Document:

Exhibit
        4.1

       

      Execution Version

      
        

    

     

    

    New Jersey Resources Corporation

    

    

    $110,000,000 4.38% Senior Notes, Series 2022A, due June 23, 2027

     

    Note Purchase Agreement

     

    Dated as of June 23, 2022

     

    
      
        

    

    
    TABLE OF CONTENTS

      

    

    	 	 	
            Page

          
	 	 	 
	
            SECTION 1. AUTHORIZATION OF NOTES

          	
            1

          
	 	
            Section 1.1.

          	
            Authorization of Notes

          	
            1

          
	 	 	 	 
	
            SECTION 2. SALE AND PURCHASE OF NOTES; GUARANTY

          	
            1

          
	 	
            Section 2.1.

          	
            Sale and Purchase of Notes

          	
            1

          
	 	
            Section 2.2.

          	
            Guaranty Agreement

          	
            1

          
	 	 	 	 
	
            SECTION 3. CLOSING

          	
            2

          
	 	 
	
            SECTION 4. CONDITIONS TO CLOSING

          	
            2

          
	 	
            Section 4.1.

          	
            Representations and Warranties

          	
            2

          
	 	
            Section 4.2.

          	
            Performance; No Default

          	
            2

            

          
	 	
            Section 4.3.

          	
            Compliance Certificates

          	
            3

          
	 	
            Section 4.4.

          	
            Guaranty Agreement

          	
            3

          
	 	
            Section 4.5.

          	
            Opinions of Counsel

          	
            3

          
	 	
            Section 4.6.

          	
            Purchase Permitted by Applicable Law, Etc

          	
            4

            

          
	 	
            Section 4.7.

          	
            Sale of Other Notes

          	
            4

          
	 	
            Section 4.8.

          	
            Payment of Special Counsel Fees

          	
            4

          
	 	
            Section 4.9.

          	
            Private Placement Number

          	
            4

          
	 	
            Section 4.10.

          	
            Changes in Corporate Structure

          	
            4

          
	 	
            Section 4.11.

          	
            Funding Instructions

          	
            4

          
	 	
            Section 4.11.

          	
            Debt Rating

          	
            4

          
	 	
            Section 4.12.

          	
            Proceedings and Documents

          	
            5

            

          
	 	 	 	 
	
            SECTION 5. REPRESENTATIONS AND WARRANTIES OF THE COMPANY

          	
            5

          
	 	
            Section 5.1.

          	
            Organization; Power and Authority

          	
            5

          
	 	
            Section 5.2.

          	
            Authorization, Etc

          	
            5

          
	 	
            Section 5.3.

          	
            Disclosure

          	
            6

            

          
	 	
            Section 5.4.

          	
            Organization and Ownership of Shares of Subsidiaries

          	
            6

          
	 	
            Section 5.5.

          	
            Financial Statements

          	
            6

          
	 	
            Section 5.6.

          	
            Compliance with Laws, Other Instruments, Etc

          	
            7

          
	 	
            Section 5.7.

          	
            Governmental Authorizations, Etc

          	
            7

          
	 	
            Section 5.8.

          	
            Litigation; Observance of Statutes and Orders

          	
            7

          
	 	
            Section 5.9.

          	
            Taxes

          	
            7

          
	 	
            Section 5.10.

          	
            Title to Property; Leases

          	
            8

          
	 	
            Section 5.11.

          	
            Licenses, Permits, Etc

          	
            8

          
	 	
            Section 5.12.

          	
            Compliance with ERISA

          	
            8

          
	 	
            Section 5.13.

          	
            Private Offering by the Company

          	
            9

          
	 	
            Section 5.14.

          	
            Use of Proceeds; Margin Regulations

          	
            9

          
	 	
            Section 5.15.

          	
            Existing Debt

          	
            10

            

          
	 	
            Section 5.16.

          	
            Foreign Assets Control Regulations, Etc

          	
            10

          
	 	
            Section 5.17.

          	
            Status under Certain Statutes

          	
            11

          

    

    

    
      -i-

      
        

    

    TABLE OF CONTENTS

    (continued)

    

    

    	 	 	 	
            Page

          
	 	 	 	 
	 	
            Section 5.18.

          	
            Environmental Matters

          	
            11

          
	 	
            Section 5.19.

          	
            Notes Rank Pari Passu

          	
            12

          
	 	 	 	 
	
            SECTION 6. REPRESENTATIONS OF THE PURCHASERS

          	
            12

          
	 	
            Section 6.1.

          	
            Purchase for Investment

          	
            12

          
	 	
            Section 6.2.

          	
            Source of Funds

          	
            12

          
	 	 	 	 
	
            SECTION 7. INFORMATION AS TO COMPANY

          	
            14

          
	 	
            Section 7.1.

          	
            Financial and Business Information

          	
            14

          
	 	
            Section 7.2.

          	
            Officer’s Certificate

          	
            17

          
	 	
            Section 7.3.

          	
            Inspection

          	
            18

          
	 	 	 	 
	
            SECTION 8. PREPAYMENT OF THE NOTES

          	
            18

          
	 	
            Section 8.1.

          	
            Maturity; Required Prepayments

          	
            18

          
	 	
            Section 8.2.

          	
            Optional Prepayments with Make-Whole Amount

          	
            18

          
	 	
            Section 8.3.

          	
            Allocation of Partial Prepayments

          	
            19

          
	 	
            Section 8.4.

          	
            Maturity; Surrender, Etc

          	
            19

          
	 	
            Section 8.5.

          	
            Purchase of Notes

          	
            19

          
	 	
            Section 8.6.

          	
            Make-Whole Amount for Notes

          	
            20

            

          
	 	
            Section 8.7.

          	
            Offer to Prepay upon Asset Disposition

          	
            21

          
	 	 	 	 
	
            SECTION 9. AFFIRMATIVE COVENANTS

          	
            22

          
	 	
            Section 9.1.

          	
            Compliance with Law

          	
            22

          
	 	
            Section 9.2.

          	
            Insurance

          	
            22

          
	 	
            Section 9.3.

          	
            Maintenance of Properties

          	
            22

          
	 	
            Section 9.4.

          	
            Payment of Taxes and Claims

          	
            23

          
	 	
            Section 9.5.

          	
            Corporate Existence, Etc

          	
            23

          
	 	
            Section 9.6.

          	
            Ownership of Subsidiaries

          	
            23

          
	 	
            Section 9.7.

          	
            Guaranty Agreement

          	
            23

          
	 	
            Section 9.8.

          	
            New Jersey Natural Gas Regulated Nature

          	
            25

          
	 	
            Section 9.9.

          	
            Notes to Rank Pari Passu

          	
            25

          
	 	
            Section 9.10.

          	
            Ratings on the Notes

          	
            25

          
	 	 	 	 
	
            SECTION 10. NEGATIVE COVENANTS

          	
            26

          
	 	
            Section 10.1.

          	
            Leverage Ratio

          	
            26

          
	 	
            Section 10.2.

          	
            Limitation on Priority Debt

          	
            26

          
	 	
            Section 10.3.

          	
            Liens

          	
            26

          
	 	
            Section 10.4.

          	
            Restricted Payments

          	
            29

          
	 	
            Section 10.5.

          	
            Restrictions on Dividends of Subsidiaries, Etc

          	
            29

          
	 	
            Section 10.6.

          	
            Sale of Assets, Etc

          	
            29

          
	 	
            Section 10.7.

          	
            Merger, Consolidation, Etc

          	
            30

          
	 	
            Section 10.8.

          	
            Disposal of Ownership of a Restricted Subsidiary

          	
            31

          

    

    

    
      -ii-

      
        

    

    TABLE OF CONTENTS

    (continued)

    

    

    	 	 	 	
            Page

          
	 	 	 	 
	 	
            Section 10.9.

          	
            Limitations on Subsidiaries, Partnerships and Joint Ventures

          	
            32

          
	 	
            Section 10.10.

          	
            [Reserved]

          	
            32

          
	 	
            Section 10.11.

          	
            Nature of Business

          	
            32

          
	 	
            Section 10.12.

          	
            Transactions with Affiliates

          	
            32

          
	 	
            Section 10.13.

          	
            Designation of Restricted and Unrestricted Subsidiaries

          	
            33

            

          
	 	
            Section 10.14.

          	
            Economic Sanctions, Etc

          	
            33

          
	 	 	 	 
	
            SECTION 11. EVENTS OF DEFAULT

          	
            33

          
	 	 
	
            SECTION 12. REMEDIES ON DEFAULT, ETC

          	
            36

          
	 	
            Section 12.1.

          	
            Acceleration

          	
            36

          
	 	
            Section 12.2.

          	
            Other Remedies

          	
            37

          
	 	
            Section 12.3.

          	
            Rescission

          	
            37

          
	 	
            Section 12.4.

          	
            No Waivers or Election of Remedies, Expenses, Etc

          	
            37

          
	 	 	 	 
	
            SECTION 13. REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES

          	
            37

          
	 	
            Section 13.1.

          	
            Registration of Notes

          	
            38

          
	 	
            Section 13.2.

          	
            Transfer and Exchange of Notes

          	
            38

          
	 	
            Section 13.3.

          	
            Replacement of Notes

          	
            38

          
	 	 	 	 
	
            SECTION 14. PAYMENTS ON NOTES

          	
            39

          
	 	
            Section 14.1.

          	
            Place of Payment

          	
            39

          
	 	
            Section 14.2.

          	
            Home Office Payment

          	
            39

          
	 	
            Section 14.3.

          	
            FATCA Information

          	
            39

          
	 	 	 	 
	
            SECTION 15. EXPENSES, ETC

          	
            40

          
	 	
            Section 15.1.

          	
            Transaction Expenses

          	
            40

          
	 	
            Section 15.2.

          	
            Certain Taxes

          	
            40

          
	 	
            Section 15.3.

          	
            Survival

          	
            40

          
	 	 	 	 
	
            SECTION 16. SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT

          	
            41

          
	 	 
	
            SECTION 17. AMENDMENT AND WAIVER

          	
            41

          
	 	
            Section 17.1.

          	
            Requirements

          	
            41

          
	 	
            Section 17.2.

          	
            Solicitation of Purchasers and Holders of Notes

          	
            41

          
	 	
            Section 17.3.

          	
            Binding Effect, Etc

          	
            42

          
	 	
            Section 17.4.

          	
            Notes Held by Company, Etc

          	
            42

          
	 	 	 	 
	
            SECTION 18. NOTICES

          	
            42

          
	 	 
	
            SECTION 19. REPRODUCTION OF DOCUMENTS

          	
            43

          

     

    

    
      -iii-

      
        

    

    TABLE OF CONTENTS

    (continued)

    

    

    	 	 	
            Page

          
	 	 	 
	
            SECTION 20. CONFIDENTIAL INFORMATION

          	
            43

          
	 	 
	
            SECTION 21. SUBSTITUTION OF PURCHASER

          	
            45

          
	 	 
	
            SECTION 22. MISCELLANEOUS

          	
            45

          
	 	
            Section 22.1.

          	
            Successors and Assigns

          	
            45

          
	 	
            Section 22.2.

          	
            Submission to Jurisdiction; Waiver of Jury Trial

          	
            45

          
	 	
            Section 22.3.

          	
            Payments Due on Non-Business Days

          	
            46

          
	 	
            Section 22.4.

          	
            Accounting Terms

          	
            46

          
	 	
            Section 22.5.

          	
            Severability

          	
            46

          
	 	
            Section 22.6.

          	
            Construction

          	
            47

          
	 	
            Section 22.7.

          	
            Counterparts; Electronic Contracting

          	
            47

          
	 	
            Section 22.8.

          	
            Governing Law

          	
            47

          

    

    

    
      -iv-

      
        

    

    Attachments to Note Purchase Agreement:

     

    	
            Schedule A

          	
            —

          	
            Information Relating to Purchasers

          
	 	 	 
	
            Schedule B

          	
            —

          	
            Defined Terms

          
	 	 	 
	
            Schedule 5.3

          	
            —

          	
            Disclosure Materials

          
	 	 	 
	
            Schedule 5.4

          	
            —

          	
            Subsidiaries of the Company and Ownership of Subsidiary Stock

          
	 	 	 
	
            Schedule 5.5

          	
            —

          	
            Financial Statements

          
	 	 	 
	
            Schedule 5.8

          	
            —

          	
            Certain Litigation

          
	 	 	 
	
            Schedule 5.11

          	
            —

          	
            Patents, Etc.

          
	 	 	 
	
            Schedule 5.15

          	
            —

          	
            Existing Debt

          
	 	 	 
	
            Exhibit 1

          	
            —

          	
            Form of 4.38% Senior Notes, Series 2022A, due June 23, 2027

          
	 	 	 
	
            Exhibit 2

          	
            —

          	
            Form of Subsidiary Guaranty Agreement

          
	 	 	 
	
            Exhibit 4.5(a)

          	
            —

          	
            Form of Opinion of General Counsel and Special Counsel for the Company and the Guarantors

          
	 	 	 
	
            Exhibit 4.5(b)

          	
            —

          	
            Form of Opinion of Special Counsel for the Purchasers

          

    

    

    
      -v-

      
        

    

    New Jersey Resources Corporation

    1415 Wyckoff Road

    Wall, New Jersey 07719

     

    $110,000,000 4.38% Senior Notes, Series 2022A, due June 23, 2027

    

    

    Dated as of June 23, 2022

     

    To Each of the Purchasers Listed in

    Schedule A Hereto:

     

    Ladies and Gentlemen:

     

    New Jersey Resources Corporation, a New Jersey corporation (the “Company”), agrees with each of you as follows:

     

    Section 1.          Authorization

          of Notes.

     

    Section 1.1.          Authorization of Notes.  The Company will authorize the issue and sale of $110,000,000 aggregate principal amount of its 4.38% Senior Notes, Series 2022A, due
        June 23, 2027 (as amended, restated or otherwise modified from time to time pursuant to Section 17, the “Notes”, such term to include any such notes issued in
        substitution therefor pursuant to Section 13).  The Notes shall be substantially in the form set out in Exhibit 1, with such changes therefrom, if any, as may be
        approved by the Purchasers and the Company.  Certain capitalized and other terms used in this Agreement are defined in Schedule B.  References to a “Schedule” or an “Exhibit” are references to a Schedule or
        Exhibit, as applicable, attached to this Agreement unless otherwise specified.  References to a “Section” are references to a Section of this Agreement unless otherwise specified.

     

    Section 2.          Sale
          and Purchase of Notes; Guaranty.

     

    Section 2.1.          Sale and Purchase of Notes.  Subject to the terms and conditions of this Agreement, the Company will issue and sell to each Purchaser and each Purchaser will purchase from the Company, at the Closing provided
        for in Section 3, Notes in the principal amount specified opposite such Purchaser’s name in Schedule A at the purchase price of 100% of the principal amount thereof. 
        The Purchasers’ obligations hereunder are several and not joint obligations and no Purchaser shall have any obligation or liability to any Person for the performance or non-performance of any obligation by any other Purchaser hereunder.

     

    Section 2.2.          Guaranty Agreement.  The obligations of the Company hereunder and under the Notes are absolutely, unconditionally and irrevocably guaranteed by each Restricted Subsidiary existing on the Closing Date (as defined
        below) and each other Subsidiary from time to time required to guaranty the Notes pursuant to Section 9.7 (each a “Guarantor” and, collectively, the “Guarantors”), pursuant to that certain Subsidiary Guaranty Agreement dated as of the Closing Date (as the same may be amended, supplemented, restated or otherwise modified from time to time, the “Guaranty Agreement”) substantially in the form of Exhibit 2, and subject to the provisions of Section 9.7(c).

     

    
      
        

    

    
    Section 3.          Closing.

     

    The sale and purchase of the Notes to be purchased by each Purchaser shall occur at the offices of ArentFox Schiff LLP, 1185 Sixth Avenue, Suite 3000,
      New York, New York 10036 at 11:00 a.m., New York, New York time (the “Closing”), on June 23, 2022 (the “Closing Date”).  At the Closing, the Company will deliver to
      each Purchaser the Notes to be purchased by such Purchaser in the form of a single Note (or such greater number of Notes in denominations of at least $100,000 as such Purchaser may request) dated the Closing Date and registered in such Purchaser’s
      name (or in the name of its nominee), against delivery by such Purchaser to the Company or its order of immediately available funds in the amount of the purchase price therefor by wire transfer of immediately available funds for the account of the
      Company in accordance with the funding instructions provided pursuant to Section 4.11.  If at the Closing the Company shall fail to tender the Notes to any Purchaser to be purchased by such Purchaser as
      provided above in this Section 3, or any of the conditions specified in Section 4 shall not have been fulfilled to such Purchaser’s satisfaction, such Purchaser shall,
      at its election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such Purchaser may have by reason of such failure or such nonfulfillment.

     

    Section 4.          Conditions

          to Closing.

     

    Each Purchaser’s obligation to purchase and pay for the Notes to be sold to such Purchaser at the Closing is subject to the fulfillment to such
      Purchaser’s satisfaction, prior to or at the Closing, of the following conditions:

     

    Section 4.1.          Representations and Warranties.  (a) The representations and warranties of the Company in this Agreement shall be true and correct as of the date of this Agreement and at the time of the Closing, except for such
        representations and warranties as of a specified date (which representations and warranties shall be correct in all material respects as of such specified date).

     

    (b)          The
        representations and warranties of each Guarantor in the Guaranty Agreement shall be correct as of the date of this Agreement and at the time of the Closing, except for such representations and warranties as of a specified date (which
        representations and warranties shall be correct in all material respects as of such specified date).

     

    Section 4.2.          Performance; No Default.  The Company and each Guarantor shall have performed and complied with all agreements and conditions contained in this Agreement or in the Guaranty Agreement, as applicable, required to
        be performed or complied with by it prior to or at the Closing.  Before and after giving effect to the issue and sale of the Notes (and the application of the proceeds thereof as contemplated by Section 5.14),

        no Default or Event of Default shall have occurred and be continuing.

     

    
      -2-

      
        

    

    Section 4.3.          Compliance Certificates.

     

    (a)          Officer’s Certificate.  (1) The Company shall have delivered to such Purchaser an Officer’s Certificate, dated the Closing Date, certifying that the conditions specified in Sections

          4.1, 4.2 and 4.10 have been fulfilled.

     

    (2)          Each
        Guarantor shall have delivered to such Purchaser an Officer’s Certificate, dated the Closing Date, certifying that the conditions specified in Section 4.1(b) and 4.2
        have been fulfilled.

     

    (3)          A duly
        authorized Senior Financial Officer shall execute and deliver to each such Purchaser an Officer’s Certificate dated the Closing Date stating that such officer has reviewed the provisions of this Agreement and setting forth the information and
        computations (in sufficient detail) required to establish whether after giving effect to the issuance of the Notes and after giving effect to the application of the proceeds thereof, the Company is in compliance with the requirements of Section 10.1 on such date.

     

    (b)          Secretary’s Certificate.  (1) The Company shall have delivered to such Purchaser a certificate of its Secretary, dated the Closing Date, certifying as to (i) the resolutions attached thereto and other corporate
        proceedings relating to the authorization, execution and delivery of the Notes and this Agreement and (ii) the Company’s organizational documents then in effect.

     

    (2)          Each
        Guarantor shall have delivered to such Purchaser a certificate of its Secretary, dated the Closing Date, certifying as to (i) the resolutions attached thereto and other corporate or similar proceedings relating to the authorization, execution and
        delivery of the Guaranty Agreement and (ii) such Guarantor’s organizational documents then in effect.

     

    Section 4.4.          Guaranty Agreement.  The Guaranty Agreement shall have been duly authorized, executed and delivered by each Guarantor and shall be in full force and effect and such Purchaser shall have received a duly executed
        copy thereof.

     

    Section 4.5.          Opinions of Counsel.  Such Purchaser shall have received opinions in form and substance satisfactory to such Purchaser, dated the Closing Date (a) from Richard Reich, Esq., Senior Vice President, General Counsel
        and Corporate Secretary of the Company, and of Troutman Pepper Hamilton Sanders LLP, special counsel for the Company and the Guarantors, covering the matters set forth in Exhibit 4.5(a) and covering such other matters incident to the transactions
        contemplated hereby as such Purchaser or special counsel to the Purchasers may reasonably request (and the Company hereby instructs its counsel to deliver such opinion to such Purchaser) and (b) from ArentFox Schiff LLP, special counsel to the
        Purchasers of the Notes, in connection with such transactions, substantially in the form set forth in Exhibit 4.5(b) and covering such other matters incident to such transactions as such Purchaser may reasonably request.

     

    
      -3-

      
        

    

    Section 4.6.          Purchase Permitted by Applicable Law, Etc.  On the Closing Date, such Purchaser’s purchase of Notes shall (a) be permitted by the laws and regulations of each jurisdiction to which such Purchaser is subject,
        without recourse to provisions (such as Section 1405(a)(8) of the New York Insurance Law) permitting limited investments by insurance companies without restriction as to the character of the particular investment, (b) not violate any applicable law
        or regulation (including, without limitation, Regulation T, U or X of the Board of Governors of the Federal Reserve System) and (c) not subject such Purchaser to any tax, penalty or liability under or pursuant to any applicable law or regulation
        which law or regulation was not in effect on the date of this Agreement.  If requested by such Purchaser, such Purchaser shall have received an Officer’s Certificate certifying as to such matters of fact as such Purchaser may reasonably specify to
        enable it to determine whether such purchase is so permitted.

     

    Section 4.7.          Sale of Other Notes.  Contemporaneously with the Closing the Company shall sell to each other Purchaser and each other Purchaser shall purchase the Notes as specified in Schedule

          A.

     

    Section 4.8.          Payment of Special Counsel Fees.  Without limiting the provisions of Section 15.1, the Company shall have paid on or before the Closing the reasonable fees, charges and
        disbursements of special counsel to the Purchasers referred to in Section 4.5(b) to the extent reflected in a statement of such counsel rendered to the Company at least one Business Day prior to the Closing.

     

    Section 4.9.          Private Placement Number.  A Private Placement Number issued by CUSIP Global Services (in cooperation with the SVO) shall have been obtained for the Notes.

     

    Section 4.10.          Changes in Corporate Structure.  The Company shall not have changed its jurisdiction of incorporation or been a party to any merger or consolidation and shall not have succeeded to all or any substantial part of
        the liabilities of any other entity at any time following the date of the most recent financial statements referred to in Schedule 5.5.

     

    Section 4.11.          Funding Instructions.  At least five Business Days prior to the Closing Date, such Purchaser shall have received written instructions executed by an authorized financial officer of the Company on letterhead of
        the Company directing the manner of the payment of funds and setting forth (a) the name and address of the transferee bank, (b) such transferee bank’s ABA number, (c) the account name and number into which the purchase price for the applicable
        Notes is to be deposited, which account shall be fully opened and able to receive micro deposits in accordance with this Section 4.11 at least five Business Days prior to Closing Date and (d) the name and
        telephone number of the account representative at the Company responsible for (1) verifying receipt of such funds and (2) verifying the information set forth in the instructions.  Each Purchaser has the right, but not the obligation, upon written
        notice (which may be by email) to the Company, to elect to deliver a micro deposit (less than $51.00) to the account identified in the written instructions no later than two Business Days prior to Closing Date. If a Purchaser delivers a micro
        deposit, a Responsible Officer must verbally verify the receipt and amount of the micro deposit to such Purchaser on a telephone call initiated by such Purchaser prior to the Closing. The Company shall not be obligated to return the amount of the
        micro deposit, nor will the amount of the micro deposit be netted against the Purchaser’s purchase price of the Notes to be issued at the Closing.

     

    Section 4.12.          Debt Rating.  The Company shall have delivered, or caused to be delivered, to such Purchaser, (a) a Private Rating Letter issued by an Acceptable Rating Agency setting forth the initial Debt Rating for the Notes
        and (b) the related Private Rating Rationale Report with respect to such Debt Rating.

     

    
      -4-

      
        

    

    Section 4.13.          Proceedings and Documents.  All corporate and other proceedings in connection with the transactions contemplated by this Agreement and all documents and instruments incident to such transactions shall be
        satisfactory to such Purchaser and special counsel to the Purchasers, and such Purchaser and special counsel to the Purchasers shall have received all such counterpart originals or certified or other copies of such documents as such Purchaser or
        special counsel to the Purchasers may reasonably request.

     

    Section 5.          Representations

          and Warranties of the Company.

     

    The Company represents and warrants to each Purchaser that:

     

    Section 5.1.          Organization; Power and Authority.  The Company is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and is duly qualified as a foreign
        corporation and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate,
        reasonably be expected to have a Material Adverse Effect.  The Company has the corporate power and authority to own or lease the properties it purports to own or lease, to transact the business it transacts and proposes to transact, to execute and
        deliver this Agreement and the Notes and to perform the provisions hereof and thereof.

     

    Section 5.2.          Authorization, Etc.  (a) This Agreement and the Notes have been duly authorized by all necessary corporate action on the part of the Company, and this Agreement constitutes, and upon execution and delivery
        thereof each Note will constitute, a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited by (1) applicable bankruptcy, insolvency,
        reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (2) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

     

    (b)          The Guaranty
        Agreement has been duly authorized by all necessary corporate or other action on the part of each Guarantor, and the Guaranty Agreement constitutes a legal, valid and binding obligation of each Guarantor enforceable against each Guarantor in
        accordance with its terms, except as such enforceability may be limited by (1) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (2) general principles
        of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

     

    
      -5-

      
        

    

    Section 5.3.          Disclosure.  The Company, through its agents, Wells Fargo Securities LLC and JPMorgan Securities, Inc., has delivered to each Purchaser a copy of an Investor Presentation, dated May 5, 2022 (the “Investor Presentation”), relating to the transactions contemplated hereby.  Except as disclosed in Schedule 5.3, this Agreement, the Investor Presentation, the
        documents, certificates or other writings identified in Schedule 5.3 and the financial statements listed in Schedule 5.5 (collectively, the “Disclosure Documents”), taken as a whole, do not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading in light of the circumstances under which
        they were made.  Except as disclosed in the Disclosure Documents, since September 30, 2021 there has been no change in the financial condition, operations, business or properties of the Company, any of its Restricted Subsidiaries or New Jersey
        Natural Gas except changes that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.

     

    Section 5.4.          Organization and Ownership of Shares of Subsidiaries.  (a) Schedule 5.4 is (except as noted therein) a complete and correct lists of (i) the Company’s Subsidiaries as of
        the Closing Date, showing, as to each Subsidiary, the correct name thereof, the jurisdiction of its organization, the percentage of shares of each class of its capital stock or similar equity interests outstanding owned by the Company and each
        other Subsidiary and whether or not such Subsidiary is a Restricted Subsidiary, an Inactive Subsidiary and/or a Regulated Entity and (ii) the Company’s directors and executive officers.

     

    (b)          All of the
        outstanding shares of capital stock or similar equity interests of each Restricted Subsidiary and New Jersey Natural Gas shown in Schedule 5.4 as being owned by the Company and its Subsidiaries have been
        validly issued, are fully paid and nonassessable and are owned by the Company or another Subsidiary free and clear of any Lien (except as otherwise disclosed in Schedule 5.4).

     

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

     

    Section 5.5.          Financial Statements.  The Company has delivered to each Purchaser copies of the consolidated financial statements of the Company and its Subsidiaries listed in Schedule 5.5. 

        All of said financial statements (including in each case the related schedules and notes) fairly present in all material respects the consolidated financial position of the Company and its Subsidiaries as of the respective dates specified in such
        Schedule and the consolidated results of their operations and cash flows for the respective periods so specified and have been prepared in accordance with GAAP consistently applied throughout the periods involved except as set forth in the notes
        thereto (subject, in the case of any interim financial statements, to normal year-end adjustments). The Company and its Subsidiaries did not have, on the date of such financial statements, any Material liabilities that are not disclosed on such
        financial statements or otherwise disclosed in the Disclosure Documents.

     

    
      -6-

      
        

    

    Section 5.6.          Compliance with Laws, Other Instruments, Etc.  The execution, delivery and performance by the Company of this Agreement and the Notes and the execution and delivery by each Guarantor of the Guaranty Agreement
        will not (a) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of the Company, any Restricted Subsidiary or New Jersey Natural Gas under, any indenture, mortgage,
        deed of trust, loan, purchase or credit agreement, lease, corporate charter or by-laws, or any other Material agreement or instrument to which the Company, any Restricted Subsidiary or New Jersey Natural Gas is bound or by which the Company, any
        Restricted Subsidiary or New Jersey Natural Gas or any of their respective properties may be bound or affected, (b) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree or ruling of any
        court, arbitrator or Governmental Authority applicable to the Company, any Restricted Subsidiary or New Jersey Natural Gas or (c) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to the
        Company, any Restricted Subsidiary or New Jersey Natural Gas.

     

    Section 5.7.          Governmental Authorizations, Etc.  No consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority is required to be done or made, as the case may be, by the
        Company or any Guarantor in connection with the execution, delivery or performance by (a) the Company of this Agreement or the Notes or (b) any Guarantor of the Guaranty Agreement, in each case, other than such consents, approvals, authorizations,
        registrations, filings or declarations that have been obtained or made prior to the Closing Date.

     

    Section 5.8.          Litigation; Observance of Statutes and Orders.  (a) Except as disclosed in Schedule 5.8, there are no actions, suits or proceedings pending or, to the knowledge of the
        Company, threatened against or affecting the Company, any Restricted Subsidiary or New Jersey Natural Gas or any property of the Company, any Restricted Subsidiary or New Jersey Natural Gas in any court or before any arbitrator of any kind or
        before or by any Governmental Authority that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect.

     

    (b)          None of the
        Company, any Restricted Subsidiary or New Jersey Natural Gas is in default under any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority or is in violation of any applicable law, ordinance, rule or regulation
        (including, without limitation, ERISA (with respect to any Plan), Environmental Laws or the USA PATRIOT Act) of any Governmental Authority, which default or violation, individually or in the aggregate, would reasonably be expected to have a
        Material Adverse Effect.

     

    Section 5.9.          Taxes.  The Company and its Subsidiaries have filed all income tax returns that are required to have been filed in any jurisdiction, and have paid all taxes shown to be due and payable on such returns and all
        other taxes and assessments payable by them, to the extent such taxes and assessments have become due and payable and before they have become delinquent, except for any taxes and assessments (a) the amount of which is not, individually or in the
        aggregate, Material or (b) the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which the Company or a Subsidiary, as the case may be, has established adequate
        reserves in accordance with GAAP.  The charges, accruals and reserves on the books of the Company and its Subsidiaries in respect of Federal, state or other taxes for all fiscal periods are adequate.  The Federal income tax liabilities of the
        Company and its Subsidiaries have been determined by the Internal Revenue Service and paid for all fiscal years up to and including the fiscal year ended September 30, 2020.

     

    
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    Section 5.10.          Title to Property; Leases.  The Company, its Restricted Subsidiaries and New Jersey Natural Gas have good and sufficient title related to the ownership of their respective Material properties, including all such
        Material properties reflected in the most recent audited balance sheet referred to in Section 5.5 or purported to have been acquired by the Company, any Restricted Subsidiary or New Jersey Natural Gas after
        said date (except as sold or otherwise disposed of in the ordinary course of business or otherwise to the extent not prohibited hereunder), in each case free and clear of Liens prohibited by this Agreement, except for those defects in title and
        Liens that, individually or in the aggregate, would not have a Material Adverse Effect.  All Material leases are valid and subsisting and are in full force and effect in all material respects.

     

    Section 5.11.          Licenses, Permits, Etc.  Except as disclosed in Schedule 5.11, the Company, its Restricted Subsidiaries and New Jersey Natural Gas own or possess all licenses, permits,
        franchises, authorizations, patents, copyrights, proprietary software, service marks, trademarks, trade names and domain names or rights thereto, that are Material, without known conflict with the rights of others, except for those conflicts that,
        individually or in the aggregate, would not have a Material Adverse Effect.

     

    Section 5.12.          Compliance with ERISA.  (a) The Company and each ERISA Affiliate have operated and administered each Plan in compliance with all applicable laws except for such instances of noncompliance as have not resulted in
        and would not reasonably be expected to result in a Material Adverse Effect.  Neither the Company nor any ERISA Affiliate has incurred any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to
        employee benefit plans (as defined in Section 3 of ERISA) with respect to any Plan, other than for claims for benefits and funding obligations in the ordinary course, and no event, transaction or condition has occurred or exists with respect to any
        Plan that would reasonably be expected to result in the incurrence of any such liability under Title I or IV of ERISA or the penalty or excise tax provisions of the Code by the Company or any ERISA Affiliate, or in the imposition of any Lien under
        Section 430 of the Code or Section 4068 of ERISA on any of the rights, properties or assets of the Company or any ERISA Affiliate,  other than any such liabilities or Liens as would not, individually or in the aggregate, be reasonably expected to
        result in a Material Adverse Effect.

     

    (b)          The present
        value of the aggregate benefit liabilities under each of the Plans which are subject to Title IV of ERISA (other than Multiemployer Plans), determined as of the end of such Plan’s most recently ended plan year on the basis of the actuarial
        assumptions specified for funding purposes in such Plan’s most recent actuarial valuation report, did not exceed the aggregate current value of the assets of such Plans allocable to such benefit liabilities by more than $25,000,000.  The term
        “benefit liabilities” has the meaning specified in Section 4001 of ERISA and the terms “current value” and “present value” have the meanings specified in Section 3 of ERISA.

     

    
      -8-

      
        

    

    (c)          The Company
        and its ERISA Affiliates have not incurred withdrawal liabilities under Section 4201 or 4204 of ERISA (and are not subject to contingent withdrawal liabilities under Section 4204) in respect of Multiemployer Plans that, individually or in the
        aggregate, are reasonably expected to result in a Material Adverse Effect.

     

    (d)          The
        accumulated post-retirement benefit obligation (determined as of the last day of the Company’s most recently ended fiscal year in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 715-60, without regard to
        liabilities attributable to continuation coverage mandated by Section 4980B of the Code) of the Company, its Restricted Subsidiaries and New Jersey Natural Gas is not reasonably expected to result in a Material Adverse Effect.

     

    (e)          The execution
        and delivery of this Agreement and the issuance and sale of the Notes hereunder will not involve any transaction that is subject to the prohibitions of Section 406(a)(1)(A)-(D) of ERISA or in connection with which a tax could be imposed pursuant to
        Section 4975(c)(1)(A)‐(D) of the Code.  The representation by the Company in the first sentence of this Section 5.12(e) with respect to each Purchaser is made in reliance upon and subject to the accuracy of
        such Purchaser’s representation in Section 6.2 as to the sources of the funds used to pay the purchase price of the Notes to be purchased by such Purchaser.

     

    Section 5.13.          Private Offering by the Company.  Neither the Company nor anyone authorized to act on its behalf has offered the Notes or the Guaranty Agreement or any similar securities for sale to, or solicited any offer to
        buy any of the same from, or otherwise approached or negotiated in respect thereof with, any Person other than the Purchasers and not more than 49 other Institutional Investors of the type described in clause (c) of the definition thereof, each of
        which has been offered the Notes and the Guaranty Agreement at a private sale for investment.  Neither the Company nor anyone authorized to act on its behalf has taken, or will take, any action that would subject the issuance or sale of the Notes
        or the execution and performance of the Guaranty Agreement to the registration requirements of Section 5 of the Securities Act.

     

    Section 5.14.          Use of Proceeds; Margin Regulations.  The Company will apply the proceeds of the sale of the Notes for general corporate purposes, including, but not limited to the refinancing of existing debt.  No part of the
        proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221), or
        for the purpose of buying or carrying or trading in any securities under such circumstances as to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation T of
        said Board (12 CFR 220).  Margin stock does not constitute more than 25% of the value of the consolidated assets of the Company and its Subsidiaries and the Company does not have any present intention that margin stock will constitute more than 25%
        of the value of such assets.  As used in this Section, the terms “margin stock” and “purpose of buying or carrying” shall have the meanings assigned to them in said Regulation U.

     

    
      -9-

      
        

    

    Section 5.15.          Existing Debt.  (a) Except as described therein, Schedule 5.15 sets forth a complete and correct list of all outstanding Debt of the Company, its Restricted Subsidiaries
        and New Jersey Natural Gas as of March 31, 2022, since which date there has been no Material change in the amounts, interest rates, sinking funds, installment payments or maturities of the Debt of the Company, its Restricted Subsidiaries or New
        Jersey Natural Gas, except as described in Schedule 5.15.  None of the Company, any Restricted Subsidiary or New Jersey Natural Gas is in default in the payment of any principal or interest on any Debt of
        the Company, such Restricted Subsidiary or New Jersey Natural Gas and no event or condition exists with respect to any Debt of the Company, any Restricted Subsidiary or New Jersey Natural Gas the outstanding principal amount of which exceeds
        $10,000,000 that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to cause such Debt to become due and payable before its stated maturity or before its regularly scheduled dates of payment.

     

    (b)          Neither the
        Company nor any Subsidiary is a party to, or otherwise subject to any provision contained in, any instrument evidencing Debt of the Company or such Subsidiary, any agreement relating thereto or any other agreement (including, but not limited to,
        its charter or other organizational document) which limits the amount of, or otherwise imposes restrictions on the incurring of, Debt of the Company or any Guarantor, except as provided in any Bank Credit Agreement and as otherwise specifically
        indicated in Schedule 5.15.

     

    Section 5.16.          Foreign Assets Control Regulations, Etc.

     

    (a)          Neither the
        Company nor any Controlled Entity (i) is a Blocked Person, (ii) has been notified that its name appears or may in the future appear on a State Sanctions List or (iii) is a target of sanctions that have been imposed by the United Nations or the
        European Union.

     

    (b)          Neither the
        Company nor any Controlled Entity (i) has violated, been found in violation of, or been charged or convicted under, any applicable U.S. Economic Sanctions Laws, Anti-Money Laundering Laws or Anti-Corruption Laws or (ii) to the Company’s knowledge,
        is under investigation by any Governmental Authority for possible violation of any U.S. Economic Sanctions Laws, Anti-Money Laundering Laws or Anti-Corruption Laws.

     

    (c)          No part of
        the proceeds from the sale of the Notes hereunder:

     

    (i)          constitutes
        or will constitute funds obtained on behalf of any Blocked Person or will otherwise be used by the Company or any Controlled Entity, directly or indirectly, (A) in connection with any investment in, or any transactions or dealings with, any Blocked
        Person, (B) for any purpose that would cause any Purchaser to be in violation of any U.S. Economic Sanctions Laws or (C) otherwise in violation of any U.S. Economic Sanctions Laws;

     

    (ii)          will be
        used, directly or indirectly, in violation of, or cause any Purchaser to be in violation of, any applicable Anti-Money Laundering Laws; or

     

    (iii)          will be
        used, directly or indirectly, for the purpose of making any improper payments, including bribes, to any Governmental Official or commercial counterparty in order to obtain, retain or direct business or obtain any improper advantage, in each case
        which would be in violation of, or cause any Purchaser to be in violation of, any applicable Anti-Corruption Laws.

     

    
      -10-

      
        

    

    (d)          The Company
        has established procedures and controls which it reasonably believes are adequate (and otherwise comply with applicable law) to ensure that the Company and each Controlled Entity is and will continue to be in compliance with all applicable U.S.
        Economic Sanctions Laws, Anti-Money Laundering Laws and Anti-Corruption Laws.

     

    Section 5.17.          Status under Certain Statutes.  Neither the Company nor any Subsidiary is an “investment company” registered or required to be registered under the Investment Company Act of 1940 or an “affiliated person” of an
        “investment company” or an “affiliated person” of such “affiliated person” or under the “control” of an “investment company” as such terms are defined in the Investment Company Act of 1940, as amended, and shall not become such an “investment
        company” or such an “affiliated person” or under such “control.”  Neither the Company nor any Subsidiary is a “holding company” or a “subsidiary company” of a “holding company,” or an “affiliate” of a “holding company” or of a “subsidiary company”
        of a “holding company” within the meaning of the Public Utility Holding Company Act of 2005, as amended.  Based upon the immediately preceding sentence, neither the Company nor the issue and sale of the Notes is subject to regulation under the
        Public Utility Holding Company Act of 2005, as amended.  Neither the Company nor any Subsidiary is subject to the ICC Termination Act of 1995, as amended, or the Federal Power Act, as amended.  Neither the Company nor any Subsidiary (other than New
        Jersey Natural Gas) is subject to any Federal or state statute or regulation limiting its ability to incur Debt.

     

    Section 5.18.          Environmental Matters.  Except as disclosed in Schedule 5.8, none of the Company, any Restricted Subsidiary or New Jersey Natural Gas has actual knowledge of any claim or
        has received any written notice of any claim, and no proceeding has been instituted raising any claim against the Company, any of its Restricted Subsidiaries or New Jersey Natural Gas or any of their respective real properties now or formerly
        owned, leased or operated by any of them or other assets, alleging any damage to the environment or violation of any Environmental Laws, except, in each case, such as would not reasonably be expected to result in a Material Adverse Effect.  Except
        as otherwise disclosed in Schedule 5.8:

     

    (a)          none of the
        Company, any Restricted Subsidiary or New Jersey Natural Gas has actual knowledge of any facts which would give rise to any claim, public or private, of violation of Environmental Laws or damage to the environment emanating from, occurring on or in
        any way related to real properties now or formerly owned, leased or operated by any of them or to other assets or their use, except, in each case, such as would not reasonably be expected to result in a Material Adverse Effect;

     

    (b)          none of the
        Company, any of its Restricted Subsidiaries or New Jersey Natural Gas has stored any Hazardous Materials on real properties now or formerly owned, leased or operated by any of them or has disposed of any Hazardous Materials in a manner contrary to
        any Environmental Laws in each case in any manner that would reasonably be expected to result in a Material Adverse Effect; and

     

    
      -11-

      
        

    

    (c)          all buildings
        on all real properties now owned, leased or operated by the Company, any of its Restricted Subsidiaries or New Jersey Natural Gas are in compliance with applicable Environmental Laws, except where failure to comply would not reasonably be expected
        to result in a Material Adverse Effect.

     

    Section 5.19.          Notes Rank Pari Passu.  The obligations of the Company under this Agreement and the Notes rank at least pari passu in right of payment with all other unsecured Senior
        Debt (actual or contingent) of the Company, including, without limitation, all unsecured Senior Debt of the Company described in Schedule 5.15 hereto.

     

    Section 6.          Representations

          of the Purchasers.

     

    Section 6.1.          Purchase for Investment.  Each Purchaser severally represents that it is purchasing the Notes for its own account or for one or more separate accounts maintained by such Purchaser or for the account of one or
        more pension or trust funds and not with a view to the distribution thereof, provided that the disposition of such Purchaser’s or such pension or trust fund’s property shall at all times be within such Purchaser’s or such pension or trust fund’s
        control.  Each Purchaser represents that it is an “accredited investor,” as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act.  Each Purchaser understands that the Notes have not been registered under the
        Securities Act and may be resold only if registered pursuant to the provisions of the Securities Act or if an exemption from registration is available, except under circumstances where neither such registration nor such an exemption is required by
        law, and that the Company is not required to register the Notes.  Each Purchaser also represents that the Company has made available to it, a reasonable time prior to the consummation of the transactions contemplated hereby, the opportunity to ask
        questions and receive answers concerning the terms and conditions of the offering of the Notes that it is purchasing or shall purchase and to obtain any additional information which the Company possesses or could acquire without unreasonable effort
        or expense; provided that the foregoing shall not be construed as limiting the ability of any Purchaser to rely on the representations and warranties contained herein and in the Guaranty Agreement.

     

    Section 6.2.          Source of Funds.  Each Purchaser severally represents that at least one of the following statements is an accurate representation as to each source of funds (a “Source”)
        to be used by such Purchaser to pay the purchase price of the Notes to be purchased by such Purchaser hereunder:

     

    (a)          the Source is
        an “insurance company general account” (as the term is defined in the United States Department of Labor’s Prohibited Transaction Exemption (“PTE”) 95-60) in respect of which the reserves and liabilities (as
        defined by the annual statement for life insurance companies approved by the NAIC (the “NAIC Annual Statement”)) for the general account contract(s) held by or on behalf of any employee benefit plan
        together with the amount of the reserves and liabilities for the general account contract(s) held by or on behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof as defined in PTE 95-60) or by the same
        employee organization in the general account do not exceed 10% of the total reserves and liabilities of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such
        Purchaser’s state of domicile; or

     

    
      -12-

      
        

    

    (b)          the Source is
        a separate account that is maintained solely in connection with such Purchaser’s fixed contractual obligations under which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate
        account (or to any participant or beneficiary of such plan (including any annuitant)) are not affected in any manner by the investment performance of the separate account; or

     

    (c)          the Source is
        either (1) an insurance company pooled separate account, within the meaning of PTE 90-1 or (2) a bank collective investment fund, within the meaning of PTE 91-38 and, except as disclosed by such Purchaser to the Company in writing pursuant to this
        clause (c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns more than 10% of all assets allocated to such pooled separate account or collective investment fund; or

     

    (d)          the Source
        constitutes assets of an “investment fund” (within the meaning of Part VI of PTE 84-14 (the “QPAM Exemption”)) managed by a “qualified professional asset manager” or “QPAM” (within the meaning of Part VI of
        the QPAM Exemption), no employee benefit plan’s assets that are managed by the QPAM in such investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within
        the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization and managed by such QPAM, represent more than 20% of the total client assets managed by such QPAM, the conditions of Part I(c) and (g) of the
        QPAM Exemption are satisfied, neither the QPAM nor a Person controlling or controlled by the QPAM maintains an ownership interest in the Company that would cause the QPAM and the Company to be “related” within the meaning of Part VI(h) of the QPAM
        Exemption and (i) the identity of such QPAM and (ii) the names of any employee benefit plans whose assets in the investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by
        an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization, represent 10% or more of the assets of such investment fund, have been disclosed to the Company in writing pursuant to
        this clause (d); or

     

    (e)          the Source
        constitutes assets of a “plan(s)” (within the meaning of Part IV(h) of PTE 96-23 (the “INHAM Exemption”)) managed by an “in-house asset manager” or “INHAM” (within the meaning of Part IV(a) of the INHAM
        Exemption), the conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a Person controlling or controlled by the INHAM (applying the definition of “control” in Part IV(d)(3) of the INHAM Exemption) owns a
        10% or more interest in the Company and (1) the identity of such INHAM and (2) the name(s) of the employee benefit plan(s) whose assets constitute the Source have been disclosed to the Company in writing pursuant to this clause (e); or

     

    (f)          the Source is
        a governmental plan; or

     

    
      -13-

      
        

    

    (g)          the Source is
        one or more employee benefit plans, or a separate account or trust fund comprised of one or more employee benefit plans, each of which has been identified to the Company in writing pursuant to this clause (g); or

     

    (h)          the Source
        does not include assets of (i) any employee benefit plan, other than a plan exempt from the coverage of ERISA, or (ii) any “plan” as defined in Section 4975(e)(1) of the Code.

     

    As used in this Section 6.2, the terms “employee benefit plan,” “governmental plan,” and “separate account” shall have the
      respective meanings assigned to such terms in Section 3 of ERISA.

     

    Section 7.          Information

          as to Company.

     

    Section 7.1.          Financial and Business Information.  The Company shall deliver to each Purchaser and each holder of Notes that is an Institutional Investor:

     

    (a)          Quarterly Statements — within 60 days after the end of each quarterly fiscal period in each fiscal year of the Company (other than the last quarterly fiscal period of each such fiscal year), duplicate copies of:

     

    (1)          a
        consolidated and consolidating balance sheet of the Company and its Subsidiaries and New Jersey Natural Gas and its Subsidiaries (if any) as at the end of such quarter, and

     

    (2)          consolidated
        and consolidating statements of income and cash flows of the Company and its Subsidiaries and New Jersey Natural Gas and its Subsidiaries (if any) for such quarter and (in the case of the second and third quarters) for the portion of the fiscal
        year ending with such quarter,

     

    setting forth in each case in comparative form the figures for the corresponding periods in the previous fiscal year, all in reasonable detail,
      prepared in accordance with GAAP applicable to quarterly financial statements generally, and certified by a Senior Financial Officer as fairly presenting, in all material respects, the financial position of the companies being reported on and their
      results of operations and cash flows, subject to changes resulting from normal year-end adjustments, provided that delivery within the time period specified above of copies of the Company’s Quarterly Report on Form 10‐Q prepared in compliance with
      the requirements therefor and filed with the U.S. Securities and Exchange Commission shall be deemed to satisfy the requirements of this Section 7.1(a), and provided, further, that the Company shall be deemed
      to have made such delivery of such Form 10‐Q if it shall have timely made such Form 10‐Q available on “EDGAR” and on its home page on the worldwide web (at the date of this Agreement located at: http//www.njresources.com under “Investor Relations –
      Financial Reports”) and shall have given such holder prompt notice of such availability on EDGAR and on its home page in connection with each delivery (such availability and notice thereof being referred to as “Electronic

        Delivery”);

     

    (b)          Annual Statements — within 120 days after the end of each fiscal year of the Company, duplicate copies of:

     

    
      -14-

      
        

    

    (1)          a
        consolidated and consolidating balance sheet of the Company and its Subsidiaries and New Jersey Natural Gas and its Subsidiaries (if any) as at the end of such year, and

     

    (2)          consolidated
        and consolidating statements of income and cash flows of the Company and its Subsidiaries and New Jersey Natural Gas and its Subsidiaries (if any), for such year,

     

    setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP,
      with such consolidated financial statements accompanied by an opinion thereon (without a “going concern” or similar qualification or exception and without any qualification or exception as to the scope of the audit on which such opinion is based) of
      independent certified public accountants of recognized national standing, which opinion shall state that such financial statements present fairly, in all material respects, the financial position of the companies being reported upon and their results
      of operations and cash flows and have been prepared in conformity with GAAP, and that the examination of such accountants in connection with such financial statements has been made in accordance with generally accepted auditing standards, and that
      such audit provides a reasonable basis for such opinion in the circumstances, provided that the delivery within the time period specified above of the Company’s Annual Report on Form 10‐K for such fiscal year (together with the Company’s annual
      report to shareholders, if any, prepared pursuant to Rule 14a‐3 under the Exchange Act) prepared in accordance with the requirements therefor and filed with the U.S. Securities and Exchange Commission shall be deemed to satisfy the requirements of
      this Section 7.1(b), and provided, further, that the Company shall be deemed to have made such delivery of such Form 10‐K if it shall have timely made Electronic Delivery thereof;

     

    (c)          SEC and Other Reports — with reasonable promptness, upon their becoming available, one copy of (1) each financial statement, report, notice or proxy statement sent by the Company, any Restricted Subsidiary or
        New Jersey Natural Gas to its principal lending banks as a whole (excluding information sent to such banks in the ordinary course of administration of a bank facility, such as information relating to pricing and borrowing availability) or to its
        public securities holders generally and (2) each regular or periodic report, each registration statement that shall have become effective (without exhibits except as expressly requested by such holder), and each final prospectus and all amendments
        thereto filed by the Company, any Restricted Subsidiary or New Jersey Natural Gas with the U.S. Securities and Exchange Commission, excluding in any event confidential correspondence delivered by any of the foregoing Persons to the U.S. Securities
        and Exchange Commission; provided that the Company shall be deemed to have made such delivery of such reports, registration statements, prospectuses and amendments if it shall have timely made Electronic Delivery thereof.

     

    (d)          Notice of Default or Event of Default — with reasonable promptness, and in any event within five days after a Responsible Officer becoming aware of the existence of any Default or Event of Default, a written
        notice specifying the nature and period of existence thereof and what action the Company is taking or proposes to take with respect thereto;

     

    
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    (e)          ERISA Matters — with reasonable promptness, and in any event within five days after a Responsible Officer becoming aware of any of the following, a written notice setting forth the nature thereof and the action,
        if any, that the Company or an ERISA Affiliate proposes to take with respect thereto:

     

    (1)          with respect
        to any Plan, the occurrence of any reportable event, as defined in Section 4043(c) of ERISA and the regulations thereunder, for which notice thereof has not been waived pursuant to such regulations as in effect on the date of this Agreement; or

     

    (2)          the taking by
        the PBGC of steps to institute, or the threatening in writing by the PBGC of the institution of, proceedings under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by the Company
        or any ERISA Affiliate of a notice from a Multiemployer Plan that such action has been taken by the PBGC with respect to such Multiemployer Plan; or

     

    (3)          the
        occurrence of any event or transaction that results in the incurrence of any liability by the Company or any ERISA Affiliate pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans
        with respect to any Plan, or in the imposition of any Lien under Section 430 of the Code or Section 4068 of ERISA, or any successor thereto, on any of the rights, properties or assets of the Company or any ERISA Affiliate, if such liability or
        Lien, taken together with any other such liabilities or Liens then existing, would reasonably be expected to have a Material Adverse Effect;

     

    (f)          Unrestricted Subsidiaries — at such time as either (1) the aggregate amount of the total assets of all Unrestricted Subsidiaries (for this purpose, excluding New Jersey Natural Gas) exceeds 10% of the
        consolidated total assets of the Company and its Subsidiaries determined in accordance with GAAP or (2) one or more Unrestricted Subsidiaries (for this purpose, excluding New Jersey Natural Gas) account for more than 10% of the consolidated gross
        revenues of the Company and its Subsidiaries determined in accordance with GAAP, and within the respective periods provided in paragraphs (a) and (b) above, financial statements of the character and for the dates and periods as in said paragraphs
        (a) and (b) covering each Unrestricted Subsidiary (or groups of Unrestricted Subsidiaries on a consolidated basis, excluding New Jersey Natural Gas) together with consolidating statements reflecting eliminations or adjustments required in order to
        reconcile such financial statements to the corresponding consolidated financial statements of the Company and its Subsidiaries delivered pursuant to paragraphs (a) and (b) above; provided, that to the extent that the financial statements required
        by paragraphs (a) and (b) above shall already provide such consolidating financial information for such Unrestricted Subsidiaries or group of Unrestricted Subsidiaries (or such Unrestricted Subsidiary or group of Unrestricted Subsidiaries represent
        one or more reportable segments, and the footnotes to the financial statements required by paragraphs (a) and (b) include consolidating information with respect to such segment or segments in a manner substantially consistent with Note 17 to the
        Company’s Annual Report on Form 10-K for the year ended September 30, 2021 and Note 14 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022), then this paragraph (f) shall not be applicable;

     

    
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    (g)          Debt Rating — promptly following the occurrence thereof, notice of any change in the Debt Rating for the Notes (to the extent such Debt Rating is not a public rating); and

     

    (h)          Requested Information — with reasonable promptness, such other data and information relating to the business, operations, affairs, financial condition, assets or properties of the Company, any of its Restricted
        Subsidiaries or New Jersey Natural Gas (including, but without limitation, actual copies of the Company’s Form 10-Q and Form 10-K) or relating to the ability of the Company to perform its obligations hereunder and under the Notes as from time to
        time may be reasonably requested by any such Purchaser or holder of Notes.

     

    Section 7.2.          Officer’s Certificate.  Each set of financial statements delivered to a Purchaser or a holder of Notes pursuant to Section 7.1(a) or Section

          7.1(b) shall be accompanied by a certificate of a Senior Financial Officer setting forth (which, in the case of Electronic Delivery of any such financial statements, shall be by separate concurrent delivery of such certificate to each
        holder of Notes):

     

    (a)          Covenant Compliance — the information (including reasonably detailed calculations) required in order to establish whether the Company was in compliance with the requirements of Section

          10.1 and Section 10.2 during the quarterly or annual period covered by the statements then being furnished (including with respect to each such Section, where applicable, the calculations of the
        maximum or minimum amount, ratio or percentage, as the case may be, permissible under the terms of such Sections, and the calculation of the amount, ratio or percentage then in existence).  In the event that the Company or any Subsidiary has made
        an election to measure any financial liability using fair value (which election is being disregarded for purposes of determining compliance with this Agreement pursuant to Section 22.4) as to the period
        covered by any such financial statement, such Senior Financial Officer’s certificate as to such period shall include a reconciliation from GAAP with respect to such election; and

     

    (b)          Event of Default — a statement that such Senior Financial Officer has reviewed the relevant terms hereof and has made, or caused to be made, under his or her supervision, a review of the transactions and
        conditions of the Company and its Subsidiaries from the beginning of the quarterly or annual period covered by the statements then being furnished to the date of the certificate and that such review shall not have disclosed the existence during
        such period of any condition or event that constitutes a Default or an Event of Default that is continuing as of the end of such quarterly or annual period, as the case may be, and, if any such condition or event then exists (including, without
        limitation, any such event or condition resulting from the failure of the Company or any Subsidiary to comply with any Environmental Law), specifying the nature and period of existence thereof and what action the Company shall have taken or
        proposes to take with respect thereto.

     

    
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    Section 7.3.          Inspection.  The Company shall permit the representatives of each Purchaser and each holder of Notes that is an Institutional Investor:

     

    (a)          No Default — if no Default under Section 11(b) or an Event of Default then exists, at the expense of such Purchaser or such holder and upon reasonable prior written
        notice to the Company, to visit the principal executive office of the Company, to discuss the affairs, finances and accounts of the Company, its Restricted Subsidiaries and New Jersey Natural Gas with the Company’s officers, and, with the consent
        of the Company (which consent will not be unreasonably withheld) to visit the other offices and properties of the Company, each Restricted Subsidiary and New Jersey Natural Gas, all at such reasonable times during normal business hours and as often
        as may be reasonably requested in writing; and

     

    (b)          Default — if a Default under Section 11(b) or an Event of Default then exists, at the expense of the Company, upon prior written notice to the Company, to visit and
        inspect any of the offices or properties of the Company, any Restricted Subsidiary or New Jersey Natural Gas, to examine all their respective books of account, records, reports and other papers, to make copies and extracts therefrom, and to discuss
        their respective affairs, finances and accounts with their respective officers and independent public accountants (and by this provision the Company authorizes said accountants to discuss the affairs, finances and accounts of the Company, its
        Restricted Subsidiaries and New Jersey Natural Gas), all at such times during normal business hours and as often as may be requested.

     

    Section 8.          Prepayment

          of the Notes.

     

    Section 8.1.          Maturity; Required Prepayments.  As provided therein, the entire unpaid principal balance of each Note shall be due and payable on the stated maturity date thereof.  The Notes shall not be subject to required
        prepayments.

     

    Section 8.2.          Optional Prepayments with Make-Whole Amount.  The Company may, at its option, upon notice as provided below, prepay at any time all, or from time to time any part of, the Notes, in an amount not less than
        $1,000,000 in aggregate principal amount of the Notes then outstanding in the case of a partial prepayment, at 100% of the aggregate principal amount so prepaid together with interest accrued thereon to the date of such prepayment and the
        Make-Whole Amount, if any, determined for the prepayment date with respect to such principal amount; provided that, any time on or after March 23, 2027, the Company may, at its option, upon notice as provided below, prepay all or any part of the
        Notes at 100% of the aggregate principal amount so prepaid together with interest accrued thereon to the date of such prepayment.  The Company will give each holder of Notes to be prepaid pursuant to this Section
          8.2 written notice of such optional prepayment under this Section 8.2 not less than 30 days and not more than 60 days prior to the date fixed for such prepayment.  Each such notice shall specify
        such date (which shall be a Business Day), the aggregate principal amount of the Notes to be prepaid on such date, the principal amount of each Note held by such holder to be prepaid (determined in accordance with Section

          8.3), and the interest to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be accompanied by a certificate of a Senior Financial Officer as to the estimated Make-Whole Amount due in connection
        with such prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of such computation.  Two Business Days prior to such prepayment, the Company shall deliver to each holder of Notes to be
        prepaid pursuant to this Section 8.2 a certificate of a Senior Financial Officer specifying the calculation of such Make-Whole Amount as of the specified prepayment date.

     

    
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    Section 8.3.          Allocation of Partial Prepayments.  In the case of each partial prepayment of the Notes pursuant to Section 8.2 hereof, the principal amount of the Notes to be prepaid
        shall be allocated among all of the Notes at the time outstanding in proportion, as nearly as reasonably practicable, to the respective unpaid principal amounts thereof not theretofore called for prepayment.  All partial purchases of the Notes made
        pursuant to Section 8.5(b) and partial prepayments of the Notes made pursuant to Section 8.7 shall be applied only to the Notes of the holders who have elected to
        participate in such purchase or prepayment of the Notes.

     

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

     

    Section 8.5.          Purchase of Notes.  The Company will not, and will not permit any Affiliate to, purchase, redeem, prepay or otherwise acquire, directly or indirectly, any of the outstanding Notes except (a) upon the payment or prepayment of the
        Notes in accordance with the terms of this Agreement and the Notes or (b) pursuant to an offer to purchase made by the Company or an Affiliate pro rata to the holders of all Notes at the time outstanding upon the same terms and conditions.  Any
        such offer shall provide each holder with sufficient information which, in the opinion of the Company, when taken together with information with respect to the Company and its Subsidiaries that may be available on the website of the U.S. Securities
        and Exchange Commission (presently www.sec.gov), would enable such holder to make an informed decision with respect to such offer, and shall remain open for at least 15 Business Days.  If the holders of more than 50% of the principal amount of the
        Notes then outstanding accept such offer, the Company shall promptly notify the remaining holders of the Notes of such fact and the expiration date for the acceptance by holders of Notes of such offer shall be extended by the number of days
        necessary to give each such remaining holder at least 10 Business Days from its receipt of such notice to accept such offer.  The Company will promptly cancel all Notes acquired by it or any Affiliate pursuant to any payment, prepayment or purchase
        of Notes pursuant to any provision of this Agreement and no Notes may be issued in substitution or exchange for any such Notes.

     

    
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    Section 8.6.          Make-Whole Amount for Notes.  The term “Make-Whole Amount” shall mean, with respect to any Note, an amount equal to the excess, if any, of the Discounted Value of the
        Remaining Scheduled Payments with respect to the Called Principal of such Note over the amount of such Called Principal, provided that the Make-Whole Amount may in no event be less than zero.  For the purposes of determining the Make-Whole Amount,
        the following terms have the following meanings:

     

    “Called Principal” shall mean, with respect to any Note, the principal of such Note that is to be prepaid pursuant to Section 8.2 or has become or is declared to be
        immediately due and payable pursuant to Section 12.1, as the context requires.

     

    “Discounted Value” shall mean, with respect to the Called Principal of any Note, the amount obtained by discounting all Remaining Scheduled Payments with respect to such Called Principal from their respective
        scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a discount factor (applied on the same periodic basis as that on which interest on the Notes is payable) equal
        to the Reinvestment Yield with respect to such Called Principal.

     

    “Reinvestment Yield” shall mean, with respect to the Called Principal of any Note, 0.50% over the yield to maturity implied by the ask-side yield(s) reported as of 10:00 a.m. (New York, New York time) on the
        second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as “Page PX1”  (or such other display as may replace Page PX1) on Bloomberg Financial Markets for the most recently issued actively
        traded on-the-run U.S. Treasury securities (“Reported”) having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date.  If there are no such U.S. Treasury securities Reported having a maturity equal to
        such Remaining Average Life, then such implied yield to maturity will be determined by (a) converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (b) interpolating linearly between the
        yields Reported for the applicable most recently issued actively traded on-the-run U.S. Treasury securities with the maturities (1) closest to and greater than such Remaining Average Life and (2) closest to and less than such Remaining Average
        Life.  The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note.

     

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

     

    
      -20-

      
        

    

    “Remaining Average Life” shall mean, with respect to any Called Principal, the number of years obtained by dividing (i) such Called Principal into (ii) the sum of the products obtained by multiplying (a) the
        principal component of each Remaining Scheduled Payment with respect to such Called Principal by (b) the number of years, computed on the basis of a 360-day year composed of twelve 30-day months and calculated to two decimal places, that will
        elapse between the Settlement Date with respect to such Called Principal and the scheduled due date of such Remaining Scheduled Payment.

     

    “Remaining Scheduled Payments” shall mean, with respect to the Called Principal of any Note, all payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such
        Called Principal and if no payment of such Called Principal were made prior to its scheduled due date, provided that if such Settlement Date is not a date on which interest payments are due to be made under the terms of the Notes, then the amount
        of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date pursuant to Section 8.2 or Section 12.1.

     

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

     

    Section 8.7.          Offer to Prepay upon Asset Disposition.

     

    (a)          Notice and Offer.  In the event of a Transfer where the Company has elected to apply all or a portion of the Net Proceeds Amount of such Transfer as a Debt Prepayment Application pursuant to Section 10.6(b), the Company shall, no later than the 305th day following the date of such Transfer, give written notice of such event (an “Asset Disposition Prepayment Event”)

        to each holder of Notes.  Such notice shall contain, and shall constitute, an irrevocable offer to prepay a Ratable Portion of the Notes held by such holder on the date (which shall be a Business Day) specified in such notice (the “Asset Disposition Prepayment Date”) which date shall be not less than 30 days and not more than 60 days after such notice.

     

    (b)          Acceptance and Payment.  A holder of Notes may accept or reject the offer to prepay pursuant to this Section 8.7 by causing a notice of such acceptance or rejection to be
        delivered to the Company at least 10 days prior to the Asset Disposition Prepayment Date.  A failure by a holder of the Notes to respond to an offer to prepay made pursuant to this Section 8.7 shall be
        deemed to constitute a rejection of such offer by such holder.  If so accepted, such offered prepayment in respect of the Ratable Portion of the Notes of each holder that has accepted such offer shall be due and payable on the Asset Disposition
        Prepayment Date.  Such offered prepayment shall be made at 100% of the aggregate Ratable Portion of the Notes of each holder that has accepted such offer, together with interest on that portion of the Notes then being prepaid accrued to the Asset
        Disposition Prepayment Date, but without any Make-Whole Amount.  If any holder of a Note rejects or is deemed to have rejected such offer of prepayment, the Company may use the Ratable Portion for such Note for general corporate purposes.

     

    
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    (c)          Officer’s Certificate.  Each offer to prepay the Notes pursuant to this Section 8.7 shall be accompanied by a certificate, executed by a Senior Financial Officer and
        dated the date of such offer, specifying: (1) the Asset Disposition Prepayment Date; (2) that such offer is being made pursuant to this Section 8.7 and that the failure by a holder to respond to such offer
        by the deadline established in Section 8.7(b) shall result in such offer to such holder being deemed rejected; (3) the Ratable Portion of each such Note offered to be prepaid; (4) the interest that would be
        due on the Ratable Portion of each such Note offered to be prepaid, accrued to the Asset Disposition Prepayment Date; (5) that the conditions of this Section 8.7 have been satisfied and (6) in reasonable
        detail, a description of the nature and date of the Asset Disposition Prepayment Event giving rise to such offer of prepayment.

     

    Section 9.          Affirmative

          Covenants.

     

    So long as any of the Notes are outstanding, the Company covenants that:

     

    Section 9.1.          Compliance with Law.  The Company will, and will cause each of its Subsidiaries to, comply with all laws, ordinances or governmental rules or regulations to which each of them is subject, including, without
        limitation, ERISA (with respect to any Plan), Environmental Laws, the USA PATRIOT Act and the other laws and regulations that are referred to in Section 5.16, and will obtain and maintain in effect all
        licenses, certificates, permits, franchises and other governmental authorizations necessary to the ownership of their respective properties or to the conduct of their respective businesses, in each case to the extent necessary to ensure that
        non-compliance with such laws, ordinances or governmental rules or regulations or failures to obtain or maintain in effect such licenses, certificates, permits, franchises and other governmental authorizations would not reasonably be expected,
        individually or in the aggregate, to have a Material Adverse Effect.

     

    Section 9.2.          Insurance.  The Company will, and will cause each of its Restricted Subsidiaries and New Jersey Natural Gas to, maintain, with financially sound and reputable insurers, insurance with respect to their respective
        properties and businesses against such casualties and contingencies, of such types, on such terms and in such amounts (including deductibles, co-insurance and self-insurance, if adequate reserves are maintained with respect thereto) as is customary
        in the case of entities of established reputations engaged in the same or a similar business and in the same industry and similarly situated.

     

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

     

    
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    Section 9.4.          Payment of Taxes and Claims.  The Company will, and will cause each of its Subsidiaries to, file all income tax or similar tax returns required to be filed in any jurisdiction and pay and discharge all taxes
        shown to be due and payable on such returns and all other taxes, assessments, governmental charges or levies payable by any of them, to the extent the same have become due and payable and before they have become delinquent, provided that neither
        the Company nor any Subsidiary need pay any such tax, assessment, governmental charge or levy if (1) the amount, applicability or validity thereof is contested by the Company or such Subsidiary on a timely basis in good faith and in appropriate
        proceedings, and the Company or a Subsidiary has established adequate reserves therefor in accordance with GAAP on the books of the Company or such Subsidiary or (2) the nonpayment of all such taxes, assessments, governmental charges and levies
        would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

     

    Section 9.5.          Corporate Existence, Etc.  Subject to Sections 10.6 through 10.8, inclusive, (a) the Company will at all times preserve and keep
        in full force and effect its corporate existence, and (b) the Company will at all times preserve and keep in full force and effect the corporate existence of each of its Restricted Subsidiaries and New Jersey Natural Gas (unless merged into the
        Company or a Wholly‐Owned Restricted Subsidiary) and all rights and franchises of the Company, its Restricted Subsidiaries and New Jersey Natural Gas unless, in the good faith judgment of the Company, the termination of or failure to preserve and
        keep in full force and effect such corporate existence, right or franchise would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

     

    Section 9.6.          Ownership of Subsidiaries.  The Company shall at all times own (a) 100% of the issued and outstanding common stock of New Jersey Natural Gas and 51% or more of the issued and outstanding Voting Stock of New
        Jersey Natural Gas and (b) subject to Sections 10.6, 10.7 and 10.8, 51% or more of the issued and outstanding Voting Stock of each Guarantor.

     

    Section 9.7.          Guaranty Agreement.  (a) The Company shall promptly, and in any event within 15 Business Days after (1) the formation or acquisition of a new Restricted Subsidiary (other than a Regulated Entity), (2) the
        occurrence of any other event creating a new Restricted Subsidiary (other than a Regulated Entity), (3) the designation of an Unrestricted Subsidiary (other than a Regulated Entity) as a Restricted Subsidiary or (4) an Unrestricted Subsidiary or a
        Regulated Entity becoming or being a guarantor or co‐obligor in respect of any Bank Credit Agreement, cause such Subsidiary to execute and deliver a supplement to the Guaranty Agreement (a “Guaranty Supplement”)
        in the form of Exhibit A to the Guaranty Agreement.

     

    (b)          Within 15
        days of the delivery by any Subsidiary of a Guaranty Supplement pursuant to Section 9.7(a), the Company shall cause such Subsidiary to deliver to each Purchaser and each holder of Notes:

     

    (1)          such
        documents and evidence with respect to such Subsidiary as any Purchaser or holder may reasonably request in order to establish the existence and good standing of such Subsidiary and evidence that the Board of Directors of such Subsidiary has
        adopted resolutions authorizing the execution and delivery of such Guaranty Supplement and the guaranty of the Notes;

     

    
      -23-

      
        

    

    (2)          evidence of
        compliance with such Subsidiary’s outstanding Debt instruments in the form of (i) a compliance certificate from such Subsidiary to the effect that such Subsidiary is in compliance with all terms and conditions of its outstanding Debt instruments,
        (ii) consents or approvals of the holder or holders of any evidence of Debt or security, and/or (iii) amendments of agreements pursuant to which any evidence of Debt or security may have been issued, all as may be reasonably deemed necessary by the
        Purchasers or the holders of Notes to permit the execution and delivery of such Guaranty Supplement by such Subsidiary;

     

    (3)          an opinion of
        counsel to the effect that (i) such Subsidiary is a corporation or other business entity, duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, has the corporate or other power and the authority
        to execute and deliver such Guaranty Supplement and to perform the Guaranty Agreement, (ii) the execution and delivery of such Guaranty Supplement and performance of the Guaranty Agreement has been duly authorized by all necessary action on the
        part of such Subsidiary, such Guaranty Supplement has been duly executed and delivered by such Subsidiary and the Guaranty Agreement constitutes the legal, valid and binding contract of such Subsidiary enforceable against such Subsidiary in
        accordance with its terms, subject to bankruptcy, insolvency, fraudulent conveyance or similar laws affecting creditors’ rights generally, and general principles of equity (regardless of whether the application of such principles is considered in a
        proceeding in equity or at law), (iii) the execution and delivery of such Guaranty Supplement and the performance by such Subsidiary of the Guaranty Agreement do not conflict with or result in any breach of any of the provisions of or constitute a
        default under or result in the creation of a Lien upon any of the property of such Subsidiary pursuant to the provisions of any law, order, rule or regulation, its charter documents or any agreement or other instrument known to such counsel to
        which such Subsidiary is a party to or by which such Subsidiary may be bound, and (iv) no approval, consent or withholding of objection on the part of, or filing, registration or qualification with, any Governmental Authority, Federal or state, is
        necessary in connection with the lawful execution and delivery of such Guaranty Supplement by such Subsidiary or the performance of the Guaranty Agreement by such Subsidiary, which opinion may contain such assumptions and qualifications as are
        reasonably acceptable to the Required Holders; and

     

    (4)          all other
        documents and showings reasonably requested by the Purchasers or the holders of Notes in connection with the execution and delivery of such Guaranty Supplement, which documents shall be reasonably satisfactory in form and substance to such
        Purchasers and holders and their special counsel, and each Purchaser and holder of Notes shall have received a copy (executed or certified as may be appropriate) of all of the foregoing legal documents.

     

    
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      (c)          If at any time pursuant to the
          terms and conditions of each Bank Credit Agreement  any Guarantor is discharged and released from its Guaranty of Debt under such Bank Credit Agreement and if (i) such Guarantor is not a co-obligor under such Bank Credit Agreement or a co-obligor
          or guarantor under any other Bank Credit Agreement, (ii) immediately preceding the release of such Guarantor from its Guaranty of the Debt under this Agreement and the Notes and after giving effect thereto, no Default or Event of Default
        will have existed or would exist, (iii) any fees or other consideration are given to the lenders under each such Bank Credit Agreement to obtain such discharge and release, each holder of a Note shall have received such fees or other consideration
        on a pro rata basis in proportion to the respective outstanding principal amount of such Debt under such Bank Credit Agreement and the outstanding principal amount of such holder’s Notes or, prior to the Closing, the principal amount of Notes to be
        purchased by such Purchaser pursuant to Schedule A hereto (it being understood that any fees or other consideration paid to any lender under any Bank Credit Agreement (including, without limitation, any new
        Bank Credit Agreement) in order to obtain an extension to the term or an increase in the amount of the commitments to lend under such Bank Credit Agreement, or as a part of establishing such new Bank Credit Agreement, shall not be included as part
        of any fees or other consideration covered by this sentence, notwithstanding that such extension, increase or Bank Credit Agreement, including such new Bank Credit Agreement, may contain a discharge or release of a Guarantor), and (iv) the Company
        shall have delivered to each Purchaser and each holder of Notes an Officer’s Certificate certifying that the conditions specified in clauses (i) and (ii) above have been satisfied, then, upon receipt by the Purchasers and holders of Notes of such
        Officer’s Certificate, such Guarantor will be discharged and released, automatically and without the need for any further action, from its obligations under its Guaranty of the Debt under this Agreement and the Notes.  Without limiting the
        foregoing, for purposes of further assurance, each of the Purchasers and each of the holders of the Notes agrees to provide to the Company and such Guarantor, if reasonably requested by the Company or such Guarantor and at the Company’s expense,
        written evidence of such discharge and release signed by such Purchaser and holder.

    

     

    Section 9.8.          New Jersey Natural Gas Regulated Nature.  The Company will at all times cause New Jersey Natural Gas to be and remain a Person that is subject under law to regulation by a public utility commission or other
        governmental regulatory body with oversight responsibilities for utilities.

     

    Section 9.9.          Notes to Rank Pari Passu.  The Company will ensure that its payment obligations under this Agreement and the Notes will at all times rank at least pari passu in right of
        payment with all other unsecured Senior Debt (actual or contingent) of the Company.

     

    Section 9.10.          Rating on the Notes.

     

    (a)          The Company
        shall at all times maintain a Debt Rating for the Notes from an Acceptable Rating Agency; provided, that, if the applicable Acceptable Rating Agency (i) ceases
        providing a Debt Rating for the Notes without having provided the Company with at least 60 days advance notice (other than as a result of the Company failing to pay applicable fees and expenses or failing to reasonably cooperate with the Acceptable
        Rating Agency) (the earlier of the date notice is provided to the Company or, if no notice is provided, the date the Acceptable Rating Agency ceases providing the Debt Rating, a “Ratings Withdrawal Event”),
        or (ii) ceases to qualify as an Acceptable Rating Agency (the date of such event, a “Ratings Agency Event” and, together with a Ratings Withdrawal Event, a “Ratings
          Termination Event”), then the Company shall use its commercially reasonable efforts to obtain a new Debt Rating for the Notes from an Acceptable Rating Agency as soon as practicable and, in any event, on or before the 60th day following
        the Ratings Termination Event or, if the Company diligently pursues a new Debt Rating but is unable to do so by the 60th day following the Ratings Termination Event, such period shall be extended for an additional 30 days.

     

    
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    (b)          At any time
        that the Debt Rating maintained pursuant to clause (a) above is not a public rating, the Company will provide to each holder of a Note (x) at least annually (on or before each anniversary of the date of the Closing) and (y) promptly upon any change
        in such Debt Rating, an updated Private Rating Letter evidencing such Debt Rating and an updated Private Rating Rationale Report with respect to such Debt Rating.  In addition to the foregoing information and any information specifically required
        to be included in any Private Rating Letter or Private Rating Rationale Report (as set forth in the respective definitions thereof), if the SVO or any other Governmental Authority having jurisdiction over any holder of any Notes from time to time
        requires any additional information with respect to the Debt Rating of the Notes, the Company shall use commercially reasonable efforts to procure such information from the Acceptable Rating Agency.

     

    Section 10.          Negative

          Covenants.

     

    So long as any of the Notes are outstanding, the Company covenants that:

     

    Section 10.1.          Leverage Ratio.  The Company will not permit, as of the end of any fiscal quarter of the Company, the ratio of Consolidated Total Debt to Consolidated Total Capitalization to exceed 0.70 to 1.00; provided that,
        if the Company is not in compliance with the requirements of Section 9.10 at any time, the ratio of Consolidated Total Debt to Consolidated Total Capitalization shall be reduced to 0.65 to 1.00 until the
        date a new Debt Rating complying with the requirements of Section 9.10 is delivered to the holders of Notes.

     

    Section 10.2.          Limitation on Priority Debt.  The Company will not permit, as of the end of any fiscal quarter of the Company, Priority Debt to exceed an amount equal to 20% of Consolidated Total Capitalization.

     

    Section 10.3.          Liens.  The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly create, incur, assume or permit to exist (upon the happening of a contingency or otherwise) any
        Lien on or with respect to any property or asset (including, without limitation, any document or instrument in respect of goods or accounts receivable) of the Company or any such Restricted Subsidiary, whether now owned or held or hereafter
        acquired, or any income or profits therefrom, or assign or otherwise convey any right to receive income or profits, except:

     

    (a)          Liens for
        taxes, assessments or other governmental charges which are not yet due and payable or the payment of which is not at the time required by Section 9.4;

     

    (b)          statutory
        Liens of landlords and Liens of carriers, warehousemen, mechanics, materialmen and other similar Liens, in each case, incurred in the ordinary course of business for sums not yet due and payable or the payment of which is not at the time required
        by Section 9.4;

     

    
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    (c)          Liens (other
        than any Lien imposed by Section 430 of the Code or Section 4068 of ERISA or any successor thereto) incurred or deposits made in the ordinary course of business (1) in connection with workers’ compensation, unemployment insurance and other types of
        social security or retirement benefits, (2) to secure (or to obtain letters of credit that secure) the performance of tenders, statutory obligations, surety bonds, appeal bonds, bids, leases (other than Capital Leases), performance bonds, purchase,
        construction or sales contracts, and other similar obligations, in each case not incurred or made in connection with the borrowing of money, the obtaining of advances or credit or the payment of the deferred purchase price of property or (3) in
        connection with required margin collateral account deposits made in the ordinary course in connection with Hedging Contracts permitted by this Agreement;

     

    (d)          subject to Section 11(j), any attachment or judgment Lien, unless the judgment it secures shall not, within 30 days after the entry thereof, have been discharged or execution thereof stayed pending appeal, or shall not have
        been discharged within 30 days after the expiration of any such stay;

     

    (e)          leases or
        subleases granted to others, easements, rights-of-way, restrictions and other similar charges or encumbrances or minor survey exceptions, in each case incidental to, and not interfering with, the ordinary conduct of the business of the Company or
        any of its Restricted Subsidiaries, provided that such Liens do not, in the aggregate, materially detract from the value of such property;

     

    (f)          Liens on
        property or assets of any Restricted Subsidiary securing Debt owing to the Company or to a Wholly-Owned Restricted Subsidiary;

     

    (g)          Liens
        existing on the Closing Date and described in Schedule 5.15;

     

    (h)          Liens on
        accounts receivable owned by Securitization Subsidiaries that are Restricted Subsidiaries and incurred pursuant to Receivables Securitization Transactions;

     

    (i)          any Lien
        created to secure all or any part of the purchase price, or to secure Debt incurred or assumed to pay all or any part of the purchase price or cost of construction, of property (or any improvement thereon) acquired or constructed by the Company or
        a Restricted Subsidiary after the Closing Date, provided that:

     

    (1)          any such Lien
        shall extend solely to the item or items of such property (or improvement thereon) so acquired or constructed and, if required by the terms of the instrument originally creating such Lien, other property (or improvement thereon) which is an
        improvement to or is acquired for specific use in connection with such acquired or constructed property (or improvement thereon) or which is real property being improved by such acquired or constructed property (or improvement thereon);

     

    (2)          the principal
        amount of the Debt secured by any such Lien shall at no time exceed an amount equal to the lesser of (i) the cost to the Company or such Restricted Subsidiary of the property (or improvement thereon) so acquired or constructed and (ii) the Fair
        Market Value (as determined in good faith by one or more officers of the Company to whom authority to enter into the subject transaction has been delegated by the board of directors of the Company) of such property (or improvement thereon) at the
        time of such acquisition or construction;

     

    
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    (3)          any such Lien
        shall be created contemporaneously with, or within 180 days after, the acquisition or construction of such property; and

     

    (4)          the aggregate
        principal amount of all Debt secured by such Liens shall be permitted by the limitation set forth in Section 10.1 if tested on the date such Lien is created and not as of the end of the immediately preceding
        fiscal quarter of the Company;

     

    (j)          any Lien
        existing on property of a Person immediately prior to its being consolidated with or merged into the Company or a Restricted Subsidiary or its becoming a Subsidiary, or any Lien existing on any property acquired by the Company or any Restricted
        Subsidiary at the time such property is so acquired (whether or not the Debt secured thereby shall have been assumed), provided that (1) no such Lien shall have been created or assumed in contemplation of such consolidation or merger or such Person
        becoming a Subsidiary or such acquisition of property, (2) each such Lien shall extend solely to the item or items of property so acquired and, if required by the terms of the instrument originally creating such Lien (i) other property which is an
        improvement to or is acquired for specific use in connection with such acquired property or (ii) other property that does not constitute property or assets of the Company or any of its Restricted Subsidiaries and (3) the aggregate amount of all
        Debt secured by such Liens shall be permitted by the limitation set forth in Section 10.1 if tested on the date of such event and not as of the end of the immediately preceding fiscal quarter of the Company;

     

    (k)          any Lien
        renewing, extending or refunding any Lien permitted by paragraphs (g), (i) or (j) of this Section 10.3, provided that (1) the principal amount of Debt secured by such Lien immediately prior to such
        extension, renewal or refunding is not increased or the maturity thereof reduced, (2) such Lien is not extended to any other property and (3) immediately after such extension, renewal or refunding no Default or Event of Default would exist
        (provided that, with respect to Sections 10.1 and 10.2, calculation of compliance therewith shall be made as of the date of determination under this Section 10.3(k)
        and not as of the end of the immediately preceding fiscal quarter of the Company; and

     

    (l)          other Liens
        not otherwise permitted by paragraphs (a) through (k), inclusive, of this Section 10.3 securing Debt, provided that the Debt secured by such Liens shall be permitted by the limitations set forth in Sections 10.1 and 10.2 if tested on the date such Lien is created and not as of the end of the immediately preceding fiscal quarter of the Company.

     

    
      -28-

      
        

    

    Notwithstanding the foregoing, the Company will not, and will not permit any Subsidiary to, grant or incur (upon the happening of a contingency or
      otherwise) (i) any Lien securing any Debt incurred by the Company or any Subsidiary under any Bank Credit Agreement (other than cash collateral for letter of credit obligations upon the termination of any Bank Credit Agreement with respect to letters
      of credit issued under any Bank Credit Agreement that remain outstanding after such termination, and customary Liens and set-off rights and similar types of Liens incurred in the ordinary course of business pursuant to deposit or custody agreements
      and hedging transactions (whether as currency or interest rate swaps, caps, floors, collars or other interest rate or currency exchange management devices, or otherwise)), in each case whether arising under any Bank Credit Agreement, by operation of
      law, or otherwise, but not any other Debt of the Company, unless the Notes shall also be secured by such Lien on a pari passu basis pursuant to documentation, including an intercreditor agreement, in form and
      substance satisfactory to the Required Holders, with all parties entitled to the benefit of such Liens, or with the agent for such parties if such agent is the secured party of record with regard to such granted or created Lien and (ii) any Lien on
      or with respect to the Voting Stock of New Jersey Natural Gas owned by the Company or any Subsidiary.

     

    Section 10.4.          Restricted Payments.  (a)  The Company will not, and will not permit any Restricted Subsidiary to, declare or make or incur any liability to declare or make any Restricted Payment unless immediately after giving
        effect to such action no Default or Event of Default would exist (provided that, with respect to Sections 10.1 and 10.2, calculation of compliance therewith shall be
        made as of the date of determination under this Section 10.4 and not as of the end of the immediately preceding fiscal quarter of the Company).

     

    (b)          The Company
        will not, and will not permit any Restricted Subsidiary to, declare a Restricted Payment that is not payable within 60 days of such declaration.

     

    Section 10.5.          Restrictions on Dividends of Subsidiaries, Etc.  The Company will not, and will not permit any Restricted Subsidiary to, enter into any agreement which would restrict any Restricted Subsidiary’s ability or right
        to pay dividends to, or make advances to or investments in, the Company or, if such Restricted Subsidiary is not directly owned by the Company, the “parent” Restricted Subsidiary of such Restricted Subsidiary; provided that the foregoing shall not
        apply to restrictions and conditions imposed by law, this Agreement, any Bank Credit Agreement or any other document or instrument governing Debt not prohibited by this Agreement so long as such restrictions and conditions in such other document or
        instrument are no more restrictive with respect to such Restricted Subsidiary than the restrictions in any Bank Credit Agreement as in effect on the date of this Agreement.

     

    Section 10.6.          Sale of Assets, Etc.  (a) Except as permitted under Section 10.7 and Section 10.8, the Company will not, and will not permit any
        of its Restricted Subsidiaries to, make any Asset Disposition unless:

     

    (1)          in the good
        faith opinion of the Company, the Asset Disposition is in the best interest of the Company or such Restricted Subsidiary;

     

    (2)          immediately
        after giving effect to the Asset Disposition, no Default or Event of Default would exist (provided that, with respect to Sections 10.1 and 10.2, calculation of
        compliance therewith shall be made as of the date of determination under this Section 10.6 and not as of the end of the immediately preceding fiscal quarter of the Company); and

     

    
      -29-

      
        

    

    (3)          immediately
        after giving effect to the Asset Disposition the Disposition Value of all property that was the subject of any Asset Disposition occurring in the immediately preceding 12 consecutive month period would not exceed 10% of Consolidated Tangible Assets
        as of the end of the then most recently ended fiscal year of the Company.

     

    (b)          If the Net
        Proceeds Amount for any Transfer is, within 365 days after such Transfer, (1) applied to a Debt Prepayment Application, (2) applied to or would otherwise constitute a Property Reinvestment Application or (3) applied to any combination of the
        foregoing clauses (1) and (2), then such Transfer, only for the purpose of determining compliance with subsection (3) of Section 10.6(a) as of a date on or after the Net Proceeds Amount is so applied, shall
        be deemed not to be an Asset Disposition.

     

    Section 10.7.          Merger, Consolidation, Etc.  The Company will not, and will not permit any Restricted Subsidiary to, consolidate with or merge with any other Person or convey, transfer or lease all or substantially all of its
        assets in a single transaction or series of transactions to any Person (except that a Restricted Subsidiary may (x) consolidate with or merge with, or convey, transfer or lease all or substantially all of its assets in a single transaction or
        series of transactions to, the Company or another Restricted Subsidiary or any other Person so long as such Restricted Subsidiary is the surviving Person and (y) convey, transfer or lease all of its assets in compliance with the provisions of Section 10.6 or Section 10.8), provided that the foregoing restriction does not apply to the consolidation or merger of the Company with, or the conveyance, transfer or
        lease of all or substantially all of the assets of the Company in a single transaction or series of transactions to, any Person so long as:

     

    (a)          the successor
        formed by such consolidation or the survivor of such merger or the Person that acquires by conveyance, transfer or lease all or substantially all of the assets of the Company as an entirety, as the case may be (the “Successor Corporation”), shall be a solvent Person organized and existing under the laws of the United States or any State thereof (including the District of Columbia);

     

    (b)          if the
        Company is not the Successor Corporation, (1) such Person shall have executed and delivered to each Purchaser and holder of the Notes its assumption of the due and punctual performance and observance of each covenant and condition of this Agreement
        and the Notes (pursuant to such agreements or instruments as shall be reasonably satisfactory to the Required Holders), (2) such Person shall have caused to be delivered to each Purchaser and each holder of the Notes an opinion of inside counsel to
        the Company, Troutman Pepper Hamilton Sanders LLP or another nationally recognized counsel, or other counsel reasonably satisfactory to the Required Holders, to the effect that all agreements or instruments effecting such assumption are enforceable
        in accordance with their terms and comply with the terms hereof (subject to bankruptcy, insolvency, fraudulent conveyance or similar laws affecting creditors’ rights generally, and general principles of equity (regardless of whether the application
        of such principles is considered in a proceeding in equity or at law) and subject to such other customary qualifications and exceptions for legal opinions of this type or as may be reasonably acceptable to the Required Holders) and (3) each
        Guarantor shall have reaffirmed, in writing, its obligations under the Guaranty Agreement; and

     

    
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    (c)          immediately
        after giving effect to such transaction, no Default or Event of Default would exist (provided that, with respect to Sections 10.1 and 10.2, calculation of compliance
        therewith shall be made as of the date of determination under this Section 10.7 and not as of the end of the immediately preceding fiscal quarter of the Company).

     

    No such conveyance, transfer or lease of all or substantially all of the assets of the Company shall have the effect of releasing the Company or any Successor
      Corporation that shall theretofore have become such in the manner prescribed in this Section 10.7 from its liability under this Agreement or the Notes.

     

    For all purposes under this Agreement, in connection with any division or plan of division under Delaware law (or any comparable event under a
      different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the
      subsequent Person; provided that, if the original Person is a Restricted Subsidiary, the subsequent Person must also be a Restricted Subsidiary unless (i) the requirements of Section 10.6 or Section 10.8, as
      applicable, are satisfied in connection with such Transfer, or (ii) such Person would be permitted to be an Unrestricted Subsidiary under Section 10.13 and the requirements of Section 10.13 are satisfied to designate such Person an Unrestricted
      Subsidiary, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its equity interests at such time; provided
        that, if any Restricted Subsidiary undergoes a division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws), any new Person which comes into existence as a result of such event shall be a
      Restricted Subsidiary unless (i) such formation would constitute a Transfer and the requirements of Section 10.6 or Section 10.8, as applicable, are satisfied in connection with such Transfer, or (ii) such Person would be permitted to be an
      Unrestricted Subsidiary under Section 10.13 and the requirements of Section 10.13 are satisfied to designate such Person an Unrestricted Subsidiary.

     

    Section 10.8.          Disposal of Ownership of a Restricted Subsidiary.  Subject to Section 10.7, the Company will not, and will not permit any Restricted Subsidiary to, sell or otherwise
        dispose of any shares of Restricted Subsidiary Stock, nor will the Company permit any such Restricted Subsidiary to issue, sell or otherwise dispose of any shares of its own Restricted Subsidiary Stock, provided that the foregoing restrictions do
        not apply to:

     

    (a)          the issue of
        directors’ qualifying shares by any such Restricted Subsidiary;

     

    (b)          any such
        Transfer of Restricted Subsidiary Stock constituting a Transfer described in clause (a) of the definition of “Asset Disposition”; and

     

    (c)          the Transfer
        of the Restricted Subsidiary Stock of a Restricted Subsidiary owned by the Company and its other Subsidiaries; provided that such Transfer satisfies the requirements of Section 9.6 and Section 10.6.

     

    
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    Section 10.9.          Limitations on Subsidiaries, Partnerships and Joint Ventures.  The Company will not, and will not permit any of its Restricted Subsidiaries to, own or create directly or indirectly any Restricted Subsidiaries
        other than (a) any Restricted Subsidiary which is a Regulated Entity, (b) any Restricted Subsidiary which is a Guarantor on the date of this Agreement and (c) any Restricted Subsidiary formed after the date of this Agreement that becomes a
        Guarantor under the Guaranty Agreement pursuant to Section 9.7.  The Company shall not, and shall not permit any Restricted Subsidiary to, become or agree to become (1) a general or limited partner in any
        general or limited partnership, except that the Company may be a general or limited partner in any Subsidiary and any Restricted Subsidiary may be a general or limited partner in any other Subsidiary and except that the Company and its Restricted
        Subsidiaries may be a limited partner in a Permitted Related Business Opportunity, (2) a member or manager of, or hold a limited liability company interest in, a limited liability company, except that the Company may be a member or manager of, or
        hold limited liability company interests in, its Subsidiaries and Restricted Subsidiaries may be members or managers of, or hold limited liability company interests in, other Subsidiaries and except that the Company and its Restricted Subsidiaries
        may be members or managers of, or hold limited liability company interests in a Permitted Related Business Opportunity or (3) a joint venturer or hold a joint venture interest in any joint venture, except that the Company and its Restricted
        Subsidiaries may become a joint venturer in or hold a joint venture interest in any joint venture that is a Permitted Related Business Opportunity.

     

    Section 10.10.          [Reserved].

     

    Section 10.11.          Nature of Business.  The Company will not, and will not permit any of its Restricted Subsidiaries to, engage in any business if, as a result, the general nature of the business in which the Company and its
        Restricted Subsidiaries, taken as a whole, would then be engaged would be substantially and materially changed from the general nature of the business in which the Company and its Restricted Subsidiaries are engaged on the date hereof.

     

    Section 10.12.          Transactions with Affiliates.  Except in the case of a Permitted Related Business Opportunity, the Company will not, and will not permit any Restricted Subsidiary to, enter into, directly or indirectly, any
        Material transaction or group of related transactions (including, without limitation, the purchase, lease, sale or exchange of properties of any kind or the rendering of any service) with any Affiliate (other than the Company, a Restricted
        Subsidiary or New Jersey Natural Gas), except in the ordinary course and pursuant to the reasonable requirements of the Company’s or such Restricted Subsidiary’s business and upon fair and reasonable terms no less favorable to the Company or such
        Restricted Subsidiary than would be obtainable in a comparable arm’s-length transaction with a Person not an Affiliate.

     

    
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    Section 10.13.          Designation of Restricted and Unrestricted Subsidiaries.  (a) Subject to Section 10.13(b), the Company may designate any Subsidiary to be a Restricted Subsidiary and may
        designate any Restricted Subsidiary to be an Unrestricted Subsidiary by giving written notice to each holder of Notes that the Board of Directors of the Company has made such designation, provided, however, that no Subsidiary may be designated a
        Restricted Subsidiary and no Restricted Subsidiary may be designated an Unrestricted Subsidiary unless, at the time of such action and after giving effect thereto, (1) solely in the case of a Restricted Subsidiary being designated an Unrestricted
        Subsidiary, such Restricted Subsidiary being designated an Unrestricted Subsidiary shall not have any continuing Investment in the Company or any other Restricted Subsidiary and (2) no Default or Event of Default shall have occurred and be
        continuing (provided that, with respect to Sections 10.1 and 10.2, calculation of compliance therewith shall be made as of the date of determination under this Section 10.13 and not as of the end of the immediately preceding fiscal quarter of the Company).  Any Restricted Subsidiary which has been designated an Unrestricted Subsidiary and which has then been
        redesignated a Restricted Subsidiary, in each case in accordance with the provisions of the first sentence of this Section 10.13, shall not at any time thereafter be redesignated an Unrestricted Subsidiary
        without the prior written consent of the Required Holders.  Any Unrestricted Subsidiary which has been designated a Restricted Subsidiary and which has then been redesignated an Unrestricted Subsidiary, in each case in accordance with the
        provisions of the first sentence of this Section 10.13, shall not at any time thereafter be redesignated a Restricted Subsidiary without the prior written consent of the Required Holders.  If the Company
        enters into any credit facility or note purchase agreement (or any amendment thereof) after the date of this Agreement and New Jersey Natural Gas shall be designated as a “restricted subsidiary” thereunder, then the Company shall, within 10
        Business Days of its entering into such credit facility or note purchase agreement (or any amendment thereof), designate New Jersey Natural Gas as a Restricted Subsidiary under this Agreement.  If the Company enters into any credit facility or note
        purchase agreement (or any amendment thereof) after the date of this Agreement and New Jersey Natural Gas shall be subjected to any negative covenants of the type included in this Section 10 of such credit
        facility or note purchase agreement, then and in any such event the Company shall give written notice thereof to each holder not later than 30 days following the date of execution of any such agreement or amendment.  Effective on the date of
        execution of any such agreement or amendment, such additional covenant that is included in such agreement or amendment and any related definitions shall be deemed to have been incorporated herein.  The Company further covenants to promptly execute
        and deliver at its expense (including, without limitation, the fees and expenses of counsel for the holders) an amendment to this Agreement in form and substance satisfactory to the Required Holders evidencing the amendment of this Agreement to
        include such additional covenant.

     

    (b)          The Company
        will cause each Subsidiary that is designated as a Restricted Subsidiary in Schedule 5.4 on the date of this Agreement to at all times remain a Restricted Subsidiary.

     

    Section 10.14.          Economic Sanctions, Etc.  The Company covenants that it will not, and will not permit any Controlled Entity to, (a) become (including by virtue of being owned or controlled by a Blocked Person), own or control
        a Blocked Person or (b) directly or indirectly have any investment in or engage in any dealing or transaction (including any investment, dealing or transaction involving the proceeds of the Notes) with any Person if such investment, dealing or
        transaction (i) would cause any holder or any affiliate of such holder to be in violation of, or subject to sanctions under, any law or regulation applicable to such holder, or (ii) is prohibited by or subject to sanctions under any U.S. Economic
        Sanctions Laws.

     

    Section 11.          Events

          of Default.

     

    An “Event of Default” shall exist if any of the following conditions or events shall occur and be
      continuing:

     

    (a)          the Company
        defaults in the payment of any principal or Make-Whole Amount on any Note when the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or

     

    
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    (b)          the Company
        defaults in the payment of any interest on any Note for more than five Business Days after the same becomes due and payable; or

     

    (c)          the Company
        defaults in the performance of or compliance with any term contained in any of Section 9.6 through Section 9.8, inclusive, Section
          10.1 through Section 10.9, inclusive, or Section 10.14; or

     

    (d)          the Company
        defaults in the performance of or compliance with any term contained herein (other than those referred to in paragraphs (a), (b) and (c) of this Section 11 and other than Section

          9.10) and such default is not remedied within 30 days after the earlier of (1) a Responsible Officer obtaining actual knowledge of such default and (2) the Company receiving written notice of such default from any holder of a Note (any
        such written notice to be identified as a “notice of default” and to refer specifically to this paragraph (d) of Section 11); or

     

    (e)          any
        representation or warranty made in writing by or on behalf of the Company or any Guarantor or by any officer of the Company or any Guarantor in this Agreement, the Guaranty Agreement or in any writing furnished in connection with the transactions
        contemplated hereby proves to have been false or incorrect in any material respect on the date as of which made; or

     

    (f)          (1) the
        Company or any Significant Subsidiary is in default (as principal or as guarantor or other surety) in the payment of any principal of or premium or make-whole amount or interest on any Debt that is outstanding in an aggregate principal amount of at
        least $30,000,000 (or its equivalent in the relevant currency of payment) beyond any period of grace provided with respect thereto or (2) the Company or any Significant Subsidiary is in default in the performance of or compliance with any term of
        any evidence of any Debt in an aggregate outstanding principal amount of at least $30,000,000 (or its equivalent in the relevant currency of payment) or of any mortgage, indenture or other agreement relating thereto or any other condition exists,
        and as a consequence of such default or condition such Debt has become, or has been declared (or one or more Persons are entitled to declare such Debt to be), due and payable before its stated maturity or before its regularly scheduled dates of
        payment or (3) as a consequence of the occurrence or continuation of any event or condition (other than the passage of time or the right of the holder of Debt to convert such Debt into equity interests), (i) the Company or any Significant
        Subsidiary has become obligated to purchase or repay Debt before its regular maturity or before its regularly scheduled dates of payment in an aggregate outstanding principal amount of at least $30,000,000 (or its equivalent in the relevant
        currency of payment) or (ii) one or more Persons have the right to require the Company or any Significant Subsidiary so to purchase or repay such Debt; or

     

    (g)          the Company
        or any Significant Subsidiary is in default under the terms of any agreement involving any off‐balance sheet transaction (including any asset securitization, sale/leaseback transaction or Synthetic Lease) with obligations in the aggregate
        thereunder for which the Company or any Significant Subsidiary may be obligated in an amount in excess of $30,000,000 (or its equivalent in the relevant currency of payment), and such breach, default or event of default consists of the failure to
        pay (beyond any period of grace permitted with respect thereto) any obligation when due (whether at stated maturity, by acceleration or otherwise) or if such breach or default permits or causes the acceleration of any obligation or the termination
        of such agreement; or

     

    
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    (h)          the Company
        or any Significant Subsidiary described in clauses (b) or (c)  of the definition thereof (1) is generally not paying, or admits in writing its inability to pay, its debts as they become due, (2) files, or consents by answer or otherwise to the
        filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any
        jurisdiction, (3) makes an assignment for the benefit of its creditors, (4) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its
        property, (5) is adjudicated as insolvent or to be liquidated or (6) takes corporate action for the purpose of any of the foregoing; or

     

    (i)          a court or
        other Governmental Authority of competent jurisdiction enters an order appointing, without consent by the Company or any of its Significant Subsidiaries, a custodian, receiver, trustee or other officer with similar powers with respect to it or with
        respect to any substantial part of its property, or constituting an order for relief or approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency
        law of any jurisdiction, or ordering the dissolution, winding-up or liquidation of the Company or any of its Significant Subsidiaries, or any such petition shall be filed against the Company or any of its Significant Subsidiaries and such petition
        shall not be dismissed within 60 days; or

     

    (j)          a final
        judgment or judgments for the payment of money aggregating in excess of $30,000,000 (or its equivalent in the relevant currency of payment) (exclusive of amounts fully covered by valid and collectible insurance in respect thereof subject to
        customary deductibles) are rendered against one or more of the Company and its Significant Subsidiaries and which judgments are not, within 45 days after entry thereof (or such shorter period as judgment creditors are stayed pursuant to applicable
        law from executing on such judgment or judgments), bonded, discharged or stayed pending appeal, or are not discharged within 45 days after the expiration of such stay (or such shorter period as judgment creditors are stayed pursuant to applicable
        law from executing on such judgment or judgments); or

     

    (k)          (1) default
        shall occur under the Guaranty Agreement to which a Significant Subsidiary described in clause (b) of the definition thereof is a party, and such default shall continue beyond the period of grace, if any, allowed with respect thereto, or (2) the
        Guaranty Agreement shall cease to be in full force and effect for any reason whatsoever, including, without limitation, a determination by any Governmental Authority or court that such agreement is invalid, void or unenforceable or any Guarantor
        shall contest or deny in writing the validity or enforceability of the Guaranty Agreement; or

     

    
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    (l)          if (1) any
        Plan shall fail to satisfy the minimum funding standards of ERISA or the Code for any plan year or a waiver of such standards or extension of any amortization period is sought or granted under Section 412 of the Code, (2) a notice of intent to
        terminate any Plan on other than a standard basis shall have been filed with the PBGC by the Company or any ERISA Affiliate or the PBGC shall have notified the Company or any ERISA Affiliate of the institution of proceedings under Section 4042 of
        ERISA to terminate or appoint a trustee to administer any Plan or  that a Plan is the subject of any such proceedings, (3) the present value of the aggregate “amount of unfunded benefit liabilities” within the meaning of Section 4001(a)(18) of
        ERISA under all Plans (determined in accordance with Title IV of ERISA, as of the end of the most recent Plan year on the basis of the actuarial assumptions specified for funding purposes in the most recent actuarial valuation), shall exceed the
        aggregate actuarial value of their assets by more than $25,000,000, (4) the Company or any ERISA Affiliate shall have incurred any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee
        benefit plans with respect to any Plan, other than for claims for benefits and funding obligations in the ordinary course, (5) the Company or any ERISA Affiliate incurs withdrawal liability with respect to any Multiemployer Plan or (6) the Company
        or any ERISA Affiliate establishes or amends any employee welfare benefit plan that provides post-employment welfare benefits in a manner that would increase the liability of the Company or any ERISA Affiliate thereunder; and any such event or
        events described in clauses (1) through (6) above, either individually or together with any other such event or events, would reasonably be expected to have a Material Adverse Effect.

     

    As used in Section 11(l), the terms “employee benefit plan” and “employee welfare benefit plan” shall have the respective
      meanings assigned to such terms in Section 3 of ERISA.

     

    Section 12.          Remedies

          on Default, Etc.

     

    Section 12.1.          Acceleration.  (a) If an Event of Default with respect to the Company described in paragraph (h) or (i) of Section 11 (other than an Event of Default described in clause
        (1) of paragraph (h) or described in clause (6) of paragraph (h) by virtue of the fact that such clause encompasses clause (1) of paragraph (h)) has occurred, all the Notes then outstanding shall automatically become immediately due and payable.

     

    (b)          If any other
        Event of Default has occurred and is continuing, the Required Holders may at any time at its or their option, by notice or notices to the Company, declare all the Notes then outstanding to be immediately due and payable.

     

    (c)          If any Event
        of Default described in paragraph (a) or (b) of Section 11 has occurred and is continuing, any holder or holders of Notes at the time outstanding affected by such Event of Default may at any time, at its or
        their option, by notice or notices to the Company, declare all the Notes held by it or them to be immediately due and payable.

     

    Upon any Note becoming due and payable under this Section 12.1, whether automatically or by declaration, such
      Note will forthwith mature and the entire unpaid principal amount of such Note, plus (1) all accrued and unpaid interest thereon (including, but not limited to, interest accrued thereon at the Default Rate) and (2) the Make-Whole Amount, if any,
      determined in respect of such principal amount (to the full extent permitted by applicable law) shall all be immediately due and payable, in each and every case without presentment, demand, protest or further notice, all of which are hereby waived. 
      The Company acknowledges, and the parties hereto agree, that each holder of a Note has the right to maintain its investment in the Notes free from repayment by the Company (except as herein specifically provided for), and that the provision for
      payment of the Make-Whole Amount by the Company in the event that the Notes are prepaid or are accelerated as a result of an Event of Default, is intended to provide compensation for the deprivation of such right under such circumstances.

     

    
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    Section 12.2.          Other Remedies.  If any Default or Event of Default has occurred and is continuing, and irrespective of whether any Notes have become or have been declared immediately due and payable under Section 12.1, the holder of any Note at the time outstanding may proceed to protect and enforce the rights of such holder by an action at law, suit in equity or other appropriate proceeding, whether for the
        specific performance of any agreement contained herein, in any Note or in the Guaranty Agreement, or for an injunction against a violation of any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by
        law or otherwise.

     

    Section 12.3.          Rescission.  At any time after any Notes have been declared due and payable pursuant to clause (b) or (c) of Section 12.1, the Required Holders, by written notice to the
        Company, may rescind and annul any such declaration and its consequences if (a) the Company has paid all overdue interest on the Notes, all principal of and Make-Whole Amount, if any, on any Notes that are due and payable and are unpaid other than
        by reason of such declaration, and all interest on such overdue principal and Make-Whole Amount, if any, and (to the extent permitted by applicable law) any overdue interest in respect of the Notes, at the Default Rate, (b) neither the Company nor
        any other Person shall have paid any amounts which have become due solely by reason of such declaration, (c) all Events of Default and Defaults, other than non-payment of amounts that have become due solely by reason of such declaration, have been
        cured or have been waived pursuant to Section 17 and (d) no judgment or decree has been entered for the payment of any monies due pursuant hereto or to the Notes.  No rescission and annulment under this Section 12.3 will extend to or affect any subsequent Event of Default or Default or impair any right consequent thereon.

     

    Section 12.4.          No Waivers or Election of Remedies, Expenses, Etc.  No course of dealing and no delay on the part of any holder of any Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise
        prejudice such holder’s rights, powers or remedies.  No right, power or remedy conferred by this Agreement, the Guaranty Agreement or by any Note upon any holder thereof shall be exclusive of any other right, power or remedy referred to herein or
        therein or now or hereafter available at law, in equity, by statute or otherwise.  Without limiting the obligations of the Company under Section 15, the Company will pay to the holder of each Note on demand
        such further amount as shall be sufficient to cover all costs and expenses of such holder incurred in any enforcement or collection under this Section 12, including, without limitation, reasonable attorneys’
        fees, expenses and disbursements.

     

    Section 13.          Registration;

          Exchange; Substitution of Notes.

     

    
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    Section 13.1.          Registration of Notes.  The Company shall keep at its principal executive office a register for the registration and registration of transfers of Notes.  The name and address of each holder of one or more Notes,
        each transfer thereof and the name and address of each transferee of one or more Notes shall be registered in such register.  If any holder of one or more Notes is a nominee, then (a) the name and address of the beneficial owner of such Note or
        Notes shall also be registered in such register as an owner and holder thereof and (b) at any such beneficial owner’s option, either such beneficial owner or its nominee may execute any amendment, waiver or consent pursuant to this Agreement. 
        Prior to due presentment for registration of transfer, the Person in whose name any Note shall be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof, and the Company shall not be affected by any notice or
        knowledge to the contrary.  The Company shall give to any holder of a Note that is an Institutional Investor promptly upon request therefor, a complete and correct copy of the names and addresses of all registered holders of Notes.

     

    Section 13.2.          Transfer and Exchange of Notes.  Upon surrender of any Note at the principal executive office of the Company for registration of transfer or exchange (and in the case of a surrender for registration of transfer,
        duly endorsed or accompanied by a written instrument of transfer duly executed by the registered holder of such Note or its attorney duly authorized in writing and accompanied by the address for notices of each transferee of such Note or part
        thereof), within 10 Business Days thereafter, the Company shall execute and deliver, at the Company’s expense (except as provided below), one or more new Notes (as requested by the holder thereof) in exchange therefor, in an aggregate principal
        amount equal to the unpaid principal amount of the surrendered Note.  Each such new Note shall be payable to such Person as such holder may request and shall be substantially in the form of Exhibit 1.  Each
        such new Note shall be dated and bear interest from the date to which interest shall have been paid on the surrendered Note or dated the date of the surrendered Note if no interest shall have been paid thereon.  The Company may require payment of a
        sum sufficient to cover any stamp tax or governmental charge imposed in respect of any such transfer of Notes.  Notes shall not be transferred in denominations of less than $100,000, provided that if necessary to enable the registration of transfer
        by a holder of its entire holding of Notes, one Note may be in a denomination of less than $100,000.  Any transferee, by its acceptance of a Note registered in its name (or the name of its nominee), shall be deemed to have made the representation
        set forth in Section 6.2.

     

    Section 13.3.          Replacement of Notes.  Upon receipt by the Company of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note (which evidence shall be, in the case
        of an Institutional Investor, notice from such Institutional Investor of such ownership and such loss, theft, destruction or mutilation), and

     

    (a)          in the case
        of loss, theft or destruction, of indemnity reasonably satisfactory to it (provided that if the holder of such Note is, or is a nominee for, an original Purchaser or another holder of a Note with a minimum net worth of at least $50,000,000, such
        Person’s own unsecured agreement of indemnity shall be deemed to be satisfactory), or

     

    (b)          in the case
        of mutilation, upon surrender and cancellation thereof,

     

    within 10 Business Days thereafter, the Company at its own expense shall execute and deliver, in lieu thereof, a new Note, dated and bearing interest from the date to
      which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated Note if no interest shall have been paid thereon.

     

    
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    Section 14.          Payments

          on Notes.

     

    Section 14.1.          Place of Payment.  Subject to Section 14.2, payments of principal, Make-Whole Amount, if any, and interest becoming due and payable on the Notes shall be made in New
        York, New York at the principal office of U.S. Bank Trust Company, National Association in such jurisdiction.  The Company may at any time, by notice to each holder of a Note, change the place of payment of the Notes so long as such place of
        payment shall be either the principal office of the Company in such jurisdiction or the principal office of a bank or trust company in such jurisdiction.

     

    Section 14.2.          Home Office Payment.  So long as any Purchaser of the Notes or its nominee shall be the holder of any Note, and notwithstanding anything contained in Section 14.1 or in
        such Note to the contrary, the Company will pay all sums becoming due on such Note for principal, Make-Whole Amount, if any, and interest by the method and at the address specified for such purpose below such Purchaser’s name in Schedule A with respect to the Notes, or by such other method or at such other address as such Purchaser shall have from time to time specified to the Company in writing for such purpose, without the presentation
        or surrender of such Note or the making of any notation thereon, except that upon written request of the Company made concurrently with or reasonably promptly after payment or prepayment in full of any Note, such Purchaser shall surrender such Note
        for cancellation, reasonably promptly after any such request, to the Company at its principal executive office or at the place of payment most recently designated by the Company pursuant to Section 14.1. 
        Prior to any sale or other disposition of any Note held by any Purchaser or its nominee such Purchaser will, at its election, either endorse thereon the amount of principal paid thereon and the last date to which interest has been paid thereon or
        surrender such Note to the Company in exchange for a new Note or Notes pursuant to Section 13.2.  The Company will afford the benefits of this Section 14.2 to any
        Institutional Investor that is the direct or indirect transferee of any Note purchased by any Purchaser under this Agreement and that has made the same agreement relating to such Note as such Purchaser has made in this Section 14.2.

     

    Section 14.3.          FATCA Information.  By acceptance of any Note, the holder of such Note agrees that such holder will with reasonable promptness duly complete and deliver to the Company, or to such other Person as may be
        reasonably requested by the Company, from time to time (a) in the case of any such holder that is a United States Person, such holder’s United States tax identification number or other forms reasonably requested by the Company necessary to
        establish such holder’s status as a United States Person under FATCA and as may otherwise be necessary for the Company to comply with its obligations under FATCA and (b) in the case of any such holder that is not a United States Person, such
        documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation as may be necessary for the Company to comply with its obligations under FATCA and to determine that such
        holder has complied with such holder’s obligations under FATCA or to determine the amount (if any) to deduct and withhold from any such payment made to such holder.  Nothing in this Section 14.3 shall
        require any holder to provide information that is confidential or proprietary to such holder unless the Company is required to obtain such information under FATCA and, in such event, the Company shall treat any such information it receives as
        confidential.

     

    
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    Section 15.          Expenses,

          Etc.

     

    Section 15.1.          Transaction Expenses.  Whether or not the transactions contemplated hereby are consummated, the Company will pay the reasonable out-of-pocket costs and expenses incurred in connection with the initial filing of
        this Agreement and all related documents and financial information, and all subsequent annual and interim filings of documents and financial information related thereto, with the SVO, (which costs and expenses shall not exceed $5,000 without the
        prior written consent of the Company) and all out-of-pocket costs and expenses (including reasonable attorneys’ fees of a special counsel and, if reasonably required, local or other counsel) incurred by the Purchasers or any other holder of a Note
        in connection with the transactions contemplated hereby and in connection with any amendments, waivers or consents under or in respect of this Agreement, the Notes or the Guaranty Agreement (whether or not such amendment, waiver or consent becomes
        effective), including, without limitation: (a) the out-of-pocket costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under this Agreement, the Notes or the Guaranty Agreement or in
        responding to any subpoena or other legal process or informal investigative demand issued in connection with this Agreement, the Notes or the Guaranty Agreement, or by reason of being a holder of any Note and (b) the out-of-pocket costs and
        expenses, including financial advisors’ fees, incurred in connection with the insolvency or bankruptcy of the Company or any Subsidiary or in connection with any work-out or restructuring of the transactions contemplated hereby, by the Notes and by
        the Guaranty Agreement.  If required by the NAIC, the Company shall obtain and maintain at its own cost and expense a Legal Entity Identifier (LEI).

     

    The Company will pay, and will save the Purchasers and each other holder of a Note harmless from, (i) all claims in respect of any fees, costs or
      expenses, if any, of brokers and finders (other than those retained by such Person), (ii) any and all wire transfer fees that any bank or other financial institution deducts from any payment under such Note to such holder or otherwise charges to a
      holder of a Note with respect to a payment under such Note and (iii) any judgment, liability, claim, order, decree, fine, penalty, cost, fee, expense (including reasonable attorneys’ fees and expenses) or obligation resulting from the consummation of
      the transactions contemplated hereby, including the use of the proceeds of the Notes by the Company.

     

    Section 15.2.          Certain Taxes.  The Company agrees to pay all stamp, documentary or similar taxes or fees which may be payable in respect of the execution and delivery or the enforcement of this Agreement or any Guaranty
        Agreement or the execution and delivery (but not the transfer) or the enforcement of any of the Notes in the United States or any other jurisdiction where the Company or any Guarantor has assets or of any amendment of, or waiver or consent under or
        with respect to, this Agreement or of any of the Notes, and to pay any value added tax due and payable in respect of reimbursement of costs and expenses by the Company pursuant to this Section 15, and will
        save each holder of a Note to the extent permitted by applicable law harmless against any loss or liability resulting from nonpayment or delay in payment of any such tax or fee required to be paid by the Company hereunder.

     

    Section 15.3.          Survival.  The obligations of the Company under this Section 15 will survive the payment or transfer of any Note, the enforcement, amendment or waiver of any provision of
        this Agreement, the Notes or the Guaranty Agreement, and the termination of this Agreement or the Guaranty Agreement.

     

    
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    Section 16.          Survival

          of Representations and Warranties; Entire Agreement.

     

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

     

    Section 17.          Amendment

          and Waiver.

     

    Section 17.1.          Requirements.  This Agreement and the Notes may be amended, and the observance of any term hereof or of the Notes may be waived (either retroactively or prospectively), with (and only with) the written consent
        of the Company and the Required Holders, except that (a) no amendment or waiver of any of the provisions of Section 1, 2, 3,
        4, 5, 6 or 21 hereof, or any defined term (as it is used therein), will be effective
        as to any Purchaser or holder of a Note unless consented to by such Purchaser or holder in writing and (b) no such amendment or waiver may, without the written consent of each Purchaser and the holder of each Note at the time outstanding affected
        thereby, (1) subject to the provisions of Section 12 relating to acceleration or rescission, change the amount or time of any prepayment or payment of principal of, or reduce the rate or change the time of
        payment or method of computation of interest or of the Make-Whole Amount on, the Notes, (2) change the percentage of the principal amount of the Notes the holders of which are required to consent to any such amendment or waiver or the principal
        amount of the Notes that the Purchasers are to purchase pursuant to Section 2 upon satisfaction of the conditions to Closing that appear in Section 4 or (3) amend any
        of Sections 8, 11(a), 11(b), 12, 17 or 20.

     

    Section 17.2.          Solicitation of Purchasers and Holders of Notes.

     

    (a)          Solicitation.  The Company will provide each Purchaser and each holder of the Notes (irrespective of the amount of Notes then owned by it) with sufficient information, sufficiently far in advance of the date a
        decision is required, to enable such Purchaser and such holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any of the provisions hereof or of the Notes or the Guaranty
        Agreement.  The Company will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to the provisions of this Section 17 or the Guaranty Agreement to each holder
        of outstanding Notes promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite Purchasers or holders of Notes.

     

    
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    (b)          Payment.  The Company will not, directly or indirectly, pay or cause to be paid any remuneration, whether by way of supplemental or additional interest, fee or otherwise, or grant any security or provide any
        other credit support, to any holder of Notes as consideration for or as an inducement to the entering into by such holder of any waiver or amendment of any of the terms and provisions hereof or of the Guaranty Agreement unless such remuneration is
        concurrently paid, or security is concurrently granted or other credit support concurrently provided, on the same terms, ratably to each holder of Notes then outstanding even if such holder did not consent to such waiver or amendment.

     

    (c)          Consent in Contemplation of Transfer.  Any consent made pursuant to this Section 17 or the Guaranty Agreement by a holder of a Note that has transferred a portion or has
        agreed to transfer all or a portion of its Notes to (i) the Company, (ii) any Subsidiary or any other Affiliate or (iii) any other Person in connection with, or in anticipation of, such other Person acquiring, making a tender offer for or merging
        with the Company and/or any of its Affiliates and, in each case, has provided or has agreed to provide such written consent as a condition to such transfer shall be void and of no force and effect except solely as to such holder, and any amendments
        effected or waivers granted or to be effected or granted that would not have been or be so effected or granted but for such consent (and the consents of all other holders of Notes that were acquired under the same or similar conditions) shall be
        void and of no force or effect except solely as to such holder.

     

    Section 17.3.          Binding Effect, Etc.  Any amendment or waiver consented to as provided in this Section 17 or the Guaranty Agreement applies equally to all Purchasers and holders of Notes
        and is binding upon them and upon each future holder of any Note and upon the Company without regard to whether such Note has been marked to indicate such amendment or waiver.  No such amendment or waiver will extend to or affect any obligation,
        covenant, agreement, Default or Event of Default not expressly amended or waived or impair any right consequent thereon.  No course of dealing between the Company and any Purchaser or holder of any Note nor any delay in exercising any rights
        hereunder or under any Note or the Guaranty Agreement shall operate as a waiver of any rights of any Purchaser or holder of such Note.  As used herein, the term “this Agreement” and references thereto shall mean this Agreement as it may from time
        to time be amended or supplemented.

     

    Section 17.4.          Notes Held by Company, Etc.  Solely for the purpose of determining whether the holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any
        amendment, waiver or consent to be given under this Agreement, the Guaranty Agreement or the Notes, or have directed the taking of any action provided herein or in the Guaranty Agreement or the Notes to be taken upon the direction of the holders of
        a specified percentage of the aggregate principal amount of Notes then outstanding, Notes directly or indirectly owned by the Company or any of its Affiliates shall be deemed not to be outstanding.

     

    Section 18.          Notices.

     

    Except to the extent otherwise provided in Section 7 with respect to Electronic Delivery, all notices and
      communications provided for hereunder shall be in writing and sent (a) by telefacsimile if the sender on the same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid), (b) by registered or certified
      mail with return receipt requested (postage prepaid) or (c) by a recognized overnight delivery service (charges prepaid).  Any such notice must be sent:

     

    
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    (1)          if to any
        Purchaser or its nominee, to such Purchaser or its nominee at the address specified for such communications in Schedule A, or at such other address as such Purchaser or its nominee shall have specified to
        the Company in writing,

     

    (2)          if to any
        other holder of any Note, to such holder at such address as such other holder shall have specified to the Company in writing, or

     

    (3)          if to the
        Company, to the Company at its address set forth at the beginning hereof to the attention of the Chief Financial Officer of the Company, or at such other address as the Company shall have specified to the holder of each Note in writing.

     

    Notices under this Section 18 will be deemed given only when actually received.

     

    Section 19.          Reproduction

          of Documents.

     

    This Agreement and all documents relating hereto, including, without limitation, (a) consents, waivers and modifications that may hereafter be
      executed, (b) documents received by the Purchasers on the date of this Agreement or the holders of Notes at the Closing (except the Notes themselves) and (c) financial statements, certificates and other information previously or hereafter furnished
      to any Purchaser or holder of the Notes, may be reproduced by such Purchaser or such holder by any photographic, photostatic, microfilm, microcard, miniature photographic or other similar process and such Purchaser or such holder may destroy any
      original document so reproduced.  The Company agrees and stipulates that, to the extent permitted by applicable law, any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or
      not the original is in existence and whether or not such reproduction was made by any Purchaser or holder of the Notes in the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be
      admissible in evidence.  This Section 19 shall not prohibit the Company or any other Purchaser or holder of a Note from contesting any such reproduction to the same extent that it could contest the original,
      or from introducing evidence to demonstrate the inaccuracy of any such reproduction.

     

    Section 20.          Confidential

          Information.

     

    
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    For the purposes of this Section 20, “Confidential Information”
      shall mean information delivered to any Purchaser by or on behalf of the Company or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant to this Agreement that is proprietary in nature and that was clearly marked
      or labeled or otherwise adequately identified when received by such Purchaser as being confidential information of the Company or such Subsidiary, provided that such term does not include information that (a) was publicly known or otherwise known to
      such Purchaser prior to the time of such disclosure (provided, however, that to such Purchaser’s actual knowledge, the source of such information was not, at the time of disclosure to such Purchaser, bound by a confidentiality agreement with the
      Company or its Subsidiaries relating to such information), (b) subsequently becomes publicly known through no act or omission by such Purchaser or any Person acting on such Purchaser’s behalf, (c) otherwise becomes known to such Purchaser other than
      through disclosure by the Company or any Subsidiary (provided, however, that to such Purchaser’s actual knowledge, the source of such information was not, at the time of disclosure to such Purchaser, bound by a confidentiality agreement with the
      Company or its Subsidiaries relating to such information) or (d) constitutes financial statements delivered to such Purchaser under Section 7.1 that are otherwise publicly available.  Each Purchaser will
      maintain the confidentiality of such Confidential Information in accordance with procedures adopted by such Purchaser in good faith to protect confidential information of third parties delivered to such Purchaser, provided that such Purchaser may
      deliver or disclose Confidential Information to (1) its directors, officers, trustees, employees, agents, attorneys and affiliates (to the extent such disclosure reasonably relates to the administration of the investment represented by its Notes and
      such individuals are bound by the terms of this Section 20 or agree to hold confidential the Confidential Information substantially in accordance with the terms of this Section

        20), (2) its financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in accordance with the terms of this Section 20, (3) any other
      holder of any Note, (4) any Institutional Investor to which such Purchaser sells or offers to sell such Note or any part thereof or any participation therein (if such Person has agreed in writing prior to its receipt of such Confidential Information
      to be bound by the provisions of this Section 20), (5) any Person from which such Purchaser offers to purchase any security of the Company (if such Person has agreed in writing prior to its receipt of such
      Confidential Information to be bound by the provisions of this Section 20), (6) any Federal or state regulatory authority having jurisdiction over such Purchaser, (7) the NAIC or the SVO or, in each case, any
      similar organization, or any nationally recognized rating agency that requires access to information about such Purchaser’s investment portfolio or (8) any other Person to which such delivery or disclosure may be necessary or appropriate (i) to
      effect compliance with any law, rule, regulation or order applicable to such Purchaser, (ii) in response to any subpoena or other legal process, (iii) in connection with any litigation to which such Purchaser is a party or (iv) if an Event of Default
      has occurred and is continuing, to the extent such Purchaser may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under such Purchaser’s Notes, this
      Agreement or the Guaranty Agreement (provided with respect to subclauses (i) (except where required disclosure of the purchase of the Notes is to be made to any supervisory or regulatory body during the normal
      course of its exercise of its regulatory or supervisory function over such Purchaser and consistent with such Purchaser’s usual practice), (ii) and (iii) that, to the extent not prohibited by applicable law, rule, regulation or order, such Purchaser
      shall use commercially reasonable efforts to notify the Company of such pending disclosure so that the Company may seek a protective order or to pursue such further legal action as may be necessary to preserve the privileged nature and
      confidentiality of the Confidential Information).  Each holder of a Note, by its acceptance of a Note, will be deemed to have agreed to be bound by and to be entitled to the benefits of this Section 20 as
      though it were a party to this Agreement.  On reasonable request by the Company in connection with the delivery to any holder of a Note of information required to be delivered to such holder under this Agreement or requested by such holder (other
      than a holder that is a party to this Agreement or its nominee), such holder will enter into an agreement with the Company embodying the provisions of this Section 20.

     

    
      -44-

      
        

    

    In the event that as a condition to receiving access to information relating to the Company or its Subsidiaries in connection with the transactions
      contemplated by or otherwise pursuant to this Agreement, any Purchaser or holder of a Note is required to agree to a confidentiality undertaking (whether through IntraLinks, another secure website, a secure virtual workspace or otherwise) which is
      different from this Section 20, this Section 20 shall not be amended thereby and, as between such Purchaser or such holder and the Company, this Section 20 shall supersede any such other confidentiality undertaking.

     

    Section 21.          Substitution

          of Purchaser.

     

    Each Purchaser shall have the right to substitute any one of its Affiliates as the purchaser of the Notes that such Purchaser has agreed to purchase
      hereunder, by written notice to the Company, which notice shall be signed by both such Purchaser and such Affiliate, shall contain such Affiliate’s agreement to be bound by this Agreement and shall contain a confirmation by such Affiliate of the
      accuracy with respect to it of the representations set forth in Section 6.  Upon receipt of such notice, wherever the word “Purchaser” is used in this Agreement (other than in this Section 21), such word shall be deemed to refer to such Affiliate in lieu of such Purchaser with respect to the Notes so purchased by such Affiliate.  In the event that such Affiliate is so substituted as a purchaser hereunder and
      such Affiliate thereafter transfers to such Purchaser all of the Notes then held by such Affiliate, upon receipt by the Company of notice of such transfer, wherever the word “Purchaser” is used in this Agreement (other than in this Section 21), such
      word shall no longer be deemed to refer to such Affiliate, but shall refer to such Purchaser, and such Purchaser shall have all the rights of an original holder of the Notes under this Agreement.

     

    Section 22.          Miscellaneous.

     

    Section 22.1.          Successors and Assigns.  All covenants and other agreements contained in this Agreement by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns
        (including, without limitation, any subsequent holder of a Note) whether so expressed or not, except that, subject to Section 10.7, the Company may not assign or otherwise transfer any of its rights or
        obligations hereunder or under the Notes without the prior written consent of each holder.  Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto and their respective successors
        and assigns permitted hereby) any legal or equitable right, remedy or claim under or by reason of this Agreement.

     

    Section 22.2.          Submission to Jurisdiction; Waiver of Jury Trial.  (a) The Company hereby irrevocably submits to the non-exclusive jurisdiction of any State of New York court or any Federal court located in New York County, New
        York, New York for the adjudication of any matter arising out of or relating to this Agreement, and consents to the service of all writs, process and summonses by registered or certified priority or express mail out of any such court or by service
        of process on the Company at its address to which notices are to be given pursuant to Section 18 hereof and hereby waives any requirement to have an agent for service of process in the State of New York. 
        Nothing contained herein shall affect the right of any holder of the Notes to serve legal process in any other manner or to bring any proceeding hereunder in any jurisdiction where the Company may be amenable to suit.  The Company hereby
        irrevocably waives any objection to any suit, action or proceeding in any New York court or Federal court located in New York County, New York, New York on the grounds of venue and hereby further irrevocably waives any claim that any such suit,
        action or proceeding brought in any such court has been brought in an inconvenient forum.

     

    
      -45-

      
        

    

    (b)          THE PARTIES
        HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS AGREEMENT, THE NOTES OR ANY OTHER DOCUMENT EXECUTED IN CONNECTION HEREWITH OR THEREWITH.

     

    Section 22.3.          Payments Due on Non-Business Days.  Anything in this Agreement or the Notes to the contrary notwithstanding (but without limiting the requirement in Section 8.4 that the
        notice of any prepayment specify a Business Day as the date fixed for such prepayment), any payment of principal of or Make-Whole Amount, if any, or interest on any Note that is due on a date other than a Business Day shall be made on the next
        succeeding Business Day without including the additional days elapsed in the computation of the interest payable on such next succeeding Business Day; provided that if the maturity date of any Note is a date other than a Business Day, the payment
        otherwise due on such maturity date shall be made on the next succeeding Business Day and shall include the additional days elapsed in the computation of interest payable on such next succeeding Business Day.

     

    Section 22.4.          Accounting Terms.  All accounting terms used herein which are not expressly defined in this Agreement have the meanings respectively given to them in accordance with GAAP.  Except as otherwise specifically
        provided herein, (i) all computations made pursuant to this Agreement shall be made in accordance with GAAP, and (ii) all financial statements shall be prepared in accordance with GAAP.  Notwithstanding the foregoing, (a) if at any time any change
        in GAAP or in the application of GAAP would affect the computation of any financial ratio or requirement set forth in this Agreement, and either the Company or the Required Holders shall so request, the holders of Notes and the Company shall
        negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Holders); provided that, until so amended, such provision shall be
        interpreted on the basis of GAAP as in effect and applied immediately before such change in GAAP shall have become effective, (b) each financial ratio or requirement set forth in this Agreement shall be computed (i) to exclude any change to lease
        accounting rules from those in effect pursuant to Accounting Standards Codification 840 (Leases) and other related lease accounting guidance as in effect on February 16, 2018 and (ii) using the methodology for the recognition of investment tax
        credits for solar generation projects used by the Company in the fiscal year ending September 30, 2019 and (c) the Company shall provide to the holders of Notes, concurrently with the delivery of the financial statements required under this
        Agreement and as reasonably requested by any holder of Notes hereunder, a reconciliation between the calculation of any such financial ratio or requirement made before and after giving effect to such changes in GAAP or the application thereof
        described in the foregoing clauses (a) and (b).  For purposes of determining compliance with this Agreement (including, without limitation, Section 9, Section 10 and the definition of “Debt”), any election
        by the Company to measure any financial liability using fair value (as permitted by Financial Accounting Standards Board Accounting Standards Codification Topic No. 825-10-25 – Fair Value Option, International Accounting Standard 39 – Financial
        Instruments: Recognition and Measurement or any similar accounting standard) shall be disregarded and such determination shall be made as if such election had not been made.

     

    Section 22.5.          Severability.  Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without
        invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction.

     

    
      -46-

      
        

    

    Section 22.6.          Construction.  Each covenant contained herein shall be construed (absent express provision to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant
        shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant.  Where any provision herein refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision
        shall be applicable whether such action is taken directly or indirectly by such Person.

     

    For the avoidance of doubt, all Schedules and Exhibits attached to this Agreement shall be deemed to be a part hereof.

     

    Section 22.7.          Counterparts; Electronic Contracting.  This Agreement may be executed in any number of counterparts, each of which shall be an original but all of which together shall constitute one instrument.  Each
        counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto.  The parties agree to electronic contracting and signatures with respect to this Agreement, the Guaranty
        Agreement and any other agreement and instrument hereunder (other than the Notes).  Delivery of an electronic signature to, or a signed copy of, this Agreement, the Guaranty Agreement and any other agreement or instrument delivered hereunder (other
        than the Notes) by facsimile, email or other electronic transmission shall be fully binding on the parties to the same extent as the delivery of the signed originals and shall be admissible into evidence for all purposes.  Notwithstanding the
        foregoing, if any Purchaser shall request manually signed counterpart signatures to any agreement or instrument hereunder, the Company hereby agrees to use its reasonable endeavors to provide such manually signed signature pages as soon as
        reasonably practicable.

     

    Section 22.8.          Governing Law.  This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the
        law of such State that would require the application of the laws of a jurisdiction other than such State.

     

    (Remainder of Page Left Intentionally Blank)

     

    
      -47-

      
        

    

    The execution hereof by the Purchasers shall constitute a contract between the Company and the Purchasers for the uses and purposes and on the terms
      hereinabove set forth.

     

    	 	
            Very truly yours,

          
	 	 
	 	
            New Jersey Resources Corporation

          
	 	 
	 	
            By:

          	
            /s/ Daniel Sergott

          
	 	
            Name:

          	
            Daniel Sergott

          
	 	
            Title:

          	
            Treasurer

          

    

    

    [Signature Page to Note Purchase Agreement]

     

    

    
      
        

    

    The foregoing is hereby agreed

    to as of the date hereof.

     

    	 	
            Teachers Insurance and Annuity Association,

          
	 	
            a  New York domiciled life insurance company

          
	 	 	 
	 	
            By:

          	
            Nuveen Alternatives Advisors LLC,

          
	 	 	
            a Delaware limited liability company,

          
	 	 	
            its investment manager

          
	 	 	 
	 	
            By:

          	
            /s/ Matthew W. Smith

          
	 	
            Name:

          	
            Matthew W. Smith

          
	 	
            Title:

          	
            Senior Director

          
	 	 
	 	
            The Lincoln National Life Insurance Company

          
	 	 	 
	 	
            By:

          	
            Nuveen Alternatives Advisors LLC,

          
	 	 	
            a Delaware limited liability company,

          
	 	 	
            its investment manager

          
	 	 	 
	 	
            By:

          	
            /s/ Mathew W. Smith

          
	 	
            Name:

          	
            Matthew W. Smith

          
	 	
            Title:

          	
            Senior Director

          

    

    

    [Signature Page to Note Purchase Agreement]

    

    

    
      
        

    

    The foregoing is hereby agreed

    to as of the date hereof.

     

    	 	
            American Fidelity Assurance Company

          
	 	
            Standard Guaranty Insurance Company

          
	 	
            American Security Insurance Company

          
	 	
            Consumer Program Administrators, Inc.

          
	 	
            United Service Protection Corporation

          
	 	
            Virginia Surety Company, Inc.

          
	 	
            American Bankers Insurance Company of Florida

          
	 	
            Federal Warranty Service Corporation

          
	 	
            Brighthouse Life Insurance Company

          
	 	
            Mutual of America Life Insurance Company

          
	 	
            Chesapeake Employers’ Insurance Company

          
	 	
            Metropolitan Life Insurance Company of Metropolitan Life Insurance Company Separate Account 894

          
	 	 	 
	 	
            By:

          	
            Voya Investment Management Co. LLC, as   Agent

          
	 	 	 
	 	
            By:

          	
            /s/ Fitzhugh Wickham

          

    	 	
            Name:

          	
            Fitzhugh Wickham

          
	 	
            Title:

          	
            Senior Vice President

          

    	 	 	 
	 	
            Voya Private Credit Trust Fund

          
	 	
            Voya  private Credit Trust Fund – Goldman Sachs 

          
	 	 	 
	 	
            By:

          	
            Voya Investment Trust Co., as Trustee

          
	 	 	 
	 	By: 

          	 /s/ Fitzhugh Wickham

    	 	
            Name:

          	 Fitzhugh Wickham
	 	
            Title:

          	
            Senior Vice President

          

    

    

    [Signature Page to Note Purchase Agreement]

    

    

    
      
        

    

    The foregoing is hereby agreed

    to as of the date hereof.

     

    	 	
            CoBank, ACB

          
	 	 
	 	
            By:

          	
            Mike Rehmer

          
	 	
            Name:

          	
            Mike Rehmer

          
	 	
            Title:

          	
            Vice President

          

    

    

    [Signature Page to Note Purchase Agreement]

    

    

    
      
        

    

    The foregoing is hereby agreed

    to as of the date hereof.

     

    	 	
            Equitable Financial Life Insurance Company 

          
	 	 	 
	 	
            By:

          	
             /s/ Amy Judd

          
	 	
            Name:

          	
            Amy Judd

          
	 	
            Title:

          	
            Investment Officer

          
	 	 	 
	 	
            Equitable Financial Life Insurance Company of America 

          
	 	 	 
	 	
            By:

          	
             /s/ Amy Judd

          
	 	
            Name:

          	
            Amy Judd

          
	 	
            Title:

          	
            Investment Officer

          

    

    

    [Signature Page to Note Purchase Agreement]

    

    

    
      
        

    

    The foregoing is hereby agreed

    to as of the date hereof.

     

    	 	
            The Prudential Insurance Company of America 

          
	 	 	 
	 	
            By:

          	
            PGIM, Inc., as investment manager

          
	 	 	 
	 	
            By:

          	
            /s/Brian Lemons

          
	 	 	
            Vice President

          

    

    

    [Signature Page to Note Purchase Agreement]

    

    

    
      
        

    

    The foregoing is hereby agreed

    to as of the date hereof.

     

    	 	
            Southern Farm Bureau Life Insurance Company

          
	 	 
	 	
            By:

          	
            /s/ Bradley Blakney

          
	 	
            Name:

          	
            Bradley Blakney

          
	 	
            Title:

          	
            Portfolio Manager

          

    

    

    [Signature Page to Note Purchase Agreement]

    

    

    
      
        

    

    
      
        Information Relating to Purchasers

        	 	
                Name and Address of Purchaser

              	
                Principal

                Amount of Notes to be Purchased

              
	 	 	 
	 	
                Teachers Insurance and Annuity Association of America

                730 Third Avenue

                New York, NY 10017

              	
                $25,000,000

              
	 	 	 
	
                (1)

              	
                All payments on or in respect of the Notes shall be made in immediately available funds on the due date by electronic funds transfer, through the Automated
                  Clearing House System, to the account provided by separate cover to the Company.

              
	 	 
	
                (2)

              	
                Address for all notices with respect payments and prepayments of the Notes:

                 

                Wire instructions redacted and provided to the Company under separate cover.

                 

              
	
                (3)

              	
                Address for all notices and communications, including notices with respect to payments and prepayments:

                 

                Teachers Insurance and Annuity Association of America

                c/o Nuveen Alternatives Advisors LLC

                8500 Andrew Carnegie Blvd.

                Charlotte, NC 28262

                Attn:                    Private Placements

                Email:                  NuveenPrivatePlacements@nuveen.com

                DL_InvestmentsCenterofExcellence@tiaa.org

                KCTIAAGenCustodian@StateStreet.com

                KCTIAAGenInvManagers@StateStreet.com

                Telephone:           (704) 988-4349 (Name: Ho-Young Lee)

                (212) 916-4000 (General Number)

                Facsimile:            (704) 988-4916

                 

                copy to:

                 

                Nuveen Alternatives Advisors LLC

                8500 Andrew Carnegie Boulevard

                Charlotte, North Carolina 28262-8500

                Attention:            Legal Department

                Attention:            Trevor Sanford, Associate General Counsel

                E-mail:                Trevor.Sanford@nuveen.com

                Telephone:           (704) 988-4092

                (212) 916-4000 (General Number)

                 

              
	
                (4)

              	
                Address for all Servicer Reports (or the equivalent):

                Email:                  NuveenPrivatePlacements@nuveen.com

                DL_Valuations-PrivateABS@tiaa.org

                 

              
	
                (5)

              	
                Address for physical delivery of the Notes:

                 

                Delivery instructions redacted and provided to Company under separate cover.

                 

              
	
                (6)

              	
                Nominee: None

                 

              
	
                (7)

              	
                U.S. Tax Identification Number: Redacted and provided to Company under separate cover.

                 

              

        
           

            

          Schedule A

              (to Note Purchase Agreement)

           

            

        

        
          
            

        

        
        	 

              	
                Name and Address of Purchaser

              	
                Principal

                Amount of Notes to be Purchased

              
	 	 	 
	 	
                The Lincoln National Life Insurance Company  

                150 N. Radnor Chester Road

                Radnor, PA 19087

                 

              	
                $3,000,000

                $7,000,000

              
	
                (1)

              	
                All payments on or in respect of the Notes shall be made in immediately available funds on the due date by electronic funds transfer, through the Automated
                  Clearing House System, to the account provided by separate cover to the Company.

                 

              
	
                (2)

              	
                Address for all notices with respect payments and prepayments of the Notes:

                 

                Wire instructions redacted and provided to the Company under separate cover.

                 

              
	
                (3)

              	
                Address for all notices and communications, including notices with respect to payments and prepayments:

                 

                The Lincoln National Life Insurance Company

                c/o Nuveen Alternatives Advisors LLC

                8500 Andrew Carnegie Blvd

                Charlotte, NC  28262

                Attention: Private Placements

                Telephone:           [(704) 988-4349 (Ho Young-Lee)

                Facsimile:            (704) 988-4916

                Email:            NuveenPrivatePlacements@nuveen.com

                hoyoung.lee@nuveen.com

                 

                Copy to:

                 

                Nuveen Alternatives Advisors LLC

                8500 Andrew Carnegie Blvd.

                Charlotte, NC 28262-8500

                Attention:            Legal Department

                Attention:            Trevor Sanford, Associate General Counsel

                Email:                  Trevor.Sanford@nuveen.com

                Telephone:           (704) 988-4092

                (212) 916-4000 (General Number)

                 

                

              
	
                (4)

              	
                Address for all Servicer Reports (or the equivalent):

                Email:                  NuveenPrivatePlacements@nuveen.com

                DL_Valuations-PrivateABS@tiaa.org

                 

                

              
	
                (5)

              	
                Address for physical delivery of the Note:

                Delivery instructions redacted and provided to Company under separate cover.

                 

              
	
                (6)

              	
                Nominee: None

              
	
                (7)

              	
                U.S. Tax Identification Number: Redacted and provided to Company under separate cover.

              

        

        

        
          A-2

          
            

        

        	 	
                Name and Address of Purchaser

              	
                Principal

                Amount of Notes to be Purchased

              
	 	
                American Fidelity Assurance Company

                5780 Powers Ferry Road NW, Suite 300

                Atlanta, GA 30327

                 

              	
                $2,000,000

              
	
                (1)

              	
                All payments on account of the Note held by such purchaser shall be made by wire transfer of immediately available funds for credit to:

                 

                Wire instructions redacted and provided to the Company under separate cover.

                 

              
	
                (2)

              	
                Address for all notices relating to payments and audit confirmations:

                 

                American Fidelity Assurance Company

                9000 Cameron Parkway

                Oklahoma City, OK 73114

                Attn:  Doug Floyd

                Email:  CEIM-Operations@americanfidelity.com

                and VoyaIMPCOperations@voya.com

                 

              
	
                (3)

              	
                Address for all other communications and notices:

                 

                Voya Investment Management Co. LLC

                5780 Powers Ferry Road NW, Suite 300

                Atlanta, GA 30327-4347

                Attn: Private Placements

                Fax: (770) 690-5342

                Email: Private.Placements@voya.com and Mark.Guffin@voya.com

                 

              
	
                (4)

              	
                Address for physical delivery of the Note:

                 

                Delivery instructions redacted and provided to Company under separate cover.

                 

              
	
                (5)

              	
                Nominee: None

                 

                

              
	
                (6)

              	
                U.S. Tax Identification Number: Redacted and provided to Company under separate cover.

              

        

        

        
          A-3

          
            

        

        	 	
                Name and Address of Purchaser

              	
                Principal

                Amount of Notes to be Purchased

              
	 	
                Standard Guaranty Insurance Company

                5780 Powers Ferry Road NW, Suite 300

                Atlanta, GA 30327

                 

              	
                $200,000

              
	
                (1)

              	
                All payments on account of the Note held by such purchaser shall be made by wire transfer of immediately available funds for credit to:

                 

                Wire instructions redacted and provided to the Company under separate cover.

                 

              
	
                (2)

              	
                Address for all notices relating to payments and audit confirmations:

                 

                BNYM Mellon Asset Servicing

                11486 Corporate Blvd., Suite 200

                Orlando, FL 32817-8371

                Attn: Operations/Settlements

                Email: VoyaIMPCOperations@voya.com

                 

              
	
                (3)

              	
                Address for all other communications and notices:

                 

                Voya Investment Management Co. LLC

                5780 Powers Ferry Road NW, Suite 300

                Atlanta, GA 30327-4347

                Attn: Private Placements

                Fax: (770) 690-5342

                Email: Private.Placements@voya.com and Mark.Guffin@voya.com

                 

              
	
                (4)

              	
                Address for physical delivery of the Note:

                 

                Delivery instructions redacted and provided to Company under separate cover.

                 

              
	
                (5)

              	
                Nominee: None

                 

              
	
                (6)

              	
                U.S. Tax Identification Number: Redacted and provided to Company under separate cover.

              

        

        

        
          A-4

          
            

        

        	 	
                Name and Address of Purchaser

              	
                Principal

                Amount of Notes to be Purchased

              
	 	
                American Security Insurance Company

                5780 Powers Ferry Road NW, Suite 300

                Atlanta, GA 30327

              	
                $500,000

              
	
                (1)

              	
                All payments on account of the Note held by such purchaser shall be made by wire transfer of immediately available funds for credit to:

                 

                Wire instructions redacted and provided to the Company under separate cover.

                 

              
	
                (2)

              	
                Address for all notices relating to payments and audit confirmations:

                 

                BNYM Mellon Asset Servicing

                11486 Corporate Blvd., Suite 200

                Orlando, FL 32817-8371

                Attn: Operations/Settlements

                Email: VoyaIMPCOperations@voya.com

                 

              
	
                (3)

              	
                Address for all other communications and notices:

                 

                Voya Investment Management Co. LLC

                5780 Powers Ferry Road NW, Suite 300

                Atlanta, GA 30327-4347

                Attn: Private Placements

                Fax: (770) 690-5342

                Email: Private.Placements@voya.com and Mark.Guffin@voya.com

                 

              
	
                (4)

              	
                Address for physical delivery of the Note:

                 

                Delivery instructions redacted and provided to Company under separate cover.

                 

              
	
                (5)

              	
                Nominee: None

                 

              
	
                (6)

              	
                U.S. Tax Identification Number: Redacted and provided to Company under separate cover.

              

        

        

        
          A-5

          
            

        

        	 	
                Name and Address of Purchaser

              	
                Principal

                Amount of Notes to be Purchased

              
	 	
                Consumer Program Administrators, Inc.

                5780 Powers Ferry Road NW, Suite 300

                Atlanta, GA 30327

              	
                $300,000

              
	 	 	 
	
                (1)

              	
                All payments on account of the Note held by such purchaser shall be made by wire transfer of immediately available funds for credit to:

                 

                Wire instructions redacted and provided to the Company under separate cover.

                 

              
	
                (2)

              	
                Address for all notices relating to payments and audit confirmations:

                 

                BNYM Mellon Asset Servicing

                11486 Corporate Blvd., Suite 200

                Orlando, FL 32817-8371

                Attn: Operations/Settlements

                Email: VoyaIMPCOperations@voya.com

                 

              
	
                (3)

              	
                Address for all other communications and notices:

                 

                Voya Investment Management Co. LLC

                5780 Powers Ferry Road NW, Suite 300

                Atlanta, GA 30327-4347

                Attn: Private Placements

                Fax: (770) 690-5342

                Email: Private.Placements@voya.com and Mark.Guffin@voya.com

                 

              
	
                (4)

              	
                Address for physical delivery of the Note:

                 

                Delivery instructions redacted and provided to Company under separate cover.

                 

              
	
                (5)

              	
                Nominee: None

                 

              
	
                (6)

              	
                U.S. Tax Identification Number: Redacted and provided to Company under separate cover.

              

        

        

        
          A-6

          
            

        

        	 	
                Name and Address of Purchaser

              	
                Principal

                Amount of Notes to be Purchased

              
	 	
                United Service Protection Corporation

                5780 Powers Ferry Road NW, Suite 300

                Atlanta, GA 30327

              	
                $600,000

              
	 	 	 
	
                (1)

              	
                All payments on account of the Note held by such purchaser shall be made by wire transfer of immediately available funds for credit to:

                 

                Wire instructions redacted and provided to the Company under separate cover.

                 

              
	
                (2)

              	
                Address for all notices relating to payments and audit confirmations:

                 

                BNYM Mellon Asset Servicing

                11486 Corporate Blvd., Suite 200

                Orlando, FL 32817-8371

                Attn: Operations/Settlements

                Email: VoyaIMPCOperations@voya.com

                 

              
	
                (3)

              	
                Address for all other communications and notices:

                 

                Voya Investment Management Co. LLC

                5780 Powers Ferry Road NW, Suite 300

                Atlanta, GA 30327-4347

                Attn: Private Placements

                Fax: (770) 690-5342

                Email: Private.Placements@voya.com and Mark.Guffin@voya.com

                 

              
	
                (4)

              	
                Address for physical delivery of the Note:

                 

                Delivery instructions redacted and provided to Company under separate cover.

                 

              
	
                (5)

              	
                Nominee: None

                 

              
	
                (6)

              	
                U.S. Tax Identification Number: Redacted and provided to Company under separate cover.

              

        

        

        
          A-7

          
            

        

        	 	
                Name and Address of Purchaser

              	
                Principal

                Amount of Notes to be Purchased

              
	 	
                Virginia Surety Company, Inc.

                5780 Powers Ferry Road NW, Suite 300

                Atlanta, GA 30327

              	
                $600,000

              
	 	 	 
	
                (1)

              	
                All payments on account of the Note held by such purchaser shall be made by wire transfer of immediately available funds for credit to:

                 

                Wire instructions redacted and provided to the Company under separate cover.

                 

              
	
                (2)

              	
                Address for all notices relating to payments and audit confirmations:

                 

                BNYM Mellon Asset Servicing

                11486 Corporate Blvd., Suite 200

                Orlando, FL 32817-8371

                Attn: Operations/Settlements

                Email: VoyaIMPCOperations@voya.com

                 

              
	
                (3)

              	
                Address for all other communications and notices:

                 

                Voya Investment Management Co. LLC

                5780 Powers Ferry Road NW, Suite 300

                Atlanta, GA 30327-4347

                Attn: Private Placements

                Fax: (770) 690-5342

                Email: Private.Placements@voya.com and Mark.Guffin@voya.com

                 

              
	
                (4)

              	
                Address for physical delivery of the Note:

                 

                Delivery instructions redacted and provided to Company under separate cover.

                 

              
	
                (5)

              	
                Nominee: None

                 

              
	
                (6)

              	
                U.S. Tax Identification Number: Redacted and provided to Company under separate cover.

              

        

        

        
          A-8

          
            

        

        	 	
                Name and Address of Purchaser

              	
                Principal

                Amount of Notes to be Purchased

              
	 	
                American Bankers Insurance Company of Florida

                5780 Powers Ferry Road NW, Suite 300

                Atlanta, GA 30327

              	
                $600,000

              
	 	 	 
	
                (1)

              	
                All payments on account of the Note held by such purchaser shall be made by wire transfer of immediately available funds for credit to:

                 

                Wire instructions redacted and provided to the Company under separate cover.

                 

              
	
                (2)

              	
                Address for all notices relating to payments and audit confirmations:

                 

                BNYM Mellon Asset Servicing

                11486 Corporate Blvd., Suite 200

                Orlando, FL 32817-8371

                Attn: Operations/Settlements

                Email: VoyaIMPCOperations@voya.com

                 

              
	
                (3)

              	
                Address for all other communications and notices:

                 

                Voya Investment Management Co. LLC

                5780 Powers Ferry Road NW, Suite 300

                Atlanta, GA 30327-4347

                Attn: Private Placements

                Fax: (770) 690-5342

                Email: Private.Placements@voya.com and Mark.Guffin@voya.com

                 

              
	
                (4)

              	
                Address for physical delivery of the Note:

                 

                Delivery instructions redacted and provided to Company under separate cover.

                 

              
	
                (5)

              	
                Nominee: None

                 

              
	
                (6)

              	
                U.S. Tax Identification Number: Redacted and provided to Company under separate cover.

              

        

        

        
          A-9

          
            

        

        	 	
                Name and Address of Purchaser

              	
                Principal

                Amount of Notes to be Purchased

              
	 	
                Federal Warranty Service Corporation

                5780 Powers Ferry Road NW, Suite 300

                Atlanta, GA 30327

              	
                $200,000

              
	 	 	 
	
                (1)

              	
                All payments on account of the Note held by such purchaser shall be made by wire transfer of immediately available funds for credit to:

                 

                Wire instructions redacted and provided to the Company under separate cover.

                 

              
	
                (2)

              	
                Address for all notices relating to payments and audit confirmations:

                 

                BNYM Mellon Asset Servicing

                11486 Corporate Blvd., Suite 200

                Orlando, FL 32817-8371

                Attn: Operations/Settlements

                Email: VoyaIMPCOperations@voya.com

                 

              
	
                (3)

              	
                Address for all other communications and notices:

                 

                Voya Investment Management Co. LLC

                5780 Powers Ferry Road NW, Suite 300

                Atlanta, GA 30327-4347

                Attn: Private Placements

                Fax: (770) 690-5342

                Email: Private.Placements@voya.com and Mark.Guffin@voya.com

                 

              
	
                (4)

              	
                Address for physical delivery of the Note:

                 

                Delivery instructions redacted and provided to Company under separate cover.

                 

              
	
                (5)

              	
                Nominee: None

                 

              
	
                (6)

              	
                U.S. Tax Identification Number: Redacted and provided to Company under separate cover.

              

        

        

        
          A-10

          
            

        

        	 	
                Name and Address of Purchaser

              	
                Principal

                Amount of Notes to be Purchased

              
	 	
                Brighthouse Life Insurance Company

                5780 Powers Ferry Road NW, Suite 300

                Atlanta, GA 30327

              	
                $2,000,000

              
	 	 	 
	
                (1)

              	
                All payments on account of the Note held by such purchaser shall be made by wire transfer of immediately available funds for credit to:

                 

                Wire instructions redacted and provided to the Company under separate cover.

                 

              
	
                (2)

              	
                Address for all notices relating to payments and audit confirmations:

                 

                BNYM Mellon Asset Servicing

                11486 Corporate Blvd., Suite 200

                Orlando, FL 32817-8371

                Attn: Operations/Settlements

                Email: VoyaIMPCOperations@voya.com

                 

              
	
                (3)

              	
                Address for all other communications and notices:

                 

                Voya Investment Management Co. LLC

                5780 Powers Ferry Road NW, Suite 300

                Atlanta, GA 30327-4347

                Attn: Private Placements

                Fax: (770) 690-5342

                Email: Private.Placements@voya.com and Mark.Guffin@voya.com

                 

              
	
                (4)

              	
                Address for physical delivery of the Note:

                 

                Delivery instructions redacted and provided to Company under separate cover.

                 

              
	
                (5)

              	
                Nominee: None

                 

              
	
                (6)

              	
                U.S. Tax Identification Number: Redacted and provided to Company under separate cover.

              

        

        

        
          A-11

          
            

        

        	 	
                Name and Address of Purchaser

              	
                Principal

                Amount of Notes to be Purchased

              
	 	
                Voya Investment Trust Co., as Trustee for the Voya Private Credit Trust Fund

                5780 Powers Ferry Road NW, Suite 300

                Atlanta, GA 30327

              	
                $12,000,000

              
	 	 	 
	
                (1)

              	
                All payments on account of the Note held by such purchaser shall be made by wire transfer of immediately available funds for credit to:

                 

                Wire instructions redacted and provided to the Company under separate cover.

                 

              
	
                (2)

              	
                Address for all notices relating to payments and audit confirmations:

                 

                BNYM Mellon Asset Servicing

                11486 Corporate Blvd., Suite 200

                Orlando, FL 32817-8371

                Attn: Operations/Settlements

                Email: VoyaIMPCOperations@voya.com

                 

              
	
                (3)

              	
                Address for all other communications and notices:

                 

                Voya Investment Trust Co.

                5780 Powers Ferry Road NW, Suite 300

                Atlanta, GA 30327-4347

                Attn: Private Placements

                Fax: (770) 690-5342

                Email: Private.Placements@voya.com and Mark.Guffin@voya.com

                 

              
	
                (4)

              	
                Address for physical delivery of the Note:

                 

                Delivery instructions redacted and provided to Company under separate cover.

                 

              
	
                (5)

              	
                Nominee: None

                 

              
	
                (6)

              	
                U.S. Tax Identification Number: Redacted and provided to Company under separate cover.

              

        

        

        
          A-12

          
            

        

        	 	
                Name and Address of Purchaser

              	
                Principal

                Amount of Notes to be Purchased

              
	 	
                Mutual of America Life Insurance Company

                5780 Powers Ferry Road NW, Suite 300

                Atlanta, GA 30327

              	
                $4,000,000

              
	 	 	 
	
                (1)

              	
                All payments on account of the Note held by such purchaser shall be made by wire transfer of immediately available funds for credit to:

                 

                Wire instructions redacted and provided to the Company under separate cover.

                 

              
	
                (2)

              	
                Address for all notices relating to payments and audit confirmations:

                 

                BNYM Mellon Asset Servicing

                11486 Corporate Blvd., Suite 200

                Orlando, FL 32817-8371

                Attn: Operations/Settlements

                Email: VoyaIMPCOperations@voya.com

                 

              
	
                (3)

              	
                Address for all other communications and notices:

                 

                Voya Investment Management Co. LLC

                5780 Powers Ferry Road NW, Suite 300

                Atlanta, GA 30327-4347

                Attn: Private Placements

                Fax: (770) 690-5342

                Email: Private.Placements@voya.com and Mark.Guffin@voya.com

                 

              
	
                (4)

              	
                Address for physical delivery of the Note:

                 

                Delivery instructions redacted and provided to Company under separate cover.

                 

              
	
                (5)

              	
                Nominee: None

                 

              
	
                (6)

              	
                U.S. Tax Identification Number: Redacted and provided to Company under separate cover.

              

        

        

        
          A-13

          
            

        

        	 	
                Name and Address of Purchaser

              	
                Principal

                Amount of Notes to be Purchased

              
	 	
                Chesapeake Employers’ Insurance Company

                5780 Powers Ferry Road NW, Suite 300

                Atlanta, GA 30327

              	
                $2,000,000

              
	 	 	 
	
                (1)

              	
                All payments on account of the Note held by such purchaser shall be made by wire transfer of immediately available funds for credit to:

                 

                Wire instructions redacted and provided to the Company under separate cover.

                 

              
	
                (2)

              	
                Address for all notices relating to payments and audit confirmations:

                 

                BNYM Mellon Asset Servicing

                11486 Corporate Blvd., Suite 200

                Orlando, FL 32817-8371

                Attn: Operations/Settlements

                Email: VoyaIMPCOperations@voya.com

                 

              
	
                (3)

              	
                Address for all other communications and notices:

                 

                Voya Investment Management Co. LLC

                5780 Powers Ferry Road NW, Suite 300

                Atlanta, GA 30327-4347

                Attn: Private Placements

                Fax: (770) 690-5342

                Email: Private.Placements@voya.com and Mark.Guffin@voya.com

                 

              
	
                (4)

              	
                Address for physical delivery of the Note:

                 

                Delivery instructions redacted and provided to Company under separate cover.

                 

              
	
                (5)

              	
                Nominee: CUDD & CO. LLC

                 

              
	
                (6)

              	
                U.S. Tax Identification Number: Redacted and provided to Company under separate cover.

              

        

        

        
          A-14

          
            

        

        	 	
                Name and Address of Purchaser

              	
                Principal

                Amount of Notes to be Purchased

              
	 	
                Voya Investment Trust Co., as Trustee for the Voya Private Credit Trust Fund – Goldman Sachs

                5780 Powers Ferry Road NW, Suite 300

                Atlanta, GA 30327

              	
                $6,000,000

              
	 	 	 
	
                (1)

              	
                All payments on account of the Note held by such purchaser shall be made by wire transfer of immediately available funds for credit to:

                 

                Wire instructions redacted and provided to the Company under separate cover.

                 

              
	
                (2)

              	
                Address for all notices relating to payments and audit confirmations:

                 

                BNYM Mellon Asset Servicing

                11486 Corporate Blvd., Suite 200

                Orlando, FL 32817-8371

                Attn: Operations/Settlements

                Email: VoyaIMPCOperations@voya.com

                 

              
	
                (3)

              	
                Address for all other communications and notices:

                 

                Voya Investment Trust Co.

                5780 Powers Ferry Road NW, Suite 300

                Atlanta, GA 30327-4347

                Attn: Private Placements

                Fax: (770) 690-5342

                Email: Private.Placements@voya.com and Mark.Guffin@voya.com

                 

              
	
                (4)

              	
                Address for physical delivery of the Note:

                 

                Delivery instructions redacted and provided to Company under separate cover.

                 

              
	
                (5)

              	
                Nominee: None

                 

              
	
                (6)

              	
                U.S. Tax Identification Number: Redacted and provided to Company under separate cover.

              

        

        

        
          A-15

          
            

        

        	 	
                Name and Address of Purchaser

              	
                Principal

                Amount of Notes to be Purchased

              
	 	
                Metropolitan Life Insurance Company Separate Account 894

                5780 Powers Ferry Road NW, Suite 300

                Atlanta, GA 30327

              	
                $4,000,000

              
	 	 	 
	
                (1)

              	
                All payments on account of the Note held by such purchaser shall be made by wire transfer of immediately available funds for credit to:

                 

                Wire instructions redacted and provided to the Company under separate cover.

                 

              
	
                (2)

              	
                Address for all notices relating to payments and audit confirmations:

                 

                BNYM Mellon Asset Servicing

                11486 Corporate Blvd., Suite 200

                Orlando, FL 32817-8371

                Attn: Operations/Settlements

                Email: VoyaIMPCOperations@voya.com

                 

              
	
                (3)

              	
                Address for all other communications and notices:

                 

                Voya Investment Management Co. LLC

                5780 Powers Ferry Road NW, Suite 300

                Atlanta, GA 30327-4347

                Attn: Private Placements

                Fax: (770) 690-5342

                Email: Private.Placements@voya.com and Mark.Guffin@voya.com

                 

              
	
                (4)

              	
                Address for physical delivery of the Note:

                 

                Delivery instructions redacted and provided to Company under separate cover.

                 

              
	
                (5)

              	
                Nominee: None

                 

              
	
                (6)

              	
                U.S. Tax Identification Number: Redacted and provided to Company under separate cover.

              

        

        

        
          A-16

          
            

        

        	 	
                Name and Address of Purchaser

              	
                Principal

                Amount of Notes to be Purchased

              
	 	
                CoBank, ACB

                6340 S. Fiddlers Green Circle

                Greenwood Village, CO 80111

              	
                $20,000,000

              
	 	 	 
	
                (1)

              	
                All payments shall be made by wire transfer of immediately available funds to:

                 

                Wire instructions redacted and provided to the Company under separate cover.

                 

              
	
                (2)

              	
                Address for notices and communications related to operational matters (including repayments and funding):

                 

                Primary Contact:

                Beth Jonson

                6340 S. Fiddlers Green Circle

                Greenwood Village, CO 80111

                Telephone: (303) 740-4347

                 

                Secondary Contact:

                Ron Cummings

                6340 S. Fiddlers Green Circle

                Greenwood Village, CO 80111

                Telephone: (303) 740-6447

                 

                via email to: loanadminnotices@COBANK.com

                 

              
	
                (3)

              	
                Address for notices and communications relating to compliance matters and financial statements:

                Valerie Webster

                6340 S. Fiddlers Green Circle

                Greenwood Village, CO 80111

                Telephone:(303) 7404366

                Email: vwebster@cobank.com

                 

              
	
                (4)

              	
                Address for all other notices and communications:

                 

                Primary Contact:

                Matthew Leatherman

                6340 S. Fiddlers Green Circle

                Greenwood Village, CO 80111

                Telephone:(303) 694-5990

                Email: mleatherman@cobank.com

                 

                Secondary Contact:

                Valerie Webster

                6340 S. Fiddlers Green Circle

                Greenwood Village, CO 80111

                Telephone:(303) 7404366

                Email: vwebster@cobank.com

                 

              
	
                (4)

              	
                Address for physical delivery of the Note:

                 

                Delivery instructions redacted and provided to Company under separate cover.

                 

              
	
                (5)

              	
                Nominee: None

                 

              
	
                (6)

              	
                U.S. Tax Identification Number: Redacted and provided to Company under separate cover.

              

        

        

        
          A-17

          
            

        

        	 	
                Name and Address of Purchaser

              	
                Principal

                Amount of Notes to be Purchased

              
	 	
                Equitable Financial Life Insurance Company

                1345 Avenue of the Americas

                New York, NY 10105

              	
                $5,000,000

              
	
                (1)

              	
                All payments shall be made by wire transfer of immediately available funds to:

                 

                Wire instructions redacted and provided to the Company under separate cover.

                 

              
	
                (2)

              	
                Address for notices of payments and written confirmations of wire transfers:

                 

                Equitable Financial Life Insurance Company

                c/o AllianceBernstein LP

                501 Commerce Street, 19th Floor

                Nashville, TN 37203

                Attn: David White

                Telephone: (629) 213-5012

                Email: FI_PrivatePlacement@alliancebernstein.com

                 

              
	
                (4)

              	
                Address for all other communications:

                 

                Equitable Financial Life Insurance Company

                c/o AllianceBernstein LP

                1345 Avenue of the Americas, 38th Floor

                New York, NY 10105

                Attn: Svetlana Goldenberg

                Telephone: (212) 823-3973

                Email: Lana.Goldenberg@alliancebernstein.com and

                           ABPPCompliance@alliancebernstein.com

                 

              
	
                (4)

              	
                Address for physical delivery of the Note:

                 

                Delivery instructions redacted and provided to Company under separate cover.

                 

              
	
                (5)

              	
                Nominee: None

                 

              
	
                (6)

              	
                U.S. Tax Identification Number: Redacted and provided to Company under separate cover.

              

        

        

        
          A-18

          
            

        

        	 	
                Name and Address of Purchaser

              	
                Principal

                Amount of Notes to be Purchased

              
	 	
                Equitable Financial Life Insurance Company

                1345 Avenue of the Americas

                New York, NY 10105

              	
                $2,000,000

              
	 	 	 
	
                (1)

              	
                All payments shall be made by wire transfer of immediately available funds to:

                 

                Wire instructions redacted and provided to the Company under separate cover.

                 

              
	
                (2)

              	
                Address for notices of payments and written confirmations of wire transfers:

                 

                Equitable Financial Life Insurance Company

                c/o AllianceBernstein LP

                501 Commerce Street, 19th Floor

                Nashville, TN 37203

                Attn: David White

                Telephone: (629) 213-5012

                Email: FI_PrivatePlacement@alliancebernstein.com

                 

              
	
                (4)

              	
                Address for all other communications:

                 

                Equitable Financial Life Insurance Company

                c/o AllianceBernstein LP

                1345 Avenue of the Americas, 38th Floor

                New York, NY 10105

                Attn: Svetlana Goldenberg

                Telephone: (212) 823-3973

                Email: Lana.Goldenberg@alliancebernstein.com and

                           ABPPCompliance@alliancebernstein.com

                 

              
	
                (4)

              	
                Address for physical delivery of the Note:

                 

                Delivery instructions redacted and provided to Company under separate cover.

                 

              
	
                (5)

              	
                Nominee: None

                 

              
	
                (6)

              	
                U.S. Tax Identification Number: Redacted and provided to Company under separate cover.

              

        

        

        
          A-19

          
            

        

        

        

        	 	
                Name and Address of Purchaser

              	
                Principal

                Amount of Notes to be Purchased

              
	 	
                Equitable Financial Life Insurance Company of America

                1345 Avenue of the Americas

                New York, NY 10105

              	
                $2,000,000

              
	 	 	 
	
                (1)

              	
                All payments shall be made by wire transfer of immediately available funds to:

                 

                Wire instructions redacted and provided to the Company under separate cover.

                 

              
	
                (2)

              	
                Address for notices of payments and written confirmations of wire transfers:

                 

                Equitable Financial Life Insurance Company

                c/o AllianceBernstein LP

                501 Commerce Street, 19th Floor

                Nashville, TN 37203

                Attn: David White

                Telephone: (629) 213-5012

                Email: FI_PrivatePlacement@alliancebernstein.com

                 

              
	
                (3)

              	
                Address for all other communications:

                 

                Equitable Financial Life Insurance Company

                c/o AllianceBernstein LP

                1345 Avenue of the Americas, 38th Floor

                New York, NY 10105

                Attn: Svetlana Goldenberg

                Telephone: (212) 823-3973

                Email: Lana.Goldenberg@alliancebernstein.com and

                           ABPPCompliance@alliancebernstein.com

                 

              
	
                (4)

              	
                Address for physical delivery of the Note:

                 

                Delivery instructions redacted and provided to Company under separate cover.

                 

              
	
                (5)

              	
                Nominee: None

                 

              
	
                (6)

              	
                U.S. Tax Identification Number: Redacted and provided to Company under separate cover.

              

        

        

        
          A-20

          
            

        

        	 	
                Name and Address of Purchaser

              	
                Principal

                Amount of Notes to be Purchased

              
	 	
                The Prudential Insurance Company of America

                2200 Ross Ave., Suite 4300W

                Dallas, TX 75201

              	
                $8,000,000

              
	 	 	 
	
                (1)

              	
                All payments shall be made by wire transfer of immediately available funds to:

                 

                Wire instructions redacted and provided to the Company under separate cover.

                 

              
	
                (2)

              	
                Address for all notices and communications:

                 

                The Prudential Insurance Company of America

                c/o Prudential Private Capital

                2200 Ross Ave.

                Suite 4300W

                Dallas, TX 75201

                 

                Attn: Managing Director, Real Assets – Energy

                cc: Vice President and Corporate Counsel

                Email: pcg.efg.oilgas@prudential.com

                 

                and for all notices relating solely to scheduled principal and interest payments to:

                 

                The Prudential Insurance Company of America

                c/o PGIM, Inc.

                Prudential Tower

                655 Broad Street

                16th Floor - South Tower

                Newark, NJ 07102

                 

                Attn: PIM Private Accounting Processing Team

                Email: Pim.Private.Accounting.Processing.Team@prudential.com

                 

              
	
                (3)

              	
                Address for external audit confirmations of loan balances for transactions:

                Preferred remittance: PPCauditconfirms@prudential.com

                PGIM Private Placement Operations

                655 Broad Street, 14th Floor South

                Mail Stop # NJ 08-14-75

                Newark, NJ 07102-5096

                Attn: PPC Audit Confirmation Coordinator

                 

              
	
                (4)

              	
                Address for physical delivery of the Note:

                 

                Delivery instructions redacted and provided to Company under separate cover.

                 

              
	
                (5)

              	
                Nominee: None

                 

              
	
                (6)

              	
                U.S. Tax Identification Number: Redacted and provided to Company under separate cover.

              

        

        

        
          A-21

          
            

        

        	 	
                Name and Address of Purchaser

              	
                Principal

                Amount of Notes to be Purchased

              
	 	
                Southern Farm Bureau Life Insurance Company

                1401 Livingston Lane

                Jackson, MS 39213

              	
                $3,000,000

              
	 	 	 
	
                (1)

              	
                All payments shall be made by wire transfer of immediately available funds to:

                 

                Wire instructions redacted and provided to the Company under separate cover.

                 

              
	
                (2)

              	
                Address for notices related to scheduled payments:

                 

                The Northern Trust Company

                Attention: Income Collections

                801 S. Canal St.

                Chicago, IL 60607

                ICPHYS@ntrs.com

                 

                Copy to: Inv_Acctg-pp@sfbli.com and SFBLICRecon@clearwateranalytics.com

                 

              
	
                (3)

              	
                Address for audit confirmation requests:

                 

                Alice.Agner@sfbli.com and PrivatePlacements@sfbli.com

                 

              
	
                (4)

              	
                Address for all other communications, including waivers, amendments, consents and financial information:

                 

                Attention: Securities Management

                PrivatePlacements@sfbli.com

                 

              
	
                (5)

              	
                Address for physical delivery of the Note:

                 

                Delivery instructions redacted and provided to Company under separate cover.

                 

              
	
                (6)

              	
                Nominee: Ell & Co, F/B/O Southern Farm Bureau Life Insurance Company

                 

              
	
                (7)

              	
                U.S. Tax Identification Number: Redacted and provided to Company under separate cover.

              

        

        

        
          A-22

          
            

        

        
        Defined Terms

        As used herein, the following terms have the respective meanings set forth below or set forth in the Section hereof following such term:

        “Acceptable Rating Agency” shall mean (a) Fitch, Moody’s, S&P, DBRS/Morningstar or Kroll, or (b) any other credit rating agency that is recognized as a nationally recognized statistical rating organization by
            the SEC and approved by the Required Holders, so long as, in each case, any such credit rating agency described in clause (a) or (b) above continues to be a nationally recognized statistical rating organization recognized by the SEC and is
            approved as a “Credit Rating Provider” (or other similar designation) by the NAIC.

        “Affiliate” shall mean, (a) at any time, and with respect to any Person, any other Person that at such time directly or indirectly through one or more intermediaries Controls, or is Controlled by,
            or is under common Control with, such first Person and (b) any Person beneficially owning or holding, directly or indirectly, 10% or more of any class of equity or Voting Stock of the Company or any Subsidiary or any Person of which the Company
            and its Subsidiaries beneficially own or hold, in the aggregate, directly or indirectly, 10% or more of any class of equity or Voting Stock.  As used in this definition, “Control” means the possession, directly or indirectly, of the power to
            direct or cause the direction of the management and policies of a Person, whether through the ownership of Voting Stock, by contract or otherwise.  Unless the context otherwise clearly requires, any reference to an “Affiliate” is a reference to
            an Affiliate of the Company.

        “Agreement” shall mean this Note Purchase Agreement, including all Schedules and Exhibits attached to this Agreement, as it may be amended, restated, supplemented or otherwise modified from time to
            time.

        “Anti-Corruption Laws” shall mean any law or regulation in a U.S. or any non-U.S. jurisdiction regarding bribery or any other corrupt activity, including, but not limited to the U.S. Foreign Corrupt Practices
            Act and the U.K. Bribery Act 2010.

        “Anti-Money Laundering Laws” shall mean any law or regulation in a U.S. or any non-U.S. jurisdiction regarding money laundering, drug trafficking, terrorist-related activities or other money laundering predicate
            crimes, including but not limited to the Currency and Foreign Transactions Reporting Act of 1970 (otherwise known as the Bank Secrecy Act) and the USA PATRIOT Act.

        “Asset Disposition” shall mean any Transfer except:

        (a)          any

        (1)            Transfer from a Restricted Subsidiary to the Company or a
          Wholly-Owned Restricted Subsidiary; and

        (2)            Transfer from the Company to a Wholly-Owned Restricted
          Subsidiary;

        
          B-2

          
            

        

        so long as immediately before and immediately after the consummation of any such Transfer and after giving effect thereto, no Default or Event of Default shall exist (provided that, with
          respect to Sections 10.1 and 10.2, calculation of compliance therewith shall be made as of any date of determination hereof and not as of the end of the immediately
          preceding fiscal quarter of the Company); and

        (b)       any Transfer made in the ordinary course of business and
          involving only property that is either (1) inventory held for sale or (2) equipment, fixtures, supplies or materials no longer required in the operation of the business of the Company or any of its Restricted Subsidiaries or that is obsolete.

        “Bank Credit Agreement” shall mean (i) that certain Second Amended and Restated Credit Agreement by and among New Jersey Resources Corporation, each of the guarantors party thereto, with the several lenders
            party thereto, PNC Bank, National Association, as Administrative Agent, JPMorgan Chase Bank, N.A., Wells Fargo Bank, National Association and Mizuho Bank, Ltd., as Syndication Agents, and U.S. Bank National Association, Bank of America, N.A.,
            TD Bank, N.A. and The Bank of Nova Scotia, as Documentation Agents. PNC Capital Markets LLC, JPMorgan Chase Bank, N.A., Wells Fargo Securities, LLC and Mizuho Bank, Ltd., as Joint Lead Arrangers, dated as of September 2, 2021, (ii) that certain
            Term Loan Credit Agreement by and among New Jersey Resources Corporation, each of the guarantors party thereto and PNC Bank National Association, as lender, dated as of February 8, 2022, or (iii) any other primary credit facility for the
            Company, in each case as the same may be amended, restated, increased, refinanced, replaced or otherwise modified or any successor thereto.

        “Blocked Person” shall mean (i) a Person whose name appears on the list of Specially Designated Nationals and Blocked Persons published by OFAC, (ii) a Person, entity, organization, country or regime
            that is blocked or a target of sanctions that have been imposed under U.S. Economic Sanctions Laws or (iii) a Person that is an agent, department or instrumentality of, or is otherwise beneficially owned by, controlled by or acting on behalf
            of, directly or indirectly, any Person, entity, organization, country or regime described in clause (i) or (ii).

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

        “Capital Lease” shall mean, at any time, a lease with respect to which the lessee is required concurrently to recognize the acquisition of an asset and the incurrence of a liability in accordance with
            GAAP.

        “Closing” is defined in Section 3.

        “Closing Date” is defined in Section 3.

        “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated thereunder from time to time.

        
          B-3

          
            

        

        “Company” shall mean New Jersey Resources Corporation, a New Jersey corporation, or any Successor Corporation.

        “Confidential Information” is defined in Section 20.

        “Consolidated Shareholders’ Equity” shall mean, as of any date of determination, the sum of the amounts under the headings “Common Shareholders’ Equity” and “Preferred Shareholders’ Equity” on the balance sheet, prepared
            in accordance with GAAP, for the Company, its Restricted Subsidiaries and New Jersey Natural Gas on a consolidated basis.

        “Consolidated Tangible Assets” shall mean, as of any date of determination, the total assets of the Company, its Restricted Subsidiaries and New Jersey Natural Gas that would be shown as assets on a consolidated
            balance sheet of the Company, its Restricted Subsidiaries and New Jersey Natural Gas as of such time determined on a consolidated basis in accordance with GAAP after subtracting therefrom the aggregate amount of all intangible assets of the
            Company, its Restricted Subsidiaries and New Jersey Natural Gas, including, without limitation, all goodwill, franchises, licenses, patents, trademarks, trade name, copyrights, service marks and brand names.

        “Consolidated Total Capitalization” shall mean, as of any date of determination, the sum of (a) Consolidated Total Debt and (b) Consolidated Shareholders’ Equity.

        “Consolidated Total Debt” shall mean, as of any date of determination, without duplication, the total of all Debt of the Company, its Restricted Subsidiaries and New Jersey Natural Gas determined on a
            consolidated basis in accordance with GAAP.

        For purposes of determining “Consolidated Total Debt,” there shall be excluded from any such determination Debt of Securitization Subsidiaries that are Restricted
          Subsidiaries (but not Debt of the Company, any other Restricted Subsidiary or New Jersey Natural Gas) incurred pursuant to Receivables Securitization Transactions in an amount for principal and accrued and unpaid interest not to exceed
          $100,000,000 in the aggregate.

        “Control” is defined in the definition of “Affiliate”, “Controlling” and “Controlled” shall have the meanings correlative thereto.

        “Controlled Entity” shall mean (i) any of the Subsidiaries of the Company and any of their or the Company’s respective Controlled Affiliates and (ii) if the Company has a parent company, such parent company
            and its Controlled Affiliates.

        “DBRS/Morningstar” shall mean DBRS, Inc., or, if applicable, its successor.

        
          B-4

          
            

        

        “Debt” as to any Person at any time, shall mean, without duplication, any and all indebtedness, obligations or liabilities (whether matured or unmatured, liquidated or unliquidated, direct or indirect, absolute or
            contingent, or joint or several) of such Person for or in respect of: (a) borrowed money, (b) amounts raised under or liabilities in respect of any note purchase or acceptance credit facility, (c) reimbursement obligations (contingent or
            otherwise) under any letter of credit, currency swap agreement, interest rate swap, cap, collar or floor agreement or other interest rate or currency exchange rate management device, (d) any other transaction (including forward sale or purchase
            agreements, Capital Leases, Synthetic Leases and conditional sales agreements) having the commercial effect of a borrowing of money entered into by such Person to finance its operations or capital requirements (but not including trade payables
            and accrued expenses incurred in the ordinary course of business which are not represented by a promissory note or other evidence of indebtedness and which are not more than 30 days past due), (e) the net indebtedness, obligations and
            liabilities of such Person under any Hedging Contract to the extent constituting “indebtedness,” as determined in accordance with GAAP, adjusted downward dollar for dollar for any related margin collateral account balances maintained by such
            Person, (f) any Guaranty of any Hedging Contract described in the immediately preceding clause (e), (g) any Guaranty of Debt for borrowed money, (h) any Hybrid Security described in clause (a) of the definition of Hybrid Security or (i) the
            mandatory repayment obligation of the issuer of any Hybrid Security described in clause (b) of the definition of Hybrid Security.

        “Debt Prepayment Application” shall mean, with respect to any Transfer of property, the application by the Company of cash in an amount equal to the Net Proceeds Amount with respect to such Transfer to pay Senior Debt
            of the Company (other than Senior Debt owing to any Subsidiary or Affiliate and Senior Debt in respect of any revolving credit or similar credit facility providing the Company with the right to obtain loans or other extensions of credit from
            time to time, except to the extent that in connection with such payment of Senior Debt the availability of credit under such credit facility is permanently reduced by an amount not less than the amount of such proceeds applied to the payment of
            such Senior Debt); provided that in the course of making such application the Company shall offer to prepay each outstanding Note in accordance with Section 8.7 in a principal amount that equals the
            Ratable Portion for such Note.

        “Debt Rating” shall mean the debt rating of the Notes as determined from time to time by any Acceptable Rating Agency.

        “Default” shall mean an event or condition the occurrence or existence of which would, with the lapse of time or the giving of notice or both, become an Event of Default.

        “Default Rate” as of any date shall mean, with respect to the Notes, that rate of interest that is the greater of (a) 2.00% per annum over the rate of interest specified in the first paragraph of such
            Note, or (b) 2.00% per annum over the rate of interest publicly announced by U.S. Bank National Association in New York, New York as its “base” or “prime” rate.

        “Disclosure Documents” is defined in Section 5.3.

        “Disposition Value” shall mean, at any time, with respect to any property:

        (a)          in the case of property that does not constitute Subsidiary
          Stock, the book value thereof, valued at the time of such disposition in good faith by the Company, and

        (b)         in the case of property that constitutes Subsidiary Stock, an
          amount equal to that percentage of book value of the assets of the Subsidiary that issued such stock as is equal to the percentage that the book value of such Subsidiary Stock represents of the book value of all of the outstanding capital stock
          of such Subsidiary (assuming, in making such calculations, that all securities convertible into such capital stock are so converted and giving full effect to all transactions that would occur or be required in connection with such conversion)
          determined at the time of the disposition thereof, in good faith by the Company.

        
          B-5

          
            

        

        “Distribution” shall mean, in respect of any corporation, association or other business entity: (a) dividends or other distributions or payments on capital stock or other equity interests of such
            corporation, association or other business entity (except distributions in such stock or other equity interests); and (b) the redemption or acquisition of such stock or other equity interests (except when solely in exchange for such stock or
            other equity interests) unless made, contemporaneously, from the net proceeds of a sale of such stock or other equity interests.

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

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

        “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect.

        “ERISA Affiliate” shall mean any trade or business (whether or not incorporated) that is treated as a single employer together with the Company under Section 414 of the Code.

        “Event of Default” is defined in Section 11.

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

        “Fair Market Value” shall mean, at any time and with respect to any property, the sale value of such property that would be realized in an arm’s-length sale at such time between an informed and willing
            buyer and an informed and willing seller (neither being under a compulsion to buy or sell).

        “FATCA” shall mean (i) Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with),
            together with any current or future regulations or official interpretations thereof, (ii) any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the United States of America and any other
            jurisdiction, which (in either case) facilitates the implementation of the foregoing clause (i), and (iii) any agreements entered into pursuant to Section 1471(b)(1) of the Code.

        “Fitch” shall mean Fitch, Inc. or, if applicable, its successor.

        “GAAP” shall mean generally accepted accounting principles as in effect from time to time in the United States of America.

        “Governmental Authority” shall mean

        
          B-6

          
            

        

        (c)           the government of

        (1)            the United States of America or any State or other
          political subdivision thereof, or

        (2)            any jurisdiction in which the Company or any Subsidiary
          conducts all or any part of its business, or which asserts jurisdiction over any properties of the Company or any Subsidiary, or

        (d)          any entity exercising executive, legislative, judicial,
          regulatory or administrative functions of, or pertaining to, any such government.

        “Governmental Official” shall mean any governmental official or employee, employee of any government-owned or government-controlled entity, political party, any official of a political party, candidate for
            political office, official of any public international organization or anyone else acting in an official capacity.

        “Guarantor” is defined in Section 2.2.

        “Guaranty” shall mean, with respect to any Person, any obligation (except the endorsement in the ordinary course of business of negotiable instruments for deposit or collection) of such Person guaranteeing or in
            effect guaranteeing any Debt, dividend or other obligation of any other Person in any manner, whether directly or indirectly, including, without limitation, obligations incurred through an agreement, contingent or otherwise, by such Person:

        (a)          to purchase such Debt or obligation or any property
          constituting security therefor;

        (b)         to advance or supply funds (1) for the purchase or payment of
          such Debt or obligation or (2) to maintain any working capital or other balance sheet condition or any income statement condition of any other Person or otherwise to advance or make available funds for the purchase or payment of such Debt or
          obligation;

        (c)          to lease properties or to purchase properties or services
          primarily for the purpose of assuring the owner of such Debt or obligation of the ability of any other Person to make payment of the Debt or obligation; or

        (d)          otherwise to assure the owner of such Debt or obligation
          against loss in respect thereof.

        In any computation of the Debt or other liabilities of the obligor under any Guaranty, the Debt or other obligations that are the subject of such Guaranty shall be assumed to be direct
          obligations of such obligor.

        “Guaranty Agreement” is defined in Section 2.2.

        “Guaranty Supplement” is defined in Section 9.7(a).

        
          B-7

          
            

        

        “Hazardous Materials” shall mean any and all pollutants, toxic or hazardous wastes or any other substances that might pose a hazard to health or safety, the removal of which may be required or the generation,
            manufacture, refining, production, processing, treatment, storage, handling, transportation, transfer, use, disposal, release, discharge, spillage, seepage or filtration of which is or shall be restricted, prohibited or penalized by any
            applicable law (including, without limitation, asbestos, urea formaldehyde foam insulation and polychlorinated biphenyls, petroleum, petroleum products, lead based paint, radon gas or similar restricted, prohibited or penalized substances).

        “Hedging Contract” shall mean any transaction entered into by the Company, any of its Restricted Subsidiaries or New Jersey Natural Gas with respect to hedging or trading of gas contracts or other
            commodity, hedging contracts of any kind, or any derivatives or other similar financial instruments of the Company, its Restricted Subsidiaries and New Jersey Natural Gas.

        “holder” shall mean, with respect to any Note, the Person in whose name such Note is registered in the register maintained by the Company pursuant to Section 13.1, provided, however, that if such Person is a nominee, then for the purposes of Sections 7, 12, 17.2 and 18 and any related definitions in this Schedule B, “holder” shall mean the beneficial owner of such Note whose name and address appears in
            such register.

        “Hybrid Security” shall mean any of the following: (a) beneficial interests issued by a trust which constitutes a Subsidiary of the Company or any Guarantor substantially all of the assets of which trust
            are unsecured Debt of the Company or any Guarantor or any Subsidiary of the Company or any Guarantor or proceeds thereof, and all payments of such Debt are required to be, and are, distributed to the holders of beneficial interests in such
            trust promptly after receipt by such trust or (b) any shares of capital stock or other equity interests that, other than solely at the option of the issuer thereof, by their terms (or by the terms of any security into which they are convertible
            or exchangeable) are, or upon the happening of an event or the passage of time would be, required to be redeemed or repurchased, in whole or in part, or have, or upon the happening of an event or the passage of time would have, a redemption or
            similar payment.

        “Inactive Subsidiary” shall mean, at any time, any Subsidiary of any Person, which Subsidiary (a) does not conduct any business or have operations and (b) does not have total assets with a net book value, as
            of any date of determination, in excess of $100,000.

        “INHAM Exemption” is defined in Section 6.2(e).

        “Institutional Investor” shall mean (a) any original purchaser of a Note, (b) any holder of a Note holding (together with one or more of its affiliates) more than $2,000,000 of the aggregate principal amount of
            the Notes then outstanding, (c) any bank, trust company, savings and loan association or other financial institution, any pension plan, any investment company, any insurance company, any broker or dealer, or any other similar financial
            institution or entity, regardless of legal form and (d) any Related Fund of any holder of any Note.

        “Investment” shall mean any investment, made in cash or by delivery of property, by any Person (a) in any other Person, whether by acquisition of stock, Debt or other obligation or security, or by
            loan, Guaranty, advance, capital contribution or otherwise or (b) in any property.

        
          B-8

          
            

        

        “Investor Presentation” is defined in Section 5.3.

        “Kroll” shall mean Kroll Bond Rating Agency, LLC or, if applicable, its successor.

        “Lien” shall mean, with respect to any Person, any mortgage, lien, pledge, charge, security interest or other encumbrance, or any interest or title of any vendor, lessor, lender or other secured party to or of
            such Person under any conditional sale or other title retention agreement or Capital Lease or Synthetic Lease, upon or with respect to any property or asset of such Person (including in the case of stock, stockholder agreements, voting trust
            agreements and all similar arrangements).

        “Make-Whole Amount” is defined in Section 8.6.

        “Material” shall mean material in relation to the business, operations, affairs, financial condition, assets or properties of the Company, its Restricted Subsidiaries and New Jersey Natural Gas, taken as a whole.

        “Material Adverse Effect” shall mean a material adverse effect on (a) the business, operations, affairs, financial condition, assets or properties of the Company, its Restricted Subsidiaries and New Jersey
            Natural Gas, taken as a whole, or (b) the ability of the Company to perform its obligations under this Agreement and the Notes, or (c) the ability of any Guarantor which is a Significant Subsidiary described in clause (b) of the definition
            thereof to perform its obligations under the Guaranty Agreement or (d) the validity or enforceability of this Agreement, the Notes or the Guaranty Agreement.

        “Moody’s” shall mean Moody’s Investor Service, Inc. or, if applicable, its successor.

        “Multiemployer Plan” shall mean any Plan that is a “multiemployer plan” (as such term is defined in Section 4001(a)(3) of ERISA) with respect to which the Company or any ERISA Affiliate has any liability.

        “NAIC” shall mean the National Association of Insurance Commissioners or any successor thereto.

        “NAIC Annual Statement” is defined in Section 6.2(a).

        “Net Proceeds Amount” shall mean, with respect to any Transfer of any property by any Person, an amount equal to the difference of

        (a)         the aggregate amount of the consideration (valued at the Fair
          Market Value of such consideration at the time of the consummation of such Transfer) received by such Person in respect of such Transfer, minus

        (b)          all ordinary and reasonable out-of-pocket costs and expenses
          actually incurred by such Person in connection with such Transfer.

        “New Jersey Natural Gas” shall mean New Jersey Natural Gas Company, a corporation organized and existing under the laws of the State of New Jersey, which corporation is a wholly‐owned Subsidiary of the Company.

        
          B-9

          
            

        

        “Notes” is defined in Section 1.1.

        “OFAC” shall mean the Office of Foreign Assets Control of the United States Department of the Treasury.

        “OFAC Sanctions Program” shall mean any economic or trade sanction that OFAC is responsible for administering and enforcing.  A list of OFAC Sanctions Programs may be found at
            http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx.

        “Officer’s Certificate” shall mean a certificate of a Senior Financial Officer or of any other officer of the Company or Guarantor, as applicable, whose responsibilities extend to the subject matter of such
            certificate.

        “PBGC” shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA or any successor thereto.

        “Permitted Related Business Opportunity” shall mean any transaction with another Person (other than any Inactive Subsidiary of the Company) involving business activities or assets reasonably related or complementary to the
            business of the Company, its Restricted Subsidiaries and New Jersey Natural Gas as conducted on the Closing Date or as may be conducted pursuant to Section 10.11, including, without limitation, the
            management and marketing of storage, capacity and transportation of gas and other forms of energy, the generation, transmission or storage of gas and other forms of energy, or the access to gas and energy transmission lines, and business
            initiatives for the conservation and efficiency of gas and energy.

        “Person” shall mean an individual, partnership, corporation, limited liability company, association, trust, unincorporated organization or a government or agency or political subdivision thereof.

        “Plan” shall mean an “employee benefit plan” (as defined in Section 3(3) of ERISA), other than a Multiemployer Plan, subject to Title I of ERISA that is maintained, or to which contributions are required to be
            made, by the Company or any ERISA Affiliate, or any prior “employee benefit plan” as to which the Company or any ERISA Affiliate has any liability.

        “Priority Debt” shall mean (without duplication) the sum of (a) unsecured Debt of Restricted Subsidiaries and indebtedness, obligations and liabilities of Restricted Subsidiaries constituting Debt
            pursuant to clause (e) of the definition of Debt in this Agreement other than (1) Debt owed to the Company or a Wholly-Owned Restricted Subsidiary, (2) Debt outstanding at the time such Person became a Subsidiary provided that such Debt shall
            not have been incurred in contemplation of such Person becoming a Subsidiary and (3) unsecured Debt of a Guarantor under (i) the Guaranty Agreement and (ii) other Guaranties of Debt of the Company permitted to exist pursuant to Section 10.1 and (b) Debt of the Company secured by a Lien and Debt of any of its Restricted Subsidiaries secured by a Lien, in each case, other than Liens permitted by paragraphs (a) through (k) of Section 10.3.

        
          B-10

          
            

        

        “Private Rating Letter” shall mean a letter issued by an Acceptable Rating Agency in connection with any private debt rating for the Notes, which (a) sets forth the Debt Rating for the Notes, (b) refers to the
            Private Placement Number issued by Standard & Poor’s CUSIP Global Service in respect of the Notes, (c) addresses the likelihood of payment of both principal and interest on the Notes (which requirement shall be deemed satisfied if either
            (x) such letter includes confirmation that the rating reflects the Acceptable Rating Agency’s assessment of the Company’s ability to make timely payment of principal and interest on the Notes or a similar statement or (y) such letter is silent
            as to the Acceptable Rating Agency’s assessment of the likelihood of payment of both principal and interest and does not include any indication to the contrary), (d) includes such other information describing the relevant terms of the Notes as
            may be required from time to time by the SVO or any other Governmental Authority having jurisdiction over any holder of any Notes and (e) shall not be subject to confidentiality provisions or other restrictions which would prevent or limit the
            letter from being shared with the SVO or any other Governmental Authority having jurisdiction over any holder of any Notes.

        “Private Rating Rationale Report” shall mean, with respect to any Private Rating Letter, a report issued by the Acceptable Rating Agency in connection with such Private Rating Letter setting forth an analytical review of
            the Notes explaining the transaction structure, methodology relied upon, and, as appropriate, analysis of the credit, legal, and operational risks and mitigants supporting the assigned Private Rating for the Notes, in each case, on the
            letterhead of the Acceptable Rating Agency or its controlled website and generally consistent with the work product that an Acceptable Rating Agency would produce for a similar publicly rated security and otherwise in form and substance
            generally required by the SVO or any other Governmental Authority having jurisdiction over any holder of any Notes from time to time. Such report shall not be subject to confidentiality provisions or other restrictions which would prevent or
            limit the report from being shared with the SVO or any other Governmental Authority having jurisdiction over any holder of any Notes.

        “property” or “properties” shall mean, unless otherwise specifically limited, real or personal property of any kind, tangible or intangible, choate or inchoate.

        “Property Reinvestment Application” shall mean, with respect to any Transfer of property, the application of an amount equal to the Net Proceeds Amount with respect to such Transfer to the acquisition by the Company or any
            Restricted Subsidiary of operating assets of the Company or any Restricted Subsidiary to be used in the principal business of the Company or such Restricted Subsidiary.

        “Purchaser” or “Purchasers” shall mean each of the purchasers whose signatures appear at the end of this Agreement and such Purchaser’s successors and
            assigns (so long as any such assignment complies with Section 13.2); provided, however, that any Purchaser of a Note that ceases to be the registered holder or a
            beneficial owner (through a nominee) of such Note as the result of a transfer thereof pursuant to Section 13.2 shall cease to be included within the meaning of “Purchaser” of such Note for the purposes
            of this Agreement upon such transfer.

        “PTE” is defined in Section 6.2(a).

        “QPAM Exemption” is defined in Section 6.2(d).

        
          B-11

          
            

        

        “Ratable Portion” for any Note shall mean an amount equal to the product of (a) the Net Proceeds Amount from a Transfer being applied to a Debt Prepayment Application pursuant to Section 10.6(b) multiplied by (b) a fraction, the numerator of which is the aggregate outstanding principal amount of such Note and the denominator of which is the
            aggregate outstanding principal amount of all Senior Debt of the Company (other than Senior Debt owing to any Affiliate).

        “Receivables Securitization Transaction” shall mean any transaction pursuant to which the Company or any Restricted Subsidiary Transfers accounts receivable to a Securitization Subsidiary and such Securitization Subsidiary
            incurs Debt in connection with the purchase of such accounts receivable and grants a security interest in such accounts receivable as collateral security for such Debt; provided that such Debt is non-recourse to the Company and the other
            Restricted Subsidiaries other than with respect to representations, warranties and indemnities entered into by the Company or the applicable Restricted Subsidiary in connection with such transaction that are customary in non-recourse
            securitization of receivables transactions.

        “Regulated Entity” shall mean any Person that is subject under law to any of the laws, rules or regulations respecting the financial, organizational or rate regulation of electric companies, public
            utilities or public utility holding companies.

        “Related Fund” shall mean, with respect to any holder of any Note, any fund or entity that (a) invests in securities or bank loans and (b) is advised or managed by such holder, the same investment
            advisor as such holder or by an Affiliate of such holder or such investment advisor.

        “Required Holders” shall mean, at any time, the holders of more than 50% in principal amount of the Notes at the time outstanding (exclusive of Notes then owned by the Company or any of its Affiliates).

        “Responsible Officer” shall mean any Senior Financial Officer and any other officer of the Company with responsibility for the administration of the relevant portion of this Agreement.

        “Restricted Payment” shall mean any Distribution in respect of the Company or any Restricted Subsidiary (other than on account of capital stock or other equity interests of a Restricted Subsidiary owned
            legally and beneficially by the Company or another Restricted Subsidiary), including, without limitation, any Distribution resulting in the acquisition by the Company or any Restricted Subsidiary of securities that would constitute treasury
            stock.  For purposes of this Agreement, the amount of any Restricted Payment made in property shall be the greater of (a) the Fair Market Value of such property (determined in good faith by the Board of Directors (or equivalent governing body)
            of the Person making such Restricted Payment) and (b) the net book value thereof on the books of such Person, in each case determined as of the date on which such Restricted Payment is made.

        “Restricted Subsidiary” shall mean each Subsidiary that is either (a) designated as a Restricted Subsidiary in Schedule 5.4 or (b) designated as a Restricted Subsidiary
            by the Board of Directors of the Company in accordance with Section 10.13.

        “Restricted Subsidiary Stock” shall mean Subsidiary Stock of any Restricted Subsidiary.

        “Securities Act” shall mean the Securities Act of 1933, as amended from time to time and the rules and regulations promulgated thereunder from time to time in effect.

        
          B-12

          
            

        

        “Securitization Subsidiary” shall mean any Restricted Subsidiary that (a) has been created for the sole purpose and business of purchasing and owning the accounts receivable of the Company or any other Restricted
            Subsidiary, (b) has no Debt outstanding other than Debt incurred in connection with the purchase of such accounts receivable and (c) does not, and by the terms of its organizational documents or contractual obligations to which it or its
            property is then bound cannot, own or hold any other assets or participate in any other business or incur any other Debt.

        “Senior Debt” shall mean any Debt of the Company other than Debt that is in any manner subordinated in right of payment or security in any respect to the Debt evidenced by the Notes.

        “Senior Financial Officer” shall mean the chief financial officer, principal accounting officer, treasurer or comptroller of the Company.

        “Significant Subsidiary” shall mean at any time, without duplication, (a) each Guarantor, (b) each Restricted Subsidiary (including any Guarantor) that would at such time constitute a “significant subsidiary”
            (as such term is defined in Regulation S-X of the U.S. Securities and Exchange Commission as in effect on the Closing Date) of the Company and (c) New Jersey Natural Gas.

        “Source” is defined in Section 6.2.

        “S&P” shall mean S&P Global Ratings or, if applicable, its successor.

        

        

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

        

        

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

        “Subsidiary Stock” shall mean, with respect to any Person, the stock (or any options or warrants to purchase stock or other securities exchangeable for or convertible into stock) of any Subsidiary of such
            Person.

        “Successor Corporation” is defined in Section 10.7(a).

        “SVO” shall mean the Securities Valuation Office of the NAIC or any successor to such Office.

        
          B-13

          
            

        

        “Synthetic Lease” shall mean any lease transaction under which the parties intend that (a) the lease will be treated as an “operating lease” by the lessee pursuant to Statement of Financial Accounting
            Standards No. 13, as amended, or appropriate successor thereto, and (b) the lessee will be entitled to various tax benefits ordinarily available to owners (as opposed to lessees) of like property.

        “Transfer” shall mean, with respect to any Person, any transaction in which such Person sells, conveys, transfers or leases (as lessor) any of its property, including, without limitation, Subsidiary Stock.

        “Unrestricted Subsidiary” shall mean each Subsidiary that is either (a) designated as an Unrestricted Subsidiary in Schedule 5.4 or (b) designated an Unrestricted
            Subsidiary by the Board of Directors of the Company in accordance with Section 10.13.  For the avoidance of doubt, any Subsidiary which has not been designated as either a Restricted Subsidiary or
            Unrestricted Subsidiary shall be deemed to be an Unrestricted Subsidiary.

        “USA PATRIOT Act” shall mean United States Public Law 107-56, Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001,
            as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect.

        “U.S. Economic Sanctions Laws” shall mean those laws, executive orders, enabling legislation or regulations administered and enforced by the United States pursuant to which economic sanctions have been imposed on any
            Person, entity, organization, country or regime, including the Trading with the Enemy Act, the International Emergency Economic Powers Act, the Iran Sanctions Act, the Sudan Accountability and Divestment Act and any other OFAC Sanctions
            Program.

        “Voting Stock” shall mean any securities of any class of a Person whose holders are entitled under ordinary circumstances to vote for the election of directors of such Person (or Persons performing
            similar functions) irrespective of whether at the time securities of any other class shall have or might have voting power by reason of the happening of any contingency.

        “Wholly-Owned Restricted Subsidiary” shall mean, at any time, any Restricted Subsidiary 100% of all of the equity interests (except directors’ qualifying shares) and voting interests of which are owned by any one or more of
            the Company and the Company’s other Wholly-Owned Restricted Subsidiaries at such time.

         

          

        
          B-14

          
            

        

        Disclosure Materials

        Annual Report on Form 10-K of New Jersey Resources Corporation for the year ended September 30, 2021.

        

        

        Quarterly Reports on Form 10-Q of New Jersey Resources Corporation for the fiscal quarters ended December 31, 2021 and March 31, 2022.

        

        

        Current Reports on Form 8-K of New Jersey Resources Corporation filed with the SEC on September 9, 2021, September 27, 2021, November 3, 2021, November 15, 2021, December 8, 2021, January 31, 2022 and February 11,
          2022.

         

        

        
          Schedule 5.3

          (to Note Purchase Agreement)

           

            

        

        
          B-15

          
            

        

        Subsidiaries of the Company and Ownership of Subsidiary Stock

        	
                Subsidiary

              	
                Jurisdiction of Incorporation/

                Formation

              	
                Percentage Ownership 

                %

              	
                Shareholder

              	
                Status

              	
                Regulated

              
	
                New Jersey Natural Gas Company

              	
                New Jersey

              	
                100

              	
                New Jersey Resources Corporation

              	
                Unrestricted

              	
                Yes

              
	
                NJR Energy Services Company

                 

              	
                New Jersey

                 

              	
                100

                 

              	
                New Jersey Resources Corporation

                 

              	
                Restricted

                 

              	
                No

                 

              
	
                NJR Retail Holdings Corporation

                 

              	
                New Jersey

                 

              	
                100

                 

              	
                New Jersey Resources Corporation

                 

              	
                Restricted

                 

              	
                No

                 

              
	
                NJR Home Services Company

                 

              	
                New Jersey

                 

              	
                100

                 

              	
                NJR Retail Holdings Corporation

                 

              	
                Restricted

                 

              	
                No

                 

              
	
                NJR Plumbing Services, Inc.

                 

              	
                New Jersey

                 

              	
                90

                 

              	
                NJR Home Services Company

                 

              	
                Restricted

                 

              	
                No

                 

              
	
                NJR Energy Investments Corporation

                 

              	
                New Jersey

                 

              	
                100

                 

              	
                New Jersey Resources Corporation

                 

              	
                Restricted

                 

              	
                No

                 

              
	
                NJR Storage Holdings Company

                 

              	
                Delaware

                 

              	
                100

                 

              	
                NJR Midstream Holdings Corporation

                 

              	
                Restricted

                 

              	
                No

                 

              
	
                NJR Steckman Ridge Storage Company

                 

              	
                Delaware

                 

              	
                100

                 

              	
                NJR Storage Holdings Company

                 

              	
                Unrestricted

                 

              	
                No

                 

              
	
                NJR Retail Company

                 

              	
                New Jersey

                 

              	
                100

                 

              	
                NJR Retail Holdings Corporation

                 

              	
                Restricted

                 

              	
                No

                 

              
	
                Commercial Realty and Resources Corp.

                 

              	
                New Jersey

                 

              	
                100

                 

              	
                NJR Retail Holdings Corporation

                 

              	
                Restricted

                 

              	
                No

                 

              
	
                NJR Midstream Holdings Corporation

                 

              	
                New Jersey

                 

              	
                100

                 

              	
                NJR Energy Investments Corporation

                 

              	
                Restricted

                 

              	
                No

                 

              
	
                Phoenix Fuel Management Company

                 

              	
                New Jersey

              	
                100

              	
                NJR Retail Holdings Corporation

              	
                Restricted

                 

              	
                No

                 

              
	
                NJR Clean Energy Ventures Corporation

                 

              	
                New Jersey

                 

              	
                100

                 

              	
                New Jersey Resources Corporation

                 

              	
                Restricted

                 

              	
                No

                 

              

        
           

            

          Schedule 5.4

          (to Note Purchase Agreement)

           

            

        

        
          B-16

          
            

        

        
        	
                Subsidiary

              	
                Jurisdiction of Incorporation/

                Formation

              	
                Percentage Ownership

                 %

              	
                Shareholder

              	
                Status

              	
                Regulated

              
	
                NJR Clean Energy Ventures II Corporation

                 

              	
                New Jersey

                 

              	
                100

                 

              	
                NJR Clean Energy Ventures Corporation

                 

              	
                Restricted

                 

              	
                No

                 

              
	
                Bernards Solar, LLC

                 

              	
                New Jersey

                 

              	
                100

                 

              	
                NJR Clean Energy Ventures II Corporation

                 

              	
                Restricted

                 

              	
                No

                 

              
	
                NJR Clean Energy Ventures III Corporation

                 

              	
                New Jersey

                 

              	
                100

                 

              	
                NJR Clean Energy Ventures II Corporation

                 

              	
                Restricted

                 

              	
                No

                 

              
	
                NJR Midstream Company

                 

              	
                New Jersey

                 

              	
                100

                 

              	
                NJR Midstream Holdings Corporation

                 

              	
                Inactive

                Unrestricted

              	
                No

                 

              
	
                Adelphia Gateway, LLC

                 

              	
                Delaware

                 

                 

              	
                100

                 

              	
                NJR Midstream Company

                 

                 

              	
                Unrestricted

                 

              	
                No

                 

              
	
                Leaf River Energy Center LLC

                 

              	
                Delaware

                 

              	
                100

                 

              	
                NJR Midstream Company

                 

              	
                Unrestricted

                 

              	
                No

                 

              
	
                LR Finance, LLC

                 

              	
                Delaware

                 

              	
                100

                 

              	
                Leaf River Energy Center LLC

                 

              	
                Unrestricted

                 

              	
                No

                 

              
	
                NJR Service Corporation

                 

              	
                New Jersey

                 

              	
                100

                 

              	
                New Jersey Resources Corporation

                 

              	
                Inactive Restricted

                 

              	
                No

                 

              
	
                AR Solar LLC

                 

              	
                New York

                 

              	
                100

                 

              	
                NJR Clean Energy Ventures III Corporation

                 

              	
                Unrestricted

                 

              	
                No

                 

              
	
                Canal Road Solar Partners, LLC

                 

              	
                Delaware

                 

              	
                100

                 

              	
                NJR Clean Energy Ventures III Corporation

                 

              	
                Unrestricted

                 

              	
                No

                 

              
	
                Canoe Brook Solar Partners, LLC

                 

              	
                Delaware

                 

              	
                100

                 

              	
                NJR Clean Energy Ventures III Corporation

                 

              	
                Unrestricted

                 

              	
                No

                 

              
	
                Cleanlight Energy, LLC

                 

              	
                Delaware

                 

              	
                100

                 

              	
                NJR Clean Energy Ventures III Corporation

                 

              	
                Unrestricted

                 

              	
                No

                 

              
	
                Greenville Road Solar, LLC

                 

              	
                Rhode Island

                 

              	
                100

                 

              	
                NJR Clean Energy Ventures III Corporation

                 

              	
                Unrestricted

                 

              	
                No

                 

              
	
                Howard Lane Solar, LLC

                 

              	
                Rhode Island

                 

              	
                100

                 

              	
                NJR Clean Energy Ventures III Corporation

                 

              	
                Unrestricted

                 

              	
                No

                 

              
	
                Maybrook Solar LLC

                 

              	
                New York

                 

              	
                100

                 

              	
                NJR Clean Energy Ventures III Corporation

                 

              	
                Unrestricted

                 

              	
                No

                 

              
	
                NJ Oak Solar, LLC

                 

              	
                Delaware

                 

              	
                100

                 

              	
                NJR Clean Energy Ventures III Corporation

                 

              	
                Unrestricted

                 

              	
                No

                 

              
	
                CP East Hampton Solar I, LLC

                 

              	
                Connecticut

                 

              	
                100

                 

              	
                NJR Clean Energy Ventures III Corporation

                 

              	
                Unrestricted

                 

              	
                No

                 

              
	
                CP East Hampton Solar II, LLC

                 

              	
                Connecticut

                 

              	
                100

                 

              	
                NJR Clean Energy Ventures III Corporation

                 

              	
                Unrestricted

                 

              	
                No

                 

              

        

        

        
          S-5.4-2

          
            

        

        Directors and Officers of the Company

        

        

        	 	
                Board of Directors

              	 	
                Officers

              	 	 
	 	
                Donald L. Correll (Chairman)

              	 	
                Stephen D. Westhoven

              	 	
                President and Chief Executive Officer

              
	 	
                Gregory E. Aliff

              	 	
                Roberto F. Bel

              	 	
                Senior Vice President and Chief Financial Officer

              
	 	
                James H. DeGraffenreidt, Jr.

              	 	
                Amy Cradic

              	 	
                Senior Vice President and Chief Operating Officer, Non-Utility Businesses, Strategy and External Affairs

              
	 	
                Robert B. Evans

              	 	
                Tejal Mehta

              	 	
                Corporate Secretary and Assistant General Counsel

              
	 	
                M. Susan Hardwick

              	 	
                Amanda E. Mullan

              	 	
                Senior Vice President and Chief Human Resources Officer

              
	 	
                Jane M. Kenny

              	 	
                Richard Reich

              	 	
                Senior Vice President and General Counsel

              
	 	
                Thomas C. O’Connor

              	 	
                Jacqueline K. Shea

              	 	
                Vice President and Chief Information Officer

              
	 	
                Sharon C. Taylor

              	 	
                David Johnson

              	 	
                Vice President, Corporate Business Development

              
	 	
                David A. Trice

              	 	
                James W. Kent

              	 	
                Vice President, Corporate Risk Management

              
	 	
                Stephen D. Westhoven

              	 	
                Robert Pohlman

              	 	
                Vice President, Strategy, Communications, Government Relations and Policy

              
	 	
                George R. Zoffinger

              	 	
                Daniel Sergott

              	 	
                Treasurer

              

         

        

        
          S-5.4-3

          
            

        

        Financials

         

        

        Consolidated financial statements contained in the Annual Report on Form 10-K of New Jersey Resources Corporation for the fiscal year ended September 30, 2021.

        

        

        Consolidated financial statements contained in the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2022.

        

        

        Schedule
            5.5

        (to Note Purchase Agreement)

        
          
            

        

        Certain Litigation

         

        

        None.

         

        

        Schedule
            5.8

        (to Note Purchase Agreement)

         

        

        
          
            

        

        Patents, Etc.

        None. 

        Schedule
            5.11

        (to Note Purchase Agreement)

        

        

        
          
            

        

        Existing Debt

        The following is a list of all outstanding Indebtedness of the Company, its Restricted Subsidiaries and New Jersey Natural Gas Company as of March 31, 2022 (unless otherwise indicated).

        

        

        	

              	A.	
                THE COMPANY

              

        
          	
                  1.    Senior Notes

                	 	
                  Rate

                	 	
                  Maturity Date

                	 	
                  Principal Amount

                	 
	 	 	 	 	 	 	 	 
	
                  Unsecured Senior Notes

                	 	
                  3.25%

                	 	
                  9/17/22

                	 	
                  $

                	
                  50,000,000

                	 
	
                  Unsecured Senior Notes

                	 	
                  3.20%

                	 	
                  8/18/23

                	 	
                  $

                	
                  50,000,000

                	 
	
                  Unsecured Senior Notes

                	 	
                  3.48%

                	 	
                  11/7/24

                	 	
                  $

                	
                  100,000,000

                	 
	
                  Unsecured Senior Notes

                	 	
                  3.54%

                	 	
                  8/18/26

                	 	
                  $

                	
                  100,000,000

                	 
	
                  Unsecured Senior Notes

                	 	
                  3.96%

                	 	
                  6/8/28

                	 	
                  $

                	
                  100,000,000

                	 
	
                  Unsecured Senior Notes

                	 	
                  3.29%

                	 	
                  7/17/29

                	 	
                  $

                	
                  150,000,000

                	 
	
                  Unsecured Senior Notes

                	 	
                  3.50%

                	 	
                  7/23/30

                	 	
                  $

                	
                  130,000,000

                	 
	
                  Unsecured Senior Notes

                	 	
                  3.13%

                	 	
                  9/1/31

                	 	
                  $

                	
                  120,000,000

                	 
	
                  Unsecured Senior Notes

                	 	
                  3.60%

                	 	
                  7/23/32

                	 	
                  $

                	
                  130,000,000

                	 
	
                  Unsecured Senior Notes

                	 	
                  3.25%

                	 	
                  9/1/33

                	 	
                  $

                	
                  80,000,000

                	 
	 	 	 	 	 	 	 	 	 
	
                  Less: Debt Issuance Cost

                	 	 	 	  	 	
                  $ 

                	
                  (3,568,000

                	
                  )

                
	 	 	 	 	 	 	 	 	 
	 	 	 	 	   	 	
                  $

                	
                  1,006,432,000

                	 

        

        

        

        	

              	2.	
                Bank Credit Agreement: As of March 31, 2022, the Company had $302,210,000 of Notes Payable
                    to Banks, including $152,210,000 under the credit agreement described in clause (i) of “Bank Credit Agreements”, and $150,000,000 under that certain Term Loan by and among NJR, the guarantors thereto and PNC Bank, National Association,
                    as Lender, dated as of February 8, 2022 (“Term Loan Agreement”).

              

        

        

        	

              	3.	
                Letters of Credit: The Company has outstanding letters of credit issued pursuant to the
                    Bank Credit Agreement in an aggregate amount of $13,464,952.

              

        

        

        Schedule
            5.15

        (to Note Purchase Agreement)

        

        

        
          
            

        

        
        	

              	B.	
                New Jersey Natural Gas Company

              

        	
                First Mortgage Bonds

              	 	
                Rate

              	 	
                Maturity date

              	 	
                Principal Amount

              	 
	 	 	 	 	 	 	 	 
	
                Series OO

              	 	
                3.00%

              	 	
                8/1/2041

              	 	
                $

              	
                46,500,000

              	 
	
                Series PP

              	 	
                3.15%

              	 	
                4/15/2028

              	 	
                $

              	
                50,000,000

              	 
	
                Series QQ

              	 	
                3.58%

              	 	
                3/13/2024

              	 	
                $

              	
                70,000,000

              	 
	
                Series RR

              	 	
                4.61%

              	 	
                3/13/2044

              	 	
                $

              	
                55,000,000

              	 
	
                Series SS

              	 	
                2.82%

              	 	
                4/15/2025

              	 	
                $

              	
                50,000,000

              	 
	
                Series TT

              	 	
                3.66%

              	 	
                4/15/2045

              	 	
                $

              	
                100,000,000

              	 
	
                Series UU

              	 	
                3.63%

              	 	
                6/21/2046

              	 	
                $

              	
                125,000,000

              	 
	
                Series VV

              	 	
                4.01%

              	 	
                5/11/2048

              	 	
                $

              	
                125,000,000

              	 
	
                Series WW

              	 	
                3.50%

              	 	
                4/1/2042

              	 	
                $

              	
                10,300,000

              	 
	
                Series XX

              	 	
                3.38%

              	 	
                4/1/2038

              	 	
                $

              	
                10,500,000

              	 
	
                Series YY

              	 	
                2.45%

              	 	
                4/1/2059

              	 	
                $

              	
                15,000,000

              	 
	
                Series ZZ

              	 	
                3.76%

              	 	
                7/17/2049

              	 	
                $

              	
                100,000,000

              	 
	
                Series AAA

              	 	
                3.86%

              	 	
                7/17/2059

              	 	
                $

              	
                85,000,000

              	 
	
                Series BBB

              	 	
                2.75%

              	 	
                8/1/2039

              	 	
                $

              	
                9,545,000

              	 
	
                Series CCC

              	 	
                3.00%

              	 	
                8/1/2043

              	 	
                $

              	
                41,000,000

              	 
	
                Series DDD

              	 	
                3.13%

              	 	
                6/30/2050

              	 	
                $

              	
                50,000,000

              	 
	
                Series EEE

              	 	
                3.13%

              	 	
                7/23/2050

              	 	
                $

              	
                50,000,000

              	 
	
                Series FFF

              	 	
                3.33%

              	 	
                7/23/2060

              	 	
                $

              	
                25,000,000

              	 
	
                Series GGG

              	 	
                2.87%

              	 	
                9/1/2050

              	 	
                $

              	
                25,000,000

              	 
	
                Series HHH

              	 	
                2.97%

              	 	
                9/1/2060

              	 	
                $

              	
                50,000,000

              	 
	
                Series III

              	 	
                2.97%

              	 	
                10/30/2051

              	 	
                $

              	
                50,000,000

              	 
	
                Series JJJ

              	 	
                3.07%

              	 	
                10/28/2061

              	 	
                $

              	
                50,000,000

              	 
	 	 	 	 	 	 	 	 	 
	
                Sub-Total First Mortgage Bonds

              	 	 	 	 	 	 	
                1,192,845,000

              	 
	 	 	 	 	 	 	 	 	 
	
                Capital lease obligation-Meters

              	 	 	 	
                Various dates

              	 	
                $

              	
                33,488,000

              	 
	 	 	 	 	 	 	 	 	 
	
                Commercial Paper

              	 	 	 	  	 	
                $

              	
                -

              	 
	 	 	 	 	 	 	 	 	 
	
                Less: Debt Issuance Costs

              	 	 	 	  	 	
                $

              	
                (10,134,000

              	
                )

              
	 	 	 	 	 	 	 	 	 
	
                Total New Jersey Natural Gas Debt

              	 	 	 	 	 	
                $

              	
                1,216,199,000

              	 

        

        

        
          S-5.15-2

          
            

        

        	

              	C.	
                Clean Energy Ventures

              

        

        

        	
                Solar Asset Financing Obligation

              	 	
                $

              	
                121,342,000

              	 
	 	 	 	 	 
	
                Total Clean Energy Ventures Long-term Debt

              	 	
                $

              	
                121,342,000

              	 

        

        

        	

              	D.	
                Derivative Instruments

              

        

        

        The Company is subject primarily to commodity price risk due to
            fluctuations in the market price of natural gas, Solar Renewable Energy Credits (“SRECs”) and electricity. To manage this risk, the Company enters into a
              variety of derivative instruments including, but not limited to, futures contracts, physical forward contracts, financial options and swaps to economically hedge the commodity price risk associated with its existing and anticipated
              commitments to purchase and sell natural gas, SRECs and electricity. In addition, the Company is exposed to foreign currency and interest rate risk and may utilize foreign currency derivatives to hedge Canadian dollar denominated natural gas
              purchases and/or sales and interest rate derivatives to reduce exposure to fluctuations in interest rates. All of these types of contracts are accounted for as derivatives, unless the Company elects NPNS, which is done on a
              contract-by-contract election. Accordingly, all of the financial and certain of the Company’s physical derivative instruments are recorded at fair value on the Unaudited Condensed Consolidated Balance Sheets.

        NJR Energy Services Company (“NJRES”) chooses not to designate its
            financial commodity and physical forward commodity derivatives as accounting hedges or to elect Normal Purchase/Normal Sale (“NPNS”). The changes in the
              fair value of these derivatives are recorded as a component of natural gas purchases or operating revenues, as appropriate for NJRES, on the Unaudited Condensed Consolidated Statements of Operations as unrealized gains or losses. For NJRES at
              settlement, realized gains and losses on all financial derivative instruments are recognized as a component of natural gas purchases and realized gains and losses on all physical derivatives follow the presentation of the related unrealized
              gains and losses as a component of either natural gas purchases or operating revenues.

        NJRES also enters into natural gas transactions in Canada and, consequently, is exposed to fluctuations in the value of Canadian currency relative to
          the U.S. dollar. NJRES may utilize foreign currency derivatives to lock in the exchange rates associated with natural gas transactions denominated in Canadian currency. The derivatives may include currency forwards, futures, or swaps and are
          accounted for as derivatives. These derivatives are typically used to hedge demand fee payments on pipeline capacity, storage and natural gas purchase agreements.

        As a result of NJRES entering into transactions to borrow natural gas, commonly referred to as “park and loans,” an embedded derivative is recognized
          relating to differences between the fair value of the amount borrowed and the fair value of the amount that will ultimately be repaid, based on changes in the forward price for natural gas prices at the borrowed location over the contract term.
          This embedded derivative is accounted for as a forward sale in the month in which the repayment of the borrowed natural gas is expected to occur, and is considered a derivative transaction that is recorded at fair value on the Unaudited Condensed
          Consolidated Balance Sheets, with changes in value recognized in current period earnings.

        Expected production of SRECs is hedged through the use of forward and futures contracts. All contracts require the Company to physically deliver SRECs
          through the transfer of certificates as per contractual settlement schedules. NJRES recognizes changes in the fair value of these derivatives as a component of operating revenues. Upon settlement of the contract, the related revenue is recognized
          when the SREC is transferred to the counterparty.

         

        

        
          S-5.15-3

          
            

        

        Changes in fair value of New Jersey
            Natural Gas’ (“NJNG”) financial commodity derivatives are recorded as a component of regulatory assets or liabilities on the Unaudited Condensed Consolidated Balance Sheets. The Company elects NPNS accounting treatment on all physical commodity
            contracts that NJNG entered into on or before December 31, 2015, and accounts for these contracts on an accrual basis. Accordingly, physical natural gas purchases are recognized in regulatory assets or liabilities on the Unaudited Condensed
            Consolidated Balance Sheets when the contract settles and the natural gas is delivered. The average cost of natural gas is charged to expense in the current period earnings based on the basic gas supply service (“BGSS”) factor times the therm sales. Effective for contracts executed on or after January 1, 2016, NJNG no
            longer elects NPNS accounting treatment on a portfolio basis. However, since NPNS is a contract-by-contract election, where it makes sense to do so, NJNG can and may elect to treat certain contracts as normal. Because NJNG recovers these
            amounts through future BGSS rates as increases or decreases to the cost of natural gas in NJNG’s tariff for natural gas service, the changes in fair value of these contracts are deferred as a component of regulatory assets or liabilities on the
            Unaudited Condensed Consolidated Balance Sheets.

        The Company elects NPNS accounting treatment on Power Purchase Agreement (“PPA”) contracts executed by Clean Energy Ventures that meet the definition of
          a derivative and accounts for the contract on an accrual basis. Accordingly, electricity sales are recognized in revenues throughout the term of the PPA as electricity is delivered. NPNS is a contract-by-contract election and where it makes sense
          to do so, the Company can and may elect to treat certain contracts as normal.

        The following table presents the fair value of the Company’s derivative assets and liabilities recognized on the Unaudited Condensed Consolidated
          Balance Sheets as of March 31, 2022:

        	   	
                Derivatives at Fair Value

              
	 	
                March 31, 2022

              	 	 	
                September 30, 2021

              
	
                (Thousands)

              	
                Balance Sheet Location

              	
                Assets

              	 	 	
                Liabilities

              	 	 	
                Assets

              	 	 	Liabilities
	
                Derivatives not designated as hedging instruments:

              	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	
                NJNG Distribution:

              	 	 	 	 	 	 	 	 	 
	
                Physical commodity contracts

              	
                Derivatives - current

              	$ 

              	 101	 	
                $

              	
                16

              	 	 	 $	 36	 	 	
                $

              	
                16

              
	
                Financial commodity contracts

              	
                Derivatives - current

              	 	
                111

              	 	 	
                1,887

              	 	 	 	
                2,046

              	 	 	 	
                13

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                NJRES:

              	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                Physical commodity contracts

              	
                Derivatives - current

              	 	
                1,853

              	 	 	
                21,594

              	 	 	 	
                2,818

              	 	 	 	
                24,592

              
	 

              	
                Derivatives - noncurrent

              	 	
                131

              	 	 	
                19,632

              	 	 	 	
                333

              	 	 	 	
                13,237

              
	
                Financial commodity contracts

              	
                Derivatives - current

              	 	
                19,483

              	 	 	
                21,701

              	 	 	 	
                30,226

              	 	 	 	
                62,521

              
	 

              	
                Derivatives - noncurrent

              	 	
                4,009

              	 	 	
                -

              	 	 	 	
                3,068

              	 	 	 	
                260

              
	
                Foreign currency contracts

              	
                Derivatives - current

              	 	
                38

              	 	 	
                18

              	 	 	 	
                125

              	 	 	 	
                3

              
	 	
                Derivatives - noncurrent

              	 	- 

              	 	 	- 

              	 	 	 	2 

              	 	 	 	- 

              
	
                Total fair value of derivatives

              	

              	$	
                25,726

              	 	
                $

              	
                
                  64,848

                

              	 	 	$	
                38,654

              	 	 	
                $

              	
                
                  100,642

                

              

        

        

        
          S-5.15-4

          
            

        

        Form of Series A Note

        New Jersey Resources Corporation

        4.38% Senior Note, Series 2022A, due June 23, 2027

        No. R2022A-[__] [__________ __], 20[__]

        $[____________] PPN: 646025 E@1

        For Value Received, the undersigned, New Jersey Resources Corporation (herein called the “Company”), a corporation
            organized and existing under the laws of the State of New Jersey, hereby promises to pay to [________________], or registered assigns, the principal sum of [________________] Dollars (or so much
            thereof as shall not have been prepaid) on June 23, 2027 (the “Maturity Date”), with interest (computed on the basis of a 360-day year of twelve 30‐day months) (a) on the unpaid balance hereof at the
            rate of 4.38% per annum from the date hereof, payable semi-annually, on the twenty-third day of June and December in each year, commencing with the June 23rd or December 23rd next succeeding the date hereof, and on the Maturity Date, until the
            principal hereof shall have become due and payable, and (b) to the extent permitted by law, (x) on any overdue payment of interest and (y) during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any
            Make-Whole Amount, at a rate per annum from time to time equal to the greater of (i) 6.38% or (ii) 2.00% over the rate of interest publicly announced by U.S. Bank National Association from time to time in New York, New York as its “base” or
            “prime” rate, payable semi-annually as aforesaid (or, at the option of the registered holder hereof, on demand).

        Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at the principal
          offices of U.S. Bank Trust Company, National Association in New York, New York or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below.

        This Note is one of a series of Senior Notes (herein called the “Notes”) issued pursuant to the Note Purchase Agreement dated as of
          June 23, 2022 (as from time to time amended, the “Note Purchase Agreement”), between the Company and the respective Purchasers named therein and is entitled to the benefits thereof.  Each holder of this
          Note will be deemed, by its acceptance hereof, (1) to have agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and (2) to have made the representation set forth
          in Section 6.2 of the Note Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement.

        This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer, duly endorsed, or accompanied by a
          written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued to, and registered in the name of, the transferee.  Prior to
          due presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any
          notice to the contrary.

        Exhibit
            1

        (to Note Purchase Agreement)

         

        

        
          S-5.15-5

          
            

        

        This Note is subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise.

        If an Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any
          applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement.

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

        	

              	
                New Jersey Resources Corporation

              
	 	 
	 	
                By

              	 

        	 	
                Name:

              	 
	 	
                Title:

              	 

        

        

        
          S-5.15-6

          
            

        

        Form of Subsidiary Guaranty Agreement

        Subsidiary Guaranty Agreement

        Re:            Senior Notes

        of

        New Jersey Resources Corporation

        This Subsidiary Guaranty Agreement dated as of June 23, 2022 (this “Guaranty”) is entered into on a joint and several basis by each
          of the undersigned, together with any entity which may become a party hereto by execution and delivery of a Subsidiary Guaranty Supplement in substantially the form set forth as Exhibit A hereto (a “Guaranty
            Supplement”) (which parties are hereinafter referred to individually as a “Guarantor” and collectively as the “Guarantors”).

        Recitals

        A.         Each Guarantor is a direct or indirect subsidiary of New Jersey Resources
          Corporation, a corporation organized under the laws of the State of New Jersey (the “Company”).

        B.        The Company is concurrently herewith entering into that certain Note Purchase
          Agreement dated as of June 23, 2022 (as the same may be amended, supplemented, restated or otherwise modified from time to time, the “Note Purchase Agreement”) between the Company and the respective
          Purchasers named therein, providing for, among other things, the issue and sale by the Company to the Purchasers (as defined therein) of $110,000,000 aggregate principal amount of its 4.38% Senior Notes, Series 2022A, due June 23, 2027 (the “Notes”). The Purchasers together with their respective successors and assigns are collectively referred to herein as the “Holders.”

        C.         The Purchasers have required as a condition of their purchase of the Notes that
          the Company cause each of the undersigned to enter into this Guaranty and, upon (1) the formation or acquisition of a new Restricted Subsidiary (other than a Regulated Entity), (2) the occurrence of any other event creating a new Restricted
          Subsidiary (other than a Regulated Entity), (3) the designation of an Unrestricted Subsidiary (other than a Regulated Entity) as a Restricted Subsidiary or (4) an Unrestricted Subsidiary or a Regulated Entity becoming or being a guarantor or
          co‐obligor in respect of the Bank Credit Agreement, to cause each such Subsidiary to execute a Guaranty Supplement, in each case in order to induce the Purchasers to purchase the Notes and thereby benefit the Company and its Subsidiaries by
          providing funds to the Company for the repayment of existing debt and for its general corporate purposes.

        Now, therefore, as required by Section 4.4 of the Note Purchase Agreement and in consideration of the premises and other good and
          valuable consideration, the receipt and sufficiency whereof are hereby acknowledged, each Guarantor does hereby covenant and agree, jointly and severally, as follows:

        Exhibit 2

        (to Note Purchase Agreement)

        

        

        
          S-5.15-7

          
            

        

        
        Section 1.  Definitions.

        Capitalized terms used herein shall have the meanings set forth in the Note Purchase Agreement unless otherwise defined herein.

        Section 2.  Guaranty of Notes and Note Purchase Agreement.

        (a)         Each Guarantor jointly and severally does hereby irrevocably, absolutely and
          unconditionally guarantee unto the Holders:  (1) the full and prompt payment of the principal of, Make-Whole Amount, if any, and interest on the Notes from time to time outstanding, as and when such payments shall become due and payable whether
          by lapse of time, upon redemption or prepayment, by extension or by acceleration or declaration or otherwise (including, to the extent permitted by applicable law, interest due on overdue payments of principal, Make-Whole Amount, if any, or
          interest at the rate set forth in the Notes) in Federal or other immediately available funds of the United States of America which at the time of payment or demand therefor shall be legal tender for the payment of public and private debts, (2)
          the full and prompt performance and observance by the Company of each and all of the obligations, covenants and agreements required to be performed or owed by the Company under the terms of the Notes and the Note Purchase Agreement and (3) the
          full and prompt payment, upon demand by any Holder of all costs and expenses, legal or otherwise (including reasonable attorneys’ fees), if any, as shall have been expended or incurred in the protection or enforcement of any rights, privileges or
          liabilities in favor of the Holders under or in respect of the Notes and the Note Purchase Agreement, or under this Guaranty or in any consultation or action in connection therewith or herewith.

        (b)        To the extent that any Guarantor shall make a payment hereunder (a “Payment”) which, taking into account all other Payments previously or concurrently made by any of the other Guarantors, exceeds the amount which such Guarantor would otherwise have paid if each Guarantor had
          paid the aggregate obligations satisfied by such Payment in the same proportion as such Guarantor’s “Allocable Amount” (as hereinafter defined) in effect immediately prior to such Payment bore to the Aggregate Allocable Amount (as hereinafter
          defined) of all of the Guarantors in effect immediately prior to the making of such Payment, then such Guarantor shall be entitled to contribution and indemnification from, and be reimbursed by, each of the other Guarantors for the amount of such
          excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Payment.

        As of any date of determination, (1) the “Allocable Amount” of any Guarantor shall be equal to the maximum amount which could then be claimed by the Holders under this
          Guaranty without rendering such claim voidable or avoidable under Section 548 of Chapter 11 of the United States Bankruptcy Code (11 U.S.C. Sec. 101 et. seq.) or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent
          Conveyance Act or similar statute or common law; and (2) the “Aggregate Allocable Amount” shall be equal to the sum of each Guarantor’s Allocable Amount.

        This clause (b) is intended only to define the relative rights of the Guarantors, and nothing set forth in this clause (b) is intended to or shall impair the obligations of
          the Guarantors, jointly and severally, to pay any amounts to the Holders as and when the same shall become due and payable in accordance herewith.

        
          E-2-2

          
            

        

        Each Guarantor acknowledges that the rights of contribution and indemnification hereunder shall constitute an asset in favor of any Guarantor to which such contribution and
          indemnification is owing.

        Section 3.  Guaranty of Payment and Performance.

        This is an irrevocable, absolute and unconditional guarantee of payment and performance and each Guarantor hereby waives, to the fullest extent permitted by law, any right to
          require that any action on or in respect of any Note or the Note Purchase Agreement be brought against the Company or any other Person or that resort be had to any direct or indirect security for the Notes or for this Guaranty or any other
          remedy.  Any Holder may, at its option, proceed hereunder against any Guarantor in the first instance to collect monies when due, the payment of which is guaranteed hereby, without first proceeding against the Company or any other Person and
          without first resorting to any direct or indirect security for the Notes or for this Guaranty or any other remedy.  The liability of each Guarantor hereunder shall in no way be affected or impaired by any acceptance by any Holder of any direct or
          indirect security for, or other guaranties of, any Debt, liability or obligation of the Company or any other Person to any Holder or by any failure, delay, neglect or omission by any Holder to realize upon or protect any such guarantees, Debt,
          liability or obligation or any notes or other instruments evidencing the same or any direct or indirect security therefor or by any approval, consent, waiver, or other action taken, or omitted to be taken by any such Holder.

        The covenants and agreements on the part of the Guarantors herein contained shall take effect as joint and several covenants and agreements, and references to the Guarantors
          shall take effect as references to each of them and none of them shall be released from liability hereunder by reason of this Guaranty ceasing to be binding as a continuing security on any other of them.

        Section 4.  General Provisions Relating to this Guaranty.

        (a)         Each Guarantor hereby consents and agrees that any Holder or Holders from time
          to time, with or without any further notice to or assent from any other Guarantor may, without in any manner affecting the liability of any Guarantor under this Guaranty, and upon such terms and conditions as any such Holder or Holders may deem
          advisable:

        (1)         extend in whole or in part (by renewal or otherwise), modify,
          change, compromise, release or extend the duration of the time for the performance or payment of any Debt, liability or obligation of the Company or of any other Person (including, without limitation, any other Guarantor) secondarily or otherwise
          liable for any Debt, liability or obligation of the Company on the Notes, or waive any Default or Event of Default with respect thereto, or waive, modify, amend or change any provision of the Note Purchase Agreement or any other agreement or
          waive this Guaranty; or

        (2)           sell, release, surrender, modify, impair, exchange or
          substitute any and all property, of any nature and from whomsoever received, held by, or for the benefit of, any such Holder as direct or indirect security for the payment or performance of any Debt, liability or obligation of the Company or of
          any other Person (including, without limitation, any other Guarantor) secondarily or otherwise liable for any Debt, liability or obligation of the Company on the Notes; or

        
          E-2-3

          
            

        

        (3)         settle, adjust or compromise any claim of the Company against
          any other Person (including, without limitation, any other Guarantor) secondarily or otherwise liable for any Debt, liability or obligation of the Company on the Notes.

        Each Guarantor hereby ratifies and confirms any such extension, renewal, change, sale, release, waiver, surrender, exchange, modification, amendment, impairment,
          substitution, settlement, adjustment or compromise and that the same shall be binding upon it, and hereby waives, to the fullest extent permitted by law, any and all defenses, counterclaims or offsets which it might or could have by reason
          thereof, it being understood that such Guarantor shall at all times be bound by this Guaranty and remain liable hereunder.

        (b)          Each Guarantor hereby waives, to the fullest extent permitted by law:

        (1)         notice of acceptance of this Guaranty by the Holders or of
          the creation, renewal or accrual of any liability of the Company, present or future, or of the reliance of such Holders upon this Guaranty (it being understood that every Debt, liability and obligation described in Section 2 hereof shall conclusively be presumed to have been created, contracted or incurred in reliance upon the execution of this Guaranty);

        (2)         demand of payment by any Holder from the Company or any other
          Person (including, without limitation, any other Guarantor) indebted in any manner on or for any of the Debt, liabilities or obligations hereby guaranteed; and

        (3)         presentment for the payment by any Holder or any other Person
          of the Notes or any other instrument, protest thereof and notice of its dishonor to any party thereto and to such Guarantor.

        The obligations of each Guarantor under this Guaranty and the rights of any Holder to enforce such obligations by any proceedings, whether by action at law, suit in equity or
          otherwise, shall not be subject to any reduction, limitation, impairment or termination, whether by reason of any claim of any character whatsoever or otherwise and shall not be subject to any defense, set-off, counterclaim (other than any
          compulsory counterclaim), recoupment or termination whatsoever.

        (c)          The obligations of the Guarantors hereunder shall be binding upon the
          Guarantors and their successors and assigns, and shall remain in full force and effect irrespective of:

        (1)          the genuineness, validity, regularity or enforceability of
          the Notes and the Note Purchase Agreement or any other agreement or any of the terms of any thereof, the continuance of any obligation on the part of the Company or any other Person on or in respect of the Notes or under the Note Purchase
          Agreement or any other agreement or the power or authority or the lack of power or authority of the Company to issue the Notes or the Company to execute and deliver the Note Purchase Agreement or any other agreement or of any Guarantor to execute
          and deliver this Guaranty or to perform any of its obligations hereunder or the existence or continuance of the Company or any other Person as a legal entity; or

        
          E-2-4

          
            

        

        (2)        any default, failure or delay, willful or otherwise, in the
          performance by the Company, any Guarantor or any other Person of any obligations of any kind or character whatsoever under the Notes, the Note Purchase Agreement, this Guaranty or any other agreement; or

        (3)          any creditors’ rights, bankruptcy, receivership or other
          insolvency proceeding of the Company, any Guarantor or any other Person or in respect of the property of the Company, any Guarantor or any other Person or any merger, consolidation, reorganization, dissolution, liquidation, the sale of all or
          substantially all of the assets of or winding up of the Company, any Guarantor or any other Person; or

        (4)         impossibility or illegality of performance on the part of the
          Company, any Guarantor or any other Person of its obligations under the Notes, the Note Purchase Agreement, this Guaranty or any other agreements; or

        (5)         in respect of the Company or any other Person, any change of
          circumstances, whether or not foreseen or foreseeable, whether or not imputable to the Company or any other Person, or other impossibility of performance through fire, explosion, accident, labor disturbance, floods, droughts, embargoes, wars
          (whether or not declared), civil commotion, acts of God or the public enemy, delays or failure of suppliers or carriers, inability to obtain materials, action of any Federal or state regulatory body or agency, change of law or any other causes
          affecting performance, or any other force majeure, whether or not beyond the control of the Company or any other Person and whether or not of the kind hereinbefore specified; or

        (6)       any attachment, claim, demand, charge, Lien, order, process,
          encumbrance or any other happening or event or reason, similar or dissimilar to the foregoing, or any withholding or diminution at the source, by reason of any taxes, assessments, expenses, Debt, obligations or liabilities of any character,
          foreseen or unforeseen, and whether or not valid, incurred by or against the Company, any Guarantor or any other Person or any claims, demands, charges or Liens of any nature, foreseen or unforeseen, incurred by the Company, any Guarantor or any
          other Person, or against any sums payable in respect of the Notes or under the Note Purchase Agreement or this Guaranty, so that such sums would be rendered inadequate or would be unavailable to make the payments herein provided; or

        (7)          any order, judgment, decree, ruling or regulation (whether
          or not valid) of any court of any nation or of any political subdivision thereof or any body, agency, department, official or administrative or regulatory agency of any thereof or any other action, happening, event or reason whatsoever which
          shall delay, interfere with, hinder or prevent, or in any way adversely affect, the performance by the Company, any Guarantor or any other Person of its respective obligations under or in respect of the Notes, the Note Purchase Agreement, this
          Guaranty or any other agreement; or

        
          E-2-5

          
            

        

        (8)          the failure of any Guarantor to receive any benefit from or
          as a result of its execution, delivery and performance of this Guaranty; or

        (9)        any failure or lack of diligence in collection or protection,
          failure in presentment or demand for payment, protest, notice of protest, notice of default and of nonpayment, any failure to give notice to any Guarantor of failure of the Company, any Guarantor or any other Person to keep and perform any
          obligation, covenant or agreement under the terms of the Notes, the Note Purchase Agreement, this Guaranty or any other agreement or failure to resort for payment to the Company, any Guarantor or to any other Person or to any other guaranty or to
          any property, security, Liens or other rights or remedies; or

        (10)       the acceptance of any additional security or other guaranty,
          the advance of additional money to the Company or any other Person, the renewal or extension of the Notes or amendments, modifications, consents or waivers with respect to the Notes, the Note Purchase Agreement, or any other agreement, or the
          sale, release, substitution or exchange of any security for the Notes; or

        (11)       any merger or consolidation of the Company, any Guarantor or
          any other Person into or with any other Person or any sale, lease, transfer or other disposition of any of the assets of the Company, any Guarantor or any other Person to any other Person, or any change in the ownership of any shares or other
          equity interests of the Company, any Guarantor or any other Person; or

        (12)      any defense whatsoever that:  (i) the Company or any other
          Person might have to the payment of the Notes (including, principal, Make-Whole Amount, if any, or interest), other than payment thereof in Federal or other immediately available funds or (ii) the Company or any other Person might have to the
          performance or observance of any of the provisions of the Notes, the Note Purchase Agreement, or any other agreement, whether through the satisfaction or purported satisfaction by the Company or any other Person of its debts due to any cause such
          as bankruptcy, insolvency, receivership, merger, consolidation, reorganization, dissolution, liquidation, winding-up or otherwise; or

        (13)       any act or failure to act with regard to the Notes, the Note
          Purchase Agreement, this Guaranty or any other agreement or anything which might vary the risk of any Guarantor or any other Person; or

        (14)        any other circumstance which might otherwise constitute a
          defense available to, or a discharge of, any Guarantor or any other Person in respect of the obligations of any Guarantor or other Person under this Guaranty or any other agreement;

        
          E-2-6

          
            

        

        provided that the specific enumeration of the above-mentioned acts, failures or omissions shall not be deemed to exclude any other acts, failures or omissions, though not specifically mentioned
          above, it being the purpose and intent of this Guaranty and the parties hereto that the obligations of each Guarantor shall be absolute and unconditional and shall not be discharged, impaired or varied except by the payment of the principal of,
          Make-Whole Amount, if any, and interest on the Notes in accordance with their respective terms whenever the same shall become due and payable as in the Notes provided, at the place specified in and all in the manner and with the effect provided
          in the Notes and the Note Purchase Agreement, as each may be amended or modified from time to time.  Without limiting the foregoing, it is understood that repeated and successive demands may be made and recoveries may be had hereunder as and
          when, from time to time, the Company shall default under or in respect of the terms of the Notes or the Note Purchase Agreement and that notwithstanding recovery hereunder for or in respect of any given default or defaults by the Company under
          the Notes or the Note Purchase Agreement, this Guaranty shall remain in full force and effect and shall apply to each and every subsequent default.

        (d)         All rights of any Holder under this Guaranty shall be considered to be
          transferred or assigned at any time or from time to time upon the transfer of any Note held by such Holder whether with or without the consent of or notice to the Guarantors under this Guaranty or to the Company.

        (e)         To the extent of any payments made under this Guaranty, the Guarantors shall be
          subrogated to the rights of the Holder or Holders upon whose Notes such payment was made, but each Guarantor covenants and agrees that such right of subrogation and any and all claims of such Guarantor against the Company, any endorser or other
          Guarantor or against any of their respective properties shall be junior and subordinate in right of payment to the prior indefeasible final payment in cash in full of all of the Notes and satisfaction by the Company of its obligations under the
          Note Purchase Agreement and by the Guarantors of their obligations under this Guaranty, and the Guarantors shall not take any action to enforce such right of subrogation, and the Guarantors shall not accept any payment in respect of such right of
          subrogation, until all of the Notes and all amounts payable by the Guarantors hereunder have indefeasibly been finally paid in cash in full and all of the obligations of the Company under the Note Purchase Agreement and of the Guarantors under
          this Guaranty have been satisfied.  Notwithstanding any right of any Guarantor to ask, demand, sue for, take or receive any payment from the Company, all rights, Liens and security interests of each Guarantor, whether now or hereafter arising and
          howsoever existing, in any assets of the Company shall be and hereby are subordinated to the rights, if any, of the Holders in those assets.  No Guarantor shall have any right to possession of any such asset or to foreclose upon any such asset,
          whether by judicial action or otherwise, unless and until all of the Notes and the obligations of the Company under the Note Purchase Agreement shall have been paid in cash in full and satisfied.

        (f)          Each Guarantor agrees that to the extent the Company or any other Person makes
          any payment on any Note, which payment or any part thereof is subsequently invalidated, voided, declared to be fraudulent or preferential, set aside, recovered, rescinded or is required to be retained by or repaid to a trustee, receiver, or any
          other Person under any bankruptcy code, common law, or equitable cause, then and to the extent of such payment, the obligation or the part thereof intended to be satisfied shall be revived and continued in full force and effect with respect to
          the Guarantors’ obligations hereunder, as if said payment had not been made.  The liability of the Guarantors hereunder shall not be reduced or discharged, in whole or in part, by any payment to any Holder from any source that is thereafter paid,
          returned or refunded in whole or in part by reason of the assertion of a claim of any kind relating thereto, including, but not limited to, any claim for breach of contract, breach of warranty, preference, illegality, invalidity or fraud asserted
          by any account debtor or by any other Person.

        
          E-2-7

          
            

        

        (g)          No Holder shall be under any obligation:  (1) to marshall any assets in favor
          of the Guarantors or in payment of any or all of the liabilities of the Company under or in respect of the Notes, the Note Purchase Agreement or the obligations of the Guarantors hereunder or (2) to pursue any other remedy that the Guarantors may
          or may not be able to pursue themselves and that may lighten the Guarantors’ burden, any right to which each Guarantor hereby expressly waives.

        Section 5.  Representations and Warranties of the Guarantors.

        Each Guarantor represents and warrants to each Holder that:

        (a)         Such Guarantor is a corporation or other legal entity duly organized, validly
          existing and in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and is in good standing in each jurisdiction in which such qualification is required by law,
          other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

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

        (c)         This Guaranty has been duly authorized by all necessary action on the part of
          such Guarantor, and this Guaranty constitutes a legal, valid and binding obligation of such Guarantor enforceable against such Guarantor in accordance with its terms, except as such enforceability may be limited by (1) applicable bankruptcy,
          insolvency, fraudulent conveyance, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (2) general principles of equity (regardless of whether such enforceability is considered in a
          proceeding in equity or at law).

        (d)        The execution, delivery and performance by such Guarantor of this Guaranty will
          not (1) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of such Guarantor or any of its subsidiaries which are Restricted Subsidiaries under any indenture,
          mortgage, deed of trust, loan, purchase or credit agreement, lease, organizational document or any other agreement or instrument to which such Guarantor or any of its subsidiaries which are Restricted Subsidiaries is bound or by which such
          Guarantor or any of its subsidiaries or any of their respective properties may be bound or affected, (2) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree, or ruling of any court,
          arbitrator or Governmental Authority applicable to such Guarantor or any of its subsidiaries which are Restricted Subsidiaries or (3) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to
          such Guarantor or any of its subsidiaries which are Restricted Subsidiaries.

        
          E-2-8

          
            

        

        (e)         No consent, approval or authorization of, or registration, filing or declaration
          with, any Governmental Authority is required in connection with the execution, delivery or performance by such Guarantor of this Guaranty other than such consents, approvals, authorizations, registrations, filings or declarations that have been
          obtained or made prior to the date such Guarantor enters into this Guaranty.

        (f)         (1) Except as disclosed in Schedule 5.8
          to the Note Purchase Agreement or otherwise disclosed in writing to the Holders, there are no actions, suits or proceedings pending or, to the knowledge of such Guarantor, threatened against or affecting such Guarantor or any of its subsidiaries
          which are Restricted Subsidiaries or any property of such Guarantor or any of its subsidiaries which are Restricted Subsidiaries in any court or before any arbitrator of any kind or before or by any Governmental Authority that, individually or in
          the aggregate, would reasonably be expected to have a Material Adverse Effect.

        (2)         Neither such Guarantor nor any of its subsidiaries which are
          Restricted Subsidiaries is in default under any term of any agreement or instrument to which it is a party or by which it is bound, or any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority or is in violation of
          any applicable law, ordinance, rule or regulation (including, without limitation, ERISA (with respect to any Plan), Environmental Laws or the USA PATRIOT Act) of any Governmental Authority, which default or violation, individually or in the
          aggregate, would reasonably be expected to have a Material Adverse Effect.

        (g)        Such Guarantor and its subsidiaries have filed all income tax returns that are
          required to have been filed in any jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments payable by them, to the extent such taxes and assessments have become due and payable and
          before they have become delinquent, except for any taxes and assessments (1) the amount of which is not, individually or in the aggregate, material to the business, operations, affairs, financial condition, assets or properties of such Guarantor
          and its subsidiaries taken as a whole (herein in this Section 5, “Material”) or (2) the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings and
          with respect to which such Guarantor or one of its subsidiaries, as the case may be, has established adequate reserves in accordance with GAAP.  The charges, accruals and reserves on the books of such Guarantor and its subsidiaries in respect of
          Federal, state or other taxes for all fiscal periods are adequate in accordance with GAAP.  The Federal income tax liabilities of such Guarantor and its subsidiaries have been determined by the Internal
          Revenue Service and paid for all fiscal years up to and including the fiscal year ended September 30, 2020.

        (h)         Such Guarantor and its subsidiaries which are Restricted Subsidiaries have good
          and sufficient title related to the ownership of their respective Material properties, including all such properties reflected in the most recent audited consolidated balance sheet furnished to the Holders pursuant to the Note Purchase Agreement
          or purported to have been acquired by such Guarantor after said date (except as sold or otherwise disposed of in the ordinary course of business), in each case free and clear of Liens prohibited by the Note Purchase Agreement, except for those
          defects in title and Liens that, individually or in the aggregate, would not have a Material Adverse Effect.  All Material leases to which such Guarantor is a party are valid and subsisting and are in full force and effect in all material
          respects.

        
          E-2-9

          
            

        

        (i)          Except as disclosed in Schedule 5.11
          to the Note Purchase Agreement or otherwise disclosed in writing to the Holders, such Guarantor and those of its subsidiaries which are Restricted Subsidiaries own or possess all licenses, permits, franchises, authorizations, patents, copyrights,
          proprietary software, service marks, trademarks, trade names and domain names or rights thereto, that are Material, without known conflict with the rights of others, except for those conflicts that, individually or in the aggregate, would not
          have a Material Adverse Effect.

        (j)          (1)         Such Guarantor and each
          ERISA Affiliate have operated and administered each Plan in compliance with all applicable laws except for such instances of noncompliance as have not resulted in and would not reasonably be expected to result in a Material Adverse Effect. 
          Neither such Guarantor nor any ERISA Affiliate has incurred any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans (as defined in Section 3 of ERISA) with respect to
          any Plan, other than for claims for benefits and funding obligations in the ordinary course, and no event, transaction or condition has occurred or exists with respect to any Plan that would reasonably be expected to result in the incurrence of
          any such liability under Title I or IV of ERISA or the penalty or excise tax provisions of the Code by such Guarantor or any ERISA Affiliate, or in the imposition of any Lien under Section 430 of the Code or Section 4068 of ERISA on any of the
          rights, properties or assets of such Guarantor or any ERISA Affiliate,  other than any such liabilities or Liens as would not, individually or in the aggregate, be reasonably expected to result in a Material Adverse Effect.

        (2)        The present value of the aggregate benefit liabilities under
          each of the Plans which are subject to Title IV of ERISA (other than Multiemployer Plans), determined as of the end of such Plan’s most recently ended plan year on the basis of the actuarial assumptions specified for funding purposes in such
          Plan’s most recent actuarial valuation report, did not exceed the aggregate current value of the assets of such Plans allocable to such benefit liabilities by more than $25,000,000.  The term “benefit liabilities” has the meaning specified in
          Section 4001 of ERISA and the terms “current value” and “present value” have the meanings specified in Section 3 of ERISA.

        (3)        Such Guarantor and its ERISA Affiliates have not incurred
          withdrawal liabilities under Section 4201 or 4204 of ERISA (and are not subject to contingent withdrawal liabilities under Section 4204) in respect of Multiemployer Plans that, individually or in the aggregate, are reasonably expected to result
          in a Material Adverse Effect.

        (4)         The accumulated post-retirement benefit obligation
          (determined as of the last day of the Company’s most recently ended fiscal year in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 715-60, without regard to liabilities attributable to continuation
          coverage mandated by Section 4980B of the Code) of such Guarantor, the Restricted Subsidiaries and New Jersey Natural Gas is not reasonably expected to result in a Material Adverse Effect.

        (5)       The execution and delivery of this Guaranty will not involve
          any transaction that is subject to the prohibitions of Section 406(a)(1)(A)-(D) of ERISA or in connection with which a tax could be imposed pursuant to Section 4975(c)(1)(A)-(D) of the Code.  The representation by such Guarantor in the first
          sentence of this Section 5(j)(5) is made in reliance upon and subject to the accuracy of each Holder’s representation in Section 6.2 of the Note Purchase Agreement
          as to the source of the funds to be used to pay the purchase price of the Notes to be purchased by such Holder.

        
          E-2-10

          
            

        

        (k)       Neither such Guarantor nor any of its subsidiaries is an “investment company”
          registered or required to be registered under the Investment Company Act of 1940 or an “affiliated person” of an “investment company” or an “affiliated person” of such “affiliated person” or under the “control” of an “investment company” as such
          terms are defined in the Investment Company Act of 1940, as amended, and shall not become such an “investment company” or such an “affiliated person” or under such “control.”  Neither such Guarantor nor any of its subsidiaries is a “holding
          company” or a “subsidiary company” of a “holding company,” or an “affiliate” of a “holding company” or of a “subsidiary company” of a “holding company” within the meaning of the Public Utility Holding Company Act of 2005, as amended.  Based upon
          the immediately preceding sentence, such Guarantor is not subject to regulation under the Public Utility Holding Company Act of 2005, as amended.  Neither such Guarantor nor any of its subsidiaries is subject to the ICC Termination Act of 1995,
          as amended, or the Federal Power Act, as amended.  Neither such Guarantor nor any of its subsidiaries is subject to any Federal or state statute or regulation limiting its ability to incur Debt.

        (l)         Except as otherwise disclosed in Schedule 5.8
          to the Note Purchase Agreement or otherwise disclosed in writing to the Holders, neither such Guarantor nor any of its subsidiaries which are Restricted Subsidiaries has actual knowledge of any claim or has received any written notice of any
          claim, and no proceeding has been instituted raising any claim against such Guarantor or any of its subsidiaries which are Restricted Subsidiaries or any of their respective real properties now or formerly owned, leased or operated by any of them
          or other assets, alleging any damage to the environment or violation of any Environmental Laws, except, in each case, such as would not reasonably be expected to result in a Material Adverse Effect.  Except as otherwise disclosed in Schedule 5.8 to the Note Purchase Agreement or otherwise disclosed in writing to the Holders:

        (1)       neither such Guarantor nor any of its subsidiaries which are
          Restricted Subsidiaries has knowledge of any facts which would give rise to any claim, public or private, of violation of Environmental Laws or damage to the environment emanating from, occurring on or in any way related to real properties now or
          formerly owned, leased or operated by any of them or to other assets or their use, except, in each case, such as would not reasonably be expected to result in a Material Adverse Effect;

        (2)       neither such Guarantor nor any of its subsidiaries which are
          Restricted Subsidiaries has stored any Hazardous Materials on real properties now or formerly owned, leased or operated by any of them or has disposed of any Hazardous Materials in a manner contrary to any Environmental Laws in each case in any
          manner that would reasonably be expected to result in a Material Adverse Effect; and

        (3)       all buildings on all real properties now owned or operated by
          the Guarantor or any of its subsidiaries are in compliance with applicable Environmental Laws, except where failure to comply would not reasonably be expected to result in a Material Adverse Effect.

        
          E-2-11

          
            

        

        (m)       Such Guarantor is solvent, has capital not unreasonably small in relation to its
          business or any contemplated or undertaken transaction and has assets having a value both at fair valuation and at present fair salable value greater than the amount required to pay its debts as they become due and greater than the amount that
          will be required to pay its probable liability on its existing debts as they become absolute and matured.  Such Guarantor does not intend to incur, or believe or should have believed that it will incur, debts beyond its ability to pay such debts
          as they become due.  Such Guarantor will not be rendered insolvent by the execution and delivery of, and performance of its obligations under, this Guaranty.  Such Guarantor does not intend to hinder, delay or defraud its creditors by or through
          the execution and delivery of, or performance of its obligations under, this Guaranty.

        (n)         The obligations of such Guarantor under this Guaranty rank at least pari passu
          in right of payment with all other unsecured Senior Debt of such Guarantor, including without limitation, all unsecured Senior Debt of such Guarantor described in Schedule 5.15 to the Note Purchase
          Agreement.

        Section 6.  Amendments, Waivers and Consents.

        (a)        This Guaranty may be amended, and the observance of any term hereof may be waived
          (either retroactively or prospectively), with (and only with) the written consent of each Guarantor and the Required Holders, except that (1) no amendment or waiver of any of the provisions of Sections 3, 4 or 5, or any defined term (as it is used therein), will be effective as to any Holder unless consented to by such Holder in writing, and (2) no such amendment or
          waiver may, without the written consent of each Holder, (i) change the percentage of the principal amount of the Notes the Holders of which are required to consent to any such amendment or waiver or (ii) amend Section

            2 or this Section 6.

        (b)         The Guarantors will provide each Holder (irrespective of the amount of Notes
          then owned by it) with sufficient information, sufficiently far in advance of the date a decision is required, to enable such Holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect
          of any of the provisions hereof.  The Guarantors will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to the provisions of this Section 6 to each Holder
          promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite Holders.

        (c)         No Guarantor will directly or indirectly pay or cause to be paid any
          remuneration, whether by way of fee or otherwise, or grant any security, to any Holder as consideration for or as an inducement to the entering into by such Holder of any waiver or amendment of any of the terms and provisions hereof unless such
          remuneration is concurrently paid, or security is concurrently granted, on the same terms, ratably to each Holder even if such Holder did not consent to such waiver or amendment.

        (d)         Any consent made pursuant to this Section 6
          by a Holder that has transferred a portion or has agreed to transfer all or a portion of its Notes to such Guarantor, any subsidiary or any affiliate of such Guarantor and has provided or has agreed to provide such written consent as a condition
          to such transfer shall be void and of no force and effect except solely as to such Holder, and any amendment effected or waivers granted or to be effected or granted that would not have been or be so effected or granted but for such consent (and
          the consents of all other Holders that were acquired under the same or similar conditions) shall be void and of no force and effect except solely as to such Holder.

        
          E-2-12

          
            

        

        (e)         Any amendment or waiver consented to as provided in this Section 6 applies equally to all Holders of Notes affected thereby and is binding upon them and upon each future holder and upon the Guarantors.  No such amendment or waiver will extend to or affect any
          obligation, covenant or agreement not expressly amended or waived or impair any right consequent thereon.  No course of dealing between the Guarantors and any Holder nor any delay in exercising any rights hereunder shall operate as a waiver of
          any rights of any Holder.  As used herein, the term “this Guaranty” and references thereto shall mean this Guaranty as it may from time to time be amended or supplemented.

        (f)        Solely for the purpose of determining whether the Holders of the requisite
          percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Guaranty, Notes directly or indirectly owned by any Guarantor or any subsidiaries or
          Affiliates of any Guarantor shall be deemed not to be outstanding.

        Section 7.  Notices.

        All notices and communications provided for hereunder shall be in writing and sent (a) by telefacsimile if the sender on the same day sends a confirming copy of such notice
          by a recognized overnight delivery service (charges prepaid), (b) by registered or certified mail with return receipt requested (postage prepaid) or (c) by a recognized overnight delivery service (charges prepaid).  Any such notice must be sent:

        (1)       if to a Purchaser or its nominee, to such Purchaser or its
          nominee at the address specified for such communications in Schedule A to the Note Purchase Agreement to which such Purchaser is a party, or at such other address as such Purchaser or its nominee shall
          have specified to any Guarantor in writing,

        (2)       if to any other Holder, to such Holder at such address as such
          Holder shall have specified to any Guarantor in writing, or

        (3)       if to any Guarantor, to such Guarantor c/o the Company at its
          address set forth at the beginning of the Note Purchase Agreement to the attention of the Chief Financial Officer of the Company, or at such other address as such Guarantor shall have specified to the Holders in writing.

        Notices under this Section 7 will be deemed given only when actually received.

        Section 8.  Miscellaneous.

        (a)         No remedy herein conferred upon or reserved to any Holder is intended to be
          exclusive of any other available remedy or remedies, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given under this Guaranty now or hereafter existing at law or in equity.  No delay or omission
          to exercise any right or power accruing upon any default, omission or failure of performance hereunder shall impair any such right or power or shall be construed to be a waiver thereof but any such right or power may be exercised from time to
          time and as often as may be deemed expedient.  In order to entitle any Holder to exercise any remedy reserved to it under this Guaranty, it shall not be necessary for such Holder to physically produce its Note in any proceedings instituted by it
          or to give any notice, other than such notice as may be herein expressly required.

        
          E-2-13

          
            

        

        (b)         The Guarantors will pay all sums becoming due under this Guaranty by the method
          and at the address specified for such purpose for such Holder, in the case of a Holder that is a Purchaser, on Schedule A to the Note Purchase Agreement to which such Purchaser is a party or by such other
          method or at such other address as any Holder shall have from time to time specified to the Guarantors or the Company on behalf of the Guarantors in writing for such purpose, without the presentation or surrender of this Guaranty or any Note.

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

        (d)        If the whole or any part of this Guaranty shall be now or hereafter become
          unenforceable against any one or more of the Guarantors for any reason whatsoever or if it is not executed by any one or more of the Guarantors, this Guaranty shall nevertheless be and remain fully binding upon and enforceable against each other
          Guarantor as if it had been made and delivered only by such other Guarantors.

        (e)         This Guaranty shall be binding upon each Guarantor and its successors and
          assigns and shall inure to the benefit of each Holder and its successors and assigns so long as its Notes remain outstanding and unpaid.

        (f)         This Guaranty may be executed in any number of counterparts, each of which shall
          be an original but all of which together shall constitute one instrument.  Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto.  The parties agree to
          electronic contracting and signatures with respect to this Guaranty and any other agreement and instrument hereunder.  Delivery of an electronic signature to, or a signed copy of, this Guaranty and any other agreement and instrument hereunder by
          facsimile, email or other electronic transmission shall be fully binding on the parties to the same extent as the delivery of the signed originals and shall be admissible into evidence for all purposes.  Notwithstanding the foregoing, if any
          Purchaser shall request manually signed counterpart signatures this Guaranty and any other agreement and instrument hereunder, the Guarantors hereby agree to use their reasonable endeavors to provide such manually signed signature pages as soon
          as reasonably practicable.

        (g)         This Guaranty shall be construed and enforced in accordance with, and the rights
          of the parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State.

        
          E-2-14

          
            

        

        (h)          Each Guarantor hereby irrevocably submits to the non-exclusive jurisdiction of
          any State of New York court or any Federal court located in New York County, New York, New York for the adjudication of any matter arising out of or relating to this Guaranty, and consents to the service of all writs, process and summonses by
          registered or certified mail out of any such court or by service of process on such Guarantor at its address to which notices are to be given pursuant to Section 7 hereof and hereby waives any requirement
          to have an agent for service of process in the State of New York.  Nothing contained herein shall affect the right of any Holder to serve legal process in any other manner or to bring any proceeding hereunder in any jurisdiction where such
          Guarantor may be amenable to suit.  Each Guarantor hereby irrevocably waives any objection to any suit, action or proceeding in any New York court or Federal court located in New York County, New York, New York on the grounds of venue and hereby
          further irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

        (i)        Each Guarantor hereby waives trial by jury in any action brought on or with
          respect to this Guaranty or any other document executed in connection herewith.

        [Remainder of Page Left Intentionally Blank]

        
          E-2-15

          
            

        

                  IN WITNESS WHEREOF, the undersigned has caused this Guaranty to be duly executed by an authorized representative as of the date first written above.

         

        

        	 	
                NJR Retail Holdings Corporation

              
	 	 
	 	
                By:

              	
                /s/ Roberto F. Bel

              
	

              	
                Name:

              	
                Roberto F. Bel

              
	 	
                Title:

              	
                Senior Vice President, Chief Financial Officer, Treasurer and Secretary

              
	 	 	 
	 	
                NJR Retail Company

              
	 	 	 
	 	
                By:

              	
                /s/ Roberto F. Bel

              
	 	
                Name:

              	
                Roberto F. Bel

              
	 	
                Title:

              	
                Senior Vice President, Chief Financial Officer, Treasurer and Secretary

              
	 	 	 
	 	
                NJR Home Services Company

              
	 	 	 
	 	
                By:

              	
                /s/ Roberto F. Bel

              
	 	
                Name:

              	
                Roberto F. Bel

              
	 	
                Title:

              	
                Senior Vice President, Chief Financial Officer, Treasurer and Secretary

              
	 	 	 
	 	
                NJR Plumbing Services, Inc.

              
	 	 	 
	 	
                By:

              	
                /s/ Roberto F. Bel

              
	 	
                Name:

              	
                Roberto F. Bel

              
	 	
                Title:

              	
                Senior Vice President, Chief Financial Officer, Treasurer and Secretary

              
	 	 	 
	 	
                NJR Service Corporation

              
	 	 	 
	 	
                By:

              	
                /s/ Roberto F. Bel

              
	 	
                Name:

              	
                Roberto F. Bel

              
	 	
                Title:

              	
                Senior Vice President

              
	 	

              	
                and Chief Financial Officer

              

        

        

        
          E-2-16

          
            

        

        	 	
                Phoenix Fuel Management Company

              
	 	 	 
	 	
                By:

              	
                /s/ Roberto F. Bel

              
	 	
                Name:

              	
                Roberto F. Bel

              
	 	
                Title:

              	
                Senior Vice President, Chief Financial Officer, Treasurer and Secretary

              
	 	 	 
	 	
                NJR Energy Investments Corporation

              
	 	 	 
	 	
                By:

              	
                /s/ Roberto F. Bel

              
	 	
                Name:

              	
                Roberto F. Bel

              
	 	
                Title:

              	
                Senior Vice President and Chief Financial Officer

              
	 	 	 
	 	
                NJR Clean Energy Ventures Corporation

              
	 	 	 
	 	
                By:

              	
                /s/ Roberto F. Bel

              
	 	
                Name:

              	
                Roberto F. Bel

              
	 	
                Title:

              	
                Senior Vice President and Chief Financial Officer

              
	 	 	 
	 	
                Commercial Realty and Resources Corp.

              
	 	 	 
	 	
                By:

              	
                /s/ Roberto F. Bel

              
	 	
                Name:

              	
                Roberto F. Bel

              
	 	
                Title:

              	
                President, Chief Financial Officer,

              
	 	

              	
                Treasurer and Secretary

              
	 	 	 
	 	
                NJR Midstream Holdings Corporation

              
	 	 	 
	 	
                By:

              	
                /s/ Roberto F. Bel

              
	 	
                Name:

              	
                Roberto F. Bel

              
	 	
                Title:

              	
                Senior Vice President and

              
	 	

              	
                Chief Financial Officer

              

        

        

        
          E-2-17

          
            

        

        	 	
                NJR Energy Services Company

              
	 	 	 
	 	
                By:

              	
                /s/ Roberto F. Bel

              
	 	
                Name:

              	
                Roberto F. Bel

              
	 	
                Title:

              	
                Senior Vice President and

              
	 	

              	
                Chief Financial Officer

              
	 	 	 
	 	
                NJR Clean Energy Ventures III Corporation

              
	 	 	 
	 	
                By:

              	
                /s/ Roberto F. Bel

              
	 	
                Name:

              	
                Roberto F. Bel

              
	 	
                Title:

              	
                Senior Vice President and

              
	 	

              	
                Chief Financial Officer

              
	 	 	 
	 	
                NJR Storage Holdings Company

              
	 	 	 
	 	
                By:

              	
                /s/ Roberto F. Bel

              
	 	
                Name:

              	
                Roberto F. Bel

              
	 	
                Title:

              	
                Senior Vice President and

              
	 	

              	
                Chief Financial Officer

              
	 	 	 
	 	
                NJR Clean Energy Ventures II Corporation

              
	 	 	 
	 	
                By:

              	
                /s/ Roberto F. Bel

              
	 	
                Name:

              	
                Roberto F. Bel

              
	 	
                Title:

              	
                Senior Vice President and

              
	 	

              	
                Chief Financial Officer

              
	 	 	 
	 	
                Bernards Solar, LLC

              
	 	 	 
	 	
                By:

              	
                NJR Clean Energy Ventures II Corporation,

              
	 	

              	
                its Sole Member

              
	 	 	 
	 	
                By:

              	
                /s/ Roberto F. Bel

              
	 	
                Name:

              	
                Roberto F. Bel

              
	 	
                Title:

              	
                Senior Vice President and

              
	 	

              	
                Chief Financial Officer

              

         

        

        
          E-2-18

          
            

        

        Guaranty Supplement

        To the Holders (as defined in the hereinafter

        defined Guaranty Agreement)

        Ladies and Gentlemen:

        Whereas, New Jersey Resources Corporation, a corporation organized under the laws of the State of New Jersey (the “Company”), in
          order to refinance existing indebtedness and provide funding for general corporate purposes, has issued to the Purchasers $110,000,000 aggregate principal amount of its 4.38% Senior Notes, Series 2022A, due June 23, 2027 (the “Notes”), pursuant to a Note Purchase Agreement dated as of June 23, 2022 (“Note Purchase Agreement”) between the Company and the respective Purchasers named therein. 
          Capitalized terms used herein shall have the meanings set forth in the hereinafter defined Guaranty Agreement unless herein defined or the context shall otherwise require.

        Whereas, as a condition precedent to their purchase of the Notes, the Purchasers required that from time to time certain Subsidiaries of the Company enter into that certain
          Subsidiary Guaranty Agreement dated as of June 23, 2022 attached hereto as Exhibit 1 (as amended, supplemented, restated or otherwise modified from time to time, the “Guaranty Agreement”) as security for
          the Notes.

        Pursuant to Section 9.7(a) of the Note Purchase Agreement, the Company has agreed to cause the undersigned, [____________], a
          [corporation] organized under the laws of [______________] (the “Additional Guarantor”), to join in the Guaranty Agreement.  In accordance with the requirements of the Guaranty Agreement, the Additional
          Guarantor desires to amend the definition of Guarantor (as the same may have been heretofore amended) set forth in the Guaranty Agreement attached hereto so that at all times from and after the date hereof, the Additional Guarantor shall be
          jointly and severally liable as set forth in the Guaranty Agreement for the obligations of the Company under the Notes and the Note Purchase Agreement to the extent and in the manner set forth in the Guaranty Agreement.

        The undersigned is the duly elected [____________] of the Additional Guarantor, a Subsidiary of the Company, and is duly authorized to execute and deliver this Guaranty Supplement to each of
          you.  The execution by the undersigned of this Guaranty Supplement shall evidence such Additional Guarantor’s consent to and acknowledgment and approval of the terms set forth herein and in the Guaranty Agreement and its agreement to be bound by
          the covenants, terms and provisions of the Guaranty Agreement as a Guarantor thereunder and by such execution the Additional Guarantor shall be deemed to have made in favor of the Holders the representations and warranties set forth in Section 5 of the Guaranty Agreement.

         

        

        
          E-2-19

          
            

        

        Upon execution of this Guaranty Supplement, the Guaranty Agreement shall be deemed to be amended as set forth above.  Except as amended herein, the terms and provisions of
          the Guaranty Agreement are hereby ratified, confirmed and approved in all respects.

        Any and all notices, requests, certificates and other instruments (including the Notes) may refer to the Guaranty Agreement without making specific reference to this Guaranty
          Supplement, but nevertheless all such references shall be deemed to include this Guaranty Supplement unless the context shall otherwise require.

        	
                Dated:  _________________, 20__.

              	

              
	

              	
                [Name of Additional Guarantor]

              
	 	 
	

              	
                By:

              	 
	

              	
                Its:

              

         

        

        
          E-2-20

          
            

        

        Exhibit 1 to Guaranty Supplement

        

        

        Guaranty Agreement

        

        

        [See attached]

         

        

        
          E-2-21

          
            

        

        
        Form of Opinion of Special Counsel

        to the Company and the Guarantors

        The closing opinions of Richard Reich, Esq., and Troutman Pepper Hamilton Sanders LLP, special counsels for the Company and the Guarantors, which are called for by Section
          4.5(a) of the Agreement, shall be dated the Closing Date and addressed to each Purchaser (subject to customary qualifications and exceptions reasonably acceptable to the Purchasers), and shall be reasonably satisfactory in scope and form to each
          Purchaser and shall be to the effect that:

        1.          Each of the Company and the Guarantors being duly incorporated, validly existing
          and in good standing and having requisite corporate power and authority to issue and sell the Notes and to execute, deliver and perform the Agreement, the Notes and the Guaranty Agreement.

        2          New Jersey Natural Gas is a corporation or other business entity duly organized,
          validly existing and in good standing under the laws of its jurisdiction of organization.  All of the issued and outstanding shares of capital stock or other equity interests of each such Guarantor and New Jersey Natural Gas have been duly
          issued, are fully paid and non-assessable, other than as shown in Schedule 5.4 to the Agreement, and are owned by the Company, by one or more Restricted Subsidiaries, or by the Company and one or more Restricted Subsidiaries.

        3.          Due authorization, execution and delivery of the Agreement, the Notes and the
          Guaranty Agreement and such documents being legal, valid, binding and enforceable in accordance with their terms.

        4.          No conflicts with charter documents, laws, judgments, orders, decrees or other
          agreements; no creation of Liens.

        5.          All consents, approvals, authorizations or filings required to be obtained by
          the Company or any Guarantor to issue and sell the Notes and to execute, deliver and perform the Agreement, the Notes and the Guaranty Agreement having been obtained.

        6.          No litigation questioning validity of documents.

        7.          The Notes not requiring registration under the Securities Act of 1933, as
          amended; no need to qualify an indenture under the Trust Indenture Act of 1939, as amended.

        8.          No violation of Regulations T, U or X of the Federal Reserve Board.

        9.          Company not an “investment company”, or a company “controlled” by an “investment
          company”, under the Investment Company Act of 1940, as amended.

        The opinions of Richard Reich, Esq., and Troutman Pepper Hamilton Sanders LLP shall cover such other matters relating to the sale of the Notes as any Purchaser may reasonably request.  With
          respect to matters of fact on which such opinion is based, such counsel shall be entitled to rely on appropriate certificates of public officials, Wells Fargo Securities LLC, JPMorgan Securities, Inc., officers of the Company and of the
          Guarantors and upon representations of the Company, the Guarantors and the Purchasers delivered in connection with the issuance and sale of the Notes and the execution and delivery of the Guaranty Agreement and such opinion and shall provide that
          (i) subsequent holders of the Notes may rely upon such opinion as though delivered to such subsequent holders on the Closing Date and (ii) such opinion may be provided to Governmental Authorities, including, without limitation, the NAIC, provided
          that such opinion may indicate that any such Governmental Authority may not rely on such opinion.

         

        

        
          E-2-1

          
            

        

        Form of Opinion of Special Counsel

        to the Purchasers

        The closing opinion of ArentFox Schiff LLP, special counsel to the Purchasers, called for by Section 4.5(b) of the Agreement, shall be dated the Closing Date and addressed to
          the Purchasers, shall be satisfactory in form and substance to the Purchasers and shall be to the effect that:

        1.           The Company is a corporation validly existing and in good standing under the
          laws of the State of New Jersey.

        2.           The Agreement and the Notes being delivered on the date hereof constitute the
          legal, valid and binding contracts of the Company, enforceable against the Company in accordance with their respective terms.

        3.           The issuance, sale and delivery of the Notes being delivered on the date hereof
          under the circumstances contemplated by this Agreement do not, under existing law, require the registration of such Notes under the Securities Act or the qualification of an indenture under the Trust Indenture Act of 1939, as amended.

        The opinion of ArentFox Schiff LLP shall also state that the opinions of Richard Reich, Esq., and of Troutman Pepper Hamilton Sanders LLP are satisfactory in scope and form
          to ArentFox Schiff LLP and that, in their opinion, the Purchasers are justified in relying thereon.

        In rendering the opinion set forth in paragraph 1 above, ArentFox Schiff LLP may rely, as to matters referred to in paragraph 1, solely upon an examination of the Certificate
          of Incorporation certified by, and a certificate of good standing of the Company from, the Secretary of State of the State of New Jersey.  The opinion of ArentFox Schiff LLP is limited to the laws of the State of New York and the Federal laws of
          the United States.

        With respect to matters of fact upon which such opinion is based, ArentFox Schiff LLP may rely on appropriate certificates of public officials and officers of the Company and upon representations of the Company and
          the Purchasers delivered in connection with the issuance and sale of the Notes.

         

        

        Exhibit 4.5(b)

            (to Note Purchase Agreement)Exhibit 4.4

 

ORDINARY SHARES PURCHASE WARRANT

WEARABLE
DEVICES LTD.

 

	Warrant Shares: ______________	Issue Date: _____________, 2022
	 	 
	 	Initial Exercise Date: _____________, 2022

 

CUSIP: [_____________]

ISIN: [_____________]

 

THIS ORDINARY SHARES PURCHASE WARRANT (the “Warrant”)
certifies that, for value received, [●] or its registered assigns (the “Holder”) is entitled, upon the terms
and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the “Initial
Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on _____________, 2027 (the “Termination Date”)
but not thereafter, to subscribe for and purchase from Wearable Devices Ltd., an Israeli company (the “Company”),
up to _________________ Ordinary Shares (as subject to adjustment hereunder, the “Warrant Shares”). The purchase price
of one Ordinary Share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant shall initially
be issued and maintained in the form of a security held in book-entry form and the Depository Trust Company or its nominee (“DTC”)
shall initially be the sole registered holder of this Warrant, subject to a Holder’s right to elect to receive a Warrant in certificated
form pursuant to the terms of the Warrant Agent Agreement, in which case this sentence shall not apply.

 

Section 1. Definitions. In addition
to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:

 

“Affiliate” means
any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with
a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Bid Price” means,
for any date, the price determined by the first of the following clauses that applies: (a) if the Ordinary Shares are then listed or quoted
on a Trading Market, the bid price of an Ordinary Share for the time in question (or the nearest preceding date) on the Trading Market
on which the Ordinary Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York
City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average per share price
of the Ordinary Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Ordinary Shares are not
then listed or quoted for trading on OTCQB or OTCQX and if prices for the Ordinary Shares are then reported on the Pink Open Market (or
a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per Ordinary Share so reported,
or (d) in all other cases, the fair market value of an Ordinary Share as determined by an independent appraiser selected in good faith
by the Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses
of which shall be paid by the Company.

  

“Board of Directors”
means the board of directors of the Company.

 

“Business Day” means
any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to
remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized or
required by law to remain closed due to “stay at home”, “shelter-in-place”, “non-essential employee”
or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority
so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally
are open for use by customers on such day.

 

“Commission” means
the United States Securities and Exchange Commission.

 

     

     

    

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Equity Conditions”
means, with respect to any given date of determination: (i) on such applicable date of determination one or more registration statements
(each, the “Forced Exercise Registration Statement”) shall be effective and the prospectus contained therein shall
be available on such applicable date of determination (with, for the avoidance of doubt, any Ordinary Shares previously issued pursuant
to such prospectus deemed unavailable) for the issuance of all the Ordinary Shares issuable upon exercise of this Warrant and other warrants
issued pursuant to the Underwriting Agreement (collectively, the “Registered Warrants”) in connection with the event
requiring determination (such applicable aggregate number of Ordinary Shares, each, a “Required Minimum Securities Amount”);
(ii) on each day during the period beginning thirty (30) calendar days prior to the applicable date of determination and ending on and
including the applicable date of determination (the “Equity Conditions Measuring Period”), the Ordinary Shares (including
the Ordinary Shares to be issued in the event requiring this determination) is listed or designated for quotation (as applicable) on a
Trading Market and shall not have been suspended from trading on a Trading Market (other than suspensions of not more than two (2) days
and occurring prior to the applicable date of determination due to business announcements by the Company) nor shall delisting or suspension
by a Trading Market have been threatened (with a reasonable prospect of delisting occurring after giving effect to all applicable notice,
appeal, compliance and hearing periods) or reasonably likely to occur or pending as evidenced by (A) a writing by such Trading Market
or (B) the Company falling below the minimum listing maintenance requirements of the Trading Market on which the Ordinary Shares is then
listed or designated for quotation (as applicable); (iii) during the Equity Conditions Measuring Period, the Company shall have delivered
all Warrant Shares issuable upon exercise of this Warrant on a timely basis as set forth in Section 2 hereof and all other share capital
required to be delivered by the Company on a timely basis as set forth in the Underwriting Agreement; (iv) the Required Minimum Securities
Amount of Ordinary Shares to be issued in connection with the event requiring determination may be issued in full without violating the
rules or regulations of the Trading Market on which the Ordinary Shares is then listed or designated for quotation (as applicable); (v)
on each day during the Equity Conditions Measuring Period, no public announcement of a pending, proposed or intended Fundamental Transaction
shall have occurred which has not been abandoned, terminated or consummated; (vi) the Company shall have no knowledge of any fact that
would reasonably be expected to cause the applicable Forced Exercise Registration Statement to not be effective or the prospectus contained
therein to not be available for the issuance of the Required Minimum Securities Amount of Ordinary Shares in connection with the event
requiring such determination; (vii) the Holder shall not be in possession of any material, non-public information provided to any of them
by the Company, any of its subsidiaries or any of their respective affiliates, employees, officers, representatives, agents or the like;
(viii) on each day during the Equity Conditions Measuring Period, the Company otherwise shall have been in compliance with each, and shall
not have breached any representation or warranty in any material respect (other than representations or warranties subject to material
adverse effect or materiality, which may not be breached in any respect) or any covenant or other term or condition of this Warrant or
the Underwriting Agreement, including, without limitation, the Company shall not have failed to timely make any payment pursuant to this
Warrant or the Underwriting Agreement; (ix) on the applicable date of determination (A) a sufficient number of shares shall be authorized
and reserved in accordance with Section 6(d) and (B) all Warrant Shares to be issued in connection with the event requiring this determination
may be issued in full without resulting in a violation of Section 6(d); (x) the issuance of Required Minimum Securities Amount of Ordinary
Shares to be issued in connection with the event requiring determination will not result in an violation of Section 6(d); (xi) any Ordinary
Shares to be issued in connection with the event requiring determination may be issued in full without violating Section 2(e) hereof (or
the equivalent provisions of any other applicable Registered Warrants), (xii) no bone fide dispute shall exist, by and between any of
holder of the Registered Warrants, the Company, the principal Trading Market and/or FINRA with respect to any term or provision of this
Warrant or the Underwriting Agreement and (xiii) no Forced Exercise hereunder shall have occurred during the seven (7) Trading Day period
immediately prior to such date of determination, and (xiv) the Ordinary Shares issuable upon exercise of the Registered Warrants are duly
authorized and listed and eligible for trading without restriction on an Trading Market.

 

    2

     

    

 

“Equity Conditions Failure”
means that on each day during the period commencing ten (10) Trading Days prior to the applicable Forced Exercise Notice Date through
and including the applicable Forced Exercise Date, the Equity Conditions have not been satisfied (or waived in writing by the Holder).

 

“Ordinary Shares”
means ordinary shares, NIS 0.01 par value, of the Company, and any other class of securities into which such securities may hereafter
be reclassified or changed.

 

“Ordinary Shares Equivalents”
means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Ordinary Shares,
including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into
or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Ordinary Shares.

 

“Person” means an
individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint
stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Qualified Holder”
means each Holder, including each “beneficial holder”, together with all Affiliates of such Holder and/or “beneficial
holder”, that purchased Qualified Warrants in connection with the Offering, provided such Qualified Holder continues to hold any
Warrants as of the event described herein to which Qualified Holder status applies. For the sake of clarity, no holder shall be considered
to be a Qualified Holder for more Warrants than the number of Qualified Warrants purchased by such Qualified Holder in the Company’s
initial public offering; provided, however, that a Qualified Holder may sell and buy Warrants following completion of the Offering, and
such Warrants shall benefit from adjustments hereunder up to the number of Qualified Warrants for such Qualified Holder.

 

“Qualified Warrants”
means at least [80,646] Warrants purchased in connection with the Offering by any Holder, including each “beneficial holder”
of Warrants, taken together with all Affiliates of such Holder and/or “beneficial holder”. Qualified Warrants shall not include
Pre-funded Warrants. The number of Qualified Warrants shall be fixed at completion of the Offering.

 

“Registered Warrants”
means this Warrant and any other warrants issued pursuant to the Underwriting Agreement.

 

“Registration Statement”
means the Company’s registration statement on Form F-1 (File No. 333-262838), as amended.

 

“Securities Act” means
the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Subsidiary” means
any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired
after the date hereof.

 

“Trading Day” means
a day on which the Ordinary Shares are traded on a Trading Market.

 

“Trading Market” means
any of the following markets or exchanges on which the Ordinary Shares are listed or quoted for trading on the date in question: the NYSE
American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, OTCQB or
OTCQX (or any successors to any of the foregoing).

 

“Transfer Agent” means
[●], and any successor transfer agent of the Company.

 

“Underwriting Agreement”
means the underwriting agreement, dated as of ___________, 2022, among the Company and Aegis Capital Corp. as representative of the underwriters
named therein, as amended, modified or supplemented from time to time in accordance with its terms.

 

“VWAP” means, for
any date, the price determined by the first of the following clauses that applies: (a) if the Ordinary Shares are then listed or quoted
on a Trading Market, the daily volume weighted average price per share of the Ordinary Shares for such date (or the nearest preceding
date) on the Trading Market on which the Ordinary Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day
from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted
average price per share of Ordinary Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Ordinary
Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for Ordinary Shares are then reported on the OTC Pink
Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per Ordinary
Share so reported, or (d) in all other cases, the fair market value of an Ordinary Share as determined by an independent appraiser selected
in good faith by the holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the
fees and expenses of which shall be paid by the Company.

 

    3

     

    

 

“Warrant Agent Agreement”
means that certain warrant agent agreement, dated on or about the Initial Exercise Date, between the Company and the Warrant Agent.

 

“Warrant Agent” means
the Transfer Agent and any successor warrant agent of the Company.

 

“Warrants” means this
Warrant and other Ordinary Share purchase warrants issued to investors by the Company pursuant to the Registration Statement, other than
any additional warrant issued in connection with Section 3(f)(vi) hereof or any pre-funded warrant issued pursuant to the Registration
Statement, each of which shall be subject to the terms of such form of additional warrant or pre-funded warrant, as applicable.

 

Section 2. Exercise.

 

a) Exercise of Warrant. Subject
to the provisions of Section 2(e) herein, exercise of the purchase rights represented by this Warrant may be made, in whole or in part,
at any time or times on or after the Initial Exercise Date and on or before the Termination Date, by delivery to the Company of a duly
executed PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto as Annex A (the “Notice
of Exercise”), and, unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice
of Exercise, delivery of the aggregate Exercise Price of the Warrant Shares specified in the applicable Notice of Exercise as specified
in this Section 2(a). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement
Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise
Price for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer of immediately available funds or cashier’s
check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable
Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee
or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required
to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the
Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three
(3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting
in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding
number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and
the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver
any objection to any Notice of Exercise within one (1) Trading Day of receipt of such notice. Notwithstanding the foregoing, with respect
to any Notice(s) of Exercise delivered on or prior to 4:00 p.m. (New York City time) on the Trading Date prior to the Initial Exercise
Date, which may be delivered at any time after the time of execution of the Underwriting Agreement, the Company agrees to deliver the
Warrant Shares subject to such notice(s) by 4:00 p.m. (New York City time) on the Initial Exercise Date and the Initial Exercise Date
shall be the Warrant Share Delivery Date for purposes hereunder, provided that payment of the aggregate Exercise Price (other than in
the case of a cashless exercise) is received by such Warrant Share Delivery Date. The Holder and any assignee, by acceptance of
this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant
Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on
the face hereof.

  

Notwithstanding the foregoing in this
Section 2(a), a holder whose interest in this Warrant is a beneficial interest in certificate(s) representing this Warrant held in book-entry
form through DTC (or another established clearing corporation performing similar functions), shall effect exercises made pursuant to this
Section 2(a) by delivering to DTC (or such other clearing corporation, as applicable) the appropriate instruction form for exercise, complying
with the procedures to effect exercise that are required by DTC (or such other clearing corporation, as applicable), subject to a Holder’s
right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agent Agreement, in which case this sentence
shall not apply.

 

b) Exercise Price. The exercise
price per Ordinary Share under this Warrant shall be $_________ (the “Initial Exercise Price”), subject to adjustment hereunder
(as in effect from time to time, the “Exercise Price”).

 

    4

     

    

 

c) Cashless Exercise. The
Company shall use its best efforts to cause the Registration Statement to remain effective with a current prospectus and to maintain the
registration of the Ordinary Shares and of the Warrants under the Exchange Act. If at any time after the Initial Exercise Date, there
is no effective registration statement registering, or no current prospectus available for the issuance of the Warrant Shares to the Holder,
then this Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the
Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

	 	(A) =	as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Ordinary Shares on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;
	 	 	 
	 	(B) =	the Exercise Price of this Warrant, as adjusted hereunder; and
	 	 	 
	 	(X) =	the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

 

If Warrant Shares are issued in such
a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares
shall take on the registered characteristics of the Warrants being exercised. The Company agrees not to take any position contrary to
this Section 2(c).

 

Notwithstanding anything herein to the
contrary, in the event that, on the Termination Date, there is no effective registration statement registering, or no current prospectus
available for the issuance of, the Warrant Shares to the Holder, this Warrant shall be automatically exercised via cashless exercise pursuant
to this Section 2(c) on such Termination Date.

   

d) Mechanics of Exercise.

 

i. Delivery of Warrant Shares
Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder
by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit
or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and either (A) there
is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or (B)
this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a certificate, registered in the Company’s
share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to
such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading
Days after the delivery to the Company of the Notice of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price
to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the
Notice of Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder
shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant
has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price
(other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the number of Trading
Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason to deliver
to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder,
in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of
the Ordinary Shares on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth
Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant
Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST
program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period” means
the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the
Ordinary Shares as in effect on the date of delivery of the Notice of Exercise.

 

    5

     

    

 

ii. Delivery of New Warrants
Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender
of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights
of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be
identical with this Warrant.

 

iii. Rescission Rights. If
the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant
Share Delivery Date, then the Holder will have the right to rescind such exercise; provided, however, that the Holder shall be required
to return any Warrant Shares subject to any such rescinded exercise notice concurrently with the return to Holder of the aggregate Exercise
Price paid to the Company for such Warrant Shares and the restoration of Holder’s right to acquire such Warrant Shares pursuant
to this Warrant (including, issuance of a replacement warrant certificate evidencing such restored right).

 

iv. Compensation for Buy-In on
Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder, if the Company fails
to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above pursuant
to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in
an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, Ordinary Shares to deliver in satisfaction
of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”),
then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including
brokerage commissions, if any) for the Ordinary Shares so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant
Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the
sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of
the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed
rescinded) or deliver to the Holder the number of Ordinary Shares that would have been issued had the Company timely complied with its
exercise and delivery obligations hereunder. For example, if the Holder purchases Ordinary Shares having a total purchase price of $11,000
to cover a Buy-In with respect to an attempted exercise of Ordinary Shares with an aggregate sale price giving rise to such purchase obligation
of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder
shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the
Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available
to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect
to the Company’s failure to timely deliver Ordinary Shares upon exercise of the Warrant as required pursuant to the terms hereof.

 

    6

     

    

 

v. No Fractional Shares or Scrip.
No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of
a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a
cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to
the next whole share.

 

vi. Charges, Taxes and Expenses.
Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect
of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be
issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however,
that, in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for
exercise shall be accompanied by the Assignment Form attached hereto as Annex B duly executed by the Holder and the Company may require,
as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay
all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another
established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

 

vii. Closing of Books. The
Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to
the terms hereof.

 

e) Holder’s Exercise Limitations.
The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant,
pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable
Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting as a group together with the
Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)), would beneficially own in excess
of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of Ordinary Shares beneficially
owned by the Holder and its Affiliates and Attribution Parties shall include the number of Ordinary Shares issuable upon exercise of this
Warrant with respect to which such determination is being made, but shall exclude the number of Ordinary Shares which would be issuable
upon (i) exercise of the remaining, non-exercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or
Attribution Parties and (ii) exercise or conversion of the unexercised or non-converted portion of any other securities of the Company
(including, without limitation, any other Ordinary Shares Equivalents) subject to a limitation on conversion or exercise analogous to
the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth
in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d)
of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not
representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible
for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies,
the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates
and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission
of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to
other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable,
in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy
of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with
Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining
the number of outstanding Ordinary Shares, a Holder may rely on the number of outstanding Ordinary Shares as reflected in (A) the Company’s
most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company
or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of Ordinary Shares outstanding. Upon
the written or oral request of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number
of Ordinary Shares then outstanding. In any case, the number of outstanding Ordinary Shares shall be determined after giving effect to
the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties
since the date as of which such number of outstanding Ordinary Shares was reported. The “Beneficial Ownership Limitation”
shall be 4.99% (or, upon election by a Holder prior to the issuance of any Warrants, 9.99%) of the number of Ordinary Shares outstanding
immediately after giving effect to the issuance of Ordinary Shares issuable upon exercise of this Warrant. The Holder, upon notice to
the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial
Ownership Limitation in no event exceeds 9.99% of the number of Ordinary Shares outstanding immediately after giving effect to the issuance
of Ordinary Shares upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any
increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered
to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with
the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended
Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such
limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

 

    7

     

    

 

Section 3. Certain Adjustments.

 

a) Stock Dividends and Splits.
If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions
on its Ordinary Shares or any other equity or equity equivalent securities payable in Ordinary Shares (which, for avoidance of doubt,
shall not include any Ordinary Shares issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding Ordinary Shares
into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding Ordinary Shares into a smaller number
of shares, or (iv) issues by reclassification of Ordinary Shares any shares of capital stock of the Company, then in each case the Exercise
Price shall be multiplied by a fraction of which the numerator shall be the number of Ordinary Shares (excluding treasury shares, if any)
outstanding immediately before such event and of which the denominator shall be the number of Ordinary Shares outstanding immediately
after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate
Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately
after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective
immediately after the effective date in the case of a subdivision, combination or re-classification.

 

b) Reserved.

 

c) Subsequent Rights Offerings.
In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any Ordinary Share Equivalents
or rights to purchase stock, warrants, securities or other property pro rata to all (or substantially all) of the record holders of any
class of Ordinary Shares (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable
to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of Ordinary
Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation,
the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase
Rights, or, if no such record is taken, the date as of which the record holders of Ordinary Shares are to be determined for the grant,
issue or sale of such Purchase Rights (provided, however, that, to the extent that the Holder’s right to participate in any such
Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate
in such Purchase Right to such extent (or beneficial ownership of such Ordinary Shares as a result of such Purchase Right to such extent)
and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not
result in the Holder exceeding the Beneficial Ownership Limitation).

 

    8

     

    

 

d) Pro Rata Distributions.
During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets
(or rights to acquire its assets) to all (or substantially all) of holders of Ordinary Shares, by way of return of capital or otherwise
(including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off,
reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”),
at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution
to the same extent that the Holder would have participated therein if the Holder had held the number of Ordinary Shares acquirable upon
complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial
Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the
date as of which the record holders of Ordinary Shares are to be determined for the participation in such Distribution (provided, however,
that, to the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial
Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership
of any Ordinary Shares as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance
for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership
Limitation).

  

e) Fundamental Transaction.
If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects
any merger or consolidation of the Company with or into another Person, (ii) the Company or any Subsidiary, directly or indirectly, effects
any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a
series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (approved or recommended
by the Board of Directors or a committee thereof) is completed pursuant to which holders of Ordinary Shares are permitted to sell, tender
or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding
Ordinary Shares, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of Ordinary Shares or any compulsory share exchange pursuant to which the Ordinary Shares are effectively converted
into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization,
spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than
50% of the outstanding Ordinary Shares (not including any Ordinary Shares held by the other Person or other Persons making or party to,
or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination)
(each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right
to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental
Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number
of Ordinary Shares of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional
consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of
the number of Ordinary Shares for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard
to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise
Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable
in respect of one Ordinary Share in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate
Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders
of Ordinary Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder
shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental
Transaction.

 

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Notwithstanding anything to the contrary,
in the event of a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder’s option,
exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the
date of the public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder by paying to the Holder
an amount of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of this Warrant on the date
of the consummation of such Fundamental Transaction; provided, however, that, if the Fundamental Transaction is not within the Company’s
control, including not approved by the Company’s Board of Directors, Holder shall only be entitled to receive from the Company or
any Successor Entity the same type or form of consideration (and in the same proportion), at the Black Scholes Value of the unexercised
portion of this Warrant, that is being offered and paid to the holders of Ordinary Shares of the Company in connection with the Fundamental
Transaction, whether that consideration be in the form of cash, stock or any combination thereof, or whether the holders of Ordinary Shares
are given the choice to receive from among alternative forms of consideration in connection with the Fundamental Transaction; provided,
further, that if holders of Ordinary Shares of the Company are not offered or paid any consideration in such Fundamental Transaction,
such holders will be deemed to have received Ordinary Shares of the Successor Entity (which Entity may be the Company following such Fundamental
Transaction) in such Fundamental Transaction.

 

“Black Scholes Value”
means the value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the “OV” function on
Bloomberg determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a
risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement
of the applicable Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100% and the 100
day volatility obtained from the HVT function on Bloomberg (determined utilizing a 365 day annualization factor) as of the Trading Day
immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in such
calculation shall be the greater of (i) the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration,
if any, being offered in such Fundamental Transaction and (ii) the highest VWAP during the period beginning on the Trading Day immediately
preceding the announcement of the applicable Fundamental Transaction (or the consummation of the applicable Fundamental Transaction, if
earlier) and ending on the Trading Day of the Holder’s request pursuant to this Section 3(d) and (D) a remaining option time equal
to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date and (E) a zero
cost of borrow. The payment of the Black Scholes Value will be made by wire transfer of immediately available funds (or such other consideration)
within the later of (i) five (5) Business Days of the Holder’s election and (ii) the date of consummation of the Fundamental Transaction.

 

The Company shall cause any successor
entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in
writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(e) pursuant to written
agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to
such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of
the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable
for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Ordinary Shares
acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such
Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking
into account the relative value of the Ordinary Shares pursuant to such Fundamental Transaction and the value of such shares of capital
stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant
immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to
the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so
that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall
refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations
of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein.

 

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f) Adjustment Upon Issuance of
Ordinary Shares. From the date hereof until the later of (a) two (2) years after the Issuance Date or (b) the date no Qualified Holders
hold any Warrants (such period, the “Adjustment Period”), the Company issues or sells, or, in accordance with this
Section 3(e), is deemed to have issued or sold, any Ordinary Shares (excluding any Excluded Securities (as defined below) issued
or sold or deemed to have been issued or sold) for a consideration per share (the “New Issuance Price”) less than a
price equal to the Exercise Price in effect immediately prior to such issue or sale or deemed issuance or sale (such Exercise Price then
in effect is referred to as the “Applicable Price”) (the foregoing a “Dilutive Issuance”), then
immediately after such Dilutive Issuance, the Exercise Price then in effect shall be reduced to an amount equal to the New Issuance Price.
“Excluded Securities” means any issuance of Ordinary Shares, restricted share units, Options and/or Convertible Securities
(i) under the Company’s current or future equity incentive plans or issued to employees, directors, consultants or officers
as compensation or consideration in the ordinary course of business, including any issuance of Options (and the underlying Ordinary Shares)
in exchange for Options issued under the Company’s equity incentive plans, subject to a limitation of 15% of Ordinary Shares outstanding
as of the Issuance Date, (ii) issued pursuant to agreements, Options, restricted share units, Convertible Securities or Adjustment
Rights (as defined below) existing as of the date hereof, provided that such agreements, Options, Convertible Securities or Adjustment
Rights have not been amended since the initial issuance date of this Warrant to increase the number of such securities or decrease the
exercise price, exchange price or conversion price of such securities, (iii) issued pursuant to acquisitions (whether by merger,
consolidation, purchase of equity, purchase of assets, reorganization or otherwise), mergers, consolidations, reorganizations or strategic
transactions approved by a majority of the disinterested directors of the Company, provided that any such issuance shall only be to a
Person (or to the equity holders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset
in a business complementary with the business of the Company and shall provide to the Company additional benefits in addition to the investment
of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital
or to an entity whose primary business is investing in securities, or (iv) to which the Holder consents in writing. “Adjustment
Right” means any right granted with respect to any securities issued in connection with, or with respect to, any issuance or sale
(or deemed issuance or sale in accordance with this Section 3(e)) of Ordinary Shares (other than rights of the type described in
Sections 3(a) through (d)) that could result in a decrease in the net consideration received by the Company in connection with, or with
respect to, such securities (including, without limitation, any cash settlement rights, cash adjustment or other similar rights). For
all purposes of the foregoing, the following shall be applicable:

 

i. Issuance of Options. If,
during the Adjustment Period, the Company in any manner grants or sells any Options (other than Excluded Securities) and the lowest price
per share for which one Ordinary Share is issuable upon the exercise of any such Option or upon conversion, exercise or exchange of any
Convertible Securities issuable upon exercise of any such Option (such Ordinary Shares issuable upon such exercise of any Option or upon
conversion, exercise or exchange of any Convertible Securities, the “Convertible Securities Shares”) is less than the
Applicable Price, then such Ordinary Shares shall be deemed to be outstanding and to have been issued and sold by the Company at the time
of the granting or sale of such Option for such price per share. For purposes of this Section 3(e)(i), the “lowest price per
share for which one Ordinary Share is issuable upon the exercise of any such Option or upon conversion, exercise or exchange of any Convertible
Securities issuable upon exercise of any such Option” shall be equal to (A) the sum of (1) the lowest amount of consideration
(if any) received or receivable by the Company with respect to any one Convertible Securities Share upon the granting or sale of such
Option, upon exercise of such Option and upon conversion, exercise or exchange of any Convertible Security issuable upon exercise of such
Option and (2) the lowest exercise price set forth in such Option for which one Convertible Securities Share is issuable upon the
exercise of any such Option or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such
Option, minus (B) the sum of all amounts paid or payable to the holder of such Option (or any other Person), with respect to any
one Convertible Securities Share, upon the granting or sale of such Option, upon exercise of such Option and upon conversion, exercise
or exchange of any Convertible Security issuable upon exercise of such Option plus the value of any other consideration received or receivable
by, or benefit conferred on, the holder of such Option (or any other Person), with respect to any one Convertible Securities Share. Except
as contemplated below, no further adjustment of the Exercise Price shall be made upon the actual issuance of such Convertible Securities
Share or of such Convertible Securities upon the exercise of such Options or upon the actual issuance of such Convertible Securities Share
upon conversion, exercise or exchange of such Convertible Securities.

 

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ii. Issuance of Convertible Securities.
If, during the Adjustment Period, the Company in any manner issues or sells any Convertible Securities (other than Excluded Securities)
and the lowest price per share for which one Convertible Securities Share is issuable upon the conversion, exercise or exchange thereof
is less than the Applicable Price, then such Convertible Securities Share shall be deemed to be outstanding and to have been issued and
sold by the Company at the time of the issuance or sale of such Convertible Securities for such price per share. For the purposes of this
Section 3(e)(ii), the “lowest price per share for which one Convertible Securities Share is issuable upon the conversion, exercise
or exchange thereof” shall be equal to (A) the sum of (1) the lowest amount of consideration (if any) received or receivable
by the Company with respect to one Convertible Securities Share upon the issuance or sale of the Convertible Security and upon conversion,
exercise or exchange of such Convertible Security and (2) the lowest conversion price set forth in such Convertible Security for
which one Convertible Securities Share is issuable upon conversion, exercise or exchange thereof, minus (B) the sum of all amounts
paid or payable to the holder of such Convertible Security (or any other Person), with respect to any one Convertible Securities Share,
upon the issuance or sale of such Convertible Security plus the value of any other consideration received or receivable by, or benefit
conferred on, the holder of such Convertible Security (or any other Person), with respect to any one Convertible Securities Share. Except
as contemplated below, no further adjustment of the Exercise Price shall be made upon the actual issuance of such Convertible Securities
Share upon conversion, exercise or exchange of such Convertible Securities, and if any such issue or sale of such Convertible Securities
is made upon exercise of any Options for which adjustment of the Exercise Price has been or is to be made pursuant to other provisions
of this Section 3(e), except as contemplated below, no further adjustment of the Exercise Price shall be made by reason of such issue
or sale.

 

iii. Change in Option Price or
Rate of Conversion. If, during the Adjustment Period, the purchase or exercise price provided for in any Options, the additional consideration,
if any, payable upon the issue, conversion, exercise or exchange of any Convertible Securities, or the rate at which any Convertible Securities
are convertible into or exercisable or exchangeable for Ordinary Shares increases or decreases at any time (other than proportional changes
in conversion or exercise prices, as applicable, in connection with an event referred to in Section 3(a)), the Exercise Price in effect
at the time of such increase or decrease shall be adjusted to the Exercise Price which would have been in effect at such time had such
Options or Convertible Securities provided for such increased or decreased purchase price, additional consideration or increased or decreased
conversion rate, as the case may be, at the time initially granted, issued or sold. For purposes of this Section 3(e)(iii), if the
terms of any Option or Convertible Security that was outstanding as of the date of issuance of this Warrant are increased or decreased
in the manner described in the immediately preceding sentence, then such Option or Convertible Security and the Convertible Securities
Shares deemed issuable upon exercise, conversion or exchange thereof shall be deemed to have been issued as of the date of such increase
or decrease. No adjustment pursuant to this Section 3(e) shall be made if such adjustment would result in an increase of the Exercise
Price then in effect.

 

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iv. Calculation of Consideration
Received. If any Option or Convertible Security is issued in connection with the issuance or sale or deemed issuance or sale of any
other securities of the Company (the “Primary Security”, and such Option or Convertible Security, the “Secondary
Securities” and together with the Primary Security, each a “Unit”), together comprising one integrated transaction,
the aggregate consideration per Ordinary Share with respect to such Primary Security shall be deemed to be the lowest of (x) the
purchase price of such Unit, (y) if such Primary Security is an Option and/or Convertible Security, the lowest price per share for
which one Ordinary Share is at any time issuable upon the exercise or conversion of the Primary Security in accordance with Section 3(e)(i)
or 3(e)(ii) above and (z) the lowest VWAP of the Ordinary Shares on any Trading Day during the five Trading Day period immediately
following the public announcement of such Dilutive Issuance (for the avoidance of doubt, if such public announcement is released prior
to the opening of the Principal Market on a Trading Day, such Trading Day shall be the first Trading Day in such five Trading Day period);
provided. If any Ordinary Shares, Options or Convertible Securities are issued or sold or deemed to have been issued or sold for cash,
the consideration received therefor will be deemed to be the net amount of cash received by the Company therefor. If any Ordinary Shares,
Options or Convertible Securities are issued or sold for a consideration other than cash, the amount of such consideration received by
the Company will be the fair value of such consideration, except where such consideration consists of publicly traded securities, in which
case the amount of consideration received by the Company for such securities will be the arithmetic average of the VWAPs of such security
for each of the five (5) Trading Days immediately preceding the date of receipt. If any Ordinary Shares, Options or Convertible Securities
are issued to the owners of the non-surviving entity in connection with any merger in which the Company is the surviving entity,
the amount of consideration therefor will be deemed to be the fair market value of such portion of the net assets and business of the non-surviving entity
as is attributable to such Ordinary Shares, Options or Convertible Securities (as the case may be). The fair market value of any consideration
other than cash or publicly traded securities will be determined jointly by the Company and the Holder. If such parties are unable to
reach agreement within ten (10) days after the occurrence of an event requiring valuation (the “Valuation Event”),
the fair market value of such consideration will be determined within five (5) Trading Days after the tenth (10th) day following
such Valuation Event by an independent, reputable appraiser jointly selected by the Company and the Holder. The determination of such
appraiser shall be final and binding upon all parties absent manifest error and the fees and expenses of such appraiser shall be borne
by the Company.

 

v. Record Date. If, during
the Adjustment Period, the Company takes a record of the holders of the Ordinary Shares for the purpose of entitling them (A) to
receive a dividend or other distribution payable in Ordinary Shares, Options or in Convertible Securities or (B) to subscribe for
or purchase Ordinary Shares, Options or Convertible Securities, then such record date will be deemed to be the date of the issue or sale
of Ordinary Shares deemed to have been issued or sold upon the declaration of such dividend or the making of such other distribution or
the date of the granting of such right of subscription or purchase (as the case may be).

 

vi. Adjustment to Warrant Shares. In the event any adjustment
under this Section 3(f) below results in a reduction of the Exercise Price, in aggregate, to 50% of the Initial Exercise Price or
in the event of an adjustment under Section 3(i) to the Exercise Price, then in connection with such adjustment, each Qualified Holder
shall receive two (2) additional warrants for each one (1) Qualified Warrant held by such Qualified Holder on the date of adjustment.
Such additional warrants shall be on substantially the same terms as the as-adjusted Warrant; provided, however, that the term of the
additional warrant shall be five (5) years from the issuance date and such additional warrant will not be a tradable warrant.

 

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vii. Exercise Floor Price.  No
adjustment to the Exercise Price pursuant to Section 3(e) of this Warrant shall cause the Exercise Price to be less than 50% of the Initial
Exercise Price of warrants issued in the Company’s initial public offering (as adjusted pursuant to Section 3(a) hereof for share
splits, share dividends, recapitalizations and similar events, the “Exercise Floor Price”).  For the avoidance
of doubt, if a Dilutive Issuance would cause the Exercise Price to be lower than the Exercise Floor Price but for the immediately preceding
sentence, then the Exercise Price shall be equal to the Exercise Floor Price.

 

g) Calculations. All calculations
under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section
3, the number of Ordinary Shares deemed to be issued and outstanding as of a given date shall be the sum of the number of Ordinary Shares
(excluding treasury shares, if any) issued and outstanding.

 

h) Notice to Holder.

 

i. Adjustment to Exercise Price. Whenever
the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by facsimile
or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares
and setting forth a brief statement of the facts requiring such adjustment.

  

ii. Notice to Allow Exercise
by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Ordinary Shares, (B) the
Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary Shares, (C) the Company shall authorize
the granting to all holders of the Ordinary Shares rights or warrants to subscribe for or purchase any shares of capital stock of any
class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification
of the Ordinary Shares, any consolidation or merger to which the Company (or any of its Subsidiaries) is a party, any sale or transfer
of all or substantially all of its assets, or any compulsory share exchange whereby the Ordinary Shares are converted into other securities,
cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs
of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile
number or email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable
record or effective date hereinafter specified, a notice (unless such information is filed with the Commission, in which case a notice
shall not be required) stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption,
rights or warrants, or if a record is not to be taken, the date as of which the holders of the Ordinary Shares of record to be entitled
to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation,
merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders
of the Ordinary Shares of record shall be entitled to exchange their Ordinary Shares for securities, cash or other property deliverable
upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice
or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such
notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the
Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report on Form
6-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective
date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

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i) Reset of Exercise Price. If,
on the date that is ninety (90) calendar days immediately following the initial issuance date of this Warrant (the “Issuance
Date”), the Reset Price, as defined below, is less than the Exercise Price at such time, the Exercise Price shall be decreased
to the Reset Price. “Reset Price” shall mean the greater of (i) 50% of the Initial Exercise Price (as adjusted for
share splits, share dividends, recapitalizations and similar events pursuant to Section 3(a) hereof) and (ii) 100% of the lowest VWAP
occurring during the ninety (90) calendar days following the Issuance Date.

 

j) Voluntary Adjustment by Company.
Subject to the rules and regulations of the Trading Market, the Company may at any time during the term of this Warrant, subject to the
prior written consent of the Holder, reduce the then current Exercise Price to any amount and for any period of time deemed appropriate
by the board of directors of the Company.

 

k) Home Country Practice.
For so long as this Warrant remains outstanding, the Company shall elect to follow home country practice in lieu of any rules and regulations
of the Trading Market that would limit the Company’s ability to effect the provisions of this Warrant, including but not limited
to shareholder approval rules related to the issuance of securities or adjustment of terms of this Warrant for the benefit of Holders.

 

Section 4. Transfer of Warrant.

 

a) Transferability. This
Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon
surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant
substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer
taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver
a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified
in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned,
and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically
surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this
Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning
this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant
Shares without having a new Warrant issued.

  

b) New Warrants. If this
Warrant is not held in global form through DTC (or any successor depositary), this Warrant may be divided or combined with other Warrants
upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations
in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to
any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in
exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges
shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares
issuable pursuant thereto.

 

c) Warrant Register. The
Warrant Agent shall register this Warrant, upon records to be maintained by the Warrant Agent for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company and the Warrant Agent may deem and treat
the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder,
and for all other purposes, absent actual notice to the contrary.

 

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Section 5. Participation Right. Until
six (6) months following [●], 2022 [date of the closing of the Company’s initial public offering], neither the Company nor
any of its Subsidiaries shall, directly or indirectly, issue, offer, sell, grant any option or right to purchase, or otherwise dispose
of (or announce any issuance, offer, sale, grant of any option or right to purchase or other disposition of) any equity security or any
equity-linked or related security (including, without limitation, any “equity security” (as that term is defined under Rule
405 promulgated under the 1933 Act)), any Convertible Securities (as defined below), any debt, any preferred shares or any purchase rights
(any such issuance, offer, sale, grant, disposition or announcement is referred to as a “Subsequent Placement”) unless the
Company shall have first complied with this Section 5. The Company acknowledges and agrees that the right set forth in this Section 5
is a right granted by the Company, separately, to each Qualified Holder.

 

a) Between the time period of 4:00 pm
(New York City time) and 6:00 pm (New York City time) on the Trading Day immediately prior to the Trading Day of the expected announcement
of the Subsequent Placement (or, if the Trading Day of the expected announcement of the Subsequent Placement is the first Trading Day
following a holiday or a weekend (including a holiday weekend), between the time period of 4:00 pm (New York City time) on the Trading
Day immediately prior to such holiday or weekend and 2:00 pm (New York City time) on the day immediately prior to the Trading Day of the
expected announcement of the Subsequent Placement), the Company shall deliver to each Qualified Holder a written notice (each such notice,
a “Pre-Notice”), which Pre-Notice shall not contain any information (including, without limitation, material, non-public
information) other than: (A) if the proposed Offer Notice (as defined below) constitutes or contains material, non-public information,
a statement asking whether the Investor is willing to accept material non-public information or (B) if the proposed Offer Notice does
not constitute or contain material, non-public information, (x) a statement that the Company proposes or intends to effect a Subsequent
Placement, (y) a statement that the statement in clause (x) above does not constitute material, non-public information and (z) a statement
informing such Qualified Holder that it is entitled to receive an Offer Notice (as defined below) with respect to such Subsequent Placement
upon its written request. Upon the written request of a Qualified Holder prior to 5:30 am (New York City time) on the Trading Day following
the date on which such Pre-Notice is delivered to such Qualified Holder, and only upon a written request by such Qualified Holder, the
Company shall promptly, but no later than one (1) Trading Day after such request, deliver to such Qualified Holder an irrevocable written
notice (the “Offer Notice”) of any proposed or intended issuance or sale or exchange (the “Offer”)
of the securities being offered (the “Offered Securities”) in a Subsequent Placement, which Offer Notice shall (A)
identify and describe the Offered Securities, (B) describe the price and other terms upon which they are to be issued, sold or exchanged,
and the number or amount of the Offered Securities to be issued, sold or exchanged, (C) identify the Persons (if known) to which or with
which the Offered Securities are to be offered, issued, sold or exchanged and (D) offer to issue and sell to or exchange with such Qualified
Holder in accordance with the terms of the Offer such Qualified Holder’s pro rata portion of 30% of the Offered Securities, provided
that the number of Offered Securities which such Qualified Holder shall have the right to subscribe for under this Section 5 shall be
(x) based on such Qualified Holder’s pro rata purchased portion of the aggregate number of Qualified Warrants purchased by all Qualified
Holders on the date of such Offer Notice (the “Initial Amount”), and (y) with respect to each Qualified Holder that
elects to purchase its Initial Amount, any additional portion of the Offered Securities attributable to the Initial Amounts of other Qualified
Holders as such Qualified Holder shall indicate it will purchase or acquire should the other Qualified Holders subscribe for less than
their Initial Amounts (the “Undersubscription Amount”), which process shall be repeated until each Qualified Holder
shall have an opportunity to subscribe for any remaining Undersubscription Amount.

 

b) To accept an Offer, in whole or in
part, such Qualified Holder must deliver a written notice to the Company prior to 6:30 am (New York City time) on the Trading Day following
the date on which the Offer Notice is delivered to such Qualified Holder (the “Offer Period”), setting forth the portion
of such Qualified Holder’s Initial Amount that such Qualified Holder elects to purchase and, if such Qualified Holder shall elect
to purchase all of its Initial Amount, the Undersubscription Amount, if any, that such Qualified Holder elects to purchase (in either
case, the “Notice of Acceptance”). If the Initial Amounts subscribed for by all Qualified Holders are less than the
total of all of the Initial Amounts, then each Qualified Holder that has set forth an Undersubscription Amount in its Notice of Acceptance
shall be entitled to purchase, in addition to the Initial Amounts subscribed for, the Undersubscription Amount it has subscribed for;
provided, however, if the Undersubscription Amounts subscribed for exceed the difference between the total of all the Initial Amounts
and the Initial Amounts subscribed for (the “Available Undersubscription Amount”), each Qualified Holder that has subscribed
for any Undersubscription Amount shall be entitled to purchase only that portion of the Available Undersubscription Amount as the Initial
Amount of such Qualified Holder bears to the total Initial Amounts of all Qualified Holders that have subscribed for Undersubscription
Amounts, subject to rounding by the Company to the extent it deems reasonably necessary. Notwithstanding the foregoing, if the Company
desires to modify or amend the terms and conditions of the Offer prior to the expiration of the Offer Period, the Company may deliver
to each Qualified Holder a new Offer Notice and the Offer Period shall expire at 6:30 am (New York City time) on the Trading Day following
the date after such Qualified Holder’s receipt of such new Offer Notice.

 

    16

     

    

 

c) The Company shall have two (2) Business
Days from the expiration of the Offer Period above (A) to offer, issue, sell or exchange all or any part of such Offered Securities as
to which a Notice of Acceptance has not been given by a Qualified Holder (the “Refused Securities”) pursuant to a definitive
agreement(s) (the “Subsequent Placement Agreement”), but only to the offerees described in the Offer Notice (if so
described therein) and only upon terms and conditions (including, without limitation, unit prices and interest rates) that are not more
favorable to the acquiring Person or Persons or less favorable to the Company than those set forth in the Offer Notice and (B) to publicly
announce (x) the execution of such Subsequent Placement Agreement, and (y) either (I) the consummation of the transactions contemplated
by such Subsequent Placement Agreement or (II) the termination of such Subsequent Placement Agreement, which shall be filed with the SEC
on a Report on Form 6-K with such Subsequent Placement Agreement and any documents contemplated therein filed as exhibits thereto.

 

d) In the event the Company shall propose
to sell less than all the Refused Securities (any such sale to be in the manner and on the terms specified in Section 5(c) above), then
each Qualified Holder may, at its sole option and in its sole discretion, reduce the number or amount of the Offered Securities specified
in its Notice of Acceptance to an amount that shall be not less than the number or amount of the Offered Securities that such Qualified
Holder elected to purchase pursuant to Section 5(b) above multiplied by a fraction, (A) the numerator of which shall be the number or
amount of Offered Securities the Company actually proposes to issue, sell or exchange (including Offered Securities to be issued or sold
to Qualified Holders pursuant to this Section 5 prior to such reduction) and (B) the denominator of which shall be the original amount
of the Offered Securities. In the event that any Qualified Holder so elects to reduce the number or amount of Offered Securities specified
in its Notice of Acceptance, the Company may not issue, sell or exchange more than the reduced number or amount of the Offered Securities
unless and until such securities have again been offered to the Qualified Holders in accordance with Section 5(a) above.

 

e) Upon the closing of the issuance,
sale or exchange of all or less than all of the Refused Securities, such Qualified Holder shall acquire from the Company, and the Company
shall issue to such Qualified Holder, the number or amount of Offered Securities specified in its Notice of Acceptance, as reduced pursuant
to Section 5(d) above if such Qualified Holder has so elected, upon the terms and conditions specified in the Offer. The purchase by such
Qualified Holder of any Offered Securities is subject in all cases to the preparation, execution and delivery by the Company and such
Qualified Holder of a separate purchase agreement relating to such Offered Securities reasonably satisfactory in form and substance to
such Qualified Holder and its counsel.

 

f) Any Offered Securities not acquired
by a Qualified Holder or other Persons in accordance with this Section 5 may not be issued, sold or exchanged until they are again offered
to such Qualified Holder under the procedures specified in this Agreement.

 

g) The Company and each Qualified Holder
agree that if any Qualified Holder elects to participate in the Offer, neither the Subsequent Placement Agreement with respect to such
Offer nor any other transaction documents related thereto (collectively, the “Subsequent Placement Documents”) shall
include any term or provision whereby such Qualified Holder shall be required to agree to any restrictions on trading as to any securities
of the Company or be required to consent to any amendment to or termination of, or grant any waiver, release or the like under or in connection
with, any agreement previously entered into with the Company or any instrument received from the Company.

 

h) Notwithstanding anything to the contrary
in this Section 5 and unless otherwise agreed to by such Qualified Holder, the Company shall either confirm in writing to such Qualified
Holder that the transaction with respect to the Subsequent Placement has been abandoned or shall publicly disclose its intention to issue
the Offered Securities, in either case, in such a manner such that such Qualified Holder will not be in possession of any material, non-public
information, by the 9:30 am (New York City time) second (2nd) Business Day following delivery of the Offer Notice. If by 9:30 am (New
York City time) on such second (2nd) Business Day, no public disclosure regarding a transaction with respect to the Offered Securities
has been made, and no notice regarding the abandonment of such transaction has been received by such Qualified Holder, such transaction
shall be deemed to have been abandoned and such Qualified Holder shall not be in possession of any material, non-public information with
respect to the Company or any of its Subsidiaries. Should the Company decide to pursue such transaction with respect to the Offered Securities,
the Company shall provide such Qualified Holder with another Offer Notice and such Qualified Holder will again have the right of participation
set forth in this Section 5. The Company shall not be permitted to deliver more than one such Offer Notice to such Qualified Holder in
any sixty (60) day period, except as expressly contemplated by the last sentence of Section 5(b).

 

    17

     

    

 

i) The restrictions contained in this
Section 5 shall not apply in connection with the issuance of any Exempt Issuance. The Company shall not circumvent the provisions of this
Section 5 by providing terms or conditions to one Qualified Holder that are not provided to all Qualified Holders.

 

Section 6. Forced Exercise.

 

(a) General. Subject to Section
2(e), if at any time after the six month anniversary of the Issue Date (x) the VWAP of the Ordinary Shares listed on the principal Trading
Market exceeds           [200% of the Initial Exercise Price] (as adjusted for share
splits, share dividends, recapitalizations and similar events) (the “Forced Exercise Minimum Price”) for ten (10) consecutive
Trading Days (each, a “Forced Exercise Measuring Period”) and (y) no Equity Conditions Failure then exists (unless
waived, in whole or in part, in writing by the Holder (and, if in part, only to the extent of the Warrant Shares applicable to such partial
waiver)) (collectively, the “Forced Exercise Conditions”), the Company shall have the right to require the Holder to
exercise this Warrant pursuant to Section 2 into up to such aggregate number of fully paid, validly issued and non-assessable Warrant
Shares equal to the lesser of (i) the aggregate number of all remaining Warrant Shares available for purchase hereunder, (ii) the aggregate
number of Warrant Shares then permitted to be issued to the Holder in compliance with Section 2(e) above, and (iii) the Holder’s
Forced Exercise Limitation (such lesser number of Warrant Shares, the “Maximum Forced Exercise Share Amount”) as designated
in the applicable Forced Exercise Notice (as defined below) to be issued and delivered in accordance with Section 1(a) hereof (each, a
“Forced Exercise”).

 

(b) Mechanics. The Company
may exercise its right to require a Forced Exercise under this Section 5 on the Trading Day immediately following any Forced Exercise
Measuring Period by delivering a written notice thereof, by electronic mail to all, but not less than all, of the holders of the Registered
Warrants (each, a “Forced Exercise Notice”, and the date thereof, each a “Forced Exercise Notice Date”).
For purposes of Section 2(a) hereof, “Forced Exercise Notice” shall be deemed to replace “Exercise Notice” for
all purposes thereunder as if the Holder delivered an Exercise Notice to the Company on the Forced Exercise Notice Date, mutatis
mutandis. Each Forced Exercise Notice shall be irrevocable. The Company may only deliver one Forced Exercise Notice in any given twenty
(20) Trading Day period. Each Forced Exercise Notice shall (x) state that the Company is electing to effect a Forced Exercise on the second
(2nd) Trading Day following the applicable Forced Exercise Notice Date (the “Forced Exercise Date”), (y) state the
aggregate number of Warrant Shares to be exercised by the Holder (not in excess of the Maximum Forced Exercise Share Amount) and all of
the holders of the Registered Warrants on the Forced Exercise Date (subject to any adjustments thereto pursuant to Section 3 that may
occur prior to the Forced Exercise Date), and (z) contain a certification from an officer or director of the Company that the Forced Exercise
Conditions shall have been satisfied as of the Forced Exercise Notice Date.

 

(c) Pro Rata Exercise Requirement.
If the Company elects to cause a Forced Exercise of this Warrant pursuant to this Section 5, then it must simultaneously take the same
action in the same proportion with respect to all of the Registered Warrants .

 

Section 7. Miscellaneous.

 

a) No Rights as Stockholder until
Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder
of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. Without limiting
any rights of a Holder to receive Warrant Shares on a “cashless exercise” pursuant to Section 2(c) or to receive cash payments
pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, including if the Company is for any reason unable to issue and deliver Warrant
Shares upon exercise of this Warrant as required pursuant to the terms hereof, in no event shall the Company be required to net cash settle
an exercise of this Warrant or cash settle in any other form.

 

b) Loss, Theft, Destruction or
Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss,
theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or
destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting
of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver
a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

 

    18

     

    

 

c) Saturdays, Sundays, Holidays,
etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not
be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.

 

d) Authorized Shares.

 

The Company covenants that, during the
period the Warrant is outstanding, it will reserve from its authorized and unissued Ordinary Shares a sufficient number of shares to provide
for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that
its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing the necessary Warrant
Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary
to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements
of the Trading Market upon which the Ordinary Shares may be listed. The Company covenants that all Warrant Shares which may be issued
upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant
and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free
from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer
occurring contemporaneously with such issue).

  

Except and to the extent as waived or consented
to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of incorporation or through
any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in
the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder
as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the
par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value,
(ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable
Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions
or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations
under this Warrant.

 

Before taking any action which would result
in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain
all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having
jurisdiction thereof.

 

e) Governing Law. All questions
concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed and enforced
in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party
agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Warrant
(whether brought against a party hereto or their respective affiliates, directors, officers, shareholders, partners, members, employees
or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably
submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably
waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of
any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably
waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof
via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices
to it under this Warrant and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party
shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action, suit or proceeding
shall be reimbursed by the other party for their reasonable attorneys’ fees and other costs and expenses incurred with the investigation,
preparation and prosecution of such action or proceeding. Notwithstanding the foregoing, nothing in this paragraph shall limit or restrict
the federal district court in which a Holder may bring a claim under the U.S. federal securities laws.

 

    19

     

    

 

f) Restrictions. The Holder
acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize cashless
exercise, will have restrictions upon resale imposed by state and federal securities laws.

 

g) Non-waiver and Expenses.
No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right
or otherwise prejudice the Holder’s rights, powers or remedies. No provision of this Warrant shall be construed as a waiver by the
Holder of any rights which the Holder may have under the U.S. federal securities laws and the rules and regulations of the Commission
thereunder. Without limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision
of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient
to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings,
incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

 

h) Notices. Any and all notices
or other communications or deliveries to be provided by the Holders hereunder including, without limitation, any Notice of Exercise, shall
be in writing and delivered personally, by e-mail, or sent by a nationally recognized overnight courier service, addressed to the Company,
at 2 Ha-Ta’asiya St., Yokne’am Illit, 2069803 Israel, Attention: Chief Executive Officer, email address: asher.dahan@wearabledevices.co.il,
or such other email address or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other
communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by e-mail, or sent
by a nationally recognized overnight courier service addressed to each Holder at the e-mail address or address of such Holder appearing
on the books of the Company. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest
of (i) the time of transmission, if such notice or communication is delivered via e-mail at the e-mail address set forth in this Section
prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the time of transmission, if such notice or communication
is delivered via e-mail at the e-mail address set forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New
York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized
overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given. To the extent that any
notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company
shall simultaneously file such notice with the Commission pursuant to a Report on Form 6-K.

 

i) Limitation of Liability.
No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no
enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of
any Ordinary Shares or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

 

j) Remedies. The Holder,
in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance
of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by
reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for
specific performance that a remedy at law would be adequate.

 

k) Successors and Assigns.
Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and
be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions
of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder
or holder of Warrant Shares.

  

l) Amendment. This Warrant
may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand, and the Holder, on
the other hand.

 

m) Severability. Wherever
possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if
any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent
of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

 

n) Headings. The headings
used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

 

o) Warrant Agent Agreement.
If this Warrant is held in global form through DTC (or any successor depositary), this Warrant is issued subject to the Warrant Agent
Agreement. To the extent any provision of this Warrant conflicts with the express provisions of the Warrant Agent Agreement, the provisions
of this Warrant shall govern and be controlling.

 

********************

 

(Signature Page Follows)

 

    20

     

    

 

IN WITNESS WHEREOF, the Company has caused this Warrant
to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

	 	WEARABLE DEVICES LTD.
	 	 	 
	 	By:	 
	 	 	Asher Dahan
	 	 	Chief Executive Officer 

 

     

     

    

 

ANNEX A

 

NOTICE OF EXERCISE

 

	TO:	WEARABLE DEVICES LTD.

 

(1) The undersigned hereby elects to purchase ________
Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment
of the exercise price in full, together with all applicable transfer taxes, if any.

 

(2) Payment shall take the form of (check applicable
box):

 

	 	☐	in lawful money of the United States; or

 

	 	☐	if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

 

(3) Please issue said Warrant Shares in the name
of the undersigned or in such other name as is specified below:

_______________________________

 

The Warrant Shares shall be delivered to the following
DWAC Account Number:

_______________________________

_______________________________

_______________________________

 

[SIGNATURE
OF HOLDER]

 

Name of Investing Entity: _______________________________________________________________________

Signature of Authorized Signatory of Investing
Entity: _________________________________________________

Name of Authorized Signatory: ___________________________________________________________________

Title of Authorized Signatory: ____________________________________________________________________

Date: _______________________________________________________________________________________

 

     

     

    

 

ANNEX B

 

ASSIGNMENT FORM

 

(To assign the foregoing Warrant, execute this
form and supply required information. Do not use this form to purchase shares.)

 

FOR VALUE RECEIVED, the foregoing Warrant and
all rights evidenced thereby are hereby assigned to:

 

	Name:	 
	 	(Please Print)
	 	 
	Address:	 
	 	(Please Print)
	 	 
	Phone Number:	 
	 	 
	Email Address:	 
	 	 
	Dated: _______________ __, ______	 

 

	Holder’s Signature:	 	 
	 	 	 
	Holder’s Address:	 	 

 

	(Signature Guaranteed):	Date:	___________________, _____

 

Signature to be guaranteed by an authorized officer of a chartered
bank, trust company or medallion guaranteed by an investment dealer who is a member of a recognized stock exchange.

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