preserve and keep in full
force and effect the legal existence of each of its Subsidiaries (unless merged into the Company or a Wholly-Owned Subsidiary) and all rights and franchises of the Company and its Subsidiaries unless, in the good faith judgment of the Company, the
termination of or failure to preserve and keep in full force and effect such legal existence, right or franchise would not, individually or in the aggregate, have a Material Adverse Effect. 

(b) Notwithstanding anything to the contrary contained herein, except pursuant to an action or order by a Governmental
Authority, one hundred percent of all of the equity interests (except directors’ qualifying shares) and voting interests of the Company shall at all times be and remain owned (directly or indirectly) by Unitil. 

Section 9.6. Books and Records. The Company will, and will cause each of its Subsidiaries to, maintain proper
books of record and account in conformity with GAAP and all applicable requirements of any Governmental Authority having legal or regulatory jurisdiction over the Company or such Subsidiary, as the case may be. 

  
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	 Northern Utilities, Inc.
	  	Note Purchase Agreement

  

Section 9.7. Notes to Rank Pari Passu. The Company will ensure that its payment obligations under this Agreement
and the Notes will at all times rank at least pari passu, without preference or priority, with all other senior unsecured Funded Indebtedness of the Company. 

Section 9.8. Guarantors. (a) The Company will cause any Person that guarantees or otherwise becomes liable at
any time, whether as a borrower or an additional or co-borrower or otherwise, for or in respect of any Indebtedness under any Material Credit Facility to concurrently therewith: 

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

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

(A) an executed counterpart of such Guaranty; 

(B) a certificate signed by an authorized responsible officer of such Person containing representations and
warranties on behalf of such Person to the same effect, mutatis mutandis, as those contained in Sections 5.1, 5.2, 5.6, and 5.7 of this Agreement (but with respect to such Person and such Guaranty rather than the
Company); 
 (C) all documents as may be reasonably requested by the Required Holders to evidence the due
organization, continuing existence and, where applicable, good standing of such Person and the due authorization by all requisite action on the part of such Person of the execution and delivery of such Guaranty and the performance by such Person of
its obligations thereunder; and 
 (D) an opinion of counsel reasonably satisfactory to the Required Holders
covering such matters relating to such Person and such Guaranty as the Required Holders may reasonably request. 
 In
addition to the foregoing, if the Bank Credit Agreement shall contain (or be amended to contain) covenants, reporting obligations or events of default related to such Bank Guarantor, then the Company shall deliver an amendment to this Agreement to
add similar covenants, reporting obligations and events of default related to such Bank Guarantor for the benefit of the holders of the Notes, and until such time as such amendment is delivered, this Agreement shall be deemed, without any action on
the part of the parties hereto, to be amended to include such additional covenants, reporting obligations and events of default as if set forth herein in full. If 

  
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	 Northern Utilities, Inc.
	  	Note Purchase Agreement

  

the Bank Credit Agreement shall cease to contain such covenants, reporting obligations or events of default related to such Bank Guarantor, then the Company and the holders of the Notes shall
deliver an amendment to this Agreement to remove such similar covenants, reporting obligations and events of default related to such Bank Guarantor, and until such time as such amendment is delivered, this Agreement shall be deemed, without any
action on the part of the parties hereto, to be amended to exclude such covenants, reporting obligations and events of default as if set forth herein in full. 

(b) At the election of the Company and by written notice to each holder of Notes, any Guarantor that has provided a
Guaranty under subparagraph (a) of this Section 9.8 may be discharged from all of its obligations and liabilities under its Guaranty and shall be automatically released from its obligations thereunder without the need for the
execution or delivery of any other document by the holders, provided that (i) if such Guarantor is a guarantor or is otherwise liable for or in respect of any Material Credit Facility, then such Guarantor has been released
and discharged (or will be released and discharged concurrently with the release of such Guarantor under its Guaranty) under such Material Credit Facility, (ii) at the time of, and after giving effect to, such release and discharge, no Default
or Event of Default shall be existing, (iii) no amount is then due and payable under such Guaranty, (iv) if in connection with such Guarantor being released and discharged under any Material Credit Facility, any fee or other form of
consideration is given to any holder of Indebtedness under such Material Credit Facility for such release, the holders of the Notes shall receive equivalent consideration substantially concurrently therewith, and (v) each holder shall have
received a certificate of a Responsible Officer certifying as to the matters set forth in clauses (i) through (iv). In the event of any such release, for purposes of Section 10.1, all Indebtedness of such Subsidiary shall be
deemed to have been incurred concurrently with such release. 
 SECTION 10. NEGATIVE COVENANTS.

 From the date of this Agreement until the Closing and thereafter, so long as any of the Notes are outstanding, the Company
covenants that: 
 Section 10.1. Limitation on Funded Indebtedness. (a) The Company will not, and will not
permit any Subsidiary to create, incur, assume or otherwise become liable for any Funded Indebtedness other than: 

(i) Funded Indebtedness evidenced by the Notes; 

(ii) Funded Indebtedness of the Company or any Subsidiary outstanding as of the Closing and reflected in
Schedule 10.1; and 
 (iii) additional Funded Indebtedness, so long as the aggregate outstanding
principal amount of such Funded Indebtedness, after giving effect to the application of the proceeds thereof (subject to the proviso set forth hereafter) and when added to all other Funded Indebtedness of the Company and its Subsidiaries (determined
on a consolidated basis) then outstanding, does not exceed 65% of the Total Capitalization; 

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

 (b) In addition to the limitations contained in Section 10.1(a), no Subsidiary shall create, incur,
assume or become liable for, or have outstanding any Funded Indebtedness if, after giving effect thereto and to any concurrent transaction, the aggregate amount of all Funded Indebtedness of all Subsidiaries would exceed 20% of Total
Shareholders’ Equity. 
 (c) For the purposes of this Section 10.1, any Person becoming a
Subsidiary after the date hereof shall be deemed, at the time it becomes a Subsidiary, to have incurred all of its then outstanding Indebtedness, and any Person extending, renewing or refunding any Indebtedness shall be deemed to have incurred such
Indebtedness at the time of such extension, renewal or refunding. 
 Section 10.2. Limitation on Liens.
Except as hereinafter in this Section expressly permitted, the Company will not at any time, nor will it permit any Subsidiary to, directly or indirectly, create, assume or suffer to exist, except in favor of the Company or any Subsidiary, any Lien
upon any of its properties or assets, real or personal, whether now owned or hereafter acquired, or of or upon any income or profits therefrom, without making effective provision, and the Company covenants that in any such case it will make or cause
to be made effective  

  
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	 Northern Utilities, Inc.
	  	Note Purchase Agreement

  

provision, whereby the Notes then outstanding shall be secured by such Lien equally and ratably with any and all other Indebtedness to be secured thereby pursuant to documentation reasonably
acceptable to the Required Holders in substance and in form, including, without limitation, an intercreditor agreement and opinions of counsel to the Company and/or any such Subsidiary, as the case may be, from counsel that is reasonably acceptable
to the Required Holders, so long as any such other Indebtedness shall be so secured. 
 Nothing in this Section shall be
construed to prevent the Company or a Subsidiary from creating, assuming or suffering to exist, and the Company and its Subsidiaries are hereby expressly permitted to create, assume or suffer to exist, without securing the Notes as hereinabove
provided, Liens of the following character: 
 (a) any purchase money mortgage or other Lien existing
on any property of the Company or a Subsidiary at the time of acquisition, whether or not assumed, or created contemporaneously with the acquisition or construction of property, to secure or provide for the payment of the purchase or construction
price of such property, and any conditional sales agreement or other title retention agreement with respect to any property hereafter acquired; provided, however, that (i) the aggregate principal amount of the Indebtedness secured by all
such mortgages and other Liens on a particular parcel of property shall not exceed 100% of the lesser of the total cost or fair market value at the time of the acquisition or construction of such property, including the improvements thereon (as
determined in good faith by the Board of Directors of the Company or the relevant Subsidiary) and (ii) all such Indebtedness shall have been incurred within the applicable limitations provided in Section 10.1;

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

(c) deposits, Liens or pledges to enable the Company or a Subsidiary to exercise any privilege or license, or
to secure payment of worker’s compensation, unemployment insurance, old age pensions or other social security, or to secure the performance of bids, tenders, contracts or leases to which the Company or a Subsidiary is a party, or to secure
public or statutory obligations of the Company or a Subsidiary, or to secure surety, stay or appeal bonds to which the Company or a Subsidiary is a party; or other similar deposits or pledges made in the ordinary course of business; 

(d) mechanics’, workmen’s, repairmen’s, materialmen’s or carrier’s liens or other
similar Liens arising in the ordinary course of business; or deposits or pledges to obtain the release of any such Liens; 

(e) Liens arising out of judgments or awards against the Company or a Subsidiary (i) which judgments or
awards are discharged by the Company within 60 days after entry thereof (or such shorter period of time in which a judgment creditor may execute upon any such judgment or award); (ii) with respect to which the Company or a

  
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Subsidiary shall in good faith be prosecuting an appeal or proceedings for review and in respect of which a stay of execution pending such appeal or proceeding for review shall have been secured;
or (iii) Liens incurred by the Company or a Subsidiary for the purpose of obtaining a stay or discharge in the course of any legal proceeding to which the Company or a Subsidiary is a party; 

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

(g) minor survey exceptions, or minor encumbrances, easements or reservations of, or rights of others for,
rights of way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real properties, which encumbrances, easements, reservations, rights and restrictions do not in the
aggregate Materially detract from the value of said properties or Materially impair their use in the operation of the business of the Company or a Subsidiary; 

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

(i) Liens on property acquired through the merger or consolidation of another utility company with or into, or
the purchase of all or substantially all of the assets of another utility company by, the Company or a Subsidiary, provided that such Lien does not extend to other property of the Company or a Subsidiary; 

(j) pledges, assignments and other security devices entered into in connection with the financing or
refinancing of customers’ conditional sales contracts; 
 (k) Liens securing Indebtedness incurred in
connection with the purchase and sale of gas and/or energy supply (including transportation or transmission charges) or Guaranties in respect of obligations under such contracts; provided that, such Liens attach solely to such gas or energy supply;

 (l) contractual rights of the Company and its Subsidiaries in connection with funds contributed and
borrowed under the Cash Pooling and Loan Agreement; 
 (m) Liens existing on the date hereof and not
reflected on Schedule 10.2 hereto and Liens created or incurred after the date of Closing, in addition to those otherwise permitted by this Section 10.2, securing Indebtedness (other than Indebtedness in respect of the
principal credit facilities of the Company and its Subsidiaries (including any Bank Credit Agreement) or any Indebtedness outstanding under or pursuant to any private placement document pursuant to which the Company or any Subsidiary has issued
senior notes, in each case, whether now existing or existing in the future) which does not exceed in the aggregate $10,000,000 at any one time outstanding; provided that all such Indebtedness shall have been incurred within the applicable
limitations provided in Section 10.1; 

  
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(n) Liens existing on the date hereof and listed on Schedule 10.2 hereto; and 

(o) Liens securing Indebtedness issued to finance or refinance the Company’s operation center buildings in
New Hampshire and/or Maine or any property acquired in replacement thereof which do not at any time exceed an aggregate principal amount of $25,000,000. 

If at any time the Company or a Subsidiary shall create or assume any Lien not permitted by this Section, to which the
covenant to secure the Notes in the first paragraph of this Section 10.2 is applicable, the Company will promptly deliver to each holder of record of the Notes then outstanding: 

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

Section 10.3. Transactions with Affiliates. Except as described in the Disclosure Documents prior to Closing, the
Company will not and will not permit any Subsidiary to enter into directly or indirectly any transaction or group of related transactions (including without limitation the purchase, lease, sale or exchange of properties of any kind or the rendering
of any service) with any Affiliate (other than the Company or another Subsidiary or Unitil or another Subsidiary of Unitil), except in the ordinary course and pursuant to the reasonable requirements of the Company’s or such Subsidiary’s
business and upon fair and reasonable terms no less favorable to the Company or such Subsidiary than would be obtainable in a comparable arm’s-length transaction with a Person not an Affiliate, except as may be necessary in order for the
Company to comply with requirements of any applicable state or federal statute or regulation; provided, however, that if it is not possible to identify what terms would apply to a comparable
arm’s-length transaction with a Person not an Affiliate, such transaction shall be upon such terms as shall be fair and reasonable under the circumstances. 

Section 10.4. Merger or Consolidation; Sale or Transfer of Assets. The Company will not (a) consolidate with
or be a party to a merger with any other corporation or (b) sell, lease or otherwise dispose of all or substantially all of the assets of the Company and its Subsidiaries (taken as a whole); provided, however, that the Company may
consolidate, merge or otherwise combine with any other corporation (including, without limitation, Granite), or sell, lease or otherwise dispose of all or substantially all of the assets of the Company and its Subsidiaries (taken as a whole), if

 (i) the corporation which results from such consolidation, merger or combination or the
corporation to which the Company sells, leases or otherwise disposes of all or substantially all of its and its Subsidiaries’ (taken as a whole) assets (in either case, the “surviving corporation”) is either the Company (in the
case of a merger, consolidation or combination), or, if not, is organized under the laws of any State of the United States or the District of Columbia, 

  
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	  	Note Purchase Agreement

  

(ii) in the event that the surviving corporation is not the Company, the obligations of the Company under this
Agreement and the Notes are expressly assumed in writing by the surviving corporation and the surviving corporation shall furnish the holders of the Notes an opinion of counsel satisfactory to such holders to the effect that the instrument of
assumption has been duly authorized, executed and delivered and constitutes the legal, valid and binding contract and agreement of the surviving corporation enforceable in accordance with its terms, except as enforcement of such terms may be limited
by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles, and 

(iii) at the time of such consolidation, merger or combination or sale, lease or other disposition of
all or substantially all of the Company’s and its Subsidiaries’ assets, and immediately after giving effect thereto, no Default or Event of Default shall have occurred and be continuing and the Company or the surviving corporation, as the
case may be, could incur at least $1.00 of additional Funded Indebtedness pursuant to Section 10.1; 

Section 10.5. Restrictions on Dividends. (a) The Company will not except (i) as hereinafter provided and
(ii) for declaring or paying any dividend solely in shares of its own common stock: 
 (i)
declare or pay any dividend; or 
 (ii) make any other distribution of cash, property or assets on any shares
of any class of its capital stock or apply any of its cash, property or assets (other than amounts equal to net proceeds received from the sale of common stock of the Company subsequent to the date of this Agreement) to the purchase or retirement
of, or make any other distribution, through reduction of capital or otherwise, in respect of any shares of its capital stock; 

(which dividends, distributions, purchases and retirements are hereinafter referred to as “distributions”) if, after
giving effect to such distribution, the aggregate amount of (1) all such distributions declared, paid, made or applied subsequent to January 1, 2017, plus (2) all regular dividends declared on any class of Preferred Stock of
the Company subsequent to January 1, 2017 and all amounts charged to retained earnings after January 1, 2017 in connection with the purchase or retirement of any shares of Preferred Stock of the Company, would exceed an amount equal to the
sum of (x) 100% of the Company’s Adjusted Net Income (Deficit) accumulated subsequent to January 1, 2017, plus (y) 100% of the net proceeds from any common or preferred equity issuances by the Company subsequent to
January 1, 2017, plus (z) $98,500,000. 

  
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(b) For the purposes of this Section 10.5, the amount of any distribution declared, paid or distributed in
property shall be deemed to be the fair market value (as determined in good faith by the Board of Directors of the Company) of such property at the time of the making of the distribution in question.  

Section 10.6. Line of Business. The Company will not and will not permit any Subsidiary to engage in any business
if, as a result, the general nature of the business, taken on a consolidated basis, which would then be engaged in by the Company and its Subsidiaries would be substantially changed from the general nature of the business engaged in by the Company
and its Subsidiaries on the date of this Agreement provided, however, an expansion of the Company’s or any Subsidiary’s service territory shall be deemed not to be a change from the general nature of the business engaged in
by the Company and its Subsidiaries. 
 Section 10.7. Economics Sanctions Regulations. The Company will
not, and will not permit any Controlled Entity to (a) become (including by virtue of being owned or controlled by a Blocked Person), own or control a Blocked Person or (b) directly or indirectly have any investment in or engage in any
dealing or transaction (including any investment, dealing or transaction involving the proceeds of the Notes) with any Person if such investment, dealing or transaction (i) would cause any holder to be in violation of, or subject to sanctions
under, any law or regulation applicable to such holder, or (ii) is prohibited by or subject to sanctions under any U.S. Economic Sanctions Laws.  

SECTION 11. EVENTS OF DEFAULT. 

An “Event of Default” shall exist if any of the following conditions or events shall occur and be continuing: 

(a) the Company defaults in the payment of any principal or Make-Whole Amount, if any, on any Note when the
same becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or 

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

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

  
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	  	Note Purchase Agreement

  

(e) any representation or warranty made in writing by the Company or a Guarantor, if any, or by any officer of
the Company or such Guarantor in this Agreement or in the Guaranty Agreement, as applicable, or in any writing furnished in connection with the transactions contemplated hereby or thereby proves to have been false or incorrect in any material
respect on the date as of which made; or 
 (f) (i) the Company or any Subsidiary is in default (as principal
or as guarantor or other surety) in the payment of any principal of or premium or make-whole amount or interest on any Indebtedness that is outstanding in an aggregate principal amount of at least $5,000,000 beyond any period of grace provided with
respect thereto, or (ii) the Company or any Subsidiary is in default in the performance of or compliance with any term of any evidence of any Indebtedness in an aggregate outstanding principal amount of at least $5,000,000 or of any mortgage,
indenture or other agreement relating thereto or any other condition exists, and as a consequence of such default or condition such Indebtedness has become, or has been declared (or one or more Persons are entitled to declare such Indebtedness to
be), due and payable before its stated maturity or before its regularly scheduled dates of payment, or (iii) as a consequence of the occurrence or continuation of any event or condition (other than the passage of time or the right of the holder
of Indebtedness to convert such Indebtedness into equity interests), (x) the Company or any Subsidiary has become obligated to purchase or repay Indebtedness before its regular maturity or before its regularly scheduled dates of payment in an
aggregate outstanding principal amount of at least $5,000,000, or (y) one or more Persons have the right to require the Company or any Subsidiary so to purchase or repay such Indebtedness; or 

(g) the Company or any Subsidiary (i) is generally not paying, or admits in writing its inability to pay,
its debts as they become due, (ii) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any
bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iii) makes an assignment for the benefit of its creditors, (iv) consents to the appointment of a custodian, receiver, trustee or other officer
with similar powers with respect to it or with respect to any substantial part of its property, (v) is adjudicated as insolvent or to be liquidated, or (vi) takes corporate action for the purpose of any of the foregoing; or 

(h) a court or other Governmental Authority of competent jurisdiction enters an order appointing, without
consent by the Company or any of its Subsidiaries, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, or constituting an order for relief or approving a
petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up or liquidation of the Company or any
of its Subsidiaries, or any such petition shall be filed against the Company or any of its Subsidiaries and such petition shall not be dismissed within 60 days; or 

  
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(i) a final judgment or judgments for the payment of money aggregating in excess of $10,000,000 (in excess of
insurance available therefor), including, without limitation, any such final order enforcing a binding arbitration decision are rendered against one or more of the Company and its Subsidiaries and which judgments are not, within 60 days after
entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within 60 days after the expiration of such stay; or 

(j) if a Guaranty Agreement is in effect, such Guaranty Agreement ceases to be a legally valid, binding and
enforceable obligation or contract of any Guarantor, or any Guarantor or any party by, through or on account of any such Guarantor, challenges the validity, binding nature or enforceability of a Guaranty Agreement. 

SECTION 12.         REMEDIES ON DEFAULT,
ETC. 
 Section 12.1. Acceleration . (a) If an Event of Default with respect to
the Company described in Section 11(g) or (h) (other than an Event of Default described in clause (i) of Section 11(g) or described in clause (vi) of Section 11(g) by virtue of
the fact that such clause encompasses clause (i) of Section 11(g)) has occurred, all the Notes then outstanding shall automatically become immediately due and payable. 

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

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

 Upon any Notes becoming due and payable under this Section 12.1, whether automatically or by
declaration, such Notes will forthwith mature and the entire unpaid principal amount of such Notes, plus (x) all accrued and unpaid interest thereon (including, but not limited to, interest accrued thereon at the Default
Rate) and (y) the Make-Whole Amount determined in respect of such principal amount (to the full extent permitted by applicable law), shall all be immediately due and payable, in each and every case without presentment, demand, protest or
further notice, all of which are hereby waived. The Company acknowledges, and the parties hereto agree, that each holder of a Note has the right to maintain its investment in the Notes free from repayment by the Company (except as herein
specifically provided for) and that the provision for payment of a Make-Whole Amount by the Company in the event that the Notes are prepaid or are accelerated as a result of an Event of Default, is intended to provide compensation for the
deprivation of such right under such circumstances. 
 Section 12.2. Other Remedies . If any Default or
Event of Default has occurred and is continuing, and irrespective of whether any Notes have become or have been declared immediately due and payable under Section 12.1, the holder of any Note at the time outstanding 

  
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may proceed to protect and enforce the rights of such holder by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained
herein or in any Note or Guaranty Agreement, or for an injunction against a violation of any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise. 

Section 12.3. Rescission. At any time after any Notes have been declared due and payable pursuant to
Section 12.1(b) or (c), the holders of not less than 66-2/3% in principal amount of the Notes then outstanding, by written notice to the Company, may rescind and annul any such declaration
and its consequences if (a) the Company has paid all overdue interest on the Notes, all principal of and Make-Whole Amount, if any, on any Notes that are due and payable and are unpaid other than by reason of such declaration, and all interest
on such overdue principal and Make-Whole Amount, if any, and (to the extent permitted by applicable law) any overdue interest in respect of the Notes, at the Default Rate, (b) all Events of Default and Defaults, other than non-payment of
amounts that have become due solely by reason of such declaration, have been cured or have been waived pursuant to Section 17, and (c) no judgment or decree has been entered for the payment of any monies due pursuant hereto or to
the Notes. No rescission and annulment under this Section 12.3 will extend to or affect any subsequent Event of Default or Default or impair any right consequent thereon. 

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

SECTION 13.         REGISTRATION; EXCHANGE;
SUBSTITUTION OF NOTES. 
 Section 13.1. Registration of Notes . The
Company shall keep at its principal executive office, or at such other office the address of which the Company may hereafter notify the holders of the Notes from time to time, a register for the registration and registration of transfers of Notes.
The name and address of each holder of one or more Notes, each transfer thereof and the name and address of each transferee of one or more Notes shall be registered in such register. If any holder of one or more Notes is a nominee, then (a) the
name and address of the beneficial owner of such Note or Notes shall also be registered in such register as an owner and holder thereof and (b) at any such beneficial owner’s option, either such beneficial owner or its nominee may execute
any amendment, waiver, consent, or other instrument pursuant to this Agreement. Prior to due presentment for registration of transfer, the Person in whose name any Note shall be registered shall be deemed and treated as the owner and holder thereof
for all purposes hereof, and the Company shall not be affected by any notice or knowledge to the contrary. The Company shall give to any holder of a Note that is an Institutional Investor promptly upon request therefor, a complete and correct copy
of the names and addresses of all registered holders of Notes. 

  
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Section 13.2. Transfer and Exchange of Notes. Upon surrender of any Note to the Company at the address and to the
attention of the designated officer (all as specified in Section 18(iii)), for registration of transfer or exchange (and in the case of a surrender for registration of transfer accompanied by a written instrument of
transfer duly executed by the registered holder of such Note or such holder’s attorney duly authorized in writing and accompanied by the relevant name, address and other information for notices of each transferee of such Note or part thereof),
within ten Business Days thereafter, the Company shall execute and deliver, at the Company’s expense (except as provided below), one or more new Notes (as requested by the holder thereof) in exchange therefor, in an aggregate principal amount
equal to the unpaid principal amount of the surrendered Note. Each such new Note shall be payable to such Person as such holder may request and shall be substantially in the form of the Note originally issued hereunder. Each such new Note shall be
dated and bear interest from the date to which interest shall have been paid on the surrendered Note or dated the date of the surrendered Note if no interest shall have been paid thereon. The Company may require payment of a sum sufficient to cover
any stamp tax or governmental charge imposed in respect of any such transfer of Notes. Notes shall not be transferred in denominations of less than $500,000, provided that if necessary to enable the registration of transfer by a holder of its entire
holding of Notes, one Note may be in a denomination of less than $500,000. Any transferee, by its acceptance of a Note registered in its name (or the name of its nominee), shall be deemed to have made the representation set forth in
Section 6.2 and shall be bound by the terms of this Agreement. 
 Section 13.3.
Replacement of Notes. Upon receipt by the Company at the address and to the attention of the designated officer (all as specified in Section 18(iii)) of evidence reasonably satisfactory to it of the ownership of and the
loss, theft, destruction or mutilation of any Note (which evidence shall be, in the case of an Institutional Investor, notice from such Institutional Investor of such ownership and such loss, theft, destruction or mutilation), and 

(a) in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it (provided that if the
holder of such Note is, or is a nominee for, an original Purchaser or another Institutional Investor that is a holder of a Note with a minimum net worth of at least $5,000,000 or a Qualified Institutional Buyer, such Person’s own unsecured
agreement of indemnity shall be deemed to be satisfactory), or 
 (b) in the case of mutilation, upon
surrender and cancellation thereof, 
 within ten Business Days thereafter, the Company at its own expense shall execute and deliver, in
lieu thereof, a new Note, dated and bearing interest from the date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated Note if no interest shall have
been paid thereon. 

  
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SECTION 14.         PAYMENTS ON NOTES. 

Section 14.1. Place of Payment. Subject to Section 14.2, payments of principal,
Make-Whole Amount, if any, and interest becoming due and payable on the Notes shall be made in Hampton, New Hampshire, at the principal office of the Company in such jurisdiction. The Company may at any time, by notice to each holder of a Note,
change the place of payment of the Notes so long as such place of payment shall be either the principal office of the Company in such jurisdiction or the principal office of a bank or trust company in such jurisdiction. 

Section 14.2. Home Office Payment. So long as any Purchaser or its nominee shall be the holder of any Note, and
notwithstanding anything contained in Section 14.1 or in such Note to the contrary, the Company will pay all sums becoming due on such Note for principal, Make-Whole Amount, if any, interest and all other amounts becoming
due hereunder by the method and at the address specified for such purpose below such Purchaser’s name in Schedule A, or by such other method or at such other address as such Purchaser shall have from time to time
specified to the Company in writing for such purpose, without the presentation or surrender of such Note or the making of any notation thereon, except that upon written request of the Company made concurrently with or reasonably promptly after
payment or prepayment in full of any Note, such Purchaser shall surrender such Note for cancellation, reasonably promptly after any such request, to the Company at its principal executive office or at the place of payment most recently designated by
the Company pursuant to Section 14.1. Prior to any sale or other disposition of any Note held by a Purchaser or its nominee, such Purchaser will, at its election, either endorse thereon the amount of principal paid thereon
and the last date to which interest has been paid thereon or surrender such Note to the Company in exchange for a new Note or Notes pursuant to Section 13.2. The Company will afford the benefits of this
Section 14.2 to any Institutional Investor that is the direct or indirect transferee of any Note purchased by a Purchaser under this Agreement and that has made the same agreement relating to such Note as the Purchasers
have made in this Section 14.2. 
 Section 14.3. FATCA Information. By
acceptance of any Note, the holder of such Note agrees that such holder will with reasonable promptness duly complete and deliver to the Company, or to such other Person as may be reasonably requested by the Company, from time to time (a) in
the case of any such holder that is a United States Person, such holder’s United States tax identification number or other Forms reasonably requested by the Company necessary to establish such holder’s status as a United States Person
under FATCA and as may otherwise be necessary for the Company to comply with its obligations under FATCA and (b) in the case of any such holder that is not a United States Person, such documentation prescribed by applicable law (including as
prescribed by section 1471(b)(3)(C)(i) of the Code) and such additional documentation as may be necessary for the Company to comply with its obligations under FATCA and to determine that such holder has complied with such holder’s
obligations under FATCA or to determine the amount (if any) to deduct and withhold from any such payment made to such holder. Nothing in this Section 14.3 shall require any holder to provide information that is confidential
or proprietary to such holder unless the Company is required to obtain such information under FATCA and, in such event, the Company shall treat any such information it receives as confidential.  

  
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SECTION 15. EXPENSES, ETC. 

Section 15.1. Transaction Expenses. Whether or not the transactions contemplated hereby are consummated, the
Company will pay all reasonable costs and expenses (including reasonable attorneys’ fees of a special counsel and, if reasonably required by the Required Holders, local or other counsel) incurred by the Purchasers and each other holder of a
Note in connection with such transactions and in connection with any amendments, waivers or consents under or in respect of this Agreement, any Guaranty Agreement or the Notes (whether or not such amendment, waiver or consent becomes effective),
including, without limitation: (a) the costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under this Agreement, any Guaranty Agreement or the Notes or in responding to any
subpoena or other legal process or informal investigative demand issued in connection with this Agreement, any Guaranty Agreement or the Notes, or by reason of being a holder of any Note; (b) the costs and expenses, including financial
advisors’ fees, incurred in connection with the insolvency or bankruptcy of the Company or any Subsidiary or in connection with any work-out or restructuring of the transactions contemplated hereby and by the Notes and any Guaranty Agreement;
and (c) the costs and expenses incurred in connection with the initial filing of this Agreement and all related documents and financial information with the SVO provided, that such costs and expenses under this clause (c) shall not
exceed $3,000. If required by the NAIC, the Company shall obtain and maintain at its own cost and expense a Legal Entity Identifier (LEI).  

The Company will pay, and will save each Purchaser and each other holder of a Note harmless from, (i) all claims in
respect of any fees, costs or expenses, if any, of brokers and finders (other than those, if any, retained by a Purchaser or other holder in connection with its purchase of the Notes) and (ii) any judgment, liability, claim, order, decree,
fine, penalty, cost, fee, expense (including reasonable attorneys’ fees and expenses) or obligation resulting from the consummation of the transactions contemplated hereby, including the use of the proceeds of the Notes by the Company, due to
(a) any failure of any representation or warranty of the Company in this Agreement to be true and correct in all material respects on the date as of which made and at the time of the Closing (except, in each case, to the extent any
representation or warranty expressly relates to a different date, in which case as of such different date) or (b) any failure by the Company to perform or comply in all material respects with any covenant or agreement contained in this
Agreement. 
 Section 15.2. Certain Taxes. The Company agrees to pay all stamp, documentary or similar taxes or
fees which may be payable in respect of the execution and delivery or the enforcement of this Agreement or any Guaranty Agreement or the execution and delivery (but not the transfer) or the enforcement of any of the Notes in the United States or any
other jurisdiction where the Company or any Guarantor has assets or of any amendment of, or waiver or consent under or with respect to, this Agreement or any Guaranty Agreement or of any of the Notes, and to pay any value added tax due and payable
in respect of reimbursement of costs and expenses by the Company pursuant to this Section 15.2, and will save each holder of a Note to the extent permitted by applicable law harmless against any loss or liability resulting
from nonpayment or delay in payment of any such tax or fee required to be paid by the Company hereunder. 

  
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Section 15.3. Survival. The obligations of the Company under this Section 15.3 will
survive the payment or transfer of any Note, the enforcement, amendment or waiver of any provision of this Agreement, any Guaranty Agreement or the Notes, and the termination of this Agreement. 

SECTION 16.         SURVIVAL OF REPRESENTATIONS
AND WARRANTIES; ENTIRE AGREEMENT. 
 All representations and
warranties contained herein shall survive the execution and delivery of this Agreement and the Notes, the purchase or transfer by any Purchaser of any Note or portion thereof or interest therein and the payment of any Note and may be relied upon by
any subsequent holder of a Note, regardless of any investigation made at any time by or on behalf of such Purchaser or any other holder of a Note. All statements contained in any certificate or other instrument delivered by or on behalf of the
Company pursuant to this Agreement shall be deemed representations and warranties of the Company as of the date of such statements under this Agreement. Subject to the preceding sentence, this Agreement, the Notes and any Guaranty Agreement embody
the entire agreement and understanding between each Purchaser and the Company and supersede all prior agreements and understandings relating to the subject matter hereof. 

SECTION 17.         AMENDMENT AND WAIVER. 

Section 17.1. Requirements. This Agreement and the Notes may be amended, and the observance of any
term hereof or of the Notes may be waived (either retroactively or prospectively), with (and only with) the written consent of the Company and the Required Holders, except that (a) no amendment or waiver of any of the provisions of Sections
1, 2, 3, 4, 5, 6, or 21 hereof, or any defined term (as it is used therein), will be effective as to any Purchaser unless consented to by such Purchaser in writing, and (b) no amendment or waiver may, without the written consent of
each Purchaser (prior to the Closing) and the holder of each Note (after the Closing) at the time outstanding, (i) subject to Section 12 relating to acceleration or rescission, change the amount or time of any prepayment or payment
of principal of, or reduce the rate or change the time of payment or method of computation of (x) interest on the Notes or (y) the Make-Whole Amount, (ii) change the percentage of the principal
amount of the Notes the holders of which are required to consent to any amendment or waiver or the principal amount of the Notes that the Purchasers are to purchase pursuant to Section 2 upon the satisfaction of the conditions to Closing
that appear in Section 4, or (iii) amend any of Sections 8 (except as set forth in the second sentence of Section 8.2), 11(a), 11(b), 12, 17, or 20. 

Section 17.2. Solicitation of Holders of Notes. 

(a) Solicitation. The Company will provide each Purchaser (prior to the Closing) and each holder of a Note (after
the Closing) (irrespective of the amount of Notes then owned by it) with sufficient information, sufficiently far in advance of the date a decision is required, to enable such Purchaser and such holder to make an informed and considered decision
with respect to any proposed amendment, waiver or consent in respect of any of the provisions hereof or of the Notes or any Guaranty Agreement. The Company will deliver executed or true and correct copies of each amendment, waiver or consent
effected pursuant to this Section 17 or any  

  
 -37- 

			
	 Northern Utilities, Inc.
	  	Note Purchase Agreement

  

Guaranty Agreement to each Purchaser (prior to the Closing) and each holder of a Note (after the Closing) promptly following the date on which it is executed and delivered by, or receives the
consent or approval of, the requisite Purchasers or holders of Notes. 
 (b) Payment. The Company will not
directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or additional interest, fee or otherwise, or grant any security or provide other credit support, to any Purchaser (prior to the Closing) or holder (after
the Closing) of a Note as consideration for or as an inducement to the entering into by such Purchaser or holder of any waiver or amendment of any of the terms and provisions hereof or of any Guaranty Agreement or any Note unless such remuneration
is concurrently paid, or security is concurrently granted or other credit support concurrently provided, on the same terms, ratably to each Purchaser and holder of a Note even if such Purchaser or holder did not consent to such waiver or
amendment. 
 (c) Consent in Contemplation of Transfer. Any consent made pursuant to this
Section 17 or any Guaranty Agreement by a holder of Notes that has transferred or has agreed to transfer its Notes to the Company, any Subsidiary or any Affiliate of the Company in connection with such consent shall be void
and of no force or effect except solely as to such holder, and any amendments effected or waivers granted or to be effected or granted that would not have been or would not be so effected or granted but for such consent (and the consents of all
other holders of Notes that were acquired under the same or similar conditions) shall be void and of no force or effect except solely as to such holder. 

Section 17.3. Binding Effect, etc. Any amendment or waiver consented to as provided in this
Section 17 or any Guaranty Agreement applies equally to all Purchasers and holders of Notes and is binding upon them and upon each future holder of any Note and upon the Company without regard to whether such Note has been
marked to indicate such amendment or waiver. No such amendment or waiver will extend to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair any right consequent thereon. No course of
dealing between the Company and any Purchaser or holder of a Note and no delay in exercising any rights hereunder or under any Note or Guaranty Agreement shall operate as a waiver of any rights of any Purchaser or holder of such Note.  

Section 17.4. Notes Held by Company, Etc. Solely for the purpose of determining whether the holders of the
requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement, any Guaranty Agreement or the Notes, or have directed the taking of any
action provided herein or in any Guaranty Agreement or the Notes to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Notes then outstanding, Notes directly or indirectly owned by the Company
or any of its Affiliates shall be deemed not to be outstanding. 

  
 -38- 

			
	 Northern Utilities, Inc.
	  	Note Purchase Agreement

  

SECTION 18. NOTICES. 

All notices and communications provided for hereunder shall be in writing and sent (a) by telecopy if the sender on the
same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid), or (b) by registered or certified mail with return receipt requested (postage prepaid), or (c) by a recognized overnight delivery
service (with charges prepaid). Any such notice must be sent: 
 (i) if to any Purchaser or its
nominee, to such Purchaser or nominee at the address specified for such communications in Schedule A, or at such other address as such Purchaser or nominee shall have specified to the Company in writing, 

(ii) if to any other holder of any Note, to such holder at such address as such other holder shall have
specified to the Company in writing, or 
 (iii) if to the Company, to the Company at its address set forth
at the beginning hereof to the attention of Treasurer, or at such other address as the Company shall have specified to the holder of each Note in writing. 

Notices under this Section 18 will be deemed given only when actually received. 

SECTION 19.         REPRODUCTION OF DOCUMENTS. 

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

SECTION 20.         CONFIDENTIAL INFORMATION. 

For the purposes of this Section 20, “Confidential Information” means information delivered to any
Purchaser by or on behalf of the Company or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant to this Agreement that is proprietary in nature and that was clearly marked or labeled or otherwise adequately
identified when received by such Purchaser as being confidential information of the Company, such Subsidiary, Unitil or Unitil’s Affiliates, provided that such term does not include information that (a) was publicly known or otherwise
known to such Purchaser prior to the time of such disclosure, (b) subsequently becomes publicly known through no act or omission by such Purchaser or any Person acting on such Purchaser’s behalf, (c) otherwise becomes known to such
Purchaser other than through disclosure by the Company or any Subsidiary or (d) constitutes financial statements delivered to such Purchaser under Section 7.1 that are otherwise publicly available. 

  
 -39- 

			
	 Northern Utilities, Inc.
	  	Note Purchase Agreement

  

Each Purchaser will maintain the confidentiality of and not disclose such Confidential Information in accordance with
procedures adopted by such Purchaser in good faith to protect confidential information of third parties delivered to such Purchaser, provided that such Purchaser may deliver or disclose Confidential Information to (i) its directors, officers,
employees, agents, attorneys, trustees and Affiliates (to the extent such disclosure reasonably relates to the administration of the investment represented by its Notes) who are otherwise obligated to hold confidential and not disclose the
Confidential Information substantially in accordance with this Section 20, (ii) its auditors, financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in accordance
with the terms of this Section 20, (iii) any other holder of any Note, (iv) any Institutional Investor to which it sells or offers to sell such Note or any part thereof or any participation therein (if such Person has agreed in
writing prior to its receipt of such Confidential Information to be bound by the provisions of this Section 20), (v) any Person from which it offers to purchase any security of the Company (if such Person has agreed in writing prior
to its receipt of such Confidential Information to be bound by the provisions of this Section 20), (vi) any federal or state regulatory authority having jurisdiction over such Purchaser, (vii) the NAIC or the SVO or, in each
case, any similar organization, or any nationally recognized rating agency that requires access to information about such Purchaser’s investment portfolio, or (viii) any other Person to which such delivery or disclosure may be necessary or
appropriate (w) to effect compliance with any law, rule, regulation or order applicable to such Purchaser, (x) in response to any subpoena or other legal process, (y) in connection with any litigation to which such Purchaser is a
party, or (z) if an Event of Default has occurred and is continuing, to the extent such Purchaser may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and
remedies under such Purchaser’s Notes, this Agreement or any Guaranty Agreement after prior written notice provided to the Company. 

Each holder of a Note, by its acceptance of a Note, will be deemed to have agreed to be bound by and to be entitled to
the benefits of this Section 20 as though it were a party to this Agreement. On reasonable request by the Company in connection with the delivery to any holder of a Note of information required to be delivered to such holder under this
Agreement or requested by such holder (other than a holder that is a party to this Agreement or its nominee), such holder will enter into an agreement with the Company embodying the provisions of this Section 20. 

In the event that as a condition to receiving access to information relating to the Company or its Subsidiaries in
connection with the transactions contemplated by or otherwise pursuant to this Agreement, any Purchaser or holder of a Note is required to agree to a confidentiality undertaking (whether through IntraLinks, another secure website, a secure virtual
workspace or otherwise) which is different from this Section 20, this Section 20 shall not be amended thereby and, as between such Purchaser or such holder and the Company, this Section 20 shall supersede any such
other confidentiality undertaking. 

  
 -40- 

			
	 Northern Utilities, Inc.
	  	Note Purchase Agreement

  

SECTION 21.         SUBSTITUTION OF PURCHASER. 

Each Purchaser shall have the right to substitute any one of its Affiliates as the purchaser of the Notes that it has
agreed to purchase hereunder, by written notice to the Company, which notice shall be signed by both such Purchaser and such Affiliate, shall contain such Affiliate’s agreement to be bound by this Agreement and shall contain a confirmation by
such Affiliate of the accuracy with respect to it of the representations set forth in Section 6. Upon receipt of such notice, any reference to such Purchaser in this Agreement (other than in this Section 21), shall be deemed
to refer to such Affiliate in lieu of such original Purchaser. In the event that such Affiliate is so substituted as a Purchaser hereunder and such Affiliate thereafter transfers to such original Purchaser all of the Notes then held by such
Affiliate, upon receipt by the Company of notice of such transfer, any reference to such Affiliate as a “Purchaser” in this Agreement (other than in this Section 21), shall no longer be deemed to refer to such Affiliate, but
shall refer to such original Purchaser, and such original Purchaser shall again have all the rights of an original holder of the Notes under this Agreement. 

SECTION 22.         MISCELLANEOUS. 

Section 22.1. Successors and Assigns. All covenants and other agreements contained in this Agreement by or on
behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns (including any subsequent holder of a Note) whether so expressed or not, except that, other than as provided in Section 10.4,
the Company may not assign or otherwise transfer any of its rights or obligations hereunder or under the Notes without the prior written consent of each holder. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any
Person (other than the parties hereto and their respective successors and assigns permitted hereby) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

Section 22.2. Accounting Terms. All accounting terms used herein which are not expressly defined in this Agreement
have the meanings respectively given to them in accordance with GAAP. Except as otherwise specifically provided herein, (i) all computations made pursuant to this Agreement shall be made in accordance with GAAP, and (ii) all financial
statements shall be prepared in accordance with GAAP. For purposes of determining compliance with this Agreement (including, without limitation, Section 9, Section 10, and the definition of “Indebtedness”), any
election by the Company to measure any financial liability using fair value (as permitted by Financial Accounting Standards Board Accounting Standards Codification Topic
No. 825-10-25 – Fair Value Option, International Accounting Standard 39 – Financial Instruments: Recognition and Measurement or any similar
accounting standard) shall be disregarded and such determination shall be made as if such election had not been made. 

Section 22.3. Severability. Any provision of this Agreement that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the
full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction. 

  
 -41- 

			
	 Northern Utilities, Inc.
	  	Note Purchase Agreement

  

Section 22.4. Construction, Etc. Each covenant contained herein shall be construed (absent express provision to the
contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant. Where any provision herein
refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person. 

Defined terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The word
“will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be
construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein) and, for purposes
of the Notes, shall also include any such notes issued in substitution therefor pursuant to Section 13, (b) subject to Section 22.1, any reference herein to any Person shall be construed to include such Person’s
successors and assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof,
(d) all references herein to Sections and Schedules shall be construed to refer to Sections of, and Schedules to, this Agreement, and (e) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or
regulation as amended, modified or supplemented from time to time. 
 For the avoidance of doubt, all Schedules and Exhibits
attached to this Agreement shall be deemed to be a part hereof. 
 Section 22.5. Counterparts. This Agreement
may be executed in any number of counterparts, each of which shall be an original but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed
by all, of the parties hereto. 
 SECTION 22.6. GOVERNING
LAW. THIS AGREEMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE
WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE
LAW OF THE STATE OF NEW YORK EXCLUDING CHOICE-OF-LAW PRINCIPLES
OF THE LAW OF SUCH STATE THAT WOULD PERMIT THE APPLICATION OF
THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE. 

SECTION 22.7. JURISDICTION AND PROCESS;
WAIVER OF JURY TRIAL. (A) THE COMPANY IRREVOCABLY SUBMITS TO THE
NON-EXCLUSIVE JURISDICTION OF ANY NEW YORK STATE OR FEDERAL COURT
SITTING IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK, OVER
ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR THE NOTES. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, THE COMPANY IRREVOCABLY WAIVES AND AGREES NOT TO ASSERT, BY WAY
OF MOTION, AS A DEFENSE OR OTHERWISE, ANY CLAIM THAT IT IS
NOT SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, ANY OBJECTION THAT
IT MAY NOW 

  
 -42- 

			
	 Northern Utilities, Inc.
	  	Note Purchase Agreement

  

OR HEREAFTER HAVE TO THE LAYING OF THE VENUE
OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT
AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN
ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

(B) THE COMPANY AGREES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THAT A FINAL JUDGMENT IN
ANY SUIT, ACTION OR PROCEEDING OF THE NATURE REFERRED TO IN
SECTION 22.7(A) BROUGHT IN ANY SUCH COURT SHALL BE CONCLUSIVE AND
BINDING UPON IT SUBJECT TO RIGHTS OF APPEAL, AS THE CASE MAY
BE, AND MAY BE ENFORCED IN THE COURTS OF THE UNITED STATES
OF AMERICA OR THE STATE OF NEW YORK (OR ANY OTHER COURTS
TO THE JURISDICTION OF WHICH IT OR ANY OF ITS ASSETS IS
OR MAY BE SUBJECT) BY A SUIT UPON SUCH JUDGMENT. 

(C) THE COMPANY CONSENTS TO PROCESS
BEING SERVED BY OR ON BEHALF OF ANY HOLDER OF NOTES IN
ANY SUIT, ACTION OR PROCEEDING OF THE NATURE REFERRED TO IN
SECTION 22.7(A) BY MAILING A COPY THEREOF BY REGISTERED, CERTIFIED,
PRIORITY OR EXPRESS MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL),
POSTAGE PREPAID, RETURN RECEIPT OR DELIVERY CONFIRMATION REQUESTED, TO IT AT
ITS ADDRESS SPECIFIED IN SECTION 18 OR AT SUCH OTHER ADDRESS OF
WHICH SUCH HOLDER SHALL THEN HAVE BEEN NOTIFIED PURSUANT TO SAID
SECTION. THE COMPANY AGREES THAT SUCH SERVICE UPON RECEIPT (I) SHALL
BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON IT IN
ANY SUCH SUIT, ACTION OR PROCEEDING AND (II) SHALL, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, BE TAKEN AND HELD TO BE
VALID PERSONAL SERVICE UPON AND PERSONAL DELIVERY TO IT. NOTICES HEREUNDER
SHALL BE CONCLUSIVELY PRESUMED RECEIVED AS EVIDENCED BY A DELIVERY RECEIPT
FURNISHED BY THE UNITED STATES POSTAL SERVICE OR ANY REPUTABLE COMMERCIAL
DELIVERY SERVICE. 
 (D) NOTHING IN
THIS SECTION 22.7 SHALL AFFECT THE RIGHT OF ANY HOLDER OF A
NOTE TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW, OR LIMIT
ANY RIGHT THAT THE HOLDERS OF ANY OF THE NOTES MAY HAVE
TO BRING PROCEEDINGS AGAINST THE COMPANY IN THE COURTS OF ANY
APPROPRIATE JURISDICTION OR TO ENFORCE IN ANY LAWFUL MANNER A JUDGMENT
OBTAINED IN ONE JURISDICTION IN ANY OTHER JURISDICTION. 

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

  
 -43- 

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

			
	 Very truly yours,

	
	 NORTHERN UTILITIES, INC.

		
	 By
	 	 /s/ David L. Chong

		 	 Name: David L. Chong

		 	 Title: Treasurer

			
	 Northern Utilities, Inc.
	  	Note Purchase Agreement

  
 Accepted as
of the date first written above. 
  

			
	 GREAT-WEST LIFE & ANNUITY
INSURANCE COMPANY

		
	 By:
	 	 /s/ Ernie Friesen

		 	 Name: Ernie Friesen

		 	 Title: Senior Vice President & CIO,

General Accounts

  

			
	 By:
	 	 /s/ Eve Hampton

		 	 Name: Eve Hampton

		 	             Vice President, Investments

  

			
	 Northern Utilities, Inc.
	  	Note Purchase Agreement

  
 Accepted as
of the date first written above. 
  

			
	 THE CANADA LIFE INSURANCE COMPANY
OF CANADA

		
	 By:
	 	 /s/ B.R. Allison

		 	 Name: B.R. ALLISON

		 	 Title: Executive Vice-President Chief Investment Officer

  

			
	 By:
	 	 /s/ D.B.E. Ayers

		 	 Name: D.B.E. AYERS

		 	 Title: AUTHORIZED SIGNATORY

  

			
	 Northern Utilities, Inc.
	  	Note Purchase Agreement

  
 Accepted as
of the date first written above. 
  

			
	 THRIVENT FINANCIAL FOR LUTHERANS

		
	 By:
	 	 /s/ Christopher Patton

		 	 Name: Christopher Patton

		 	 Title: Managing Director

  

			
	 Northern Utilities, Inc.
	  	Note Purchase Agreement

  
 Accepted as
of the date first written above. 
  

			
	 AMERICAN EQUITY INVESTMENT
LIFE INSURANCE COMPANY

		
	 By:
	 	 /s/ Jeffrey A. Fossell

		 	 Name: Jeffrey A. Fossell

		 	 Title: Authorized Signatory

  

			
	 Northern Utilities, Inc.
	  	Note Purchase Agreement

  
 Accepted as
of the date first written above. 
  

			
	 METROPOLITAN LIFE INSURANCE COMPANY

		
	 By:
	 	 /s/ John A. Tanyeri

	 Name: John A. Tanyeri

	 Title: VP and Managing Director

  

			
	 METLIFE INSURANCE K.K.

	 by MetLife Investment Advisors, LLC,

		 	 Its Investment Manager

		
	 By:
	 	 /s/ John A. Tanyeri

	 Name: John A. Tanyeri

	 Title: VP and Managing Director

  

			
	 Northern Utilities, Inc.
	  	Note Purchase Agreement

  
 Accepted as
of the date first written above. 
  

			
	 PACIFIC LIFE & ANNUITY COMPANY

		
	 By:
	 	 /s/ Bernard J. Dougherty

		 	 Name: Bernard J. Dougherty

		 	 Title: Vice President

  

			
	 By:
	 	 /s/ Peter S. Fiek

		 	 Name: Peter S. Fiek

		 	 Title: Assistant Secretary

  

			
	 Northern Utilities, Inc.
	  	Note Purchase Agreement

  
 Accepted as
of the date first written above. 
  

			
	 CMFG LIFE INSURANCE COMPANY

		
	 By:
	 	 MEMBERS Capital Advisors, Inc. acting as Investment Advisor

		
	 By
	 	 /s/ Jason Micks

		 	 Name: Jason Micks

		 	 Title: Director II, Investments

  

			
	 Northern Utilities, Inc.
	  	Note Purchase Agreement

  
 Accepted as
of the date first written above. 
  

			
	 AMERICAN UNITED LIFE INSURANCE
COMPANY

		
	 By:
	 	 /s/ David M. Weisenburger

		 	 Name: David M. Weisenburger

		 	 Title: VP, Fixed Income Securities

  

			
	 Northern Utilities, Inc.
	  	Note Purchase Agreement

  
 Accepted as
of the date first written above. 
  

			
	 COMPANION LIFE INSURANCE COMPANY

		
	 By:
	 	 /s/ Lee Martin

		 	 Name: Lee Martin

		 	 Title: An Authorized Signer

  

									
	 NAME OF AND ADDRESS

OF PURCHASER
	  	SERIES
OF NOTES	 	  	PRINCIPAL AMOUNT
OF NOTES TO BE
PURCHASED	 
	 GREAT-WEST LIFE & ANNUITY
INSURANCE COMPANY
	  	 	A	 	  	$	6,000,000	 

 8515 East Orchard Road, 3T2 

Greenwood Village, CO 80111 

Attn: Investments Division 
 US
TIN: 84-0467907 
 UK DTTP No.: 13/G/63192/DTTP 

PAYMENT INSTRUCTIONS – ALL PAYMENTS SHALL
BE MADE BY WIRE TRANSFER AS FOLLOWS: 

The Bank of New York Mellon 

ABA No.: 021-000-018 

BNF: GLA111566 

Account No.: 6409358400 

Account Name: Great-West Life & Annuity Insurance Company 

Attn: Income Collection Department 

Reference: Security Description and PPN 

NOTICES AND COMMUNICATIONS 

Great-West Life & Annuity Insurance Company 

8515 East Orchard Road, 3T2 

Greenwood Village, CO 80111 

Attn: Investments Division 

Email: bond_compliance@greatwest.com 

(Email is preferred method) 

PHYSICAL DELIVERY OF SECURITIES - NEW ISSUE

 The Depository Trust Company 

570 Washington Boulevard, 5th Floor 

Jersey City, NJ 07310 

Attn: BNY Mellon/Branch Deposit Department 

Reference: Great-West Life & Annuity Insurance Company/Acct No. 640935 

  
 SCHEDULE A

 (to Note Purchase Agreement) 

									
	 NAME OF AND ADDRESS

OF PURCHASER
	  	SERIES
OF NOTES	 	  	PRINCIPAL AMOUNT
OF NOTES TO BE
PURCHASED	 
	 THE CANADA LIFE INSURANCE
COMPANY OF CANADA
	  	 	B	 	  	$	10,000,000	 

 US TIN: 98-1146243 
 UK DTTP
No.: 03/C/366979/DTTP 
 PAYMENT INSTRUCTIONS – ALL PAYMENTS SHALL
BE MADE BY WIRE TRANSFER AS FOLLOWS: 
  

			
	 Corresponding Bank:
	  	 Wells Fargo Bank, NA

		  	 SWIFT Code: PNBPUS3NNYC

		  	 ABA No.: 026005092

		
	 Beneficiary’s Bank:
	  	 Bank of Montreal

		  	 335 Main Street

		  	 Winnipeg, Manitoba, Canada R3C 1C2

		  	 SWIFT Code: BOFMCAM2

		
	 Beneficiary:
	  	 The Canada Life Insurance Company of Canada

		  	 100 Osborne Street North

		  	 Winnipeg, Manitoba, Canada R3C 3A5

		  	 Acct No. 05794700480

		  	 (Beneficiary address must be referenced)

		
	 Reference:
	  	 Security Description and PPN

 NOTICES AND COMMUNICATIONS 

The Canada Life Insurance Company of Canada 
 100 Osborne Street
North 
 Winnipeg, Manitoba 
 CANADA R3C 3A5 

Attn: Securities Administration – 2C 
 Fax:
(204) 946-8395 
  

	cc:	 Great-West Life & Annuity Insurance Company 

8515 East Orchard Road, 3T2 

Greenwood Village, CO 80111 

Attn: Investments Division 

Email: bond_compliance@greatwest.com 

PHYSICAL DELIVERY OF SECURITIES - NEW ISSUE 

The Canada Life Insurance Company of Canada 
 100 Osborne Street
North 
 Winnipeg, Manitoba 
 CANADA R3C 3A5 

Attn: Securities Administration – 2C 

  
 A-2 

									
	 NAME OF AND ADDRESS

OF PURCHASER
	  	SERIES
OF NOTES	 	  	PRINCIPAL AMOUNT
OF NOTES TO BE
PURCHASED	 
	 THRIVENT FINANCIAL FOR LUTHERANS
	  	 	A	 	  	$	5,000,000	 
	 Taxpayer Identification Number 39-0123480
	  	 	B	 	  	$	1,000,000	 

 Payments to: 

ABA # 011000028 

State Street Bank & Trust Co. 

DDA # A/C – 6813-049-1 

Fund Number: NCE1 

Fund Name: Thrivent Financial for Lutherans 

All payments must include the following information: 

Security Description 

Private Placement Number 

Reference Purpose of Payment 

Interest and/or Principal Breakdown 

Notices of payments and written confirmation of such wire transfers to: 

Investment Division-Private Placements 

Attn: Christopher Patton 

Thrivent Financial for Lutherans 

625 Fourth Avenue South 

Minneapolis, MN 55415 

Fax: (612) 844-4027 

Email: privateinvestments@thrivent.com 

With a copy to: 

Attn: Jeremy Anderson or Harmon Bergenheier 

Thrivent Financial for Lutherans 

625 Fourth Avenue South 

Minneapolis, MN 55415 

Email: boxprivateplacement@thrivent.com 

All other communications to: 

Thrivent Financial for Lutherans 

Attn: Investment Division-Private Placements 

625 Fourth Avenue South 

Minneapolis, MN 55415 

Fax: (612) 844-4027 

Email: privateinvestments@thrivent.com 

Issue Notes in name of: 

Thrivent Financial for Lutherans 

Taxpayer ID Number(s): 

39-0123480 

  
 A-3 

 Private Placement Notes sent to: 

DTCC 

Newport Office Center 

570 Washington Blvd 

Jersey City, NJ 07310 

Attn: 5th floor / NY Window / Robert Mendez 

Ref: State Street Account 

Fund Name: Thrivent Financial for Lutherans 

Fund Number: NCE1 

With a .pdf copy to: 

Lisa Corbin lisa.corbin@thrivent.com 

  
 A-4 

									
	 NAME OF AND ADDRESS

OF PURCHASER
	  	SERIES
OF NOTES	 	  	PRINCIPAL AMOUNT
OF NOTES TO BE
PURCHASED	 
	 American Equity Investment Life Insurance Company
	  	 	A	 	  	$	3,000,000	 
	 6000 Westown Parkway
	  	 	B	 	  	$	2,000,000	 
	 West Des Moines, IA 50266
	  				  			

 All securities to be registered in the name of our nominee Chimefish & Co 

 

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

  

			
	         Bank Name:
	  	 State Street Bank & Trust Company

	         Bank BIC/SWIFT Code
	  	 SBOSUS3CXXX

	         ABA Routing #:
	  	 011000028

	         Account Number:
	  	 00076026

	         Account Name:
	  	 American Equity Investment Life Insurance Company (BEV3)

	         Reference Info:
	  	 (See instructions below)

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

	(2)	 All notices and communications (other than Payment and Legal): 

American Equity Investment Life Insurance Company 

Investment-Private Placements 

6000 Westown Parkway 

West Des Moines, IA 50266 

Attention: Compliance Monitoring 

Email: Compliance.PrivatePlacements@American-Equity.com 

All notices and communications (Legal): 

American Equity Investment Life Insurance Company 

Investment-Private Placements 

6000 Westown Parkway 

West Des Moines, IA 50266 

Attention: Legal Monitoring 

Email: Legal.PrivatePlacements@American-Equity.com 

All notices and communications regarding payment transactions (Payment): 

Email: AssetAdmin.PrivatePlacements@American-Equity.com 

Attention: Mark Kooienga Phone (515) 273-3576 

  
 A-5 

	(3)	 Note physical delivery: 

Depository Trust and Clearing Corporation 

Newport Office Center 

570 Washington Blvd 

Jersey City, NJ 07310 

5th Floor (NY Window-Robert Mendez) 

FBO: State Street Bank & Trust Company for account BEV3 

(PPN, Security Description) 
  

					
			
	 (4)
	  	 Nominee Taxpayer I.D. Number:
	  	 65-1186810

			
	 (5)
	  	 Beneficial Owner Taxpayer I.D. Number:
	  	 42-1153896

			
	 (6)
	  	 UK Passport Treaty Number:
	  	 13/A/317755/DTTP (Valid until Aug 31,2021)

 Audit Requests: Soft copy to AuditConfirms.PrivatePlacements@American-Equity.com or hard copy to: 

American Equity Investment Life Insurance Company 

Investment-Private Placements 

6000 Westown Parkway 

West Des Moines, IA 50266 

Attention: AuditConfirms 

  
 A-6 

 (General Acct@Chase) 

									
	 NAME OF AND ADDRESS

OF PURCHASER
	  	SERIES
OF NOTES	 	  	PRINCIPAL AMOUNT
OF NOTES TO BE
PURCHASED	 
	 METROPOLITAN LIFE INSURANCE COMPANY

200 Park Avenue

New York, New York 10166
	  	 	B	 	  	$	4,300,000	 

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

 

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

  

			
	             Bank Name:
	  	 JPMorgan Chase Bank

	             ABA Routing #:
	  	 021-000-021

	             Account No.:
	  	 002-2-410591

	             Account Name:
	  	 Metropolitan Life Insurance Company

	             Ref:
	  	 665876C#3 – Northern Utilities Inc 4.32% 11/1/2047

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

  

	(2)	 All notices and communications: 

Metropolitan Life Insurance Company 

Investments, Private Placements 

One MetLife Way 

Whippany, New Jersey 07981 

Attention: Fred Sporer, VP Private Placement Corporates 

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

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

Metropolitan Life Insurance Company, Investments Law 

One MetLife Way 

Whippany, New Jersey 07981 

Attention: Chief Counsel-Investments Law (PRIV) 

Email: sec_invest_law@metlife.com 
  

	(3)	 Original notes delivered to: 

Metropolitan Life Insurance Company, Investments Law 

One MetLife Way 

Whippany, New Jersey 07981 

Attention: Chiraag Kumar, Esq. 
  

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

 

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

 

	
	 Audit Requests: Soft copy to AuditConfirms.PvtPlacements@metlife.com or hard copy to: Metropolitan Life
Insurance Company, Attn: Private Placements Operations (ATTN: Audit Confirmations), 18210 Crane Nest Drive – 5th Floor, Tampa, FL 33647

 (portfolio ADK,ADL,ADN,ADU,ADV,AEB,AEF,AEM,CUB,CUC,CUD,CUE, 

MM1,TT3.TT4,TT9,UU2,UU4 - for USD non-GGA) 

  
 A-7 

									
	 NAME OF AND ADDRESS

OF PURCHASER
	  	SERIES
OF NOTES	 	  	PRINCIPAL AMOUNT
OF NOTES TO BE
PURCHASED	 
	 METLIFE INSURANCE K.K.

4-1-3, Taihei, Sumida-ku

Tokyo, 130-0012 JAPAN
	  	 	B	 	  	$	2,100,000	 

 (Securities to be registered in the name of MetLife Insurance K.K.) 

 

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

  

			
	             Bank Name:
	  	 Citibank New York

		  	 111 Wall Street, New York, New York 10005 (USA)

	             ABA Routing #:
	  	 021000089

	             Acct No./DDA:
	  	 30872002

	             Acct Name:
	  	 METLIFE PP USDF

	             Ref:
	  	 665876C#3 – Northern Utilities Inc 4.32% 11/1/2047

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

	(2)	 All notices and communications: 

MetLife Asset Management Corp. (Japan) 

Administration Department 

Tokyo Garden Terrace Kioicho Kioi Tower 25F 

1-3, Kioicho, Chiyoda-ku, Tokyo 102-8525 Japan 

Attention: Administration Dept. Manager 

Email: saura@metlife.co.jp 

With a copy to: 

MetLife Insurance K.K. 

c/o MetLife Investment Advisors, LLC 

Investments, Private Placements 

One MetLife Way 

Whippany, New Jersey 07981 

Attention: Fred Sporer, VP Private Placement Corporates 

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

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

MetLife Insurance K.K. 

c/o MetLife Investment Advisors, LLC, Investments Law 

One MetLife Way 

Whippany, New Jersey 07981 

Attention: Chief Counsel-Investments Law (PRIV) 

Email: sec_invest_law@metlife.com 

  
 A-8 

	(3)	 Original notes delivered to: 

MetLife Insurance K.K. 

c/o MetLife Investment Advisors, LLC, Investments Law 

One MetLife Way 

Whippany, New Jersey 07981 

Attention: Chiraag Kumar, Esq. 
  

	(4)	 Taxpayer I.D. Number: 98-1037269 (USA) and 00661996 (Japan) 

 

	(5)	 UK Passport Treaty Number (if applicable): 43/M/359828/DTTP 

 

	
	 Audit Requests: Soft copy to AuditConfirms.PvtPlacements@metlife.com or hard copy to: Metropolitan Life
Insurance Company, Attn: Private Placements Operations (ATTN: Audit Confirmations), 18210 Crane Nest Drive – 5th Floor, Tampa, FL 33647

  
 A-9 

 (portfolio ABM-ADW-ADX-CUA-CUF – for USD in GGA) 

 

									
	 NAME OF AND ADDRESS

OF PURCHASER
	  	SERIES
OF NOTES	 	  	PRINCIPAL AMOUNT
OF NOTES TO BE
PURCHASED	 
	 METLIFE INSURANCE K.K.

4-1-3, Taihei, Sumida-ku

Tokyo, 130-0012 JAPAN
	  	 	B	 	  	$	600,000	 

 (Securities to be registered in the name of MetLife Insurance K.K.) 

 

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

  

			
	             Bank Name:
	  	 Citibank New York

	             ABA Routing #:
	  	 021000089

	             DDA:
	  	 30857793

	             Account Name:
	  	 METLIFE PP JPYF

	             Ref:
	  	 665876C#3 – Northern Utilities Inc 4.32% 11/1/2047

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

	(2)	 All notices and communications: 

MetLife Asset Management Corp. (Japan) 

Administration Department 

Tokyo Garden Terrace Kioicho Kioi Tower 25F 

1-3, Kioicho, Chiyoda-ku, Tokyo 102-8525 Japan 

Attention: Administration Dept. Manager 

Email: saura@metlife.co.jp 

With a copy to: 

MetLife Insurance K.K. 

c/o MetLife Investment Advisors, LLC 

Investments, Private Placements 

One MetLife Way 

Whippany, New Jersey 07981 

Attention: Fred Sporer, VP Private Placement Corporates 

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

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

MetLife Insurance K.K. 

c/o MetLife Investment Advisors, LLC, Investments Law 

One MetLife Way 

Whippany, New Jersey 07981 

Attention: Chief Counsel-Investments Law (PRIV) 

Email: sec_invest_law@metlife.com 

  
 A-10 

	(3)	 Original notes delivered to: 

MetLife Insurance K.K. 

c/o MetLife Investment Advisors, LLC, Investments Law 

One MetLife Way 

Whippany, New Jersey 07981 

Attention: Chiraag Kumar, Esq. 
  

	(4)	 Taxpayer I.D. Number: 98-1037269 (USA) and 00661996 (Japan) 

 

	(5)	 UK Passport Treaty Number (if applicable): 43/M/359828/DTTP 

 

	
	 Audit Requests: Soft copy to AuditConfirms.PvtPlacements@metlife.com or hard copy to: Metropolitan Life
Insurance Company, Attn: Private Placements Operations (ATTN: Audit Confirmations), 18210 Crane Nest Drive – 5th Floor, Tampa, FL 33647

  
 A-11 

									
	 NAME OF AND ADDRESS

OF PURCHASER
	  	SERIES
OF NOTES	 	  	PRINCIPAL AMOUNT
OF NOTES TO BE
PURCHASED	 
	 PACIFIC LIFE & ANNUITY
COMPANY
	  	 	B	 	  	$	5,000,000	 
		  				  	$	1,000,000	 
		  				  	$	1,000,000	 

 See attached. 

  
 A-12 

			
	 PACIFIC LIFE & ANNUITY COMPANY
  

Delivery/Registration Instructions

Account Information:

    Nominee Name:   Mac & Co

    Tax ID#:             95-3769814
	  	 

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

For Physical Delivery of Certificates: 

The Depository Trust Company 

Attn: BNY Mellon/Branch Deposit Department 

570 Washington Blvd - 5th Floor 

Jersey City, NJ 07310 
  

			
	         Account Name:
	  	 PACIFIC LIFE & ANNUITY COMPANY GENERAL

		  	 ACCOUNT

	         Account Number:
	  	 5687078400

 For Payment of Principal & Interest: 

Bank: The Bank of New York Mellon 

ABA: 021000018 
 Acct Number: GLA
111566 
 Acct Name: The Bank of New York Mellon - P&I Dept 

FFC:   Account 5687078400 - PACIFIC LIFE & ANNUITY COMPANY 

            GENERAL ACCOUNT 

** include CUSIP, security description and P&I breakdown. ** 

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

The Bank of New York Mellon 

Attn: Pacific Life Accounting Team 

One Mellon Bank Center - Room 1130 

Pittsburgh, PA 15258-0001 

And 
 Pacific Life
Insurance Company 
 Attn: IM – Cash Team 

700 Newport Center Drive 
 Newport
Beach, CA 92660 
 Fax: 949-718-5845 
  

					
	 All other communications shall be addressed to:

 
 Pacific Life Insurance Company

Attn: IM - Credit Analysis
	 		 	 /s/ Joseph W. Krum

	 700 Newport Center Drive

Newport Beach, CA 92660-6397

PrivatePlacementCompliance@PacificLife.com
	 		 	  
 Joseph W. Krum

VP & Treasurer

  
 A-13 

									
	 NAME OF AND ADDRESS

OF PURCHASERP
	  	SERIES
OF NOTES	 	  	PRINCIPAL AMOUNT
OF NOTES TO BE
PURCHASED	 
	 CMFG LIFE INSURANCE
COMPANY
	  	 	A	 	  	$	3,000,000	 

 See Attached. 

  
 A-14 

 

 
 MEMBERS CAPITAL ADVISORS, INC. ADMINISTRATIVE DETAILS 

 

											
	 DEAL NAME:
	  	 Unitil Corporation, NU 10yr
	  	FUNDING
DATE:	 	  	November 1,
2017	 
	 PURCHASER ALLOCATION:
	  				  			
		  		  				  	  
	  
	 
	 CMFG Life Insurance Company (nominee name TURNKEYS & CO)
	  				  	$	3,000,000.00	 
		  		  				  	  
	  
	 

									
	 SIGNATURE BLOCK:

 
	  	
		  	 CMFG Life Insurance Company
	  	
		  	 By:
	  	 MEMBERS Capital Advisors, Inc.
	  	
		  		  	 acting as Investment Advisor
	  	
					
		  		  	 By:
	  	  
	  	
		  		  	 Name:
	  	 Anne Finucane
	  	
		  		  	 Title:
	  	 Managing Director, Investments
	  	

 NOTE DELIVERY INSTRUCTIONS: 

All Securities Being Purchased Should Be Registered In (See Nominee Name) and Notes Delivered To: 

DTCC 

Newport Office Center 

570 Washington Blvd 

Jersey City, NJ 07310 

5th floor / NY Window / Robert Mendez 

FBO: State Street Bank & Trust for ZTAV 

WIRING INSTRUCTIONS: 

ABA: 011000028 

Bank: State Street Bank 

Account Name: CMFG Life Members Zone 

DDA #: 1026-256-6 

REFERENCE FUND: ZTAV 

Nominee Name: TURNKEYS & CO 

CMFG Life Insurance Company TAX ID#: 39-0230590 

TURNKEYS & CO TAX ID#: 03-0400481 

All notices of payments, wires, audit confirmations, compliance and Financials shall be EMAILED to: 

EMAIL: DS-PrivatePlacements@cunamutual.com 

All Legal communication shall be EMAILED to: 

EMAIL: Paul.Barbato@cunamutual.com 

CLOSING DOCUMENTS: 

Please send only one CD for all entities and forward to the address below: 

**Note** No bound or hard copies sent 

MEMBERS CAPITAL ADVISORS, INC. 

ATTN: PRIVATE PLACEMENTS 

5910 MINERAL POINT ROAD 

MADISON WI 53705-4456 

  
 A-15 

									
	 NAME OF AND ADDRESS

OF PURCHASER
	  	SERIES
OF NOTES	 	  	PRINCIPAL AMOUNT
OF NOTES TO BE
PURCHASED	 
	 CMFG LIFE INSURANCE
COMPANY
	  	 	B	 	  	$	1,000,000	 

 See Attached. 

  
 A-16 

 

 
 MEMBERS CAPITAL ADVISORS, INC. ADMINISTRATIVE DETAILS 

 

											
	 DEAL NAME:
	  	 Unitil Corporation, NU 30yr
	  	FUNDING
DATE:	 	  	November 1,
2017	 
	 PURCHASER ALLOCATION:
	  				  			
	 CMFG Life Insurance Company (nominee name TURNKEYS & CO)
	  				  	$	1,000,000.00	 
		  		  				  	  
	  
	 

  

									
	 SIGNATURE BLOCK:
	  	
			
		  	 CMFG Life Insurance Company
	  	
		  	 By:
	  	 MEMBERS Capital Advisors, Inc.
	  	
		  		  	 acting as Investment Advisor
	  	
		  		  	 By:
	  	  
	  	
		  		  	 Name:
	  	 Anne Finucane
	  	
		  		  	 Title:
	  	 Managing Director, Investments
	  	

 NOTE DELIVERY INSTRUCTIONS: 

All Securities Being Purchased Should Be Registered In (See Nominee Name) and Notes Delivered To: 

DTCC 

Newport Office Center 

570 Washington Blvd 

Jersey City, NJ 07310 

5th floor / NY Window / Robert Mendez 

FBO: State Street Bank & Trust for ZT1E 

WIRING INSTRUCTIONS: 

ABA: 011000028 

Bank: State Street Bank 

Account Name: CMFG Life Insurance Company 

DDA #: 1662-544-4 

REFERENCE FUND: ZT1E 

Nominee Name: TURNKEYS & CO 

CMFG Life Insurance Company TAX ID#: 39-0230590 

TURNKEYS & CO TAX ID#: 03-0400481 

All notices of payments, wires, audit confirmations, compliance and Financials shall be EMAILED to: 

EMAIL:         DS-PrivatePlacements@cunamutual.com 

All Legal communication shall be EMAILED to: 

EMAIL:         Paul.Barbato@cunamutual.com 

CLOSING DOCUMENTS: 

Please send only one CD for all entities and forward to the address below: 

**Note** No bound or hard copies sent 

MEMBERS CAPITAL ADVISORS, INC. 

ATTN: PRIVATE PLACEMENTS 

5910 MINERAL POINT ROAD 

MADISON WI 53705-4456 

  
 A-17 

									
	 NAME OF AND ADDRESS

OF PURCHASER
	  	SERIES
OF NOTES	 	  	PRINCIPAL AMOUNT
OF NOTES TO BE
PURCHASED	 
	 AMERICAN UNITED LIFE INSURANCE
COMPANY
	  	 	A	 	  	$	3,000,000	 

  

	Purchaser:	 American United Life Insurance Company 

 

	Issuer:	 Northern Utilities, Inc. 

 

	Issuing:	 Senior Note(s) due 2027 

Closing: 11/1/17 
  

	Issue:	 3.52% 

  

	Amount:	 $3,000,000.00 

We will not send a representative to the closing. 
 The original
note(s) should be sent to: 
 The Depository Trust Company 

Attn: BNY Mellon/Branch Deposit Dept. 

Acct # 186683 American United Life Ins. Co. 

570 Washington Blvd. – 5th Floor 

Jersey City, NJ 07310 
 Please
send all POST-CLOSING documentation to: 
 American United Life Insurance Company 

Attn: Mike Bullock, Securities Department 

One American Square, Suite 1017 

Post Office Box 368 

Indianapolis, IN 46206 

mike.bullock@oneamerica.com 
  

	Payment:	 Northern Utilities, Inc. shall make payment of principal and interest on the note(s) in immediately available
funds by wire transfer to the following bank account: 

 AMERICAN UNITED LIFE INSURANCE COMPANY 

Bank of New York 

ABA #: 021000018 

Credit Account: GLA111566 

Account Name: American United Life Insurance Company 

Account #: 186683 

P & I Breakdown: (Insert) 

Re: (Insert CUSIP/PPN and credit name here) 

Payments should contain sufficient information to identify the breakdown of principal and interest and should identify the
full description of the note(s) and the payment date. 
 The United States Tax I.D. Number of American United Life Insurance Company is 35-0145825. 

  
 A-18 

									
	 NAME OF AND ADDRESS

OF PURCHASER
	  	SERIES
OF NOTES	 	  	PRINCIPAL AMOUNT
OF NOTES TO BE
PURCHASED	 
	 COMPANION LIFE INSURANCE COMPANY
	  	 	B	 	  	$	2,000,000	 

 Chase Private Placement Delivery, Payment and Notice Instructions 

1. Notes to be registered in the name of 

COMPANION LIFE INSURANCE COMPANY 

2. Tax I.D. # is 13-1595128 
 3.
All principal and interest payments on the Notes shall be made by wire transfer of immediately available funds to: 

JPMorgan Chase Bank 

ABA #021000021 

Private Income Processing 

For credit to: 

Companion Life Insurance Company 

Account # 900-9000200 

a/c:—G07903 

Cusip/PPN:              

Interest Amount: 

Principal Amount: 

4. Address for delivery of bonds: 

JPMorgan Chase Bank 

4 Chase Metrotech Center, 3rd Floor 

Brooklyn, NY 11245-0001 

Attention: Physical Receive Department 

Account # G07903 
  

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

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

4 Chase Metrotech Center, 16th Floor 

Brooklyn, NY 11245-0001 

Attn: Income Processing 

a/c: G07903 
 6.
Address for all other communications (i.e.: Quarterly/Annual reports, Tax filings, Modifications, Waivers regarding the indenture): 

4—Investment Management 

Mutual of Omaha Insurance Company 

3300 Mutual of Omaha Plaza 

Omaha, NE 68175-1011 

Email Address for Electronic Document Transmission: privateplacements@mutualofomaha.com 

  
 A-19 

 DEFINED TERMS 

As used herein, the following terms have the respective meanings set forth below or set forth in the Section hereof following
such term: 
 “Adjusted Net Income (Deficit)” means the amount of net income (or if such net income is a
deficit, the amount of such deficit) of the Company and its Subsidiaries for the period in question (taken as a cumulative whole) transferred to the retained earnings account on the books and records of the Company on a consolidated basis, as
determined in accordance with GAAP, excluding any extraordinary non-cash gains and losses. 

“Affiliate” means, at any time, and with respect to any Person, any other Person that at such time directly
or indirectly through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person, and, with respect to the Company, shall include any Person beneficially owning or holding, directly or indirectly,
20% or more of any class of voting or equity interests of the Company or any Subsidiary of the Company or any Person of which the Company and its Subsidiaries beneficially own or hold, in the aggregate, directly or indirectly, 20% or more of any
class of voting or equity interests. As used in this definition, “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the
ownership of voting securities, by contract or otherwise. Unless the context otherwise clearly requires, any reference to an “Affiliate” is a reference to an Affiliate of the Company. 

“Agreement” means this Agreement, including all Schedules attached to this Agreement, as it may be amended,
restated, supplemented or otherwise modified from time to time. 

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

“Anti-Money Laundering Laws” means any law or regulation in a U.S. or
any non-U.S. jurisdiction regarding money laundering, drug trafficking, terrorist-related activities or other money laundering predicate crimes, including the Currency
and Foreign Transactions Reporting Act of 1970 (otherwise known as the Bank Secrecy Act) and the USA PATRIOT Act. 

“Bank Credit Agreement” means any existing or future bank credit facility or combination of bank credit
facilities of greater than $10,000,000 entered into by the Company. 
 “Blocked Person” means
(a) a Person whose name appears on the list of Specially Designated Nationals and Blocked Persons published by OFAC, (b) a Person, entity, organization, country or regime that is blocked or a target of sanctions that have been imposed
under U.S. Economic Sanctions Laws, or (c) a Person that is an agent, department or instrumentality of, or is otherwise beneficially owned by, controlled by or acting on behalf of, directly or indirectly, any Person, entity, organization,
country or regime described in clause (a) or (b). 

  
 SCHEDULE
B 
 (to Note Purchase Agreement) 

 “Business Day” means (a) for the purposes of
Section 8.6 only, any day other than a Saturday, a Sunday or a day on which commercial banks in New York City are required or authorized to be closed, and (b) for the purposes of any other provision of this Agreement,
any day other than a Saturday, a Sunday or a day on which commercial banks in New York, New York or Manchester, New Hampshire are required or authorized to be closed. 

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

 “Closing” is defined in Section 3. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations
promulgated thereunder from time to time. 
 “Company” means Northern Utilities, Inc.,
a New Hampshire corporation, or any successor that becomes such in the manner prescribed in Section 10.4. 

“Confidential Information” is defined in Section 20. 

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

“Default” means an event or condition the occurrence or existence of which would, with the lapse of time or
the giving of notice or both, become an Event of Default. 
 “Default Rate” means, with respect to
the Notes of any series, that rate of interest per annum that is the greater of (i) 2% above the rate of interest stated in clause (a) of the first paragraph of the Notes of such series or (ii) 2% over the rate of interest publicly
announced by Bank of America, N.A. in Charlotte, North Carolina as its “base” or “prime” rate. 

“Disclosure Documents” is defined in Section 5.3. 

“EDGAR” means the SEC’s Electronic Data Gathering, Analysis and Retrieval System or any successor SEC
electronic filing system for such purposes. 
 “Electronic Delivery” is defined in
Section 7.1(a)(ii). 

  
 B-2 

 “Environmental Laws” means any and all federal, state, local,
and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the
release of any materials into the environment, including but not limited to those related to Hazardous Materials. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the
rules and regulations promulgated thereunder from time to time in effect. 
 “ERISA Affiliate” means
any trade or business (whether or not incorporated) that is treated as a single employer together with the Company under section 414 of the Code. 

“Event of Default” is defined in Section 11. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder from time to time in effect. 
 “FATCA” means (a) sections 1471 through
1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), together with any current or future regulations or official interpretations
thereof, (b) any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the United States of America and any other jurisdiction, which (in either case) facilitates the implementation of the
foregoing clause (a), and (c) any agreements entered into pursuant to section 1471(b)(1) of the Code. 

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

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

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

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

  
 B-3 

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

(a) the government of 

(i) the United States of America or any State or other political subdivision thereof, or 

(ii) any other jurisdiction in which the Company or any Subsidiary conducts all or any part of its business, or
which asserts jurisdiction over any properties of the Company or any Subsidiary, or 
 (b) any entity
exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any such government. 

“Governmental Official” means any governmental official or employee, employee of any government-owned or government-controlled entity, political party, any official of a political party, candidate for political office, official of any public international
organization or anyone else acting in an official capacity. 
 “Granite” means Granite State Gas
Transmission, Inc., a New Hampshire corporation. 
 “Guarantor” means each Person who is a party to the
Guaranty Agreement and is otherwise required to comply with the requirements of Section 9.8. 

“Guaranty” means, with respect to any Person, any obligation (except the endorsement in the ordinary course
of business of negotiable instruments for deposit or collection) of such Person guaranteeing or in effect guaranteeing any indebtedness, dividend or other obligation of any other Person in any manner, whether directly or indirectly, including
(without limitation) obligations incurred through an agreement, contingent or otherwise, by such Person: 

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

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

  
 B-4 

 (c) to lease properties or to purchase properties or services
primarily for the purpose of assuring the owner of such indebtedness or obligation of the ability of any other Person to make payment of the indebtedness or obligation; or 

(d) otherwise to assure the owner of such indebtedness or obligation against loss in respect thereof. 

In any computation of the indebtedness or other liabilities of the obligor under any Guaranty, the indebtedness or other obligations that are
the subject of such Guaranty shall be assumed to be direct obligations of such obligor. 
 “Guaranty
Agreement” means any Guaranty Agreement delivered pursuant to Section 9.8 the terms of which are substantially similar to the applicable guaranty or other obligation being provided under the Bank Credit Agreement
or any other Material Credit Facility and otherwise in a form reasonably acceptable to the Required Holders.  

“Hazardous Materials” means any and all pollutants, toxic or hazardous wastes or other substances that might
pose a hazard to health and safety, the removal of which may be required or the generation, manufacture, refining, production, processing, treatment, storage, handling, transportation, transfer, use, disposal, release, discharge, spillage, seepage
or filtration of which is or shall be restricted, prohibited or penalized by any applicable law including, but not limited to, asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, petroleum, petroleum products, lead based paint,
radon gas or similar restricted, prohibited or penalized substances. 
 “holder”
means, with respect to any Note the Person in whose name such Note is registered in the register maintained by the Company pursuant to Section 13.1, provided, however, that if such Person is a nominee, then for the
purposes of Sections 7, 12, 17.2, and 18 and any related definitions in this Schedule B, “holder” shall mean the beneficial owner of such Note whose name and address appears in such register. 

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

(a) its liabilities for borrowed money; 

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

(d) its liabilities for the deferred purchase price of property acquired by such Person (excluding accounts
payable arising in the ordinary course of business and liabilities pertaining to the regulated purchase of electricity and natural gas supply in the ordinary course of business, but, in any event, including all liabilities created or arising under
any conditional sale or other title retention agreement with respect to any such property); and 

  
 B-5 

 (e) without duplication, any Guaranty of such Person with respect
to liabilities of a type described in any of clauses (a) through (d) above 
 “INHAM Exemption”
is defined in Section 6.2(e). 
 “Institutional Investor” means (a) any Purchaser of a
Note, (b) any holder of a Note holding (together with one or more of its affiliates) more than 5% of the aggregate principal amount of the Notes then outstanding, (c) any bank, trust company, savings and loan association or other financial
institution, any pension plan, any investment company, any insurance company, any broker or dealer, or any other similar financial institution or entity, regardless of legal form, and (d) any Related Fund of any holder of any Note. 

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

“Make-Whole Amount” is defined in Section 8.6. 

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

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

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

  
 B-6 

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

 “Memorandum” is defined in Section 5.3. 

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

“Multiemployer Plan” means any Plan that is a “multiemployer plan” (as such term is defined in
section 4001(a)(3) of ERISA). 
 “NAIC” means the National Association of Insurance Commissioners or any
successor thereto. 
 “Non-U.S. Plan” means any plan, fund or other
similar program that (a) is established or maintained outside the United States of America by the Company or any Subsidiary primarily for the benefit of employees of the Company or one or more Subsidiaries residing outside the United States of
America, which plan, fund or other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, and (b) is not subject to ERISA or the
Code. 
 “Notes” is defined in Section 1. 

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

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

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

“Officer’s Certificate” means a certificate of a Senior Financial Officer or of any other officer of the
Company whose responsibilities extend to the subject matter of such certificate. 
 “Person” means an
individual, partnership, corporation, limited liability company, association, trust, unincorporated organization, business entity or Governmental Authority. 

“Plan” means an “employee benefit plan” (as defined in section 3(3) of ERISA) subject to
Title I of ERISA that is or, within the preceding five years, has been established or maintained, or to which contributions are or, within the preceding five years, have been made or required to be made, by the Company or any ERISA Affiliate or
with respect to which the Company or any ERISA Affiliate may have any liability. 

  
 B-7 

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

“property” or “properties” means, unless otherwise specifically limited, real or personal
property of any kind, tangible or intangible, choate or inchoate. 
 “PTE” is defined in
Section 6.2(a). 
 “Purchaser” is defined in the first paragraph of this Agreement. 

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

“Required Holders” means at any time (i) prior to the Closing, the Purchasers and (ii) on or after
the Closing, the holders of at least a majority in principal amount of the Notes at the time outstanding (exclusive of Notes then owned by the Company or any of its Affiliates). 

“Responsible Officer” means any Senior Financial Officer and any other officer of the Company or any
Guarantor, as applicable, with responsibility for the administration of the relevant portion of this Agreement. 

“SEC” shall mean the Securities and Exchange Commission of the United States, or any successor thereto. 

“Securities” or “securities” shall have the meaning specified in section 2(1) of the
Securities Act. 
 “Securities Act” means the Securities Act of 1933, as amended from time to time, and the
rules and regulations promulgated thereunder from time to time in effect. 
 “Senior Financial Officer”
means the chief financial officer, principal accounting officer, treasurer or comptroller of the Company or of Unitil, as applicable. 

“series” means any series of Notes issued pursuant to this Agreement. 

“Series A Notes” is defined in Section 1. 

  
 B-8 

 “Series B Notes” is defined in Section 1. 

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

“Source” is defined in Section 6.2. 

“Subsidiary” means, as to any Person, any other Person in which such first Person or one or more of its
Subsidiaries or such first Person and one or more of its Subsidiaries owns sufficient equity or voting interests to enable it or them (as a group) ordinarily, in the absence of contingencies, to elect a majority of the directors (or Persons
performing similar functions) of such second Person, and any partnership or joint venture if more than a 50% interest in the profits or capital thereof is owned by such first Person or one or more of its Subsidiaries or such first Person and one or
more of its Subsidiaries (unless such partnership or joint venture can and does ordinarily take major business actions without the prior approval of such Person or one or more of its Subsidiaries). Unless the context otherwise clearly requires, any
reference to a “Subsidiary” is a reference to a Subsidiary of the Company. 
 “SVO” means the
Securities Valuation Office of the NAIC or any successor to such Office. 
 “Synthetic Lease” means, at any
time, any lease (including leases that may be terminated by the lessee at any time) of any property (a) that is accounted for as an operating lease under GAAP and (b) in respect of which the lessee retains or obtains ownership of the
property so leased for U.S. federal income tax purposes, other than any such lease under which such Person is the lessor. 

“Total Capitalization” at any date means the sum of (x) Funded Indebtedness of the Company and its
Subsidiaries, and (y) Total Shareholders’ Equity as of such date. Such Total Capitalization shall be exclusive of Accumulated and Other Comprehensive Income (within the meaning of GAAP) derived from pension and benefit obligations;
provided, however, that, to the extent permitted by Section 10.1(a)(iii) hereof, any Funded Indebtedness to be redeemed from the proceeds of the incurrence of Funded Indebtedness as provided for in Section 10.1(a)(iii)
hereof, which have not yet been so redeemed, shall not be included in the determination of Total Capitalization. Such Total Capitalization shall be exclusive of accumulated Other Comprehensive Income (within the meaning of GAAP). 

“Total Shareholders’ Equity” means, as of any date of determination, the aggregate amount for total
common stock equity, preference stock and Preferred Stock as presented in accordance with GAAP on a consolidated balance sheet of the Company as of such date. 

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

  
 B-9 

 “USA Patriot Act” means United States Public Law 107-56, Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as amended from time to time, and the rules and regulations
promulgated thereunder from time to time in effect. 
 “U.S. Economic Sanctions Laws” means those
laws, executive orders, enabling legislation or regulations administered and enforced by the United States pursuant to which economic sanctions have been imposed on any Person, entity, organization, country or regime, including the Trading with the
Enemy Act, the International Emergency Economic Powers Act, the Iran Sanctions Act, the Sudan Accountability and Divestment Act and any other OFAC Sanctions Program. 

“United States Person” has the meaning set forth in section 7701(a)(30) of the Code. 

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

  
 B-10 

 DISCLOSURE MATERIALS 

Regulatory approvals for the issuance of the Notes as described in Section 4.12 of the Note Purchase Agreement. 

Unitil Corporation’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015. 

Unitil Corporation’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016. 

Unitil Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017. 

Unitil Corporation’s Current Reports on Form 8-K that were filed with the Securities and Exchange Commission on or after January 1, 2017. 

  
 SCHEDULE
5.3 
 (to Note Purchase Agreement) 

 ORGANIZATION AND OWNERSHIP OF
SHARES OF THE COMPANY AND SUBSIDIARIES 
  

					
	 a.
	 	 (i)
	  	 None.

			
		 	 (ii)
	  	 Unitil Corporation

Unitil Energy Systems, Inc.

Fitchburg Gas and Electric Light Company

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

Unitil Resources, Inc.
 Granite
State Gas Transmission, Inc.
 Usource, Inc.

Usource L.L.C.

			
		 	 (iii)
	  	 Directors and Officers

  

			
	 Directors
	  	 
	 Robert V. Antonucci
	  	
	 David P. Brownell
	  	
	 Lisa Crutchfield
	  	
	 Albert H. Elfner, III
	  	
	 Edward F. Godfrey
	  	
	 Michael B. Green
	  	
	 Eben S. Moulton
	  	
	 M. Brian O’Shaughnessy
	  	
	 Robert G. Schoenberger
	  	
	 Sarah P. Voll
	  	
	 David A. Whiteley
	  	
		
	 Officers
	  	 Title

	 Robert G. Schoenberger
	  	 President

	 Todd R. Black
	  	 Senior Vice President

	 Mark H. Collin
	  	 Senior Vice President

	 Thomas P. Meissner, Jr.
	  	 Senior Vice President

	 Justin Eisfeller
	  	 Vice President

	 Robert S. Furino
	  	 Vice President

	 Christopher Leblanc
	  	 Vice President

	 Raymond Letourneau, Jr.
	  	 Vice President

	 David Chong
	  	 Treasurer

	 Laurence M. Brock
	  	 Controller

	 Sandra L. Whitney
	  	 Secretary

  
 SCHEDULE
5.4 
 (to Note Purchase Agreement) 

 FINANCIAL STATEMENTS 

 

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

 

	2.	 Unaudited and Condensed Financial Statements of Northern Utilities, Inc. as of and for the Three Months Ended
March 31, 2017. 

  
 SCHEDULE
5.5 
 (to Note Purchase Agreement) 

 EXISTING INDEBTEDNESS 

 

									
	 BORROWER/OBLIGOR
	  	 LENDER/CREDITOR
	  	 DESCRIPTION

AND

MATURITY
	  	BALANCE
(USD)	  	DESCRIPTION
OF SECURITY
OR
OTHER
CREDIT
SUPPORT
	 Northern Utilities, Inc.
	  	Various institutional investors.	  	 6.95% Senior
 Notes, Due

December 3, 2018
	  	$20,000,000	  	None.
	 Northern Utilities, Inc.
	  	Various institutional investors.	  	 5.29% Senior
 Notes, Due

March 2, 2020
	  	$25,000,000	  	None.
	 Northern Utilities, Inc.
	  	Various institutional investors.	  	 7.72% Senior
 Notes, Due

December 3, 2038
	  	$50,000,000	  	None.
	 Northern Utilities, Inc.
	  	Various institutional investors.	  	4.42% Senior Notes, Due October 15, 2044	  	$50,000,000	  	None.
	 Northern Utilities, Inc.
	  	Unitil and certain of its subsidiaries.	  	Cash Pooling and Loan Agreement, as amended and restated, dated December 1, 2008.	  	$28,491,707	  	None.

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

  
 SCHEDULE
5.15 
 (to Note Purchase Agreement) 

 EXISTING FUNDED INDEBTEDNESS 

 

									
	 BORROWER/OBLIGOR
	  	 LENDER/CREDITOR
	  	 DESCRIPTION

AND

MATURITY
	  	BALANCE
(USD)	  	DESCRIPTION
OF SECURITY
OR
OTHER
CREDIT
SUPPORT
	 Northern Utilities, Inc.
	  	Various institutional investors.	  	 6.95% Senior
 Notes, Due

December 3, 2018
	  	$10,000,000	  	None.
	 Northern Utilities, Inc.
	  	Various institutional investors.	  	 5.29% Senior
 Notes, Due

March 2, 2020
	  	$16,600,000	  	None.
	 Northern Utilities, Inc.
	  	Various institutional investors.	  	 7.72% Senior
 Notes, Due

December 3, 2038
	  	$50,000,000	  	None.
	 Northern Utilities, Inc.
	  	Various institutional investors.	  	4.42% Senior Notes, Due October 15, 2044	  	$50,000,000	  	None.

  
 SCHEDULE
10.1 
 (to Note Purchase Agreement) 

 EXISTING LIENS 

NONE 

  
 SCHEDULE
10.2 
 (to Note Purchase Agreement) 

 [FORM OF SERIES 2017A NOTE]

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

NORTHERN UTILITIES, INC. 

3.52% SENIOR NOTE, SERIES 2017A, DUE NOVEMBER 1, 2027

  

			
	 No. [            ]
	  	November 1, 2017
	 $[            ]
	  	PPN 665876 C@5

 For Value Received, the undersigned, Northern Utilities, Inc. (herein called the
“Company”), a corporation organized and existing under the laws of the State of New Hampshire, hereby promises to pay to [            ], or registered assigns, the
principal sum of [            ] Dollars (or so much thereof as shall not have been prepaid) on November 1, 2027 (the “Maturity Date”), with interest (computed on the
basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate of 3.52% per annum from the date hereof, payable semiannually, on the 1st day of May and November in each
year, commencing with the May 1 or November 1 next succeeding the date hereof, and on the Maturity Date, until the principal hereof shall have become due and payable, and (b) without duplication with clause (a) above, to the
extent permitted by law, on any overdue payment of interest and, during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Make-Whole Amount, at a rate per annum
from time to time equal to the greater of (i) 5.52% or (ii) 2% over the rate of interest publicly announced by Bank of America, N.A. from time to time in Charlotte, North Carolina as its “base” or “prime” rate, payable
semiannually as aforesaid (or, at the option of the registered holder hereof, on demand). 
 Payments of principal of,
interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at the principal office of the Company in Hampton, New Hampshire, or at such other place as the Company shall have
designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below. 

  
 EXHIBIT 1

 (to Note Purchase Agreement) 

 This Note is one of a series of Senior Notes (herein called the
“Notes”) issued pursuant to, and subject to, the Note Purchase Agreement, dated as of July 14, 2017 (as from time to time amended, the “Note Purchase Agreement”), between the Company and the respective
Purchasers named therein and is entitled to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase
Agreement and (ii) made the representation set forth in Section 6.2 of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note
Purchase Agreement. 
 This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender
of this Note for registration of transfer accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued
to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all
other purposes, and the Company will not be affected by any notice to the contrary. 
 This Note is subject to optional
prepayment in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise. 

If an Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and
payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement. 

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

 

			
	 NORTHERN UTILITIES, INC.

		
	 By
	 	  

		 	 Name:

		 	 Title:

  
 1-2 

 [FORM OF SERIES 2017B NOTE]

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

NORTHERN UTILITIES, INC. 

4.32% SENIOR NOTE, SERIES 2017B, DUE NOVEMBER 1, 2047

  

			
	 No. [            ]
	  	November 1, 2017
	 $[            ]
	  	PPN 665876 C#3

 For Value Received, the undersigned, Northern Utilities, Inc. (herein called the
“Company”), a corporation organized and existing under the laws of the State of New Hampshire, hereby promises to pay to [            ], or registered assigns, the
principal sum of [            ] Dollars (or so much thereof as shall not have been prepaid) on November 1, 2047 (the “Maturity Date”), with interest (computed on the
basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate of 4.32% per annum from the date hereof, payable semiannually, on the 1st day of May and November in each
year, commencing with the May 1 or November 1 next succeeding the date hereof, and on the Maturity Date, until the principal hereof shall have become due and payable, and (b) without duplication with clause (a) above, to the
extent permitted by law, on any overdue payment of interest and, during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Make-Whole Amount, at a rate per annum
from time to time equal to the greater of (i) 6.32% or (ii) 2% over the rate of interest publicly announced by Bank of America, N.A. from time to time in Charlotte, North Carolina as its “base” or “prime” rate, payable
semiannually as aforesaid (or, at the option of the registered holder hereof, on demand). 
 Payments of principal of,
interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at the principal office of the Company in Hampton, New Hampshire, or at such other place as the Company shall have
designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below. 

  
 EXHIBIT 1

 (to Note Purchase Agreement) 

 This Note is one of a series of Senior Notes (herein called the
“Notes”) issued pursuant to, and subject to, the Note Purchase Agreement, dated as of July 14, 2017 (as from time to time amended, the “Note Purchase Agreement”), between the Company and the respective
Purchasers named therein and is entitled to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase
Agreement and (ii) made the representation set forth in Section 6.2 of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note
Purchase Agreement. 
 This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender
of this Note for registration of transfer accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued
to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all
other purposes, and the Company will not be affected by any notice to the contrary. 
 This Note is subject to optional
prepayment in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise. 

If an Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and
payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement. 

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

 

			
	 NORTHERN UTILITIES, INC.

		
	 By
	 	  

		 	 Name:

		 	 Title:

  
 1-2 

 FORM OF OPINION OF
SPECIAL COUNSEL 
 TO THE COMPANY 

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

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

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

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

 
  

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

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

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

  
 EXHIBIT
4.4(a) 
 (to Note Purchase Agreement) 

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

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

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

  
 1-2 

 FORM OF OPINION OF
GARY EPLER, 
 CHIEF REGULATORY COUNSEL FOR
UNITIL SERVICE CORP. 
 The following opinions are to be provided by Gary Epler, Chief
Regulatory Counsel for Unitil Service Corp., subject to customary assumptions, limitations and qualifications. All capitalized terms used herein without definition shall have the meanings ascribed thereto in the Note Purchase Agreement5. 
 1. The Company is a corporation validly existing and in good standing under the laws of
the State of New Hampshire and has the requisite corporate power and authority to carry on its business as now being conducted. 
 2. The
Company has the requisite corporate power and authority to execute and deliver the Transaction Documents6 to which it is a party and to perform its obligations thereunder. The execution and
delivery by the Company of the Transaction Documents to which it is a party and the performance by the Company of its obligations thereunder have been duly authorized by all necessary corporate action on the part of the Company. The Transaction
Documents have been duly and validly executed and delivered by the Company. 
 3. The issuance and sale of the Notes and the execution and
delivery by the Company of the Note Purchase Agreement and the performance by the Company of its obligations thereunder will not (i) violate any existing terms of its Organizational
Documents7, (ii) violate or result in a breach of any of the agreements or other instruments listed on Schedule 5.15 of the Note Purchase Agreement to which the Company is a party or by which
the Company is bound that constitute outstanding Indebtedness of the Company, or (iii) violate any Applicable Law8 applicable to the Company. 

4. No consent, approval or authorization or other action by, or filing with, any governmental authority is required to be obtained or made by
or on behalf of the Company under any Applicable Law in connection with the execution and delivery by the Company of the Note Purchase Agreement, the consummation by the Company of the
Transactions9 or the performance by the Company of its obligations under the Note Purchase Agreement, except for (i) federal securities laws, as to which I express no opinion, (ii) state
securities or blue sky laws, as to which I express no opinion, and (iii) those already obtained or made. 
  

 

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

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

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

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

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

  
 EXHIBIT
4.4(b) 
 (to Note Purchase Agreement) 

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

  
 1-2 

 FORM OF OPINION OF
SPECIAL COUNSEL 
 TO THE PURCHASERS 

To be provided to the Purchasers only. 

  
 EXHIBIT
4.4(c) 
 (to Note Purchase Agreement)

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