Document:

Exhibit 4.1

 

PUBLIC SERVICE COMPANY

OF NEW HAMPSHIRE,

doing business as EVERSOURCE ENERGY,

AND

U.S. BANK NATIONAL ASSOCIATION,

 

Successor to WACHOVIA BANK, NATIONAL ASSOCIATION

 

and to FIRST UNION NATIONAL BANK

 

Formerly Known as FIRST FIDELITY BANK, NATIONAL
ASSOCIATION,

NEW JERSEY

 

Successor to BANK OF NEW ENGLAND, NATIONAL
ASSOCIATION

(Formerly Known as NEW ENGLAND MERCHANTS
NATIONAL BANK)

and to

NEW BANK OF NEW ENGLAND, NATIONAL ASSOCIATION,
TRUSTEE

 

TWENTY-THIRD SUPPLEMENTAL INDENTURE

Dated as of August 1, 2020

 

TO ISSUE SERIES U

FIRST MORTGAGE BONDS

 

 

$150,000,000 First Mortgage Bonds, Series U,
due 2050

 

     

     

    

 

TABLE OF CONTENTS

 

		 	Page
	 	 	 
	Date and Parties	 
	 	Recitals	1
	 	Granting Clauses	2
	 	Exceptions	4
	 	Habendum	4
	 	Declaration in Trust	4
	 	 	4
	ARTICLE 1       SERIES U BONDS	 
	 	1.01       Designation; Amount	5
	 	1.02       Form of Series U Bonds; Global Security; Depository for Global Securities	5
	 	1.03       Provisions of Series U Bonds; Interest Accrual	5
	 	1.04       Transfer and Exchange of Series U Bonds	6
	 	1.05       Redemption of the Series U Bonds	7
	 	1.06       Effect of Event of Default	8
	 	1.07       Payment Date Not a Business Day	8
	 	1.08       Consent to Amendment and Restatement of Mortgage Indenture 	9
	 	 	 
	ARTICLE 2 MISCELLANEOUS PROVISIONS	 
	 	2.01       Recitals	9
	 	2.02       Benefits of Twenty-Third Supplemental Indenture	9
	 	2.03       Effect of Twenty-Third Supplemental Indenture	9
	 	2.04       Termination	9
	 	2.05       Trust Indenture Act	9
	 	2.06       Counterparts	9
	 	2.07       Notices	10
	 	2.08       Definitions	10

 

Testimonium

Signatures

 

Schedule A  - Form of Series U Bonds

Schedule
B   - Description
of Certain Properties Acquired Since June 1, 2019

 

Acknowledgments

Endorsement      

 

     

     

    

 

THIS TWENTY-THIRD SUPPLEMENTAL INDENTURE
dated as of August 1, 2020, between PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE, doing business as Eversource Energy (with its successors
and assigns, the “Company”), a corporation duly organized and existing under the laws of the State of New Hampshire,
having its principal place of business at Energy Park, 780 North Commercial Street in Manchester, New Hampshire 03101, and U.S.
BANK NATIONAL ASSOCIATION (as successor to Wachovia Bank, National Association, and by merger to First Union National Bank, formerly
known as First Fidelity Bank, National Association, New Jersey, successor in trust to Bank of New England, National Association
(formerly known as New England Merchants National Bank) and to New Bank of New England, National Association), said U.S. BANK NATIONAL
ASSOCIATION being a national banking association duly organized and existing under the laws of the United States of America having
a corporate trust office at 333 Thornall Street, Fourth Floor, Edison, New Jersey 08837 and duly authorized to execute the trusts
hereof (with its successors in trust, the “Trustee”), as trustee under the First Mortgage Indenture, dated August 15,
1978 (as heretofore amended, including as amended and restated on June 1, 2011, being hereinafter generally called the “Mortgage
Indenture” and, together with each and every prior indenture supplemental thereto and each and every other instrument, including
this Twenty-Third Supplemental Indenture, supplemental to the Mortgage Indenture, as the “Indenture”).

 

WHEREAS, the Company has previously executed
and delivered to the Trustee twenty-two supplemental indentures which are part of the Indenture for the purposes recited therein
and for the purpose of issuing bonds under the Indenture, the currently outstanding series of which are set forth in the following
table:

 

	Supplemental
    

Indenture No.	 	Dated
                                         
 as
of 
	 	Series	 	Series Designation	 	Principal
                                         Amount
 Authorized 
	 	 	Principal
                                         Amount
 Issued 
	 	 	Principal
    Amount Outstanding	 
	Fourteenth	 	October 1, 2005	 	Series M	 	5.60% First Mortgage Bonds (Series M, due 2035)	 	$	50,000,000	 	 	$	50,000,000	 	 	$	50,000,000	 
	Eighteenth	 	May 1, 2011	 	Series Q	 	4.05% First Mortgage Bonds (Series Q, due 2021)	 	$	122,000,000	 	 	$	122,000,000	 	 	$	122,000,000	 
	Nineteenth	 	September 1, 2011	 	Series R	 	3.20% First Mortgage Bonds (Series R, due 2021)	 	$	160,000,000	 	 	$	160,000,000	 	 	$	160,000,000	 
	Twentieth	 	November 1, 2013	 	Series S	 	3.50% First Mortgage Bonds (Series S, due 2023)	 	$	250,000,000	 	 	$	250,000,000	 	 	$	250,000,000	 
	Twenty-First	 	October 1, 2014	 	Series S	 	3.50% First Mortgage Bonds (Series S, due 2023)	 	$	75,000,000	 	 	$	75,000,000	 	 	$	75,000,000	 
	Twenty-Second	 	June 1, 2019	 	Series T	 	3.60% First Mortgage Bonds (Series T, due 2049)	 	$	300,000,000	 	 	$	300,000,000	 	 	$	300,000,000	 
	 	 	 	 	 	 	Total Principal Amount Outstanding:	 	 	$	957,000,000	 

 

    1

     

    

 

WHEREAS, the execution and delivery of this
Twenty-Third Supplemental Indenture and the issue of not exceeding initially $150,000,000 in aggregate principal amount of the
Company’s First Mortgage Bonds, Series U (hereinafter generally referred to as the “Series U Bonds”
or the “bonds of Series U”), and other necessary actions have been duly authorized by the Board of Directors of
the Company;

 

WHEREAS, the Company proposes to execute
and deliver this Twenty-Third Supplemental Indenture (i) to provide for the issue of the bonds of Series U and confirm the
lien of the Indenture on the property referred to below, all as permitted by Section 1301 of the Mortgage Indenture and (ii) to
provide for the future amendment and restatement of the Mortgage Indenture as provided in Section 1.08 hereof;

 

WHEREAS, the Company has purchased, constructed
or otherwise acquired certain additional property not heretofore specifically described in the Indenture but which is and is intended
to be subject to the lien thereof, and proposes specifically to subject such additional property to the lien of the Indenture at
this time;

 

WHEREAS, all acts and things necessary to
make the initial issue of the Series U Bonds, when executed by the Company and authenticated by the Trustee and delivered
as in the Mortgage Indenture provided, the legal, valid and binding obligations of the Company according to their terms and to
make this Twenty-Third Supplemental Indenture a legal, valid and binding instrument for the security of the bonds, in accordance
with its and their terms, have been done and performed, and the execution and delivery of this Twenty-Third Supplemental Indenture
has in all respects been duly authorized;

 

NOW, THEREFORE, in consideration of
the premises, and of the acceptance of said Series U Bonds by the holder thereof, and of the sum of $1.00 duly paid by
the Trustee to the Company, and of other good and valuable considerations, the receipt whereof is hereby acknowledged, and in
confirmation of and supplementing the Mortgage Indenture as previously supplemented, amended and restated by said twenty-two
preceding supplemental indentures, and in performance of and compliance with the provisions thereof, said Public Service
Company of New Hampshire, doing business as Eversource Energy, by these presents, does give, grant, bargain, sell, transfer,
assign, pledge, mortgage and convey unto U.S. Bank National Association, as Trustee, as provided in the Mortgage Indenture,
as previously supplemented, amended and restated and as supplemented by this Twenty-Third Supplemental Indenture, and its
successor or successors in the trust thereby and hereby created, and its and their assigns, (a) all and singular the
property, and rights and interests in property, described in the Mortgage Indenture and the twenty-two preceding supplemental
indentures and thereby conveyed, pledged, assigned, transferred and mortgaged, or intended so to be (said descriptions in
said Mortgage Indenture being hereby made a part hereof to the same extent as if set forth herein at length), whether then or
now owned or thereafter or hereafter acquired, except such of said properties or interests therein as may have been released
or sold or disposed of in whole or in part as permitted by the provisions of the Mortgage Indenture, and (b) also, but
without in any way limiting the generality of the foregoing, all the right, title and interest of the Company, now owned or
hereafter acquired, in and to the rights, titles, interests and properties described or referred to in Schedule B
hereto attached and hereby made a part hereof as fully as if set forth herein at length, in all cases not specifically
reserved, excepted and excluded; the foregoing property, and rights and interests in property, being located in the following
listed municipalities in New Hampshire and unincorporated areas in Coös County, New Hampshire, Oxford and York counties
in the State of Maine, as well as in various municipalities in the State of Vermont and elsewhere:

 

    2

     

    

 

BELKNAP COUNTY — Alton, Barnstead,
Belmont, Center Harbor, Gilford, Gilmanton, Laconia, Meredith, New Hampton, Sanbornton, Tilton;

 

CARROLL COUNTY — Albany, Brookfield,
Chatham, Conway, Eaton, Effingham, Freedom, Madison, Moultonboro, Ossipee, Sandwich, Tamworth, Tuftonboro, Wakefield, Wolfeboro;

 

CHESHIRE COUNTY — Alstead, Chesterfield,
Dublin, Fitzwilliam, Gilsum, Harrisville, Hinsdale, Jaffrey, Keene, Marlborough, Marlow, Nelson, Richmond, Rindge, Roxbury, Stoddard,
Sullivan, Surry, Swanzey, Troy, Westmoreland, Winchester;

 

COÖS COUNTY — Bean’s Grant,
Berlin, Cambridge, Carroll, Chandler’s Purchase, Clarksville, Colebrook, Columbia, Crawford’s Purchase, Dalton, Dummer,
Errol, Gorham, Green’s Grant, Jefferson, Lancaster, Martin’s Location, Milan, Millsfield, Northumberland, Pinkham’s
Grant, Pittsburg, Randolph, Shelburne, Stark, Stewartstown, Stratford, Success, Thompson & Meserve’s Purchase, Wentworth’s
Location, Whitefield;

 

GRAFTON COUNTY — Alexandria, Ashland,
Bath, Bethlehem, Bridgewater, Bristol, Campton, Easton, Enfield, Franconia, Grafton, Hanover, Haverhill, Hebron, Holderness, Landaff,
Lincoln, Lisbon, Littleton, Lyman, Lyme, Orange, Orford, Piermont, Plymouth, Rumney, Sugar Hill, Thornton, Woodstock;

 

HILLSBOROUGH COUNTY — Amherst, Antrim,
Bedford, Bennington, Brookline, Deering, Francestown, Goffstown, Greenfield, Greenville, Hancock, Hillsborough, Hollis, Hudson,
Litchfield, Lyndeborough, Manchester, Mason, Merrimack, Milford, Mont Vernon, Nashua, New Boston, New Ipswich, Pelham, Peterborough,
Sharon, Temple, Weare, Wilton, Windsor;

 

MERRIMACK COUNTY — Allenstown, Andover,
Boscawen, Bow, Bradford, Canterbury, Chichester, Concord, Danbury, Dunbarton, Epsom, Franklin, Henniker, Hill, Hooksett, Hopkinton,
Loudon, Newbury, New London, Northfield, Pembroke, Pittsfield, Salisbury, Sutton, Warner, Webster, Wilmot;

 

ROCKINGHAM COUNTY — Auburn, Atkinson,
Brentwood, Candia, Chester, Danville, Deerfield, Derry, East Kingston, Epping, Exeter, Fremont, Greenland, Hampstead, Hampton,
Hampton Falls, Kensington, Kingston, Londonderry, New Castle, Newfields, Newington, Newmarket, Newton, North Hampton, Northwood,
Nottingham, Portsmouth, Raymond, Rye, Sandown, Seabrook, South Hampton, Stratham, Windham;

 

STRAFFORD COUNTY — Barrington, Dover,
Durham, Farmington, Lee, Madbury, Middleton, Milton, New Durham, Rochester, Rollinsford, Somersworth, Strafford;

 

    3

     

    

 

 

SULLIVAN COUNTY — Charlestown, Claremont,
Cornish, Croydon, Goshen, Grantham, Lempster, Newport, North Charleston, Plainfield, Springfield, Sunapee, Unity, Washington;

 

SUBJECT, HOWEVER, as to all of the foregoing,
to the specific rights, privileges, liens, encumbrances, restrictions, conditions, limitations, covenants, interests, reservations,
exceptions and otherwise as provided in the Mortgage Indenture, and in the descriptions in the schedules thereto and hereto and
in the deeds or grants in said schedules referred to;

 

BUT SPECIFICALLY RESERVING, EXCEPTING AND
EXCLUDING (as the same are reserved, excepted and excluded from the lien of the Mortgage Indenture) from this instrument and the
grant, conveyance, mortgage, transfer and assignment herein contained, all right, title and interest of the Company, now owned
or hereafter acquired, in and to the properties and rights specified in subclauses (a) to (m), both inclusive, of the paragraph
beginning “BUT SPECIFICALLY RESERVING, EXCEPTING AND EXCLUDING...” which paragraph is part of the granting clauses
of the Mortgage Indenture;

 

TO HAVE AND TO HOLD all said plant, premises,
property, franchises and rights hereby conveyed, assigned, pledged or mortgaged, or intended so to be, unto the Trustee, its successor
or successors in trust, and to its and their assigns forever;

 

BUT IN TRUST, NEVERTHELESS, with power of
sale, for the equal pro rata benefit, security and protection of the owners of the bonds without any preference, priority or distinction
whatever of any one bond over any other bond by reason of priority in the issue, sale or negotiation thereof, or otherwise;

 

PROVIDED, HOWEVER, and these presents are
upon the condition, that if the Company shall pay or cause to be paid or make appropriate provision for the payment unto the holders
of the bonds of the principal, premium, if any, and interest to become due thereon at the times and in the manner stipulated therein,
and shall keep, perform and observe all and singular the covenants, agreements and provisions in the Indenture expressed to be
kept, performed and observed by or on the part of the Company, then the Indenture and the estate and rights thereby and hereby
granted shall, pursuant and subject to the provisions of Article 8 of the Mortgage Indenture, cease, determine and be void, but
otherwise shall be and remain in full force and effect.

 

AND IT IS HEREBY COVENANTED, DECLARED AND
AGREED, upon the trusts and for the purposes aforesaid, as set forth in the following covenants, agreements, conditions and provisions:

 

    4

     

    

 

ARTICLE 1

SERIES U BONDS

 

SECTION 1.01. Designation;
Amount.  The bonds of Series U shall be designated “First Mortgage Bonds, Series U, due 2050”
and shall initially be authenticated in the aggregate principal amount of One Hundred Fifty Million Dollars ($150,000,000).
The initial issue of the bonds of Series U may be effected upon compliance with the applicable provisions of the
Mortgage Indenture. Additional bonds of Series U, without limitation as to amount, having the same terms and conditions
as the bonds of Series U (except for the date of original issuance, the offering price date and, if applicable, the
initial interest payment date) may also be issued by the Company without the consent of the holders of the bonds of
Series U, pursuant to a separate supplemental indenture related thereto. Such additional bonds of Series U shall be
part of the same series as the bonds of Series U. The Trustee shall authenticate and deliver such additional bonds
of Series U at any time upon application by the Company and compliance with the applicable provisions of the
Indenture.

 

SECTION 1.02. Form of Series U Bonds;
Global Security; Depository for Global Securities.  The Series U Bonds shall be issued only in fully registered form
without coupons in minimum denominations of Two Thousand Dollars ($2,000) and integral multiples of One Thousand Dollars ($1,000).

 

The Series U Bonds shall be initially
represented by one or more global securities (the “Global Securities”).  Each Global Security will be deposited
with, or on behalf of, The Depository Trust Company, as depository (“DTC”), and registered in the name of Cede &
Co., a nominee of DTC.

 

The Series U Bonds shall be in substantially
the form set forth in Schedule A attached hereto.  The terms of the Series U Bonds contained in such form are
hereby incorporated herein by reference as though fully set forth in this place and are made a part of this Twenty-Third Supplemental
Indenture.  

 

SECTION 1.03. Provisions of Series U
Bonds; Interest Accrual.  The Series U Bonds shall mature on September 1, 2050 and shall bear interest at the rate
of 2.40% per year, payable semiannually in arrears on March 1 and September 1 of each year (each, an “Interest Payment Date”)
(with the first Interest Payment Date to be March 1, 2021), with the final Interest Payment Date being September 1, 2050 until
the Company’s obligation in respect of the principal thereof shall be discharged.  The Series U Bonds shall be
dated the date of authentication thereof by the Trustee and shall bear interest on the principal amount from, and including, the
date of original issuance to, and excluding, the first Interest Payment Date and then from, and including, the immediately preceding
Interest Payment Date to which interest has been paid or duly provided for to, but excluding, the next Interest Payment Date or
the maturity date, as the case may be.  Interest on the Series U Bonds will be computed on the basis of 360-day year
of twelve 30-day months and, with respect to any period less than a full month, on the basis of actual number of days elapsed in
such period. For example, the interest for a period running from the 15th day of one month to the 15th day of the next month would
be calculated on the basis of one 30-day month.

 

    5

     

    

 

The Series U Bonds shall be
payable both as to principal and interest at the corporate trust office of the Trustee at U.S. Bank National Association in
Edison, New Jersey or the corporate trust office of its successors, in any coin or currency of the United States of America
which at the time of payment is legal tender for the payment of public and private debts.  The interest on the
Series U Bonds shall be payable without presentation, and only to or upon the person in whose name the Series U
Bonds are registered on any record date.  “Record date” with respect to any Interest Payment Date means the
February 15 or August 15, as the case may be, next preceding such Interest Payment Date, or, if such February 15 or August 15
shall be a legal holiday or a day on which banking institutions are authorize pursuant to law to close and on which the
corporate trust offices of the Trustee in Minnesota or New Jersey are not open for business, the next preceding day which
shall not be a legal holiday or a day on which such institutions are so authorized to close. The Series U Bonds shall be
callable for redemption in whole or in part according to the terms and provisions provided in Section 1.05 below.

 

The Company has initially designated DTC
as the depository for the Series U Bonds.  For as long as the Series U Bonds or any portion thereof are in the form
of a Global Security, and notwithstanding the previous paragraph, all payments of interest, principal and other amounts in respect
of the Series U Bonds shall be made to DTC or its nominee in accordance with its applicable policies and procedures, in the
coin or currency specified above.  So long as the Series U Bonds are in the form of a Global Security, neither the Company
nor the Trustee shall have any responsibility with respect to the policies and procedures of DTC, or any successor depository,
or for any notices or other communications among DTC, its direct and indirect participants or beneficial owners of the Series U
Bonds.

 

SECTION 1.04. Transfer and Exchange of
Series U Bonds.  So long as the Series U Bonds are in the form of Global Securities, the Series U Bonds
may not be transferred except as a whole (1) by DTC to a nominee of DTC or (2) by a nominee of DTC to DTC or another nominee of
DTC or (3) by DTC or any such nominee to a successor of DTC or a nominee of such successor.  If (1) DTC is at any time unwilling
or unable to continue as depository and a successor depository is not appointed by the Company within ninety days or (2) there
shall have occurred and be continuing after any applicable grace periods an Event of Default under the Indenture with respect to
the Series U Bonds represented by such Global Security, the Company will issue certificated Series U Bonds in definitive
registered form in exchange for the Global Securities.

 

The Company may at any time and in its sole
discretion determine not to have any Series U Bonds in registered form represented by one or more Global Securities and, in
such event, will issue certificated bonds in definitive form in exchange for the Global Securities representing the Series U
Bonds.  In any such instance, an owner of a beneficial interest in the Global Securities will be entitled to physical delivery
in definitive form of certificated bonds represented by the Global Securities equal in principal amount to such beneficial interest
and to have such certificated bonds registered in its name.

 

In the event certificated bonds are issued
in exchange for the Global Securities, the Series U Bonds may be surrendered for registration of transfer as provided in Section
305 of the Indenture at the corporate trust office of the Trustee at U.S. Bank National Association in Edison, New Jersey or the
corporate trust offices of its successors, and may be surrendered at said office for exchange for a like aggregate principal amount
of Series U Bonds of other authorized denominations.  No charge, except for taxes or other governmental charges, shall
be made by the Company for any registration of transfer of Series U Bonds or for the exchange of any Series U Bonds for
such bonds of other authorized denominations.

 

    6

     

    

 

SECTION 1.05. Redemption of the Series U
Bonds.  The bonds of Series U are subject to redemption prior to maturity, as a whole at any time or in part from
time to time, in accordance with the provisions of the Indenture, upon not less than thirty (30) days and not more than sixty (60)
days prior notice (which notice may be made subject to the deposit of redemption moneys with the Trustee before the date fixed
for redemption) given by mail as provided in the Indenture, at the option of the Company. If the Company elects to redeem the bonds
of Series U prior to the Par Call Date (as defined below), it will do so at a redemption price equal to the greater of (i)
100% of the principal amount of the bonds of Series U being redeemed or (ii) the sum of the present values of the principal
and the remaining scheduled payments of interest on the bonds of Series U being redeemed from the date of redemption through
the Par Call Date (as defined below) (excluding the portion of any such interest accrued to the redemption date), discounted to
the date of redemption on a semiannual basis at the Treasury Rate (as defined below) applicable to the bonds of Series U plus
20 basis points plus, in either case, accrued and unpaid interest on the principal amount of the bonds of Series U being redeemed
to the date of redemption (the “Redemption Date”). If the Company elects to redeem the bonds of Series U on or
after the Par Call Date (as defined below), it will do so at a redemption price equal to one hundred percent (100%) of the principal
amount of the bonds of Series U being redeemed, plus accrued and unpaid interest thereon to the Redemption Date. The redemption
price will be calculated by the Company assuming a 360-day year consisting of twelve 30-day months.

 

So long as the bonds of Series U are
registered in the name of The Depository Trust Company, as depositary (“DTC”), its nominee or a successor depositary,
if the Company elects to redeem less than all of the bonds of Series U, DTC shall determine by lot the amount of the interest
of each direct participant, in the bonds of Series U to be redeemed. At all other times, the Trustee shall draw by lot, in
such manner as it deems appropriate, the particular bonds of Series U, or portions thereof, to be redeemed.

 

Notice of redemption shall be given by mail
to the holders of bonds of Series U, which, as long as the bonds of Series U are held in the book-entry only system,
will be DTC, its nominee or a successor depositary. On and after the Redemption Date (unless the Company defaults in the payment
of the redemption price and interest accrued thereon to such date), interest on the bonds of Series U, or the portions of
them so called for redemption, shall cease to accrue. If any Series U Bonds are to be redeemed in part only, the notice of
redemption that relates to that Series U Bond will state the portion of the principal amount of that Series U Bond to
be redeemed. In that case, the Company will issue a new Series U Bond of any authorized denomination, as requested, in an
aggregate principal amount equal to the unredeemed portion of such Series U Bond, in the name of the holder upon cancellation
of the original Series U Bond. The Series U Bonds are not subject to any sinking fund.

 

The bonds of Series U are not otherwise
subject to redemption.

 

    7

     

    

 

“Comparable Treasury
Issue” means the United States Treasury security selected by an Independent Investment Banker as having an actual
maturity comparable to the remaining term from and including the Redemption Date to the Par Call Date of the bonds of
Series U being redeemed that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term from and including
the Redemption Date to the Par Call Date of such bonds.

 

“Comparable Treasury Price”
means with respect to any Redemption Date (i) the average of the Reference Treasury Dealer Quotations for such Redemption Date,
after excluding the highest and lowest Reference Treasury Dealer Quotations, or (ii) if the Company obtains fewer than four such
Reference Treasury Dealer Quotations, the average of all such quotations.

 

“Independent Investment Banker”
means an independent investment banking institution of national standing appointed by the Company.

 

“Par Call Date” means March
1, 2050, which is six months prior to the maturity date of the bonds of Series U.

 

“Reference Treasury Dealer”
means any four primary U.S. Government securities dealers in New York, New York selected by the Company.

 

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Company, of the
bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted
in writing to the Company by such Reference Treasury Dealer at 3:30 p.m., New York time, on the third business day preceding such
Redemption Date.

 

“Treasury Rate” means, with
respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity (on a day count basis)
of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal
amount) equal to the Comparable Treasury Price for such Redemption Date. The Treasury Rate will be calculated by the Company on
the third business day preceding the date fixed for redemption.

 

SECTION 1.06. Effect of Event of Default.
 If an Event of Default shall have occurred and be continuing, the principal of the Series U Bonds may be declared due
and payable in the manner and with the effect provided in the Indenture.

 

SECTION 1.07. Payment Date Not a Business
Day.  If any Redemption Date, any Interest Payment Date or the maturity date for principal, premium or interest with respect
to the Series U Bonds shall be (i) a Sunday or a legal holiday, or (ii) a day on which banking institutions are authorized
pursuant to law to close and on which the corporate trust offices of the Trustee in Minnesota or New Jersey are not open for business,
then the payment thereof may be made on the next succeeding day not a day specified in (i) or (ii) with the same force and effect
as if made on the specified payment date and no interest shall accrue for the period after the specified payment date.

 

    8

     

    

 

SECTION 1.08. Consent to Amendment
and Restatement of Mortgage Indenture. Each holder of a Series U Bond, solely by virtue of its acquisition thereof,
including as an owner of a book-entry interest therein, shall have and be deemed to have consented, without the need for any
further action or consent by such holder, to the amendment and restatement of the Mortgage Indenture in substantially the
form set forth in Schedule C appended to the Eighteenth Supplemental Indenture dated as of May 1, 2011, and all
amendments and Supplemental Indentures thereto.

 

ARTICLE 2

MISCELLANEOUS PROVISIONS

 

SECTION 2.01. Recitals.  The
recitals in this Twenty-Third Supplemental Indenture shall be taken as recitals by the Company alone, and shall not be considered
as made by or as imposing any obligation or liability upon the Trustee, nor shall the Trustee be held responsible for the legality
or validity of this Twenty-Third Supplemental Indenture, and the Trustee makes no covenants or representations, and shall not be
responsible, as to or for the effect, authorization, execution, delivery or recording of this Twenty-Third Supplemental Indenture,
except as expressly set forth in the Mortgage Indenture.  The Trustee shall not be taken impliedly to waive by this Twenty-Third
Supplemental Indenture any right it would otherwise have.

 

SECTION 2.02. Benefits of Twenty-Third
Supplemental Indenture.  Nothing in this Twenty-Third Supplemental Indenture, expressed or implied, is intended or shall
be construed to confer upon, or give to, any person, firm or corporation, other than the parties hereto and the holders of the
Series U Bonds, any right, remedy or claim under or by reason of the Indenture or any covenant, condition or stipulation thereof;
and the covenants, stipulations and agreements in the Indenture contained are and shall be for the sole and exclusive benefit of
the parties hereto, their successors and assigns, and holders of the bonds.

 

SECTION 2.03. Effect of Twenty-Third
Supplemental Indenture.  This Twenty-Third Supplemental Indenture is executed, shall be construed as and is expressly
stated to be an indenture supplemental to the Mortgage Indenture and shall form a part of the Indenture; and the Mortgage Indenture,
as supplemented and amended by this Twenty-Third Supplemental Indenture, is hereby confirmed and adopted by the Company as its
obligation.  All terms used in this Twenty-Third Supplemental Indenture shall be taken to have the meaning specified in the
Mortgage Indenture, except in cases where the context clearly indicates otherwise.

 

SECTION 2.04. Termination.  This
Twenty-Third Supplemental Indenture shall become void when the Indenture shall be void.

 

SECTION 2.05. Trust Indenture Act.
 If and to the extent that any provision of this Twenty-Third Supplemental Indenture limits, qualifies or conflicts with any
of the applicable provisions of Sections 310 to 317, inclusive, of the Trust Indenture Act of 1939, as amended, such required provision
shall control.

 

SECTION 2.06. Counterparts.  This
Twenty-Third Supplemental Indenture may be simultaneously executed in any number of counterparts, each of which shall be deemed
an original; and all said counterparts executed and delivered, each as an original, shall constitute but one and the same instrument,
which shall for all purposes be sufficiently evidenced by any such original counterpart.

 

    9

     

    

 

SECTION 2.07. Notices.  Any
notice to the Trustee under any provision of this Twenty-Third Supplemental Indenture shall be sufficiently given if served personally
upon a responsible officer of the Trustee or mailed by registered or certified mail, postage prepaid, addressed to the Trustee
at its corporate trust office, which is U.S. Bank National Association, 333 Thornall Street, Fourth Floor, Edison, New Jersey
08837 as of the date hereof.  The Trustee shall notify the Company from time to time of any change in the address of its corporate
trust office.

 

SECTION 2.08. Definitions.  Except
to the extent otherwise defined herein, the use of the terms and expressions herein is in accordance with the definitions, uses
and construction contained in the Mortgage Indenture and the form of Series U Bond attached hereto as Schedule A.

 

[The remainder of this page left blank intentionally.]

 

    10

     

    

 

IN WITNESS WHEREOF, PUBLIC SERVICE COMPANY
OF NEW HAMPSHIRE, doing business as EVERSOURCE ENERGY, has caused this instrument to be executed and its corporate seal to be hereto
affixed, by its officers, thereunto duly authorized, and U.S. BANK NATIONAL ASSOCIATION has caused this instrument to be executed
by its officers thereunto duly authorized, all as of the day and year first above written but actually executed on August 12, 2020.

 

	 	PUBLIC
    SERVICE COMPANY
	 	OF
    NEW HAMPSHIRE, doing business

    as EVERSOURCE ENERGY
	 	 
	 	By:  	/s/
    John M. Moreira
	 	 	John
    M. Moreira
	 	 	Senior
    Vice President-Finance
	 	 	and
    Regulatory and Treasurer

 

 

	CORPORATE
    SEAL	 
	 	 
	Attest:	 
	 	 
	/s/
    Richard J. Morrison	 
	Richard
    J. Morrison	 
	Secretary
       	 
	 	 
	Signed,
    sealed and delivered by	 
	Public
    Service Company of New	 
	Hampshire,
    doing business as	 
	Eversource
    Energy, in the presence of us:	 
	 	 
	/s/
    Florence J. Iacono	 
	 	 
	/s/
    Marian Morrison	 
	 	 
	Witnesses	 

 

 

    11

     

    

 

	COMMONWEALTH OF MASSACHUSETTS	)	 
	 	)	ss:  Norfolk
	COUNTY OF NORFOLK	)	 

  

Then personally appeared before me John
M. Moreira, Senior Vice President-Finance and Regulatory and Treasurer, and Richard J. Morrison, Secretary, of Public Service Company
of New Hampshire, doing business as Eversource Energy, a New Hampshire corporation, and severally acknowledged the foregoing instrument
to be their free act and deed in their said capacities and the free act and deed of said corporation.

 

Witness my hand and notarial seal this 12th
day of August, 2020, at Westwood, Massachusetts.

 

	 	Name:	 /s/ Florence J. Iacono                
	 	Notary Public 
	 	My Commission Expires  January 20, 2023
	 	 

(Notarial Seal)

 

    12

     

    

 

	 	U.S.
        BANK NATIONAL ASSOCIATION

        as
        Trustee as aforesaid

	 	 
	 	By:  	/s/ Paul
    O’Brien
	 		Paul O’Brien
	 	

        

        
	Vice President

 

	 	 
	Attest:	 
	 	 
	/s/
    Annette M. Marsula	 
	Name:
    Annette M. Marsula	 
	Title:
    Vice President	 
	 	 
	Signed
    and delivered by	 
	U.S.
    Bank National Association	 
	in
    the presence of us:	 
	 	 
	/s/
    Stephanie Roche	 
	 	 
	/s/
    Christopher Golabek	 

 

Witnesses

 

    13

     

    

 

	STATE OF NEW JERSEY	)	 
	 	)	ss: Edison 
	COUNTY OF MIDDLESEX	)	 

 

Then personally appeared before me Paul
O’Brien, Vice President of U.S. Bank National Association, a national banking association, and acknowledged the foregoing
instrument to be her free act and deed in her said capacity and the free act and deed of said association.

 

Witness my hand and notarial seal this
10th day of August, 2020, at Edison, New Jersey. 

 

	 	Name:	  /s/ Annette M. Marsula      
	 	Notary Public 
	 	My Commission Expires 6/9/2025
	 	 

(Notarial Seal)

 

    14

     

    

 

 

 

SCHEDULE A

[FORM OF FACE OF SERIES U BONDS]

 

THIS SECURITY IS A GLOBAL SECURITY WITHIN
THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A DEPOSITORY.
 THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE
ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND HEREIN, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER
OF THIS SECURITY AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY
OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

 

Unless this Global Security is presented
by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to Public Service
Company of New Hampshire, doing business as Eversource Energy, or its agent for registration of transfer, exchange, or payment,
and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative
of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC),
ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

 

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE,

doing business as EVERSOURCE ENERGY,

FIRST MORTGAGE BOND, SERIES U

PRINCIPAL DUE 2050

 

 

CUSIP No. 744538 AD1

 

		No.1	$150,000,000

 

FOR VALUE RECEIVED, PUBLIC SERVICE COMPANY
OF NEW HAMPSHIRE, doing business as Eversource Energy, a corporation organized and existing under the laws of the State of New
Hampshire (hereinafter called the “Company”, which term includes any successor corporation under the Indenture), hereby
promises to pay to Cede & Co., or registered assigns, subject to the conditions set forth herein, the principal sum of One
Hundred Fifty Million Dollars ($150,000,000), on September 1, 2050, and to pay interest on said sum semiannually in arrears, on
March 1 and September 1 in each year (each, an “Interest Payment Date”) with the first Interest Payment Date being
March 1, 2021, and the final Interest Payment Date being September 1, 2050, at the rate of 2.40% per annum, until the Company’s
obligation with respect to said principal sum shall be paid or made available for payment.

 

    A-1

     

    

 

This Series U Bond shall bear
interest as aforesaid from, and including, the date of original issuance to, and excluding, the first Interest Payment Date
and then from, and including, the immediately preceding Interest Payment Date to which interest has been paid or duly
provided for to, but excluding, the next Interest Payment Date or the maturity date, as the case may be. The amount of
interest payable will be computed on the basis of a 360-day year consisting of twelve 30-day months and, with respect to any
period less than a full month, on the basis of actual number of days elapsed in such period. For example, the interest for a
period running from the 15th day of one month to the 15th day of the next month would be calculated on the basis of one
30-day month.

 

In any case where any Interest Payment Date,
the maturity date or any Redemption Date is not a Business Day, then payment of principal and interest, if any, or principal and
premium, if any, payable on such date will be made on the next succeeding day which is a Business Day (and without any interest
or other payment in respect of any such delay), in each case with the same force and effect as if made on such date.  A “Business
Day” shall mean any day, except a (i) Sunday or a legal holiday, or (ii) a day on which banking institutions are authorized
pursuant to law to close and on which the corporate trust offices of the Trustee in Minnesota or New Jersey are not open for
business.

 

Payment of the principal of and any interest
on this Series U Bond will be made at the corporate trust office of the Trustee at U.S. Bank National Association in Edison,
New Jersey or the corporate trust office of its successors, in any coin or currency of the United States of America which at the
time of payment is legal tender for the payment of public and private debts. The interest on this Series U Bond shall be payable
without presentation, and only to or upon the person in whose name the Series U Bonds are registered on any record date. “Record
date” with respect to any Interest Payment Date means the February 15 or August 15, as the case may be, next preceding such
Interest Payment Date, or, if such February 15 or August 15 shall be a legal holiday or a day on which banking institutions are
authorize pursuant to law to close and on which the corporate trust offices of the Trustee in Minnesota or New Jersey are not open
for business, the next preceding day which shall not be a legal holiday or a day on which such institutions are so authorized to
close.

 

Reference is hereby made to the further
provisions of this Series U Bond set forth on the reverse hereof, including without limitation provisions in regard to the
redemption and the registration of transfer and exchangeability of this Series U Bond, and such further provisions shall for
all purposes have the same effect as though fully set forth in this place.

 

As set forth in the Supplemental Indenture
establishing the terms and series of the Bonds of this series, each holder of a Series U Bond, solely by virtue of its
acquisition thereof, including as an owner of a book-entry interest therein, shall have and be deemed to have consented, without
the need for any further action or consent by such holder, to the amendment and restatement of the Mortgage Indenture in substantially
the form set forth in Schedule C appended to the Eighteenth Supplemental Indenture dated as of May 1, 2011.

 

This Series U Bond shall not become
or be valid or obligatory until the certificate of authentication hereon shall have been signed by U.S. Bank National Association
(hereinafter with its successors as defined in the Indenture (as defined on the reverse hereof), generally called the Trustee),
or by such a successor.

 

    A-2

     

    

 

IN WITNESS WHEREOF, Public Service Company
of New Hampshire, doing business as Eversource Energy, has caused this Series U Bond to be executed in its corporate name
and on its behalf by its Senior Vice President-Finance and Regulatory and Treasurer by his signature or a facsimile thereof, and
its corporate seal to be affixed or imprinted hereon and attested by the manual or facsimile signature of its Secretary.

 

Dated as of ____________________, 2020

 

	PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE,

doing business as EVERSOURCE ENERGY	 
	 	 	 
	By:  	 	 
	 	John M. Moreira	 
	 	Senior Vice President-Finance	 
	 	and Regulatory and Treasurer	 

 

Attest:

 

	 	 
	Richard J. Morrison	 
	Secretary    	 

 

[FORM OF TRUSTEE’S CERTIFICATE]

 

This Series U Bond is one of the bonds
described in the within mentioned Indenture.

 

U.S. BANK NATIONAL ASSOCIATION,

TRUSTEE

 

	By:  	 	 
	 	Name:	 
	 	Title:
    Authorized Signatory	 

 

    A-3

     

    

 

[FORM OF REVERSE OF SERIES U BOND]

PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE,

doing business as EVERSOURCE ENERGY,

First Mortgage Bond, Series U, due 2050

 

This Series U Bond is one of a series of
bonds known as the “First Mortgage Bonds, Series U, due 2050” of the Company, initially limited to One Hundred
Fifty Million Dollars ($150,000,000) in aggregate principal amount, and issued under and pursuant to a First Mortgage Indenture
between the Company and U.S. Bank National Association as successor to Wachovia Bank, National Association and by merger to First
Union National Bank, formerly known as First Fidelity Bank, National Association, New Jersey, successor to Bank of New England,
National Association (formerly known as New England Merchants National Bank), and to New Bank of New England, National Association,
as Trustee, dated as of August 15, 1978, as amended, and pursuant to which U.S. Bank National Association is now Successor Trustee
(said First Mortgage Indenture as amended and restated on June 1, 2011, being hereinafter generally called the “Mortgage
Indenture” and, together with each and every prior indenture supplemental thereto and each and every other instrument, including
the Twenty-Third Supplemental Indenture, dated as of August 1, 2020 supplemental to the Mortgage Indenture, as the “Indenture”)
and together with all bonds of all series now outstanding or hereafter issued under the Indenture being equally and ratably
secured (except as any sinking or other analogous fund, established in accordance with the provisions of the Indenture, may afford
additional security for the bonds of any particular series) by the Indenture, to which Indenture (executed counterparts of which
are on file at the corporate trust office of the Trustee in Edison, New Jersey) reference is hereby made for a description of the
nature and extent of the security, the rights thereunder of the holders of bonds issued and to be issued thereunder, the rights,
duties and immunities thereunder of the Trustee, the rights and obligations thereunder of the Company, and the terms and conditions
upon which Bonds of this series, and bonds of other series, are issued and are to be issued; but neither the foregoing reference
to the Indenture nor any provision of this Series U Bond or of the Indenture shall affect or impair the obligation of the
Company, which is absolute, unconditional and unalterable, to pay at the maturities herein provided the principal of and interest
on this Series U Bond as herein provided.

 

The Series U Bonds shall be initially
issued in the form of one or more global securities (the “Global Securities”).  Each Global Security will be deposited
with, or on behalf of, DTC and registered in the name of Cede & Co., a nominee of DTC.  For as long as this Series U
Bond or any portion hereof is in the form of a Global Security, and notwithstanding anything else contained in this Series U
Bond, all payments of interest, principal and other amounts in respect of this Series U Bond shall be made to DTC or its nominee
in accordance with its applicable policies and procedures, in the coin or currency specified above.

 

In the event certificated bonds in definitive
form are issued in exchange for the Global Securities they are issuable only in registered form without coupons in minimum denominations
of $2,000 and integral multiples of $1,000.  

 

    A-4

     

    

 

The Series U Bonds, while in the form
of Global Securities, may not be transferred except as a whole (1) by DTC to a nominee of DTC or (2) by a nominee of DTC to DTC
or another nominee of DTC or (3) by DTC or any such nominee to a successor of DTC or a nominee of such successor.  If (1)
DTC is at any time unwilling or unable to continue as depository and a successor depository is not appointed by the Company within
ninety days or (2) there shall have occurred and be continuing after any applicable grace periods an Event of Default under the
Indenture with respect to the Series U Bonds represented by such Global Security, the Company will issue certificated bonds
in definitive registered form in exchange for the Global Securities representing the Series U Bonds.

 

The Company may at any time and in its sole
discretion determine not to have any Series U Bonds in registered form represented by one or more Global Securities and, in
such event, will issue certificated bonds in definitive form in exchange for the Global Securities representing the Series U
Bonds.  In any such instance, an owner of a beneficial interest in the Global Securities will be entitled to physical delivery
in definitive form of certificated bonds represented by the Global Securities equal in principal amount to such beneficial interest
and to have such certificated bonds registered in its name.

 

In the event certificated bonds are issued
in exchange for the Global Securities, the Series U Bonds may be surrendered for registration of transfer as provided in Section
305 of the Mortgage Indenture at the corporate trust office of the Trustee at U.S. Bank National Association in Edison, New Jersey
or the corporate trust offices of its successors, and may be surrendered at said office for exchange for a like aggregate principal
amount of Series U Bonds of other authorized denominations.  No charge, except for taxes or other governmental charges,
shall be made by the Company for any registration of transfer of Series U Bonds or for the exchange of any Series U Bonds
for such bonds of other authorized denominations.

 

Prior to due presentment for registration
of transfer of this Bond, the Company and the Trustee may deem and treat the registered owner hereof as the absolute owner hereof,
whether or not such Series U Bond shall be overdue, for the purpose of receiving payment and for all other purposes, and neither
the Company nor the Trustee shall be affected by any notice to the contrary. Neither the failure to give any notice nor any defect
in any notice given to the holder of the Global Securities or Series U Bonds not represented by a Global Security, will affect
the sufficiency of any notice given to any other holder.

 

The bonds of Series U are subject
to redemption prior to maturity, as a whole at any time or in part from time to time, in accordance with the provisions of
the Indenture, upon not less than thirty (30) days and not more than sixty (60) days prior notice (which notice may be made
subject to the deposit of redemption moneys with the Trustee before the date fixed for redemption) given by mail as provided
in the Indenture, at the option of the Company. If the Company elects to redeem the bonds of Series U prior to the Par
Call Date (as defined below), it will do so at a redemption price equal to the greater of (i) 100% of the principal amount of
the bonds of Series U being redeemed or (ii) the sum of the present values of the principal and the remaining scheduled
payments of interest on the bonds of Series U being redeemed from the Redemption Date (as hereinafter defined) through
the Par Call Date (excluding the portion of any such interest accrued to the redemption date), discounted to the date of
redemption on a semiannual basis at the Treasury Rate (as defined below) applicable to the bonds of Series U plus 20
basis points plus, in either case, accrued and unpaid interest on the principal amount of the bonds of Series U being
redeemed to the date of redemption (the “Redemption Date”). If the Company elects to redeem the bonds of
Series U on or after the Par Call Date, it will do so at a redemption price equal to one hundred percent (100%) of the
principal amount of the bonds of Series U being redeemed, plus accrued and unpaid interest thereon to the Redemption
Date. The redemption price will be calculated by the Company assuming a 360-day year consisting of twelve 30-day months.

 

    A-5

     

    

 

“Comparable Treasury Issue”
means the United States Treasury security selected by an Independent Investment Banker as having an actual maturity comparable
to the remaining term from and including the Redemption Date to the Par Call Date of the bonds of Series U being redeemed
that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of
corporate debt securities of comparable maturity to the remaining term from and including the Redemption Date to the Par Call Date
of such bonds.

 

“Comparable Treasury Price”
means with respect to any Redemption Date (i) the average of the Reference Treasury Dealer Quotations for such Redemption Date,
after excluding the highest and lowest Reference Treasury Dealer Quotations, or (ii) if the Company obtains fewer than four such
Reference Treasury Dealer Quotations, the average of all such quotations.

 

“Independent Investment Banker”
means an independent investment banking institution of national standing appointed by the Company.

 

“Par Call Date” means March
1, 2050, which is six months prior to the maturity date of the bonds of Series U.

 

“Reference Treasury Dealer”
means any four primary U.S. Government securities dealers in New York, New York selected by the Company.

 

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Company, of the
bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted
in writing to the Company by such Reference Treasury Dealer at 3:30 p.m., New York time, on the third business day preceding such
Redemption Date.

 

“Treasury Rate” means, with
respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity (on a day count basis)
of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal
amount) equal to the Comparable Treasury Price for such Redemption Date. The Treasury Rate will be calculated by the Company on
the third business day preceding the date fixed for redemption.

 

So long as the bonds are registered in
the name of DTC, its nominee or a successor depository, if the Company elects to redeem less than all of the bonds, DTC shall
determine by lot the amount of the interest of each direct participant, in the bonds of Series U to be redeemed. At all
other times, the Trustee shall draw by lot, in such manner as it deems appropriate, the particular bonds, or portions of
them, to be redeemed.

 

    A-6

     

    

 

Notice of redemption shall be given by mail
to the holders of bonds, which, as long as the bonds are held in the book-entry only system, will be DTC, its nominee or a successor
depository. On and after the date fixed for redemption (unless the Company defaults in the payment of the redemption price and
interest accrued thereon to such date), interest on the bonds of Series U, or the portions of the Series U Bonds so called
for redemption, shall cease to accrue.

 

If an Event of Default shall have occurred
and be continuing, the principal of the Series U Bonds may be declared due and payable in the manner and with the effect provided
in the Indenture.

 

The Indenture contains provisions permitting
the Company and the Trustee to effect, by supplemental indenture, certain modifications of the Indenture without any consent of
the holders of the bonds, and to effect certain other modifications of the Indenture, and of the rights of the holders of the bonds,
with the consent of the holders of not less than a majority in aggregate principal amount of all bonds issued under the Indenture
at the time outstanding, or in case one or more, but less than all, of the Series of said bonds then outstanding are affected,
with the consent of the holders of not less than a majority in aggregate principal amount of said outstanding bonds of each Series affected.

 

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

 

No recourse shall be had for the payment
of the principal of or premium, if any, or interest on this Series U Bond, or for any claim based hereon, or otherwise in
respect hereof or of the Indenture, to or against any incorporator or against any stockholder, director or officer, past, present
or future, as such, of the Company or any affiliate of the Company, or of any predecessor or successor company, either directly
or through the Company, or such predecessor or successor company or any trustee, receiver or assignee or otherwise, under any constitution,
or statute or rule of law, or by the enforcement of any assessment or penalty, or otherwise, all such liability of incorporators,
stockholders, directors or officers, as such, being waived and released by the holder and owner hereof by the acceptance of this
Series U Bond and as part of the consideration for the issuance hereof and being likewise waived and released by the terms
of the Indenture.

 

[END OF FORM OF REVERSE OF SERIES U
BOND]

 

    A-7

     

    

 

SCHEDULE B

 

Description of Properties

Acquired

Since June 1, 2019

 

	Book-Page	Grantor	Town	Date	Registry
	3508-350	David E. Arnold	Tamworth	6/5/2020	Carroll
	3513-018	General Properties, LLC	Tamworth	6/29/2020	Carroll
	9314-663	Michael James Hutchins Ott	Antrim	6/30/2020	Hillsborough

 

    B-1

     

    

 

ENDORSEMENT

 

U.S. Bank National Association, Trustee,
being the mortgagee in the foregoing Supplemental Indenture, hereby consents to the cutting of any timber standing upon any of
the lands covered by said Supplemental Indenture and to the sale of any such timber so cut and of any personal property covered
by said Supplemental Indenture to the extent, but only to the extent, that such sale is permitted under the provisions of the Mortgage
Indenture as supplemented by the Twenty-Third Supplemental Indenture dated as of August 1, 2020.

 

U.S. BANK NATIONAL ASSOCIATION,

as Trustee as aforesaid

 

	By:  	/s/ Paul O’Brien	 
	 	Paul O’Brien	 
	 	Vice President	 

 

Signed and acknowledged

on behalf of U.S. Bank National Association

in the presence of us:

 

	/s/ Stephanie Roche	 

 

	/s/ Christopher Golabek	 

 

Witnesses

 

     

     

    

 

 

	STATE OF
    NEW JERSEY	)	 
	 	)	ss: Edison 
	COUNTY OF MIDDLESEX	)	 

 

Then personally appeared before me [●],
Vice President of U.S. Bank National Association, a national banking association, and acknowledged the foregoing instrument to
be her free act and deed in her said capacity and the free act and deed of said association.

 

Witness my hand and notarial seal this 10th
day of August, 2020, at Edison, New Jersey.

 

 

	 	Name: 	 /s/ Annette M. Marsula 
	 	Notary Public 
	 	My Commission Expires 6/9/2025

(Notarial Seal)EX-10.17

 Exhibit 10.17 

EMPLOYMENT AGREEMENT 

This Employment Agreement (this “Agreement”) is entered into as of August 24, 2020, by and between Michael
Elliott (the “Executive”) and IMVT Corporation (the “Company”). 
 RECITALS

 A.    The Company desires the association and services of the Executive and the Executive’s skills,
abilities, background and knowledge, and is willing to engage the Executive’s services on the terms and conditions set forth in this Agreement. 

B.    The Executive desires to be in the employ of the Company, and is willing to accept such employment on the
terms and conditions set forth in this Agreement. 
 C.    This Agreement supersedes any and all prior and
contemporaneous oral or written employment agreements or arrangements between the Executive and the Company or any predecessor thereof. 

AGREEMENT 
 In
consideration of the foregoing, the parties agree as follows: 
  

	 	1.	 EMPLOYMENT BY THE COMPANY.

 1.1    Position; Duties. Subject to the terms and conditions of this Agreement,
the Executive shall hold the position of Chief Scientific Officer of the Company. In this position, the Executive will have the duties and authorities normally associated with a Chief Scientific Officer of a company. The Executive will report to the
Chief Executive Officer of the Company (the “CEO”). The Executive shall devote the Executive’s full business energies, interest, abilities and productive time to the proper and efficient performance of the
Executive’s duties under this Agreement. 
 1.2    Location of Employment. After the Company returns
to the office in light of the COVID-19 pandemic, the Executive’s principal place of employment shall initially be from home, with an expectation that a meaningful amount of time will also be spent in the
Company’s New York City and Durham, NC offices. From time to time, the Executive and the CEO will discuss the foregoing arrangement to determine whether it is addressing the Company’s needs sufficiently. The Executive understands that the
Executive’s duties also will require periodic business travel to locations other than those set forth above. 

1.3    Start Date. The Executive’s employment with the Company shall commence on or before
August 24, 2020 (the “Start Date”).  
 1.4    Exclusive Employment;
Agreement Not to Compete. Except with the prior written consent of the CEO, the Executive will not, during the Executive’s employment with the Company, undertake or engage in any other employment, occupation or business enterprise that
requires more than a de minimis amount of time or attention. It is understood and agreed that the Executive and the CEO have discussed the Executive’s activities described on Exhibit A attached hereto and that the

 
Executive may continue to engage in such activities during the term of this Agreement, so long as such activities are not adverse or antagonistic to the Company, its business, or prospects,
financial or otherwise, or in any way in competition with the business of the Company. During the Executive’s employment, the Executive agrees not to acquire, assume or participate in, directly or indirectly, any position, investment or
interest known by the Executive to be adverse or antagonistic to the Company, its business, or prospects, financial or otherwise, or in any company, person, or entity that is, directly or indirectly, in competition with the business of the Company.
Ownership by the Executive in professionally managed funds over which the Executive does not have control or discretion in investment decisions, or, an investment of less than two percent (2%) of the outstanding shares of capital stock of any
corporation with one or more classes of its capital stock listed on a national securities exchange or publicly traded on a national securities exchange or in the
over-the-counter market shall not constitute a breach of this Section. 
  

	 	2.	 COMPENSATION AND BENEFITS. 

2.1    Salary. The Company shall pay the Executive a base salary at the annualized rate of $400,000 (the
“Base Salary”), less payroll deductions and all required withholdings, payable in regular periodic payments in accordance with the Company’s normal payroll practices. The Base Salary shall be prorated for any partial
year of employment on the basis of a 365-day year. The Base Salary shall be subject to periodic review and may be adjusted from time to time in the discretion of the board of directors of the Company (the
“Board”). 
 2.2    Annual Performance Bonus. Each fiscal year, the Executive will
be eligible to earn an annual discretionary cash bonus (the “Annual Performance Bonus”) with a target bonus opportunity equal to forty percent (40%) of the Executive’s Base Salary, which could increase for outperformance
of Company goals, based on the Board’s (and/or a committee thereof) assessment of the Executive’s individual performance and overall Company performance. In order to earn and receive the Annual Performance Bonus, the Executive must remain
employed by the Company through and including the date on which the Annual Performance Bonus is paid. The Annual Performance Bonus, if any, will be paid no later than thirty (30) days following the end of the Company’s fiscal year (March
31st), or by April 30th. The Annual Performance Bonus payable, if any, shall be prorated for the initial year of employment (on the basis of a three hundred sixty-five (365)-day year) and shall be prorated if
the Company’s review or assessment of the Executive’s performance covers a period that is less than a full fiscal year. 

2.3    Equity. 

Subject to the terms of the 2019 Equity Incentive Plan (the “Plan”) of Immunovant, Inc.
(“Parent”) and approval of the grant by the board of directors of the Parent (the “Parent Board”), the Executive will be granted an award of an option to purchase up to 400,000 common shares of the
Parent (the “Option Award”). The Option Award will be granted on or about the Friday following the week in which Executive’s employment commences (in the event such Friday is not a day on which Immunovant, Inc. stock
trades, the Option Award may be granted on the next trading day following such Friday), with an exercise price equal to the fair market value of Parent’s common shares on such date of grant, as set forth in the Plan. The Option Award will be
governed by the Plan and other documents issued in connection with the grant. 

 The Option Award will vest over a period of four years, with twenty-five percent (25%) of
the Option Award vesting on the one-year anniversary of the Start Date and the balance of the Option Award vesting in a series of twelve (12) successive equal quarterly installments measured from the
first anniversary of the Start Date, provided Executive is employed by the Company on each vesting date. 
 The Executive may be eligible to
receive additional discretionary annual equity incentive grants in amounts and on terms and conditions determined by the Parent Board in its sole discretion. 

2.4    Benefits and Insurance. The Executive shall, in accordance with Company policy and the terms of the
applicable plan documents, be eligible to participate in benefits under any benefit plan or arrangement that may be in effect from time to time and made available to similarly situated Company executives (including, but not limited to, being named
as an officer for purposes of the Company’s Directors & Officers insurance policy). The Company reserves the right in its sole discretion to modify, add or eliminate benefits at any time. All benefits shall be subject to the terms and
conditions of the applicable plan documents, which may be amended or terminated at any time. The Executive shall be entitled to vacation each year, in addition to sick leave and observed holidays in accordance with the policies and practices of the
Company. Vacation may be taken at such times and intervals as the Executive shall determine, subject to the business needs of the Company. 

2.5    Expense Reimbursements. The Company will reimburse the Executive for all reasonable and documented
business expenses that the Executive incurs in conducting the Executive’s duties hereunder, pursuant to the Company’s usual expense reimbursement policies. 
  

	 	3.	 AT-WILL EMPLOYMENT.

 The Executive’s employment relationship with the Company is, and shall at all times remain, at-will. This means that either the Executive or the Company may terminate the employment relationship at any time, for any reason or for no reason, with or without Cause (as defined below) or advance notice. 

 

	 	4.	 PROPRIETARY INFORMATION OBLIGATIONS. 

As a condition of employment, the Executive agrees to execute and abide by the Company’s Employee
Non-Disclosure, Invention Assignment and Restrictive Covenant Agreement (“NDIA”). 
  

	 	5.	 TERMINATION OF EMPLOYMENT. 

5.1    Termination Generally. Upon termination of Executive’s employment for any reason, the Company
shall pay the Executive any earned but unpaid Base Salary and unused vacation accrued (if applicable) through the date of termination, at the rates then in effect, less standard deductions and withholdings. The Company shall thereafter have no
further obligations to the Executive, except as set forth in this Section 5 or otherwise as required by law. 

5.2    Termination Without Cause or Resignation for Good Reason. If (i) the Company terminates
Executive’s employment without Cause or the Executive resigns for Good Reason, (ii) the Executive furnishes to the Company an executed waiver and release of claims in the form substantially similar to that attached hereto as Exhibit B,
with any changes that the Company determines are necessary to comply with applicable law (the “Release”), which Release is non-revocable prior to the

 
Release Date (as defined below), and (iii) the Executive allows the Release to become effective in accordance with its terms, then the Executive shall receive an aggregate amount equal to:
(a) six months of the Executive’s then current Base Salary and (b) six months of COBRA coverage, with such aggregate amount payable in equal installments over the six month period following the date of the Executive’s termination
in accordance with customary payroll practices, but no less frequently than monthly. Such payments shall commence within the next payroll cycle following the Release Date and will be subject to required withholding. 

5.3    Termination Without Cause Or Resignation For Good Reason Within Twelve Months Following Change In
Control. If (i) the Company terminates the Executive’s employment without Cause or the Executive resigns for Good Reason within twelve (12) months following a Change in Control (as defined in the Plan), (ii) the Executive
furnishes to the Company a Release, which Release is non-revocable prior to the Release Date , and (iii) the Executive allows the Release to become effective in accordance with its terms, then the
Executive shall receive an aggregate amount equal to: (a) the sum of the Executive’s then-current Base Salary and target Annual Performance Bonus (such Annual Performance Bonus to be calculated at forty percent (40%) of the then current
Base Salary) for the year in which the termination takes place; and (b) twelve (12) months of COBRA coverage, with such aggregate amount payable in equal installments over the twelve (12) month period following the date of the
Executive’s termination in accordance with customary payroll practices, but no less frequently than monthly; and (c) any and all time-vested equity awards shall immediately vest in full. Such payments shall commence within the next payroll
cycle following the Release Date and will be subject to required withholding. 
 5.4    Definitions.
For purposes of this Agreement, the following terms shall have the following meanings: 

(a)    “Cause” shall mean the occurrence of any of the following, the
Executive’s: (i) arrest for, arraignment on, conviction of, or plea of no contest to, any felony or any crime involving moral turpitude or dishonesty; (ii) participation in a fraud against the Company; (iii) willful and material
breach of the Executive’s duties and obligations under this Agreement or any other agreement between the Executive and the Company or its affiliates that has not been cured (if curable) within thirty (30) days after receiving written
notice from the Board of such breach; (iv) engagement in conduct that causes or is reasonably likely to cause material damage to the Company’s property or reputation; (v) material failure to comply with the Company’s Code of
Conduct or other material policies; or (vi) violation of any law, rule or regulation (collectively, “Law”) relating in any way to the business or activities of the Company or its subsidiaries or affiliates, or other Law
that is violated during the course of the Executive’s performance of services hereunder that results in the Executive’s arrest, censure, or regulatory suspension or disqualification, including, without limitation, the Generic Drug
Enforcement Act of 1992, 21 U.S.C. § 335(a), or any similar legislation applicable in the United States or in any other country where the Company intends to develop its activities. 

(b)     “Good Reason” shall mean the occurrence of any of the following events without the
Executive’s consent: (i) a material reduction of the Executive’s Base Salary as initially set forth herein or as the same may be increased from time to time, provided, however, that if such reduction occurs in connection
with a Company-wide decrease in executive officer team compensation, such reduction shall not constitute Good Reason provided that it is a reduction of a proportionally like amount or percentage affecting the entire executive team not to exceed ten
percent (10%); or (ii) material 

 
reduction in the Executive’s authority, duties or responsibilities, as compared to the Executive’s authority, duties or responsibilities immediately prior to such reduction;
provided, however, any resignation by the Executive shall only be deemed for Good Reason pursuant to this definition if: (1) the Executive gives the Company written notice of the Executive’s intent to terminate for Good
Reason within thirty (30) days following the first occurrence of the condition(s) that the Executive believes constitute(s) Good Reason, which notice shall describe such condition(s); (2) the Company fails to remedy such condition(s) within
thirty (30) days following receipt of the written notice (the “Cure Period”); and (3) the Executive voluntarily resigns from employment with the Company within thirty (30) days following the end of the Cure
Period. 
 5.5    Effect of Termination. The Executive agrees that should the Executive’s
employment terminate for any reason, the Executive shall be deemed to have resigned from any and all positions with the Company. 

5.6    Section 409A Compliance. 

(a)    It is intended that any benefits under this Agreement satisfy, to the greatest extent possible, the
exemptions from the application of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), provided under Treasury Regulations
Sections 1.409A-1(b)(4), and 1.409A-1(b)(9), and this Agreement will be construed to the greatest extent possible as consistent with those provisions, and to the
extent not so exempt, this Agreement (and any definitions hereunder) will be construed in a manner that complies with Section 409A. For purposes of Section 409A (including, without limitation, for purposes of Treasury Regulations Section 1.409A-2(b)(2)(iii)), the Executive’s right to receive any installment payments under this Agreement (whether severance payments, if any, or otherwise) shall be treated as a right to receive a
series of separate payments and, accordingly, each installment payment hereunder shall at all times be considered a separate and distinct payment. A termination of employment shall not be deemed to have occurred for purposes of any provision of this
Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Section 409A and, for purposes of any such
provision of this Agreement, references to a “resignation,” “termination,” “termination of employment” or like terms shall mean separation from service. In no event may Executive, directly or indirectly, designate the
calendar year of a payment. Notwithstanding any provision of this Agreement to the contrary, in no event shall the timing of the Executive’s execution of the Release, directly or indirectly, result in the Executive designating the calendar year
of payment of any amounts of deferred compensation subject to Section 409A, and if a payment that is subject to execution of the Release could be made in more than one taxable year, payment shall be made in the later taxable year. The Company
makes no representation or warranty and shall have no liability to the Executive or any other person if any compensation under this Agreement constitutes deferred compensation subject to Code Section 409A but does not satisfy an exemption from,
or the conditions of, Code Section 409A. 
 (b)    Notwithstanding any provision to the contrary in this
Agreement, if the Executive is deemed by the Company at the time of a separation from service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i), and if any payments or benefits that the Executive becomes entitled
to under this Agreement on account of such separation from service are deemed to be “deferred compensation,” then to the extent delayed commencement of any portion of such payments or benefits is required in order to avoid a prohibited
distribution under Section 409A(a)(2)(B)(i) and the 

 
related adverse taxation under Section 409A, such payments shall not be provided prior to the earliest of (i) the expiration of the six (6)-month period measured from the date of
separation from service, (ii) the date of the Executive’s death or (iii) such earlier date as permitted under Section 409A without the imposition of adverse taxation. Upon the first (1st) business day following the expiration of
such period, all payments deferred pursuant to this paragraph shall be paid in a lump sum, and any remaining payments due shall be paid as otherwise provided herein. No interest shall be due on any amounts so deferred. 

(c)    With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another
benefit, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, and (iii) such payments shall be made on or before the last day of the Executive’s taxable year following the taxable year in which the expense
was incurred. 
  

	 	6.	 ARBITRATION. 

Except as otherwise set forth below in connection with equitable remedies, any dispute, claim or controversy arising out of or relating to this
Agreement or the Executive’s employment with the Company (collectively, “Disputes”), including, without limitation, any dispute, claim or controversy concerning the validity, enforceability, breach or termination of this
Agreement, if not resolved by the parties, shall be finally settled by arbitration in accordance with the then-prevailing Employment Arbitration Rules and Procedures of JAMS, as modified herein (“Rules”). The requirement to
arbitrate covers all Disputes (other than disputes which by statute are not arbitrable) including, but not limited to, claims, demands or actions under the Age Discrimination in Employment Act (including Older Workers Benefit Protection Act);
Americans with Disabilities Act; Civil Rights Act of 1866; Civil Rights Act of 1991; Employee Retirement Income Security Act of 1974; Equal Pay Act; Family and Medical Leave Act of 1993; Title VII of the Civil Rights Act of 1964; Fair Labor
Standards Act; Fair Employment and Housing Act; and any other law, ordinance or regulation regarding discrimination or harassment or any terms or conditions of employment. There shall be one arbitrator who shall be jointly selected by the parties.
If the parties have not jointly agreed upon an arbitrator within twenty (20) calendar days of respondent’s receipt of claimant’s notice of intention to arbitrate, either party may request JAMS to furnish the parties with a list of
names from which the parties shall jointly select an arbitrator. If the parties have not agreed upon an arbitrator within ten (10) calendar days of the transmittal date of such list, then each party shall have an additional five
(5) calendar days in which to strike any names objected to, number the remaining names in order of preference, and return the list to JAMS, which shall then select an arbitrator in accordance with the Rules. The place of arbitration shall be
New York, NY. By agreeing to arbitration, the parties hereto do not intend to deprive any court of its jurisdiction to issue a pre-arbitral injunction, including, without limitation, with respect to the NDIA.
The arbitration shall be governed by the Federal Arbitration Act, 9 U.S.C. §§ 1-16. Judgment upon the award of the arbitrator may be entered in any court of competent jurisdiction. The arbitrator
shall: (a) have authority to compel discovery which shall be narrowly tailored to efficiently resolve the disputed issues in the proceeding; and (b) issue a written statement signed by the arbitrator regarding the disposition of each claim
and the relief, if any, awarded as to each claim, the reasons for the award, and the arbitrator’s essential findings and conclusions on which the award is based. The Company shall pay all administrative fees of JAMS in excess of four hundred
thirty-five dollars ($435) (a typical filing fee in court) but the Company and the Executive shall split any arbitrator’s fees and expenses. Each party shall bear its or his/her own costs and expenses

 
(including attorney’s fees) in any such arbitration and the arbitrator shall have no power to award costs and attorney’s fees except as provided by statute or by separate written
agreement between the parties. In the event any portion of this arbitration provision is found unenforceable by a court of competent jurisdiction, such portion shall become null and void leaving the remainder of this arbitration provision in full
force and effect. The parties agree that all information regarding the arbitration, including any settlement thereof, shall not be disclosed by the parties hereto, except as otherwise required by applicable law. 

 

	 	7.	 GENERAL PROVISIONS. 

7.1    Representations and Warranties. 

(a)    The Executive represents and warrants that the Executive is not restricted or prohibited,
contractually or otherwise, from entering into and performing each of the terms and covenants contained in this Agreement, and that the Executive’s execution and performance of this Agreement will not violate or breach any other agreements
between the Executive and any other person or entity. The Executive represents and warrants that the Executive is not subject to any confidentiality or non-competition agreement or any other similar type of
restriction that could restrict in any way the Executive’s hiring by the Company and the performance of the Executive’s expected job duties with the Company. 

(b)    The Company and its affiliates do not wish to incorporate any unlicensed or unauthorized material, or
otherwise use such material in any way in connection with, its and their respective products and services. Therefore, the Executive hereby represents, warrants and covenants that the Executive has not and will not disclose to the Company or its
affiliates, use in their business, or cause them to use, any information or material which is a trade secret, or confidential or proprietary information, of a third party, including, but not limited to, any former employer, competitor or client,
unless the Company or its affiliates have a right to receive and use such information or material. 
 (c)    The
Executive represents and warrants that the Executive is not debarred and has not received notice of any action or threat with respect to debarment under the provisions of the Generic Drug Enforcement Act of 1992, 21 U.S.C. § 335(a) or any
similar legislation applicable in the United States or in any other country where the Company intends to develop its activities. The Executive understands and agrees that this Agreement is contingent on the Executive’s submission of
satisfactory proof of identity and legal authorization to work in the United States, as well as verification of auditor independence. 

7.2    Advertising Waiver. The Executive agrees to permit the Company, and persons or other organizations
authorized by the Company, to use, publish and distribute advertising or sales promotional literature concerning business of the Company in which the Executive’s name and/or pictures of the Executive appear. The Executive hereby waives and
releases any claim or right the Executive may otherwise have arising out of such use, publication or distribution. 

7.3    Miscellaneous. 

(a)    This Agreement, along with the NDIA and any applicable equity awards that have been granted, constitutes the
complete, final and exclusive embodiment of the entire agreement between the Executive and the Company with regard to its subject matter. It is entered into without reliance on any promise or representation, written or oral, other than those
expressly contained herein, and it supersedes any other such promises, warranties or representations. 

 (b)    This Agreement may not be modified or amended except in a
writing signed by both the Executive and a duly authorized officer of the Company or a member of the Board. 

(c)    This Agreement will bind the heirs, personal representatives, successors and assigns of both the Executive
and the Company, and inure to the benefit of both the Executive and the Company, and to the Executive’s and the Company’s heirs, successors and assigns, as applicable, except that the duties and responsibilities of the Executive are of a
personal nature and shall not be assignable or delegable in whole or in part by the Executive. The Company may assign its rights, together with its obligations hereunder, in connection with any merger, consolidation, or transfer or other disposition
of all or substantially all of its assets, and such rights and obligations shall inure to, and be binding upon, any successor to the Company or any successor to all or substantially all of the assets of the Company, which successor shall expressly
assume such obligations. 
 (d)    If any provision of this Agreement is determined to be invalid or
unenforceable, in whole or in part, this determination will not affect any other provision of this Agreement and the provision in question will be modified so as to be rendered enforceable. 

(e)    This Agreement will be deemed to have been entered into and will be construed and enforced in accordance
with the laws of the State of New York as applied to contracts made and to be performed entirely within New York. 

(f)    Any ambiguity in this Agreement shall not be construed against either party as the drafter. Any waiver of a
breach of this Agreement shall be in writing and shall not be deemed to be a waiver of any successive breach. This Agreement may be executed in counterparts and facsimile signatures will suffice as original signatures. 

[SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, the parties have
executed this Agreement as of the day and year first written above. 
  

			
	IMVT CORPORATION
		
	By:	 	 /s/ Pete Salzmann

		 	    Name: Pete Salzmann
		 	    Title: Chief Executive Officer

  

	
	ACCEPTED AND AGREED:
	
	   /s/ Michael Elliott

	Michael Elliott

 EXHIBIT A: 

PERMITTED ACTIVITIES 
 Board Member,
Rhode Island Bio 
 RI Bio is a not-for-profit trade
industry organization serving biotech, pharma and medical device companies in the state of Rhode Island. The organization’s aims include education and training, promotion of infrastructure development, and promotion of investment capital in the
state, and as such the position provides no conflict of interest with Immunovant business activities. The position is unpaid, and has an estimated time commitment of 1 day per month. 

 EXHIBIT B: 

RELEASE FORM 

 [DATE] 

Michael Elliott 
 [ADDRESS] 

[CITY], [STATE] [ZIP] 
  

	 	RE:	 Separation Agreement and General Release 

Dear Michael, 
 Your employment with IMVT
Corporation will be terminated effective [DATE OF TERMINATION]. This Separation Agreement and General Release (this “Agreement”) sets forth the terms and conditions under which IMVT Corporation is offering you additional pay and benefits
in exchange for you making and honoring certain commitments, including agreeing not to pursue legal action against the Company as described in Sections 7 and 8. 

PLEASE NOTE: THIS DOCUMENT HAS IMPORTANT LEGAL CONSEQUENCES TO YOU. YOU SHOULD CONSULT AN ATTORNEY OF YOUR CHOICE, AT YOUR EXPENSE, PRIOR TO
EXECUTING IT. 
  

	1.	 Parties To This Agreement 

This letter is a proposed agreement that IMVT Corporation is offering to you. In this document, references to Michael Elliott refer to
“you” and IMVT CORPORATION is referred to as the “Company.” Together, you and the Company are referred to as the “Parties.” 
  

	2.	 What You Will Receive Regardless of Whether You Enter Into This Agreement 

Whether or not you enter into this Agreement, you will receive the following: 

 

	 	a.	 Your regular base pay (less applicable withholding) through [SEPARATION DATE], provided you remain employed at
the Company through that date. You will be receiving your regular pay in the same manner that you normally receive your regular pay, such as direct deposit, consistent with established bi-monthly pay cycles as
long as you remain employed; and 

  

	 	b.	 If you are currently enrolled and participating in the Company’s medical/dental/vision benefits, your
coverage will extend until the end of [SEPARATION MONTH] (the month in which your separation takes place). Thereafter, you will be able to continue as a member of the Company’s Group Health Plans at your expense in accordance with the terms of
those plans, as well as COBRA, for the legally required benefit continuation period. You will be receiving a separate letter explaining your rights and responsibilities with regard to electing your COBRA benefits; and 

 

	 	c.	 Accrued vested benefits under any applicable retirement plans offered by the Company. You will receive
information directly from Fidelity and you may direct questions to them at 1-800-603-4015; and 

 

	 	d.	 Reimbursement for all approved business-related expenses incurred up to your last day of employment consistent
with established travel and expense policies; and 

  

	 	e.	 As long as you direct reference inquiries from potential employers to [Contact Name], IMVT Corporation, [320
West 37th Street, New York, NY 10018], unless otherwise authorized in  

	 	
writing, the Company will limit information it discloses in response to reference requests to: (1) your dates of employment; and (2) your last position held. Of course, the
Company reserves the right to respond truthfully to any compulsory process of law (such as a subpoena) or as otherwise required by law. 

  

	3.	 What You Will Receive Only If You Enter Into This Agreement. 

As long as you timely sign, date and return this Agreement (BUT IN NO CASE LATER THAN [LAST DATE TO ACCEPT]), and you comply with
the Agreement’s requirements, then in addition to those payments and benefits described in Section 2 above: 
  

	 	•	 	 You will receive salary continuation benefit payments at your regular Base Salary though [SEVERANCE END DATE]
subject to applicable withholdings, unless you choose to resign before [SEPARATION DATE]; and 

  

	 	•	 	 If you are currently enrolled and participating in the Company’s medical/dental/vision benefits, your
coverage will extend until the end of the [SEVERANCE END DATE]. Thereafter, you will be able to continue as a member of the Company’s Group Health Plans at your expense in accordance with the terms of those plans[, as well as COBRA, for the
legally required benefit continuation period]. You will be receiving a separate letter explaining your rights and responsibilities with regard to electing your COBRA benefits. You will receive COBRA benefit payments through [SEVERANCE END DATE].

 Within thirty (30) days after you return the signed and dated Agreement, you will begin receiving the salary
continuation benefit, provided you did not resign prior to your anticipated Separation Date. 
  

	4.	 W-2s. 

The Company will issue an IRS Form W-2 to you in connection with payments described in Section 3.

  

	5.	 How To Enter Into This Agreement. 

In order to enter into this Agreement, you must take the following steps: 

 

	 	a.	 You must sign and date the Agreement. Signing and dating the Agreement is how you “Execute” the
Agreement. 

  

	 	b.	 You must return the Executed Agreement to me before [LAST DATE TO ACCEPT], (unless such period is extended in
writing by the Company). If I do not receive the signed and dated Agreement by that date, the offer will be deemed withdrawn, this Agreement will not take effect and you will not receive the pay and benefits described in Section 3.

  

	 	c.	 You must comply with the terms and conditions of this Agreement. 

 

	6.	 Your Acknowledgments. 

By entering into this Agreement, you are agreeing: 
  

	 	•	 	 The pay and benefits in Section 3 are more than any money or benefits that you are otherwise promised or
entitled to receive under any policy, plan, handbook or practice of the Company or any prior offer letter, agreement or understanding between the Company and you. 

	 	•	 	 After your employment ends, except as provided for in this Agreement (and without impacting any accrued vested
benefits under any applicable tax-qualified retirement or other benefit plans of the Company]), you will no longer participate or accrue service credit of any kind in any employee benefits plan of the Company
or any of its affiliates. 

  

	 	•	 	 Your obligations under your signed
[            ], 2020 Employment Agreement with the Company (“Employment Agreement”) (a copy of which is attached) and the Employee
Non-Disclosure, Inventions Assignment and Restrictive Covenant Agreement (“NDIA”) executed between you and the Company on
[            ], 2020 (also attached), shall remain in full force and effect and you acknowledge and re-affirm those obligations.

  

	 	•	 	 As long as the Company satisfies its obligation under the Agreement, it will not owe you anything except for the
items set forth in Section 2, which you will receive regardless of whether you Execute this Agreement. 

  

	 	•	 	 During your employment with the Company, you did not violate any federal, state, or local law, statute, or
regulation while acting within the scope of your employment with the Company (collectively, “Violations”). 

  

	 	•	 	 You are not aware of any Violation(s) committed by a Company employee, vendor, or customer acting within the
scope of his/her/its employment or business with the Company that have not been previously reported to the Company; or (ii) to the extent you are aware of any such unreported Violation(s), you will, prior to your execution of this Agreement,
immediately report such Violation(s) to the Company. 

  

	7.	 YOU ARE RELEASING AND WAIVING CLAIMS 

While it is very important that you read this entire Agreement carefully, it is especially important that you read this Section
carefully, because it lists important rights you are giving up if you decide to enter into this Agreement. 
 What Are You Giving
Up? It is the Company’s position that you have no legitimate basis for bringing a legal action against it. You may agree or believe otherwise or simply not know. However, if you Execute this Agreement, you will, except for certain
exceptions described in Section 11, give up your ability to bring a legal action against the Company and others, including, but not limited to its affiliates. More specifically, by Executing this Agreement, you will give up any right you may
have to bring various types of “Claims,” which means possible lawsuits, claims, demands and causes of action of any kind (based on any legal or equitable theory, whether contractual, common-law,
statutory, federal, state, local or otherwise), whether known or unknown, by reason of any act or omission up to and including the date on which you Execute this Agreement. You are also giving up potential Claims arising under any contract or
implied contract, including but not limited to your Employment Offer and Terms letter or any handbook, tort law or public policy having any bearing on your employment or the termination of your employment, such as Claims for wrongful discharge,
discrimination, hostile work environment, breach of contract, tortious interference, harassment, bullying, infliction of emotional distress, defamation, back pay, vacation pay, sick pay, wage, commission or bonus payment, equity grants, stock
options, restricted stock option payments, payments under any bonus or incentive plan, attorneys’ fees, costs and future wage loss. This Agreement includes a release of your right to assert a Claim of discrimination on the basis of age, sex,
race, religion, national origin, marital status, sexual orientation, gender identity, gender 

 
expression, ancestry, parental status, handicap, disability, military status, veteran status, harassment, retaliation or attainment of benefit plan rights. However, as described in
Section 11, this Agreement does not and cannot prevent you from asserting your right to bring a claim against the Company and Releasees, as defined below, before the Equal Employment Opportunity Commission or other agencies enforcing
non -discrimination laws or the National Labor Relations Board. 
 Whose Possible Claims Are You Giving Up? You are
waiving Claims that you may otherwise be able to bring. You are not only agreeing that you will not personally bring these Claims in the future, but that no one else will bring them in your place, such as your heirs and executors, and your
dependents, legal representatives and assigns. Together, you and these groups of individuals are referred to in the Agreement as “Releasors.” 

Who Are You Releasing From Possible Claims? You are not only waiving Claims that you and the Releasors may otherwise be able to
bring against the Company, but also Claims that could be brought against “Releasees,” which means the Company and all of their past, present and future: 
  

	 	•	 	 shareholders 

  

	 	•	 	 officers, directors, employees, attorneys and agents 

 

	 	•	 	 subsidiaries, divisions and affiliated and related entities 

 

	 	•	 	 employee benefit and pension plans or funds 

 

	 	•	 	 successors and assigns 

 

	 	•	 	 trustees, fiduciaries and administrators 

Possible Claims You May Not Know. It is possible that you may have a Claim that you do not know exists. By entering into this Agreement, you are
giving up all Claims that you ever had including Claims arising out of your employment or the termination of your employment. Even if Claims exist that you do not know about, you are giving them up. 

What Types of Claims Are You Giving Up? In exchange for the pay and benefits in Section 3, you (on behalf of yourself and the Releasors)
forever release and discharge the Company and all of the Releasees from any and all Claims including Claims arising under the following laws (including amendments to these laws): 

Federal Laws, such as: 
  

	•	 	 Title VII of the Civil Rights of 1964; 

 

	•	 	 Sections 1981 through 1988 of Title 42 of the United States Code; 

 

	•	 	 The Civil Rights Act of 1991; 

 

	•	 	 The Equal Pay Act; 

  

	•	 	 The Americans with Disabilities Act; 

 

	•	 	 The Rehabilitation Act; 

 

	•	 	 The Employee Retirement Income Security Act; 

 

	•	 	 The Worker Adjustment and Retraining Notification Act; 

 

	•	 	 The National Labor Relations Act; 

 

	•	 	 The Fair Credit Reporting Act; 

 

	•	 	 The Occupational Safety and Health Act; 

 

	•	 	 The Uniformed Services Employment and Reemployment Act; 

 

	•	 	 The Employee Polygraph Protection Act; 

	•	 	 The Immigration Reform Control Act; 

 

	•	 	 The Family and Medical Leave Act; 

 

	•	 	 The Genetic Information Nondiscrimination Act; 

 

	•	 	 The Federal False Claims Act; 

 

	•	 	 The Patient Protection and Affordable Care Act; 

 

	•	 	 The Consolidated Omnibus Budget Reconciliation Act; and 

 

	•	 	 The Lilly Ledbetter Fair Pay Act. 

State and Municipal Laws, such as: 
  

	•	 	 The New York State Human Rights Law; the New York State Executive Law; the New York State Civil Rights Law; the
New York State Whistleblower Law; the New York State Legal Recreational Activities Law; the retaliation provisions of the New York State Workers’ Compensation Law; the New York Labor Law; the New York State Worker Adjustment and Retraining
Notification Act; the New York State False Claims Act; New York State Wage and Hour Laws; the New York State Equal Pay Law; the New York State Rights of Persons with Disabilities Law; the New York State Nondiscrimination Against Genetic Disorders
Law; the New York State Smokers’ Rights Law; the New York AIDS Testing Confidentiality Act; the New York Genetic Testing Confidentiality Law; the New York Discrimination by Employment Agencies Law; the New York Bone Marrow Leave Law; the New
York Adoptive Parents Child Care Leave Law; the New York City Human Rights Law; the New York City Administrative Code; the New York City Paid Sick Leave Law; and the New York City Charter; and 

 

	•	 	 [IF EMPLOYEE WAS EVER EMPLOYED IN NJ] The New Jersey Law Against Discrimination; the New Jersey Discrimination in
Wages Law; the New Jersey Security and Financial Empowerment Act; the New Jersey Temporary Disability Benefits and Family Leave Insurance Law; the New Jersey Domestic Partnership Act; the New Jersey Conscientious Employee Protection Act; the New
Jersey Family Leave Act; the New Jersey Wage Payment Act; the New Jersey Equal Pay Law; the New Jersey Occupational Safety and Health Law; the New Jersey False Claims Act; the New Jersey Smokers’ Rights Law; the New Jersey Genetic Privacy Act;
the New Jersey Fair Credit Reporting Act; the New Jersey Emergency Responder Leave Law; the New Jersey Millville Dallas Airmotive Plant Job Loss Notification Act (a/k/a the New Jersey WARN Act); and the retaliation provisions of the New Jersey
Workers’ Compensation Law; and 

  

	•	 	 [IF EMPLOYEE WAS EVER EMPLOYED IN CA] The California Fair Employment and Housing Act, as amended; the California
Constitution, as amended; the California Labor Code, as amended; and all rights under Section 1542 of the California Civil Code, which states, “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO
EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.” You acknowledge that you may later discover claims or facts in addition to or
different from those which you now know or believe to exist with regards to the subject matter of this Agreement, and which, if known or suspected at the time of executing this Agreement, may have materially affected its terms. Nevertheless, you
waive any and all Claims that might arise as a result of such different or additional claims or facts; and 

	•	 	 [IF EMPLOYEE WAS EVER EMPLOYED IN NC] The North Carolina Employment Practices Act; the Retaliatory Employment
Discrimination Act; the Persons with Disabilities Protection, Discrimination Against Persons with Sickle Cell Trait; Discrimination Based Upon Genetic Testing and Information; Discrimination Based Upon Use of Lawful Products; Discrimination Based
Upon AIDS or HIV Status; Hazardous Chemicals Right to Know Act; Jury Service Discrimination; Military Service Discrimination; and all of their respective implementing regulations; and 

 

	•	 	 [IF EMPLOYEE WAS EVER EMPLOYED IN MA] The Massachusetts Fair Employment Practices Law; the Massachusetts Civil
Rights Act; the Massachusetts Equal Rights Act; the Minimum Fair Wage Act; the Massachusetts Plant Closing Law; the Massachusetts Equal Pay Act; the Massachusetts Parental Leave Act; the Massachusetts Sexual Harassment Statute; and all of their
respective implementing regulations. By signing this letter agreement, you are acknowledging that this waiver includes any future claims against the Company under Mass. Gen. Laws ch. 149, § 148 - the Massachusetts Wage Act. These claims
include, but are not limited to, failure to pay earned wages, failure to pay overtime, failure to pay earned commissions, failure to timely pay wages, failure to pay accrued vacation or holiday pay, failure to furnish appropriate pay stubs, claims
for improper wage deductions, and claims for failing to provide proper check-cashing facilities. 

 You Are Giving Up Potential
Remedies and Relief. You are waiving any relief that may be available to you (such as money damages, equity grants, benefits, attorneys’ fees, and equitable relief such as reinstatement) under any of the waived Claims, except as
provided in Section 11. 
 This Release Is Extremely Broad. This release is meant to be as broad as legally permissible and applies to
both employment-related and non-employment-related Claims up to the time that you execute this Agreement. This release includes a waiver of jury trials and non-jury
trials. This Agreement does not release or waive Claims or rights that, as a matter of law, cannot be waived, which include, but are not necessarily limited to, the exceptions to your release of claims or covenant not to sue referenced in
Section 11. 
  

	8.	 YOU ARE AGREEING NOT TO SUE 

Except as provided in Section 11, you agree not to sue or otherwise bring any legal action against the Company or any of the Releasees
ever for any Claim released in Section 6 arising before you Execute this Agreement. You are not only waiving any right you may have to proceed individually, but also as a member of a class or collective action. You waive any and all rights you
may have had to receive notice of any class or collective action against Releases for claims arising before you Execute this Agreement. In the event that you receive notice of a class or collective action against Releasees for claims arising before
you Execute this Agreement, you must “opt out” of and may not “opt in” to such action. You are also giving up any right you may have to recover any relief, including money damages, from the Releasees as a member of a class or
collective action. 

	9.	 Representations Under The FMLA (leave law) And FLSA (wage and hour law). 

You represent that you are not aware of any facts that might justify a Claim by you against the Company for any violation of the Family and
Medical Leave Act (“FMLA”). You also represent that you have received all wages for all work you performed and any commissions, bonuses, stock options, restricted stock option payments, overtime compensation and FMLA leave to which you may
have been entitled, and that you are not aware of any facts constituting a violation by the Company or Releasees of any violation of the Fair Labor Standards Act or any other federal, state or municipal laws. 

 

	10.	 You Have Not Already Filed An Action. 

You represent that you have not sued or otherwise filed any actions (or participated in any actions) of any kind against the Company or
Releasees in any court or before any administrative or investigative body or agency. The Company is relying on this assurance in entering into this Agreement. 
  

	11.	 Exceptions To Your Release Of Claims And Covenant Not To Sue 

In Sections 7 and 8, you are releasing Claims and agreeing not to sue, but there are exceptions to those commitments. Specifically, nothing in
this Agreement prevents you from bringing a legal action or otherwise taking steps to: 
  

	 	•	 	 Enforce the terms of this Agreement; or 

 

	 	•	 	 Challenge the validity of this Agreement; or 

 

	 	•	 	 Make any disclosure of information required by law; or 

 

	 	•	 	 Provide information to, testify before or otherwise assist in any investigation or proceeding brought by, any
regulatory or law enforcement agency or legislative body, any self-regulatory organization, or the Company; or 

  

	 	•	 	 Provide truthful testimony in any forum; or 

 

	 	•	 	 Cooperate fully and provide information as requested in any investigation by a governmental agency or commission;
or 

  

	 	•	 	 File a charge or complaint with the Equal Employment Opportunity Commission, the National Labor Relations Board,
the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state or local governmental agency or commission (“Government Agencies”); or 

 

	 	•	 	 File a lawsuit or other action to pursue Claims that arise after you Execute this Agreement.

 For purposes of clarity, this Agreement does not limit your ability to communicate with any Government Agencies or
otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. This Agreement does not limit your right to receive an award
for information provided to any Government Agencies. 

	12.	 Your Continuing Obligations. 

You acknowledge and re-affirm your continuing obligations pursuant to the Employment Agreement and the
NDIA executed between you and the Company, including your confidentiality obligations under Section 2 of the NDIA and any restrictions under Sections 4 and 5 of the NDIA. 

Pursuant to the Defend Trade Secrets Act of 2016, you acknowledge and understand that you will not be held criminally or civilly liable under
any federal or state trade secret law for the disclosure of the trade secrets of the Company or any of its affiliates that is made by you (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to
an attorney, and solely for the purpose of reporting or investigating a suspected violation of law, or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. 

 

	13.	 Return Of Property. 

As of your Separation Date, you agree that you have returned to the Company all property belonging to the Company including, but not limited
to, electronic devices, equipment, access cards, and paper and electronic documents obtained in the course of your employment. 
  

	14.	 Prior Disclosures. 

You acknowledge that, prior to the termination of your employment with the Company, you disclosed to the Company, in accordance with applicable
policies and procedures, any and all information relevant to any investigation of the Company’s business practices conducted by any governmental agency or to any existing, threatened or anticipated litigation involving the Company, whether
administrative, civil or criminal in nature, and that you are otherwise unaware of any wrongdoing committed by any current or former employee of the Company that has not been disclosed. Nothing in this Agreement shall prohibit or restrict you or the
Company from (1) making any disclosure of information required by law; (2) providing information to, or testifying or otherwise assisting in any investigation or proceeding brought by any federal or state regulatory or law enforcement
agency or legislative body, any self-regulatory organization, or with respect to any internal investigation by the Company or its affiliates; or (3) testifying, participating in or otherwise assisting in a proceeding relating to an alleged
violation of the Sarbanes-Oxley Act of 2002, the Dodd-Frank Wall Street Reform and Consumer Protection Act, any federal, state or municipal law relating to fraud, or any rule or regulation of any self-regulatory organization. 

 

	15.	 Non-Disparagement 

You agree that you will not, through any medium including, but not limited to, the press, Internet or any other form of communication,
disparage, defame, or otherwise damage or assail the reputation, integrity or professionalism of the Company or the Releasees. Nothing in this Section 15 is intended to restrict or impede your participation in proceedings or investigations
brought by or before the EEOC, NLRB, or other federal, state or local government agencies, or otherwise exercising protected rights to the extent that such rights cannot be waived by agreement, including Section 7 rights under the National
Labor Relations Act. 

	16.	 The Company’s Remedies For Breach. 

If you breach any section of this Agreement, including without limitation, Section 7, 8, or 15 or otherwise seek to bring a Claim given up
under this Agreement, the Company will be entitled to all relief legally available to it including equitable relief such as injunctions, and the Company will not be required to post a bond. 

You further acknowledge that if you breach of any section of this Agreement, you will automatically forfeit your right to receive any of the
benefits enumerated in Section 3 of this agreement. 
 You further acknowledge and understand that if the Company should discover any
such Violation(s) as described in Section 6 after your execution of this Agreement and/or your separation from employment with the Company, it will be considered a material breach of this Agreement, and all of the Company’s obligations to
you hereunder will become immediately null and void.     
  

	17.	 Governing Law. 

This Agreement is governed by New York law, without regard to conflicts of laws principles. 

 

	18.	 Successors And Assigns. 

This Agreement is binding on the Parties and their heirs, executors, successors and assigns. 

 

	19.	 Severability And Construction. 

If a court with jurisdiction to consider this Agreement determines that any provision is illegal, void or unenforceable, that provision will be
invalid. However, the rest of the Agreement will remain in full force and effect. A court with jurisdiction to consider this Agreement may modify invalid provisions if necessary to achieve the intent of the Parties. 

 

	20.	 No Admission. 

By entering into this Agreement, neither you nor the Company admits wrongdoing of any kind. 

 

	21.	 Do Not Rely On Verbal Statements. 

 

	 	•	 	 This Agreement sets forth the complete understanding between the Parties. 

 

	 	•	 	 This Agreement may not be changed orally. 

 

	 	•	 	 This Agreement constitutes and contains the complete understanding of the Parties with regard to the end of your
employment, and supersedes and replaces all prior oral and written agreements and promises between the Parties, except that, as set forth in Section 6, your restrictive covenant obligations remain in full force and effect.

  

	 	•	 	 Neither the Company nor any representative (nor any representative of any other company affiliated with the
Company), has made any promises to you other than as written in this Agreement. All future promises and agreements must be in writing and signed by both Parties. 

	22.	 Your Opportunity To Review. 

 

	 	a.	 Review Period. You have twenty-one
(21) calendar days from the day you receive this Agreement to consider the terms of this Agreement, sign it and return it to [Contact Name], IMVT Corporation, [320 West
37th Street, New York, NY 10018]. Your opportunity to accept the terms of this Agreement will expire at the conclusion of the twenty-one
(21) calendar day period if you do not accept those terms before time expires. That means that your opportunity to accept the terms of this Agreement will expire on [LAST DATE TO ACCEPT]. You may sign the Agreement in fewer than twenty-one (21) calendar days, if you wish to do so. If you elect to do so, you acknowledge that you have done so voluntarily. Your signature below indicates that you are entering into this Agreement freely,
knowingly and voluntarily, with full understanding of its terms. 

  

	 	b.	 Talk To A Lawyer. During the review period, and before executing this Agreement, the Company
advises you to consult with an attorney, at your own expense, regarding the terms of this Agreement. 

  

	23.	 We Want To Make Absolutely Certain That You Understand This Agreement. 

You acknowledge and agree that: 
  

	 	•	 	 You have carefully read this Agreement in its entirety; 

 

	 	•	 	 You have had an opportunity to consider the terms of this Agreement; 

 

	 	•	 	 You understand that the Company urges you to consult with an attorney of your choosing, at your expense,
regarding this Agreement; 

  

	 	•	 	 You have the opportunity to discuss this Agreement with a lawyer of your choosing, and agree that you had a
reasonable opportunity to do so, and he or she has answered to your satisfaction any questions you asked with regard to the meaning and significance of any of the provisions of this Agreement; 

 

	 	•	 	 You fully understand the significance of all of the terms and conditions of this Agreement; and

  

	 	•	 	 You are Executing this Agreement voluntarily and of your own free will and agree to all the terms and
conditions contained in this Agreement. 

					
	  
	  	 	  	  

	IMVT CORPORATION	  	 	  	MICHAEL ELLIOTT
			
	By:
                                         
       	  	 	  	 
			
	Dated:
                                         
   	  		  	Dated:

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