Document:

Agreement to Terminate the Development & Marketing Strategic Alliance Agreement

 CONFIDENTIAL TREATMENT REQUESTED 
  

 Exhibit 10.43.1 
 The confidential portions of this exhibit have been filed separately with the Securities and Exchange Commission pursuant to a confidential treatment request in accordance with Rule 24b-2 of the Securities and
Exchange Act of 1934 as amended. REDACTED PORTIONS OF THIS EXHIBIT ARE MARKED BY AN ***. 
 AGREEMENT TO TERMINATE 
 THE DEVELOPMENT AND MARKETING 
 STRATEGIC ALLIANCE AGREEMENT 
 This Agreement to Terminate the Development and Marketing Strategic Alliance Agreement (this
“Agreement”) effective as of February 12, 2007 (the “Effective Date”) by and among Endo Pharmaceuticals Inc., a corporation organized and existing under the laws of Delaware, having offices located at 100 Endo
Boulevard, Chadds Ford, PA 19317 (“Endo”), SkyePharma, Inc., a corporation organized and existing under the laws of the State of California, having offices located at 10450 Science Center Drive, San Diego, CA 92121 (“Skye
Inc.”), and Jagotec AG, assignee of SkyePharma Canada, Inc., a corporation organized and existing under the laws of Switzerland, having offices located at Eptingerstasse 51, CH–4132 Muttenz, Switzerland (“Jagotec”)
(collectively, Skye Inc. and Jagotec, “SkyePharma”). Each of Endo and SkyePharma is referred to as a “Party” and collectively, the “Parties”). 
 Whereas the Parties entered into the Development and Marketing Strategic Alliance Agreement dated December 31, 2002 (the “License Agreement”); and

 Whereas the Parties desire to provide for the termination of the License Agreement while ensuring the continued commercial support of the DepoDur product
under the License Agreement leading up to such termination and a transition of such product to Skye Inc. 
 In consideration of the foregoing preliminary
statements and the mutual covenants herein contained, the Parties hereby agree as follows: 
 By mutual agreement of the Parties as set forth herein, the
License Agreement shall terminate in its entirety on March 31, 2007 (the “Termination Date”) with no further rights, liabilities or obligations thereunder other than with respect to those terms set forth in Sections 5.3 (Mode
of Payment), 5.4 (Records Retention), 5.5 (Payment and Other Audits), 5.6 (Taxes), 6.6(a) (Ownership), 6.6(b) (Ownership), 7 (Adverse Reaction Reporting), 8 (Representations and Warranties and Covenants), 9 (Publication; Confidentiality), 10
(Indemnification; Insurance), 11.10(a) (Accrued Rights; Surviving Obligations), and 13 (Miscellaneous) of the License Agreement. 
 From the Effective Date
until the Termination Date, Endo shall provide and/or continue to provide a number of services and otherwise undertake activities relating to the License Agreement, as outlined in this Agreement and the ACP (as defined below) and as will be set
forth in a transition services agreement to be negotiated and entered into by the Parties in good faith within thirty (30) days from the Effective Date (the “Transition Services Agreement”). The Transition Services Agreement
will contain terms customarily found in such agreement and terms generally similar to those set forth herein and will provide that Endo shall use commercially reasonable efforts to: 
  

	 	·	 	 Maintain and continue at levels consistent with Annual Commercial Plan submitted to the JEC for approval on December 11, 2006, a copy of which is attached to
this Agreement (the “ACP”), all US commercial activities in support of DepoDur through March 31, 2007; 

  

	 	·	 	 Maintain and continue such commercial activities consistent with the ACP, on a month-to-month basis and at SkyePharma’s option, after the Termination Date and
until June 30, 

  

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 CONFIDENTIAL TREATMENT REQUESTED 
  

	 	 
2007, given at least 30 days’ notice to Endo for such continuation, only to the extent Endo and/or its current DepoDur service providers have the right
to do so under applicable law; and 

  

	 	·	 	 Within a reasonable period of time after receiving a written request from by Skye Inc., support and/or undertake the transition of certain Endo functions and
activities (including third party activities) to Skye Inc., useful and necessary for Skye Inc. to assume commercial and related responsibilities for DepoDur in the U.S. 

 In return for Endo services and activities as provided hereunder and in the Transition Services Agreement and the mutual agreement of the Parties to terminate the License Agreement, Skye Inc. shall pay Endo ***
(inclusive of all taxes and third party fees) for the period until March 31, 2007 and *** per month for any additional months of Endo performing activity. Such payments are due and payable as follows: 
  

	 	·	 	 *** on Feb. 15, 2007 for the period through February 28, 2007 

  

	 	·	 	 *** on March 15, 2007 for the period through March 31, 2007 

  

	 	 ·
	 	 If Skye Inc. provides written notice to Endo that it wishes Endo to continue Endo activity beyond March 31, 2007,
*** on the 15th of each month of subsequent Endo activity requested by Skye Inc. in writing, starting April 15,
2007. 

 Failure to pay such amounts when due will result in Endo ceasing to perform the activities within seven days thereafter, and if
such failure to pay is prior to March 31, 2007, the Termination Date shall occur on such seventh day. All late payments shall bear interest at the rate of 18% per annum. 
 Until the Termination Date, Endo shall also use commercially reasonable efforts to continue at levels consistent with the ACP to provide (itself and/or through its agents) all necessary functions to maintain
commercial availability of DepoDur until the Termination Date, including but not limited to: 
  

	 	·	 	 distribution; 

  

	 	·	 	 customer service, invoicing and payment processing; 

  

	 	·	 	 customer support services (medical information, product complaints, receipt and routing to SkyePharma of adverse event reports); 

  

	 	·	 	 processing of product returns and product rebate requests; and 

  

	 	·	 	 field sales force support of DepoDur through February 28, 2007. 

 SkyePharma and Endo shall jointly approve any public disclosures and communications to customers, supply chain members and other interested parties, including the investment community at large, regarding the reason(s)
for the transition activities and termination of the License Agreement, unless such disclosure is required by law; provided however, that notwithstanding the foregoing the Parties agree that disclosure of the termination of the License Agreement
will be made on (and not before) the close of business on January 8, 2007. 
 Transfer of Marketing Materials, Trademarks, Logos, Artwork:

 No later than January 19, 2007 or as soon as reasonably practicable thereafter, Endo shall transfer to Skye Inc. copies of high resolution
original electronic files as well as camera ready hard copy (to the extent existing) for all art files and source files for logos, labeling, artwork, marketing pieces, posters and web site content specific to DepoDur (“DepoDur Art”)
as well as all marketing materials and market research reports relating DepoDur (“DepoDur Marketing Materials”). Skye Inc. shall have the right to use same to create its own DepoDur marketing materials and labeling prior to the
Termination Date so long as such new marketing materials and labeling are not used prior to the Termination Date and do not reference Endo. 
  

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 CONFIDENTIAL TREATMENT REQUESTED 
  

 Transition Services: 
 Until the Termination Date and, if requested by SkyePharma, therafter pursuant to the Transition Services Agreement, Endo shall use commercially reasonable efforts to provide the following assistance to SkyePharma: 
  

	 	·	 	 Support the transition of DepoDur distribution responsibilities to SkyePharma and/or its designees; 

  

	 	·	 	 Support the transition of marketing activities, as outlined under the `Hospital Outreach’ program in the ACP, to SkyePharma or its designated provider, e.g.
Paragon Rx; 

  

	 	·	 	 Assign single product (DepoDur only) GPO and hospital contract agreements, if any and only to the extent freely assignable, to SkyePharma or its designee (effective
on the Termination Date); 

  

	 	·	 	 Transfer ownership of trademarks, copyrights, trade names, logos, artwork and web sites specific to DepoDur in the Territory, including the DepoDur Art and the
DepoDur Marketing Materials, where these are owned by Endo (effective on the Termination Date); 

  

	 	·	 	 At SkyePharma’s option, assign any existing agreements, which are solely for DepoDur related services which are by their terms freely assignable to SkyePharma,
copies of which shall be provided to SkyePharma no later than January 19, 2007 or as soon as reasonably practicable thereafter (so long as notice of SkyePharma exercising such option is received by Endo no later than ten business days following
SkyePharma’s receipt of copies of such agreements); 

  

	 	·	 	 Support the transition of medical information services currently performed by Endo to SkyePharma or its designee; 

  

	 	·	 	 Support the transition of product complaint investigation activities currently performed by Endo to SkyePharma or its designee; 

  

	 	·	 	 Support the transition of customer service, invoicing and payments processing currently performed by Endo to SkyePharma or its designee; and

  

	 	·	 	 Provide any other useful or necessary services to effect the timely, effective transfer of commercial responsibilities to SkyePharma or its designee as may be
mutually agreed between the Parties. 

 Other Transition Considerations: 
  

	 	·	 	 Endo shall not accept shipments from SkyePharma for any DepoDur product following the Effective Date (including those certain lots of 10 mg and 15 mg products
currently on order). 

  

	 	·	 	 Following the Termination Date, no sales to any customer by either Party of DepoDur using Endo’s NDC number shall occur. 

  

	 	·	 	 From the Effective Date until the Termination Date, Endo shall manage DepoDur product levels in commercial (wholesale and retail) distribution channels in a manner
that is consistent with both past practice and Endo’s conduct of the DepoDur business in the ordinary course. 

  

	 	·	 	 The Transition Services Agreement will, among other things, address the managing of product returns and product rebate and chargeback requests received by either
Party following the Termination Date; it being understood that: 

  

	 	¡	 	 The responsibility for processing and liability for government and commercial rebates and chargebacks shall be the responsibility of Skye Inc. following the
Termination Date; it being understood that cut-off dates will be set and Endo shall remain liable for government and commercial rebates and chargebacks submitted before the applicable cut-off date relating to sales of DepoDur made by Endo prior to
the Termination Date. Such cut-off date will be selected and agreed by the Parties with the intent to allocate rebate liability between the Parties to reasonably reflect the split of sales of DepoDur that will be made by Endo prior to March 31,
2007 as opposed to DepoDur sales to be made by SkyePharma after such date. 

  

	 	¡	 	 The responsibility for undertaking the processing and the cost thereof for returns of DepoDur sold using Endo’s NDC number shall be and remain the 

  

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 CONFIDENTIAL TREATMENT REQUESTED 
  

	 	 
responsibility of Endo following the Termination Date. Endo and Skye Inc. shall share financial liability for returns of DepoDur sold using Endo’s NDC
number submitted after June 30, 2007 in proportion to the current sales split on DepoDur (i.e. 80% / 20%). Returns of DepoDur sold using Endo’s NDC number submitted on or before June 30, 2007 shall be netted against any sales of
DepoDur sold using Endo’s NDC number made before March 31, 2007 since the Parties agree that Endo shall not pay Skye Inc. amounts due on its Net Sales of DepoDur from the Effective Date through the Termination Date under Section 4.3
of the License Agreement until September 1, 2007 in order to take into account any returns of, or rebates relating to, DepoDur sold using Endo’s NDC number before March 31, 2007. Skye Inc. shall always be responsible for the
processing of and all liabilities related to returns of DepoDur sold using Skye Inc.’s NDC number. 

  

	 	¡	 	 Any resulting payment from Endo will be paid to Skye Inc. Any resulting liability to be paid to Endo will be paid by Skye Inc. 

 Termination: 
  

	 	·	 	 The Supply Agreement shall also terminate as of the Termination Date with no further rights, liabilities or obligations thereunder other than with respect to those
terms set forth in Sections 5 (Representations and Warranties; Covenants), 12.6(a) (Accrued Rights; Surviving Obligations) and 16 (Miscellaneous) of the Supply Agreement. 

  

	 	·	 	 Shortly following the Termination Date and pursuant to the Transition Services Agreement, Endo shall use commercially reasonable efforts to promptly transfer to
Skye Inc. all Registrations held in Endo’s name and all Registration Applications and other regulatory filings submitted to any Regulatory Authority, including all INDs, in each case relating to the License Agreement.

  

	 	·	 	 Shortly following the Termination Date and pursuant to the Transition Services Agreement, Endo shall promptly transfer to Skye Inc. copies of such data, reports,
records and materials in Endo’s possession and control that relate to the commercialization program for DepoDur and are reasonably necessary for Skye to take over the commercialization of DepoDur. Endo shall use commercially reasonable efforts
to provide Skye Inc. with reasonably necessary assistance to enable Skye Inc. to coordinate and undertake the orderly continuation of commercialization for DepoDur (such assistance shall include but not be limited to, providing reasonable access to,
copies of and the right to use (after receipt of specific approval of Endo relating thereto not to be unreasonably withheld) customer lists for promotion of DepoDur, as well as advice and recommendations as to which sales methods would most likely
prove most beneficial to promote sales of DepoDur, it being understood that Endo makes no representation or warranty as to its advice or recommendations); and it being further understood that SkyePharma shall not solicit for employment any Endo
sales representative who has promoted DepoDur, provided however, that response by Endo sales representatives to a general advertisement posted by SkyePharma shall be not deemed solicitation by SkyePharma. 

  

	 	·	 	 The financial components of the termination are as set forth in this Agreement. For the avoidance of doubt, while the Parties shall continue with their respective
financial obligations to one another (including the sales split) until the Termination Date, after the Termination Date there shall be no sharing of sales revenues or other financial obligations arising from Skye Inc.’s sales of the Products
after the Termination Date nor shall Endo have any obligations with respect to the Products after the Termination Date except as set forth in the Transition Services Agreement. 

  

	 	·	 	 No Party shall be liable under any provision of this Agreement for any punitive, exemplary, special, incidental, multiplied or consequential damages.

  

	 	·	 	 The Parties understand that this Agreement sets forth the full agreement of the Parties with respect to the termination of the License Agreement and Supply
Agreement. The Parties shall enter separately into a Transition Services Agreement which details the transition services to be provided by Endo. 

  

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 CONFIDENTIAL TREATMENT REQUESTED 
  

	 	·	 	 The Parties further agree that Article 13 of the License Agreement shall apply to this Agreement as though incorporated herein. 

 * * * 
  

 Page 5 

 CONFIDENTIAL TREATMENT REQUESTED 
  

 IN WITNESS WHEREOF, the Parties have entered into this Termination Agreement as of the
Effective Date. 
  

							
	ENDO PHARMACEUTICALS INC.	 	SKYEPHARMA, INC.
				
	By:	 	 /s/ PETER A. LANKAU
	 	By:	 	 /s/ FRANK C. CONDELLA, JR.

	Name:	 	Peter A. Lankau	 	Name:	 	Frank C. Condella, Jr.
	Title:	 	President & Chief Executive Officer	 	Title:	 	CEO

  

			
	JAGOTEC AG
		
	 By:
	 	 /s/ F. PATALANO

	 Name:
	 	F. Patalano
	 Title:
	 	Director
		
	 By:
	 	 /s/ T. CHAPMAN

	 Name:
	 	T. Chapman
	 Title:
	 	Director

  

 Page 6Amended and Restated Change in Control Agreement

 Exhibit 10.5 
 NSTAR 
 Amended and Restated Change in Control Agreement 
 AGREEMENT, made this 15th day of February, 2007, by and between 
 Thomas J. May (“Executive”) and NSTAR (the
“Company”). 
 WITNESSETH 
 WHEREAS, the Board of Trustees of the Company (the “Board”) has determined that it is in the best interests of the Company and its shareholders for the Company to agree to provide benefits under the circumstances described below
to Executive and other executives who are responsible for the policy-making functions of the Company and/or one or more of its subsidiaries and the overall viability of the business of the Company and its subsidiaries; and 
 WHEREAS, the Board recognizes that the possibility of a Change in Control of the Company is unsettling to such executives and desires to make
arrangements at this time to help assure their continuing dedication to their duties to the Company and its shareholders, notwithstanding any attempts by outside parties to gain control of the Company; and 
 WHEREAS, the Board believes it important, should the Company receive proposals from outside parties, to enable such executives, without being distracted
by the uncertainties of their own employment situation, to perform their regular duties, and where appropriate to assess such proposals and advise the Board as to the best interests of the Company and its shareholders and to take such other action
regarding such proposals as the Board determines to be appropriate; and 
 WHEREAS, the Board also desires to demonstrate to the executives
that the Company is concerned with their welfare and intends to provide that loyal executives are treated fairly; and 
 WHEREAS, the Board
wishes to assure that executives of the Company receive fair and competitive severance benefits and receive fair severance should any of their employment with the Company or its subsidiaries terminate in specified circumstances following a Change in
Control of the Company and to assure the executives of other benefits upon a Change in Control. 
 WHEREAS, in recognition of the foregoing,
the Executive and the Company wish to enter into this Agreement, which is hereby acknowledged to supersede any and all previous Change in Control Agreements executed between the Executive and the Company. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, the parties hereto agree as follows: 

 1. In the event that any individual, corporation, partnership, company, or other entity
(“Person”), which term shall include a “group” (within the meaning of section 13(d) of the Securities Exchange Act of 1934 (the “Act”)), begins a tender or exchange offer, circulates a proxy to the Company’s
shareholders, or takes other steps to effect a “Change in Control” (as defined in Exhibit A attached hereto and made a part hereof), Executive agrees that he will not voluntarily leave the employ of the Company and will render the services
contemplated in the recitals to this Agreement until such Person has terminated the efforts to effect a Change in Control or until a Change in Control has occurred. 
 2. If, within 36 months following a Change in Control (the “Post Change in Control Period”) Executive’s employment with the Company or one of the Company’s subsidiaries is terminated by the Company
for any reason other than for “Cause” or “Disability” (as defined in paragraph 4 below), or as a result of Executive’s death, and Executive terminates such employment for Good Reason (as defined in paragraph 5 below):

  

	 	(a)	the Company will pay to Executive within 30 days of such termination of employment a lump sum cash payment equal to the sum of (i) the Executive’s annual base salary
(“Annual Base Salary”) through the date of such termination of employment to the extent not theretofore paid, (ii) a prorated portion of the target award payable under the Company’s Executive Annual Incentive Compensation Plan,
or any comparable or successor plan (the “Annual Plan”) determined by calculating the product of (A) the target bonus award payable for the fiscal year in which the date of termination occurs under the Annual Plan, times (B) a
fraction, the numerator of which is the number of days in the current fiscal year through the date of termination of employment, and the denominator of which is 365, (iii) a prorated portion of the target award payable under any long-term
performance or incentive plan (the “Long-Term Plan”) for the performance period ending on the last day of the fiscal year during which the date of termination of employment occurs determined by calculating the product of (A) the
target award payable for such performance period and (B) a fraction, the numerator of which is the number of days in the current performance period through the date of termination, and the denominator of which is the actual number of days in
the performance period (provided that if any awards are expressed in shares of common stock rather than cash, the Company will pay the cash equivalent of such awards based on the closing price per share as reported in the Wall Street Journal
(Eastern Edition) New York Stock Exchange Composite Transactions determined on the date prior to the date of the Change in Control or the average per share price for the 10 trading days preceding the date of the Change in Control (whichever is
higher)) and (iv) any accrued vacation pay, in each case to the extent not theretofore paid; and 

	 	(b)	any stock, stock option or cash awards granted to the Executive by the Company that would have become vested upon continued employment by the Executive shall immediately vest in
full notwithstanding any provision to the contrary of such grant and shall remain exercisable until the earlier of the fifth anniversary of such termination and the latest date on which such grant could have been exercised; and

  

	 	(c)	the Company will pay to Executive within 30 days of such termination of employment a lump sum cash payment equal to three times: (A) the amount of the Executive’s Annual
Base Salary at the rate in effect immediately prior to the date of termination or at the rate in effect immediately prior to the Change in Control, whichever is higher, and (B) the amount of the actual bonus paid to the Executive under the
Annual Plan for the most recently completed fiscal year ended before the Change in Control, or the target bonus payable under the Annual Plan for the fiscal year during which the termination of employment occurs, whichever is higher ; and

  

	 	(d)	the Company will pay to the Executive within 30 days of such termination of employment a lump-sum cash payment equal to the full balance standing to his credit with the Company
under any and all deferred compensation plans or arrangements and the lump-sum actuarial equivalent of the Executive’s accrued benefit under any supplemental retirement plan or arrangement (a “SERP”) in which the Executive
participates (the sum of the amounts described in subsections (a) and (d) shall be hereinafter referred to as the “Accrued Obligations”), which payments shall be in lieu of any amounts otherwise payable to Executive under any
such plans; and 

  

	 	(e)	 the Company will pay to the Executive within 30 days of such termination of employment an amount equal to the excess of (i) the lump sum actuarial equivalent
of the accrued benefit under (a) the Company’s qualified defined benefit pension plan (the “Pension Plan”) (utilizing actuarial assumptions no less favorable to the Executive than those in effect under the Pension Plan
immediately prior to the date of the Change in Control), and (b) any SERP which the Executive would receive if the Executive’s employment continued for three years after the date of termination assuming for these purposes that all accrued
benefits are fully vested, and further assuming that the Executive’s annual compensation for purposes of determining benefits under the Pension Plan and SERP (“Covered Compensation”) in each of the three years is at least equal to the
higher of Executive’s annual rate of Covered Compensation for the most recently completed fiscal year ending prior to the date of the Change in Control or the year in which the Change in 

  

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Control occurs, over (ii) the lump sum actuarial equivalent of the Executive’s actual accrued benefit (paid or payable), if any, under the Pension
Plan and the SERP (including SERP payments made under subparagraph (d) above) as of the date of termination; and 

  

	 	(f)	Executive, together with his dependents, will continue following such termination of employment to participate fully at the Company’s expense in all welfare benefit plans,
programs, practices and policies, including without limitation, life, medical, disability, dental, accidental death and travel insurance plans, maintained or sponsored by the Company immediately prior to the Change in Control, or receive
substantially the equivalent coverage from the Company, until the longer of the third anniversary of such termination or any longer period as may be provided by the terms of the appropriate plan, program, practice or policy, provided, however, that
if the Executive becomes reemployed with another employer and is eligible to receive medical or other welfare benefits under another employer-provided plan, the medical and other welfare benefits described herein shall be secondary to those provided
under such other plan during such applicable period of eligibility. For purposes of determining eligibility (but not the time of commencement of benefits) of the Executive for any retiree benefits pursuant to such plans, practices, programs and
policies, the Executive shall be considered to have remained employed until three years after the date of termination and to have retired on the last day of such period; and 

  

	 	(g)	to the extent not theretofore paid or provided for, the Company shall within 30 days of such termination of employment pay or provide to the Executive any other amounts or benefits
required to be paid or provided or which the Executive is eligible to receive under any plan, program, policy, practice, contract or agreement of the Company (“Other Benefits”); and 

  

	 	(h)	the Company will promptly reimburse Executive for any and all legal fees and expenses (including, without limitation, stenographer fees, printing costs, etc.) incurred to enforce
the provisions of this Agreement or contesting or disputing that the termination of his employment is for Cause or other than for Good Reason (regardless of the outcome thereof); provided, however, that in no event shall any amount of reimbursement
be paid to the Executive later than the fifteenth day of the third month following the year in which such legal fee or expense was incurred. 

  

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 Notwithstanding anything herein to the contrary, to the extent that any payment or benefit provided for
herein is required to be paid or vested at any earlier date under the terms of any plan, agreement or arrangement, such plan, agreement or arrangement shall control. 
 3. Death, Disability, Cause, Other Than For Good Reason. 
  

	 	(a)	Death. If the Executive’s employment shall terminate during the Post Change in Control Period by reason of the Executive’s death, this Agreement shall terminate
without further obligations to the Executive’s legal representatives under this Agreement, other than for payment of Accrued Obligations and the timely payment or provision of Other Benefits. Accrued Obligations shall be paid to the
Executive’s estate or beneficiary, as applicable, in a lump sum in cash within 30 days of death. 

  

	 	(b)	Disability. If the Executive’s employment is terminated during the Post Change in Control Period by reason of the Executive’s Disability, this Agreement shall
terminate without further obligations to the Executive other than for payment of Accrued Obligations and the timely payment or provision of Other Benefits. Accrued Obligations shall be paid to the Executive in a lump sum in cash within 30 days of
the date of termination of employment. For purposes of this Agreement, “Disability” shall mean the absence of the Executive from the Executive’s duties with the Company on a full-time basis for 180 consecutive business days as a
result of incapacity due to mental or physical illness which is determined to be total and permanent by a physician selected by the Company or its insurers and acceptable to the Executive or the Executive’s legal representative. If the Company
determines in good faith that the Disability of the Executive has occurred during the Post Change in Control Period, it may give the Executive written notice of its intention to terminate the Executive’s employment. In such event, the
Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such notice by the Executive, provided that, within the 30 days of such receipt, the Executive shall not have returned to full-time performance
of the Executive’s duties. 

  

	 	(c)	 Cause. If the Executive’s employment shall be terminated for Cause (as defined in Section 4 below) during the Post Change in Control Period, this
Agreement shall terminate without further obligations to the Executive other than the obligation to pay the Executive (A) his Annual Base Salary through the date of termination, (B) the amount of any compensation previously deferred by the
Executive, and (C) Other Benefits, in each case to the extent theretofore unpaid. If the Executive voluntarily terminates employment during the Post Change in Control Period, excluding a 

  

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termination for Good Reason, this Agreement shall terminate without further obligations to the Executive other than for Accrued Obligations and the timely
payment or provisions of Other Benefits. 

 In either case, all Accrued Obligations shall be paid to the Executive in a
lump sum in cash within 30 days of the date of the termination of employment. 
 4. “Cause” means only: (a) commission of a
felony or gross neglect of duty by the Executive which is intended to result in substantial personal enrichment of the Executive at the expense of the Company, (b) conviction of a crime involving moral turpitude, or (c) willful failure by
the Executive of his duties to the Company which failure is deliberate on the Executive’s part, results in material injury to the Company, and continues for more than 30 days after written notice given to the Executive pursuant to a two-thirds
vote of all of the members of the Board at a meeting called and held for such purpose (after reasonable notice to Executive) and at which meeting the Executive and his counsel were given an opportunity to be heard, such vote to set forth in
reasonable detail the nature of the failure. For purposes of this definition of Cause, no act or omission shall be considered to have been “willful” unless it was not in good faith and the Executive had knowledge at the time that the act
or omission was not in the best interest of the Company. Any act, or failure to act, based on authority given pursuant to a resolution duly adopted by the Board or upon the instructions of the Chief Executive Officer or another senior officer of the
Company or based on the advice of counsel of the Company shall be conclusively presumed to be done, or omitted to be done, by the Executive in good faith and in the best interest of the Company. 
 5. Executive shall be deemed to have voluntarily terminated his employment for Good Reason if the Executive leaves the employ of the Company for any
reason following: 
  

	 	(a)	The assignment to the Executive of any duties inconsistent in any respect with the Executive’s position (including status, offices, titles and reporting requirements),
authority, duties or responsibilities immediately prior to the Change in Control; or any other action by the Company which results in a diminution in such position, authority, duties or responsibilities, excluding for this purpose an isolated,
insubstantial and inadvertent action not taken in bad faith and which is remedied by the Company promptly after receipt of notice thereof given by the Executive; or 

  

	 	(b)	 Any reduction in the Executive’s rate of Annual Base Salary for any fiscal year to less than 100% of the rate of Annual Base Salary paid to him in the
completed fiscal year immediately preceding the Change in Control, or reduction in Executive’s total cash and stock compensation opportunities, including salary and incentives, for any fiscal year to less than 100% of the total cash and stock
compensation opportunities made available to him in the completed fiscal year immediately preceding the Change in Control (for this purpose, such opportunities shall be deemed reduced if the 

  

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objective standards by which the Executive’s incentive compensation measured become more stringent or the amount of such compensation is materially
reduced on a discretionary basis from the amount that would be payable solely by reference to the objective standards); or 

  

	 	(c)	Failure of the Company to continue in effect any retirement, life, medical, dental, disability, accidental death or travel insurance plan, in which Executive was participating
immediately prior to the Change in Control unless the Company provides Executive with a plan or plans that provide substantially similar benefits, or the taking of any action by the Company that would adversely effect Executive’s participation
in or materially reduce Executive’s benefits under any of such plans or deprive Executive of any material fringe benefit enjoyed by Executive immediately prior to the Change in Control other than an isolated, insubstantial and inadvertent
failure not occurring in bad faith and which is remedied by the Company promptly after receipt of notice thereof given by the Executive; or 

  

	 	(d)	The Company requires Executive to be based at any office or location outside the Greater Boston Metropolitan Area or the Company requires the Executive to travel on Company business
to a substantially greater extent than required immediately prior to the date of Change in Control; or 

  

	 	(e)	Any purported termination by the Company of the Executive’s employment otherwise than as expressly permitted by this Agreement; or 

  

	 	(f)	Any failure by the Company to comply with and satisfy Section 9 of this Agreement. 

 For purposes of this Section 5, any good faith determination of Good Reason made by the Executive shall be conclusive. 
 6. Notwithstanding any provision of this Agreement to the contrary, if at the time of the Executive’s termination of employment with the Company or one of the Company’s subsidiaries, the Executive is a
specified employee as hereinafter defined, any and all amounts payable under this Agreement in connection with such termination from employment that constitute deferred compensation subject to section 409A of the Code, as determined by the Company
in its sole discretion, shall be made or commence on the first day of the seventh month following the Executive’s termination of employment. For purposes of the preceding sentence, the term “specified employee” shall mean an
individual determined by the Company to be a specified employee as defined in subsection (a)(2)(B)(i) of section 409A of the Code. 
 7. If
any payment or benefit received by Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, but determined without regard to any additional payments required under this Section 7)
would be 

  

 -7- 

 
subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), or any interest or penalties
are incurred by the Executive with respect to such excise tax), the Company will pay to Executive an additional amount in cash (the “Additional Amount”) equal to the amount necessary to cause the aggregate payments and benefits received by
Executive, including such Additional Amount (net of all federal, state, and local income taxes and all taxes payable as a result of the application of Sections 280G and 4999 of the Code and including any interest and penalties with respect to such
taxes) to be equal to the aggregate payments and benefits Executive would have received, excluding such Additional Amount (net of all federal, state and local income taxes) as if Sections 280G and 4999 of the Code (and any successor provisions
thereto) had not been enacted into law. 
 Following the termination of Executive’s employment, Executive may submit to the Company a
written opinion (the “Opinion”) of a nationally recognized accounting firm, employment consulting firm, or law firm selected by Executive setting forth a statement and a calculation of the Additional Amount. The determination of such firm
concerning the extent of the Additional Amount (which determination need not be free from doubt), shall be final and binding on both Executive and the Company. The Company will pay to Executive the Additional Amount not later than 10 days after such
firm has rendered the Opinion. The Company agrees to pay the fees and expenses of such firm in preparing and rendering the Opinion. 
 If,
following the payment to Executive of the Additional Amount, Executive’s liability for the excise tax imposed by Section 4999 of the Code on the payments and benefits received by Executive is finally determined (at such time as the
Internal Revenue Service is unable to make any further adjustment to the amount of such liability) to be less than the amount thereof set forth in the Opinion, Executive shall reimburse the Company, without interest, in an amount equal to the amount
by which the Additional Amount should be reduced to reflect such decrease in the actual excise tax liability. The calculation of such reimbursement shall be made by a nationally recognized accounting firm, an employment consulting firm, or a law
firm selected by Executive, whose determination shall be binding on Executive and the Company and whose fees and expenses therefore shall be paid by the Company. 
 8. In the case of any dispute under this Agreement, Executive may initiate binding arbitration in Boston, Massachusetts, before the American Arbitration Association by serving a notice to arbitrate upon the Company
or, at Executive’s election, institute judicial proceedings, in either case within 90 days of the effective date of his termination or, if later, his receipt of notice of termination, or such longer period as may be reasonably necessary for
Executive to take such action if illness or incapacity should impair his taking such action within the 90-day period. The Company shall not have the right to initiate binding arbitration, and agrees that upon the initiation of binding arbitration by
Executive pursuant to this paragraph 8 the Company shall cause to be dismissed any judicial proceedings it has brought against Executive relating to this Agreement. The Company authorizes Executive from time to time to retain counsel of his choice
to represent Executive in connection with any and all actions, proceedings, and/or arbitration, whether by 

  

 -8- 

 
or against the Company or any trustee, officer, shareholder, or other person affiliated with the Company, which may affect Executive’s rights under this
Agreement. The Company agrees (i) to pay the fees and expenses of such counsel, (ii) to pay the cost of such arbitration and/or judicial proceeding, and (iii) to pay interest to Executive on all amounts owed to Executive under this
Agreement during any period of time that such amounts are withheld pending arbitration and/or judicial proceedings. Such interest will be at the prime rate for corporate loans by the nation’s largest banks as published from time to time under
“Money Rates” in the Wall Street Journal, Eastern Edition. 
 In addition, notwithstanding any existing prior attorney-client
relationship between the Company and counsel retained by Executive, the Company irrevocably consents to Executive entering into an attorney-client relationship with such counsel and agrees that a confidential relationship shall exist between
Executive and such counsel. 
 9. If the Company is at any time before or after a Change in Control merged or consolidated into or with any
other corporation or other entity (whether or not the Company is the surviving entity), or if substantially all of the assets thereof are transferred to another corporation or other entity, the provisions of this Agreement will be binding upon and
inure to the benefit of the corporation or other entity resulting from such merger or consolidation or the acquirer of such assets (the “Successor Entity”), and this paragraph 9 will apply in the event of any subsequent merger or
consolidation or transfer of assets. The Company will require any such Successor Entity to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such
transaction had taken place. As used in this Agreement, Company shall mean the Company as hereinbefore defined and any Successor Entity which assumes and agrees to perform this Agreement by operation of law or otherwise. 
 In the event of any merger, consolidation, or sale of assets described above, nothing contained in this Agreement will detract from or otherwise limit
Executive’s right to or privilege of participation in any stock option or purchase plan or any bonus, profit sharing, pension, group insurance, hospitalization, or other incentive or benefit plan or arrangement which may be or become applicable
to executives of the corporation resulting from such merger or consolidation or the corporation acquiring such assets of the Company. 
 In
the event of any merger, consolidation, or sale of assets described above, references to the Company in this Agreement shall unless the context suggests otherwise be deemed to include the entity resulting from such merger or consolidation or the
acquirer of such assets of the Company. 
 10. Any termination by the Company for Cause, or by the Executive for Good Reason, shall be
communicated by Notice of Termination to the other party hereto given in accordance with the last paragraph of Section 15 of this Agreement. For purposes of this Agreement, a “Notice of Termination” means a written notice which
(i) indicates the specific termination provision in this 

  

 -9- 

 
Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for
termination of the Executive’s employment under the provision so indicated and (iii) if the Date of Termination (as defined below) is other than the date of receipt of such notice, specifies the termination date (which date shall be not
more than thirty days after the giving of such notice). The failure by the Executive or the Company to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Good Reason or Cause shall not waive any right
of the Executive or the Company, respectively, hereunder or preclude the Executive or the Company, respectively, from asserting such fact or circumstance in enforcing the Executive’s or the Company’s rights hereunder. 
 “Date of Termination” means (i) if the Executive’s employment is terminated by the Company for Cause, or by the Executive for Good
Reason, the date of receipt of the Notice of Termination or any later date specified therein, as the case may be, (ii) if the Executive’s employment is terminated by the Company other than for Cause or Disability, the date on which the
Company notifies the Executive of such termination and (iii) if the Executive’s employment is terminated by reason of death or Disability, the date of death of the Executive or the effective date of the Disability, as the case may be.

 11. All payments required to be made by the Company hereunder to Executive or his dependents, beneficiaries, or estate will be subject to
the withholding of such amounts relating to tax and/or other payroll deductions as may be required by law. 
 12 There shall be no
requirement on the part of the Executive to seek other employment or otherwise mitigate damages in order to be entitled to the full amount of any payments and benefits to which Executive is entitled under this Agreement, and the amount of such
payments and benefits shall not be reduced by any compensation or benefits received by Executive from other employment. 
 13. Nothing
contained in this Agreement shall be construed as a contract of employment between the Company and the Executive, or as a right of the Executive to continue in the employ of the Company, or as a limitation of the right of the Company to discharge
the Executive with or without Cause; provided that the Executive shall have the right to receive upon termination of his employment the payments and benefits provided in this Agreement and shall not be deemed to have waived any rights he may have
either at law or in equity in respect of such discharge. 
 14. No amendment, change, or modification of this Agreement may be made except in
writing, signed by both parties. 
 15. This Agreement shall terminate on the third anniversary of the date hereof, provided, however, that
commencing on the date one year after the date hereof, and on each annual anniversary of such date (each such date hereinafter referred to as a “Renewal 

  

 -10- 

 
Date”), unless previously terminated, the term of this Agreement shall be automatically extended so as to terminate three years from such Renewal Date,
unless at least sixty days prior to the Renewal Date the Company shall give notice to the Executive that the term of this Agreement shall not be so extended. This Agreement shall not apply to a Change in Control which takes place after the
termination of this Agreement. 
 Payments made by the Company pursuant to this Agreement shall be in lieu of severance payments, if any,
which might otherwise be available to Executive under any severance plan, policy, program or arrangement generally applicable to the employees of the Company. If for any reason Executive receives severance payments (other than under this Agreement)
upon the termination of his employment with the Company, the amount of such payments shall be deducted from the amount paid under this Agreement. The purpose of this provision is solely to avert a duplication of benefits; neither this provision nor
the provisions of any other agreement shall be interpreted to reduce the amount payable to Executive below the amount that would otherwise have been payable under this Agreement. 
 The provisions of this Agreement shall be binding upon and shall inure to the benefit of Executive, his executors, administrators, legal representatives,
and assigns, and the Company and its successors. In addition, this Agreement supersedes any and all previous Change in Control Agreements executed between the Executive and the Company. 
 The validity, interpretation and effect of this Agreement shall be governed by the laws of The Commonwealth of Massachusetts. Any ambiguities in this
Agreement shall be construed in favor of the Executive. 
 The invalidity or unenforceability of any provisions of this Agreement shall not
affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 
  

 -11- 

 The Company shall have no right of set-off or counterclaims, in respect of any claim, debt, or
obligation, against any payments to Executive, his dependents, beneficiaries, or estate provided for in this Agreement. 
 No right or
interest to or in any payments shall be assignable by the Executive; provided, however, that this provision shall not preclude him from designating one or more beneficiaries to receive any amount that may be payable after his death and shall not
preclude the legal representative of his estate from assigning any right hereunder to the person or persons entitled thereto under his will or, in the case of intestacy, to the person or persons entitled thereto under the laws of intestacy
applicable to his estate. The term “beneficiaries” as used in this Agreement shall mean a beneficiary or beneficiaries so designated to receive any such amount, or if no beneficiary has been so designated, the legal representative of the
Executive’s estate. 
 No right, benefit, or interest hereunder shall be subject to anticipation, alienation, sale, assignment,
encumbrance, charge, pledge, hypothecation, or set-off in respect of any claim, debt, or obligation, or to execution, attachment, levy, or similar process, or assignment by operation of law. Any attempt, voluntary or involuntary, to effect any
action specified in the immediately preceding sentence shall, to the full extent permitted by law, be null, void, and of no effect. 
 All
notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 
  

			
	If to the Executive:	 	Thomas J. May
		 	22 Longmeadow Drive
		 	Westwood, MA 02090
		
	If to the Company:	 	NSTAR
		 	800 Boylston Street
		 	Boston, MA 02199
		 	Attention: General Counsel

 or to such other address as either party shall have furnished to the other in writing in accordance herewith.
Notice and communications shall be effective when actually received by the addressee. 
 The name “NSTAR” means the trustee or
trustees for the time being (as trustee or trustees but not personally) under a Declaration of Trust dated April 20, 1999, as amended from time to time, which is hereby referred to, and a copy of which, as amended, has been filed with the
Secretary of State of The Commonwealth of Massachusetts. Any obligation, agreement, or liability made, entered into, or incurred by or on behalf of NSTAR binds only its trust estate, and no shareholder, director, trustee, officer or agent thereof
assumes or shall be held to any liability therefor. 
  

 -12- 

 IN WITNESS WHEREOF, NSTAR and Executive have each caused this Agreement to be duly executed and delivered
as of the date set forth above. 
  

			
	NSTAR
		
	By:	 	 /S/ Thomas J. May

	Name:	 	
	Title:	 	Chairman and Chief Executive Officer
		 	
		
		 	 /S/ Douglas S. Horan

  

 -13- 

 EXHIBIT A 
 Change in Control. For the purposes of this Agreement, a “Change in Control” shall mean: 
  

	 	(a)	The acquisition by any Person of ultimate beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of either (i) the then
outstanding common shares (or shares of common stock) of Parent (the “Outstanding Parent Common Shares”) or (ii) the combined voting power of the then outstanding voting securities of the Parent entitled to vote generally in the
election of trustees (or directors) (the “Outstanding Parent Voting Securities”); provided, however, that for purposes of this subsection (a), the following acquisitions shall not constitute a Change in Control: (i) any acquisition
directly from the Parent, (ii) any acquisition by the Parent or any affiliate of Parent, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Parent, the Company or any affiliate of Parent or
(iv) any acquisition by any Person pursuant to a transaction which complies with clauses (i), (ii) and (iii) of subsection (c) of this Exhibit A; or 

  

	 	(b)	Individuals who, as of the date hereof, constitute the Board of Trustees of the Parent (the “Incumbent Board”) cease for any reason to constitute at least a majority of
such board; provided, however, that any individual becoming a trustee (or director) subsequent to the date hereof whose election, or nomination for election by the Parent’s shareholders, was approved by a vote of at least a majority of the
trustees (or directors) then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a
result of an actual or threatened election contest with respect to the election or removal of trustees (or directors) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than such board; or

  

	 	(c)	 Consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Parent (a “Business
Combination”), in each case, unless, following such Business Combination, (i) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Parent Common Shares and Outstanding
Parent Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, immediately following such Business Combination more than 50% of, respectively, the then outstanding common shares (or shares of common
stock) and the combined voting power of the 

  

 -14- 

	 	 
then outstanding voting securities entitled to vote generally in the election of trustees (or directors), as the case may be, of the entity resulting from
such Business Combination (including, without limitation, an entity which as a result of such transaction owns the Parent or all or substantially all of the Parent’s assets either directly or through one or more subsidiaries) in substantially
the same proportions as their ownership, immediately prior to such Business Combination of the Outstanding Parent Common Shares and Outstanding Parent Voting Securities, as the case may be, (ii) no Person (excluding any entity resulting from
such Business Combination or any employee benefit plan (or related trust) of the Parent or the Company or such entity resulting from such Business Combination) ultimately beneficially owns, directly or indirectly, 30% of more of, respectively, the
then outstanding common shares or shares of common stock of the entity resulting from such Business Combination or the combined voting power of the then outstanding voting securities of such entity except to the extent that such ownership existed
prior to the Business Combination and (iii) at least a majority of the members of the board of trustees (or board of directors) of the entity resulting from such Business Combination were members of the Incumbent Board at the time of the
execution of the initial agreement, or of the action of the Board of Trustees of the Parent, providing for such Business Combination; or 

  

	 	(d)	Approval by the shareholders of the Parent of a complete liquidation or dissolution of the Parent. 

 For purposes of this Appendix A, the term “Parent” shall mean NSTAR, or, if any entity shall own, directly or indirectly through one or more subsidiaries, more than 50% of the outstanding common shares of
NSTAR, such entity. 
  

 -15-

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