Document:

EX-4.5

 Exhibit 4.5 

Execution Version 

EMERA US FINANCE LP 

as Issuer 
 EMERA
INCORPORATED 
 EMERA US HOLDINGS INC. 

as Guarantors 
 AMERICAN
STOCK TRANSFER & TRUST COMPANY, LLC 
 as Trustee 

 
  

SECOND SUPPLEMENTAL INDENTURE 

Dated as of June 4, 2021 

to 
 Indenture 

Dated as of June 16, 2016 
  

 
 Creating
series of Securities designated as 
 0.833% Senior Notes due 2024 

2.639% Senior Notes due 2031 

 TABLE OF CONTENTS 

 

							
	ARTICLE ONE: INTERPRETATIONS AND AMENDMENTS	  

			
	 SECTION 101.
	 	Second Supplemental Indenture	  	 	2	 
	 SECTION 102.
	 	Definitions in Second Supplemental Indenture	  	 	2	 
	 SECTION 103.
	 	Interpretation not Affected by Headings	  	 	2	 
	
	ARTICLE TWO: 0.833% SENIOR NOTES DUE 2024	 

			
	 SECTION 201.
	 	Form and Terms of 2024 Notes	  	 	2	 
	 SECTION 202.
	 	Issuance of 2024 Notes	  	 	4	 
	 SECTION 203.
	 	Transfer Restrictions	  	 	4	 
	 SECTION 204.
	 	Optional Redemption of 2024 Notes	  	 	65	 
	 SECTION 205.
	 	Optional Tax Redemption of the 2024 Notes	  	 	6	 
	
	ARTICLE THREE: 2.639% SENIOR NOTES DUE 2031	 

			
	 SECTION 301.
	 	Form and Terms of 2031 Notes	  	 	6	 
	 SECTION 302.
	 	Issuance of 2031 Notes	  	 	9	 
	 SECTION 303.
	 	Transfer Restrictions	  	 	9	 
	 SECTION 304.
	 	Optional Redemption of 2031 Notes	  	 	9	 
	 SECTION 305.
	 	Optional Tax Redemption of the 2031 Notes	  	 	9	 
	
	ARTICLE FOUR: [RESERVED]	  

	
	ARTICLE FIVE: [RESERVED]	  

	
	ARTICLE SIX: GENERAL	  

			
	 SECTION 601.
	 	Effectiveness	  	 	10	 
	 SECTION 602.
	 	Ratification of Original Indenture	  	 	10	 
	 SECTION 603.
	 	Governing Law	  	 	10	 
	 SECTION 604.
	 	Severability	  	 	11	 
	 SECTION 605.
	 	Acceptance of Trust	  	 	11	 
	 SECTION 606.
	 	Benefits of Second Supplemental Indenture	  	 	11	 
	 SECTION 607.
	 	Multiple Originals	  	 	11	 
	 SECTION 608.
	 	Agent for Service	  	 	11	 

 Schedule A – Form of 0.833% Senior Note due 2024 

Schedule B – Form of 2.639% Senior Note due 2031 

  
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 THIS SECOND SUPPLEMENTAL INDENTURE (this “Second Supplemental Indenture”)
dated as of June 4, 2021, by and among EMERA US FINANCE LP, a limited partnership organized and existing under the laws of the State of Delaware (the “Issuer”), EMERA INCORPORATED, a company duly organized and existing under
the laws of the Province of Nova Scotia (the “Company”), EMERA US HOLDINGS INC., a corporation organized and existing under the laws of the State of Delaware (“EUSHI” and, together with the Company in their capacity
as guarantors of the Securities, the “Guarantors” and each a “Guarantor”) and AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, as Trustee (the “Trustee”). 

RECITALS 
 WHEREAS, each
of the Issuer and the Guarantors has heretofore executed and delivered to the Trustee an Indenture, dated as of June 16, 2016 (the “Original Indenture”), providing for the issuance from time to time of its debentures, notes or
other evidences of indebtedness (the “Securities”) in one or more series; 
 WHEREAS, the Original Indenture is
incorporated herein by reference and the Original Indenture, as supplemented by a First Supplemental Indenture dated as of June 16, 2016 (the “First Supplemental Indenture”) and this, Second Supplemental Indenture, is herein
called the “Indenture”; 
 WHEREAS, Sections 2.01, 3.01 and 9.01(x) of the Original Indenture provide that the Issuer and
the Trustee may from time to time enter into one or more indentures supplemental thereto to establish the form or terms of Securities of a new series issued pursuant to the Indenture; 

WHEREAS, the Issuer desires to issue two series of Securities under the Indenture to be designated as (i) 0.833% Senior Notes due 2024 (the
“2024 Notes”) and (ii) 2.639% Senior Notes due 2031 (the “2031 Notes”, and, together with the 2024 Notes, the “Notes”); 

WHEREAS, in accordance with Sections 2.04 and Article Nine of the Original Indenture, each Guarantor shall fully and unconditionally guarantee
the Notes (the “Guarantee”); 
 WHEREAS, Section 9.01(xiii) of the Original Indenture (as supplemented by the First
Supplemental Indenture) permits execution of supplemental indentures without the consent of any Holders to make any change that does not adversely affect the rights of any Holder; 

WHEREAS, the amendment to Section 5.01 of the Original Indenture, as set forth in Section 6.09 below, which modifies the terms of
such Section 5.01(5) of the Original Indenture, will become effective with respect to the 2024 Notes and the 2031 Notes upon the execution of this Second Supplemental Indenture, and accordingly, will not adversely affect the rights of any
Holder; 
 WHEREAS, the amendment to Section 11.04 of the Original Indenture, as set forth in Section 6.10 below, which modifies
the terms of such Section 11.04 of the Original Indenture, will become effective with respect to the 2024 Notes and the 2031 Notes upon the execution of this Second Supplemental Indenture, and accordingly, will not adversely affect the rights
of any Holder; 
 WHEREAS, the Issuer has requested that the Trustee execute and deliver this Second Supplemental Indenture. The Issuer has
delivered to the Trustee an Issuer’s Certificate and an Opinion of Counsel pursuant to Sections 1.02 and 9.03 of the Original Indenture to the effect, among other things, that all conditions precedent provided for in the Original Indenture to
the Trustee’s execution and delivery of this Second Supplemental Indenture have been complied with. All acts and things necessary have been done and performed to make this Second Supplemental Indenture enforceable in accordance with its terms,
and the execution and delivery of this Second Supplemental Indenture has been duly authorized in all respects; 
 WHEREAS, all things
necessary on the part of the Issuer to make this Second Supplemental Indenture, when executed by the Issuer, the legal, valid and binding obligation of the Issuer in accordance with the terms hereof, have been done; 

 WHEREAS, all things necessary on the part of the Issuer to make the Notes, when executed by
the Issuer, and authenticated and delivered hereunder and duly issued by the Issuer, the legal, valid and binding obligations of the Issuer in accordance with the terms of the Notes and this Second Supplemental Indenture, have been done; and 

WHEREAS, the Issuer, the Guarantors and the initial purchasers named therein have entered into that certain Registration Rights Agreement,
dated as of June 4, 2021 (the “Registration Rights Agreement”), providing for (i) the issuance from time to time of Securities issued in exchange for, and in an aggregate principal amount equal to, the Notes (the
“Exchange Notes”) containing terms substantially identical to, and evidencing the same indebtedness as, the Notes exchanged therefor (except that such Exchange Notes will be registered under the Securities Act and will not bear any
legend to the contrary) and (ii) the payment of any additional amounts of interest that shall become payable in respect of the Notes pursuant to the Registration Rights Agreement as a result of a registration default as described in the
Registration Rights Agreement (“Additional Interest”). 
 NOW, THEREFORE, THIS SECOND SUPPLEMENTAL INDENTURE WITNESSETH:
For and in consideration of the premises and the purchase of the Notes by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the Notes, as follows: 

ARTICLE ONE: 

INTERPRETATIONS AND AMENDMENTS 

SECTION 101. Second Supplemental Indenture. As used herein “Second Supplemental Indenture”,
“hereto”, “herein”, “hereof”, “hereby”, “hereunder” and similar expressions refer to this Second Supplemental Indenture and not to any particular Article, Section
or other portion hereof and include any and every instrument supplemental or ancillary hereto or in implementation hereof, and further include the terms of the Notes set forth in the forms of Notes annexed as Schedules hereto. 

SECTION 102. Definitions in Second Supplemental Indenture. All terms contained in this Second Supplemental Indenture
which are defined in the Original Indenture and not defined herein shall, for all purposes hereof, have the meanings given to such terms in the Original Indenture, unless the context otherwise specifies or requires. 

SECTION 103. Interpretation not Affected by Headings. The division of this Second Supplemental Indenture into Articles
and Sections, the provision of the table of contents hereto and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Second Supplemental Indenture. 

ARTICLE TWO: 
 0.833%
SENIOR NOTES DUE 2024 
 SECTION 201. Form and Terms of 2024 Notes. 

(a) There shall be and there is hereby created for issuance under the Original Indenture, as supplemented by the First Supplemental Indenture
and this Second Supplemental Indenture, a series of Securities which shall be designated the “0.833% Senior Notes due 2024” and shall consist of an aggregate principal amount of US$300,000,000; provided, however, that if the
Issuer shall, at any time after the date hereof, increase the principal amount of the 2024 Notes which may be issued and issue such increased principal amount (or any portion thereof), then any such additional 2024 Notes so issued shall have the
same form and terms (other than the issue price, the date of issuance and, under certain circumstances, the date from which interest thereon shall begin to accrue and the first interest payment date), and shall carry the same right to receive
accrued and unpaid interest, as the 2024 Notes theretofore issued; provided further that, if the additional 2024 Notes are not fungible with the then outstanding 2024 Notes for U.S. federal income tax purposes, the additional Notes
shall have a separate CUSIP and/or ISIN number. 

  
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 (b) The 2024 Notes will mature, and the principal of the 2024 Notes and accrued and unpaid
interest thereon shall be due and payable, on June 15, 2024 (the “2024 Stated Maturity”), or such earlier date as the principal of any of the 2024 Notes may become due and payable in accordance with the provisions of the
Original Indenture and this Second Supplemental Indenture. 
 (c) The 2024 Notes shall bear interest on the principal amount thereof from
December 15, 2021 or from and including the most recent interest payment date to which interest shall have been paid or provided for payment on the 2024 Notes, whichever is later, at the rate of 0.833% per annum, payable semi-annually in
arrears on June 15 and December 15 (each, an “Interest Payment Date”) of each year, commencing December 15, 2021, until the principal of and premium, if any, on the 2024 Notes is paid or provided for payment. Interest on
the 2024 Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months. The interest payable, and punctually paid or provided for, on any
Interest Payment Date shall, as provided in the Original Indenture, be paid to the Persons in whose names the 2024 Notes (or one or more predecessor 2024 Notes) are registered at the close of business on June 1 or December 1 (the
“Regular Record Dates”), as the case may be, immediately prior to such Interest Payment Date, regardless of whether any such Regular Record Date is a Business Day. Any such interest on the 2024 Notes not so punctually paid or
provided for on any Interest Payment Date shall be payable, as applicable, as provided in the form of 2024 Note annexed hereto as Schedule A to this Second Supplemental Indenture. 

(d) Wherever in this Second Supplemental Indenture there is mentioned, in any context, the payment of principal (and premium, if any),
interest or any other amount payable under or with respect to the 2024 Notes, such mention will be deemed to include mention of the payment of Additional Amounts and Additional Interest, in each case to the extent that, in such context, Additional
Amounts and/or Additional Interest are, were or would be payable in respect of the 2024 Notes. 
 (e) All payments of principal of, premium,
if any, and interest on the 2024 Notes will be made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts, and all references herein to “United States
dollars”, “US$” or “U.S. dollars” shall be deemed to refer to such coin or currency of the United States of America. 

(f) The principal of, premium, if any, and interest on the 2024 Notes shall be payable, and the 2024 Notes may be surrendered for exchange,
registration, transfer or discharge from registration, at the Corporate Trust Office of the Trustee in The City of New York, New York, and in such other places as the Issuer may from time to time designate in accordance with the Original Indenture.
The Trustee is hereby appointed as the initial Paying Agent and Security Registrar for the Notes in The City of New York, New York. 
 (g)
The 2024 Notes shall be issued only as registered Global Securities, without coupons, in denominations of US$2,000 and any integral multiples of US$1,000 in excess thereof. The 2024 Notes initially will be represented by one or more Restricted
Global 2024 Notes (as defined below) and Regulation S Global 2024 Notes (as defined below) (collectively, the “Global 2024 Notes”) registered in the name of The Depository Trust Company, as Depositary or its nominee, or a successor
depositary or its nominee. 
 (h) The 2024 Notes offered and sold in reliance on Rule 144A under the Securities Act of 1933, as amended (the
“Securities Act”), shall be initially represented by one or more Global Notes (collectively, the “Restricted Global 2024 Notes”). The Restricted Global 2024 Notes (and any notes issued in exchange for the Restricted
Global 2024 Notes, other than Exchange Notes), including beneficial interests in the Restricted Global 2024 Notes, will be subject to certain restrictions on transfer set forth therein and in this Indenture and will bear the legend regarding such
restrictions set forth in Section 3.14(f)(i)(A) of the Original Indenture. 
 (i) The 2024 Notes offered and sold in reliance on
Regulation S under the Securities Act shall be initially represented by one or more temporary Global Notes (collectively, the “Regulation S Temporary Global 2024 Notes”) and will be deposited with the Trustee as custodian for the
Depositary and registered in the name of the Depositary or its nominee. Following the Resale Restriction Termination Date, beneficial interests in the Regulation S Temporary Global 2024 Notes will be exchanged for beneficial interests in permanent
Global Notes (the “Regulation S Permanent Global 2024 Notes” and, together with the Regulation S Temporary Global 2024 Notes, the “Regulation S Global 2024 Notes”). The Regulation S Global 2024 Notes (and any notes
issued in exchange for 

  
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the Regulation S Global 2024 Notes, other than Exchange Notes), including beneficial interests in the Regulation S Global Notes, will be subject to certain restrictions on transfer set forth
therein and in this Second Supplemental Indenture and will bear the legend regarding such restrictions set forth in Section 3.14(f)(iii) of the Original Indenture. 

(j) All Global Notes shall also bear the legends set forth in Section 3.14(f)(ii) of the Original Indenture. 

(k) At any time and from time to time after the execution and delivery of this Second Supplemental Indenture, the Issuer may deliver Exchange
Notes to be issued in exchange for any series of Restricted Global 2024 Notes and Regulation S Global 2024 Notes, executed by the Issuer for authentication, together with an Issuer Order for the authentication and delivery of such Exchange Notes,
and the Trustee in accordance with such Issuer Order shall authenticate and deliver such Exchange Notes. 
 (l) The 2024 Notes and the
certificate of authentication of the Trustee endorsed thereon shall be in the form set out in Schedule A to this Second Supplemental Indenture with such appropriate insertions, omissions, substitutions and variations as the Trustee may approve and
shall be numbered in such manner as the Trustee may approve, such approvals of the Trustee concerning any 2024 Note to be conclusively evidenced by its authentication of such 2024 Note. 

(m) The Security Register referred to in Section 3.05 of the Original Indenture shall, with respect to the 2024 Notes, be kept at the
office or agency in The City of New York, New York that the Issuer may from time to time designate for such purpose (which shall initially be the Corporate Trust Office of the Trustee in The City of New York, New York), and at such other place or
places as the Issuer, with the approval of the Trustee may hereafter designate. 
 (n) The 2024 Notes shall be subject to redemption as
provided in Section 204 (Optional Redemption of 2024 Notes) and Section 205 (Optional Tax Redemption of 2024 Notes) of this Second Supplemental Indenture and Article Eleven of the Original Indenture. The Issuer shall not otherwise be
required to redeem, purchase or repay 2024 Notes pursuant to any mandatory redemption, sinking fund or analogous provision or at the option of the Holders thereof. The 2024 Notes will not be convertible into or exchangeable for securities of any
Person. 
 (o) Sections 14.02 and 14.03 of the Original Indenture shall be applicable to the 2024 Notes. 

(p) For all purposes of the Indenture, the 2024 Notes shall act as a single series (including, but not limited to, for voting, waiver and
providing direction and requests), and shall not be subject to class voting provisions, including, but not limited to, in respect of Sections 5.01, 5.02, 5.03, 5.07, 5.12, 5.13, 6.02, 9.02 and 10.10 of the Original Indenture. 

(q) The 2024 Notes shall have the other terms and provisions set forth in the form of 2024 Note attached hereto as Schedule A to this Second
Supplemental Indenture with the same force and effect as if such terms and provisions were set forth in full herein. 

SECTION 202. Issuance of 2024 Notes. The 2024 Notes in the aggregate principal amount of US$300,000,000
shall be executed by the requisite authorized officers of the Issuer and delivered by the Issuer to the Trustee on the date of issue for authentication and delivery pursuant to and in accordance with the provisions of Section 3.03 of the
Original Indenture and, upon the requirements of such provisions being complied with, the 2024 Notes shall be authenticated by or on behalf of the Trustee and delivered by it to or upon the Issuer Order of the Issuer without any further act or
formality on the part of the Issuer. The Trustee shall not have any duty or responsibility with respect to the use or application of any of the 2024 Notes so certified and delivered or the proceeds thereof. 

SECTION 203. Transfer Restrictions. 

  
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 (a) The 2024 Notes shall be subject to the transfer restrictions contained in
Section 3.14 of the Original Indenture. 
 SECTION 204. Optional Redemption of 2024 Notes.
(a) The 2024 Notes shall be redeemable, in whole or in part, at any time at the option of the Issuer, subject to the following conditions: 

(b) prior to 2024 Stated Maturity, the 2024 Notes shall be redeemable (in the manner and in accordance with and subject to the terms and
provisions set forth in Article Eleven of the Original Indenture), at a Redemption Price equal to the greater of: 
 (i) 100%
of the principal amount of the 2024 Notes to be redeemed; and 
 (ii) the sum of the present values of the remaining
scheduled payments of principal and interest (at the rate in effect on the date of calculation of the Redemption Price) on the 2024 Notes to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the Redemption Date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Yield, plus 10 basis points; 

plus, in each case, accrued interest thereon to, but not including, the Redemption Date. 

The Issuer shall provide written notice to the Trustee prior to the Redemption Date of the calculation of the Redemption Price. 

(c) Certain Additional Definitions Relating to Optional Redemption of 2024 Notes. 

(i) For the purposes of this Section 204, the following expressions shall have the following meanings: 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having
a maturity comparable to the remaining term of the 2024 Notes to be 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 a comparable
maturity to such 2024 Notes. 
 (ii) For the purposes of this Section 204 and Sections 304, 404 and 504, the following
expressions shall have the following meanings: 
 “Comparable Treasury Price” means, with respect to any Redemption Date
and as determined by the Independent Investment Banker, (i) the average of the Reference Treasury Dealer Quotations obtained by the Independent Investment Banker for such Redemption Date, after excluding the highest and lowest such Reference
Treasury Dealer Quotations, or (ii) if the Independent Investment Banker obtains fewer than four Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations. 

“Independent Investment Banker” means J.P. Morgan Securities LLC, MUFG Securities Americas Inc., RBC Capital Markets, LLC or
Scotia Capital (USA) Inc. (and their respective successors) or, if each of such firms is unwilling or unable to select the applicable Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the
Issuer. 
 “Primary Treasury Dealer” means any primary U.S. Government securities dealer in the United States. 

“Reference Treasury Dealer” means (i) each of J.P. Morgan Securities LLC MUFG Securities Americas Inc., RBC Capital
Markets, LLC and Scotia Capital (USA) Inc. (or their respective affiliates which are Primary Treasury Dealers) and any other Primary Treasury Dealer designated by, and not affiliated with, J.P. Morgan Securities LLC MUFG Securities Americas Inc.,
RBC Capital Markets, LLC and Scotia Capital (USA) Inc., or their respective successors; provided, however, that if any of the foregoing or their designees ceases to be a Primary Treasury Dealer, the Issuer will appoint another Primary
Treasury Dealer as a substitute and (ii) any other Primary Treasury Dealer selected by the Issuer. 

  
 5 

 “Reference Treasury Dealer Quotations” means, with respect to each
Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker, 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 Independent Investment Banker by the Reference Treasury Dealer at 5:00 p.m. New York time on the third Business Day preceding such Redemption Date. 

“Treasury Yield” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to
maturity (computed by the Independent Investment Banker as of the third business day immediately preceding such Redemption Date) 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. 
 SECTION 205. Optional Tax
Redemption of the 2024 Notes. The 2024 Notes are subject to redemption, in whole but not in part, at the option of the Issuer at a price equal to 100% of the principal amount thereof plus accrued and unpaid interest to the
applicable redemption date (the “Tax Redemption Date”), all on the terms and subject to the conditions set forth in Section 11.08 of the Original Indenture, except that the definition of “Interest Tax Event” set forth
in Section 1.01 of the Original Indenture is replaced in its entirety with the following for purposes of the 2024 Notes: 

“Interest Tax Event” means the receipt by the Issuer, EUSHI or the Company of an opinion of independent counsel experienced
in such matters to the effect that, as a result of any: 
 (i) amendment to, clarification of or change (including any officially announced
prospective change) in the laws or treaties of the United States or Canada, as the case may be, or any political subdivision or taxing authority thereof or therein, or any regulations under those laws or treaties, that is enacted or effective on or
after the initial issuance of the 2024 Notes and which was not announced prior to the issuance of the 2024 Notes, which for greater certainty excludes any legislative proposals or amendments that implement any of the interest deductibility
restrictions, or any substantially similar restrictions, proposed in the Canadian federal budget announced on April 19, 2021; 
 (ii)
administrative action, which means any judicial decision or any official administrative pronouncement, ruling, regulatory procedure, notice or other similar announcement, including any notice or announcement of intent to issue or adopt any
administrative pronouncement, ruling, regulatory procedure or regulation, that is taken on or after the initial issuance of the 2024 Notes; 

(iii) amendment to, clarification of or change in the official position or the interpretation of any administrative action or judicial
decision or any interpretation or pronouncement that provides for a position with respect to an administrative action or judicial decision that differs from the previously generally accepted position, in each case by any legislative body, court,
governmental authority or regulatory body, regardless of the time or manner in which that amendment, clarification or change is introduced or made known, that is enacted or effective on or after the initial issuance of the 2024 Notes; or 

(iv) threatened challenge asserted in writing in connection with an audit of the Issuer or its partners, or a threatened challenge asserted in
writing against any other taxpayer that has raised capital through the issuance of securities that are substantially similar to the 2024 Notes, which challenge is asserted against the Issuer or its partners or becomes publicly known on or after the
initial issuance of the 2024 Notes, it is more likely than not that the Issuer or its partners (other than the Company acting in its capacity as Guarantor) will be denied a current deduction in whole or in part in calculating its income tax
liability in the United States or Canada that is attributable to any portion of the interest payable on the 2024 Notes. 
 ARTICLE THREE:

 2.639% SENIOR NOTES DUE 2031 

SECTION 301. Form and Terms of 2031 Notes. 

  
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 (a) There shall be and there is hereby created for issuance under the Original Indenture, as
supplemented by the First Supplemental Indenture and this Second Supplemental Indenture, a series of Securities which shall be designated the “2.639% Senior Notes due 2031” and shall consist of an aggregate principal amount of
US$450,000,000; provided, however, that if the Issuer shall, at any time after the date hereof, increase the principal amount of the 2031 Notes which may be issued and issue such increased principal amount (or any portion thereof),
then any such additional 2031 Notes so issued shall have the same form and terms (other than the issue price, the date of issuance and, under certain circumstances, the date from which interest thereon shall begin to accrue and the first interest
payment date), and shall carry the same right to receive accrued and unpaid interest, as the 2031 Notes theretofore issued; provided further that, if the additional 2031 Notes are not fungible with the then outstanding 2031 Notes for
U.S. federal income tax purposes, the additional 2031 Notes shall have a separate CUSIP and/or ISIN number. 
 (b) The 2031 Notes will
mature, and the principal of the 2031 Notes and accrued and unpaid interest thereon shall be due and payable, on June 15, 2031 (the “2031 Stated Maturity”), or such earlier date as the principal of any of the Notes may become
due and payable in accordance with the provisions of the Original Indenture and this Second Supplemental Indenture. 
 (c) The 2031 Notes
shall bear interest on the principal amount thereof from December 15, 2021 or from and including the most recent interest payment date to which interest shall have been paid or provided for payment on the 2031 Notes, whichever is later, at the
rate of 2.639% per annum, payable semi-annually in arrears on June 15 and December 15 (each, an “Interest Payment Date”) of each year, commencing December 15, 2021, until the principal of and premium, if any, on the
2031 Notes is paid or provided for payment. Interest on the 2031 Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months. The interest
payable, and punctually paid or provided for, on any Interest Payment Date shall, as provided in the Original Indenture, be paid to the Persons in whose names the 2031 Notes (or one or more predecessor 2031 Notes) are registered at the close of
business on June 1 or December 1 (the “Regular Record Dates”), as the case may be, immediately prior to such Interest Payment Date, regardless of whether any such Regular Record Date is a Business Day. Any such interest on
the 2031 Notes not so punctually paid or provided for on any Interest Payment Date shall be payable, as applicable, as provided in the form of 2031 Note annexed hereto as Schedule B to this Second Supplemental Indenture. 

(d) Wherever in this Second Supplemental Indenture there is mentioned, in any context, the payment of principal (and premium, if any),
interest or any other amount payable under or with respect to the 2031 Notes, such mention will be deemed to include mention of the payment of Additional Amounts and Additional Interest, in each case to the extent that, in such context, Additional
Amounts and/or Additional Interest are, were or would be payable in respect of the 2031 Notes. 
 (e) All payments of principal of, premium,
if any, and interest on the 2031 Notes will be made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts, and all references herein to “United States
dollars”, “US$” or “U.S. dollars” shall be deemed to refer to such coin or currency of the United States of America. 

(f) The principal of, premium, if any, and interest on the 2031 Notes shall be payable, and the 2031 Notes may be surrendered for exchange,
registration, transfer or discharge from registration, at the Corporate Trust Office of the Trustee in The City of New York, New York, and in such other places as the Issuer may from time to time designate in accordance with the Original Indenture.
The Trustee is hereby appointed as the initial Paying Agent and Security Registrar for the Notes in The City of New York, New York. 
 (g)
The 2031 Notes shall be issued only as registered Global Securities, without coupons, in denominations of US$2,000 and any integral multiples of US$1,000 in excess thereof. The 2031 Notes initially will be represented by one or more Restricted
Global 2031 Notes (as defined below) and Regulation S Global 2031 Notes (as defined below) (collectively, the “Global 2031 Notes”) registered in the name of The Depository Trust Company, as Depositary or its nominee, or a successor
depositary or its nominee. 
 (h) The 2031 Notes offered and sold in reliance on Rule 144A under the Securities Act shall be initially
represented by one or more Global Notes (collectively, the “Restricted Global 2031 Notes”). The Restricted Global 

  
 7 

 
2031 Notes (and any notes issued in exchange for the Restricted Global 2031 Notes, other than Exchange Notes), including beneficial interests in the Restricted Global 2031 Notes, will be subject
to certain restrictions on transfer set forth therein and in this Indenture and will bear the legend regarding such restrictions set forth in Section 3.14(f)(i)(A) of the Original Indenture: 

(i) The 2031 Notes offered and sold in reliance on Regulation S under the Securities Act shall be initially represented by one or more
temporary Global Notes (collectively, the “Regulation S Temporary Global 2031 Notes”) and will be deposited with the Trustee as custodian for the Depositary and registered in the name of the Depositary or its nominee. Following the
Resale Restriction Termination Date, beneficial interests in the Regulation S Temporary Global 2031 Note will be exchanged for beneficial interests in permanent Global Notes (the “Regulation S Permanent Global 2031 Notes” and,
together with the Regulation S Temporary Global 2031 Notes, the “Regulation S Global 2031 Notes”). The Regulation S Global 2031 Notes (and any notes issued in exchange for the Regulation S Global 2031 Notes, other than Exchange
Notes), including beneficial interests in the Regulation S Global Notes, will be subject to certain restrictions on transfer set forth therein and in this Second Supplemental Indenture and will bear the legend regarding such restrictions set forth
in Section 3.14(f)(iii) of the Original Indenture. 
 (j) All Global Notes shall also bear the legends set forth in
Section 3.14(f)(ii) of the Original Indenture: 
 (k) At any time and from time to time after the execution and delivery of this Second
Supplemental Indenture, the Issuer may deliver Exchange Notes to be issued in exchange for any series of Restricted Global 2031 Notes and Regulation S Global 2031 Notes, executed by the Issuer for authentication, together with an Issuer Order for
the authentication and delivery of such Exchange Notes, and the Trustee in accordance with such Issuer Order shall authenticate and deliver such Exchange Notes. 

(l) The 2031 Notes and the certificate of authentication of the Trustee endorsed thereon shall be in the form set out in Schedule B to this
Second Supplemental Indenture with such appropriate insertions, omissions, substitutions and variations as the Trustee may approve and shall be numbered in such manner as the Trustee may approve, such approvals of the Trustee concerning any 2031
Note to be conclusively evidenced by its authentication of such 2031 Note. 
 (m) The Security Register referred to in Section 3.05 of
the Original Indenture shall, with respect to the 2031 Notes, be kept at the office or agency in The City of New York, New York that the Issuer may from time to time designate for such purpose (which shall initially be the Corporate Trust Office of
the Trustee in The City of New York, New York), and at such other place or places as the Issuer, with the approval of the Trustee may hereafter designate. 

(n) The 2031 Notes shall be subject to redemption as provided in Section 304 (Optional Redemption of 2031 Notes) and Section 305
(Optional Tax Redemption of 2031 Notes) of this Second Supplemental Indenture and Article Eleven of the Original Indenture. The Issuer shall not otherwise be required to redeem, purchase or repay 2031 Notes pursuant to any mandatory redemption,
sinking fund or analogous provision or at the option of the Holders thereof. The 2031 Notes will not be convertible into or exchangeable for securities of any Person. 

(o) Sections 14.02 and 14.03 of the Original Indenture shall be applicable to the 2031 Notes. 

(p) For all purposes of the Indenture, the 2031 Notes shall act as a single series (including, but not limited to, for voting, waiver and
providing direction and requests), and shall not be subject to class voting provisions, including, but not limited to, in respect of Sections 5.01, 5.02, 5.03, 5.07, 5.12, 5.13, 6.02, 9.02 and 10.10 of the Original Indenture. 

(q) The 2031 Notes shall have the other terms and provisions set forth in the form of 2031 Note attached hereto as Schedule B to this Second
Supplemental Indenture with the same force and effect as if such terms and provisions were set forth in full herein. 

  
 8 

 SECTION 302. Issuance of 2031 Notes. The 2031 Notes in
the aggregate principal amount of US$450,000,000 shall be executed by the requisite authorized officers of the Issuer and delivered by the Issuer to the Trustee on the date of issue for authentication and delivery pursuant to and in accordance with
the provisions of Section 3.03 of the Original Indenture and, upon the requirements of such provisions being complied with, the 2031 Notes shall be authenticated by or on behalf of the Trustee and delivered by it to or upon the Issuer Order of
the Issuer without any further act or formality on the part of the Issuer. The Trustee shall not have any duty or responsibility with respect to the use or application of any of the 2031 Notes so certified and delivered or the proceeds thereof. 

SECTION 303. Transfer Restrictions. 

(a) The 2031 Notes shall be subject to the transfer restrictions contained in Section 3.14 of the Original Indenture. 

SECTION 304. Optional Redemption of 2031 Notes. (a) The 2031 Notes shall be redeemable, in whole or
in part, at any time at the option of the Issuer, subject to the following conditions: 
 (b) prior to the 2031 Par Call Date, the 2031
Notes shall be redeemable (in the manner and in accordance with and subject to the terms and provisions set forth in Article Eleven of the Original Indenture), at a Redemption Price equal to the greater of: 

(i) 100% of the principal amount of the 2031 Notes to be redeemed; and 

(ii) the sum of the present values of the remaining scheduled payments of principal and interest (at the rate in effect on the
date of calculation of the Redemption Price) on the 2031 Notes to be redeemed that would be due if such 2031 Notes matured on the 2031 Par Call Date (exclusive of interest accrued to the date of redemption) discounted to the Redemption Date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Yield, plus 20 basis points; 

plus, in each case, accrued interest thereon to, but not including, the Redemption Date; and 

(c) on or after the 2031 Par Call Date, the 2031 Notes shall be redeemable (in the manner and in accordance with and subject to the terms and
provisions set forth in Article Eleven of the Original Indenture), at a Redemption Price equal to (i) 100% of the principal amount of the 2031 Notes to be redeemed, plus (ii) accrued interest thereon to, but not including, the Redemption Date.

 The Issuer shall provide written notice to the Trustee prior to the Redemption Date of the calculation of the Redemption Price. 

(d) Certain Additional Definitions Relating to Optional Redemption of 2031 Notes. For the purposes of this
Section 304, the following expressions shall have the following meanings: 
 “Comparable Treasury Issue” means the
United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the 2031 Notes to be redeemed, calculated as if the maturity date of such 2031 Notes were the 2031 Par Call Date
(the “Remaining Life”), 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 a comparable maturity to the Remaining Life of such
2031 Notes. 
 “2031Par Call Date” means March 15, 2031 (three months prior to 2031 Stated Maturity). 

SECTION 305. Optional Tax Redemption of the 2031 Notes. The 2031 Notes are subject to redemption, in
whole but not in part, at the option of the Issuer at a price equal to 100% of the principal amount thereof plus accrued and unpaid interest to the applicable redemption date (the “Tax Redemption Date”), all on the terms and subject
to the conditions set forth in Section 11.08 of 

  
 9 

 
the Original Indenture, except that the definition of “Interest Tax Event” set forth in Section 1.01 of the Original Indenture is replaced in its entirety with the following for
purposes of the 2031 Notes: 
 “Interest Tax Event” means the receipt by the Issuer, EUSHI or the Company of an opinion of
independent counsel experienced in such matters to the effect that, as a result of any: 
 (i) amendment to, clarification of or change
(including any officially announced prospective change) in the laws or treaties of the United States or Canada, as the case may be, or any political subdivision or taxing authority thereof or therein, or any regulations under those laws or treaties,
that is enacted or effective on or after the initial issuance of the 2031 Notes and which was not announced prior to the issuance of the 2031 Notes, which for greater certainty excludes any legislative proposals or amendments that implement any of
the interest deductibility restrictions, or any substantially similar restrictions, proposed in the Canadian federal budget announced on April 19, 2021; 

(ii) administrative action, which means any judicial decision or any official administrative pronouncement, ruling, regulatory procedure,
notice or other similar announcement, including any notice or announcement of intent to issue or adopt any administrative pronouncement, ruling, regulatory procedure or regulation, that is taken on or after the initial issuance of the 2031 Notes;

 (iii) amendment to, clarification of or change in the official position or the interpretation of any administrative action or judicial
decision or any interpretation or pronouncement that provides for a position with respect to an administrative action or judicial decision that differs from the previously generally accepted position, in each case by any legislative body, court,
governmental authority or regulatory body, regardless of the time or manner in which that amendment, clarification or change is introduced or made known, that is enacted or effective on or after the initial issuance of the 2031 Notes; or 

(iv) threatened challenge asserted in writing in connection with an audit of the Issuer or its partners, or a threatened challenge asserted in
writing against any other taxpayer that has raised capital through the issuance of securities that are substantially similar to the 2031 Notes, which challenge is asserted against the Issuer or its partners or becomes publicly known on or after the
initial issuance of the 2031 Notes, it is more likely than not that the Issuer or its partners (other than the Company acting in its capacity as Guarantor) will be denied a current deduction in whole or in part in calculating its income tax
liability in the United States or Canada that is attributable to any portion of the interest payable on the 2031 Notes. 
 ARTICLE FOUR:

 [RESERVED] 

ARTICLE FIVE: 

[RESERVED] 

ARTICLE SIX: 
 GENERAL

 SECTION 601. Effectiveness. This Second Supplemental Indenture shall become effective upon its execution and
delivery. 
 SECTION 602. Ratification of Original Indenture. The Original Indenture as supplemented by the First
Supplemental Indenture and this Second Supplemental Indenture is in all respects ratified and confirmed, and this Second Supplemental Indenture shall be deemed part of the Original Indenture in the manner and to the extent herein and therein
provided. 
 SECTION 603. Governing Law. This Second Supplemental Indenture, the Original Indenture as supplemented
hereby and the Securities shall be governed by and construed in accordance with the laws of the State of New York. 

  
 10 

 SECTION 604. Severability. In case any provision in this Second
Supplemental Indenture, the Original Indenture as supplemented hereby or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby. 
 SECTION 605. Acceptance of Trust. The Trustee hereby accepts the trusts in this Second Supplemental
Indenture declared and provided for and agrees to perform the same upon the terms and conditions herein before set forth in trust for the various Persons who shall from time to time be Holders subject to all the terms and conditions herein set
forth. 
 SECTION 606. Benefits of Second Supplemental Indenture. Nothing in this Second Supplemental Indenture or in
the Notes, express or implied, shall give to any Person, other than the parties hereto, and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Second Supplemental Indenture. 

SECTION 607. Multiple Originals. The parties may sign any number of copies of this Second Supplemental Indenture. Each
signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Second Supplemental Indenture. Delivery of an executed counterpart of a signature page to this Second Supplemental
Indenture by telecopier, facsimile or other electronic transmission (i.e., a “pdf” or “tif”), Docusign or otherwise, shall be effective as delivery as a manually executed counterpart thereof and may be used in lieu of the
original Second Supplemental Indenture for all purposes. The words “execution,” “signed,” “signature,” and words of like import in this Second Supplemental Indenture or in any other certificate, agreement or document
related to this Second Supplemental Indenture or the Notes shall include images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf”, “tif” or
“jpg”) and electronic signatures provided by DocuSign, AdobeSign or such other digital signature provider as specified in writing to the Trustee by an authorized representative of the Company. For the avoidance of doubt, any written
communication to the Trustee hereunder may be signed manually and transmitted by facsimile or other electronic format (including, without limitation, “pdf”, “tif” or “jpg”) or signed by way of an electronic signature
provided by DocuSign, AdobeSign or such other digital signature provider as specified in writing to the Trustee by an authorized representative of the Company. The use of electronic signatures and electronic records (including, without
limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based
recordkeeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law,
including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. 

SECTION 608. Agent for Service. By the execution and delivery of this Second Supplemental Indenture, the Company
(i) irrevocably designates and appoints, and acknowledges that it has irrevocably designated and appointed, the Issuer as its authorized agent upon which process may be served in any suit, action or proceeding arising out of or relating to the
Notes or this Second Supplemental Indenture that may be instituted in any United States federal or New York state court in The City of New York or brought under federal or state securities laws or brought by the Trustee (whether in its individual
capacities or in its capacity as Trustee) or, subject to Section 5.07 of the Original Indenture, any Holder of Notes in any United States federal or New York state court in The City of New York, (ii) submits to the nonexclusive
jurisdiction of any such court in any such suit, action or proceeding, and (iii) agrees that service of process upon the Issuer and written notice of said service to the Company at its principal office and in the manner specified in the
Original Indenture, shall be deemed in every respect effective service of process upon the Company in any such suit, action or proceeding. The Company further agrees to take any and all action, including the execution and filing of any and all such
documents and instruments, as may be necessary to continue such designation and appointment of the Issuer in full force and effect so long as any of the Notes shall be Outstanding or any amounts shall be payable in respect of any Notes. 

  
 11 

 SECTION 609. Events of Default. Section 5.01(5) of the Original
Indenture is hereby amended by deleting Section 5.01(5) of the Original Indenture in its entirety and replacing it with the following: 

“Indebtedness of the Issuer or the Guarantors is accelerated by the Holders thereof because of a default and the total amount of such Indebtedness unpaid
or accelerated exceeds in the aggregate the greater of (i) $800,000,000 and (ii) 3% of the Company’s consolidated net assets; or” 

SECTION 610. Notice of Redemption. Section 11.04 of the Original Indenture is hereby amended by deleting
Section 11.04 of the Original Indenture in its entirety and replacing it with the following: 
 “SECTION 11.04
Notice of Redemption. 
 Except as otherwise specified as contemplated by Section 3.01, notice of redemption shall be given in the manner
provided for in Section 1.06 not less than 10 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed. Notices of redemption may be conditioned upon the occurrence of one or more subsequent events
specified in the notice and established in a Board Resolution and/or supplemental indenture relating to the issuance of the Securities of each series. 

All notices of redemption shall state: 
 (1) the Redemption Date,

 (2) the Redemption Price and the amount of accrued interest to the Redemption Date payable as provided in Section 11.06, if any, 

(3) if less than all the Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial redemption, the principal
amounts) of the particular Securities to be redeemed, 
 (4) in case any Security is to be redeemed in part only, the notice which relates to such Security
shall state that on and after the Redemption Date, upon surrender of such Security, the Holder will receive, without charge, a new Security or Securities of authorized denominations for the principal amount thereof remaining unredeemed, 

(5) that on the Redemption Date, the Redemption Price and accrued interest, if any, to the Redemption Date payable as provided in Section 11.06 will
become due and payable upon each such Security, or the portion thereof, to be redeemed and, if applicable, that interest thereon will cease to accrue on and after said date, 

(6) the Place or Places of Payment where such Securities, if any, maturing after the Redemption Date, are to be surrendered for payment of the Redemption
Price and accrued interest, if any, 
 (7) any condition to such redemption, and as described below, if the redemption is subject to the satisfaction of one
or more conditions precedent, each such condition, and that such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied (or waived by the Company in its sole discretion)
by the Redemption Date; and, 
 (8) the CUSIP number, if any, relating to such Securities. 

Notice of redemption of Securities to be redeemed at the election of the Issuer shall be given by the Issuer or, at the Issuer’s request, by the Trustee
in the name of, and at the expense of the Issuer (and such notice shall be prepared by the Issuer). 
 Notice of any redemption of Notes may, at the
Company’s discretion, be given subject to one or more conditions precedent, including, but not limited to, completion of a corporate transaction that is pending (such as an equity or equity-linked offering, an incurrence of indebtedness or an
acquisition or other strategic transaction involving a change of control in the Company or another entity). If such redemption is so subject to satisfaction of one or more 

  
 12 

 
conditions precedent, such notice shall describe each such condition, and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied or otherwise
waived by the relevant Redemption Date. 
 Notice of redemption of Securities to be redeemed at the election of the Issuer shall be given by the Issuer or,
at the Issuer’s request, by the Trustee in the name of, and at the expense of the Issuer (and such notice shall be prepared by the Issuer). 

[Signature Page to Follow] 

  
 13 

 IN WITNESS WHEREOF, the parties hereof have caused this Second Supplemental Indenture to be
duly executed by their respective officers, directors or signatories duly authorized thereto, all as of the day and year first above written. 
  

 

							
	EMERA US FINANCE LP,
	as Issuer
		
	By:	 	EMERA US FINANCE GP COMPANY., its general partner
			
		 	By:	 	/s/ Scott Balfour
		 		 	Name:	 	Scott Balfour
		 		 	Title:	 	President
			
		 	By:	 	/s/ Stephen D. Aftanas
		 		 	Name:	 	Stephen D. Aftanas
		 		 	Title:	 	Secretary
	
	EMERA INCORPORATED, as Guarantor
			
		 	By:	 	/s/ Scott Balfour
		 		 	Name:	 	Scott Balfour
		 		 	Title:	 	President & Chief Executive Officer
			
		 	By:	 	/s/ Stephen D. Aftanas
		 		 	Name:	 	Stephen D. Aftanas
		 		 	Title:	 	Corporate Secretary
	
	EMERA US HOLDINGS INC., as Guarantor
			
		 	By:	 	/s/ Scott Balfour
		 		 	Name:	 	Scott Balfour
		 		 	Title:	 	President
			
		 	By:	 	/s/ Stephen D. Aftanas
		 		 	Name:	 	Stephen D. Aftanas
		 		 	Title:	 	Secretary
	
	AMERICAN STOCK TRANSFER & TRUST COMPANY,
		 	LLC, as Trustee
			
		 	By:	 	/s/ Paul H. Kim
		 		 	Name:	 	Paul H. Kim
		 		 	Title:	 	Assistant General Counsel

 Schedule A 

FORM OF 0.833% SERIES NOTE DUE 2024 

FACE OF NOTE 
 [Applicable
Restricted Securities Legend] 
 [Depository Legend, if applicable] 

EMERA US FINANCE LP 
 0.833% Notes
due 2024 
  

			
	No.	  	$[●]

 CUSIP No.: [●] 

ISIN No.: [●] 
 EMERA US
FINANCE LP, a limited partnership, organized and existing under the laws of the State of Delaware (the “Issuer”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby
promises to pay to Cede & Co., or registered assigns, the principal sum of $[ ] ([ ] MILLION DOLLARS) on June 15, 2024, at the office or agency of the Issuer referred to below, and to pay interest thereon on December 15, 2021, and
semi-annually thereafter on June 15 and December 15 in each year, from and including June 4, 2021 or from and including the most recent Interest Payment Date to which interest has been paid or duly provided for, at the rate of 0.833%
per annum, until the principal hereof is paid or duly provided for, and (to the extent lawful) to pay interest on any overdue principal or interest at the rate borne by this Security from and including the date on which such overdue principal, or
interest becomes payable to but excluding the date payment of such principal or interest has been made or duly provided for. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such
Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the June 1 or December 1 (whether or
not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date, and such Defaulted
Interest, and (to the extent lawful) interest on such Defaulted Interest at the rate borne by the Securities of this series, may be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Issuer, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or may be paid at
any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said
Indenture. Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

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

  
 A-1 

 IN WITNESS WHEREOF, the Issuer has caused this Security to be signed manually or by
facsimile by one of its duly authorized officers. 
 Dated: June 4, 2021 

 

					
	EMERA US FINANCE LP
		
	By:	 	EMERA US FINANCE GP COMPANY, its general partner
			
		 	By:	 	 
		 		 	Name:
		 		 	Title:
			
		 	By:	 	 
		 		 	Name:
		 		 	Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, as Trustee
		
	By:	 	 
		 	Authorized Signatory

  
 A-2 

 REVERSE SIDE OF NOTE 

This Security is one of a duly authorized issue of securities of the Issuer designated as its 0.833% Notes due 2024 (the
“Securities”), initially in aggregate principal amount of $[    ], which may be issued under the Indenture dated as of June 16, 2016 (the “Original Indenture”), as amended and supplemented
by the First Supplemental Indenture dated as of June 16, 2016 (the “First Supplemental Indenture”), by and among the Issuer, Emera Incorporated, (the “Company”), Emera US Holdings Inc.,
(“EUSHI” and together with the Company, the “Guarantors”), and American Stock Transfer & Trust Company, LLC, as trustee (the “Trustee”, which term includes any successor trustee under the
Indenture), as amended and supplemented by a Second Supplemental Indenture dated as of June 4, 2021, by and among the Issuer, the Guarantors and the Trustee (the “Second Supplemental Indenture” and, the Original Indenture as
supplemented by the First Supplemental Indenture and the Second Supplemental Indenture, the “Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights,
limitations of rights, duties, obligations and immunities thereunder of the Issuer, the Guarantors, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This
Security is a global Security initially representing $[    ] aggregate principal amount of the Securities of this series. 

Payment of the principal of (and premium, if any) and interest on this Security will be made at the office or agency of the Issuer maintained
for that purpose in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that
payment of interest may be made at the option of the Issuer (i) by check mailed to the address of the Person entitled thereto as such address shall appear on the Security Register or (ii) by wire transfer to an account maintained in the
United States or Canada by the payee. Notwithstanding the foregoing, payments of principal, premium, if any, and interest on a global Security registered in the name of a Depositary or its nominee will be made by wire transfer of immediately
available funds. Principal paid in relation to any Security of this series at Stated Maturity shall be paid to the Holder of such Security only upon presentation and surrender of such Security to such office or agency referred to above. 

As provided for in the Indenture, the Issuer may from time to time without notice to, or the consent of, the Holders of the Securities, create
and issue additional Securities of this series under the Indenture, equal in rank to the Outstanding Securities of this series in all respects (or in all respects except for the payment of interest accruing prior to the issue date of the new
Securities of this series or except for the first payment of interest following the issue date of the new Securities of this series) so that the new Securities of this series shall be consolidated and form a single series with the Outstanding
Securities of this series and have the same terms as to status, redemption or otherwise as the Outstanding Securities of this series; provided that, if the additional Securities of this series are not fungible with the Outstanding Securities
of this series for U.S. federal income tax purposes, the additional Securities shall have a separate CUSIP and/or ISIN number. 
 The Issuer
shall pay to the Holder of this Security (i) such Additional Amounts and other amounts as may be payable under Section 10.05 of the Original Indenture and (ii) such Additional Interest as may be payable pursuant to the Registration
Rights Agreement. Whenever in this Security there is mentioned, in any context, the payment of principal (or premium, if any), interest or any other amount payable under or with respect to this Security, such mention shall be deemed to include
mention of the payment of Additional Amounts and/or Additional Interest to the extent that, in such context, Additional Amounts and/or Additional Interest are, were or would be payable in respect thereof. 

The Securities of this series are subject to redemption, in whole but not in part, at the option of the Issuer at a Redemption Price equal to
100% of the principal amount thereof plus accrued and unpaid interest to the applicable Redemption Date, all on the terms and subject to the conditions set forth in Section 11.08 of the Original Indenture. 

The Securities of this series are subject to redemption upon not less than 10 or more than 60 days’ notice, as a whole or in part, at any
time at the election of the Issuer. Prior to the 2024 Stated Maturity, the Securities of this series shall be redeemable at a Redemption Price equal to the greater of (i) 100% of the principal amount of the Securities to be redeemed and
(ii) the sum of the present values of the remaining scheduled payments of principal and interest (at the rate in effect on the date of calculation of the Redemption Price) on the Securities to be redeemed that would be due if such Securities
matured on the 2024 Stated Maturity (exclusive of interest accrued to the date of 

  
 A-3 

 
redemption) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Yield plus10 basis points, plus, in each case, accrued interest thereon to, but not including, the Redemption Date. 

In the event of redemption of the Securities of this series in part only, the Trustee will select the Securities to be redeemed in accordance
with Section 11.03 of the Original Indenture. 
 In the case of any redemption of Securities of this series, interest installments
whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant record dates according to their terms and the
provisions of Section 11.06 of the Original Indenture. Securities of this series (or portions thereof) for whose redemption payment is made or duly provided for in accordance with the Indenture shall cease to bear interest from and after the
Redemption Date. 
 In the event of redemption of this Security in part only, a new Security or Securities of this series for the unredeemed
portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof. 
 If an Event of Default shall occur and be
continuing, the principal of all the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Securities do not have the benefit of sinking fund obligations. 

Sections 14.02 and 14.03 of the Original Indenture shall be applicable to the Securities of this series, upon compliance by the Original
Indenture with certain conditions set forth therein, which provisions apply to this Security. 
 The Indenture permits, with certain
exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders under the Indenture at any time by the Issuer and the Trustee with the consent of the Holders of a
majority in aggregate principal amount of the Securities at the time Outstanding affected by such amendment or modification. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the
Securities at the time Outstanding, on behalf of the Holders of all the Securities, to waive compliance by the Issuer with certain provisions of the Indenture and also contains provisions permitting the Holders of a majority in aggregate principal
amount of the Outstanding Securities with respect to which a Default shall have occurred and shall be continuing, on behalf of the Holders of all Outstanding Securities, to waive certain past defaults under the Indenture and their consequences. Any
such consent or waiver by or on behalf of the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange
herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this Security. 
 No reference herein to the
Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any, on) and interest on this Security at the times,
place, and rate, and in the coin or currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Security is registrable on the Security Register of the Issuer, upon surrender of this Security for registration of transfer at the office or agency of the Issuer maintained for such purpose in the Borough of
Manhattan, The City of New York duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and
thereupon one or more new Securities of this series, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and any integral multiples of
$1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, the Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series of a different authorized
denomination, as requested by the Holder surrendering the same. 

  
 A-4 

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

Prior to the time of due presentment of this Security for registration of transfer, the Issuer, the Trustee, and any agent of the Issuer or
the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security is overdue, and neither the Issuer, the Trustee, the Securities Administrator nor any agent shall be
affected by notice to the contrary. 
 If at any time, (i) the Depositary for the Securities of this series notifies the Issuer that it
is unwilling or unable or no longer qualified to continue as Depositary for the Securities of this series or if at any time the Depositary for the Securities of this series shall no longer be a clearing agency registered or in good standing under
the Securities Exchange Act of 1934, as amended, and a successor Depositary is not appointed by the Issuer within 90 days after the Issuer receives such notice or becomes aware of such condition, as the case may be, (ii) the Issuer determines
that the Securities of this series shall no longer be represented by a global Security or Securities or (iii) any Event of Default shall have occurred and be continuing with respect to the Securities of this series, then in such event the
Issuer will execute and Trustee will authenticate and deliver Securities of this series in definitive registered form, in authorized denominations, and in an aggregate principal amount equal to the principal amount of this Security in exchange for
this Security. Such Securities of this series in definitive registered form shall be registered in such names and issued in such authorized denominations as the Depository, pursuant to instructions from its direct or indirect participants or
otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities of this series to the Persons in whose names such Securities of this series are so registered. 

In addition to the rights provided to Holders of Securities under the Indenture, Holders of the Securities of this series shall have the
rights set forth in the Registration Rights Agreement, dated as of June 4, 2021, among the Issuer, the Guarantors and the initial purchasers named therein (the “Registration Rights Agreement”), including the right to receive
the Exchange Notes and the additional interest as provided therein. 
 The Indenture and this Security shall be governed by and construed in
accordance with the laws of the State of New York. 
 All references herein to “dollars” or “$” means a dollar or other
equivalent unit in such coin or currency of the United States of America as at the time should be legal tender for the payment of public and private debts, and all terms used in this Security which are defined in the Indenture shall have the
meanings assigned to them in the Indenture. 

  
 A-5 

 GUARANTEE 

OF 
 EMERA INCORPORATED 

and 
 EMERA US HOLDINGS INC. 

The obligations of each Guarantor to the Holders of the Securities of this series and to the Trustee pursuant to the Guarantee and the
Indenture are expressly set forth in Article Fifteen of the Original Indenture, and reference is hereby made to such Article and Indenture for the precise terms of the Guarantee. 

This Guarantee shall not be valid or obligatory for any purpose until the certificate of authentication of such Security of this series, upon
which this notation of the Guarantee is endorsed, shall have been manually executed by the Trustee under such Indenture. 
 All terms used
in this Guarantee which are defined in such Indenture shall have the meanings assigned to them in such Indenture. 
 This Guarantee shall be
governed by and construed in accordance with the laws of the State of New York. 

  
 A-6 

 Executed and dated the date on the face hereof. 

 

			
	EMERA INCORPORATED

 
			
		
	    By:	 	 

 
			
	    Name:	 	
	    Title:	 	

 
			
		
	    By:	 	 

 
			
	    Name:	 	
	    Title:	 	

  

			
	EMERA US HOLDINGS INC.

 
			
		
	    By:	 	 

 
			
	    Name:	 	
	    Title:	 	

 
			
		
	    By:	 	 

 
			
	    Name:	 	
	    Title:	 	

  
 A-7 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL SECURITY** 
 The following increases or decreases in the principal amount of this Global
Security have been made: 
  

									
	 Date of
Transaction
	  	 Amount of
Decrease in
Principal Amount
of Global
Security
	  	 Amount of
Increase in
Principal Amount
of Global
Security
	  	 Principal Amount
of Global Security
Following
Such
Decrease (or
Increase)
	  	 Signature of Authorized
Signatory or
Trustee

	
                
	  		  		  		  	
	
                
	  		  		  		  	
	
                
	  		  		  		  	
	
                
	  		  		  		  	
	
                
	  		  		  		  	
	
                
	  		  		  		  	
		  		  		  		  	

  

	** 	 This Schedule should be included only if the Security is a Global Security. 

  
 A-8 

 Schedule B 

FORM OF 2.639% SERIES NOTE DUE 2031 

FACE OF NOTE 
 [Applicable
Restricted Securities Legend] 
 [Depository Legend, if applicable] 

EMERA US FINANCE LP 
 2.639% Notes
due 2031 
  

			
	No.	  	$[●]

 CUSIP No.: [●] 

ISIN No.: [●] 
 EMERA US
FINANCE LP, a limited partnership, organized and existing under the laws of the State of Delaware (the “Issuer”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby
promises to pay to Cede & Co., or registered assigns, the principal sum of $[ ] ([ ] MILLION DOLLARS) on June 15, 2031, at the office or agency of the Issuer referred to below, and to pay interest thereon on December 15, 2021, and
semi-annually thereafter on June 15 and December 15 in each year, from and including June 4, 2021 or from and including the most recent Interest Payment Date to which interest has been paid or duly provided for, at the rate of 2.639%
per annum, until the principal hereof is paid or duly provided for, and (to the extent lawful) to pay interest on any overdue principal or interest at the rate borne by this Security from and including the date on which such overdue principal, or
interest becomes payable to but excluding the date payment of such principal or interest has been made or duly provided for. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such
Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the June 1 or December 1 (whether or
not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date, and such Defaulted
Interest, and (to the extent lawful) interest on such Defaulted Interest at the rate borne by the Securities of this series, may be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Issuer, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or may be paid at
any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said
Indenture. Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

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

  
 B-1 

 IN WITNESS WHEREOF, the Issuer has caused this Security to be signed manually or by
facsimile by one of its duly authorized officers. 
 Dated: June 4, 2021 

 

					
	EMERA US FINANCE LP
		
	By:	 	EMERA US FINANCE GP COMPANY, its general partner
			
		 	By:	 	 
		 		 	Name:
		 		 	Title:
			
		 	By:	 	 
		 		 	Name:
		 		 	Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC as Trustee
		
	By:	 	 
		 	Authorized Signatory

  
 B-2 

 REVERSE SIDE OF NOTE 

This Security is one of a duly authorized issue of securities of the Issuer designated as its 2.639% Notes due 2031 (the
“Securities”), initially in aggregate principal amount of $[    ], which may be issued under the Indenture dated as of June 16, 2016 (the “Original Indenture”), as amended and supplemented
by the First Supplemental Indenture dated as of June 16, 2016 (the “First Supplemental Indenture”), by and among the Issuer, Emera Incorporated, (the “Company”), Emera US Holdings Inc.,
(“EUSHI” and together with the Company, the “Guarantors”), and American Stock Transfer & Trust Company, LLC, as trustee (the “Trustee”, which term includes any successor trustee under the
Indenture), as amended and supplemented by a Second Supplemental Indenture dated as of June 4, 2021, by and among the Issuer, the Guarantors and the Trustee (the “Second Supplemental Indenture” and, the Original Indenture as
supplemented by the First Supplemental Indenture and the Second Supplemental Indenture, the “Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights,
limitations of rights, duties, obligations and immunities thereunder of the Issuer, the Guarantors, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This
Security is a global Security initially representing $[    ] aggregate principal amount of the Securities of this series. 

Payment of the principal of (and premium, if any) and interest on this Security will be made at the office or agency of the Issuer maintained
for that purpose in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that
payment of interest may be made at the option of the Issuer (i) by check mailed to the address of the Person entitled thereto as such address shall appear on the Security Register or (ii) by wire transfer to an account maintained in the
United States or Canada by the payee. Notwithstanding the foregoing, payments of principal, premium, if any, and interest on a global Security registered in the name of a Depositary or its nominee will be made by wire transfer of immediately
available funds. Principal paid in relation to any Security of this series at Stated Maturity shall be paid to the Holder of such Security only upon presentation and surrender of such Security to such office or agency referred to above. 

As provided for in the Indenture, the Issuer may from time to time without notice to, or the consent of, the Holders of the Securities, create
and issue additional Securities of this series under the Indenture, equal in rank to the Outstanding Securities of this series in all respects (or in all respects except for the payment of interest accruing prior to the issue date of the new
Securities of this series or except for the first payment of interest following the issue date of the new Securities of this series) so that the new Securities of this series shall be consolidated and form a single series with the Outstanding
Securities of this series and have the same terms as to status, redemption or otherwise as the Outstanding Securities of this series; provided that, if the additional Securities of this series are not fungible with the Outstanding Securities
of this series for U.S. federal income tax purposes, the additional Securities shall have a separate CUSIP and/or ISIN number. 
 The Issuer
shall pay to the Holder of this Security (i) such Additional Amounts and other amounts as may be payable under Section 10.05 of the Original Indenture and (ii) such Additional Interest as may be payable pursuant to the Registration
Rights Agreement. Whenever in this Security there is mentioned, in any context, the payment of principal (or premium, if any), interest or any other amount payable under or with respect to this Security, such mention shall be deemed to include
mention of the payment of Additional Amounts and/or Additional Interest to the extent that, in such context, Additional Amounts and/or Additional Interest are, were or would be payable in respect thereof. 

The Securities of this series are subject to redemption, in whole but not in part, at the option of the Issuer at a Redemption Price equal to
100% of the principal amount thereof plus accrued and unpaid interest to the applicable Redemption Date, all on the terms and subject to the conditions set forth in Section 11.08 of the Original Indenture. 

The Securities of this series are subject to redemption upon not less than 10 or more than 60 days’ notice, as a whole or in part, at any
time at the election of the Issuer. Prior to the 2031 Par Call Date, the Securities of this series shall be redeemable at a Redemption Price equal to the greater of (i) 100% of the principal amount of the Securities to be redeemed and (ii) the
sum of the present values of the remaining scheduled payments of principal and interest (at the rate in effect on the date of calculation of the Redemption Price) on the Securities to be redeemed that would be due if such Securities matured on the
2031 Par Call Date (exclusive of interest accrued to the date of redemption) 

  
 B-3 

 
discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) at the Treasury Yield plus 20 basis points, plus, in each case, accrued interest thereon to, but not including, the Redemption Date. If the Securities of this series are redeemed on or after the 2031 Par Call Date, the Securities may be
redeemed at a Redemption Price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued interest thereon to, but not including, the Redemption Date. 

In the event of redemption of the Securities of this series in part only, the Trustee will select the Securities to be redeemed in accordance
with Section 11.03 of the Original Indenture. 
 In the case of any redemption of Securities of this series, interest installments
whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant record dates according to their terms and the
provisions of Section 11.06 of the Original Indenture. Securities of this series (or portions thereof) for whose redemption payment is made or duly provided for in accordance with the Indenture shall cease to bear interest from and after the
Redemption Date. 
 In the event of redemption of this Security in part only, a new Security or Securities of this series for the unredeemed
portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof. 
 If an Event of Default shall occur and be
continuing, the principal of all the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Securities do not have the benefit of sinking fund obligations. 

Sections 14.02 and 14.03 of the Original Indenture shall be applicable to the Securities of this series, upon compliance by the Original
Indenture with certain conditions set forth therein, which provisions apply to this Security. 
 The Indenture permits, with certain
exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders under the Indenture at any time by the Issuer and the Trustee with the consent of the Holders of a
majority in aggregate principal amount of the Securities at the time Outstanding affected by such amendment or modification. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the
Securities at the time Outstanding, on behalf of the Holders of all the Securities, to waive compliance by the Issuer with certain provisions of the Indenture and also contains provisions permitting the Holders of a majority in aggregate principal
amount of the Outstanding Securities with respect to which a Default shall have occurred and shall be continuing, on behalf of the Holders of all Outstanding Securities, to waive certain past defaults under the Indenture and their consequences. Any
such consent or waiver by or on behalf of the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange
herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this Security. 
 No reference herein to the
Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any, on) and interest on this Security at the times,
place, and rate, and in the coin or currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Security is registrable on the Security Register of the Issuer, upon surrender of this Security for registration of transfer at the office or agency of the Issuer maintained for such purpose in the Borough of
Manhattan, The City of New York duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and
thereupon one or more new Securities of this series, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and any integral multiples of
$1,000 in excess thereof. As provided in the Indenture and subject to certain 

  
 B-4 

 
limitations therein set forth, the Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series of a different authorized denomination, as
requested by the Holder surrendering the same. 
 No service charge shall be made for any registration of transfer or exchange of Securities
of this series, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to the time of due presentment of this Security for registration of transfer, the Issuer, the Trustee, and any agent of the Issuer or
the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security is overdue, and neither the Issuer, the Trustee, the Securities Administrator nor any agent shall be
affected by notice to the contrary. 
 If at any time, (i) the Depositary for the Securities of this series notifies the Issuer that it
is unwilling or unable or no longer qualified to continue as Depositary for the Securities of this series or if at any time the Depositary for the Securities of this series shall no longer be a clearing agency registered or in good standing under
the Securities Exchange Act of 1934, as amended, and a successor Depositary is not appointed by the Issuer within 90 days after the Issuer receives such notice or becomes aware of such condition, as the case may be, (ii) the Issuer determines
that the Securities of this series shall no longer be represented by a global Security or Securities or (iii) any Event of Default shall have occurred and be continuing with respect to the Securities of this series, then in such event the
Issuer will execute and Trustee will authenticate and deliver Securities of this series in definitive registered form, in authorized denominations, and in an aggregate principal amount equal to the principal amount of this Security in exchange for
this Security. Such Securities of this series in definitive registered form shall be registered in such names and issued in such authorized denominations as the Depository, pursuant to instructions from its direct or indirect participants or
otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities of this series to the Persons in whose names such Securities of this series are so registered. 

In addition to the rights provided to Holders of Securities under the Indenture, Holders of the Securities of this series shall have the
rights set forth in the Registration Rights Agreement, dated as of June 4, 2021, among the Issuer, the Guarantors and the initial purchasers named therein (the “Registration Rights Agreement”), including the right to receive
the Exchange Notes and the additional interest as provided therein. 
 The Indenture and this Security shall be governed by and construed in
accordance with the laws of the State of New York. 
 All references herein to “dollars” or “$” means a dollar or other
equivalent unit in such coin or currency of the United States of America as at the time should be legal tender for the payment of public and private debts, and all terms used in this Security which are defined in the Indenture shall have the
meanings assigned to them in the Indenture. 

  
 B-5 

 GUARANTEE 

OF 
 EMERA INCORPORATED 

and 
 EMERA US HOLDINGS INC. 

The obligations of each Guarantor to the Holders of the Securities of this series and to the Trustee pursuant to the Guarantee and the
Indenture are expressly set forth in Article Fifteen of the Original Indenture, and reference is hereby made to such Article and Indenture for the precise terms of the Guarantee. 

This Guarantee shall not be valid or obligatory for any purpose until the certificate of authentication of such Security of this series, upon
which this notation of the Guarantee is endorsed, shall have been manually executed by the Trustee under such Indenture. 
 All terms used
in this Guarantee which are defined in such Indenture shall have the meanings assigned to them in such Indenture. 
 This Guarantee shall be
governed by and construed in accordance with the laws of the State of New York. 

  
 B-6 

 Executed and dated the date on the face hereof. 

 

			
	EMERA INCORPORATED

 
			
		
	    By:	 	 

 
			
	    Name:	 	
	    Title:	 	

 
			
		
	    By:	 	 

 
			
	    Name:	 	
	    Title:	 	

  

			
	EMERA US HOLDINGS INC.

 
			
		
	    By:	 	 

 
			
	    Name:	 	
	    Title:	 	

 
			
		
	    By:	 	 

 
			
	    Name:	 	
	    Title:	 	

  
 B-7 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL SECURITY** 
 The following increases or decreases in the principal amount of this Global
Security have been made: 
  

									
	 Date of
Transaction
	  	 Amount of
Decrease in
Principal Amount
of Global
Security
	  	 Amount of
Increase in
Principal Amount
of Global
Security
	  	 Principal Amount
of Global Security
Following
Such
Decrease (or
Increase)
	  	 Signature of Authorized
Signatory or
Trustee

	
                
	  		  		  		  	
	
                
	  		  		  		  	
	
                
	  		  		  		  	
	
                
	  		  		  		  	
	
                
	  		  		  		  	
	
                
	  		  		  		  	
	
                
	  		  		  		  	

  

	** 	 This Schedule should be included only if the Security is a Global Security. 

  
 B-8EX-4.6

 Exhibit 4.6 

REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) dated June 4, 2021 (the “Closing Date”) is entered into by
and among Emera US Finance LP, a Delaware limited partnership (the “Partnership”), as issuer, with all limited and general partnership interests, including the sole general partnership interest in the Partnership owned by Emera US Finance
GP Company (the “General Partner”), directly or indirectly owned by Emera Incorporated, a Nova Scotia company (“Emera”), and Emera US Holdings Inc., a Delaware corporation, and Emera, as guarantors (each a “Guarantor”
and, collectively, the “Guarantors”), and J.P. Morgan Securities LLC, MUFG Securities Americas Inc., RBC Capital Markets, LLC, and Scotia Capital (USA) Inc., as representatives (the “Representatives”) of the several initial
purchasers (the “Initial Purchasers”) named in Schedule 1 to the Purchase Agreement (as defined below). The Partnership and the Guarantors are hereby collectively referred to as the “Obligors.” 

The Obligors and the Initial Purchasers are parties to the Purchase Agreement dated May 25, 2021 (the “Purchase
Agreement”), which provides for the sale by the Partnership to the Initial Purchasers of (i) USD $300,000,000 in aggregate principal amount of its 0.833% Senior Notes due 2024 and (ii) USD $450,000,000 in aggregate principal
amount of its 2.639% Senior Notes due 2031 (collectively, the “Notes”), which will be guaranteed, jointly and severally, on an unsecured senior basis by each of the Guarantors (the “Guarantees”). The Notes and the
Guarantees are hereby collectively referred to as the “Securities.” As an inducement to the Initial Purchasers to enter into the Purchase Agreement, the Obligors have agreed to provide to the Initial Purchasers and their direct and
indirect transferees the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the closing under the Purchase Agreement. 

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

1. Definitions. As used in this Agreement, the following terms shall have the following meanings: 

“Business Day” shall mean any day that is not a Saturday, Sunday or other day on which commercial banks in New York City or
the Province of Nova Scotia are authorized or required by law to remain closed. For purposes of this Agreement, if the day on which any deadline specified in this Agreement expires is not a Business Day, such deadline shall be deemed to expire on
the next succeeding Business Day. 
 “Canadian Prospectus” means a prospectus of Emera meeting the requirements of
applicable Nova Scotia Securities Laws included in the Exchange Offer Registration Statement or Shelf Registration Statement under the MJDS (as defined herein) (with such additions and deletions as are required or permitted under the MJDS) filed
with the NSSC (as defined herein) under National Instrument 71-101 – The Multijurisdictional Disclosure System (“National Instrument
71-101”) for which a final receipt or notification of clearance has been or will be issued by the NSSC. 

 “Closing Date” means June 4, 2021. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time. 

“Exchange Dates” shall have the meaning set forth in Section 2(a)(ii) hereof. 

“Exchange Offer” shall mean the exchange offer by the Obligors of Exchange Securities for Registrable Securities pursuant to
Section 2(a) hereof. 
 “Exchange Offer Registration” shall mean a registration under the Securities Act effected
pursuant to Section 2(a) hereof. 
 “Exchange Offer Registration Statement” shall mean an exchange offer registration
statement on Form S-4, Form F-4, Form F-10 and/or, if applicable, any other appropriate form (which, in the case of a
registration statement that is prepared in part on Form F-10, shall include a Canadian Prospectus in the form of a base shelf prospectus contemplated by National Instrument
44-102-Shelf Distributions (“National Instrument 44-102”) or a short form prospectus contemplated by National Instrument 44-101-Short Form Prospectus Distributions (“National Instrument 44-101”) or other appropriate form, prepared and filed with the NSSC under National
Instrument 71-101) and all amendments and supplements to such registration statement, in each case including the Prospectus contained therein or deemed a part thereof, all exhibits thereto and any document
incorporated by reference therein. 
 “Exchange Securities” shall mean unsecured senior notes issued by the Partnership and
guaranteed by the Guarantors under the Indenture containing terms identical to the Securities (except that (i) interest thereon shall accrue from the last date on which interest was paid on the Securities or, if no such interest has been paid,
from the Closing Date and (ii) the Exchange Securities will not be subject to restrictions on transfer or to any increase in annual interest rate for failure to comply with this Agreement) and to be offered to Holders of Securities in exchange
for Securities pursuant to the Exchange Offer. 
 “FINRA” means the Financial Industry Regulatory Authority, Inc. 

“Free Writing Prospectus” means each free writing prospectus (as defined in Rule 405 under the Securities Act) prepared by or
on behalf of the Partnership or used or referred to by the Partnership in connection with the sale of the Securities or the Exchange Securities. 

“General Partner” shall have the meaning set forth in the preamble. 

“Guarantees” shall have the meaning set forth in the preamble. 

“Guarantors” shall have the meaning set forth in the preamble and any Guarantor’s successor that Guarantees the
Securities. 

  
 2 

 “Holders” shall mean the Initial Purchasers, for so long as they own any
Registrable Securities, and each of their successors, assigns and direct and indirect transferees who become registered owners of Registrable Securities under the Indenture; provided that, for purposes of Section 4 and Section 5
hereof, the term “Holders” shall include Participating Broker-Dealers. 
 “Indemnified Person” shall have the
meaning set forth in Section 5(c) hereof. 
 “Indemnifying Person” shall have the meaning set forth in
Section 5(c) hereof. 
 “Indenture” shall mean the Indenture relating to the Securities dated as of June 16, 2016
among the Obligors and the Trustee, as trustee, as previously supplemented and as to be amended and supplemented by a supplemental indenture dated as of June 4, 2021, and as the same may be further amended and supplemented from time to time in
accordance with the terms thereof. 
 “Initial Purchasers” shall have the meaning set forth in the preamble. 

“Inspector” shall have the meaning set forth in Section 3(a)(xiv) hereof. 

“Issuer Information” shall have the meaning set forth in Section 5(a) hereof. 

“Majority Holders” shall mean the Holders of a majority of the aggregate principal amount of the outstanding Registrable
Securities; provided that whenever the consent or approval of Holders of a specified percentage of Registrable Securities is required hereunder, any Registrable Securities owned directly or indirectly by the Partnership or any of its
affiliates shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage or amount; and provided, further, that if the Partnership shall issue any additional Securities of the
same series under the Indenture prior to consummation of the Exchange Offer or, if applicable, the effectiveness of any Shelf Registration Statement, such additional Securities and the Registrable Securities to which this Agreement relates shall be
treated together as one class for purposes of determining whether the consent or approval of Holders of a specified percentage of Registrable Securities has been obtained. 

“MJDS” means the U.S./Canada Multijurisdictional Disclosure System adopted by the SEC and Canadian securities regulators.

 “Notice and Questionnaire” shall mean a notice of registration statement and selling security holder questionnaire
distributed to a Holder by the Partnership upon receipt of a Shelf Request from such Holder. 
 “Nova Scotia Securities
Laws” shall mean the Securities Act (Nova Scotia) and the rules, regulations and national, multijurisdictional or local instruments and published policy statements applicable in the Province of Nova Scotia, including the rules and
procedures established pursuant to National Instrument 44-101 and, if applicable, National Instrument 44-102. 

  
 3 

 “NSSC” means the Nova Scotia Securities Commission. 

“Participating Broker-Dealers” shall have the meaning set forth in Section 2(a) hereof. 

“Participating Holder” shall mean any Holder of Registrable Securities that has returned a completed and signed Notice and
Questionnaire to the Partnership in accordance with Section 2(b) hereof. 
 “Partnership” shall have the meaning set
forth in the preamble and shall also include the Partnership’s successors. 
 “Person” shall mean an individual,
partnership, limited liability company, corporation, joint venture, association, joint stock company, trust or unincorporated organization, or a government or agency or political subdivision thereof. 

“Prospectus” shall mean the prospectus included in, or, pursuant to the rules and regulations of the Securities Act and
General Instruction II.L. to Form F-10, if applicable, deemed a part of, a Registration Statement, including any preliminary prospectus, and any such prospectus as amended or supplemented by any prospectus
supplement, including a prospectus supplement with respect to the terms of the offering of any portion of the Registrable Securities covered by a Shelf Registration Statement, and by all other amendments and supplements to such prospectus, and in
each case including any document incorporated by reference therein. 
 “Purchase Agreement” shall have the meaning set
forth in the preamble. 
 “Registrable Securities” shall mean the Securities; provided that the Securities shall
cease to be Registrable Securities (i) when a Registration Statement with respect to such Securities has become effective under the Securities Act and such Securities have been exchanged or disposed of pursuant to such Registration Statement,
(ii) when such Securities cease to be outstanding, (iii) when, in the case of a Holder of such Securities who was entitled to participate in the Exchange Offer, an Exchange Offer Registration Statement with respect to such Securities shall
have been declared effective under the Securities Act and either (a) such Securities shall have been exchanged for Exchange Securities pursuant to the Exchange Offer or (b) such Securities were not tendered by the Holder thereof in the
Exchange Offer or (iv) when such Securities have been sold to the public pursuant to Rule 144 (or any similar provision then in force, but not Rule 144A) under the Securities Act. 

“Registration Default” shall mean the occurrence of any of the following: (i) the Exchange Offer is not completed on or
prior to the Target Registration Date, (ii) the Shelf Registration Statement, if required pursuant to Section 2(b)(i) or Section 2(b)(ii) hereof, has not become effective on or prior to the Target Registration Date, (iii) if the
Partnership receives a Shelf Request pursuant to Section 2(b)(iii), the Shelf Registration Statement required to be filed thereby has not become effective by the later of (a) the Target Registration Date and (b) 90 days after delivery of
such Shelf Request, (iv) the Shelf Registration Statement, if required by this Agreement, has become effective and 

  
 4 

 
thereafter ceases to be effective or the Prospectus contained therein ceases to be usable, in each case whether or not permitted by this Agreement, at any time during the Shelf Effectiveness
Period, and such failure to remain effective or usable exists for more than 60 days (whether or not consecutive) in any 12-month period or (v) the Shelf Registration Statement, if required by this
Agreement, has become effective and thereafter, on more than two occasions in any 12-month period during the Shelf Effectiveness Period, the Shelf Registration Statement ceases to be effective or the
Prospectus contained therein ceases to be usable, in each case whether or not permitted by this Agreement. 
 “Registration
Expenses” shall mean any and all reasonable expenses incident to performance of or compliance by the Obligors with this Agreement, including without limitation: (i) all NSSC, SEC, stock exchange or FINRA registration and filing fees,
(ii) all fees and expenses incurred in connection with compliance with state securities or blue sky laws (including reasonable fees and disbursements of not more than one counsel in any particular jurisdiction for any Underwriters or Holders in
connection with blue sky qualification of any Exchange Securities or Registrable Securities), (iii) all expenses of any Persons in preparing or assisting in preparing, word processing, printing and distributing any Registration Statement, any
Prospectus, any Free Writing Prospectus and any amendments or supplements thereto, any underwriting agreements, securities sales agreements or other similar agreements and any other documents relating to the performance of and compliance with this
Agreement, (iv) all rating agency fees, (v) all fees and disbursements relating to the qualification of the Indenture under applicable securities laws, (vi) the fees and disbursements of the Trustee and its counsel, (vii) the
fees and disbursements of counsel for the Obligors and, in the case of a Shelf Registration Statement, the reasonable fees and disbursements of one counsel for the Participating Holders (which counsel shall be selected by the Participating Holders
holding a majority of the aggregate principal amount of Registrable Securities held by such Participating Holders and which counsel may also be counsel for the Initial Purchasers) and (viii) the fees and disbursements of the independent
registered public accountants of the Obligors, including the expenses of any special audits or “comfort” letters required by or incident to the performance of and compliance with this Agreement, but excluding fees and expenses of counsel
to the Underwriters (other than fees and expenses set forth in clause (ii) above) or the Holders and underwriting discounts and commissions, brokerage commissions,
out-of-pocket expenses incurred by the Holders and transfer taxes, if any, relating to the sale or disposition of Registrable Securities by a Holder. 

“Registration Statement” shall mean any registration statement of the Obligors that covers any of the Exchange Securities or
Registrable Securities pursuant to the provisions of this Agreement and all amendments and supplements to any such Registration Statement, including post-effective amendments, in each case including the Prospectus contained therein or deemed a part
thereof, all exhibits thereto and any document incorporated by reference therein. 
 “Representatives” shall have the
meaning set forth in the preamble. 
 “SEC” shall mean the United States Securities and Exchange Commission. 

  
 5 

 “Securities” shall have the meaning set forth in the preamble. 

“Securities Act” shall mean the Securities Act of 1933, as amended from time to time. 

“Shelf Effectiveness Period” shall have the meaning set forth in Section 2(b) hereof. 

“Shelf Registration” shall mean a registration effected pursuant to Section 2(b) hereof. 

“Shelf Registration Statement” shall mean a “shelf” registration statement of the Obligors that covers all or a
portion of the Registrable Securities on an appropriate form under Rule 415 under the Securities Act or General Instruction II.L. to Form F-10, if applicable, or any similar rule that may be adopted by the SEC
(which in the case of a registration statement prepared in part on Form F-10 shall include a Canadian Prospectus in the form of a base shelf prospectus contemplated by National Instrument 44-102 or a short form prospectus contemplated by National Instrument 44-101 or other appropriate form, prepared and filed with the NSSC under National Instrument 71-101), and all amendments and supplements to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein or deemed a part thereof, all exhibits thereto
and any document incorporated by reference therein. 
 “Shelf Request” shall have the meaning set forth in
Section 2(b) hereof. 
 “Staff” shall mean the staff of the SEC. 

“Target Registration Date” shall mean 365 days after the Closing Date. 

“Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended from time to time. 

“Trustee” shall mean American Stock Transfer & Trust Company, LLC. 

“Underwriter” shall have the meaning set forth in Section 3(f) hereof. 

“Underwritten Offering” shall mean an offering in which Registrable Securities are sold to an Underwriter for reoffering to
the public. 
 2. Registration Under the Securities Act. (a) To the extent not prohibited by any applicable law or applicable
interpretations of the Staff, the Obligors shall use their reasonable best efforts to (x) cause to be filed an Exchange Offer Registration Statement covering an offer to the Holders to exchange all the Registrable Securities for Exchange
Securities and (y) have such Registration Statement become and remain effective until 180 days after the last Exchange Date for use by one or more Participating Broker-Dealers, pursuant to Section 4 hereof. The Obligors shall commence the
Exchange Offer promptly after the Exchange Offer Registration Statement is declared effective by the SEC and use their reasonable best efforts to complete the Exchange Offer not later than 

  
 6 

 
60 days after such effective date and keep the Exchange Offer open for not less than 20 Business Days (or longer if required by applicable law) after the date notice of the Exchange Offer is sent
to Holders pursuant to the next paragraph. 
 The Obligors shall commence the Exchange Offer by mailing or making available the related
Prospectus, appropriate letters of transmittal and other accompanying documents, if any, to each Holder stating, in addition to such other disclosures as are required by applicable law, substantially the following: 

 

	(i)	 that the Exchange Offer is being made pursuant to this Agreement and that all Registrable Securities validly
tendered and not properly withdrawn will be accepted for exchange; 

  

	(ii)	 the dates of acceptance for exchange (which shall be a period of at least 20 Business Days from the date such
notice is mailed or made available) (the “Exchange Dates”); 

  

	(iii)	 that any Registrable Security not tendered will remain outstanding and continue to accrue interest but will not
retain any rights under this Agreement, except as otherwise specified herein; 

  

	(iv)	 that any Holder electing to have a Registrable Security exchanged pursuant to the Exchange Offer will be
required to (A) surrender such Registrable Security, together with the appropriate letters of transmittal, to the institution and at the address and in the manner specified in the notice, or (B) effect such exchange otherwise in compliance
with the applicable procedures of the depositary for such Registrable Security, in each case prior to the close of business on the last Exchange Date; and 

  

	(v)	 that any Holder will be entitled to withdraw its election, not later than the close of business on the last
Exchange Date, by (A) sending to the institution and at the address specified in the notice, facsimile transmission or letter setting forth the name of such Holder, the principal amount of Registrable Securities delivered for exchange and a
statement that such Holder is withdrawing its election to have such Securities exchanged or (B) effecting such withdrawal in compliance with the applicable procedures of the depositary for the Registrable Securities. 

As a condition to participating in the Exchange Offer, a Holder will be required to represent to the Obligors, in writing (which may be
contained in the applicable letter of transmittal), that (1) any Exchange Securities to be received by it will be acquired in the ordinary course of its business, (2) at the time of the commencement of the Exchange Offer, neither such
Holder nor, to the actual knowledge of such Holder, any other Person receiving Registrable Securities from such Holder has an arrangement or understanding with any Person to participate in the distribution (within the meaning of the Securities Act)
of the Exchange Securities in violation of the provisions of the Securities Act, (3) it is not an “affiliate” (within the meaning of Rule 405 under the Securities Act) of the Partnership or any Guarantor, (4) if such Holder is a
broker-dealer that will receive 

  
 7 

 
Exchange Securities for its own account in exchange for Registrable Securities that were acquired as a result of market-making or other trading activities (a “Participating
Broker-Dealer”), that it has not engaged in, and does not intend to engage in, the distribution of Registrable Securities and (5) if such Holder is a Participating Broker-Dealer, then such Holder will deliver a Prospectus (or, to the
extent permitted by law, make available a Prospectus to purchasers) in connection with any resale of such Exchange Securities. 
 As soon as
practicable after the last Exchange Date, the Obligors shall use their reasonable best efforts to: 
  

	(I)	 accept for exchange Registrable Securities or portions thereof validly tendered and not properly withdrawn
pursuant to the Exchange Offer; and 

  

	(II)	 deliver, or cause to be delivered, to the Trustee for cancellation all Registrable Securities or portions
thereof so accepted for exchange by the Partnership and issue, and cause the Trustee to promptly authenticate and deliver to the depository, one or more Exchange Securities in global form in an equivalent principal amount thereto for the account of
such Holders in accordance with the Indenture. 

 The Obligors shall use their reasonable best efforts to complete the
Exchange Offer as provided above and shall comply with the applicable requirements of the Securities Act, the Exchange Act and other applicable laws and regulations in connection with the Exchange Offer. The Exchange Offer shall not be subject to
any conditions, other than that the Exchange Offer does not violate any applicable law or applicable interpretations of the Staff. 
 For
the avoidance of doubt, notwithstanding any provision of this Section 2(a) purporting to require physical mailing, delivery or acceptance of any document or instrument, the Obligors may conduct the Exchange Offer exclusively through the
automated tender offer program of The Depository Trust Company (“DTC”) or any successor or similar system permitting electronic transmittal, tender and acceptance of documents and instruments, provided that this provision shall apply only
to Registrable Securities held in the form of beneficial interests in a global note deposited with (or held by a custodian for) DTC. 
 (b)
In the event that (i) the Obligors determine that the Exchange Offer Registration provided for in Section 2(a) hereof is not available or the Exchange Offer may not be completed as soon as practicable after the last Exchange Date because
it would violate any applicable law or applicable interpretations of the Staff, (ii) the Exchange Offer is not for any other reason completed by the Target Registration Date or (iii) upon receipt of a written request (a “Shelf
Request”) from any Initial Purchaser representing that it holds Registrable Securities that are or were ineligible to be exchanged in the Exchange Offer, in each case unless the Obligors have previously done so, the Obligors shall use their
reasonable best efforts to cause to be filed as soon as practicable after such determination, date or Shelf Request, as the case may be, a Shelf Registration Statement providing for the sale of all the Registrable Securities by the

  
 8 

 
Holders thereof and to have such Shelf Registration Statement become effective; provided that no Holder will be entitled to have any Registrable Securities included in any Shelf
Registration Statement, or entitled to use the Prospectus forming a part of such Shelf Registration Statement, until such Holder shall have delivered a completed and signed Notice and Questionnaire and provided such other information regarding such
Holder to the Partnership as is contemplated by Section 3(b) hereof. 
 In the event that the Obligors are required to file a Shelf
Registration Statement pursuant to clause (iii) of the preceding paragraph, the Obligors shall use their reasonable best efforts to file and have become effective both an Exchange Offer Registration Statement pursuant to Section 2(a)
hereof with respect to all Registrable Securities and a Shelf Registration Statement (which may be a combined Registration Statement with the Exchange Offer Registration Statement) with respect to offers and sales of Registrable Securities held by
the Initial Purchasers after completion of the Exchange Offer. 
 The Obligors agree to use their reasonable best efforts to keep the Shelf
Registration Statement continuously effective until the earliest of (A) the time when all such Securities covered by the Shelf Registration Statement can be sold pursuant to Rule 144 without any limitations by
non-affiliates of the Obligors under clause (d) of Rule 144, (B) the date on which all such Securities are disposed of in accordance with the Shelf Registration Statement, (C) one year after the
effective date of the Shelf Registration Statement, or (D) the Securities cease to be Registrable Securities (the “Shelf Effectiveness Period”). The Obligors further agree to supplement or amend the Shelf Registration Statement
(which, in the case of a registration statement prepared in part on Form F-10 shall include a Canadian Prospectus or supplement thereto filed with the NSSC under National Instrument 71-101), the related Prospectus and any Free Writing Prospectus if required by the rules, regulations or instructions applicable to the registration form used by the Obligors for such Shelf Registration Statement or
by the Securities Act or by any other rules and regulations thereunder or if reasonably requested by a Holder of Registrable Securities with respect to information relating to such Holder, and to use their reasonable best efforts to cause any such
amendment to become effective, if required, and such Shelf Registration Statement, Prospectus or Free Writing Prospectus, as the case may be, to become usable as soon as thereafter practicable. The Obligors agree to furnish or otherwise make
available to the Participating Holders copies of any such supplement or amendment promptly after its being used or filed with the SEC. 

(c) The Obligors shall pay all Registration Expenses in connection with any registration pursuant to Section 2(a) or Section 2(b)
hereof. Each Holder shall pay all underwriting discounts and commissions, brokerage commissions, out-of-pocket expenses incurred by such Holder and transfer taxes, if
any, relating to the sale or disposition of such Holder’s Registrable Securities pursuant to the Shelf Registration Statement. 
 (d)
An Exchange Offer Registration Statement pursuant to Section 2(a) hereof will not be deemed to have become effective unless it has been declared effective by the SEC, except to the extent that an Exchange Offer Registration Statement prepared
in part 

  
 9 

 
on Form F-10 has otherwise become effective in accordance with the MJDS. A Shelf Registration Statement pursuant to Section 2(b) hereof will not be
deemed to have become effective unless it has been declared effective by the SEC or is automatically effective upon filing with the SEC as provided by Rule 462 or Rule 467 under the Securities Act. 

If a Registration Default occurs, the interest rate on the Registrable Securities will be increased by (i) 0.25% per annum for the first 90-day period beginning on the day immediately following such Registration Default and (ii) an additional 0.25% per annum with respect to each subsequent 90-day period
(it being understood and agreed that, notwithstanding any provision to the contrary, so long as any Securities not registered under an Exchange Offer Registration Statement are then covered by a Shelf Registration, no additional interest shall
accrue on such Securities), in each case until and including the date such Registration Default ends, up to a maximum increase of 0.50% per annum; provided that in no event shall the additional interest on the Securities exceed 0.50% per
annum; provided, further, that in no event shall the Obligors be obligated to pay additional interest under more than one Registration Default at any one time. A Registration Default ends when the Securities cease to be Registrable
Securities or, if earlier, (1) in the case of a Registration Default under clause (i) of the definition thereof, when the Exchange Offer is completed, (2) in the case of a Registration Default under clause (ii) or
clause (iii) of the definition thereof, when the Shelf Registration Statement becomes effective or (3) in the case of a Registration Default under clause (iv) or clause (v) of the definition thereof, when the Shelf Registration
Statement again becomes effective or the Prospectus again becomes usable. If at any time more than one Registration Default has occurred and is continuing, then, until the next date that there is no Registration Default, the increase in interest
rate provided for by this paragraph shall apply as if there occurred a single Registration Default that begins on the date that the earliest such Registration Default occurred and ends on such next date that there is no Registration Default. 

Notwithstanding anything to the contrary, any additional interest payable under this Agreement shall cease to accrue on and after the date on
which all Registration Defaults have been cured (which, for the avoidance of doubt, shall not, however, affect the Obligors’ obligations hereunder to pay additional interest that has accrued to such date and that remains unpaid). 

(e) Without limiting the remedies available to the Initial Purchasers and the Holders, the Obligors acknowledge that any failure by the
Partnership or the Guarantors to comply with their obligations under Section 2(a) and Section 2(b) hereof may result in material irreparable injury to the Initial Purchasers or the Holders for which there is no adequate remedy at law, that
it will not be possible to measure damages for such injuries precisely and that, in the event of any such failure, the Initial Purchasers or any Holder may obtain such relief as may be required to specifically enforce the Obligors’ obligations
under Section 2(a) and Section 2(b) hereof. 
 (f) No Holder of Registrable Securities may include any of its Registrable
Securities in any Shelf Registration unless and until such Holder furnishes to the 

  
 10 

 
Obligors, in writing within 30 days after receipt of a request therefor, the information with respect to such Holder (i) specified in Items 507 and 508 (as applicable) of Regulation S-K under the Securities Act and (ii) specified in any other applicable rules, regulations or policies of the SEC for use in connection with any Shelf Registration or Prospectus included therein, on a form to
be provided by the Obligors or reasonably requested by the Obligors. No Holder of Registrable Securities shall be entitled to additional interest if a Registration Default occurs unless and until such Holder shall have provided all such information.
Each selling Holder agrees to furnish promptly to the Obligors additional information to be disclosed so that the information previously furnished to the Obligors by such Holder does not contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein not misleading. 
 (g) Additional interest
shall not accrue with respect to an event listed in clause (ii), (iii), (iv) or (v) of the definition of “Registration Default” (each, a “Shelf Effectiveness Registration Default”) if (i) such Shelf Effectiveness
Registration Default under clause (iv) or (v) of the definition of “Registration Default” occurs because of the filing of a post-effective amendment to a Shelf Registration Statement to incorporate annual audited financial information
with respect to the Obligors where such post-effective amendment is not yet effective and needs to be declared effective to permit Holders to use the related Prospectus, (ii) such Shelf Effectiveness Registration Default occurs in respect of a
Shelf Registration because of the occurrence of other material events or developments with respect to the Obligors that would need to be described in such Registration Statement or the related Prospectus, and the effectiveness of such Registration
Statement is reasonably required to be suspended while such Registration Statement and related Prospectus are amended or supplemented to reflect such events or developments, or (iii) such Shelf Effectiveness Registration Default occurs in
respect of a Shelf Registration because the Obligors exercise their rights under Section 3(a)(x)(b) hereof not to amend or supplement such Shelf Registration Statement, any related Prospectus or any document incorporated or deemed to be
incorporated therein by reference, for the limited periods stated therein. 
 (h) Additional interest due on the Securities pursuant to
Section 2(d) hereof will be payable in cash semiannually in arrears on the same interest payment dates as the Securities, commencing with the first interest payment date occurring after any such additional interest commences to accrue. 

3. Registration Procedures. (a) In connection with their obligations pursuant to Section 2(a) and Section 2(b) hereof,
the Obligors shall use their reasonable best efforts to: 
 (i) prepare and file with the SEC a Registration Statement on the appropriate
form under the Securities Act, which form (A) shall be selected by the Obligors, (B) shall, in the case of a Shelf Registration, be available for the sale of the Registrable Securities by the Holders thereof and (C) shall comply as to
form in all material respects with the requirements of the applicable form and include (including through incorporation by reference, if available to the Obligors) all financial statements required 

  
 11 

 
by the NSSC and SEC to be filed therewith; and use their reasonable best efforts to cause such Registration Statement to become effective and remain effective for the applicable period in
accordance with Section 2 hereof; 
 (ii) prepare and file with the SEC such amendments and post-effective amendments to each
Registration Statement as may be necessary to keep such Registration Statement effective for the applicable period in accordance with Section 2 hereof and, except as provided in Section 3(a)(x)(b) hereof, cause each Prospectus to be
supplemented by any prospectus supplement required by applicable law and, as so supplemented, to be filed pursuant to Rule 424 under the Securities Act or, to the extent applicable, General Instruction II.L. to Form
F-10; and keep each Prospectus current during the period described in Section 4(3) of and Rule 174 under the Securities Act that is applicable to transactions by brokers or dealers with respect to the
Registrable Securities or Exchange Securities; 
 (iii) to the extent any Free Writing Prospectus is used, file with the SEC any Free
Writing Prospectus that is required to be filed by the Partnership or the Guarantors with the SEC in accordance with the Securities Act and to retain any Free Writing Prospectus not required to be filed; 

(iv) in the case of a Shelf Registration, furnish to each Participating Holder, to counsel for the Initial Purchasers, to counsel for such
Participating Holders and to each Underwriter of an Underwritten Offering of Registrable Securities, if any (if any Registrable Securities held by the Initial Purchasers are included in the Shelf Registration Statement), without charge, as many
copies of each Prospectus, preliminary prospectus or Free Writing Prospectus, and any amendment or supplement thereto, as such Participating Holder, counsel or Underwriter may reasonably request in order to facilitate the sale or other disposition
of the Registrable Securities thereunder; and, subject to Section 3(c) hereof, the Obligors consent to the use of such Prospectus, preliminary prospectus or such Free Writing Prospectus and any amendment or supplement thereto in accordance with
applicable law by each of the Participating Holders and any such Underwriters in connection with the offering and sale of the Registrable Securities covered by and in the manner described in such Prospectus, preliminary prospectus or such Free
Writing Prospectus or any amendment or supplement thereto in accordance with applicable law; 
 (v) in the case of a Shelf Registration, use
their reasonable best efforts to register or qualify the Registrable Securities under all applicable state securities or blue sky laws of such jurisdictions as any Participating Holder shall reasonably request in writing by the time the applicable
Registration Statement becomes effective; cooperate with such Participating Holders in connection with any filings required to be made with FINRA; and do any and all other acts and things that may be reasonably necessary or advisable to enable each
Participating Holder to complete the disposition in each such jurisdiction of the Registrable Securities owned by such Participating Holder; provided that neither the Partnership nor any Guarantor shall be required to (1) qualify as a
foreign corporation or other entity or as a dealer in securities in any such jurisdiction where it would not otherwise be required to so qualify but for the requirements of this Section 

  
 12 

 
3(a)(v), (2) file any general consent to service of process in any such jurisdiction, (3) subject itself to taxation in any such jurisdiction if it is not so subject or (4) make any
changes to its incorporating organization documents; 
 (vi) notify counsel for the Initial Purchasers and, in the case of a Shelf
Registration, notify each Participating Holder and counsel for such Participating Holders promptly and, if requested by any such Participating Holder or counsel, confirm such advice in writing (1) when a Registration Statement has become
effective, when any post-effective amendment thereto has been filed and becomes effective, when any Free Writing Prospectus has been filed or any amendment or supplement to the Prospectus or any Free Writing Prospectus has been filed, (2) of
any request by the SEC, any state securities authority, or the NSSC for amendments and supplements to a Registration Statement, Prospectus or any Free Writing Prospectus or for additional information after the Registration Statement has become
effective, (3) of the issuance by the SEC, any state securities authority, the NSSC or any Canadian securities regulator of any stop order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that
purpose, including the receipt by the Partnership of any notice of objection of the SEC, the NSSC or any Canadian securities regulator to the use of a Shelf Registration Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2)
under the Securities Act, (4) if, between the applicable effective date of a Shelf Registration Statement and the closing of any sale of Registrable Securities covered thereby, the representations and warranties of the Partnership or any
Guarantor contained in any underwriting agreement, securities sales agreement or other similar agreement, if any, relating to an offering of such Registrable Securities cease to be true and correct in all material respects or if the Partnership or
any Guarantor receives any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation of any proceeding for such purpose, (5) of the happening of any event
during the period a Registration Statement is effective that makes any statement made in such Registration Statement or the related Prospectus or any Free Writing Prospectus untrue in any material respect or that requires the making of any changes
in such Registration Statement or Prospectus or any Free Writing Prospectus in order to make the statements therein not misleading and (6) of any determination by the Partnership or any Guarantor that a post-effective amendment to a
Registration Statement or any amendment or supplement to the Prospectus or any Free Writing Prospectus would be appropriate; provided, however, that, in the case of clauses (4), (5) and (6), with respect to any event,
development or transaction permitted to be kept confidential without the accrual of additional interest under Section 2(g) hereof, the Obligors shall not be required to describe such event, development or transaction in the written notice
provided; 
 (vii) use their reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration
Statement or, in the case of a Shelf Registration, the resolution of any objection of the SEC pursuant to Rule 401(g)(2) under the Securities Act, including by filing an amendment to such Registration Statement on the proper form, as soon as
practicable and provide prompt notice to each Holder or Participating Holder of the withdrawal of any such order or such resolution; 

  
 13 

 (viii) in the case of a Shelf Registration, furnish to each Participating Holder, without
charge, at least one conformed copy of each Registration Statement and any post-effective amendment thereto (without any documents incorporated therein by reference or exhibits thereto, unless requested); 

(ix) in the case of a Shelf Registration, cooperate with the Participating Holders to facilitate the timely preparation and delivery of
certificates representing Registrable Securities to be sold and not bearing any restrictive legends and enable such Registrable Securities to be issued in such denominations and registered in such names (consistent with the provisions of the
Indenture) as such Participating Holders may reasonably request at least one Business Day prior to the closing of any sale of Registrable Securities; 

(x) (a) upon the occurrence of any event contemplated by Section 3(a)(vi)(5) hereof, use their reasonable best efforts to prepare and
file with the SEC and the NSSC, as applicable, a supplement or post-effective amendment to the applicable Exchange Offer Registration Statement or Shelf Registration Statement or the related Prospectus or any Free Writing Prospectus or any document
incorporated therein by reference or file any other required document so that, as thereafter delivered (or, to the extent permitted by law, made available) to purchasers of the Registrable Securities, such Prospectus or Free Writing Prospectus, as
the case may be, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and the Obligors shall
notify the Participating Holders (in the case of a Shelf Registration Statement) and the Initial Purchasers and any Participating Broker-Dealers known to the Partnership (in the case of an Exchange Offer Registration Statement) to suspend use of the
Prospectus or any Free Writing Prospectus as promptly as practicable after the occurrence of such an event, and such Participating Holders, such Participating Broker-Dealers and the Initial Purchasers, as applicable, hereby agree to suspend use of
the Prospectus or any Free Writing Prospectus, as the case may be, until the Obligors have amended or supplemented the Prospectus or the Free Writing Prospectus, as the case may be, to correct such misstatement or omission and expressly agree to
maintain the information contained in such notice confidential (except that such information may be disclosed to their counsel) until it has been publicly disclosed by the Obligors. 

(b) notwithstanding the foregoing, the Obligors shall not be required to amend or supplement a Registration Statement, any related Prospectus
or any document incorporated or deemed to be incorporated therein by reference if (i) an event occurs and is continuing as a result of which the Shelf Registration, any related Prospectus or any document incorporated or deemed to be
incorporated therein by reference, would, in the Obligors’ good faith judgment, contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein not misleading (with respect to
such a Prospectus only, in the light of the circumstances under which they were made), and (ii) (a) the Obligors determine in their good faith judgment that the disclosure of such event at such time would have a material adverse effect on the
business, operations or prospects of the Obligors, or (b) the disclosure otherwise relates to a pending material business transaction that has not yet been publicly disclosed; 

  
 14 

 
provided, however, that the Obligors may only suspend the offering and sale of Securities under a Shelf Registration Statement pursuant to this clause (x) for a period or
periods not in excess of 60 consecutive days or more than two (2) times during any 12-month period during which such Shelf Registration Statement is required to be effective and usable hereunder; 

(xi) a reasonable time prior to the filing of any Registration Statement, any Prospectus, any Free Writing Prospectus, any amendment to a
Registration Statement or amendment or supplement to a Prospectus or a Free Writing Prospectus or of any document that is to be incorporated by reference into a Registration Statement, a Prospectus or a Free Writing Prospectus after initial filing
of a Registration Statement, provide copies of such document to the Initial Purchasers and their counsel (and, in the case of a Shelf Registration Statement, to the Participating Holders and their counsel) and make such of the representatives of the
Obligors as shall be reasonably requested by the Initial Purchasers or their counsel (and, in the case of a Shelf Registration Statement, the Participating Holders or their counsel) available for discussion of such document, provided that the
Initial Purchasers, the Participating Holders and their respective counsel shall agree to take such actions as are reasonably necessary to protect the confidentiality of any material non-public information
provided; and the Obligors shall not, at any time after initial filing of a Registration Statement, use or file any Prospectus, any Free Writing Prospectus, any amendment of or supplement to a Registration Statement or a Prospectus or a Free Writing
Prospectus, or any document that is to be incorporated by reference into a Registration Statement, a Prospectus or a Free Writing Prospectus, of which the Initial Purchasers and their counsel (and, in the case of a Shelf Registration Statement, the
Participating Holders and their counsel) shall not have previously been advised and furnished a copy or to which the Initial Purchasers or their counsel (and, in the case of a Shelf Registration Statement, the Participating Holders or their counsel)
shall reasonably object on a timely basis; 
 (xii) obtain a CUSIP number for all Exchange Securities or Registrable Securities, as the case
may be, not later than the initial effective date of a Registration Statement; 
 (xiii) cause the Indenture to be qualified under the Trust
Indenture Act in connection with the registration of the Exchange Securities or Registrable Securities, as the case may be, reasonably cooperate with the Trustee and the Holders to effect such changes to the Indenture as may be required for the
Indenture to be so qualified in accordance with the terms of the Trust Indenture Act; and execute, and use their reasonable best efforts to cause the Trustee to execute, all documents as may be required to effect such changes and all other forms and
documents required to be filed with the SEC to enable the Indenture to be so qualified in a timely manner; 
 (xiv) in the case of a Shelf
Registration upon reasonable notice, make available for inspection by a representative of the Participating Holders (an “Inspector”), any Underwriter participating in any disposition pursuant to such Shelf Registration Statement,
any attorneys and accountants designated by a majority in aggregate principal amount of the Securities held by the Participating Holders and any attorneys and 

  
 15 

 
accountants designated by such Underwriter, at reasonable times and in a reasonable manner, all pertinent financial and other records, documents and properties of Emera and its subsidiaries as
shall be reasonably necessary to enable them to exercise any applicable due diligence responsibilities, and cause the respective officers, directors and employees of the Obligors to supply all information reasonably requested by any such Inspector,
Underwriter, attorney or accountant in connection with their due diligence responsibilities under a Shelf Registration Statement; provided that each such Underwriter, attorney or accountant shall agree in writing that it will keep such
information confidential and that it will not disclose any of the information that the Obligors determine, in good faith, to be confidential and notify them in writing are confidential unless (i) the disclosure of such information is necessary
to avoid or correct a material misstatement or material omission in such Registration Statement or Prospectus, (ii) the release of such information is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, or
(iii) the information in has been made generally available to the public other than by any of such persons or its affiliates; provided, however, that prior notice shall be provided as soon as practicable to the Obligors of the potential
disclosure of any information by such person pursuant to clause (i) or (ii) of this sentence in order to permit the Obligors to obtain a protective order (or waive the provisions of this paragraph (xiv)); 

(xvi) if reasonably requested by any Participating Holder, promptly include in a Prospectus supplement or post-effective amendment such
information with respect to such Participating Holder as such Participating Holder reasonably requests to be included therein and make all required filings of such Prospectus supplement or such post-effective amendment promptly after the Partnership
has received notification of the matters to be so included in such filing; 
 (xvii) if reasonably requested by the Majority Holders of the
Registrable Securities being sold in the case of a Shelf Registration, enter into such customary agreements and use reasonable best efforts to facilitate the disposition of such Registrable Securities including, but not limited to, an Underwritten
Offering and in such connection, (1) to the extent possible, make such representations and warranties to the Participating Holders and any Underwriters of such Registrable Securities with respect to the business of Emera and its subsidiaries
and the Registration Statement, Prospectus, any Free Writing Prospectus and documents incorporated by reference or deemed incorporated by reference, if any, in each case, in form, substance and scope as are customarily made by issuers to
underwriters in underwritten offerings and confirm the same in writing if and when required by the applicable purchase agreement, (2) obtain opinions of counsel to the Obligors (which counsel and opinions, in form, scope and substance, shall be
reasonably satisfactory to the Participating Holders and such Underwriters and their respective counsel) addressed to each Participating Holder and Underwriter of Registrable Securities, covering the matters customarily covered in opinions requested
in underwritten offerings, (3) obtain “comfort” letters from the independent registered public accountants of the Obligors (and, if necessary, any other registered public accountant of any subsidiary of the Partnership or any
Guarantor, or of any business acquired by the Partnership or any Guarantor for which financial statements and financial data are or are required to be included in the Registration Statement) addressed to each

  
 16 

 
Participating Holder (to the extent permitted by applicable professional standards) and Underwriter of Registrable Securities, such letters to be in customary form and covering matters of the
type customarily covered in “comfort” letters in connection with underwritten offerings, including but not limited to financial information contained in any preliminary prospectus, Prospectus or Free Writing Prospectus and (4) deliver
such documents and certificates as may be reasonably requested by the Majority Holders of the Registrable Securities being sold or the Underwriters, and which are customarily delivered in underwritten offerings, to evidence the continued validity of
the representations and warranties of the Obligors made pursuant to clause (1) above and to evidence compliance with any customary conditions contained in an underwriting agreement; 

(b) In the case of a Shelf Registration Statement, the Partnership may require each Holder of Registrable Securities to furnish to the
Partnership a Notice and Questionnaire and such other information regarding such Holder and the proposed disposition by such Holder of such Registrable Securities as the Obligors may from time to time reasonably request in writing; 

(c) In the case of a Shelf Registration Statement, the Obligors may require each Holder of Registrable Securities to furnish to the Obligors
such information regarding the Holder and the proposed distribution by such Holder of such Registrable Securities as the Obligors may from time to time reasonably request in writing. The Obligors may exclude from such registration the Registrable
Securities or Exchange Securities of any Holder so long as such Holder fails to furnish such information within a reasonable time after receiving such request. Each Holder as to which any Shelf Registration is being effected agrees to furnish
promptly to the Obligors all information required to be disclosed in order to make the information previously furnished to the Obligors by such Holder not materially misleading; 

(d) In the case of a Shelf Registration Statement, each Participating Holder agrees that, upon receipt of any notice from the Obligors of the
happening of any event of the kind described in Section 3(a)(vi)(3) or Section 3(a)(vi)(5) hereof, such Participating Holder will forthwith discontinue disposition of Registrable Securities pursuant to the Shelf Registration Statement
until such Participating Holder’s receipt of the copies of the supplemented or amended Prospectus and any Free Writing Prospectus contemplated by Section 3(a)(x) hereof and, if so directed by the Obligors, such Participating Holder will
deliver to the Obligors (at their expense) all copies in its possession, other than permanent file copies then in such Participating Holder’s possession, of the Prospectus and any Free Writing Prospectus covering such Registrable Securities
that is current at the time of receipt of such notice. 
 (e) If the Obligors shall give any notice to suspend the disposition of
Registrable Securities pursuant to a Registration Statement, the Obligors shall extend the period during which such Registration Statement shall be maintained effective pursuant to this Agreement by the number of days during the period from and
including the date of the giving of such notice to and including the date when the Holders of such Registrable Securities shall have received copies of the supplemented or amended Prospectus or any 

  
 17 

 
Free Writing Prospectus necessary to resume such dispositions. The Obligors may give any such notice for a period or periods not in excess of 60 consecutive days or more than two (2) times
during any 12-month period. 
 (f) The Participating Holders who desire to do so may sell such
Registrable Securities in an Underwritten Offering. In any such Underwritten Offering, the investment bank or investment banks and manager or managers (each an “Underwriter”) that will administer the offering will be selected by the
Majority Holders of the Registrable Securities included in such offering. 
 4. Participation of Broker-Dealers in Exchange Offer.
(a) The Staff has taken the position that any Participating Broker-Dealer may be deemed to be an “underwriter” within the meaning of the Securities Act and must deliver a prospectus meeting the requirements of the Securities Act in
connection with any resale of such Exchange Securities. 
 The Obligors understand that it is the Staff’s position that if the
Prospectus contained in the Exchange Offer Registration Statement includes a plan of distribution containing a statement to the above effect and the means by which Participating Broker-Dealers may resell the Exchange Securities, without naming the
Participating Broker-Dealers or specifying the amount of Exchange Securities owned by them, such Prospectus may be delivered by Participating Broker-Dealers (or, to the extent permitted by law, made available to purchasers) to satisfy their
prospectus delivery obligation under the Securities Act in connection with resales of Exchange Securities for their own accounts, so long as the Prospectus otherwise meets the requirements of the Securities Act. 

(b) In light of the above, and notwithstanding the other provisions of this Agreement, the Obligors agree to amend or supplement the
Prospectus contained in the Exchange Offer Registration Statement for a period of up to 180 days after the last Exchange Date (as such period may be extended pursuant to Section 3(e) hereof), in order to expedite or facilitate the disposition
of any Exchange Securities by Participating Broker-Dealers consistent with the positions of the Staff recited in Section 4(a) above; provided that: 

(i) the Obligors shall not be required to amend or supplement the Prospectus contained in the Exchange Offer Registration
Statement, as would otherwise be contemplated by Section 3(a)(x), for a period exceeding 180 days after the last Exchange Date (as such period may be extended pursuant to the penultimate paragraph of Section 3 of this
Agreement) and Participating Broker-Dealers shall not be authorized by the Obligors to deliver and shall not deliver such Prospectus after such period in connection with the resales contemplated by this Section 4; and 

(ii) the application of the Shelf Registration procedures set forth in Section 3 of this Agreement to an Exchange Offer
Registration, to the extent not required by the positions of the Staff or the Securities Act and the rules and 

  
 18 

 
regulations thereunder, will be in conformity with the reasonable request to the Obligors by the Initial Purchasers or with the reasonable request in writing to the Obligors by one or more
broker-dealers who certify to the Initial Purchasers and the Obligors in writing that they anticipate that they will be Participating Broker-Dealers (or other Holders with similar prospectus delivery obligations); and provided further that, in
connection with such application of the Shelf Registration procedures set forth in Section 3 to an Exchange Offer Registration, the Obligors shall be obligated (x) to deal only with four entities representing the Participating
Broker-Dealers (and such other Holders with similar prospectus delivery obligations), which shall be J.P. Morgan Securities LLC, MUFG Securities Americas Inc., RBC Capital Markets, LLC and Scotia Capital (USA) Inc. unless any entity elects not to
act as such representative, (y) to pay the fees and expenses of only one counsel representing the Participating Broker-Dealers (and such other Holders with similar prospectus delivery obligations), which shall be counsel to the Initial
Purchasers unless such counsel elects not to so act and (z) to cause to be delivered only one, if any, “comfort” letter with respect to the Prospectus in the form existing on the last Effective Date of such Registration Statement and
with respect to each subsequent amendment or supplement, if any, effected during the period specified in clause (i) above. 
 The
Obligors further agree that Participating Broker-Dealers shall be authorized to deliver such Prospectus (or, to the extent permitted by law, make available) during such period in connection with the resales contemplated by this Section 4. 

(c) The Initial Purchasers shall have no liability to the Partnership, any Guarantor or any Holder with respect to any request that they may
make pursuant to Section 4(b) hereof. 
 5. Indemnification and Contribution. (a) The Partnership and each Guarantor,
jointly and severally, agree to indemnify and hold harmless each Initial Purchaser and each Holder, their respective affiliates, directors and officers and each Person, if any, who controls any Initial Purchaser or any Holder within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages and liabilities (including, without limitation, legal fees and other expenses reasonably incurred in connection with
any suit, action or proceeding or any claim asserted), joint or several, that arise out of, or are based upon, (1) any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement or any omission or
alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein not misleading, or (2) any untrue statement or alleged untrue statement of a material fact contained in any
Prospectus, any Free Writing Prospectus or any “issuer information” (“Issuer Information”) filed or required to be filed pursuant to Rule 433(d) under the Securities Act, or any omission or alleged omission to state
therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, in each case except insofar as such losses, claims, damages or liabilities arise out of, or are
based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any 

  
 19 

 
information relating to any Initial Purchaser or information relating to any Holder furnished to the Partnership in writing through the Representatives or any selling Holder, respectively,
expressly for use therein. In connection with any Underwritten Offering permitted by Section 3, the Obligors, jointly and severally, will also indemnify the Underwriters, if any, selling brokers, dealers and similar securities industry
professionals participating in the distribution, their officers and directors and each Person who controls such Persons (within the meaning of the Securities Act and the Exchange Act) to the same extent as provided above with respect to the
indemnification of the Holders, if requested in connection with any Registration Statement, any Prospectus, any Free Writing Prospectus or any Issuer Information. 

(b) Each Holder agrees, severally and not jointly, to indemnify and hold harmless the Partnership, the Guarantors, the Initial Purchasers and
the other selling Holders, the directors of the Obligors, each officer of the Obligors who signed the Registration Statement and each Person, if any, who controls the Partnership, the Guarantors, any Initial Purchaser and any other selling Holder
within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph (a) above, but only with respect to any losses, claims, damages or liabilities that
arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to such Holder furnished to the Partnership in writing by such Holder
expressly for use in any Registration Statement, any Prospectus and any Free Writing Prospectus. 
 (c) If any suit, action, proceeding
(including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any Person in respect of which indemnification may be sought pursuant to either paragraph (a) or (b above, such Person (the
“Indemnified Person”) shall promptly notify the Person against whom such indemnification may be sought (the “Indemnifying Person”) in writing; provided that the failure to notify the Indemnifying Person shall
not relieve it from any liability that it may have under paragraph (a) or (b) above except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided,
further, that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person otherwise than under paragraph (a) or (b) above. If any such proceeding shall be brought or
asserted against an Indemnified Person and it shall have notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified Person and any others
entitled to indemnification pursuant to this Section 5 that the Indemnifying Person may designate in such proceeding and shall pay the fees and expenses of such proceeding and shall pay the fees and expenses of such counsel related to such
proceeding, as incurred. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying
Person and the Indemnified Person shall have mutually agreed to the contrary; (ii) the Indemnifying Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii) the Indemnified
Person shall have reasonably concluded that there may be legal defenses available to it that are different from or in addition to those 

  
 20 

 
available to the Indemnifying Person; or (iv) the named parties in any such proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and
representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood and agreed that the Indemnifying Person shall not, in connection with any proceeding or related
proceeding in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses shall be reimbursed as they are incurred. Any
such separate firm (x) for any Initial Purchaser, its affiliates, directors and officers and any control Persons of such Initial Purchaser shall be designated in writing by the Representatives, (y) for any Holder, its directors and
officers and any control Persons of such Holder shall be designated in writing by the Majority Holders and (z) in all other cases shall be designated in writing by the Partnership. The Indemnifying Person shall not be liable for any settlement
of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person from and against any loss or liability by
reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an Indemnified Person shall have requested that an Indemnifying Person reimburse the Indemnified Person for fees and expenses of counsel as contemplated by
this paragraph, the Indemnifying Person shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 30 days after receipt by the Indemnifying Person of such request
and (ii) the Indemnifying Person shall not have reimbursed the Indemnified Person in accordance with such request prior to the date of such settlement. No Indemnifying Person shall, without the written consent of the Indemnified Person, effect
any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnification could have been sought hereunder by such Indemnified Person, unless such settlement (A) includes
an unconditional release of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of such proceeding and (B) does not include any statement as
to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person. 
 (d) If the indemnification
provided for in paragraphs (a) and (b) above is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such paragraph, in lieu of
indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the
relative benefits received by the Obligors from the offering of the Securities and the Exchange Securities, on the one hand, and by the Holders from receiving Securities or Exchange Securities registered under the Securities Act, on the other hand,
or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) but also the relative fault of the Obligors
on the one hand and Holders on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative fault of the Obligors on

  
 21 

 
the one hand and the Holders on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the Obligors or by the Holders and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

(e) The Partnership, the Guarantors and the Holders agree that it would not be just and equitable if contribution pursuant to this
Section 5 were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in
paragraph (d) above. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph (d) above shall be deemed to include, subject to the limitations set forth above,
any legal or other expenses reasonably incurred by such Indemnified Person in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 5, in no event shall a Holder be required to
contribute any amount in excess of the amount by which the total price at which the Securities or Exchange Securities sold by such Holder exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of such untrue
or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of
such fraudulent misrepresentation. The Holders’ obligations to contribute pursuant to this Section 5 are several and not joint. 

(f) The remedies provided for in this Section 5 are not exclusive and shall not limit any rights or remedies that may otherwise be
available to any Indemnified Person at law or in equity. 
 (g) The indemnity and contribution provisions contained in this Section 5
shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of the Initial Purchasers or any Holder or any Person controlling any Initial Purchaser or
any Holder, or by or on behalf of the Partnership or the Guarantors or the officers or directors of or any Person controlling the Partnership or the Guarantors, (iii) acceptance of any of the Exchange Securities and (iv) any sale of
Registrable Securities pursuant to a Shelf Registration Statement. 
 6. General. 

(a) No Inconsistent Agreements. The Obligors represent, warrant and agree that (i) the rights granted to the Holders hereunder do
not in any way conflict with and are not inconsistent with the rights granted to the holders of any other outstanding securities issued or guaranteed by the Partnership or any Guarantor under any other agreement and (ii) neither the Partnership
nor any Guarantor has entered into, or on or after the date of this Agreement will enter into, any agreement that is inconsistent with the rights granted to the Holders of Registrable Securities in this Agreement or otherwise conflicts with the
provisions hereof. 

  
 22 

 (b) Amendments and Waivers. The provisions of this Agreement, including the
provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given unless the Obligors have obtained the written consent of the Majority Holders of the
outstanding Registrable Securities affected by such amendment, modification, supplement, waiver or consent; provided that no amendment, modification, supplement, waiver or consent to any departure from the provisions of Section 5 hereof
shall be effective as against any Holder of Registrable Securities unless consented to in writing by such Holder. Any amendments, modifications, supplements, waivers or consents pursuant to this Section 6(b) shall be by a writing executed by
each of the parties hereto. 
 (c) Judgment Currency. In respect of any judgment or order given or made for any amount due hereunder
that is expressed and paid in a currency (the “judgment currency”) other than United States dollars, the Obligors, joint and severally, will indemnify each Initial Purchaser against any loss incurred by such Initial Purchaser as a
result of any variation as between (i) the rate of exchange at which the United States dollar amount is converted into the judgment currency for the purpose of such judgment or order and (ii) the rate of exchange at which an Initial
Purchaser is able to purchase United States dollars with the amount of judgment currency actually received by such Initial Purchaser. The foregoing indemnity shall constitute a separate and independent obligation of the Obligors and shall continue
in full force and effect notwithstanding any such judgment or order as aforesaid. The term “rate of exchange” shall include any premiums and costs of exchange payable in connection with the purchase of or conversion into United
States dollars. 
 (d) Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by
hand-delivery, registered first-class mail, telecopier, electronic transmission or any courier guaranteeing overnight delivery: 
 (i) if to
a Holder, at the most current address given by such Holder to the Partnership by means of a notice given in accordance with the provisions of this Section 6(d), which address initially is, with respect to the Initial Purchasers, the address set
forth in the Purchase Agreement; 
 (ii) if to the Obligors: 

Emera Incorporated 
 5151 Terminal
Road 
 Halifax, Nova Scotia B3J 1A1 

Attention: Stephen D. Aftanas, Corporate Secretary 

Fax No.: (902) 428-6171 

Email: stephen.aftanas@emera.com 

with a copy to: 
 Davis
Polk & Wardwell LLP 
 450 Lexington Avenue 

  
 23 

 New York, New York 10017 

Attention: Byron B. Rooney 
 Fax
No.: (212) 701-5658 
 Email: byron.rooney@davispolk.com; and 

(iii) to such other persons at their respective addresses as provided in the Purchase Agreement and thereafter at such other address, notice
of which is given in accordance with the provisions of this Section 6(d). 
 All such notices and communications shall be deemed to
have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged, if telecopied or electronically transmitted; and on the
next Business Day if timely delivered to an air courier guaranteeing overnight delivery. Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee, at the address
specified in the Indenture to the extent required by the Indenture or applicable law. 
 (e) Successors and Assigns. This Agreement
shall inure to the benefit of and be binding upon the successors, assigns and transferees of each of the parties, including, without limitation and without the need for an express assignment, subsequent Holders; provided that nothing herein
shall be deemed to permit any assignment, transfer or other disposition of Registrable Securities in violation of the terms of the Purchase Agreement or the Indenture. If any transferee of any Holder shall acquire Registrable Securities in any
manner, whether by operation of law or otherwise, such Registrable Securities shall be held subject to all the terms of this Agreement, and by taking and holding such Registrable Securities such Person shall be conclusively deemed to have agreed to
be bound by and to perform all of the terms and provisions of this Agreement and such Person shall be entitled to receive the benefits hereof. The Initial Purchasers (in their capacity as Initial Purchasers) shall have no liability or obligation to
the Partnership or the Guarantors with respect to any failure by a Holder to comply with, or any breach by any Holder of, any of the obligations of such Holder under this Agreement. 

(f) Third Party Beneficiaries. Each Holder shall be a third party beneficiary to the agreements made hereunder between the Obligors, on
the one hand, and the Initial Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect its rights or the rights of other Holders hereunder.

 (g) Counterparts; Electronic Signatures. This Agreement may be signed in counterparts (which may include counterparts delivered by
any standard form of telecommunication), each of which shall be an original and all of which together shall constitute one and the same instrument. The words “execution,” “executed,” “signed,” signature,” and words
of like import in this Agreement or in any other certificate, agreement or document related to this Agreement shall include images of manually executed signatures transmitted by facsimile, email or other electronic format (including, without
limitation, “pdf,” “tif” or “jpg”) and other electronic signatures (including, 

  
 24 

 
without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent,
communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law,
including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic
Transactions Act or the Uniform Commercial Code. 
 (h) Headings. The headings in this Agreement are for convenience of reference
only, are not a part of this Agreement and shall not limit or otherwise affect the meaning hereof. 
 (i) Governing Law. This
Agreement, and any claim, controversy or dispute arising under or related to this Agreement, shall be governed by and construed in accordance with the laws of the State of New York. 

(j) Submission to Jurisdiction; Agent for Service; Waiver of Immunity. The Obligors hereby submit to the exclusive jurisdiction of the
U.S. federal and New York state courts in the Borough of Manhattan in The City of New York in any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. The Obligors waive any objection which it may
now or hereafter have to the laying of venue of any such suit or proceeding in such courts. The Obligors agree that final judgment in any such suit, action or proceeding brought in such court shall be conclusive and binding upon the Obligors and may
be enforced in any court to the jurisdiction of which the Obligors, as applicable, is subject by a suit upon such judgment. The Obligors have appointed Emera US Finance LP, as its authorized agent (the “Authorized Agent”) upon whom
process may be served in any such action arising out of or based on this Agreement or the transactions contemplated hereby which may be instituted in any New York Court by any Initial Purchaser or by any person who controls any Initial Purchaser,
expressly consents to the jurisdiction of any such court in respect of any such action, and waives any other requirements of or objections to personal jurisdiction with respect thereto. Such appointment shall be irrevocable and in full force and
effect so long as any securities are outstanding. The Obligors represent and warrant that the Authorized Agent has agreed to act as such agent for service of process and agrees to take any and all action, including the filing of any and all
documents and instruments, that may be necessary to continue such appointment in full force and effect as aforesaid. Service of process upon the Authorized Agent and written notice of such service to the Obligors shall be deemed, in every respect,
effective service of process upon the Obligors. 
 To the extent that the Partnership or any Guarantor has or hereafter may acquire any
immunity from jurisdiction of any court or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, it hereby irrevocably
waives such 

  
 25 

 
immunity in respect of its obligations under the above-referenced documents, to the extent permitted by law. 

The provisions of this Section 6(j) shall survive any termination of this Agreement, in whole or in part. 

(k) Entire Agreement; Severability. This Agreement contains the entire agreement between the parties relating to the subject matter
hereof and supersedes all oral statements and prior writings with respect thereto. If any term, provision, covenant or restriction contained in this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable or
against public policy, the remainder of the terms, provisions, covenants and restrictions contained herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated. The Partnership, the Guarantors and the
Initial Purchasers shall endeavor in good faith negotiations to replace the invalid, void or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, void or unenforceable
provisions. 

  
 26 

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

			
	EMERA US FINANCE LP
	
	By: EMERA US FINANCE
	GP COMPANY, its general partner

 
			
		
	By:	 	/s/ Greg Blunden

 
			
	Name:	 	Greg Blunden
	Title:	 	Chief Financial Officer

 
			
		
	By:	 	/s/ Stephen D. Aftanas

 
			
	Name:	 	Stephen D. Aftanas
	Title:	 	Secretary
	
	EMERA INCORPORATED, as Guarantor

 
			
		
	By:	 	/s/ Greg Blunden

 
			
	Name:	 	Greg Blunden
	Title:	 	Chief Financial Officer

 
			
		
	By:	 	/s/ Stephen D. Aftanas

 
			
	Name:	 	Stephen D. Aftanas
	Title:	 	Corporate Secretary
	
	EMERA US HOLDINGS INC., as Guarantor

 
			
		
	By:	 	/s/ Greg Blunden

 
			
	Name:	 	Greg Blunden
	Title:	 	Chief Financial Officer

 
			
		
	By:	 	/s/ Stephen D. Aftanas

 
			
	Name:	 	Stephen D. Aftanas
	 Title:
	 	Secretary

 Confirmed and accepted as of the date first above written: 

 

			
	J.P. MORGAN SECURITIES LLC

			
		
	By:	 	/s/ Som Bhattacharyya

			
	Name:	 	Som Bhattacharyya
	Title:	 	Executive Director
	
	MUFG SECURITIES AMERICAS INC.

			
		
	By:	 	/s/ Richard Testa

			
	Name:	 	Richard Testa
	Title:	 	Managing Director
	
	RBC CAPITAL MARKETS, LLC

			
		
	By:	 	/s/ Scott G. Primrose

			
	Name:	 	Scott G. Primrose
	Title:	 	Authorized Signatory
	
	SCOTIA CAPITAL (USA) INC.

			
		
	By:	 	/s/ Elsa Wang

			
	Name:	 	Elsa Wang
	Title:	 	Managing Director & Head

 For themselves and on behalf of the 

several Initial Purchasers listed in Schedule 1 
 to the Purchase
Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00334-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00334-of-00352.parquet"}]]