UNDERWRITING AGREEMENTUnderwriting Agreement • July 10th, 2020 • Algonquin Power & Utilities Corp. • Electric services • Ontario
Scotia Capital Inc. and CIBC World Markets Inc. (together, the "Lead Underwriters"), TD Securities Inc., BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., National Bank Financial Inc., Desjardins Securities Inc., Raymond James Ltd., Industrial Alliance Securities Inc., J.P. Morgan Securities Canada Inc. and Wells Fargo Securities Canada, Ltd. (individually, an "Underwriter" and collectively with the Lead Underwriters, the "Underwriters") understand that Algonquin Power & Utilities Corp. (the "Corporation") proposes to issue and sell 32,170,000 Common Shares (as hereinafter defined) of the Corporation (the "Firm Securities"). In addition, the Underwriters understand that the Corporation proposes to grant to the Underwriters a one-time option (the "Over-Allotment Option") to purchase additional Common Shares from the Corporation (the "Optional Securities") for the sole purpose of covering over-allotments, in an amount equal to up to 15% of the number of Firm Securities (collectively,
