Document:

EX-10.63

			
	  
 

		 Exhibit 10.63
  

Execution Copy
  

 EXECUTIVE EMPLOYMENT AGREEMENT 

This Executive Employment Agreement (“Agreement”) is made and entered into by Quintiles Transnational Corp, a North Carolina
corporation (hereinafter the “Company”) and James Erlinger (hereinafter “Executive”). The Company desires to employee Executive as its Executive Vice President, General Counsel and provide adequate assurances to Executive and
Executive desires to accept such employment on the terms set forth below. 
 In consideration of the mutual promises set forth below and
other good and valuable consideration, the receipt and sufficiency of which the parties acknowledge, the Company and Executive agree as follows: 

1. EMPLOYMENT. The Company employs Executive and Executive accepts employment on the terms and conditions set forth in this
Agreement. 
 2. NATURE OF EMPLOYMENT. Executive shall serve as Executive Vice President, General Counsel and have such
responsibilities and authority as the Company may assign from time to time. Additionally, Executive agrees to perform such other duties consonant with those of an executive at his level as the Company may set from time to time. 

2.1 Executive shall perform all duties and exercise all authority in accordance with, and shall otherwise comply with, all Company
policies, procedures, practices and directions. 
 2.2 Executive shall devote all working time, best efforts, knowledge and
experience to perform successfully his duties and advance the Company’s and/or its Affiliates’ interests. During his employment, Executive shall not engage in any other business activities of any nature whatsoever (including board
memberships) for which he receives compensation without the Company’s prior written consent; provided, however, this provision does not prohibit him from personally owning and trading in stocks, bonds, securities, real estate, commodities or
other investment properties for his own benefit, which do not create actual or potential conflicts of interest with the Company and/or its Affiliates. As used in this Agreement, “Affiliates” shall mean: (i) any Company’s parent,
subsidiary or related entity; and/or (ii) any entity directly or indirectly controlled or beneficially owned in whole or part by the Company or Company’s parent, subsidiary or related entity. 

2.3 Executive’s base of operation shall be Durham, NC, subject to business travel as may be necessary in the performance of
Executive’s duties. 
 3. COMPENSATION. 

3.1 Base Salary. Executive’s monthly salary for all services rendered shall be $33,333.33 (less applicable withholdings),
payable in accordance with the Company’s policies, 

 
procedures and practices as they may exist from time to time. Executive’s salary shall be reviewed in accordance with the Company’s policies, procedures and practices as they may exist
from time to time. 
 3.2 Executive Compensation Program. Executive may participate as a Global Grade 39 employee in Company
non-salary compensation programs as may be available from time to time, including but not limited to, the annual Performance Incentive Plan (or successor plans) which may be made available from time to time to Company employees and executives;
provided, however, that Executive’s participation is subject to the applicable terms, conditions and eligibility requirements of these plans and programs, some of which are within the plan administrator’s discretion, as they may exist from
time to time. 
 3.3 Other Benefits. Executive may participate in all medical, dental and disability insurance, 401(k),
pension, personal leave, car allowance and other employee benefit plans and programs for which Executive is eligible, provided, however, that Executive’s participation in benefit plans and programs is subject to the applicable terms, conditions
and eligibility requirements of these plans and programs, some of which are within the plan administrator’s discretion, as they may exist from time to time. 

3.4 Business Expenses. Executive shall be reimbursed for reasonable and necessary expenses actually incurred by him in
performing services under this Agreement in accordance with and subject to the terms and conditions of the applicable Company reimbursement policies, procedures and practices as they may exist from time to time. Expenses covered by this provision
include but are not limited to travel, entertainment, professional dues, continuing education expenses, subscriptions and dues, fees and expenses associated with membership in various professional, and business and civic associations of which
Executive’s participation is in the Company’s best interest. All such reimbursements shall be made no later than March 15 of the year following the year in which the expenses were incurred. 

3.5 Nothing in this Agreement shall require the Company to create, continue or refrain from amending, modifying, revising or revoking
any of the plans, programs or benefits set forth in Sections 3.2 through 3.4. Any amendments, modifications, revisions and revocations of these plans, programs or benefits shall apply to Executive. 

3.6 If, at any time during which Executive is receiving salary or post-termination payments from the Company, he receives payments on
account of mental or physical disability from any Company-provided plan, then the Company, at its discretion, may reduce his salary or post-termination payments by the amount of such disability payments. 

4. TERM OF EMPLOYMENT. The term of employment shall commence on January 7, 2013 and continue until terminated as set forth
herein: 
 4.1 Either party may terminate the employment relationship without cause at any time upon giving the other party sixty
(60) days written notice. 

  
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 4.2 In addition to termination without cause pursuant to Section 4.1 above,
Executive’s employment may also be terminated as follows: 
 4.2.1 The Company may terminate Executive’s employment
relationship immediately without notice at any time for the following reasons which shall constitute “Cause”: (i) Executive’s death; (ii) Executive’s physical or mental inability to perform the essential functions of
his duties satisfactorily for a period of 180 consecutive days or 180 days in total within a 365-day period as determined by the Company in its reasonable discretion and in accordance with applicable law; (iii) any act or omission of Executive
constituting or rising to the level of willful misconduct (including willful violation of the Company’s policies), gross negligence, fraud, misappropriation, embezzlement, criminal behavior, conflict of interest or competitive business
activities which, as determined by the Company in its reasonable discretion, may cause material harm, or any other actions that are materially detrimental to the Company or any Affiliates’ interest; or (iv) Executive’s material breach
of this Agreement. 
 4.2.2 Executive may terminate Executive’s employment in the event the Company materially breaches this
Agreement only if: (i) Executive provides the Company with written notice of the material breach of this Agreement within thirty (30) days of the initial actions or inactions of the Company giving rise to such breach; (ii) the Company
has not cured such breach within ninety (90) days of such notice; and (iii) if the Company fails to cure such breach, Executive terminates employment under this Agreement in writing within seven (7) days of the expiration of the
ninety (90)-day cure period. For the avoidance of doubt, a material reduction in Executive’s Base Salary or a material reduction in Executive’s duties so that he is no longer serving as the Company’s or an Affiliates’ General
Counsel or in another lead legal officer role (other than such reduction in connection with or following a change of control or a merger or acquisition transaction) shall be considered a material breach by the Company of this Agreement, subject to
the terms of this Section 4.2.2. 
 4.3 This Agreement shall terminate upon the termination of the employment relationship with
the following exceptions: Section 6 (Trade Secrets, Confidential Information, Company Property and Competitive Business Activities), Section 7 (Intellectual Property Ownership), Section 8 (License), and Section 9 (Release) shall
survive the termination of Executive’s employment and/or the expiration or termination of this Agreement, regardless of the reasons for such expiration or termination. 

5. COMPENSATION AND BENEFITS UPON TERMINATION. 

5.1 The Company’s obligation to compensate Executive ceases on the effective termination date except as to: (i) amounts due
at that time; (ii) any amount subsequently due pursuant to the program described in Section 3.2; and (iii) any compensation and/or benefits to which he may be entitled to receive pursuant to Sections 5.3, 5.4 or 5.5. 

5.2 “Base Compensation” for purposes of this Section 5 shall consist of the Executive’s monthly gross base salary
for the last full month preceding the Executive’s termination. If Executive has elected to accelerate or defer salary (including the Executive’s pre-tax contributions under any benefit plan complying with Section 125 of the Code and
deferrals pursuant to the Company’s salary deferral plan, and any successor plans thereto), the Executive’s Base Compensation shall be calculated as if there had been no acceleration or deferral. 

  
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 5.3 If the Company terminates Executive’s employment pursuant to Section 4.1
(without cause), then the Company’s sole obligation shall be to pay Executive: (i) amounts due on the effective termination date; (ii) any amounts subsequently due, if any, pursuant to the program described in Section 3.2 for a
prior calendar year; and (iii) subject to Executive’s compliance with Sections 6, 7, 8 and 9 and subject to Sections 3.6 and 5.6, an amount equal to the sum of: (xx) Executive’s Base Compensation (less applicable withholdings)
for the twelve (12) month non-competition period set forth in Section 6.3, (yy) reimbursement for the actual additional costs incurred by Executive, including any additional tax costs associated with such reimbursements, for continued
coverage for the twelve (12) month non-competition period set forth in Section 6.3 under the Company’s group health, medical and dental benefit plans under COBRA (if available), at the same level as Executive participated as of
termination date and (zz) an amount equal to the bonus under the program described in Section 3.2, as determined by the Company in its discretion pursuant to the terms of such program, for the calendar year of termination based on the
Company’s performance against the applicable objectives. The amount due under this Section 5.3 shall be payable in equal monthly installments on the same payroll schedule applicable to Executive immediately prior to his separation from
service commencing on the first such payroll date on or following the tenth (10th) day after the date on which the release of claims required by Section 5.6 becomes effective and non-revocable, but not after ninety (90) days following
termination from employment. 
 5.4 If the Company terminates Executive’s employment for cause as provided in Sections 4.2.1(i)
(death), (ii) (physical or mental inability to perform), (iii) (materially harmful acts or omissions) or (iv) (Executive’s material breach), or if the Executive terminates his employment pursuant to Section 4.1 (without
cause), then the Company’s sole obligation shall be to pay Executive: (i) amounts due on the effective termination date and (ii) any amounts subsequently due pursuant to the program described in Section 3.2. Executive, except
when employment terminates pursuant to Section 4.2.1(i) (death), shall comply with Sections 6, 7, 8 and 9 of this Agreement upon expiration or termination of this Agreement. 

5.5 If Executive terminates the employment relationship pursuant to Section 4.2.2 of this Agreement (material breach by the
Company), then the Company’s sole obligation to Executive in lieu of any other damages or other relief to which he otherwise may be entitled shall be: (i) an amount equal to amounts due at the time of his termination; and (ii) subject
to Executive’s compliance with Sections 6, 7, 8 and 9 and subject to Sections 3.6 and 5.6, liquidated damages in an amount equal an amount equal to the sum of: (xx) Executive’s Base Compensation (less applicable withholdings) for the
twelve (12) month non-competition period set forth in Section 6.3, (yy) reimbursement for the actual additional costs incurred by Executive, including any additional tax costs associated with such reimbursements, for continued coverage for
the twelve (12) month non-competition period set forth in Section 6.3 under the Company’s group health, medical and dental benefit plans under COBRA (if available), at the same level as Executive participated as of termination date
and (zz) an amount equal to the bonus under the program described in Section 3.2, as determined by the Company in its discretion pursuant to the terms of such program, for the calendar year of termination based on the Company’s

  
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performance against the applicable objectives. The amount due under this Section 5.5 shall be payable in equal monthly installments on the same payroll schedule applicable to Executive
immediately prior to his separation from service commencing on the first such payroll date on or following the tenth (10th) day after the date on which the release of claims required by Section 5.6 becomes effective and non-revocable, but
not after ninety (90) days following termination from employment. 
 5.6 Notwithstanding any provision of this Agreement to the
contrary, the Company’s obligation to provide the payments under Sections 5.3 and 5.5 is conditioned upon Executive’s execution of an enforceable release of all claims and his compliance with Sections 6, 7, 8 and 9 of this Agreement. If
Executive chooses not to execute such a release or fails to comply with these sections, then the Company’s obligation to compensate him ceases on the effective termination date except as to amounts due at that time and any amount subsequently
due pursuant to the program described in Section 3.2. The release of claims shall be provided to Executive within thirty (30) days of his separation from service and Executive must execute it within the time period specified in the release
(which shall not be longer than forty-five (45) days from the date of receipt). Such release shall not be effective until any applicable revocation period has expired. 

5.7 Executive is not entitled to receive any compensation or benefits upon his termination except as: (i) set forth in this
Agreement; (ii) otherwise required by law; or (iii) otherwise required by any employee benefit plan in which he participates. Moreover, the terms and conditions afforded Executive under this Agreement are in lieu of any severance benefits
to which he otherwise might be entitled pursuant to any severance plan, policy and practice of the Company and or its Affiliates. Nothing in this Agreement, however, is intended to waive or supplant any death, disability, retirement, 401(k) or
pension benefits to which he may be entitled under employee benefit plans in which he participates. 
 6. TRADE SECRETS, CONFIDENTIAL
INFORMATION, COMPANY PROPERTY AND COMPETITIVE BUSINESS ACTIVITIES. 
 Executive acknowledges that: (i) the Company and its
Affiliates have worldwide business operations, a worldwide customer base, and are engaged in the business of contract research, sales and marketing, healthcare policy consulting and health information management services to the worldwide
pharmaceutical, biotechnology, medical device and healthcare industries; (ii) by virtue of his employment by and upper-level position with the Company, he has or will have access to Trade Secrets and Confidential Information (as defined in
Sections 6.1(5) and 6.1(6)) of the Company and its Affiliates, including valuable information about their worldwide business operations and entities with whom they do business in various locations throughout the world, and has developed or will
develop relationships with their customers and others with whom they do business in various locations throughout the world; and (iii) the Trade Secrets, Confidential Information, Company Property and Competitive Business Activities’
provisions set forth in this Agreement are reasonably necessary to protect the Company’s and its Affiliates’ legitimate business interests, are reasonable as to the time, territory and scope of activities which are restricted, do not
interfere with public policy or public interest, as provided herein, and are described with sufficient accuracy and definiteness to enable him to understand the scope of the restrictions imposed on him/her. 

  
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 6.1 Trade Secrets and Confidential Information. Executive acknowledges that:
(i) the Company and/or its Affiliates will disclose to him certain Trade Secrets and Confidential Information; (ii) Trade Secrets and Confidential Information are the sole and exclusive property of the Company and/or its Affiliates (or a
third party providing such information to the Company and/or its Affiliates) and the Company and/or its Affiliates or such third party owns all worldwide rights therein under patent, copyright, trademarks, trade secret, confidential information or
other property right; and (iii) the disclosure of Trade Secrets and Confidential Information to Executive does not confer upon him any license, interest or rights of any kind in or to the Trade Secrets or Confidential Information. 

6.1(1) Executive may use the Trade Secrets and Confidential Information only while he is employed or otherwise retained by the Company
and only then in accordance with applicable Company policies and procedures and solely for the Company’s benefit. Except as authorized in the performance of services for the Company, Executive will hold in confidence and will not, either
directly or indirectly, in any form, by any means, or for any purpose, disclose, reproduce, distribute, transmit, reverse engineer, decompile, disassemble, or transfer Trade Secrets or Confidential Information or any portion thereof. Upon the
Company’s request, Executive shall return Trade Secrets and Confidential Information and all related materials. 
 6.1(2) If
Executive is required to disclose Trade Secrets or Confidential Information pursuant to a court order, subpoena or other government process or such disclosure is necessary to comply with applicable law or defend against claims, he shall:
(i) notify the Company promptly before any such disclosure is made; (ii) at the Company’s request and expense take all reasonably necessary steps to defend against such disclosure, including defending against the enforcement of the
court order, other government process or claims; and (iii) permit the Company to participate with counsel of its choice in any proceeding relating to any such court order, subpoena, other government process or claims. 

6.1(3) Executive’s obligations with regard to Trade Secrets shall remain in effect for as long as such information shall remain a
trade secret under applicable law. 
 6.1(4) Executive’s obligations with regard to Confidential Information shall remain in
effect while he is employed or otherwise retained by the Company and/or its Affiliates and for fifteen (15) years thereafter. 

6.1(5) As used in this Agreement, “Trade Secrets” means information of the Company, its Affiliates and its and/or their
licensors, suppliers, customers, or prospective licensors or customers, including, but not limited to, data, formulas, patterns, compilations, programs, devices, methods, techniques, processes, financial data, financial plans, product plans, or
lists of actual or potential customers or suppliers, which: (i) derives independent actual or potential commercial value, from not being generally known to or readily ascertainable through independent development or reverse engineering by
persons or entities who can obtain economic value from its disclosure or use; and (ii) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy. 

  
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 6.1(6) As used in this Agreement, “Confidential Information” means information
other than Trade Secrets, that is of value to its owner and is treated as confidential, including, but not limited to, future business plans, licensing strategies, advertising campaigns, information regarding executives and employees, and the terms
and conditions of this Agreement; provided, however, Confidential Information shall not include information which is in the public domain or becomes public knowledge through no fault of Executive. 

6.2 Company Property. Upon termination of his employment, Executive shall: (i) deliver to the Company all records,
memoranda, data, documents and other property of any description which refer or relate in any way to Trade Secrets or Confidential Information, including all copies thereof, which are in his possession, custody or control; (ii) deliver to the
Company all Company and/or Affiliates property (including, but not limited to, keys, credit cards, client files, contracts, proposals, work in process, manuals, forms, computer stored work in process and other computer data, research materials,
other items of business information concerning any Company and/or Affiliates client, or Company and/or Affiliates business or business methods, including all copies thereof) which is in his possession, custody or control; (iii) bring all such
records, files and other materials up to date before returning them; and (iv) fully cooperate with the Company in winding up his work and transferring that work to other individuals designated by the Company. 

6.3 Competitive Business Activities. During his employment and the twelve (12) months following his effective termination
date (regardless of the reason for the termination and regardless of whether initiated by Executive or Company), Executive will not engage in the following activities: 

6.3.1(a) on Executive’s own or another’s behalf, whether as an officer, director, stockholder, partner, associate, owner,
employee, consultant or otherwise, directly or indirectly: 
 (i) compete with the Company, or any of its Affiliates with whom the
Executive worked or about whom Executive has significant knowledge (each, a “Restricted Affiliate”), within the geographical areas set forth in Section 6.3.2; except that Executive, without violating this provision, may become
employed by (a) any company which is engaged in the integrated development, discovery, manufacture, marketing and sale of pharmaceutical drugs that does not engage in contract sales and/or research or (b) by an entity primarily engaged in
the private practice of law; 
 (ii) within the geographical areas set forth in Section 6.3.2, solicit or do business which is the
same, similar to or otherwise in competition with the business engaged in by the Company or a Restricted Affiliate, from or with persons or entities: (A) who are customers of the Company or a Restricted Affiliate; (B) who Executive or
someone for whom he was responsible solicited, negotiated, contracted or serviced on the Company’s or a Restricted Affiliate’s behalf; or (C) who were customers of the Company or a Restricted Affiliate at any time during the last year
of Executive’s employment with the Company; 
 (iii) offer employment to or otherwise solicit for employment any employee or other
person who had been employed by the Company and/or its Affiliates during the last year of Executive’s employment with the Company; or 

  
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 6.3.1(b) directly or indirectly take any action which is materially detrimental or
otherwise intended to be adverse to the Company’s and/or Affiliates’ goodwill, name, business relations, prospects and operations. 

6.3.2 The restrictions set forth in Section 6.3 apply to the following geographical areas: (i) within a 60-mile radius of
the Company and/or its Affiliates where the Executive had an office during the Executive’s employment with the Company and/or its Affiliates; (ii) any city, metropolitan area, county (or similar political subdivision in foreign countries)
in which Executive’s substantial services were provided, or for which Executive had substantial responsibility, or in which Executive performed substantial work on Company and/or Affiliates’ projects, while employed by the Company; and
(iii) any city, metropolitan area, county (or similar political subdivisions in foreign countries) in which the Company and/or its Affiliates is located or does or, during Executive’s employment with Company, did business. 

6.3.3 Notwithstanding the foregoing, Executive’s ownership, directly or indirectly, of not more than one (1) percent of the
issued and outstanding stock of a corporation the shares of which are regularly traded on a national securities exchange or in the over-the-counter market shall not violate Section 6.3. 

6.4 Remedies. Executive acknowledges that his failure to abide by the Trade Secrets, Confidential Information, Company Property
or Competitive Business Activities provisions of this Agreement would cause irreparable harm to the Company and/or its Affiliates for which legal remedies would be inadequate. Therefore, in addition to any legal or other relief to which the Company
and/or its Affiliates may be entitled by virtue of Executive’s failure to abide by these provisions: (i) the Company will be released of its obligations under this Agreement to make any post-termination payments, including but not limited
to those otherwise available pursuant to Sections 5.3 and 5.5; (ii) the Company may seek legal and equitable relief, including but not limited to preliminary and permanent injunctive relief, for Executive’s actual or threatened failure to
abide by these provisions; (iii) Executive will return all post-termination payments received pursuant to this Agreement, including but not limited to those received pursuant to Sections 5.3 and 5.5; (iv) Executive will indemnify the
Company and/or its Affiliates for all expenses including attorneys’ fees in seeking to enforce these provisions; and (v) if, as a result of Executive’s failure to abide by the Trade Secrets, Confidential Information, Company Property
or Competitive Business Activities provisions, any commission or fee becomes payable to Executive or to any person, corporation or other entity with which Executive has become employed or otherwise associated, Executive shall pay the Company or
cause the person, corporation or other entity with whom he has become employed or otherwise associated to pay the Company an amount equal to such commission or fee. In the event that the Company exercises its right to discontinue payments under this
provision and/or Executive returns all post-termination payments received pursuant to this Agreement, Executive shall remain obligated to abide by the Trade Secrets, Confidential Information, Company Property and Competitive Business Activities
provisions set forth in this Agreement. 

  
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 6.5 Tolling. The period during which Executive must refrain from the activities set
forth in Sections 6.1 and 6.3 shall be tolled during any period in which he fails to abide by these provisions. 
 6.6 Other
Agreements. Nothing in this Agreement shall terminate, revoke or diminish Executive’s obligations or the Company’s and/or its Affiliates’ rights and remedies under law or any agreements relating to trade secrets, confidential
information, non-competition or intellectual property which Executive has executed in the past or may execute in the future or contemporaneously with this Agreement. 

7. INTELLECTUAL PROPERTY OWNERSHIP. 

7.1 As used in this Agreement, “Work Product” shall mean the data, materials, documentation, computer programs, inventions
(whether or not patentable), improvements, modifications, discoveries, methods, developments, picture, audio, video, artistic works and all works of authorship, including all worldwide rights therein under patent, copyright, trademark, trade secret,
confidential information or other property right, created or developed in whole or in part by Executive, while employed by the Company (whether developed during work hours or not), whether prior or subsequent to the date of this Agreement. 

7.2 All Work Product shall be considered work made for hire by Executive and owned by the Company. If any of the Work Product may not,
by operation of law, be considered work made for hire by Executive for the Company, or if ownership of all rights, title, and interest of the intellectual property rights therein shall not otherwise vest exclusively in the Company, Executive hereby
assigns to the Company, and upon the future creation thereof automatically assigns to the Company, without further consideration, the ownership of all Work Product. The Company shall have the right to obtain and hold in its own name copyrights,
registrations and any other protection available in the Work Product. Executive agrees to perform, during or after his employment, such further acts which the Company requests as may be necessary or desirable to transfer, perfect and defend its
ownership of the Work Product. 
 7.3 Notwithstanding the foregoing, this Agreement shall not require assignment of any invention
that: (i) Executive developed entirely on his own time without using the Company’s equipment, supplies, facilities, Trade Secrets or Confidential Information; and (ii) does not relate to the Company’s business or actual or
anticipated research or development or result from any work performed by Executive for the Company. 
 7.4 Executive shall promptly
disclose to the Company in writing all Work Product conceived, developed or made by him/her, individually or jointly. 
 8.
LICENSE. To the extent that any preexisting materials are contained in Work Product which Executive delivers to the Company or its customers, Executive grants to the Company an irrevocable, nonexclusive, worldwide, royalty-free license
to: (i) use and distribute (internally or externally) copies of, and prepare derivative works based upon, such preexisting materials and derivative works thereof; and (ii) authorize others to do any of the foregoing. 

  
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 9. RELEASE. Executive acknowledges that: (i) as a part of his services, he may
provide his image, likeness, voice or other characteristics; and (ii) the Company may use his image, likeness, voice or other characteristics and expressly releases the Company, its Affiliates and its and/or their agents, employees, licensees
and assigns from and against any and all claims which he has or may have for invasion of privacy, right of privacy, defamation, copyright infringement or any other causes of action arising out of the use, adaptation, reproduction, distribution,
broadcast or exhibition of such characteristics. 
 10. EXECUTIVE REPRESENTATION. Executive represents and warrants that his
employment and obligations under this Agreement will not: (i) breach any duty or obligation he owes to another or (ii) violate any law, recognized ethics standard or recognized business custom. 

11. OFFICERS AND DIRECTORS INDEMNIFICATION PROVISIONS. To the extent Executive serves as a Company and/or Affiliate officer or
director, Executive shall be entitled to insurance under Company’s directors’ and officers’ indemnification policies comparable to any such insurance covering executives of the applicable entity serving in similar capacities. Further,
the Company’s bylaws shall contain provisions granting to Executive the maximum indemnity protection allowed under applicable law and the Company hereby agrees to indemnify and hold harmless Executive in accordance with such maximum indemnity
protection allowed under applicable law. 
 12. NOTICES. All notices, requests, demands and other communications required or
permitted to be given in writing pursuant to this Agreement shall be deemed given and received: (i) upon delivery if delivered personally; (ii) on the fifth (5th) day after being deposited with the U.S. Postal Service if mailed by
first class mail, postage prepaid, registered or certified with return receipt requested, at the addresses set forth below; (iii) on the next day after being deposited with a reliable overnight delivery service; or (iv) upon receipt of an
answer back confirmation, if transmitted by telefax, addressed to the below indicated telefax number. Notice given in another manner shall be effective only if and when received by the addressee. For purposes of notice, the addresses and telefax
number (if any) of the parties shall be as follows: 
  

					
		 	If to the Executive, to:	 	James Erlinger
		 		 	617 Bemis Heights Place
		 		 	St. Charles, Missouri 63303
			
		 	If to the Company, to:	 	Quintiles Transnational Corp.
		 		 	4820 Emperor Boulevard
		 		 	Post Office Box 13979
		 		 	Durham, North Carolina 27709-3979
		 		 	Attn: Chief Executive Officer

 provided that: (A) each party shall have the right to change its address for notice, and the person who is to receive
notice, by the giving of fifteen (15) days’ prior written notice to the other party in the manner set forth above; and (B) notices shall be effective if given to the other party in the manner set forth above regardless of whether a
copy was received by the additional addressee specified above. 

  
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 13. WAIVER OF BREACH. The Company’s or Executive’s waiver of any breach
of a provision of this Agreement shall not waive any subsequent breach by the other party. 
 14. ENTIRE AGREEMENT. Except as
expressly provided in this Agreement, this Agreement: (i) supersedes all other understandings and agreements, oral or written, between the parties with respect to the subject matter of this Agreement; and (ii) constitutes the sole
agreement between the parties with respect to this subject matter. Each party acknowledges that: (A) no representations, inducements, promises or agreements, oral or written, have been made by any party or by anyone acting on behalf of any
party, which are not embodied in this Agreement; and (B) no agreement, statement or promise not contained in this Agreement shall be valid. No change or modification of this Agreement shall be valid or binding upon the parties unless such
change or modification is in writing and is signed by the parties. 
 15. SEVERABILITY. If a court of competent jurisdiction
holds that any provision or sub-part thereof contained in this Agreement is invalid, illegal or unenforceable, that invalidity, illegality or unenforceability shall not affect any other provision in this Agreement. Additionally, if any of the
provisions, clauses or phrases in the Trade Secrets, Confidential Information, Company Property or Competitive Business Activities provisions set forth in this Agreement are held unenforceable by a court of competent jurisdiction, then the parties
desire that they be “blue-penciled” or rewritten by the court to the extent necessary to render them enforceable. 
 16.
PARTIES BOUND. The terms, provisions, covenants and agreements contained in this Agreement shall apply to, be binding upon and inure to the benefit of the Company’s successors and assigns. The Company, at its discretion, may assign
this Agreement to Affiliates. Because this Agreement is personal to Executive, Executive may not assign this Agreement. 
 17.
GOVERNING LAW. This Agreement and the employment relationship created by it shall be governed by North Carolina law without giving effect to North Carolina choice of law provisions. The parties hereby consent to jurisdiction in North
Carolina for the purpose of any litigation relating to this Agreement and agree that any litigation by or involving them relating to this Agreement shall be conducted in the courts of Wake County, North Carolina or the federal courts of the United
States for the Eastern District of North Carolina. 
 18. SECTION 409A OF THE INTERNAL REVENUE CODE. The parties intend that
the provisions of this Agreement comply with the Internal Revenue Code of 1986, as amended (the “Code”), and the regulations thereunder (collectively, “Section 409A”) and all provisions of this Agreement shall be construed in a
manner consistent with the requirements for avoiding taxes or penalties under Section 409A. If any provision of this Agreement (or of any award of compensation, including equity compensation or benefits) would cause Executive to incur any
additional tax or interest under Section 409A, the Company shall, upon the specific request of Executive, use its reasonable business efforts to in good faith reform such provision to comply with Code Section 409A; provided, that to
the maximum extent practicable, the original 

  
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intent and economic benefit to Executive and the Company of the applicable provision shall be maintained, and the Company shall have no obligation to make any changes that could create any
additional economic cost or loss of benefit to the Company. The Company shall timely use its reasonable business efforts to amend any plans and programs in which Executive participates to bring it in compliance with Section 409A.
Notwithstanding the foregoing, the Company shall have no liability with regard to any failure to comply with Section 409A so long as it has acted in good faith with regard to compliance therewith. 

18.1 Separation from Service. A termination of employment shall not be deemed to have occurred for purposes of any provision of
this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination also constitutes a “Separation from Service” within the meaning of Section 409A and, for
purposes of any such provision of this Agreement, references to a “termination,” “termination of employment,” “separation from service” or like terms shall mean Separation from Service. 

18.2 Separate Payments. Each installment payment required under this Agreement shall be considered a separate payment for
purposes of Section 409A. 
 18.3 Delayed Distribution to Key Employees. If the Company determines in accordance with
Sections 409A and 416(i) of the Code and the regulations promulgated thereunder, in the Company’s sole discretion, that Executive is a Key Employee of the Company on the date his employment with the Company terminates and that a delay in
benefits provided under this Agreement is necessary to comply with Code Section 409A(A)(2)(B)(i), then any severance payments and any continuation of benefits or reimbursement of benefit costs provided by this Agreement, and not otherwise
exempt from Section 409A, shall be delayed for a period of six (6) months following the date of termination of Executive’s employment (the “409A Delay Period”). In such event, any severance payments and the cost of any
continuation of benefits provided under this Agreement that would otherwise be due and payable to Executive during the 409A Delay Period shall be paid to Executive in a lump sum cash amount in the month following the end of the 409A Delay Period.
For purposes of this Agreement, “Key Employee” shall mean an employee who, on an Identification Date (“Identification Date” shall mean each December 31) is a key employee as defined in Section 416(i) of the Code without
regard to paragraph (5) thereof. If Executive is identified as a Key Employee on an Identification Date, then Executive shall be considered a Key Employee for purposes of this Agreement during the period beginning on the first April 1
following the Identification Date and ending on the following March 31. 
 19. COUNTERPARTS. This Agreement may be
executed in counterparts, each of which shall be an original, with the same effect as if the signatures affixed thereto were upon the same instrument. 

[Signatures on Following Page] 

  
 12 

 IN WITNESS WHEREOF, the parties have entered into this Agreement on the day and year first
written above. 
  

			
	Executive Signature	 	 /s/ James H. Erlinger III

 

			
	Date	 	 11-1-2012

 

			
	Quintiles Signature	 	 /s/ David H. Cooper

 

			
	Name & Title	 	 David H. Cooper, VP, Global HR

 

			
	Date	 	 November 1, 2012

  
 13Exhibit 4.4(n) 32nd Supplemental Indenture

Exhibit 4.4(n)

NORTHWESTERN CORPORATION
TO
THE BANK OF NEW YORK MELLON
(formerly The Bank of New York)
AND
Philip L. Watson
As Trustees under Mortgage and
Deed of Trust, dated as of
October 1, 1945, with NorthWestern Corporation
THIRTY-SECOND SUPPLEMENTAL INDENTURE
Providing, among other things, for
the increase in the maximum amount to be
secured by such Mortgage and Deed of Trust and the amendment of Section 120 thereof
Dated as of November 1, 2014

THIRTY-SECOND SUPPLEMENTAL INDENTURE
THIS THIRTY-SECOND SUPPLEMENTAL INDENTURE, dated as of November 1, 2014, between NORTHWESTERN CORPORATION, a corporation duly incorporated and existing under the laws of the State of Delaware (hereinafter called the “Company”), having its principal office at 3010 West 69th Street, Sioux Falls, South Dakota, 57108, and THE BANK OF NEW YORK MELLON (formerly The Bank of New York) (hereinafter called the “Corporate Trustee”), a corporation of the State of New York, whose principal corporate trust office is located at 101 Barclay Street, New York, New York, 10286 (successor to MORGAN GUARANTY TRUST COMPANY OF NEW YORK (formerly Guaranty Trust Company of New York)), and Philip L. Watson, whose post office address is c/o The Bank of New York Mellon, 101 Barclay Street, New York, New York, 10286 (successor to Arthur E. Burke, Karl R. Henrich, H.H. Gould, R. Amundsen, P.J. Crowley, W.T. Cunningham, Douglas J. MacInnes, MaryBeth Lewicki and Ming Ryan) (said Philip L. Watson being hereinafter sometimes called the “Co-Trustee”, and the Corporate Trustee and the Co-Trustee being hereinafter together sometimes called the “Trustees”), as Trustees under the Mortgage and Deed of Trust, dated as of October 1, 1945 (hereinafter called the “Mortgage” and, together with any indentures supplemental thereto, the “Indenture”), which Mortgage was executed and delivered by The Montana Power Company, a corporation of the State of New Jersey (hereinafter called the “Company-New Jersey”), as indirect predecessor under the Mortgage to the Company (the Company being successor under the Mortgage to NorthWestern Energy, L.L.C. (hereinafter called “NorthWestern Energy”), formerly known as The Montana Power, L.L.C., a limited liability company of the State of Montana, and NorthWestern Energy being the successor under the Mortgage to The Montana Power Company, a corporation of the State of Montana (hereinafter called the “Company-Montana”)), to Guaranty Trust Company of New York and Arthur E. Burke, as Trustees, to secure the payment of bonds issued or to be issued under and in accordance with the provisions of the Mortgage, reference to which Mortgage is hereby made, this instrument (hereinafter called the “Thirty-second Supplemental Indenture”) being supplemental thereto;
WHEREAS, by the Mortgage, the Company-New Jersey covenanted that it would execute and deliver such supplemental indenture or indentures and such further instruments and do such further acts as might be necessary or proper to carry out more effectually the purposes of the Indenture and to make subject to the lien of the Indenture any property thereafter acquired, made or constructed and intended to be subject to the lien thereof; and
WHEREAS, the Company-New Jersey executed and delivered to the Trustees its First Supplemental Indenture, dated as of May 1, 1954 (hereinafter called the “First Supplemental Indenture”), and its Second Supplemental Indenture, dated as of April 1, 1959 (hereinafter called the “Second Supplemental Indenture”); and
WHEREAS, the Company-New Jersey was merged into the Company-Montana on November 30, 1961, and to evidence the succession of the Company-Montana to the Company-New Jersey for purposes of the bonds and the Indenture and the assumption by the Company-Montana of the covenants and conditions of the Company-New Jersey in the bonds and in the Indenture contained and to enable the Company-Montana to have and exercise the powers and rights of the Company-New Jersey under the Indenture in accordance with the terms thereof, the Company-Montana executed and delivered to the Trustees its Third Supplemental Indenture, dated as of November 30, 1961 (hereinafter called the “Third Supplemental Indenture”); and
WHEREAS, the Company-Montana executed and delivered to the Trustees its Fourth Supplemental Indenture, dated as of April 1, 1970 (hereinafter called the “Fourth Supplemental Indenture”); its Fifth Supplemental Indenture, dated as of April 1, 1971 (hereinafter called the “Fifth Supplemental Indenture”); 

its Sixth Supplemental Indenture, dated as of March 1, 1974 (hereinafter called the “Sixth Supplemental Indenture”); its Seventh Supplemental Indenture, dated as of December 1, 1974 (hereinafter called the “Seventh Supplemental Indenture”); its Eighth Supplemental Indenture, dated as of July 1, 1975 (hereinafter called the “Eighth Supplemental Indenture”); its Ninth Supplemental Indenture, dated as of December 1, 1975 (hereinafter called the “Ninth Supplemental Indenture”); its Tenth Supplemental Indenture, dated as of January 1, 1979 (hereinafter called the “Tenth Supplemental Indenture”); its Eleventh Supplemental Indenture, dated as of October 1, 1983 (hereinafter called the “Eleventh Supplemental Indenture”); its Twelfth Supplemental Indenture, dated as of January 1, 1984 (hereinafter called the “Twelfth Supplemental Indenture”); its Thirteenth Supplemental Indenture, dated as of December 1, 1991 (hereinafter called the “Thirteenth Supplemental Indenture”); its Fourteenth Supplemental Indenture, dated as of January 1, 1993 (hereinafter called the “Fourteenth Supplemental Indenture”); its Fifteenth Supplemental Indenture, dated as of March 1, 1993 (hereinafter called the “Fifteenth Supplemental Indenture”); its Sixteenth Supplemental Indenture, dated as of May 1, 1993 (hereinafter called the “Sixteenth Supplemental Indenture”); its Seventeenth Supplemental Indenture, dated as of December 1, 1993 (hereinafter called the “Seventeenth Supplemental Indenture”); its Eighteenth Supplemental Indenture, dated as of August 5, 1994 (hereinafter called the “Eighteenth Supplemental Indenture”); its Nineteenth Supplemental Indenture, dated as of December 16, 1999 (hereinafter called the “Nineteenth Supplemental Indenture”); and its Twentieth Supplemental Indenture, dated as of November 1, 2001 (hereinafter called the “Twentieth Supplemental Indenture”); and
WHEREAS, the Company-Montana was merged into NorthWestern Energy (under its then name, The Montana Power, L.L.C.) on February 13, 2002; and to evidence the succession of NorthWestern Energy (under its then name, The Montana Power, L.L.C.) to the Company-Montana for purposes of the bonds and the Indenture and the assumption by NorthWestern Energy (under its then name, The Montana Power, L.L.C.) of the covenants and conditions of the Company-Montana in the bonds and in the Indenture contained and to enable NorthWestern Energy (under its then name, The Montana Power, L.L.C.) to have and exercise the powers and rights of the Company-Montana under the Indenture in accordance with the terms thereof, NorthWestern Energy (under its then name, The Montana Power, L.L.C.) executed and delivered to the Trustees its Twenty-first Supplemental Indenture, dated as of February 13, 2002 (hereinafter called the “Twenty-first Supplemental Indenture”); and
WHEREAS, NorthWestern Energy changed its name from The Montana Power, L.L.C. to NorthWestern Energy, L.L.C. on March 19, 2002; and
WHEREAS, NorthWestern Energy transferred, subject to the Lien of the Indenture, substantially all of the Mortgaged and Pledged Property as an entirety to the Company on November 20, 2002 (the “Transfer Date”), and to evidence the succession of the Company to NorthWestern Energy for purposes of the bonds and the Indenture and the assumption by the Company of the covenants and conditions of NorthWestern Energy in the bonds and in the Indenture contained and to enable the Company to have and exercise the powers and rights of NorthWestern Energy under the Indenture in accordance with the terms thereof, the Company executed and delivered to the Trustees its Twenty-second Supplemental Indenture, dated as of November 15, 2002 (hereinafter called the “Twenty-second Supplemental Indenture”); and 
WHEREAS, the Company executed and delivered to the Trustees its Twenty-third Supplemental Indenture, dated as of February 1, 2003 (hereinafter called the “Twenty-third Supplemental Indenture”); its Twenty-fourth Supplemental Indenture, dated as of November 1, 2004 (hereinafter called the “Twenty-fourth Supplemental Indenture”); its Twenty-fifth Supplemental Indenture, dated as of April 1, 2006 (hereinafter called the “Twenty-fifth Supplemental Indenture”); its Twenty-sixth Supplemental Indenture, dated as of September 1, 2006 (hereinafter called the “Twenty-sixth Supplemental Indenture”); its Twenty-seventh Supplemental Indenture, dated as of March 1, 2009 (hereinafter called the “Twenty-seventh Supplemental 

Indenture”); its Twenty-eighth Supplemental Indenture, dated as of October 1, 2009 (hereinafter called the “Twenty-eighth Supplemental Indenture”); its Twenty-ninth Supplemental Indenture, dated as of May 1, 2010 (hereinafter called the “Twenty-ninth Supplemental Indenture”); its Thirtieth Supplemental Indenture, dated as of August 1, 2012 (hereinafter called the “Thirtieth Supplemental Indenture”) and its Thirty-first Supplemental Indenture, dated as of December 1, 2013 (hereinafter called the “Thirty-first Supplemental Indenture”); and
WHEREAS, the Mortgage and the First, Second, Third, Fourth, Fifth, Sixth, Seventh, Eighth, Ninth, Tenth, Eleventh, Twelfth, Thirteenth, Fourteenth, Fifteenth, Sixteenth, Seventeenth, Eighteenth, Nineteenth, Twentieth, Twenty-first, Twenty-second, Twenty-third, Twenty-fourth, Twenty-fifth, Twenty-sixth, Twenty-seventh, Twenty-eighth, Twenty-ninth, Thirtieth and Thirty-first Supplemental Indentures were recorded in the official records of various counties and states as required by the Indenture; and
WHEREAS, the Company expects to record this Thirty-second Supplemental Indenture in the official records of various counties and states as required by the Indenture; and
WHEREAS, an instrument dated March 15, 1955 was executed by the Company-New Jersey appointing Karl R. Henrich as Co-Trustee in succession to said Arthur E. Burke, resigned, under the Mortgage and by Karl R. Henrich accepting the appointment as Co-Trustee under the Mortgage in succession to said Arthur E. Burke, which instrument was recorded in various counties in the states of Montana, Idaho and Wyoming; and
WHEREAS, an instrument dated June 29, 1962 was executed by the Company-Montana appointing H.H. Gould as Co-Trustee in succession to said Karl R. Henrich, resigned, under the Mortgage and by H.H. Gould accepting the appointment as Co-Trustee under the Mortgage in succession to said Karl R. Henrich, which instrument was recorded in various counties in the states of Montana, Idaho and Wyoming; and
WHEREAS, an instrument dated June 22, 1973 was executed by the Company-Montana appointing R. Amundsen as Co-Trustee in succession to said H.H. Gould, resigned, under the Mortgage and by R. Amundsen accepting the appointment as Co-Trustee under the Mortgage in succession to said H.H. Gould, which instrument was recorded in various counties in the states of Montana, Idaho and Wyoming; and
WHEREAS, an instrument dated July 1, 1986 was executed by the Company-Montana appointing P.J. Crowley as Co-Trustee in succession to said R. Amundsen, resigned, under the Mortgage and by P.J. Crowley accepting the appointment as Co-Trustee under the Mortgage in succession to said R. Amundsen, which instrument was recorded in various counties in the states of Montana, Idaho and Wyoming; and
WHEREAS, by the Eighteenth Supplemental Indenture, the Company-Montana appointed (i) W.T. Cunningham as Co-Trustee in succession to said P.J. Crowley, resigned, under the Mortgage and W.T. Cunningham accepted the appointment as Co-Trustee under the Mortgage in succession to said P.J. Crowley, and (ii) The Bank of New York Mellon as Corporate Trustee in succession to Morgan Guaranty Trust Company of New York, resigned, under the Mortgage and The Bank of New York Mellon accepted the appointment as Corporate Trustee under the Mortgage in succession to said Morgan Guaranty Trust Company of New York, which supplemental indenture was recorded in various counties in the states of Montana, Idaho and Wyoming; and
WHEREAS, an instrument dated March 29, 1999 was executed by the Company-Montana appointing Douglas J. MacInnes as Co-Trustee in succession to said W.T. Cunningham, resigned, under the Mortgage and by Douglas J. MacInnes accepting the appointment as Co-Trustee under the Mortgage in succession to 

said W.T. Cunningham, which instrument was recorded in various counties in the states of Montana, Idaho and Wyoming; and
WHEREAS, by the Twenty-third Supplemental Indenture, the Company appointed MaryBeth Lewicki as Co-Trustee in succession to said Douglas J. MacInnes, removed, under the Mortgage and MaryBeth Lewicki accepted the appointment as Co-Trustee under the Mortgage in succession to said Douglas J. MacInnes; and
WHEREAS, by the Twenty-fifth Supplemental Indenture, the Company appointed Ming Ryan as Co-Trustee in succession to said MaryBeth Lewicki, removed, under the Mortgage and Ming Ryan accepted the appointment as Co-Trustee under the Mortgage in succession to said Mary Beth Lewicki; and
WHEREAS, by the Thirtieth Supplemental Indenture, the Company appointed Philip L. Watson as Co-Trustee in succession to said Ming Ryan, removed, under the Mortgage and Philip L. Watson accepted the appointment as Co-Trustee under the Mortgage in succession to said Ming Ryan; and
WHEREAS, the Company-New Jersey, the Company-Montana or the Company has heretofore issued, in accordance with the provisions of the Mortgage, the following series of First Mortgage Bonds:

	
			
	Series
	Principal
Amount
Issued
	Principal Amount
Outstanding

	2-7/8% Series due 1975 
	$40,000,000
	NONE

	3-1/8% Series due 1984 
	6,000,000
	NONE

	4-1/2% Series due 1989 
	15,000,000
	NONE

	8-1/4% Series due 1974 
	30,000,000
	NONE

	7-1/2% Series due 2001 
	25,000,000
	NONE

	8-5/8% Series due 2004
	60,000,000
	NONE

	8-3/4% Series due 1981
	30,000,000
	NONE

	9.60% Series due 2005
	35,000,000
	NONE

	9.70% Series due 2005
	65,000,000
	NONE

	9-7/8% Series due 2009
	50,000,000
	NONE

	11-3/4% Series due 1993
	75,000,000
	NONE

	10/10-1/8% Series due 2004/2014
	80,000,000
	NONE

	8-1/8% Series due 2014
	41,200,000
	NONE

	7.70% Series due 1999 
	55,000,000
	NONE

	8-1/4% Series due 2007
	55,000,000
	NONE

	8.95% Series 2022 
	50,000,000
	NONE

	Secured Medium-Term Notes 
	68,000,000
	NONE

	7% Series due 2005 
	50,000,000
	NONE

	6-1/8% Series due 2023 
	90,205,000
	NONE

	5.90% Series due 2023
	80,000,000
	NONE

	0% Series due 1999 
	210,321,007
	NONE

	7.30% Series due 2006
	150,000,000
	NONE

	Collateral (2002) Series due 2006 
	280,000,000
	NONE

	Collateral (2004) Series A due 2009
	90,000,000
	NONE

	Collateral (2004) Series B due 2011
	72,000,000
	NONE

	Collateral (2004) Series C due 2014
	161,000,000
	NONE

	4.65% Series due 2023 (Twenty-seventh)..........
	170,205,000
	170,205,000

	6.04% Series due 2016 (Twenty-eighth)............
	150,000,000
	150,000,000

	6.34% Series due 2019 (Twenty-ninth) .............
	250,000,000
	250,000,000

	5.71% Series due 2039 (Thirtieth) ...................
	55,000,000
	55,000,000

	5.01% Series due 2025 (Thirty-first)................
	161,000,000
	161,000,000

	4.15% Series due 2042 (Thirty-second).............
	60,000,000
	60,000,000

	4.30% Series due 2052 (Thirty-third)................
	40,000,000
	40,000,000

	3.99% Series due 2028 (Thirty-fourth).............
	35,000,000
	35,000,000

	4.85% Series due 2043 (Thirty-fifth)...............
	15,000,000
	15,000,000

which bonds are also hereinafter sometimes called “Bonds of the First through Thirty-fifth Series”, respectively; and
WHEREAS, Section 8 of the Mortgage provides that the form of each series of bonds (other than the First Series) issued thereunder and of the coupons to be attached to coupon bonds of such series shall be established by Resolution of the Board of Directors of the Company and that the form of such series, as established by said Board of Directors, shall specify the descriptive title of the bonds and various other terms thereof, and may also contain such provisions not inconsistent with the provisions of the Indenture as the Board of Directors may, in its discretion, cause to be inserted therein expressing or referring to the terms and conditions upon which such bonds are to be issued and/or secured under the Indenture; and 

WHEREAS, Section 120 of the Mortgage provides, among other things, that any power, privilege or right expressly or impliedly reserved to or in any way conferred upon the Company by any provision of the Indenture, whether such power, privilege or right is in any way restricted or is unrestricted, may be in whole or in part waived or surrendered or subjected to any restriction if at the time unrestricted or to additional restriction if already restricted, and the Company may enter into any further covenants, limitations or restrictions for the benefit of any one or more series of bonds issued thereunder, or the Company may cure any ambiguity contained therein or in any supplemental indenture or may (in lieu of establishment by Resolution as provided in Section 8 of the Mortgage) establish the terms and provisions of any series of bonds other than the First Series, by an instrument in writing executed and acknowledged by the Company in such manner as would be necessary to entitle a conveyance of real estate to record in all of the states in which any property at the time subject to the lien of the Indenture shall be situated; and
WHEREAS, the Company has expressly reserved the right to amend Section 120 of the Mortgage without any consent or other action by holders of Bonds of the Twenty-fourth Series, Bonds of the Twenty-fifth Series, Bonds of the Twenty-sixth Series or holders of any bonds of any subsequent series; and
WHEREAS, there are no outstanding bonds of any series issued prior to the Twenty-fourth Series, and the Company now desires to amend Section 120 of the Mortgage as provided herein; and
WHEREAS, Section 2 of Article II of the Sixteenth Supplemental Indenture provides that, until an indenture or indentures supplemental to the Mortgage shall be executed and delivered by the Company to the Trustees pursuant to authorization by the Board of Directors of the Company and filed for record in all counties in which the Mortgaged and Pledged Property is located, increasing or decreasing the amount of future advances made to the Company or future obligations payable incurred by the Company (therein called Future Mortgage Debt) which, after the date thereof, may be outstanding at any time and secured by the mortgage of real property created by the Mortgage, as supplemented, in the State of Montana (therein called the Montana Real Property Lien), the Montana Real Property Lien may secure Future Mortgage Debt in an amount not to exceed One Billion Dollars ($1,000,000,000) (the “Maximum Amount”); and
WHEREAS, the Board of Directors of the Company has authorized an increase in the Maximum Amount; and
WHEREAS, pursuant to and in accordance with Section 2 of Article II of the Sixteenth Supplemental Indenture, the Company now desires to increase the Maximum Amount to One Billion Four Hundred Eighty Million Dollars ($1,480,000,000), effective upon the filing for record of this Thirty-second Supplemental Indenture in all counties in which the Mortgaged and Pledged Property is located; and
WHEREAS, the execution and delivery by the Company of this Thirty-second Supplemental Indenture have been duly authorized by the Board of Directors of the Company by appropriate Resolutions of said Board of Directors.
NOW, THEREFORE, THIS INDENTURE WITNESSETH:
That the Company, in consideration of the premises and of $1.00 to it duly paid by the Trustees at or before the ensealing and delivery of these presents, the receipt whereof is hereby acknowledged, and in further evidence of assurance of the estate, title and rights of the Trustees and in order further to secure the payment of both the principal of and interest and premium, if any, on the bonds from time to time issued under the Indenture, according to their tenor and effect and the performance of all the provisions of the Indenture (including any modification made as in the Mortgage provided) and of said bonds, and to confirm the lien of the Mortgage, as heretofore supplemented, on certain after-acquired property, hereby grants, 

bargains, sells, releases, conveys, assigns, transfers, mortgages, pledges, sets over and confirms (subject, however, to Excepted Encumbrances as defined in Section 6 of the Mortgage, as heretofore supplemented) unto Philip L. Watson, Co-Trustee, and (to the extent of its legal capacity to hold the same for the purposes hereof) to The Bank of New York Mellon, the Corporate Trustee, as Trustees under the Indenture, and to their successor or successors in said trust, and to said Trustees and their successors and assigns forever, all property, real, personal and mixed, of the kind or nature specifically mentioned in the Mortgage, as heretofore supplemented, or of any other kind or nature (whether or not located in the State of Montana), acquired by the Company after the date of the execution and delivery of the Mortgage, as heretofore supplemented (except any herein or in the Mortgage, as heretofore supplemented, expressly excepted), now owned or, subject to the provisions of subsection (I) of Section 87 of the Mortgage, as heretofore supplemented, hereafter acquired by the Company (by purchase, consolidation, merger, donation, construction, erection or in any other way) and wheresoever situated, including (without in anywise limiting or impairing by the enumeration of the same the scope and intent of the foregoing, or of any general description contained in the Indenture) all lands, power sites, flowage rights, water rights, water locations, water appropriations, ditches, flumes, reservoirs, reservoir sites, canals, raceways, dams, dam sites, aqueducts and all other rights or means for appropriating, conveying, storing and supplying water; all rights of way and roads; all plants for the generation of electricity by steam, water and/or other power; all powerhouses, gas plants, street lighting systems, standards and other equipment incidental thereto, telephone, radio and television systems, air-conditioning systems and equipment incidental thereto, water works, water systems, steam heat and hot water plants, substations, lines, service and supply systems, bridges, culverts, tracks, ice or refrigeration plants and equipment, offices, buildings and other structures and the equipment thereof, all machinery, engines, boilers, dynamos, electric, gas and other machines, regulators, meters, transformers, generators, motors, electrical, gas and mechanical appliances, conduits, cables, water, steam heat, gas or other pipes, gas mains and pipes, service pipes, fittings, valves and connections, pole and transmission lines, wires, cables, tools, implements, apparatus, furniture and chattels; all franchises, consents or permits, all lines for the transmission and distribution of electric current, gas, steam heat or water for any purpose including towers, poles, wires, cables, pipes, conduits, ducts and all apparatus for use in connection therewith; all real estate, lands, easements, servitudes, licenses, permits, franchises, privileges, rights of way and other rights in or relating to real estate or the occupancy of the same and (except as herein or in the Mortgage, as heretofore supplemented, expressly excepted) all the right, title and interest of the Company in and to all other property of any kind or nature appertaining to and/or used and/or occupied and/or enjoyed in connection with any property hereinbefore or in the Mortgage, as heretofore supplemented, described.
TOGETHER with all and singular the tenements, hereditaments, prescriptions, servitudes and appurtenances belonging or in anywise appertaining to the aforesaid property or any part thereof, with the reversion and reversions, remainder and remainders and (subject to the provisions of Section 57 of the Mortgage) the tolls, rents, revenues, issues, earnings, income, product and profits thereof, and all the estate, right, title and interest and claim whatsoever, at law as well as in equity, which the Company now has or may hereafter acquire in and to the aforesaid property and franchises and every part and parcel thereof.
IT IS HEREBY AGREED by the Company that, subject to the provisions of subsection (I) of Section 87 of the Mortgage, as heretofore supplemented, all the property, rights and franchises acquired by the Company (by purchase, consolidation, merger, donation, construction, erection or in any other way) after the date hereof, except any herein or in the Mortgage, as heretofore supplemented, expressly excepted, shall be and are as fully granted and conveyed hereby and as fully embraced within the lien hereof and the lien of the Mortgage, as heretofore supplemented, as if such property, rights and franchises were now owned by the Company and were specifically described herein and conveyed hereby.

PROVIDED that the following are not and are not intended to be now or hereafter granted, bargained, sold, released, conveyed, assigned, transferred, mortgaged, hypothecated, affected, pledged, set over or confirmed hereunder and are hereby expressly excepted from the lien and operation of the Mortgage, as supplemented, viz:  (1) cash, shares of stock, bonds, notes and other obligations and other securities not specifically pledged, paid, deposited, delivered or held under the Mortgage, as supplemented, or covenanted so to be; (2) merchandise, equipment, apparatus, materials or supplies held for the purpose of sale or other disposition in the usual course of business; fuel, oil and similar materials and supplies consumable in the operation of any of the properties of the Company; all aircraft, tractors, rolling stock, trolley coaches, buses, motor coaches, automobiles, motor trucks, and other vehicles and materials and supplies held for the purpose of repairing or replacing (in whole or part) any of the same; (3) bills, notes and accounts receivable, judgments, demands and choses in action, and all contracts, leases and operating agreements not specifically pledged under the Mortgage, as supplemented, or covenanted so to be; the Company’s contractual rights or other interest in or with respect to tires not owned by the Company; (4) the last day of the term of any lease or leasehold which may be or become subject to the lien of the Mortgage, as supplemented; (5) electric energy, gas, steam, water, ice, and other materials or products generated, manufactured, produced, purchased or acquired by the Company for sale, distribution or use in the ordinary course of its business; all timber, minerals, mineral rights and royalties and all Gas and Oil Production Property, as defined in Section 4 of the Mortgage, as supplemented; (6) the Company’s franchise to be a corporation; and (7) any property heretofore released pursuant to any provisions of the Indenture and not heretofore disposed of by the Company-New Jersey, the Company-Montana, NorthWestern Energy or the Company; provided, however, that the property and rights expressly excepted from the lien and operation of the Mortgage, as supplemented, in the above subdivisions (2) and (3) shall (to the extent permitted by law) cease to be so excepted in the event and as of the date that either or both of the Trustees or a receiver or trustee shall enter upon and take possession of the Mortgaged and Pledged Property in the manner provided in Article XIII of the Mortgage by reason of the occurrence of a Default as defined in Section 65 thereof.
TO HAVE AND TO HOLD all such properties, real, personal and mixed, granted, bargained, sold, released, conveyed, assigned, transferred, mortgaged, pledged, set over or confirmed by the Company as aforesaid, or intended so to be, unto the Co-Trustee and (to the extent of its legal capacity to hold the same for the purposes hereto) unto the Corporate Trustee, as Trustees, and their successors and assigns forever.
IN TRUST NEVERTHELESS, for the same purposes and upon the same terms, trusts and conditions and subject to and with the same provisos and covenants as are set forth in the Mortgage, as supplemented, this Thirty-second Supplemental Indenture being supplemental thereto.
AND IT IS HEREBY COVENANTED by the Company that all the terms, conditions, provisos, covenants and provisions contained in the Mortgage, as supplemented, shall affect and apply to the property hereinbefore described and conveyed and to the estate, rights, obligations and duties of the Company and the Trustees and the beneficiaries of the trust with respect to said property, and to the Trustees and their successors as Trustees of said property in the same manner and with the same effect as if the said property had been owned by the Company-New Jersey at the time of the execution of the Mortgage, and had been specifically and at length described in and conveyed to the Trustees, by the Mortgage as a part of the property therein stated to be conveyed.
SUBJECT NEVERTHELESS, to the limitation permitted by subsection (I) of Section 87 of the Mortgage, as supplemented, namely, that notwithstanding the foregoing, the Mortgage, as supplemented, shall not become or be or be required to become or be a lien upon any of the properties or franchises owned by the Company on the Transfer Date or thereafter acquired by the Company (by purchase, consolidation, merger, donation, construction, erection or in any other way) except (a) those acquired by it from NorthWestern Energy, and improvements, extensions and additions thereto and renewals and replacements 

thereof, (b) the property made and used by the Company as the basis under any of the provisions of the Indenture for the authentication and delivery of additional bonds or the withdrawal of cash or the release of property or a credit under Section 39 or Section 40 of the Indenture, and (c) such franchises, repairs and additional property as may be acquired, made or constructed by the Company (1) to maintain, renew and preserve the franchises covered by the Indenture, or (2) to maintain the property mortgaged and intended to be mortgaged under the Indenture as an operating system or systems in good repair, working order and condition, or (3) in rebuilding or renewal of property, subject to the Lien under the Indenture, damaged or destroyed, or (4) in replacement of or substitution for machinery, apparatus, equipment, frames, towers, poles, wire, pipe, tools, implements and furniture, subject to the Lien thereunder, which shall have become old, inadequate, obsolete, worn out, unfit, unadapted, unserviceable, undesirable or unnecessary for use in the operation of the property mortgaged and intended to be mortgaged thereunder; provided, however, that said limitation permitted by subsection (I) of Section 87 of the Mortgage, as supplemented, shall not apply to the Colstrip Property (as defined in the Twenty-ninth Supplemental Indenture), which pursuant to the Twenty-ninth Supplemental Indenture was expressly made subject to the Lien of the Mortgage, as supplemented, and constitutes Mortgaged and Pledged Property.
The Company further covenants and agrees to and with the Trustees and their successors in said trust under the Indenture, as follows:
ARTICLE I
Amendment to Mortgage
Section 1.01.    Amendment of Section 120 of the Mortgage.  Section 120 of the Mortgage is amended as follows:  (i) by substituting for the words “adversely affecting any bonds then Outstanding hereunder,” which appear at the end of the last sentence of such Section, the words “which adversely affects the interests of the Holders of any of the bonds then Outstanding in any material respect”; and (ii) to add at the end of the first sentence of such Section the following:
; or the Company may correct or supplement any provision herein or in any supplemental indenture which may be defective or inconsistent with any other provision herein or in any supplemental indenture; or the Company may make other changes to the provisions hereof or of any supplemental indenture or add new provisions hereto or to any supplemental indenture or eliminate provisions herefrom or from any supplemental indenture, provided that the same does not adversely affect the interests of the Holders of any of the bonds then Outstanding in any material respect.
ARTICLE II
Miscellaneous Provisions
Section 2.01.    Pursuant to and in accordance with the terms of Section 2 of Article II of the Sixteenth Supplemental Indenture, the amount of One Billion Dollars ($1,000,000,000) referenced therein is hereby increased to One Billion Four Hundred Eighty Million Dollars ($1,480,000,000).  This Section 2.01 shall become effective upon the filing for record of this Thirty-second Supplemental Indenture in all counties in which the Mortgaged and Pledged Property is located.
Section 2.02. Subject to the amendments provided for in this Thirty-second Supplemental Indenture, the terms defined in the Mortgage, as heretofore supplemented, shall, for all purposes of this Thirty-second Supplemental Indenture, have the meanings specified in the Mortgage, as heretofore supplemented.

Section 2.03. The Trustees hereby accept the trusts herein declared, provided, created or supplemented and agree to perform the same upon the terms and conditions herein and in the Mortgage, as heretofore supplemented, set forth and upon the following terms and conditions:
The Trustees shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Thirty-second Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made by the Company solely. In general, each and every term and condition contained in Article XVII of the Mortgage shall apply to and form part of this Thirty-second Supplemental Indenture with the same force and effect as if the same were herein set forth in full with such omissions, variations and insertions, if any, as may be appropriate to make the same conform to the provisions of this Thirty-second Supplemental Indenture.
Section 2.04. Whenever in this Thirty-second Supplemental Indenture any of the parties hereto is named or referred to, this shall, subject to the provisions of Articles XVI and XVII of the Mortgage, be deemed to include the successors and assigns of such party, and all the covenants and agreements in this Thirty-second Supplemental Indenture contained by or on behalf of the Company, or by or on behalf of the Trustees shall, subject as aforesaid, bind and inure to the respective benefit of the respective successors and assigns of such parties, whether so expressed or not.
Section 2.05. Nothing in this Thirty-second Supplemental Indenture, expressed or implied, is intended, or shall be construed, to confer upon, or to give to, any person, firm or corporation, other than the parties hereto and the holders of the bonds and coupons Outstanding under the Indenture, any right, remedy or claim under or by reason of this Thirty-second Supplemental Indenture or any covenant, condition, stipulation, promise or agreement hereof, and all the covenants, conditions, stipulations, promises and agreements in this Thirty-second Supplemental Indenture contained by or on behalf of the Company shall be for the sole and exclusive benefit of the parties hereto, and of the holders of the bonds and coupons Outstanding under the Indenture.
Section 2.06. This Thirty-second Supplemental Indenture shall be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.    IN WITNESS WHEREOF, NORTHWESTERN CORPORATION has caused its corporate name to be hereunto affixed, and this instrument to be signed and sealed by one of its Vice Presidents, and its seal to be attested by its Corporate Secretary or one of its Assistant Corporate Secretaries for and in its behalf, and THE BANK OF NEW YORK MELLON, in token of its acceptance of the trust hereby created, has caused its corporate name to be hereunto affixed, and this instrument to be signed and sealed by one of its Vice Presidents or one of its Assistant Vice Presidents, and its corporate seal to be attested by one of its Assistant Vice Presidents, Assistant Secretaries or Assistant Treasurers, and Philip L. Watson, for all like purposes, has hereunto set his hand and affixed his seal, as of the day and year first above written.

NORTHWESTERN CORPORATION

By: /s/ Brian B. Bird                    
Brian B. Bird
Vice President and Chief Financial Officer
[SEAL]
Attest:

/s/ Emily Larkin                
Emily Larkin
Assistant Corporate Secretary
Executed, sealed and delivered by
NORTHWESTERN CORPORATION 
in the presence of:

/s/ Dan Rausch                

/s/ Emilie Ng                    

[Signature Page to the Thirty-second Supplemental Indenture]
STATE OF SOUTH DAKOTA)
) ss.
COUNTY OF LINCOLN    )
This instrument was acknowledged before me on this 3rd day of November, 2014, by Brian Bird, Vice President, of NORTHWESTERN CORPORATION, a Delaware corporation.

/s/ Nancy Thompson            
Notary Public

[SEAL]
NANCY THOMPSON
NOTARY PUBLIC
SOUTH DAKOTA
MCE 3/20/18

[Acknowledgment to the Thirty-second Supplemental Indenture]
THE BANK OF NEW YORK MELLON,
   as Corporate Trustee

By: /s/Latoya S. Elvin                
Name:  Latoya S. Elvin
Title:  Vice President
[SEAL]
Attest:
/s/ Jaime Nielsen            
Name: Jaime Nielsen
Title:  Vice President

/s/ Philip L. Watson            L.S.
Philip L. Watson, as Co-Trustee

Executed, sealed and delivered by
THE BANK OF NEW YORK MELLON and
Philip L. Watson in the presence of:

/s/                        

/s/                        

[Signature Page to the Thirty-second Supplemental Indenture]
STATE OF NEW YORK    )
) ss.
COUNTY OF NEW YORK    )
This instrument was acknowledged before me on this 3rd day of November, 2014, by Latoya S. Elvin, Vice President of THE BANK OF NEW YORK MELLON, a New York corporation.

/s/ Christopher J. Traina            
Notary Public
CHRISTOPHER J. TRAINA
NOTARY PUBLIC-STATE OF NEW YORK
No. 01TR6297825
Qaulified in Queens County
My Commission Expires March 03, 2018
Certified in Manhattan County

[Acknowledgment to the Thirty-second Supplemental Indenture]
STATE OF NEW YORK    )
) ss.
COUNTY OF NEW YORK    )
This instrument was acknowledged before me on this 3rd day of November, 2014, by Philip L. Watson.

/s/ Christopher J. Traina            
Notary Public
CHRISTOPHER J. TRAINA
NOTARY PUBLIC-STATE OF NEW YORK
No. 01TR6297825
Qaulified in Queens County
My Commission Expires March 03, 2018
Certified in Manhattan County

[Acknowledgment Page to the Thirty-second Supplemental Indenture]

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