Document:

Exhibit 4.1

 

 

 

DUKE ENERGY OHIO, INC.

 

(FORMERLY NAMED “THE CINCINNATI GAS & ELECTRIC COMPANY”)

 

TO

 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 
 AS TRUSTEE

 

(SUCCESSOR TRUSTEE TO THE BANK OF NEW YORK MELLON 
 AND TO IRVING TRUST COMPANY)

 

 

FORTY-FIFTH SUPPLEMENTAL INDENTURE

 

DATED AS OF MARCH 27, 2017

 

TO

 

FIRST MORTGAGE

 

DATED AS OF AUGUST 1, 1936

 

 

Additional Issuance of First Mortgage Bonds, 3.70% Series, Due June 15, 2046

 

 

 

 

TABLE OF CONTENTS

 

	
ARTICLE ONE.
    	
 
    
	
 
    	
 
    
	
DEFINITIONS
    	
3
    
	
SECTION 1.01.   DEFINITIONS
    	
3
    
	
 
    	
 
    
	
ARTICLE TWO.
    	
 
    
	
 
    	
 
    
	
FIRST   MORTGAGE BONDS, 3.70% SERIES, DUE JUNE 15, 2046
    	
3
    
	
SECTION 2.01.   ISSUANCE OF ADDITIONAL BONDS
    	
3
    
	
 
    	
 
    
	
ARTICLE THREE.
    	
 
    
	
 
    	
 
    
	
MISCELLANEOUS
    	
4
    
	
SECTION 3.01.   INDENTURE RATIFIED AND CONFIRMED
    	
4
    
	
SECTION 3.02.   EXECUTION IN COUNTERPARTS
    	
4
    
	
SECTION 3.03.   EFFECT OF HEADINGS AND TABLE OF CONTENTS
    	
4
    
	
SECTION 3.04.   SUCCESSORS AND ASSIGNS
    	
4
    
	
SECTION 3.05.   SEPARABILITY CLAUSE
    	
4
    
	
SECTION 3.06.   BENEFITS OF INDENTURE
    	
4
    
	
SECTION 3.07.   GOVERNING LAW
    	
4
    
	
SECTION 3.08.   TRUSTEE NOT RESPONSIBLE FOR RECITALS, ETC.
    	
5
    

 

 

FORTY-FIFTH SUPPLEMENTAL INDENTURE, dated as of March 27, 2017, between DUKE ENERGY OHIO, INC. (hereinafter sometimes referred to as the “Company”), a corporation organized and existing under the laws of the State of Ohio, formerly named The Cincinnati Gas & Electric Company, and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, and the successor trustee to The Bank of New York Mellon and Irving Trust Company (hereinafter sometimes referred to as the “Trustee”), whose mailing address is 10161 Centurion Parkway N, Jacksonville, Florida 32256.

 

RECITALS OF THE COMPANY

 

The Indenture, dated as of August 1, 1936 (the “Original Indenture”) was authorized, executed and delivered by the Company to provide for the issuance from time to time of its bonds, to be issued in one or more series as contemplated therein, and to provide security for the payment of the principal of and premium, if any, and interest, if any, on the bonds.

 

The Company has heretofore executed and delivered to the Trustee forty-three supplemental indentures for the purposes recited therein, including creating series of Securities and otherwise amending, restating and supplementing the Original Indenture (the Original Indenture, as so amended, restated and supplemented, being hereinafter called the “Indenture”).

 

The Company, by appropriate corporate action in conformity with the terms of the Indenture, has duly determined to make, execute and deliver to the Trustee this Forty-fifth Supplemental Indenture to the Indenture as permitted by Sections 2.01, 3.01, 13.01 and Article Sixteen of the Indenture in order to issue additional Securities of the series under the Indenture designated as “First Mortgage Bonds, 3.70% Series, Due June 15, 2046” (hereinafter referred to as the “Bonds”), initially in an aggregate principal amount of $100,000,000 (hereinafter referred to as the “Additional Bonds”).

 

The terms and provisions of the Additional Bonds, and the form thereof, were set forth in the Forty-fourth Supplemental Indenture, dated as of June 23, 2016, between the Company and the Trustee (hereinafter sometimes referred to as the “Forty-fourth Supplemental Indenture”), which Forty-fourth Supplemental Indenture also provided for the issuance of $250,000,000 aggregate principal amount of the Bonds.

 

Section 3.01 of the Indenture provides that without the consent of any Holder, the aggregate principal amount of a series of Securities may be increased and additional Securities of such series may be issued up to the maximum aggregate principal amount authorized with respect to such series as increased, provided that such additional Securities of such series are fungible with the previously issued Securities of such series for Federal income tax purposes.

 

All things necessary to make the Additional Bonds herein described, when duly authenticated by the Trustee and issued by the Company, valid, binding, and legal obligations of the Company, and to make this Forty-fifth Supplemental Indenture a valid and binding agreement supplemental to the Indenture, have been done and performed.

 

 

THIS FORTY-FIFTH SUPPLEMENTAL INDENTURE WITNESSETH:

 

In consideration of the premises and of the acceptance and purchase of the Additional Bonds, the Company hereby covenants and agrees to and with the Trustee as follows:

 

[THE REMAINDER OF THIS PAGE HAS BEEN LEFT BLANK INTENTIONALLY.]

 

2

 

ARTICLE ONE.

 

DEFINITIONS

 

SECTION 1.01.  DEFINITIONS.

 

Each capitalized term that is used herein and is defined in the Indenture shall have the meaning specified in the Indenture unless such term is otherwise defined herein.  The terms defined herein include the plural as well as the singular.

 

ARTICLE TWO.

 

FIRST MORTGAGE BONDS, 3.70% SERIES, DUE JUNE 15, 2046

 

SECTION 2.01.  ISSUANCE OF ADDITIONAL BONDS.

 

There is hereby authorized and established Additional Bonds designated “First Mortgage Bonds, 3.70% Series, Due June 15, 2046” which shall be consolidated with, and form a single series with, the Bonds. The Additional Bonds, which are authenticated and delivered hereunder, shall be initially limited to an aggregate principal amount of $100,000,000, and immediately after issuance of the Additional Bonds, the aggregate principal amount of Bonds, together with the Additional Bonds, shall be $350,000,000. The terms and conditions of the Additional Bonds are the same as those of the Bonds as specified in the Forty-fourth Supplemental Indenture, provided that interest shall initially begin to accrue on the Additional Bonds only from December 15, 2016 and the first Interest Payment Date therefor shall be June 15, 2017.

 

3

 

ARTICLE THREE.

 

MISCELLANEOUS

 

SECTION 3.01.  INDENTURE RATIFIED AND CONFIRMED.

 

The Indenture, as supplemented by this Forty-fifth Supplemental Indenture, is in all respects ratified and confirmed and shall be read, taken and construed as one and the same instrument.

 

SECTION 3.02.  EXECUTION IN COUNTERPARTS

 

This Forty-fifth Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.

 

SECTION 3.03.  EFFECT OF HEADINGS AND TABLE OF CONTENTS.

 

The Article and Section headings in this Forty-fifth Supplemental Indenture and the Table of Contents are for convenience only and shall not affect the construction hereof.

 

SECTION 3.04.  SUCCESSORS AND ASSIGNS.

 

All covenants and agreements in this Forty-fifth Supplemental Indenture by the Company and the Trustee shall bind their respective successors and assigns, whether so expressed or not.

 

SECTION 3.05.  SEPARABILITY CLAUSE.

 

In case any provision in this Forty-fifth Supplemental Indenture shall be held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

SECTION 3.06.  BENEFITS OF INDENTURE.

 

Nothing in this Forty-fifth Supplemental Indenture or the Additional Bonds, express or implied, shall give to any Person, other than the parties hereto, their successors hereunder and the Holders of any Additional Bonds, any benefit or any legal or equitable right, remedy or claim under this Forty-fifth Supplemental Indenture.

 

SECTION 3.07.  GOVERNING LAW.

 

This Forty-fifth Supplemental Indenture and the Additional Bonds shall be governed by and construed in accordance with the laws of the State of Ohio, except (a) to the extent that the

 

4

 

Trust Indenture Act shall be applicable, and (b) that the rights, duties, obligations, privileges, immunities and standard of care of the Trustee shall be governed by the laws of the State of New York.

 

SECTION 3.08.  TRUSTEE NOT RESPONSIBLE FOR RECITALS, ETC.

 

The recitals contained herein are made by the Company and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof.  The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Forty-fifth Supplemental Indenture.

 

 

[EXECUTION PAGES FOLLOW.]

 

5

 

IN WITNESS WHEREOF, the parties hereto have caused this Forty-fifth Supplemental Indenture to be duly executed as of the day and year first above written.

 

 

	
 
    	
DUKE ENERGY   OHIO, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By 
    	
/s/ John   L. Sullivan, III
    
	
 
    	
 
    	
John L.   Sullivan, III
    
	
 
    	
 
    	
Assistant   Treasurer
    

 

6

 

	
 
    	
THE BANK OF NEW   YORK MELLON TRUST COMPANY, N.A.,   as Trustee
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By 
    	
/s/ Julie   Hoffman-Ramos
    
	
 
    	
Name: 
    	
Julie   Hoffman-Ramos
    
	
 
    	
Title:
    	
Vice   President
    

 

7

 

	
STATE OF   NORTH CAROLINA
    	
)
    
	
 
    	
) ss:
    
	
COUNTY OF   MECKLENBURG
    	
)
    

 

BE IT REMEMBERED, that on this 27th day of March, 2017, before me, the undersigned, a notary public in and for the County and State aforesaid, duly commissioned and qualified, personally appeared John L. Sullivan, III, personally known to me to be the same person whose name is subscribed to the foregoing instrument, and personally known to me to be the Assistant Treasurer of Duke Energy Ohio, Inc., an Ohio corporation, and acknowledged that he signed and delivered said instrument as his free and voluntary act as such Assistant Treasurer, and as the free and voluntary act of said Duke Energy Ohio, Inc., for the uses and purposes therein set forth; in pursuance of the power and authority granted to him by resolution of the Board of Directors of said Company.

 

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my notarial seal the day and year aforesaid.

 

(NOTARIAL SEAL)

 

 

	
 
    	
/s/   Phoebe E. Elliot
    
	
 
    	
                    Notary   Public
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name:   Phoebe E. Elliot
    
	
 
    	
Commission   Expiration: June 26, 2021
    

 

8

 

	
State of Texas
    	
)
    
	
 
    	
): ss
    
	
County of Harris
    	
)
    

 

On the 3rd day of March in the year 2017, before me, the undersigned, personally appeared, Julie Hoffman-Ramos, a Vice President of The Bank of New York Mellon Trust Company, N.A., personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that she executed the same in her capacity, and that by her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.

 

 

	
/s/ Robert C. Dingman, Jr.
    	
 
    
	
 
    	
 
    
	
Robert C. Dingman, Jr.
    	
 
    
	
Notary Public — State of Texas
    	
 
    
	
Notary Id: 126531797
    	
 
    
	
Commission Expires May 23, 2020
    	
 
    

 

9EXHIBIT 4.5

 

31 May 2016

 

 

Strictly Private and Confidential

 

Frank Dangeard

 

 

 

Dear Frank

 

This letter sets out the terms of your appointment
as a non-executive director of The Royal Bank of Scotland Group plc (the “Group”), The Royal Bank of Scotland plc and
National Westminster Bank Plc (together the “Companies”), with effect from 16 May 2016. Your appointment will be for
an initial term that extends to the conclusion of the Companies’ next Annual General Meetings and thereafter will be subject
to re-election as described below. It is agreed that this is a contract for services and not a contract of employment.

 

1. Appointment

 

Your appointment is subject to the articles
of association of the Companies and may be terminated on the written notice of either you or the Companies as described below.

 

You will be required to stand for re-election
by shareholders at each Annual General Meeting of each of the Companies. Continuation of your appointment is also contingent on
satisfactory performance and any relevant statutory provisions relating to the removal of a director.

 

2. Termination

 

Your appointment may be terminated by either
you or the Companies giving written notice to the other, such notice to take immediate effect.

 

In the event that your re-election is not
approved by shareholders, your appointment will terminate automatically with immediate effect.

 

On termination of your appointment you shall,
at the request of the Companies, resign as a director of the Companies.

 

No compensation or payment in lieu of notice
will be payable upon termination of your appointment.

 

3. Time Commitment

 

You will devote such time as is necessary
to fulfil your role including preparation for and attendance at the Board meetings of the Companies, Annual General and any other
General Meetings of the Companies and the annual Board strategy offsite.

 

By accepting this appointment, you have
confirmed that you are able to allocate sufficient time to meet the requirements of your role.

 

     

     

    

4. Role

 

Your principal responsibilities
and duties are set out in your role profile, as amended from time to time. A copy of your current role profile is attached.

 

Non-executive Directors have the same legal
responsibilities to the Companies as any other director and you should have particular regard to the duties set out in the Companies
Act 2006 (the “2006 Act”). You will have particular regard to the general duties of directors as set out in Part 10,
Chapter 2 of the 2006 Act, including the duty to promote the success of the company:

 

“A director of a company must act in the way he considers,
in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing
so have regard (amongst other matters) to:

 

(a) the likely consequences of any decision
in the long term,

 

(b) the interests of the company's employees,

 

(c) the need to foster the company's business relationships
with suppliers, customers and others,

 

(d) the impact of the company's operations on the community
and the environment,

 

(e) the desirability of the company maintaining a
reputation for high standards of business conduct, and

 

(f) the need to act fairly as between members
of the company.”

 

You will be required to exercise relevant
powers in accordance with the Companies’ articles of association and in accordance with relevant policies in internal control
frameworks.

 

5. Regulatory Requirements

 

With effect from 7 March 2016, the PRA and
FCA introduced a new regulatory regime to strengthen individual accountability in banking which replaces the Approved Persons’
Regime. Only certain non-executive directors (those who will hold Senior Manager Functions under the Senior Managers’ Regime)
will require prior regulatory approval to perform their role. Your role profile, as amended from time to time, will either (i)
contain details of your Senior Manager Functions; or (ii) reflect your status as a Notified Non-executive Director.

 

It is a condition of your appointment that
you comply with all applicable regulatory requirements, including but not limited to complying with the PRA and FCA Conduct Rules,
as they apply from time to time. Further details are available on request from the Chief Governance Officer and Board Counsel.

 

It is also a condition of your appointment
that you remain fit and proper to perform the role of a non-executive director and any applicable Senior Manager Functions in line
with the PRA and FCA's regulatory requirements and that you report any matter that may impact your ongoing fitness and propriety
promptly to the Companies and the regulators.

 

6. Remuneration

 

As a non-executive director you will be
paid a fee of £72,500 per annum, which covers membership of all three Boards, plus the relevant fee(s) for any additional
Committee membership(s) and/or chairmanship(s) you may assume. Your remuneration will be reviewed annually and is disclosed in
the Group’s Report and Accounts.

 

You will be paid monthly and will be reimbursed
for all reasonable and properly documented expenses you incur in performing your duties.

 

     

     

    

7. Outside Interests

 

It is accepted and acknowledged that you
may have business interests other than those of the Companies and that you have declared any actual or potential conflicts of interest
that are apparent at present.

 

The agreement of the Boards must be sought
before you accept any additional commitments that might affect the time you are able to devote to your role as a non-executive
director of the Companies. In particular, you must notify the Chief Governance Officer and Board Counsel as early as possible if
you are contemplating any additional appointments.

 

Please note that there are regulatory limits
imposed by the Capital Requirements Directive on the number of directorships you are able to hold. These limits are a total of
either (1) one executive and two non-executive positions; or (2) four non-executive director positions, in both cases including
your RBS roles. Directorships in organisations which do not pursue predominantly commercial objectives do not count; and executive
or non-executive directorships within the same group of companies count as a single directorship. The regulator may, at its discretion,
grant a waiver to enable one additional non-executive position to be held. The Chief Governance Officer and Board Counsel monitors
compliance with these regulatory limits and will be happy to discuss your own situation with you.

 

In the event that you become aware of any
actual or potential conflicts of interest (including any relevant interests in transactions), these should be disclosed to the
Chief Governance Officer and Board Counsel as soon as they are apparent to you. This is to enable such conflicts to be authorised
or noted, as applicable, by the Boards in accordance with the 2006 Act.

 

Further details are set out in the Group’s
Guidelines on Conflicts of Interest, a copy of which is attached to this letter.

 

8. Confidentiality and return of and
access to information

 

You acknowledge that all information acquired
during your appointment is confidential to the Companies and should not be released, disclosed or communicated, either during your
appointment or following termination of your appointment to third parties without prior written clearance from the Board.

 

You acknowledge the need to hold and retain
the Companies’ information (in whatever format it is received) under appropriately secure conditions.

 

As a director, you will frequently be in
possession of price sensitive information and you should avoid making any statements that might risk disclosure of unpublished
price sensitive information.

 

Upon termination of your appointment (for
whatever reason), you shall deliver to the Companies all documents, records, papers or other property which may be in your possession
or under your control, and which relate in any way to the business affairs of the Companies, and you shall not retain any copies
thereof.

 

Please contact the Chief Governance Officer and Board Counsel
if you subsequently require access to information. The Companies will seek to accommodate all reasonable requests for information,
subject to any legal or regulatory obligations or restrictions that may prohibit them from doing so.

 

     

     

    

9. Review Process

 

Your performance as a non-executive director
will be subject to review annually as part of the Board evaluation exercise, which reviews the performance of individual directors,
the Board as a whole and its Committees. If, in the interim, there are any matters that cause you concern about your role, you
should discuss them with the Chairman as soon as is appropriate.

 

10. Insurance

 

Subject to legislative provisions, you will
be entitled to be indemnified out of the assets of the Group against all costs and liabilities incurred by you in the execution
of your duties.

 

In addition, the Group has in place directors’
and officers’ liability insurance. It is intended to maintain such cover for the full term of your appointment.

 

11. Independent Professional Advice

 

Should a situation arise when you consider
that you need to take independent professional advice in relation to your duties as a director, you should first discuss the situation
with the Chief Governance Officer and Board Counsel. The reasonable costs of any independent advice obtained will be reimbursed
by the Companies.

 

12. Dealing in Securities / Investments

 

As a director, you are subject
to the RBS Group Staff Dealing Rules (which incorporate the UK Listing Authority’s ‘Model Code’). As such, you
cannot deal in RBS securities outside of certain scheduled ‘Open Windows’ (which are periods which coincide with the
announcement of RBS results) or at any time while you are in possession of ‘inside information’.

 

You are also required to obtain
permission before dealing in RBS securities and, in accordance with the FCA Disclosure and Transparency Rules, must also disclose
to the Bank any ‘own account’ dealing in such securities by you or your ‘connected persons’. A copy of
the RBS Group Staff Dealing Rules will be provided as part of your Induction along with further details of your obligations under
these rules and the associated disclosure requirements.

 

13. Governing Law

 

Your engagement with the Companies
is governed by and shall be construed in accordance with the law of Scotland and your engagement shall be subject to the jurisdiction
of the Scottish courts.

 

Please do not hesitate to contact me if
you have any questions in relation to this letter. This letter has been sent to you in duplicate. Please sign and date both copies,
retaining one copy for your records and returning the other to me at House G, RBS, PO Box 1000, Edinburgh, EH12 1HQ.

 

     

     

    

Yours sincerely

 

/s/ Aileen Taylor

Aileen Taylor

Chief Governance Officer and Board Counsel

For and on behalf of the Companies

 

/s/ Frank Dangeard

Frank Dangeard

 

Date:

 

Enclosures: 

Non-executive director role profile

Guidelines on Conflicts of Interest

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