Document:

Exhibit 10

Exhibit 10.1

$1,250,000,000

AMENDMENT No. 1

dated as of April 21, 2006 

to the 5-Year Credit Agreement

dated as of March 28, 2005

among

Textron Inc.,

The Banks Listed Herein,

JPMorgan Chase Bank, N.A.,

as Administrative Agent

and

Citibank, N.A.,

as Syndication Agent

____________________

J.P. Morgan Securities Inc.

and

Citigroup Global Markets Inc., 

Lead Arrangers and Joint Bookrunners

Bank of America, N.A.,

Deutsche Bank Securities Inc.

and

UBS Loan Finance LLC,

Documentation Agents

Barclays Bank PLC,

Co-Documentation Agent

AMENDMENT NO. 1 TO 5-YEAR CREDIT AGREEMENT

            AMENDMENT
dated as of April 21, 2006 to the 5-Year Credit Agreement dated as of March
28, 2005 (the "Credit Agreement") among TEXTRON INC., the BANKS party
thereto, JPMORGAN CHASE BANK, N.A., as Administrative Agent, and CITIBANK, N.A.,
as Syndication Agent.

W I T N E S S E T H :

            WHEREAS,
the parties hereto desire to amend the Credit Agreement as set forth herein;

            NOW,
THEREFORE, the parties hereto agree as follows:

            Section 1.
Defined Terms; References. Unless otherwise specifically defined herein,
each term used herein that is defined in the Credit Agreement has the meaning
assigned to such term in the Credit Agreement. Each reference to "hereof",
"hereunder", "herein" and "hereby" and each other similar reference and each
reference to "this Agreement" and each other similar reference contained in the
Credit Agreement shall, after this Amendment becomes effective, refer to the
Credit Agreement as amended hereby.

            Section 2.
Amendments.

            (a) The
reference to "BANKS" in the header of the Credit Agreement is changed to "banks
and other financial institutions". 

            (b) The
definition of "Termination Date" in Section 1.01 of the Credit Agreement is
amended by changing the date specified therein from "March 28, 2010" to "April
21, 2011".

            (c) The
definition of "Agent" in Section 1.01 of the Credit Agreement is amended to read
as follows: 

        "Agent" means any
		of the Administrative Agent, the Syndication Agent, the Documentation
		Agents and the Co-Documentation Agent.

	

            (d) The
definition of "Commitment" in Section 1.01 of the Credit Agreement is amended to
read as follows: 

        "Commitment" means
		(i) with respect to each Bank listed on the Commitment Schedule, the
		amount set forth opposite such Bank's name on the Commitment Schedule,
		and (ii) with respect to any substitute Bank or Assignee which becomes a
		Bank pursuant to Section 10.01 or 10.15, the amount of the transferor
		Bank's Commitment assigned to it pursuant to Section 10.01 or 10.15, as
		such amount may be changed from time to time pursuant to Section 2.10,
		10.01 or 10.15; provided that, if the context so requires, the
		term "Commitment" means the obligation of a Bank to extend credit
		up to such amount to the Borrowers hereunder.

	

            (e)
Section 1.01 of the Credit Agreement is amended by adding the following new
definitions in their appropriate alphabetical positions:

        "Co-Documentation
		Agent" means Barclays Bank PLC, in its capacity as
		co-documentation agent in respect of this Agreement.

		        "Commitment Schedule"
		means the Commitment Schedule attached hereto.

		        "Documentation Agent"
		means each of Bank of America, N.A., Deutsche Bank Securities Inc. and
		UBS Loan Finance LLC, in its capacity as documentation agent in respect
		of this Agreement.

	

            (f)
Section 2.01(d) of the Credit Agreement is amended: (i) by adding the following
proviso at the end of the first sentence of paragraph (i) thereof: "; 
provided that the Termination Date may only be so extended for two
additional one-year periods", (ii) by changing the phrase "not less than 45
days and not more than 55 days prior to the Termination Date then in effect" in
the second sentence of paragraph (i) thereof to read "not less than 45 days nor
more than 90 days prior to each anniversary of the date hereof that occurs on or
prior to the Termination Date then in effect" and (iii) by adding the following
sentence to paragraph (ii) thereof:

	On the date of termination of any Bank's Commitment as contemplated by
	this paragraph, the respective participations of the other Banks in all
	outstanding Letters of Credit shall be redetermined on the basis of their
	respective Commitments after giving effect to such termination, and the
	participation therein of the Bank whose Commitment is terminated shall
	terminate; provided that the Borrowers shall, if and to the extent
	necessary to permit such redetermination of participations in Letters of
	Credit within the limits of the Commitments which are not terminated, prepay
	on such date a portion of the outstanding Loans, and such redetermination
	and termination of participations in outstanding Letters of Credit shall be
	conditioned upon their having done so.

            (g)
Sections 4.03 and 4.04 of the Credit Agreement are amended by changing each
reference to the date "January 1, 2005" to "December 31, 2005".

            (h)
Section 8.07 of the Credit Agreement is amended to read in its entirety as
follows:

	        Section 8.07. Other Agents.
	Nothing in this Agreement shall impose upon any Agent other than the
	Administrative Agent any duty or liability whatsoever in its capacity as an
	Agent.

            Section 3.
Changes in Commitments. With effect from and including the Amendment
Effective Date, (i) the Commitment of each Bank shall be the amount set forth
opposite the name of such Bank in the Commitment Schedule attached hereto and
(ii) the Commitment Schedule attached hereto shall become the Commitment
Schedule attached to the Credit Agreement. On the Amendment Effective Date, any
Bank party to the Credit Agreement which is not listed in the Commitment
Schedule attached hereto (each, an "Exiting Bank") shall cease to be a
Bank party to the Credit Agreement, and all accrued fees and other amounts
payable under the Credit Agreement for the account of each Exiting Bank shall be
due and payable on such date; provided that the provisions of Sections
2.10 to 2.14 and 10.03 of the Credit Agreement shall continue to inure to the
benefit of each Exiting Bank after the Amendment Effective Date.

            Section 4.
Changes in Pricing Schedule. The Pricing Schedule attached to the Credit
Agreement (the "Existing Pricing Schedule") is deleted and replaced by
the Pricing Schedule attached to this Amendment (the "New Pricing Schedule").
The New Pricing Schedule shall apply to interest and fees accruing under the
Credit Agreement on and after the date hereof. The Existing Pricing Schedule
shall continue to apply to interest and fees accruing under the Credit Agreement
prior to the date hereof.

            Section 5.
Representations of Borrower. The Company represents and warrants that (i)
the representations and warranties of the Company set forth in Article 4 of the
Credit Agreement will be true on and as of the Amendment Effective Date and (ii)
no Event of Default will have occurred and be continuing on such date.

            Section 6.
Effect of Amendments. Except as expressly set forth herein, the
amendments contained herein shall not constitute a waiver or amendment of any
term or condition of the Credit Agreement, and all such terms and conditions
shall remain in full force and effect and are hereby ratified and confirmed in
all respects. 

            Section 7.
Governing Law. This Amendment shall be governed by and construed in
accordance with the laws of the State of New York.

            Section 8.
Counterparts. This Amendment may be signed in any number of counterparts,
each of which shall be an original, with the same effect as if the signatures
thereto and hereto were upon the same instrument.

            Section 9.
Effectiveness. This Amendment shall become effective as of the date
hereof (the "Amendment Effective Date"), subject to satisfaction of the
following conditions:

	            (a)
	the Administrative Agent shall have received from each of the parties listed
	in the signature pages hereof a counterpart hereof signed by such party or
	facsimile or other written confirmation (in form satisfactory to the
	Administrative Agent) that such party has signed a counterpart hereof; and

	        (b) the Administrative Agent
	shall have received an opinion of the General Counsel or Assistant General
	Counsel of the Company dated as of the Amendment Effective Date, in form and
	substance satisfactory to the Administrative Agent.

       
IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed as of the date first above written.

	
		TEXTRON INC.

		

		
	By:	
		
			/S/ MARY F. LOVEJOY

		
	 	Name:	Mary F. Lovejoy
	 	Title:	Vice President and Treasurer

 

	
		JPMORGAN CHASE BANK, N.A., as Administrative Agent

		

		
	By:	
		
			/S/ RANDOLPH CATES

		
	 	Name:	Randolph Cates
	 	Title:	Vice President

	
		JPMORGAN CHASE BANK, N.A.

		 

		
	By:	
		
			/S/ RANDOLPH CATES

		
	 	Name:	Randolph Cates
	 	Title:	Vice President

	
		Citibank, N.A.

		

		
	By:	
		
			/S/ DIANE L. POCKAJ

		
	 	Name:	Diane L. Pockaj
	 	Title:	Managing Director

	
		BANK OF AMERICA, N.A.

		

		
	By:	
		
			/S/ SANJAY H. GURNANI

		
	 	Name:	Sanjay H. Gurnani
	 	Title:	Senior Vice President

	
		Barclays Bank PLC

		 

		
	By:	
		
			/S/ NICHOLAS BELL

		
	 	Name:	Nicholas Bell
	 	Title:	Director

	Deutsche Bank AG New York Branch

		

	By:	
		
			/S/ YVONNE TILDEN

		
	 	Name:	Yvonne Tilden
	 	Title:	Vice President
	 	 	 
	 	 	 
	By:	
		
			/S/ DAVID G. DICKINSON, JR.

		
	 	Name:	David G. Dickinson, Jr.
	 	Title:	Director

	
		UBS Loan Finance LLC

		

		
	By:	/S/ BARBARA EZELL-MCMICHAEL 

	 	Name:	Barbare Ezell-McMichael
	 	Title:	
		
			Associate Director

		Banking Products Services, US

		
	 	 	 
	 	 	 
	By:	
		/S/ TOBA LUMBANTOBING

		 

		
	 	Name:	
		
			Toba Lumbantobing

		
	 	Title:	Associate Director

		Banking Products Services, US
	 	 	 

	Bank of Tokyo-Mitsubishi UFJ Trust
		Company

		

	By:	
		
			/S/ CHRISTOPHER J. DELAURO

		
	 	Name:	Christopher J. DeLauro
	 	Title:	Assistant Vice President

	
		BNP Paribas

		

		
	By:	
		
			/S/ RICHARD PACE

		
	 	Name:	Richard Pace
	 	Title:	Managing Director
	 	 	 
	 	 	 
	By:	
		
			/S/ ANGELA B. ARNOLD

		
	 	Name:	Angela B. Arnold
	 	Title:	Director
	 	 	 

	Credit Suisse First Boston, acting through
		its Cayman Islands Branch

		

	By:	
		
			/S/ JAY CHALL

		
	 	Name:	Jay Chall
	 	Title:	Director
	 	 	 
	 	 	 
	By:	
		
			/S/ JAMES NEIRA

		
	 	Name:	James Neira
	 	Title:	Associate
	 	 	 

	HSBC Bank USA, National Association

		

	By:	
		
			/S/ C J WARNER

		
	 	Name:	C J Warner
	 	Title:	Head of Transport Services and
		Infrastructure

	
		Merrill Lynch Bank USA

		

		
	By:	
		
			/S/ Louis Alder

		
	 	Name:	Louis Alder
	 	Title:	Director

	
		Morgan Stanley Bank

		

		
	By:	
		
			/S/ DANIEL TWENGE

		
	 	Name:	Daniel Twenge
	 	Title:	Vice President

	Wachovia Bank, National Association

		

	By:	
		
			/S/ NATHAN R. RANTALA

		
	 	Name:	Nathan R. Rantala
	 	Title:	Vice President

	William Street Commitment Corporation
		(Recourse only to assets of William Street Commitment Corporation)

		

	By:	
		
			/S/ MARK WALTON

		
	 	Name:	Mark Walton
	 	Title:	Assistant Vice President

	
		BANK OF MONTREAL

		 

		
	By:	
		
			/S/ JOSEPH W. LINDER

		
	 	Name:	Joseph W. Linder
	 	Title:	Vice President

	
		The Bank of Nova Scotia

		

		
	By:	
		
			/S/ PETER J. VAN SCHAICK

		
	 	Name:	Peter J. Van Schaick
	 	Title:	Managing Director

	
		Societe Generale

		

		
	By:	
		
			/S/ AMBRISH D. THANAWALA

		
	 	Name:	Ambrish D. Thanawala
	 	Title:	Managing Director

	
		The Bank of New York

		

		
	By:	
		
			/S/ PATRICK VATEL

		
	 	Name:	Patrick Vatel
	 	Title:	Managing Director

	
		Mellon Bank, N.A.

		

		
	By:	
		
			/S/ LAURIE G. DUNN

		
	 	Name:	Laurie G. Dunn
	 	Title:	First Vice President

COMMITMENT SCHEDULE

	Bank	
		Commitment

	JPMorgan Chase Bank, N.A.	$120,000,000
	Citibank, N.A.	$120,000,000
	Bank of America, N.A.	$90,000,000
	Barclays Bank PLC	$90,000,000
	Deutsche Bank AG New York Branch	$90,000,000
	UBS Loan Finance LLC	$90,000,000
	Bank of Tokyo-Mitsubishi UFJ Trust
		Company	$60,000,000
	BNP Paribas	$60,000,000
	
		Credit Suisse First Boston, acting through its Cayman Islands
				Branch

			
		
			$60,000,000
	HSBC Bank USA, National Association	$60,000,000
	Merrill Lynch Bank USA	$60,000,000
	Morgan Stanley Bank	$60,000,000
	Wachovia Bank, National Association	$60,000,000
	William Street Commitment Corporation	$60,000,000
	Bank of Montreal	$45,000,000
	The Bank of Nova Scotia	$45,000,000
	Societe Generale	$40,000,000
	The Bank of New York	$20,000,000
	Mellon Bank, N.A.	$20,000,000
	Total	
		$1,250,000,000

PRICING SCHEDULE

 

	            Each of "Facility Fee Rate", "Euro-Dollar Margin" and "Letter
of Credit Fee Rate" means, for any date, the rate set forth below in the row
opposite such term and in the row corresponding to the the "Utilization"
at such date and under the column corresponding to the "Pricing Level" at
such date:

	 	
		Level I
	
		Level II
	
		Level III
	
		Level IV
	
		Level V
	
		Level VI

	Facility Fee Rate	
		0.05%
	
		0.06%
	
		0.07%
	
		0.08%
	
		0.09%
	
		0.125%

	Euro-Dollar Margin

		  Utilization ≤ 50%

		  Utilization ≥ 50%	
		

		0.125%

		0.175%
	
		

		0.14%

		0.19%
	
		

		0.18%

		0.23%
	
		

		0.37%

		0.42%
	
		

		0.535%

		0.585%
	
		

		0.625%

		0.675%

	Letter of Credit Fee Rate	
		0.175%
	
		0.19%
	
		0.23%
	
		0.42%
	
		0.585%
	
		0.675%

	        For purposes of this Schedule, the following terms have the following
meanings, subject to the concluding paragraph of this Schedule:

	    "Level I Pricing" applies at any date if, at such date, the Company's
long-term debt is rated A+ or higher by S&P, A1 or higher by Moody's and A+
or higher by Fitch.

	    "Level II Pricing" applies at any date if, at such date, the Company's
long-term debt is rated A by S&P, A2 by Moody's and A by Fitch.

	    "Level III Pricing" applies at any date if, at such date, the
Company's long-term debt is rated A- by S&P, A3 by Moody's and A- by
Fitch.

	    "Level IV Pricing" applies at any date, if at such date, the Company's
long-term debt is rated BBB+ by S&P, Baa1 by Moody's and BBB+ by Fitch.

	    "Level V Pricing" applies at any date if, at such date, the Company's
long-term debt is rated BBB by S&P, Baa2 by Moody's and BBB by Fitch.

	    "Level VI Pricing" applies at any date if, at such date, no other
Pricing Level applies.

	    "Fitch" means Fitch Ratings Ltd.

	    "Moody's" means Moody's Investors Service, Inc.

	    "Pricing Level" refers to the determination of which of Level I, Level
II, Level III, Level IV, Level V or Level VI applies at any date.

	    "S&P" means Standard & Poor's Ratings Services, a division of The
McGraw-Hill Companies, Inc.

	    "Utilization" means, at any date, the percentage equivalent of a
fraction (i) the numerator of which is the sum of (A) the aggregate outstanding
principal amount of the loans under the Facility at such date (after giving
effect to any borrowing or payment on such date) plus (B) the aggregate
amount then owing in respect of amounts paid by the Issuing Bank upon a drawing
under a letter of credit issued under the Facility at such date plus (C)
the aggregate amount then available for drawing under all outstanding letters of
credit under the Facility at such date and (ii) the denominator of which is the
aggregate amount of the commitments under the Facility at such date (after
giving effect to any reduction on such date). If for any reason any Loans or
Letter of Credit Liabilities remain outstanding after termination of the
commitments under the Facility, Utilization shall be deemed to be 100%.

	    The credit ratings to be utilized for purposes of this Schedule are those
assigned to the senior unsecured long-term debt securities of the Company
without third-party enhancement, and any rating assigned to any other debt
security of the Company shall be disregarded. The rating in effect at any date
is that in effect at the close of business of such date.

	    If the Company is split-rated, then for purposes of determining the
applicable Pricing Level, (a) if the S&P and Moody's ratings are the same, all
three ratings will be deemed to be at that level, (b) if the S&P and Moody's
ratings are not the same, and the ratings differential is one level, all three
ratings will be deemed to be at the higher level of S&P and Moody's and (c) if
the S&P and Moody's ratings are not the same and the ratings differential is two
levels or more, all three ratings will be deemed to be at a level one notch
lower than the higher of S&P and Moody's.Exhibit 10.1 - Exchange Agr. - Linden

    Exhibit
      10.1

    

    EXCHANGE
      AGREEMENT

     

     

    This
      Exchange Agreement (the “Agreement”) is entered into, effective as of April 19,
      2006 (the “Effective Date”), between SEMCO Energy, Inc. (the “Company”) and the
      Holder listed below (“Holder”). 

     

    RECITALS

     

     

    A.    Holder
      is
      the beneficial owner of (a) certain shares of the Company’s 5% Series B
      Convertible Cumulative Preferred Stock (liquidation preference of $200 per
      share) (CUSIP 78412D703) (the “Unrestricted Securities”) and (b) certain shares
      of 5% Series B Convertible Cumulative Preferred Stock (liquidation preference
      of
      $200 per share) (CUSIP 78412D604)), (the “Restricted Securities”, and together
      with the Unrestricted Securities, the “Exchange Securities”). 

     

     

    B.    Holder,
      acting solely as principal, wishes to exchange (i) 20,884 shares of
      Unrestricted Securities, and only such Unrestricted Securities, and
      (ii) 30,000 shares of the Restricted Securities, and only such Restricted
      Securities, for the combination of (a) $4,999,353.00 (the “Cash Amount”) and (b)
      865,028 shares of the Company’s common stock, $1.00 par value per share (the
“Exchange Shares”), pursuant to Section 3(a)(9) of the Securities Act of 1933,
      as amended (the “Act”) (collectively, the “Exchange”) and the Company also
      wishes to effectuate the Exchange.

     

     

    C.    Solely
      for purposes of allocation of the Exchange Shares issued pursuant to
      Section 3(a)(9) under the Act for determining the number of Exchange Shares
      that will be “restricted securities,” as such term is defined in Rule 144
      under the Act, and will bear a restrictive legend, the parties hereto agree
      that
      the Company will exchange 745,114 Exchange Shares for the Unrestricted
      Securities and that the Company will exchange 119,914 Exchange Shares in
      combination with the Cash Amount for the Restricted Securities.

     

     

    D.    In
      consideration of the premises and the mutual covenants and undertakings set
      forth herein, and for other good and valuable consideration, the receipt and
      sufficiency of which is hereby acknowledged, the parties hereby agree as
      follows:

     

     

    AGREEMENT

     

    1.    On
      the
      Closing Date, Company will issue and deliver (or cause to be issued and
      delivered) (i) the Exchange Shares to the Holder, or in the name of a custodian
      or nominee of the Holder, as specified in Section 2 or as otherwise requested
      by
      the Holder in writing and (ii) the Cash Amount as requested by the Holder in
      writing in exchange for the Holder’s transfer and delivery of the Exchange
      Securities and only the Exchange Securities.

     

    2.    The
      closing of the Exchange shall occur on April 24th
      , 2006,
      which is three business days after the Effective Date, or as soon thereafter
      as
      the parties may mutually agree in writing (the “Closing Date”). 

     

     

    745,114
      of the Exchange Shares shall not bear any restrictive legend and shall be
      delivered to:

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

       

      
        	 	Recipient:	Morgan
                Stanley & Co Inc.
	 	DTC
                Number:	0050
	 	Internal
                Account #:	038C9543
	 	Comment
                Line:	for
                credit to Linden Capital LP
	 	The
                comment line must read exactly as written above or it will be
                rejected.
	 	Contact
                information:	Craig
                Jarvis, 646-840-3500

      

       

       

    

    
      119,914
        of the Exchange Shares shall bear the following restrictive legend:

       

       

      THE
        SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
        SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR APPLICABLE STATE
        SECURITIES LAWS AND MAY BE OFFERED, SOLD, ASSIGNED, PLEDGED, HYPOTHECATED,
        TRANSFERRED OR OTHERWISE DISPOSED OF (EACH, A “TRANSFER”) ONLY IF SUCH
        SECURITIES ARE REGISTERED UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE
        SECURITIES LAWS OR IF SUCH TRANSFER IS MADE PURSUANT TO AN EXEMPTION FROM
        REGISTRATION UNDER THE SECURITIES ACT AND SUCH STATE SECURITIES LAWS AFTER
        PROVIDING AN OPINION OF COUNSEL TO SUCH EFFECT IN FORM REASONABLY SATISFACTORY
        TO SEMCO ENERGY, INC.

       

       

      and
        shall
        be delivered in the name of Linden Capital LP to:

       

    

     

    
      	 	Morgan
              Stanley Physical Deposits
	 	Attn:
              Alicia Alvez-Geisbert
	 	901
              S. Bond St., 6th Floor
	 	Baltimore,
              Maryland 21231
	 	Account
              No.: 038C9543

    

     

    
      The
        Cash
        Amount received by the Holder shall be delivered pursuant to the following
        wire
        instructions:

       

    

    
      	 	Bank
              Name:	JP
              Morgan Chase
	 	ABA/Routing
              No.:	021-000-021
	 	Account
              Name:	Linden
              Capital LP
	 	Account
              No.:	066-635969

    

     

    2

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      The
        Exchange Securities received by the Company shall be delivered by the Holder
        for
        the benefit of the Company through the facilities of The Depository Trust
        Company.

       

      3.    Holder
        represents and warrants to the Company that (a) Holder conveys to the Company
        hereunder good title to the Exchange Securities, free and clear of all liens,
        claims and encumbrances, and (b) Holder is not at present, and has not been
        during the preceding three months, an “affiliate” of the Company as that term is
        defined in paragraph (a)(1) of Rule 144 pursuant to the Act.

       

      4.    The
        Company hereby represents that (a) it is a corporation duly organized and
        validly existing under the laws of the State of Michigan; (b) it has all
        of the
        corporate power and corporate authority necessary to enter into this transaction
        and to consummate the transaction contemplated hereunder; (c) it has taken
        all
        corporate action as may be necessary to authorize the execution and delivery
        of
        this agreement and the consummation of the transaction contemplated by this
        agreement and the performance of its obligations hereunder; (d) this agreement
        is an obligation enforceable in accordance with its terms; (e) neither the
        execution and delivery hereof or the performance of its obligations hereunder
        will violate or contravene any applicable requirements of law or any of its
        charter, by-laws or material agreements; (f) the exchange and issuance of
        the
        Exchange Shares is exempt from the registration requirements of Section 5
        of the
        Act, in reliance upon Section 3(a)(9) thereof; (g) the Exchange Shares
        (x) will be duly authorized and validly issued, fully-paid, and
        non-assessable, and upon issuance will be listed on the New York Stock Exchange,
        and (y) have been reserved by the Company in a sufficient aggregate number
        in order to issue and deliver all such Exchange Shares on the Closing Date;
        (h)
        the 745,114 Exchange
        Shares will be unrestricted and freely tradable when issued in accordance
        with
        all the terms of this Agreement; and (i) the Company has not, during the
        six (6)
        months prior to the Closing Date, nor concurrently herewith, undertaken any
        other public or private offering of its securities that could reasonably
        be
        expected to jeopardize the exemption from registration of the Exchange afforded
        by Section 3(a)(9), including by reason of integration. The Company agrees
        not
        to undertake during the six (6) months following the Closing Date any offering
        of its securities that could reasonably be expected to jeopardize the exemption
        from registration of the Exchange afforded by Section 3(a)(9), including
        by
        reason of integration. 

       

      5.    The
        Company confirms that it has paid no commission or other remuneration to
        any
        person in connection with the solicitation or effectuation of the Exchange.
        Holder confirms that the Company did not solicit the Exchange. Holder hereby
        acknowledges that the Exchange Shares are being issued without registration
        under the Securities Act of 1933, as amended, in reliance upon Section 3(a)(9)
        thereof; the Company in turn acknowledges that Holder is entering into this
        transaction in reliance upon the Company’s representations with respect to the
        exemption from registration afforded by such provisions. 

       

      6.    The
        parties hereto agree to provide to each other at the closing of the Exchange
        a
        certificate executed by an authorized officer with actual knowledge of the
        representations, warranties and covenants contained herein, to the effect
        that
        (i) the representations and warranties made by such party are true as of
        the Closing Date, and have remained true at all times from the Effective
        Date up
        through such time, and (ii) all covenants required under the Agreement have
        been performed by such party in all material respects. The representations
        and
        warranties under this Agreement shall survive the closing of the
        Exchange.

       

       

    

    3

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      7.    The
        parties hereto agree to indemnify and hold harmless each other to the extent
        of
        any and all expenses, costs, and damages incurred by each such party (including,
        but not limited to, reasonable actual legal fees and expenses) as a result
        of
        any material breach by the other party of any of the representations and
        warranties and covenants contained herein.

       

      8.    This
        Agreement shall be governed by and construed in accordance with the laws
        of the
        State of New York, without giving effect to the principles of conflicts of
        law
        thereof. The parties hereto consent and submit to the non-exclusive jurisdiction
        of the state and federal courts sitting in the City of New York, Borough
        of
        Manhattan, for the adjudication of any dispute arising in connection herewith
        or
        any transaction contemplated hereby or discussed herein. 

       

    

    4

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, each of the parties has caused this Agreement to be duly
      executed on its behalf as of the date first written above.

     

     

    COMPANY:
      SEMCO Energy, Inc.

     

    /s/
      Mark T. Prendeville   

     

     

    Name
      of
      Authorized Signatory: Mark
      T. Prendeville  

     

    Title
      of
      Authorized Signatory: V.P.
      & Deputy General Counsel

     

     

    

     

     

    HOLDER:
      Linden Capital L.P.

     

    /s/
      Craig Jarvis     

     

     

    Name
      of
      Authorized Signatory: Craig
      Jarvis   

     

    Title
      of
      Authorized Signatory: Authorized
      Signatory

     

     

    
 

     

     

    [Signature
      Page to April 2006 Exchange Agreement]

     

     

    

     

    5

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