Exhibit 1.1
eversource
energy
Common Shares ($5.00 par value)
Having an Aggregate Offering Price of up to
$1,200,000,000
Equity Distribution Agreement
May 11, 2022
Goldman Sachs & Co. LLC
200 West Street
New York, New York 10282
Barclays Capital Inc.
745 Seventh Avenue
New York, New York 10019
Citigroup Global Markets Inc.
388 Greenwich Street
New York, New York 10013
Wells Fargo Securities, LLC
500 West 33rd Street
14th Floor
New York, New York 10001
Morgan Stanley & Co. LLC
1585 Broadway, 29th Floor
New York, New York 10036
J.P. Morgan Securities LLC
383 Madison Avenue
New York, New York 10017
Ladies and Gentlemen:
Eversource Energy, a voluntary
association and Massachusetts business trust (the “Company”), confirms its agreement (this “Agreement”)
with Goldman Sachs & Co. LLC (“Goldman”); Barclays Capital Inc.; Citigroup Global Markets Inc.; Wells Fargo Securities,
LLC; Morgan Stanley & Co. LLC; and J.P. Morgan Securities LLC (each a “Manager” and, collectively, the “Managers”)
as follows:
1. Description
of Shares. The Company proposes to issue and sell through or to the Managers, as sales agents and/or principals, the
Company’s common shares, $5.00 par value (the “Common Shares”), having an aggregate offering price of up to
$1,200,000,000 (the “Shares”), from time to time during the term of this Agreement and on the terms set forth in
Section 3 of this Agreement. The Company hereby appoints the Managers as exclusive agents of the Company for the purpose of
making offers and sales of the Shares. The Company agrees that whenever it determines to sell the Shares directly to a Manager as
principal, it will enter into a separate agreement (each, a “Terms Agreement”) in substantially the form of Annex
I hereto, relating to such sale in accordance with Section 3 of this Agreement. Certain terms used herein are defined in
Section 19 hereof.
2.
Representations and Warranties. The Company represents and warrants to, and agrees with, the Managers at the Execution Time
and on each such time the following representations and warranties are repeated or deemed to be made pursuant to this Agreement, as set
forth below.
(a) Form
S-3. The Company meets the requirements for use of Form S-3 under the Act and has prepared and filed with the Commission a
shelf registration statement (File Number 333-264278) on Form S-3, including a related Base Prospectus, for registration under the
Act of the offering and sale of the Shares and other securities of the Company and certain of its subsidiaries. Such Registration
Statement, including any amendments thereto filed prior to the Execution Time or prior to any such time this representation is
repeated or deemed to be made, automatically became effective upon filing, and no stop order suspending the effectiveness of the
Registration Statement has been issued under the Act and no proceedings for that purpose have been instituted or are pending or, to
the knowledge of the Company, are contemplated or threatened by the Commission, and any request on the part of the Commission for
additional or supplemental information has been complied with. The Company shall file with the Commission the Prospectus Supplement
relating to the Shares in accordance with Rule 424(b) promptly after the Execution Time (but in any event in the time period
prescribed thereby). As filed, the Prospectus will contain all information required by the Act and the rules thereunder, and, except
to the extent the Managers shall agree in writing to a modification, shall be in all substantive respects in the form furnished to
the Managers prior to the Execution Time or prior to any such time this representation is repeated or deemed to be made. The
Registration Statement, at the Execution Time, each such time this representation is repeated or deemed to be made, and at all times
during which a prospectus is required by the Act to be delivered (whether physically or through compliance with Rule 172 or any
similar rule) in connection with any offer or sale of Shares, meets the requirements set forth in Rule 415(a)(1)(x). The Company was
at the time of initial filing of the Registration Statement, has been at all relevant determination dates thereafter (as provided in
clause (2) of the definition of “well-known seasoned issuer” in Rule 405), is, at the Execution Time, each such time
this representation is repeated or deemed to be made, and at all times during which a prospectus is required by the Act to be
delivered (whether physically or through compliance with Rule 172 or any similar rule) in connection with any offer or sale of
Shares and will be on each a “well-known seasoned issuer” (as defined in Rule 405), including not having been an
“ineligible issuer” (as defined in Rule 405) at any such time or date. The Registration Statement is an “automatic
shelf registration statement” (as defined in Rule 405), and the Company has not received from the Commission any notice
pursuant to Rule 401(g)(2) under the Act objecting to use of the automatic shelf registration statement form and the Company has not
otherwise ceased to be eligible to use the automatic shelf registration statement form. The initial Effective Date of the
Registration Statement was not earlier than the date three years before the Execution Time. Any reference herein to the Registration
Statement, the Base Prospectus, the Prospectus Supplement, any Interim Prospectus Supplement or the Prospectus shall be deemed to
refer to and include the documents incorporated by reference therein pursuant to Item 12 of Form S-3 which were filed under the
Exchange Act on or before the Effective Date of the Registration Statement or the issue date of the Base Prospectus, the Prospectus
Supplement, any Interim Prospectus Supplement or the Prospectus, as the case may be; and any reference herein to the terms
“amend,” “amendment” or “supplement” with respect to the Registration Statement, the Base
Prospectus, the Prospectus Supplement, any Interim Prospectus Supplement or the Prospectus shall be deemed to refer to and include
the filing of any document under the Exchange Act after the Effective Date of the Registration Statement or the issue date of the
Base Prospectus, the Prospectus Supplement, any Interim Prospectus Supplement or the Prospectus, as the case may be, deemed to be
incorporated therein by reference. Notwithstanding the foregoing, the representations and warranties in this subsection shall not
apply to statements in or omissions from the Registration Statement or any post-effective amendment or the Prospectus or any
amendments or supplements thereto, made in reliance upon and in conformity with information furnished to the Company in writing by
the Managers relating to the Managers expressly for use therein.
(b)
Successor Registration Statement. To the extent that the Registration Statement is not available for the sales of the Shares
as contemplated by this Agreement, the Company shall file a new registration statement with respect to any additional Common Shares necessary
to complete such sales of the Shares and shall cause such registration statement to become effective as promptly as practicable. After
the effectiveness of any such registration statement, all references to “Registration Statement” included in this Agreement
shall be deemed to include such new registration statement, including all documents incorporated by reference therein pursuant to Item
12 of Form S-3, and all references to “Base Prospectus” included in this Agreement shall be deemed to include the final form
of prospectus, including all documents incorporated therein by reference, included in any such registration statement at the time such
registration statement became effective.
(c)
No Material Misstatements or Omissions in the Registration Statement. On each Effective Date, at the Execution Time, at
each deemed effective date with respect to the Managers pursuant to Rule 430B(f)(2) under the Act, at each Applicable Time, at each Settlement
Date, at each Time of Delivery and at all times during which a prospectus is required by the Act to be delivered (whether physically
or through compliance with Rule 172 or any similar rule) in connection with any offer or sale of Shares, the Registration Statement complied
and will comply in all material respects with the applicable requirements of the Act and the rules thereunder and did not and will not
contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order
to make the statements therein not misleading; and on the date of any filing pursuant to Rule 424(b), at each Applicable Time, on each
Settlement Date, at each Time of Delivery and at all times during which a prospectus is required by the Act to be delivered (whether
physically or through compliance with Rule 172 or any similar rule) in connection with any offer or sale of Shares, the Prospectus (together
with any supplement thereto) complied and will comply in all material respects with the applicable requirements of the Act and the rules
thereunder and did not and will not include any untrue statement of a material fact or omit to state a material fact necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however,
that the Company makes no representations or warranties as to the information contained in or omitted from the Registration Statement
or the Prospectus (or any supplement thereto) in reliance upon and in conformity with information furnished in writing to the Company
by the Managers specifically for inclusion in the Registration Statement or the Prospectus (or any supplement thereto).
(d)
Disclosure Package. At the Execution Time, at each Applicable Time, at each Settlement Date and each Time of Delivery, the
Disclosure Package does not and will not contain any untrue statement of a material fact or omit to state any material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The preceding sentence
does not apply to statements in or omissions from the Disclosure Package based upon and in conformity with written information furnished
to the Company by the Managers specifically for use therein.
(e)
Incorporated Documents. The documents incorporated or deemed to be incorporated by reference in the Registration Statement
and the Prospectus (i) at the time they were or hereafter are filed with the Commission, complied and will comply in all material respects
with the requirements of the Exchange Act and the rules and regulations of the Commission thereunder and (ii) when read together with
the other information in the Prospectus and the Disclosure Package at any Applicable Time and when read together with the other information
in the Prospectus at the date of the Prospectus and at any Settlement Date or Time of Delivery, will not include an untrue statement of
a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading.
(f)
Ineligible Issuer. The Company is not an “ineligible issuer” (as defined in Rule 405 under the Act).
(g)
Notice of Other Sales. Prior to the execution of this Agreement, the Company has not, directly or indirectly, offered or
sold any Shares by means of any “prospectus” (within the meaning of the Act) or used any “prospectus” (within
the meaning of the Act) in connection with the offer or sale of the Shares, and from and after the execution of this Agreement, the Company
will not, directly or indirectly, offer or sell any Shares by means of any “prospectus” (within the meaning of the Act) or
use any “prospectus” (within the meaning of the Act) in connection with the offer or sale of the Shares, other than the Prospectus,
as amended or supplemented from time to time in accordance with the provisions of this Agreement; the Company has not, directly or indirectly,
prepared, used or referred to any Issuer Free Writing Prospectus in connection with the offering of the Shares.
(h)
No Stop Orders. The Registration Statement is not the subject of a pending proceeding or examination under Sections 8(d)
or 8(e) of the Act, and the Company is not the subject of a pending proceeding under Section 8A of the Act in connection with the
offering of the Shares.
(i)
Regulation M. The Common Shares constitute “actively-traded securities” exempted from the requirements of Rule
101 of Regulation M under the Exchange Act by subsection (c)(1) of such rule.
(j) Sales
Agency Agreements. The Company has not entered into any other sales agency agreements or other similar arrangements with any
agent or any other representative in respect of any at the market offering (within the meaning of Rule 415(a)(4) under the Act) of
the Shares.
(k)
Offering Materials. The Company has not distributed and will not distribute, prior to the termination of this Agreement,
any offering material in connection with the offering and sale of the Shares other than the Prospectus and any Issuer Free Writing Prospectus
reviewed and consented to by the Managers and identified in Schedule I hereto.
(l)
No Material Adverse Change in Business. None of the Company or any of its subsidiaries has sustained, since the date of
the latest audited financial statements included in the Disclosure Package, any material loss or interference with its business from fire,
explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order
or decree, other than as set forth or contemplated in the Disclosure Package and the Prospectus and other than as would not reasonably
be expected to have a Material Adverse Effect (as defined below) or materially interfere with or delay the consummation of the transactions
contemplated by this Agreement. Since the respective dates as of which information is given in the Registration Statement, the Disclosure
Package and the Prospectus, there has not been (A) except as disclosed in the Registration Statement, the Disclosure Package and the Prospectus,
any material increase in the amount of the outstanding or authorized capital stock (other than as a result of (i) the exercise, if any,
of stock options or the award, if any, of stock options or vesting or settlement of restricted stock or restricted stock units in the
ordinary course of business pursuant to the Company’s equity plans that are described in the Prospectus or (ii) the issuance, if
any, of stock upon conversion of Company securities as described in the Prospectus), (B) except as disclosed in the Registration Statement,
the Disclosure Package and the Prospectus, any material change in the long-term debt of the Company or any of its subsidiaries, (C) any
material adverse change, or any development involving a prospective material adverse change in or affecting the condition (financial or
otherwise), management, earnings, business or properties of the Company and its subsidiaries, taken as a whole, whether or not arising
from transactions in the ordinary course of business, except as described in the Registration Statement, the Disclosure Package and the
Prospectus or (D) any dividend or distribution of any kind declared, paid or made by the Company, in each case other than as described
in the Registration Statement, the Disclosure Package and the Prospectus.
(m)
Title to Property. The Company and its subsidiaries have good and marketable title in fee simple to all real property and
good and marketable title to all personal property owned by them, in each case free and clear of all liens, encumbrances and defects except
as described in the Registration Statement, the Disclosure Package and the Prospectus or as do not materially interfere with the use made
and proposed to be made of such property by the Company or any of its subsidiaries; and any real property and buildings held under lease
by the Company or any of its subsidiaries are held by them under valid, subsisting and enforceable leases or subleases with such limitations
on the Company or its subsidiaries as are not material and do not interfere with the use made and proposed to be made of such leased real
property by the Company or any of its subsidiaries.
(n) Good
Standing. Each of the Company and its majority-owned subsidiaries has been duly formed, incorporated or organized, is validly
existing as a corporation or other business entity in good standing under the laws of its jurisdiction of incorporation or
organization, with the requisite power and authority to own its properties and conduct its business as described in the Registration
Statement, the Disclosure Package and the Prospectus, and has been duly qualified as a foreign corporation or other business entity
for the transaction of business and is in good standing under the laws of each other jurisdiction in which it owns or leases
properties or conducts any business so as to require such qualification, or is subject to no material liability or disability by
reason of the failure to be so qualified in any such jurisdiction except where the failure to be so qualified would not (i) have,
individually or in the aggregate, a material adverse effect on the condition (financial or otherwise), management, earnings,
business or properties of the Company and its subsidiaries, taken as a whole, or (ii) prevent the consummation of the transactions
contemplated by this Agreement (the occurrence of any such effect or any such prevention described in the foregoing clauses (i) and
(ii) being referred to as a “Material Adverse Effect”). The Company has the requisite power and authority to
enter into and perform its obligations under this Agreement.
(o)
Capitalization. The Company has an authorized capitalization as set forth in the Registration Statement, the Disclosure
Package and the Prospectus and all of the issued shares of capital stock of the Company have been duly and validly authorized and issued
and are fully paid and non-assessable and conform to the description thereof contained in the Registration Statement, the Disclosure Package
and the Prospectus. Except as described in the Registration Statement, the Disclosure Package and the Prospectus, all of the issued and
outstanding capital stock of, or other equity interests in, each majority-owned subsidiary has been duly authorized and validly issued,
is fully paid and non-assessable and is owned by the Company, directly or through other subsidiaries of the Company, free and clear of
any security interest, mortgage, pledge, lien, encumbrance, claim or equity.
(p)
Due Authorization of the Shares. The Shares have been duly and validly authorized and, when the Shares are issued
and delivered against payment therefor as provided herein, such Shares will be duly and validly issued and fully paid and non-assessable
and will conform to the description of the Common Shares contained in the Registration Statement, the Disclosure Package and the Prospectus.
(q)
No Preemptive or Registration Rights. Except as described in the Registration Statement, the Disclosure Package and
the Prospectus, there are no (i) preemptive rights or other rights to subscribe for or to purchase or any restriction upon the voting
or transfer of, any equity securities of the Company or any of its subsidiaries or (ii) outstanding options or warrants to purchase any
securities of the Company or any of its subsidiaries. Neither the filing of the Registration Statement nor the offering or sale of the
Shares as contemplated by this Agreement gives rise to any rights for or relating to the registration of any securities of the Company,
except such rights as have been waived or satisfied.
(r) No
Conflict or Violation. (i) The issue and sale of the Shares and the compliance by the Company with this Agreement will not
and (ii) the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated herein and
in the Registration Statement, the Disclosure Package and the Prospectus (including the issuance and sale of the Shares and the use
of the proceeds from the sale of the Shares as described therein under the caption “Use of Proceeds”) do not and will
not, whether with or without the giving of notice or passage of time or both, (A) conflict with or result in a breach or violation
of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement or other
agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its
subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject, (B) result in
any violation of the provisions of the declaration of trust or by-laws (or similar organizational documents) of the Company or any
of its subsidiaries, or (C) result in the violation of any statute or any order, rule or regulation of any court or governmental
agency or body having jurisdiction over the Company, any of its subsidiaries or any of their respective properties, except, with
respect to clauses (A) and (C), such conflicts or violations that would not reasonably be expected to have a Material Adverse
Effect; and no consent, approval, authorization, order, registration or qualification of or with any such court or governmental
agency or body having jurisdiction over the Company, any of its subsidiaries or any of their respective properties is required for
the issue and sale of the Shares or the consummation by the Company of the transactions contemplated by this Agreement, except the
registration under the Act of the Shares, the approval by the Financial Industry Regulatory Authority (“FINRA”)
of the terms and arrangements herein and such consents, approvals, authorizations, registrations or qualifications as may be
required under state securities or Blue Sky laws in connection with the purchase and distribution of the Shares by the Managers.
(s)
Absence of Violations, Defaults and Conflicts. None of the Company or any of its subsidiaries is (i) in violation of its
declaration of trust or by-laws (or similar organizational documents), (ii) in default in the performance or observance of any material
obligation, agreement, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement, lease or other agreement
or instrument to which it is a party or by which it or any of its properties may be bound or (iii) in violation of any law, statute, rule,
regulation, judgment, order, writ or decree of any arbitrator, court, governmental agency or body having jurisdiction over the Company,
any of its subsidiaries or any of their respective properties, assets or operations, except, with respect to clauses (ii) and (iii), for
such violations that would not reasonably be expected to result in a Material Adverse Effect.
(t)
Due Authorization. The execution and delivery of, and the performance by the Company of its obligations under, this Agreement
(including but not limited to the issuance and sale of the Shares and the use of proceeds from the sale of the Shares as described in
the Registration Statement, the Disclosure Package and the Prospectus under the caption “Use of Proceeds”) have been duly
and validly authorized by all necessary corporate action on the part of the Company and this Agreement has been duly executed and delivered
by the Company.
(u) Summaries
of Law and Documents. The statements set forth in the Registration Statement, the Disclosure Package and the Prospectus
under the captions “Description of Securities Registered—Eversource Energy—Common Shares and Preferred
Shares—Common Shares” insofar as such statements purport to constitute summaries of the terms of the statutes, rules or
regulations, legal or governmental proceedings, agreements or documents referred to therein, are accurate summaries of the terms of
such statutes, rules or regulations, legal or governmental proceedings, agreements or documents, in all material respects. All
agreements expressly referenced in the Registration Statement, the Disclosure Package and the Prospectus between the Company or any
of its subsidiaries, on the one hand, and any other party, on the other hand, are legal, valid and binding obligations of the
Company or the relevant subsidiary and such other party, enforceable against the Company or the relevant subsidiary and such other
party in accordance with their respective terms, subject to bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting creditors’ rights generally and to general equitable principles and except as rights to indemnity and contribution
thereunder may be limited by applicable law or policies underlying such law. Except as described in the Registration Statement, the
Disclosure Package and the Prospectus, none of the Company or any of its subsidiaries has sent or received any notice indicating the
termination of or intention to terminate any of the contracts or agreements referred to, described in or incorporated by reference
in the Registration Statement, the Disclosure Package and the Prospectus or filed as an exhibit Registration Statement.
(v)
Filings and Governmental Licenses. The Company and its subsidiaries have filed or caused to be filed with the appropriate
governmental entities all forms, statements, reports, and documents (including all exhibits, amendments, and supplements thereto) (each
a “Filing”) required to be filed by it with respect to the respective businesses of the Company and its subsidiaries
and each of their facilities under all applicable laws and the respective rules and regulations thereunder, all of which complied in all
respects with all applicable requirements of the appropriate law and rules and regulations thereunder in effect on the date each such
Filing was made, in each case except where the failure to do so would not reasonably be expected to have a Material Adverse Effect. The
Company and its subsidiaries (i) hold all licenses, registrations, certificates and permits from governmental authorities (collectively,
“Governmental Licenses”) which are necessary to the conduct of the business now operated by them, except for such Governmental
Licenses the failure of which to hold would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect,
(ii) are in compliance with the terms and conditions of all Governmental Licenses, and all Governmental Licenses are valid and in
full force and effect, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect,
and (iii) have not received any written notice of proceedings relating to the revocation or modification of any Governmental License,
except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
(w)
Payment of Taxes. The Company and each of its subsidiaries has filed all material U.S. federal, state, local and foreign
tax returns which have been required to be filed and have paid all taxes indicated by such returns and all assessments received by them
or any of them to the extent that such taxes have become due, except for any such taxes being contested in good faith and for which an
adequate reserve or accrual has been established in accordance with U.S. generally accepted principles of accounting (“GAAP”).
(x) Possession
of Intellectual Property. The Company and its subsidiaries own or possess or, to the Company’s knowledge, can obtain on
reasonable terms the right to use all patents, inventions, trademarks, trade names, service marks, logos, trade dress, designs,
database rights, Internet domain names, rights of privacy, rights of publicity, copyrights, license rights, trade secrets, know-how
and proprietary information (including unpatented and unpatentable proprietary or confidential information, inventions, systems or
procedures) and other intellectual property rights, as well as related rights, such as registrations and applications for
registration of any of the foregoing (collectively, “Intellectual Property”) necessary to conduct their business
in all material respects as presently conducted and currently contemplated to be conducted in the future, except for such
Intellectual Property the failure of which to possess or obtain would not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect. To the Company’s knowledge, none of the Company or any of its subsidiaries, through the
conduct of their respective businesses, has materially infringed, misappropriated, conflicted with or otherwise violated, or is
currently materially infringing, misappropriating, conflicting with or otherwise violating, and none of the Company or any of its
subsidiaries has received any written communication or notice of infringement of, misappropriation of, conflict with or violation
of, any Intellectual Property of any other person or entity, except as would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect. To the Company’s knowledge, except as described in the Registration Statement, the
Disclosure Package and the Prospectus, there is no infringement, misappropriation or violation by others of Intellectual Property
owned by or licensed to the Company or any of its subsidiaries except as would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect. The Company and its subsidiaries have taken commercially reasonable steps necessary to
secure their interests in such Intellectual Property from their employees and contractors and to protect the confidentiality of all
of their material confidential information and trade secrets.
(y)
IT Systems. None of the Intellectual Property employed by or on behalf of the Company or any of its subsidiaries has been
obtained or is being used by the Company or any of its subsidiaries in violation of any contractual obligation binding on the Company,
its subsidiaries or any of their respective officers, directors, trustees or employees or otherwise in violation of the rights of any
persons, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company
and its subsidiaries own or have a valid right to access and use all material computer systems, networks, hardware, software, databases,
websites, and equipment used to process, store, maintain and operate data, information, and functions used in connection with the business
of the Company and its subsidiaries (the “IT Systems”). The IT Systems are adequate for, and operate and perform in
all material respects as required in connection with, the operation of the business of the Company and its subsidiaries as currently conducted
and, to the Company’s knowledge, are free and clear of all material bugs, errors, defects, Trojan horses, time bombs, malware and
other corruptants.
(z)
Cybersecurity; Data Protection. The Company and its subsidiaries have implemented and maintained commercially reasonable
controls, policies, procedures, and safeguards to maintain and protect their material confidential information and the integrity, continuous
operation, redundancy and security of all IT Systems and data (including all personal, personally identifiable, sensitive, confidential
or regulated data (“Personal Data”)) used in connection with their businesses, and there have been no known breaches,
violations, outages or unauthorized uses of or accesses to same, except as would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect, nor any incidents under internal review or investigations relating to the same. The Company
and its subsidiaries are presently in material compliance with all applicable laws or statutes and all judgments, orders, rules and regulations
of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy
and security of IT Systems and Personal Data and to the protection of such IT Systems and Personal Data from unauthorized use, access,
misappropriation or modification.
(aa)
[Reserved]
(bb) Compliance
with ERISA. Except, in each case, for any such matter as would not reasonably be expected to have a Material Adverse
Effect, (i) each “employee benefit plan” (within the meaning of Section 3(3) of the Employee Retirement Income
Security Act of 1974, as amended, including the regulations and published interpretations thereunder (“ERISA”))
for which the Company or any member of its “Controlled Group” (defined as any organization that is a member of a
controlled group of corporations within the meaning of Section 414 of the Internal Revenue Code of 1986, as amended (the
“Code”)) would have liability (each a “Plan”) is in compliance in all material respects with
all applicable statutes, rules and regulations, including ERISA and the Code; (ii) with respect to each Plan subject to Title
IV of ERISA (A) no “reportable event” (as defined in Section 4043 of ERISA) has occurred for which the Company
or any member of its Controlled Group would have any material liability; and (B) neither the Company nor any member of its
Controlled Group has incurred or expects to incur material liability under Title IV of ERISA (other than for contributions to the
Plan or premiums payable to the Pension Benefit Guaranty Corporation, in each case in the ordinary course and without default);
(iii) no Plan which is subject to Section 412 of the Code or Section 302 of ERISA has failed to satisfy the minimum
funding standard within the meaning of such sections of the Code or ERISA; and (iv) each Plan that is intended to be qualified
under Section 401(a) of the Code is so qualified and nothing has occurred, whether by action or by failure to act, which would
cause the loss of such qualification.
(cc)
Environmental Laws. Except in each case as otherwise disclosed in the Registration Statement, the Disclosure Package
and the Prospectus and except in each case as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect: (i) the Company and its subsidiaries have complied with all applicable federal, state, local, foreign and international laws (including
the common law), statutes, rules, regulations, orders, judgments, decrees or other legally binding requirements of any court, administrative
agency or other governmental authority relating to pollution or to the protection of the environment, natural resources or human health
or safety, or to the manufacture, use, generation, treatment, storage, disposal, release or threatened release of hazardous or toxic substances,
pollutants, contaminants or wastes, or the arrangement for such activities (“Environmental Laws”); (ii) the Company
and its subsidiaries have obtained and complied with all permits, licenses, authorizations or other approvals required of them under Environmental
Laws to conduct their respective businesses and are not subject to any action to revoke, terminate, cancel, limit or appeal any such permits,
licenses, authorizations or approvals; and (iii) none of the Company or any of its subsidiaries has received written notice of or is otherwise
subject to any pending or threatened claim, or has any cost or liability under Environmental Laws in respect of its past or present business,
operations (including the disposal of hazardous substances at any off-site location), facilities or real property (whether owned, leased
or operated) or on account of any predecessor or any person whose liability under any Environmental Laws it has agreed to assume, and
the Company is not aware of any facts or conditions that could reasonably be expected to give rise to any such claim, cost or liability.
Except in each case as otherwise disclosed in the Registration Statement, the Disclosure Package and the Prospectus, none of the Company
or any of its subsidiaries is aware of any facts or issues relating to compliance with Environmental Laws that would reasonably be expected
to have a material effect on their capital expenditures, earnings or competitive position or is a party to any judicial or administrative
proceeding (including a notice of violation) under any Environmental Laws to which a governmental authority is also a party and which
involves potential monetary sanctions, unless it could reasonably be expected that such proceeding will result in monetary sanctions of
less than $300,000, or which is otherwise material, and no such proceeding has, to the Company’s knowledge, been threatened in writing
or is known by the Company to be contemplated.
(dd)
Restrictions on Dividends. Except as disclosed in the Registration Statement, the Disclosure Package and the Prospectus,
no subsidiary of the Company is prohibited or restricted, directly or indirectly,
from paying dividends to the Company or any other subsidiary of the Company, or from making any other distribution with respect to such
subsidiary’s equity securities or from repaying to the Company or any other subsidiary of the Company any amounts that may from
time to time become due under any loans or advances to such subsidiary from the Company or any other subsidiary of the Company or from
transferring any property or assets to the Company or to any other subsidiary of the Company.
(ee)
NYSE Listing. The Company’s Common Shares have been registered pursuant to Section 12(b) of the Exchange Act
and are listed on the New York Stock Exchange (“NYSE”), and the Shares have been approved for listing, subject to official
notice of issuance, on the NYSE, and the Company has taken no action designed to, or likely to have the effect of, terminating the registration
of the Common Shares under the Exchange Act or the listing of the Common Shares (including the Shares) on NYSE, nor has the Company received
any notification that the Commission or NYSE is contemplating terminating such registration or listing.
(ff)
Certain Relationships and Related Party Transactions. There are no material related-party transactions involving
the Company or its subsidiaries or any other person required to be described in the Registration Statement, the Disclosure Package and
the Prospectus which have not been described in such documents as required.
(gg)
Absence of Labor Dispute. No material labor disturbance by or material dispute with employees of the Company or any of its
subsidiaries exists or, to the knowledge of the Company, is threatened.
(hh)
No Finder’s Fee. None of the Company or any of its subsidiaries is a party to any contract, agreement or understanding
with any person (other than this Agreement) that would give rise to a valid claim against the Company or any of its subsidiaries or any
Manager for a brokerage commission, finder’s fee or like payment in connection with the offering and sale of the Shares.
(ii)
Absence of Proceedings. Other than as set forth in the Registration Statement, the Disclosure Package and the Prospectus,
there are no legal or governmental proceedings pending to which the Company or any of its subsidiaries is a party or of which any property
of the Company or any of its subsidiaries is the subject which, if determined adversely to such entity, would, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect; and, to the knowledge of the Company, no such proceedings are threatened
or contemplated by governmental authorities or threatened by others.
(jj)
Transfer Taxes. There are no transfer taxes or other similar fees or charges under U.S. federal law or the laws of
any state, or any political subdivision thereof, required to be paid in connection with the execution and delivery of this Agreement or
the issuance or sale by the Company of the Shares.
(kk) Investment
Company Act. The Company is not and, upon the issuance and sale of the Shares and the application of the proceeds thereof as
described in the Registration Statement, the Disclosure Package and the Prospectus under the caption “Use of Proceeds,”
will not be, an “investment company”, as such term is defined in the Investment Company Act of 1940, as amended.
(ll)
Financial Statements; Non-GAAP Financial Measures. The financial statements, together with related notes and schedules,
included in the Registration Statement, the Disclosure Package and the Prospectus, comply in all material respects with the applicable
requirements of the Act and present fairly in all material respects the financial position and the results of operations and cash flows
of the entities purported to be shown thereby, at the indicated dates and for the indicated periods. Such financial statements and related
schedules have been prepared in accordance with GAAP, consistently applied throughout the periods involved, except as disclosed therein,
and all adjustments necessary for a fair presentation of results for such periods have been made. The pro forma financial statements,
if any, or data included in the Registration Statement or the Prospectus, if any, comply with the applicable requirements of the Act and
the Exchange Act, and the assumptions used in the preparation of such pro forma financial statements and data are reasonable, the pro
forma adjustments used therein are appropriate to give effect to the transactions or circumstances described therein and the pro forma
adjustments have been properly applied to the historical amounts in the compilation of those statements and data; the other financial
and statistical data set forth in the Registration Statement, the Disclosure Package or the Prospectus are accurately and fairly presented
and prepared on a basis consistent with the financial statements and books and records of the Company and its subsidiaries. Any non-GAAP
financial measure (as such term is defined by the rules and regulations of the Commission) contained in the Registration Statement, the
Disclosure Package and the Prospectus has been derived from the accounting records of the Company, its subsidiaries or their respective
predecessors for accounting purposes fairly presents in all material respects the information purported to be shown thereby and complies
in all material respects with Regulation G of the Exchange Act, and Item 10 of Regulation S-K under the Act, to the extent applicable.
The Company and its subsidiaries do not have any material liabilities or obligations, direct or contingent, not disclosed in Registration
Statement, the Disclosure Package and the Prospectus. There are no financial statements (historical or pro forma) that are required to
be included in the Registration Statement, the Disclosure Package or the Prospectus that are not included as required.
(mm)
Independent Accountants. The accountants who certified the financial statements and supporting schedules included in the
Registration Statement, the Disclosure Package and the Prospectus are independent public accountants as required by the Act and the Exchange
Act.
(nn)
Compliance with the Sarbanes-Oxley Act. There is and has been no failure on the part of the Company, any other Reporting
Company or any of their respective directors, trustees or officers, in their capacities as such, to comply in all material respects with
any applicable provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith, including
Section 402 related to loans and Sections 302 and 906 related to certifications.
(oo) Accounting
Controls. The Company and each of its subsidiaries that is a reporting company under the Exchange Act (collectively, the
“Reporting Companies”) maintains a system of internal control over financial reporting (as such term is defined
in Rule 13a-15(f) under the Exchange Act) that complies with the requirements of the Exchange Act applicable to such Reporting
Company and has been designed by such Reporting Company’s principal executive officer and principal financial officer, or
under their supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with GAAP. No Reporting Company is aware of any material weaknesses in its
internal control over financial reporting except as disclosed the Registration Statement, the Disclosure Package and the
Prospectus.
(pp)
Disclosure Controls. Each Reporting Company maintains disclosure controls and procedures (as such term is defined in Rule
13a-15(e) under the Exchange Act) that comply with the requirements of the Exchange Act; such disclosure controls and procedures have
been designed to ensure that material information relating to such Reporting Company is made known to such Reporting Company’s principal
executive officer and principal financial officer by others within those entities, and such disclosure controls and procedures are effective,
in each case except as disclosed in the Registration Statement, the Disclosure Package and the Prospectus.
(qq)
Foreign Corrupt Practices Act. None of the Company, any of its subsidiaries or any of their respective directors,
trustees, officers or affiliates or, to the knowledge of the Company, any employee, agent or other person associated with or acting on
behalf of the Company or any of its subsidiaries has (A) used any funds for any unlawful contribution, gift, entertainment or other unlawful
expense relating to political activity; (B) made or taken an act in furtherance of an offer, promise or authorization of any direct or
indirect unlawful payment or benefit to any foreign or domestic government or regulatory official or employee, including of any government-owned
or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of
the foregoing, or any political party or party official or candidate for political office; (C) violated or is in violation of any provision
of the Foreign Corrupt Practices Act of 1977, as amended, or any applicable law or regulation implementing the OECD Convention on Combating
Bribery of Foreign Public Officials in International Business Transactions, or committed an offence under the Bribery Act 2010 of the
United Kingdom, or any other applicable anti-bribery or anti-corruption laws; or (D) made, offered, agreed, requested or taken an act
in furtherance of any unlawful bribe or other unlawful benefit, including, without limitation, any rebate, payoff, influence payment,
kickback or other unlawful or improper payment or benefit. The Company and its subsidiaries have instituted, and maintain and enforce,
policies and procedures designed to promote and ensure compliance with all applicable anti-bribery and anti-corruption laws. Neither the
Company nor any of its subsidiaries will use, directly or indirectly, the proceeds of the offering contemplated hereby in furtherance
of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any person in
violation of any applicable anti-corruption laws.
(rr) Money
Laundering Laws. The operations of the Company and its subsidiaries are and have been conducted at all times in compliance
with applicable financial recordkeeping and reporting requirements, including those of the Currency and Foreign Transactions
Reporting Act of 1970, as amended, the applicable money laundering statutes of all jurisdictions where the Company or any of its
subsidiaries conducts business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines
issued, administered or enforced by any governmental or regulatory agency (collectively, the “Anti-Money Laundering
Laws”) and no action, suit or proceeding by or before any court or governmental or regulatory agency, authority or body or
any arbitrator involving the Company or any of its subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the
knowledge of the Company, threatened.
(ss)
OFAC. None of the Company, any of its subsidiaries or any of their respective directors, trustees or officers or,
to the knowledge of the Company, any of the respective employees, agents or affiliates of any of the foregoing is, or is owned or controlled
by one or more persons or entities that are, the subject or the target of any sanctions administered or enforced by the U.S. Government,
including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”),
or the U.S. Department of State and including, without limitation, the designation as a “specially designated national” or
“blocked person”, the United Nations Security Council (“UNSC”), the European Union, Her Majesty’s
Treasury (“HMT”), or other relevant sanctions authority (collectively, “Sanctions”), or located,
organized or resident in a country or territory that is the subject or the target of Sanctions (each, a “Sanctioned Country”);
and the Company will not directly or indirectly use the proceeds of the offering of the Shares hereunder, or lend, contribute or otherwise
make available such proceeds to any subsidiary, joint venture partner or other person or entity (i) to fund or facilitate any activities
of or business with any person that, at the time of such funding or facilitation, is the subject or the target of Sanctions, (ii) to fund
or facilitate any activities of or business in any Sanctioned Country or (iii) in any other manner that will result in a violation by
any person (including any person participating in the transaction, whether as sales agent, underwriter, advisor, investor or otherwise)
of Sanctions. For the past five years, none of the Company or any of its subsidiaries has knowingly engaged in and are not now knowingly
engaged in, and will not engage in, any dealings or transactions with any person that at the time of the dealing or transaction is or
was the subject or the target of Sanctions or with any Sanctioned Country.
(tt)
Insurance. Each of the Company and its subsidiaries carry, or are covered by, insurance, from financially sound and reputable
insurers, in such amounts and covering such risks as are generally deemed reasonably adequate for the conduct of their respective businesses
and the value of their respective properties and as is generally deemed adequate and customary for companies engaged in similar businesses;
and the Company has no reason to believe that it or any of its subsidiaries will not be able to renew their existing insurance coverage
as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue their respective
businesses at a cost that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
(uu)
Stabilization. Neither the Company nor, to the Company’s knowledge, any of its affiliates, has taken or may
take, directly or indirectly, any action designed to cause or result in, or which has constituted or which might reasonably be expected
to constitute, the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shares
in violation of Regulation M of the Exchange Act.
(vv)
FINRA Affiliation. To the knowledge of the Company, there are no affiliations or associations between any member of
FINRA and any of the officers or trustees of the Company, except as described in the Registration Statement, the Disclosure Package and
the Prospectus.
(ww)
Accuracy of Exhibits. There are no contracts or other documents that are required by the Act to be described in the Prospectus
or filed as exhibits to the Registration Statement, or that are required by the Exchange Act to be filed as exhibits to a document incorporated
by reference into the Prospectus, that have not been so described in the Prospectus or filed as exhibits to the Registration Statement
or such incorporated document.
(xx)
XBRL. The interactive data in the eXtensible Business Reporting Language included as an exhibit to the Registration Statement
fairly presents the information called for in all material respects and has been prepared in accordance with the Commission’s rules
and guidelines applicable thereto.
Any certificate signed by
any officer of the Company or any of its subsidiaries and delivered to the Managers or to counsel for the Managers in connection with
this Agreement or any Terms Agreement shall be deemed a representation and warranty by the Company or such subsidiary of the Company,
as applicable, to each Manager as to the matters set forth therein.
The Company acknowledges that
the Managers and, for purposes of the opinions to be delivered pursuant to Section 4 hereof, counsel for the Company and counsel
for the Managers, will rely upon the accuracy and truthfulness of the foregoing representations and hereby consents to such reliance.
3.
Sale and Delivery of Shares. On the basis of the representations, warranties and agreements herein contained, but subject
to the terms and conditions herein set forth, the Company and the Managers agree that the Company may from time to time seek to sell Shares
through a Designated Manager, acting as sales agent, or directly to any of the Managers acting as principal, as follows:
(a)
The Company may submit to a Designated Manager its orders (including any price, time or size limits or other customary parameters
or conditions) to sell Shares on any Trading Day (as defined herein) in a form and manner as mutually agreed to by the Company and such
Designated Manager. As used herein, “Trading Day” shall mean any trading day on the NYSE.
(b) Subject
to the terms and conditions hereof, each Manager, at any time it is a Designated Manager, shall use its reasonable efforts to
execute any Company order submitted to it hereunder to sell Shares and with respect to which such Designated Manager has agreed to
act as sales agent. The Company acknowledges and agrees that (i) there can be no assurance that a Designated Manager will be
successful in selling the Shares, (ii) a Designated Manager will incur no liability or obligation to the Company or any other
person or entity if it does not sell Shares for any reason and (iii) no Manager shall be under any obligation to purchase
Shares on a principal basis or on an agency basis pursuant to this Agreement, except as otherwise specifically agreed by such
Manager and the Company. Notwithstanding any provision of this Agreement to the contrary, each Manager shall have the right to
refuse designation as a Designated Manager at any time in such Manager’s sole and absolute discretion. The Designated Manager
may make sales pursuant to each order by any method permitted by law, including without limitation (i) by means of ordinary
brokers’ transactions (whether or not solicited), (ii) to or through a market maker, (iii) directly on or through any national
securities exchange or facility thereof, a trading facility of a national securities association, an alternative trading system, or
any other market venue, (iv) in the over-the-counter market, (v) in privately negotiated transactions, or (vi) through a combination
of any such methods.
(c)
The Company shall not authorize the issuance and sale of, and a Designated Manager shall not sell as sales agent, any Share at
a price lower than the minimum price therefor designated from time to time by the Company and notified to a Designated Manager in writing.
In addition, the Company or a Designated Manager may upon notice to the other party hereto by telephone (confirmed promptly by email or
facsimile), suspend an offering of the Shares with respect to which that Designated Manager is acting as sales agent; provided,
however, that such suspension or termination shall not affect or impair the parties’ respective obligations with respect
to the Shares sold hereunder prior to the giving of such notice.
(d)
The compensation to a Designated Manager for sales of the Shares with respect to which such Designated Manager acts as sales agent
hereunder shall be up to 1% of the gross offering proceeds of the Shares sold pursuant to this Agreement as mutually agreed to in writing
by such Designated Manager and the Company. The foregoing rate of compensation shall not apply when a Manager, acting as principal, purchases
Shares from the Company pursuant to a Terms Agreement. Any compensation or commission due and payable to any Managers hereunder with respect
to any sale of Shares shall be paid by the Company to such Manager, at the election of such Manager, (i) concurrently with the settlement
for sales of the Shares by deduction from the proceeds from sales of the Shares payable to the Company or (ii) set forth and invoiced
in periodic statements from such Managers to the Company, with payment to be made by the Company promptly after its receipt thereof. The
remaining proceeds, after further deduction for any transaction fees imposed by any governmental or self-regulatory organization in respect
of such sales shall constitute the net proceeds to the Company for such Shares (the “Net Proceeds”).
(e)
Settlement for sales of the Shares pursuant to this Agreement will occur on the second Trading Day following the date on which
such sales are made (each such day, a “Settlement Date”). On each Settlement Date, the Shares sold through a Designated
Manager for settlement on such date shall be issued and delivered by the Company to such Designated Manager against payment of the Net
Proceeds from the sale of such Shares. Settlement for all such Shares shall be effected by free delivery of the Shares, in definitive
form, by the Company or its transfer agent to such Designated Manager’s or its designee’s account (provided such Designated
Manager shall have given the Company at least one calendar day written notice of such designee prior to the Settlement Date) at The Depository
Trust Company (“DTC”) through its Deposit and Withdrawal at Custodian System or by such other means of delivery as
may be mutually agreed upon by the parties hereto, in return for payments in same day funds delivered to the account designated by the
Company. If the Company, or its transfer agent (if applicable), shall default on its obligation to deliver the Shares on any Settlement
Date, the Company shall (i) hold each applicable Designated Manager harmless against any loss, claim, damage, or expense (including
reasonable legal fees and expenses), as incurred, arising out of or in connection with such default by the Company and (ii) pay each
such Designated Manager any commission, discount or other compensation to which it would otherwise be entitled absent such default.
(f) If
acting as sales agent hereunder, the Designated Manager shall provide written confirmation (which may be by facsimile or email) to
the Company following the close of trading on the NYSE each day in which the Shares are sold under this Agreement setting forth
(i) the amount of the Shares sold on such day and the gross offering proceeds received from such sale and (ii) the
commission payable by the Company to such Designated Manager with respect to such sales.
(g)
At each Applicable Time, Settlement Date, Representation Date (as defined in Section 4(k)) and Filing Date (as defined in
Section 4(q)), the Company shall be deemed to have affirmed each representation and warranty contained in this Agreement as if such
representation and warranty were made as of such date, modified as necessary to relate to the Registration Statement and the Prospectus
as amended as of such date. Any obligation of a Designated Manager to use its reasonable efforts to sell the Shares on behalf of the Company
as sales agent shall be subject to the continuing accuracy of the representations and warranties of the Company herein (and the completion
of any diligence to verify such accuracy by such Designated Manager), to the performance by the Company of its obligations hereunder and
to the continuing satisfaction of the additional conditions specified in Section 6 of this Agreement.
(h)
Subject to such further limitations on offers and sales of Shares or delivery of instructions to offer and sell Shares as are set
forth herein and as may be mutually agreed upon by the Company and a Designated Manager, the Company shall not request the sale of any
Shares that would be sold, and no Designated Manager shall be obligated to sell, (i) any time during the period commencing on the tenth
business day prior to the time Company shall issue a press release containing, or shall otherwise publicly announce, its earnings, revenues
or other results of operations (each, an “Earnings Announcement”) through and including the time that is 24 hours after
the time that the Company files (a “Filing Time”) a Quarterly Report on Form 10-Q or an Annual Report on Form 10-K
that includes consolidated financial statements as of and for the same period or periods, as the case may be, covered by such Earnings
Announcement, or (ii) during any other period in which the Company is, or could be deemed to be, in possession of material non-public
information.
(i)
If the Company wishes to issue and sell the Shares pursuant to this Agreement directly to any of the Managers acting as principal
(each, a “Placement”), it will notify the Manager or Managers of the proposed terms of such Placement. If such Manager
or Managers, acting as principal, wishes to accept such proposed terms (which a Manager may decline to do for any reason in its sole discretion)
or, wishes to accept amended terms proposed by the Company after further discussion, such Manager or Managers and the Company will enter
into a Terms Agreement setting forth the terms of such Placement. The terms set forth in a Terms Agreement will not be binding on the
Company or such Manager or Managers unless and until the Company and such Manager or Managers have each executed such Terms Agreement
accepting all of the terms of such Terms Agreement. In the event of a conflict between the terms of this Agreement and the terms of a
Terms Agreement, the terms of such Terms Agreement will control.
(j) Each
Placement shall be made in accordance with the terms of this Agreement and, if applicable, a Terms Agreement, which will provide for
the sale of such Shares to, and the purchase thereof by, such Manager. A Terms Agreement may also specify certain provisions
relating to the reoffering of such Shares by a Manager. The commitment of a Manager to purchase the Shares pursuant to any Terms
Agreement shall be deemed to have been made on the basis of the representations and warranties of the Company herein contained and
shall be subject to the terms and conditions herein set forth. Each Terms Agreement shall specify the number of the Shares to be
purchased by a Manager pursuant thereto, the price to be paid to the Company for such Shares, any provisions relating to rights of,
and default by, underwriters acting together with such Manager in the reoffering of the Shares, and the time and date (each such
time and date being referred to herein as a “Time of Delivery”) and place of delivery of and payment for such
Shares.
(k)
Under no circumstances shall the number and aggregate amount of the Shares sold pursuant to this Agreement and any Terms Agreement
exceed (i) the aggregate amount set forth in Section 1, (ii) the number of Common Shares available for issuance under the currently
effective Registration Statement or (iii) the number and aggregate amount of the Shares authorized from time to time to be issued and
sold under this Agreement by the board of trustees of the Company (the “Board”), or a duly authorized committee thereof,
and notified to the Managers in writing.
4.
Agreements. The Company agrees with each of the Managers that:
(a) During
any period when the delivery of a prospectus relating to the Shares is required (including in circumstances where such requirement
may be satisfied pursuant to Rule 172 or any similar rule) to be delivered under the Act in connection with the offering or sale of
the Shares, the Company will not file any amendment of the Registration Statement or supplement in connection with the offering and
sale of the Shares (including the Prospectus Supplement or any Interim Prospectus Supplement) to the Base Prospectus, the Disclosure
Package or the Prospectus, whether pursuant to the Act, the Exchange Act or otherwise, unless (i) the Company has furnished to the
Managers a copy of such amendment or supplement (including, for the avoidance of doubt, reports or other information to be filed by
the Company under the Exchange Act that would be incorporated by reference into the Registration Statement and the Prospectus) for
its review a reasonable period of time prior to filing (or, in the case of Current Reports on Form 8-K, has used its commercially
reasonable efforts to so furnish copies to the Managers prior to filing), and (ii) except for reports or other information required
to be filed by the Company under the Exchange Act, the Company will not file any such proposed amendment or supplement to which the
Managers reasonably object. The Company has prepared the Prospectus, in a form approved by the Managers, and shall file such
Prospectus, as amended at the Execution Time, with the Commission pursuant to the applicable paragraph of Rule 424(b) promptly after
the Execution Time (but in any event within the time period described thereby) and will cause any supplement to the Prospectus to be
prepared, in a form approved by the Managers, and will file such supplement with the Commission pursuant to the applicable paragraph
of Rule 424(b) within the time period prescribed thereby and will notify the Managers of such timely filing. The Company, subject to
this Section 4(a) and Section 4(c), will comply with the requirements of Rule 430B. During any period when the delivery of
a prospectus relating to the Shares is required (including in circumstances where such requirement may be satisfied pursuant to Rule
172 or any similar rule) to be delivered under the Act in connection with the offering or sale of the Shares, the Company will
promptly advise the Managers (A) when the Prospectus, and any supplement thereto, shall have been filed (if required) with the
Commission pursuant to Rule 424(b), (B) when, during any period when the delivery of a prospectus (whether physically or through
compliance with Rule 172 or any similar rule) is required under the Act in connection with the offering or sale of the Shares, any
amendment to the Registration Statement or any new registration statement relating to the Shares shall have been filed or become
effective (other than a prospectus supplement relating solely to the offering of securities other than the Shares), (C) of the
receipt of any comments from the Commission or its staff, (D) of any request by the Commission or its staff for any amendment of the
Registration Statement, or for any supplement to the Prospectus or for any additional information, (E) of the issuance by the
Commission of any stop order suspending the effectiveness of the Registration Statement or of any notice objecting to its use or any
the issuance of any order preventing or suspending the use of the Prospectus or any amendment or supplement thereto, or the
institution or threatening of any proceeding for any of such purposes or pursuant to Section 8A of the Act or (F) of the
receipt by the Company of any notification with respect to the suspension of the qualification of the Shares for sale in any
jurisdiction or the institution or threatening of any proceeding for such purpose. The Company will use its best efforts to prevent
the issuance of any such stop order or the occurrence of any such suspension or objection to the use of the Registration Statement
and, upon such issuance, occurrence or notice of objection, to obtain at the earliest possible moment the withdrawal of such stop
order or relief from such occurrence or objection, including, if necessary, by filing an amendment to the Registration Statement or
a new registration statement and using its best efforts to have such amendment or new registration statement declared effective as
soon as practicable.
(b)
If, at any time on or after an Applicable Time but prior to the related Settlement Date or Time of Delivery, any event occurs as
a result of which the Disclosure Package would include any untrue statement of a material fact or omit to state any material fact necessary
to make the statements therein in the light of the circumstances under which they were made or the circumstances then prevailing not misleading,
the Company will (i) notify promptly the relevant Manager(s) so that any use of the Disclosure Package may cease until it is amended or
supplemented; (ii) amend or supplement the Disclosure Package to correct such statement or omission; and (iii) supply any amendment or
supplement to the relevant Manager(s) in such quantities as the Manager(s) may reasonably request.
(c)
During any period when the delivery of a prospectus relating to the Shares is required (including in circumstances where such requirement
may be satisfied pursuant to Rule 172 or any similar rule) to be delivered under the Act, if any event occurs as a result of which the
Prospectus as then supplemented would include any untrue statement of a material fact or omit to state any material fact necessary to
make the statements therein in the light of the circumstances under which they were made at such time not misleading, or if it shall be
necessary to amend the Registration Statement, file a new registration statement or supplement the Prospectus to comply with the Act or
the Exchange Act or the respective rules thereunder, including in connection with use or delivery of the Prospectus, the Company promptly
will (i) notify the Managers of any such event, (ii) prepare and file with the Commission, subject to the first sentence of paragraph
(a) of this Section 4, an amendment or supplement or new registration statement which will correct such statement or omission or
effect such compliance, (iii) use its best efforts to have any amendment to the Registration Statement or new registration statement declared
effective as soon as practicable in order to avoid any disruption in use of the Prospectus and (iv) supply any supplemented Prospectus
to the Managers in such quantities as the Managers may reasonably request.
(d) As
soon as practicable, the Company will make generally available (which may be satisfied by filing on EDGAR) to its security holders
and to the Managers an earnings statement or statements of the Company and its subsidiaries which will satisfy the provisions of
Section 11(a) of the Act and Rule 158.
(e)
The Company will deliver to the Managers and counsel for the Managers, without charge, as such Managers or counsel for the Managers
may reasonably request, signed copies of the Registration Statement as originally filed and of each amendment thereto (including exhibits
filed therewith or incorporated by reference therein and documents incorporated or deemed to be incorporated by reference therein) and
signed copies of all consents and certificates of experts. The Registration Statement and each amendment thereto furnished to the Managers
will be identical to any electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted
by Regulation S-T. The Company will pay the expenses of printing or other production of all documents relating to the offering.
(f)
The Company will deliver to the Managers and counsel for the Managers, without charge, for so long as delivery of a prospectus
by the Managers or dealer may be required by the Act (including in circumstances where such requirement may be satisfied pursuant to Rule
172 or any similar rule), as many copies of the Prospectus and each Issuer Free Writing Prospectus and any supplement thereto as any Manager
may reasonably request. The Prospectus and any Issuer Free Writing Prospectus and any amendments or supplements thereto furnished to the
Managers will be identical to any electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the
extent permitted by Regulation S-T. The Company will pay the expenses of printing or other production of all documents relating to the
offering.
(g)
The Company will arrange, if necessary, for the qualification of the Shares for sale under the laws of such jurisdictions as the
Managers may reasonably designate and will maintain such qualifications in effect so long as required for the distribution of the Shares;
provided that in no event shall the Company be obligated to qualify to do business in any jurisdiction where it is not now so qualified
or to take any action that would subject it to service of process in suits, other than those arising out of the offering or sale of the
Shares, in any jurisdiction where it is not now so subject or where it would be subject to taxation as a foreign business.
(h)
The Company agrees that, unless it has or shall have obtained the prior written consent of the Managers, and each Manager agrees
with the Company that, unless it has or shall have obtained, as the case may be, the prior written consent of the Company, it has not
made and will not make any offer relating to the Shares that would constitute an Issuer Free Writing Prospectus or that would otherwise
constitute a “free writing prospectus” (as defined in Rule 405) required to be filed by the Company with the Commission or
retained by the Company under Rule 433; provided that the prior written consent of the parties hereto shall be deemed to have been
given in respect of the Free Writing Prospectuses included in Schedule I hereto. Any such free writing prospectus consented to by the
Managers or the Company is hereinafter referred to as a “Permitted Free Writing Prospectus.” The Company agrees that
(i) it has treated and will treat, as the case may be, each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus and
(ii) it has complied and will comply, as the case may be, with the requirements of Rules 164 and 433 applicable to any Permitted Free
Writing Prospectus, including in respect of timely filing with the Commission, legending and record keeping.
(i)
The Company will not (i) take, directly or indirectly, any action designed to or that might reasonably be expected to cause or
result in stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shares or
(ii) sell, bid for, purchase or pay any person (other than as contemplated by this Agreement or any Terms Agreement) any compensation
for soliciting purchases of the Shares.
(j)
The Company will, at any time during the term of this Agreement, as supplemented from time to time, advise the Managers promptly
after it shall have received notice or obtain knowledge thereof, of any information or fact that would materially alter or affect any
opinion, certificate, letter and other document provided to the Managers pursuant to Section 6 herein.
(k)
Upon commencement of the offering of the Shares under this Agreement (if requested by the Managers) (and upon the recommencement
of the offering of the Shares under this Agreement following the termination of a suspension of sales hereunder), and each time that (i)
the Registration Statement or the Prospectus shall be amended or supplemented (other than (A) an Interim Prospectus Supplement filed pursuant
to Rule 424(b) pursuant to Section 4(q) of this Agreement, (B) a prospectus supplement relating solely to the offering or resale
of securities other than the Shares or (C) the filing with the Commission of any report under the Exchange Act except such reports referred
to in Section 4(k)(ii)), (ii) there is filed with the Commission any Annual Report on Form 10-K or Quarterly Report on Form 10-Q,
or any other document that contains financial statements or financial information that is incorporated by reference into the Prospectus,
or any amendment thereto or (iii) the Shares are delivered to one or more Managers as principal at the Time of Delivery pursuant to a
Terms Agreement (the date of such commencement, the date of each such recommencement and the date of each such event referred to in (i),
(ii) and (iii) above, a “Representation Date”), the Company shall furnish or cause to be furnished to the Managers
forthwith a certificate dated and delivered on such Representation Date, as the case may be, in form satisfactory to the Managers to the
effect that the statements contained in the certificate referred to in Section 6(d) of this Agreement which were last furnished to
the Managers are true and correct at the time of such Representation Date, as though made at and as of such time (except that such statements
shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented to such time) or, in lieu of such
certificate, a certificate of the same tenor as the certificate referred to in said Section 6(d), modified as necessary to relate
to the Registration Statement, the Disclosure Package and the Prospectus as amended and supplemented to the time of delivery of such certificate.
(l)
At each Representation Date, the Company shall furnish or cause to be furnished forthwith to the Managers and to counsel to the
Managers a written opinion of Ropes & Gray LLP, counsel to the Company (“Company Counsel”), or other counsel reasonably
satisfactory to the Managers, dated and delivered on such Representation Date, in form and substance satisfactory to the Managers, of
the same tenor as the opinion referred to in Section 6(b) of this Agreement, but modified as necessary to relate to the Registration
Statement, the Disclosure Package and the Prospectus as amended and supplemented to the time of delivery of such opinion.
(m) At
each Representation Date, Choate, Hall & Stewart LLP, counsel to the Managers, shall deliver a written opinion and disclosure
letter, dated and delivered on such Representation Date, in form and substance satisfactory to the Managers, of the same tenor as
the opinions and disclosure letter referred to in Section 6(c) of this Agreement but modified as necessary to relate to the
Registration Statement, the Disclosure Package and the Prospectus as amended and supplemented to the time of delivery of such
opinion.
(n)
At each Representation Date, the Company shall cause Deloitte and Touche LLP (the “Accountants”), or other independent
accountants satisfactory to the Managers forthwith, to furnish the Managers a letter, dated and delivered on such Representation Date,
in form and substance satisfactory to the Managers of the same tenor as the letter referred to in Section 6(e) of this Agreement
but modified to relate to the Registration Statement, the Disclosure Package and the Prospectus, as amended and supplemented to the date
of such letter.
(o)
At each Representation Date, and at such other times as may be reasonably requested by a Manager, the Company will conduct a due
diligence session, in form and substance satisfactory to the Managers, which shall include representatives of the management of the Company
and the independent accountants of the Company. The Company shall cooperate timely with any reasonable due diligence request from or review
conducted by the Managers or its agents from time to time in connection with the transactions contemplated by this Agreement, including,
without limitation, providing information and available documents and access to appropriate officers and agents of the Company during
regular business hours and at the Company’s principal offices, and timely furnishing or causing to be furnished such certificates,
letters and opinions from the Company, and their officers and agents, as the Managers may reasonably request.
(p)
Nothing in this Agreement shall restrict a Manager from trading, and the Company acknowledges that each Manager may trade in the
Common Shares for such Manager’s own account and for the account of its clients before, at the same time as, or after sales of the
Shares occur pursuant to this Agreement or pursuant to a Terms Agreement.
(q)
The Company will either (i) disclose in its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, as applicable, with
regard to the relevant quarter, the number of the Shares sold by or through the Managers pursuant to this Agreement, the Net Proceeds
to the Company and the compensation paid by the Company with respect to such sales of the Shares pursuant to this Agreement, or (ii) on
or prior to the earlier of (A) the date on which the Company shall file a Quarterly Report on Form 10-Q or an Annual Report on Form 10-K
in respect of any fiscal quarter in which sales of Shares were made by a Manager pursuant to this Agreement and (B) the date on which
the Company shall be obligated to file such document referred to in clause (A) in respect of such quarter (each such date, and any date
on which an amendment to any such document is filed, a “Filing Date”), the Company will file a prospectus supplement
with the Commission under the applicable paragraph of Rule 424(b), which prospectus supplement will set forth, with regard to such quarter,
the number of the Shares sold by or through a Manager pursuant to this Agreement, the Net Proceeds to the Company and the compensation
paid by the Company with respect to such sales of the Shares pursuant to this Agreement and deliver such number of copies of each such
prospectus supplement to the NYSE as are required by such exchange.
(r) If,
to the knowledge of the Company, the conditions set forth in Section 6(a) or 6(f) shall not be true and correct on the
applicable Settlement Date or Time of Delivery, the Company will offer to any person who has agreed to purchase Shares from the
Company as the result of an offer to purchase solicited by a Designated Manager the right to refuse to purchase and pay for such
Shares.
(s)
Each acceptance by the Company of an offer to purchase the Shares hereunder, and each execution and delivery by the Company of
a Terms Agreement, shall be deemed to be an affirmation to the Designated Manager, or the Manager(s) party to a Terms Agreement, as the
case may be, that the representations and warranties of the Company contained in or made pursuant to this Agreement are true and correct
as of the date of such acceptance or of such Terms Agreement as though made at and as of such date, and an undertaking that such representations
and warranties will be true and correct as of the Settlement Date for the Shares relating to such acceptance or as of the Time of Delivery
relating to such sale, as the case may be, as though made at and as of such date (except that such representations and warranties shall
be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented relating to such Shares).
(t)
The Company will use its commercially reasonable efforts to cause the Shares to be listed for trading on NYSE and to maintain such
listing.
(u)
During any period when the delivery of a prospectus relating to the Shares is required (including in circumstances where such requirement
may be satisfied pursuant to Rule 172 or any similar rule) to be delivered under the Act, the Company shall file, on a timely basis, with
the Commission and the NYSE all reports and documents required to be filed under the Exchange Act and the regulations thereunder.
(v)
The Company shall cooperate with the Managers and use its reasonable efforts to permit the Shares to be eligible for clearance
and settlement through the facilities of DTC.
(w)
The Company will apply the Net Proceeds from the sale of the Shares in the manner set forth in the Disclosure Package and the Prospectus.
5.
Payment of Expenses. The Company agrees to pay all costs, fees and expenses incurred in connection with the performance
of its obligations under this Agreement, whether or not the transactions contemplated hereby are consummated, including without limitation
(i) all expenses incident to the issuance and delivery of the Shares (including all printing and engraving costs), (ii) all necessary
issue, transfer and other stamp taxes in connection with the issuance and sale of the Shares, (iii) all fees and expenses of the Company’s
counsel, independent public or certified public accountants and other advisors to the Company, and the reasonable fees and expenses of
the Manager’s counsel (which shall be one outside counsel for all Managers unless otherwise agreed by the Company) (iv) all costs
and expenses incurred in connection with the preparation, printing, filing, shipping and distribution of the Registration Statement (including
financial statements, exhibits, schedules, consents and certificates of experts), each Issuer Free Writing Prospectus and the Prospectus,
and all amendments and supplements thereto, and this Agreement, (v) all filing fees, attorneys’ fees and expenses incurred by the
Company or the Managers in connection with qualifying or registering (or obtaining exemptions from the qualification or registration
of) all or any part of the Shares for offer and sale under the state securities or blue sky laws, and, if requested by the Managers,
preparing a “Blue Sky Survey” or memorandum, and any supplements thereto, advising the Managers of such qualifications, registrations
and exemptions, (vi) the filing fees incident to the review and approval by FINRA of the terms of the sale of the Shares, (vii) the fees
and expenses associated with listing of the Shares on the NYSE, (viii) all fees and expenses of the registrar and transfer agent of the
Common Shares, (ix) all fees and expenses (including reasonable fees and expenses of counsel) of the Company in connection with approval
of the Shares by DTC for “book-entry” transfer, (x) all other fees, costs and expenses referred to in Item 14 of Part II
of the Registration Statement and (xi) all other fees, costs and expenses incurred in connection with the performance of its obligations
hereunder for which provision is not otherwise made in this Section 5.
6.
Conditions to the Obligations of the Managers. The obligations of the Managers under this Agreement and any Terms Agreement
shall be subject to (i) the accuracy of the representations and warranties on the part of the Company contained herein as of the Execution
Time, each Representation Date, and as of each Applicable Time, Settlement Date and Time of Delivery, (ii) to the performance by the Company
of its obligations hereunder and (iii) the following additional conditions:
(a)
The Prospectus, and any supplement thereto, required by Rule 424 to be filed with the Commission shall have been filed in the manner
and within the time period required by Rule 424(b) with respect to any sale of Shares; each Interim Prospectus Supplement shall have been
filed in the manner required by Rule 424(b) within the time period required by Section 4(q) of this Agreement; any material required
to be filed by the Company pursuant to Rule 433(d) under the Act shall have been filed with the Commission within the applicable time
periods prescribed for such filings by Rule 433; and no stop order suspending the effectiveness of the Registration Statement or any notice
objecting to its use shall have been issued and no proceedings for that purpose or pursuant to Section 8A of the Act shall have been
instituted or threatened.
(b)
The Company shall have requested and caused Company Counsel to furnish to the Managers, on every date specified in Section 4(l)
of this Agreement, opinions collectively covering the opinions the form of which are attached as Exhibit A.
(c)
The Managers shall have received from Choate, Hall & Stewart LLP, counsel for the Managers, on every date specified in Section 4(m)
of this Agreement, such opinion or opinions and disclosure letter or letters, dated as of such date and addressed to the Managers, with
respect to the issuance and sale of the Shares, the Registration Statement, the Disclosure Package, the Prospectus (together with any
supplement thereto) and other related matters as the Managers may reasonably require, and the Company shall have furnished to such counsel
such documents as they reasonably request for the purpose of enabling them to pass upon such matters.
(d) The
Company shall have furnished or caused to be furnished to the Managers, on every date specified in Section 4(k) of this
Agreement, a certificate of the Company, signed by the Treasurer of the Company and the Assistant Treasurer of the Company, dated as
of such date, to the effect that the signers of such certificate have carefully examined the Registration Statement, the Disclosure
Package and the Prospectus and any supplements or amendments thereto and this Agreement and that:
(i)
the Company has received no stop order suspending the effectiveness of the Registration Statement, and no proceedings for such
purpose or pursuant to Section 8A of the Act have been instituted or, to the Company’s knowledge, threatened by the Commission;
(ii)
since the date of the most recent financial statements included in the Prospectus and the Disclosure Package, there has been no
event or condition of a type described in Section 2(l) hereof (a “Material Adverse Change”),
except as set forth in or contemplated in the Disclosure Package and the Prospectus;
(iii)
the representations, warranties and covenants set forth in Section 2 of this Agreement are true and correct with the same
force and effect as though expressly made on and as of such date; and
(iv)
the Company has complied with all the agreements hereunder and satisfied all the conditions on its part to be performed or satisfied
hereunder at or prior to such date.
(e)
The Company shall have requested and caused the Accountants to have furnished to the Managers, on every date specified in Section 4(n)
hereof and to the extent requested by the Managers in connection with any offering of the Shares, letters (which may refer to letters
previously delivered to the Managers), dated as of such date, in form and substance satisfactory to the Managers, which letters shall
cover, without limitation, the various financial statements and disclosures contained in the Registration Statement, the Disclosure Package
and the Prospectus and other matters ordinarily covered by accountants’ “comfort letters” to underwriters in connection
with registered public offerings as contemplated in the Statement on Auditing Standards No. 72, as well as confirming that they have performed
a review of any unaudited interim financial information of the Company included in the Registration Statement, the Disclosure Package
and the Prospectus in accordance with Statement on Auditing Standards No. 100.
References to the Prospectus
in this paragraph (e) include any supplement thereto at the date of the letter.
(f) Since
the respective dates as of which information is disclosed in the Registration Statement, the Disclosure Package and the Prospectus,
except as otherwise stated therein, there shall not have been (i) any change or decrease specified in the letter or letters referred
to in paragraph (e) of this Section 6 or (ii) Material Adverse Change, except as set forth in or contemplated in the Disclosure
Package (exclusive of any amendment or supplement thereto) the effect of which, in any case referred to in clause (i) or (ii) above,
is, in the sole judgment of the Managers, so material and adverse as to make it impractical or inadvisable to proceed with the
offering or delivery of the Shares as contemplated by the Registration Statement (exclusive of any amendment thereof), the
Disclosure Package and the Prospectus (exclusive of any amendment or supplement thereto).
(g)
FINRA shall not have raised any objection with respect to the fairness and reasonableness of the terms and arrangements under this
Agreement.
(h)
The Shares shall have been listed and admitted and authorized for trading on the NYSE, and satisfactory evidence of such actions
shall have been provided to the Managers.
(i)
Prior to each Settlement Date and Time of Delivery, as applicable, the Company shall have furnished to the Designated Manager such
further information, certificates and documents as the Designated Manager may reasonably request.
If any of the conditions specified
in this Section 6 shall not have been fulfilled when and as provided in this Agreement, or if any of the opinions and certificates
mentioned above or elsewhere in this Agreement shall not be reasonably satisfactory in form and substance to the Managers and counsel
for the Managers, this Agreement and all obligations of the applicable Manager hereunder may be canceled at, or at any time prior to,
any Settlement Date or Time of Delivery, as applicable, by such Manager with respect to itself only. Notice of such cancellation shall
be given to the Company in writing or by telephone or facsimile confirmed in writing. Following any such cancellation by a Manager, this
Agreement shall remain in effect as to the other Manager that has not exercised its right to cancel this Agreement pursuant to this Section 6
and any obligations and rights of the Managers under this Agreement shall be satisfied by or afforded to only such other Manager.
The documents required to
be delivered by this Section 6 shall be delivered at the office of Choate, Hall & Stewart LLP, counsel for the Managers, at Boston,
Massachusetts, on each such date as provided in this Agreement.
7.
Indemnification and Contribution.
(a)
The Company agrees to indemnify and hold harmless each Manager, its affiliates, as such term is defined in Rule 501(b) under the
Act (each, an “Affiliate”), the directors, officers, employees and agents of each Manager, any broker-dealer affiliate
of a Manager through which Shares are sold, and each person who controls a Manager within the meaning of either the Act or the Exchange
Act and against any loss, claim, damage, liability or expense, as incurred, to which they or any of them may become subject under the
Act, the Exchange Act or other federal or state statutory law or regulation, at common law or otherwise (including in settlement of any
litigation, if such settlement is effected with the written consent of the Company or otherwise permitted by paragraph (d) below), insofar
as such loss, claim, damage, liability or expense (or actions in respect thereof as contemplated below) arises out of or is based (i)
upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto)
or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein
not misleading; or (ii) upon any untrue statement or alleged untrue statement of a material fact contained in any Issuer Free Writing
Prospectus or any “issuer information” filed or required to be filed pursuant to Rule 433(d) under the Act, the Base Prospectus,
the Prospectus Supplement or any Interim Prospectus Supplement (or any amendment or supplement thereto) or the omission or alleged omission
therefrom of a material fact, in each case, necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading; and agrees to reimburse each such indemnified party, for any and all expenses (including the reasonable
fees and disbursements of counsel chosen by the indemnified party) as such expenses are reasonably incurred by them in connection with
investigating, defending, settling, compromising or paying any such loss, claim, damage, liability, expense or action; provided,
however, that the foregoing indemnity agreement shall not apply to any loss, claim, damage, liability or expense to the extent,
but only to the extent, arising out of or based upon any untrue statement or alleged untrue statement or omission or alleged omission
made in reliance upon and in conformity with written information furnished to the Company by any Manager expressly for use in the Registration
Statement (or any amendment thereto), any Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto).
The Company acknowledges that with respect to each Manager, the name of such Manager constitutes the only information furnished in writing
by or on behalf of the several Managers for inclusion in the Registration Statement, the Base Prospectus, any Issuer Free Writing Prospectus,
any Prospectus Supplement or any Interim Prospectus Supplement (or any amendment or supplement thereto). This indemnity agreement will
be in addition to any liabilities that the Company may otherwise have.
(b) Each
Manager agrees, severally and not jointly, to indemnify and hold harmless the Company, each of its trustees, each of its officers
who signed the Registration Statement and each person, if any, who controls the Company within the meaning of the Act or the
Exchange Act, against any loss, claim, damage, liability or expense, as incurred, to which the Company or any such trustee, officer
or controlling person may become subject, under the Act, the Exchange Act, or other federal or state statutory law or regulation, or
at common law or otherwise (including in settlement of any litigation, if such settlement is effected with the written consent of
such Manager or otherwise permitted by paragraph (d) below), insofar as such loss, claim, damage, liability or expense (or actions
in respect thereof as contemplated below) arises out of or is based (i) upon any untrue statement or alleged untrue statement of a
material fact contained in the Registration Statement (or any amendment thereto) or the omission or alleged omission therefrom of a
material fact required to be stated therein or necessary to make the statements therein not misleading; or (ii) upon any untrue
statement or alleged untrue statement of a material fact contained in any Issuer Free Writing Prospectus or any “issuer
information” filed or required to be filed pursuant to Rule 433(d) under the Act, the Base Prospectus, the Prospectus
Supplement or any Interim Prospectus Supplement (or any amendment or supplement thereto) or the omission or alleged omission
therefrom of a material fact, in each case, necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading, in each case to the extent, but only to the extent, that such untrue statement or
alleged untrue statement or omission or alleged omission was made in the Registration Statement, the Base Prospectus, any Issuer
Free Writing Prospectus, any Prospectus Supplement or any Interim Prospectus Supplement (or any amendment or supplement thereto), in
reliance upon and in conformity with written information furnished to the Company by any Manager expressly for use therein; and to
reimburse the Company, or any such trustee, officer or controlling person for any legal and other expense reasonably incurred by the
Company, or any such trustee, officer or controlling person in connection with investigating, defending, settling, compromising or
paying any such loss, claim, damage, liability, expense or action. The indemnity agreement set forth in this Section 7(b) shall
be in addition to any liabilities that each Manager may otherwise have. The Company acknowledges that with respect to each Manager,
the name of such Manager constitutes the only information furnished in writing by or on behalf of the several Managers for inclusion
in the Registration Statement, the Base Prospectus, any Issuer Free Writing Prospectus, any Prospectus Supplement or any Interim
Prospectus Supplement (or any amendment or supplement thereto).
(c)
Promptly after receipt by an indemnified party under this Section 7 of notice of the commencement of any action, such indemnified
party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 7, notify the indemnifying
party in writing of the commencement thereof; but the omission to so notify the indemnifying party will not relieve it from any liability
which it may have to any indemnified party for contribution or otherwise than under the indemnity agreement contained in paragraph (a)
or (b) above or to the extent it is not prejudiced (through the forfeiture of substantive rights or defenses) as a proximate result of
such failure. In case any such action is brought against any indemnified party and such indemnified party seeks or intends to seek indemnity
from an indemnifying party, the indemnifying party will be entitled to participate in, and, to the extent that it shall elect, jointly
with all other indemnifying parties similarly notified, by written notice delivered to the indemnified party promptly after receiving
the aforesaid notice from such indemnified party, to assume the defense thereof with counsel reasonably satisfactory to such indemnified
party; provided, however, if the defendants in any such action include both the indemnified party and the indemnifying party
and the indemnified party shall have reasonably concluded that a conflict may arise between the positions of the indemnifying party and
the indemnified party in conducting the defense of any such action or that there may be legal defenses available to it and/or other indemnified
parties which are different from or additional to those available to the indemnifying party, the indemnified party or parties shall have
the right to select separate counsel to assume such legal defenses and to otherwise participate in the defense of such action on behalf
of such indemnified party or parties. Upon receipt of notice from the indemnifying party to such indemnified party of such indemnifying
party’s election to assume the defense of such action and approval by the indemnified party of counsel, the indemnifying party will
not be liable to such indemnified party under this Section 7 for any legal or other expenses subsequently incurred by such indemnified
party in connection with the defense thereof unless (i) the indemnified party shall have employed separate counsel in accordance with
the proviso to the next preceding sentence (it being understood, however, that the indemnifying party shall not be liable for the expenses
of more than one separate counsel (together with local counsel), approved by the indemnifying party (the Managers in the case of Section 7(b)
and Section 7(e)), representing the indemnified parties who are parties to such action), (ii) the indemnifying party shall not have
employed counsel reasonably satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice
of commencement of the action, in each of which cases the fees and expenses of counsel shall be at the expense of the indemnifying party
or (iii) the indemnifying party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying party.
(d) The
indemnifying party under this Section 7 shall not be liable for any settlement of any proceeding effected without its written
consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to
indemnify the indemnified party against any loss, claim, damage, liability or expense by reason of such settlement or judgment.
Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse
the indemnified party for fees and expenses of counsel as contemplated by Section 7(c) hereof, the indemnifying party agrees
that it shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered
into more than 60 days after receipt by such indemnifying party of the aforesaid request and (ii) such indemnifying party shall not
have reimbursed the indemnified party in accordance with such request prior to the date of such settlement. No indemnifying party
shall, without the prior written consent of the indemnified party, effect any settlement, compromise or consent to the entry of
judgment in any pending or threatened action, suit or proceeding in respect of which any indemnified party is or could have been a
party and indemnity was or could have been sought hereunder by such indemnified party, unless such settlement, compromise or consent
(i) includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such
action, suit or proceeding and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by
or on behalf of any indemnified party.
(e)
If the indemnification provided for in this Section 7 is for any reason held to be unavailable to or otherwise insufficient
to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities or expenses referred to therein, then each
indemnifying party shall contribute to the aggregate amount paid or payable by such indemnified party, as incurred, as a result of any
losses, claims, damages, liabilities or expenses referred to therein (i) in such proportion as is appropriate to reflect the relative
benefits received by the Company, on the one hand, and each Manager, on the other hand, from the offering of the Shares pursuant to this
Agreement, or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate
to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company, on the one hand,
and each Manager, on the other hand, in connection with the statements or omissions or inaccuracies in the representations and warranties
herein which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations.
The relative benefits received by the Company shall be deemed to be equal to the total net proceeds from the offering (before deducting
expenses) received by them, and benefits received by each Manager shall be deemed to be equal to the total compensation received by such
Manager under Section 3(c) of this Agreement, in each case as determined by this Agreement or any applicable Terms Agreement. The relative
fault of the Company, on the one hand, and each Manager, on the other hand, shall be determined by reference to, among other things, whether
any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact or any such inaccurate
or alleged inaccurate representation or warranty relates to information supplied by the Company, on the one hand, or such Manager, on
the other hand, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement
or omission.
The amount paid or
payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to
include, subject to the limitations set forth in Section 7(c), any legal or other fees or expenses reasonably incurred by such
party in connection with investigating or defending any action or claim. The provisions set forth in Section 7(c) with respect
to notice of commencement of any action shall apply if a claim for contribution is to be made under this Section 7(e); provided, however,
that no additional notice shall be required with respect to any action for which notice has been given under Section 7(c) for
purposes of indemnification.
The Company and the Managers
agree that it would not be just and equitable if contribution pursuant to this Section 7(e) were determined by pro rata allocation
(even if the Managers were treated as one entity for such purpose) or by any other method of allocation which does not take account of
the equitable considerations referred to in this Section 7(e).
Notwithstanding the provisions
of this Section 7(e), no Manager shall be required to contribute any amount in excess of the discounts and commissions received by
such Manager in connection with the Shares sold by it pursuant to this Agreement and any applicable Terms Agreement in the specific transaction
or transactions giving rise to the contribution obligation. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Managers’
obligations to contribute pursuant to this Section 7(e) are several, and not joint. For purposes of this Section 7(e), each
Affiliate, director, officer, employee and agent of a Manager, each person, if any, who controls a Manager within the meaning of the Act
and the Exchange Act and any broker-dealer affiliate of a Manager through which Shares are sold shall have the same rights to contribution
as such Manager, and each trustee of the Company or each officer of the Company who signed the Registration Statement, and each person,
if any, who controls the Company within the meaning of the Act and the Exchange Act shall have the same rights to contribution as the
Company.
8.
Termination.
(a)
The Company shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement
relating to the solicitation of offers to purchase the Shares in its sole discretion at any time. Any such termination shall be without
liability of any party to any other party except that (i) if Shares have been sold through a Manager for the Company, then Section 4(s)
shall remain in full force and effect with respect to such Manager and the Company, (ii) with respect to any pending sale, through the
Designated Manager for the Company, the obligations of the Company, including in respect of compensation of the Designated Manager, shall
remain in full force and effect notwithstanding the termination and (iii) the provisions of Sections 2, 5, 7, 9, 10, 12 and 14 of this
Agreement shall remain in full force and effect notwithstanding such termination.
(b)
Each Manager shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement
relating to the solicitation of offers to purchase the Shares in its sole discretion at any time, with respect to such Manager only. Any
such termination shall be without liability of any party to any other party except that the provisions of Sections 2, 5, 7, 9, 10, 12
and 14 of this Agreement shall remain in full force and effect with respect to such Manager notwithstanding such termination. Following
any such termination by a Manager, this Agreement shall remain in effect as to each other Manager that has not exercised its right to
terminate the provisions of this Agreement pursuant to this Section 8(b) and any obligations and rights of the Managers under this
Agreement shall be satisfied by or afforded to, as applicable, only such other Managers.
(c)
This Agreement shall remain in full force and effect unless terminated pursuant to Sections 8(a) or (b) above or otherwise by
mutual agreement of the parties; provided that any such termination by mutual agreement shall in all cases be deemed to provide
that Sections 2, 5, 7 and 9 shall remain in full force and effect.
(d)
Any termination of this Agreement shall be effective on the date specified in such notice of termination; provided that
such termination shall not be effective until the close of business on the date of receipt of such notice by a Manager or the Company,
as the case may be. If such termination shall occur prior to the Settlement Date or Time of Delivery for any sale of the Shares, such
sale shall, subject to Section 6 hereof, settle in accordance with the provisions of Section 3(e) of this Agreement.
(e)
In the case of any purchase of Shares by a Manager pursuant to a Terms Agreement, the obligations of such Manager pursuant to such
Terms Agreement shall be subject to termination, in the absolute discretion of such Manager, by notice given to the Company prior to the
Time of Delivery relating to such Shares, if at any time prior to such delivery and payment (i) trading or quotation in any of the Company’s
securities shall have been suspended or limited by the Commission or by NYSE, or trading in securities generally on either the NASDAQ
or the NYSE shall have been suspended or limited, or minimum or maximum prices shall have been generally established on any of such stock
exchanges by the Commission or FINRA; (ii) a general banking moratorium shall have been declared by any of federal or New York authorities;
(iii) there shall have occurred any outbreak or escalation of national or international hostilities or any crisis or calamity involving
the United States, or any change in the United States or international financial markets, or any substantial change or development involving
a prospective substantial change in United States’ or international political, financial or economic conditions, as in the judgment
of such Manager is material and adverse and makes it impracticable or inadvisable to proceed with the offering or delivery of the Shares
in the manner and on the terms described in the Disclosure Package and the Prospectus or to enforce contracts for the sale of securities;
(iv) in the judgment of such Manager there shall have occurred any Material Adverse Change or (v) there shall have occurred a material
disruption in commercial banking or securities settlement or clearance services in the United States.
9.
Representations and Indemnities to Survive. The respective agreements, representations, warranties, indemnities and other
statements of the Company, the officers of the Company and of each Manager set forth in or made pursuant to this Agreement will remain
in full force and effect, regardless of any investigation made by a Manager or the Company or any of the officers, directors, trustees,
employees, agents or controlling persons referred to in Section 7 hereof, and will survive delivery of and payment for the Shares.
10.
Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given
if mailed or transmitted and confirmed by any standard form of telecommunication, and:
If sent to Goldman, will be
mailed, delivered or telefaxed to:
Goldman Sachs & Co. LLC
200 West Street
New York, New York 10282
Facsimile: (212) 902-9316
Attention: Registration Department
If sent to Barclays Capital
Inc., will be mailed, delivered or telefaxed to:
Barclays Capital Inc.
745 Seventh Avenue
New York, NY 10019
Fax: 646-834-8133
Attention: Syndicate Registration
If sent to Citigroup Global
Markets Inc., will be mailed, delivered or telefaxed to:
Citigroup Global Markets Inc.
388 Greenwich Street
New York, New York 10013
Facsimile: (646) 291-1469
Attention: General Counsel
If sent to Wells Fargo Securities,
LLC, will be mailed, delivered or telefaxed to:
Wells Fargo Securities, LLC
500 West 33rd St.
14th Floor
New York, New York 10001
Facsimile: (212) 214-5918
Attention: Equity Syndicate Department
If sent to Morgan Stanley
& Co. LLC, will be mailed, delivered or telefaxed to:
Morgan Stanley & Co. LLC
1585 Broadway, 29th Floor
New York, New York 10036
Attention: Equity Syndicate Desk, with a copy to the Legal Department
If sent to J.P. Morgan Securities
LLC, will be mailed, delivered or telefaxed to:
J.P. Morgan Securities LLC
383 Madison Avenue
New York, New York 10017
Attention: Equity Syndicate Desk, with a copy to the Legal
Department
In the case of any Manager,
with a copy to:
Choate, Hall & Stewart LLP
Two International Place
Boston, Massachusetts 02110
Facsimile: (617) 502-5267
Attention: Andrew J. Hickey, Esq.
If sent to the Company, will
be mailed, delivered or telefaxed to:
Eversource Energy
247 Station Drive
Westwood, Massachusetts 02090
Facsimile: (781) 441-3086
Attention: Assistant Treasurer
with a copy to:
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, Massachusetts 02199
Email: marko.zatylny@ropesgray.com; Thomas.fraser@ropesgray.com
Attention: Marko Zatylny, Tom Fraser
Any party hereto may change
the address for receipt of communications by giving written notice to the others.
11.
Successors. This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors
and the officers, directors, trustees, employees, agents and controlling persons referred to in Section 7 hereof, and no other person
will have any right or obligation hereunder.
12.
No Fiduciary Duty. The Company hereby acknowledges that (a) the purchase and sale of the Shares pursuant to this Agreement
is an arm’s-length commercial transaction between the Company, on the one hand, and the Manager and any affiliate through which
it may be acting, on the other, (b) the Manager is acting solely as sales agent and/or principal in connection with the purchase and sale
of the Company’s securities and not as a fiduciary of the Company and (c) the Company’s engagement of each Manager in connection
with the offering and the process leading up to the offering is as independent contractors and not in any other capacity. Furthermore,
the Company agrees that it is solely responsible for making its own judgments in connection with the offering (irrespective of whether
a Manager has advised or is currently advising it on related or other matters). The Company agrees that it will not claim that a Manager
has rendered advisory services of any nature or respect, or owe an agency, fiduciary or similar duty to the Company, in connection with
the transactions contemplated by this Agreement or the process leading thereto.
13.
Integration. This Agreement and any Terms Agreement supersede all prior agreements and understandings (whether written or
oral) between the Company and the Managers with respect to the subject matter hereof.
14.
Applicable Law. This Agreement and any Terms Agreement will be governed by and construed in accordance with the laws of
the State of New York applicable to contracts made and to be performed within the State of New York.
15.
Waiver of Jury Trial. The Company hereby irrevocably waives, to the fullest extent permitted by applicable law, any and
all right to trial by jury in any legal proceeding arising out of or relating to this Agreement, any Terms Agreement or the transactions
contemplated hereby or thereby.
16.
Counterparts. This Agreement and any Terms Agreement may be signed in one or more counterparts, each of which shall constitute
an original and all of which together shall constitute one and the same agreement. Counterparts may be delivered via facsimile, electronic
mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic
Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so
delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.
17.
Headings. The section headings used in this Agreement and any Terms Agreement are for convenience only and shall not affect
the construction hereof.
18.
No Shareholder Liability. The Declaration of Trust of the Company provides that no shareholder
of the Company shall be held to any liability whatever for the payment of any sum of money, or for damages or otherwise, under any contract,
obligation or undertaking made, entered into or issued by the trustees of the Company or by any officer, agent or representative elected
or appointed by the trustees of the Company and no such contract, obligation, or undertaking shall be enforceable against the trustees
of the Company or any of them in their or his individual capacities or capacity and all such contracts, obligations and undertakings shall
be enforceable only against the trustees of the Company as such, and every person, firm, association, trust and corporation having any
claim or demand arising out of any such contract, obligation or undertaking shall look only to the trust estate for the payment or satisfaction
thereof.
19.
Recognition of the U.S. Special Resolution Regimes.
(a)
In the event that any Manager that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime,
the transfer from such Manager of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the
same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation,
were governed by the laws of the United States or a state of the United States.
(b)
In the event that any Manager that is a Covered Entity or a BHC Act Affiliate of such Manager becomes subject to a proceeding under
a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Manager are permitted to be exercised
to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed
by the laws of the United States or a state of the United States.
As used in this Section 19:
“BHC Act Affiliate”
has the meaning assigned to the term “affiliate” in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).
“Covered Entity”
means any of the following:
(i) a “covered
entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);
(ii) a “covered
bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or
(iii) a “covered
FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).
“Default Right”
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as
applicable.
“U.S. Special Resolution
Regime” means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of
the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.
20.
Definitions. The terms that follow, when used in this Agreement and any Terms Agreement, shall have the meanings indicated.
“Act” shall
mean the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder.
“Applicable Time”
shall mean, with respect to any Shares, the time of sale of such Shares pursuant to this Agreement or any relevant Terms Agreement.
“Base Prospectus”
shall mean the base prospectus referred to in Section 2(a) above contained in the Registration Statement at the Execution Time.
“Business Day”
shall mean any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust companies are authorized
or obligated by law to close in New York City.
“Commission”
shall mean the Securities and Exchange Commission.
“Designated Manager”
shall mean, as of any given time, a Manager that the Company has designated as sales agent to sell Shares pursuant to the terms of this
Agreement.
“Disclosure Package”
shall mean (i) the Base Prospectus, (ii) the Prospectus Supplement, (iii) the most recently filed Interim Prospectus Supplement, if any,
(iv) the Issuer Free Writing Prospectuses, if any, identified in Schedule I hereto, (v) the public offering price of Shares sold at the
relevant Applicable Time as specified in a Terms Agreement and (vi) any other Free Writing Prospectus that the parties hereto shall hereafter
expressly agree in writing to treat as part of the Disclosure Package.
“Effective Date”
shall mean each date and time that the Registration Statement and any post-effective amendment or amendments thereto became or becomes
effective.
“Exchange Act”
shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder.
“Execution Time”
shall mean the date and time that this Agreement is executed and delivered by the parties hereto.
“Free Writing Prospectus”
shall mean a free writing prospectus, as defined in Rule 405.
“Interim Prospectus
Supplement” shall mean the prospectus supplement relating to the Shares prepared and filed pursuant to Rule 424(b) from time
to time as provided by Section 4(q) of this Agreement.
“Issuer Free Writing
Prospectus” shall mean an issuer free writing prospectus, as defined in Rule 433.
“Prospectus”
shall mean the Base Prospectus, as supplemented by the Prospectus Supplement and the most recently filed Interim Prospectus Supplement
(if any).
“Prospectus Supplement”
shall mean the most recent prospectus supplement relating to the Shares that was first filed pursuant to Rule 424(b) at or prior to the
Execution Time.
“Registration Statement”
shall mean the registration statement referred to in Section 2(a) above, including exhibits and financial statements and any prospectus
supplement relating to the Shares that is filed with the Commission pursuant to Rule 424(b) and deemed part of such registration statement
pursuant to Rule 430B, as amended on each Effective Date and, in the event any post-effective amendment thereto becomes effective, shall
also mean such registration statement as so amended.
“Rule 158,”
“Rule 163,” “Rule 164,” “Rule 172,” “Rule 405,” “Rule
415,” “Rule 424,” “Rule 430B” and “Rule 433” refer to such rules under
the Act.
[Signature Page Follows]
If the foregoing is in accordance
with your understanding of our agreement, please sign and return to us the enclosed duplicate hereof, whereupon this letter and your acceptance
shall represent a binding agreement among the Company and the Managers.
| |
Very truly yours, |
| |
|
| |
EVERSOURCE ENERGY |
| |
|
| |
By: |
/s/ Emilie G. O’Neil |
| |
Name: Emilie G. O’Neil |
| |
Title: Assistant Treasurer |
SIGNATURE
PAGE TO EQUITY DISTRIBUTION
AGREEMENT
CONFIRMED AND ACCEPTED,
as of the date first written above: |
|
| |
|
| Goldman Sachs & Co. LLC |
|
| |
|
| By: |
/s/ Charles Park |
|
| Name: Charles Park |
|
| Title: Managing Director |
|
| |
|
| Barclays Capital Inc. |
|
| |
|
| By: |
/s/ Lindsey VanEgmond |
|
| Name: Lindsey VanEgmond |
|
| Title: Managing Director |
|
| |
|
| Citigroup Global Markets Inc. |
|
| |
|
| By: |
/s/ Agha Murtaza |
|
| Name: Agha Murtaza |
|
| Title: Director / Vice President |
|
| |
|
| Wells Fargo Securities, LLC |
|
| |
|
| By: |
/s/ Michael J. Tiedemann |
|
| Name: Michael J. Tiedemann |
|
| Title: Managing Director |
|
| |
|
| Morgan Stanley & Co. LLC |
|
| |
|
| By: |
/s/ Mauricio Dominguez |
|
| Name: Mauricio Dominguez |
|
| Title: Vice President |
|
| |
|
| J.P. Morgan Securities LLC |
|
| |
|
| By: |
/s/ Stephanie Little |
|
| Name: Stephanie Little |
|
| Title: Executive Director |
|
SIGNATURE
PAGE TO EQUITY DISTRIBUTION
AGREEMENT
SCHEDULE I
Schedule of Free Writing Prospectuses included
in the Disclosure Package
None
| [Form of Terms Agreement] |
ANNEX I |
eversource
energy
Common Shares ($5.00 par value)
TERMS AGREEMENT
____________, 20___
[name/address of designated manager]
Dear Sirs:
Eversource Energy, a voluntary
association and Massachusetts business trust (the “Company”) proposes, subject to the terms and conditions stated herein
and in the Equity Distribution Agreement, dated May 11, 2022 (the “Equity Distribution Agreement”), among the Company,
Goldman Sachs & Co. LLC; Barclays Capital Inc.; Citigroup Global Markets Inc.; Wells Fargo Securities, LLC; Morgan Stanley &
Co. LLC; and J.P. Morgan Securities LLC, to issue and sell to [Name of Manager], the securities specified in the Schedule I hereto
(the “Purchased Shares”)[, and solely for the purpose of covering over-allotments, to grant to [name of designated
manager] (the “Designated Manager”) the option to purchase the additional securities specified in the Schedule
I hereto (the “Additional Shares”)]. [Include only if the Designated Manager has an over-allotment option]
[The Designated Manager shall
have the right to purchase from the Company all or a portion of the Additional Shares as may be necessary to cover over-allotments made
in connection with the offering of the Purchased Shares, at the same purchase price per share to be paid by the Designated Manager to
the Company for the Purchased Shares. This option may be exercised by the Designated Manager at any time (but not more than once) on or
before the thirtieth day following the date hereof, by written notice to the Company. Such notice shall set forth the aggregate number
of shares of Additional Shares as to which the option is being exercised, and the date and time when the Additional Shares are to be delivered
(such date and time being herein referred to as the “Option Closing Date”); provided, however, that the
Option Closing Date shall not be earlier than the Time of Delivery (as set forth in the Schedule I hereto) nor earlier than the second
business day after the date on which the option shall have been exercised nor later than the fifth business day after the date on which
the option shall have been exercised. Payment of the purchase price for the Additional Shares shall be made at the Option Closing Date
in the same manner and at the same office as the payment for the Purchased Shares.] [Include only if the Designated Manager has an
over-allotment option]
Each of the provisions
of the Equity Distribution Agreement not specifically related to the solicitation by the Designated Manager, as agent of the
Company, of offers to purchase securities is incorporated herein by reference in its entirety, and shall be deemed to be part of
this Terms Agreement to the same extent as if such provisions had been set forth in full herein. Each of the representations and
warranties set forth therein shall be deemed to have been made at and as of the date of this Terms Agreement [and] [,] the Time of
Delivery [and any Option Closing Date] [Include only if the Designated Manager has an over-allotment option], except that
each representation and warranty in Section 2 of the Equity Distribution Agreement which makes reference to the Prospectus (as
therein defined) shall be deemed to be a representation and warranty as of the date of the Equity Distribution Agreement in relation
to the Prospectus, and also a representation and warranty as of the date of this Terms Agreement [and] [,] the Time of Delivery [and
any Option Closing Date] [Include only if the Designated Manager has an over-allotment option] in relation to the Prospectus
as amended and supplemented to relate to the Purchased Shares.
An amendment to the Registration
Statement (as defined in the Equity Distribution Agreement), or a supplement to the Prospectus, as the case may be, relating to the Purchased
Shares [and the Additional Shares] [Include only if the Designated Manager has an over-allotment option], in the form heretofore
delivered to the Manager is now proposed to be filed with the Securities and Exchange Commission.
Subject to the terms and conditions
set forth herein and in the Equity Distribution Agreement which are incorporated herein by reference, the Company agrees to issue and
sell to the Designated Manager and the latter agrees to purchase from the Company the number of shares of the Purchased Shares at the
time and place and at the purchase price set forth in the Schedule I hereto.
If the foregoing is in accordance
with your understanding, please sign and return to us a counterpart hereof, whereupon this Terms Agreement, including those provisions
of the Equity Distribution Agreement incorporated herein by reference, shall constitute a binding agreement between the Managers and the
Company.
| |
EVERSOURCE ENERGY |
| |
|
| |
By: [●] |
| |
|
| |
By: |
|
| |
Name: |
| |
Title: |
ACCEPTED as of the date first written above.
[Designated Manager]
| [Form of Terms Agreement] |
Schedule I to the Terms Agreement |
Title of Purchased Shares [and Additional Shares]:
Common Shares
Number of Shares of Purchased Shares:
[Number of Shares of Additional Shares:]
[Price to Public:]
Purchase Price by [Name of Manager] [●]
[●]:
Method of and Specified Funds for Payment of Purchase
Price:
By wire transfer to a bank account specified by
the Company in same day funds.
Method of Delivery:
Free delivery of the Shares to the Manager’s
account at The Depository Trust Company in return for payment of the purchase price.
Time of Delivery:
Closing Location:
Documents to be Delivered:
The following documents referred to in the Equity
Distribution Agreement shall be delivered as a condition to the closing at the Time of Delivery [and on any Option Closing Date]:
(1) The
opinion referred to in Section 4(l).
(2) The
opinion referred to in Section 4(m).
(3) The
accountants’ letter referred to in Section 4(n).
(4) The
officers’ certificate referred to in Section 4(k).
(5) Such
other documents as the Manager shall reasonably request.
EXHIBIT A
Form of Opinion of Company Counsel to be delivered
pursuant to Section 6(b) of the
Equity Distribution Agreement
[Attached]
