Document:

Exhibit 10.1

 

STOCK PURCHASE AGREEMENT

 

THIS
STOCK PURCHASE AGREEMENT (the “Agreement”) is entered into as of the 31st day of December 2022 (the “Effective
Date”) by and among Alchemy Prime Holdings Limited, a UK corporation (“Alchemy”), FDCTech, Inc., a California corporation
(“FDCT” and, together with Alchemy, the “Purchaser,” New Star Capital Trading Ltd., a British Virgin Island company
(“New Star”) and NSFX Ltd., a wholly-owned subsidiary of New Star, a Malta-based European margin trading broker-dealer (“NSFX”
and, together with New Star, the “Sellers”).

 

W I T N E S S E T H:

 

WHEREAS
Sellers desire to sell all of the shares of the Sellers’ common stock, representing one hundred percent (100%) of all the issued
and outstanding shares on a fully diluted basis (the “Shares”) in the manner described in this Agreement; and

 

WHEREAS
Alchemy desire to purchase from Sellers and Sellers desires to sell to Alchemy 49.90% (forty-nine point ninety percent) of the Shares,
representing 49.90% of all the issued and outstanding shares subject to terms and conditions contained herein; and

 

WHEREAS
FDCT desires to purchase from Sellers and Sellers desires to sell to FDCT 50.10% (fifty-one point ten percent) of the Shares, representing
50.10% of all the issued and outstanding shares subject to terms and conditions contained herein.

 

NOW,
THEREFORE, in consideration of the premises and the mutual representations, warranties, covenants, and agreements set forth above and
in the body of this Agreement, upon the terms and subject to the conditions hereinabove and from now on set forth, the Parties hereto
agree as follows:

 

	 	I.	PURCHASE AND SALE OF SHARES
	 	 	 
	 	I.1	Purchase and Sale of Shares. Purchaser agrees to purchase from Sellers, and Sellers agree to sell to Purchaser 100% of the Shares of the Sellers for an aggregate purchase price outlined in Section 2.1 below.
	 	 	 
	 	II.	PURCHASE PRICE
	 	 	 
	 	II.1	Purchase Shares. The Purchaser will buy 100% of New Star and NSFX, described in Exhibits I and II, on a fully diluted basis, in the following manner: (i) Alchemy shall purchase 49.90% of the Shares; and (ii) FDCT shall purchase 50.10% of the Shares.
	 	 	 
	 	II.2	Purchase Price. For consideration for the Shares, the Purchaser shall pay the Sellers in the following manner: (i) FDCT is responsible for paying the net unrealized profits (the “FDCT Share Purchase Price”) calculated at the Effective Date based on Article 2.4.; and (ii) Alchemy shall pay the Seller a total cash amount of $1,000,000 paid at the Effective Date hereof (the “Alchemy Share Purchase Price”). For the avoidance of doubt, each of Alchemy and FDCT’s obligations hereunder shall be considered severally and jointly.
	 	 	 
	 	II.3	Realized Profits. The Purchaser acknowledges that the Sellers are entitled to the Realized Profits at the Effective Date. The Purchaser shall reimburse all the Realized Profits to Sellers after reconciling NSFX accounts following IFRS accrual accounting standards.
	 	 	 
	 	II.4	Unrealized Profit (UPL). The parties agree that FDCT is responsible for paying the Sellers UPL defined as profits that have occurred on net open positions, but the relevant positions or transactions have not been completed as calculated at the Effective Date (10/26/2022):

 

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	 	II.4.1	(A) = 75% MT4 Server UPL, where Seller owns 100% of the MT4 UPL, estimated as of the Effective Date $251,250.
	 	 	 
	 	II.4.2	(B) = 75% of 25% of the MT5 Server UPL, where Sellers own 25% of the MT5 UPL, estimated as $92,813.
	 	 	 
	 	II.4.3	The Share Purchase Price (A)+(B): $344,063 or $350,000, whichever is higher.
	 	 	 
	 	II.4.4	The FDCT Share Purchase Price shall earn an interest rate of 4% per annum. FDCT shall pay the FDCT Share Purchase Price with accrued interest in a balloon payment on or before the first anniversary of the Effective Date.
	 	 	 
	 	II.4.5	Should the FDCT Uplist the Company on Nasdaq or higher exchange before the first anniversary from the Effective Date, FDCT shall pay the Sellers an additional 50% of the FDCT Share Purchase Price either in cash or Nasdaq stock at the sole discretion of the Purchaser. For this section, the stock price shall be the average daily closing price in Nasdaq of the shares during 30 trading days starting from the first month anniversary following the date of Uplist.
	 	 	 
	 	II.5	Net Capital Distribution. Alchemy shall return the net capital, which is equal to$600,000, to the Sellers per the following schedule:
	 	 	 
	 	II.5.1	At the Execution Date, 25% of the Net Capital = $150,000
	 	 	 
	 	II.5.2	At the 120th day from the Execution Date, 25% of the Net Capital = $150,000
	 	 	 
	 	II.5.3	At the 240th day from the Execution Date, 25% of the Net Capital = $150,000
	 	 	 
	 	II.5.4	At the Anniversary day from the Execution Date, 25% of the Net Capital = $150,000
	 	 	 
	 	II.6	For the avoidance of doubt, the obligations described in sections 2.3, 2.4, and 2.5 above are final and irrevocable. Each and every payment described herein shall not be set off or deducted against any other payment or liability, whether arising from this Agreement or any additional agreement.
	 	 	 
	 	II.7	Every payment due to the Sellers shall be made to the bank account designated by Mr. Asher Alkoby (“Mr. Alkoby”) in writing to the Purchasers until the Closing Date, and Mr. Alkoby shall be responsible for the distribution of the payments due to each Seller. By providing their signatures in the Agreement, each Seller hereby instructs the payment to be made to Mr. Alkoby and waives any claim against the Purchaser in connection with such payments.
	 	 	 
	 	III.	CLOSING, DELIVERIES, AND ADJUSTMENT
	 	 	 
	 	III.1	The purchase and sale of the Shares (the “Closing”) shall occur on a date and time as designated in writing by the parties with at least five business days’ notice, but in no event later than December 25, 2022 (the “Outside Date”). The Closing will be held by the electronic exchange of documents in PDF format or by facsimile without the principals present. The actual date on which the Closing occurs is referred to herein as the “Closing Date.”
	 	 	 
	 	III.2	Proceedings at Closing. All proceedings to be taken and any documents to be executed and delivered by any of the Parties at the Closing shall be deemed to have been accepted and delivered simultaneously. No proceedings shall be deemed taken nor any documents executed or delivered until all have been taken, executed, and delivered.
	 	 	 
	 	III.3	Deliveries by Sellers to Purchaser. At the Closing, Sellers shall deliver to Purchaser the following, duly executed:

 

(a) the stock certificates representing
all the Shares endorsed in blank or accompanied by duly executed assignment documents;

 

(b) certified copies of the resolutions
of the Board of Directors of Sellers authorizing the transactions contemplated;

 

(c) certification that all debts and guarantees
have been eliminated other than in the ordinary course of Business; and

 

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(d) certification that there are no legal
and compliance issues outstanding quantified more than $10,000.

 

(e) Service agreement executed between
Modlin Services Ltd. and NSFX in the format attached hereto as Exhibit III.

 

	 	III.4	Deliveries by Purchaser to Sellers. At the Closing, Purchaser shall deliver or cause to be delivered, or direct the Escrow Agent to give to Sellers the following, duly executed, as applicable:

 

	 	(a)	Certified copies of the resolutions of the Board of Directors of Purchaser authorizing the transactions contemplated at this moment;
	 	 	 
	 	(b)	Certificate evidencing the payment of (i) the Alchemy Purchase Price; (ii) the first installment of the Net Capital Distribution;

 

	 	IV.	REPRESENTATIONS AND WARRANTIES OF THE SELLERS

 

Sellers, at this moment, jointly and severally
represent and warrant to Purchaser as follows:

 

	 	IV.1	There is no legal impediment to Sellers’ engagement in this Agreement and for the execution of the obligations arising hereby. As such, Sellers’ engagement in this Agreement and the fulfillment of their obligations arising hereby shall not constitute a breach of any other agreement to which they are a party and do not require the approval of any third party.
	 	 	 
	 	IV.2	All the approvals and resolutions from the Sellers’ competent bodies as required by law and the Sellers’ incorporation documents were approved for the purposes of the execution of this Agreement and the fulfilment of the obligations arising hereby.
	 	 	 
	 	IV.3	All the representations, warranties and undertakings herein will remain in force for a period of 12 (twelve) months as of the Closing Date, after which they shall no longer entitle the Purchaser to any right and/or claim.
	 	 	 
	 	IV.4	Organization and Good Standing. Sellers is a corporation duly organized, validly existing, and in good standing under the laws of BVI and Malta and has the corporate power and authority to own or lease its assets and to carry on its Business as it is currently being conducted, except where the failure to have such requisite corporate or similar power and authority would not be reasonably likely to have a Material Adverse Effect. The Sellers is not in default under or violating any provisions of its Articles of Incorporation or bylaws Capitalization. The entire authorized capital stock of the New Star consists of the issued share capital of $100 (USD), comprising 100 shares of $1.00 each, as described in Exhibit II. The entire authorized capital stock of NSFX consists of 1,629,999 Ordinary A Shares (New Star) and 1 Ordinary B share (Eliav Kordova), as described in Exhibit III. The Sellers named in Exhibit II and III have all the given and outstanding Shares duly authorized, are validly issued, fully paid, and are nonassessable. There is no exceptional contract with any Person to purchase, redeem or otherwise acquire any outstanding Shares. The consummation of the transactions contemplated by this Agreement will convey to Purchaser good and valid title to the Shares, free and clear of all Liens. There are no outstanding or authorized options, warrants, purchase rights, subscription rights, conversion rights, exchange rights, or other contracts or commitments that could require the Sellers to issue, sell, or otherwise cause to become outstanding any of its capital stock. There are no special or authorized stock appreciation, phantom stock, profit participation, or similar rights concerning the Sellers. There are no voting trusts, proxies, or other contracts or understandings concerning the Sellers’ capital stock voting.
	 	 	 
	 	V.	REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

 

The Purchaser represents and warrants to
Sellers as follows:

 

	 	V.1	Organization and Good Standing. Purchaser is a corporation duly organized, validly existing, and in good standing under the Laws of its state of incorporation and has the organizational power and authority to own its property and to carry on its Business as now conducted and to enter into and to carry out the terms and conditions of this Agreement and each other contracts, document, instrument or certificate contemplated by this Agreement or to be executed by Purchaser in connection with the consummation of the transactions contemplated by this Agreement and to perform its obligations fully hereunder and thereunder.

 

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	 	V.2	Due Authorization; Enforceability; Absence of Conflicts. The execution, delivery, and performance by the Purchaser of this Agreement and each Purchaser Document have been duly authorized and approved by all necessary action on the part of the Purchaser.
	 	 	 
	 	V.3	Consents and Approvals. No consent, waiver, approval, order, permit or authorization of, or declaration or filing with, or notification to, any person or governmental body is required on the part of Purchaser in connection with the execution and delivery of this Agreement or the Purchaser Documents or the compliance by Purchaser with any of the provisions hereof or thereof.
	 	 	 
	 	V.4	Investment. Purchaser is acquiring the Shares for investment purposes only and not with a view to distribution or resale thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”). Purchaser has not directly or indirectly offered the Shares to anyone or solicited any offer to buy the Shares from anyone, in each case in a manner that would require registration under the Securities Act. Purchaser shall not sell, convey, transfer or offer any of the Shares except in compliance with the registration and other requirements of the Securities Act, applicable state securities laws, and other applicable laws or under a relevant exemption from that place.
	 	 	 
	 	VI.	DUE DILIGENCE AND DISCLAIMER OF WARRANTIES
	 	 	 
	 	VI.1	Due Diligence. Purchaser acknowledges that its obligations to consummate the transactions contemplated at this moment are not subject to any further due diligence investigation by Purchaser.
	 	 	 
	 	VI.2	Confidential Information. Purchaser acknowledges that it has received information about the Sellers (the “Confidential Information”). The Purchaser agrees to continue to be bound by all agreements under which it received such Confidential Information, including that specific confidentiality agreement entered into before the date between Purchaser and for the benefit of Sellers and Sellers (the “Confidentiality Agreement”). If this Agreement is terminated before the Closing,Purchaser promptly shall return to Sellers or destroy all Confidential Information and shall not retain copies thereof, including all information, testing, studies, surveys, reports, and evaluations (environmental and financial, for example). At Sellers’ request, Purchaser shall provide Sellers with complete copies of all third-party engineering and ecological reports obtained by Purchaser in connection with the Owned Real Properties and Leased Real Properties.
	 	 	 
	 	VI.3	Purchaser Acknowledgments. The Purchaser expressly acknowledges that, except for Sellers’ representations in Article IV, and subject to Sellers’ obligations as contained in this Agreement, the Purchaser is not relying on any representations or warranties of any kind whatsoever, express or implied, from Sellers, or any director, officer, employee, representative, broker or other agents of either of them, as to any matters concerning the Locations, the Assets, and the Business.

 

	 	VI.4	Disclaimer of Other Representations and Warranties. PURCHASER ACKNOWLEDGES THAT THE PURCHASER HAS BEEN ALLOWED TO EXAMINE ALL SELLERS ‘ ASPECTS AND REVIEW ALL FILES CONCERNING THE LOCATIONS MAINTAINED BY THE SELLERS AND ITS ENVIRONMENTAL CONSULTANTS AND ALL STATE AGENCIES HAVING JURISDICTION OVER THE LOCATIONS BEFORE THE PURCHASER’S EXECUTION AND DELIVERY OF THIS AGREEMENT. ACCORDINGLY, THE PURCHASER AGREES THAT THE SHARES SHALL BE SOLD AND THAT THE PURCHASER SHALL ACCEPT THAT THE SELLERS OWNS THE ASSETS AT CLOSING (EXCEPT ANY PROPERTY SOLD UNDER THE PURCHASE AND SALE AGREEMENT) STRICTLY ON AN “AS IS, WHERE IS, WITH ALL FAULTS” BASIS, WITH NO RIGHT OF SET-OFF OR REDUCTION IN THE SHARE PURCHASE PRICE EXCEPT FOR ADJUSTMENTS EXPRESSLY CONTEMPLATED BY THIS AGREEMENT AND THAT, EXCEPT FOR SELLERS’ LIMITED REPRESENTATIONS OUTLINED IN ARTICLE V HEREOF, THE SALE OF SHARES AND OTHER TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT SHALL BE WITHOUT REPRESENTATION OR WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY OF INCOME POTENTIAL, OPERATING EXPENSES, USES, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. SELLERS DO AT THIS MOMENT DISCLAIM AND RENOUNCE ANY SUCH REPRESENTATION OR WARRANTY.

 

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	 	VII.	ADDITIONAL AGREEMENTS AND COVENANTS
	 	 	 
	 	VII.1	Distributions/Dividends. Nothing herein shall prohibit Sellers from making distributions to Sellers before the Closing Date of the assets.
	 	 	 
	 	VII.2	Announcements. Before Closing, neither Sellers nor Purchaser shall make any public announcements concerning the execution and delivery of this Agreement or the transactions contemplated at this moment without obtaining the prior written consent of the other, except as may be required by applicable law or Agreement with any securities exchange.
	 	 	 
	 	VII.3	Mutual Cooperation. From and after the date hereof and until the date of Closing:

 

	 	(a)	Purchaser currently covenants and agrees with Sellers that Purchaser shall use its reasonable efforts to cause the consummation of the transactions contemplated at this moment according to the terms and conditions hereof. Sellers at this moment covenant and agree with Purchaser that Sellers shall use their reasonable efforts to cause the consummation of the transactions contemplated at this moment according to the terms and conditions hereof.
	 	 	 
	 	(b)	Sellers shall use reasonable efforts to obtain the written consent of any other party to a Contract if such Party’s license may be legally required due to the transfer of the Shares. Purchaser agrees to cooperate fully with Sellers to secure such consents, including supplying information about Purchaser as may be requested by third parties, if applicable. Purchaser shall bear the costs of all transfer fees.
	 	 	 
	 	(c)	Sellers and Purchaser shall each prepare all documentation and supply all information required by the applicable governmental authority or agency thereof to be filed by Purchaser or Sellers, as the case may be, before conveying the Shares as contemplated at this moment, and shall timely make the necessary filings or applications relating to it. On the one hand, Purchaser and Sellers agree to cooperate with the other in the completion, execution, and submission of any such filings or applications.

 

	 	VII.4	Confidentiality. Sellers covenants and agrees that, for two (2) years following the Closing Date, it will hold all information concerning Sellers (other than information which (a) becomes generally available to the public, (b) was available to Sellers on a non-confidential basis before its disclosure, or (c) becomes available to such Sellers after the Closing Date on a non-confidential basis from a source other than Purchaser or Sellers that is not prohibited from disclosing such information to such Persons by a contractual, legal or fiduciary obligation) on a confidential basis.
	 	 	 
	 	VII.5	Conduct of Business Before Closing. Except for actions taken with the prior written consent of Purchaser, from the Effective Date until the Closing Date, Sellers shall conduct its Business in the ordinary course consistent in all material respects with past practice.
	 	 	 
	 	VIII.	CONDITIONS PRECEDENT TO CLOSING.
	 	 	 
	 	VIII.1	Mutual Conditions Precedent. The obligations of each of the Parties to consummate the transactions contemplated by this Agreement are subject to each of the following conditions: as of the Closing Date, there shall not be any claim or judgment of any nature or type threatened, pending, or made by or before any governmental authority that questions or challenges the lawfulness of the transactions contemplated by this Agreement under any law or regulation or seeks to delay, restrain or prevent such transactions.

 

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	 	IX.	SURVIVAL; INDEMNIFICATION
	 	 	 
	 	IX.1	Subject to the limitations provided under Section 9.2 and/or Section 9.3 below, the Purchaser and the Sellers hereby agree to indemnify, defend and hold the other Party, its Affiliates, its licensees, its licensors, and its and their officers, directors, employees, consultants, contractors, sublicensees and agents (and, in case of such licensors, their trustees, faculty, medical and professional staff and students) (collectively, “Representatives”) harmless from and against any and all damages or other amounts payable to a Third Party claimant, as well as any reasonable attorneys’ fees and costs of litigation (collectively, “Damages”) arising out of or resulting from any claim, suit, proceeding or cause of action (each, a “Claim”) brought by a Third Party against a Party or its Representatives based on: (a) breach of any representation or warranty by the Indemnifying Party contained in this Agreement, (b) breach of any applicable Law by such Indemnifying Party, or (c) gross negligence or willful misconduct by such Indemnifying Party, its Affiliates, or their respective employees, contractors or agents; provided, however, that no claim or claims for indemnification under the Agreement shall be brought against the Parties and the Parties shall have no liability towards the Investor with respect to Damages, unless the aggregate amount of such Claim (s) shall exceed $100,000 one hundred thousand dollars) the “Threshold Amount”). It being understood that if aggregate amount of the Damages exceeds the Threshold Amount, the responsible Party shall be liable towards the other Party for all Losses, including the Threshold Amount.
	 	 	 
	 	IX.2	Notwithstanding the foregoing, each Party’s obligation to indemnify and hold harmless the other Party’s Representatives hereunder shall be limited to 10% (ten percent) of the aggregate amount actually paid to the Sellers by the Purchasers in the transactions contemplated by the Agreement.
	 	 	 
	 	IX.3	Except in the event of fraud, the remedy specified herein shall be the sole and exclusive monetary remedy to which the Parties are entitled with regard to any losses or damages caused to them resulting from the breach of any representation or warranty by the Parties set forth in this Agreement.

	 	IX.4	In the event that either Party’s Representatives shall sustain or incur any Damages in respect of which indemnification may be sought by it pursuant hereto, the Representatives shall assert a claim for indemnification by giving prompt written notice thereof (a “Claims Notice”) to the other Party, which shall describe in reasonable detail the facts and circumstances upon which the asserted Claim for indemnification is based and shall thereafter keep the other Party reasonably informed with respect thereto.
	 	 	 
	 	IX.5	In case any claim, action, suit, hearing, or other proceedings which might give rise to indemnification under this Agreement (in this Section 9.5, a “Claim”) is brought against a Party (the “Receiving Party,” the other Party (the “Interested Party”) shall have the right to assume, conduct and control the defense, compromise or settlement thereof, by written notice to the former of its intention to do so within fifteen (15) days after receipt of the Claims Notice, with counsel reasonably satisfactory to the Receiving Party, at the Interested Party’s own expense, and thereupon to prosecute in the name and on behalf of the Receiving Party any available third party-claims (but not cross-claims or counterclaims) arising with respect to the Claim. Notwithstanding the assumption by the Interested Party of the defense of any Claim as provided in this Section 9.5 and without limiting the Interested Party’s right to assume, conduct, and control the defense, compromise or settlement thereof, the Receiving Party shall be permitted to join the defense of such Claim and to employ counsel at their own expense, so long as such joining does not interfere with the Interested Party’s right to conduct and control such matter. The Interested Party shall not be liable, nor shall it be required to indemnify or hold harmless the Receiving Party in connection with any settlement effected without their consent in writing, provided that such consent shall not be unreasonably withheld or delayed.
	 	 	 
	 	X.	POST-CLOSING AGREEMENTS
	 	 	 
	 	X.1	In the case at any time after the Closing, any further action is necessary, appropriate, or convenient to carry out the purposes of this Agreement, each of the Parties will take such further action as any other Party reasonably may request, all at the sole cost and expense of the requesting Party.
	 	 	 
	 	XI.	MISCELLANEOUS
	 	 	 
	 	XI.1	Payment of Expenses and Fees. Except as otherwise provided in this Agreement, Purchaser and Sellers shall each bear their costs and expenses, including attorneys’ fees, incurred in connection with the transactions contemplated by this Agreement.
	 	 	 
	 	XI.2	Entire Agreement. This Agreement, including the exhibits and other writings, referred to herein or delivered hereto, constitutes the Agreement between Sellers and Purchaser concerning the subject matter hereof and supersedes all prior oral or written agreements, commitments, or understandings with respect thereto. No amendment hereof shall be binding on the Parties unless in writing and signed by authorized representatives of all Parties hereto.
	 	 	 
	 	XI.3	No Third-Party Beneficiaries. This Agreement is not intended to and does not confer any rights or obligations on any party that is not a signatory to this Agreement.

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	 	XI.4	Business Days. If the day for the performance of any action described in this Agreement shall fall on a Saturday, Sunday, or a day on which the banks are closed in accordance with the law of England and Wales, the time for such action shall be extended to the next business day after such Saturday, Sunday or day on which the banks are closed.
	 	 	 
	 	XI.5	Governing Law. This Agreement shall be deemed to be a contract entered into in accordance with the law of England and Wales. It and all matters arising out of the transactions contemplated at this moment or related to it shall be governed, construed, and interpreted in all respects according to in accordance with the law of England and Wales, without reference to principles of conflicts of law thereof.
	 	 	 
	 	XI.6	Venue. Any action to enforce this Agreement, or to interpret or construe the meaning of this Agreement, shall be brought in the City of London, UK, or for matters that require in accordance with the law of England and Wales.
	 	 	 
	 	XI.7	Obligations of Parties, Successors, and Assigns.

 

	 	(a)	Subject to the following provisions, this Agreement shall be binding upon and inure to the benefit of the Parties and their respective heirs, personal representatives, successors, and assigns. If more than one person or entity is named as Purchaser, the term “Purchaser” shall refer to each person or entity so-called. Any one or more of them in any combination and the representations, warranties, covenants, obligations, and liabilities of Purchaser herein shall constitute their joint and several representations, warranties, covenants, obligations, and penalties.
	 	 	 
	 	(b)	Without the Sellers’ prior written consent and in the Sellers’ sole discretion, the Purchaser shall not, directly or indirectly, assign this Agreement or any of its rights hereunder. Any attempted assignment in violation hereof shall, at the election of Sellers, be of no force or effect and constitute a default by Purchaser.
	 	 	 
	 	(c)	The Sellers and Purchasers obligations under this Agreement shall be joint and several.

 

	 	XI.8	The Waiver. The excuse or waiver of the performance by a Party of any obligation of the other Party under this Agreement shall only be adequate if evidenced by a written statement signed by the Party so excusing or waiving. No delay in exercising any right or remedy shall constitute a waiver thereof, and no waiver by Sellers or Purchaser of the breach of any covenant of this Agreement shall be construed as a waiver of any preceding or succeeding breach of the same or any other covenant or condition of this Agreement.
	 	 	 
	 	XI.9	Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed an original copy of this Agreement and all of which, when taken together, will be considered to constitute the same contract. The exchange of copies of this Agreement and signature pages by facsimile or attachment of a PDF file to email shall include effective execution and delivery of this Agreement to the Parties. It may be used instead of the original Agreement for all purposes. Signatures of the Parties transmitted by facsimile or attachment of a PDF file to email shall be deemed their original signatures for all purposes.
	 	 	 
	 	XI.10	Attorneys’ Fees. In the event of a judicial or administrative proceeding or action by one Party against the other Party concerning the interpretation of, enforcement of, or any action under this Agreement, the prevailing Party shall be entitled to recover reasonable costs and expenses, including reasonable attorneys’ fees and expenses, whether at the investigative, pretrial, trial or appellate level. The court shall determine the prevailing Party based upon an assessment of which Party’s major arguments or position prevailed.
	 	 	 
	 	XI.11	Descriptive Headings; Word Meaning. The descriptive headings of the paragraphs of this Agreement are inserted for convenience only and shall not control or affect the meaning or construction of any provisions of this Agreement. Words such as “herein,” “from now on,” “hereof,” and “hereunder” when used about this Agreement refer to this Agreement as a whole and not merely to a subdivision in which such words appear unless the context otherwise requires. The singular shall include the plural; the masculine gender shall include the feminine and neuter, and vice versa unless the context otherwise requires. The word “including” shall not be restrictive and be interpreted as if followed by the phrase “without limitation.” Each Exhibit referenced herein shall be deemed part of this Agreement and incorporated wherever any reference is made. Unless otherwise defined herein, capitalized terms used in the exhibits to this Agreement shall have the meanings given to such terms respectively in the body of this Agreement.

 

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	 	XI.12	Time of the Essence. TIME IS OF THE ESSENCE CONCERNING EACH PROVISION OF THIS AGREEMENT. Without limiting the preceding, Purchaser and Sellers confirm their intention and Agreement that time shall be of the essence concerning every provision of this Agreement, notwithstanding any subsequent modification or extension of any date or period provided for under this Agreement. The Agreement of the Purchaser and Sellers is that time is of the essence concerning each. Every provision of this Agreement shall not be waived or modified by any conduct of the Parties. The Agreement of the Purchaser and Sellers is that time is of the essence concerning each. Every provision of this Agreement may only be modified or waived by the express written Agreement of Purchaser and Sellers that time shall not be of the essence concerning a particular date or period, or any modification or extension thereof, provided under this Agreement.
	 	 	 
	 	XI.13	Construction of Contract. This Agreement shall not be construed more strictly against one Party than against the other merely because it may have been prepared primarily by counsel for one of the Parties, it is recognized that both Purchaser and Sellers have contributed substantially and materially to the preparation of this Agreement.
	 	 	 
	 	XI.14	Severability. The Parties hereto intend and believe that each provision in this Agreement comports with all applicable Laws. If however, any provision in this Agreement is found by a court of law to violate any applicable law or public policy, or if in any other respect such a court declares any such provision to be illegal, invalid, unlawful, void, or unenforceable as written, then it is the intent of all Parties hereto that, consistent with and to preserve the economic and legal arrangements among the Parties hereto as expressed in this Agreement, such provision shall be given force and effect to the fullest possible extent, and that the remainder of this Agreement shall be construed as if such illegal, invalid, unlawful, void or unenforceable provision were not contained herein, and that the rights, obligations, and interests of the Parties under the remainder of this Agreement shall continue in full force and effect.
	 	 	 
	 	XI.15	No Implied Contract. No correspondence, course of dealing, or submission of drafts or final versions of this Agreement between Sellers and Purchaser shall be deemed to create any binding obligations in connection with the transaction contemplated at this moment. No contract or obligation on the part of the Sellers or Purchaser shall arise unless and until all the Sellers and Purchaser fully execute a counterpart of this Agreement.
	 	 	 
	 	XI.16	Notices. All notices and consents to be given hereunder shall be in writing and shall be deemed to have been duly given if (a) (i) delivered personally, (ii) mailed (postage prepaid) by certified mail (in this case, notice to be deemed given three days after mailing), or (iii) delivered by a recognized commercial courier to the Party entitled to it at the address set forth below or such other address as such Party shall have designated by five days’ notice to the other; and (b) delivered by email, as set forth below:

 

	 	If to Sellers,
    to	New Star Capital Trading
    Ltd.
	 	 	Vanterpool Plaza, 2nd Floor,
    Wickhams
	 	 	Cay I, Road Town, Tortola,
    British Virgin Islands 
	 	 	Alkoby Asher

 

	 	With a copy
    to	David Griscti & Associates
	 	 	168, St. Christopher Street,
    Valletta VLT 1467, Malta
	 	 	dgriscti@dglawfirm.com.mt
	 	 	mcamilleri@dglawfirm.com.mt

 

	 	 	Shenkar
    Lax, Law Office Attn: 
	 	 	Inon
    Lax, Adv.
	 	 	Rogovin
    Tidhar Tower Menachem 
	 	 	Begin
    11 (12th Floor) Ramat Gan,
	 	 	5268104
	 	 	Israel
	 	 	Facsimile:
    03-6006201
	 	 	Email:
    inon@sl-adv.co.il

 

	 	If to Purchasers,
    to	ALCHEMY PRIME HOLDINGS
    LIMITED
	 	 	Unit 8, 74 Back Church
    Lane, 
	 	 	London E1 1LX
	 	 	Email: nick@alchemyprime.uk,
    maria@alchemymarkets.co.uk

 

FDCTech,
Inc.

200
Spectrum Center Drive, Suite 300

Irvine,
CA 92618

Email:
imran@fdctech.com

 

	 	With a copy
    to	William B. Barnett, Esq.
	 	 	Barnett & Linn
	 	 	60 Kavenish Drive 
	 	 	Rancho Mirage, CA 92270
	 	 	Email:wbarnett@wbarnettlaw.com

 

[Signatures appear on the
next succeeding page.]

 

    	8

    	 

     

IN WITNESS,
the Parties have executed this Stock Purchase Agreement as of the date first written above.

 

PURCHASER:
ALCHEMY PRIME HOLDINGS LIMITED

 

	By	/s/
                                            Gope S. Kundnani

	 	Name: 
	Gope S. Kundnani,
    CEO
	 	 	 	 	 
	PURCHASER:
    FDCTECH, INC.	 	 	 
	 	 	 	 	 
	By	/s/
                                            Mitchell Eaglstein

	 	Name:	Mitchell Eaglstein, CEO
	 	 	 	 	 
	SELLERS: NEW
    STAR CAPITAL TRADING LTD.	 	 	 
	 	 	 	 	 
	By	/s/
                                            Alkoby Asher

	 	Name:
	Alkoby Asher, President

 

    	9Document

Exhibit 4.1

=====================================================================

NORTHWEST NATURAL GAS COMPANY

TO

DEUTSCHE BANK TRUST COMPANY AMERICAS
(FORMERLY KNOWN AS BANKERS TRUST COMPANY),

As Corporate Trustee under the Mortgage and Deed of Trust, dated as of July 1, 1946, of Portland Gas & Coke Company (now Northwest Natural Gas Company)

TWENTY-FIFTH SUPPLEMENTAL INDENTURE
PROVIDING, AMONG OTHER THINGS, FOR
FIRST MORTGAGE BONDS, 5.43% SERIES DUE 2053 

_____________________

DATED AS OF DECEMBER 1, 2022

=====================================================================

TWENTY-FIFTH SUPPLEMENTAL INDENTURE

INDENTURE, dated as of the 1st day of December, 2022, made and entered into by and between NORTHWEST NATURAL GAS COMPANY (formerly Portland Gas & Coke Company), an Oregon corporation, with offices at 250 S.W. Taylor, Portland, Oregon 97204 (hereinafter sometimes called the Company), and DEUTSCHE BANK TRUST COMPANY AMERICAS (formerly known as BANKERS TRUST COMPANY), a New York banking corporation, with offices at 1 Columbus Circle, 17th Floor, New York, New York 10019 (hereinafter sometimes called the Corporate Trustee or the Trustee), as Trustee under the Mortgage and Deed of Trust, dated as of July 1, 1946 (hereinafter called the Mortgage), executed and delivered by Portland Gas & Coke Company (now Northwest Natural Gas Company) to secure the payment of bonds issued or to be issued under and in accordance with the provisions of the Mortgage, this indenture (hereinafter called Twenty-fifth Supplemental Indenture) being supplemental thereto;
WHEREAS the Mortgage was or is to be recorded in the official records of various counties in the States of Oregon and Washington which counties include or will include all counties in which this Twenty-fifth Supplemental Indenture is to be recorded; and
WHEREAS by the Mortgage the Company covenanted that it would execute and deliver such supplemental indenture or indentures and such further instruments and do such further acts as might be necessary or proper to carry out more effectually the purposes of the Mortgage and to make subject to the lien of the Mortgage any property thereafter acquired, made or constructed and intended to be subject to the lien thereof; and
WHEREAS the Company executed and delivered to the Trustee its First Supplemental Indenture, dated as of June 1, 1949 (hereinafter called its First Supplemental Indenture), its Second Supplemental Indenture, dated as of March 1, 1954 (hereinafter called its Second Supplemental Indenture), its Third Supplemental Indenture, dated as of April 1, 1956 (hereinafter called its Third Supplemental Indenture), its Fourth Supplemental Indenture, dated as of February 1, 1959 (hereinafter called its Fourth Supplemental Indenture), its Fifth Supplemental Indenture, dated as of July 1, 1961 (hereinafter called its Fifth Supplemental Indenture), its Sixth Supplemental Indenture, dated as of January 1, 1964 (hereinafter called its Sixth Supplemental Indenture), its Seventh Supplemental Indenture, dated as of March 1, 1966 (hereinafter called its Seventh Supplemental Indenture), its Eighth Supplemental Indenture, dated as of December 1, 1969 (hereinafter called its Eighth Supplemental Indenture), its Ninth Supplemental Indenture, dated as of April 1, 1971 (hereinafter called its Ninth 
			
	

Supplemental Indenture), its Tenth Supplemental Indenture, dated as of January 1, 1975 (hereinafter called its Tenth Supplemental Indenture), its Eleventh Supplemental Indenture, dated as of December 1, 1975 (hereinafter called its Eleventh Supplemental Indenture), its Twelfth Supplemental Indenture, dated as of July 1, 1981 (hereinafter called its Twelfth Supplemental Indenture), its Thirteenth Supplemental Indenture, dated as of June 1, 1985 (hereinafter called its Thirteenth Supplemental Indenture), its Fourteenth Supplemental Indenture, dated as of November 1, 1985 (hereinafter called its Fourteenth Supplemental Indenture), its Fifteenth Supplemental Indenture, dated as of July 1, 1986 (hereinafter called its Fifteenth Supplemental Indenture), its Sixteenth Supplemental Indenture, dated as of November 1, 1988 (hereinafter called its Sixteenth Supplemental Indenture), its Seventeenth Supplemental Indenture, dated as of October 1, 1989 (hereinafter called its Seventeenth Supplemental Indenture), its Eighteenth Supplemental Indenture, dated as of July 1, 1990 (hereinafter called its Eighteenth Supplemental Indenture), its Nineteenth Supplemental Indenture, dated as of June 1, 1991 (hereinafter called its Nineteenth Supplemental Indenture), its Twentieth Supplemental Indenture, dated as of June 1, 1993 (hereinafter called the Twentieth Supplemental Indenture), its Twenty-first Supplemental Indenture, dated as of October 15, 2012 (herein after called the Twenty-first Supplemental Indenture), its Twenty-second Supplemental Indenture, dated as of November 1, 2016 (hereinafter called the Twenty-second Supplemental Indenture), and its Twenty-third Supplemental Indenture, dated as of September 1, 2018 (hereinafter called the Twenty-third Supplemental Indenture); and 
WHEREAS the First through Twenty-third Supplemental Indentures were filed for record, and were recorded and indexed, as a mortgage of both real and personal property, in the official records of various counties in the States of Oregon and Washington which counties include or will include all counties in which this Twenty-fifth Supplemental Indenture is to be recorded; and
WHEREAS the Company executed and delivered to the Trustee its Twenty-fourth Supplemental Indenture, dated as of September 1, 2022 (hereinafter called its Twenty-fourth Supplemental Indenture); and
WHEREAS said Twenty-fourth Supplemental Indenture was filed for record, and was recorded and indexed, as a mortgage of both real and personal property, and financing statements were filed, in the official records of the several counties and other offices in the States of Oregon and Washington listed below, as follows:

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	IN THE STATE OF OREGON

Real Property Mortgage Records

												
	No.	County	Recordation Date	Document No.
	1	Benton	9/26/2022	2022-631777
	2	Clackamas	9/26/2022	2022-052052
	3	Clatsop	9/26/2022	202207008
	4	Columbia	9/26/2022	2022-07915
	5	Coos	9/26/2022	2022-08816
	6	Douglas	9/26/2022	2022-015299
	7	Hood River
	9/26/2022	2022-02784
	8	Lane	9/27/2022	2022-040740
	9	Lincoln	9/26/2022	2022-09150
	10	Linn	9/26/2022	2022-16400
	11	Marion	9/27/2022	2022- 00040212
	12	Multnomah	9/26/2022	2022-089716
	13	Polk	9/26/2022	2022-010675
	14	Tillamook	9/26/2022	2022-06039
	15	Wasco	9/26/2022	2022-003503
	16	Washington	9/26/2022	2022-059488
	17	Yamhill	9/26/2022	202212955

Filed as a Financing Statement

												
	No.	Office	Date Filed	File No.
		Secretary of State	June 23, 1993	R61325

3
			
	

			
	IN THE STATE OF WASHINGTON

Real Property Mortgage Records

												
	No.	County	Recordation Date	Document No.
	18	Clark	9/26/2022	6080610 IND
	19	Klickitat	9/26/2022	1156564 M
	20	Skamania	9/26/2022	2022-001968

WHEREAS in addition to the property described in the Mortgage, as heretofore supplemented, the Company has acquired certain other property, rights and interests in property; and
WHEREAS, the Company has heretofore issued, in accordance with the provisions of the Mortgage, as supplemented, and on the date hereof there remain outstanding, the following series of First Mortgage Bonds:

						
	Series	Principal Amount Outstanding
	Secured Medium-Term Notes, Series B	$894,700,000
	4.00% Series due 2042	$50,000,000
	4.11% Series due 2048	$50,000,000
	4.78% Series due 2052	$140,000,000

; and

WHEREAS Section 8 of the Mortgage provides that the form of each series of bonds (other than the First Series) issued thereunder shall be established by Resolution of the Board of Directors of the Company; that the form of such series, as established by the Board of Directors, shall specify the descriptive title of the bonds and various other terms thereof; and that such Series may also contain such provisions not inconsistent with the provisions of the Mortgage as the Board of Directors may, in its discretion, cause to be inserted therein expressing or referring to the terms and conditions upon which such bonds are to be issued and/or secured under the Mortgage; and
WHEREAS Section 120 of the Mortgage provides, among other things, that any power, privilege or right expressly or impliedly reserved to or in any way conferred upon the Company by any provision of the Mortgage, whether such power, privilege or right is in any way restricted or is unrestricted, may (to the extent permitted by law) be in whole or in part waived or surrendered or subjected to any restriction if at the time unrestricted 
4
			
	

or to additional restriction if already restricted, and the Company may enter into any further covenants, limitations or restrictions for the benefit of any one or more series of bonds issued thereunder, or the Company may cure any ambiguity contained therein or in any supplemental indenture or may (in lieu of establishment by Resolution as provided in Section 8 of the Mortgage) establish the terms and provisions of any series of bonds other than said First Series, by an instrument in writing executed and acknowledged by the Company in such manner as would be necessary to entitle a conveyance of real estate to record in all of the states in which any property at the time subject to the lien of the Mortgage shall be situated; and
WHEREAS the Company now desires to create a new series of bonds and (pursuant to the provisions of Section 120 of the Mortgage) to add to its covenants and agreements contained in the Mortgage, as heretofore supplemented, certain other covenants and agreements to be observed by it and to alter and amend in certain respects the covenants and provisions contained in the Mortgage, as heretofore supplemented and amended; and
WHEREAS the execution and delivery by the Company of this Twenty-fifth Supplemental Indenture, and the terms of the bonds of the Twenty-fifth Series hereinafter referred to, have been duly authorized by the Board of Directors of the Company by appropriate resolutions of the Board of Directors;
NOW, THEREFORE, THIS INDENTURE WITNESSETH:
That Northwest Natural Gas Company, in consideration of the above premises and such other valuable consideration, the receipt and sufficiency whereof is hereby acknowledged, and in further assurance of the estate, title and rights of the Trustee, and in order further to secure the payment both of the principal of and interest and premium, if any, on the bonds from time to time issued under the Mortgage, according to their tenor and effect, and the performance of all the provisions of the Mortgage (including any instruments supplemental thereto and any modification made as in the Mortgage provided) and of said bonds, hereby grants, bargains, sells, releases, conveys, assigns, transfers, mortgages, pledges, sets over and confirms (subject, however, to Excepted Encumbrances, as defined in Section 6 of the Mortgage) to Deutsche Bank Trust Company Americas, as Trustee under the Mortgage, and to its successor or successors in said trust, and to said Trustee and its successors and assigns forever, all property, real, personal and mixed, acquired by the Company after the date of the Mortgage, of the kind or nature specifically mentioned in Article XXI of the Mortgage or of any other kind or nature (except any herein or in the Mortgage expressly excepted) now owned or, subject to the provisions of subsection (I) of Section 87 of the Mortgage, hereafter acquired by the Company (by purchase, consolidation, merger, donation, construction, erection or in any other way) and wheresoever situated, including (without in anywise limiting or 
5
			
	

impairing by the enumeration of the same the scope and intent of the foregoing) all lands, gas plants, by-product plants, gas holders, gas mains and pipes; all power sites, water rights, reservoirs, canals, raceways, dams, aqueducts, and all other rights or means for appropriating, conveying, storing and supplying water; all rights of way and roads; all plants for the generation of electricity by steam, water and/or other power; all power houses, street lighting systems, standards and other equipment incidental thereto, telephone, radio, television and air-conditioning systems and equipment incidental thereto, water works, water systems, steam heat and hot water plants, substations, lines, service and supply systems, bridges, culverts, tracts, ice or refrigeration plants and equipment, offices, buildings and other structures and the equipment thereof; all machinery, engines, boilers, dynamos, gas, electric and other machines, regulators, meters, transformers, generators, motors, gas, electrical and mechanical appliances, conduits, cables, gas, water, steam heat or other pipes, service pipes, fittings, valves and connections, pole and transmission lines, wires, cables, tools, implements, apparatus, furniture and chattels; all franchises, consents or permits; all lines for the transmission and distribution of gas, electric current, steam heat or water for any purpose including mains, pipes, conduits, towers, poles, wires, cables, ducts and all apparatus for use in connection therewith; all real estate, lands, easements, servitudes, licenses, permits, franchises, privileges, rights of way and other rights in or relating to public or private property, real or personal, or the occupancy of such property and (except as herein or in the Mortgage, as heretofore supplemented, expressly excepted) all right, title and interest the Company may now have or may hereafter acquire in and to any and all property of any kind or nature wheresoever situated.
TOGETHER WITH all and singular the tenements, hereditaments, prescriptions, servitudes and appurtenances belonging or in anywise appertaining to the aforementioned property or any part thereof, with the reversion and reversions, remainder and remainders and (subject to the provisions of Section 57 of the Mortgage) the tolls, rents, revenues, issues, earnings, income, product and profits thereof, and all the estate, right, title and interest and claim whatsoever, at law as well as in equity, which the Company now has or may hereafter acquire in and to the aforementioned property and franchises and every part and parcel thereof.
IT IS HEREBY AGREED by the Company that, subject to the provisions of subsection (I) of Section 87 of the Mortgage, all the property, rights, and franchises acquired by the Company (by purchase, consolidation, merger, donation, construction, erection or in any other way) after the date hereof (other than any Excepted Property) shall be and are as fully granted and conveyed hereby and by the Mortgage, and as fully embraced within the lien hereof and the lien of the Mortgage, as supplemented, as if such property, rights and franchises were now owned by the Company and were specifically described herein or in the Mortgage, as heretofore supplemented, and conveyed hereby or thereby. 
6
			
	

TO HAVE AND TO HOLD all such properties, real, personal and mixed, granted, bargained, sold, released, conveyed, assigned, transferred, mortgaged, pledged, set over or confirmed by the Company as aforesaid, or intended so to be, to Deutsche Bank Trust Company Americas, as Trustee, and its successors and assigns forever.
IN TRUST NEVERTHELESS, for the same purposes and upon the same terms, trusts and conditions and subject to and with the same provisos and covenants as are set forth in the Mortgage, as heretofore supplemented, this Twenty-fifth Supplemental Indenture being supplemental thereto.
AND IT IS HEREBY COVENANTED by the Company that all the terms, conditions, provisos, covenants and provisions contained in the Mortgage, as heretofore supplemented, shall affect and apply to the property hereinbefore described and conveyed, and to the estates, rights, obligations and duties of the Company and the Trustee and the beneficiaries of the trust with respect to said property, and to the Trustee and its successors in the trust, in the same manner and with the same effect as if the said property had been owned by the Company at the time of the execution of the Mortgage, and had been specifically and at length described in and conveyed to said Trustee by the Mortgage as a part of the property therein stated to be conveyed.
The Company further covenants and agrees to and with the Trustee and its successors in said trust under the Mortgage, as follows:

ARTICLE I.

Twenty-fifth Series of Bonds.

SECTION 1.01 There shall be a series of bonds designated "5.43% Series due 2053" (herein sometimes referred to as the "Twenty-fifth Series"), each of which shall also bear the descriptive title "First Mortgage Bond,” and the form thereof attached hereto as Exhibit A, as established by Resolution of the Board of Directors of the Company and shall contain suitable provisions with respect to the matters hereinafter in this Article I specified. Bonds of the Twenty-fifth Series shall be issued from time to time as fully registered bonds in denominations of One Hundred Thousand Dollars and, at the option of the Company, in any multiple or multiples of One Thousand Dollars (the exercise of such option to be evidenced by the execution and delivery thereof). Bonds of the Twenty-fifth Series shall mature on January 6, 2053 (the “Stated Maturity”) and bear interest at the rate of 5.43% per annum, payable semi-annually on January 6 and July 6 of each year, commencing July 6, 2023, and at the Stated Maturity; and the principal of, and premium, if any, and, unless otherwise agreed between the Company and the registered owner of any bonds of the Twenty-fifth Series registered in the name of such registered owner, 
7
			
	

interest on, each such bond shall be payable at the office or agency of the Company in the Borough of Manhattan, The City of New York or as otherwise provided in the form of bond of the Twenty-fifth Series, in such coin or currency of the United States of America as at the time of payment is legal tender for public and private debts. Bonds of the Twenty-fifth Series shall be dated as in Section 10 of the Mortgage provided.
The bonds of the Twenty-fifth Series shall be payable and have and be subject to such other terms as provided in the form of bond of the Twenty-fifth Series established by the Board of Directors in a Resolution filed with the Corporate Trustee referring to the Twenty-fifth Series and shall have and be subject to such other terms as are provided in the Mortgage. 
All references in the Mortgage to the principal amount of bonds shall, when used with respect to the bonds of the Twenty-fifth Series, mean the unpaid principal amount thereof, except that, (a) for the purposes of transfers of fully registered bonds under Section 13 of the Mortgage, the term “like principal amount” shall, when used with respect to the bonds of the Twenty-fifth Series, mean “like aggregate unpaid principal amount,” and (b) for the purposes of exchanges of temporary bonds under Section 15 of the Mortgage, the term “like aggregate principal amount” shall, when used with respect to the bonds of the Twenty-fifth Series, mean “like aggregate unpaid principal amount.”  
(I)    Optional Redemption.  At any time prior to July 6, 2052 (six months prior to the Stated Maturity), the Company may, at its option, upon notice as provided below, redeem at any time all, or from time to time any part of, the bonds of the Twenty-fifth Series at 100% of the principal amount so redeemed, and the Make-Whole Amount determined for the Settlement Date specified by the Company in such notice with respect to such principal amount.  The Company will give each registered owner of bonds of the Twenty-fifth Series written notice (by first class mail or such other method as may be agreed upon by the Company and such registered owner) of each optional redemption under this subsection (I) mailed or otherwise given not less than 30 days and not more than 60 days prior to the date fixed for such redemption, to each such registered owner at his, her or its last address appearing on the bond register.  Each such notice shall specify the Settlement Date (which shall be a Business Day), the aggregate principal amount of the bonds of the Twenty-fifth Series to be redeemed on such date, the principal amount of each bond held by such registered owner to be redeemed (determined in accordance with subsection (II) of this section), and the interest to be paid on the Settlement Date with respect to such principal amount being redeemed, and shall be accompanied by a certificate signed by a Senior Financial Officer as to the estimated Make-Whole Amount due in connection with such redemption (calculated as if the date of such notice were the date of the redemption), setting forth the details of such computation.  Two Business Days prior to such Settlement Date, the Company shall send to each registered owner of bonds of the Twenty-fifth Series (by first class mail or by such other method as may be 
8
			
	

agreed upon by the Company and such registered owner) a certificate signed by a Senior Financial Officer specifying the calculation of such Make-Whole Amount as of the specified Settlement Date.  As promptly as practicable after the giving of the notice and the sending of the certificates provided in this subsection, the Company shall provide a copy of each to the Corporate Trustee.  The Trustee shall be under no duty to inquire into, may conclusively presume the correctness of, and shall be fully protected in relying upon the information set forth in any such notice or certificate.  
At any time on or after July 6, 2052, the bonds of the Twenty-fifth Series will be redeemable at the option of the Company, in whole or in part, on not less than 30 nor more than 60 days’ notice prior to the Settlement Date, at a redemption price equal to 100% of the principal amount of the bonds of the Twenty-fifth Series to be redeemed, plus accrued and unpaid interest thereon to the Settlement Date.  The bonds of the Twenty-fifth Series are not otherwise subject to voluntary or optional redemption.  
(II)    Allocation of Partial Redemptions.  In the case of each partial redemption of the bonds of the Twenty-fifth Series, the principal amount of the bonds of the Twenty-fifth Series to be redeemed shall be allocated by the Company among all of the bonds of the Twenty-fifth Series at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore called for redemption.
(III)     Maturity; Surrender, Etc. In the case of each notice of redemption of bonds of the Twenty-fifth Series pursuant to this section, if cash sufficient to pay the principal amount to be redeemed on the Settlement Date (which shall be a Business Day), together with interest on such principal amount accrued to such date and the applicable Make-Whole Amount, if any, is not paid as agreed upon by the Company and each registered owner of the affected bonds of the Twenty-fifth Series, or, to the extent that there is no such agreement entered into with one or more such owners, deposited with the Corporate Trustee on or before the Settlement Date, then such notice of redemption shall be of no effect.  If such cash is so paid or deposited, such principal amount of the bonds of the Twenty-fifth Series shall be deemed paid for all purposes and interest on such principal amount shall cease to accrue.  In case the Company pays any registered owner pursuant to an agreement with that registered owner, whether in the case of redemption or at maturity or otherwise, the Company shall notify the Corporate Trustee as promptly as practicable of such agreement and payment, and shall furnish the Corporate Trustee with a copy of such agreement and evidence of such payment, which may include a confirmation of wire transfer or other credit to an account designated by the registered owner, cancelled check or a receipt signed by the registered owner; in case the Company deposits any cash with the Corporate Trustee, the Company shall provide therewith a list of the registered owners and the amount of such cash each registered owner is to receive.  The Trustee shall be under no duty to inquire into, may conclusively presume the 
9
			
	

correctness of, and shall be fully protected in relying upon the information set forth in any such notice, evidence of payment, list or agreement, and shall not be chargeable with knowledge of any of the contents of any such agreement.  Any bond of the Twenty-fifth Series redeemed in full shall be surrendered to the Company or the Corporate Trustee for cancellation on or before the Settlement Date (unless otherwise agreed between the Company and the registered owner) or, with respect to cash deposited with the Corporate Trustee, before payment of such cash by the Corporate Trustee; any bond of the Twenty-fifth Series redeemed in part shall be surrendered to the Company or the Corporate Trustee on or before the Settlement Date (unless otherwise agreed between the Company and the registered owner) or, with respect to cash deposited with the Corporate Trustee before payment of such cash by the Corporate Trustee, for a substitute bond of the Twenty-fifth Series in the principal amount remaining unpaid.  
(IV)    Make-Whole Amount.
“Make-Whole Amount” means, with respect to any bond of the Twenty-fifth Series, an amount equal to the excess, if any, of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such bond of the Twenty-fifth Series over the amount of such Called Principal, provided that the Make-Whole Amount may in no event be less than zero.  For the purposes of determining the Make-Whole Amount, the following terms have the following meanings:
“Business Day” means any day other than a Saturday, a Sunday or a day on which commercial banks in New York City are required or authorized to be closed.
“Called Principal” means, with respect to any bond of the Twenty-fifth Series, the principal of such bond that is to be redeemed pursuant to subsection (I) of this section.
“Discounted Value” means, with respect to the Called Principal of any bond of the Twenty-fifth Series, the amount obtained by discounting all Remaining Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a discount factor (applied on the same periodic basis as that on which interest on the bonds of the Twenty-fifth Series is payable) equal to the Reinvestment Yield with respect to such Called Principal.
“Reinvestment Yield” means, with respect to the Called Principal of any bond of the Twenty-fifth Series, the sum of (a) 0.50% plus (b) the yield to maturity implied by the “Ask Yield(s)” reported as of 10:00 a.m. (New York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as “Page PX1” (or such other display as may replace Page PX1) on Bloomberg Financial Markets for the most recently issued actively traded on-the-run U.S. 
10
			
	

Treasury securities (“Reported”) having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date.  If there are no such U.S. Treasury securities Reported having a maturity equal to such Remaining Average Life, then such implied yield to maturity will be determined by (i) converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (ii) interpolating linearly between the “Ask Yields” Reported for the applicable most recently issued actively traded on-the-run U.S. Treasury securities with the maturities (1) closest to and greater than such Remaining Average Life and (2) closest to and less than such Remaining Average Life.  The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable bond of the Twenty-fifth Series.  
If such yields are not Reported or the yields Reported as of such time are not ascertainable (including by way of interpolation), then “Reinvestment Yield” means, with respect to the Called Principal of any bond of the Twenty-fifth Series, the sum of (x) 0.50% plus (y) the yield to maturity implied by the U.S. Treasury constant maturity yields reported, for the latest day for which such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (or any comparable successor publication) for the U.S. Treasury constant maturity having a term equal to the Remaining Average Life of such Called Principal as of such Settlement Date.  If there is no such U.S. Treasury constant maturity having a term equal to such Remaining Average Life, such implied yield to maturity will be determined by interpolating linearly between (1) the U.S. Treasury constant maturity so reported with the term closest to and greater than such Remaining Average Life and (2) the U.S. Treasury constant maturity so reported with the term closest to and less than such Remaining Average Life.  The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable bond of the Twenty-fifth Series.
“Remaining Average Life” means, with respect to any Called Principal, the number of years obtained by dividing (i) such Called Principal into (ii) the sum of the products obtained by multiplying (a) the principal component of each Remaining Scheduled Payment with respect to such Called Principal by (b) the number of years, computed on the basis of a 360-day year comprised of twelve 30-day months and calculated to two decimal places, that will elapse between the Settlement Date with respect to such Called Principal and the scheduled due date of such Remaining Scheduled Payment.
 “Remaining Scheduled Payments” means, with respect to the Called Principal of any bond of the Twenty-fifth Series, all payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled due date, 
11
			
	

provided that if such Settlement Date is not a date on which interest payments are due to be made under the terms of the bonds of the Twenty-fifth Series, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date pursuant to subsection (I) of this section.
“Settlement Date” means, with respect to the Called Principal of any bond of the Twenty-fifth Series, the date on which such Called Principal is to be redeemed pursuant to subsection (I) of this section.
“Senior Financial Officer” means the chief financial officer, principal accounting officer, treasurer or controller of the Company.
(V)    Exchanges and Transfers.  At the option of the registered owner, any bonds of the Twenty-fifth Series, upon surrender thereof, for cancellation, at the office or agency of the Company in the Borough of Manhattan, The City of New York, together with a written instrument of transfer whenever required by the Company duly executed by the registered owner or by his duly authorized attorney, shall (subject to the provisions of Section 12 of the Mortgage) be exchangeable for a like aggregate unpaid principal amount of bonds of the same series of other authorized denominations.
Transfers of bonds of the Twenty-fifth Series may be registered (subject to the provisions of Section 12 of the Mortgage) at the office or agency of the Company in the Borough of Manhattan, The City of New York.
Upon any registration of transfer or exchange of bonds of the Twenty-fifth Series, the Company may make a charge therefor sufficient to reimburse it for any tax or taxes or other governmental charge, as provided in Section 12 of the Mortgage, but the Company hereby waives any right to make a charge in addition thereto for any registration of exchange or transfer of bonds of the Twenty-fifth Series.

ARTICLE II.

Consent to Amendments.

SECTION 2.01  Each initial and future holder of bonds of the Twenty-fifth Series by its acquisition of an interest in such bonds, irrevocably (a) consents to the amendments set forth in Article II of the Twenty-second Supplemental Indenture, in each case without any other or further action by any holder of such bonds, and (b) designates the Corporate Trustee, and its successors, as its proxy with irrevocable instructions to vote and deliver 
12
			
	

written consents on behalf of such holder in favor of such amendments at any bondholder meeting, in lieu of any bondholder meeting, in any consent solicitation or otherwise.  

ARTICLE III.

Miscellaneous Provisions.

SECTION 3.01 Subject to the amendments provided for in this Twenty-fifth Supplemental Indenture, the terms defined in the Mortgage, as heretofore supplemented, shall, for all purposes of this Twenty-fifth Supplemental Indenture, have the meanings specified in the Mortgage, as heretofore supplemented.
SECTION 3.02 The holders of bonds of the Twenty-fifth Series consent that the Company may, but shall not be obligated to, fix a record date for the purpose of determining the holders of bonds of the Twenty-fifth Series entitled to consent to any amendment, supplement or waiver. If a record date is fixed, those persons who were holders at such record date (or their duly designated proxies), and only those persons, shall be entitled to consent to such amendment, supplement or waiver or to revoke any consent previously given, whether or not such persons continue to be holders after such record date. No such consent shall be valid or effective for more than 90 days after such record date.
SECTION 3.03 The Trustee hereby accepts the trusts hereby declared, provided, created or supplemented, and agree to perform the same upon the terms and conditions herein and in the Mortgage, as heretofore supplemented, set forth, including the following:
The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Twenty-fifth Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made by the Company solely. In general each and every term and condition contained in Article XVII of the Mortgage shall apply to and form part of this Twenty-fifth Supplemental Indenture with the same force and effect as if the same were herein set forth in full, with such omissions, variations and insertions, if any, as may be appropriate to make the same conform to the provisions of this Twenty-fifth Supplemental Indenture.
SECTION 3.04 Whenever in this Twenty-fifth Supplemental Indenture any of the parties hereto is named or referred to, this shall, subject to the provisions of Articles XVI and XVII of the Mortgage, be deemed to include the successors or assigns of such party, and all the covenants and agreements in this Twenty-fifth Supplemental Indenture contained by or on behalf of the Company or by or on behalf of the Trustee shall bind and 
13
			
	

inure to the benefit of the respective successors and assigns of such parties whether so expressed or not.
SECTION 3.05 Nothing in this Twenty-fifth Supplemental Indenture, expressed or implied, is intended, or shall be construed, to confer upon, or to give to, any person, firm or corporation, other than the parties hereto and the holders of the bonds and coupons outstanding under the Mortgage, any right, remedy, or claim under or by reason of this Twenty-fifth Supplemental Indenture or any covenant, condition, stipulation, promise or agreement hereof, and all the covenants, conditions, stipulations, promises and agreements by or on behalf of the Company as set forth in this Twenty-fifth Supplemental Indenture shall be for the sole and exclusive benefit of the parties hereto, and of the holders of the bonds and of the coupons outstanding under the Mortgage.
SECTION 3.06 Except to the extent specifically provided herein, no provision of this Twenty-fifth Supplemental Indenture is intended to reinstate any provisions in the Mortgage which were amended and superseded by the amendments to the Trust Indenture Act of 1939 effective as of November 15, 1990.
SECTION 3.07 This Twenty-fifth Supplemental Indenture has been executed in several identical counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.

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IN WITNESS WHEREOF, Northwest Natural Gas Company, has caused its corporate name to be hereunto affixed, and this instrument to be signed and sealed by its President or one of its Vice Presidents, and its corporate seal to be attested by its Secretary or one of its Assistant Secretaries for and in its behalf on the 12th day of December, 2022, as of December 1, 2022, in Portland, Oregon; and Deutsche Bank Trust Company Americas, has caused its corporate name to be hereunto affixed, and this instrument to be signed by its Vice Presidents or its Assistant Vice Presidents on the 12th day of December, 2022, as of December 1, 2022, in The City of New York.
															
					
					NORTHWEST NATURAL GAS COMPANY
					
				By	/s/ Frank H. Burkhartsmeyer

					Frank H. Burkhartsmeyer
					Senior Vice President and Chief 
					Financial Officer
					

Attest:

/s/ Shawn M. Filippi
			
	    Shawn M. Filippi

	    Vice President, Chief Compliance Officer

	    and Corporate Secretary

Executed, sealed and delivered by
NORTHWEST NATURAL GAS COMPANY
in the presence of:

/s/ René A. Alvin
			
	    René A. Alvin

/s/ Tonya L. McCollum
			
	    Tonya L. McCollum

S-1

															
					DEUTSCHE BANK TRUST COMPANY

					AMERICAS, as Trustee,

					
					
				By	/s/ Irina Golovashchuk
					Irina Golovashchuk
					Vice President
					
				By	/s/ Chris Niesz
					Chris Niesz
					Vice President

    
S-2

						
	STATE OF OREGON
	)
		: ss.:

	COUNTY OF MULTNOMAH
	)
		
	December 12, A.D. 2022.
	

Before me personally appeared Frank Burkhartsmeyer, who, being duly sworn, did say that he is the Senior Vice President and Chief Financial Officer, of NORTHWEST NATURAL GAS COMPANY and that the seal affixed to the foregoing instrument is the corporate seal of said Corporation and that said instrument was signed and sealed on behalf of said Corporation; and he acknowledged said instrument to be its voluntary act and deed.
On this 12th day of December, 2022, before me personally appeared Frank Burkhartsmeyer, to me known to be the Senior Vice President and Chief Financial Officer of NORTHWEST NATURAL GAS COMPANY, one of the corporations that executed the within and foregoing instrument, and acknowledged said instrument to be the free and voluntary act and deed of said Corporation, for the uses and purposes therein mentioned, and on oath stated that he was authorized to execute said instrument and that the seal affixed is the corporate seal of said Corporation.
IN WITNESS WHEREOF I have hereunto set my hand and affixed my official seal the day and year first above written.

			
	/s/ Robert Lloyd Renk
	Robert Lloyd Renk

	Notary Public, State of Oregon

	Commission No. 1020260

	Expires: January 12, 2026

S-3

												
	STATE OF NEW YORK
	)		
		: ss.:
		
	COUNTY OF NEW YORK
	)		
				
	December 12, A.D. 2022.
			

Before me personally appeared Irina Golovashchuk and Chris Niesz, who each, being duly sworn, did say that she or he is a Vice President of DEUTSCHE BANK TRUST COMPANY AMERICAS and that said instrument was signed on behalf of said Corporation; and each acknowledged said instrument to be its voluntary act and deed.
On this 12th day of December, 2022, before me personally appeared Irina Golovashchuk and Chris Niesz, to me each known to be, a Vice President of DEUTSCHE BANK TRUST COMPANY AMERICAS, one of the corporations that executed the within and foregoing instrument, and acknowledged said instrument to be the free and voluntary act and deed of said Corporation, for the uses and purposes therein mentioned, and on oath stated that they were authorized to execute said instrument.
IN WITNESS WHEREOF I have hereunto set my hand and affixed my official seal the day and year first above written.
			
	/s/ Annie Jaghatspanyan
	Annie Jaghatspanyan

	Notary Public, State of New York

	No. 01JA6397385

	Qualified in New York County

	My Commission Expires September 3, 2023

 
S-4
			
	

EXHIBIT A TO SUPPLEMENTAL INDENTURE
THIS BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES OR “BLUE SKY” LAWS OF ANY OTHER JURISDICTION, AND MAY BE TRANSFERRED ONLY IN COMPLIANCE WITH SUCH REGISTRATION REQUIREMENTS OR UNDER AN EXEMPTION THEREFROM.  
IF AGREED BETWEEN THE COMPANY AND THE REGISTERED OWNER OF THIS BOND, THE PRINCIPAL OF THIS BOND MAY BE REDEEMED IN WHOLE OR IN PART WITHOUT SURRENDER OF THIS BOND OR NOTATION ON THIS BOND OF SUCH REDEMPTION.  ANY PURCHASER OF THIS BOND, BY ACCEPTANCE HEREOF, AGREES THAT THE UNPAID PRINCIPAL AMOUNT AS OF ANY DATE MAY BE LESS THAN THE PRINCIPAL AMOUNT SHOWN ON THIS BOND.  CONFIRMATION OF THE UNPAID PRINCIPAL AMOUNT OF THIS BOND MAY BE OBTAINED FROM THE COMPANY OR THE CORPORATE TRUSTEE.  
Registered No.     
FORM OF TEMPORARY REGISTERED BOND
NORTHWEST NATURAL GAS COMPANY
First Mortgage Bond
5.43% Series due 2053
						
	CUSIP/PPN:  667655 C*3	
	Interest Payment Dates:  January 6 and July 6	
	Interest Rate:  5.43%	
	Maturity Date:  January 6, 2053	
	Principal Amount:	
	Registered Holder:	

NORTHWEST NATURAL GAS COMPANY, a corporation of the State of Oregon (hereinafter called the “Company”), for value received, hereby promises to pay to the Registered Holder named above, or assigns in whose name this bond is registered in the bond register, the unpaid portion of the Principal Amount specified above on the Maturity Date specified above, at the office or agency of the Company in the Borough of Manhattan, The City of New York (unless otherwise agreed by the Company and the registered owner), in such coin 
A-1

or currency of the United States of America as at the time of payment is legal tender for public and private debts, and to pay to the registered owner hereof interest on the principal amount remaining unpaid from time to time from January 6, 2023 or from the most recent interest payment date to which interest has been paid, at the Interest Rate specified above in like coin or currency on each Interest Payment Date specified above of each year, commencing July 6, 2023, and at the Maturity Date specified above, until the Company’s obligation with respect to the payment of such principal shall have been discharged.         
This bond is a temporary bond and one of an issue of bonds of the Company issuable in series and is one of a series known as its First Mortgage Bonds, 5.43% Series due 2053, all bonds of all series issued and to be issued under and equally secured (except in so far as any sinking or other fund, established in accordance with the provisions of the Mortgage hereinafter mentioned, may afford additional security for the bonds of any particular series) by a Mortgage and Deed of Trust (herein, together with any indenture supplemental thereto, including the Twenty-fifth Supplemental Indenture dated as of December 1, 2022, called the Mortgage) dated as of July 1, 1946, executed by Portland Gas & Coke Company (now Northwest Natural Gas Company) to Deutsche Bank Trust Company Americas (formerly known as Bankers Trust Company), as Trustee.  Reference is made to the Mortgage for a description of the property mortgaged and pledged, the nature and extent of the security, the rights of the holders of the bonds and of the Trustee in respect thereof, the duties and immunities of the Trustee, the terms and conditions upon which the bonds are and are to be secured, the circumstances under which additional bonds may be issued and the rights of the Company to amend the Mortgage without any consent or other action by the holders of any series of bonds (including this series).  With the consent of the Company and to the extent permitted by and as provided in the Mortgage, the rights and obligations of the Company and/or the rights of the holders of the bonds and/or coupons and/or the terms and provisions of the Mortgage may be modified or altered by such affirmative vote or consent of the holders of the bonds then outstanding under the Mortgage as is specified in the Mortgage.  In the twenty-second supplemental indenture dated as of November 1, 2016 to the Mortgage (the “Twenty-second Supplemental Indenture”), the Company has reserved the right, without any consent or other action by the holders of any series of bonds subsequent to the Twenty-second Series (as such term is defined in the Twenty-second Supplemental Indenture) (including this bond), to amend the Mortgage and the terms of the bonds as set forth in Article II of the Twenty-second Supplemental Indenture.  Each initial and future holder of this bond, by its acquisition of an interest in this bond, irrevocably (a) consents to the amendments set forth in Article II of the Twenty-second Supplemental Indenture, in each case without any other or further action by any holder of such bonds, and (b) designates the Corporate Trustee, and its successors, as its proxy with irrevocable instructions to vote and deliver written consents on behalf of such holder in favor of such amendments at any bondholder meeting, in lieu of any bondholder meeting, in any consent solicitation or otherwise.  
Capitalized terms used in this bond which are not otherwise defined herein shall have the meanings ascribed thereto in the Mortgage.
The unpaid principal hereof may be declared or may become due prior to the Maturity Date hereinbefore named on the conditions, in the manner and at the time set forth in the Mortgage, upon the occurrence of a default as in the Mortgage provided.
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Except as otherwise agreed between the Company and the registered owner of this bond, payment of the unpaid principal of this bond and interest payable on the Maturity Date will be made when due upon presentation and surrender hereof at the office of the Corporate Trustee or at such other office specified pursuant to Section 35 of the Mortgage and payments of interest (other than that payable on the Maturity Date hereof) shall be made, without presentation or surrender hereof, by check mailed to the registered address of the registered owner of this bond as such address shall appear on the bond register maintained pursuant to the Mortgage.
The transfer of this bond may be registered as prescribed in the Mortgage by the registered owner hereof in person, or by his duly authorized attorney, at the office or agency of the Company in the Borough of Manhattan, The City of New York, upon surrender for cancellation of this bond, together with a written instrument of transfer wherever required by the Company duly executed by the registered owner or by his duly authorized attorney, and, thereupon, a new fully registered bond of the same series for a like unpaid principal amount will be issued to the transferee in exchange herefor as provided in the Mortgage.  The Company and the Trustee may deem and treat the person in whose name this bond is registered as the absolute owner hereof for the purpose of receiving payment and for all other purposes and neither the Company nor the Trustee shall be affected by any notice to the contrary.
In the manner prescribed in the Mortgage, any bonds of this series, upon surrender thereof, for cancellation, at the office or agency of the Company in the Borough of Manhattan, The City of New York, are exchangeable for a like aggregate unpaid principal amount of bonds of the same series of other authorized denominations.
At any time prior to July 6, 2052 (six months prior to the Maturity Date), the Company may, at its option, upon notice as provided in the Twenty-fifth Supplemental Indenture to the Mortgage, redeem at any time all, or from time to time any part of, this bond at 100% of the principal amount so redeemed, and the Make-Whole Amount determined for the Settlement Date specified by the Company with respect to such principal amount, together with accrued and unpaid interest thereon.  Reference is made to the Twenty-fifth Supplemental Indenture for the terms and conditions of such redemption and the definitions of Make-Whole Amount and Settlement Date.  
At any time on or after July 6, 2052, this bond will be redeemable at the option of the Company, in whole or in part, on not less than 30 nor more than 60 days’ notice prior to the Settlement Date, at a redemption price equal to 100% of the principal amount of this bonds to be redeemed, plus accrued and unpaid interest thereon to the Settlement Date.  This bond is not otherwise subject to voluntary or optional redemption.
As provided in the Mortgage, the Company shall not be required to register transfers or make exchanges of bonds of any series for a period of ten days next preceding any interest payment date for bonds of such series, or next preceding any designation of bonds of such series to be redeemed, and the Company shall not be required to make transfers or exchanges of any bonds designated in whole or in part for redemption.
A-3

The Lien of the Mortgage is subject to being legally discharged prior to the Maturity Date of this bond upon the deposit with the Corporate Trustee of money or certain obligations of, guaranteed by or backed by securities of, the government of the United States of America sufficient to pay the unpaid principal of, premium (if any) and interest on this bond when due, all in accordance with the terms and conditions of the Mortgage.
No recourse shall be had for the payment of the principal or Make-Whole Amount, if any, of or interest on this bond against any incorporator or any past, present or future subscriber to the capital stock, stockholder, officer or director of the Company or of any predecessor or successor corporation, as such, either directly or through the Company or any predecessor or successor corporation, under any rule of law, statute or constitution or by the enforcement of any assessment or otherwise, all such liability of incorporators, subscribers, stockholders, officers and directors being released by the holder or owner hereof by the acceptance of this bond and being likewise waived and released by the terms of the Mortgage.
This bond shall not become obligatory until Deutsche Bank Trust Company Americas (formerly known as Bankers Trust Company), the Corporate Trustee under the Mortgage, or its successor thereunder, shall have signed the form of authentication certificate endorsed hereon.

A-4

IN WITNESS WHEREOF, NORTHWEST NATURAL GAS COMPANY has caused this bond to be signed in its corporate name by its President or one of its Vice Presidents by his signature or a facsimile thereof, and its corporate seal to be impressed or imprinted hereon and attested by its Secretary or one of its Assistant Secretaries by his signature or a facsimile thereof.
Dated:  												
				NORTHWEST NATURAL GAS COMPANY
				
	Attest:			
	[SEAL]		  By
	
				  [Title]
				
				
				
	[Title]			

This bond is one of the bonds, of the series herein designated, described or provided for in the within-mentioned Mortgage.
															
					DEUTSCHE BANK TRUST COMPANY AMERICAS,
					(New York)
					
					Corporate Trustee
					
				By	
					Authorized Officer
					
					
					

A-5

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

												
				
	[please insert social security
		[name and address of
	
	or other identifying
		transferee must be printed
	
	number of assignee]
		or typewritten]
	
				
				
				
				

the within bond of NORTHWEST NATURAL GAS COMPANY and does hereby irrevocably constitute and appoint

									
			
			

attorney, to transfer said bond on the books of the within-mentioned Company, with full power of substitution in the premises.

												
	Dated:			

A-6

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