NALCOR ENERGY and EMERA INC. AMENDED AND RESTATED MARITIME LINK – JOINT DEVELOPMENT AGREEMENT July 31, 2014 A&R ML-JDA Execution Copy 17614717_1.doc TABLE OF CONTENTS ARTICLE 1 INTERPRETATION ......................................................................................................... 2 1.1 Definitions ..................................................................................................................... 2 1.2 Construction of Agreement ......................................................................................... 22 1.3 Conflicts between Parts of Agreement ....................................................................... 25 1.4 Applicable Law and Submission to Jurisdiction ........................................................... 25 1.5 Schedules..................................................................................................................... 25 1.6 Inter-Relationship with Original ML-JDA ..................................................................... 25 ARTICLE 2 BASIS AND SCOPE OF PROJECT ................................................................................... 26 2.0 Commitment to Proceed ............................................................................................. 26 2.1 Maritime Link .............................................................................................................. 26 2.2 Fundamentals of the ML Transaction ......................................................................... 28 2.3 Estimated Capital Costs of Other Defined Assets ....................................................... 28 2.4 Exclusivity .................................................................................................................... 28 2.5 True Up Adjustment .................................................................................................... 28 ARTICLE 3 PROJECT GOVERNANCE .............................................................................................. 29 3.1 Establishment of JDC-ML............................................................................................. 29 3.2 Decision Making .......................................................................................................... 29 3.3 JDC-ML Composition, Quorum, Duration and Procedures ......................................... 31 3.4 Powers of the JDC-ML ................................................................................................. 31 3.5 Meetings of JDC-ML .................................................................................................... 33 3.6 Resolution in Writing ................................................................................................... 35 3.7 Decisions of JDC-ML Binding ....................................................................................... 35 3.8 Costs of JDC-ML Participation ..................................................................................... 35 ARTICLE 4 PROJECT MANAGEMENT ............................................................................................ 35 4.1 General Principles ....................................................................................................... 35 4.2 Project Director ........................................................................................................... 36 4.3 Project Manager .......................................................................................................... 36 4.4 Maritime Link Project Team ........................................................................................ 36 4.5 Reporting Obligations ................................................................................................. 37 4.6 Records and Audits...................................................................................................... 39 4.7 Access and Information ............................................................................................... 40 ARTICLE 5 PRE-COST SHARING END DATE ACTIVITIES .................................................................. 41 5.1 Pre-CSED Development Activities ............................................................................... 41 A&R ML-JDA Execution Copy 17614717_1.doc Page i 5.2 [Intentionally deleted] ................................................................................................ 42 5.3 [Intentionally deleted] ................................................................................................ 42 5.4 Master AFE and Budget ............................................................................................... 42 5.5 [Intentionally deleted] ................................................................................................ 42 5.6 [Intentionally deleted] ................................................................................................ 42 5.7 [Intentionally deleted] ................................................................................................ 42 ARTICLE 6 LAND ACQUISITION AND REGULATORY APPROVALS ................................................... 43 6.1 General ........................................................................................................................ 43 6.2 Land Acquisition Plan .................................................................................................. 43 6.3 Shared Use of Transmission Corridor .......................................................................... 45 6.4 Engagement with Governments ................................................................................. 45 6.5 Environmental Approvals ............................................................................................ 45 6.6 Other Regulatory Approvals ........................................................................................ 46 6.7 Maintenance of Approvals .......................................................................................... 46 ARTICLE 7 PROJECT IMPLEMENTATION ....................................................................................... 47 7.1 Duties Regarding Project Implementation .................................................................. 47 7.2 Emera as Representative ............................................................................................ 48 7.3 Project Milestones ...................................................................................................... 48 7.4 Newfoundland and Labrador - Nova Scotia Benefits Agreement ............................... 49 7.5 Project Contracts ......................................................................................................... 49 7.6 Competitive Bidding .................................................................................................... 50 7.7 Terms and Conditions of Project Contracts ................................................................ 50 7.8 Commercial Operation ................................................................................................ 52 7.9 Health, Safety and Environment ................................................................................. 53 7.10 Other Obligations of Emera ........................................................................................ 53 ARTICLE 8 FINANCIAL AND OTHER ARRANGEMENTS ................................................................... 54 8.1 Pre-Cost Sharing End Date Work................................................................................. 54 8.2 Rights and Obligations after Cost Sharing End Date ................................................... 54 8.3 Supplemental AFEs ...................................................................................................... 56 8.4 Limitation on Scope of Project and Expenditures ....................................................... 56 8.5 Annual Work Program and Budget ............................................................................. 56 8.6 [Intentionally deleted] ................................................................................................ 57 8.7 [Intentionally deleted] ................................................................................................ 57 8.8 Taxes ............................................................................................................................ 57 8.9 Financing ..................................................................................................................... 64 8.10 Invoicing and Payment ................................................................................................ 65 8.11 Other Provisions .......................................................................................................... 66 A&R ML-JDA Execution Copy 17614717_1.doc Page ii ARTICLE 9 PROJECT SUSPENSION AND DELAYS ........................................................................... 67 9.1 Suspension of ML Project ............................................................................................ 67 9.2 Delays and Notice ........................................................................................................ 67 9.3 Force Majeure ............................................................................................................. 67 ARTICLE 10 INSURANCE .............................................................................................................. 68 10.1 Insurance Program .....................................................................................................