Document:

Exhibit 10.2

 

Execution Version

 

EXCHANGE AGREEMENT

 

This Exchange Agreement
(this “Agreement”) is dated September 22, 2020 (the “Effective Date”), by and among each
of the undersigned entities (the “Undersigned Entities” and each an “Undersigned Entity”),
for itself and on behalf of the beneficial owners listed on Exhibit A hereto (“Accounts”), if any,
for whom such Undersigned Entity holds contractual and investment authority (each Account, as well as such Undersigned Entity exchanging
Old Notes (as defined below) hereunder, a “Holder”), and Teligent, Inc., a Delaware corporation (the “Company”).

 

WHEREAS, the Company
is proposing to exchange (the “Exchange”) the Company’s 7.0% Cash / 8.0% PIK Series B Senior Unsecured
Convertible Notes due 2023 (CUSIP 87960W AB0) held by the Holders listed on Exhibit A hereto (the “Old Notes”)
for a new issuance of the Company’s Zero Coupon Convertible Senior Notes due 2023 (CUSIP 87960W AJ3) (the “New Notes”),
to be issued pursuant to the provisions of that certain Indenture, dated as of the date of this Agreement (the “Indenture”),
by and between the Company and Wilmington Savings Fund Society, FSB, as trustee (together with its successors and assigns, in such
capacity, the “Trustee”), upon the terms and conditions set forth herein and the other Exchange Documents (defined
below).

 

WHEREAS
each of the Undersigned Entities understands that the Exchange is being made without registration under the Securities Act of 1933,
as amended (the “Securities Act”), or any securities laws of any state of the United States or of any other
jurisdiction, and that the Exchange is only being offered to “qualified institutional buyers” (as defined in Rule 144A
under the Securities Act) in reliance upon a private placement exemption from registration under the Securities Act. The New Notes
will be issued pursuant to the Indenture (as defined herein).

 

NOW THEREFORE, on,
and subject to, the terms and conditions set forth in this Agreement, the parties hereto agree as follows:

 

Article I: Terms of the Exchange

 

Pursuant to the terms
hereof, each of the Undersigned Entities hereby agrees to cause the Holders to exchange and deliver an aggregate principal amount
of Old Notes, and in exchange therefor, the Company shall issue to the Holders an aggregate principal amount of New Notes, in each
case, as set forth on Exhibit A hereto.

 

The closing for
the Exchange (the “Closing”) shall occur on a date (the “Closing Date”) no later than
two Trading Days after the date of this Agreement. At the Closing, (a) each of the Undersigned Entities shall cause each of
its Holders to deliver to the Company all right, title and interest in and to such Holder’s Old Notes, as set forth on Exhibit
A hereto (and no other consideration), free and clear of any mortgage, lien (statutory or otherwise), pledge, charge,
security interest, encumbrance, title retention agreement or other title retention device, conditional sale or security
arrangement, collateral assignment, option, right of first refusal, equity or other adverse claim thereto or other similar
encumbrance thereon (collectively, “Liens”), together with any documents of conveyance or transfer that
the Company may reasonably deem necessary or desirable to assign, transfer to and confirm in the Company all right, title and
interest in and to such Old Notes free and clear of any Liens, and (b) the Company shall deliver or cause to be delivered to
each Holder, subject to the terms and conditions of this Agreement, New Notes having an
aggregate principal amount, as set forth on Exhibit A, which shall be equal to six hundred ninety Dollars ($690.00)
for each one thousand Dollars ($1,000.00) of the aggregate principal amount of the Old Notes plus any accrued and unpaid
interest on the Old Notes as of the Closing Date, and the Company hereby agrees to issue such New Notes to such
Undersigned Entity in exchange for such Old Notes.

 

     

     

    

 

For the avoidance of
doubt, in the event of any delay in the Closing pursuant to the immediately preceding paragraph, the Holders shall not be required
to deliver the Old Notes until the Closing occurs. Substantially concurrently with the Closing, the Company may, subject to compliance
with Section 3.37 hereof, issue the New Notes pursuant to other exchange agreements dated on or about the date hereof (“Other
Exchange Agreements”) with other holders of the Old Notes or the Company’s 4.75% Convertible Senior Notes due 2023
(CUSIP 87960W AA2) (the “Other Holders”). The delivery of the New Notes and the issuance thereof shall be effected
by book-entry delivery of an interest in a global security pursuant to DWAC to each Holder in accordance with the instructions
specified on Exhibit A hereto. The Company and the Holder shall provide such respective instructions to its respective Undersigned
Entity necessary for settlement of the Exchange. In the event the Closing does not occur, any Old Notes submitted for DWAC withdrawal
will be returned to the DTC participant that submitted the withdrawal instruction for such Old Notes in accordance with the procedures
of the Depository Trust Company (“DTC”). Each Undersigned Entity acknowledges
that all New Notes will be issued in minimum denominations of $1,000 principal amount and integral multiples of $1,000 thereafter
in accordance with the Indenture.

 

For purposes hereof:

 

“Business
Day” means any day other than a day on which federal or state banking institutions in the Borough of Manhattan, the City
of New York are authorized or obligated by law, executive order or regulation to close.

 

“Exchange
Documents” means this Agreement, the Indenture and the New Notes.

 

“Trading Day”
means any day during which trading on the Nasdaq Stock Market generally occurs.

 

Article II: Covenants, Representations
and Warranties of the Undersigned Entities and the Holders

 

Each Undersigned Entity,
for itself and on behalf of each of its Holders, hereby covenants as follows, and makes the following covenants, representations
and warranties, for itself and on behalf of each of its Holders, each of which is true and correct in all respects as of the date
hereof and shall be true and correct in all material respects (except to the extent any such covenant, representation or warranty
is qualified by materiality or reference to Material Adverse Effect, in which case, such representation or warranty shall be true
and correct in all respects) at the Closing, to the Company, and all such covenants, representations and warranties shall survive
the Closing indefinitely.

 

Section 2.1    Power
and Authorization. The Undersigned Entity and each of its Holders is duly organized, validly existing and in good
standing under the laws of the jurisdiction of its formation. The Undersigned Entity has the power, authority and capacity to execute
and deliver this Agreement for itself and on behalf of the Holders, to perform its obligations hereunder, and to consummate the
Exchange contemplated hereby. If the Undersigned Entity is executing this Agreement on behalf of Accounts, (a) the Undersigned
Entity has all requisite discretionary and contractual authority to enter into this Agreement on behalf of, and bind, each Account,
and (b) Exhibit A hereto is a true, correct and complete list of (i) the name of each Account, (ii) the
principal amount of such Account’s Old Notes, and (iii) the principal amount of New Notes to be issued to such Account in
respect of such Account’s Old Notes.

 

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Section 2.2    Valid
and Enforceable Agreement; No Violations. This Agreement has been duly executed and delivered by the Undersigned Entity
and constitutes a legal, valid and binding obligation of each of the Undersigned Entity and each of its Holders, enforceable against
each of the Undersigned Entity and each of its Holders in accordance with its terms, except that such enforcement may be subject
to (a) bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other similar laws affecting or relating
to enforcement of creditors’ rights generally, and (b) general principles of equity, whether such enforceability is
considered in a proceeding at law or in equity (the “Enforceability Exceptions”). This Agreement and consummation
of the Exchange will not violate, conflict with or result in a breach of or default under (i) the Undersigned Entity’s
or any of its other Holders’ organizational documents, (ii) any agreement or instrument to which the Undersigned Entity
or any of its other Holders is a party or by which the Undersigned Entity or any of its other Holders or any of their respective
assets are bound, or (iii) any laws, regulations or governmental or judicial decrees, injunctions or orders applicable to
the Undersigned Entity or any other Holders, except for such violations, conflicts or breaches under clauses (ii) and (iii) above
that would not, individually or in the aggregate, have a material adverse effect upon the Undersigned Entity and each of its Holders
taken as a whole.

 

Section 2.3    Title
to the Old Notes. Each Holder is the sole beneficial owner of the Old Notes set forth opposite its name on Exhibit A hereto
(or, if there are no Accounts, the Undersigned Entity is the sole legal and beneficial owner of all of the Old Notes) and, at the
Closing, will be the sole beneficial owner of the Old Notes set forth opposite its name on Exhibit A hereto (or, if there
are no Accounts, the Undersigned Entity will be the sole legal and beneficial owner of the Old Notes). The Holder has good, valid
and marketable title to its Old Notes, free and clear of any Liens (other than pledges or security interests that the Holder may
have created in favor of a prime broker under and in accordance with its prime brokerage agreement with such broker, which will
be terminated in connection with Closing). The Holder has not, in whole or in part, except as described in the immediately preceding
sentence, (a) assigned, transferred, hypothecated, pledged, exchanged or otherwise disposed of any of its Old Notes or any
of its rights, title to or interest in its Old Notes (other than to the Company pursuant hereto), or (b) given any person
or entity any transfer order, power of attorney or other authority of any nature whatsoever with respect to its Old Notes. Upon
the Holder’s delivery of its Old Notes to the Company pursuant to the Exchange, such Old Notes shall be free and clear of
all Liens.

 

Section 2.4    Qualified
Institutional Buyer. The Holder is a “qualified institutional buyer” within the meaning of Rule 144A promulgated
under the Securities Act.

 

Section 2.5    No
Affiliate Status. The Holder is not, and has not been during the consecutive three month period preceding the date
hereof, a director, officer or “affiliate” within the meaning of Rule 144 promulgated under the Securities Act (an
 “Affiliate”) of the Company. To its knowledge, the Holder did not acquire any of the Old Notes, directly or
indirectly, from an Affiliate of the Company. The Holder represents and warrants that, for purposes of Rule 144 of the Securities
Act, the Holder has continuously held the Old Notes since October 31, 2019.

 

Section
2.6    No Illegal Transactions. Each Undersigned Entity and each of its Holders has not,
directly or indirectly, and no person or entity acting on behalf of or pursuant to any understanding with either the
Undersigned Entity or such Holder has, disclosed to a third party (other than to its legal and other representatives) any
information regarding the Exchange or engaged in any transactions in the securities of the Company (including, without
limitation, any Short Sales (as defined below) involving any of the Company’s securities) since the time that the
Undersigned Entity entered into a confidentiality agreement with the Company regarding the Exchange, the issuance of the New
Notes, this Agreement, any other transactions contemplated hereby or an investment in the Common Stock or other equity
securities of the Company, which agreement is dated August 28, 2020 (the “Confidentiality Agreement”).
Each Undersigned Entity and each Holder covenants that neither it nor any person or entity acting on its behalf or pursuant
to any understanding, agreement or other arrangement with it will disclose to a third party (other than its legal and other
representatives) any information regarding the Exchange, the issuance of the New Notes, this Agreement, any other
transactions contemplated hereby or engage, directly or indirectly, in any transactions in the securities of the Company
(including Short Sales) prior to the Disclosure Time (as defined below). “Short Sales” means all
 “short sales” as defined in Rule 200 of Regulation SHO promulgated under the Securities Exchange Act of 1934, as
amended (the “Exchange Act”). Solely for purposes of this Section 2.6, subject to the Undersigned
Entity’s and each Holder’s compliance with their respective obligations under the U.S. federal securities laws
and the Undersigned Entity’s and the Holder’s respective internal policies, (a) “Undersigned Entity”
and “Holder” shall not be deemed to include any employees, subsidiaries, desks, groups or Affiliates of the
Undersigned Entity or the applicable Holder that are effectively walled off by appropriate “Fire Wall”
information barriers approved by the Undersigned Entity’s or such Holder’s respective legal or compliance
department (and thus such walled off parties have not been privy to any information concerning the Exchange), and (b) the
foregoing representations, warranties and covenants of this Section 2.6 shall not apply to any transaction by or on behalf of
an Account that was effected without the advice or participation of, or such Account’s receipt of information regarding
the Exchange provided by, the Undersigned Entity or the applicable Holder.

 

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Section 2.7    Adequate
Information; No Reliance. The Holder acknowledges and agrees that (a) the Holder has been furnished with all materials
it considers relevant to making an investment decision to enter into the Exchange and to consummate the other transactions contemplated
hereby and has had the opportunity to review the Company’s filings and submissions with the Securities and Exchange Commission
(the “SEC”), including, without limitation, all information filed or furnished pursuant to the Exchange Act,
(b) the Holder has had a full opportunity to ask questions of and receive answers from the officers of the Company concerning
the Company, their business, operations, financial performance, financial condition and prospects, and the terms and conditions
of the Exchange, (c) the Holder, together with its professional advisers, is a sophisticated and experienced investor and is capable
of evaluating, to its satisfaction, the accounting, tax, financial, legal and other risks associated with the Exchange, and that
such Holder has had the opportunity to consult with its accounting, tax, financial and legal advisors to be able to evaluate the
risks involved in the Exchange and to make an informed investment decision with respect to such Exchange, and that such Holder
is capable of sustaining any loss resulting therefrom without material injury, (d) no statement or written material contrary to
this Agreement has been made or given to the Holder by or on behalf of the Company, any of its officers, directors or employees,
or any of their respective affiliates or representatives, (e) the terms of the Exchange are the result of bilateral negotiations
among the parties and (f) the Holder is able to fend for itself in the Exchange, has such knowledge and experience in financial
and business matters as to be capable of evaluating the merits and risks of the prospective Exchange of the Old Notes and the investment
in the New Notes and has the ability to bear the economic risks of its investment and can afford the complete loss of such investment.

 

The Holder
specifically understands and acknowledges that, on the date of this Agreement and on the Closing Date, the Company may have
in its possession non-public information that could be material to the market price of the Old Notes, the New Notes and the
Company’s Common Stock into which such Old Notes and New Notes are convertible. The Holder hereby represents and
warrants that, in entering into this Agreement and consummating the transactions contemplated hereby (including, without
limitation, the Exchange), it does not require the disclosure of such non-public information to it by the Company in order to
consummate the Exchange and make an investment in the New Notes (other than disclosure of all
material terms of the Exchange (to the extent not previously publicly disclosed), which shall be disclosed by the Company
prior to the Disclosure Time), and hereby waives any and all present or future claims against the Company, any of its
officers, directors or employees, or any of their respective affiliates or representatives arising out of or relating to the
Company’s failure to disclose any such non-public information to the Holder (other than with respect to the disclosure
of all material terms of the Exchange (to the extent not previously publicly disclosed), which shall be disclosed by the
Company prior to the Disclosure Time).

 

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Section 2.8    Tax
Consequences of the Exchange. The Holder understands that the tax consequences of the Exchange will depend in part
on its own tax circumstances. The Holder acknowledges that it must consult its own tax adviser about the federal, foreign, state
and local tax consequences peculiar to its circumstances.

 

Section 2.9    Tax
Reporting. On or prior to the Closing Date, the Undersigned Entity shall deliver to the Company completed IRS Forms
W-9 or W-8, as applicable, with regards to each Holder. The Company and its 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 unless such Form W-9 or W-8 provided pursuant to the immediately preceding sentence establishes that such Holder is 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 Holder to whom such amounts
would have been paid.

 

Article III: Covenants, Representations
and Warranties of the Company

 

The Company hereby
covenants as follows, and makes the following covenants, representations and warranties, each of which is true and correct in all
respects as of the date hereof and shall be true and correct in all material respects (except to the extent any such covenant,
representation or warranty is qualified by materiality or reference to Material Adverse Effect, in which case, such representation
or warranty shall be true and correct in all respects) at the Closing, to each Undersigned Entity and the Holders, and all such
covenants, representations and warranties shall survive the Closing indefinitely.

 

Section 3.1    Power
and Authorization. The Company has been duly incorporated and is validly existing as a corporation in good standing
under the laws of the jurisdiction of its incorporation and has the requisite corporate power, authority and capacity to execute
and deliver this Agreement and the applicable Exchange Documents, to perform its obligations hereunder and thereunder, and to consummate
the Exchange contemplated hereby. No material consent, approval, order or authorization of, or material registration, declaration
or filing with any governmental agency or body or any court, domestic or foreign, having jurisdiction over the Company or any of
its Subsidiaries (each, a “Governmental Entity”) is required on the part of the Company in connection with the
execution, delivery and performance by it of this Agreement and the applicable Exchange Documents, and the consummation by the
Company of the Exchange, except as may be required under any state or federal securities laws or the rules of any national securities
exchange on which the Company’s shares of common stock are traded.

 

Section
3.2    Valid and Enforceable Agreement; No Violations. This Agreement has been
duly executed and delivered by the Company and constitutes a legal, valid and binding obligation of the Company, enforceable
against it in accordance with its terms, except that such enforcement may be subject to the Enforceability Exceptions. The
execution of this Agreement and each other Exchange Document, and consummation of the Exchange, will not violate, conflict
with or result in a breach of or default under (a) the charter, bylaws or other organizational documents of the Company,
(b) any agreement or instrument to which the Company is a party or by which the Company (or any of its assets) are
bound, or (c) any laws, regulations or governmental or judicial decrees, injunctions or orders applicable to the
Company, except for such violations, conflicts or breaches under clauses (b) and (c) above that
would not, individually or in the aggregate, have a Material Adverse Effect (defined below). 

 

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For purposes hereof:

 

“Material
Adverse Effect” means any event, occurrence, fact, condition or change, that, individually or in the aggregate, results,
or would reasonably be likely to result, in a material adverse effect on the condition (financial or otherwise) or in the earnings,
prospects, business, properties, surplus or results of operations of the Company and its Subsidiaries (as defined herein), taken
as a whole; provided, however, that any event, occurrence, fact, condition or change arising out of or attributable
to, directly or indirectly: (i) general economic or political conditions; (ii) conditions generally affecting the pharmaceuticals
industry in the US and Canada; (iii) changes in financial or securities markets in general; (iv) acts of war (whether or not declared),
armed hostilities or terrorism, or the escalation or worsening thereof; or (v) changes in applicable laws or accounting rules,
including U.S. generally accepted accounting principles (“GAAP”), in each case, shall not be deemed, either
alone or in combination, to constitute a Material Adverse Effect; provided, further, that, notwithstanding the immediately
preceding proviso, any event, occurrence, fact, condition or change referred to in clauses (i) through (iii) and (v) immediately
above shall only be taken into account in determining whether a Material Adverse Effect has occurred or would reasonably be likely
to occur to the extent that such event, occurrence, fact, condition or change has a disproportionate effect on the Company and
its Subsidiaries, taken as a whole, compared to other entities whose primary business is in the pharmaceuticals industry in the
U.S. and Canada.

 

“Senior Credit
Facilities” means the credit facilities, as amended from time to time, under (i) that certain First Lien Revolving Credit
Agreement, dated as of December 13, 2018, by and among the Company, the subsidiaries of the Company from time to time party thereto
as guarantors, the lenders from time to time party thereto and ACF FINCO I LP, as administrative agent and collateral agent, and
(ii) that certain Second Lien Credit Agreement, dated as of December 13, 2018, by and among the Company, the subsidiaries of the
Company from time to time party thereto as guarantors, the lenders from time to time party thereto and Ares Capital Corporation,
as administrative agent and collateral agent.

 

Section 3.3    Authorization
of the New Notes. The New Notes to be issued by the Company to the Holders under this Agreement will be in the form contemplated
by the Indenture, have been duly authorized by the Company for issuance pursuant to this Agreement and the Indenture, when issued
will have been duly executed by the Company in accordance with the terms of the Indenture and, when authenticated in the manner
provided for in the Indenture and delivered and paid for in accordance with the terms of the Exchange, will be validly issued and
delivered and will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with
their terms, except as such enforceability may be limited by the Enforceability Exceptions. Upon the Company’s delivery of
the New Notes to the Holder (or any Undersigned Entity) pursuant to the Exchange, such New Notes will be entitled to the benefits
of the Indenture and shall be free and clear of all Liens created by the Company.

 

Section
3.4    Indenture. The Indenture has been duly and validly authorized by the Company
and, on the Closing Date, will be duly executed and delivered by the Company, and assuming due authorization, execution and
delivery by the Trustee, will constitute the valid and binding agreement of the Company, enforceable against the Company in
accordance with its terms, except as such enforceability may be limited by the Enforceability Exceptions.

 

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Section
3.5    Exemption from Registration. Assuming the accuracy of the representations and warranties
of the Holders and each other Holder executing an Exchange Agreement, (a) the issuance of the New Notes in connection with the
Exchange pursuant to this Exchange Agreement is exempt from the registration requirements of the Securities Act; (b) the
New Notes issued to the Holder and/or the Undersigned Entity (1) will be issued in compliance with all applicable state and
federal laws concerning the issuance of the New Notes and (2) will be issued to the Holders through the facilities of DTC;
and (c) the Indenture is not required to be qualified under the Trust Indenture Act of 1939, as amended. The New Notes, when issued,
will not be of the same class as securities listed on a national securities exchange registered under Section 6 of the Exchange
Act, or quoted in a U.S. automated inter-dealer quotation system, within the meaning of Rule 144A(d)(3)(i) under the Securities
Act. For the purposes of Rule 144 promulgated under the Securities Act, the Company acknowledges that, assuming the accuracy of
each Holder’s representations and warranties hereunder, the holding period of the Holder’s New Notes may be tacked
onto the holding period of the Old Notes and the Company agrees not to take a position contrary thereto. 

 

Section 3.6 Validity
of Underlying Common Stock. The New Notes will, at the Closing, be convertible into shares of Common Stock, par value $0.01
per share of the Company (the “Conversion Shares”) in accordance with the terms of the Indenture. Upon execution
and delivery of the Indenture by the Company, the Conversion Shares will be duly authorized and reserved by the Company for issuance
upon conversion of the New Notes and, when issued upon conversion of the New Notes in accordance with the terms of the New Notes
and the Indenture, will be validly issued, fully paid and non-assessable, and the issuance of the Conversion Shares will not be
subject to any preemptive, participation, rights of first refusal or other similar rights in effect as of the Closing Date. For
the purposes of Rule 144 promulgated under the Securities Act, the Company acknowledges that, assuming the accuracy of each Holder’s
representations and warranties hereunder, the holding period of the Conversion Shares may be tacked onto the holding period of
the Old Notes and the New Notes and the Company agrees not to take a position contrary thereto.

 

Section 3.7    Listing
Approval. At the Closing, the Conversion Shares shall be approved for listing on the Nasdaq Stock Market, subject to the
notice of issuance.

 

Section
3.8    Disclosure. Prior to 9:00 a.m. prevailing Eastern time on the day after the date
hereof (the “Disclosure Time”), the Company shall issue a publicly available press release or file with
the SEC a Current Report on Form 8-K disclosing all material terms of the Exchange (to the extent not previously
publicly disclosed). The Company hereby agrees and acknowledges that (a) the Company has not provided to the Undersigned
Entity or any Holder (or any of their respective affiliates) any material non-public information with respect to the Company
other than (i) the material terms of the Exchange and (ii) certain other information that is no longer material
non-public information by reason of cleansing disclosure made prior to the date hereof (or that has become immaterial and
stale by reason of the passage of time), (b) between the signing of this Exchange Agreement and the Closing, the Company
shall not provide any material non-public information to the Undersigned Entity or any Holder (or any of their respective
affiliates), and (c) the Company agrees that any non-use and/or non-trading obligations of the Undersigned Entity or any
other Holder (or any of their respective affiliates) to the Company, whether written or oral (including under the
Confidentiality Agreement), is hereby terminated as of the Disclosure Time (whether or not the Company makes the public
disclosure required by the first sentence of this Section 3.8). Without the prior written consent of the Undersigned Entity,
the Company shall not disclose the name of the Undersigned Entity or any Holder in any filing or announcement, unless such
disclosure is required by applicable law, rule, regulation or legal process based on advice of counsel.

 

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Section 3.9    Investment
Company Act.  The Company is not and, after giving effect to the transactions contemplated by this Agreement, will
not be required to register as an “investment company” or an entity “controlled” by an “investment
company” within the meaning of the Investment Company Act of 1940, as amended, and the rules and regulations of the SEC thereunder.

 

Section 3.10    Organization
and Qualification of the Company’s Subsidiaries. Each of the Company’s subsidiaries (which, for purposes of
this Agreement, shall mean (a) any corporation more than 50% of whose voting stock having by the terms thereof power to elect a
majority of the directors of such corporations at the time owned by the Company directly or indirectly and (b) any partnership,
association, joint venture or other entity in which the Company directly or indirectly has more than 50% voting equity interest
at the time, in each case of clauses (a) and (b) that provides or is required to provide a guarantee of the Company’s obligations
in respect of the New Notes (each, a “Subsidiary” and collectively, the “Subsidiaries”))
is a direct or indirect wholly owned subsidiary of the Company. Each Subsidiary has been duly incorporated or organized, as the
case may be, is validly existing as a corporation or limited liability company, as applicable, in good standing under the laws
of the jurisdiction of its incorporation or organization, has the power and authority (corporate or other) to own its property
and to conduct its business and is duly qualified to transact business and is in good standing in each jurisdiction in which the
conduct of its business requires such qualification, except to the extent that the failure to be so qualified or be in good standing
would not have a Material Adverse Effect. All of the issued and outstanding shares of capital stock or other equity interests of
each Subsidiary have been duly and validly authorized and issued, are fully paid and non-assessable and are owned directly or indirectly
by the Company, free and clear of all Liens (other than Liens granted to secure the Senior Credit Facilities).

 

Section 3.11    Common
Stock. All of the outstanding shares of Common Stock have been duly authorized and validly issued, are fully paid and non-assessable
and were issued in compliance with applicable securities laws. None of the outstanding shares of Common Stock is entitled or subject
to any preemptive right, right of participation, right of maintenance, right of repurchase or forfeiture, subscription right or
any similar right and none of the outstanding shares of Common Stock is subject to any right of first refusal. The description
of the Common Stock conforms in all material respects to all statements relating thereto contained in the Company’s reports
filed under the Exchange Act with the SEC (collectively, “SEC Reports”).

 

Section 3.12    Absence
of Existing Defaults and Conflicts. None of the Company or its Subsidiaries (a) is in violation of its charter or bylaws
(or any equivalent documents) or (b) after giving effect to the Exchange and the transactions contemplated thereby, will be in
default (or with the giving of notice or lapse of time would be in default) under any existing obligation, agreement, covenant
or condition contained in any indenture, loan agreement, mortgage, lease or other agreement or instrument to which any of them
is a party or by which any of them is bound or to which any of the properties of any of them is subject, except such defaults that
would not, individually or in the aggregate, have a Material Adverse Effect.

 

Section
3.13    No Material Adverse Effect in Business. Except as disclosed in the SEC Reports, and
other than effects on the business related primarily to COVID-19, since March 31, 2020 through the date hereof, (a) there has
been no Material Adverse Effect, nor any development or event which would result in a Material Adverse Effect, (b) there has
been no dividend or distribution of any kind declared, paid or made by the Company on any class of its capital stock and (c)
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 Company and its Subsidiaries.

 

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Section 3.14    Legal
Proceedings. Except as described in the SEC Reports, there is no legal or governmental action, investigation or proceeding
pending or, to the Company’s knowledge, threatened against the Company or its Subsidiaries (a) asserting the invalidity of
any of the Exchange Documents; (b) seeking to prevent the issuance of the New Notes or the consummation of any of the transactions
provided for in the Exchange Documents; or (c) that would materially and adversely affect the ability of the Company to perform
its obligations under, or the validity or enforceability of, any of the Exchange Documents.

 

Section 3.15    Possession
of Permits. The Company and its Subsidiaries have all requisite power and authority, and all authorizations, approvals,
orders, licenses in the various states in which they do business, certificates and permits of and from regulatory or governmental
officials, bodies and tribunals that are necessary to own or lease their respective properties (collectively, “Permits”),
in each case, that are material to the Company taken as a whole. The Company and its Subsidiaries, as applicable, are in compliance
with the terms and conditions of all such Permits, except where the failure so to comply would not, singly or in the aggregate,
result in a Material Adverse Effect. All of the Permits are valid and in full force and effect, except where the invalidity of
such Permits or the failure of such Permits to be in full force and effect would not result in a Material Adverse Effect, and the
Company has not received any notice of proceedings by a Governmental Entity relating to the revocation or modification of any such
Permits which, singly or in the aggregate, may reasonably be expected to result in a Material Adverse Effect.

 

Section 3.16    Title
to Property. The Company and its Subsidiaries have good and marketable title to all real property owned by them and good
title to all other properties owned by them, in each case, free and clear of all mortgages, pledges, liens, security interests,
claims or defects, restrictions or encumbrances of any kind except such as (A) are described in the SEC Reports or (B) would not,
singly or in the aggregate, result in a Material Adverse Effect; and all of the leases and subleases of real property of the Company
and its Subsidiaries, considered as one enterprise, and under which the Company or any of its Subsidiaries holds properties described
in the SEC Reports, are in full force and effect, with such exceptions as do not materially
interfere with the use made or proposed as of the date hereof to be made of such property by the Company and its subsidiaries.

 

Section
3.17    Intellectual Property. The Company and its Subsidiaries own, license or otherwise have
rights in all United States and foreign patents, trademarks, service marks, tradenames, copyrights, trade secrets and other
proprietary rights necessary for the conduct of their business as currently carried on and as proposed to be carried on, in
each case, as described in the SEC Reports (collectively and together with any applications or registrations for the
foregoing, the “Intellectual Property”). Except as specifically described in the SEC Reports, (a) no
third parties have obtained rights to any such Intellectual Property from the Company, other than licenses granted in the
ordinary course and rights that would not have a Material Adverse Effect; (b) to the Company’s knowledge, there is
no infringement or misappropriation by third parties of any such Intellectual Property; (c) there is no pending or, to
the Company’s knowledge, threatened action, suit, proceeding or claim by others challenging the Company’s rights
in or to any such Intellectual Property, and the Company is unaware of any facts that would form a reasonable basis for any
such claim; (d) there is no pending or, to the Company’s knowledge, threatened action, suit, proceeding or claim
by others challenging the validity, enforceability or scope of any such Intellectual Property, and the Company is unaware of
any facts that would form a reasonable basis for any such claim; (e) there is no pending or, to the Company’s
knowledge, threatened action, suit, proceeding or claim by others that the Company has, or any of its products, product
candidates or services described in the SEC Reports that infringes, misappropriates or otherwise violates, or would infringe
upon, misappropriate or otherwise violate, upon the commercialization of such products, product candidates or services
described in the SEC Reports, any patent, trademark, copyright, trade secret or other proprietary right of others, and the
Company is unaware of any facts that would form a reasonable basis for any such claim; (f) to the Company’s
knowledge, there is no patent or patent application that contains claims that cover or may cover any Intellectual Property
described in the SEC Reports as being owned by or licensed to the Company, or that is necessary for the conduct of its
business as currently conducted or contemplated, or that interferes with the issued or pending claims of any such
Intellectual Property; (g) to the Company’s knowledge, there is no prior art or public or commercial activity of
which the Company is aware that may form a reasonable basis to render any patent held by the Company invalid or any patent
application held by the Company unpatentable that has not been disclosed to the U.S. Patent and Trademark Office; and
(h) the Company has not committed any act or omitted to undertake any act for which the effect of such commission or
omission would reasonably be expected to render the Intellectual Property invalid or unenforceable, in whole or in part,
except to the extent such invalidity or unenforceability would not reasonably be expected to have a Material Adverse Effect.
To the Company’s knowledge, none of the technology employed by the Company has been obtained or is being used by the
Company in violation of the rights of any person or third party. There are no outstanding options, licenses or agreements of
a material nature relating to the Intellectual Property owned by the Company that are required to be described in the SEC
Reports and are not described therein as so required.

 

    9

     

    

 

Section 3.18    Absence
of Labor Dispute. No labor disputes with the employees of the Company or any of its Subsidiaries exist or, to the knowledge
of the Company, are imminent that would, individually or in the aggregate, result in a Material Adverse Effect.

 

Section
3.19    Accounting Controls and Disclosure Controls. The Company maintains internal control
over financial reporting (as defined under Rule 13a-15 and 15d-15 under the Exchange Act and the rules and regulations of the
Commission promulgated thereunder) in compliance with the requirements of the Exchange Act and a system of internal
accounting controls sufficient to provide reasonable assurances that (a) transactions are executed in accordance with
management’s general or specific authorization; (b) transactions are recorded as necessary to permit preparation of
financial statements in conformity with GAAP and to maintain accountability for assets; (c) access to assets is permitted
only in accordance with management’s general or specific authorization; (d) the recorded accountability for assets is
compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences;
and (e) the interactive data in eXtensible Business Reporting Language contained or incorporated by reference in the SEC
Reports fairly presents the information called for in all material respects and is prepared in accordance with the
Commission’s rules and guidelines applicable thereto. Except as disclosed in the SEC Reports, since June 30, 2020,
there has been (x) no material weakness in the Company’s internal control over financial reporting (whether or not
remediated) and (y) no change in the Company’s internal control over financial reporting that has materially affected,
or is reasonably likely to materially affect, the Company’s internal control over financial reporting. Except as
disclosed in the SEC Reports, the Company and each of its Subsidiaries maintain a system of disclosure controls and
procedures (as defined in Rule 13a-15 and Rule 15d-15 under the Exchange Act and the rules and regulations of the Commission
promulgated thereunder) that are designed to ensure that information required to be disclosed by the Company in the reports
that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods
specified in the Commission’s rules and forms, and is accumulated and communicated to the Company’s management,
including its principal executive officer or officers and principal financial officer or officers, as appropriate, to allow
timely decisions regarding disclosure. As disclosed in the Company’s Quarterly Report on Form 10-Q for the quarter
ended June 30, 2020, as of June 30, 2020, the Company’s management, with participation of the Company’s Chief
Executive Officer and Chief Financial Officer, carried out evaluations of the design and operation of the Company’s
disclosure controls and procedures as required by Rule 13a-15 of the Exchange Act, and based upon that evaluation, the
Company’s Chief Executive Officer and Chief Financial Officer concluded that, as of June 30, 2020, the design and
operation of the Company’s disclosure controls and procedures were not effective to accomplish their objectives at the
reasonable assurance level.

 

    10

     

    

 

Section 3.20    Compliance
with the Sarbanes-Oxley Act. There is and has been no failure on the part of the Company or any of the Company’s
directors or officers, in their capacities as such, in each case, to comply in all material respects with any applicable 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.

 

Section 3.21    Financial
Statements. The audited financial statements of the Company as of and for the period ended December 31, 2019 (together
with the related schedules and notes thereto, the “Audited Financial Statements”) contained in the Company’s
Form 10-K for the period ended December 31, 2019 have been prepared, and fairly present, in all material respects, the assets,
liabilities, equity, financial condition, results of operations and cash flows of the Company at the respective dates and for the
respective periods (as the case may be) indicated, in accordance with GAAP consistently applied throughout such period (except
as specified therein). The unaudited interim financial statements of the Company as of and for the period ended June
30, 2020 (“Interim Financial Statements” and, together with the Audited Financial Statements, the “Financial
Statements”) contained in the Company’s Form 10-Q for the period ended June
30, 2020 have been prepared in conformity with GAAP and present fairly in all material respects the information required
to be stated therein. Since the respective dates of the Financial Statements contained in the Company’s SEC Reports, there
has been no change which could, or any development that would, reasonably be expected to (a) have a Material Adverse Effect, (b)
adversely affect the issuance or validity of the New Notes or (c) adversely affect the consummation of any of the transactions
contemplated by any of the Exchange Documents.

 

Section 3.22    No
Undisclosed Liabilities. The Company does not have any material liabilities, whether known or unknown, asserted or unasserted,
absolute or contingent, accrued or unaccrued, liquidated or unliquidated, and due or to become due, including any liability for
taxes (and there is no past or present fact, situation, circumstance, condition or other basis for any present or future action,
suit, proceeding, hearing, charge, complaint, claim or demand against the Company giving rise to any such liability), except (a)
for liabilities set forth in the Financial Statements; and (b) normal fluctuation in the amount of the liabilities referred to
in clause (a) above occurring in the ordinary course of business of the Company since the date of the most recent balance sheet
included in the Financial Statements.

 

Section
3.23    Payment of Taxes. All U.S. federal income tax returns of the Company and its
Subsidiaries required by applicable law to be filed have been filed and all material taxes shown by such returns or otherwise
assessed, which are due and payable, have been paid, except assessments against which appeals have been or will be promptly
taken and as to which adequate reserves have been provided. The Company and its Subsidiaries have filed all other tax returns
that are required to have been filed by them pursuant to applicable foreign, state, local or other law except insofar as the
failure to file such returns would not result in a Material Adverse Effect, and the Company and its Subsidiaries have paid
all taxes due pursuant to such returns or pursuant to any assessment received by the Company and its Subsidiaries, except for
such taxes, if any, (i) as are being contested in good faith and as to which adequate reserves have been established by the
Company or (ii) where the failure to pay such taxes would not result in a Material Adverse Effect.

 

    11

     

    

 

Section 3.24    Foreign
Corrupt Practices Act. None of the Company, any of its Subsidiaries or, to the knowledge of the Company, any director,
officer, agent, employee, or affiliate acting on behalf of the Company or any of its Subsidiaries is aware of or has taken any
action, directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977,
as amended, and the rules and regulations thereunder (the “FCPA”), including, without limitation, making use
of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay
or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything
of value to any “foreign official” (as such term is defined in the FCPA) or any foreign political party or official
thereof or any candidate for foreign political office, in contravention of the FCPA, and the Company and, to the knowledge of the
Company, its affiliates have conducted their businesses in compliance with the FCPA. The Company and its Subsidiaries have instituted
and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance
therewith.

 

Section 3.25    Anti-Money
Laundering Laws. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance
with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970,
as amended, the money laundering statutes of all applicable jurisdictions, the rules and regulations thereunder and any related
or similar applicable rules, regulations or guidelines, issued, administered or enforced by any Governmental Entity (collectively,
the “Money Laundering Laws”); and no action, suit or proceeding by or before any Governmental Entity involving
the Company or any of its Subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Company,
threatened.

 

Section 3.26    OFAC.
None of the Company, any of its Subsidiaries or, to the knowledge of the Company, any director, officer, agent, employee, affiliate
or person acting on behalf of the Company or any of its Subsidiaries is an individual or entity currently the subject or target
of any sanctions administered or enforced by the U.S. Government, including, without limitation, the U.S. Department of the Treasury’s
Office of Foreign Assets Control, the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other
relevant sanctions authority (collectively, “Sanctions”). Except as permitted by U.S. and other applicable law,
the Company is not located, organized or resident in a country or territory that is the subject of Sanctions (including, without
limitation, Burma, Cuba, Iran, North Korea, Sudan and Syria); and the Company will not directly or indirectly lend, contribute
or otherwise make available funds to any subsidiaries, joint venture partners or other individual or entity, to fund any activities
of or business with any individual or entity, or in any country or territory, that, at the time of such funding, is the subject
of Sanctions or in any other manner that will result in a violation by any individual or entity (including any individual or entity
participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions.

 

Section 3.27    Cybersecurity.
Except as disclosed in the SEC Reports, (a) to the knowledge of the Company, there has been no security breach or incident, unauthorized
access or disclosure, or other compromise of or relating to the Company or its Subsidiaries information technology and computer
systems, networks, hardware, software, data and databases (including the data and information of their respective customers, employees,
suppliers, vendors and any third-party data maintained, processed or stored by the Company and its Subsidiaries, and any such
data processed or stored by third parties on behalf of the Company and its Subsidiaries), equipment or technology (collectively,
 “IT Systems and Data”) that, individually or in the aggregate, would reasonably be expected to have a Material
Adverse Effect, (b) neither the Company nor its Subsidiaries have been notified in writing of, and, to the Company’s knowledge,
there is no presently existing event or condition that would result in, any security breach or incident, unauthorized access or
disclosure or other compromise to their IT Systems and Data that, individually or in the aggregate, would reasonably be expected
to have a Material Adverse Effect and (c) the Company and its Subsidiaries have implemented appropriate controls, policies, procedures,
and technological safeguards reasonably designed to maintain and protect the integrity, continuous operation, redundancy and security
of their IT Systems and Data as required by applicable law. The Company and its Subsidiaries are presently in compliance in all
material respects with all applicable laws or statutes and all applicable judgments, orders, rules and regulations of any court
or arbitrator or governmental or regulatory authority, internal policies and applicable contractual obligations relating to the
privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation
or modification, except for such noncompliance as would not, individually or in the aggregate, reasonably be expected to have
a Material Adverse Effect.

 

    12

     

    

 

Section 3.28    No
Finder’s Fees. Except as contemplated by this Agreement or as otherwise previously disclosed to each of the Undersigned
Entities, the Company has neither paid, nor is a party to any contract or agreement to pay, to any person or entity any compensation
for soliciting another to consummate the Exchange and there are no contracts, agreements or understandings between the Company
and any person that would give rise to a valid claim against the Company for a commission, finder’s fee or other like payment
in connection with the Exchange.

 

Section 3.29    No
Integration. Neither the Company, nor any other person acting on behalf of the Company, has, directly or indirectly, solicited
any offer to buy, sold or offered to sell any security which is or would be integrated with the Exchange pursuant to the Securities
Act, the rules and regulations thereunder or the interpretations thereof by the SEC.

 

Section 3.30    Absence
of Further Requirements. No consent, approval, authorization, or order of, or filing or registration with, any Governmental
Entity is required for the consummation of the transactions contemplated by this Agreement and the Indenture in connection with
the Exchange and the transactions contemplated thereby, other than (a) the filing of a notice of listing of additional shares and
related materials with the Nasdaq Stock Market and (b) any filings under the Exchange Act, which have been or will be made when
and how required.

 

Section 3.31    Accountants.
Deloitte & Touche LLP, who has audited the Company’s Audited Financial Statements included in the SEC Reports, are registered
independent public accountants as required by the Securities Act and the rules and regulations promulgated thereunder and by the
rules of the Public Company Accounting Oversight Board.

 

Section
3.32    Compliance with Law. Except as disclosed in the SEC Reports, none of the Company nor
its Subsidiaries have been advised in writing that the Company and its Subsidiaries are not conducting business in compliance
with all applicable laws, rules and regulations of the jurisdictions in which they are conducting business, including,
without limitation, all applicable local, state and federal laws and regulations, except, in each case, where failure to be
so in compliance, individually or in the aggregate, would not result in a Material Adverse Effect. Except as disclosed in the
SEC Reports, the Company is, and since January 1, 2018 has been, in compliance in all material respects with the Federal
Food, Drug & Cosmetics Act, and the applicable regulations administered thereunder by the Food and Drug Administration
(“FDA”), the Public Health Service Act and any other similar applicable law administered by the FDA or
other comparable Governmental Entity responsible for regulation of the development, clinical testing, manufacturing, sale,
marketing, distribution and importation or exportation of drug and biopharmaceutical products of similar nature to those
developed by the Company (each, a “Drug Regulatory Agency”), except, in each case, for any noncompliance,
either individually or in the aggregate, which would not result in a Material Adverse Effect. Except as disclosed in the SEC
Reports, no investigation, claim, suit, proceeding, audit or other action by any Governmental Entity is pending or, to the
Company’s knowledge, threatened against the Company. There is no agreement, judgment, injunction, order or decree
binding upon the Company which (a) has or would reasonably be expected to have the effect of prohibiting or materially
impairing any business practice of the Company, any acquisition of material property by the Company or the conduct of
business by the Company in any material respect as currently conducted, (b) is reasonably likely to have an adverse effect on
the Company’s ability to comply with or perform any covenant or obligation under any Exchange Document or (c) is
reasonably likely to have the effect of preventing, delaying, making illegal or otherwise interfering in any material respect
with the Exchange or the issuance of the New Notes. Except as disclosed in the SEC Reports, there are no proceedings pending
or, to the Company’s knowledge, threatened with respect to an alleged material violation by the Company of the Federal
Food, Drug & Cosmetics Act and the FDA regulations adopted thereunder, the Public Health Service Act or any other similar
law administered or promulgated by any Drug Regulatory Agency. All clinical, pre-clinical and other studies and tests
conducted by or on behalf of, or sponsored by, the Company, or in which the Company or its current products or product
candidates have participated, were and, if still pending, are being, conducted in all material respects in accordance with
applicable standard medical and scientific research procedures and in compliance in all material respects with the applicable
regulations of any applicable Drug Regulatory Agency and other applicable law. The Company and its Subsidiaries hold all
required governmental authorizations issuable by any Drug Regulatory Agency necessary for the conduct of the business of the
Company as currently conducted, and development, clinical testing, manufacturing, marketing, distribution and importation or
exportation, as currently conducted, of any of its products or product candidates.

 

    13

     

    

 

Section 3.33    Related
Party Transactions. There are no relationships between or among the Company, on the one hand, and its affiliates, officers
or directors on the other hand, or between any Subsidiary, on the one hand, and its affiliates, officers or directors on the other
hand, that are required to be described under applicable securities laws in the SEC Reports, that is not so described in such filings.

 

Section 3.34    Off-Balance
Sheet Arrangements. There is no transaction, arrangement or other relationship between the Company or any Subsidiary and
an unconsolidated or other off-balance sheet entity that (a) is required to have been described under applicable securities laws
in the SEC Reports that is not so disclosed or (b) otherwise would be reasonably likely to result in a Material Adverse Effect.
There are no such transactions, arrangements or other relationships with the Company or any Subsidiary that may create material
contingencies or liabilities that have not been otherwise disclosed by the Company in the SEC Reports as required by applicable
law.

 

Section
3.35    Environmental Matters. There has been no storage, disposal, generation, manufacture,
transportation, handling or treatment of toxic wastes, hazardous wastes or hazardous substances by the Company or any
Subsidiary (or, to the knowledge of the Company, any of their predecessors in interest) at, upon or from any of the property
now or previously owned or leased by the Company or any Subsidiary, in each case, (a) in violation of any applicable law,
ordinance, rule, regulation, order, judgment, decree or permit or (b) that would require remedial action under any applicable
law, ordinance, rule, regulation, order, judgment, decree or permit, except, in each of the cases of the foregoing clauses
(a) and (b), where such violation or remedial action would not, individually or in the aggregate, have a Material Adverse
Effect. There has been no spill, discharge, leak, emission, injection, escape, dumping or release of any kind into such
property or into the environment surrounding such property of any toxic wastes, medical wastes, solid wastes, hazardous
wastes or hazardous substances due to or caused by the Company or any Subsidiary which, in each case, would reasonably be
expected to have a Material Adverse Effect.

 

    14

     

    

 

Section 3.36    Nasdaq
Listing. The shares of Common Stock are listed on the Nasdaq Stock Market. Except as described in the SEC Reports, (a)
the Company has not received any delisting notice relating to the shares of Common Stock listed on the Nasdaq Stock Market and
(b) the Company is in compliance with the applicable current listing and governance rules and requirements of the Nasdaq Stock
Market.

 

Section 3.37    Terms
and Conditions of Other Agreements. The terms of any Other Exchange Agreements with any Other Holders are not more favorable
in any material respect to such Other Holders than to the Holders under the terms of this Agreement; it being understood that any
Other Exchange Agreements with any holder of 4.75% Convertible Senior Notes due 2023 do not contain a waiver or release of claims.
The Company shall not amend the terms of any Other Exchange Agreement such that the terms of such Other Exchange Agreement are
more favorable to the Other Holder party thereto than the terms of this Agreement to the Undersigned Entity and each Holder, unless
the Company simultaneously causes this Agreement to be amended to contain substantially similar terms as such Other Exchange Agreement.

 

Article IV: Conditions to Closing.

 

Section 4.1    Conditions
to the Undersigned Entities’ and Holders’ Obligations. The obligations of each Undersigned Entity and each
Holder to consummate the transactions contemplated by this Agreement are subject to the accuracy of the representations and warranties
set forth in Article III, which shall be true and correct in all material respects (except to the extent any such representation
or warranty is qualified by materiality or reference to Material Adverse Effect, in which case, such representation or warranty
shall be true and correct in all respects) as of the Closing with the same effect as though such representations and warranties
had been made as of the Closing, and to the timely performance by the Company of its covenants and obligations hereunder, and
to the satisfaction or waiver prior to or at the Closing, of each of the following conditions:

 

		(a)	The Company shall deliver (or cause to be delivered) the New Notes to each Holder in the principal
amounts set forth on Exhibit A hereto in accordance with the delivery terms set forth in Article I.

 

		(b)	The Company shall have publicly disclosed the material terms of the transaction on or prior to
the Disclosure Time (to the extent not previously publicly disclosed).

 

		(c)	The Company shall have provided evidence that it has delivered to American Stock Transfer &
Trust Company, LLC, the transfer agent of the Company, an executed instruction letter to reserve a sufficient number of shares
of Common Stock to effectuate the maximum conversion of all New Notes issued in connection with the Exchange.

 

		(d)	The Company shall have received confirmation that the Nasdaq Stock Market has completed its review
of the Exchange and the transactions contemplated thereby and that the Conversion Shares shall be approved for listing on the Nasdaq
Stock Market, subject to the notice of issuance.

 

    15

     

    

 

		(e)	The Company shall have received all necessary consents, required to consummate the Exchange and
the transactions contemplated thereby.

 

		(f)	The Company shall have received confirmation that the CUSIP for the New Notes shall be eligible
for custody by, and settlement through the facilities of, DTC.

 

The obligation of each Undersigned Entity
and each Holder to deliver the Old Notes is further subject to the issuance and authentication by the Trustee of the New Notes
pursuant to the terms of the Indenture, represented by one or more global securities registered in the name of a nominee of DTC,
whereby the beneficial interests in the New Notes of such Holders will be represented through book-entry accounts of financial
institutions acting on behalf of such beneficial owners as direct or indirect participants in DTC.

 

Section 4.2    Conditions
to the Company’s Obligations. The obligations of the Company to consummate the transactions contemplated by this
Agreement are subject to the accuracy of the representations and warranties set forth in Article II, which shall be true
and correct in all material respects (except to the extent any such representation or warranty is qualified by materiality or
reference to Material Adverse Effect, in which case, such representation or warranty shall be true and correct in all respects)
as of the Closing with the same effect as though such representations and warranties had been made as of the Closing, and to the
timely performance by each Undersigned Entity and each Holder, as applicable, of the their covenants and obligations hereunder,
and to the satisfaction or waiver prior to or at the Closing, of each of the following conditions:

 

		(a)	The Holders shall deliver (or cause to be delivered) the Old Notes to the Company in the principal
amounts set forth on Exhibit A hereto, and in accordance with the delivery terms set forth in Article I.

 

		(b)	The Company shall have entered into Other Exchange Agreements with all Other Holders.

 

The obligation of the Company to deliver
the New Notes is further subject to the prior receipt by the Company of a valid DWAC withdrawal conforming with the aggregate principal
amount of the Old Notes to be exchanged by such Holder in connection with the Exchange.

 

Article V: Certain Covenants

 

Section 5.1    Further
Assurances. The parties hereto agree to use commercially reasonable efforts to take, or cause to be taken, all reasonable
actions, to file, or cause to be filed, all documents and to do, or cause to be done, all things necessary, proper or advisable
to consummate the Exchange on their account, including preparing and filing as promptly as practicable all documentation to effect
all necessary filings, consents, waivers, approvals, and authorizations.

 

Section 5.2   Covenant
Survival. The obligations of the Company under this Article V shall survive the payment or transfer of any New
Note, the enforcement, amendment or waiver of any provision of this Agreement or the New Notes, and the termination of this Agreement.

 

Section 5.3    Release.
In consideration of the promises of the Company contained herein, the Holder releases and discharges the Company and the Company’s
officers, directors, principals, control persons, past and present employees, insurers, successors, and assigns (collectively,
the “Company Parties”) from all actions, cause of action, suits, debts, dues, sums of money, accounts, reckonings,
bonds, bills, specialties, covenants, contracts, controversies, agreements, promises, variances, trespasses, damages, judgments,
extents, executions, claims, and demands whatsoever, in law, admiralty or equity, against the Company Parties which Holder ever
had, now has or hereafter can, shall or may, have for, upon, or by reason of any matter, cause or thing whatsoever, whether or
not known or unknown, arising under the Old Notes. It being understood that this Section 5.3 shall be limited in all respects
to only matters arising under or related to the Old Notes and shall under no circumstances constitute a release, waiver or discharge
with respect to the Exchange Documents or limit the Holder from taking action for matters with respect to the Exchange Documents
or events that may arise in the future.

 

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Article VI: Miscellaneous

 

Section 6.1    Entire
Agreement. This Agreement and any documents and agreements executed in connection with the Exchange embody the entire
agreement and understanding of the parties hereto with respect to the subject matter hereof and supersede all prior and contemporaneous
oral or written agreements, representations, warranties, contracts, correspondence, conversations, memoranda and understandings
between or among the parties or any of their agents, representatives or affiliates relative to such subject matter, including,
without limitation, any term sheets, emails or draft documents.

 

Section 6.2    Construction. For
purposes of this Agreement, the words “hereof,” “herein,” “hereby” and other words of similar
import refer to this Agreement as a whole unless otherwise indicated. Whenever the singular is used herein, the same shall include
the plural, and whenever the plural is used herein, the same shall include the singular, where appropriate. The term “including”
means “including but not limited to.” The word “or” shall not be exclusive. Whenever used in this Agreement,
the masculine gender shall include the feminine and neutral genders. All references herein to Articles, Sections, Subsections,
Paragraphs and Exhibits shall be deemed references to Articles and Sections and Subsections and Paragraphs of, and Exhibits to,
this Agreement unless the context shall otherwise require. Any reference herein to any statute, agreement or document, or any section
thereof, shall, unless otherwise expressly provided, be a reference to such statute, agreement, document or section as amended,
modified or supplemented (including any successor section) and in effect from time to time. All terms defined in this Agreement
shall have the defined meaning when used in any Exhibit, Schedule, certificate or other documents attached hereto or made or delivered
pursuant hereto unless otherwise defined therein. The parties acknowledge and agree that, except as specifically provided herein,
they may pursue judicial remedies at law or in equity in the event of a dispute with respect to the interpretation or construction
of this Agreement. This Agreement shall be interpreted and enforced in accordance with the provisions hereof without the aid of
any canon, custom or rule of law requiring or suggesting construction against the party causing the drafting of the provision in
question.

 

Section 6.3    Governing
Law. 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.

 

Section 6.4    Counterparts. This
Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which taken together shall constitute
one and the same instrument. Any counterpart or other signature hereon delivered by facsimile or other electronic transmission
shall be deemed for all purposes as constituting good and valid execution and delivery of this Agreement by such party.

 

Section 6.5    Notices.
All notices or other communications required or permitted under this Agreement shall be in writing and shall be deemed given or
delivered: (i) when delivered personally; (ii) one business day following deposit with a recognized overnight courier service,
provided such deposit occurs before the deadline imposed by that service for overnight delivery or (iii) when transmitted, if
sent by electronic mail, provided confirmation of receipt tis received by send and the notice is sent by an additional method
provided under this Agreement, in each case to the parties hereto as follows:

 

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If to a Holder, to the address set forth
on such Holder’s signature page to this Agreement, with a copy (which shall not constitute notice) to:

 

[   •   ]

 

If to the Company:

 

Teligent, Inc.

105 Lincoln Avenue, PO Box 687

Buena, New Jersey 08310

Attention: Timothy B. Sawyer, President
and Chief Executive Officer

Email: tsawyer@teligent.com

 

With a copy (which shall not constitute
notice) to:

 

K&L Gates LLP

599 Lexington Avenue

New York, New York 10022

Attention: Whitney J. Smith

Email:  whitney.smith@klgates.com

 

and

 

K&L Gates LLP

300 South Tryon Street, 10th Floor

Charlotte, North Carolina 28202

Attention: Sean M. Jones

Email:  sean.jones@klgates.com

 

Any party to this Agreement
may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose.

 

Section 6.6    Severability.
In the event that any provision of this Agreement shall be declared invalid or unenforceable by any regulatory body or court having
jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remaining portions of
this Agreement.

 

Section 6.7    No
Third-Party Beneficiary. Nothing in this Agreement is intended or shall be construed to give any person, other than the
parties, their successors and permitted assigns, any legal or equitable right, remedy or claim under or in respect of this Agreement
or any provision contained herein.

 

    18

     

    

 

Section 6.8    Suits.
Any legal suit, action or proceeding arising out of, or based upon, this Agreement or the transactions contemplated hereby, may
be instituted in any state or federal court located in the Borough of Manhattan, New York, New York (each, a “New York
Court”), and each party hereby waives, to the fullest extent it may effectively do so, any objection which it may now
or hereafter have, to the laying of venue of any such proceeding and submits to the exclusive jurisdiction of such courts in any
such legal suit, action or proceeding. Each party hereby waives irrevocably any immunity to jurisdiction to which it may otherwise
be entitled or become entitled (including sovereign immunity, immunity to pre-judgment attachment, post-judgment attachment and
execution), in any legal suit, action or proceeding against it arising out of, or based upon, this Agreement or the transactions
contemplated hereby, that is instituted in any New York Court. Process in any such legal suit, action or proceeding may be served
on any party anywhere in the world, whether within or without the jurisdiction of any such court.

 

Section 6.9    WAIVER
OF JURY TRIAL. Each party hereby irrevocably waives, to the fullest extent permitted
by applicable law, any and all right to trial by jury in any legal proceeding arising out of or based upon this Agreement, THE
SECURITIES or the transactions contemplated hereby.

 

Section 6.10    Survival.
All representations, warranties and covenants contained herein shall survive the execution and delivery of this Agreement and the
New Notes.

 

[Signature Page Follows.]

 

    19

     

    

 

IN WITNESS WHEREOF, each of the parties
hereto has caused this Agreement to be executed as of the date first above written.

 

COMPANY 

 

	Teligent, Inc.
	 
	By:	          	 
	Name:	         
	Title:	         

 

[Signature page
to Note Exchange Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, each of the parties
hereto has caused this Agreement to be executed as of the date first above written.

 

	 	“UNDERSIGNED ENTITY”:
	 	(in its capacities described
    in the first paragraph hereof)
	 	 
	 	[_________________]
	 	 
	 	By:	            
	 	Name:	
	 	Title:	            

 

[Signature page
to Note Exchange Agreement]

 

     

     

    

 

Exhibit A

 

	Holder	Aggregate Principal

 Amount - Old Notes 	Aggregate Principal

 Amount – New Notes	DTC Number	Broker Name and Contact

 Information (individual’s

 name, phone and email)
	[____________]	[   •   ]	[   •   ]	[   •   ]	
        [____________]

	Total	[   •   ]	[   •   ]EX-4.1

 Exhibit 4.1 

Execution Version 
  

 
 NORTHERN
UTILITIES, INC. 
 $40,000,000 3.78% Senior Notes, Series 2020, due September 15, 2040 

 
  

NOTE PURCHASE AGREEMENT 

 
  

Dated as of September 15, 2020 
  

 
  

 TABLE OF CONTENTS 

 

							
	SECTION	 	HEADING	  	PAGE	 
			
	 SECTION 1.
	 	AUTHORIZATION OF NOTES	  	 	1	 
			
	 SECTION 2.
	 	SALE AND PURCHASE OF NOTES	  	 	1	 
			
	 SECTION 3.
	 	CLOSING 	  	 	1	 
			
	 SECTION 4.
	 	CONDITIONS TO CLOSING	  	 	2	 
			
	 Section 4.1.
	 	 Representations and Warranties
	  	 	2	 
	 Section 4.2.
	 	 Performance; No Default
	  	 	2	 
	 Section 4.3.
	 	 Compliance Certificates
	  	 	2	 
	 Section 4.4.
	 	 Opinions of Counsel
	  	 	3	 
	 Section 4.5.
	 	 Purchase Permitted By Applicable Law, Etc
	  	 	3	 
	 Section 4.6.
	 	 Sale of Other Notes
	  	 	3	 
	 Section 4.7.
	 	 Payment of Special Counsel Fees
	  	 	3	 
	 Section 4.8.
	 	 Private Placement Number
	  	 	3	 
	 Section 4.9.
	 	 Changes in Corporate Structure
	  	 	3	 
	 Section 4.10.
	 	 Funding Instructions
	  	 	4	 
	 Section 4.11.
	 	 Proceedings and Documents
	  	 	4	 
	 Section 4.12.
	 	 Regulatory Approvals
	  	 	4	 
			
	 SECTION 5.
	 	REPRESENTATIONS AND WARRANTIES OF THE COMPANY	  	 	4	 
			
	 Section 5.1.
	 	 Organization; Power and Authority
	  	 	4	 
	 Section 5.2.
	 	 Authorization, Etc
	  	 	4	 
	 Section 5.3.
	 	 Disclosure
	  	 	5	 
	 Section 5.4.
	 	 Organization and Ownership of Shares of the Company and Subsidiaries; Affiliates
	  	 	5	 
	 Section 5.5.
	 	 Financial Statements; Material Liabilities
	  	 	6	 
	 Section 5.6.
	 	 Compliance with Laws, Other Instruments, Etc
	  	 	6	 
	 Section 5.7.
	 	 Governmental Authorizations, Etc
	  	 	6	 
	 Section 5.8.
	 	 Litigation; Observance of Agreements, Statutes and Orders
	  	 	7	 
	 Section 5.9.
	 	 Taxes
	  	 	7	 
	 Section 5.10.
	 	 Title to Property; Leases
	  	 	7	 
	 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	  	 	11	 
			
	 Section 6.1.
	 	 Purchase for Investment
	  	 	11	 
	 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
	  	 	18	 
	 Section 8.4.
	 	 Maturity; Surrender, Etc
	  	 	18	 
	 Section 8.5.
	 	 Purchase of Notes
	  	 	19	 
	 Section 8.6.
	 	 Make-Whole Amount
	  	 	19	 
	 Section 8.7.
	 	 Payments Due on Non-Business Days
	  	 	20	 
			
	 SECTION 9.
	 	AFFIRMATIVE COVENANTS	  	 	21	 
			
	 Section 9.1.
	 	 Compliance with Law
	  	 	21	 
	 Section 9.2.
	 	 Insurance
	  	 	21	 
	 Section 9.3.
	 	 Maintenance of Properties
	  	 	21	 
	 Section 9.4.
	 	 Payment of Taxes and Claims
	  	 	21	 
	 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
	  	 	22	 
	 Section 9.8.
	 	 Guarantors
	  	 	22	 
			
	 SECTION 10.
	 	NEGATIVE COVENANTS	  	 	24	 
			
	 Section 10.1.
	 	 Limitation on Funded Indebtedness
	  	 	24	 
	 Section 10.2.
	 	 Limitation on Liens
	  	 	25	 
	 Section 10.3.
	 	 Transactions with Affiliates
	  	 	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
	  	 	29	 
	 Section 10.7.
	 	 Economics Sanctions Regulations
	  	 	29	 
			
	 SECTION 11.
	 	EVENTS OF DEFAULT	  	 	30	 

  
 -ii- 

							
			
	 SECTION 12.
	 	REMEDIES ON DEFAULT, ETC	  	 	31	 
			
	 Section 12.1.
	 	 Acceleration
	  	 	31	 
	 Section 12.2.
	 	 Other Remedies
	  	 	32	 
	 Section 12.3.
	 	 Rescission
	  	 	32	 
	 Section 12.4.
	 	 No Waivers or Election of Remedies, Expenses, Etc
	  	 	33	 
			
	 SECTION 13.
	 	REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES	  	 	33	 
			
	 Section 13.1.
	 	 Registration of Notes
	  	 	33	 
	 Section 13.2.
	 	 Transfer and Exchange of Notes
	  	 	33	 
	 Section 13.3.
	 	 Replacement of Notes
	  	 	34	 
			
	 SECTION 14.
	 	PAYMENTS ON NOTES	  	 	34	 
			
	 Section 14.1.
	 	 Place of Payment
	  	 	34	 
	 Section 14.2.
	 	 Home Office Payment
	  	 	34	 
	 Section 14.3.
	 	 FATCA Information
	  	 	35	 
			
	 SECTION 15.
	 	EXPENSES, ETC	  	 	35	 
			
	 Section 15.1.
	 	 Transaction Expenses
	  	 	35	 
	 Section 15.2.
	 	 Certain Taxes
	  	 	36	 
	 Section 15.3.
	 	 Tax Withholding
	  	 	36	 
	 Section 15.4.
	 	 Survival
	  	 	36	 
			
	 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	  	 	38	 
			
	 SECTION 19.
	 	REPRODUCTION OF DOCUMENTS	  	 	39	 
			
	 SECTION 20.
	 	CONFIDENTIAL INFORMATION	  	 	39	 
			
	 SECTION 21.
	 	SUBSTITUTION OF PURCHASER	  	 	40	 
			
	 SECTION 22.
	 	MISCELLANEOUS	  	 	41	 
			
	 Section 22.1.
	 	 Successors and Assigns
	  	 	41	 
	 Section 22.2.
	 	 Accounting Terms
	  	 	41	 
	 Section 22.3.
	 	 Severability
	  	 	41	 

  
 -iii- 

							
	 Section 22.4.
	 	 Construction, Etc
	  	 	41	 
	 Section 22.5.
	 	 Counterparts
	  	 	42	 
	 SECTION 22.6.
	 	 GOVERNING LAW
	  	 	42	 
	 SECTION 22.7.
	 	 JURISDICTION AND PROCESS; WAIVER
OF JURY TRIAL
	  	 	42	 
			
	 Signature
	 		  	 	43	 

  
 -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
	  	 —
	  	 Form of 3.78% Senior Note, Series 2020, due September 15, 2040

			
	 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

			
	 EXHIBIT 15.3
	  	 —
	  	 Form of U.S. Tax Compliance Certificate

  
 -v- 

 NORTHERN UTILITIES, INC. 

6 Liberty Lane West 
 Hampton, New
Hampshire 03842-1720 
 $40,000,000 3.78% Senior Notes, Series 2020, due September 15, 2040 

Dated as of September 15, 2020 

TO EACH OF THE PURCHASERS LISTED IN 

SCHEDULE A HERETO: 

Ladies and Gentlemen: 

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

SECTION 1.         AUTHORIZATION OF NOTES. 

The Company will authorize the issue and sale of its $40,000,000 aggregate principal amount 3.78% Senior Notes, Series 2020,
due September 15, 2040 (as amended, restated or otherwise modified from time to time pursuant to Section 17, are referred to as the “Notes”, such term to include any such notes issued in substitution
therefor pursuant to Section 13). The Notes shall be substantially in the form set out in Exhibit 1, with such changes therefrom, if any, as may be approved by each Purchaser and the Company.
Certain capitalized and other terms used in this Agreement are defined in Schedule B; and references to a “Schedule” or an “Exhibit” are, unless otherwise specified, to a Schedule or an
Exhibit attached to this Agreement. 
 SECTION 2.         SALE
AND PURCHASE OF NOTES. 
 Subject to the terms and conditions of
this Agreement, the Company will issue and sell to each Purchaser and each Purchaser will purchase from the Company, at the Closing provided for in Section 3, Notes in the principal amount specified opposite such
Purchaser’s name in Schedule A at the purchase price of 100% of the principal amount thereof. The Purchasers’ obligations hereunder are several and not joint obligations and no Purchaser shall have any liability
to any Person for the performance or non-performance of any obligation by any other Purchaser hereunder. 

SECTION 3.         CLOSING. 

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

					
	 Northern Utilities, Inc.
	  		  	Note Purchase Agreement

  

10:00 a.m., Central time, at a closing (the “Closing”) on September 15, 2020 or on such other Business Day thereafter on or prior to September 30, 2020 as may be
agreed upon by the Company and the Purchasers. At the Closing the Company will deliver to each Purchaser the Notes to be purchased by such Purchaser in the form of a single Note (or such greater number of Notes in denominations of at least $500,000
as such Purchaser may request) dated the date of the Closing and registered in such Purchaser’s name (or in the name of its nominee), against delivery by such Purchaser to the Company or its order of immediately available funds in the amount of
the purchase price therefor by wire transfer to account number 4622844048 at Bank of America, ABA number 026009593, Bank of America Corporate Center, 100 North Tryon Street, Charlotte, NC 28255. If at the Closing the Company shall fail to
tender such Notes to any Purchaser as provided above in this Section 3, or any of the conditions specified in Section 4 shall not have been fulfilled to such Purchaser’s reasonable
satisfaction, such Purchaser shall, at its election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such Purchaser may have by reason of such failure by the Company to tender such Notes or any of the
conditions specified in Section 4 not having been fulfilled to such Purchaser’s reasonable satisfaction or such nonfulfillment. 

SECTION 4.         CONDITIONS TO CLOSING. 

Each Purchaser’s obligation to purchase and pay for the Notes to be sold to such Purchaser at the Closing is subject to
the fulfillment to such Purchaser’s reasonable satisfaction, prior to or at the Closing, of the following conditions (except, in each case, to the extent any representation or warranty expressly relates to a different date, in which case as of
such different date): 
 Section 4.1.    Representations and
Warranties. The representations and warranties of the Company in this Agreement shall be correct when made and at the time of the Closing. 

Section 4.2.    Performance; No Default. The Company shall have performed
and complied with all agreements and conditions contained in this Agreement required to be performed or complied with by it prior to or at the Closing. Before and after giving effect to the issue and sale of the Notes (and the application of the
proceeds thereof as contemplated by Section 5.14), no Default or Event of Default shall have occurred and be continuing. Neither the Company nor any Subsidiary shall have entered into any transaction since the date of this
Agreement that would have been prohibited by Section 10 had such Section applied since such date. 

Section 4.3.    Compliance Certificates. 

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

(b)    Secretary’s Certificate. The Company shall have delivered to such Purchaser a
certificate of its Secretary or Assistant Secretary, dated the date of Closing, certifying as to the 

  
 -2- 

					
	 Northern Utilities, Inc.
	  		  	Note Purchase Agreement

  

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 Dentons US LLP, special counsel for the Company, covering the matters set forth in Exhibit 4.4(a) and
covering such other matters incident to the transactions contemplated hereby as such Purchaser or its counsel may reasonably request (and the Company hereby instructs its counsel to deliver such opinion to the Purchasers), (b) from Gary Epler,
Chief Regulatory Counsel for Unitil Service Corp., covering the matters set forth in Exhibit 4.4(b) and covering such other matters incident to the transactions contemplated hereby as such Purchaser or its counsel may
reasonably request (and the Company hereby instructs Gary Epler to deliver such opinion to the Purchasers) and (c) from Chapman and Cutler LLP, the Purchasers’ special counsel in connection with such transactions, substantially in the
form set forth in Exhibit 4.4(c) and covering such other matters incident to such transactions as such Purchaser may reasonably request. 

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

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

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

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

Section 4.9.    Changes in Corporate Structure. The Company shall not
have changed its jurisdiction of incorporation or organization, as applicable, or been a party to any merger or 

  
 -3- 

					
	 Northern Utilities, Inc.
	  		  	Note Purchase Agreement

  

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. 

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 

  
 -4- 

					
	 Northern Utilities, Inc.
	  		  	Note Purchase Agreement

  

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, BofA
Securities, Inc., has delivered to each Purchaser documents, certificates or other writings identified in Schedule 5.3 and such financial statements listed in Schedule 5.5, relating to the transactions contemplated hereby. The
Disclosure Documents (defined below) fairly describe, in all material respects, the general nature of the business and principal properties of the Company and its Subsidiaries. This Agreement and the documents, certificates or other writings
delivered to the Purchasers by or on behalf of the Company in connection with the transactions contemplated hereby and identified in Schedule 5.3, and the financial statements listed in
Schedule 5.5 (this Agreement and such documents, certificates or other writings identified in Schedule 5.3 and such financial statements listed in Schedule 5.5 delivered to each Purchaser being referred to,
collectively, as the “Disclosure Documents”), taken as a whole, do not, as of their respective dates, contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not
misleading in light of the circumstances under which they were made. Except as disclosed in the Disclosure Documents, since June 30, 2020, there has been no change in the financial condition, operations, business or properties of the Company
and its Subsidiaries (taken as a whole) except changes that individually or in the aggregate would not reasonably be expected to have a Material Adverse Effect. There is no fact known to the Company that would reasonably be expected to have a
Material Adverse Effect that has not been set forth herein or in the Disclosure Documents. 

Section 5.4.    Organization and Ownership of Shares of the Company and
Subsidiaries; Affiliates. (a) Schedule 5.4 contains (except as noted therein) complete and correct lists (i) of the Company’s Subsidiaries, showing, as to each Subsidiary, the correct name thereof, the
jurisdiction of its organization, and the percentage of shares of each class of its capital stock or similar equity interests outstanding owned by the Company and each other Subsidiary, (ii) of the Company’s Affiliates, other than
Subsidiaries, and (iii) of the Company’s directors and senior officers. 
 (b)    All of the
outstanding shares of capital stock or similar equity interests of each Subsidiary shown in Schedule 5.4 as being owned by the Company and its Subsidiaries have been validly issued, are fully paid and nonassessable and are
owned by the Company or another Subsidiary free and clear of any Lien (except as otherwise disclosed in Schedule 5.4). 

(c)    Each Subsidiary identified in Schedule 5.4 is a corporation or other
legal entity duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and is in good standing in each jurisdiction in which such
qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each such
Subsidiary has the corporate or other power and authority to own or hold under lease the properties it purports to own or hold under lease and to transact the business it transacts and proposes to transact except, in each case, as would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

  
 -5- 

					
	 Northern Utilities, Inc.
	  		  	Note Purchase Agreement

  

(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. 

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 

  
 -6- 

					
	 Northern Utilities, Inc.
	  		  	Note Purchase Agreement

  

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, 2016. 

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

  
 -7- 

					
	 Northern Utilities, Inc.
	  		  	Note Purchase Agreement

  

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. 

(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. 

  
 -8- 

					
	 Northern Utilities, Inc.
	  		  	Note Purchase Agreement

  

(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 fifteen (15) other Institutional Investors, each of which has been offered the Notes at a private sale for investment. Neither the Company nor anyone acting on its behalf has taken, or will take, any action that would subject the
issuance or sale of the Notes to the registration requirements of section 5 of the Securities Act. The representation and warranty by the Company to each Purchaser in the second sentence of this Section 5.13 is made in
reliance upon and subject to the accuracy of the Purchasers’ representations in Section 6.1 and Section 6.4. 

Section 5.14.    Use of Proceeds; Margin Regulations. The Company will
apply the proceeds of the sale of the Notes to refinance existing short-term debt and/or for general corporate purposes. No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for the purpose of buying or
carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any securities under such circumstances as to involve the
Company in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation T of said Board (12 CFR 220). The Company does not own or carry any margin stock. As used in this Section,
the terms “margin stock” and “purpose of buying or carrying” shall have the meanings assigned to them in said Regulation U. 

Section 5.15.    Existing Indebtedness; Future Liens. (a) Except as
described therein, Schedule 5.15 sets forth a complete and correct list of all outstanding Indebtedness of the Company and its Subsidiaries as of June 30, 2020 (including a description of the obligors and obligees,
principal amount outstanding and collateral therefor, if any, and Guaranty thereof, if any), since which date there has been no Material change in the amounts, interest rates, sinking funds, installment payments or maturities of the Indebtedness of
the Company or its Subsidiaries. Neither the Company nor any Subsidiary is in default and no waiver of default is currently in effect, in the payment of any principal or interest on any Indebtedness of the Company or such Subsidiary and no event or
condition exists with respect to any Indebtedness of the Company or any Subsidiary with an outstanding principal amount in excess of $1,000,000 that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons
to cause such Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment. 

  
 -9- 

					
	 Northern Utilities, Inc.
	  		  	Note Purchase Agreement

  

(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. 
 (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. 

  
 -10- 

					
	 Northern Utilities, Inc.
	  		  	Note Purchase Agreement

  

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. 
 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 

  
 -11- 

					
	 Northern Utilities, Inc.
	  		  	Note Purchase Agreement

  

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 
 (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 

  
 -12- 

					
	 Northern Utilities, Inc.
	  		  	Note Purchase Agreement

  

(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 

(h)    the Source does not include assets of any employee benefit plan, other than a plan
exempt from the coverage of ERISA. 

  
 -13- 

					
	 Northern Utilities, Inc.
	  		  	Note Purchase Agreement

  

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 the Closing and thereafter, so long as any of the Notes are outstanding, the Company shall deliver to holder of Notes that is an Institutional Investor: 

(a)     Quarterly Statements — 

(i)    within 90 days after the end of each quarterly fiscal period in each fiscal year
of the Company (other than the last quarterly fiscal period of each such fiscal year), duplicate copies of, 

(A)    an unaudited consolidated balance sheet of the Company and its Subsidiaries as at
the end of such quarter, and 
 (B)    unaudited consolidated statements of income,
changes in shareholders’ equity and cash flows of the Company and its Subsidiaries, for such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter, 

(ii)    within 90 days after the end of each quarterly fiscal period in each fiscal year
of Unitil (other than the last quarterly fiscal period of each such fiscal year), duplicate copies of, 

(A)    an unaudited consolidated balance sheet of Unitil and its Subsidiaries as at the
end of such quarter, and 
 (B)    unaudited consolidated statements of income, changes
in shareholders’ equity and cash flows of Unitil and its Subsidiaries, for such 

  
 -14- 

					
	 Northern Utilities, Inc.
	  		  	Note Purchase Agreement

  

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 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 

  
 -15- 

					
	 Northern Utilities, Inc.
	  		  	Note Purchase Agreement

  

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 holder of a Note. 

Section 7.2.    Officer’s Certificate. Each set of financial
statements delivered to a holder of a Note pursuant to Section 7.1(a) or Section 7.1(b) shall be accompanied by a certificate of a Senior Financial Officer setting forth: 

(a)    Covenant Compliance — the information (including detailed calculations)
required in order to establish whether the Company was in compliance with the requirements of Sections 10.1 (to the extent Funded Indebtedness is incurred during the period covered by such certificate) and
10.5, during the quarterly or annual period covered by the statements then being furnished (including with respect to each such Section, where applicable, the calculations of the maximum or minimum amount, ratio or percentage, as the case may
be, permissible under the terms of such Sections, and the calculation of the amount, ratio or 

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

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

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

  
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SECTION 8.         PAYMENT AND PREPAYMENT
OF THE NOTES. 

Section 8.1.    Maturity. As provided therein, the entire unpaid
principal balance of each Note shall be due and payable on the Maturity Date thereof. 

Section 8.2.    Optional Prepayments. Prior to May 15, 2040, the
Company may, at its option, upon notice as provided below, prepay at any time all, or from time to time any part of, the Notes (but if in part then in a minimum aggregate principal amount of $100,000), at 100% of the principal amount so prepaid,
together with interest accrued thereon to the date of such prepayment, plus the Make-Whole Amount determined for the prepayment date with respect to such principal amount. On and after May 15, 2040, the Company may, at its option, upon
notice as provided below, prepay at any time all the Notes, at 100% of the principal amount so prepaid, together with interest accrued thereon to the date of such prepayment, but without payment of the Make-Whole Amount. 

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

Section 8.3.    Allocation of Partial Prepayments. In the case of each
partial prepayment of the Notes pursuant to Section 8.1 or Section 8.2, the aggregate principal amount of the Notes to be prepaid shall be allocated among all of the Notes at the time outstanding
in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore called for prepayment. 

Section 8.4.    Maturity; Surrender, Etc. In the case of each
optional prepayment of Notes pursuant to this Section 8, the principal amount of each Note to be prepaid shall mature and become due and payable on the date fixed for such prepayment (which shall be a Business Day),
together with interest on such principal amount accrued to such date and the applicable Make-Whole Amount, if any. From and after such date, unless the Company shall fail to pay such principal amount when so due and payable, together with the
interest and Make-Whole Amount, if any, as aforesaid, interest on such principal amount shall cease to accrue. Any Note paid or prepaid in full shall be surrendered to the Company and cancelled and shall not be reissued, and no Note shall be issued
in lieu of any prepaid principal amount of any Note. 

  
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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. 

“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

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

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

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

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

  
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Make-Whole Amount on any Note (including principal due on the Maturity Date of such Note) that is due on a date that is not a Business Day shall be made on
the next succeeding Business Day and shall include the additional days elapsed in the computation of interest payable on such next succeeding Business Day. 

SECTION 9.         AFFIRMATIVE COVENANTS. 

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

Section 9.1.    Compliance with Law. Without limiting
Section 10.7, the Company will, and will cause each of its Subsidiaries to, comply with all laws, ordinances or governmental rules or regulations to which each of them is subject, including, without limitation, ERISA,
Environmental Laws, the USA Patriot Act and the other laws and regulations that are referred to in Section 5.16, and will obtain and maintain in effect all licenses, certificates, permits, franchises and other governmental
authorizations necessary to the ownership of their respective properties or to the conduct of their respective businesses, in each case to the extent necessary to ensure that non-compliance with such laws,
ordinances or governmental rules or regulations or the failure to obtain or maintain in effect such licenses, certificates, permits, franchises and other governmental authorizations would not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect. 
 Section 9.2.    Insurance. The
Company will insure and keep insured, and will cause every Subsidiary to insure and keep insured, to a reasonable amount with reputable insurance companies, so much of their respective properties as companies engaged in a similar business and to the
extent such companies in accordance with good business practice customarily insure properties of a similar character against loss by fire and from other causes or, in lieu thereof, in the case of itself or its Subsidiaries, the Company will maintain
or cause to be maintained a system or systems of self-insurance which will accord with the approved practices of companies owning or operating properties of a similar character and maintaining such systems, and of a size similar to that of the
Company and its direct and indirect Subsidiaries on a consolidated basis. 

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

Section 9.4.    Payment of Taxes and Claims. The Company will, and will
cause each of its Subsidiaries to, file all income tax or similar tax returns required to be filed in any jurisdiction and to pay and discharge all taxes shown to be due and payable on such returns and all other taxes, assessments, governmental
charges, or levies imposed on them or any of their properties, assets, income or franchises, to the extent the same have become due and payable and before they have become delinquent and all claims for which sums have become due and payable that

  
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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. 
 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 

  
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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 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

  
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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. 

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

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

(i)    Funded Indebtedness evidenced by the Notes; 

(ii)    Funded Indebtedness of the Company or any Subsidiary outstanding as of the Closing
and reflected in Schedule 10.1; and 
 (iii)    additional
Funded Indebtedness, so long as the aggregate outstanding principal amount of such Funded Indebtedness, after giving effect to the application of the proceeds thereof (subject to the proviso set forth hereafter) and when added to all other Funded
Indebtedness of the Company and its Subsidiaries (determined on a consolidated basis) then outstanding, does not exceed 65% of the Total Capitalization; provided, that in giving effect to the application of such proceeds, only applications
which are substantially contemporaneous with the incurrence of such additional Funded Indebtedness shall be given such effect, except that if the application of such proceeds involves the redemption of other securities of the Company, and such
redemption cannot be made substantially contemporaneously with the incurrence of such additional Funded Indebtedness, then such intended redemption shall nevertheless be given effect for purposes hereof if either (1) the Company shall have
given irrevocable written notice of redemption of such other securities to the holders thereof at or prior to the time of the incurrence of such additional Funded Indebtedness and such redemption is thereafter made in accordance with the terms of
such notice, or (2) if such notice was not permitted to be given at or prior to the time of the incurrence of such additional Funded Indebtedness and the redemption will occur within 180 days after such incurrence, then (A) the proceeds of
such Funded Indebtedness to be used for such redemption shall have been set aside in an escrow or trust account with a United States bank or other financial institution having capital and surplus of at least $35,000,000, together with written
instructions to the escrow agent or trustee to send notice of redemption of such securities provided by the Company to the holders thereof in accordance with the terms of such 

  
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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
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 

  
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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 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; 

  
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(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; 

(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 

  
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(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, 

(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, 

  
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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, 2020, plus (2) all regular dividends declared on any class of Preferred Stock of the Company subsequent to January 1, 2020 and all amounts charged to retained earnings after January 1, 2020 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, 2020,
plus (y) 100% of the net proceeds from any common or preferred equity issuances by the Company subsequent to January 1, 2020, plus (z) $168,000,000. 

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

Section 10.6.    Line of Business. The Company will not and will not
permit any Subsidiary to engage in any business if, as a result, the general nature of the business, taken on a consolidated basis, which would then be engaged in by the Company and its Subsidiaries would be substantially changed from the general
nature of the business engaged in by the Company and its Subsidiaries on the date of this Agreement provided, however, an expansion of the Company’s or any Subsidiary’s service territory shall be deemed not to be a change
from the general nature of the business engaged in by the Company and its Subsidiaries. 

Section 10.7.    Economics Sanctions Regulations. The Company will not,
and will not permit any Controlled Entity to (a) become (including by virtue of being owned or controlled by a Blocked Person), own or control a Blocked Person or (b) directly or indirectly have any investment in or engage in any dealing
or transaction (including any investment, dealing or 

  
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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 

(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 

  
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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 
 (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 

  
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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 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 

  
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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. 
 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

  
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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. 

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 

  
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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. 

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

  
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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. 

Section 15.3.    Tax Withholding. Except as otherwise required by
applicable law, the Company agrees that it will not withhold from any applicable payment to be made to a holder of a Note that is not a United States Person any tax so long as such holder shall have delivered to the Company (in such number of copies
as shall be requested) on or about the date on which such holder becomes a holder under this Agreement (and from time to time thereafter upon the reasonable request of the Company), executed copies of IRS
Form W-8BEN or IRS Form W-8BEN-E (or any successor form), as applicable, as well as the applicable “U.S. Tax
Compliance Certificate” substantially in the form attached as Exhibit 15.3, in both cases correctly completed and executed. 

Section 15.4.    Survival. The obligations of the Company under this
Section 15.4 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. 

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

All representations and warranties contained herein shall survive the execution and delivery of this Agreement and the Notes,
the purchase or transfer by any Purchaser of any Note or portion thereof or interest therein and the payment of any Note and may be relied upon by any subsequent holder of a Note, regardless of any investigation made at any time by or on behalf of
such Purchaser or any other holder of a Note. All statements contained in any certificate or other instrument delivered by or on behalf of the Company pursuant to this Agreement shall be deemed representations and warranties of the Company as of the
date of such statements under this Agreement. Subject to the preceding sentence, this Agreement, the Notes and any Guaranty Agreement embody the entire agreement and understanding between each Purchaser and the Company and supersede all prior
agreements and understandings relating to the subject matter hereof. 
 SECTION 17.
        AMENDMENT AND WAIVER. 

Section 17.1.    Requirements. This Agreement and the Notes may be
amended, and the observance of any term hereof or of the Notes may be waived (either retroactively or prospectively), with (and only with) the written consent of the Company and the Required Holders, except that (a) no amendment or waiver of
any of the provisions of Sections 1, 2, 3, 4, 5, 6, or 21 hereof, or any defined term (as it is used therein), will be effective as to any Purchaser unless consented to by such Purchaser in writing, and (b) no amendment or waiver
may, without the written consent of each holder of each Note at the time outstanding, (i) subject to Section 12 relating to acceleration or rescission, change the amount or time of any prepayment or payment of
principal of, or reduce the rate or change the time of payment or method of computation of (x) interest on the Notes or (y) the Make-Whole Amount, (ii) change the percentage of the principal
amount of the Notes the holders of which are required to consent to any amendment or waiver or the principal amount of the Notes that the Purchasers are to purchase pursuant to Section 2 upon the satisfaction of the
conditions to Closing that appear in Section 4, or (iii) amend any of Sections 8 (except as set forth in the second sentence of Section 8.2), 11(a), 11(b),
12, 17, or 20. 
 Section 17.2.    Solicitation of
Holders of Notes. 
 (a)    Solicitation. The Company will provide each holder of a Note
(irrespective of the amount of Notes then owned by it) with sufficient information, sufficiently far in advance of the date a decision is required, to enable such holder to make an informed and considered decision with respect to any proposed
amendment, waiver or consent in respect of any of the provisions hereof or of the Notes or any Guaranty Agreement. The Company will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to this
Section 17 or any Guaranty Agreement to each holder of a Note promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite holders of Notes. 

(b)    Payment. The Company will not directly or indirectly pay or cause to be paid any
remuneration, whether by way of supplemental or additional interest, fee or otherwise, or grant any security or provide other credit support, to any holder of a Note as consideration for or as an 

  
 -37- 

					
	 Northern Utilities, Inc.
	  		  	Note Purchase Agreement

  

inducement to the entering into by such holder of any waiver or amendment of any of the terms and provisions hereof or of any Guaranty Agreement or any Note unless such remuneration is
concurrently paid, or security is concurrently granted or other credit support concurrently provided, on the same terms, ratably to each holder of a Note even if such holder did not consent to such waiver or amendment. 

(c)    Consent in Contemplation of Transfer. Any consent made pursuant to this
Section 17 or any Guaranty Agreement by a holder of Notes that has transferred or has agreed to transfer its Notes to the Company, any Subsidiary or any Affiliate of the Company in connection with such consent shall be void
and of no force or effect except solely as to such holder, and any amendments effected or waivers granted or to be effected or granted that would not have been or would not be so effected or granted but for such consent (and the consents of all
other holders of Notes that were acquired under the same or similar conditions) shall be void and of no force or effect except solely as to such holder. 

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

Section 17.4.    Notes Held by Company, Etc. Solely for the purpose of
determining whether the holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement, any Guaranty Agreement or the Notes,
or have directed the taking of any action provided herein or in any Guaranty Agreement or the Notes to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Notes then outstanding, Notes directly
or indirectly owned by the Company or any of its Affiliates shall be deemed not to be outstanding. 
 SECTION 18.
        NOTICES. 
 All notices and communications provided for
hereunder shall be in writing and sent (a) by telecopy if the sender on the same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid), or (b) by registered or certified mail with return
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, 

  
 -38- 

					
	 Northern Utilities, Inc.
	  		  	Note Purchase Agreement

  

(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 (except the Notes themselves), 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. 

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 

  
 -39- 

					
	 Northern Utilities, Inc.
	  		  	Note Purchase Agreement

  

obligated to hold confidential and not disclose the Confidential Information substantially in accordance with this Section 20, (ii) its auditors, financial advisors
and other professional advisors who agree to hold confidential the Confidential Information substantially in accordance with the terms of this Section 20, (iii) any other holder of any Note, (iv) any Institutional
Investor to which it sells or offers to sell such Note or any part thereof or any participation therein (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by the provisions of this
Section 20), (v) any Person from which it offers to purchase any security of the Company (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by the provisions of this
Section 20), (vi) any federal or state regulatory authority having jurisdiction over such Purchaser, (vii) the NAIC or the SVO or, in each case, any similar organization, or any nationally recognized rating agency
that requires access to information about such Purchaser’s investment portfolio, or (viii) any other Person to which such delivery or disclosure may be necessary or appropriate (w) to effect compliance with any law, rule, regulation
or order applicable to such Purchaser, (x) in response to any subpoena or other legal process, (y) in connection with any litigation to which such Purchaser is a party, or (z) if an Event of Default has occurred and is continuing, to
the extent such Purchaser may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under such Purchaser’s Notes, this Agreement or any Guaranty
Agreement after prior written notice provided to the Company. 
 Each holder of a Note, by its acceptance of a Note, will be
deemed to have agreed to be bound by and to be entitled to the benefits of this Section 20 as though it were a party to this Agreement. On reasonable request by the Company in connection with the delivery to any holder of a
Note of information required to be delivered to such holder under this Agreement or requested by such holder (other than a holder that is a party to this Agreement or its nominee), such holder will enter into an agreement with the Company embodying
the provisions of this Section 20. 
 In the event that as a condition to receiving access to
information relating to the Company or its Subsidiaries in connection with the transactions contemplated by or otherwise pursuant to this Agreement, any Purchaser or holder of a Note is required to agree to a confidentiality undertaking (whether
through IntraLinks, another secure website, a secure virtual workspace or otherwise) which is different from this Section 20, this Section 20 shall not be amended thereby and, as between such
Purchaser or such holder and the Company, this Section 20 shall supersede any such other confidentiality undertaking. 

SECTION 21.         SUBSTITUTION OF PURCHASER. 

Each Purchaser shall have the right to substitute any one of its Affiliates as the purchaser of the Notes that it has agreed
to purchase hereunder, by written notice to the Company, which notice shall be signed by both such Purchaser and such Affiliate, shall contain such Affiliate’s 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 

  
 -40- 

					
	 Northern Utilities, Inc.
	  		  	Note Purchase Agreement

  

Affiliate is so substituted as a Purchaser hereunder and such Affiliate thereafter transfers to such original Purchaser all of the Notes then held by such Affiliate, upon receipt by the Company
of notice of such transfer, any reference to such Affiliate as a “Purchaser” in this Agreement (other than in this Section 21), shall no longer be deemed to refer to such Affiliate, but shall refer to such
original Purchaser, and such original Purchaser shall again have all the rights of an original holder of the Notes under this Agreement. 

SECTION 22.         MISCELLANEOUS. 

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

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

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

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

  
 -41- 

					
	 Northern Utilities, Inc.
	  		  	Note Purchase Agreement

  

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

Section 22.5.    Counterparts. This Agreement may be executed in any
number of counterparts, each of which shall be an original but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties
hereto. 

SECTION 22.6.    
GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE
WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE
LAW OF THE STATE OF NEW YORK EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD
PERMIT THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH
STATE. 

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

(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

  
 -42- 

					
	 Northern Utilities, Inc.
	  		  	Note Purchase Agreement

  

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/ Todd R. Diggins

		 	 Name: Todd R. Diggins

Title: Treasurer

					
	 Northern Utilities, Inc.
	  		  	Note Purchase Agreement

  

Accepted as of the date first written above. 
  

			
	   METROPOLITAN LIFE INSURANCE COMPANY

by MetLife Investment Management, LLC, Its Investment Manager

 
   METROPOLITAN TOWER LIFE
INSURANCE COMPANY
 by MetLife Investment Management, LLC, Its Investment Manager

 
   BRIGHTHOUSE LIFE INSURANCE
COMPANY
 by MetLife Investment Management, LLC, Its Investment Manager

 
   AMERICAN FIDELITY ASSURANCE
COMPANY
 by MetLife Investment Management, LLC, Its Investment Manager

		
	 By:
	 	 /s/ John Wills

		 	 Name: John Wills
 Title: Authorized
Signatory

					
	 Northern Utilities, Inc.
	  		  	Note Purchase Agreement

  

Accepted as of the date first written above. 
  

			
	 THE LINCOLN NATIONAL LIFE INSURANCE
COMPANY
  
 By: Macquarie
Investment Management Advisers, a series of Macquarie Investment Management Business Trust, Attorney in Fact

		
	 By:
	 	 /s/ Karl Spaeth

		 	 Name: Karl Spaeth
 Title: Senior Vice
President

					
	 Northern Utilities, Inc.
	  		  	Note Purchase Agreement

  

Accepted as of the date first written above. 
  

			
	 AMERICAN REPUBLIC INSURANCE COMPANY

BLUE CROSS AND BLUE SHIELD OF 
FLORIDA, INC.
 CATHOLIC LIFE INSURANCE

CATHOLIC UNITED FINANCIAL

MINNESOTA LIFE INSURANCE COMPANY

ROYAL NEIGHBORS OF AMERICA

WESTERN FRATERNAL LIFE ASSOCIATION

 
 By: Securian Asset Management, Inc.

		
	 By:
	 	 /s/ Robin J. Lenarz

		 	 Name: Robin J. Lenarz
 Title: Vice
President

					
	 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. 
  

			
	  PACIFIC LIFE INSURANCE COMPANY

		
	 By:
	 	 /s/ Matthew A. Levene

		 	 Name: Matthew A. Levene

Title: Assistant Vice President

					
	 Northern Utilities, Inc.
	  		  	Note Purchase Agreement

  
 Accepted as of
the date first written above 
  

			
	  UNITED OF OMAHA LIFE INSURANCE
COMPANY

		
	 By
	 	 /s/ Justin P. Kavan

		 	 Name: Justin P. Kavan

Title: Senior Vice President

 INFORMATION RELATING TO
PURCHASERS 
  

			
	 NAME OF AND ADDRESS

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

200 Park Avenue

New York, New York 10166
	  	$4,000,000

 (General
Acct@Chase)             
 (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:
	 	 PPN 665876 D@4 - NORTHERN UTILITIES INC - 3.780% Due
15-SEP-2040

 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 

	    	 c/o MetLife Investment Management, LLC 

	    	 Investments, Private Placements 

	    	 One MetLife Way 

	    	 Whippany, New Jersey 07981 

	    	 Attention: Shaun Oliver, Associate Director, Private Placements; Michael Brown - Associate - Privates,
Private Placements; Fred Sporer - VP Priv Placements-Corporates 

	    	 Emails: PPUCompliance@metlife.com; fsporer@metlife.com;
michael.t.brown@metlife.com; soliver@metlife.com; OpsPvtPlacements@metlife.com 

  

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

  

	    	 Metropolitan Life Insurance Company 

c/o MetLife Investment Management, LLC, 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 

c/o MetLife Investment Management, LLC, Investments Law 

One MetLife Way 

Whippany, New Jersey 07981 

Attention: Nicolette Lopez, Senior Counsel, Fixed Income & Alternatives 

 

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

SCHEDULE A 
 (to
Note Purchase Agreement) 

	(5)	 Tax Jurisdiction: United States/New York 

	(6)	 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

  
 A- 2 

			
	 NAME OF AND ADDRESS

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

200 Park Avenue

New York, New York 10166
	  	$4,000,000

 (G.A.—-portfolio
S07,S11,S12,T39,TBB,TBE,TTA,635,646) 
 (Securities to be registered in the name of
Metropolitan Tower 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.:
	 	 323-8-90946

	 Account Name:
	 	 Metropolitan Tower Life Insurance Company

	 Ref:
	 	 PPN 665876 D@4 - NORTHERN UTILITIES INC - 3.780% Due
15-SEP-2040

 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 Tower Life Insurance Company 

c/o MetLife Investment Management, LLC 

Investments, Private Placements 

One MetLife Way 
 Whippany,
New Jersey 07981 
 Attention: Shaun Oliver, Associate Director, Private Placements; Michael Brown - Associate - Privates, Private
Placements; Fred Sporer - VP Priv Placements-Corporates 
 Emails: PPUCompliance@metlife.com; fsporer@metlife.com; michael.t.brown@metlife.com; soliver@metlife.com; OpsPvtPlacements@metlife.com 

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

Metropolitan Tower Life Insurance Company 

c/o MetLife Investment Management, LLC, 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 Tower Life Insurance Company 

c/o MetLife Investment Management, LLC, Investments Law 

One MetLife Way 
 Whippany,
New Jersey 07981 
 Attention: Nicolette Lopez, Senior Counsel, Fixed Income & Alternatives 

 

	(4)	 Taxpayer I.D. Number: 13-3114906 

	(5)	 Tax Jurisdiction: United States/Delaware 

	(6)	 UK Passport Treaty Number (if applicable): 13/M/298329/DTTP 

  
 A- 3 

	
	 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- 4 

			
	 NAME OF AND ADDRESS

OF PURCHASER
	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED
		
	 BRIGHTHOUSE LIFE INSURANCE COMPANY

11225 North community House Road

Charlotte, NC 28277
	  	$3,000,000

 (Portfolio 4PC---Sep Acct @Chase) 
 [Securities to be registered in
the name of Brighthouse 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.:
	 	 496559365

	 Account Name:
	 	 Brighthouse Life Insurance Company Separate Account SA

	 Ref:
	 	 PPN 665876 D@4 - NORTHERN UTILITIES INC - 3.780% Due
15-SEP-2040

 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: 

Brighthouse Life Insurance Company 

c/o MetLife Investment Management, LLC, Investments - Private Placements 

One MetLife Way 

Whippany, New Jersey 07981 

Attention: Shaun Oliver, Associate Director, Private Placements; Michael Brown - Associate - Privates, Private Placements; Fred Sporer - VP
Priv Placements-Corporates 
 Emails:
PPUCompliance@metlife.com and fsporer@metlife.com; michael.t.brown@metlife.com; soliver@metlife.com 

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

Brighthouse Life Insurance Company 

c/o MetLife Investment Management, LLC, 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: 

    JP Morgan Chase Bank NA 

    4 Chase Metrotech Center, 3rd Floor 

    Brooklyn, NY 11245-0001 

    Attention: Physical Receive Department 

    Ref: G 22904 

With COPIES OF THE NOTES emailed to nlopez3@metlife.com 

 

	(4)	 Taxpayer I.D. Number: 06-0566090 

  
 A- 5 

	(5)	 Tax Jurisdiction:United States 

	(6)	 Tax Classification: C Corporation 

	(7)	 UK Passport Treaty Number (if applicable): 13/B/61653/DTTP 

  
 A- 6 

			
	 NAME OF AND ADDRESS

OF PURCHASER
	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED
		
	 American Fidelity Assurance Company

9000 Cameron Parkway

Oklahoma City, OK 73114
	  	$2,000,000

 (portfolio AFC for USD)             
 (Securities to be
registered in the name of American Fidelity Assurance Company) 
  

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

  

	
	 Bank Name: First Fidelity Bank

	ABA Number: 103002691
	 Account No.: 2000528686

	 Account Name: InvesTrust

	 FFC: American Fidelity Assurance Co

	 Ref: PPN 665876 D@4 - NORTHERN UTILITIES INC - 3.780% Due
15-SEP-2040

 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: 

American Fidelity Assurance Company 

c/o MetLife Investment Management, LLC 

Investments, Private Placements 

One MetLife Way 
 Whippany, NJ
07981 
 Attention: Shaun Oliver, Associate Director, Private Placements; Michael Brown - Associate - Privates, Private Placements; Fred
Sporer - VP Priv Placements-Corporates 
 Emails:
PPUCompliance@metlife.com and fsporer@metlife.com; michael.t.brown@metlife.com; soliver@metlife.com 

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

InvesTrust 
 Attn: Debbie
Sinard 
 5100 N. Classen, Suite 620 

Oklahoma City, OK 73118 
  

	(3)	 Original notes delivered to: 

InvesTrust 
 Attn: Debbie
Sinard 
 5100 N. Classen, Suite 620 

Oklahoma City, OK 73118 

With COPIES OF THE NOTES emailed to nlopez3@metlife.com 
  

	(4)	 Taxpayer I.D. Number: 73-0714500 

	(5)	 UK Passport Treaty Number (if applicable): 13/A/351507/DTTP 

  
 A- 7 

			
	 NAME OF AND ADDRESS

OF PURCHASER
	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED
		
	 THE LINCOLN NATIONAL LIFE INSURANCE COMPANY

 
	  	 $8,000,000
  

  
 REGISTER
SECURITIES IN THE NAME OF: THE LINCOLN NATIONAL LIFE INSURANCE COMPANY 
 (Note: a separate security will be needed for each breakdown
listed below) 
 Tax ID for The Lincoln National Life Insurance Company: 35-0472300 

 
  

SECURITY:    Unitil Opcos, 3.78% Senior Note due 9/15/2040 
  

					
	NOTE	  		  	
	AMOUNT	  	LINCOLN ACCOUNT NAME	  	BANK CUSTODY ACCT #
	8,000,000	  	The Lincoln National Life Insurance Co (Seg 16)	  	216625      

       

 
 PRINCIPAL & INTEREST
PAYMENTS:     

			
		  	The Bank of New York Mellon
	 (via Fed Wire)
	  	 One Wall Street, New York, NY 10286
 ABA #:
021000018
 BENEFICIARY/Account #: GLA 111566
 Acct Name:
The Bank of New York Mellon Private Placement Income Collection
 Bank to Bank Information Ref: insert Custody Account# listed above; 

PPN 665876 D@4 /Sec Desc/ P&I Details
 Reference Registered
Holder: The Lincoln National Life Insurance Company

  
  

					
	 INVESTMENT ADVISER ADDRESS

--ALL COMMUNICATIONS:
	  	 TREASURY OPERATIONS

--NOTICE OF PAYMENT:
	  	 BANK ADDRESS

--NOTICE OF PAYMENT ONLY:

	 Macquarie Investment Management Advisers
 2005
Market Street, Mail Stop 41-104
 Philadelphia, PA 19103

Attn: Fixed Income Private Placements
 Email:
privateplacements@macquarie.com
	  	 Lincoln Financial Group
 1300 South Clinton
St.
 Fort Wayne, IN 46802
 Attn: Inv Acctg–Treasury
Operations
 Email: securities_data_rese@lfg.com
	  	 The Bank of New York Mellon
 P. O. Box
392003
 Pittsburgh, PA 15251-9003
 Attn: Private Placement
P & I Dept
 Ref: Registered Holder/Sec Desc/PPN#

Email: ppservicing@bnymellon.com

  
  

 

			
	 FORWARD SECURITIES TO:
	  	 The Depository Trust Company

	 (via Express Delivery)
	  	 570 Washington Blvd – 5th Floor

		  	 Jersey City, New Jersey 07310

		  	 ATTENTION: BNY MELLON/BRANCH DEPOSIT DEPARTMENT

		  	 (in cover letter reference note amt, acct name, and bank custody account
#)

		
	 Copy of transmittal to:
	  	 shelise.case@lfg.com

	 Copy of notes to:
  
	  	 shelise.case@lfg.com

 

  

  
 A- 8 

			
	 NAME OF AND ADDRESS

OF PURCHASER
	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED
		
	 MINNESOTA LIFE INSURANCE COMPANY

 
 (Bond)
	  	$4,000,000

 The Notes being purchased for Minnesota Life Insurance Company should be registered in the name of
“Hare & Co., LLC”. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler, LLP. 

All notices and statements should be sent electronically via Email to:
privateplacements@securianam.com. If Email is unavailable or if the Email is returned for any reason (including receipt
of a message that the Email is undeliverable), such notice and statements should be sent to the following address: 

Minnesota Life Insurance Company (Bond) 

c/o Securian Asset Management, Inc. 

400 Robert Street North 

St. Paul, MN 55101 

Attn: Client Administrator 

All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be delivered to
the Company by Lender Counsel prior to Closing. If there are any questions regarding the payment instructions, please contact
SecurianAMPrivatesMailbox@securianam.com.

Tax ID # 41-0417830 

  
 A- 9 

			
	 NAME OF AND ADDRESS

OF PURCHASER
	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED
		
	 AMERICAN REPUBLIC INSURANCE COMPANY

 

(Pre-Need)
	  	$500,000

 The Notes being purchased for American Republic Insurance Company should be registered in the name of
“Wells Fargo Bank N.A. FBO American Republic Insurance Company”. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler, LLP. 

All notices and statements should be sent electronically via Email to:
privateplacements@securianam.com. If Email is unavailable or if the Email is returned for any reason (including receipt
of a message that the Email is undeliverable), such notice and statements should be sent to the following address: 

American Republic Insurance Company (Pre-Need) 

c/o Securian Asset Management, Inc. 

400 Robert Street North 

St. Paul, MN 55101 

Attn: Client Administrator 

All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be delivered to
the Company by Lender Counsel prior to Closing. If there are any questions regarding the payment instructions, please contact
SecurianAMPrivatesMailbox@securianam.com.

Tax ID # 42-0113630 

  
 A- 10 

			
	 NAME OF AND ADDRESS

OF PURCHASER
	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED
		
	 BLUE CROSS AND BLUE SHIELD OF FLORIDA, INC.
	  	$500,000

 The Notes being purchased for Blue Cross and Blue Shield of Florida, Inc. should be registered in the name of
“Hare & Co., LLC”. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler, LLP. 

All notices and statements should be sent electronically via Email to:
privateplacements@securianam.com. If Email is unavailable or if the Email is returned for any reason (including receipt
of a message that the Email is undeliverable), such notice and statements should be sent to the following address: 

Blue Cross and Blue Shield of Florida, Inc. 

c/o Securian Asset Management, Inc. 

400 Robert Street North 

St. Paul, MN 55101 

Attn: Client Administrator 

All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be delivered to
the Company by Lender Counsel prior to Closing. If there are any questions regarding the payment instructions, please contact
SecurianAMPrivatesMailbox@securianam.com.

Tax ID # 59-2015694 

  
 A- 11 

			
	 NAME OF AND ADDRESS

OF PURCHASER
	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED
		
	 CATHOLIC LIFE INSURANCE
	  	$500,000

 The Notes being purchased for Catholic Life Insurance should be registered in the name of
“Waterthrush & Co.”. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler, LLP. 

All notices and statements should be sent electronically via Email to:
privateplacements@securianam.com. If Email is unavailable or if the Email is returned for any reason (including receipt
of a message that the Email is undeliverable), such notice and statements should be sent to the following address: 

Catholic Life Insurance 

c/o Securian Asset Management, Inc. 

400 Robert Street North 

St. Paul, MN 55101 

Attn: Client Administrator 

All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be delivered to
the Company by Lender Counsel prior to Closing. If there are any questions regarding the payment instructions, please contact
SecurianAMPrivatesMailbox@securianam.com.    

Tax ID # 74-0548665 

  
 A- 12 

			
	 NAME OF AND ADDRESS

OF PURCHASER
	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED
		
	 CATHOLIC UNITED FINANCIAL
	  	$500,000

 The Notes being purchased for Catholic United Financial should be registered in the name of
“Band & Co”. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler, LLP. 

All notices and statements should be sent electronically via Email to:
privateplacements@securianam.com. If Email is unavailable or if the Email is returned for any reason (including receipt
of a message that the Email is undeliverable), such notice and statements should be sent to the following address: 

Catholic United Financial 

c/o Securian Asset Management, Inc. 

400 Robert Street North 

St. Paul, MN 55101 

Attn: Client Administrator 

All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be delivered to
the Company by Lender Counsel prior to Closing. If there are any questions regarding the payment instructions, please contact
SecurianAMPrivatesMailbox@securianam.com.

Tax ID # 41-0182070 

  
 A- 13 

			
	 NAME OF AND ADDRESS

OF PURCHASER
	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED
		
	 ROYAL NEIGHBORS OF AMERICA
	  	$500,000

 The Notes being purchased for Royal Neighbors of America should be registered in the name of
“ELL & Co.”. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler, LLP. 

All notices and statements should be sent electronically via Email to:
privateplacements@securianam.com. If Email is unavailable or if the Email is returned for any reason (including receipt
of a message that the Email is undeliverable), such notice and statements should be sent to the following address: 

Royal Neighbors of America 

c/o Securian Asset Management, Inc. 

400 Robert Street North 

St. Paul, MN 55101 

Attn: Client Administrator 

All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be delivered to
the Company by Lender Counsel prior to Closing. If there are any questions regarding the payment instructions, please contact
SecurianAMPrivatesMailbox@securianam.com.

Tax ID # 36-1711198 

  
 A- 14 

			
	 NAME OF AND ADDRESS

OF PURCHASER
	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED
		
	 WESTERN FRATERNAL LIFE ASSOCIATION
	  	$500,000

 The Notes being purchased for Western Fraternal Life Association should be registered in the name of
“Hubb & Co.”. The Notes should be delivered in accordance with instructions furnished to lender counsel, Chapman and Cutler, LLP. 

All notices and statements should be sent electronically via Email to:
privateplacements@securianam.com. If Email is unavailable or if the Email is returned for any reason (including receipt
of a message that the Email is undeliverable), such notice and statements should be sent to the following address: 

Western Fraternal Life Association 

c/o Securian Asset Management, Inc. 

400 Robert Street North 

St. Paul, MN 55101 

Attn: Client Administrator 

All payments on account of the Notes shall be made by wire transfer of immediately available funds pursuant to instructions to be delivered to
the Company by Lender Counsel prior to Closing. If there are any questions regarding the payment instructions, please contact
SecurianAMPrivatesMailbox@securianam.com.    

Tax ID # 42-0594470 

  
 A- 15 

			
	 NAME OF AND ADDRESS

OF PURCHASER
	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED
		
	 THRIVENT FINANCIAL FOR LUTHERANS
	  	$5,000,000

 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 (PPN 665876 D@4) 

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: Chris Patton 

Thrivent Financial for Lutherans     

901 Marquette Avenue, Suite 2500     

Minneapolis, MN 55402     

Fax: (612) 844-4027     

Email:
privateinvestments@thrivent.com     

With a copy to: 

Attn: Jeremy Anderson or Harmon Bergenheier 

Thrivent Financial for Lutherans     

901 Marquette Avenue, Suite 2500     

Minneapolis, MN 55402     

Email:
boxprivateplacement@thrivent.com 

All other communications to: 

Thrivent Financial for Lutherans 

Attn: Investment Division-Private Placements 

901 Marquette Avenue, Suite 2500     

Minneapolis, MN 55402     

Fax: (612) 844-4027 

Email:
privateinvestments@thrivent.com     

Issue Notes in name of: 

Thrivent Financial for Lutherans 

Taxpayer ID Number(s): 

39-0123480 

  
 A- 16 

 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
boxprivateplacementlegal@thrivent.com 

  
 A- 17 

			
	 NAME OF AND ADDRESS

OF PURCHASER
	  	PRINCIPAL AMOUNT OF
NOTES TO BE PURCHASED
		
	 PACIFIC LIFE INSURANCE
COMPANY
	  	$4,000,000

 Mac & Co., as nominee for Pacific Life Insurance Company 

See instructions on following page. 

  
 A- 18 

					
	PACIFIC LIFE INSURANCE COMPANY	  		  	 

 Delivery/Registration Instructions 

Account Information: 

			
	 Nominee Name:
	 	 Mac & Co

	 Tax ID#:
	 	 95-1079000

 Please include all information to ensure proper delivery of certificates and P & 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:
	 	 SA 80 – INSURED LDI

	 Account Number:
	 	 7147618400

 For Payment of Principal & Interest: 

Bank: The Bank of New York Mellon 
 ABA: 021000018 

Acct Number: GLA 111566 
 Acct Name: The Bank of New York Mellon
– P&I Dept 
 ** Include CUS1P, security description and P&I breakdown. ** 

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

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

 One Mellon Bank Center - Room 1130 
 Pittsburgh, PA
15258-0001  
 And 
 Pacific Life Insurance
Company 
 Attn: IM – Cash Team 
 700 Newport Center Drive

 Newport Beach, CA 92660 
 Fax: 949-718-5845 

 

					
	All other communications shall be addressed to:	  		  	
	Pacific Life Insurance Company	  		  	
	Attn: IM – Credit Analysis	  		  	 

	700 Newport Center Drive	  		  	 Dominic Faso

	Newport Beach, CA 92660-6397	  		  	 AVP & Asst Treasurer

	PrivatePlacementCompliance@PacificLife.com	  		  	

  
 A- 19 

			
	 NAME OF AND ADDRESS

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

  

	1.	 Notes to be registered in the name of 

UNITED OF OMAHA LIFE INSURANCE COMPANY 
  

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

 

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

 JPMorgan Chase Bank 

ABA #021000021 

Private Income Processing 

For credit to: 

United of Omaha Life Insurance Company 

Account # 900-9000200 

a/c: G07097 

Cusip/ PPN 665876 D@4 

Interest Amount: 

Principal Amount: 
  

	4.	 Address for delivery of bonds: 

JPMorgan Chase Bank 

4 Chase Metrotech Center, 3rd Floor 

Brooklyn, NY 11245-0001 

Attention:    Physical Receive Department 

Account# G07097 

**It is imperative that the custody account be included on the delivery letter. Without this information, the security will
be returned to the sender. 
 5.        Address for all notices in respect of payment of Principal
and Interest, Corporate Actions, and Reorganization Notifications: 
 JPMorgan Chase Bank 

4 Chase Metrotech Center, 16th Floor 

Brooklyn, NY 11245-0001 

Attn: Income Processing 

a/c: G07097 

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

United of Omaha Life Insurance Company 

3300 Mutual of Omaha Plaza 

Omaha, NE 68175-1011 

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

  
 A- 20 

 DEFINED TERMS 

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

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

“Agreement” means this Agreement, including all Schedules attached to this Agreement, as it may be
amended, restated, supplemented or otherwise modified from time to time. 
 “Anti-Corruption Laws” means any law or regulation in a U.S. or any non-U.S. jurisdiction regarding bribery or any other corrupt activity, including the U.S. Foreign
Corrupt Practices Act and the U.K. Bribery Act 2010. 
 “Anti-Money
Laundering Laws” means any law or regulation in a U.S. or any non-U.S. jurisdiction regarding money laundering, drug trafficking, terrorist-related activities
or other money laundering predicate crimes, including the Currency and Foreign Transactions Reporting Act of 1970 (otherwise known as the Bank Secrecy Act) and the USA PATRIOT Act. 

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

  
 SCHEDULE B

 (to Note Purchase Agreement) 

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

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

“Closing” is defined in Section 3. 

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

“Confidential Information” is defined in Section 20. 

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

“Default” means an event or condition the occurrence or existence of which would, with the lapse of time or
the giving of notice or both, become an Event of Default. 
 “Default Rate” means, with respect to the
Notes, that rate of interest per annum that is the greater of (i) 2% above the rate of interest stated in clause (a) of the first paragraph of the Notes or (ii) 2% over the rate of interest publicly announced by Bank of America, N.A.
in Charlotte, North Carolina as its “base” or “prime” rate. 
 “Disclosure Documents”
is defined in Section 5.3. 
 “EDGAR” means the SEC’s Electronic Data
Gathering, Analysis and Retrieval System or any successor SEC electronic filing system for such purposes. 

“Electronic Delivery” is defined in Section 7.1(a)(ii). 

  
 B-2 

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

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

“Event of Default” is defined in Section 11. 

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

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

“Form 10-K” is defined in
Section 7.1(b)(ii). 
 “Form 10-Q”
is defined in Section 7.1(a)(ii). 
 “Funded Indebtedness” of any Person as of
any date as of which the amount thereof is to be determined, means (i) all Indebtedness of such Person required to be paid more than one year from the date as of which Funded Indebtedness is being determined pursuant to the terms of the
agreement or instrument under which such Indebtedness was incurred, but there shall be excluded sinking fund, serial maturity, periodic installment and amortization payments on account of Indebtedness which are required to be made within one year
from the date of such determination and (ii) all Guaranties of Funded Indebtedness of others described in clause (i) of this definition. Notwithstanding the foregoing, Funded Indebtedness shall not include: (a) obligations
under contracts for the purchase of gas and energy supply, including transportation charges or Guaranties in respect of such obligations; (b) pension and benefit obligations, whether or not absolute or contingent or included, in accordance with
GAAP, in determining total liabilities on the balance sheet; (c) amounts owed to or by the Company or any 

  
 B-3 

 Subsidiary under the Cash Pooling and Loan Agreement; and (d) all obligations under
operating leases. 
 “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 

  
 B-5 

 
ordinary course of business, but, in any event, including all liabilities created or arising under any conditional sale or other title retention agreement with respect to any such property); and

 (e)    without duplication, any Guaranty of such Person with respect to liabilities
of a type described in any of clauses (a) through (d) above; 
 provided, that notwithstanding anything to the contrary
in the foregoing, Indebtedness of the Company shall not include (A) its obligations under contracts for the purchase by it of gas (including propane and liquefied natural gas) or electric energy or capacity, including transmission charges,
(B) lease obligations of the Company or any Subsidiary, and (C) pension and other obligations of the Company or any Subsidiary with respect to benefits provided to employees of the Company and its Subsidiaries, regardless of whether such
obligations are absolute or contingent or included, in accordance with GAAP, in determining total liabilities as shown on the liability side of a balance sheet of the Company. 

“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, 

  
 B-6 

 (a)    the Bank Credit Agreement,
including any renewals, extensions, amendments, supplements, restatements, replacements or refinancing thereof; and 

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

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

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

“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. 

  
 B-7 

 “Person” means an individual, partnership, corporation,
limited liability company, association, trust, unincorporated organization, business entity or Governmental Authority. 

“Plan” means an “employee benefit plan” (as defined in section 3(3) of ERISA) subject to
Title I of ERISA that is or, within the preceding five years, has been established or maintained, or to which contributions are or, within the preceding five years, have been made or required to be made, by the Company or any ERISA Affiliate or
with respect to which the Company or any ERISA Affiliate may have any liability. 
 “Preferred Stock” means
any class of capital stock of a Person that is preferred over any other class of capital stock (or similar equity interests) of such Person as to the payment of dividends or the payment of any amount upon liquidation or dissolution of such Person.

 “property” or “properties” means, unless otherwise specifically limited, real or
personal property of any kind, tangible or intangible, choate or inchoate. 
 “PTE” is defined in
Section 6.2(a). 
 “Purchaser” is defined in the first paragraph of this
Agreement. 
 “Qualified Institutional Buyer” means any Person who is a “qualified institutional
buyer” within the meaning of such term as set forth in Rule 144A(a)(1) under the Securities Act. 
 “QPAM
Exemption” is defined in Section 6.2(d). 
 “Related Fund” means, with
respect to any holder of any Note, any fund or entity that (i) invests in Securities or bank loans, and (ii) is advised or managed by such holder, the same investment advisor as such holder or by an affiliate of such holder or such
investment advisor. 
 “Required Holders” means at any time on or after the Closing, the holders of at
least a majority in principal amount of the Notes at the time outstanding (exclusive of Notes then owned by the Company or any of its Affiliates). 

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

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

“Securities” or “securities” shall have the meaning specified in section 2(1) of the
Securities Act. 
 “Securities Act” means the Securities Act of 1933, as amended from time to time, and the
rules and regulations promulgated thereunder from time to time in effect. 

  
 B-8 

 “Senior Financial Officer” means the chief financial
officer, principal accounting officer, treasurer or comptroller of the Company or of Unitil, as applicable. 

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

“Source” is defined in Section 6.2. 

“Subsidiary” means, as to any Person, any other Person in which such first Person or one or more of its
Subsidiaries or such first Person and one or more of its Subsidiaries owns sufficient equity or voting interests to enable it or them (as a group) ordinarily, in the absence of contingencies, to elect a majority of the directors (or Persons
performing similar functions) of such second Person, and any partnership or joint venture if more than a 50% interest in the profits or capital thereof is owned by such first Person or one or more of its Subsidiaries or such first Person and one or
more of its Subsidiaries (unless such partnership or joint venture can and does ordinarily take major business actions without the prior approval of such Person or one or more of its Subsidiaries). Unless the context otherwise clearly requires, any
reference to a “Subsidiary” is a reference to a Subsidiary of the Company. 
 “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 

Note Purchase Agreement, dated September 15, 2020. 

The financial statements listed in Schedule 5.5. 

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, 2018.

 Unitil Corporation’s Annual Report on Form 10-K for the fiscal year ended December 31,
2019. 
 Unitil Corporation’s Quarterly Report on Form 10-Q for the quarter ended
March 31, 2020. 
 Unitil Corporation’s Quarterly Report on Form 10-Q for the quarter
ended June 30, 2020. 
 Unitil Corporation’s Current Reports on Form 8-K that were filed
with the Securities and Exchange Commission on or after January 1, 2020. 

  
 SCHEDULE
5.3 
 (to Note Purchase Agreement) 

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

Unitil Energy Systems, Inc. 

Fitchburg Gas and Electric Light Company 

Unitil Power Corp. 

Unitil Realty Corp. 

Unitil Service Corp. 

Unitil Resources, Inc. 

Granite State Gas Transmission, Inc. 

Fitchburg Energy Development Company 

(a) (iii)    Directors and Officers. 
  

			
	 Directors
	  	 
	 Winfield S. Brown
	  	
	 Mark H. Collin
	  	
	 Lisa Crutchfield
	  	
	 Suzanne Foster
	  	
	 Edward F. Godfrey
	  	
	 Michael B. Green
	  	
	 Thomas P. Meissner, Jr.
	  	
	 Eben S. Moulton
	  	
	 Justine Vogel
	  	
	 David A. Whiteley
	  	
		
	 Officers
	  	 Title

	 Thomas P. Meissner, Jr.
	  	 President

	 Robert B. Hevert
	  	 Senior Vice President

	 Todd R. Black
	  	 Senior Vice President

	 Laurence M. Brock
	  	 Senior Vice President

	 Daniel J. Hurstak
	  	 Controller

	 Todd R. Diggins
	  	 Treasurer

	 Sandra L. Whitney
	  	 Secretary

	 Justin Eisfeller
	  	 Vice President

	 Robert S. Furino
	  	 Vice President

	 Christopher J. Leblanc
	  	 Vice President

	 Raymond J. Letourneau, Jr.
	  	 Vice President

  
 SCHEDULE
5.4 
 (to Note Purchase Agreement) 

 FINANCIAL STATEMENTS 

Audited Financial Statements of Northern Utilities, Inc. as of December 31, 2019. 

Unaudited and Condensed Financial Statements of Northern Utilities, Inc. as of and for the Three Months Ended March 31, 2020. 

Unaudited and Condensed Financial Statements of Northern Utilities, Inc. as of and for the Six Months Ended June 30, 2020. 

  
 SCHEDULE
5.5 
 (to Note Purchase Agreement) 

 EXISTING INDEBTEDNESS 

Existing Indebtedness (as of June 30, 2020) 

 

									
	BORROWER/OBLIGOR	  	LENDER/CREDITOR	  	
DESCRIPTION

AND

MATURITY
	  	
BALANCE

(USD)
	  	
DESCRIPTION

OF SECURITY

OR OTHER

CREDIT

SUPPORT

	Northern Utilities, Inc.	  	 Various institutional

investors.
	  	7.72% Senior Notes, Due December 3, 2038	  	$50,000,000	  	None
	Northern Utilities, Inc.	  	 Various institutional

investors.
	  	4.42% Senior Notes, Due October 15, 2044	  	$50,000,000	  	None
	Northern Utilities, Inc.	  	Various institutional investors	  	3.52% Senior Notes, Due November 1, 2027	  	$20,000,000	  	None
	Northern Utilities, Inc.	  	Various institutional investors	  	4.32% Senior Notes, Due November 1, 2047	  	$30,000,000	  	None
	Northern Utilities, Inc.	  	Various institutional investors	  	4.04% Senior Notes, Due September 12, 2049	  	$40,000,000	  	None
	Northern Utilities, Inc.	  	Unitil and certain of its subsidiaries	  	Cash Pooling and Loan Agreement, as amended and restated to date	  	$25,298,270	  	None

 The Company is a party to, or otherwise subject to provisions contained in, instruments evidencing the
Indebtedness of the Company set forth on this Schedule 5.15 and/or 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 

Existing Funded Indebtedness (as of June 30, 2020) 

 

									
	BORROWER/OBLIGOR	  	LENDER/CREDITOR	  	
DESCRIPTION

AND

MATURITY
	  	
BALANCE

(USD)
	  	
DESCRIPTION

OF SECURITY

OR OTHER

CREDIT

SUPPORT

	Northern Utilities, Inc.	  	 Various institutional

investors.
	  	7.72% Senior Notes, Due December 3, 2038	  	$50,000,000	  	None
	Northern Utilities, Inc.	  	 Various institutional

investors.
	  	4.42% Senior Notes, Due October 15, 2044	  	$50,000,000	  	None
	Northern Utilities, Inc.	  	Various institutional investors	  	3.52% Senior Notes, Due November 1, 2027	  	$20,000,000	  	None
	Northern Utilities, Inc.	  	Various institutional investors	  	4.32% Senior Notes, Due November 1, 2047	  	$30,000,000	  	None
	Northern Utilities, Inc.	  	Various institutional investors	  	4.04% Senior Notes, Due September 12, 2049	  	$40,000,000	  	None

  
 SCHEDULE
10.1 
 (to Note Purchase Agreement) 

 EXISTING LIENS 

None. 

  
 SCHEDULE
10.2 
 (to Note Purchase Agreement) 

 [FORM OF SERIES 2020 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. 

3.78% SENIOR NOTE, SERIES 2020, DUE SEPTEMBER 15, 2040

  

			
	 No. [_____]
	  	____________, 2020
	 $[_______]
	  	PPN 665876 D@4

 FOR VALUE RECEIVED, the undersigned, Northern
Utilities, Inc. (herein called the “Company”), a corporation organized and existing under the laws of the State of New Hampshire, hereby promises to pay to [____________], or registered assigns, the principal sum of
[_____________________] Dollars (or so much thereof as shall not have been prepaid) on September 15, 2040 (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 3.78% per annum from the date hereof, payable semiannually, on the fifteenth day of September and March in each year, commencing with
the March 15 or September 15 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) 5.78% 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 

  
 EXHIBIT 1

 (to Note Purchase Agreement) 

 
designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below. 

This Note is one of a series of Senior Notes (herein called the “Notes”) issued pursuant to, and subject to,
the Note Purchase Agreement, dated as of September 15, 2020 (as from time to time amended, the “Note Purchase Agreement”), between the Company and the respective Purchasers named therein and is entitled to the benefits thereof.
Each holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and (ii) made the representation set forth in
Section 6.2 of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement. 

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

  
 1-2 

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

			
	 NORTHERN UTILITIES, INC.

		
	 By
	 	  

		 	 Name:

		 	 Title:

  
 1-3 

 FORM OF OPINION OF
SPECIAL COUNSEL 
 TO THE COMPANY 

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

1.        The offer and sale of the Notes as contemplated by the Agreement are not required to be
registered under the Securities Act of 1933, as amended. 
 2.        To our knowledge, the
execution and delivery by the Company of the Agreement and the performance by the Company of its obligations thereunder and the consummation of the transaction contemplated thereby, did not, and do not (i) violate any agreements or other
instruments listed on Schedule 5.15 of the Agreement to which the Company is a party or by which the Company is bound that constitute outstanding Indebtedness of the Company, (ii) violate any New York State or federal law, rule or regulation of
any governmental authority applicable to the Company, and (iii) require the Company to obtain any approval, consent or waiver of, or make any filing with, any New York State or federal governmental agency or body (other than (a) approvals,
consents or waivers already obtained or filings already made, (b) filing of financing statements under the Uniform Commercial Code and (c) approvals, consents, waivers, authorizations or orders under federal or state securities or blue sky
laws as to which we express no opinion). 
 3.        The Agreement, assuming the necessary entity
power and authority, authorization, execution, authentication and delivery of and by the Company, is a valid and binding obligation of the Company and is enforceable under the laws of the State of New York against the Company in accordance with its
terms. 
 4.        The Notes, assuming the necessary entity power and authority, authorization,
execution, authentication and delivery of and by the Company in accordance with the Agreement, will be valid and binding obligations of the Company and will be enforceable against the Company under the laws of the State of New York in accordance
with their terms. 
 5.        The Company is not required to register as an “investment
company” under the Investment Company Act of 1940, as amended. 
 6.        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 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. 
 7.        To our
knowledge, there is no action, suit, governmental inquiry, investigation or other proceeding pending or overtly threatened (as that term is used in clause (a) of paragraph 5 of the Statement of Policy Regarding Lawyer’s Responses to
Auditor’s Requests for Information) against the Company in writing against the Company that relates to the consummation by the Company of the transactions contemplated by the Transaction Documents except those that (a) individually do not
in any manner draw into question the validity of the Agreement or the Notes 

  
 EXHIBIT
4.4(a) 
 (to Note Purchase Agreement) 

 
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
Agreement or the Notes. 

  
 4.4(a)-2 

 FORM OF OPINION OF
GARY EPLER, 
 CHIEF REGULATORY COUNSEL FOR
UNITIL SERVICE CORP. 
 The following or substantively similar opinions are
to be provided by Gary Epler, Chief Regulatory Counsel for Unitil Service Corp., subject to customary assumptions, limitations and qualifications. All capitalized terms used herein without definition shall have the meanings ascribed thereto in the
Note Purchase Agreement. 
 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 Documents 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 Documents, (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 Law 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
Transactions or the performance by the Company of its obligations under the Note Purchase Agreement, except for (i) federal securities laws, as to which I express no opinion, (ii) state securities or blue sky laws, as to which I express no
opinion, and (iii) those already obtained or made. 
 5.        Except as set forth in the
Disclosure Documents, and without investigation, analysis, or review of court or other public records, to my knowledge, there is no litigation, proceeding or governmental investigation pending or threatened in writing against the Company that
relates to the consummation by the Company of the Transactions except litigation or investigations that (a) individually do not in any manner draw into question the validity of the Note Purchase Agreement or the Notes or (b) in the
aggregate, if adversely determined, could not be reasonably expected to materially and adversely affect the Company’s ability to perform its obligations under the Note Purchase Agreement or the Notes. 

  
 EXHIBIT
4.4(b) 
 (to Note Purchase Agreement) 

 FORM OF OPINION OF
SPECIAL COUNSEL 
 TO THE PURCHASERS 

To be provided to the Purchasers only. 

  
 EXHIBIT
4.4(c) 
 (to Note Purchase Agreement) 

 EXHIBIT 15.3 

[FORM OF] U.S. TAX COMPLIANCE CERTIFICATE 

Reference is hereby made to the Note Purchase Agreement dated as of September 15, 2020 (as amended, supplemented or
otherwise modified from time to time, the “Note Purchase Agreement”), among Northern Utilities, Inc., a New Hampshire corporation (the “Company”) and the holders of Notes that are
signatories thereto. 
 Unless otherwise defined herein, capitalized terms defined in the Note Purchase Agreement and used
herein have the meanings given to them in the Note Purchase Agreement. 
 Pursuant to the provisions of Section 15.3 of
the Note Purchase Agreement, the undersigned hereby certifies that: 
  

	 	(i)	 it is the sole record and beneficial owner of the Notes in respect of which it is providing this
certificate; 

  

	 	(ii)	 it is not a bank within the meaning of Section 881(c)(3)(A) of the Code; 

 

	 	(iii)	 it is not a ten percent shareholder of the Company within the meaning of Section 871(h)(3)(B) of the
Code; and 

  

	 	(iv)	 it is not a controlled foreign corporation related to the Company as described in Section 881(c)(3)(C)
of the Code. 

 The undersigned has furnished the Company with a certificate of its non-U.S. Person status on IRS W-8BEN-E. 
  

			
	 [•]

		
	 By:
	 	  

		 	 Name:

		 	 Title:

 Date: ________ __, [•] 

  
 EXHIBIT
15.3 
 (to Note Purchase Agreement)

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