<SEC-DOCUMENT>0000921895-25-000778.txt : 20250314
<SEC-HEADER>0000921895-25-000778.hdr.sgml : 20250314
<ACCEPTANCE-DATETIME>20250314201245
ACCESSION NUMBER:		0000921895-25-000778
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20250314
DATE AS OF CHANGE:		20250314

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALGONQUIN POWER & UTILITIES CORP.
		CENTRAL INDEX KEY:			0001174169
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-85003
		FILM NUMBER:		25742006

	BUSINESS ADDRESS:	
		STREET 1:		354 DAVIS ROAD
		CITY:			OAKVILLE
		STATE:			A6
		ZIP:			L6J2X1
		BUSINESS PHONE:		0000000000

	MAIL ADDRESS:	
		STREET 1:		354 DAVIS ROAD
		CITY:			OAKVILLE
		STATE:			A6
		ZIP:			L6J2X1

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALGONQUIN POWER INCOME FUND
		DATE OF NAME CHANGE:	20020523

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Starboard Value LP
		CENTRAL INDEX KEY:			0001517137
		ORGANIZATION NAME:           	CF
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		777 THIRD AVENUE, 18TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		(212) 845-7977

	MAIL ADDRESS:	
		STREET 1:		777 THIRD AVENUE, 18TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13D" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13D/A</submissionType>
    <previousAccessionNumber>0001193805-23-000930</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Starboard Value LP -->
          <cik>0001517137</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>


    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>6</amendmentNo>
      <securitiesClassTitle>Common Shares, no par value</securitiesClassTitle>
      <dateOfEvent>03/13/2025</dateOfEvent>
      <previouslyFiledFlag>false</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0001174169</issuerCIK>
        <issuerCUSIP>015857105</issuerCUSIP>
        <issuerName>ALGONQUIN POWER &amp; UTILITIES CORP.</issuerName>
        <address>
          <com:street1>354 DAVIS ROAD</com:street1>
          <com:city>OAKVILLE, ONTARIO</com:city>
          <com:stateOrCountry>A6</com:stateOrCountry>
          <com:zipCode>L6J2X1</com:zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>JEFFREY C. SMITH</personName>
          <personPhoneNum>212-845-7977</personPhoneNum>
          <personAddress>
            <com:street1>STARBOARD VALUE LP</com:street1>
            <com:street2>777 Third Avenue, 18th Floor</com:street2>
            <com:city>New York</com:city>
            <com:stateOrCountry>NY</com:stateOrCountry>
            <com:zipCode>10017</com:zipCode>
          </personAddress>
        </notificationInfo>
        <notificationInfo>
          <personName>ANDREW FREEDMAN, ESQ.</personName>
          <personPhoneNum>212-451-2300</personPhoneNum>
          <personAddress>
            <com:street1>OLSHAN FROME WOLOSKY LLP</com:street1>
            <com:street2>1325 Avenue of the Americas</com:street2>
            <com:city>New York</com:city>
            <com:stateOrCountry>NY</com:stateOrCountry>
            <com:zipCode>10019</com:zipCode>
          </personAddress>
        </notificationInfo>
        <notificationInfo>
          <personName>MEAGAN REDA, ESQ.</personName>
          <personPhoneNum>212-451-2300</personPhoneNum>
          <personAddress>
            <com:street1>OLSHAN FROME WOLOSKY LLP</com:street1>
            <com:street2>1325 Avenue of the Americas</com:street2>
            <com:city>New York</com:city>
            <com:stateOrCountry>NY</com:stateOrCountry>
            <com:zipCode>10019</com:zipCode>
          </personAddress>
        </notificationInfo>
      </authorizedPersons>
    </coverPageHeader>
    <reportingPersons>
      <reportingPersonInfo>
        <reportingPersonCIK>0001517137</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Starboard Value LP</reportingPersonName>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>66433000.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>66433000.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>66433000.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>8.7</percentOfClass>
        <typeOfReportingPerson>PN</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>Starboard Value and Opportunity Master Fund III LP</reportingPersonName>
        <fundType>WC</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>E9</citizenshipOrOrganization>
        <soleVotingPower>32248050.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>32248050.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>32248050.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>4.2</percentOfClass>
        <typeOfReportingPerson>PN</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001519812</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Starboard Value and Opportunity S LLC</reportingPersonName>
        <fundType>WC</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>3806900.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>3806900.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>3806900.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>0.5</percentOfClass>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001571704</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Starboard Value and Opportunity C LP</reportingPersonName>
        <fundType>WC</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>2943580.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>2943580.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>2943580.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>0.4</percentOfClass>
        <typeOfReportingPerson>PN</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>Starboard X Master Fund II LP</reportingPersonName>
        <fundType>WC</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>E9</citizenshipOrOrganization>
        <soleVotingPower>9352651.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>9352651.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>9352651.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>1.2</percentOfClass>
        <typeOfReportingPerson>PN</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001575972</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Starboard Value R LP</reportingPersonName>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>12296231.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>12296231.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>12296231.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>1.6</percentOfClass>
        <typeOfReportingPerson>PN</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001767736</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Starboard Value and Opportunity Master Fund L LP</reportingPersonName>
        <fundType>WC</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>E9</citizenshipOrOrganization>
        <soleVotingPower>1658475.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>1658475.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>1658475.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>0.2</percentOfClass>
        <typeOfReportingPerson>PN</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001767773</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Starboard Value L LP</reportingPersonName>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>1658475.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>1658475.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>1658475.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>0.2</percentOfClass>
        <typeOfReportingPerson>PN</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001575979</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Starboard Value R GP LLC</reportingPersonName>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>13954706.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>13954706.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>13954706.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>1.8</percentOfClass>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>Starboard G Fund, L.P.</reportingPersonName>
        <fundType>WC</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>10182795.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>10182795.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>10182795.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>1.3</percentOfClass>
        <typeOfReportingPerson>PN</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>Starboard Value G GP, LLC</reportingPersonName>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>10182795.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>10182795.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>10182795.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>1.3</percentOfClass>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001575998</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Starboard Value A LP</reportingPersonName>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>42430845.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>42430845.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>42430845.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>5.5</percentOfClass>
        <typeOfReportingPerson>PN</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001575974</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Starboard Value A GP LLC</reportingPersonName>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>42430845.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>42430845.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>42430845.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>5.5</percentOfClass>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001517138</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Starboard Value GP LLC</reportingPersonName>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>66433000.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>66433000.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>66433000.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>8.7</percentOfClass>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001517139</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Starboard Principal Co LP</reportingPersonName>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>66433000.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>66433000.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>66433000.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>8.7</percentOfClass>
        <typeOfReportingPerson>PN</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001517140</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Starboard Principal Co GP LLC</reportingPersonName>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>66433000.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>66433000.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>66433000.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>8.7</percentOfClass>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001362697</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Smith Jeffrey C</reportingPersonName>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>X1</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>66433000.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>66433000.00</sharedDispositivePower>
        <aggregateAmountOwned>66433000.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>8.7</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001410600</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Feld Peter A</reportingPersonName>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>X1</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>66433000.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>66433000.00</sharedDispositivePower>
        <aggregateAmountOwned>66433000.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>8.7</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Common Shares, no par value</securityTitle>
        <issuerName>ALGONQUIN POWER &amp; UTILITIES CORP.</issuerName>
        <issuerPrincipalAddress>
          <com:street1>354 DAVIS ROAD</com:street1>
          <com:city>OAKVILLE, ONTARIO</com:city>
          <com:stateOrCountry>A6</com:stateOrCountry>
          <com:zipCode>L6J2X1</com:zipCode>
        </issuerPrincipalAddress>
        <commentText>The following constitutes Amendment No. 6 to the Schedule 13D filed by the undersigned ("Amendment No. 6"). This Amendment No. 6 amends the Schedule 13D as specifically set forth herein. Unless otherwise defined herein, all capitalized terms used herein shall have the meanings given to them in the Schedule 13D.</commentText>
      </item1>
      <item3>
        <fundsSource>Item 3 is hereby amended and restated to read as follows:

The Shares purchased by each of Starboard V&amp;O III Fund, Starboard S LLC, Starboard C LP, Starboard L Master, Starboard G LP, Starboard X Master II and held in the Starboard Value LP Account were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases, except as otherwise noted, as set forth in Exhibit 1, which is incorporated by reference herein.

The aggregate purchase price of the 32,248,050 Shares beneficially owned by Starboard V&amp;O III Fund is approximately $268,263,621, excluding brokerage commissions. The aggregate purchase price of the 3,806,900 Shares beneficially owned by Starboard S LLC is approximately $32,068,406, excluding brokerage commissions. The aggregate purchase price of the 2,943,580 Shares beneficially owned by Starboard C LP is approximately $24,797,385, excluding brokerage commissions. The aggregate purchase price of the 1,658,475 Shares beneficially owned by Starboard L Master is approximately $13,971,448, excluding brokerage commissions. The aggregate purchase price of the 10,182,795 Shares beneficially owned by Starboard G LP is approximately $56,168,737, excluding brokerage commissions The aggregate purchase price of the 9,352,651 Shares beneficially owned by Starboard X Master II is approximately $73,442,445, excluding brokerage commissions. The aggregate purchase price of the 6,240,549 Shares held in the Starboard Value LP Account is approximately $49,840,240, excluding brokerage commissions.</fundsSource>
      </item3>
      <item4>
        <transactionPurpose>Item 4 is hereby amended to add the following:

On March 13, 2025, Starboard Value LP and certain of its affiliates (collectively, "Starboard") entered into an agreement with the Issuer (the "Agreement") regarding the composition of the Issuer's Board of Directors (the "Board") and certain other matters. The following description of the Agreement is qualified in its entirety by reference to the Agreement, which is attached as Exhibit 99.1 hereto and is incorporated herein by reference.

Pursuant to the terms of the Agreement, the Issuer agreed to appoint Gavin T. Molinelli (the "New Director") to the Board, immediately following approval by the Federal Energy Regulatory Commission ("FERC"), or, if such FERC approval is not obtained, an alternative individual selected by Starboard who meets certain criteria set forth in the Agreement. The Issuer further agreed to nominate the New Director, along with Brett Carter and Christopher Lopez (collectively, the "Appointed Directors"), for election at the Issuer's 2025 annual general meeting of shareholders (the "2025 Annual Meeting") for a term expiring at the Issuer's 2026 annual general meeting of shareholders (the "2026 Annual Meeting"), and recommend, support, and solicit proxies for the Appointed Directors in the same manner as it recommends, supports, and solicits proxies for the election of the Issuer's other director nominees; provided, however, that if FERC approval has not been obtained as of the mailing date of the Issuer's information circular (the "Circular Date") for the 2025 Annual Meeting, the election and commencement of the New Director's term as a director shall be conditional on the receipt of such FERC approval (the "Conditional Election").

Following the appointment (or election, in the case of a Conditional Election) of the New Director to the Board, the Issuer agreed to appoint the New Director to the Corporate Governance Committee of the Board and during the Standstill Period (as defined below), to any new committee of the Board that may be established for strategic purposes, the evaluation of any transaction involving the Company, and/or succession planning. The Agreement also provides that if any Appointed Director (or any replacement director thereof) is unable or unwilling to serve as a director or ceases to be a director for any reason at any time prior to the expiration of the Standstill Period, and at such time Starboard beneficially owns in the aggregate at least the lesser of 3% of the Issuer's then-outstanding Shares and 23,024,240 Shares, then Starboard has the ability to recommend a substitute person to serve on the Board who meets certain qualifications in accordance with the terms and procedures set forth in the Agreement.

Pursuant to the Agreement, the Issuer also agreed that (i) from the date of the Agreement until the earlier of (x) the appointment (or election, in the case of a Conditional Election) of the New Director to the Board, or (y) the expiration of the Standstill Period, the size of the Board will not exceed ten (10) directors (other than to increase the size of the Board to appoint (or elect, in the case of a Conditional Election) the New Director) and (ii) effective upon the appointment (or election, in the case of a Conditional Election) of the New Director through the expiration of the Standstill Period, the size of the Board will not exceed eleven (11) directors, in each case, without the prior written consent of Starboard.

Pursuant to the terms of the Agreement, Starboard agreed, among other things, that it will appear in person or by proxy at the 2025 Annual Meeting and vote all Shares beneficially owned by it (i) in favor of all nominees recommended by the Board, (ii) in favor of the appointment of the Issuer's auditor for the ensuing year, (iii) in accordance with the Board's recommendation with respect to the Issuer's "say-on-pay" proposal, and (iv) in accordance with the Board's recommendation with respect to any other Issuer proposal or shareholder proposal presented at the 2025 Annual Meeting; provided, however, that in the event that Institutional Shareholder Services Inc. ("ISS") or Glass Lewis &amp; Co., LLC ("Glass Lewis") recommends otherwise with respect to the Issuer's "say-on-pay" proposal or any other Issuer proposal or shareholder proposal presented at the 2025 Annual Meeting (excluding director elections), Starboard shall be permitted to vote in accordance with the ISS or Glass Lewis recommendation. Starboard further agreed that it will vote all Shares beneficially owned by it in accordance with the Board's recommendations on any proposal relating to the appointment, election or removal of directors at any special meeting of the Issuer's shareholders held during the Standstill Period. Notwithstanding the foregoing, the Agreement further provides that Starboard shall be permitted to vote in its sole discretion on any proposal of the Issuer in respect of any extraordinary transaction, including any merger, acquisition, amalgamation, tender offer, exchange offer, recapitalization, restructuring, disposition, distribution, spin-off, asset sale, joint venture or other business combination involving the Issuer or any of its subsidiaries or that would result in (i) any person becoming a beneficial owner, directly or indirectly, of securities of the Issuer representing more than fifty percent (50%) of the equity interests and voting power of the Issuer's then-outstanding equity securities or (ii) the Issuer entering into a share-for-share transaction whereby immediately after the consummation of the transaction the Issuer's shareholders retain less than fifty percent (50%) of the equity interests and voting power of the surviving entity's then-outstanding equity securities.

Starboard also agreed to certain customary standstill provisions, effective as of the date of the Agreement until the earlier of (x) the date that is fifteen (15) business days prior to the deadline for the submission of shareholder nominations for the 2026 Annual Meeting pursuant to the Issuer's By-Law No. 5, and (y) the date that is seventy-five (75) days prior to the first anniversary of the 2025 Annual Meeting (the "Standstill Period"), prohibiting it from, among other things, (i) soliciting proxies or consents with respect to securities of the Issuer, (ii) entering into a voting agreement or forming, joining or participating in a "group" with other shareholders of the Issuer, other than certain affiliates of Starboard, (iii) seeking or submitting or knowingly encouraging any person to submit nominees in furtherance of a contested solicitation for the appointment, election or removal of directors; provided, however, that Starboard may take actions to identify director candidates in connection with the 2026 Annual Meeting so long as such actions do not create a public disclosure obligation for Starboard or the Issuer, are not publicly disclosed by Starboard, and are undertaken on a basis reasonably designed to be confidential and in accordance in all material respects with Starboard's normal practices in the circumstances, (iv) submitting any proposal for consideration by shareholders of the Issuer at any annual or special meeting of shareholders or through any written resolution of shareholders, affirmatively soliciting a third party to make an acquisition proposal, commenting on any third-party acquisition proposal prior to such proposal becoming public, or requisitioning or seeking to requisition a special meeting of shareholders or action by a written resolution, (v) seeking, alone or in concert with others, representation on the Board other than as described in the Agreement, or (vi) advising, knowingly encouraging, knowingly supporting, or knowingly influencing any person with respect to the voting or disposition of the Shares.

The Issuer and Starboard also made certain customary representations and agreed to mutual non-disparagement provisions.

The Agreement supersedes and replaces the cooperation agreement entered into between the Issuer and Starboard on April 18, 2024.</transactionPurpose>
      </item4>
      <item5>
        <percentageOfClassSecurities>Item 5(a) is hereby amended and restated to read as follows:

The aggregate percentage of Shares reported owned by each person named herein is based upon 767,343,863 Shares outstanding, as of December 31, 2024, which is the total number of Shares outstanding as reported in the Issuer's Form 40-F filed with the Securities and Exchange Commission on March 7, 2025.

See rows (11) and (13) of the cover pages to this Schedule 13D for the aggregate number of Shares and percentage of the Shares beneficially owned by each of the Reporting Persons. The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer that he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.</percentageOfClassSecurities>
        <numberOfShares>Item 5(b) is hereby amended and restated to read as follows:

See rows (7) through (10) of the cover pages to this Schedule 13D for the number of Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and the sole or shared power to dispose or to direct the disposition.</numberOfShares>
        <transactionDesc>Item 5(c) is hereby amended and restated to read as follows:

Information concerning transactions in the securities of the Issuer effected by the Reporting Persons during the past sixty days is set forth in Exhibit 1 attached hereto and is incorporated herein by reference. Except as otherwise noted, all of the transactions in the securities of the Issuer listed therein were effected in the open market through various brokerage entities.

In addition to the Shares beneficially owned by the Reporting Persons as set forth in this filing, and while the Reporting Persons have no current knowledge of the following holdings, the Reporting Persons understand that Toronto Dominion Bank and TD Asset Management Inc. had investment discretion over 10,599,997 Shares, listed call options with respect to 20,600 Shares and listed put options with respect to 16,900 Shares as of December 31, 2024, which would represent beneficial ownership of approximately 1.4% of the outstanding Shares as of such date, as such information was set forth in the Form 13F-HR/A filing filed by Toronto Dominion Bank on February 19, 2025 and the Form 13F-HR filing filed by TD Asset Management Inc. on February 11, 2025. As reported in the Form ADV filed by Starboard Value LP, Toronto Dominion Bank is included as an indirect control person under Schedule B/C Indirect Owners of the Form ADV as a result of the closing of the acquisition of Cowen Inc. by Toronto Dominion Bank. The validity of the indirect transfer of Cowen Inc.'s ownership interest in Starboard Value LP is subject to an ongoing dispute. The Reporting Persons disclaim the existence of a "group" within the meaning of Section 13(d)(3) of the Exchange Act with TD or any other person other than the other Reporting Persons.</transactionDesc>
      </item5>
      <item6>
        <contractDescription>Item 6 is hereby amended to add the following:

On March 13, 2025, Starboard and the Issuer entered into the Agreement defined and described in Item 4 above and attached as Exhibit 99.1 hereto.</contractDescription>
      </item6>
      <item7>
        <filedExhibits>Item 7 is hereby amended to add the following exhibits:

1 - Transactions in Securities.

99.1 - Agreement by and among Starboard Value and Opportunity Master Fund III LP, Starboard Value and Opportunity S LLC, Starboard Value and Opportunity C LP, Starboard X Master Fund II LP, Starboard Value R LP, Starboard Value and Opportunity Master Fund L LP, Starboard Value L LP, Starboard G Fund, L.P., Starboard Value G GP, LLC, Starboard Value A LP, Starboard Value A GP LLC, Starboard Value R GP LLC, Starboard Value LP, Starboard Value GP LLC, Starboard Principal Co LP, Starboard Principal Co GP LLC, Jeffrey C. Smith, Peter A. Feld and Algonquin Power &amp; Utilities Corp., dated March 13, 2025.</filedExhibits>
      </item7>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>Starboard Value LP</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Lindsey Cara</signature>
          <title>Lindsey Cara, Authorized Signatory for Starboard Value GP LLC, its general partner</title>
          <date>03/14/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Starboard Value and Opportunity Master Fund III LP</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Lindsey Cara</signature>
          <title>Lindsey Cara, Authorized Signatory for Starboard Value A LP, its general partner</title>
          <date>03/14/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Starboard Value and Opportunity S LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Lindsey Cara</signature>
          <title>Lindsey Cara, Authorized Signatory for Starboard Value LP, its manager</title>
          <date>03/14/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Starboard Value and Opportunity C LP</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Lindsey Cara</signature>
          <title>Lindsey Cara, Authorized Signatory for Starboard Value R LP, its general partner</title>
          <date>03/14/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Starboard X Master Fund II LP</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Lindsey Cara</signature>
          <title>Lindsey Cara, Authorized Signatory for Starboard Value R LP, its general partner</title>
          <date>03/14/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Starboard Value R LP</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Lindsey Cara</signature>
          <title>Lindsey Cara, Authorized Signatory for Starboard Value R GP LLC, its general partner</title>
          <date>03/14/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Starboard Value and Opportunity Master Fund L LP</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Lindsey Cara</signature>
          <title>Lindsey Cara, Authorized Signatory for Starboard Value L LP, its general partner</title>
          <date>03/14/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Starboard Value L LP</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Lindsey Cara</signature>
          <title>Lindsey Cara, Authorized Signatory for Starboard Value R GP LLC, its general partner</title>
          <date>03/14/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Starboard Value R GP LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Lindsey Cara</signature>
          <title>Lindsey Cara, Authorized Signatory</title>
          <date>03/14/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Starboard G Fund, L.P.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Lindsey Cara</signature>
          <title>Lindsey Cara, Authorized Signatory for Starboard Value G GP, LLC, its general partner</title>
          <date>03/14/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Starboard Value G GP, LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Lindsey Cara</signature>
          <title>Lindsey Cara, Authorized Signatory for Starboard Value A LP, its general partner</title>
          <date>03/14/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Starboard Value A LP</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Lindsey Cara</signature>
          <title>Lindsey Cara, Authorized Signatory for Starboard Value A GP LLC, its general partner</title>
          <date>03/14/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Starboard Value A GP LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Lindsey Cara</signature>
          <title>Lindsey Cara, Authorized Signatory</title>
          <date>03/14/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Starboard Value GP LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Lindsey Cara</signature>
          <title>Lindsey Cara, Authorized Signatory for Starboard Principal Co LP, its member</title>
          <date>03/14/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Starboard Principal Co LP</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Lindsey Cara</signature>
          <title>Lindsey Cara, Authorized Signatory for Starboard Principal Co GP LLC, its general partner</title>
          <date>03/14/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Starboard Principal Co GP LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Lindsey Cara</signature>
          <title>Lindsey Cara, Authorized Signatory</title>
          <date>03/14/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Smith Jeffrey C</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Lindsey Cara</signature>
          <title>Lindsey Cara, Attorney-in-Fact for Jeffrey C. Smith</title>
          <date>03/14/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Feld Peter A</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Lindsey Cara</signature>
          <title>Lindsey Cara, attorney-in-fact for Peter A. Feld</title>
          <date>03/14/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
  </formData>

</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>ex1to13da606297338_031425.htm
<DESCRIPTION>TRANSACTIONS IN SECURITIES
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">Exhibit 1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B><U>Transactions in Securities of the Issuer
During the Past Sixty Days</U></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt"><U>Nature of the Transaction</U></TD>
    <TD STYLE="vertical-align: top; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Amount of Securities</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>Purchased/(Sold)</U></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><U>Price ($)</U></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>Purchase/Sale</U></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>STARBOARD G FUND, L.P.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 25%">Purchase of Common Stock</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 25%">167,000</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 25%">4.2000</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 25%">01/13/2025</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Stock</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">200,000</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.3030</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">01/15/2025</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Purchase of Common Stock</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">50,000</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.3310</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">02/03/2025</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Sale of Common Stock</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(300,000)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.9610</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">02/19/2025</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>ex991to13da606297338_031425.htm
<DESCRIPTION>AGREEMENT, DATED MARCH 13, 2025
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right">Exhibit 99.1</P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in">Execution Version</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This Agreement (this &ldquo;<U>Agreement</U>&rdquo;)
is made and entered into as of March 13, 2025 by and among Algonquin Power &amp; Utilities Corp., a corporation existing under the laws
of Canada (the &ldquo;<U>Company</U>&rdquo;), and the entities set forth in the signature pages hereto (collectively, &ldquo;<U>Starboard</U>&rdquo;)
(each of the Company and Starboard, a &ldquo;<U>Party</U>&rdquo; to this Agreement, and collectively, the &ldquo;<U>Parties</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>RECITALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company and Starboard
have engaged in various discussions and communications concerning the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">WHEREAS, as of the date hereof,
Starboard has a beneficial ownership (as determined under Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended
(the &ldquo;<U>Exchange Act</U>&rdquo;)) interest in the common shares of the Company (the &ldquo;<U>Common Shares</U>&rdquo;) totaling,
in the aggregate, 66,433,000 Common Shares, or approximately 8.66% of the Common Shares issued and outstanding on the date hereof; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">WHEREAS, as of the date hereof,
the Company and Starboard have determined to come to an agreement with respect to the composition of the Company&rsquo;s board of directors
(the &ldquo;<U>Board</U>&rdquo;) and certain other matters, as provided in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in consideration
of the foregoing premises and the mutual covenants and agreements contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound hereby, agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">1.</FONT></FONT><U>Board
Appointment and Related Agreements</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: left; text-indent: 0.5in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(a)</FONT></FONT><U>Board
Appointment</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(i)</FONT></FONT>The
Company agrees that, immediately following approval by the Federal Energy Regulatory Commission (the &ldquo;<U>FERC</U>&rdquo;) required
by <U>Section 1(c)(v)</U>, the Board shall take all necessary actions to increase the size of the Board by one (1) and appoint Gavin Molinelli
(&ldquo;<U>Mr. Molinelli</U>&rdquo;) or any other Starboard Representative (as defined below) or other appointee accountable to Starboard
in accordance with Energy Law (as defined below) (a &ldquo;<U>FERC Representative</U>&rdquo;) selected in accordance with this Agreement,
including <U>Section 1(c)(v)</U> (each, a &ldquo;<U>Starboard Appointee</U>&rdquo;) as a director of the Company; <U>provided, however</U>,
that if the appointment of the Starboard Appointee is not approved by the FERC and Starboard determines to select another individual that
is neither a Starboard Representative nor a FERC Representative for appointment to the Board in accordance with <U>Section 1(c)(v)</U>
of this Agreement (the &ldquo;<U>Independent Appointee</U>&rdquo;), the Board shall take all necessary actions to increase the size of
the Board by one (1) and promptly appoint the Independent Appointee as a director of the Company either in advance of the Circular Date
(as defined below) or following the date of the Company&rsquo;s 2025 annual general meeting of common shareholders (the &ldquo;<U>2025
Annual Meeting</U>&rdquo;). Each of the Starboard Appointee and the Independent Appointee, as applicable, is deemed to be and shall be
referred to herein as the &ldquo;<U>New Director</U>&rdquo;; <U>provided, that,</U> for the avoidance of doubt, only one New Director
shall be appointed or elected to the Board in accordance with this Agreement; <U>provided, further</U>, that the New Director is deemed
to be and shall also be referred to herein as an &ldquo;<U>Appointed Director</U>&rdquo;, together with Brett Carter and Christopher Lopez
(each an &ldquo;<U>Appointed Director</U>&rdquo; and collectively, the &ldquo;<U>Appointed Directors</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: center"><TD STYLE="width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(ii)</FONT></FONT>The
Company agrees that the Board shall (A) nominate the Appointed Directors for election to the Board at the 2025 Annual Meeting for a term
expiring at the Company&rsquo;s 2026 annual general meeting of common shareholders (the &ldquo;<U>2026 Annual Meeting</U>&rdquo;), subject
to their consent to serve, and (B) recommend, support and solicit proxies for the Appointed Directors at the 2025 Annual Meeting in the
same manner as it recommends, supports, and solicits proxies for the election of all other directors nominated by the Board for election
at the 2025 Annual Meeting. In the event that a New Director has not been appointed to the Board as of the date of the mailing of the
management information circular (the &ldquo;<U>Circular Date</U>&rdquo;) in respect of the 2025 Annual Meeting due to the FERC approval
required by <U>Section 1(c)(v)</U> having not yet been received, the Board shall (X) nominate the Starboard Appointee and the other Appointed
Directors for election to the Board at the 2025 Annual Meeting for a term expiring at the 2026 Annual Meeting, provided that such election
and the commencement of the Starboard Appointee&rsquo;s term as a director shall be conditional on the receipt of the FERC approval required
by <U>Section 1(c)(v)</U> (the &ldquo;<U>Conditional Election</U>&rdquo;) and subject to their consent to serve, and (Y) recommend, support
and solicit proxies for the Starboard Appointee and the other Appointed Directors at the 2025 Annual Meeting in the same manner as it
recommends, supports, and solicits proxies for the election of all other directors nominated by the Board for election at the 2025 Annual
Meeting. Subject to the foregoing, the nominees for election at the 2025 Annual Meeting shall be as determined by the Board, having considered
the recommendation of the Corporate Governance Committee of the Board (the &ldquo;<U>Corporate Governance Committee</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: center"><TD STYLE="width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(iii)</FONT></FONT>If
any Appointed Director (or any Replacement Director (as defined below)) is unable or unwilling to serve as a director and ceases to be
a director, resigns as a director, is removed as a director, or for any other reason fails to serve or is not serving as a director at
any time prior to the expiration of the Standstill Period (as defined below), and at such time Starboard beneficially owns (as determined
under Rule 13d-3 promulgated under the Exchange Act) in the aggregate at least the lesser of 3% of the Company&rsquo;s then-outstanding
Common Shares and 23,024,240 Common Shares (subject to adjustment for stock splits, reclassifications, combinations and similar adjustments)(the
&ldquo;<U>Minimum Ownership Threshold</U>&rdquo;), Starboard shall have the ability to recommend a person to be a Replacement Director
in accordance with this <U>Section 1(a)(iii)</U> (any such replacement nominee shall be referred to as a &ldquo;<U>Replacement Director,</U>&rdquo;
and if and when such person becomes a director of the Company in accordance with this <U>Section 1(a)(iii),</U> such person shall be deemed
the New Director and an Appointed Director for purposes of this Agreement). Any Replacement Director must (A) be reasonably acceptable
to the Board (such acceptance not to be unreasonably withheld), (B) qualify as &ldquo;independent&rdquo; pursuant to applicable listing
standards and under Sections 1.4 and 1.5 of National Instrument 52-110 of the Canadian Securities Administrators, and (C) have the relevant
financial and business experience to be a director of the Company. Any Replacement Director who is an officer, director or employee of
Starboard (a &ldquo;<U>Starboard Representative</U>&rdquo;) will be deemed reasonably acceptable to the Board and shall be approved by
the Board for appointment to the Board no later than five (5) business days following the submission of the Onboarding Materials so long
as such Replacement Director meets the criteria set forth in clauses (B) and (C) of the preceding sentence; <U>provided</U>, <U>however</U>,
that such Replacement Director&rsquo;s appointment to the Board shall be subject to and conditioned upon the FERC approval required by
<U>Section 1(c)(v), provided</U>, <U>further</U>, for the avoidance of doubt, that the appointment of such Replacement Director shall
occur immediately following such FERC approval. The Corporate Governance Committee shall make its determination and recommendation regarding
whether such Replacement Director (other than a Starboard Representative, who is covered by the prior sentence) meets the foregoing criteria
within five (5) business days after (1) such nominee has submitted to the Company the Onboarding Materials, and (2) representatives of
the Board have conducted customary interview(s) of such nominee, if such interviews are requested by the Board or the Corporate Governance
Committee. The Company shall use its reasonable best efforts to conduct any interview(s) contemplated by this <U>Section 1(a)(iii)</U>
as promptly as practicable, but in any case, assuming reasonable availability of the nominee, within ten (10) business days after Starboard&rsquo;s
submission of such nominee. In the event the Corporate Governance Committee does not accept a person recommended by Starboard as the Replacement
Director, Starboard shall have the right to recommend additional substitute person(s) whose appointment shall be subject to the Corporate
Governance Committee recommending such person in accordance with the procedures described above. Upon the recommendation of a Replacement
Director nominee by the Corporate Governance Committee, the Board shall vote on the appointment of such Replacement Director to the Board
no later than five (5) business days after the Corporate Governance Committee&rsquo;s recommendation of such Replacement Director, <U>provided,
however</U>, that in the case of a Replacement Director that is a FERC Representative, as reasonably determined by the Company in good
faith, such Replacement Director&rsquo;s appointment to the Board shall be subject to and conditioned upon the FERC approval required
by <U>Section 1(c)(v</U>), <U>provided</U>, <U>further</U>, for the avoidance of doubt, that the appointment of such Replacement Director
shall occur immediately following such FERC approval. Notwithstanding the foregoing, if the Board does not appoint a Replacement Director
to the Board pursuant to this Section <U>1(a)(iii)</U>, including in the event FERC approval is not obtained for any reason, the Parties
shall continue to follow the procedures of this <U>Section 1(a)(iii)</U> until a Replacement Director is appointed to the Board. Subject
to applicable listing rules and applicable law, upon a Replacement Director&rsquo;s appointment to the Board, the Board and all applicable
committees of the Board shall take all necessary actions to appoint such Replacement Director to any applicable committee of the Board
of which the replaced director was a member immediately prior to such director&rsquo;s resignation or removal. Subject to applicable listing
rules and applicable law, until such time as any Replacement Director is appointed to any applicable committee of the Board, Starboard
shall have the right to designate one of the other Appointed Directors to serve as an interim member of such applicable committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: center"><TD STYLE="width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(iv)</FONT></FONT>Pursuant
to <U>Section 1(a)(iv)</U> of that certain Cooperation Agreement, dated April 18, 2024, by and between the Company and Starboard (the
&ldquo;<U>2024 Agreement</U>&rdquo;), Starboard hereby provides written consent to the Company to increase the size of the Board to ten
(10) directors in order to appoint Roderick K. West to the Board. During the period commencing with the date of this Agreement until the
earlier of (x) the appointment (or election, in the case of a Conditional Election) of the New Director to the Board, or (y) the expiration
of the Standstill Period, the Board and all applicable committees of the Board shall not increase the size of the Board to more than ten
(10) directors (other than to increase the size of the Board to eleven (11) directors to appoint (or elect, in the case of a Conditional
Election) the New Director) without the prior written consent of Starboard. Effective upon the appointment (or election, in the case of
a Conditional Election) of the New Director through the expiration of the Standstill Period, the Board and all applicable committees of
the Board shall not increase the size of the Board to more than eleven (11) directors without the prior written consent of Starboard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(b)</FONT></FONT><U>Board
Committees</U>. Following the appointment (or election, in the case of a Conditional Election) of the New Director to the Board, the Board
and all applicable committees of the Board shall take all actions to ensure that during the Standstill Period, any new committee, including
any sub-committee or special committee, of the Board that may be established for strategic purposes, the evaluation of any transaction
involving the Company, and/or succession planning, in each case, on or following the date hereof includes the New Director. Without limiting
the foregoing, the Company agrees that the Appointed Directors shall be given the same due consideration for membership to each committee
of the Board, including any new committee(s) and subcommittee(s) that may be established, as any other independent director. Immediately
upon the appointment (or election, in the case of a Conditional Election) of the New Director, the Board shall take all necessary action
to appoint the New Director to the Corporate Governance Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(c)</FONT></FONT><U>Additional
Agreements</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(i)</FONT></FONT>Starboard
shall comply, and shall cause each of its controlled Affiliates and Associates to comply, with the terms of this Agreement and Starboard
shall be responsible for any breach of this Agreement by any such controlled Affiliate or Associate. As used in this Agreement, the terms
&ldquo;<U>Affiliate</U>&rdquo; and &ldquo;<U>Associate</U>&rdquo; shall have the respective meanings set forth in Rule 12b-2 promulgated
by the Securities and Exchange Commission under the Exchange Act, and shall include all persons or entities that at any time during the
term of this Agreement become Affiliates or Associates of any person or entity referred to in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: center"><TD STYLE="width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(ii)</FONT></FONT>During
the Standstill Period, except as otherwise provided herein, Starboard shall not, and shall cause each of its controlled Affiliates and
Associates not to, directly or indirectly, (A) nominate or recommend for nomination any person for election at any annual or special meeting
of the Company&rsquo;s shareholders or in connection with any solicitation of shareholder action by written resolution (each, a &ldquo;<U>Shareholder
Meeting</U>&rdquo;), (B) submit any proposal for consideration at, or bring any other business before, a Shareholder Meeting, or (C) initiate,
encourage or participate in any &ldquo;vote no,&rdquo; &ldquo;withhold&rdquo; or similar campaign with respect to a Shareholder Meeting.
Starboard shall not publicly or privately encourage or support any other shareholder, person or entity to take any of the actions described
in this <U>Section 1(c)(ii)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(iii)</FONT></FONT>Starboard
agrees that it will appear in person or by proxy at the 2025 Annual Meeting and vote all Common Shares beneficially owned by Starboard
at such meeting (A) in favor of all directors nominated by the Board for election, (B) in favor of the appointment of the Company&rsquo;s
auditor for the ensuing year, (C)&nbsp;in accordance with the Board&rsquo;s recommendation with respect to the Company&rsquo;s &ldquo;say-on-pay&rdquo;
proposal and (D)&nbsp;in accordance with the Board&rsquo;s recommendation with respect to any other Company proposal or shareholder proposal
presented at the 2025 Annual Meeting; <U>provided</U>,&nbsp;<U>however</U>, that in the event Institutional Shareholder Services Inc.
(&ldquo;<U>ISS</U>&rdquo;) or Glass Lewis &amp; Co., LLC (&ldquo;<U>Glass Lewis</U>&rdquo;) recommends otherwise with respect to the Company&rsquo;s
&ldquo;say-on-pay&rdquo; proposal or any other Company proposal or shareholder proposal presented at the 2025 Annual Meeting (other than
proposals relating to the election of directors), Starboard shall be permitted to vote in accordance with the ISS or Glass Lewis recommendation.
For the avoidance of doubt, Starboard shall be permitted to vote in its discretion on any proposal of the Company in respect of any extraordinary
transaction, including any merger, acquisition, amalgamation, tender offer, exchange offer, recapitalization, restructuring, disposition,
distribution, spin-off, asset sale, joint venture or other business combination involving the Company or any of its subsidiaries or that
would result in (i) any person becoming a beneficial owner, directly or indirectly, of securities of the Company representing more than
fifty percent (50%) of the equity interests and voting power of the Company&rsquo;s then-outstanding equity securities or (ii) the Company
entering into a share-for-share transaction whereby immediately after the consummation of the transaction the Company&rsquo;s shareholders
retain less than fifty percent (50%) of the equity interests and voting power of the surviving entity&rsquo;s then-outstanding equity
securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(iv)</FONT></FONT>Starboard
agrees that it will appear in person or by proxy at any special meeting of the Company&rsquo;s shareholders held during the Standstill
Period and, to the extent any such special meeting includes the appointment, election or removal of directors, vote all Common Shares
beneficially owned by Starboard at such special meeting in accordance with the Board&rsquo;s recommendation on any proposal relating to
the appointment, election or removal of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: center"><TD STYLE="width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(v)</FONT></FONT>Starboard
acknowledges that the appointment (or election, in the case of a Conditional Election) of the Starboard Appointee is subject to and conditioned
upon the prior approval of the FERC; <U>provided</U>, <U>however</U>, that if the FERC does not approve the appointment or election, as
applicable, of the Starboard Appointee for any reason, Starboard shall be permitted to select another individual for appointment to the
Board in accordance with the procedures for the appointment of a Replacement Director pursuant to <U>Section 1(a)(iii)</U> hereof. The
Company agrees to work expeditiously and in good faith with Starboard to submit the FERC application and any subsequent materials or information
that FERC may request in connection with seeking FERC approval of the appointment of the Starboard Appointee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(vi)</FONT></FONT>Starboard
acknowledges that, promptly following the date of this Agreement, the Starboard Appointee shall comply with any reasonable request by
the Company to submit certain information and documentation required by the FERC or any other applicable laws and regulations of the energy
or utility industry (&ldquo;<U>Energy Law</U>&rdquo;). Starboard acknowledges that, prior to the date the New Director is appointed (or
elected, in the case of a Conditional Election) to the Board, the New Director shall have submitted to the Company fully completed copies
of the Company&rsquo;s standard director &amp; officer questionnaire and Federal Power Act questionnaire and such other reasonable and
customary onboarding materials required by the Company in connection with the appointment or election of new Board members, as may be
requested by the Company, including any documentation necessary for the creation of a SEDI profile for the New Director, any corporate
filings required by the Company in respect of the appointment or election and the completion of a satisfactory background check (collectively,
the &ldquo;<U>Onboarding Materials</U>&rdquo;). In addition, Starboard acknowledges that the New Director shall, promptly upon his or
her appointment or election, as applicable, take all necessary actions to assist the Company in submitting a Form 4 &ndash; Personal Information
Form, if required, and any other necessary documentation to the Toronto Stock Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(vii)</FONT></FONT>Starboard
acknowledges that there may be filings or approvals required under certain laws and regulations, including Energy Law, prior to acquiring
beneficial ownership (as determined under Rule 13d-3 promulgated under the Exchange Act) of voting securities equal to or in excess of
10% of the Company&rsquo;s then outstanding Common Shares. During the Standstill Period, Starboard agrees that it will make any such filings
or obtain any such approvals prior to purchasing equal to or more than 10% of the Company&rsquo;s then outstanding Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: inherit,serif; color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(viii)</FONT></FONT>Starboard
acknowledges that all directors are (A) governed by all Company policies, procedures, codes, rules, standards and guidelines applicable
to all members of the Board, copies of which will be made available to the New Director prior to his or her appointment or election to
the Board, and (B) required to keep confidential all Company confidential information and not disclose to any third parties (including
Starboard) any discussions, matters or materials considered in meetings of the Board or Board committees; <U>provided</U>, <U>however</U>,
that Mr. Molinelli or any other Starboard Representative appointed (or elected, in the case of a Conditional Election) hereunder may disclose
certain Company confidential information to Starboard in accordance with <U>Section 14</U> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: center"><TD STYLE="width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(ix)</FONT></FONT>The
Company agrees that the Board and all applicable committees of the Board shall, to the extent that the Board and such committees have
such authority or are entitled to so determine, take all necessary actions to determine, in connection with the New Director&rsquo;s appointment
as a director and the New Director&rsquo;s (or Starboard Appointee&rsquo;s, in the case of a Conditional Election) nomination for election
as a director by the Company at the 2025 Annual Meeting, as applicable, that such New Director is deemed to be (A)&nbsp;a member of the
&ldquo;Incumbent Board&rdquo; or &ldquo;Continuing Director&rdquo; (as such term may be defined in the definition of &ldquo;Change in
Control&rdquo; or any similar term) under the Company&rsquo;s incentive plans, options plans, deferred compensation plans, employment
agreements, severance plans, retention plans, loan agreements, indentures or any other related plans or agreements that refer to any such
plan or agreement&rsquo;s definition of &ldquo;Change in Control&rdquo; or any similar term) and (B)&nbsp;a member of the Board as of
the beginning of any applicable measurement period for the purposes of the definition of &ldquo;Change in Control&rdquo; or any similar
term under such incentive plans, options plans, employment agreements, loan agreements or indentures of the Company, including, without
limitation, any retention plan, severance plan, or change-in-control severance plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">2.</FONT></FONT><U>Standstill
Provisions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(a)</FONT></FONT>Starboard
agrees that from the date of this Agreement until the earlier of (x) the date that is fifteen (15) business days prior to the deadline
for the submission of shareholder nominations for the 2026 Annual Meeting pursuant to the Company&rsquo;s By-Law No. 5 or (y) the date
that is seventy-five (75) days prior to the first anniversary of the 2025 Annual Meeting (the &ldquo;Standstill Period&rdquo;), Starboard
shall not, and shall cause each of its controlled Affiliates and Associates not to, in each case directly or indirectly, in any manner:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(i)</FONT></FONT>engage
in any solicitation of proxies or consents or become a &ldquo;participant&rdquo; in a &ldquo;solicitation&rdquo; (as such terms are defined
in Regulation 14A under the Exchange Act or as the term &ldquo;solicitation&rdquo; is defined in the <I>Canada Business Corporations Act</I>)
of proxies or consents (including, without limitation, any solicitation of consents that seeks to call a special meeting of shareholders
of the Company), in each case, with respect to any securities of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(ii)</FONT></FONT>form,
join or in any way participate in any &ldquo;group&rdquo; (within the meaning of Section 13(d)(3) of the Exchange Act and any applicable
Canadian securities laws) with respect to Common Shares (other than a &ldquo;group&rdquo; that includes all or some of the members of
Starboard, but does not include any other entities or persons that are not members of Starboard as of the date hereof); <U>provided</U>,
<U>however</U>, that nothing herein shall limit the ability of an Affiliate of Starboard to join the &ldquo;group&rdquo; following the
execution of this Agreement, so long as any such Affiliate agrees in writing to be bound by the terms and conditions of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(iii)</FONT></FONT>deposit
any Common Shares in any voting trust or subject any Common Shares to any arrangement or agreement with respect to the voting of any Common
Shares, other than any such voting trust, arrangement or agreement solely among the members of Starboard and otherwise in accordance with
this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: center"><TD STYLE="width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(iv)</FONT></FONT>seek
or submit, or knowingly encourage any person or entity to seek or submit, nominations in furtherance of a contested solicitation for the
appointment, election or removal of directors with respect to the Company or seek, knowingly encourage or take any other action with respect
to the appointment, election or removal of any directors, in each case in opposition to the recommendation of the Board; <U>provided</U>,
<U>however</U>, that nothing in this Agreement shall prevent Starboard or any of its Affiliates or Associates from taking actions in furtherance
of identifying director candidates in connection with the 2026 Annual Meeting, so long as such actions do not create a public disclosure
obligation for Starboard or the Company, are not publicly disclosed by Starboard or its Affiliates or Associates and are undertaken on
a basis reasonably designed to be confidential and in accordance in all material respects with Starboard&rsquo;s normal practices in the
circumstances;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(v)</FONT></FONT>(A)
make any proposal for consideration by shareholders at any annual or special meeting of shareholders of the Company or through any written
resolution of shareholders, (B) make any offer or proposal (with or without conditions) with respect to any merger, amalgamation, takeover
bid, arrangement, tender (or exchange) offer, acquisition, recapitalization, restructuring, disposition or other business combination
involving the Company or any of its subsidiaries, (C) affirmatively solicit a third party to make an offer or proposal (with or without
conditions) with respect to any merger, amalgamation, takeover bid, arrangement, tender (or exchange) offer, acquisition, recapitalization,
restructuring, disposition or other business combination involving the Company or any of its subsidiaries, or publicly encourage, initiate
or support any third party in making such an offer or proposal, (D) publicly comment on any third party proposal regarding any merger,
amalgamation, takeover bid, arrangement, tender (or exchange) offer, acquisition, recapitalization, restructuring, disposition, or other
business combination with respect to the Company or any of its subsidiaries by such third party prior to such proposal becoming public
or (E) requisition or seek to requisition a special meeting of shareholders or act by written resolution;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(vi)</FONT></FONT>seek,
alone or in concert with others, representation on the Board, except as specifically permitted in <U>Section 1</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(vii)</FONT></FONT>advise,
knowingly encourage, knowingly support or knowingly influence any person or entity with respect to the voting or disposition of any securities
of the Company at any annual or special meeting of shareholders or in connection with any written resolution, except in accordance with
<U>Section 1</U>; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(viii)</FONT></FONT>make
any request or submit any proposal to amend the terms of this Agreement other than through non-public communications with the Company
or the Board that would not be reasonably determined to trigger public disclosure obligations for any Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: center"><TD STYLE="width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(b)</FONT></FONT>Except
as expressly provided in Section 1 or Section 2(a), Starboard shall be entitled to (i) vote the Common Shares that it beneficially owns
as it determines in its sole discretion and (ii) disclose, publicly or otherwise, how it intends to vote or act with respect to any securities
of the Company on any shareholder proposal or other matter to be voted on by the shareholders of the Company and the reasons therefor
(in each case, subject to Section 12).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">(c)</FONT></FONT>Nothing
in Section 2(a) or elsewhere in this Agreement shall be deemed to limit the exercise in good faith by the Appointed Directors of their
fiduciary duties solely in their capacity as directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">3.</FONT></FONT><U>Representations
and Warranties of the Company</U>. The Company represents and warrants to Starboard that (a) the Company has the corporate power and authority
to execute this Agreement and to bind it thereto, (b) this Agreement has been duly and validly authorized, executed and delivered by the
Company, constitutes a valid and binding obligation and agreement of the Company, and is enforceable against the Company in accordance
with its terms, except as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent
conveyance or similar laws generally affecting the rights of creditors and subject to general equity principles, (c) the execution of
this Agreement, the consummation of any of the transactions contemplated hereby, and the fulfillment of the terms hereof, in each case,
in accordance with the terms hereof, will not conflict with, or result in a breach or violation of the organizational documents of, the
Company as currently in effect, and (d) the execution, delivery and performance of this Agreement by the Company does not and will not
(i) violate or conflict with any law, rule, regulation, order, judgment or decree applicable to the Company, or (ii) result in any breach
or violation of or constitute a default (or an event which with notice or lapse of time or both would constitute such a breach, violation
or default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration
or cancellation of, any organizational document or material agreement, contract, commitment, understanding or arrangement to which the
Company is a party or by which it is bound.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: center"><TD STYLE="width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">4.</FONT></FONT><U>Representations
and Warranties of Starboard</U>. Starboard represents and warrants to the Company that (a) the authorized signatories of Starboard set
forth on the signature pages hereto have the power and authority to execute this Agreement and any other documents or agreements to be
entered into in connection with this Agreement and to bind Starboard thereto, (b) this Agreement has been duly authorized, executed and
delivered by Starboard, and is a valid and binding obligation of Starboard, enforceable against Starboard in accordance with its terms,
except as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or
similar laws generally affecting the rights of creditors and subject to general equity principles, (c) the execution of this Agreement,
the consummation of any of the transactions contemplated hereby, and the fulfillment of the terms hereof, in each case in accordance with
the terms hereof, will not conflict with, or result in a breach or violation of the organizational documents of Starboard as currently
in effect, (d) the execution, delivery and performance of this Agreement by Starboard does not and will not (i) violate or conflict with
any law, rule, regulation, order, judgment or decree applicable to Starboard, or (ii) result in any breach or violation of or constitute
a default (or an event which with notice or lapse of time or both would constitute such a breach, violation or default) under or pursuant
to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any
organizational document or material agreement, contract, commitment, understanding or arrangement to which such member is a party or by
which it is bound, (e) as of the date of this Agreement, Starboard is deemed to beneficially own 66,433,000 Common Shares and (f) as of
the date hereof, and except as set forth in clause (e) above, Starboard does not currently have, and does not currently have any right
to acquire, any interest in any securities or assets of the Company (or any rights, options or other securities convertible into or exercisable
or exchangeable (whether or not convertible, exercisable or exchangeable immediately or only after the passage of time or the occurrence
of a specified event) for such securities or assets or any obligations measured by the price or value of any securities of the Company
or any of its controlled Affiliates, including any swaps or other derivative arrangements designed to produce economic benefits and risks
that correspond to the ownership of Common Shares or any other securities of the Company, whether or not any of the foregoing would give
rise to beneficial ownership (as determined under Rule 13d-3 promulgated under the Exchange Act), and whether or not to be settled by
delivery of Common Shares or any other class or series of the Company&rsquo;s shares, payment of cash or by other consideration, and without
regard to any short position under any such contract or arrangement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: center"><TD STYLE="width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">5.</FONT></FONT><U>Press
Release</U>. Promptly following the execution of this Agreement, the Company shall issue a press release (the &ldquo;Press Release&rdquo;)
announcing certain terms of this Agreement. The content of the Press Release related to this Agreement shall be mutually agreed between
the Parties. Prior to the issuance of the Press Release and subject to the terms of this Agreement, neither the Company (including the
Board and any committee thereof) nor Starboard shall issue any press release or make any public announcement regarding this Agreement
or the matters contemplated hereby except as required by law or the rules of any stock exchange, or with the prior written consent of
the other Party. During the Standstill Period, neither the Company nor Starboard shall make any public announcement or statement that
is inconsistent with or contrary to the terms of this Agreement, except as required by law or the rules of any stock exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">6.</FONT></FONT><U>Specific
Performance</U>. Each of Starboard, on the one hand, and the Company, on the other hand, acknowledges and agrees that irreparable injury
to the other Party hereto would occur in the event any of the provisions of this Agreement were not performed in accordance with their
specific terms or were otherwise breached and that such injury would not be adequately compensable by the remedies available at law (including
the payment of money damages). It is accordingly agreed that Starboard, on the one hand, and the Company, on the other hand (the &ldquo;Moving
Party&rdquo;), shall each be entitled to specific enforcement of, and injunctive relief to prevent any violation of the terms hereof,
and the other Party hereto will not take action, directly or indirectly, in opposition to the Moving Party seeking such relief on the
grounds that any other remedy or relief is available at law or in equity. This Section 6 is not the exclusive remedy for any violation
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">7.</FONT></FONT><U>Expenses</U>.
The Company shall reimburse Starboard for its reasonable, documented out-of-pocket fees and expenses (including legal expenses) incurred
in connection with Starboard&rsquo;s negotiation and execution of this Agreement and its preparation and filing of a Schedule 13D amendment
announcing the terms of this Agreement, provided that such reimbursement shall not exceed USD <FONT STYLE="color: windowtext">$80,000
</FONT>in the aggregate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: center"><TD STYLE="width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">8.</FONT></FONT><U>Severability</U>.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, void or
unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect
and shall in no way be affected, impaired or invalidated. It is hereby stipulated and declared to be the intention of the Parties that
the Parties would have executed the remaining terms, provisions, covenants and restrictions without including any of such which may be
hereafter declared invalid, void or unenforceable. In addition, the Parties agree to use their best efforts to agree upon and substitute
a valid and enforceable term, provision, covenant or restriction for any of such that is held invalid, void or enforceable by a court
of competent jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">9.</FONT></FONT><U>Notices</U>.
Any notices, consents, determinations, waivers or other communications required or permitted to be given under the terms of this Agreement
must be in writing and will be deemed to have been delivered: (a) upon receipt, when delivered personally; (b) when delivered by e-mail
on or before 5:00 p.m., Toronto time on a business day, on such business day or, if delivered after 5:00 p.m., Toronto time or on a day
that is not a business day, on the next succeeding business day; or (c) two (2) business days after deposit with a nationally recognized
overnight delivery service, in each case properly addressed to the Party to receive the same. The addresses and email addresses for such
communications shall be:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">If to the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">Algonquin Power &amp; Utilities Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">354 Davis Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">Oakville, Ontario, L6J 2X1, Canada</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in">Attention:</TD><TD STYLE="text-align: left">Jennifer Tindale</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in">Email:</TD><TD STYLE="text-align: left">Jennifer.Tindale@APUCorp.com<BR>
notices@APUCorp.com</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">with a copy (which shall not constitute
notice) to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">Weil, Gotshal &amp; Manges LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">767 Fifth Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">New York, New York 10153</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in">Attention:</TD><TD STYLE="text-align: left">Michael J. Aiello<BR>
Megan Pendleton</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in">Email:</TD><TD STYLE="text-align: left">michael.aiello@weil.com<BR>
megan.pendleton@weil.com</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left; text-indent: 0in">Blake, Cassels &amp; Graydon
LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left; text-indent: 0in">Suite 4000, 199 Bay Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left; text-indent: 0in">Toronto, Ontario M5L 1A9</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in">Attention:</TD><TD STYLE="text-align: left">Jeffrey Lloyd<BR>
Taylor Dickinson</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in">Email:</TD><TD STYLE="text-align: left">Jeff.lloyd@blakes.com<BR>
Taylor.dickinson@blakes.com</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: center"><TD STYLE="width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">If to Starboard:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">Starboard Value LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">777 Third Avenue, 18th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">New York, New York 10017</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in">Attention:</TD><TD STYLE="text-align: left">Jeffrey C. Smith</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in">Email:</TD><TD STYLE="text-align: left">jsmith@Starboardvalue.com</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">with copies (which shall not constitute
notice) to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">Olshan Frome Wolosky LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">1325 Avenue of the Americas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">New York, New York 10019</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in">Attention:</TD><TD STYLE="text-align: left">Andrew M. Freedman<BR>
Meagan M. Reda</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in">Email:</TD><TD STYLE="text-align: left">AFreedman@olshanlaw.com<BR>
MReda@olshanlaw.com</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">Goodmans LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">333 Bay Street, Suite 3400</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">Toronto, Ontario M5H 2S7</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in">Attention:</TD><TD STYLE="text-align: left">Jonathan Feldman<BR>
Mark Spiro</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in">Email:</TD><TD STYLE="text-align: left">jonfeldman@goodmans.ca<BR>
mspiro@goodmans.ca</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">10.</FONT></FONT><U>Applicable
Law</U>. This Agreement shall be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws
of Canada applicable therein (without regard to conflict of laws principles) and each of the Parties hereby irrevocably attorns to the
exclusive jurisdiction of the courts of the Province of Ontario in respect of all matters arising under and in relation to this Agreement.
Each of the Parties hereto hereby irrevocably waives, and agrees not to assert in any action or proceeding with respect to this Agreement,
(a) any claim that it is not personally subject to the jurisdiction of the above-named courts for any reason, (b) any claim that it or
its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through
service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (c)
to the fullest extent permitted by applicable legal requirements, any claim that (i) the suit, action or proceeding in such court is brought
in an inconvenient forum, (ii) the venue of such suit, action or proceeding is improper or (iii) this Agreement, or the subject matter
hereof, may not be enforced in or by such courts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">11.</FONT></FONT><U>Counterparts</U>.
This Agreement may be executed in two or more counterparts, each of which shall be considered one and the same agreement and shall become
effective when counterparts have been signed by each of the Parties and delivered to the other Party (including by means of electronic
delivery or facsimile).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: center"><TD STYLE="width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">12.</FONT></FONT><U>Mutual
Non-Disparagement</U>. <FONT STYLE="background-color: white">Subject to applicable law, each of the Parties covenants and agrees that,
during the Standstill Period, or if earlier, until such time as the other Party or any of its agents, subsidiaries, controlled affiliates,
successors, assigns, partners, members, officers, key employees or directors shall have breached this Section&nbsp;12, neither it nor
any of its respective agents, subsidiaries, controlled affiliates, successors, assigns, partners, members, officers, key employees or
directors, shall in any way publicly criticize, disparage, call into disrepute or otherwise defame or slander the other Party or such
other Party&rsquo;s subsidiaries, affiliates, successors, assigns, partners, members, officers (including any current officer of a Party
or a Party&rsquo;s subsidiaries who no longer serves in such capacity at any time following the execution of this Agreement), directors
(including any current director of a Party or a Party&rsquo;s subsidiaries who no longer serves in such capacity at any time following
the execution of this Agreement), employees, shareholders, agents, attorneys or representatives, or any of their businesses, products
or services, in any manner that would reasonably be expected to damage the business or reputation of such other Party, </FONT><FONT STYLE="color: windowtext">their
businesses, products or services or their subsidiaries, affiliates, successors, assigns, officers (or former officers), directors (or
former directors), employees, shareholders, agents, attorneys or representatives</FONT>; provided,&nbsp;however, that at any time following
the date upon which the Starboard Appointee is appointed to the Board, any statements regarding the Company&rsquo;s operational or stock
price performance or any strategy, plans, or proposals of the Company not supported by the Starboard Appointee (or any Replacement Director
thereof that is a Starboard Representative) that do not disparage, call into disrepute or otherwise defame or slander any of the Company&rsquo;s
officers, directors, employees, stockholders, agents, attorneys or representatives (&ldquo;Opposition Statements&rdquo;), shall not be
deemed to be a breach of this Section 12 (subject to, for the avoidance of doubt, any obligations of confidentiality as a director that
may otherwise apply) except that any Opposition Statement will only speak to a matter that has been made public by the Company;&nbsp;provided,&nbsp;further,
that if any Opposition Statement is made by Starboard, the Company shall be permitted to publicly respond with a statement similar in
scope to any such Opposition Statement; provided, further that each Party shall be permitted to make objective statements that reflect
such Party&rsquo;s view with respect to factual matters concerning specific acts or determinations of the other Party occurring after
the date of this Agreement, as long as such statements do not violate any other provision of this Agreement. The restrictions set forth
in this&nbsp;Section 12&nbsp;shall not (a) apply (i) in any compelled testimony or production of information, whether by legal process
or subpoena or as part of a response to a request for information from any governmental or regulatory authority with jurisdiction over
the Party from which information is sought, in each case, solely to the extent required, or (ii) to any disclosure that such Party reasonably
believes, after consultation with outside counsel, to be legally required by applicable law, rules or regulations&#894; or (b) prohibit
any Party from reporting what it reasonably believes, after consultation with outside counsel, to be violations of (i) federal law or
regulation to any governmental authority pursuant to Section 21F of the Exchange Act or the rules of the SEC promulgated under such Section
21F or (ii) provincial securities laws to any Canadian provincial securities regulatory authority pursuant to a whistleblower program
established by such authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">13.</FONT></FONT><U>Securities
Laws</U>. Starboard acknowledges that it is aware, and will advise each of its representatives who are informed as to the matters that
are the subject of this Agreement, that applicable securities laws may restrict any person who directly or indirectly has received from
an issuer material, non-public information from purchasing or selling securities of such issuer or from communicating such information
to any other person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: center"><TD STYLE="width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">14.</FONT></FONT><U>Confidentiality</U>.
Mr. Molinelli or any other Starboard Representative may provide confidential information of the Company that he or she learns in his or
her capacity as a director of the Company, as applicable, including discussions or matters considered in meetings of the Board or Board
committees (collectively, &ldquo;Company Confidential Information&rdquo;), to Starboard, its controlled Affiliates and Associates and
legal counsel (collectively, &ldquo;Starboard Confidentiality Representatives&rdquo;), in each case, solely to the extent such Starboard
Confidentiality Representatives need to know such information in connection with Starboard&rsquo;s investment in the Company&#894; provided,
however, that Starboard (a) shall inform such Starboard Confidentiality Representatives of the confidential nature of any such Company
Confidential Information and (b) shall cause such Starboard Confidentiality Representatives to refrain from disclosing such Company Confidential
Information to anyone (whether to any company in which Starboard has an investment or otherwise), by any means, or otherwise from using
the information in any way other than in connection with Starboard&rsquo;s investment in the Company. Such Starboard Representative and
Starboard shall not, without the prior written consent of the Company, otherwise disclose any Company Confidential Information to any
other person or entity. For the avoidance of doubt, an Appointed Director that is not a Starboard Representative is not permitted to share
Company Confidential Information with Starboard or Starboard&rsquo;s controlled Affiliates, Associates or legal counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000"><FONT STYLE="display: inline-block; width: 0.5in; float: left; white-space:nowrap">15.</FONT></FONT><U>Entire
Agreement; Amendment and Waiver; Successors and Assigns; Third-Party Beneficiaries; Term</U>. This Agreement contains the entire understanding
of the Parties with respect to the subject matter hereof and supersedes all contemporaneous or prior agreements, negotiations, commitments,
and writings among the Parties with respect to the subject matter hereof, including, but not limited to, the 2024 Agreement. There are
no restrictions, agreements, promises, representations, warranties, covenants or undertakings between the Parties other than those expressly
set forth herein. No modifications of this Agreement can be made except in writing signed by an authorized representative of each of the
Company and Starboard. No failure on the part of any Party to exercise, and no delay in exercising, any right, power or remedy hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such Party preclude any
other or further exercise thereof or the exercise of any other right, power or remedy. All remedies hereunder are cumulative and are not
exclusive of any other remedies provided by law. The terms and conditions of this Agreement shall be binding upon, inure to the benefit
of, and be enforceable by the Parties hereto and their respective successors, heirs, executors, legal representatives, and permitted assigns.
No Party shall assign this Agreement or any rights or obligations hereunder without, with respect to Starboard, the prior written consent
of the Company, and with respect to the Company, the prior written consent of Starboard. This Agreement is solely for the benefit of the
Parties and is not enforceable by any other persons or entities. This Agreement shall terminate at the end of the Standstill Period, except
the provisions of Section 6 through Section 11, Section 13 and Section 14, which shall survive such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">[The remainder of this page intentionally
left blank]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: center"><TD STYLE="width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">IN WITNESS WHEREOF, this Agreement
has been duly executed and delivered by the duly authorized signatories of the Parties as of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in"><B>ALGONQUIN POWER &amp; UTILITIES CORP.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">By:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in; border-bottom: Black 0.5pt solid">/s/
    Roderick K. West</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">Name:</TD>
    <TD STYLE="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">Roderick K. West</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">Title:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">Chief Executive Officer</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">By:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in; border-bottom: Black 0.5pt solid">/s/
    Jennifer Tindale</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">Name:</TD>
    <TD STYLE="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">Jennifer Tindale</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">Title:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">Chief Legal Officer</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: left; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 16; Options: NewSection -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">[Signature Page to Cooperation Agreement]</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><B>STARBOARD VALUE AND OPPORTUNITY
MASTER FUND III LP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">By: Starboard Value A LP, its general
partner</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><B>STARBOARD VALUE AND OPPORTUNITY
S LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">By: Starboard Value LP, its manager</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><B>STARBOARD VALUE AND OPPORTUNITY
C LP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">By: Starboard Value R LP, its general
partner</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><B>STARBOARD X MASTER FUND II LP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">By: Starboard Value R LP, its general
partner</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><B>STARBOARD VALUE R LP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">By: Starboard Value R GP LLC, its general
partner</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><B>STARBOARD VALUE AND OPPORTUNITY
MASTER FUND L LP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">By: Starboard Value L LP, its general
partner</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><B>STARBOARD VALUE L LP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">By: Starboard Value R GP LLC, its general
partner</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><B>STARBOARD G FUND, L.P</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">By: Starboard Value G GP, LLC, its
general partner</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><B>STARBOARD VALUE G GP, LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">By: Starboard Value A LP, its general
partner</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><B>STARBOARD VALUE A LP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">By: Starboard Value A GP LLC, its general
partner</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><B>STARBOARD VALUE LP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">By: Starboard Value GP LLC, its general
partner</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><B>STARBOARD VALUE GP LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">By: Starboard Principal Co LP, its
member</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><B>STARBOARD PRINCIPAL CO LP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">By: Starboard Principal Co GP LLC,
its general partner</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><B>STARBOARD PRINCIPAL CO GP LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><B>STARBOARD VALUE A GP LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">[Signature Page to Cooperation Agreement]</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><B>STARBOARD VALUE R GP LLC</B></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD COLSPAN="2">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Jeffrey C. Smith</P></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 9%">Name:</TD>
    <TD STYLE="width: 35%">Jeffrey C. Smith</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Authorized Signatory</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 18; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">[Signature Page to Cooperation Agreement]</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
